XML 29 R21.htm IDEA: XBRL DOCUMENT
v3.20.1

Business Segment Information | 6 Months Ended
--- | ---
Apr. 30, 2020
Segment Reporting [Abstract] |
Business Segment Information | Note 15. Business Segment Information The Company is organized into three reportable segments based on management’s process for making operating decisions, allocating capital and measuring performance, and based on the similarity of products, customers served, common use of facilities, and economic characteristics. The Company’s segments are as follows: Fire & Emergency: This segment includes KME, E-One, Ferrara, Spartan ER, American Emergency Vehicles, Leader Emergency Vehicles, Horton Emergency Vehicles, REV Ambulance Orlando and REV Brazil. These business units manufacture and market commercial and custom fire and emergency vehicles primarily for fire departments, airports, other governmental units, contractors, hospitals and other care providers in the United States and other countries. Commercial: This segment includes Collins Bus, Champion Bus, ENC, ElDorado National (Kansas), Capacity and Lay-Mor. Collins Bus manufactures, markets and distributes school buses, normally referred to as Type A school buses, as well as shuttle buses used for churches, transit authorities, hotels and resorts, retirement centers and other similar uses. Champion Bus, ENC and ElDorado National (Kansas) manufacture, market and distribute shuttle buses, transit buses, airport car rental and hotel/motel shuttles, tour and charter operations and other uses under several well-established brand names. Capacity manufactures, markets and distributes trucks used in terminal type operations, i.e., rail yards, warehouses, rail terminals and shipping terminals/ports. Lay-Mor manufactures, markets and distributes industrial sweepers for both the commercial and rental markets. On May 8, 2020, the Company sold its shuttle bus businesses. Refer to Note 8, Divestiture Activities, for further details. Recreation: This segment includes REV Recreation Group (“RRG”), Goldshield Fiberglass, Inc. (“Goldshield”), Renegade, Midwest and Lance, and their respective manufacturing facilities, service and parts divisions. RRG primarily manufactures, markets and distributes Class A mobile RVs in both gas and diesel models. Renegade primarily manufacturers, markets and distributes Class C and “Super C” RVs. Goldshield manufactures, markets and distributes fiberglass reinforced molded parts to a diverse cross section of original equipment manufacturers and other commercial and industrial customers, including various components for RRG, which is one of Goldshield’s primary customers. Midwest manufactures, markets and distributes Class B RVs and luxury vans. Lance manufactures, markets and distributes truck campers, towable campers and toy haulers. For purposes of measuring financial performance of its business segments, the Company does not allocate to individual business segments costs or items that are of a corporate nature. The caption “Corporate, Other & Elims” includes corporate office expenses, results of insignificant operations, intersegment eliminations and income and expense not allocated to reportable segments. Total assets of the business segments exclude general corporate assets, which principally consist of cash and cash equivalents, certain property, plant and equipment and certain other assets pertaining to corporate and other centralized activities. Intersegment sales generally include amounts invoiced by a segment for work performed for another segment. Amounts are based on actual work performed and agreed-upon pricing which is intended to be reflective of the contribution made by the supplying business segment. All intersegment transactions have been eliminated in consolidation. Selected financial information of the Company’s segments is as follows:
|  | Three Months Ended April 30, 2020 |
|  | Fire & Emergency |  |  | Commercial |  |  | Recreation |  |  | Corporate, Other & Elims |  |  | Consolidated |
Net sales |  | $ | 289.3 |  |  | $ | 143.2 |  |  | $ | 114.0 |  |  | $ | 0.5 |  |  | $ | 547.0 |
Depreciation and amortization |  | $ | 3.6 |  |  | $ | 1.9 |  |  | $ | 3.3 |  |  | $ | 2.1 |  |  | $ | 10.9 |
Capital expenditures |  | $ | 2.3 |  |  | $ | 0.8 |  |  | $ | 0.6 |  |  | $ | 0.8 |  |  | $ | 4.5 |
Total assets |  | $ | 796.6 |  |  | $ | 250.5 |  |  | $ | 289.8 |  |  | $ | 126.0 |  |  | $ | 1,462.9 |
Adjusted EBITDA |  | $ | 10.2 |  |  | $ | 8.0 |  |  | $ | (1.1 | ) |  | $ | (9.5 | ) |  |  |  |
|  | Three Months Ended April 30, 2019 |
|  | Fire & Emergency |  |  | Commercial |  |  | Recreation |  |  | Corporate, Other & Elims |  |  | Consolidated |
Net sales |  | $ | 247.1 |  |  | $ | 170.0 |  |  | $ | 199.7 |  |  | $ | (1.8 | ) |  | $ | 615.0 |
Depreciation and amortization |  | $ | 3.5 |  |  | $ | 2.1 |  |  | $ | 4.3 |  |  | $ | 1.7 |  |  | $ | 11.6 |
Capital expenditures |  | $ | 1.8 |  |  | $ | 1.1 |  |  | $ | 1.0 |  |  | $ | (0.8 | ) |  | $ | 3.1 |
Total assets |  | $ | 627.2 |  |  | $ | 322.3 |  |  | $ | 356.6 |  |  | $ | 107.2 |  |  | $ | 1,413.3 |
Adjusted EBITDA |  | $ | 15.1 |  |  | $ | 14.7 |  |  | $ | 17.3 |  |  | $ | (11.0 | ) |  |  |  |
|  | Six Months Ended April 30, 2020 |
|  | Fire & Emergency |  |  | Commercial |  |  | Recreation |  |  | Corporate, Other & Elims |  |  | Consolidated |
Net sales |  | $ | 495.8 |  |  | $ | 301.3 |  |  | $ | 280.9 |  |  | $ | 1.1 |  |  | $ | 1,079.1 |
Depreciation and amortization |  | $ | 7.1 |  |  | $ | 3.7 |  |  | $ | 6.9 |  |  | $ | 4.0 |  |  | $ | 21.7 |
Capital expenditures |  | $ | 4.0 |  |  | $ | 1.4 |  |  | $ | 1.4 |  |  | $ | 0.9 |  |  | $ | 7.7 |
Total assets |  | $ | 796.6 |  |  | $ | 250.5 |  |  | $ | 289.8 |  |  | $ | 126.0 |  |  | $ | 1,462.9 |
Adjusted EBITDA |  | $ | 12.1 |  |  | $ | 17.9 |  |  | $ | 5.9 |  |  | $ | (17.5 | ) |  |  |  |
|  | Six Months Ended April 30, 2019 |
|  | Fire & Emergency |  |  | Commercial |  |  | Recreation |  |  | Corporate, Other & Elims |  |  | Consolidated |
Net sales |  | $ | 451.2 |  |  | $ | 310.6 |  |  | $ | 375.9 |  |  | $ | (4.0 | ) |  | $ | 1,133.7 |
Depreciation and amortization |  | $ | 7.0 |  |  | $ | 4.7 |  |  | $ | 8.3 |  |  | $ | 3.8 |  |  | $ | 23.8 |
Capital expenditures |  | $ | 3.2 |  |  | $ | 1.7 |  |  | $ | 2.4 |  |  | $ | 2.1 |  |  | $ | 9.4 |
Total assets |  | $ | 627.2 |  |  | $ | 322.3 |  |  | $ | 356.6 |  |  | $ | 107.2 |  |  | $ | 1,413.3 |
Adjusted EBITDA |  | $ | 23.4 |  |  | $ | 19.7 |  |  | $ | 26.5 |  |  | $ | (21.2 | ) |  |  |  |
In considering the financial performance of the business, the chief operating decision maker analyzes the primary financial performance measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income for the relevant period before depreciation and amortization, interest expense and benefit for income taxes, as adjusted for items management believes are not indicative of the Company’s ongoing operating performance. Adjusted EBITDA is not a measure defined by U.S. GAAP but is computed using amounts that are determined in accordance with U.S. GAAP. A reconciliation of this performance measure to net income (loss) is included below. The Company believes Adjusted EBITDA is useful to investors and used by management for measuring profitability because the measure excludes the impact of certain items which management believes have less bearing on the Company’s core operating performance, and allows for a more meaningful comparison of operating fundamentals between companies within its industries by eliminating the impact of capital structure and taxation differences between the companies. Additionally, Adjusted EBITDA is used by management to measure and report the Company’s financial performance to the Company’s Board of Directors, assists in providing a meaningful analysis of the Company’s operating performance and is used as a measurement in incentive compensation for management. Provided below is a reconciliation of segment Adjusted EBITDA to net (loss) income:
|  | Three Months Ended April 30, |  |  | Six Months Ended April 30, |
|  | 2020 |  |  | 2019 |  |  | 2020 |  |  | 2019 |
Fire & Emergency Adjusted EBITDA |  | $ | 10.2 |  |  | $ | 15.1 |  |  | $ | 12.1 |  |  | $ | 23.4 |
Commercial Adjusted EBITDA |  |  | 8.0 |  |  |  | 14.7 |  |  |  | 17.9 |  |  |  | 19.7 |
Recreation Adjusted EBITDA |  |  | (1.1 | ) |  |  | 17.3 |  |  |  | 5.9 |  |  |  | 26.5 |
Corporate and Other Adjusted EBITDA |  |  | (9.5 | ) |  |  | (11.0 | ) |  |  | (17.5 | ) |  |  | (21.2 | )
Depreciation and amortization |  |  | (10.9 | ) |  |  | (11.6 | ) |  |  | (21.7 | ) |  |  | (23.8 | )
Interest expense, net |  |  | (7.3 | ) |  |  | (8.0 | ) |  |  | (14.6 | ) |  |  | (15.8 | )
Benefit (provision) for income taxes |  |  | 10.1 |  |  |  | (2.5 | ) |  |  | 12.7 |  |  |  | 1.9 |
Transaction expenses |  |  | (0.9 | ) |  |  | — |  |  |  | (2.0 | ) |  |  | (0.2 | )
Sponsor expense reimbursement |  |  | — |  |  |  | (0.1 | ) |  |  | (0.1 | ) |  |  | (0.6 | )
Restructuring costs |  |  | (6.1 | ) |  |  | (1.8 | ) |  |  | (6.7 | ) |  |  | (2.9 | )
Stock-based compensation expense |  |  | (2.9 | ) |  |  | (3.4 | ) |  |  | (5.5 | ) |  |  | (4.8 | )
Legal matters |  |  | (1.4 | ) |  |  | (2.4 | ) |  |  | (1.5 | ) |  |  | (4.5 | )
Loss on sale of business |  |  | (8.8 | ) |  |  | — |  |  |  | (8.8 | ) |  |  | — |
Gain on acquisition of business |  |  | 11.9 |  |  |  | — |  |  |  | 11.9 |  |  |  | — |
Impairment charges |  |  | — |  |  |  | (0.1 | ) |  |  | — |  |  |  | (2.8 | )
Earnings (losses) attributable to assets held for sale |  |  | 1.1 |  |  |  | — |  |  |  | 1.3 |  |  |  | (1.7 | )
Deferred purchase price payment |  |  | — |  |  |  | (0.6 | ) |  |  | (0.1 | ) |  |  | (2.2 | )
Net (loss) income |  | $ | (7.6 | ) |  | $ | 5.6 |  |  | $ | (16.7 | ) |  | $ | (9.0 | )

X
- References No definition available. + Details
Name: | us-gaap_SegmentReportingAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration