WAIR Wesco Aircraft Holdings Inc

Wesco Aircraft Holdings Reports Fiscal 2019 Third Quarter Results

Wesco Aircraft Holdings Reports Fiscal 2019 Third Quarter Results

VALENCIA, Calif., Aug. 09, 2019 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings, Inc. (NYSE: WAIR), one of the world's leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal 2019 third quarter ended June 30, 2019.

Fiscal 2019 Third Quarter Highlights

  • Net sales of $442.4 million, up 7.8 percent
  • Net income of $14.1 million, or $0.14 per diluted share
  • Adjusted net income(1) of $22.7 million, or $0.23 per diluted share
  • Adjusted earnings before interest, taxes, depreciation and amortization(1) (EBITDA) of $45.2 million, or 10.2 percent of net sales
  • Net cash provided by operating activities of $55.7 million

Todd Renehan, chief executive officer, commented, “Robust sales growth continued in the fiscal 2019 third quarter, primarily driven by higher sales under long-term contracts for both chemical and hardware products. This growth reflects continued strong performance in the Americas, which is our largest segment, and was achieved despite a decline in our EMEA region. Cash from operating activities increased significantly in the third quarter, primarily due to further improvements in inventory management and our continued focus on working capital.

“I’m pleased with our Americas performance, where we have continued to grow sales in a healthy market while increasing the pace of operational improvements associated with Wesco 2020. Concerning EMEA, we have taken action and made leadership changes to address its weaker performance. We’re encouraged to see signs of progress in certain leading indicators, including a significant increase in quoting activity and bookings. However, due to long supply chain lead times, we expect that it will take some time for these increased activity levels to translate into improved operating results.”

Renehan continued, “We executed Wesco 2020 footprint optimization initiatives in the third quarter at our most aggressive pace to-date, as we further developed multi-product distribution centers and transferred inventory from older single-product warehouses. As these activities are completed, the associated temporary costs are expected to decline significantly. Based on our continued progress to-date, we remain confident in our ability to achieve our target of at least $30 million in pre-tax run-rate savings from Wesco 2020.”

Fiscal 2019 Third Quarter Consolidated Results

Net sales of $442.4 million in the fiscal 2019 third quarter increased 7.8 percent compared with $410.4 million in the same period last year, of which 2.7 percentage points resulted from sales related to contract liability claims totaling $21.7 million and $10.8 million in the third quarter of fiscal 2019 and 2018, respectively. Sales under long-term contracts increased, led by higher chemical revenue and, to a lesser degree, by hardware. Ad-hoc sales were slightly lower year-over-year, primarily due to a decline in EMEA sales.

Gross profit was $105.9 million in the third quarter of fiscal 2019, compared with $104.2 million in the fiscal 2018 third quarter. The increase in gross profit was principally driven by higher sales volume, partially offset by a decline in gross margin. Gross margin overall reflects a decline in EMEA, as well as lower margins on certain liability claim sales and a higher concentration of pass-through chemical revenue. These negative factors were partially offset by lower net excess and obsolete and other inventory related charges.

Selling, general and administrative (SG&A) expenses totaled $83.4 million in the fiscal 2019 third quarter, an increase of $8.5 million compared with the same period last year. The company incurred more cost to support the increase in sales volume, as well as a heavier phase of Wesco 2020 execution. SG&A expenses in the fiscal 2019 third quarter included temporary costs of $10.6 million related to Wesco 2020, compared with $7.5 million in the same period last year.

SG&A expenses were 18.8 percent of net sales in the fiscal 2019 third quarter, compared with 18.3 percent in the same period last year. Excluding temporary Wesco 2020 costs noted above, SG&A expenses as a percent of net sales were approximately 16.4 percent in the fiscal 2019 third quarter, consistent with the same period last year.

Income from operations totaled $22.5 million, or 5.1 percent of net sales, in the fiscal 2019 third quarter, compared with $29.3 million, or 7.1 percent of net sales, in the same period last year. The decline in income from operations primarily reflects higher SG&A expenses, partially offset by higher gross profit.

Income tax benefit of $7.4 million in the fiscal 2019 third quarter primarily was due to a $9.2 million reversal of the one-time tax imposed on accumulated earnings and profits of foreign operations associated with enactment of the Tax Cuts and Jobs Act in fiscal 2018. The reversal primarily was driven by higher utilization of foreign tax credits against the company’s U.S. tax liability.

The company assessed the fair value of its equity method investment in a chemicals joint venture in China. The assessment determined that the estimated fair value of the joint venture was less than its carrying value, reflecting reduced sales and earnings and resulting in a pre-tax non-cash impairment charge of $3.0 million ($2.3 million net of income tax benefit) in the third quarter of fiscal 2019.

Net income was $14.1 million, or $0.14 per diluted share, in the fiscal 2019 third quarter. Net income in the fiscal 2018 third quarter was $10.8 million, or $0.11 per diluted share.

Adjusted net income(1) in the fiscal 2019 third quarter was $22.7 million, or $0.23 per diluted share, compared with $20.1 million, or $0.20 per diluted share, in the same period last year.

Adjusted EBITDA(1) in the fiscal 2019 third quarter was $45.2 million, compared with $44.5 million in the same period last year. Adjusted EBITDA margin(1) was 10.2 percent, compared with 10.8 percent in the same period last year.

Adjustments to arrive at adjusted net income(1) and adjusted EBITDA(1) include special items, among other things. In the third quarter of fiscal 2019, special items totaled $19.1 million and consisted of consulting fees of $5.8 million, inventory adjustments of $5.2 million and other costs of $5.1 million associated with the company’s Wesco 2020 initiative, as well as the impairment charge discussed above. In the third quarter of fiscal 2018, special items totaled $7.6 million and consisted primarily of consulting fees of $5.6 million and other costs of $1.9 million associated with Wesco 2020.

Net cash provided by operating activities totaled $55.7 million in the fiscal 2019 third quarter, an increase of $38.9 million compared with $16.8 million in the same period last year. The increase primarily reflects lower inventory purchases and net changes in other working capital items, most notably accounts receivable and accounts payable, that reflect better management of business growth and timing.

Free cash flow(1) was $47.2 million in the fiscal 2019 third quarter, an increase of $31.5 million compared with $15.7 million in the same period last year. 

Fiscal 2019 Outlook

The company continues to expect net sales in fiscal 2019 to increase at a mid-to-high single-digit percentage rate compared with fiscal 2018. The company also continues to expect higher sales volume and Wesco 2020 benefits to drive a high-single-digit percentage increase in adjusted EBITDA in fiscal 2019.

Conference Call

In light of the previously announced merger agreement pursuant to which the company is to be acquired by an affiliate of Platinum Equity Advisors LLC (the “Merger Agreement”), the earnings conference call scheduled for today, Friday, August 9, 2019, at 5:30 a.m. PDT (8:30 a.m. EDT) will no longer take place. For more information about the Merger Agreement, please see the press release filed as Exhibit 99.1 to the company’s Current Report on Form 8-K filed earlier today, which can also be found on the company’s Investor Relations website at .

About Wesco Aircraft

Wesco Aircraft is one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, chemical management services, third-party logistics or fourth-party logistics and point-of-use inventory management. The company believes it offers one of the world’s broadest portfolios of aerospace products, including C-class hardware, chemicals and electronic components and comprised of more than 550,000 active SKUs.

To learn more about Wesco Aircraft, visit our website at Follow Wesco Aircraft on LinkedIn at .

Footnotes

(1) Non-GAAP financial measure – see the tables following this press release for reconciliations of GAAP to non-GAAP results.

Non-GAAP Financial Information

Adjusted net income represents net income before: (i) amortization of intangible assets, (ii) amortization or write-off of deferred debt issuance costs, (iii) special items and (iv) the tax effect of items (i) through (iii) above calculated using an estimated effective tax rate.

Adjusted basic earnings per share represents basic earnings per share calculated using adjusted net income as opposed to net income.

Adjusted diluted earnings per share represents diluted earnings per share calculated using adjusted net income as opposed to net income.

Adjusted EBITDA represents net income before: (i) income tax provision, (ii) net interest expense, (iii) depreciation and amortization and (iv) special items.

Adjusted EBITDA margin represents adjusted EBITDA divided by net sales.

Free cash flow represents net cash used in operating activities less purchases of property and equipment.

Wesco Aircraft utilizes and discusses adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow, which are non-GAAP measures management uses to evaluate the company’s business, because it believes these measures assist investors and analysts in comparing the company’s performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the company’s core operating performance. Wesco Aircraft believes these metrics are used in the financial community, and the company presents these metrics to enhance understanding of its operating performance. Readers should not consider adjusted EBITDA and adjusted net income as alternatives to net income, determined in accordance with GAAP, as an indicator of operating performance. Adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow are not measurements of financial performance under GAAP, and these metrics may not be comparable to similarly titled measures of other companies. See the tables following this press release for reconciliations of adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.

Additional Information About the Acquisition and Where to Find It

This communication contains information regarding the proposed merger (the “Merger”) of Wesco Aircraft Holdings, Inc., a Delaware corporation (“Wesco Aircraft”), and Wolverine Merger Corporation, a Delaware corporation (“Merger Sub”) and a direct wholly owned subsidiary of Wolverine Intermediate Holding II Corporation, a Delaware corporation (“Parent”), pursuant to the terms of that certain Agreement and Plan of Merger, dated as of August 8, 2019, by and among Wesco Aircraft, Parent and Merger Sub (the “Merger Agreement”).

Parent and Merger Sub are indirect subsidiaries of funds managed and advised by Platinum Equity Advisors, LLC. A special meeting of the stockholders of Wesco Aircraft will be announced as promptly as practicable to seek stockholder approval in connection with the proposed Merger. Wesco Aircraft expects to file with the Securities and Exchange Commission (“SEC”) a proxy statement and other relevant documents in connection with the proposed Merger between Wesco Aircraft and Merger Sub. The definitive proxy statement will be sent or given to the stockholders of Wesco Aircraft and will contain important information about the proposed transaction and related matters. INVESTORS AND STOCKHOLDERS OF WESCO AIRCRAFT ARE URGED TO READ THE DEFINITIVE PROXY STATEMENT AND OTHER RELEVANT MATERIALS CAREFULLY AND IN THEIR ENTIRETY WHEN THEY BECOME AVAILABLE BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT WESCO AIRCRAFT, PARENT, MERGER SUB AND THE MERGER. Investors may obtain a free copy of these materials (when they are available) and other documents filed by Wesco Aircraft with the SEC at the SEC’s website at , at Wesco Aircraft’s website at or by sending a written request to Wesco Aircraft Holdings, Inc., 24911 Avenue Stanford, Valencia, California 91355, Attention: Executive Vice President, Chief Legal and Human Resources Officer.

Participants in the Solicitation

Wesco Aircraft and its directors, executive officers and certain other members of management and employees may be deemed to be participants in soliciting proxies from its stockholders in connection with the Merger.  Information regarding the persons who may, under the rules of the SEC, be considered to be participants in the solicitation of Wesco Aircraft’s stockholders in connection with the Merger will be set forth in Wesco Aircraft’s definitive proxy statement for its special stockholder meeting. Additional information regarding these individuals and any direct or indirect interests they may have in the Merger will be set forth in the definitive proxy statement when it is filed with the SEC in connection with the Merger. Information relating to the foregoing can also be found in Wesco Aircraft’s definitive proxy statement for its 2019 Annual Meeting of Stockholders (the “Annual Meeting Proxy Statement”), which was filed with the SEC on December 14, 2018. To the extent that holdings of Wesco Aircraft’s securities have changed since the amounts set forth in the Annual Meeting Proxy Statement, such changes have been or will be reflected on Statements of Change in Ownership on Form 4 filed with the SEC.

Forward-Looking Statements

This press release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Wesco Aircraft Holdings, Inc. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to, management. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “ability,” “address,” “begin,” “complete,” “continue,” “develop,” “drive,” “execute,” “expect,” “grow,” “improve,” “indicator,” “initiative,” “may,” “outlook,” “progress,” “recovery,” “target,” “will” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the company’s control. Therefore, the reader should not place undue reliance on such statements.

Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the company’s inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain stockholder approval to adopt the Merger Agreement, the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; the failure by Parent or Merger Sub to obtain the necessary debt and equity financing arrangements set forth in the commitment letters received in connection with the Merger; the risk that the Merger Agreement may be terminated in circumstances requiring the company to pay a termination fee of approximately $39 million; the risk that the Merger disrupts the company’s current plans and operations or diverts management’s attention from its ongoing business; the effect of the announcement of the Merger on the company’s ability to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; the effect of the announcement of the Merger on the company’s operating results and business generally; the amount of costs, fees and expenses related to the Merger; the risk that the company’s stock price may decline significantly if the Merger is not consummated; the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against the company and others; general economic and industry conditions; conditions in the credit markets; changes in military spending; risks unique to suppliers of equipment and services to the U.S. government; risks associated with the loss of significant customers, a material reduction in purchase orders by significant customers, or the delay, scaling back or elimination of significant programs on which the company relies; the company’s ability to effectively compete in its industry; risks associated with the company’s long-term, fixed-price agreements that have no guarantee of future sales volumes; the company’s ability to effectively manage its inventory; the company’s suppliers’ ability to provide it with the products the company sells in a timely manner, in adequate quantities and/or at a reasonable cost, while also meeting the company’s customers’ quality standards; the company’s ability to maintain effective information technology systems and effectively implement its new warehouse management system; the company’s ability to successfully execute and realize the expected financial benefits from its “Wesco 2020” initiative; the company’s ability to retain key personnel; risks associated with the company’s international operations, including exposure to foreign currency movements; changes in trade policies; risks associated with assumptions the company makes in connection with its critical accounting estimates (including goodwill, excess and obsolete inventory and valuation allowance of the company’s deferred tax assets) and legal proceedings; changes in U.S. income tax law; the company’s dependence on third-party package delivery companies; fuel price risks; fluctuations in the company’s financial results from period-to-period; environmental risks; risks related to the handling, transportation and storage of chemical products; risks related to the aerospace industry and the regulation thereof; risks related to the company’s indebtedness; and other risks and uncertainties.

The foregoing list of factors is not exhaustive. The reader should carefully consider the foregoing factors and the other risks and uncertainties that affect the company’s business, including those described in Wesco Aircraft’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the Securities and Exchange Commission. All forward-looking statements included in this news release (including information included or incorporated by reference herein) are based upon information available to the company as of the date hereof, and the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.



Contact Information:

Jeff Misakian

Vice President, Investor Relations

661-362-6847





Wesco Aircraft Holdings, Inc.

Consolidated Statements of Income (UNAUDITED)

(In thousands, except share data)

  Three Months Ended

 June 30,
 Nine Months Ended

 June 30,
  2019 2018 2019 2018
Net sales$442,374  $410,359  $1,264,159  $1,163,633 
Cost of sales336,504  306,162  951,200  859,277 
 Gross profit105,870  104,197  312,959  304,356 
Selling, general and administrative expenses83,368  74,869  238,539  217,260 
 Income from operations22,502  29,328  74,420  87,096 
Interest expense, net(12,878) (12,717) (38,180) (36,520)
Other (expense) income, net(630) 239  (1,161) 391 
 Income before income taxes and equity method investment impairment charge8,994  16,850  35,079  50,967 
Benefit (provision) for income taxes7,377  (6,096) (405) (25,587)
 Income before equity method investment impairment charge16,371  10,754  34,674  25,380 
Equity method investment impairment charge, net of income taxes(2,257)   (2,257)  
 Net income$14,114  $10,754  $32,417  $25,380 
         
Net income per share:       
Basic$0.14  $0.11  $0.33  $0.26 
Diluted$0.14  $0.11  $0.32  $0.26 
Weighted average shares outstanding:       
Basic99,647,188  99,180,632  99,586,122  99,137,710 
Diluted100,205,475  99,739,217  100,029,458  99,396,613 

Wesco Aircraft Holdings, Inc.

Condensed Consolidated Balance Sheets (UNAUDITED)

(In thousands)

 June 30,

 2019
 September 30,

 2018
Assets   
Cash and cash equivalents$45,418  $46,222 
Accounts receivable, net333,446  283,775 
Inventories879,565  884,212 
Prepaid expenses and other current assets18,110  15,291 
Income taxes receivable2,602  2,017 
Total current assets1,279,141  1,231,517 
Long-term assets557,042  557,959 
Total assets$1,836,183  $1,789,476 
Liabilities and Stockholders’ Equity   
Accounts payable$216,400  $180,494 
Accrued expenses and other current liabilities52,569  42,767 
Income taxes payable4,111  2,295 
Capital lease obligations, current portion1,877  2,205 
Short-term borrowings and current portion of long-term debt58,000  74,000 
Total current liabilities332,957  301,761 
Capital lease obligations, less current portion1,475  2,329 
Long-term debt, less current portion759,712  771,777 
Deferred income taxes3,507  2,803 
Other liabilities12,440  18,337 
Total liabilities1,110,091  1,097,007 
Total stockholders’ equity726,092  692,469 
Total liabilities and stockholders’ equity$1,836,183  $1,789,476 

 Wesco Aircraft Holdings, Inc.

Condensed Consolidated Statements of Cash Flows (UNAUDITED)

(In thousands)

 Nine Months Ended

 June 30,
 2019 2018
Cash flows from operating activities   
Net income$32,417  $25,380 
Adjustments to reconcile net income to net cash provided by (used in) operating activities   
Depreciation and amortization21,327  21,909 
Amortization of deferred debt issuance costs3,914  4,300 
Stock-based compensation expense7,418  6,286 
Net inventory provision(1,555) 10,976 
Equity method investment impairment charge2,966   
Deferred income taxes(24) 523 
Other non-cash items(324) (175)
Subtotal66,139  69,199 
Changes in assets and liabilities   
Accounts receivable(50,321) (47,008)
Inventories6,219  (76,884)
Other current and long-term assets(7,058) 2,603 
Accounts payable33,400  9,122 
Other current and long-term liabilities935  23,903 
Net cash provided by (used in) operating activities49,314  (19,065)
Cash flows from investing activities   
Purchase of property and equipment(16,481) (4,009)
Net cash used in investing activities(16,481) (4,009)
Cash flows from financing activities   
Proceeds from short-term borrowings57,000  67,500 
Repayment of short-term borrowings(73,000) (41,000)
Repayment of borrowings and capital lease obligations(17,094) (17,207)
Debt issuance costs  (1,900)
Net cash paid for activities related to stock-based incentive plans(405) (63)
Net cash (used in) provided by financing activities(33,499) 7,330 
Effect of foreign currency exchange rate on cash and cash equivalents(138) (293)
Net decrease in cash and cash equivalents(804) (16,037)
Cash and cash equivalents, beginning of period46,222  61,625 
Cash and cash equivalents, end of period$45,418  $45,588 

Wesco Aircraft Holdings, Inc.

Non-GAAP Financial Information - Adjusted Net Income and

Adjusted Earnings Per Share (UNAUDITED)

(Dollars in thousands, except share data)

 Three Months Ended

 June 30,
 Nine Months Ended

 June 30,
 2019 2018 2019 2018
Adjusted Net Income       
Net income$14,114  $10,754  $32,417  $25,380 
Amortization of intangible assets3,732  3,714  11,197  11,141 
Amortization of deferred debt issuance costs1,306  1,389  3,915  4,300 
Special items (1)19,122  7,574  37,337  15,079 
Adjustments for tax effect (2)(15,543) (3,283) (22,361) 918 
Adjusted net income$22,731  $20,148  $62,505  $56,818 
        
Adjusted Earnings Per Share       
Weighted-average number of basic shares outstanding99,647,188  99,180,632  99,586,122  99,137,710 
Adjusted net income per basic share$0.23  $0.20  $0.63  $0.57 
        
Adjusted Diluted Earnings Per Share       
Weighted-average number of diluted shares outstanding100,205,475  99,739,217  100,029,458  99,396,613 
Adjusted net income per diluted share$0.23  $0.20  $0.62  $0.57 

(1) Special items in the third quarter of fiscal 2019 consisted of consulting fees of $5.8 million, inventory adjustments of $5.2 million and other costs of $5.1 million associated with the company’s Wesco 2020 initiative, as well as an equity method investment impairment charge of $3.0 million. Special items in the third quarter of fiscal 2018 consisted primarily of consulting fees of $5.6 million and other costs of $1.9 million associated with Wesco 2020.

Special items in the year-to-date period of fiscal 2019 consisted primarily of consulting fees of $13.5 million, inventory adjustments of $5.2 million and other costs of $15.2 million associated with Wesco 2020, as well as an equity method investment impairment charge of $3.0 million. Special items in the year-to-date period of fiscal 2018 consisted primarily of consulting fees of $11.4 million and other costs of $1.9 million associated with Wesco 2020, as well as the settlement of litigation and related fees of $1.3 million.

(2) The adjustment for tax effect in the third quarter and year-to-date period of fiscal 2019 included a reversal of $9.2 million to the transition tax on unremitted foreign earnings recorded in fiscal 2018 under the Tax Cuts and Jobs Act. The tax provision for the transition tax previously recorded is included in the adjustment for tax effect in the year-to-date period of fiscal 2018.

Wesco Aircraft Holdings, Inc.

Non-GAAP Financial Information - EBITDA and Adjusted EBITDA (UNAUDITED)

(Dollars in thousands)

 Three Months Ended

 June 30,
 Nine Months Ended

 June 30,
 2019 2018 2019 2018
        
EBITDA and Adjusted EBITDA       
Net income$14,114  $10,754  $32,417  $25,380 
(Benefit) provision for income taxes (1)(8,086) 6,096  (304) 25,587 
Interest expense, net12,878  12,717  38,180  36,520 
Depreciation and amortization7,162  7,368  21,327  21,909 
EBITDA26,068  36,935  91,620  109,396 
Special items (2)19,122  7,574  37,337  15,079 
Adjusted EBITDA$45,190  $44,509  $128,957  $124,475 
        
Adjusted EBITDA margin10.2% 10.8% 10.2% 10.7%

(1) (Benefit) provision for income taxes in the third quarter and fiscal year-to-date period of fiscal 2019 was adjusted to include the tax benefit of $0.7 million for the $3.0 million equity method investment impairment charge discussed in footnote 2 below.

(2) Special items in the third quarter of fiscal 2019 consisted of consulting fees of $5.8 million, inventory adjustments of $5.2 million and other costs of $5.1 million associated with the company’s Wesco 2020 initiative, as well as an equity method investment impairment charge of $3.0 million. Special items in the third quarter of fiscal 2018 consisted primarily of consulting fees of $5.6 million and other costs of $1.9 million associated with Wesco 2020.

Special items in the year-to-date period of fiscal 2019 consisted primarily of consulting fees of $13.5 million,  inventory adjustments of $5.2 million and other costs of $15.2 million associated with Wesco 2020, as well as an equity method investment impairment charge of $3.0 million. Special items in the year-to-date period of fiscal 2018 consisted primarily of consulting fees of $11.4 million and other costs of $1.9 million associated with Wesco 2020, as well as the settlement of litigation and related fees of $1.3 million.         

 

 Wesco Aircraft Holdings, Inc.

Non-GAAP Financial Information - Free Cash Flow (UNAUDITED)

(Dollars in thousands)

 Three Months Ended

 June 30,
 Increase

(Decrease)
 
 2019 2018  
       
Net cash provided by operating activities$55,715  $16,844  $38,871  
Purchase of property and equipment(8,485) (1,100) (7,385) 
Free cash flow$47,230  $15,744  $31,486  
       
 Nine Months Ended

 June 30,
 Increase

(Decrease)
 
 2019 2018  
       
Net cash provided by (used in) operating activities$49,314  $(19,065) $68,379  
Purchase of property and equipment(16,481) (4,009) (12,472) 
Free cash flow$32,833  $(23,074) $55,907  
EN
09/08/2019

Underlying

To request access to management, click here to engage with our
partner Phoenix-IR's CorporateAccessNetwork.com

Reports on Wesco Aircraft Holdings Inc

 PRESS RELEASE

Wesco Aircraft Acquired by Affiliate of Platinum Equity, Combined wit...

Wesco Aircraft Acquired by Affiliate of Platinum Equity, Combined with Pattonair at Closing VALENCIA, Calif., Jan. 09, 2020 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings Inc. (NYSE: WAIR), one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced that the expected acquisition of the company by an affiliate of Platinum Equity has been completed in a transaction valued at approximately $1.9 billion. At closing, Wesco Aircraft was combined with Platinum Equity portfolio company Pattonair, a provider...

 PRESS RELEASE

Wesco Aircraft Holdings Reports Fiscal 2019 Fourth Quarter and Full Y...

Wesco Aircraft Holdings Reports Fiscal 2019 Fourth Quarter and Full Year Results VALENCIA, Calif., Nov. 25, 2019 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings, Inc. (NYSE: WAIR), one of the world's leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal 2019 fourth quarter and year ended September 30, 2019. Fiscal 2019 Fourth Quarter Highlights Net sales of $432.3 million, up 6.3 percentNet loss of $11.0 million, or $0.11 per diluted shareAdjusted net income(1) of $10.7 million, or $0.11...

 PRESS RELEASE

Wesco Aircraft Stockholders Approve Merger with Affiliate of Platinum...

Wesco Aircraft Stockholders Approve Merger with Affiliate of Platinum Equity VALENCIA, Calif., Oct. 24, 2019 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings Inc. (NYSE: WAIR), one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced that Wesco Aircraft stockholders voted to approve the proposed merger with an affiliate of Platinum Equity at the company’s special meeting of stockholders held earlier today. Approximately 89.9 percent of Wesco Aircraft’s issued and outstanding shares were present a...

The loss of a fundamental star by WESCO AIRCRAFT HDG.INCO. does not pr...

WESCO AIRCRAFT HDG.INCO. (US), a company active in Transportation Services, improves its general evaluation despite the loss of a fundamental star(s). The independent financial analyst theScreener has removed a fundamental star(s) from the title, which now shows 2 out of 4 stars; conversely, its market behaviour remains table and can be still described as moderately risky. The loss of a star(s) core is inconsequential since theScreener revises upgrades the general evaluation of the value to Slig...

 PRESS RELEASE

Wesco Aircraft Holdings Reports Fiscal 2019 Third Quarter Results

Wesco Aircraft Holdings Reports Fiscal 2019 Third Quarter Results VALENCIA, Calif., Aug. 09, 2019 (GLOBE NEWSWIRE) -- Wesco Aircraft Holdings, Inc. (NYSE: WAIR), one of the world's leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal 2019 third quarter ended June 30, 2019. Fiscal 2019 Third Quarter Highlights Net sales of $442.4 million, up 7.8 percentNet income of $14.1 million, or $0.14 per diluted shareAdjusted net income(1) of $22.7 million, or $0.23 per diluted shareAdjusted ea...

ResearchPool Subscriptions

Get the most out of your insights

Get in touch