0001378718-19-000047.txt : 20191126 0001378718-19-000047.hdr.sgml : 20191126 20191125185858 ACCESSION NUMBER: 0001378718-19-000047 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 16 CONFORMED PERIOD OF REPORT: 20191125 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Other Events ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191126 DATE AS OF CHANGE: 20191125 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Wesco Aircraft Holdings, Inc CENTRAL INDEX KEY: 0001378718 STANDARD INDUSTRIAL CLASSIFICATION: WHOLESALE-HARDWARE [5072] IRS NUMBER: 205441563 FISCAL YEAR END: 0930 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35253 FILM NUMBER: 191247333 BUSINESS ADDRESS: STREET 1: 24911 AVENUE STANFORD CITY: VALENCIA STATE: CA ZIP: 91355 BUSINESS PHONE: 661-775-7200 MAIL ADDRESS: STREET 1: 24911 AVENUE STANFORD CITY: VALENCIA STATE: CA ZIP: 91355 FORMER COMPANY: FORMER CONFORMED NAME: Wesco Holdings Inc DATE OF NAME CHANGE: 20061019 8-K 1 wair-9302019x8kcover.htm 8-K Document
false0001378718 0001378718 2019-11-25 2019-11-25


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
 
 
FORM 8-K
 
 
 
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
 
Date of report (Date of earliest event reported): November 25, 2019
 
 
 Wesco Aircraft Holdings, Inc.
(Exact name of registrant as specified in its charter)
Delaware
 
001-35253
 
20-5441563
(State or Other Jurisdiction
of Incorporation)
 
(Commission File Number)
 
(IRS Employer
Identification No.)
 
24911 Avenue Stanford
Valencia, California 91355
(Address of Principal Executive Offices) (Zip Code)
 
Registrant’s telephone number, including area code: (661) 775-7200
  
(Former Name or Former Address, if Changed Since Last Report)
 
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐                 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐                 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
☐                 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
☐                 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
 
Trading Symbol
 
Name of Each Exchange on Which Registered
Common Stock, par value $0.001 per share
 
WAIR
 
New York Stock Exchange

 

1


Item 2.02            Results of Operations and Financial Condition.
 
On November 25, 2019, Wesco Aircraft Holdings, Inc. (the “Company”) announced its financial results for the fiscal quarter ended September 30, 2019. The full text of the press release issued by the Company in connection with the announcement is furnished as Exhibit 99.1 to this Current Report on Form 8-K.
 
The information in this Current Report on Form 8-K (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 (the “Exchange Act”) or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Exchange Act, except as expressly set forth by specific reference in such a filing.

Item 8.01 Other Events.
On August 8, 2019, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Wolverine Intermediate Holding II Corporation, a Delaware corporation (“Parent”), and Wolverine Merger Corporation, a Delaware corporation and a direct wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Parent will acquire the Company for $11.05 per share through the merger of Merger Sub with and into the Company, with the Company surviving as a wholly owned subsidiary of Parent (the “Merger”). Parent and Merger Sub are affiliates of Platinum Equity Advisors, LLC, a U.S.-based private equity firm. The closing of the Merger is subject to customary closing conditions, including regulatory approvals in the U.K., Germany, Poland and Canada.
On October 14, 2019, the Federal Cartel Office (Bundeskartellamt) of Germany confirmed that the Merger does not restrict competition in Germany, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Germany.
On October 18, 2019, the President of the Office of Competition and Consumer Protection of Poland granted its consent allowing the Merger, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Poland.
On October 30, 2019, the Commissioner of Competition of Canada issued a no-action letter, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Canada.
On November 8, 2019, Wesco and Parent made the formal filing to the U.K. Competition and Markets Authority (the “CMA”). The CMA has until January 9, 2020, which is 40 working days from the start of its investigation, to make a decision (“CMA Phase 1”). The 40-day limit can also be extended up to 50 working days under certain circumstances. If the CMA is of the view that the Merger could result in a substantial lessening of competition, the CMA could refer the transaction for an in-depth second phase investigation (“CMA Phase 2”). The CMA has 24 weeks (extendable up to an additional eight weeks) from the date of referral to CMA Phase 2 to make its final decision.
As a result, the Merger may close early in the first calendar quarter of 2020, as opposed to the previously anticipated December 2019 closing date.
Forward-Looking Statements
 
Certain statements contained in this document may be considered forward-looking statements within the meaning of U.S. securities laws, including Section 21E of the Exchange Act, including statements regarding the proposed transaction and the ability to consummate the proposed transaction. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date they are made. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors, including, without limitation: (1) the inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; (2) the risk that the Merger Agreement may be terminated in circumstances requiring the Company to pay a termination fee of approximately $39 million; (3) the risk that the Merger disrupts the Company’s current plans and operations or diverts management’s attention from its ongoing business; (4) the effect of the announcement of the Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; (5) the effect of the announcement of the Merger on the Company’s operating results and business generally; (6) the amount of costs, fees and expenses related to the Merger; (7) the risk that the Company’s stock

2


price may decline significantly if the Merger is not consummated; (8) the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against the Company and others; (9) other factors that could affect the results of the Company’s business such as general economic and industry conditions, changes in military spending, a loss of significant customers or a material reduction in purchase orders by significant customers, suppliers’ ability to provide products in a timely manner, in adequate qualities and at a reasonable cost, and the Company’s ability to maintain effective information technology and warehouse management systems; and (10) other risks to consummation of the proposed transaction, including the risk that the proposed transaction will not be consummated within the expected time period or at all.
 
If the proposed transaction is consummated, the Company’s stockholders will cease to have any equity interest in the Company and will have no right to participate in its earnings and future growth. The foregoing review of important factors that could cause actual results to differ from expectations should not be construed as exhaustive and should be read in conjunction with statements that are included herein and elsewhere, including the Company’s filings with the Securities and Exchange Commission (the “SEC”), including the Definitive Proxy Statement filed by the Company on September 13, 2019 and its most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q and Current Reports on Form 8-K filed with the SEC, which are available on the SEC’s website at www.sec.gov. Except as required by applicable law, the Company undertakes no obligation to update any forward-looking statement, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.

Item 9.01            Financial Statements and Exhibits.
 
(d)              Exhibits.
 
Exhibit
Number
 
Description
 
 
 
99.1
 



3


SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
WESCO AIRCRAFT HOLDINGS, INC.
 
 
 
 
 
 
 
Date:
November 25, 2019
By:
/s/ Kerry A. Shiba
 
 
 
Kerry A. Shiba
Executive Vice President and Chief Financial Officer


4
 EX-99.1 2 wair-9302019xex991.htm EXHIBIT 99.1 Exhibit



                                                                                                                                                                                                                                                                                                                    
Exhibit 99.1

wescologoa09.jpg

Wesco Aircraft Holdings Reports
Fiscal 2019 Fourth Quarter and Full Year Results
VALENCIA, Calif., November 25, 2019 - Wesco Aircraft Holdings, Inc. (NYSE: WAIR), one of the world's leading distributors and providers of comprehensive supply chain management services to the global aerospace industry, today announced results for its fiscal 2019 fourth quarter and year ended September 30, 2019.
Fiscal 2019 Fourth Quarter Highlights
•
Net sales of $432.3 million, up 6.3 percent
•
Net loss of $11.0 million, or $0.11 per diluted share
•
Adjusted net income(1) of $10.7 million, or $0.11 per diluted share
•
Adjusted earnings before interest, taxes, depreciation and amortization(1) (EBITDA) of $36.2 million, or 8.4 percent of net sales
•
Net cash provided by operating activities of $37.1 million

Fiscal 2019 Fourth Quarter Consolidated Results
Net sales were $432.3 million in the fiscal 2019 fourth quarter, an increase of 6.3 percent compared with $406.8 million in the same period last year. Sales under long-term contracts increased, primarily due to higher chemical pass-through revenue and related service fees. Ad-hoc sales were higher year-over-year, primarily reflecting increased orders from major customers.
Gross profit was $90.1 million in the fourth quarter of fiscal 2019, compared with $98.8 million in the fiscal 2018 fourth quarter. The decrease in gross profit was primarily due to a decline in gross margin, partially offset by higher sales volume.

1

Selling, general and administrative (SG&A) expenses totaled $86.0 million in the fiscal 2019 fourth quarter, compared with $76.4 million in the same period last year, reflecting expenses associated with the company’s previously announced merger agreement with an affiliate of Platinum Equity Advisors, LLC, a U.S.-based private equity firm, as well as costs related to Wesco 2020 execution.
Income from operations totaled $4.1 million, or 0.9 percent of net sales, in the fiscal 2019 fourth quarter, compared with $22.4 million, or 5.5 percent of net sales, in the same period last year. The decline in income from operations reflects higher SG&A expenses and lower gross profit.
Net loss was $11.0 million, or $0.11 per diluted share, in the fiscal 2019 fourth quarter. Net income in the fiscal 2018 fourth quarter was $7.3 million, or $0.07 per diluted share.
Adjusted net income(1) in the fiscal 2019 fourth quarter was $10.7 million, or $0.11 per diluted share, compared with $18.2 million, or $0.18 per diluted share, in the same period last year.
Adjusted EBITDA(1) was $36.2 million in the fourth quarter of fiscal 2019, compared with $36.7 million in the same period last year. Adjusted EBITDA margin(1) was 8.4 percent, compared with 9.0 percent in the same period last year.
Net cash provided by operating activities totaled $37.1 million in the fiscal 2019 fourth quarter, compared with $36.9 million in the same period last year. The change in net cash provided by operating activities primarily reflects lower overall net working capital usage, partially offset by the decline in net income.
Free cash flow(1) was $32.4 million in the fiscal 2019 fourth quarter, compared with $35.3 million in the same period last year. The decline in free cash flow primarily reflects higher purchases of property and equipment associated with Wesco 2020.
Fiscal 2019 Consolidated Results
Net sales were $1,696.5 million in fiscal 2019, an increase of 8.0 percent compared with $1,570.5 million in fiscal 2018. The increase in net sales was primarily due to higher long-term contracts and ad-hoc sales.
Income from operations totaled $78.5 million, or 4.6 percent of net sales, in fiscal 2019. This compares with income from operations of $109.5 million, or 7.0 percent of net sales in fiscal 2018. The decrease in income from operations was primarily due to higher SG&A expenses associated with Wesco 2020 execution, merger-related activities and higher sales volumes.

2

Net income was $21.4 million, or $0.21 per diluted share, in fiscal 2019, compared with $32.7 million, or $0.33 per diluted share, in fiscal 2018. Adjusted net income(1) was $73.2 million, or $0.73 per diluted share, in fiscal 2019, compared with $75.0 million, or $0.75 per diluted share, in fiscal 2018.
Adjusted EBITDA(1) was $165.2 million in fiscal 2019, compared with $161.2 million in fiscal 2018. Adjusted EBITDA margin(1) was 9.7 percent in fiscal 2019, compared with 10.3 percent in fiscal 2018.
Net cash provided by operating activities was $86.4 million in fiscal 2019, compared with $17.9 million in fiscal 2018. The increase was primarily due to improvements in working capital, which principally reflect lower inventory purchases.
Free cash flow(1) was $65.3 million in fiscal 2019, compared with $12.2 million in fiscal 2018, reflecting the increase in net cash provided by operating activities, partially offset by higher purchases of property and equipment associated with Wesco 2020.
Recent Developments
On August 8, 2019, the company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with Wolverine Intermediate Holding II Corporation, a Delaware corporation (“Parent”), and Wolverine Merger Corporation, a Delaware corporation and a direct wholly owned subsidiary of Parent (“Merger Sub”), pursuant to which Parent will acquire the company for $11.05 per share through the merger of Merger Sub with and into the company, with the company surviving as a wholly owned subsidiary of Parent (the “Merger”). Parent and Merger Sub are affiliates of Platinum Equity Advisors, LLC, a U.S.-based private equity firm. The closing of the Merger is subject to customary closing conditions, including regulatory approvals in the U.K., Germany, Poland and Canada.
On October 14, 2019, the Federal Cartel Office (Bundeskartellamt) of Germany confirmed that the Merger does not restrict competition in Germany, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Germany.
On October 18, 2019, the President of the Office of Competition and Consumer Protection of Poland granted its consent allowing the Merger, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Poland.

3

On October 30, 2019, the Commissioner of Competition of Canada issued a no-action letter, satisfying the applicable closing condition under the Merger Agreement for receipt of competition and merger controls approval in Canada.
On November 8, 2019, Wesco and Parent made the formal filing to the U.K. Competition and Markets Authority (the “CMA”). The CMA has until January 9, 2020, which is 40 working days from the start of its investigation, to make a decision (“CMA Phase 1”). The 40-day limit can also be extended up to 50 working days under certain circumstances. If the CMA is of the view that the Merger could result in a substantial lessening of competition, the CMA could refer the transaction for an in-depth second phase investigation ("CMA Phase 2"). The CMA has 24 weeks (extendable up to an additional eight weeks) from the date of referral to CMA Phase 2 to make its final decision.
As a result, the Merger may close early in the first calendar quarter of 2020, as opposed to the previously anticipated December 2019 closing date.
Conference Call
In light of the Merger, the company will not host an earnings call to discuss its fiscal 2019 fourth quarter and full year results. 
About Wesco Aircraft
Wesco Aircraft is one of the world’s leading distributors and providers of comprehensive supply chain management services to the global aerospace industry. The company’s services range from traditional distribution to the management of supplier relationships, quality assurance, kitting, just-in-time delivery, chemical management services, third-party logistics or fourth-party logistics and point-of-use inventory management. The company believes it offers one of the world’s broadest portfolios of aerospace products, including C-class hardware, chemicals and electronic components and comprised of more than 550,000 active SKUs.
To learn more about Wesco Aircraft, visit our website at www.wescoair.com. Follow Wesco Aircraft on LinkedIn at https://www.linkedin.com/company/wesco-aircraft-corp.
Footnotes
(1) Non-GAAP financial measure - see the tables following this press release for reconciliations of GAAP to non-GAAP results.
Non-GAAP Financial Information

4

Adjusted net income represents net (loss) income before: (i) amortization of intangible assets, (ii) amortization or write-off of deferred debt issuance costs, (iii) special items and (iv) the tax effect of items (i) through (iii) above calculated using an estimated effective tax rate.
Adjusted basic earnings per share represents basic earnings per share calculated using adjusted net income as opposed to net (loss) income.
Adjusted diluted earnings per share represents diluted earnings per share calculated using adjusted net income as opposed to net (loss) income.
Adjusted EBITDA represents net (loss) income before: (i) income tax provision, (ii) net interest expense, (iii) depreciation and amortization and (iv) special items.
Adjusted EBITDA margin represents adjusted EBITDA divided by net sales.
Free cash flow represents net cash provided by operating activities less purchases of property and equipment.
Wesco Aircraft utilizes and discusses adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow, which are non-GAAP measures management uses to evaluate the company’s business, because it believes these measures assist investors and analysts in comparing the company’s performance across reporting periods on a consistent basis by excluding items that management does not believe are indicative of the company’s core operating performance. Wesco Aircraft believes these metrics are used in the financial community, and the company presents these metrics to enhance understanding of its operating performance. Readers should not consider adjusted EBITDA and adjusted net income as alternatives to net (loss) income, determined in accordance with GAAP, as an indicator of operating performance. Adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow are not measurements of financial performance under GAAP, and these metrics may not be comparable to similarly titled measures of other companies. See the tables following this press release for reconciliations of adjusted net income, adjusted basic earnings per share, adjusted diluted earnings per share, adjusted EBITDA, adjusted EBITDA margin and free cash flow to the most directly comparable financial measures calculated and presented in accordance with GAAP.
Forward-Looking Statements

5

This press release contains forward-looking statements (including within the meaning of the Private Securities Litigation Reform Act of 1995) concerning Wesco Aircraft Holdings, Inc. These statements may discuss goals, intentions and expectations as to future plans, trends, events, results of operations or financial condition, or otherwise, based on current beliefs of management, as well as assumptions made by, and information currently available to, management. In some cases, readers can identify forward-looking statements by the use of forward-looking terms such as “anticipate,” “believe,” “can,” “could,” “execute,” “may,” “will” or similar words, phrases or expressions. These forward-looking statements are subject to various risks and uncertainties, many of which are outside the company’s control. Therefore, the reader should not place undue reliance on such statements.
Factors that could cause actual results to differ materially from these forward-looking statements include, but are not limited to, the following: the company’s inability to consummate the Merger within the anticipated time period, or at all, due to any reason, including the failure to obtain required regulatory approvals or the failure to satisfy the other conditions to the consummation of the Merger; the risk that the Merger Agreement may be terminated in circumstances requiring the company to pay a termination fee of approximately $39 million; the risk that the Merger disrupts the company’s current plans and operations or diverts management’s attention from its ongoing business; the effect of the announcement of the Merger on the company’s ability to retain and hire key personnel and maintain relationships with its customers, suppliers and others with whom it does business; the effect of the announcement of the Merger on the company’s operating results and business generally; the amount of costs, fees and expenses related to the Merger; the risk that the company’s stock price may decline significantly if the Merger is not consummated; the nature, cost and outcome of any litigation and other legal proceedings, including any such proceedings related to the Merger and instituted against the company and others; general economic and industry conditions; conditions in the credit markets; changes in military spending; risks unique to suppliers of equipment and services to the U.S. government; risks associated with the loss of significant customers, a material reduction in purchase orders by significant customers, or the delay, scaling back or elimination of significant programs on which the company relies; the company’s ability to effectively compete in its industry; risks associated with the company’s long-term, fixed-price agreements that have no guarantee of future sales volumes; the company’s ability to effectively manage its inventory; the company’s suppliers’ ability to provide it with the products the company sells in a timely manner, in adequate quantities and/or at a reasonable cost, while also meeting the company’s customers’ quality standards; the company’s ability to maintain effective information technology systems and

6

effectively implement its new warehouse management system; the company’s ability to successfully execute and realize the expected financial benefits from its “Wesco 2020” initiative; the company’s ability to retain key personnel; risks associated with the company’s international operations, including exposure to foreign currency movements; changes in trade policies; risks associated with assumptions the company makes in connection with its critical accounting estimates (including goodwill, excess and obsolete inventory and valuation allowance of the company’s deferred tax assets) and legal proceedings; changes in U.S. income tax law; the company’s dependence on third-party package delivery companies; fuel price risks; fluctuations in the company’s financial results from period-to-period; environmental risks; risks related to the handling, transportation and storage of chemical products; risks related to the aerospace industry and the regulation thereof; risks related to the company’s indebtedness; and other risks and uncertainties.
The foregoing list of factors is not exhaustive. The reader should carefully consider the foregoing factors and the other risks and uncertainties that affect the company’s business, including those described in Wesco Aircraft’s Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and other documents filed from time to time with the Securities and Exchange Commission. All forward-looking statements included in this news release (including information included or incorporated by reference herein) are based upon information available to the company as of the date hereof, and the company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise.
###
Contact Information:
Jeff Misakian
Vice President, Investor Relations
661-362-6847
Jeff.Misakian@wescoair.com






7


Wesco Aircraft Holdings, Inc.
Consolidated Statements of (Loss) Income (UNAUDITED)
(In thousands, except share data)
 
 
 
Three Months Ended 
 September 30,
 
Fiscal Year Ended 
 September 30,
 
 
2019
 
2018
 
2019
 
2018
Net sales
$
432,291

 
$
406,817

 
$
1,696,450

 
$
1,570,450

Cost of sales
342,157

 
308,017

 
1,293,357

 
1,167,294

 
Gross profit
90,134

 
98,800

 
403,093

 
403,156

Selling, general and administrative expenses
86,042

 
76,428

 
324,581

 
293,688

 
Income from operations
4,092

 
22,372

 
78,512

 
109,468

Interest expense, net
(12,843
)
 
(12,360
)
 
(51,023
)
 
(48,880
)
Other income (expense), net
345

 
(367
)
 
(816
)
 
24

 
(Loss) income before income taxes and equity method investment impairment charge
(8,406
)
 
9,645

 
26,673

 
60,612

Provision for income taxes
(2,642
)
 
(2,371
)
 
(2,338
)
 
(27,958
)
 
(Loss) income before equity method investment impairment charge
(11,048
)
 
7,274

 
24,335

 
32,654

Equity method investment impairment charge
—

 
—

 
(2,966
)
 
—

 
Net (loss) income
$
(11,048
)
 
$
7,274

 
$
21,369

 
$
32,654

 
 
 
 
 
 
 
 
 
Net (loss) income per share:
 
 
 
 
 
 
 
Basic
$
(0.11
)
 
$
0.07

 
$
0.21

 
$
0.33

Diluted
$
(0.11
)
 
$
0.07

 
$
0.21

 
$
0.33

Weighted average shares outstanding:
 

 
 

 
 
 
 
Basic
99,669,632

 
99,214,223

 
99,607,171

 
99,156,998

Diluted
99,669,632

 
99,922,457

 
100,239,116

 
99,500,477

 


 

8

Wesco Aircraft Holdings, Inc.
Condensed Consolidated Balance Sheets (UNAUDITED)
(In thousands)
 
 
September 30,
2019
 
September 30,
2018
Assets
 

 
 

Cash and cash equivalents
$
38,034

 
$
46,222

Accounts receivable, net
327,885

 
283,775

Inventories
861,186

 
884,212

Prepaid expenses and other current assets
17,284

 
15,291

Income taxes receivable
3,403

 
2,017

Total current assets
1,247,792

 
1,231,517

Long-term assets
547,006

 
557,959

Total assets
$
1,794,798

 
$
1,789,476

Liabilities and Stockholders’ Equity
 

 
 

Accounts payable
$
220,602

 
$
180,494

Accrued expenses and other current liabilities
62,792

 
42,767

Income taxes payable
3,162

 
2,295

Capital lease obligations, current portion
1,584

 
2,205

Short-term borrowings and current portion of long-term debt
56,107

 
74,000

Total current liabilities
344,247

 
301,761

Capital lease obligations, less current portion
1,000

 
2,329

Long-term debt, less current portion
725,584

 
771,777

Deferred income taxes
1,282

 
2,803

Other liabilities
9,345

 
18,337

Total liabilities
1,081,458

 
1,097,007

Total stockholders’ equity
713,340

 
692,469

Total liabilities and stockholders’ equity
$
1,794,798

 
$
1,789,476


9

 Wesco Aircraft Holdings, Inc.
Condensed Consolidated Statements of Cash Flows (UNAUDITED)
(In thousands)

 
Fiscal Year Ended 
 September 30,
 
2019
 
2018
Cash flows from operating activities
 
 
 
Net income
$
21,369

 
$
32,654

Adjustments to reconcile net income to net cash provided by operating activities
 
 
 
Depreciation and amortization
29,376

 
29,256

Amortization of deferred debt issuance costs
5,220

 
5,688

Stock-based compensation expense
9,303

 
9,252

Net inventory provision
2,744

 
16,780

Equity method investment impairment charge
2,966

 
—

Deferred income taxes
4,257

 
9,172

Other non-cash items
(261
)
 
(395
)
Subtotal
74,974

 
102,407

Changes in assets and liabilities
 
 
 
Accounts receivable
(45,500
)
 
(28,393
)
Inventories
19,424

 
(73,106
)
Other current and long-term assets
(6,914
)
 
1,909

Accounts payable
36,933

 
(3,430
)
Other current and long-term liabilities
7,455

 
18,481

Net cash provided by operating activities
86,372

 
17,868

Cash flows from investing activities
 

 
 

Purchase of property and equipment
(21,121
)
 
(5,666
)
Net cash used in investing activities
(21,121
)
 
(5,666
)
Cash flows from financing activities
 

 
 

Proceeds from short-term borrowings
95,000

 
67,500

Repayments of short-term borrowings
(143,000
)
 
(68,500
)
Repayments of long-term debt and capital lease obligations
(22,941
)
 
(23,001
)
Debt issuance costs
—

 
(1,900
)
Net cash paid for activities related to stock-based incentive plans
(2,163
)
 
(1,243
)
Net cash used in financing activities
(73,104
)
 
(27,144
)
Effect of foreign currency exchange rate on cash and cash equivalents
(335
)
 
(461
)
Net decrease in cash and cash equivalents
(8,188
)
 
(15,403
)
Cash and cash equivalents, beginning of period
46,222

 
61,625

Cash and cash equivalents, end of period
$
38,034

 
$
46,222




10

Wesco Aircraft Holdings, Inc.
Non-GAAP Financial Information - Adjusted Net Income and
Adjusted Earnings Per Share (UNAUDITED)
(Dollars in thousands, except share data)

 
Three Months Ended 
 September 30,
 
Fiscal Year Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
Adjusted Net Income
 
 
 
 
 
 
 
Net (loss) income
$
(11,048
)
 
$
7,274

 
$
21,369

 
$
32,654

Amortization of intangible assets
3,732

 
3,714

 
14,929

 
14,855

Amortization of deferred debt issuance costs
1,305

 
1,388

 
5,220

 
5,688

Special items (1)
23,712

 
7,362

 
61,049

 
22,441

Adjustments for tax effect (2)
(7,028
)
 
(1,578
)
 
(29,389
)
 
(660
)
Adjusted net income
$
10,673

 
$
18,160

 
$
73,178

 
$
74,978

 
 
 
 
 
 
 
 
Adjusted Earnings Per Share
 

 
 

 
 

 
 

Weighted-average number of basic shares outstanding
99,669,632

 
99,214,223

 
99,607,171

 
99,156,998

Adjusted net income per basic share
$
0.11

 
$
0.18

 
$
0.73

 
$
0.76

 
 
 
 
 
 
 
 
Adjusted Diluted Earnings Per Share
 

 
 

 
 

 
 

Weighted-average number of diluted shares outstanding
100,604,361

 
99,922,457

 
100,239,116

 
99,500,477

Adjusted net income per diluted share
$
0.11

 
$
0.18

 
$
0.73

 
$
0.75


(1)
Special items in the fourth quarter of fiscal 2019 consisted primarily of consulting fees of $4.4 million, inventory adjustments of $7.8 million for shrinkage recorded as a result of warehouse consolidation, and other costs of $4.3 million associated with the company’s Wesco 2020 initiative, as well as merger-related costs of $6.9 million. Special items in the fourth quarter of fiscal 2018 consisted primarily of consulting fees of $4.7 million and other costs of $2.3 million associated with Wesco 2020.
Special items in fiscal 2019 consisted primarily of consulting fees of $16.7 million, inventory adjustments of $13.0 million for shrinkage recorded as a result of warehouse consolidation, and other costs of $19.6 million associated with Wesco 2020, as well as merger-related costs of $8.2 million and an equity method investment impairment charge of $3.0 million. Special items in fiscal 2018 consisted primarily of consulting fees of $16.1 million and other costs of $4.3 million associated with Wesco 2020, and the settlement of litigation and related fees of $1.3 million.
(2)
The adjustment for tax effect in fiscal 2019 included a reversal of $9.2 million to the transition tax on unremitted foreign earnings recorded in fiscal 2018 under the Tax Cuts and Jobs Act. The tax provision for the transition tax previously recorded is included in the adjustment for tax effect in fiscal 2018.
The adjustment for tax effect in the fourth quarter of fiscal 2018 included a $1.9 million tax provision related to the adjustment of deferred tax assets and liabilities to reflect the reduction of the U.S. federal tax rate, a $0.8 million tax provision on foreign earnings as a transition tax and a $0.9 million tax benefit related to the release of a previously recorded deferred tax liability on unremitted foreign earnings, all of which were related to the Tax Cuts and Jobs Act.

 



11

 
Wesco Aircraft Holdings, Inc.
Non-GAAP Financial Information - EBITDA and Adjusted EBITDA (UNAUDITED)
(Dollars in thousands)
 
Three Months Ended 
 September 30,
 
Fiscal Year Ended 
 September 30,
 
2019
 
2018
 
2019
 
2018
 
 
 
 
 
 
 
 
EBITDA and Adjusted EBITDA
 

 
 

 
 
 
 
Net (loss) income
$
(11,048
)
 
$
7,274

 
$
21,369

 
$
32,654

Provision for income taxes
2,642

 
2,371

 
2,338

 
27,958

Interest expense, net
12,843

 
12,360

 
51,023

 
48,880

Depreciation and amortization
8,049

 
7,347

 
29,376

 
29,256

EBITDA
12,486

 
29,352

 
104,106

 
138,748

Special items (1)
23,712

 
7,362

 
61,049

 
22,441

Adjusted EBITDA
$
36,198

 
$
36,714

 
$
165,155

 
$
161,189

 
 
 
 
 
 
 
 
Adjusted EBITDA margin
8.4
%
 
9.0
%
 
9.7
%
 
10.3
%

(1)
Special items in the fourth quarter of fiscal 2019 consisted primarily of consulting fees of $4.4 million, inventory adjustments of $7.8 million for shrinkage recorded as a result of warehouse consolidation, and other costs of $4.3 million associated with the company’s Wesco 2020 initiative, as well as merger-related costs of $6.9 million. Special items in the fourth quarter of fiscal 2018 consisted primarily of consulting fees of $4.7 million and other costs of $2.3 million associated with Wesco 2020.
Special items in fiscal 2019 consisted primarily of consulting fees of $16.7 million, inventory adjustments of $13.0 million for shrinkage recorded as a result of warehouse consolidation, and other costs of $19.6 million associated with Wesco 2020, as well as merger-related costs of $8.2 million and an equity method investment impairment charge of $3.0 million. Special items in fiscal 2018 consisted primarily of consulting fees of $16.1 million and other costs of $4.3 million associated with Wesco 2020, and the settlement of litigation and related fees of $1.3 million.    

    
 
 
 
 
 
 
 
 








12


 Wesco Aircraft Holdings, Inc.
Non-GAAP Financial Information - Free Cash Flow (UNAUDITED)
(Dollars in thousands)
 
 
Three Months Ended 
 September 30,
 
Increase 
(Decrease)
 
 
2019
 
2018
 
 
 
 

 
 

 
 

 
Net cash provided by operating activities
$
37,058

 
$
36,933

 
$
125

 
Purchase of property and equipment
(4,640
)
 
(1,657
)
 
(2,983
)
 
Free cash flow
$
32,418

 
$
35,276

 
$
(2,858
)
 
 
 
 
 
 
 
 
 
Fiscal Year Ended 
 September 30,
 
Increase 
(Decrease)
 
 
2019
 
2018
 
 
 
 

 
 

 
 

 
Net cash provided by operating activities
$
86,372

 
$
17,868

 
$
68,504

 
Purchase of property and equipment
(21,121
)
 
(5,666
)
 
(15,455
)
 
Free cash flow
$
65,251

 
$
12,202

 
$
53,049

 
 
 
 
 
 
 
 


     






















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Cover Page
Nov. 25, 2019
Cover page.  
Document Type 8-K
Document Period End Date Nov. 25, 2019
Entity Registrant Name Wesco Aircraft Holdings, Inc.
Entity Incorporation, State or Country Code DE
Entity File Number 001-35253
Entity Tax Identification Number 20-5441563
Entity Address, Address Line One 24911 Avenue Stanford
Entity Address, City or Town Valencia
Entity Address, State or Province CA
Entity Address, Postal Zip Code 91355
City Area Code 661
Local Phone Number 775-7200
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Title of 12(b) Security Common Stock, par value $0.001 per share
Trading Symbol WAIR
Security Exchange Name NYSE
Entity Central Index Key 0001378718
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