Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Oct. 31, 2023 | Dec. 07, 2023 | Apr. 30, 2023 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Period End Date | Oct. 31, 2023 | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Current Fiscal Year End Date | --10-31 | ||
Entity File Number | 001-37999 | ||
Entity Registrant Name | REV Group, Inc. | ||
Entity Central Index Key | 0001687221 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 26-3013415 | ||
Entity Address, Address Line One | 245 South Executive Drive, Suite 100 | ||
Entity Address, City or Town | Brookfield | ||
Entity Address, State or Province | WI | ||
Entity Address, Postal Zip Code | 53005 | ||
City Area Code | 414 | ||
Local Phone Number | 290-0190 | ||
Title of 12(b) Security | Common Stock ($0.001 Par Value) | ||
Trading Symbol | REVG | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Public Float | $ 327,522,134 | ||
Entity Common Stock, Shares Outstanding | 59,505,829 | ||
Auditor Name | RSM US LLP | ||
Auditor Location | Milwaukee, Wisconsin | ||
Auditor Firm ID | 49 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 21.3 | $ 20.4 |
Accounts receivable, net | 226.5 | 215 |
Inventories, net | 657.7 | 629.5 |
Other current assets | 27.7 | 23.5 |
Total current assets | 933.2 | 888.4 |
Property, plant and equipment, net | 159.5 | 148.9 |
Goodwill | 157.3 | 157.3 |
Intangible assets, net | 115.7 | 119.2 |
Right of use assets | 37 | 20.2 |
Other long-term assets | 7.7 | 10.6 |
Total assets | 1,410.4 | 1,344.6 |
Current liabilities: | ||
Accounts payable | 208.3 | 163.9 |
Short-term customer advances | 214.5 | 258 |
Short-term accrued warranty | 23.4 | 18.9 |
Short-term lease obligations | 7.4 | 6.1 |
Other current liabilities | 103.6 | 80.5 |
Total current liabilities | 557.2 | 527.4 |
Long-term debt | 150 | 230 |
Long-term customer advances | 142.9 | 74.8 |
Deferred income taxes | 8.2 | 21 |
Long-term lease obligations | 30 | 14.2 |
Other long-term liabilities | 24.1 | 20.9 |
Total liabilities | 912.4 | 888.3 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Preferred stock ($.001 par value, 95,000,000 shares authorized; none issued or outstanding) | ||
Common stock ($.001 par value, 605,000,000 shares authorized; 59,505,829 and 59,323,534 shares issued and outstanding, respectively) | 0.1 | 0.1 |
Additional paid-in capital | 445 | 436.4 |
Retained earnings | 52.7 | 19.5 |
Accumulated other comprehensive income | 0.2 | 0.3 |
Total shareholders' equity | 498 | 456.3 |
Total liabilities and shareholders' equity | $ 1,410.4 | $ 1,344.6 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Oct. 31, 2023 | Oct. 31, 2022 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, authorized shares | 95,000,000 | 95,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 605,000,000 | 605,000,000 |
Common stock, shares issued | 59,505,829 | 59,323,534 |
Common stock, shares outstanding | 59,505,829 | 59,323,534 |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Statement [Abstract] | |||
Net sales | $ 2,638 | $ 2,331.6 | $ 2,380.8 |
Cost of sales | 2,321.9 | 2,084.1 | 2,089.8 |
Gross profit | 316.1 | 247.5 | 291 |
Operating expenses: | |||
Selling, general and administrative | 224 | 194.2 | 193.4 |
Amortization of intangible assets | 3.5 | 7.1 | 9.8 |
Restructuring | 0 | 9.4 | 2.5 |
Impairment charges | 1.5 | ||
Total operating expenses | 227.5 | 210.7 | 207.2 |
Operating income | 88.6 | 36.8 | 83.8 |
Interest expense, net | 28.6 | 16.9 | 17.3 |
Loss on early extinguishment of debt | 1.4 | ||
Loss on sale of business | 1.1 | 0.1 | 2.8 |
Loss on investment in China JV | 0.7 | 6.2 | |
Loss on acquisition of business | 0.4 | ||
Income before provision for income taxes | 58.2 | 19.8 | 55.7 |
Provision for income taxes | 12.9 | 4.6 | 11.3 |
Net income | 45.3 | 15.2 | 44.4 |
Other comprehensive income (loss), net of tax | (0.1) | 0.4 | 0.3 |
Comprehensive income | $ 45.2 | $ 15.6 | $ 44.7 |
Net income per common share: | |||
Basic | $ 0.77 | $ 0.25 | $ 0.70 |
Diluted | 0.77 | 0.25 | 0.69 |
Dividends declared per common share | $ 0.2 | $ 0.2 | $ 0.1 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 45.3 | $ 15.2 | $ 44.4 |
Adjustments to reconcile net income to net cash provided by operating activities: | |||
Depreciation and amortization | 26.2 | 32.3 | 32 |
Amortization of debt issuance costs | 1.7 | 1.7 | 2 |
Stock-based compensation expense | 14.4 | 8.7 | 7.8 |
Deferred income taxes | (12.8) | (0.5) | 1.1 |
Loss on early extinguishment of debt | 1.4 | ||
Gain on sale of assets | (1.6) | (1.5) | |
Impairment charges | 1.5 | ||
Loss on sale of business | 1.1 | 0.1 | 2.8 |
Loss on investment in China JV | 0.7 | 6.2 | |
Loss on acquisition of business | 0.4 | ||
Changes in operating assets and liabilities, net | |||
Receivables, net | (12.4) | (1.8) | 12 |
Inventories, net | (30.7) | (149.5) | 52.8 |
Other current assets | (3.6) | 17.1 | (1.5) |
Accounts payable | 44.4 | 47.8 | (49.7) |
Accrued warranty | 7.2 | (5.7) | (0.6) |
Customer advances | 24.6 | 122.3 | 40.5 |
Other liabilities | 21.3 | 5.2 | 9.7 |
Long-term assets | 0.7 | (1.3) | (3) |
Net cash provided by operating activities | 126.5 | 91.6 | 158.3 |
Cash flows from investing activities: | |||
Purchase of property, plant and equipment | (32.8) | (24.8) | (24.7) |
Proceeds from sale of assets | 1.7 | 8.2 | 12.5 |
Proceeds from sale of investment in China JV | 0.6 | 1.8 | |
Proceeds from sale of businesses | 0.6 | 2 | |
Net cash (used in) investing activities | (29.9) | (14.8) | (10.2) |
Cash flows from financing activities: | |||
Net (repayments) proceeds from borrowings on revolving credit | (80) | 15 | 175 |
Repayment of long-term debt | (303.4) | ||
Payment of dividends | (12.1) | (12.4) | (6.6) |
Repurchase and retirement of common stock | (70) | (3.9) | |
Payment of debt issuance costs | (7) | ||
Proceeds from exercise of common stock options | 0.1 | 0.3 | 2 |
Other financing activities | (3.7) | (2.6) | (2.3) |
Net cash used in financing activities | (95.7) | (69.7) | (146.2) |
Net increase in cash and cash equivalents | 0.9 | 7.1 | 1.9 |
Cash and cash equivalents, beginning of year | 20.4 | 13.3 | 11.4 |
Cash and cash equivalents, end of year | 21.3 | 20.4 | 13.3 |
Supplemental disclosures of cash flow information: | |||
Cash paid for interest | 24.2 | 12 | 14.8 |
Cash paid (refunded) for income taxes, net | 8.8 | (12.8) | 3.8 |
Cash paid for operating lease liabilities | 11 | 10.4 | 9.8 |
Operating right-of-use assets obtained | $ 23 | $ 9.1 | $ 7.3 |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained (Deficit) Earnings [Member] | Accumulated Other Comprehensive (Loss) Income [Member] |
Balance at Oct. 31, 2020 | $ 472.3 | $ 0.1 | $ 496.1 | $ (21.1) | $ (2.8) |
Balance, shares at Oct. 31, 2020 | 63,403,326 | ||||
Net income | 44.4 | 44.4 | |||
Sale of business | 2.4 | 2.4 | |||
Other comprehensive income (loss), net of tax | 0.3 | 0.3 | |||
Stock-based compensation expense | 7.8 | 7.8 | |||
Exercise of common stock options | 2 | 2 | |||
Exercise of common stock options, shares | 221,900 | ||||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings | (1.7) | (1.7) | |||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings, shares | 316,831 | ||||
Issuance of restricted stock awards, net of forfeitures and employee tax withholdings on vested awards | (0.2) | (0.2) | |||
Issuance of restricted stock shares net of forfeitures and tax withholdings, Shares | 723,092 | ||||
Settlement of liability awards | 2 | 2 | |||
Settlement of liability awards, Shares | 169,142 | ||||
Repurchase and retirement of common stock | (3.9) | (3.9) | |||
Repurchase and retirement of common stock, Shares | (250,000) | ||||
Dividends declared on common stock | (6.6) | (6.6) | |||
Balance at Oct. 31, 2021 | 518.8 | $ 0.1 | 502.1 | 16.7 | (0.1) |
Balance, shares at Oct. 31, 2021 | 64,584,291 | ||||
Net income | 15.2 | 15.2 | |||
Other comprehensive income (loss), net of tax | 0.4 | 0.4 | |||
Stock-based compensation expense | 8.7 | 8.7 | |||
Exercise of common stock options | 0.3 | 0.3 | |||
Exercise of common stock options, shares | 44,900 | ||||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings | (2.1) | (2.1) | |||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings, shares | 274,485 | ||||
Issuance of restricted stock awards, net of forfeitures and employee tax withholdings on vested awards | (2.6) | (2.6) | |||
Issuance of restricted stock shares net of forfeitures and tax withholdings, Shares | 223,341 | ||||
Repurchase and retirement of common stock | (70) | (70) | |||
Repurchase and retirement of common stock, Shares | (5,803,483) | ||||
Dividends declared on common stock | (12.4) | (12.4) | |||
Balance at Oct. 31, 2022 | 456.3 | $ 0.1 | 436.4 | 19.5 | 0.3 |
Balance, shares at Oct. 31, 2022 | 59,323,534 | ||||
Net income | 45.3 | 45.3 | |||
Other comprehensive income (loss), net of tax | (0.1) | (0.1) | |||
Stock-based compensation expense | 14.4 | 14.4 | |||
Exercise of common stock options | 0.1 | 0.1 | |||
Exercise of common stock options, shares | 6,000 | ||||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings | (2.7) | (2.7) | |||
Vesting of restricted and performance stock units, net of forfeitures and employee tax withholdings, shares | 382,424 | ||||
Forfeitures of restricted stock awards and employee tax withholdings on vested awards, net of issuances | (3.2) | (3.2) | |||
Forfeitures of restricted stock awards and employee tax withholdings on vested awards, net of issuances, Shares | (206,129) | ||||
Dividends declared on common stock | (12.1) | (12.1) | |||
Balance at Oct. 31, 2023 | $ 498 | $ 0.1 | $ 445 | $ 52.7 | $ 0.2 |
Balance, shares at Oct. 31, 2023 | 59,505,829 |
Nature of Operations, Equity Sp
Nature of Operations, Equity Sponsor and Related Party Transactions | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Nature of Operations, Equity Sponsor and Related Party Transactions | Note 1. Nature of Operations, Equity Sponsor and Related Party Transactions Nature of Operations : REV Group, Inc. (“REV” or “the Company”) companies are leading designers, manufacturers and distributors of specialty vehicles and related aftermarket parts and services, serving a diversified customer base, primarily in the United States, through three segments: Fire & Emergency (“F&E”), Commercial and Recreation. The Company’s F&E business is conducted primarily under the following brands: E-One, Ferrara, KME, Spartan Emergency Response, Smeal, Spartan Fire Chassis, Ladder Tower, AEV, Horton, Leader, Road Rescue and Wheeled Coach. The Company’s Commercial business is conducted primarily under the following brands: Capacity, Collins Bus, Magellan, ENC and LayMor. The Company’s Recreation vehicle business is conducted primarily under the following brands: American Coach, Fleetwood RV, Holiday Rambler, Renegade RV, Midwest Automotive Designs and Lance Camper. Equity Sponsor : The Company’s largest equity holders are (i) American Industrial Partners Capital Fund IV, LP, (ii) American Industrial Partners Capital Fund IV (Parallel), LP and (iii) AIP/CHC Holdings, LLC, which the Company collectively refers to as “AIP” or “Sponsor” and which indirectly own approximately 46.3 % of REV Group’s voting shares as of October 31, 2023. American Industrial Partners is an operations and engineering-focused private equity firm headquartered in New York, New York. In June 2021, the Company completed a secondary offering (the “June 2021 Secondary Offering”) in which 5,500,000 shares of common stock were sold by certain selling security holders to the public at a price of $ 15.50 per share. The underwriters were also granted an option, which they exercised in full, to purchase up to an additional 825,000 shares of common stock from the selling security holders. Upon completion of the June 2021 Secondary Offering, AIP ceased to beneficially own a majority of the Company’s common stock. As a result, the Company is no longer a “controlled company” within the meaning of the corporate governance standards of the New York Stock Exchange, and the Company no longer relies on exemptions from corporate governance requirements that are available to controlled companies. The Company did no t receive any proceeds from the June 2021 Secondary Offering. The Company incurred approximately $ 0.4 million in offering costs during the fiscal year ended October 31, 2021, and these costs were included within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income and Comprehensive Income. Related Party Transactions : During fiscal years 2023, 2022 and 2021 , the Company reimbursed AIP for expenses in the amount of $ 0.3 million, $ 0.1 million and $ 0.4 million, respectively. These expenses are included in Selling, general and administrative expenses in the Company’s Consolidated Statements of Income and Comprehensive Income. There were no other significant related party transactions. |
Basis of Presentation and Summa
Basis of Presentation and Summary of Significant Accounting Policies | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Summary of Significant Accounting Policies | Note 2. Basis of Presentation and Summary of Significant Accounting Policies Principles of Consolidation : The consolidated financial statements include the accounts of REV and all of its subsidiaries and are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. Fiscal Year : The Company’s fiscal year is from November 1 to October 31. Unless otherwise stated, references to fiscal years 2023, 2022 and 2021 relate to the fiscal years ended October 31, 2023, 2022 and 2021 , respectively. Use of Estimates : The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist principally of bank deposits and overnight sweep accounts. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution. Under our cash management system, book overdraft balances may exist for our disbursement accounts, which represent uncleared checks in excess of cash balances in individual bank accounts. Such amounts are recorded in Accounts payable in the Consolidated Balance Sheets and are reflected as an operating activity in the Consolidated Statements of Cash Flows. As of October 31, 2023 and October 31, 2022 , the Company had net book overdrafts of $ 7.0 million and $ 6.2 million, respectively. Deposits held with financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and are maintained with major financial institutions within the United States. As of October 31, 2023 and October 31, 2022 , the Company had $ 21.0 million and $ 20.2 million of uninsured cash balances in excess of Federal Depository Insurance Company limits, respectively. Accounts Receivable : Accounts Receivable consist of amounts billed and due from customers. The Company extends credit to customers in the normal course of business and maintains an allowance for uncollectible accounts resulting from the inability or unwillingness of customers to make required payments. Management determines the allowance for uncollectible accounts by evaluating individual customer receivables and considering a customer’s financial condition, credit history, the age of accounts receivable and current economic conditions. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, October 31, October 31, Beginning balance $ 1.8 $ 1.9 $ 1.8 Net recorded expense 0.2 — 1.3 Write-offs, net of recoveries/payments ( 1.1 ) ( 0.1 ) ( 1.2 ) Ending balance $ 0.9 $ 1.8 $ 1.9 Concentrations of Credit Risk : Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of accounts receivable. Concentration of credit risk with respect to accounts receivable is limited due to the large number of customers and their dispersion within North America. However, the majority of receivables are with dealers and municipalities in the United States. The Company continuously monitors credit risk associated with its receivables. The Company’s top five customers accounted for approximately 14 %, 12 % and 16 % of its net sales for fiscal years 2023, 2022 and 2021 , respectively. Inventories : Inventories are stated at the lower of aggregate cost or net realizable value. Cost is determined using predominantly the first-in, first-out (“FIFO”), as well as the weighted-average method. If inventory costs exceed expected net realizable value due to obsolescence or quantities on hand are in excess of expected demand, the Company records reserves for the difference between the cost and the expected net realizable value. These reserves are recorded based on various factors, including recent sales history and sales forecasts, industry market conditions, vehicle model changes and general economic conditions. Property, Plant and Equipment : Property, plant and equipment are recorded at cost, except when acquired in a business combination where property, plant and equipment are recorded at fair value. Depreciation of property, plant and equipment is recognized over the estimated useful lives of the respective assets using the straight-line method. The estimated useful lives are as follows: Years Buildings, related improvements & land improvements 5 - 39 Machinery & equipment 3 - 15 Computer hardware & software 3 - 10 Office, furniture & other 3 - 15 Expenditures that extend the useful life of existing property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Expenditures for repairs and maintenance are expensed as incurred. When property, plant and equipment are retired or sold, the cost and related accumulated depreciation is removed from the Company’s balance sheet, with any gain or loss reflected in operations. Goodwill and Indefinite-Lived Intangible Assets : Goodwill and Indefinite-lived intangible assets, consisting of tradenames, are reviewed for impairment by applying a fair-value based test on an annual basis, or more frequently if events or circumstances indicate a potential impairment. The annual impairment review is performed as of the first day of the fourth quarter of each fiscal year based upon information and estimates available at that time. As part of the annual test on both goodwill and indefinite-lived intangible assets, the Company may utilize a qualitative approach rather than a quantitative approach to determine if an impairment exists, considering various factors including industry changes, actual results as compared to forecasted results, or the timing of a recent acquisition, if applicable. When the fair value of the reporting unit or tradename is less than its carrying value, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the related asset, is recorded for the amount by which the carrying amount exceeds fair value. During fiscal year 2023 , the Company performed its annual test on goodwill and indefinite-lived intangible assets, using both a quantitative and qualitative approach and did not record any impairments. Long-Lived Assets Including Definite-Lived Intangible Assets : Property, plant and equipment and intangible assets with definite lives are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying value of such assets to the undiscounted future cash flows expected to be generated by such assets. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment provision is recognized to the extent that the fair value exceed its carrying amount. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market value and third-party independent appraisals, as considered necessary. Self-Insurance: The Company self-insures a portion of its workers' compensation and health insurance. Under these self-insurance plans, liabilities are recognized for claims incurred, including those incurred but not reported. We use third party administrators and actuaries who use historical claims experience, state and industry specific development factors and various state statutes to assist in the determination of the accrued liability balance. As the Company pays the claims, the reserve is released for incurred and reported claims. Advertising costs: Advertising costs are included in Selling, general and administrative expense and are expensed as incurred. Advertising costs totaled $ 8.5 million, $ 9.2 million, and $ 10.3 million for the fiscal years ended October 31, 2023, 2022 and 2021 respectively. Research and Development costs: Research and Development (“R&D”) costs are included as part of Selling, general, and administrative expenses and are expensed as incurred. R&D costs totaled $ 4.7 million, $ 4.2 million and $ 4.4 million for fiscal years 2023, 2022 and 2021 , respectively. Revenue Recognition : Substantially all of the Company’s revenue is recognized from contracts with customers with product shipment destinations in the United States and Canada. The Company accounts for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. The Company determines the transaction price for each contract at inception based on the consideration that it expects to receive for the goods and services promised under the contract. The transaction price excludes sales and usage-based taxes collected and certain “pass-through” amounts collected on behalf of third parties. The Company has elected to expense incremental costs to obtain a contract when the amortization period of the related asset is expected to be less than one year. The Company’s primary source of revenue is generated from the manufacture and sale of specialty vehicles through its direct sales force and dealer network. The Company also generates revenue through separate contracts that relate to the sale of aftermarket parts and services. Revenue is typically recognized at a point-in-time, when control is transferred, which generally occurs when the product has been shipped to the customer or when it has been picked-up from the Company’s manufacturing facilities. Shipping and handling costs that occur after the transfer of control are fulfillment costs that are recorded in Cost of sales in the Consolidated Statements of Income and Comprehensive Income when incurred or when the related product revenue is recognized, whichever is earlier. Periodically, certain customers may request bill and hold transactions according to the terms in the contract. In such cases, revenue is not recognized until after control has transferred which is generally when the customer has requested such transaction and has been notified that the product (i) has been completed according to customer specifications, (ii) has passed our quality control inspections, (iii) has been separated from our inventory and is ready for physical transfer to the customer, and (iv) the Company cannot use the product or redirect the product to another customer. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Contract Assets and Contract Liabilities The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, and payment is usually received shortly after billing. Payments for certain contracts are received in advance of satisfying the related performance obligations. Such payments are recorded as Customer advances in the Company’s Consolidated Balance Sheets. The Company reduces the contract liabilities when the Company transfers control of the promised good or service. During fiscal year 2023 , the Company recognized $ 166.1 million of revenue that was included in the customer advances balance of $ 332.8 million as of October 31, 2022. During fiscal year 2022 , the Company recognized $ 130.0 million of revenue that was included in the customer advances balance of $ 210.6 million as of October 31, 2021. During fiscal year 2021 , the Company recognized $ 138.4 million of revenue that was included in the customer advances balance of $ 170.1 million as of October 31, 2020. The Company’s payment terms do not include a significant financing component outside of the F&E segment. Within the F&E segment, customers earn interest on customer advances at a rate determined at contract inception. Interest charges incurred on customer advances during the years ended October 31, 2023, October 31, 2022 and October 31, 2021 of $ 8.7 million, $ 6.9 million, and $ 5.5 million respectively, were recorded in Interest expense in the Consolidated Statement of Income and Comprehensive Income. The Company does not have significant contract assets. Remaining Performance Obligations As of October 31, 2023 , the Company had unsatisfied performance obligations for non-cancellable contracts with an original duration greater than one year totaling $ 3,422.9 million, of which $ 1,387.6 million is expected to be satisfied and revenue recognized in fiscal year 2024 and $ 2,035.3 million is expected to be satisfied and revenue recognized thereafter . Warranty : Provisions for estimated warranty and other related costs are recorded in cost of sales and are periodically adjusted to reflect actual experience. The amount of accrued warranty liability reflects management’s estimate of the expected future cost of settling the Company’s obligations under its warranty programs. The costs of fulfilling the Company’s warranty obligations primarily consist of replacement parts, labor and sometimes travel for any field retrofit or recall campaigns. The Company’s estimates are based on historical warranty expenditures, length of the warranty obligations for units sold, and the number of units under warranty. If a warranty cost is incurred due to a defect in a purchased material, the Company will seek reimbursement from the vendor. Fair Value Measurements : The Company’s financial instruments not required to be adjusted to fair value on a recurring basis consist principally of cash, receivables, long-term debt and accounts payable. The Company believes cash, accounts receivable, and accounts payable are recorded at amounts that approximate their current market values based on their short-term nature. The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants at the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs (Levels 1 and 2) and minimize the use of unobservable inputs (Level 3) within the fair value hierarchy established by the Financial Accounting Standards Board (“FASB”). For illustrative purposes, the levels within the FASB fair value hierarchy are as follows: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable, including the company’s own assumptions in determining fair value. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements. Income Taxes : Deferred income tax assets and liabilities are based on the temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established to reduce deferred tax assets to the amount ultimately expected to be realized. The realization of deferred tax assets is dependent upon the generation of taxable income during the periods in which those temporary differences become deductible for income tax purposes. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making the assessment of the realizability of deferred tax assets. The Company will continue to evaluate its valuation allowance requirements in light of changing facts and circumstances and may adjust its deferred tax valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowance in the future. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The evaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. The Company includes interest and penalties related to income tax liabilities in Provision for income taxes in the Company’s Consolidated Statements of Income and Comprehensive Income. Liabilities for income taxes payable, accrued interest and penalties that are due within one year of the balance sheet date are included in Other current liabilities. Stock-Based Compensation : Stock compensation expense for restricted stock units and awards is recorded over the vesting period based on the grant date fair value of the awards. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. Forfeitures of restricted stock units and awards are recognized as they occur. Stock compensation expense for performance stock unit awards is recorded over the vesting period based on the grant date fair value of the awards and achievement of specified performance targets. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. Forfeitures of performance stock units and awards are recognized as they occur. Reclassifications: Certain reclassifications have been made to the prior period financial statements to conform with the fiscal 2023 presentation and improve comparability between periods. R&D expenses, which were previously presented as a separate line item within the Consolidated Statements of Income and Comprehensive Income, are now presented within the Selling, general and administrative expenses line item of the Consolidated Statements of Income and Comprehensive Income. Recent Accounting Pronouncements Accounting Pronouncement - to be adopted • In September 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-04 “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. The amendments in this ASU require that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022. We expect to adopt ASU 2022-04 in the first quarter of fiscal year 2024 and are currently evaluating the impact of ASU 2022-04 to our consolidated financial statements. |
Inventories
Inventories | 12 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3. Inventories Inventories, net of reserves, consisted of the following: October 31, October 31, Chassis $ 122.2 $ 82.7 Raw materials & parts 224.3 240.6 Work in process 274.1 281.1 Finished products 46.8 35.5 667.4 639.9 Less: reserves ( 9.7 ) ( 10.4 ) Total inventories, net $ 657.7 $ 629.5 |
Other Current Assets
Other Current Assets | 12 Months Ended |
Oct. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Other Current Assets | Note 4: Other Current Assets Other current assets consisted of the following: October 31, October 31, Prepaids $ 21.6 $ 18.0 Income tax receivable — 4.7 Other 6.1 0.8 Total $ 27.7 $ 23.5 |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 5. Property, Plant and Equipment Property, plant and equipment consisted of the following: October 31, October 31, Land & land improvements $ 19.2 $ 18.6 Buildings & improvements 111.7 105.4 Machinery & equipment, including rental vehicles 107.2 97.5 Computer hardware & software 65.0 60.6 Office furniture & fixtures 5.5 5.0 Construction in process 16.4 6.6 325.0 293.7 Less: accumulated depreciation ( 165.5 ) ( 144.8 ) Total property, plant and equipment, net $ 159.5 $ 148.9 Depreciation expense for fiscal years 2023, 2022 and 2021 was $ 22.7 million, $ 25.2 million and $ 22.2 million, respectively. |
Divestitures
Divestitures | 12 Months Ended |
Oct. 31, 2023 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Divestitures | Note 6. Divestitures The Company previously made an initial investment in its China joint venture, Anhui Chery REV Specialty Vehicle Technology Co., Ltd (“China JV”), in exchange for 10 % equity interest in its China JV. The Company recorded this investment under the equity method of accounting. The Company’s investment in the China JV also included an interest-bearing loan. During the fourth quarter of fiscal year 2021, the Company made the strategic decision to exit its interests in the China JV and began soliciting offers to sell the investment and settle the loan. In connection with this decision, the Company recorded a loss of $ 6.2 million, which represents the difference between the carrying value of the investment and loan and the estimated proceeds to be received upon sale and settlement, respectively. This amount has been recorded as a non-operating loss within our Consolidated Statements of Income and Comprehensive Income for the fiscal year ended October 31, 2021. During the third quarter of fiscal year 2022, the Company sold its equity interest in the China JV, and received $ 1.8 million. The remaining proceeds of $ 0.6 million were received during fiscal year 2023. Additionally, during fiscal year 2023 the Company disposed of any remaining assets associated with the China JV which resulted in an additional loss of $ 0.7 million. This loss has been recorded as a non-operating loss within our Consolidated Statements of Income and Comprehensive Income. During fiscal year 2021, in connection with a strategic review of the product portfolio, the Company made the decision to divest of its REV Brazil business. In connection with this sale, the Company recognized a loss of $ 2.8 million, which is included in the Company's Consolidated Statement of Income and Comprehensive Income for the fiscal year ended October 31, 2021. Total proceeds received in connection with this sale was $ 4.0 million, $ 2.0 million of which was received in the third quarter of fiscal year 2021. The remaining $ 2.0 million was received in the third quarter of fiscal year 2022 and has been included within Other financing activities in the Consolidated Statement of Cash Flows for the year October 31, 2022. The REV Brazil business was previously reported as part of the Fire & Emergency segment. |
Restructuring and Other Related
Restructuring and Other Related Charges | 12 Months Ended |
Oct. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Restructuring and Other Related Charges | Note 7. Restructuring and Other Related Charges In September 2021, the Company announced that it would close its KME production facilities located in Nesquehoning, PA and Roanoke, VA and relocate the production to other existing F&E segment facilities within the United States. The production facilities have been closed to better align our manufacturing footprint, to access our broad operational expertise and resources, enhance quality and improve delivery times by leveraging the advanced manufacturing capabilities that we have throughout the F&E segment. The Company incurred certain restructuring and other related charges in connection with the decision to relocate its existing KME production facilities. For the fiscal year ended October 31, 2023 , the Company did no t incur any restructuring charges, but did incur $ 3.8 million of other charges primarily consisting of production inefficiencies. For the fiscal year ended October 31, 2022, the Company recorded restructuring charges of $ 9.4 million and additional charges of $ 12.0 million consisting of $ 8.5 million of production inefficiencies, $ 2.3 million of accelerated depreciation and $ 1.2 million of other costs. For the fiscal year ended October 31, 2021, the Company recorded restructuring and impairment charges on certain production facilities of $ 2.5 million and $ 1.5 million, respectively. The pre-tax impairment and restructuring costs, by category and segment, are summarized below: Employee Severance and Termination Benefits Contract Asset Impairments Fiscal Year Ended Fire & Emergency $ 4.3 $ 5.1 $ — $ 9.4 Employee Severance and Termination Benefits Contract Asset Impairments Fiscal Year Ended Fire & Emergency $ 1.3 $ 0.3 $ 1.5 $ 3.1 Corporate and Other 0.9 — — 0.9 Total $ 2.2 $ 0.3 $ 1.5 $ 4.0 As of April 30, 2022 the Company had ceased production activities at the Nesquehoning, PA and Roanoke, VA locations and as of October 31, 2022, this restructuring activity was complete, and there was no remaining liability as of that date. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 8. Goodwill and Intangible Assets The table below represents goodwill by segment: October 31, October 31, Fire & Emergency $ 88.6 $ 88.6 Commercial 26.2 26.2 Recreation 42.5 42.5 Total goodwill $ 157.3 $ 157.3 There were no changes in the net carrying amount of goodwill during the years ended October 31, 2023 and October 31, 2022, respectively. Intangible assets (excluding goodwill) consisted of the following: October 31, 2023 Weighted- Gross Accumulated Net Finite-lived customer relationships: 8 $ 43.7 $ ( 35.4 ) $ 8.3 Indefinite-lived trade names 107.4 — 107.4 Total intangible assets, net $ 151.1 $ ( 35.4 ) $ 115.7 October 31, 2022 Weighted- Gross Accumulated Net Finite-lived customer relationships 8 $ 43.7 $ ( 31.9 ) $ 11.8 Indefinite-lived trade names 107.4 — 107.4 Total intangible assets, net $ 151.1 $ ( 31.9 ) $ 119.2 Amortization expense was $ 3.5 million, $ 7.1 million and $ 9.8 million for fiscal years 2023, 2022 and 2021 , respectively. The estimated future amortization expense of intangible assets for the subsequent five fiscal years is as follows: 2024—$ 2.3 million, 2025—$ 1.7 million, 2026—$ 1.2 million, 2027—$ 1.2 million, 2028—$ 1.2 million and thereafter—$ 0.7 million. |
Other Current Liabilities
Other Current Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 9. Other Current Liabilities Other current liabilities consisted of the following: October 31, October 31, Payroll and related benefits and taxes $ 36.1 $ 38.2 Incentive compensation 18.8 6.2 Customer sales programs 2.6 2.4 Interest payable 8.0 5.7 Legal accrual 5.5 4.3 Accrued professional fees 3.4 4.5 Income taxes payable 11.8 — Insurance financing 7.6 5.4 Other 9.8 13.8 Total other current liabilities $ 103.6 $ 80.5 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 10. Long-Term Debt The Company was obligated under the following debt instruments: October 31, October 31, 2021 ABL facility $ 150.0 $ 230.0 2021 ABL Facility On April 13, 2021, the Company entered into a $ 550.0 million revolving credit agreement (the “2021 ABL Facility” or “2021 ABL Agreement”) with a syndicate of lenders. The 2021 ABL Facility provides for revolving loans and letters of credit in an aggregate amount of up to $ 550.0 million. The total credit facility is subject to a $ 30.0 million sublimit for swing line loans and a $ 35.0 million sublimit for letters of credit (plus up to an additional $ 20.0 million of letters of credit at issuing bank’s discretion), along with certain borrowing base and other customary restrictions as defined in the 2021 ABL Agreement. The 2021 ABL Agreement allows for incremental facilities in an aggregate amount of up to $ 100.0 million, plus the excess, if any, of the borrowing base then in effect over total commitments then in effect. Any such incremental facilities are subject to receiving additional commitments from lenders and certain other customary conditions. The 2021 ABL Agreement serves as refinancing of indebtedness and terminates the Company’s 2017 ABL Facility and Term Loan. The Company repaid $ 303.4 million of existing principal on the 2017 ABL Facility and Term Loan in connection with this refinancing. The Company also paid $ 7.0 million of debt issuance costs and recognized a $ 1.4 million loss on early extinguishment of debt, the latter of which is included in the Consolidated Statement of Income and Comprehensive Income for the fiscal year ended October 31, 2021. The debt issuance costs capitalized in connection with the 2021 ABL Facility less accumulated amortization are included in other long-term assets in the Company’s Consolidated Balance Sheets. The debt issuance costs are amortized over the life of the debt on a straight-line basis. The 2021 ABL Facility matures on April 13, 2026 . The Company may prepay principal, in whole or in part, at any time without penalty. On November 1, 2022, the Company amended the 2021 ABL Facility to transition from the Eurodollar based benchmark rates to the Secured Overnight Financing Rate (“SOFR”). The transition from the Eurodollar rate to SOFR did not have a material impact on the Company's results of operations. All revolving loans under the 2021 ABL Facility, as amended, bear interest at rates equal to, at the Company’s option, either a base rate plus an applicable margin, or a SOFR rate plus an applicable margin and credit spread adjustment of 0.10 % for all interest periods. As of October 31, 2023, the interest rate margins are 0.75 % for all base rate loans and 1.75 % for all SOFR rate loans (with the SOFR rate having no floor), subject to adjustment based on the Company’s fixed charge coverage ratio in accordance with the 2021 ABL Agreement. Interest is payable quarterly for all base rate loans and is payable the last day of any interest period or every three months for all SOFR rate loans. The weighted-average interest rate on borrowings outstanding under the 2021 ABL Facility was 6.93 % as of October 31, 2023 . The weighted-average interest rate on borrowings outstanding under the 2021 ABL Facility was 5.51 % as of October 31, 2022. The lenders under the 2021 ABL Facility have a first priority security interest in substantially all personal property assets and certain real property assets of the Company. The 2021 ABL Facility’s borrowing base is comprised of eligible receivables and eligible inventory, plus a fixed asset sublimit of certain eligible real property and eligible equipment, which fixed asset sublimit reduces by quarterly amortization as specified in the 2021 ABL Agreement. The 2021 ABL Agreement contains customary representations and warranties, affirmative and negative covenants, subject in certain cases to customary limitations, exceptions and exclusions. The 2021 ABL Agreement also contains certain customary events of default. The occurrence of an event of default under the 2021 ABL Agreement could result in the termination of the commitments under the 2021 ABL Facility and the acceleration of all outstanding borrowings under it. The 2021 ABL Agreement requires the Company to maintain a minimum fixed charge coverage ratio of 1.10 to 1.00 during certain compliance periods as specified in the 2021 ABL Agreement. The Company was in compliance with all financial covenants under the 2021 ABL Agreement as of October 31, 2023. As of October 31, 2023 , the Company’s availability under the 2021 ABL Facility was $ 384.1 million. As of October 31, 2022 , the Company’s availability under the 2021 ABL Facility was $ 307.7 million. The fair value of the 2021 ABL Facility approximated book value on October 31, 2023 and October 31, 2022 . |
Warranties
Warranties | 12 Months Ended |
Oct. 31, 2023 | |
Guarantees [Abstract] | |
Warranties | Note 11. Warranties The Company’s products generally carry explicit warranties that extend from several months to several years, based on terms that are generally accepted in the marketplace. Selected components (such as engines, transmissions, tires, etc.) included in the Company’s products may include warranties from original equipment manufacturers (“OEM”). These OEM warranties are passed on to the end customer of the Company’s products, and the customer deals directly with the applicable OEM for any issues encountered on those components. Changes in the Company’s warranty liability consisted of the following: October 31, October 31, Balance at beginning of year $ 31.9 $ 37.6 Warranty provisions 33.3 25.9 Settlements made ( 33.6 ) ( 31.4 ) Change in liability of pre-existing warranties 7.5 ( 0.2 ) Balance at end of year $ 39.1 $ 31.9 Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 31, October 31, Current liabilities $ 23.4 $ 18.9 Other long-term liabilities 15.7 13.0 Total warranty liability $ 39.1 $ 31.9 |
Leases
Leases | 12 Months Ended |
Oct. 31, 2023 | |
Leases [Abstract] | |
Leases | Note 12. Leases The Company leases certain administrative and production facilities and equipment under long-term, non-cancelable operating lease agreements. The Company determines if an arrangement is or contains a lease at contract inception and recognizes a right of use ( “ ROU ” ) asset and a lease liability based on the present value of fixed, and certain index-based, lease payments at the lease commencement date. Variable payments are excluded from the present value of lease payments and are recognized in the period in which the payment is made. Lease agreements may include options to extend or terminate the lease or purchase the underlying asset. In situations where the Company is reasonably certain to exercise such options, they are considered in determining the lease term and the associated option payments, or the exercise price in the case of an option to purchase, are included in the measurement of the lease liabilities and ROU assets. The Company’s leases generally do not include restrictive financial or other covenants, or residual value guarantees. The Company generally uses its incremental borrowing rate as the discount rate for measuring its lease liabilities, as the Company cannot determine the interest rate implicit in the lease because it does not have access to certain lessor specific information. Lease expense is recognized on a straight-line basis over the lease term. The Company does not have significant finance leases. The Company has elected not to separate payments for lease components from payments for non-lease components for all classes of leases. Additionally, the Company has elected the short-term lease recognition exemption for all leases that qualify, which means ROU assets and lease liabilities will not be recognized for leases with an initial term of twelve months or less. During fiscal years 2023, 2022, and 2021, the Company recognized total operating lease costs resulting from fixed lease payments of $ 10.7 million, $ 9.5 million, and $ 9.6 million, respectively. At October 31, 2023, future minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year are summarized by fiscal year in the table below: 2024 $ 9.6 2025 8.1 2026 7.4 2027 6.8 2028 3.8 Thereafter 9.5 Total undiscounted lease payments 45.2 Less: imputed interest ( 7.8 ) Total lease liabilities $ 37.4 As of October 31, 2023 , the weighted average remaining lease term and the weighted average discount rate for operating leases was 6.0 years and 6.7 %, respectively. As of October 31, 2022, the weighted average remaining lease term and the weighted average discount rate for operating leases was 5.7 years and 5.3 %, respectively. |
Employee Benefits
Employee Benefits | 12 Months Ended |
Oct. 31, 2023 | |
Postemployment Benefits [Abstract] | |
Employee Benefits | Note 13. Employee Benefits The Company has a defined contribution 401(k) plan covering substantially all employees. The plan allows employees to defer up to 100 % of their employment income (subject to annual contribution limits imposed by the I.R.S.) after all taxes and applicable benefit deductions. Each employee who elects to participate is eligible to receive Company matching contributions that are based on employee contributions to the plans, subject to certain limitations. Amounts expensed for the Company’s matching contributions were $ 10.6 million, $ 10.5 million and $ 9.6 million during fiscal years 2023, 2022 and 2021 , respectively. |
Stock Repurchase Program
Stock Repurchase Program | 12 Months Ended |
Oct. 31, 2023 | |
Equity [Abstract] | |
Stock Repurchase Program | Note 14. Stock Repurchase Program On September 2, 2021, the Company’s Board of Directors approved a share repurchase program that allowed the repurchase of up to $ 150.0 million of the Company’s outstanding common stock (the “2021 Repurchase Program”). The share repurchase authorization would have expired in 24 months and gave management the flexibility to determine conditions under which shares could be purchased. During fiscal 2021, the Company repurchased 250,000 shares under this repurchase program at a total cost of $ 3.9 million at an average price, excluding commissions, of $ 15.45 per share. During fiscal year 2022, the Company repurchased 5,803,483 shares under this repurchase program at a total cost of $ 70.0 million at an average price, excluding commissions, of $ 12.03 per share. During fiscal year 2023, the Company did no t repurchase any shares under the 2021 Repurchase Program. On June 1, 2023, the Company’s Board of Directors approved a new share repurchase program that allowed the repurchase of up to $ 175.0 million of the Company’s outstanding common stock (the “2023 Repurchase Program”). The 2023 Repurchase Program replaced the 2021 Repurchase Program. The 2023 Repurchase Program expires 24 months after the approval date and gives management flexibility to determine conditions under which the shares may be purchased, subject to certain limitations. During fiscal year 2023, the Company did no t repurchase any shares under the 2023 Repurchase Program. |
Stock Compensation
Stock Compensation | 12 Months Ended |
Oct. 31, 2023 | |
Share-Based Payment Arrangement [Abstract] | |
Stock Compensation | Note 15. Stock Compensation The 2016 Omnibus Incentive Plan (the “2016 Plan”) has 8,000,000 shares authorized for issuance with 2,335,235 shares remaining at October 31, 2023. The 2016 Plan replaced the 2010 Long-Term Incentive Plan (the “2010 Plan”) in January 2017 in connection with our IPO. Under the 2016 Plan, officers, directors, including non-employee directors, employees and consultants of the Company may be granted restricted stock awards (RSAs), restricted stock units (RSUs) performance stock units (PSUs), stock options or other awards. RSAs and RSUs generally vest over a one to four-year service period following the grant date, provided the recipient is still our employee, or non-employee director, at the time of vesting. PSUs generally vest over a two to four-year service period following the grant date, provided the recipient is still our employee at the time of vesting, and provided the achievement of performance targets applicable to each award have been met. For fiscal years 2023, 2022, and 2021 , the Company recorded stock-based compensation expense of $ 14.4 million, $ 8.7 million, and $ 7.8 million, respectively, within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income and Comprehensive Income. The actual income tax benefit realized totaled $ 2.9 million, $ 1.9 million, and $ 1.5 million for those same periods. Restricted Stock Awards : For fiscal year 2023, the change in the number of nonvested restricted stock awards outstanding consisted of the following: Number of Awards Weighted-Average Grant Date Nonvested, beginning of year 1,175,486 $ 11.81 Granted 699,365 13.01 Vested ( 589,149 ) 10.61 Forfeited ( 659,097 ) 13.40 Nonvested, end of year 626,605 $ 12.60 The weighted average grant date fair value of restricted stock awards granted during fiscal years 2023, 2022, and 2021 was $ 13.01 , $ 16.08 , and $ 10.42 per award, respectively. The total fair value of restricted stock awards that vested during fiscal years 2023, 2022 and 2021 was $ 7.4 million, $ 6.1 million and $ 2.0 million respectively. As of October 31, 2023 , the Company had $ 3.7 million of unrecognized compensation expense related to restricted stock awards, which will be recognized over a weighted-average period of 2.9 years. Restricted Stock Units : For fiscal year 2023, the change in the number of nonvested restricted stock units outstanding consisted of the following: Number of Units Weighted-Average Grant Date Nonvested, beginning of year 723,958 $ 11.69 Granted 616,670 12.93 Vested ( 329,157 ) 10.24 Forfeited ( 189,289 ) 13.38 Nonvested, end of year 822,182 $ 12.81 The weighted average grant date fair value of restricted stock units granted during fiscal years 2023, 2022, and 2021 was $ 12.93 , $ 14.90 and $ 10.25 , per unit respectively. The total fair value of restricted stock units that vested during fiscal years 2023, 2022 and 2021 was $ 4.1 million, $ 4.6 million and $ 2.8 million, respectively. As of October 31, 2023 , the Company had $ 7.1 million of unrecognized compensation expense related to restricted stock units, which will be recognized over a weighted-average period of 2.6 years. Performance Stock Units : For fiscal year 2023, the change in the number of nonvested performance stock units consisted of the following: Number of Units Weighted-Average Grant Date Nonvested, beginning of year 549,824 $ 6.07 Granted 835,919 12.41 Vested ( 249,023 ) 12.03 Forfeited ( 525,801 ) 6.17 Nonvested, end of year 610,919 $ 12.22 The weighted average grant date fair value of performance stock units granted during fiscal year 2023 was $ 12.41 . There were no performance stock units granted during fiscal year 2022. The weighted average grant date fair value of performance stock units granted during fiscal year 2021 was $ 8.92 . The total fair value of performance stock units that vested during fiscal years 2023, 2022 and 2021 was $ 3.6 million, and $ 1.3 million and $ 1.8 million, respectively. As of October 31, 2023 , the Company had $ 4.4 million of unrecognized compensation expense related to performance stock units, which will be recognized over a weighted-average period of 1.0 year. Stock Options : 6,000 . Such options had, a weighted average exercise price of $ 8.11 , and a weighted-average remaining contractual term of 3.4 years. During fiscal year 2023, all 6,000 options were exercised, at a weighted average exercise price of $ 8.11 . No additional options were granted, forfeited, or expired in fiscal year 2023. The total intrinsic value of stock options exercised during fiscal years 2023, 2022, and 2021 was $ 0.1 million, $ 0.2 million, and $ 2.1 million, respectively. As of October 31, 2023 , all outstanding options were exercised so there is no remaining unrecognized compensation expense related to stock options as of that date. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes Income is taxed in the following jurisdictions: Fiscal Year Ended October 31, October 31, October 31, Domestic $ 58.9 $ 20.0 $ 65.6 Foreign ( 0.7 ) ( 0.2 ) ( 9.9 ) Income before provision for income taxes $ 58.2 $ 19.8 $ 55.7 Provision for income taxes is summarized as follows: Fiscal Year Ended October 31, October 31, October 31, Current: Federal $ 19.7 $ 4.2 $ 8.8 State 6.1 0.9 1.3 Foreign ( 0.1 ) — 0.1 Total Current 25.7 5.1 10.2 Deferred: Federal ( 10.5 ) ( 1.9 ) ( 0.4 ) State ( 2.3 ) 1.4 1.5 Foreign — — — Total Deferred ( 12.8 ) ( 0.5 ) 1.1 Provision for income taxes $ 12.9 $ 4.6 $ 11.3 Income tax provision at the federal statutory rate is reconciled to the Company’s provision for income taxes as follows: Fiscal Year Ended October 31, October 31, October 31, Income tax provision at federal statutory rate $ 12.2 $ 4.1 $ 11.7 Taxes on foreign income which differ from the U.S. — — ( 0.1 ) State tax expense 2.2 0.1 2.3 CARES Act impact — — ( 4.2 ) Manufacturing and research incentives ( 3.5 ) ( 1.9 ) ( 0.6 ) Nondeductible items 0.3 0.1 0.5 Uncertain tax positions 1.2 0.3 — Valuation allowance 0.3 2.2 2.1 Bargain purchase gain — — 0.1 Stock-based compensation 0.2 ( 0.4 ) ( 0.1 ) Other items — 0.1 ( 0.4 ) Provision for income taxes $ 12.9 $ 4.6 $ 11.3 Tax expense for fiscal year 2023 was favorably impacted by incentives for U.S. research. Tax expense was unfavorably impacted by additional unrecognized tax benefits recorded during the year. Tax expense for fiscal year 2022 was favorably impacted by incentives for U.S. research and stock-based compensation tax deductions. Tax expense was unfavorably impacted by valuation allowances on certain state tax attributes. Tax expense for fiscal year 2021 was favorably impacted by tax benefits related to net operating loss carrybacks allowable under the CARES Act and incentives for U.S. research. Tax expense was unfavorably impacted by the valuation allowances related to the loss on our China JV. No items included in Other items in the income tax reconciliation above are individually, or when appropriately aggregated, significant. On March 27, 2020, the United States enacted the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”). The Cares Act is an emergency stimulus package that includes spending and tax benefits to strengthen the U.S. economy and fund a nationwide effort to curtail the effect of COVID-19. While the CARES Act provides sweeping tax changes in response to the COVID-19 pandemic, some of the more significant provisions include removal of certain limitations on utilization of net operating losses, allowing for net operating loss carrybacks for certain past and future losses, increasing the ability to deduct interest expense, as well as amending certain provisions of the previously enacted Tax Reform Act. In fiscal year 2021, the Company evaluated the impact of the CARES Act and recorded a tax benefit of $ 4.2 million in fiscal year 2021 for the carryback of its fiscal year 2020 net operating loss. As the Company carried the losses back to years beginning before January 1, 2020, the 2021 fiscal year tax benefit of $ 4.2 million is a result of the rate differential between the previous 35 % federal tax rate and current statutory rate of 21 %. Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: October 31, October 31, Deferred tax assets: Product warranty $ 6.8 $ 4.9 Inventory 5.6 5.1 Deferred employee benefits 9.5 4.9 Net operating loss and credit carryforwards 8.0 7.4 Other reserves and allowances 4.4 6.5 Capitalized research expenditures 7.8 — Gross deferred tax assets 42.1 28.8 Less: valuation allowance ( 5.2 ) ( 6.0 ) Deferred tax assets 36.9 22.8 Deferred tax liabilities: Intangible assets ( 25.9 ) ( 24.1 ) Property, plant and equipment ( 16.6 ) ( 17.7 ) Other ( 2.6 ) ( 2.0 ) Deferred tax liabilities ( 45.1 ) ( 43.8 ) Net deferred tax liability $ ( 8.2 ) $ ( 21.0 ) The net deferred tax liabilities were recorded as noncurrent liabilities in the consolidated balance sheet for fiscal years 2023 and 2022. As of October 31, 2023, the Company has capital loss carryforwards of $ 7.7 million which expire in 2026 and are offset by a valuation allowance. The Company has state net operating loss carryforwards of $ 84.4 million, which begin to expire in 2028 and are partially offset by a valuation allowance. The Company also has net operating loss carryforwards generated in Canada of $ 0.6 million and Singapore of $ 0.9 million, which are offset by valuation allowances because the losses are projected to expire prior to being utilized. The Company has state tax credit carryforwards of $ 1.5 million, which will begin to expire in 2024 and are partially offset by a valuation allowance. The Company, or one of its subsidiaries, files income tax returns in the United States, Canada, Singapore and various state jurisdictions. With few exceptions, fiscal years 2016 through 2022 remain open to tax examination by Canadian and U.S. federal and state tax authorities. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: Fiscal Year Ended October 31, October 31, October 31, Balance at beginning of year $ 3.8 $ 3.6 $ 2.7 Additions for tax positions in prior year 0.5 — 1.0 Additions for tax positions in current year 0.5 0.2 0.1 Cash settlements with taxing authorities — — ( 0.2 ) Balance at end of year $ 4.8 $ 3.8 $ 3.6 If recognized, $ 5.6 million, $ 4.3 million, and $ 4.0 million of the Company’s unrecognized tax benefits as of October 31, 2023, October 31, 2022 and October 31, 2021, respectively, would affect the Company’s effective income tax rate. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies The Company is, from time to time, party to various legal proceedings, including product and general liability claims, arising out of the ordinary course of business. Assessments of legal proceedings can involve complex judgments about future events that may rely on estimates and assumptions. When assessing whether to record a liability related to legal proceedings, the Company adheres to the requirements of Accounting Standards Codification 450, Contingencies, and other applicable guidance as necessary, and records liabilities in those instances where it can reasonably estimate the amount of the loss and when the loss is probable. When a range exists that is reasonably estimable and the loss is probable, the Company records an accrual in its financial statements equal to the most likely estimate of the loss, or the low end of the range, if there is no one best estimate. Additionally, these claims are sometimes covered by third-party insurance, which for some insurance policies is subject to a retention for which the Company is responsible. Market Risks : The Company is contingently liable under bid, performance and specialty bonds issued by the Company's surety companies and has open standby letters of credit issued by the Company’s banks in favor of third parties as follows: October 31, October 31, Performance, bid and specialty bonds $ 603.2 $ 572.3 Open standby letters of credit 15.9 12.3 Total $ 619.1 $ 584.6 The increase in performance, bid and specialty bonds is attributable to municipal contracts within our F&E segment. Chassis Contingent Liabilities : The Company obtains certain vehicle chassis from automobile manufacturers under converter pool agreements. These agreements generally provide that the manufacturer will supply chassis at the Company’s various production facilities under the terms and conditions set forth in the agreements. The manufacturer does not transfer the certificate of origin to the Company upon delivery. Accordingly, the chassis are not owned by the Company when delivered, therefore, are excluded from the Company’s inventory. Upon being put into production, the Company owns the inventory and becomes obligated to pay the manufacturer for the chassis. Chassis are typically placed into production within 90 to 120 days of delivery to the Company. If the chassis are not placed into production within this timeframe, the Company generally purchases the chassis and records inventory, or the Company is obligated to begin paying an interest charge on this inventory until purchased. Such agreements are customary in the industries in which the Company operates and the Company’s exposure to loss under such agreements is limited by the value of the vehicle chassis that would be resold to mitigate any losses. The Company’s contingent liability under such agreements was $ 8.8 million and $ 11.9 million as of October 31, 2023 and October 31, 2022, respectively. Repurchase Commitments : The Company has repurchase agreements with certain lending institutions. The repurchase commitments are on an individual unit basis with a term from the date it is financed by the lending institution through payment date by the dealer or other customer, generally not exceeding two years . The Company also repurchases inventory from dealers from time to time due to state law or regulatory requirements that require manufacturers to repurchase inventory if a dealership exits the business. The Company’s maximum contingent liability under such agreements were $ 490.1 million and $ 333.8 million as of October 31, 2023, and October 31, 2022, respectively, which represents the gross value of all vehicles under repurchase agreements. Such agreements are customary in the industries in which the Company operates and the Company’s exposure to loss under such agreements is limited by the resale value of the units which is required to be repurchased. Losses incurred under such arrangements have not been significant and the Company expects this pattern to continue. The reserve for losses included in other liabilities on contracts outstanding at October 31, 2023 and October 31, 2022 is immaterial. Guarantee Arrangements : The Company is party to multiple agreements whereby it guaranteed an aggregate of $ 27.2 million and $ 33.7 million at October 31, 2023 and October 31, 2022, respectively, of indebtedness of others, including losses under loss pool agreements. The Company estimated that its maximum loss exposure under these contracts was $ 5.4 million and $ 8.7 million at October 31, 2023 and October 31, 2022, respectively. Under the terms of these and various related agreements and upon the occurrence of certain events, the Company generally has the ability to, among other things, take possession of the underlying collateral. While the Company does not expect to experience losses under these agreements that are materially in excess of the amounts reserved, it cannot provide any assurance that the financial condition of the third parties will not deteriorate resulting in the third party’s inability to meet their obligations. Additionally, the Company cannot guarantee that the collateral underlying the agreements will be available or sufficient to avoid losses materially in excess of the amount reserved. Other Matters : In January 2023, the Company agreed, in principle, to settle a claim brought by a plaintiff who was injured as a passenger in an accident involving a shuttle bus that was manufactured by Krystal Bus prior to the Company’s acquisition of certain assets related to that business. The Company did not admit to any liability on the merits of the claim but deemed a settlement to be in its best interest based on the facts and circumstances of the claim, as they developed in the first quarter of fiscal year 2023. The settlement agreement provided for a one-time cash payment of $ 11.5 million, which was disbursed by the Company during fiscal year 2023. The Company was also involved in additional lawsuits filed by plaintiffs who were passengers on the shuttle bus that was in the same accident. The Company agreed to settle all of these additional claims and recorded a loss of $ 2.2 million during fiscal year 2023 as related to these additional claims. The $ 2.2 million was paid during fiscal year 2023 and as such, there is no remaining liability as of October 31, 2023. The losses associated with the collective group of claims are included within Selling, general and administrative expenses in the Company’s Consolidated Statements of Income and Comprehensive Income for the fiscal year ended October 31, 2023. The Company is in the process of seeking reimbursement of the settlement payments; however, the relevant insurers have so far disputed the insurance claims. Accordingly, no loss recovery asset has been recorded as of October 31, 2023. |
Earnings Per Common Share
Earnings Per Common Share | 12 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Earnings Per Common Share | Note 18 Earnings Per Common Share Basic earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding. Diluted EPS is computed by dividing net income by the weighted-average number of common shares outstanding assuming dilution. The difference between basic EPS and diluted EPS is the result of the dilutive effect of outstanding stock options, performance stock units, restricted stock units, and restricted stock awards. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding: Fiscal Year Ended October 31, October 31, October 31, Basic weighted-average common shares outstanding 58,641,801 60,500,505 63,388,575 Dilutive stock options 1,980 12,588 65,654 Dilutive restricted stock awards 324,174 381,327 541,865 Dilutive restricted stock units 182,960 283,381 498,052 Dilutive performance stock units 24,315 — 158,479 Diluted weighted-average common shares 59,175,230 61,177,801 64,652,625 The table below represents exclusions from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect: Fiscal Year Ended October 31, October 31, October 31, Anti-Dilutive Common Stock Equivalents 235,755 72,892 6,009 |
Business Segment Information
Business Segment Information | 12 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
Business Segment Information | Note 19. 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 (i) KME, E-One, Ferrara, Spartan ER, (ii) American Emergency Vehicles, Leader Emergency Vehicles, Horton Emergency Vehicles, and REV Ambulance Orlando. 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, ENC, Capacity and LayMor. Collins Bus manufactures, markets and distributes school buses, normally referred to as Type A school buses. ENC manufactures, markets, and distributes transit buses for on-campus transportation, in-city transit, and airport shuttle services. Capacity manufactures, markets and distributes specialized trucks used in terminal type operations, i.e., rail yards, warehouses, rail terminals and shipping terminals/ports. LayMor manufactures, markets and distributes industrial sweepers for both the commercial and rental markets. 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 RVs in both gas and diesel models. Renegade primarily manufacturers, markets and distributes Class C and “Super C” RVs. Midwest manufactures, markets and distributes Class B RVs and luxury vans. Lance manufactures, markets and distributes truck campers and towable campers. 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. 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: Fiscal Year 2023 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 1,174.4 $ 553.6 $ 912.3 $ ( 2.3 ) $ 2,638.0 Depreciation and amortization $ 12.7 $ 3.2 $ 8.0 $ 2.3 $ 26.2 Capital expenditures $ 14.5 $ 7.5 $ 7.0 $ 3.8 $ 32.8 Total assets $ 751.0 $ 239.0 $ 368.9 $ 51.5 $ 1,410.4 Adjusted EBITDA $ 52.5 $ 46.1 $ 91.0 $ ( 33.0 ) Fiscal Year 2022 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 965.4 $ 410.2 $ 957.8 $ ( 1.8 ) $ 2,331.6 Depreciation and amortization $ 14.2 $ 2.9 $ 12.9 $ 2.2 $ 32.3 Capital expenditures $ 12.4 $ 2.0 $ 7.5 $ 2.9 $ 24.8 Total assets $ 703.6 $ 232.2 $ 353.2 $ 55.6 $ 1,344.6 Adjusted EBITDA $ 2.5 $ 22.3 $ 110.9 $ ( 30.6 ) Fiscal Year 2021 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 1,135.1 $ 387.3 $ 858.5 $ ( 0.1 ) $ 2,380.8 Depreciation and amortization $ 12.0 $ 2.9 $ 14.2 $ 2.9 $ 32.0 Capital expenditures $ 14.4 $ 2.4 $ 4.7 $ 3.2 $ 24.7 Total assets $ 650.9 $ 190.9 $ 309.8 $ 86.7 $ 1,238.3 Adjusted EBITDA $ 57.7 $ 31.0 $ 86.0 $ ( 33.2 ) The following tables present net sales by geographic region based on product shipment destination for fiscal years 2023, 2022 and 2021: Fiscal Year 2023 U.S. Rest of Total Fire & Emergency $ 1,151.4 $ 23.0 $ 1,174.4 Commercial 553.4 0.2 553.6 Recreation 911.2 1.1 912.3 Corporate, Other & Elims ( 2.3 ) — ( 2.3 ) Total Net Sales $ 2,613.7 $ 24.3 $ 2,638.0 Fiscal Year 2022 U.S. Rest of Total Fire & Emergency $ 950.6 $ 14.8 $ 965.4 Commercial 408.7 1.5 410.2 Recreation 952.7 5.1 957.8 Corporate & Other ( 1.8 ) — ( 1.8 ) Total Net Sales—External Customers $ 2,310.2 $ 21.4 $ 2,331.6 Fiscal Year 2021 U.S. Rest of Total Fire & Emergency $ 1,092.4 $ 42.7 $ 1,135.1 Commercial 386.4 0.9 387.3 Recreation 853.3 5.2 858.5 Corporate, Other & Elims ( 0.1 ) — ( 0.1 ) Total Net Sales $ 2,332.0 $ 48.8 $ 2,380.8 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, loss on extinguishment of debt and 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 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 income: Fiscal Year Ended October 31, October 31, October 31, Fire & Emergency Adjusted EBITDA $ 52.5 $ 2.5 $ 57.7 Commercial Adjusted EBITDA 46.1 22.3 31.0 Recreation Adjusted EBITDA 91.0 110.9 86.0 Corporate and Other Adjusted EBITDA ( 33.0 ) ( 30.6 ) ( 33.2 ) Depreciation and amortization ( 26.2 ) ( 32.3 ) ( 32.0 ) Interest expense, net ( 28.6 ) ( 16.9 ) ( 17.3 ) Loss on early extinguishment of debt — — ( 1.4 ) Provision for income taxes ( 12.9 ) ( 4.6 ) ( 11.3 ) Transaction expenses ( 0.5 ) ( 0.7 ) ( 3.2 ) Sponsor expense reimbursement ( 0.3 ) ( 0.1 ) ( 0.4 ) Restructuring — ( 9.4 ) ( 2.5 ) Restructuring related charges ( 10.5 ) ( 9.7 ) ( 0.3 ) Impairment charges — — ( 1.5 ) Stock-based compensation expense ( 14.4 ) ( 8.7 ) ( 7.8 ) Legal matters ( 16.6 ) ( 7.4 ) ( 4.0 ) Net loss on sale of business and assets — ( 0.1 ) ( 7.9 ) Loss on acquisition of business — — ( 0.4 ) Other items ( 1.3 ) — ( 6.1 ) Loss attributable to assets held for sale — — ( 1.0 ) Net Income $ 45.3 $ 15.2 $ 44.4 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Oct. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events In preparing the accompanying consolidated financial statements, management has evaluated subsequent events for potential recognition and disclosure through the date of this filing. Other than the item noted below, no other material subsequent events were identified. Quarterly Dividend On December 8, 2023, the Company’s Board of Directors declared a quarterly cash dividend in the amount of $ 0.05 per share of common stock, which equates to a rate of $ 0.20 per share of common stock on an annualized basis, payable on January 12, 2024 to shareholders of record on December 26, 2023 . |
Basis of Presentation and Sum_2
Basis of Presentation and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Principles of Consolidation | Principles of Consolidation : The consolidated financial statements include the accounts of REV and all of its subsidiaries and are prepared in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. |
Fiscal Year | Fiscal Year : The Company’s fiscal year is from November 1 to October 31. Unless otherwise stated, references to fiscal years 2023, 2022 and 2021 relate to the fiscal years ended October 31, 2023, 2022 and 2021 , respectively. |
Use of Estimates | Use of Estimates : The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. |
Cash and Cash Equivalents | Cash and Cash Equivalents : The Company considers all highly liquid investments with a maturity of three months or less when purchased to be cash equivalents. Cash equivalents consist principally of bank deposits and overnight sweep accounts. The Company performs periodic evaluations of the relative credit standing of these financial institutions and limits the amount of credit exposure with any one institution. Under our cash management system, book overdraft balances may exist for our disbursement accounts, which represent uncleared checks in excess of cash balances in individual bank accounts. Such amounts are recorded in Accounts payable in the Consolidated Balance Sheets and are reflected as an operating activity in the Consolidated Statements of Cash Flows. As of October 31, 2023 and October 31, 2022 , the Company had net book overdrafts of $ 7.0 million and $ 6.2 million, respectively. Deposits held with financial institutions may exceed the amount of insurance provided on such deposits. These deposits may be redeemed upon demand and are maintained with major financial institutions within the United States. As of October 31, 2023 and October 31, 2022 , the Company had $ 21.0 million and $ 20.2 million of uninsured cash balances in excess of Federal Depository Insurance Company limits, respectively. |
Accounts Receivable | Accounts Receivable : Accounts Receivable consist of amounts billed and due from customers. The Company extends credit to customers in the normal course of business and maintains an allowance for uncollectible accounts resulting from the inability or unwillingness of customers to make required payments. Management determines the allowance for uncollectible accounts by evaluating individual customer receivables and considering a customer’s financial condition, credit history, the age of accounts receivable and current economic conditions. Receivables are written off when management determines collection is highly unlikely and collection efforts have ceased. The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, October 31, October 31, Beginning balance $ 1.8 $ 1.9 $ 1.8 Net recorded expense 0.2 — 1.3 Write-offs, net of recoveries/payments ( 1.1 ) ( 0.1 ) ( 1.2 ) Ending balance $ 0.9 $ 1.8 $ 1.9 |
Concentrations of Credit Risk | Concentrations of Credit Risk : Financial instruments that potentially subject the Company to concentrations of credit risk consist principally of accounts receivable. Concentration of credit risk with respect to accounts receivable is limited due to the large number of customers and their dispersion within North America. However, the majority of receivables are with dealers and municipalities in the United States. The Company continuously monitors credit risk associated with its receivables. The Company’s top five customers accounted for approximately 14 %, 12 % and 16 % of its net sales for fiscal years 2023, 2022 and 2021 , respectively. |
Inventories | Inventories : Inventories are stated at the lower of aggregate cost or net realizable value. Cost is determined using predominantly the first-in, first-out (“FIFO”), as well as the weighted-average method. If inventory costs exceed expected net realizable value due to obsolescence or quantities on hand are in excess of expected demand, the Company records reserves for the difference between the cost and the expected net realizable value. These reserves are recorded based on various factors, including recent sales history and sales forecasts, industry market conditions, vehicle model changes and general economic conditions. |
Property, Plant and Equipment | Property, Plant and Equipment : Property, plant and equipment are recorded at cost, except when acquired in a business combination where property, plant and equipment are recorded at fair value. Depreciation of property, plant and equipment is recognized over the estimated useful lives of the respective assets using the straight-line method. The estimated useful lives are as follows: Years Buildings, related improvements & land improvements 5 - 39 Machinery & equipment 3 - 15 Computer hardware & software 3 - 10 Office, furniture & other 3 - 15 Expenditures that extend the useful life of existing property, plant and equipment are capitalized and depreciated over the remaining useful life of the related asset. Expenditures for repairs and maintenance are expensed as incurred. When property, plant and equipment are retired or sold, the cost and related accumulated depreciation is removed from the Company’s balance sheet, with any gain or loss reflected in operations. |
Goodwill and Indefinite-Lived Intangible Assets | Goodwill and Indefinite-Lived Intangible Assets : Goodwill and Indefinite-lived intangible assets, consisting of tradenames, are reviewed for impairment by applying a fair-value based test on an annual basis, or more frequently if events or circumstances indicate a potential impairment. The annual impairment review is performed as of the first day of the fourth quarter of each fiscal year based upon information and estimates available at that time. As part of the annual test on both goodwill and indefinite-lived intangible assets, the Company may utilize a qualitative approach rather than a quantitative approach to determine if an impairment exists, considering various factors including industry changes, actual results as compared to forecasted results, or the timing of a recent acquisition, if applicable. When the fair value of the reporting unit or tradename is less than its carrying value, a further analysis is performed to measure and recognize the amount of the impairment loss, if any. Impairment losses, limited to the carrying value of the related asset, is recorded for the amount by which the carrying amount exceeds fair value. During fiscal year 2023 , the Company performed its annual test on goodwill and indefinite-lived intangible assets, using both a quantitative and qualitative approach and did not record any impairments. |
Long-Lived Assets Including Definite-Lived Intangible Assets | Long-Lived Assets Including Definite-Lived Intangible Assets : Property, plant and equipment and intangible assets with definite lives are reviewed for potential impairment when events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable. Recoverability of assets to be held and used is measured by comparison of the carrying value of such assets to the undiscounted future cash flows expected to be generated by such assets. If the carrying value of an asset exceeds its estimated undiscounted future cash flows, an impairment provision is recognized to the extent that the fair value exceed its carrying amount. Fair value is determined through various valuation techniques including discounted cash flow models, quoted market value and third-party independent appraisals, as considered necessary. |
Self-Insurance | Self-Insurance: The Company self-insures a portion of its workers' compensation and health insurance. Under these self-insurance plans, liabilities are recognized for claims incurred, including those incurred but not reported. We use third party administrators and actuaries who use historical claims experience, state and industry specific development factors and various state statutes to assist in the determination of the accrued liability balance. As the Company pays the claims, the reserve is released for incurred and reported claims. |
Advertising costs | Advertising costs: Advertising costs are included in Selling, general and administrative expense and are expensed as incurred. Advertising costs totaled $ 8.5 million, $ 9.2 million, and $ 10.3 million for the fiscal years ended October 31, 2023, 2022 and 2021 respectively. |
Research and Development costs | Research and Development costs: Research and Development (“R&D”) costs are included as part of Selling, general, and administrative expenses and are expensed as incurred. R&D costs totaled $ 4.7 million, $ 4.2 million and $ 4.4 million for fiscal years 2023, 2022 and 2021 , respectively. |
Revenue Recognition | Revenue Recognition : Substantially all of the Company’s revenue is recognized from contracts with customers with product shipment destinations in the United States and Canada. The Company accounts for a contract when it has approval and commitment from both parties, the rights and payment terms of the parties are identified, the contract has commercial substance and collectability of consideration is probable. The Company determines the transaction price for each contract at inception based on the consideration that it expects to receive for the goods and services promised under the contract. The transaction price excludes sales and usage-based taxes collected and certain “pass-through” amounts collected on behalf of third parties. The Company has elected to expense incremental costs to obtain a contract when the amortization period of the related asset is expected to be less than one year. The Company’s primary source of revenue is generated from the manufacture and sale of specialty vehicles through its direct sales force and dealer network. The Company also generates revenue through separate contracts that relate to the sale of aftermarket parts and services. Revenue is typically recognized at a point-in-time, when control is transferred, which generally occurs when the product has been shipped to the customer or when it has been picked-up from the Company’s manufacturing facilities. Shipping and handling costs that occur after the transfer of control are fulfillment costs that are recorded in Cost of sales in the Consolidated Statements of Income and Comprehensive Income when incurred or when the related product revenue is recognized, whichever is earlier. Periodically, certain customers may request bill and hold transactions according to the terms in the contract. In such cases, revenue is not recognized until after control has transferred which is generally when the customer has requested such transaction and has been notified that the product (i) has been completed according to customer specifications, (ii) has passed our quality control inspections, (iii) has been separated from our inventory and is ready for physical transfer to the customer, and (iv) the Company cannot use the product or redirect the product to another customer. Warranty obligations associated with the sale of a unit are assurance-type warranties that are a guarantee of the unit’s intended functionality and, therefore, do not represent a distinct performance obligation within the context of the contract. Contract Assets and Contract Liabilities The Company is generally entitled to bill its customers upon satisfaction of its performance obligations, and payment is usually received shortly after billing. Payments for certain contracts are received in advance of satisfying the related performance obligations. Such payments are recorded as Customer advances in the Company’s Consolidated Balance Sheets. The Company reduces the contract liabilities when the Company transfers control of the promised good or service. During fiscal year 2023 , the Company recognized $ 166.1 million of revenue that was included in the customer advances balance of $ 332.8 million as of October 31, 2022. During fiscal year 2022 , the Company recognized $ 130.0 million of revenue that was included in the customer advances balance of $ 210.6 million as of October 31, 2021. During fiscal year 2021 , the Company recognized $ 138.4 million of revenue that was included in the customer advances balance of $ 170.1 million as of October 31, 2020. The Company’s payment terms do not include a significant financing component outside of the F&E segment. Within the F&E segment, customers earn interest on customer advances at a rate determined at contract inception. Interest charges incurred on customer advances during the years ended October 31, 2023, October 31, 2022 and October 31, 2021 of $ 8.7 million, $ 6.9 million, and $ 5.5 million respectively, were recorded in Interest expense in the Consolidated Statement of Income and Comprehensive Income. The Company does not have significant contract assets. Remaining Performance Obligations As of October 31, 2023 , the Company had unsatisfied performance obligations for non-cancellable contracts with an original duration greater than one year totaling $ 3,422.9 million, of which $ 1,387.6 million is expected to be satisfied and revenue recognized in fiscal year 2024 and $ 2,035.3 million is expected to be satisfied and revenue recognized thereafter . |
Warranty | Warranty : Provisions for estimated warranty and other related costs are recorded in cost of sales and are periodically adjusted to reflect actual experience. The amount of accrued warranty liability reflects management’s estimate of the expected future cost of settling the Company’s obligations under its warranty programs. The costs of fulfilling the Company’s warranty obligations primarily consist of replacement parts, labor and sometimes travel for any field retrofit or recall campaigns. The Company’s estimates are based on historical warranty expenditures, length of the warranty obligations for units sold, and the number of units under warranty. If a warranty cost is incurred due to a defect in a purchased material, the Company will seek reimbursement from the vendor. |
Fair Value Measurements | Fair Value Measurements : The Company’s financial instruments not required to be adjusted to fair value on a recurring basis consist principally of cash, receivables, long-term debt and accounts payable. The Company believes cash, accounts receivable, and accounts payable are recorded at amounts that approximate their current market values based on their short-term nature. The Company determines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between unrelated market participants at the measurement date. The Company utilizes valuation techniques that maximize the use of observable inputs (Levels 1 and 2) and minimize the use of unobservable inputs (Level 3) within the fair value hierarchy established by the Financial Accounting Standards Board (“FASB”). For illustrative purposes, the levels within the FASB fair value hierarchy are as follows: Level 1 Quoted prices in active markets that are unadjusted and accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices for identical assets and liabilities in markets that are not active, quoted prices for similar assets and liabilities in active markets or financial instruments for which significant inputs are observable, either directly or indirectly; Level 3 Prices or valuations that require inputs that are both significant to the fair value measurement and unobservable, including the company’s own assumptions in determining fair value. The Company applies fair value accounting for all financial assets and liabilities that are recognized or disclosed at fair value in the consolidated financial statements. |
Income Taxes | Income Taxes : Deferred income tax assets and liabilities are based on the temporary differences between the financial reporting basis and the income tax basis of the Company’s assets and liabilities using currently enacted tax rates and laws. Valuation allowances are established to reduce deferred tax assets to the amount ultimately expected to be realized. The realization of deferred tax assets is dependent upon the generation of taxable income during the periods in which those temporary differences become deductible for income tax purposes. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income, and tax-planning strategies in making the assessment of the realizability of deferred tax assets. The Company will continue to evaluate its valuation allowance requirements in light of changing facts and circumstances and may adjust its deferred tax valuation allowances accordingly. It is reasonably possible that the Company will either add to or reverse a portion of its existing deferred tax asset valuation allowance in the future. The Company recognizes liabilities for uncertain income tax positions based on a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step requires the Company to estimate and measure the tax benefit as the largest amount that is more than 50% likely to be realized upon ultimate settlement. It is inherently difficult and subjective to estimate such amounts, as the Company must determine the probability of various possible outcomes. The Company evaluates these uncertain tax positions on a quarterly basis or when new information becomes available to management. The evaluations are based on factors including, but not limited to, changes in facts or circumstances, changes in tax law, successfully settled issues under audit and new audit activity. Such a change in recognition or measurement could result in the recognition of a tax benefit or an increase to the related provision. The Company includes interest and penalties related to income tax liabilities in Provision for income taxes in the Company’s Consolidated Statements of Income and Comprehensive Income. Liabilities for income taxes payable, accrued interest and penalties that are due within one year of the balance sheet date are included in Other current liabilities. |
Stock-Based Compensation | Stock-Based Compensation : Stock compensation expense for restricted stock units and awards is recorded over the vesting period based on the grant date fair value of the awards. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. Forfeitures of restricted stock units and awards are recognized as they occur. Stock compensation expense for performance stock unit awards is recorded over the vesting period based on the grant date fair value of the awards and achievement of specified performance targets. The grant date fair value is equal to the closing share price of the Company’s common stock on the date of grant. Forfeitures of performance stock units and awards are recognized as they occur. Reclassifications: Certain reclassifications have been made to the prior period financial statements to conform with the fiscal 2023 presentation and improve comparability between periods. R&D expenses, which were previously presented as a separate line item within the Consolidated Statements of Income and Comprehensive Income, are now presented within the Selling, general and administrative expenses line item of the Consolidated Statements of Income and Comprehensive Income. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Accounting Pronouncement - to be adopted • In September 2022, the FASB issued Accounting Standards Update (“ASU”) 2022-04 “Liabilities-Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations”. The amendments in this ASU require that a company that uses a supplier finance program in connection with the purchase of goods or services disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. ASU 2022-04 is effective for fiscal years beginning after December 15, 2022. We expect to adopt ASU 2022-04 in the first quarter of fiscal year 2024 and are currently evaluating the impact of ASU 2022-04 to our consolidated financial statements. |
Basis of Presentation and Sum_3
Basis of Presentation and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Accounting Policies [Abstract] | |
Change in Allowance for Uncollectible Accounts | The change in the allowance for uncollectible accounts is as follows: Fiscal Year Ended October 31, October 31, October 31, Beginning balance $ 1.8 $ 1.9 $ 1.8 Net recorded expense 0.2 — 1.3 Write-offs, net of recoveries/payments ( 1.1 ) ( 0.1 ) ( 1.2 ) Ending balance $ 0.9 $ 1.8 $ 1.9 |
Estimated Useful Lives of Property, Plant and equipment | The estimated useful lives are as follows: Years Buildings, related improvements & land improvements 5 - 39 Machinery & equipment 3 - 15 Computer hardware & software 3 - 10 Office, furniture & other 3 - 15 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, consisted of the following: October 31, October 31, Chassis $ 122.2 $ 82.7 Raw materials & parts 224.3 240.6 Work in process 274.1 281.1 Finished products 46.8 35.5 667.4 639.9 Less: reserves ( 9.7 ) ( 10.4 ) Total inventories, net $ 657.7 $ 629.5 |
Other Current Assets (Tables)
Other Current Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Prepaid Expense and Other Assets, Current [Abstract] | |
Schedule of Other Current Assets | Other current assets consisted of the following: October 31, October 31, Prepaids $ 21.6 $ 18.0 Income tax receivable — 4.7 Other 6.1 0.8 Total $ 27.7 $ 23.5 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following: October 31, October 31, Land & land improvements $ 19.2 $ 18.6 Buildings & improvements 111.7 105.4 Machinery & equipment, including rental vehicles 107.2 97.5 Computer hardware & software 65.0 60.6 Office furniture & fixtures 5.5 5.0 Construction in process 16.4 6.6 325.0 293.7 Less: accumulated depreciation ( 165.5 ) ( 144.8 ) Total property, plant and equipment, net $ 159.5 $ 148.9 |
Restructuring and Other Relat_2
Restructuring and Other Related Charges (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Pre-tax Impairment and Restructuring Costs by Category and Segment | The pre-tax impairment and restructuring costs, by category and segment, are summarized below: Employee Severance and Termination Benefits Contract Asset Impairments Fiscal Year Ended Fire & Emergency $ 4.3 $ 5.1 $ — $ 9.4 Employee Severance and Termination Benefits Contract Asset Impairments Fiscal Year Ended Fire & Emergency $ 1.3 $ 0.3 $ 1.5 $ 3.1 Corporate and Other 0.9 — — 0.9 Total $ 2.2 $ 0.3 $ 1.5 $ 4.0 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill by Segment | The table below represents goodwill by segment: October 31, October 31, Fire & Emergency $ 88.6 $ 88.6 Commercial 26.2 26.2 Recreation 42.5 42.5 Total goodwill $ 157.3 $ 157.3 |
Summary of Intangible Assets Excluding Goodwill | Intangible assets (excluding goodwill) consisted of the following: October 31, 2023 Weighted- Gross Accumulated Net Finite-lived customer relationships: 8 $ 43.7 $ ( 35.4 ) $ 8.3 Indefinite-lived trade names 107.4 — 107.4 Total intangible assets, net $ 151.1 $ ( 35.4 ) $ 115.7 October 31, 2022 Weighted- Gross Accumulated Net Finite-lived customer relationships 8 $ 43.7 $ ( 31.9 ) $ 11.8 Indefinite-lived trade names 107.4 — 107.4 Total intangible assets, net $ 151.1 $ ( 31.9 ) $ 119.2 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following: October 31, October 31, Payroll and related benefits and taxes $ 36.1 $ 38.2 Incentive compensation 18.8 6.2 Customer sales programs 2.6 2.4 Interest payable 8.0 5.7 Legal accrual 5.5 4.3 Accrued professional fees 3.4 4.5 Income taxes payable 11.8 — Insurance financing 7.6 5.4 Other 9.8 13.8 Total other current liabilities $ 103.6 $ 80.5 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The Company was obligated under the following debt instruments: October 31, October 31, 2021 ABL facility $ 150.0 $ 230.0 |
Warranties (Tables)
Warranties (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Guarantees [Abstract] | |
Schedule of Changes in Warranty Liability | Changes in the Company’s warranty liability consisted of the following: October 31, October 31, Balance at beginning of year $ 31.9 $ 37.6 Warranty provisions 33.3 25.9 Settlements made ( 33.6 ) ( 31.4 ) Change in liability of pre-existing warranties 7.5 ( 0.2 ) Balance at end of year $ 39.1 $ 31.9 |
Accrued Warranty Classified in Consolidated Balance Sheets | Accrued warranty is classified in the Company’s consolidated balance sheets as follows: October 31, October 31, Current liabilities $ 23.4 $ 18.9 Other long-term liabilities 15.7 13.0 Total warranty liability $ 39.1 $ 31.9 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Leases [Abstract] | |
Schedule of Future Minimum Payments for Operating Leases | At October 31, 2023, future minimum payments for operating leases having initial or remaining non-cancelable terms in excess of one year are summarized by fiscal year in the table below: 2024 $ 9.6 2025 8.1 2026 7.4 2027 6.8 2028 3.8 Thereafter 9.5 Total undiscounted lease payments 45.2 Less: imputed interest ( 7.8 ) Total lease liabilities $ 37.4 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Restricted Stock Awards [Member] | |
Summary of Nonvested Stock Units Outstanding | For fiscal year 2023, the change in the number of nonvested restricted stock awards outstanding consisted of the following: Number of Awards Weighted-Average Grant Date Nonvested, beginning of year 1,175,486 $ 11.81 Granted 699,365 13.01 Vested ( 589,149 ) 10.61 Forfeited ( 659,097 ) 13.40 Nonvested, end of year 626,605 $ 12.60 |
Restricted Stock Units [Member] | |
Summary of Nonvested Stock Units Outstanding | For fiscal year 2023, the change in the number of nonvested restricted stock units outstanding consisted of the following: Number of Units Weighted-Average Grant Date Nonvested, beginning of year 723,958 $ 11.69 Granted 616,670 12.93 Vested ( 329,157 ) 10.24 Forfeited ( 189,289 ) 13.38 Nonvested, end of year 822,182 $ 12.81 |
Performance Stock Units [Member] | |
Summary of Nonvested Stock Units Outstanding | For fiscal year 2023, the change in the number of nonvested performance stock units consisted of the following: Number of Units Weighted-Average Grant Date Nonvested, beginning of year 549,824 $ 6.07 Granted 835,919 12.41 Vested ( 249,023 ) 12.03 Forfeited ( 525,801 ) 6.17 Nonvested, end of year 610,919 $ 12.22 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Before Provision for Income Taxes | Income is taxed in the following jurisdictions: Fiscal Year Ended October 31, October 31, October 31, Domestic $ 58.9 $ 20.0 $ 65.6 Foreign ( 0.7 ) ( 0.2 ) ( 9.9 ) Income before provision for income taxes $ 58.2 $ 19.8 $ 55.7 |
Provision for Income Taxes | Provision for income taxes is summarized as follows: Fiscal Year Ended October 31, October 31, October 31, Current: Federal $ 19.7 $ 4.2 $ 8.8 State 6.1 0.9 1.3 Foreign ( 0.1 ) — 0.1 Total Current 25.7 5.1 10.2 Deferred: Federal ( 10.5 ) ( 1.9 ) ( 0.4 ) State ( 2.3 ) 1.4 1.5 Foreign — — — Total Deferred ( 12.8 ) ( 0.5 ) 1.1 Provision for income taxes $ 12.9 $ 4.6 $ 11.3 |
Reconciliation of Income Tax Provision at Federal Statutory Rate to Company's Provision for Income Taxes | Income tax provision at the federal statutory rate is reconciled to the Company’s provision for income taxes as follows: Fiscal Year Ended October 31, October 31, October 31, Income tax provision at federal statutory rate $ 12.2 $ 4.1 $ 11.7 Taxes on foreign income which differ from the U.S. — — ( 0.1 ) State tax expense 2.2 0.1 2.3 CARES Act impact — — ( 4.2 ) Manufacturing and research incentives ( 3.5 ) ( 1.9 ) ( 0.6 ) Nondeductible items 0.3 0.1 0.5 Uncertain tax positions 1.2 0.3 — Valuation allowance 0.3 2.2 2.1 Bargain purchase gain — — 0.1 Stock-based compensation 0.2 ( 0.4 ) ( 0.1 ) Other items — 0.1 ( 0.4 ) Provision for income taxes $ 12.9 $ 4.6 $ 11.3 |
Temporary Differences and Carryforwards that Give Rise to Deferred Tax Assets and Liabilities | Temporary differences and carryforwards that give rise to deferred tax assets and liabilities include the following items: October 31, October 31, Deferred tax assets: Product warranty $ 6.8 $ 4.9 Inventory 5.6 5.1 Deferred employee benefits 9.5 4.9 Net operating loss and credit carryforwards 8.0 7.4 Other reserves and allowances 4.4 6.5 Capitalized research expenditures 7.8 — Gross deferred tax assets 42.1 28.8 Less: valuation allowance ( 5.2 ) ( 6.0 ) Deferred tax assets 36.9 22.8 Deferred tax liabilities: Intangible assets ( 25.9 ) ( 24.1 ) Property, plant and equipment ( 16.6 ) ( 17.7 ) Other ( 2.6 ) ( 2.0 ) Deferred tax liabilities ( 45.1 ) ( 43.8 ) Net deferred tax liability $ ( 8.2 ) $ ( 21.0 ) |
Reconciliation of Beginning and Ending Amount of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows: Fiscal Year Ended October 31, October 31, October 31, Balance at beginning of year $ 3.8 $ 3.6 $ 2.7 Additions for tax positions in prior year 0.5 — 1.0 Additions for tax positions in current year 0.5 0.2 0.1 Cash settlements with taxing authorities — — ( 0.2 ) Balance at end of year $ 4.8 $ 3.8 $ 3.6 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Contingent Liabilities | The Company is contingently liable under bid, performance and specialty bonds issued by the Company's surety companies and has open standby letters of credit issued by the Company’s banks in favor of third parties as follows: October 31, October 31, Performance, bid and specialty bonds $ 603.2 $ 572.3 Open standby letters of credit 15.9 12.3 Total $ 619.1 $ 584.6 |
Earnings Per Common Share (Tabl
Earnings Per Common Share (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Earnings Per Share [Abstract] | |
Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding | The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding: Fiscal Year Ended October 31, October 31, October 31, Basic weighted-average common shares outstanding 58,641,801 60,500,505 63,388,575 Dilutive stock options 1,980 12,588 65,654 Dilutive restricted stock awards 324,174 381,327 541,865 Dilutive restricted stock units 182,960 283,381 498,052 Dilutive performance stock units 24,315 — 158,479 Diluted weighted-average common shares 59,175,230 61,177,801 64,652,625 |
Calculation of Diluted Weighted-Average Shares Outstanding Due to Anti-Dilutive Effect | The table below represents exclusions from the calculation of diluted weighted-average shares outstanding due to their anti-dilutive effect: Fiscal Year Ended October 31, October 31, October 31, Anti-Dilutive Common Stock Equivalents 235,755 72,892 6,009 |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Segment Reporting [Abstract] | |
Selected Financial Information of Segments | Selected financial information of the Company’s segments is as follows: Fiscal Year 2023 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 1,174.4 $ 553.6 $ 912.3 $ ( 2.3 ) $ 2,638.0 Depreciation and amortization $ 12.7 $ 3.2 $ 8.0 $ 2.3 $ 26.2 Capital expenditures $ 14.5 $ 7.5 $ 7.0 $ 3.8 $ 32.8 Total assets $ 751.0 $ 239.0 $ 368.9 $ 51.5 $ 1,410.4 Adjusted EBITDA $ 52.5 $ 46.1 $ 91.0 $ ( 33.0 ) Fiscal Year 2022 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 965.4 $ 410.2 $ 957.8 $ ( 1.8 ) $ 2,331.6 Depreciation and amortization $ 14.2 $ 2.9 $ 12.9 $ 2.2 $ 32.3 Capital expenditures $ 12.4 $ 2.0 $ 7.5 $ 2.9 $ 24.8 Total assets $ 703.6 $ 232.2 $ 353.2 $ 55.6 $ 1,344.6 Adjusted EBITDA $ 2.5 $ 22.3 $ 110.9 $ ( 30.6 ) Fiscal Year 2021 Fire & Commercial Recreation Corporate, Consolidated Net Sales $ 1,135.1 $ 387.3 $ 858.5 $ ( 0.1 ) $ 2,380.8 Depreciation and amortization $ 12.0 $ 2.9 $ 14.2 $ 2.9 $ 32.0 Capital expenditures $ 14.4 $ 2.4 $ 4.7 $ 3.2 $ 24.7 Total assets $ 650.9 $ 190.9 $ 309.8 $ 86.7 $ 1,238.3 Adjusted EBITDA $ 57.7 $ 31.0 $ 86.0 $ ( 33.2 ) |
Net Sales by Geographic Region Based on Product Shipment Destination | The following tables present net sales by geographic region based on product shipment destination for fiscal years 2023, 2022 and 2021: Fiscal Year 2023 U.S. Rest of Total Fire & Emergency $ 1,151.4 $ 23.0 $ 1,174.4 Commercial 553.4 0.2 553.6 Recreation 911.2 1.1 912.3 Corporate, Other & Elims ( 2.3 ) — ( 2.3 ) Total Net Sales $ 2,613.7 $ 24.3 $ 2,638.0 Fiscal Year 2022 U.S. Rest of Total Fire & Emergency $ 950.6 $ 14.8 $ 965.4 Commercial 408.7 1.5 410.2 Recreation 952.7 5.1 957.8 Corporate & Other ( 1.8 ) — ( 1.8 ) Total Net Sales—External Customers $ 2,310.2 $ 21.4 $ 2,331.6 Fiscal Year 2021 U.S. Rest of Total Fire & Emergency $ 1,092.4 $ 42.7 $ 1,135.1 Commercial 386.4 0.9 387.3 Recreation 853.3 5.2 858.5 Corporate, Other & Elims ( 0.1 ) — ( 0.1 ) Total Net Sales $ 2,332.0 $ 48.8 $ 2,380.8 |
Reconciliation of Segment Adjusted EBITDA to Net Income | Provided below is a reconciliation of segment Adjusted EBITDA to Net income: Fiscal Year Ended October 31, October 31, October 31, Fire & Emergency Adjusted EBITDA $ 52.5 $ 2.5 $ 57.7 Commercial Adjusted EBITDA 46.1 22.3 31.0 Recreation Adjusted EBITDA 91.0 110.9 86.0 Corporate and Other Adjusted EBITDA ( 33.0 ) ( 30.6 ) ( 33.2 ) Depreciation and amortization ( 26.2 ) ( 32.3 ) ( 32.0 ) Interest expense, net ( 28.6 ) ( 16.9 ) ( 17.3 ) Loss on early extinguishment of debt — — ( 1.4 ) Provision for income taxes ( 12.9 ) ( 4.6 ) ( 11.3 ) Transaction expenses ( 0.5 ) ( 0.7 ) ( 3.2 ) Sponsor expense reimbursement ( 0.3 ) ( 0.1 ) ( 0.4 ) Restructuring — ( 9.4 ) ( 2.5 ) Restructuring related charges ( 10.5 ) ( 9.7 ) ( 0.3 ) Impairment charges — — ( 1.5 ) Stock-based compensation expense ( 14.4 ) ( 8.7 ) ( 7.8 ) Legal matters ( 16.6 ) ( 7.4 ) ( 4.0 ) Net loss on sale of business and assets — ( 0.1 ) ( 7.9 ) Loss on acquisition of business — — ( 0.4 ) Other items ( 1.3 ) — ( 6.1 ) Loss attributable to assets held for sale — — ( 1.0 ) Net Income $ 45.3 $ 15.2 $ 44.4 |
Nature of Operations Equity Spo
Nature of Operations Equity Sponsor and Related Party Transactions - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||
Stock issued during period shares | 5,500,000 | |||
Shares offering, price per share | $ 15.50 | |||
Proceeds from public offering | $ 0 | |||
Selling, general and administrative expenses | $ 224,000,000 | $ 194,200,000 | $ 193,400,000 | |
Primary Equity Holder [Member] | ||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||
Selling, general and administrative expenses | $ 300,000 | $ 100,000 | 400,000 | |
Selling, General and Administrative Expenses [Member] | ||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||
Offering cost | $ 400,000 | |||
Over-Allotment Option [Member] | ||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||
Stock issued during period shares | 825,000 | |||
American Industrial Partners [Member] | ||||
Nature Of Operations Equity Sponsor And Related Party Transactions [Line Items] | ||||
Equity interest held by operating partnership, voting shares | 46.30% |
Basis of Presentation and Sum_4
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Accounting Policies And General Information [Line Items] | ||||
Net book overdrafts | $ 7 | $ 6.2 | ||
Uninsured cash balances | 21 | 20.2 | ||
Advertising costs | 8.5 | 9.2 | $ 10.3 | |
Research and development costs | 4.7 | 4.2 | 4.4 | |
Revenue recognized included in customer advances | 166.1 | 130 | 138.4 | |
Customer advances | 332.8 | 210.6 | $ 170.1 | |
Performance obligations, expected to be satisfied | 3,422.9 | |||
Interest Expense [Member] | ||||
Accounting Policies And General Information [Line Items] | ||||
Interest charges | $ 8.7 | $ 6.9 | $ 5.5 | |
Net sales [Member] | Customer Concentration Risk [Member] | Top Five Customers [Member] | ||||
Accounting Policies And General Information [Line Items] | ||||
Concentration risk, percentage | 14% | 12% | 16% |
Basis of Presentation and Sum_5
Basis of Presentation and Summary of Significant Accounting Policies - Additional Information 1 (Detail) $ in Millions | Oct. 31, 2023 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations, expected to be satisfied | $ 3,422.9 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-11-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations, expected to be satisfied | $ 1,387.6 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-11-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Performance obligations, expected to be satisfied | $ 2,035.3 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period |
Basis of Presentation and Sum_6
Basis of Presentation and Summary of Significant Accounting Policies - Change in the Allowance for Uncollectible Accounts (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Accounting Policies [Abstract] | |||
Beginning balance | $ 1.8 | $ 1.9 | $ 1.8 |
Net recorded expense | 0.2 | 1.3 | |
Write-offs, net of recoveries/payments | (1.1) | (0.1) | (1.2) |
Ending balance | $ 0.9 | $ 1.8 | $ 1.9 |
Basis of Presentation and Sum_7
Basis of Presentation and Summary of Significant Accounting Policies - Estimated Useful Lives of Property, Plant and equipment (Detail) | Oct. 31, 2023 |
Minimum [Member] | Buildings, Related Improvements & Land Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 5 years |
Minimum [Member] | Machinery & Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 3 years |
Minimum [Member] | Computer Hardware & Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 3 years |
Minimum [Member] | Office Furniture Equipment & Other [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 3 years |
Maximum [Member] | Buildings, Related Improvements & Land Improvements [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 39 years |
Maximum [Member] | Machinery & Equipment [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 15 years |
Maximum [Member] | Computer Hardware & Software [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 10 years |
Maximum [Member] | Office Furniture Equipment & Other [Member] | |
Property Plant And Equipment [Line Items] | |
Property plant and equipment estimated useful lives | 15 years |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories, Net of Reserves (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Inventory Disclosure [Abstract] | ||
Chassis | $ 122.2 | $ 82.7 |
Raw materials & parts | 224.3 | 240.6 |
Work in process | 274.1 | 281.1 |
Finished products | 46.8 | 35.5 |
Inventory, Gross, Total | 667.4 | 639.9 |
Less: reserves | (9.7) | (10.4) |
Total inventories, net | $ 657.7 | $ 629.5 |
Other Current Assets - Schedule
Other Current Assets - Schedule of Other Current Assets (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Prepaid Expense and Other Assets, Current [Abstract] | ||
Prepaids | $ 21.6 | $ 18 |
Income tax receivable | 4.7 | |
Other | 6.1 | 0.8 |
Total | $ 27.7 | $ 23.5 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 325 | $ 293.7 |
Less: accumulated depreciation | (165.5) | (144.8) |
Total property, plant and equipment, net | 159.5 | 148.9 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19.2 | 18.6 |
Building and Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 111.7 | 105.4 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 107.2 | 97.5 |
Computer Hardware and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 65 | 60.6 |
Office Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 5.5 | 5 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 16.4 | $ 6.6 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation expense | $ 22.7 | $ 25.2 | $ 22.2 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||||
Jul. 31, 2022 | Oct. 31, 2021 | Jul. 31, 2021 | Oct. 31, 2023 | Oct. 31, 2021 | Apr. 30, 2018 | |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of businesses | $ 0.6 | $ 2 | ||||
China JV [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of businesses | $ 1.8 | 0.6 | ||||
Gain (loss) on sale of business | $ (6.2) | |||||
Equity interest in joint ventures | 10% | |||||
China JV [Member] | Non-Operating Loss | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Gain (loss) on sale of business | $ (0.7) | |||||
Sale Of REV Brazil [Member] | ||||||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||||||
Proceeds from sale of businesses | $ 2 | 4 | ||||
Remaining Consideration To Be Received From Sale Of Equity Interest | $ 2 | |||||
Gain (loss) on sale of business | $ (2.8) |
Restructuring and Other Relat_3
Restructuring and Other Related Charges - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring costs | $ 0 | $ 9.4 | $ 2.5 |
Additional restructuring charges | 12 | ||
Restructuring charges, production inefficiencies | 3.8 | 8.5 | |
Restructuring charges, accelerated depreciation | 2.3 | ||
Other restructuring related charges | 1.2 | ||
Proceeds from sale of assets | $ 1.7 | $ 8.2 | 12.5 |
Impairment charges | $ 1.5 |
Restructuring and Other Relat_4
Restructuring and Other Related Charges - Schedule of Pre-tax Impairment and Restructuring Costs by Category and Segment (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | $ 4 | |
Fire & Emergency [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | $ 9.4 | 3.1 |
Corporate And Other [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 0.9 | |
Employee Severance and Termination Benefits [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 2.2 | |
Employee Severance and Termination Benefits [Member] | Fire & Emergency [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 4.3 | 1.3 |
Employee Severance and Termination Benefits [Member] | Corporate And Other [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 0.9 | |
Contract Termination and Other Costs [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 0.3 | |
Contract Termination and Other Costs [Member] | Fire & Emergency [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | $ 5.1 | 0.3 |
Asset Impairments [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | 1.5 | |
Asset Impairments [Member] | Fire & Emergency [Member] | ||
Restructuring Cost And Reserve [Line Items] | ||
Pre-tax impairment and restructuring costs | $ 1.5 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Goodwill [Line Items] | ||
Goodwill | $ 157.3 | $ 157.3 |
Fire & Emergency [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 88.6 | 88.6 |
Commercial [Member] | ||
Goodwill [Line Items] | ||
Goodwill | 26.2 | 26.2 |
Recreation [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 42.5 | $ 42.5 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived customer relationships, Weighted-Average Life | 8 years | |
Finite-lived customer relationships, gross | $ 43.7 | |
Finite-lived customer relationships, accumulated amortization | (35.4) | $ (31.9) |
Finite-lived customer relationships, net | 8.3 | |
Indefinite-lived trade names | 107.4 | 107.4 |
Total intangible assets, gross | 151.1 | 151.1 |
Total intangible assets, net | $ 115.7 | $ 119.2 |
Customer Relationships [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived customer relationships, Weighted-Average Life | 8 years | |
Finite-lived customer relationships, gross | $ 43.7 | |
Finite-lived customer relationships, accumulated amortization | (31.9) | |
Finite-lived customer relationships, net | $ 11.8 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Changes in net carrying amount of goodwill | $ 0 | $ 0 | |
Amortization expense | 3,500,000 | $ 7,100,000 | $ 9,800,000 |
Estimated future amortization expense of intangible assets year one | 2,300,000 | ||
Estimated future amortization expense of intangible assets year two | 1,700,000 | ||
Estimated future amortization expense of intangible assets year three | 1,200,000 | ||
Estimated future amortization expense of intangible assets year four | 1,200,000 | ||
Estimated future amortization expense of intangible assets year five | 1,200,000 | ||
Estimated future amortization expense of intangible assets thereafter | $ 700,000 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related benefits and taxes | $ 36.1 | $ 38.2 |
Incentive compensation | 18.8 | 6.2 |
Customer sales programs | 2.6 | 2.4 |
Interest payable | 8 | 5.7 |
Legal accrual | 5.5 | 4.3 |
Accrued professional fees | 3.4 | 4.5 |
Income taxes payable | 11.8 | |
Insurance financing | 7.6 | 5.4 |
Other | 9.8 | 13.8 |
Total other current liabilities | $ 103.6 | $ 80.5 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Debt Instruments [Abstract] | ||
2021 ABL facility | $ 150 | $ 230 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Apr. 13, 2021 | Oct. 31, 2023 | Oct. 31, 2021 | Oct. 31, 2022 | |
Debt Instrument [Line Items] | ||||
Repayments of long term debt | $ 303.4 | |||
Losses on extinguishment of debt | $ (1.4) | |||
2021 Asset Based Lending Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 550 | |||
Incremental borrowing capacity amount | 100 | |||
Debt issuance costs | 7 | |||
Losses on extinguishment of debt | 1.4 | |||
Debt instrument maturity date | Apr. 13, 2026 | |||
Weighted-average interest rate | 6.93% | 5.51% | ||
Available current borrowing capacity | $ 384.1 | $ 307.7 | ||
2021 Asset Based Lending Facility [Member] | Base Rate [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instrument applicable interest rate margins | 0.75% | |||
2021 Asset Based Lending Facility [Member] | SOFR [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt instruments applicable interest margin and credit spread adjustment | 0.10% | |||
Debt instrument applicable interest rate margins | 1.75% | |||
2021 Asset Based Lending Facility [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Additional borrowing capacity | $ 20 | |||
Fixed charge coverage ratio | 110% | |||
2021 Asset Based Lending Facility [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Fixed charge coverage ratio | 100% | |||
2021 Asset Based Lending Facility [Member] | Letter of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | $ 35 | |||
2021 Asset Based Lending Facility [Member] | Letter of Credit [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 550 | |||
2021 Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Maximum borrowing capacity | 30 | |||
2017 Asset Based Lending Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayments of long term debt | $ 303.4 |
Warranties - Schedule of Change
Warranties - Schedule of Changes in Warranty Liability (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Guarantees [Abstract] | ||
Balance at beginning of year | $ 31.9 | $ 37.6 |
Warranty provisions | 33.3 | 25.9 |
Settlements made | (33.6) | (31.4) |
Change in liability of pre-existing warranties | 7.5 | (0.2) |
Balance at end of year | $ 39.1 | $ 31.9 |
Warranties - Accrued Warranty C
Warranties - Accrued Warranty Classified in Consolidated Balance Sheets (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Guarantees [Abstract] | |||
Current liabilities | $ 23.4 | $ 18.9 | |
Other long-term liabilities | 15.7 | 13 | |
Total warranty liability | $ 39.1 | $ 31.9 | $ 37.6 |
Leases - Additional Information
Leases - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Leases [Abstract] | |||
Operating lease cost | $ 10.7 | $ 9.5 | $ 9.6 |
Weighted average remaining lease term for operating leases | 6 years | 5 years 8 months 12 days | |
Weighted average discount rate for operating leases | 6.70% | 5.30% |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Payments for Operating Leases (Detail) $ in Millions | Oct. 31, 2023 USD ($) |
Leases [Abstract] | |
2024 | $ 9.6 |
2025 | 8.1 |
2026 | 7.4 |
2027 | 6.8 |
2028 | 3.8 |
Thereafter | 9.5 |
Total undiscounted lease payments | 45.2 |
Less: imputed interest | (7.8) |
Total lease liabilities | $ 37.4 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Disclosures [Abstract] | |||
Maximum defer net employment income percentage | 100% | ||
Discretionary contribution amount | $ 10.6 | $ 10.5 | $ 9.6 |
Stock Repurchase Program - Addi
Stock Repurchase Program - Additional Information (Detail) - USD ($) | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | Jun. 01, 2023 | Sep. 02, 2021 | |
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, total cost | $ 70,000,000 | $ 3,900,000 | |||
Common Stock [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, number of remaining shares purchased | 5,803,483 | 250,000 | |||
Common Stock [Member] | 2021 Repurchase Program [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, number of remaining shares purchased | 0 | 5,803,483 | 250,000 | ||
Stock repurchase program, total cost | $ 70,000,000 | $ 3,900,000 | |||
Stock repurchase program, average price per share excluding commissions | $ 12.03 | $ 15.45 | |||
Common Stock [Member] | 2023 Repurchase Program [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, number of remaining shares purchased | 0 | ||||
Common Stock [Member] | Maximum [Member] | 2021 Repurchase Program [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount to repurchase issued and outstanding common stock | $ 150,000,000 | ||||
Common Stock [Member] | Maximum [Member] | 2023 Repurchase Program [Member] | |||||
Equity Class Of Treasury Stock [Line Items] | |||||
Stock repurchase program, authorized amount to repurchase issued and outstanding common stock | $ 175,000,000 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Income tax benefit realized | $ 2,900,000 | $ 1,900,000 | $ 1,500,000 |
Weighted average grant date fair value of restricted stock | $ 13.01 | $ 16.08 | $ 10.42 |
Fair value of restricted stock | $ 7,400,000 | $ 6,100,000 | $ 2,000,000 |
Selling, General and Administrative Expenses [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock-based compensation expense | 14,400,000 | 8,700,000 | 7,800,000 |
Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | 0 | ||
Total intrinsic value of stock options exercised | 100,000 | $ 200,000 | $ 2,100,000 |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 7,100,000 | ||
Weighted average period expense expected to be recognized | 2 years 7 months 6 days | ||
Weighted average grant date fair value of granted | $ 12.93 | $ 14.9 | $ 10.25 |
Stock options vested, fair value | $ 4,100,000 | $ 4,600,000 | $ 2,800,000 |
Performance Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock granted | 0 | ||
Unrecognized compensation expense | $ 4,400,000 | ||
Weighted average period expense expected to be recognized | 1 year | ||
Weighted average grant date fair value of granted | $ 12.41 | $ 8.92 | |
Stock options vested, fair value | $ 3,600,000 | $ 1,300,000 | $ 1,800,000 |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Unrecognized compensation expense | $ 3,700,000 | ||
Weighted average period expense expected to be recognized | 2 years 10 months 24 days | ||
Weighted average grant date fair value of granted | $ 13.01 | ||
The 2016 Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Common stock, capital shares reserved for future issuance | 8,000,000 | ||
Common stock, remaining shares available for issuance | 2,335,235 | ||
The 2016 Plan [Member] | Restricted Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
The 2016 Plan [Member] | Restricted Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
The 2016 Plan [Member] | Performance Stock Units [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
The 2016 Plan [Member] | Performance Stock Units [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 2 years | ||
The 2016 Plan [Member] | Restricted Stock Awards [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 4 years | ||
The 2016 Plan [Member] | Restricted Stock Awards [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Vesting period | 1 year | ||
The 2010 Plan [Member] | Stock Options [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Beginning balance, number of outstanding options | 6,000 | ||
Weighted average exercise price, outstanding | $ 8.11 | ||
Weighted-average remaining contractual term, outstanding | 3 years 4 months 24 days | ||
Options exercised | 6,000 | ||
Weighted average exercise price, exercised | $ 8.11 | ||
Options granted | 0 | ||
Options forfeited | 0 | ||
Options expired | 0 |
Stock Compensation - Summary of
Stock Compensation - Summary of Nonvested Restricted Stock Units Outstanding (Detail) - $ / shares | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Restricted Stock Awards [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, beginning of year | 1,175,486 | ||
Granted | 699,365 | ||
Vested | (589,149) | ||
Forfeited | (659,097) | ||
Nonvested, end of year | 626,605 | 1,175,486 | |
Nonvested, beginning of year | $ 11.81 | ||
Granted | 13.01 | ||
Vested | 10.61 | ||
Forfeited | 13.40 | ||
Nonvested, end of year | $ 12.60 | $ 11.81 | |
Restricted Stock Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Nonvested, beginning of year | 723,958 | ||
Granted | 616,670 | ||
Vested | (329,157) | ||
Forfeited | (189,289) | ||
Nonvested, end of year | 822,182 | 723,958 | |
Nonvested, beginning of year | $ 11.69 | ||
Granted | 12.93 | $ 14.9 | $ 10.25 |
Vested | 10.24 | ||
Forfeited | 13.38 | ||
Nonvested, end of year | $ 12.81 | $ 11.69 |
Stock Compensation - Summary _2
Stock Compensation - Summary of Nonvested Performance Stock Units (Detail) - Performance Stock Units [Member] - $ / shares | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Nonvested, beginning of year | 549,824 | |
Granted | 835,919 | |
Vested | (249,023) | |
Forfeited | (525,801) | |
Nonvested, end of year | 610,919 | |
Nonvested, beginning of year | $ 6.07 | |
Granted | 12.41 | $ 8.92 |
Vested | 12.03 | |
Forfeited | 6.17 | |
Nonvested, end of year | $ 12.22 |
Income Taxes - Income Before Pr
Income Taxes - Income Before Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 58.9 | $ 20 | $ 65.6 |
Foreign | (0.7) | (0.2) | (9.9) |
Income before provision for income taxes | $ 58.2 | $ 19.8 | $ 55.7 |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Current: | |||
Federal | $ 19.7 | $ 4.2 | $ 8.8 |
State | 6.1 | 0.9 | 1.3 |
Foreign | (0.1) | 0.1 | |
Total Current | 25.7 | 5.1 | 10.2 |
Deferred: | |||
Federal | (10.5) | (1.9) | (0.4) |
State | (2.3) | 1.4 | 1.5 |
Total Deferred | (12.8) | (0.5) | 1.1 |
Provision for income taxes | $ 12.9 | $ 4.6 | $ 11.3 |
Income Taxes - Income Tax Provi
Income Taxes - Income Tax Provision at Federal Statutory Rate (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income tax provision at federal statutory rate | $ 12.2 | $ 4.1 | $ 11.7 |
Taxes on foreign income which differ from the U.S. statutory rate | (0.1) | ||
State tax expense | 2.2 | 0.1 | 2.3 |
CARES Act impact | (4.2) | ||
Manufacturing and research incentives | (3.5) | (1.9) | (0.6) |
Nondeductible items | 0.3 | 0.1 | 0.5 |
Uncertain tax positions | 1.2 | 0.3 | |
Valuation allowance | 0.3 | 2.2 | 2.1 |
Bargain purchase gain | 0.1 | ||
Stock-based compensation | 0.2 | (0.4) | (0.1) |
Other items | 0.1 | (0.4) | |
Provision for income taxes | $ 12.9 | $ 4.6 | $ 11.3 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2017 | Oct. 31, 2023 | Oct. 31, 2021 | Oct. 31, 2022 | |
Operating Loss Carryforwards [Line Items] | ||||
Corporate tax rate | 35% | 21% | ||
Income tax expense (benefit) related to CARES Act | $ (4.2) | |||
Unrecognized tax benefits, inclusive of interest and penalties that would affect the annual effective rate if recognized | $ 5.6 | $ 4 | $ 4.3 | |
Domestic Tax Authority [Member] | Capital Loss Carryforwards [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Tax credit carryforwards | $ 7.7 | |||
Tax credit carryforwards, expiration year | 2026 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 84.4 | |||
Net operating loss carryforwards, expiration year | 2028 | |||
Tax credit carryforwards | $ 1.5 | |||
Tax credit carryforwards, expiration year | 2024 | |||
State and Local Jurisdiction [Member] | CANADA | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 0.6 | |||
State and Local Jurisdiction [Member] | SINGAPORE | ||||
Operating Loss Carryforwards [Line Items] | ||||
Net operating loss carryforwards | $ 0.9 |
Income Taxes - Temporary Differ
Income Taxes - Temporary Differences and Carryforwards (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Deferred tax assets: | ||
Product warranty | $ 6.8 | $ 4.9 |
Inventory | 5.6 | 5.1 |
Deferred employee benefits | 9.5 | 4.9 |
Net operating loss and credit carryforwards | 8 | 7.4 |
Other reserves and allowances | 4.4 | 6.5 |
Capitalized research expenditures | 7.8 | |
Gross deferred tax assets | 42.1 | 28.8 |
Less: valuation allowance | (5.2) | (6) |
Deferred tax assets | 36.9 | 22.8 |
Deferred tax liabilities: | ||
Intangible assets | (25.9) | (24.1) |
Property, plant and equipment | (16.6) | (17.7) |
Other | (2.6) | (2) |
Deferred tax liabilities | (45.1) | (43.8) |
Net deferred tax liability | $ (8.2) | $ (21) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $ 3.8 | $ 3.6 | $ 2.7 |
Additions for tax positions in prior year | 0.5 | 1 | |
Additions for tax positions in current year | 0.5 | 0.2 | 0.1 |
Cash settlements with taxing authorities | (0.2) | ||
Balance at end of year | $ 4.8 | $ 3.8 | $ 3.6 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contingent Liabilities (Detail) - USD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||
Performance, bid and specialty bonds | $ 603.2 | $ 572.3 |
Open standby letters of credit | 15.9 | 12.3 |
Total | $ 619.1 | $ 584.6 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Loss Contingencies [Line Items] | ||
Contingent liability under purchase agreements for future chassis inventory purchases | $ 8.8 | $ 11.9 |
Repurchase agreement | 2 years | |
Represents the gross value of all vehicles under repurchase agreements | $ 490.1 | 333.8 |
Aggregate amount of indebtedness which the Company is a party to through guarantee agreements | 27.2 | 33.7 |
Cash payment to plaintiff | 11.5 | |
Loss on litigation settlements | 2.2 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated loss exposure under contract | $ 5.4 | $ 8.7 |
Earnings Per Common Share - Rec
Earnings Per Common Share - Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding (Detail) - shares | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Earnings Per Share [Abstract] | |||
Basic weighted-average common shares outstanding | 58,641,801 | 60,500,505 | 63,388,575 |
Dilutive stock options | 1,980 | 12,588 | 65,654 |
Dilutive restricted stock awards | 324,174 | 381,327 | 541,865 |
Dilutive restricted stock units | 182,960 | 283,381 | 498,052 |
Dilutive performance stock units | 24,315 | 0 | 158,479 |
Diluted weighted-average common shares | 59,175,230 | 61,177,801 | 64,652,625 |
Earnings Per Common Share - Cal
Earnings Per Common Share - Calculation of Diluted Weighted-Average Shares Outstanding Due to Anti-Dilutive Effect (Detail) - shares | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Stock Options [Member] | |||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | |||
Anti-dilutive common stock equivalents | 235,755 | 72,892 | 6,009 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2023 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Information _2
Business Segment Information - Schedule of Selected Financial Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net Sales | $ 2,638 | $ 2,331.6 | $ 2,380.8 |
Depreciation and amortization | 26.2 | 32.3 | 32 |
Capital expenditures | 32.8 | 24.8 | 24.7 |
Total assets | 1,410.4 | 1,344.6 | 1,238.3 |
Operating Segment [Member] | Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 1,174.4 | 965.4 | 1,135.1 |
Depreciation and amortization | 12.7 | 14.2 | 12 |
Capital expenditures | 14.5 | 12.4 | 14.4 |
Total assets | 751 | 703.6 | 650.9 |
Adjusted EBITDA | 52.5 | 2.5 | 57.7 |
Operating Segment [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 553.6 | 410.2 | 387.3 |
Depreciation and amortization | 3.2 | 2.9 | 2.9 |
Capital expenditures | 7.5 | 2 | 2.4 |
Total assets | 239 | 232.2 | 190.9 |
Adjusted EBITDA | 46.1 | 22.3 | 31 |
Operating Segment [Member] | Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | 912.3 | 957.8 | 858.5 |
Depreciation and amortization | 8 | 12.9 | 14.2 |
Capital expenditures | 7 | 7.5 | 4.7 |
Total assets | 368.9 | 353.2 | 309.8 |
Adjusted EBITDA | 91 | 110.9 | 86 |
Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net Sales | (2.3) | (1.8) | (0.1) |
Depreciation and amortization | 2.3 | 2.2 | 2.9 |
Capital expenditures | 3.8 | 2.9 | 3.2 |
Total assets | 51.5 | 55.6 | 86.7 |
Adjusted EBITDA | $ (33) | $ (30.6) | $ (33.2) |
Business Segment Information _3
Business Segment Information - Net Sales by Geographic Region Based on Product Shipment Destination (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Net sales | $ 2,638 | $ 2,331.6 | $ 2,380.8 |
Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (2.3) | (1.8) | (0.1) |
U.S. and Canada [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 2,613.7 | 2,310.2 | 2,332 |
U.S. and Canada [Member] | Corporate, Other and Elims [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | (2.3) | (1.8) | (0.1) |
Rest of World [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 24.3 | 21.4 | 48.8 |
Fire & Emergency [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,174.4 | 965.4 | 1,135.1 |
Fire & Emergency [Member] | U.S. and Canada [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 1,151.4 | 950.6 | 1,092.4 |
Fire & Emergency [Member] | Rest of World [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 23 | 14.8 | 42.7 |
Commercial [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 553.6 | 410.2 | 387.3 |
Commercial [Member] | U.S. and Canada [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 553.4 | 408.7 | 386.4 |
Commercial [Member] | Rest of World [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 0.2 | 1.5 | 0.9 |
Recreation [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 912.3 | 957.8 | 858.5 |
Recreation [Member] | U.S. and Canada [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | 911.2 | 952.7 | 853.3 |
Recreation [Member] | Rest of World [Member] | Operating Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net sales | $ 1.1 | $ 5.1 | $ 5.2 |
Business Segment Information _4
Business Segment Information - Reconciliation of Segment Adjusted EBITDA to Net Income (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Segment Reporting Information [Line Items] | |||
Interest expense, net | $ (28.6) | $ (16.9) | $ (17.3) |
Losses on extinguishment of debt | (1.4) | ||
Provision for income taxes | (12.9) | (4.6) | (11.3) |
Restructuring | 0 | (9.4) | (2.5) |
Impairment charges | (1.5) | ||
Stock-based compensation expense | (14.4) | (8.7) | (7.8) |
Net income | 45.3 | 15.2 | 44.4 |
Corporate and Other [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | (33) | (30.6) | (33.2) |
Operating Segment [Member] | Fire & Emergency [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 52.5 | 2.5 | 57.7 |
Operating Segment [Member] | Commercial [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 46.1 | 22.3 | 31 |
Operating Segment [Member] | Recreation [Member] | |||
Segment Reporting Information [Line Items] | |||
Adjusted EBITDA | 91 | 110.9 | 86 |
Reconciling Items [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | (26.2) | (32.3) | (32) |
Interest expense, net | (28.6) | (16.9) | (17.3) |
Losses on extinguishment of debt | (1.4) | ||
Provision for income taxes | (12.9) | (4.6) | (11.3) |
Transaction expenses | (0.5) | (0.7) | (3.2) |
Sponsor expense reimbursement | (0.3) | (0.1) | (0.4) |
Restructuring | (9.4) | (2.5) | |
Restructuring related charges | (10.5) | (9.7) | (0.3) |
Impairment charges | (1.5) | ||
Stock-based compensation expense | (14.4) | (8.7) | (7.8) |
Legal matters | (16.6) | (7.4) | (4) |
Net loss on sale of business and assets | (0.1) | (7.9) | |
Loss on acquisition of business | (0.4) | ||
Other items | (1.3) | (6.1) | |
Loss attributable to assets held for sale | (1) | ||
Net income | $ 45.3 | $ 15.2 | $ 44.4 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - $ / shares | 12 Months Ended | |||
Dec. 08, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Subsequent Event [Line Items] | ||||
Dividends declared per common share | $ 0.2 | $ 0.2 | $ 0.1 | |
Subsequent Event [Member] | ||||
Subsequent Event [Line Items] | ||||
Dividends declared per common share | $ 0.05 | |||
Per share of common stock on annualized basis | $ 0.20 | |||
Dividend payable date | Jan. 12, 2024 | |||
Dividends payable, record date | Dec. 26, 2023 |