REV Group, Inc. (NYSE: REVG)
Investor Presentation June 2017
Vehicles for Life Cautionary Statements & Non-GAAP Measures
Forward-Looking Statements
This presentation includes statements that the Company believes to be “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. This presentation includes statements that express our opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results and therefore are, or may be deemed to be, “forward-looking statements.” These forward-looking statements can generally be identified by the use of forward-looking terminology, including the terms “believes,” “estimates,” “anticipates,” “expects,” “strives,” “goal,” “seeks,” “projects,” “intends,” “forecasts,” “plans,” “may,” “will” or “should” or, in each case, their negative or other variations or comparable terminology. They appear in a number of places throughout this presentation and include statements regarding our intentions, beliefs, goals or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. Our forward-looking statements are subject to risks and uncertainties, including those highlighted under “Risk Factors” and “Cautionary Statement on Forward-Looking Statements” in our most recent prospectus and other risk factors described from time to time in subsequent annual and quarterly reports on Forms 10-K and 10-Q, which may cause actual results to differ materially from those projected or implied by the forward-looking statement.
Forward-looking statements are based on current expectations and assumptions and currently available data and are neither predictions nor guarantees of future events or performance. You should not place undue reliance on forward-looking statements, which only speak as of the date hereof. We do not undertake to update or revise any forward-looking statements after they are made, whether as a result of new information, future events, or otherwise, expect as required by applicable law.
Note Regarding Non-GAAP Measures
The Company reports its financial results in accordance with U.S. generally accepted accounting principles (“GAAP”). However, management believes that the evaluation of the Company’s ongoing operating results may be enhanced by a presentation of Adjusted EBITDA and Adjusted Net Income, which are non-GAAP financial measures. Adjusted EBITDA represents net income before interest expense, income taxes, depreciation and amortization as adjusted for certain non-recurring, one-time and other adjustments which the Company believes are not indicative of our underlying operating performance. Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by total net sales. Adjusted Net Income represents net income as adjusted for certain after-tax, non-recurring, one-time and other adjustments which the Company believes are not indicative of our underlying operating performance as well as for the add-back of certain non-cash intangible amortization and stock-based compensation.
The Company believes that the use of Adjusted EBITDA and Adjusted Net Income provide additional meaningful methods of evaluating certain aspects of its operating performance from period to period on a basis that may not be otherwise apparent under GAAP when used in addition to, and not in lieu of, GAAP measures. A reconciliation of Adjusted EBITDA and Adjusted Net Income to the most closely comparable financial measures calculated in accordance with GAAP is included in the Appendix to this presentation.
2 Investment Highlights
1 A Market Leader with Iconic Brands and One of the Largest Installed Bases of Vehicles
Serves Attractive, Diverse & Growing End-Markets with Strong Macro Tailwinds & 2 Significant Pent-Up Demand
Multiple Controllable Growth & Synergies Levers to Drive Significant Earnings Growth 3 and a 10% EBITDA Margin by 2019
Opportunity to Leverage Proven Track Record of Successful Acquisitions to Realize 4 Incremental Upside from M&A
5 Unique and Attractive Financial Profile
6 Proven, Experienced and Aligned Management Team
3 REV Group Specialty Vehicle Provider of Choice for Municipalities, Private Contractors, Commercial, and Industrial Customers Customers purchase REV products because of our reputation for quality, value, and reliability
Fire & Emergency Commercial Recreation
#1 manufacturer of ambulances #1 manufacturer of Small & Fast growing market share in 2016 and #2 in fire apparatus1,2 Medium Size commercial buses3 in Class A Diesel & Gas Motorized RVs4
1 National Truck Equipment Association (“NTEA”) Ambulance Manufacturers Division (“AMD”) industry unit volumes. 2 Fire Apparatus Manufacturers' Association (“FAMA”) unit volume data; custom chassis only. 3 Management estimate. 4 Market share based on year to date October 2016 data from Statistical Surveys, Inc. 4 One of the Industry’s Broadest Product Portfolios of Specialty Vehicles
REV has a diverse portfolio of vehicles, each distinctly positioned to target specific customer requirements & price points
Segment Product Line
Aircraft Rescue Fire Ambulance Pumper / Tanker Fighter Type II Fire & Emergency
Aerial Fire Truck Ambulance Ambulance Type I with Ladder Type III
Type A School Terminal Trucks Sweepers Buses
Commercial
Transit Bus Shuttle Bus Mobility Van
Class C Class A Diesel Class B Recreation Class Super C Class A Gasoline
5 REV at a Glance
A leading diversified producer of specialty vehicles in the U.S.
Company Overview Sales Mix¹
By Segment By Vehicle Type By Geography REV Group, Inc. (“REV”) is a leading North American designer, manufacturer, International and distributor of specialty vehicles and 3% related aftermarket parts and services Motorized Ambulance Recreation Fire & RV Leading market share across 3 24% 25% Emergency 25% segments: Fire & Emergency, 40% Specialty Fire Commercial, and Recreation Commercial 6% Apparatus U.S. 35% 16% 97% 29 iconic brands, several of which Transit Bus Type A pioneered their categories 7% Commercial School Bus 18 manufacturing and 11 aftermarket Bus 7% service locations across the country 16% By Customer Type By Vehicles / Aftermarket By Channel Macro tailwinds driving growth including rising municipal spending, a growing Industrial / Aftermarket Commercial Parts / Service aged population, increasing urbanization 4% Private 8% and pent-up demand Contractor Diversified customer base - no customer 13% Direct 19% accounts for greater than 6% of total Govt. / sales in FY2016 Muni. Consumer 54% Nationwide distribution network including 25% Dealer Vehicles dealerships and direct sales Most vehicle 81% sales represent 96% Ideal platform to continue consolidating replacement of existing products fragmented specialty vehicle industry Aftermarket sales represent a growing portion of revenue
2 ¹ Represents FY2016 period ending Oct. 29, 2016; management estimates. Proforma TTM Sales (2Q 2017): $2.1 billion 2 Proforma trailing twelve month net sales to include full year impact of Renegade, Midwest and Ferrara acquisitions.
6 A Leading Plant and Service Network
Our manufacturing and aftermarket service network provides us with a competitive advantage
National Manufacturing, Sales, & Service Footprint Significant Scale Advantages RTC for Fire Apparatus Latham, NY Milwaukee, WI Savings through centralized purchasing – South Hutchinson, KS Decatur, IN Salina, KS Hamburg, NY products share similar supply chain, engineering and manufacturing processes Bristol, IN Elkhart, IN Imaly City, MI Nesquehoning, PA Economies of scale in manufacturing RTC for RVs Coburg, OR RTC for Fire Apparatus Production flexibility based on utilization Rockaway, NJ levels RTC for RVs Decatur, IN Columbus, OH Nationwide footprint with facilities located strategically close to key transportation RTC for Fire RTC for Fire Apparatus Apparatus Roanoke, VA centers and customers Ontario, CA
Ambulance Remount Facility Jefferson, NC Jefferson, NC Holden, LA Why This Matters South EI Ocala, FL Monte, CA RTC for Fire & RTC for Fire & Emergency Emergency RTC for Fire & Ocala, FL Dallas, TX RTC for RVs Emergency Sharing best practices and quality / safety Houston, TX Alvarado,TX standards in manufacturing processes / RTC for Fire & Riverside, CA Orlando, FL Longview, TX Emergency Reduction of delivery costs and lead times Dania Beach, FL Miami, FL 4 Bus Plants 1 Specialty Plant 8 Fire & Emergency Plants 5 RV Plants Ability to offer high degree of product customization to satisfy most complex 3 REV Technical Centers 8 REV Technical Centers 2 REV Corp. Offices (“RTC”) for RVs for Fire & Emergency customer requirements 18 manufacturing locations and 11 aftermarket service centers Ease in integration of acquisitions Over 5 million square feet of manufacturing and aftermarket service space 3 parts warehouses: Dallas, Tulsa and Jefferson Bus Customers With Access to More than 100 National Ryder Service Facilities
7 Large Installed Base Drives Significant Recurring Replacement Sales
Replacement demand for the aging fleet of REV’s products represents a significant revenue growth opportunity
Replacement Value of REV’s Installed Base Average Life Cycle & Selling Price Why Customers Choose REV for Replacement
Pumper trucks: Aerial Fire trucks: Repeat purchase Fire 10-12 years 20-30 years to match in- ($160k - $650k) ($475k - $1.2mm) service fleets Brand loyalty and Ambulance reputation for Ambulance: value, quality, and 5-7 years ($65k - $350k) Bus reliability
~$32 Specialty Shuttle bus: Transit bus: School bus: Long-standing 5-10 years 12 years 8-10 years customer billion ($40k - ($100k- ($35k - relationships Replacement $190k) $500k) $55k) value of REV’s Broad, in-service fleet1 customizable Specialty vehicles: vehicle platform RV 5-7 years ($25k - $165k) Superior product quality and safety
Recreation vehicles: Network of 8-15 years ($65k - $600k) aftermarket parts and service centers Source: Management estimate Note: Replacement sales opportunity is calculated as the average number of annual units sold multiplied by the average useful life multiplied by the average selling price. 1 Excludes installed fleet of FY2017 acquired businesses
8 Growing End-Markets Benefit from Significant Incremental Pent-up Demand
REV’s end-markets have positive tailwinds across each segment as unit sales continue to trend toward pre-recession levels Key Facts & Commentary End-Market Growth
Fire & Fire Apparatus Unit Sales Ambulance Unit Sales Emergency Cumulative Pent-up Cumulative Pent-up Aging population and urbanization 12,000 Demand of 11,000 units 12,000 Demand of 4,000 units drives demand 10,000 10,000 8,000 8,000 Fire and Ambulance demand rising 6,000 6,000 since 2011 4,000 4,000 Pent-up demand of 15,000 units for 2,000 2,000 fire apparatus & ambulances since 0 0 '01 '03 '05 '07 '09 '11 '13 '15 '01 '03 '05 '07 '09 '11 '13 '15 40% of Total 2008 recession Pre-2008 Average Pre-2008 Average Sales (PF2 44%) Actual Actual Cumulative Pent-up Demand Cumulative Pent-up Demand
Commercial Shuttle Bus Unit Sales (000s) U.S. School Bus Sales (000s) Growth expected Urbanization increasing demand for to continue buses 45.2 14.7 14.9 13.1 13.3 32.6 35.5 36.2 Unit Sales below 12.3 Com Outsourcing of transportation services 28.2 2006 peak
Legislated replacement requirements 35% of Total 2 Sales (PF 29%) 2006 2009 2012 2015 2016 2006 2009 2012 2015 2016
Motorized RV Unit Sales (000s) Class A Motorized RV Unit Sales (000s) Recreation Poised for long-term growth with industry recovery 57.2 55.9 54.9 47.3 36.3 Increasing participation rates 32.7 demonstrate long-term trend toward 28.2 (000s) 21.9 22.4 RV ownership 13.2 14.5 5.9 25% of Total Recreation sales below pre-recession Sales (PF2 27%) average Pre-Rec. 2006 2009 2012 2015 2016 Pre-Rec. 2006 2009 2012 2015 2016 Avg. Avg. Pre-Recession Avg.¹ Pre-Recession Avg.¹ Source: FAMA, NTEA AMD, RVIA, Mid-Size Bus Manufacturers Association (“MSBMA”), Management Estimate ¹ Pre-recession average reflects the average from 1989 to 2007. 2 Proforma for FY2017 acquisitions using TTM sales through April FY2017.
9 Unique Opportunity to Benefit from Key Long-Term Macro Trends
REV is well-positioned at the convergence of several long-term trends in demographics and municipal and transportation spending
Approx. Share of Key Long-Term Trends Product Impact Revenue Impacted6
Ambulances, fire apparatus U.S. Aging Population 56mm consumers between ages of 55 & Demographics Mobility vans 70 by 2020; 27% greater than in 20101 RVs
U.S. State & Local Tax Revenue Municipal Ambulances, fire apparatus 2 2011 to 2015 CAGR of 4.7% and Transit buses U.S. State & Local Infrastructure School buses Transportation Spending Spending Sweepers 2016 to 2021 CAGR of 3.5%3
Ambulances, fire apparatus U.S. Urban Population Expected to increase 85 million by Urbanization School buses, transit buses 20504 Shuttle buses, sweepers
U.S. Disposable Income Consumer RVs, mobility vans, and 2016 to 2020 CAGR of 5.2%5 Spending luxury buses
1 RVIA estimates. 2 US Census Bureau. 3 USgovernmentspending.com. 4 UN World Urbanization Prospects. 5 US Bureau of Economic Analysis, US Bureau of Labor Statistics. 6 Share of revenue impacted calculated by summing the relevant pie segments impacted in the Sales Mix by Vehicle Type pie chart. See page 6 for reference.
10 Multiple Controllable Growth Levers Many Achievable Paths to Significant EBITDA Growth
Well-defined roadmap to drive EBITDA growth over the long-term with additional upside through M&A, further end market recovery, and entry into new adjacent market segments Upside vs. Plan ~10% EBITDA Margin G ~6% Adj. E F D EBITDA Margin C B $1271 A
2016 Adj. Cost & Aftermarket Market New Conservative Long-term M&A Upside Market Recovery EBITDA EBITDA Efficiency Growth Share Products and Market EBITDA Margin Upside with Upside Growth Initiatives Growth Target Opportunity A B C D Cost & Efficiency Aftermarket Growth Market Share Growth New Products and Initiatives • Continued facility consolidation • ~$800mm annual sales • Continue broadening dealer • Ambulance remounts and optimization opportunity coverage • Continued product innovation • Cost of quality / warranty • ~$32 billion installed base • Entrance into previously under- expands addressable market reduction addressed end-markets • Higher margin opportunity • At least 11 new products to • RV re-entry into Class C category • Procurement optimization launch in 2017 and improved Class A share E F G Conservative Market Growth M&A Upside Market Recovery Upside • F&E: Municipal spending and • Highly fragmented market • Many end-markets are still below pent-up demand historical averages Controllable Factors • Large number of bolt-on • Commercial: Urbanization, aging opportunities • Significant upside if end-markets population, municipal spending continue to recover to pre- Incremental Upside • Potential for transformative M&A recession levels • Recreation: Continued recovery in volumes to pre-recession levels Note: These targets are forward-looking, are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. ¹ FY2016 Adj. EBITDA of $127mm, including the $4mm Adj. EBITDA adjustment for KME operations prior to acquisition.
11 Multiple Controllable Growth Levers Large Aftermarket Parts Growth Opportunity
REV believes the aftermarket parts opportunity for its vehicles in service is ~$800 million annually
REV Aftermarket Opportunity & REV Market Share of ~$800 million Parts Opportunity Capabilities
Current Market Share2 Upside Opportunity 11 RTC Facilities REV 9% Expand market ~240,000 share in high ~$800 Unit Installed 1 margin million Base aftermarket parts and service Total annual value of ~$27 REV aftermarket million parts opportunity Investment in FY2015-2016 Dedicated management team to oversee aftermarket business executing comprehensive aftermarket strategy Online Investing in building out capabilities Technology Centralizing aftermarket parts and services business to broaden market coverage Platform Establishing a web-based platform to provide customers with real REV announced the start of a new service partnership time data on parts availability with Ryder System, Inc. during the quarter to enhance Establishing new partnerships to enhance capabilities and service for our bus dealers and customers availability of parts in efficient manner 1 Installed base based on management estimates and does not include businesses acquired in FY2017. 2 Market share based on FY 2016 results.
12 Significant Upside in Recreation Segment
Executing on numerous initiatives to drive growth and recapture share
RV Upside Opportunity in Revenue and Margin Strategy Highlights
Revenue Opportunity Focus on recapturing share that REV brands held prior to 2008 REV Brands’ $2.0 billion in pre-recession Motorized RV Sales ($ million) motorized RV sales Motorized Re-introduction of the Holiday Market ~7%¹ ~36% One of the fastest growing Class Rambler and Monaco product Share ~$2,000 A producers from October 2015 lines to October 2016 (+~120 bps of share) Re-introduction of Class C $478 Launch of Class C targets fast motorhomes and entry into growing portion of the RV Super C category 2016 Historical² market (~22,100 units) Entry into the Class B product Margin Opportunity³ category
9.3% 9.4% Long-term opportunity to Focus on quality and parts improve margins in line with support, and service offerings to peers differentiate from competitors
3.4% Focus on manufacturing New online parts ordering 2.3% processes, quality and facility system rationalization to improve margins REV Rec - REV Rec - THO WGO Optimizing dealer network, FY 2016 YTD 2017 brand, and product positioning Source: Management estimates. Market share from Statistical Surveys, Inc. 1 As of Oct-2016. 2 Represents sales in calendar year 2005 as segments of larger public companies. 3 REV RV segment EBITDA margins reflect FY2016 and YTD April FY2017. Peers EBITDA margin represents the following LTM periods: THO (31-Oct-16), & WGO (Aug-16, pro forma for Grand Design acquisition).
13 Diversified, Blue Chip Customer Base
Diversified customer base with long-standing relationships
Customer Highlights Percent of Sales to Top 10 Customers¹
Diversified, blue-chip customer base primarily in the U.S.
Customer base includes direct customers and customers who purchase through approximately 575 dealers
Other Customers Long-standing relationships dating back decades 75% Relationships with top 10 customers average Multi-year orders from leading municipalities ~20 years
No customer accounts for greater than 6% of total sales Top 10 customers make up only ~25% of total revenue¹ Long-standing, strong customer relationships built through consistent quality and service over time
Industry Leading Customers & Dealer Network
¹ Represents FY2016.
14 REV is a Consolidator Disrupting the Specialty Vehicle Industry One of the Industry’s most active acquirers in the past decade
REV has created a unique platform to drive growth
REV is poised to capitalize on momentum to continue redefining the specialty vehicle industry Unique size and scale amongst specialty vehicle manufacturers As a multi-line producer, offers unique cross-selling and cost synergy opportunities Differentiated business model versus competitors Three strategic acquisitions completed in the first half of FY2017 $1.2 billion in Sales1 ASV is formed
1960s Several brands $1.9 billion founded their in Sales2 specialty vehicle segments and date back more Tim Sullivan than 50 years becomes ASV CEO
ASV renamed and rebranded REV Group
Acquisitions
Milestones 2006 2008 2010 2012 2014 2015 2016 2017
AIP Portfolio Companies Future
¹ Represents FY 2013. 2 Represents FY 2016.
15 Renegade RV Class C RVs and specialty trailers, including “Super C” RV niche with high towing capacity
Complimentary RV products that will accelerate REV Group’s expansion into the Class C RV market
Product and service offerings: • “Super C” Motor Coaches • Sprinter Class C Motor Coaches • Heavy-Duty Trailers • Other Specialty vehicles
Synergy Opportunities: • RV dealer network expansion • New product introductions • Procurement savings • Rationalize manufacturing space between all RV facilities
16 Midwest Automotive Designs Class B RVs, van-based luxury shuttle buses and high-end mobility vehicles
Mercedes-Benz Master “Upfitter” of Class B RVs and Luxury Shuttle Buses
Custom built luxury van-based vehicles in the following categories: • Class B RVs • Business/Executive Transport • Customized Van Conversions • Customized mobility vans
Synergy Opportunities: • RV dealer network expansion • Procurement savings • Production process improvements • Rationalize manufacturing space between all RV facilities
17 Ferrara Fire Apparatus Full line custom and commercial fire apparatus as well as distributor of loose equipment
Based in Holden, LA with 300,000 square feet of manufacturing space and more than 450 employees
Custom built Fire Apparatus in the following categories: • Pumpers • Aerials • Tankers • Rescue and Wildland Vehicles
Synergy Opportunities: • Key customer & geographic expansion • Procurement leverage with E- ONE and KME • Ladder production • Implementation of manufacturing best practices • Loose equipment and parts sales growth
18 New Product Introductions – Driving Product Leadership 6 new products and a new service offering in 2Q17
Ambulance of the Future New Chrysler Pacifica E-ONE 100’ Metro Quint Aerial
Krystal Luxury Sprinter Van Ford Transit Hotel Van Renegade Valencia Super C
19 Unique and Attractive Financial Profile
Attractive characteristics including highly variable cost structure and balance sheet flexibility
COGS Breakdown 85% of costs of goods sold are variable Other COGS Highly 85% of Variable COGS Focus on achieving ~10% long-term EBITDA Manufacturing Cost margin target Overhead Labor Materials are (ex. variable Structure Chassis) Scaled and synergistic platform leveraging Chassis procurement, engineering, distribution, and support functions across business
Cash and equivalents of $13.9 million with Balance Sheet metrics as of 2Q 2017 additional availability of $136.6 million under our Net Debt existing credit facilities $324 7.0x $350 $304 $318 $321 5.9 4.4 4.4 4.6 $300 $268 4.2 Flexible Current balance sheet leverage of 1.6x based on 5.0x balance $250 current debt of $268 million to trailing year 2.7 2.7 3.0x 1.9 sheet proforma adjusted EBITDA of $156 million1 $200 1.7 $150 2.3
$ $ millions in 1.0x $100 Q2 2016Q3 2016Q4 2016Q1 2017Q2 2017 Interest expense coverage ratio of 5.9x on a proforma basis1 Q2 Q3 Q4 Q1 Q2 Net Debt to Adjusted EBITDA 2016 2016 2016 2017 2017 Adjusted EBITDA to Interest Expense Backlog April FY2017 ($ million) Primarily replacement nature of demand and, in RV Total Visible many products, backlog provides revenue visibility Commercial $113 $990 and $241 Recurring F&E $636 Revenue Strong growth potential in recurring parts sales with highly attractive margins
Source: Company management. Note: These targets are forward-looking, are subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the control of the Company and its management, and are based upon assumptions with respect to future decisions, which are subject to change. Actual results may vary and these variations may be material. For discussion of some of the important factors that could cause these variations, please consult the "Risk Factors" section of the prospectus. Nothing in this presentation should be regarded as a representation by any person that these goals will be achieved and the Company undertakes no duty to update its goals. 1 Proforma for FY2017 acquisitions through April FY2017.
20 Consolidated REVG Second Quarter 2017 Results Adjusted EBITDA growth in excess of sales growth highlights operating leverage and cost agenda Broad based earning growth from controllable costs reduction initiatives and operating leverage
Strong 14% sales growth due to F&E, Recreation and the impact of acquisitions
$560 $38 $38 12% 20 basis point year-over-year $545 $37 11% improvement in gross margin $540 $36 driven by our cost reduction 10% $520 $35 initiatives and reduced discounting 9% $34 $500 8% $33 Adjusted EBITDA growth of 16% $32 $480 7% highlights embedded leverage in (millions) $ Sales $480 $32 6.7% 6.9% 6% $31
REV business model and margin (millions) $ EBITDA Adjusted $460 Adjusted EBITDA Margin % focus $30 5%
$440 $29 4% 2Q 2017 Adjusted Net Income1 of 2Q 2016 2Q 2017 2Q 2016 2Q 2017 Adjusted EBITDA(1) $19.0 million is 33% higher than a Net sales year ago
TTM Proforma net sales and adjusted EBITDA of $2.1 billion and $155.9 million
¹ Total Company net loss was $3.0 million and $15.0 million for Q1 2016 and Q1 2017, respectively. Total Company net loss margin was 0.8% and 3.0% for Q1 2016 and Q1 2017, respectively. For a reconciliation of net loss to Adjusted Net Income and Adjusted EBITDA, see the Appendix to this presentation.
21 Updated Full Year 2017 Outlook Double digit sales growth coupled with even greater Adjusted EBITDA growth
REV Group increases it’s full year 2017 Net Sales and Adjusted EBITDA guidance
Updated Full Year 2017 Outlook
Net Sales of $2.3 billion to $2.4 billion
Adjusted EBITDA of $157 million to $162 million1
This outlook does not include potential additional future M&A
¹ Updated Full year 2017 forecasted net income is $36 to $39 million.
22 Proven and Experienced Management Team
The right team with the right vision, experience and know-how to lead a public company
Tim Sullivan Dean Nolden Tom Phillips Marcus Berto Barbara Stephens Pam Krop Chief Executive Chief Financial Chief Operating Executive Chief HR Officer General Counsel Officer Officer Officer Vice President
Bob Collins Dan Peters John Walsh Jim Jacobs President, REV President, President, President, REV Ambulance Group REV Fire Group REV Bus Group Recreation Group
Over 300 years of collective experience at industry leaders having completed over 100 M&A transactions during their combined careers
Source: Company Filings , Company Website, S-1.
23 Takeaways
Investment Highlights 2017 YTD Update
Market Leader with Iconic Brands and Added 3 New Brands Expanding Our 1 Large Installed Base Installed Base
Diverse and Growing End-Markets with Continued Strength in End-Markets with 2 Strong Tailwinds and Pent-up Demand Seasonally Strong 2H Ahead
Controllable Growth Synergy Levers to Expanded Adjusted EBITDA Margins in 3 Drive EBITDA Margins to 10% by 2019 All 3 Segments in 1H17
Opportunity to Leverage Track Record of Completed 3 Strategic Acquisitions 4 Successful M&A Benefiting All 3 Segments
Maintaining Balance Sheet Flexibility 5 Unique and Attractive Financial Profile and Strong Financial Profile
6 Experienced Management Team
24 25