REV Group, Inc. Reports Strong Fiscal 2025 Third Quarter Results; Updates 2025 Guidance
-
Third quarter net sales of
$644.9 million $579.4 million $44.2 million -
Excluding the impact of the Bus Manufacturing Businesses, net sales increased
$109.7 million 20.5% compared to the prior year quarter
-
Excluding the impact of the Bus Manufacturing Businesses, net sales increased
-
Third quarter net income of
$29.1 million $18.0 million -
Third quarter Adjusted EBITDA2 was
$64.1 million $45.2 million $6.6 million -
Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased
$25.5 million 66.1% compared to the prior year quarter
-
Excluding the impact of the Bus Manufacturing Businesses, Adjusted EBITDA increased
-
Third quarter Adjusted Net Income2 of
$38.6 million $24.8 million -
Updated full-year fiscal 2025 outlook:
-
Net sales of
$2.4 $2.45 billion $95 $108 million $220.0 $230.0 million $127 $138 million $190 $195 million $140 $150 million $45.0 $50.0 million
-
Net sales of
The company’s third quarter 2025 net income was
________________________________
1 In fiscal 2024, the company exited bus manufacturing through the sale of Collins Bus Corporation (“Collins”) in the first quarter, and El Dorado National ( |
2 REV Group, Inc. Adjusted Net Income, Adjusted EBITDA, and Free Cash Flow are non-GAAP measures that are reconciled to their nearest GAAP measure later in this release. |
“We are pleased with our continued momentum this quarter, highlighted by robust growth in shipments and earnings across the Specialty Vehicles segment. Third quarter performance reflects the continued improvement of our manufacturing capabilities, the strength of our customer relationships, and operational resilience in a dynamic market,” REV Group Inc. President and CEO, Mark Skonieczny, said. “We delivered strong cash flow from operations, reinforcing our solid balance sheet and liquidity position. This financial strength gives us the flexibility to continue investing in our business and expanding production capacity while advancing our strategic agenda aimed at creating value for both customers and shareholders. Within the quarter, we also executed on our expanded capital investment plan aimed at increasing production capacity. In August, we broke ground on an expansion of our Spartan Emergency Response facility in
REV Group Third Quarter Segment Highlights
Specialty Vehicles Segment
Specialty Vehicles segment net sales were
Specialty Vehicles segment Adjusted EBITDA was
Recreational Vehicles Segment
Recreational Vehicles segment net sales were
Recreational Vehicles segment Adjusted EBITDA was
Working Capital, Liquidity, and Capital Allocation
Net debt3 totaled
The company did not repurchase any common shares during the third quarter 2025. Accordingly, as of July 31, 2025, authorization to purchase approximately
________________________________ 3 Net Debt is defined as total debt less cash and cash equivalents. |
4 Trade Working Capital is defined as accounts receivable plus inventories less accounts payable and customer advances. |
Updated Fiscal Year 2025 Outlook
|
|
Full Fiscal Year 2025 |
|
||||||||||||||
|
|
Updated Guidance |
|
|
|
Prior Guidance5 |
|
||||||||||
($ in millions) |
|
Low |
|
|
High |
|
|
|
Low |
|
|
High |
|
||||
Net Sales |
|
$ |
2,400 |
|
|
$ |
2,450 |
|
|
|
$ |
2,350 |
|
|
$ |
2,450 |
|
Net Income |
|
$ |
95 |
|
|
$ |
108 |
|
|
|
$ |
88 |
|
|
$ |
107 |
|
Adjusted EBITDA |
|
$ |
220 |
|
|
$ |
230 |
|
|
|
$ |
200 |
|
|
$ |
220 |
|
Adjusted Net Income |
|
$ |
127 |
|
|
$ |
138 |
|
|
|
$ |
112 |
|
|
$ |
130 |
|
Free Cash Flow |
|
$ |
140 |
|
|
$ |
150 |
|
|
|
$ |
100 |
|
|
$ |
120 |
|
Quarterly Dividend
The company’s board of directors declared a regular quarterly cash dividend in the amount of
Conference Call
A conference call to discuss the company’s third quarter 2025 business and financial results and our outlook is scheduled for September 3, 2025, at 10:00 a.m. ET. A supplemental slide deck will be available on the REV Group, Inc. investor relations website: http://investors.revgroup.com. The call will be webcast simultaneously over the Internet. To access the webcast, listeners can go to http://investors.revgroup.com/investor-events-and-presentations/events at least 15 minutes prior to the event and follow instructions for listening to the webcast. An audio replay of the call and related question and answer session will be available for 12 months at this website.
About REV Group
REV Group (REVG) companies are leading designers and manufacturers of specialty vehicles and related aftermarket parts and services, which serve a diversified customer base, primarily in
Note Regarding Non-GAAP Measures
The company reports its financial results in accordance with
The company believes that the use of Adjusted EBITDA, Adjusted Net Income and Free Cash Flow provide additional meaningful methods of evaluating certain aspects of its operating performance from period to period on a basis that may not be otherwise apparent under GAAP when used in addition to, and not in lieu of, GAAP measures. A reconciliation of Adjusted EBITDA, Adjusted Net Income, and Free Cash Flow to the most closely comparable financial measures calculated in accordance with GAAP is included in the financial appendix of this release.
________________________________ 5 Guidance from the 2Q25 results announcement, as presented in our press release dated June 4, 2025 |
Cautionary Statement About Forward-Looking Statements
This news release contains statements that the company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. This news release includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “anticipate,” “believe,” “estimate,” “expect,” “guidance,” “intend,” “may,” “outlook,” “plan,” “predict,” “project,” “target,” “potential,” “will,” “would,” “could,” “should,” “continue,” “contemplate,” “aim,” “strive,” “goal,” “seek,” “forecast” or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this news release and include statements regarding our intentions, beliefs, goals or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industries in which we operate, including REV Group’s outlook and guidance for the full fiscal year 2025.
Our forward-looking statements are subject to risks and uncertainties, including those highlighted under “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in the company’s annual report on Form 10-K, and in the company’s subsequent quarterly reports on Form 10-Q, together with the company’s other filings with the SEC, which risks and uncertainties may cause actual results to differ materially from those projected or implied by the forward-looking statement. Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which only speak as of the date hereof. The company does not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise.
REV GROUP, INC. AND SUBSIDIARIES CONDENSED UNAUDITED CONSOLIDATED BALANCE SHEETS (In millions, except share amounts) |
||||||||
|
|
|
|
|
(Audited) |
|
||
|
|
July 31,
|
|
|
October 31,
|
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
36.0 |
|
|
$ |
24.6 |
|
Accounts receivable, net |
|
|
196.1 |
|
|
|
152.3 |
|
Inventories, net |
|
|
549.3 |
|
|
|
602.8 |
|
Other current assets |
|
|
34.0 |
|
|
|
26.8 |
|
Total current assets |
|
|
815.4 |
|
|
|
806.5 |
|
Property, plant and equipment, net |
|
|
139.6 |
|
|
|
130.2 |
|
Goodwill |
|
|
137.7 |
|
|
|
137.7 |
|
Intangible assets, net |
|
|
86.0 |
|
|
|
95.4 |
|
Right of use assets |
|
|
22.6 |
|
|
|
32.1 |
|
Deferred income taxes |
|
|
8.2 |
|
|
|
5.4 |
|
Other long-term assets |
|
|
9.5 |
|
|
|
5.7 |
|
Total assets |
|
$ |
1,219.0 |
|
|
$ |
1,213.0 |
|
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
216.0 |
|
|
$ |
188.8 |
|
Short-term customer advances |
|
|
155.1 |
|
|
|
158.0 |
|
Accrued compensation |
|
|
33.8 |
|
|
|
33.7 |
|
Short-term accrued warranty |
|
|
21.8 |
|
|
|
20.0 |
|
Short-term lease obligations |
|
|
5.6 |
|
|
|
7.3 |
|
Other current liabilities |
|
|
67.8 |
|
|
|
61.5 |
|
Total current liabilities |
|
|
500.1 |
|
|
|
469.3 |
|
Long-term debt |
|
|
90.0 |
|
|
|
85.0 |
|
Long-term customer advances |
|
|
182.7 |
|
|
|
160.1 |
|
Long-term lease obligations |
|
|
17.8 |
|
|
|
25.7 |
|
Other long-term liabilities |
|
|
41.1 |
|
|
|
37.8 |
|
Total liabilities |
|
|
831.7 |
|
|
|
777.9 |
|
Commitments and contingencies |
|
|
|
|
|
|
||
Shareholders' Equity: |
|
|
|
|
|
|
||
Preferred stock ( |
|
|
— |
|
|
|
— |
|
Common stock ( |
|
|
0.1 |
|
|
|
0.1 |
|
Additional paid-in capital |
|
|
212.5 |
|
|
|
316.5 |
|
Retained earnings |
|
|
174.6 |
|
|
|
118.3 |
|
Accumulated other comprehensive income |
|
|
0.1 |
|
|
|
0.2 |
|
Total shareholders' equity |
|
|
387.3 |
|
|
|
435.1 |
|
Total liabilities and shareholders' equity |
|
$ |
1,219.0 |
|
|
$ |
1,213.0 |
|
|
|
|
|
|
|
|
||
REV GROUP, INC. AND SUBSIDIARIES CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF INCOME (In millions, except share and per share amounts) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net sales |
|
$ |
644.9 |
|
|
$ |
579.4 |
|
|
$ |
1,799.1 |
|
|
$ |
1,782.3 |
|
Cost of sales |
|
|
543.2 |
|
|
|
501.1 |
|
|
|
1,531.9 |
|
|
|
1,563.8 |
|
Gross profit |
|
|
101.7 |
|
|
|
78.3 |
|
|
|
267.2 |
|
|
|
218.5 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Selling, general and administrative |
|
|
44.7 |
|
|
|
43.1 |
|
|
|
132.5 |
|
|
|
149.8 |
|
Restructuring |
|
|
— |
|
|
|
4.7 |
|
|
|
— |
|
|
|
9.2 |
|
Impairment charges |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
14.5 |
|
Total operating expenses |
|
|
44.7 |
|
|
|
49.7 |
|
|
|
132.5 |
|
|
|
173.5 |
|
Operating income |
|
|
57.0 |
|
|
|
28.6 |
|
|
|
134.7 |
|
|
|
45.0 |
|
Interest expense, net |
|
|
6.4 |
|
|
|
7.6 |
|
|
|
18.8 |
|
|
|
21.0 |
|
Loss (Gain) on sale of business |
|
|
9.6 |
|
|
|
(1.4 |
) |
|
|
39.6 |
|
|
|
(260.4 |
) |
Income before provision for income taxes |
|
|
41.0 |
|
|
|
22.4 |
|
|
|
76.3 |
|
|
|
284.4 |
|
Provision for income taxes |
|
|
11.9 |
|
|
|
4.4 |
|
|
|
10.0 |
|
|
|
68.5 |
|
Net income |
|
$ |
29.1 |
|
|
$ |
18.0 |
|
|
$ |
66.3 |
|
|
$ |
215.9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.60 |
|
|
$ |
0.35 |
|
|
$ |
1.32 |
|
|
$ |
3.96 |
|
Diluted |
|
|
0.59 |
|
|
|
0.35 |
|
|
|
1.31 |
|
|
|
3.91 |
|
Dividends declared per common share |
|
|
0.06 |
|
|
|
0.05 |
|
|
|
0.18 |
|
|
|
3.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted net income per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
$ |
0.80 |
|
|
$ |
0.48 |
|
|
$ |
1.90 |
|
|
$ |
1.11 |
|
Diluted |
|
|
0.79 |
|
|
|
0.48 |
|
|
|
1.87 |
|
|
|
1.09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Weighted Average Shares Outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic |
|
|
48,500,870 |
|
|
|
51,514,327 |
|
|
|
50,067,103 |
|
|
|
54,571,246 |
|
Diluted |
|
|
49,163,538 |
|
|
|
52,136,498 |
|
|
|
50,678,549 |
|
|
|
55,163,877 |
|
REV GROUP, INC. AND SUBSIDIARIES CONDENSED UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) |
||||||||
|
|
Nine Months Ended
|
|
|||||
|
|
2025 |
|
|
2024 |
|
||
Cash flows from operating activities: |
|
|
|
|
|
|
||
Net income |
|
$ |
66.3 |
|
|
$ |
215.9 |
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
|
18.1 |
|
|
|
19.4 |
|
Stock-based compensation expense |
|
|
9.1 |
|
|
|
7.8 |
|
Deferred income taxes |
|
|
(15.9 |
) |
|
|
0.6 |
|
Impairment charges |
|
|
— |
|
|
|
14.5 |
|
Loss (Gain) on sale of business |
|
|
39.6 |
|
|
|
(260.4 |
) |
Other non-cash adjustments |
|
|
(1.5 |
) |
|
|
(0.2 |
) |
Changes in operating assets and liabilities, net |
|
|
48.5 |
|
|
|
(12.8 |
) |
Net cash provided by (used in) operating activities |
|
|
164.2 |
|
|
|
(15.2 |
) |
Cash flows from investing activities: |
|
|
|
|
|
|
||
Purchase of property, plant and equipment |
|
|
(27.9 |
) |
|
|
(22.3 |
) |
Proceeds from sale of business |
|
|
— |
|
|
|
319.6 |
|
Other investing activities |
|
|
2.2 |
|
|
|
4.5 |
|
Net cash (used in) provided by investing activities |
|
|
(25.7 |
) |
|
|
301.8 |
|
Cash flows from financing activities: |
|
|
|
|
|
|
||
Net proceeds from borrowings on revolving credit facility |
|
|
5.0 |
|
|
|
65.0 |
|
Payment of dividends |
|
|
(10.0 |
) |
|
|
(188.6 |
) |
Repurchase and retirement of common stock |
|
|
(107.6 |
) |
|
|
(126.1 |
) |
Other financing activities |
|
|
(14.5 |
) |
|
|
(7.7 |
) |
Net cash used in financing activities |
|
|
(127.1 |
) |
|
|
(257.4 |
) |
Net increase in cash and cash equivalents |
|
|
11.4 |
|
|
|
29.2 |
|
Cash and cash equivalents, beginning of period |
|
|
24.6 |
|
|
|
21.3 |
|
Cash and cash equivalents, end of period |
|
$ |
36.0 |
|
|
$ |
50.5 |
|
|
|
|
|
|
|
|
||
Supplemental disclosures of cash flow information: |
|
|
|
|
|
|
||
Cash paid for: |
|
|
|
|
|
|
||
Interest |
|
$ |
13.4 |
|
|
$ |
17.8 |
|
Income taxes, net of refunds |
|
$ |
31.5 |
|
|
$ |
69.6 |
|
REV GROUP, INC. AND SUBSIDIARIES SEGMENT INFORMATION (In millions; unaudited) |
||||||||||||||||
|
|
Three Months Ended July 31, |
|
|
Nine Months Ended July 31, |
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net Sales: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty Vehicles |
|
$ |
483.3 |
|
|
$ |
432.1 |
|
|
$ |
1,307.4 |
|
|
$ |
1,286.7 |
|
Recreational Vehicles |
|
|
161.7 |
|
|
|
147.4 |
|
|
|
492.0 |
|
|
|
496.5 |
|
Corporate & Other |
|
|
(0.1 |
) |
|
|
(0.1 |
) |
|
|
(0.3 |
) |
|
|
(0.9 |
) |
Total |
|
$ |
644.9 |
|
|
$ |
579.4 |
|
|
$ |
1,799.1 |
|
|
$ |
1,782.3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty Vehicles |
|
$ |
64.6 |
|
|
$ |
44.3 |
|
|
$ |
156.1 |
|
|
$ |
104.3 |
|
Recreational Vehicles |
|
|
8.1 |
|
|
|
9.4 |
|
|
|
28.2 |
|
|
|
33.1 |
|
Corporate & Other |
|
|
(8.6 |
) |
|
|
(8.5 |
) |
|
|
(24.5 |
) |
|
|
(24.2 |
) |
Total |
|
$ |
64.1 |
|
|
$ |
45.2 |
|
|
$ |
159.8 |
|
|
$ |
113.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Adjusted EBITDA Margin: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Specialty Vehicles |
|
|
13.4 |
% |
|
|
10.3 |
% |
|
|
11.9 |
% |
|
|
8.1 |
% |
Recreational Vehicles |
|
|
5.0 |
% |
|
|
6.4 |
% |
|
|
5.7 |
% |
|
|
6.7 |
% |
Total |
|
|
9.9 |
% |
|
|
7.8 |
% |
|
|
8.9 |
% |
|
|
6.4 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Period-End Backlog: |
|
July 31,
|
|
|
April 30,
|
|
|
July 31,
|
|
|
|
|
||||
Specialty Vehicles |
|
$ |
4,275.5 |
|
|
$ |
4,282.0 |
|
|
$ |
4,114.4 |
|
|
|
|
|
Recreational Vehicles |
|
|
224.3 |
|
|
|
267.9 |
|
|
|
240.3 |
|
|
|
|
|
Total |
|
$ |
4,499.8 |
|
|
$ |
4,549.9 |
|
|
$ |
4,354.7 |
|
|
|
|
|
REV GROUP, INC. AND SUBSIDIARIES ADJUSTED EBITDA BY SEGMENT (In millions; unaudited) |
||||||||||||||||
|
|
Three Months Ended July 31, 2025 |
|
|||||||||||||
|
|
Specialty Vehicles |
|
|
Recreational Vehicles |
|
|
Corporate & Other |
|
|
Total |
|
||||
Net income (loss) |
|
$ |
56.6 |
|
|
$ |
(0.3 |
) |
|
$ |
(27.2 |
) |
|
$ |
29.1 |
|
Depreciation and amortization |
|
|
4.2 |
|
|
|
1.5 |
|
|
|
0.5 |
|
|
|
6.2 |
|
Interest expense, net |
|
|
3.8 |
|
|
|
0.2 |
|
|
|
2.4 |
|
|
|
6.4 |
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
11.9 |
|
|
|
11.9 |
|
EBITDA |
|
|
64.6 |
|
|
|
1.4 |
|
|
|
(12.4 |
) |
|
|
53.6 |
|
Transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
3.3 |
|
|
|
3.3 |
|
Net loss on sale of business and assets |
|
|
— |
|
|
|
6.7 |
|
|
|
— |
|
|
|
6.7 |
|
Adjusted EBITDA |
|
$ |
64.6 |
|
|
$ |
8.1 |
|
|
$ |
(8.6 |
) |
|
$ |
64.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Three Months Ended July 31, 2024 |
|
|||||||||||||
|
|
Specialty Vehicles |
|
|
Recreational Vehicles |
|
|
Corporate & Other |
|
|
Total |
|
||||
Net income (loss) |
|
$ |
32.5 |
|
|
$ |
5.6 |
|
|
$ |
(20.1 |
) |
|
$ |
18.0 |
|
Depreciation and amortization |
|
|
4.1 |
|
|
|
1.8 |
|
|
|
0.5 |
|
|
|
6.4 |
|
Interest expense, net |
|
|
2.7 |
|
|
|
0.1 |
|
|
|
4.8 |
|
|
|
7.6 |
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
4.4 |
|
|
|
4.4 |
|
EBITDA |
|
|
39.3 |
|
|
|
7.5 |
|
|
|
(10.4 |
) |
|
|
36.4 |
|
Restructuring costs |
|
|
4.7 |
|
|
|
— |
|
|
|
— |
|
|
|
4.7 |
|
Restructuring related charges |
|
|
1.7 |
|
|
|
— |
|
|
|
— |
|
|
|
1.7 |
|
Impairment charges |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
1.9 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
1.9 |
|
|
|
1.9 |
|
Gain on sale of business |
|
|
(1.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(1.4 |
) |
Adjusted EBITDA |
|
$ |
44.3 |
|
|
$ |
9.4 |
|
|
$ |
(8.5 |
) |
|
$ |
45.2 |
|
REV GROUP, INC. AND SUBSIDIARIES ADJUSTED EBITDA BY SEGMENT (In millions; unaudited) |
||||||||||||||||
|
|
Nine Months Ended July 31, 2025 |
|
|||||||||||||
|
|
Specialty Vehicles |
|
|
Recreational Vehicles |
|
|
Corporate & Other |
|
|
Total |
|
||||
Net income (loss) |
|
$ |
134.4 |
|
|
$ |
(13.3 |
) |
|
$ |
(54.8 |
) |
|
$ |
66.3 |
|
Depreciation & amortization |
|
|
12.1 |
|
|
|
4.5 |
|
|
|
1.5 |
|
|
|
18.1 |
|
Interest expense, net |
|
|
9.6 |
|
|
|
0.3 |
|
|
|
8.9 |
|
|
|
18.8 |
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
10.0 |
|
|
|
10.0 |
|
EBITDA |
|
|
156.1 |
|
|
|
(8.5 |
) |
|
|
(34.4 |
) |
|
|
113.2 |
|
Transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
0.5 |
|
|
|
0.5 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
9.4 |
|
|
|
9.4 |
|
Net loss on sale of business and assets |
|
|
— |
|
|
|
36.7 |
|
|
|
— |
|
|
|
36.7 |
|
Adjusted EBITDA |
|
$ |
156.1 |
|
|
$ |
28.2 |
|
|
$ |
(24.5 |
) |
|
$ |
159.8 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
Nine Months Ended July 31, 2024 |
|
|||||||||||||
|
|
Specialty Vehicles |
|
|
Recreational Vehicles |
|
|
Corporate & Other |
|
|
Total |
|
||||
Net income (loss) |
|
$ |
312.7 |
|
|
$ |
25.9 |
|
|
$ |
(122.7 |
) |
|
$ |
215.9 |
|
Depreciation & amortization |
|
|
12.8 |
|
|
|
5.0 |
|
|
|
1.6 |
|
|
|
19.4 |
|
Interest expense, net |
|
|
7.3 |
|
|
|
0.3 |
|
|
|
13.4 |
|
|
|
21.0 |
|
Provision for income taxes |
|
|
— |
|
|
|
— |
|
|
|
68.5 |
|
|
|
68.5 |
|
EBITDA |
|
|
332.8 |
|
|
|
31.2 |
|
|
|
(39.2 |
) |
|
|
324.8 |
|
Transaction expenses |
|
|
— |
|
|
|
— |
|
|
|
6.4 |
|
|
|
6.4 |
|
Sponsor expense reimbursement |
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
|
|
0.2 |
|
Restructuring costs |
|
|
9.2 |
|
|
|
— |
|
|
|
— |
|
|
|
9.2 |
|
Restructuring related charges |
|
|
7.8 |
|
|
|
— |
|
|
|
— |
|
|
|
7.8 |
|
Impairment charges |
|
|
12.6 |
|
|
|
1.9 |
|
|
|
— |
|
|
|
14.5 |
|
Stock-based compensation expense |
|
|
— |
|
|
|
— |
|
|
|
7.8 |
|
|
|
7.8 |
|
Legal matters |
|
|
2.3 |
|
|
|
— |
|
|
|
0.6 |
|
|
|
2.9 |
|
Gain on sale of business |
|
|
(260.4 |
) |
|
|
— |
|
|
|
— |
|
|
|
(260.4 |
) |
Adjusted EBITDA |
|
$ |
104.3 |
|
|
$ |
33.1 |
|
|
$ |
(24.2 |
) |
|
$ |
113.2 |
|
REV GROUP, INC. AND SUBSIDIARIES ADJUSTED NET INCOME (In millions; unaudited) |
||||||||||||||||
|
|
Three Months Ended
|
|
|
Nine Months Ended
|
|
||||||||||
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
||||
Net income |
|
$ |
29.1 |
|
|
$ |
18.0 |
|
|
$ |
66.3 |
|
|
$ |
215.9 |
|
Amortization of intangible assets |
|
|
0.4 |
|
|
|
0.5 |
|
|
|
1.4 |
|
|
|
1.7 |
|
Transaction expenses |
|
|
0.5 |
|
|
|
— |
|
|
|
0.5 |
|
|
|
6.4 |
|
Sponsor expense reimbursement |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
0.2 |
|
Restructuring costs |
|
|
— |
|
|
|
4.7 |
|
|
|
— |
|
|
|
9.2 |
|
Restructuring related charges |
|
|
— |
|
|
|
1.7 |
|
|
|
— |
|
|
|
7.8 |
|
Impairment charges |
|
|
— |
|
|
|
1.9 |
|
|
|
— |
|
|
|
14.5 |
|
Stock-based compensation expense |
|
|
3.3 |
|
|
|
1.9 |
|
|
|
9.4 |
|
|
|
7.8 |
|
Legal matters |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2.9 |
|
Net loss (gain) on sale of business and assets |
|
|
6.7 |
|
|
|
(1.4 |
) |
|
|
36.7 |
|
|
|
(260.4 |
) |
Income tax effect of adjustments |
|
|
(1.4 |
) |
|
|
(2.5 |
) |
|
|
(19.4 |
) |
|
|
54.4 |
|
Adjusted Net Income |
|
$ |
38.6 |
|
|
$ |
24.8 |
|
|
$ |
94.9 |
|
|
$ |
60.4 |
|
REV GROUP, INC. AND SUBSIDIARIES ADJUSTED EBITDA OUTLOOK RECONCILIATION (In millions; unaudited) |
||||||||
|
|
Fiscal Year 2025 |
|
|||||
|
|
Low |
|
|
High |
|
||
Net income (6) |
|
$ |
95.4 |
|
|
$ |
107.6 |
|
Depreciation and amortization |
|
|
26.0 |
|
|
|
24.0 |
|
Interest expense, net |
|
|
26.0 |
|
|
|
24.0 |
|
Provision for income taxes |
|
|
22.4 |
|
|
|
25.2 |
|
EBITDA |
|
|
169.8 |
|
|
|
180.8 |
|
Stock-based compensation expense |
|
|
13.0 |
|
|
|
12.0 |
|
Transaction expense |
|
|
0.5 |
|
|
|
0.5 |
|
Net loss on sale of business and assets |
|
|
36.7 |
|
|
|
36.7 |
|
Adjusted EBITDA |
|
$ |
220.0 |
|
|
$ |
230.0 |
|
REV GROUP, INC. AND SUBSIDIARIES ADJUSTED NET INCOME OUTLOOK RECONCILIATION (In millions; unaudited) |
||||||||
|
|
Fiscal Year 2025 |
|
|||||
|
|
Low |
|
|
High |
|
||
Net income (6) |
|
$ |
95.4 |
|
|
$ |
107.6 |
|
Amortization of intangible assets |
|
|
1.7 |
|
|
|
1.7 |
|
Stock-based compensation expense |
|
|
13.0 |
|
|
|
12.0 |
|
Transaction expense |
|
|
0.5 |
|
|
|
0.5 |
|
Net loss on sale of business and assets |
|
|
36.7 |
|
|
|
36.7 |
|
Income tax effect of adjustments |
|
|
(20.6 |
) |
|
|
(20.3 |
) |
Adjusted Net Income |
|
$ |
126.7 |
|
|
$ |
138.2 |
|
REV GROUP, INC. AND SUBSIDIARIES FREE CASH FLOW OUTLOOK RECONCILIATION (In millions; unaudited) |
||||||||
|
|
Fiscal Year 2025 |
|
|||||
|
|
Low |
|
|
High |
|
||
Net cash provided by operating activities |
|
$ |
190.0 |
|
|
$ |
195.0 |
|
Less: Capital expenditures |
|
|
(50.0 |
) |
|
|
(45.0 |
) |
Free Cash Flow |
|
$ |
140.0 |
|
|
$ |
150.0 |
|
________________________________ 6 Does not include any non-recurring charges that may occur during the period shown other than those presented in this reconciliation. See “Cautionary Statement About Forward-Looking Statements” above |
View source version on businesswire.com: https://www.businesswire.com/news/home/20250903239466/en/
Drew Konop
VP, Investor Relations & Corporate Development
Email: investors@revgroup.com
Phone: 1-888-738-4037 (1-888-REVG-037)
Source: REV Group, Inc.
