Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Apr. 29, 2017 | Jun. 06, 2017 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Apr. 29, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | REVG | |
Entity Registrant Name | REV Group, Inc. | |
Entity Central Index Key | 1,687,221 | |
Current Fiscal Year End Date | --10-28 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Common Stock, Shares Outstanding | 63,722,795 |
Condensed Unaudited Consolidate
Condensed Unaudited Consolidated Balance Sheets - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Current assets: | ||
Cash and cash equivalents | $ 13,950 | $ 10,821 |
Accounts receivables, net | 223,346 | 181,239 |
Inventories, net | 417,630 | 325,633 |
Other current assets | 18,336 | 12,037 |
Total current assets | 673,262 | 529,730 |
Property, plant and equipment, net | 198,199 | 146,422 |
Goodwill | 170,386 | 84,507 |
Intangibles assets, net | 125,130 | 124,040 |
Other long-term assets | 8,454 | 4,320 |
Total assets | 1,175,431 | 889,019 |
Current liabilities: | ||
Current portion of long-term debt | 750 | |
Accounts payable | 140,603 | 129,481 |
Customer advances | 106,747 | 87,627 |
Accrued warranty | 21,881 | 22,693 |
Other current liabilities | 56,884 | 91,803 |
Total current liabilities | 326,865 | 331,604 |
Long-term debt, less current maturities | 280,756 | 256,040 |
Deferred income taxes | 8,229 | 17,449 |
Other long-term liabilities | 24,170 | 23,710 |
Total liabilities | 640,020 | 628,803 |
Contingently redeemable common stock (0 and 1,607,760 shares outstanding, respectively) | 0 | 22,293 |
Commitments and contingencies | ||
Shareholders' Equity: | ||
Preferred stock ($.001 par value, 95,000,000 shares authorized, none issued or outstanding) | ||
Common stock | 64 | |
Additional paid-in capital | 526,277 | 206,179 |
Retained earnings | 8,899 | 31,655 |
Accumulated other comprehensive income | 171 | 39 |
Total shareholders' equity | 535,411 | 237,923 |
Total liabilities and shareholders' equity | $ 1,175,431 | 889,019 |
Common Class A [Member] | ||
Shareholders' Equity: | ||
Common stock | 7 | |
Total shareholders' equity | 7 | |
Common Class B [Member] | ||
Shareholders' Equity: | ||
Common stock | 43 | |
Total shareholders' equity | $ 43 |
Condensed Unaudited Consolidat3
Condensed Unaudited Consolidated Balance Sheets (Parenthetical) - $ / shares | Apr. 29, 2017 | Oct. 29, 2016 |
Contingently redeemable common stock, shares outstanding | 0 | 1,607,760 |
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 | 63,722,795 | 63,722,795 |
Common stock, shares outstanding | 63,722,795 | 63,722,795 |
Common Class A [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 46,000,000 | 46,000,000 |
Common stock, shares issued | 0 | 6,930,720 |
Common stock, shares outstanding | 0 | 6,930,720 |
Common Class B [Member] | ||
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, authorized shares | 43,200,000 | 43,200,000 |
Common stock, shares issued | 0 | 42,684,320 |
Common stock, shares outstanding | 0 | 42,684,320 |
Condensed Unaudited Consolidat4
Condensed Unaudited Consolidated Statements of Operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Income Statement [Abstract] | ||||
Net sales | $ 545,316 | $ 480,229 | $ 988,253 | $ 853,009 |
Cost of sales | 472,471 | 421,509 | 867,888 | 759,350 |
Gross profit | 72,845 | 58,720 | 120,365 | 93,659 |
Operating expenses: | ||||
Selling, general and administrative | 42,604 | 35,314 | 99,102 | 62,420 |
Research and development costs | 963 | 1,294 | 2,161 | 2,433 |
Restructuring | 335 | (215) | 1,199 | 2,750 |
Amortization of intangible assets | 2,695 | 2,200 | 5,309 | 4,443 |
Total operating expenses | 46,597 | 38,593 | 107,771 | 72,046 |
Operating income | 26,248 | 20,127 | 12,594 | 21,613 |
Interest expense | 3,416 | 6,776 | 10,893 | 13,463 |
Loss on early extinguishment of debt | 11,920 | 11,920 | ||
Income (loss) before provision (benefit) for income taxes | 10,912 | 13,351 | (10,219) | 8,150 |
Provision (benefit) for income taxes | 4,099 | 5,309 | (3,730) | 3,118 |
Net income (loss) | $ 6,813 | $ 8,042 | $ (6,489) | $ 5,032 |
Income (loss) per common share: | ||||
Basic | $ 0.11 | $ 0.16 | $ (0.11) | $ 0.10 |
Diluted | 0.10 | $ 0.16 | (0.11) | $ 0.10 |
Dividends declared per common share | $ 0.05 | $ 0.05 |
Condensed Unaudited Consolidat5
Condensed Unaudited Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net income (loss) | $ 6,813 | $ 8,042 | $ (6,489) | $ 5,032 |
Other comprehensive income (loss), net of tax | 113 | (637) | 132 | (179) |
Comprehensive income (loss) | $ 6,926 | $ 7,405 | $ (6,357) | $ 4,853 |
Condensed Unaudited Consolidat6
Condensed Unaudited Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (6,489) | $ 5,032 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 15,274 | 10,259 |
Amortization of deferred financing costs | 918 | 1,089 |
Amortization of senior note discount | 50 | 102 |
Stock-based compensation expense | 25,817 | 11,246 |
Deferred income taxes | (8,563) | (3,870) |
Loss on early extinguishment of debt | 11,920 | |
Gain on disposal of property, plant and equipment | (352) | (196) |
Changes in operating assets and liabilities net of effects of business acquisitions: | ||
Receivables, net | (14,789) | (23,985) |
Inventories, net | (31,973) | (38,243) |
Other current assets | (4,888) | 1,023 |
Accounts payable | (19,822) | 23,576 |
Accrued warranty | (3,911) | (2,375) |
Customer advances | 10,928 | 4,038 |
Other liabilities | (33,159) | 1,235 |
Long-term assets | 148 | (229) |
Net cash used in operating activities | (58,891) | (11,298) |
Cash flows from investing activities: | ||
Purchase of property, plant and equipment | (37,165) | (23,001) |
Payments for rental fleet vehicles | (7,799) | |
Proceeds from sale of property, plant and equipment | 1,821 | 357 |
Acquisition of businesses, net of cash acquired | (153,534) | (25,293) |
Acquisition of Ancira assets | (6,435) | |
Net cash used in investing activities | (196,677) | (54,372) |
Cash flows from financing activities: | ||
Net proceeds from borrowings of revolving credit facility | 127,749 | 89,213 |
Proceeds from Term Loan | 75,000 | |
Net proceeds from initial public offering | 253,593 | |
Repayment of debt assumed from acquisition | (3,698) | |
Payment of debt issuance costs | (6,744) | (704) |
Repayment of long-term debt and capital leases | (180,000) | (119) |
Senior Note prepayment premium | (7,650) | |
Redemption of common stock and stock options | (3,251) | (20,885) |
Net cash provided by financing activities | 258,697 | 63,807 |
Net increase (decrease) in cash and cash equivalents | 3,129 | (1,863) |
Cash and cash equivalents, beginning of period | 10,821 | 4,968 |
Cash and cash equivalents, end of period | 13,950 | 3,105 |
Cash paid for: | ||
Interest | 17,607 | 12,123 |
Income taxes, net of refunds | $ 10,536 | 5,046 |
Supplemental Schedule of noncash financing activities: | ||
Note payable due to seller of acquisition | $ 1,000 |
Condensed Unaudited Consolidat7
Condensed Unaudited Consolidated Statement of Shareholders' Equity and Contingently Redeemable Common Stock - 6 months ended Apr. 29, 2017 - USD ($) $ in Thousands | Total | Common Stock [Member] | APIC [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Common Class A [Member] | Common Class B [Member] | Redeemable Common Stock [Member] |
Balance at Oct. 29, 2016 | $ 237,923 | $ 206,179 | $ 31,655 | $ 39 | $ 7 | $ 43 | ||
Balance, shares at Oct. 29, 2016 | 6,930,720 | |||||||
Net income (loss) | (6,489) | (6,489) | ||||||
Other comprehensive income | 132 | 132 | ||||||
Stock-based compensation expense | 4,663 | 4,663 | ||||||
Change in value of contingently redeemable common stock | (13,078) | (13,078) | ||||||
Reclassification of contingently redeemable common stock | 35,371 | 35,369 | $ 2 | |||||
Reclassification of contingently redeemable common stock, shares | 1,607,760 | (1,607,760) | ||||||
Reclassification of liability awards | 26,485 | 26,485 | ||||||
Net proceeds from initial public offering | 253,593 | $ 12 | 253,581 | |||||
Net proceeds from initial public offering, shares | 12,500,000 | |||||||
Reclassification of shares of common stock | $ 52 | $ (9) | $ (43) | |||||
Reclassification of shares of common stock, shares | 51,222,800 | (8,538,480) | (42,684,320) | |||||
Dividends declared on common stock | (3,189) | (3,189) | ||||||
Rounding of partial shares held prior to stock split, shares | (5) | |||||||
Balance at Apr. 29, 2017 | 535,411 | $ 64 | $ 526,277 | $ 8,899 | $ 171 | |||
Balance, shares at Apr. 29, 2017 | 63,722,795 | |||||||
Temporary equity balance at Oct. 29, 2016 | $ 22,293 | |||||||
Temporary equity balance, shares at Oct. 29, 2016 | 1,607,760 | |||||||
Change in value of contingently redeemable common stock | $ 13,078 | |||||||
Reclassification of contingently redeemable common stock | (35,371) | |||||||
Temporary equity balance at Apr. 29, 2017 | $ 0 | |||||||
Temporary equity balance, shares at Apr. 29, 2017 | 0 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Apr. 29, 2017 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Note 1. Basis of Presentation The condensed unaudited consolidated financial statements include the accounts of REV Group, Inc. (“REV” or “the Company”) and all of its subsidiaries and are prepared in conformity within generally accepted accounting principles in the United States of America (“U.S. GAAP”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying condensed unaudited consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary to present fairly REV’s consolidated financial position as of April 29, 2017, and October 29, 2016, and the consolidated results of operations and comprehensive income for the three and six months ended April 29, 2017 and April 30, 2016 and the consolidated cash flows for the six months then ended. The condensed unaudited consolidated statements of operations and comprehensive income for the three and six months ended April 29, 2017, and April 30, 2016 are not necessarily indicative of the results to be expected for the full year. The condensed unaudited consolidated balance sheet data as of October 29, 2016, was derived from audited financial statements, but does not include all of the information and footnotes required by U.S. GAAP for complete financial statements. These interim financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto. During fiscal year 2016, the Company changed its fiscal year end from October 31 of each year to the last Saturday in October of each year going forward. 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 financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Initial Public Offering: |
Acquisitions
Acquisitions | 6 Months Ended |
Apr. 29, 2017 | |
Business Combinations [Abstract] | |
Acquisitions | Note 2. Acquisitions Midwest Automotive Designs Acquisition On April 13, 2017, the Company acquired certain assets and liabilities of Midwest Automotive Designs (“Midwest” and the “Midwest Acquisition”). Midwest manufactures Class B recreational vehicles (“RVs”) and luxury vans. This acquisition enhances the Company’s product offerings in both its Recreation and Commercial segments, by adding a selection of Class B recreational vehicles and multiple products for the luxury limousine, charter and tour bus markets. The purchase price for Midwest was $35.5 million ($35.5 million net of cash acquired), subject to an adjustment based on the level of net working capital at closing, as defined in the purchase agreement. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Midwest is reported as part of the Recreation segment. The preliminary purchase price allocation resulted in goodwill of $29.4 million, which is deductible for income tax purposes. The Midwest Acquisition will be accounted for as a business combination using the acquisition method of accounting, whereby the purchase price will be allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of April 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, as well as the completion of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Midwest (in thousands): Assets: Cash $ 1 Accounts receivable, net 7,218 Inventories, net 5,690 Other current assets 178 Property, plant and equipment 343 Total assets acquired 13,430 Liabilities: Accounts payable 6,602 Accrued warranty 312 Customer advances 180 Other current liabilities 225 Total liabilities assumed 7,319 Net Assets Acquired 6,111 Consideration Paid 35,482 Goodwill $ 29,371 As the amounts in the table above are preliminary and do not include the anticipated step up in fair value of certain tangible and intangible assets acquired in the Midwest Acquisition, the Company expects the goodwill amount to decrease significantly as the Company’s management completes its review of the purchase price allocation and the valuation of the acquired assets. Net sales and operating income attributable to Midwest were $1.5 million and $0.2 million for the three and six months ended April 29, 2017. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Midwest Acquisition did not meet the materiality requirement for such disclosure. Ferrara Fire Apparatus Acquisition On April 25, 2017, the Company acquired 100% of the common shares of Ferrara Fire Apparatus, Inc. (“Ferrara” and the “Ferrara Acquisition”). Ferrara is a leading custom fire apparatus and rescue vehicle manufacturer that engineers and manufactures vehicles for municipal and industrial customers. This acquisition enhances the Company’s emergency vehicle product offering, particularly with custom fire apparatus including pumpers, aerials, and industrial vehicles. The purchase price for Ferrara was $100.0 million ($97.1 million net of $3.0 million cash acquired), subject to an adjustment based on the level of net working capital at closing, as defined in the purchase agreement. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Ferrara is reported as part of the Fire & Emergency segment. The preliminary purchase price allocation resulted in goodwill of $51.9 million, which is not deductible for income tax purposes. The Ferrara Acquisition will be accounted for as a business combination using the acquisition method of accounting, whereby the purchase price will be allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of April 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, as well as the completion of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Ferrara (in thousands): Assets: Cash $ 3,013 Accounts receivable, net 18,533 Inventories, net 40,472 Other current assets 1,102 Property, plant and equipment 12,610 Other long-term assets 76 Total assets acquired 75,806 Liabilities: Accounts payable 15,712 Accrued warranty 2,621 Customer advances 7,740 Other current liabilities 1,565 Deferred income taxes — Other long-term liabilities — Total liabilities assumed 27,638 Net Assets Acquired 48,168 Consideration Paid 100,113 Goodwill $ 51,945 As the amounts in the table above are preliminary and do not include the anticipated step up in fair value of certain tangible and intangible assets acquired in the Midwest Acquisition, the Company expects the goodwill amount to decrease significantly as the Company’s management completes its review of the purchase price allocation and the valuation of the acquired assets. Net sales and operating loss attributable to Ferrara were $1.1 million and ($0.04) million for the three and six months ended April 29, 2017. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Ferrara Acquisition did not meet the materiality requirement for such disclosure. Renegade RV Acquisition On December 30, 2016, the Company acquired 100% of the common shares of Kibbi, LLC, which operated as Renegade RV (“Renegade” and the “Renegade Acquisition”). Renegade is a leading manufacturer of Class C and “Super C” RVs and heavy-duty special application trailers. The purchase price for Renegade was $22.5 million ($21.0 million net of $1.6 million cash acquired), which included a $0.3 million payment to Renegade’s sellers based on the level of net working capital on the acquisition date. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Renegade is reported as part of the Recreation segment. The preliminary purchase price allocation resulted in goodwill of $3.5 million, which is not deductible for income tax purposes. The Renegade Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. As of April 29, 2017, the Company had not completed its assessment of the fair value of all acquired assets and liabilities assumed, as well as the completion of the determination of the final purchase price calculation, as defined in the purchase agreement. The estimated fair values are preliminary and based on the information that was available as of the date of the acquisition. The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Renegade (in thousands): Assets: Cash $ 1,597 Accounts receivable, net 2,334 Inventories, net 14,322 Other current assets 131 Property, plant and equipment 892 Intangible assets, net 6,400 Total assets acquired 25,676 Liabilities: Accounts payable 4,230 Accrued warranty 390 Customer advances 272 Other current liabilities 1,110 Deferred income taxes 541 Other long-term liabilities 65 Total liabilities assumed 6,608 Net Assets Acquired 19,068 Consideration Paid 22,549 Goodwill $ 3,481 Intangible assets acquired as a result of the Renegade Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 4,100 Order backlog (1 year life) 700 Trade names (indefinite life) 1,600 Total intangible assets, net $ 6,400 Net sales and operating income attributable to Renegade were $21.3 million and $1.0 million for the three months and $26.5 million and $0.9 million for the six months ended April 29, 2017. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the Renegade Acquisition did not meet the materiality requirement for such disclosure. Kovatch Mobile Equipment Acquisition On April 22, 2016, the Company acquired certain real estate assets and 100% of the common shares of Kovatch Mobile Equipment Corp. (“KME” and the “KME Acquisition”). KME produces a broad portfolio of customized specialty fire apparatus vehicles, and markets them to fire-rescue, military, aviation, and industrial customers globally. The KME Acquisition strengthens the Company’s share in the emergency vehicle market by expanding the Company’s fire apparatus product portfolio. The purchase price for KME was $39.6 million ($30.1 million net of $9.5 million cash acquired), which included a $0.5 million payment based on the level of net working capital and debt at closing. The net cash consideration paid at closing was funded through the Company’s ABL Facility. KME is reported as part of the Fire & Emergency segment. The purchase price allocation resulted in goodwill of $2.4 million, which is not deductible for income tax purposes. The KME Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The following table summarizes the fair values of the assets acquired and liabilities assumed for KME (in thousands): Assets: Cash $ 9,490 Receivables, net 11,850 Inventories, net 67,439 Deferred income taxes 1,454 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 22 Total assets acquired 118,117 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Other current liabilities 9,282 Total liabilities assumed 80,911 Net Assets Acquired 37,206 Consideration Paid 39,602 Goodwill $ 2,396 Intangible assets acquired as a result of the KME Acquisition are as follows (in thousands): Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 Net sales and operating income attributable to KME were $44.4 million and $0.5 million for the three months and $80.2 million and $0.05 million for the six months ended April 29, 2017, respectively. The Company has not included pro forma financial information in this report as if the acquisition had occurred on November 1, 2015, since the KME Acquisition did not meet the materiality requirement for such disclosure. Hall-Mark Fire Apparatus Acquisition On November 20, 2015, the Company acquired certain assets and assumed certain liabilities of Hall-Mark Fire Apparatus Inc. (“Hall-Mark” and the “Hall-Mark Acquisition”). The Hall-Mark acquisition provides the Company with the opportunity to expand its parts and service offerings to its customers. The purchase price was $3.0 million in cash with $2.0 million paid at closing and a total of $1.0 million payable in quarterly installments over the next five years. Additionally, the Company assumed $3.7 million of Hall-Mark’s debt, offset by $0.4 million of cash acquired. The net cash consideration paid at closing was funded through the Company’s ABL Facility. Hall-Mark is reported as part of the Fire & Emergency segment. The purchase price allocation resulted in goodwill of $0.4 million, which is deductible for income tax purposes. The Hall-Mark Acquisition has been accounted for as a business combination using the acquisition method of accounting, whereby the purchase price was allocated to tangible and intangible assets acquired and liabilities assumed based on their estimated fair values on the acquisition date, with the remaining unallocated purchase price recorded as goodwill. Fair value measurements have been applied based on assumptions that market participants would use in pricing of the asset or liability. The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark (in thousands): Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete Agreements 530 Total assets acquired 12,292 Liabilities Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 The Hall-Mark trade names will be amortized over five years, customer relationships will be amortized over nine years, non-compete agreements will be amortized over six years and the order backlog was amortized over a one-year period. Ancira Acquisition On December 14, 2015, the Company entered into an agreement to acquire the land, building, and inventory of a recreational vehicle dealer in Texas (“Ancira” and the “Ancira Acquisition”). The purchase price for the Ancira Acquisition was $20.0 million. Since the Company only acquired assets from Ancira, and did not acquire any ongoing business processes, namely the dealer license, the Ancira Acquisition was accounted for as an asset acquisition, and accordingly, the total purchase price was allocated to the assets acquired based on their relative fair value. No intangible assets were acquired or recognized as a result of the Ancira Acquisition. The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition (in thousands): Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 |
Inventories
Inventories | 6 Months Ended |
Apr. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 3. Inventories Inventories, net of reserves, consisted of the following (in thousands): April 29, 2017 October 29, 2016 Chassis $ 38,129 $ 35,227 Raw materials 137,895 112,423 Work in process 185,884 128,145 Finished products 66,225 59,179 428,133 334,974 Less: reserves (10,503 ) (9,341 ) Total inventories, net $ 417,630 $ 325,633 |
Property, Plant and Equipment
Property, Plant and Equipment | 6 Months Ended |
Apr. 29, 2017 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | Note 4. Property, Plant and Equipment Property, plant and equipment consisted of the following (in thousands): April 29, 2017 October 29, 2016 Land & land improvements $ 19,494 $ 16,247 Buildings & improvements 98,193 85,779 Machinery & equipment 90,478 73,087 Office furniture & fixtures 13,285 9,009 Construction in process 49,183 23,445 270,632 207,567 Less: accumulated depreciation (72,433 ) (61,145 ) Total property, plant and equipment, net $ 198,199 $ 146,422 Depreciation expense was $5.2 million and $3.2 million for the three months ended April 29, 2017, and April 30, 2016, respectively, and $10.0 million and $5.8 million for the six months ended April 29, 2017, and April 30, 2016, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Apr. 29, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 5. Goodwill and Intangible Assets The table below represents goodwill by segment (in thousands): April 29, 2017 October 29, 2016 Fire & Emergency $ 108,884 $ 55,857 Commercial 28,650 28,650 Recreation 32,852 — Total goodwill $ 170,386 $ 84,507 The change in the net carrying value amount of goodwill consisted of the following (in thousands): Six Months Ended April 29, 2017 April 30, 2016 Balance at beginning of period $ 84,507 $ 82,825 Activity during the year: Acquisition activity 85,879 3,699 Balance at end of period $ 170,386 $ 86,524 Intangible assets (excluding goodwill) consisted of the following (in thousands): Weighted- Average Life April 29, 2017 October 29, 2016 Finite-lived intangible assets: Technology-related 7.0 $ 724 $ 724 Customer relationships 8.6 83,272 79,172 Order backlog 1.0 920 220 Non-compete agreements 6.0 530 530 Trade names 7.0 3,477 3,477 88,923 84,123 Less: accumulated amortization (53,156 ) (47,846 ) 35,767 36,277 Indefinite-lived trade names 89,363 87,763 Total intangible assets, net $ 125,130 $ 124,040 Amortization expense was $2.7 million and $2.2 million for the three months ended April 29, 2017, and April 30, 2016, respectively, and $5.3 million and $4.4 million for the six months ended April 29, 2017, and April 30, 2016, respectively. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Apr. 29, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Note 6. Other Current Liabilities Other current liabilities consisted of the following (in thousands): April 29, 2017 October 29, 2016 Payroll and related benefits and taxes $ 27,745 $ 27,775 Incentive compensation 3,629 11,715 Customer sales program 3,853 3,549 Restructuring costs — 359 Interest payable 1,794 9,444 Income taxes payable 2,476 8,716 Stock options — 9,117 Dividends payable 3,187 — Other 14,200 21,128 Total other current liabilities $ 56,884 $ 91,803 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Apr. 29, 2017 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Note 7. Long-Term Debt The Company was obligated under the following debt instruments (in thousands): April 29, 2017 October 29, 2016 Senior secured facility: Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) $ — $ 176,040 ABL Facility 208,500 80,000 Term Loan, net of debt issuance costs ($1,994 and $0) 73,006 — 281,506 256,040 Less: current maturities (750 ) — Long-term debt, less current maturities $ 280,756 $ 256,040 Senior Secured Notes On October 21, 2013, the Company issued (the “Offering”) $200.0 million in aggregate principal amount of its 8.5% Senior Secured Notes (the “Notes”). The net proceeds from the Offering, together with net proceeds from the Company’s ABL Facility (defined below), were used to finance the acquisition of the commercial bus business of Thor Industries, Inc. in fiscal year 2013 and to repay all outstanding debt existing at the time of the Offering. The Notes were to mature on November 1, 2019. Interest accrued on the Notes at the rate of 8.5% per annum, payable semi-annually in arrears on May 1 and November 1 each year. The Notes were guaranteed by all direct and indirect wholly owned domestic subsidiaries of the Company that guarantee debt under the Company’s previous ABL Facility described below. The Notes were secured by a first priority lien on substantially all of the guarantors’ assets other than accounts receivable and inventory, and related assets, pledged under the Company’s previous ABL Facility. The Notes were also secured by a second priority lien on substantially all of the collateral under the Company’s previous ABL Facility. The Notes were effectively subordinated to debt incurred under the Company’s previous ABL Facility, or other permitted debt facilities and obligations, as defined, to the extent of the value of the assets securing the Company’s previous ABL Facility. On October 17, 2016, the Company completed an open market purchase of $20.0 million of its outstanding Notes, which were subsequently cancelled. The Company paid a premium of $0.4 million and accrued interest of $0.8 million as of the date of the purchase. On or after November 1, of the years below, the Company was allowed to redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) The Notes were issued with an applicable original issue discount (“OID”) of $1.2 million. The Company also incurred $9.0 million in associated debt issuance costs. On January 17, 2017, the Company issued a Notice of Conditional Redemption, subject to the completion of the Company’s IPO, to redeem all the outstanding Notes at a redemption price of 104.250% plus accrued and unpaid interest. On February 16, 2017, the Company redeemed all Notes, which were outstanding as of that date, and retired the debt. As a result of this redemption, the Company recorded a $11.7 million loss associated with the early extinguishment of debt, which consisted of a prepayment premium of $7.7 million, $3.1 million of unamortized debt issuance costs and $0.4 million of original issue discount. Term Loan Effective April 25, 2017, the Company entered into a $75.0 million term loan agreement (“Term Loan” and “Term Loan Agreement”), as Borrower with certain subsidiaries of the Company, as Guarantor Subsidiaries. The Company incurred $2.0 million of debt issuance costs related to the Term Loan. The Term Loan Agreement allows for incremental facilities in an aggregate amount of up to $125.0 million. Any such incremental facilities are subject to receiving additional commitments from lenders and certain other customary conditions. The Term Loan agreement requires annual payments of $0.8 million per year, with remaining principle payable at maturity, which is April 25, 2022. Applicable interest rate margins for the Term Loan are initially 2.50% for base rate loans and 3.50% for Eurodollar rate loans (with the Eurodollar rate having a floor of 1.00%). Interest is payable quarterly for all base rate loans, and is payable monthly or quarterly for all Eurodollar rate loans. The Company may voluntarily prepay principal, in whole or in part, at any time, without penalty. Beginning in fiscal 2018, the Company is obligated to prepay certain minimum amounts based on the Company’s excess cash flow, as defined in the Term Loan Agreement. The Term Loan is also subject to mandatory prepayment if the Company or any of its restricted subsidiaries receives proceeds from certain events, including certain asset sales and casualty events, and the issuance of certain debt and equity interests. The Term Loan Agreement contains customary representations and warranties, affirmative and negative covenants, in each case, subject to customary limitations, exceptions and exclusions. The Term Loan Agreement also contains certain customary events of default. The Term Loan Agreement requires the Company to maintain a specified secured leverage ratio as follows: Through July 31, 2018 4.00 to 1.00 Through July 31, 2019 3.75 to 1.00 Through July 31, 2020 3.50 to 1.00 Through July 31, 2021 3.25 to 1.00 Through April 25, 2022 3.00 to 1.00 The Company was in compliance with all financial covenants under the Term Loan as of April 29, 2017. April 2017 ABL Facility Effective April 25, 2017, the Company entered into a $350.0 million revolving credit and guaranty agreement (the “April 2017 ABL Facility”) with a syndicate of lenders. The April 2017 ABL Facility consists of: (i) Revolving Loans, (ii) Swing Line Loans, and (iii) Letters of Credit, aggregating up to a combined maximum of $350.0 million. The total amount borrowed under the April 2017 ABL Facility is subject to a $30.0 million sublimit for swing line loans and a $35.0 million sublimit for letters of credit, along with certain borrowing base and other customary restrictions as defined in the ABL Agreement. The Company incurred $4.7 million of debt issuance costs related to the April 2017 ABL Facility. The April 2017 ABL Facility 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 April 2017 ABL Facility matures on April 25, 2022. All revolving loans under the April 2017 ABL Facility bear interest at rates equal to, at the Company’s option, either a base rate plus an applicable margin, or a Eurodollar rate plus an applicable margin. Applicable interest rate margins are initially 0.75% for all base rate loans and 1.75% for all Eurodollar rate loans (with the Eurodollar rate having a floor of 0%), subject to adjustment based on utilization in accordance with the ABL Agreement. Interest is payable quarterly for all base rate loans, and is payable monthly or quarterly for all Eurodollar rate loans. The lenders under the April 2017 ABL Facility have a first priority security interest in substantially all accounts receivable and inventory of the Company, and a second priority security interest in substantially all other assets of the Company. The Company may prepay principal, in whole or in part, at any time without penalty. The April 2017 ABL Facility contains customary representations and warranties, affirmative and negative covenants, subject in certain cases to customary limitations, exceptions and exclusions. The April 2017 ABL Facility also contains certain customary events of default. The occurrence of an event of default under the April 2017 ABL Facility could result in the termination of the commitments under the April 2017 ABL Facility and the acceleration of all outstanding borrowings under it. The April 2017 ABL Facility contains a financial covenant restricting the Company from allowing its fixed charge coverage ratio to drop below 1.00 to 1.00 during a compliance period, which is triggered when the availability under the April 2017 ABL Facility falls below a threshold set forth in the credit agreement. The Company was in compliance with all financial covenants under the April 2017 ABL Facility as of April 29, 2017. October 2013 ABL Facility Effective October 21, 2013, the Company entered into a $150.0 million senior secured revolving credit and guaranty agreement (the Asset Based Lending “ABL” or the “ABL Facility”) with a syndicate of lenders. The ABL Facility consists of: (i) Revolving Loans, (ii) Swing Line Loans, and (iii) Letters of Credit, aggregating up to a combined maximum of $150.0 million. The total amount borrowed was subject to a $15.0 million sublimit for Swing Line Loans, and a $25.0 million sublimit for Letters of Credit, along with certain borrowing base and other customary restrictions as defined in the agreement. The Company incurred $3.5 million of debt issuance costs related to the ABL Facility. On April 22, 2016, the Company exercised its $50.0 million Incremental Commitment option under the ABL Facility in conjunction with the KME Acquisition, which increased the borrowing capacity under the ABL Facility to $200.0 million at that time. All other terms and conditions remain unchanged. On August 19, 2016, the Company amended the ABL Facility to add an Incremental Commitment option of $100.0 million (the “August 2016 Amendment”), and on that date exercised the Incremental Commitment option. The August 2016 Amendment increased the borrowing capacity under the ABL Facility to $300.0 million. All other terms and conditions remained unchanged. On April 25, 2017, the Company repaid all outstanding loans and obligations under the ABL Facility in full, and the ABL Facility was terminated. In connection with the termination of the ABL Facility, the Company recorded a $0.7 million loss on early extinguishment of debt, which consisted entirely of the write-off of unamortized debt issuance costs. All outstanding principal on the ABL Facility was due and payable on the maturity date of October 21, 2018, unless as otherwise amended per the terms of the agreement. Principal could be repaid at any time during the term of the ABL Facility without penalty. The lenders held a first priority security interest in essentially all accounts receivable and inventory of the Company, and a second priority security interest in all other assets of the Company. All obligations under the ABL Facility were effectively subordinate to other debt to the extent of the value of collateral other than accounts receivable and inventory. All Revolving Loans under the ABL Facility bore interest at rates equal to, at the Company’s option, either a Base Rate plus an Applicable Margin, or a Eurodollar Rate plus an Applicable Margin. All Swing Line Loans under the ABL Facility bore interest at a rate equal to a Base Rate plus an Applicable Margin. Applicable Margins were initially set at 0.75% for Base Rate loans and Swing Line Loans, and 1.75% for Eurodollar loans, and were subject to subsequent adjustment as defined in the agreement. Interest was payable quarterly for all loans in which a Base Rate is applied, and was payable either monthly, quarterly, or semi-annually for all loans in which a Eurodollar Rate was applied. |
Warranties
Warranties | 6 Months Ended |
Apr. 29, 2017 | |
Guarantees [Abstract] | |
Warranties | Note 8. 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 end 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 (in thousands): Six Months Ended April 29, 2017 April 30, 2016 Balance at beginning of period $ 38,808 $ 28,453 Warranty provisions 13,743 11,867 Settlements made (17,554 ) (15,060 ) Warranties for current year acquisitions 3,323 12,887 Changes in liability of pre-existing warranties (34 ) 819 Balance at end of period $ 38,286 $ 38,966 Accrued warranty is classified in the Company’s consolidated balance sheets as follows (in thousands): April 29, 2017 October 29, 2016 Current liabilities $ 21,881 $ 22,693 Other long-term liabilities 16,405 16,115 Total warranty liability $ 38,286 $ 38,808 Provisions for estimated warranty and other related costs are recorded at the time of sale and are periodically adjusted to reflect actual experience. Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. At times, warranty issues arise that are beyond the scope of the Company’s historical experience. The potential liability for these issues is evaluated on a case by case basis. |
Employee Benefit Plan
Employee Benefit Plan | 6 Months Ended |
Apr. 29, 2017 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | Note 9. Employee Benefit Plan 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 and discretionary contributions were $1.7 million and $1.5 million for the three months ended April 29, 2017 and April 30, 2016, respectively, and $3.3 million and $3.1 million for the six months ended April 29, 2017 and April 30, 2016, respectively. |
Derivative Financial Instrument
Derivative Financial Instruments and Hedging Activities | 6 Months Ended |
Apr. 29, 2017 | |
Derivative Instruments And Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments and Hedging Activities | Note 10. Derivative Financial Instruments and Hedging Activities Cash Flow Hedges To protect against the reduction in value of forecasted foreign currency cash flows resulting from export sales, the Company has instituted a foreign currency cash flow hedging program. The Company hedges portions of its receivables denominated in foreign currencies with forward contracts. When the U.S. dollar weakens against foreign currencies, decreased foreign currency payments are offset by gains in the value of the forward contracts. Conversely, when the U.S. dollar strengthens against foreign currencies, increased foreign currency payments are offset by losses in the value of the forward contracts. For derivative instruments that are designated and qualify as a cash flow hedge, the effective portion of the gain or loss on the derivative instrument is reported as a component of accumulated other comprehensive income (loss) and reclassified into earnings in the same line item associated with the forecasted transaction and in the same period or periods during which the hedged transaction affects earnings. The Company generally hedges its exposure to the variability in future cash flows for a maximum of 12 to 18 months. The ineffective portion of cash flow hedges, which is the remaining gain or loss on the derivative instrument in excess of the cumulative change in the present value of future cash flows of the hedged item, if any, or hedge components excluded from the assessment of effectiveness, is recognized in earnings immediately during the current period as a component of selling, general and administrative expenses in the Company’s consolidated statements of operations. A net amount of $0.2 million recorded as income in accumulated other comprehensive income is expected to be reclassified to earnings within the next 12 months. The Company had forward foreign exchange contracts with a gross notional value of $10.0 million and $5.2 million as of April 29, 2017 and October 29, 2016, respectively, designated as cash flow hedges. |
Shareholders' Equity
Shareholders' Equity | 6 Months Ended |
Apr. 29, 2017 | |
Equity [Abstract] | |
Shareholders' Equity | Note 11. Shareholders’ Equity Prior to the IPO, the Company’s certificate of incorporation allowed for the issuance of up to 46,000,000 Class A common shares and for the issuance of up to 43,200,000 Class B common shares. Concurrent with the closing of the Company’s IPO, the Company amended its certificate of incorporation to provide for the automatic reclassification of its Class A common stock and Class B common stock into a single class of common stock, of which 605,000,000 shares are designated as common stock, and 95,000,000 shares are designated as preferred stock and to effect an 80-for-one stock split. Shareholder Rights |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Apr. 29, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Note 12. Earnings Per Share Basic earnings per common share (“EPS”) is computed by dividing net income by the weighted average number of common shares outstanding including contingently redeemable common stock. 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 and restricted stock units. The table below reconciles basic weighted-average common shares outstanding to diluted weighted-average shares outstanding for the three and six months ended April 29, 2017 and April 30, 2016: Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Basic weighted-average common shares outstanding 63,722,795 51,345,112 57,541,476 51,925,657 Dilutive stock options 1,773,609 230,254 — 198,001 Dilutive restricted stock units 4,926 — — — Diluted weighted-average common shares outstanding 65,501,330 51,575,366 57,541,476 52,123,658 The table below represents exclusions from the calculation of weighted-average shares outstanding assuming dilution due to the anti-dilutive effect of the common stock equivalents for the three and six months ended April 29, 2017 and April 30, 2016: Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Anti-Dilutive Stock Options — 2,068,000 3,633,314 2,560,000 Anti-Dilutive Restricted Stock Units — — 48,364 — Anti-Dilutive Common Stock Equivalents — 2,068,000 3,681,678 2,560,000 |
Contingently Redeemable Common
Contingently Redeemable Common Stock | 6 Months Ended |
Apr. 29, 2017 | |
Text Block [Abstract] | |
Contingently Redeemable Common Stock | Note 13. Contingently Redeemable Common Stock Prior to the Company’s IPO, shares of common stock held by employees were eligible to be put to the Company in accordance with the Shareholders Agreement if certain criteria (as defined in the Shareholders Agreement) were met and the former employee or his or her beneficiaries exercised the option to put the shares to the Company in accordance with the Shareholders Agreement. As these provisions were not certain of being met, the shares of common stock held by employees were considered contingently redeemable common stock and recorded as temporary equity on the Company’s consolidated balance sheet until the shares of common stock were either re-purchased by the Company or the put option expired. The put option expired 90 or 180 days after termination of employment, depending on the nature of the termination or upon the sale of the Company or an initial public offering of the Company’s common stock. The value of these shares of common stock was presented at fair value on the Company’s consolidated balance sheet. Prior to the Company’s IPO, the fair value of the Company’s common stock was calculated by estimating the Company’s enterprise value by applying an earnings multiple to the Company’s Adjusted EBITDA over the previous 12 months, and deducting outstanding net debt. When a put option was exercised or expired, the shares were re-measured at fair value on that date and reclassified from temporary equity to shareholders’ equity. Changes in the fair value of the contingently redeemable shares of common stock were recorded in retained earnings. In connection with the IPO, the put option of employee-owned shares of common stock was eliminated, resulting in the reclassification of $35.4 million to additional paid-in capital and 1,607,760 shares to common shares outstanding. |
Stock Compensation
Stock Compensation | 6 Months Ended |
Apr. 29, 2017 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock Compensation | Note 14. Stock Compensation In April 2010, the Company’s board of directors approved the Allied Specialty Vehicles, Inc. 2010 Long-Term Incentive Plan (the “2010 Plan”). Under the 2010 Plan, key employees, including employees who may also be directors or officers of the Company, outside directors, key consultants and key contractors of the Company may be granted incentive stock options, nonqualified stock options, and other share-based awards. The 2010 Plan provides for the granting of options to purchase shares of the Company’s common stock at not less than the fair market value of such shares on the date of grant. Stock options terminate not more than ten years from the date of grant. The 2010 Plan allows acceleration of options upon certain events. The Company recognizes compensation expense for stock options, nonvested stock and performance share awards over the requisite service period for vesting of the award, or to an employee’s eligible retirement date, if earlier and applicable. An aggregate of 8,000,000 shares were reserved for future awards under the 2010 Plan. At April 29, 2017, the Company had 4,449,176 remaining shares available for issuance under the 2010 Plan. With the approval of the 2016 Plan (defined below), the Company will no longer issue share-based awards under the 2010 Plan. In January 2017, the Company’s board of directors approved the REV Group, Inc. 2016 Omnibus Incentive Plan (the “2016 Plan”). Under the 2016 Plan, key employees, including employees who may also be directors or officers of the Company, outside directors, key consultants and key contractors of the Company may be granted incentive stock options, nonqualified stock options, and other share-based awards. The 2016 Plan provides for the granting of options to purchase shares of the Company’s common stock at not less than the fair market value of such shares on the date of grant. Stock options terminate not more than ten years from the date of grant. The 2016 Plan allows acceleration of share awards upon certain events. The Company recognizes compensation expense for stock options, nonvested stock and performance share awards over the requisite service period for vesting of the award, or to an employee’s eligible retirement date, if earlier and applicable. An aggregate of 8,000,000 shares were reserved for future awards under the 2016 Plan. At April 29, 2017, the Company had 7,951,636 remaining shares available for issuance under the 2016 Plan. During the three and six months ended April 29, 2017, the Company recorded stock-based compensation expense of $0.3 million and $25.8 million, respectively, compared to $5.6 million and $11.2 million for the three and six months ended April 30, 2016, respectively, as selling, general and administrative expenses in the Company’s Consolidated Statements of Comprehensive Income. Stock Option Awards During the three and six months ended April 29, 2017, the Company recorded stock compensation expense of zero and $3.3 million, respectively, to redeem performance based stock options. During the three and six months ended April 30, 2016, the Company recorded stock compensation expense of $4.8 million and $9.9 million, respectively, to redeem performance based stock options. The amount paid per share to redeem these stock options was equal to the fair value of the Company’s common stock on the date of redemption less the stock option exercise price. As of April 29, 2017 and October 29, 2016, there were zero and 1,664,000 stock options outstanding, respectively, which were considered liability share awards as the underlying shares were eligible to be sold back to the Company as a result of put rights in the Shareholders Agreement, within a period of time which would not subject the shareholder to the risks and rewards of share ownership for a reasonable period of time. The fair value of the liability share awards was $0 and $9.1 million at April 29, 2017 and October 29, 2016, respectively. Concurrent with the Company’s IPO, the Company’s Shareholders Agreement was terminated, and as such the put rights from that agreement were no longer available to the Company’s shareholders. As such, the fair value of vested outstanding liability share awards were reclassified to additional paid-in capital during the first quarter of 2017. In addition, upon completion of the Company’s IPO, 1,528,000 of outstanding liability option awards were vested. The vested portion of these outstanding options was re-measured at fair value based upon the $22.00 per share price of the Company’s IPO. The accelerated vesting of the liability awards and remeasurement of the liability to the $22.00 per share resulted in additional stock compensation expense of $16.2 million. The fair value of the liability share awards was $26.5 million on the date of the Company’s IPO. Restricted Stock Units Awards: The unvested restricted stock units granted under the 2016 Plan have the right to accrue dividends, but not the right to vote. Dividends are paid in accordance with vesting of the associated restricted stock units. All of the unvested restricted stock units granted under the 2016 Plan vest upon the termination of participants in certain situations and following certain changes of control of the Company. The change in the number of restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-average grant date fair value per unit Outstanding, October 29, 2016 — — Granted 48,364 $ 25.06 Vested — — Cancelled/Expired — — Outstanding, April 29, 2017 48,364 $ 25.06 |
Restructuring Charges
Restructuring Charges | 6 Months Ended |
Apr. 29, 2017 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | Note 15. Restructuring Charges In the first quarter of fiscal year 2016, the Company restructured some of its management functions in the Fire & Emergency segment and initiated the relocation of its Corporate office from Orlando, Florida to Milwaukee, Wisconsin. The Company recognized $2.8 million of costs associated with this re-organization and office relocation, which included severance, lease termination and other associated expenses. At April 29, 2017, all of the restructuring costs were paid. In the fourth quarter of fiscal year 2016, the Company implemented a strategic plan to relocate production of Goshen buses to its Salina, KS and Imlay City, MI facilities. Accordingly, $1.2 million of the costs associated with the relocation, including but not limited to personnel costs, severance and bonuses were recorded during the six months ended April 29, 2017, and $0.7 million of such costs were recognized in fiscal year 2016. At April 29, 2017, all of the restructuring costs were paid. A summary of the changes in the Company’s restructuring liability is as follows (in thousands): 2016 – Companywide Goshen Bus Total Balance at October 29, 2016 $ 567 $ 314 $ 881 Expenses Incurred — 1,199 1,199 Amounts Paid (567 ) (1,513 ) (2,080 ) Balance at April 29, 2017 $ — $ — $ — |
Income Taxes
Income Taxes | 6 Months Ended |
Apr. 29, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 16. Income Taxes For interim financial reporting, the Company estimates its annual effective tax rate based on the projected income for its entire fiscal year and records a provision (benefit) for income taxes on a quarterly basis based on the estimated annual effective income tax rate, adjusted for any discrete tax items. The Company’s effective income tax rate was 36.5% and 38.3% for the six months ended April 29, 2017 and April 30, 2016, respectively. The decrease in the Company’s effective income tax rate for the six months ended April 29, 2017 relative to the prior year relates primarily to a prior year discrete adjustment related to tax return filings. The effective income tax rate for the six months ended April 29, 2017 as compared to the U.S. statutory income tax rate was favorably impacted by income tax incentives for U.S. manufacturing and research activities and negatively impacted by nondeductible business acquisition costs. The Company periodically evaluates its valuation allowance requirements in light of changing facts and circumstances, and may adjust its deferred tax asset 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 allowances in the future. Such changes in the deferred tax asset valuation allowances will be reflected in the current operations through the Company’s effective income tax rate. During the three or six months ended April 29, 2017, there were no changes to the Company’s valuation allowances. The Company’s liability for unrecognized tax benefits, including interest and penalties, was $3.1 million as of April 29, 2017 and $2.9 million as of October 29, 2016, and is included in other long-term liabilities in the Company’s consolidated balance sheets. During the next twelve months, it is reasonably possible that $1.1 million of the unrecognized tax benefits, if recognized, would affect the annual effective tax rate. The Company recognizes accrued interest and penalties related to unrecognized tax benefits in the provision (benefit) for income taxes in its consolidated statement of operations. The Company regularly assesses the likelihood of an adverse outcome resulting from examinations to determine the adequacy of its tax reserves. As of April 29, 2017, the Company believes that it is more likely than not that the tax positions it has taken will be sustained upon the resolution of its audits resulting in no material impact on its consolidated financial position and the results of operations and cash flows. However, the final determination with respect to any tax audits, and any related litigation, could be materially different from the Company’s estimates and/or from its historical income tax provisions and income tax liabilities and could have a material effect on operating results and/or cash flows in the periods for which that determination is made. In addition, future period earnings may be adversely impacted by litigation costs, settlements, penalties, and/or interest assessments related to income tax examinations. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Apr. 29, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 17. Commitments and Contingencies Market Risks April 29, 2017 October 29, 2016 Performance, bid and specialty bonds $ 157,343 $ 156,972 Open standby letters of credit 4,918 6,151 Total $ 162,261 $ 163,123 Chassis Contingent Liabilities Repurchase Commitments Guarantee Arrangements In the event that this occurs, the Company cannot guarantee that the collateral underlying the agreements will be sufficient to avoid losses materially in excess of the amounts reserved. Any losses under these guarantees would generally be mitigated by the value of any underlying collateral, including financed equipment, and are generally subject to the finance company’s ability to provide the Company clear title to foreclosed equipment and other conditions. During periods of economic weakness, collateral values generally decline and can contribute to higher exposure to losses. Other Matters |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Apr. 29, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Note 18. Related Party Transactions During the three months ended April 29, 2017 and April 30, 2016, the Company was charged expenses from its primary equity holder in the amount of $0.2 million and $0.1 million, respectively. During the six months ended April 29, 2017, and April 30, 2016, the Company was charged expenses in the amount of $0.3 million and $0.1 million, respectively. These expenses are included in selling, general and administrative expenses in the Company’s consolidated statements of operations. Certain production facilities and offices for two of the Company’s subsidiaries are leased from related parties owned by certain members of management. Rent expense under these arrangements totaled $0.2 million and $0.1 million for the three months ended April 29, 2017, and April 30, 2016, respectively. Rent expense under these arrangements totaled $0.3 million and $0.3 million for the six months ended April 29, 2017 and April 30, 2016, respectively. The Company engages with an information technology, software and consulting company (the “IT Consulting Company”) in which the Company’s CEO has a material equity interest. The IT Consulting Company provides software development and installation to the Company. The Company made payments of $1.3 million and $0.7 million during the three months ended April 29, 2017, and April 30, 2016, respectively, and $2.7 million and $1.3 million during the six months ended April 29, 2017 and April 30, 2016, respectively, to the IT Consulting Company. The amounts paid to the IT Consulting Company include payments which are made to another unrelated consulting company. Excluding the payments to this unrelated consulting company, the payments made to the IT Consulting Company were $0.5 million and $0.5 million during the three months ended April 29, 2017, and April 30, 2016, respectively, and $1.1 million and $0.6 million during the six months ended April 29, 2017 and April 30, 2016, respectively. The Company’s CEO has recused himself from receiving any direct economic benefit from the payments made to the IT Consulting Company for the services rendered to the Company. |
Business Segment Information
Business Segment Information | 6 Months Ended |
Apr. 29, 2017 | |
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 Commercial Recreation In considering the financial performance of the business, the chief operating decision maker analyzes the primary financial performance measure of Adjusted EBITDA. Adjusted EBITDA is defined as net income for the relevant period before depreciation and amortization, interest expense and provision (benefit) for income taxes, as adjusted for transaction expenses, sponsor expenses, restructuring costs, and stock based compensation, which the Company 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 loss before benefit for income taxes is included below. The Company believes that 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 has less bearing on the Company’s core operating performance. The Company believes that utilizing Adjusted EBITDA allows for a more meaningful comparison of operating fundamentals between companies within the Company’s industry by eliminating the impact of capital structure and taxation differences between the companies. The Company also adjusts for exceptional items which are determined to be those that in management’s judgment need to be disclosed by virtue of their size, nature or incidence, which include non-cash items and items settled in cash. In determining whether an event or transaction is exceptional, management considers quantitative as well as qualitative factors such as the frequency or predictability of occurrence. This is consistent with the way that financial performance is measured by management and reported to our Board of Directors, assists in providing a meaningful analysis of the Company’s operating performance and used as a measurement in incentive compensation for management. For purposes of measuring 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 and other” includes corporate office expenses, results of insignificant operations, intersegment eliminations and income and expense not allocated to reportable segments. Identifiable 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 for the three months ended April 29, 2017 and April 30, 2016, is as follows (in thousands): Three Months Ended April 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 219,002 $ 159,524 $ 166,337 $ 453 $ 545,316 Net Sales—Intersegment $ — $ 2,980 $ 4,318 $ (7,298 ) $ — Depreciation and amortization $ 2,819 $ 1,748 $ 2,599 $ 687 $ 7,853 Capital expenditures $ 3,570 $ 1,269 $ 428 $ 13,274 $ 18,541 Identifiable assets $ 574,220 $ 265,619 $ 247,830 $ 87,762 $ 1,175,431 Adjusted EBITDA $ 24,399 $ 14,663 $ 7,292 $ (8,793 ) Three Months Ended April 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 177,469 $ 176,363 $ 126,397 $ — $ 480,229 Net Sales—Intersegment $ — $ — $ 2,810 $ (2,810 ) $ — Depreciation and amortization $ 1,980 $ 1,956 $ 931 $ 520 $ 5,387 Capital expenditures $ 2,415 $ 259 $ 4,275 $ 4,245 $ 11,194 Identifiable assets $ 453,570 $ 253,315 $ 165,583 $ 25,246 $ 897,714 Adjusted EBITDA $ 21,451 $ 14,999 $ 2,810 $ (6,913 ) Selected financial information of the Company’s segments for the six months ended April 29, 2017 and April 30, 2016, is as follows (in thousands): Six Months Ended April 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 404,373 $ 289,745 $ 293,043 $ 1,092 $ 988,253 Net Sales—Intersegment $ — $ 2,980 $ 6,482 $ (9,462 ) $ — Depreciation and amortization $ 5,628 $ 3,678 $ 4,756 $ 1,212 $ 15,274 Capital expenditures $ 7,569 $ 2,068 $ 2,160 $ 25,368 $ 37,165 Identifiable assets $ 574,220 $ 265,619 $ 247,830 $ 87,762 $ 1,175,431 Adjusted EBITDA $ 41,112 $ 22,837 $ 10,065 $ (15,342 ) Six Months Ended April 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 305,825 $ 316,814 $ 230,370 $ — $ 853,009 Net Sales—Intersegment $ — $ — $ 5,372 $ (5,372 ) $ — Depreciation and amortization $ 3,879 $ 4,080 $ 1,679 $ 621 $ 10,259 Capital expenditures $ 3,909 $ 745 $ 12,597 $ 5,750 $ 23,001 Identifiable assets $ 453,570 $ 253,315 $ 165,583 $ 25,246 $ 897,714 Adjusted EBITDA $ 36,783 $ 20,177 $ 1,012 $ (10,594 ) Provided below is a reconciliation of segment Adjusted EBITDA to net income (loss) before provision (benefit) for income taxes (in thousands): Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Fire & Emergency Adjusted EBITDA $ 24,399 $ 21,451 $ 41,112 $ 36,783 Commercial Adjusted EBITDA 14,663 14,999 22,837 20,177 Recreation Adjusted EBITDA 7,292 2,810 10,065 1,012 Corporate and Other Adjusted EBITDA (8,793 ) (6,913 ) (15,342 ) (10,594 ) Depreciation and amortization (7,853 ) (5,387 ) (15,274 ) (10,259 ) Interest expense (3,416 ) (6,776 ) (10,893 ) (13,463 ) Transaction expenses (1,861 ) (1,385 ) (2,239 ) (1,385 ) Sponsor expenses (207 ) (100 ) (338 ) (125 ) Restructuring costs (335 ) 215 (1,199 ) (2,750 ) Stock-based compensation expense (311 ) (5,563 ) (25,817 ) (11,246 ) Non-cash purchase accounting (746 ) — (1,211 ) — Loss on early extinguishment of debt (11,920 ) — (11,920 ) — Income (loss) before provision (benefit) for income taxes $ 10,912 $ 13,351 $ (10,219 ) $ 8,150 |
Comprehensive Income
Comprehensive Income | 6 Months Ended |
Apr. 29, 2017 | |
Equity [Abstract] | |
Comprehensive Income | Note 20. Comprehensive Income Comprehensive income includes all changes in equity during a period except those that resulted from investments by or distributions to the Company’s shareholders. Other comprehensive income or loss refers to revenues, expenses, gains and losses that are included in comprehensive income, but excluded from net income as these amounts are recorded directly as an adjustment to shareholders’ equity. The components of accumulated other comprehensive income (loss) are as follows (in thousands): Six Months Ended April 30, 2016 Increase (Decrease) in Fair Value of Derivatives Other Accumulated Other Comprehensive Loss Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (399 ) 220 (179 ) Balance at April 30, 2016 $ (341 ) $ 136 $ (205 ) Six Months Ended April 29, 2017 Increase (Decrease) in Fair Value of Derivatives Translation Adjustment Other Accumulated Other Comprehensive Income Balance at October 29, 2016 $ (20 ) $ 2 $ 57 $ 39 Changes 112 (19 ) 39 132 Balance at April 29, 2017 $ 92 $ (17 ) $ 96 $ 171 |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Midwest Automotive Designs [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Midwest (in thousands): Assets: Cash $ 1 Accounts receivable, net 7,218 Inventories, net 5,690 Other current assets 178 Property, plant and equipment 343 Total assets acquired 13,430 Liabilities: Accounts payable 6,602 Accrued warranty 312 Customer advances 180 Other current liabilities 225 Total liabilities assumed 7,319 Net Assets Acquired 6,111 Consideration Paid 35,482 Goodwill $ 29,371 |
Ferrara Fire Apparatus, Inc. [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Ferrara (in thousands): Assets: Cash $ 3,013 Accounts receivable, net 18,533 Inventories, net 40,472 Other current assets 1,102 Property, plant and equipment 12,610 Other long-term assets 76 Total assets acquired 75,806 Liabilities: Accounts payable 15,712 Accrued warranty 2,621 Customer advances 7,740 Other current liabilities 1,565 Deferred income taxes — Other long-term liabilities — Total liabilities assumed 27,638 Net Assets Acquired 48,168 Consideration Paid 100,113 Goodwill $ 51,945 |
Renegade R V [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the preliminary fair values of the assets acquired and liabilities assumed for Renegade (in thousands): Assets: Cash $ 1,597 Accounts receivable, net 2,334 Inventories, net 14,322 Other current assets 131 Property, plant and equipment 892 Intangible assets, net 6,400 Total assets acquired 25,676 Liabilities: Accounts payable 4,230 Accrued warranty 390 Customer advances 272 Other current liabilities 1,110 Deferred income taxes 541 Other long-term liabilities 65 Total liabilities assumed 6,608 Net Assets Acquired 19,068 Consideration Paid 22,549 Goodwill $ 3,481 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the Renegade Acquisition are as follows (in thousands): Customer relationships (6 year life) $ 4,100 Order backlog (1 year life) 700 Trade names (indefinite life) 1,600 Total intangible assets, net $ 6,400 |
Kovatch Mobile Equipment [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed for KME (in thousands): Assets: Cash $ 9,490 Receivables, net 11,850 Inventories, net 67,439 Deferred income taxes 1,454 Other current assets 1,580 Property, plant and equipment 15,332 Intangible assets, net 10,950 Other long-term assets 22 Total assets acquired 118,117 Liabilities: Accounts payable 13,834 Customer advances 43,438 Accrued warranty 14,357 Other current liabilities 9,282 Total liabilities assumed 80,911 Net Assets Acquired 37,206 Consideration Paid 39,602 Goodwill $ 2,396 |
Schedule of Intangible Assets Acquired | Intangible assets acquired as a result of the KME Acquisition are as follows (in thousands): Customer relationships (9 year life) $ 8,550 Trade names (indefinite life) 2,400 Total intangible assets, net $ 10,950 |
Hall-Mark Fire Apparatus Inc [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the fair values of the assets acquired and liabilities assumed for Hall-Mark (in thousands): Assets: Cash $ 385 Accounts receivable 3,135 Inventories 2,718 Prepaids & other assets 3,493 Property, plant and equipment 191 Trade names 870 Customer relationships 750 Order backlog 220 Non-compete Agreements 530 Total assets acquired 12,292 Liabilities Accounts payable 891 Other current liabilities 226 Customer deposits 4,845 Debt 3,698 Total liabilities assumed 9,660 Net Assets Acquired 2,632 Consideration Paid 3,000 Goodwill $ 368 |
Ancira [Member] | |
Schedule of Fair Values of Assets Acquired and Liabilities Assumed | The following table summarizes the allocated cost of the assets acquired in the Ancira Acquisition (in thousands): Inventory $ 13,541 Land & land improvements 1,400 Building & improvements 4,849 Machinery & equipment 186 Total purchase price $ 19,976 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventories, Net of Reserves | Inventories, net of reserves, consisted of the following (in thousands): April 29, 2017 October 29, 2016 Chassis $ 38,129 $ 35,227 Raw materials 137,895 112,423 Work in process 185,884 128,145 Finished products 66,225 59,179 428,133 334,974 Less: reserves (10,503 ) (9,341 ) Total inventories, net $ 417,630 $ 325,633 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Property Plant And Equipment [Abstract] | |
Summary of Property, Plant and Equipment | Property, plant and equipment consisted of the following (in thousands): April 29, 2017 October 29, 2016 Land & land improvements $ 19,494 $ 16,247 Buildings & improvements 98,193 85,779 Machinery & equipment 90,478 73,087 Office furniture & fixtures 13,285 9,009 Construction in process 49,183 23,445 270,632 207,567 Less: accumulated depreciation (72,433 ) (61,145 ) Total property, plant and equipment, net $ 198,199 $ 146,422 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Change in Net Carrying Value of Goodwill | The table below represents goodwill by segment (in thousands): April 29, 2017 October 29, 2016 Fire & Emergency $ 108,884 $ 55,857 Commercial 28,650 28,650 Recreation 32,852 — Total goodwill $ 170,386 $ 84,507 The change in the net carrying value amount of goodwill consisted of the following (in thousands): Six Months Ended April 29, 2017 April 30, 2016 Balance at beginning of period $ 84,507 $ 82,825 Activity during the year: Acquisition activity 85,879 3,699 Balance at end of period $ 170,386 $ 86,524 |
Finite Lived And Indefinite Lived Intangible Assets | Intangible assets (excluding goodwill) consisted of the following (in thousands): Weighted- Average Life April 29, 2017 October 29, 2016 Finite-lived intangible assets: Technology-related 7.0 $ 724 $ 724 Customer relationships 8.6 83,272 79,172 Order backlog 1.0 920 220 Non-compete agreements 6.0 530 530 Trade names 7.0 3,477 3,477 88,923 84,123 Less: accumulated amortization (53,156 ) (47,846 ) 35,767 36,277 Indefinite-lived trade names 89,363 87,763 Total intangible assets, net $ 125,130 $ 124,040 Intangible assets (excluding goodwill) consisted of the following (in thousands): |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of Other Current Liabilities | Other current liabilities consisted of the following (in thousands): April 29, 2017 October 29, 2016 Payroll and related benefits and taxes $ 27,745 $ 27,775 Incentive compensation 3,629 11,715 Customer sales program 3,853 3,549 Restructuring costs — 359 Interest payable 1,794 9,444 Income taxes payable 2,476 8,716 Stock options — 9,117 Dividends payable 3,187 — Other 14,200 21,128 Total other current liabilities $ 56,884 $ 91,803 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Debt Disclosure [Abstract] | |
Summary of Long-Term Debt | The Company was obligated under the following debt instruments (in thousands): April 29, 2017 October 29, 2016 Senior secured facility: Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) $ — $ 176,040 ABL Facility 208,500 80,000 Term Loan, net of debt issuance costs ($1,994 and $0) 73,006 — 281,506 256,040 Less: current maturities (750 ) — Long-term debt, less current maturities $ 280,756 $ 256,040 |
Debt Redemption Prices, Percentage | On or after November 1, of the years below, the Company was allowed to redeem all or a part of the Notes at the redemption prices set forth below plus accrued and unpaid interest on the Notes redeemed, to the applicable redemption date: 104.250% (Year 2016) 102.125% (Year 2017) 100.000% (Year 2018 and thereafter) |
Summary of Specified Secured Leverage Ratio of Term Loan | The Term Loan Agreement requires the Company to maintain a specified secured leverage ratio as follows: Through July 31, 2018 4.00 to 1.00 Through July 31, 2019 3.75 to 1.00 Through July 31, 2020 3.50 to 1.00 Through July 31, 2021 3.25 to 1.00 Through April 25, 2022 3.00 to 1.00 |
Warranties (Tables)
Warranties (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Guarantees [Abstract] | |
Schedule of Changes in Warranty Liability | Changes in the Company’s warranty liability consisted of the following (in thousands): Six Months Ended April 29, 2017 April 30, 2016 Balance at beginning of period $ 38,808 $ 28,453 Warranty provisions 13,743 11,867 Settlements made (17,554 ) (15,060 ) Warranties for current year acquisitions 3,323 12,887 Changes in liability of pre-existing warranties (34 ) 819 Balance at end of period $ 38,286 $ 38,966 |
Accrued Warranty Classified in Consolidated Balance Sheet | Accrued warranty is classified in the Company’s consolidated balance sheets as follows (in thousands): April 29, 2017 October 29, 2016 Current liabilities $ 21,881 $ 22,693 Other long-term liabilities 16,405 16,115 Total warranty liability $ 38,286 $ 38,808 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
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 for the three and six months ended April 29, 2017 and April 30, 2016: Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Basic weighted-average common shares outstanding 63,722,795 51,345,112 57,541,476 51,925,657 Dilutive stock options 1,773,609 230,254 — 198,001 Dilutive restricted stock units 4,926 — — — Diluted weighted-average common shares outstanding 65,501,330 51,575,366 57,541,476 52,123,658 |
Exclusions from Calculation of Weighted-Average Shares Outstanding Assuming Dilution Due to Anti-Dilutive Effect of Common Stock Equivalents | The table below represents exclusions from the calculation of weighted-average shares outstanding assuming dilution due to the anti-dilutive effect of the common stock equivalents for the three and six months ended April 29, 2017 and April 30, 2016: Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Anti-Dilutive Stock Options — 2,068,000 3,633,314 2,560,000 Anti-Dilutive Restricted Stock Units — — 48,364 — Anti-Dilutive Common Stock Equivalents — 2,068,000 3,681,678 2,560,000 |
Stock Compensation (Tables)
Stock Compensation (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Restricted Stock Units [Member] | |
Summary of Restricted Stock Units Outstanding | The change in the number of restricted stock units outstanding consisted of the following: Restricted Stock Units Outstanding Weighted-average grant date fair value per unit Outstanding, October 29, 2016 — — Granted 48,364 $ 25.06 Vested — — Cancelled/Expired — — Outstanding, April 29, 2017 48,364 $ 25.06 |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Restructuring And Related Activities [Abstract] | |
Summary of Changes in Restructuring Liability | A summary of the changes in the Company’s restructuring liability is as follows (in thousands): 2016 – Companywide Goshen Bus Total Balance at October 29, 2016 $ 567 $ 314 $ 881 Expenses Incurred — 1,199 1,199 Amounts Paid (567 ) (1,513 ) (2,080 ) Balance at April 29, 2017 $ — $ — $ — |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Contingent Liabilities | The Company is contingently liable under bid, performance and specialty bonds and has open standby letters of credit issued by the Company’s banks in favor of third parties as follows (in thousands): April 29, 2017 October 29, 2016 Performance, bid and specialty bonds $ 157,343 $ 156,972 Open standby letters of credit 4,918 6,151 Total $ 162,261 $ 163,123 |
Business Segment Information (T
Business Segment Information (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Segment Reporting [Abstract] | |
Schedule of Selected Financial Information | Selected financial information of the Company’s segments for the three months ended April 29, 2017 and April 30, 2016, is as follows (in thousands): Three Months Ended April 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 219,002 $ 159,524 $ 166,337 $ 453 $ 545,316 Net Sales—Intersegment $ — $ 2,980 $ 4,318 $ (7,298 ) $ — Depreciation and amortization $ 2,819 $ 1,748 $ 2,599 $ 687 $ 7,853 Capital expenditures $ 3,570 $ 1,269 $ 428 $ 13,274 $ 18,541 Identifiable assets $ 574,220 $ 265,619 $ 247,830 $ 87,762 $ 1,175,431 Adjusted EBITDA $ 24,399 $ 14,663 $ 7,292 $ (8,793 ) Three Months Ended April 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 177,469 $ 176,363 $ 126,397 $ — $ 480,229 Net Sales—Intersegment $ — $ — $ 2,810 $ (2,810 ) $ — Depreciation and amortization $ 1,980 $ 1,956 $ 931 $ 520 $ 5,387 Capital expenditures $ 2,415 $ 259 $ 4,275 $ 4,245 $ 11,194 Identifiable assets $ 453,570 $ 253,315 $ 165,583 $ 25,246 $ 897,714 Adjusted EBITDA $ 21,451 $ 14,999 $ 2,810 $ (6,913 ) Selected financial information of the Company’s segments for the six months ended April 29, 2017 and April 30, 2016, is as follows (in thousands): Six Months Ended April 29, 2017 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 404,373 $ 289,745 $ 293,043 $ 1,092 $ 988,253 Net Sales—Intersegment $ — $ 2,980 $ 6,482 $ (9,462 ) $ — Depreciation and amortization $ 5,628 $ 3,678 $ 4,756 $ 1,212 $ 15,274 Capital expenditures $ 7,569 $ 2,068 $ 2,160 $ 25,368 $ 37,165 Identifiable assets $ 574,220 $ 265,619 $ 247,830 $ 87,762 $ 1,175,431 Adjusted EBITDA $ 41,112 $ 22,837 $ 10,065 $ (15,342 ) Six Months Ended April 30, 2016 Fire & Emergency Commercial Recreation Corporate and Other Consolidated Sales: Net Sales—External Customers $ 305,825 $ 316,814 $ 230,370 $ — $ 853,009 Net Sales—Intersegment $ — $ — $ 5,372 $ (5,372 ) $ — Depreciation and amortization $ 3,879 $ 4,080 $ 1,679 $ 621 $ 10,259 Capital expenditures $ 3,909 $ 745 $ 12,597 $ 5,750 $ 23,001 Identifiable assets $ 453,570 $ 253,315 $ 165,583 $ 25,246 $ 897,714 Adjusted EBITDA $ 36,783 $ 20,177 $ 1,012 $ (10,594 ) |
Reconciliation of Segment Adjusted EBITDA to Net Income (Loss) Before Provision (Benefit) for Income Taxes | Provided below is a reconciliation of segment Adjusted EBITDA to net income (loss) before provision (benefit) for income taxes (in thousands): Three Months Ended Six Months Ended April 29, 2017 April 30, 2016 April 29, 2017 April 30, 2016 Fire & Emergency Adjusted EBITDA $ 24,399 $ 21,451 $ 41,112 $ 36,783 Commercial Adjusted EBITDA 14,663 14,999 22,837 20,177 Recreation Adjusted EBITDA 7,292 2,810 10,065 1,012 Corporate and Other Adjusted EBITDA (8,793 ) (6,913 ) (15,342 ) (10,594 ) Depreciation and amortization (7,853 ) (5,387 ) (15,274 ) (10,259 ) Interest expense (3,416 ) (6,776 ) (10,893 ) (13,463 ) Transaction expenses (1,861 ) (1,385 ) (2,239 ) (1,385 ) Sponsor expenses (207 ) (100 ) (338 ) (125 ) Restructuring costs (335 ) 215 (1,199 ) (2,750 ) Stock-based compensation expense (311 ) (5,563 ) (25,817 ) (11,246 ) Non-cash purchase accounting (746 ) — (1,211 ) — Loss on early extinguishment of debt (11,920 ) — (11,920 ) — Income (loss) before provision (benefit) for income taxes $ 10,912 $ 13,351 $ (10,219 ) $ 8,150 |
Comprehensive Income (Tables)
Comprehensive Income (Tables) | 6 Months Ended |
Apr. 29, 2017 | |
Equity [Abstract] | |
Summary of Components of Accumulated Other Comprehensive Income (Loss) | The components of accumulated other comprehensive income (loss) are as follows (in thousands): Six Months Ended April 30, 2016 Increase (Decrease) in Fair Value of Derivatives Other Accumulated Other Comprehensive Loss Balance at October 31, 2015 $ 58 $ (84 ) $ (26 ) Changes (399 ) 220 (179 ) Balance at April 30, 2016 $ (341 ) $ 136 $ (205 ) Six Months Ended April 29, 2017 Increase (Decrease) in Fair Value of Derivatives Translation Adjustment Other Accumulated Other Comprehensive Income Balance at October 29, 2016 $ (20 ) $ 2 $ 57 $ 39 Changes 112 (19 ) 39 132 Balance at April 29, 2017 $ 92 $ (17 ) $ 96 $ 171 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) $ / shares in Units, $ in Thousands | Feb. 01, 2017USD ($)$ / sharesshares | Jan. 27, 2017 | Apr. 29, 2017USD ($)$ / shares | Feb. 02, 2017$ / shares |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Gross proceeds | $ 253,593 | |||
Stock split ratio | 80 | 80 | ||
IPO [Member] | ||||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | ||||
Net proceeds from initial public offering, shares | shares | 12,500,000 | |||
Price per share | $ / shares | $ 22 | $ 22 | $ 22 | |
Gross proceeds | $ 275,000 | |||
Net proceeds after deducting underwriting discount and expenses | $ 253,600 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) - USD ($) | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Apr. 22, 2016 | Dec. 14, 2015 | Nov. 20, 2015 | Apr. 29, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | Oct. 31, 2015 |
Business Acquisition [Line Items] | |||||||||||
Payments to acquire business, net of cash acquired | $ 153,534,000 | $ 25,293,000 | |||||||||
Goodwill | $ 170,386,000 | 170,386,000 | $ 86,524,000 | $ 84,507,000 | $ 82,825,000 | ||||||
Midwest Automotive Designs [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 35,482,000 | ||||||||||
Payments to acquire business, net of cash acquired | 35,500,000 | ||||||||||
Goodwill | $ 29,371,000 | ||||||||||
Net sales | 1,500,000 | 1,500,000 | |||||||||
Operating income (loss) | 200,000 | 200,000 | |||||||||
Ferrara Fire Apparatus, Inc. [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 100,113,000 | ||||||||||
Payments to acquire business, net of cash acquired | 97,100,000 | ||||||||||
Goodwill | $ 51,945,000 | ||||||||||
Net sales | 1,100,000 | 1,100,000 | |||||||||
Operating income (loss) | (40,000) | (40,000) | |||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||
Cash acquired from acquisition | $ 3,000,000 | ||||||||||
Renegade R V [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 22,549,000 | ||||||||||
Payments to acquire business, net of cash acquired | 21,000,000 | ||||||||||
Goodwill | $ 3,481,000 | ||||||||||
Net sales | 21,300,000 | 26,500,000 | |||||||||
Operating income (loss) | 1,000,000 | $ 900,000 | |||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||
Cash acquired from acquisition | $ 1,600,000 | ||||||||||
Payment for net working capital | $ 300,000 | ||||||||||
Renegade R V [Member] | Order Backlog [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization period of intangible assets | 1 year | ||||||||||
Kovatch Mobile Equipment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 39,602,000 | ||||||||||
Payments to acquire business, net of cash acquired | 30,100,000 | ||||||||||
Goodwill | $ 2,396,000 | ||||||||||
Net sales | 44,400,000 | $ 80,200,000 | |||||||||
Operating income (loss) | $ 500,000 | $ 50,000 | |||||||||
Percentage of voting interest acquired | 100.00% | ||||||||||
Cash acquired from acquisition | $ 9,500,000 | ||||||||||
Payment for net working capital | $ 500,000 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 3,000,000 | ||||||||||
Goodwill | 368,000 | ||||||||||
Cash acquired from acquisition | 400,000 | ||||||||||
Payment to acquired business, gross | $ 2,000,000 | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Trade Names [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization period of intangible assets | 5 years | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Customer Lists [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization period of intangible assets | 9 years | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Non-compete Agreements [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization period of intangible assets | 6 years | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Backlog [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Amortization period of intangible assets | 1 year | ||||||||||
Hall-Mark Fire Apparatus Inc [Member] | Quarterly Installment [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, payable in installments | $ 1,000,000 | ||||||||||
Business acquisition, installment payment period | 5 years | ||||||||||
Business acquisition, debt obligation | $ 3,700,000 | ||||||||||
Ancira [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Business acquisition, purchase price | $ 20,000 |
Acquisitions - Schedule of Prel
Acquisitions - Schedule of Preliminary Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) | Apr. 25, 2017 | Apr. 13, 2017 | Dec. 30, 2016 | Apr. 22, 2016 | Dec. 14, 2015 | Nov. 20, 2015 | Apr. 29, 2017 | Oct. 29, 2016 | Apr. 30, 2016 | Oct. 31, 2015 |
Liabilities: | ||||||||||
Goodwill | $ 170,386,000 | $ 84,507,000 | $ 86,524,000 | $ 82,825,000 | ||||||
Midwest Automotive Designs [Member] | ||||||||||
Assets: | ||||||||||
Cash | $ 1,000 | |||||||||
Accounts receivable, net | 7,218,000 | |||||||||
Inventories, net | 5,690,000 | |||||||||
Other current assets | 178,000 | |||||||||
Property, plant and equipment | 343,000 | |||||||||
Total assets acquired | 13,430,000 | |||||||||
Liabilities: | ||||||||||
Accounts payable | 6,602,000 | |||||||||
Accrued warranty | 312,000 | |||||||||
Customer advances | 180,000 | |||||||||
Other current liabilities | 225,000 | |||||||||
Total liabilities assumed | 7,319,000 | |||||||||
Net Assets Acquired | 6,111,000 | |||||||||
Consideration Paid | 35,482,000 | |||||||||
Goodwill | $ 29,371,000 | |||||||||
Ferrara Fire Apparatus, Inc. [Member] | ||||||||||
Assets: | ||||||||||
Cash | $ 3,013,000 | |||||||||
Accounts receivable, net | 18,533,000 | |||||||||
Inventories, net | 40,472,000 | |||||||||
Other current assets | 1,102,000 | |||||||||
Property, plant and equipment | 12,610,000 | |||||||||
Other long-term assets | 76,000 | |||||||||
Total assets acquired | 75,806,000 | |||||||||
Liabilities: | ||||||||||
Accounts payable | 15,712,000 | |||||||||
Accrued warranty | 2,621,000 | |||||||||
Customer advances | 7,740,000 | |||||||||
Other current liabilities | 1,565,000 | |||||||||
Total liabilities assumed | 27,638,000 | |||||||||
Net Assets Acquired | 48,168,000 | |||||||||
Consideration Paid | 100,113,000 | |||||||||
Goodwill | $ 51,945,000 | |||||||||
Renegade R V [Member] | ||||||||||
Assets: | ||||||||||
Cash | $ 1,597,000 | |||||||||
Accounts receivable, net | 2,334,000 | |||||||||
Inventories, net | 14,322,000 | |||||||||
Other current assets | 131,000 | |||||||||
Property, plant and equipment | 892,000 | |||||||||
Intangible assets, net | 6,400,000 | |||||||||
Total assets acquired | 25,676,000 | |||||||||
Liabilities: | ||||||||||
Accounts payable | 4,230,000 | |||||||||
Accrued warranty | 390,000 | |||||||||
Customer advances | 272,000 | |||||||||
Other current liabilities | 1,110,000 | |||||||||
Deferred income taxes | 541,000 | |||||||||
Other long-term liabilities | 65,000 | |||||||||
Total liabilities assumed | 6,608,000 | |||||||||
Net Assets Acquired | 19,068,000 | |||||||||
Consideration Paid | 22,549,000 | |||||||||
Goodwill | 3,481,000 | |||||||||
Renegade R V [Member] | Order Customer Relationships [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | 4,100,000 | |||||||||
Renegade R V [Member] | Order Backlog [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | $ 700,000 | |||||||||
Kovatch Mobile Equipment [Member] | ||||||||||
Assets: | ||||||||||
Cash | $ 9,490,000 | |||||||||
Accounts receivable, net | 11,850,000 | |||||||||
Inventories, net | 67,439,000 | |||||||||
Deferred income taxes | 1,454,000 | |||||||||
Other current assets | 1,580,000 | |||||||||
Property, plant and equipment | 15,332,000 | |||||||||
Intangible assets, net | 10,950,000 | |||||||||
Other long-term assets | 22,000 | |||||||||
Total assets acquired | 118,117,000 | |||||||||
Liabilities: | ||||||||||
Accounts payable | 13,834,000 | |||||||||
Accrued warranty | 14,357,000 | |||||||||
Customer advances | 43,438,000 | |||||||||
Other current liabilities | 9,282,000 | |||||||||
Total liabilities assumed | 80,911,000 | |||||||||
Net Assets Acquired | 37,206,000 | |||||||||
Consideration Paid | 39,602,000 | |||||||||
Goodwill | 2,396,000 | |||||||||
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | $ 8,550,000 | |||||||||
Hall-Mark Fire Apparatus Inc [Member] | ||||||||||
Assets: | ||||||||||
Cash | $ 385,000 | |||||||||
Accounts receivable, net | 3,135,000 | |||||||||
Inventories, net | 2,718,000 | |||||||||
Prepaids & other assets | 3,493,000 | |||||||||
Property, plant and equipment | 191,000 | |||||||||
Total assets acquired | 12,292,000 | |||||||||
Liabilities: | ||||||||||
Accounts payable | 891,000 | |||||||||
Other current liabilities | 226,000 | |||||||||
Customer deposits | 4,845,000 | |||||||||
Debt | 3,698,000 | |||||||||
Total liabilities assumed | 9,660,000 | |||||||||
Net Assets Acquired | 2,632,000 | |||||||||
Consideration Paid | 3,000,000 | |||||||||
Goodwill | 368,000 | |||||||||
Hall-Mark Fire Apparatus Inc [Member] | Trade Names [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | 870,000 | |||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Customer Relationships [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | 750,000 | |||||||||
Hall-Mark Fire Apparatus Inc [Member] | Order Backlog [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | 220,000 | |||||||||
Hall-Mark Fire Apparatus Inc [Member] | Non-compete Agreements [Member] | ||||||||||
Assets: | ||||||||||
Intangible assets, net | $ 530,000 | |||||||||
Ancira [Member] | ||||||||||
Assets: | ||||||||||
Inventories, net | $ 13,541,000 | |||||||||
Land & land improvements | 1,400,000 | |||||||||
Building & improvements | 4,849,000 | |||||||||
Machinery & equipment | 186,000 | |||||||||
Total assets acquired | 19,976,000 | |||||||||
Liabilities: | ||||||||||
Consideration Paid | $ 20,000 |
Acquisitions - Schedule of Inta
Acquisitions - Schedule of Intangible Assets Acquired (Detail) - USD ($) $ in Thousands | Dec. 30, 2016 | Apr. 22, 2016 |
Renegade R V [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | $ 6,400 | |
Renegade R V [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | 1,600 | |
Renegade R V [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | 4,100 | |
Renegade R V [Member] | Order Backlog [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | $ 700 | |
Kovatch Mobile Equipment [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | $ 10,950 | |
Kovatch Mobile Equipment [Member] | Trade Names [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | 2,400 | |
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | ||
Business Acquisition [Line Items] | ||
Total intangible assets, net | $ 8,550 |
Acquisitions - Schedule of In45
Acquisitions - Schedule of Intangible Assets Acquired (Parenthetical) (Detail) | 6 Months Ended |
Apr. 29, 2017 | |
Renegade R V [Member] | Order Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible assets, useful life | 6 years |
Renegade R V [Member] | Order Backlog [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible assets, useful life | 1 year |
Renegade R V [Member] | Trade Names [Member] | |
Business Acquisition [Line Items] | |
Acquired indefinite intangible assets, useful life | Indefinite life |
Kovatch Mobile Equipment [Member] | Order Customer Relationships [Member] | |
Business Acquisition [Line Items] | |
Acquired intangible assets, useful life | 9 years |
Kovatch Mobile Equipment [Member] | Trade Names [Member] | |
Business Acquisition [Line Items] | |
Acquired indefinite intangible assets, useful life | Indefinite life |
Inventories - Schedule of Inven
Inventories - Schedule of Inventories, Net of Reserves (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Inventory Disclosure [Abstract] | ||
Chassis | $ 38,129 | $ 35,227 |
Raw materials | 137,895 | 112,423 |
Work in process | 185,884 | 128,145 |
Finished products | 66,225 | 59,179 |
Inventory, Gross, Total | 428,133 | 334,974 |
Less: reserves | (10,503) | (9,341) |
Total inventories, net | $ 417,630 | $ 325,633 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 270,632 | $ 207,567 |
Less: accumulated depreciation | (72,433) | (61,145) |
Total property, plant and equipment, net | 198,199 | 146,422 |
Land and Land Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 19,494 | 16,247 |
Building and Building Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 98,193 | 85,779 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 90,478 | 73,087 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,285 | 9,009 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 49,183 | $ 23,445 |
Property, Plant and Equipment48
Property, Plant and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 5.2 | $ 3.2 | $ 10 | $ 5.8 |
Goodwill and Intangible Asset49
Goodwill and Intangible Assets - Summary of Goodwill by Segment (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 | Apr. 30, 2016 | Oct. 31, 2015 |
Goodwill [Line Items] | ||||
Goodwill | $ 170,386 | $ 84,507 | $ 86,524 | $ 82,825 |
Fire and Emergency Segment [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 108,884 | 55,857 | ||
Commercial [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | 28,650 | $ 28,650 | ||
Recreation [Member] | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 32,852 |
Goodwill and Intangible Asset50
Goodwill and Intangible Assets - Summary of Change in Net Carrying Value of Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Balance at beginning of period | $ 84,507 | $ 82,825 |
Acquisition activity | 85,879 | 3,699 |
Balance at end of period | $ 170,386 | $ 86,524 |
Goodwill and Intangible Asset51
Goodwill and Intangible Assets - Summary of Intangible Assets Excluding Goodwill (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 29, 2017 | Oct. 29, 2016 | |
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 88,923 | $ 84,123 |
Less: accumulated amortization | (53,156) | (47,846) |
Finite-lived intangible assets, net | 35,767 | 36,277 |
Indefinite-lived trade names | 89,363 | 87,763 |
Total intangible assets, net | 125,130 | 124,040 |
Technology-related Intangible Assets [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 724 | 724 |
Finite-lived intangible assets, useful life | 7 years | |
Order Customer Relationships [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 83,272 | 79,172 |
Finite-lived intangible assets, useful life | 8 years 7 months 6 days | |
Order Backlog [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 920 | 220 |
Finite-lived intangible assets, useful life | 1 year | |
Non-compete Agreements [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 530 | 530 |
Finite-lived intangible assets, useful life | 6 years | |
Trade Names [Member] | ||
Intangible Assets Excluding Goodwill [Line Items] | ||
Finite-lived intangible assets, gross | $ 3,477 | $ 3,477 |
Finite-lived intangible assets, useful life | 7 years |
Goodwill and Intangible Asset52
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 2,695 | $ 2,200 | $ 5,309 | $ 4,443 |
Other Current Liabilities - Sch
Other Current Liabilities - Schedule of Other Current Liabilities (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Other Liabilities Disclosure [Abstract] | ||
Payroll and related benefits and taxes | $ 27,745 | $ 27,775 |
Incentive compensation | 3,629 | 11,715 |
Customer sales program | 3,853 | 3,549 |
Restructuring costs | 359 | |
Interest payable | 1,794 | 9,444 |
Income taxes payable | 2,476 | 8,716 |
Stock options | 9,117 | |
Dividends payable | 3,187 | |
Other | 14,200 | 21,128 |
Total other current liabilities | $ 56,884 | $ 91,803 |
Long-Term Debt - Summary of Lon
Long-Term Debt - Summary of Long-Term Debt (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Debt Instruments [Abstract] | ||
Senior secured notes, net of debt discount ($0 and $455) and debt issuance costs ($0 and $3,505) | $ 176,040 | |
ABL Facility | $ 208,500 | 80,000 |
Term Loan, net of debt issuance costs ($1,994 and $0) | 73,006 | |
Long term debt including current maturities | 281,506 | 256,040 |
Less: current maturities | (750) | |
Long-term debt, less current maturities | $ 280,756 | $ 256,040 |
Long-Term Debt - Summary of L55
Long-Term Debt - Summary of Long-Term Debt (Parenthetical) (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Apr. 25, 2017 | Oct. 29, 2016 | Oct. 21, 2013 |
Term Loan [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt issuance costs | $ 1,994 | $ 2,000 | $ 0 | |
Senior Secured Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt discount | 0 | 455 | $ 1,200 | |
Debt issuance costs | $ 0 | $ 3,505 |
Long-Term Debt - Additional Inf
Long-Term Debt - Additional Information (Detail) - USD ($) | Apr. 25, 2017 | Feb. 16, 2017 | Jan. 17, 2017 | Oct. 17, 2016 | Aug. 19, 2016 | Apr. 22, 2016 | Apr. 29, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | Oct. 21, 2013 |
Debt Instrument [Line Items] | |||||||||||
Redemption price, percentage | 104.25% | ||||||||||
Loss on early extinguishment of debt | $ 11,920,000 | $ 11,920,000 | |||||||||
Prepayment premium | 7,650,000 | ||||||||||
Amortization of senior note discount | $ 50,000 | $ 102,000 | |||||||||
Term Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt principal amount | $ 75,000,000 | ||||||||||
Debt instrument maturity date | Apr. 25, 2022 | ||||||||||
Debt issuance costs | 2,000,000 | $ 1,994,000 | $ 1,994,000 | $ 0 | |||||||
Debt annual payments | $ 800,000 | ||||||||||
Term Loan [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument frequency of payment | Quarterly | ||||||||||
Debt instrument applicable interest rate margins | 2.50% | ||||||||||
Term Loan [Member] | Eurodollar Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument frequency of payment | Monthly or quarterly | ||||||||||
Debt instrument applicable interest rate margins | 3.50% | ||||||||||
Debt instrument , floor interest rate | 1.00% | ||||||||||
Term Loan [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Additional increase in borrowing capacity | $ 125,000,000 | ||||||||||
April 2017 Asset Based Lending Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Apr. 25, 2022 | ||||||||||
Debt issuance costs | $ 4,700,000 | ||||||||||
Additional increase in borrowing capacity | 100,000,000 | ||||||||||
Maximum borrowing capacity | 350,000,000 | ||||||||||
April 2017 Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 30,000,000 | ||||||||||
April 2017 Asset Based Lending Facility [Member] | Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | $ 35,000,000 | ||||||||||
April 2017 Asset Based Lending Facility [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument applicable interest rate margins | 0.75% | ||||||||||
April 2017 Asset Based Lending Facility [Member] | Eurodollar Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument applicable interest rate margins | 1.75% | ||||||||||
Required annual payment percentage | 0.00% | ||||||||||
April 2017 Asset Based Lending Facility [Member] | Maximum [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Fixed charge coverage ratio | 100.00% | 100.00% | |||||||||
October 2013 Asset Based Lending Facility [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument maturity date | Oct. 21, 2018 | ||||||||||
Loss on early extinguishment of debt | $ 700,000 | ||||||||||
Debt issuance costs | $ 3,526,000 | ||||||||||
Additional increase in borrowing capacity | $ 100,000,000 | ||||||||||
Maximum borrowing capacity | $ 300,000,000 | $ 200,000,000 | 150,000,000 | ||||||||
Additional increase in borrowing capacity exercised | $ 50,000,000 | ||||||||||
October 2013 Asset Based Lending Facility [Member] | Swing Lines Loan [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 15,000,000 | ||||||||||
October 2013 Asset Based Lending Facility [Member] | Letter of Credit [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Maximum borrowing capacity | 25,000,000 | ||||||||||
October 2013 Asset Based Lending Facility [Member] | Base Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument applicable interest rate margins | 0.75% | ||||||||||
October 2013 Asset Based Lending Facility [Member] | Eurodollar Rate [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt instrument applicable interest rate margins | 1.75% | ||||||||||
Bonds [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Purchase of outstanding bonds | $ 20,000,000 | ||||||||||
Premium paid | 400,000 | ||||||||||
Accrued interest paid | $ 800,000 | ||||||||||
Senior Secured Notes [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Debt principal amount | $ 200,000,000 | ||||||||||
Debt interest rate | 8.50% | ||||||||||
Debt instrument maturity date | Nov. 1, 2019 | ||||||||||
Debt instrument frequency of payment | semi-annually | ||||||||||
Debt discount | $ 0 | $ 0 | 455,000 | $ 1,200,000 | |||||||
Unamortized debt issuance costs | $ 9,000,000 | ||||||||||
Debt issuance costs | $ 0 | $ 0 | $ 3,505,000 | ||||||||
Senior Secured Notes [Member] | Year 2017 [Member] | |||||||||||
Debt Instrument [Line Items] | |||||||||||
Unamortized debt issuance costs | $ 3,100,000 | ||||||||||
Redemption price, percentage | 102.125% | ||||||||||
Loss on early extinguishment of debt | 11,700,000 | ||||||||||
Prepayment premium | 7,700,000 | ||||||||||
Amortization of senior note discount | $ 400,000 |
Long-Term Debt - Debt Redemptio
Long-Term Debt - Debt Redemption Prices, Percentage (Detail) | Jan. 17, 2017 | Apr. 29, 2017 |
Debt Instrument, Redemption [Line Items] | ||
Redemption price of principal debt amount, percentage | 104.25% | |
Senior Secured Notes [Member] | Year 2016 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Redemption price of principal debt amount, percentage | 104.25% | |
Senior Secured Notes [Member] | Year 2017 [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Redemption price of principal debt amount, percentage | 102.125% | |
Senior Secured Notes [Member] | Year 2018 and Thereafter [Member] | ||
Debt Instrument, Redemption [Line Items] | ||
Redemption price of principal debt amount, percentage | 100.00% |
Long-Term Debt - Summary of Spe
Long-Term Debt - Summary of Specified Secured Leverage Ratio of Term Loan (Detail) | Apr. 29, 2017 |
Debt Instruments [Abstract] | |
Secured leverage ratio through July 31,2018 | 400.00% |
Secured leverage ratio through July 31,2019 | 375.00% |
Secured leverage ratio through July 31,2020 | 350.00% |
Secured leverage ratio through July 31,2021 | 325.00% |
Secured leverage ratio through April 25,2022 | 300.00% |
Warranties - Schedule of Change
Warranties - Schedule of Changes in Warranty Liability (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Apr. 29, 2017 | Apr. 30, 2016 | |
Guarantees [Abstract] | ||
Balance at beginning of period | $ 38,808 | $ 28,453 |
Warranty provisions | 13,743 | 11,867 |
Settlements made | (17,554) | (15,060) |
Warranties for current year acquisitions | 3,323 | 12,887 |
Changes in liability of pre-existing warranties | (34) | 819 |
Balance at end of period | $ 38,286 | $ 38,966 |
Warranties - Accrued Warranty C
Warranties - Accrued Warranty Classified in Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 | Apr. 30, 2016 | Oct. 31, 2015 |
Guarantees [Abstract] | ||||
Current liabilities | $ 21,881 | $ 22,693 | ||
Other long-term liabilities | 16,405 | 16,115 | ||
Total warranty liability | $ 38,286 | $ 38,808 | $ 38,966 | $ 28,453 |
Employee Benefit Plan - Additio
Employee Benefit Plan - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Defined Benefit Plans And Other Postretirement Benefit Plans Disclosures [Abstract] | ||||
Maximum defer net employment income percentage | 100.00% | |||
Discretionary contribution amount | $ 1.7 | $ 1.5 | $ 3.3 | $ 3.1 |
Derivative Financial Instrume62
Derivative Financial Instruments and Hedging Activities - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Apr. 29, 2017 | Oct. 29, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Amount currently reported in accumulated other comprehensive loss is expected to be reclassified to earnings | $ 200,000 | |
Foreign Exchange Forward [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Gross notional value | $ 10,000,000 | $ 5,200,000 |
Minimum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Maximum length of time hedged in cash flow hedge | 12 months | |
Maximum [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Maximum length of time hedged in cash flow hedge | 18 months |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) | Jan. 27, 2017shares | Apr. 29, 2017shares | Jan. 25, 2017shares | Oct. 29, 2016shares |
Class of Stock [Line Items] | ||||
Common stock, authorized shares | 605,000,000 | 605,000,000 | ||
Stock split ratio | 80 | 80 | ||
Common Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized shares | 605,000,000 | |||
Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized shares | 95,000,000 | |||
Common Class A [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized shares | 46,000,000 | 46,000,000 | 46,000,000 | |
Common Class B [Member] | ||||
Class of Stock [Line Items] | ||||
Common stock, authorized shares | 43,200,000 | 43,200,000 | 43,200,000 |
Earnings per Share - Reconcilia
Earnings per Share - Reconciliation of Basic Weighted-Average Common Shares Outstanding to Diluted Weighted-Average Shares Outstanding (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Basic weighted-average common shares outstanding | 63,722,795 | 51,345,112 | 57,541,476 | 51,925,657 |
Dilutive stock options | 1,773,609 | 230,254 | 0 | 198,001 |
Dilutive restricted stock units | 4,926 | 0 | 0 | 0 |
Diluted weighted-average common shares outstanding | 65,501,330 | 51,575,366 | 57,541,476 | 52,123,658 |
Earnings per Share - Exclusions
Earnings per Share - Exclusions from Calculation of Weighted-Average Shares Outstanding Assuming Dilution Due to Anti-Dilutive Effect of Common Stock Equivalents (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-Dilutive Common Stock Equivalents | 0 | 2,068,000 | 3,681,678 | 2,560,000 |
Stock Options [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-Dilutive Common Stock Equivalents | 0 | 2,068,000 | 3,633,314 | 2,560,000 |
Restricted Stock Units [Member] | ||||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||||
Anti-Dilutive Common Stock Equivalents | 0 | 0 | 48,364 | 0 |
Contingently Redeemable Commo66
Contingently Redeemable Common Stock - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jan. 28, 2017 | Apr. 29, 2017 | |
Temporary Equity [Line Items] | ||
Reclassification from temporary equity to permanent equity | $ 35,371 | |
Common Class A [Member] | ||
Temporary Equity [Line Items] | ||
Reclassification of contingently redeemable common stock, shares | 1,607,760 | 1,607,760 |
IPO [Member] | ||
Temporary Equity [Line Items] | ||
Reclassification from temporary equity to permanent equity | $ 35,400 |
Stock Compensation - Additional
Stock Compensation - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 02, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | Feb. 01, 2017 | Oct. 29, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, shares vested | 1,528,000 | ||||||
Stock options outstanding | 0 | 0 | 1,664,000 | ||||
Stock options vested , fair value | $ 0 | $ 0 | $ 9,100 | ||||
Stock option, accelerated share based compensation expense | $ 16,200 | ||||||
Stock options vested , fair value | $ 26,500 | ||||||
IPO [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Price per share | $ 22 | $ 22 | $ 22 | $ 22 | |||
Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, compensation cost | $ 2,700 | $ 2,700 | |||||
Stock Options [Member] | Share based compensation to be recognized potentially [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | 500 | ||||||
Stock Options [Member] | IPO [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 4,400 | ||||||
Share-based compensation arrangement by share-based payment award, shares vested | 1,200,000 | ||||||
Stock Options [Member] | Maximum [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Share-based compensation arrangement by share-based payment award, expiration period | 10 years | ||||||
Performance Based Stock Option [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Payment to redeem performance based stock options | $ 0 | $ 4,800 | $ 3,300 | $ 9,900 | |||
Restricted Stock Units [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units, Granted | 48,364 | 48,364 | |||||
Restricted Stock Units [Member] | Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units, Granted | 43,575 | ||||||
Vesting period | 4 years | ||||||
Restricted Stock Units [Member] | Tranche Two [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Restricted stock units, Granted | 4,789 | ||||||
Vesting period | 1 year | ||||||
Selling, General and Administrative Expenses [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Stock-based compensation expense | $ 300 | $ 5,600 | $ 25,800 | $ 11,200 | |||
The 2010 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Common stock, capital shares reserved for future issuance | 8,000,000 | 8,000,000 | |||||
Common stock, remaining shares available for issuance | 4,449,176 | 4,449,176 | |||||
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 | 8,000,000 | |||||
Common stock, remaining shares available for issuance | 7,951,636 | 7,951,636 |
Stock Compensation - Summary of
Stock Compensation - Summary of Restricted Stock Units Outstanding (Detail) - Restricted Stock Units [Member] - $ / shares | 3 Months Ended | 6 Months Ended |
Apr. 29, 2017 | Apr. 29, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted | 48,364 | 48,364 |
Outstanding Balance | 48,364 | 48,364 |
Granted | $ 25.06 | |
Outstanding Balance | $ 25.06 | $ 25.06 |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring | $ 335 | $ (215) | $ 2,800 | $ 1,199 | $ 2,750 | $ 700 |
Goshen Bus [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Restructuring | $ 1,199 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Changes in Restructuring Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | |
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | $ 881 | |||||
Expenses Incurred | $ 335 | $ (215) | $ 2,800 | 1,199 | $ 2,750 | $ 700 |
Amounts Paid | (2,080) | |||||
Balance | 881 | |||||
2016 - Companywide [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 567 | |||||
Amounts Paid | (567) | |||||
Balance | 567 | |||||
Goshen Bus [Member] | ||||||
Restructuring Cost and Reserve [Line Items] | ||||||
Balance | 314 | |||||
Expenses Incurred | 1,199 | |||||
Amounts Paid | $ (1,513) | |||||
Balance | $ 314 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | |
Income Tax Disclosure [Abstract] | ||||
Effective income tax rate | 36.50% | 38.30% | ||
Deferred tax assets valuation allowance | $ 0 | $ 0 | ||
Unrecognized tax benefits | 3,100,000 | 3,100,000 | $ 2,900,000 | |
Unrecognized tax benefits that would affect the annual effective rate if recognized | $ 1,100,000 | $ 1,100,000 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Contingent Liabilities (Detail) - USD ($) $ in Thousands | Apr. 29, 2017 | Oct. 29, 2016 |
Loss Contingencies [Line Items] | ||
Performance, bid and specialty bonds | $ 157,343 | $ 156,972 |
Contingent liability in favor of third parties | 162,261 | 163,123 |
Letter of Credit [Member] | ||
Loss Contingencies [Line Items] | ||
Open standby letters of credit | $ 4,918 | $ 6,151 |
Commitments and Contingencies73
Commitments and Contingencies - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Apr. 29, 2017 | Oct. 29, 2016 | |
Loss Contingencies [Line Items] | ||
Contingent liability under purchase agreements for future chassis inventory purchases | $ 68,400,000 | $ 77,600,000 |
Repurchase agreement | 2 years | |
Represents the gross value of all vehicles under repurchase agreements | $ 228,800,000 | 213,700,000 |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Estimated loss exposure under contract | $ 600,000 | $ 600,000 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Related Party Transaction [Line Items] | ||||
Software development and installation expense with related party | $ 1.3 | $ 0.7 | $ 2.7 | $ 1.3 |
Primary Equity Holder [Member] | ||||
Related Party Transaction [Line Items] | ||||
Selling, general and administrative expenses charged by primary equity holder | 0.2 | 0.1 | 0.3 | 0.1 |
Management [Member] | ||||
Related Party Transaction [Line Items] | ||||
Rent expense | 0.2 | 0.1 | 0.3 | 0.3 |
IT Consulting Company [Member] | ||||
Related Party Transaction [Line Items] | ||||
Software development and installation expense with related party | $ 0.5 | $ 0.5 | $ 1.1 | $ 0.6 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 6 Months Ended |
Apr. 29, 2017Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Business Segment Information 76
Business Segment Information - Schedule of Selected Financial Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | |||||
Net sales | $ 545,316 | $ 480,229 | $ 988,253 | $ 853,009 | |
Depreciation and amortization | 7,853 | 5,387 | 15,274 | 10,259 | |
Capital expenditures | 18,541 | 11,194 | 37,165 | 23,001 | |
Identifiable assets | 1,175,431 | 897,714 | 1,175,431 | 897,714 | $ 889,019 |
Fire and Emergency Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 219,002 | 177,469 | 404,373 | 305,825 | |
Depreciation and amortization | 2,819 | 1,980 | 5,628 | 3,879 | |
Capital expenditures | 3,570 | 2,415 | 7,569 | 3,909 | |
Identifiable assets | 574,220 | 453,570 | 574,220 | 453,570 | |
Adjusted EBITDA | 24,399 | 21,451 | 41,112 | 36,783 | |
Commercial [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 159,524 | 176,363 | 289,745 | 316,814 | |
Depreciation and amortization | 1,748 | 1,956 | 3,678 | 4,080 | |
Capital expenditures | 1,269 | 259 | 2,068 | 745 | |
Identifiable assets | 265,619 | 253,315 | 265,619 | 253,315 | |
Adjusted EBITDA | 14,663 | 14,999 | 22,837 | 20,177 | |
Commercial [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 2,980 | 2,980 | |||
Recreation [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 166,337 | 126,397 | 293,043 | 230,370 | |
Depreciation and amortization | 2,599 | 931 | 4,756 | 1,679 | |
Capital expenditures | 428 | 4,275 | 2,160 | 12,597 | |
Identifiable assets | 247,830 | 165,583 | 247,830 | 165,583 | |
Adjusted EBITDA | 7,292 | 2,810 | 10,065 | 1,012 | |
Recreation [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 4,318 | 2,810 | 6,482 | 5,372 | |
Corporate and Other [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | 453 | 1,092 | |||
Depreciation and amortization | 687 | 520 | 1,212 | 621 | |
Capital expenditures | 13,274 | 4,245 | 25,368 | 5,750 | |
Identifiable assets | 87,762 | 25,246 | 87,762 | 25,246 | |
Adjusted EBITDA | (8,793) | (6,913) | (15,342) | (10,594) | |
Corporate and Other [Member] | Intersegment Eliminations [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Net sales | $ (7,298) | $ (2,810) | $ (9,462) | $ (5,372) |
Business Segment Information 77
Business Segment Information - Reconciliation of Segment Adjusted EBITDA to Net Loss Before Benefit for Income Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
Apr. 29, 2017 | Apr. 30, 2016 | Jan. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | Oct. 29, 2016 | |
Segment Reporting Information [Line Items] | ||||||
Depreciation and amortization | $ (7,853) | $ (5,387) | $ (15,274) | $ (10,259) | ||
Interest expense | (3,416) | (6,776) | (10,893) | (13,463) | ||
Transaction expenses | (1,861) | (1,385) | (2,239) | (1,385) | ||
Sponsor expenses | (207) | (100) | (338) | (125) | ||
Restructuring costs | (335) | 215 | $ (2,800) | (1,199) | (2,750) | $ (700) |
Stock-based compensation expense | (311) | (5,563) | (25,817) | (11,246) | ||
Non-cash purchase accounting | 746 | 1,211 | ||||
Loss on early extinguishment of debt | (11,920) | (11,920) | ||||
Income (loss) before provision (benefit) for income taxes | 10,912 | 13,351 | (10,219) | 8,150 | ||
Fire and Emergency Segment [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 24,399 | 21,451 | 41,112 | 36,783 | ||
Depreciation and amortization | (2,819) | (1,980) | (5,628) | (3,879) | ||
Commercial [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 14,663 | 14,999 | 22,837 | 20,177 | ||
Depreciation and amortization | (1,748) | (1,956) | (3,678) | (4,080) | ||
Recreation [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | 7,292 | 2,810 | 10,065 | 1,012 | ||
Depreciation and amortization | (2,599) | (931) | (4,756) | (1,679) | ||
Corporate and Other [Member] | ||||||
Segment Reporting Information [Line Items] | ||||||
Adjusted EBITDA | (8,793) | (6,913) | (15,342) | (10,594) | ||
Depreciation and amortization | $ (687) | $ (520) | $ (1,212) | $ (621) |
Comprehensive Income - Summary
Comprehensive Income - Summary of Components of Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Apr. 29, 2017 | Apr. 30, 2016 | Apr. 29, 2017 | Apr. 30, 2016 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Changes | $ 113 | $ (637) | $ 132 | $ (179) |
Accumulated Net Gain (Loss) from Derivative Adjustments [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | (20) | 58 | ||
Changes | 112 | (399) | ||
Ending balance | 92 | (341) | 92 | (341) |
Accumulated Net Unrealized Investment Gain Loss All Other [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 57 | (84) | ||
Changes | 39 | 220 | ||
Ending balance | 96 | 136 | 96 | 136 |
AOCI Attributable to Parent [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 39 | (26) | ||
Changes | 132 | (179) | ||
Ending balance | 171 | $ (205) | 171 | $ (205) |
Translation adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Beginning balance | 2 | |||
Changes | (19) | |||
Ending balance | $ (17) | $ (17) |