0001104659-20-085283.txt : 20200721 0001104659-20-085283.hdr.sgml : 20200721 20200721163007 ACCESSION NUMBER: 0001104659-20-085283 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 15 CONFORMED PERIOD OF REPORT: 20200721 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20200721 DATE AS OF CHANGE: 20200721 FILER: COMPANY DATA: COMPANY CONFORMED NAME: AAR CORP CENTRAL INDEX KEY: 0000001750 STANDARD INDUSTRIAL CLASSIFICATION: AIRCRAFT & PARTS [3720] IRS NUMBER: 362334820 STATE OF INCORPORATION: DE FISCAL YEAR END: 0531 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-06263 FILM NUMBER: 201039176 BUSINESS ADDRESS: STREET 1: 1100 N WOOD DALE RD CITY: WOOD DALE STATE: IL ZIP: 60191 BUSINESS PHONE: 6302272000 MAIL ADDRESS: STREET 1: 1100 N WOOD DALE RD CITY: WOOD DALE STATE: IL ZIP: 60191 FORMER COMPANY: FORMER CONFORMED NAME: ALLEN AIRCRAFT RADIO INC DATE OF NAME CHANGE: 19700204 8-K 1 tm2024573-1_8k.htm FORM 8-K
0000001750 false Common Stock, $1.00 par value AIR Preferred Stock Purchase Rights AIR 0000001750 2020-07-20 2020-07-21 0000001750 us-gaap:CommonStockMember exch:XCHI 2020-07-20 2020-07-21 0000001750 us-gaap:PreferredStockMember exch:XCHI 2020-07-20 2020-07-21 0000001750 us-gaap:CommonStockMember exch:XNYS 2020-07-20 2020-07-21 0000001750 us-gaap:PreferredStockMember exch:XNYS 2020-07-20 2020-07-21 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

   
   
 

 

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): July 21, 2020

 

AAR CORP.

(Exact name of registrant as specified in its charter)

 

Delaware   1-6263   36-2334820
(State of Incorporation)   (Commission File Number)   (IRS Employer Identification No.)

 

One AAR Place

1100 N. Wood Dale Road

Wood Dale, Illinois 60191

(Address and Zip Code of Principal Executive Offices)

 

Registrant’s telephone number, including area code: (630) 227-2000

 

Not Applicable

(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))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of Each Class   Trading Symbol(s)   Name of Each Exchange on Which Registered
Common Stock, $1.00 par value   AIR   New York Stock Exchange
        Chicago Stock Exchange
Preferred Stock Purchase Rights   AIR   New York Stock Exchange
        Chicago Stock Exchange

 

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. ¨

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition

 

On July 21, 2020, AAR CORP. (the “Company”) issued a press release announcing financial results for the fourth quarter ended May 31, 2020. A copy of the Company’s press release is attached hereto as Exhibit 99.1.

 

The information furnished under Item 2.02 of this Current Report on Form 8-K and the exhibit attached hereto shall not be deemed to be “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. It may only be incorporated by reference in another filing under the Exchange Act or Securities Act of 1933, as amended, if such subsequent filing specifically references this Form 8-K.

 

Item 9.01Financial Statements and Exhibits.

        

(d)   Exhibits.

 

Exhibit No.   Description
99.1   Press Release issued by AAR CORP. dated July 21, 2020.
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

EXHIBIT INDEX

 

Exhibit No.   Description
99.1   AAR CORP. Press Release dated July 21, 2020
104   Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

 

 

 

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.

 

Date: July 21, 2020  
  AAR CORP.
   
  By:   
    /s/ SEAN M. GILLEN
    Sean M. Gillen
    Vice President and Chief Financial Officer
    (Principal Financial Officer)

 

 

 EX-99.1 2 tm2024573d1_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

For immediate release

 

AAR REPORTS FOURTH QUARTER & FISCAL YEAR 2020 RESULTS

 

·Fourth quarter sales of $416.5 million, down 26% from $562.7 million in Q4 FY2019 reflecting the impact of COVID-19

 

·Full year sales of $2.07 billion, up 1% from $2.05 billion in FY2019

 

·Fourth quarter GAAP and adjusted diluted earnings (loss) per share from continuing operations of $(0.43) and $0.26, respectively

 

·Executed multiple actions to align costs with demand and position the company for the future

 

WOOD DALE, ILLINOIS (July 21, 2020) — AAR CORP. (NYSE: AIR) today reported fourth quarter Fiscal Year 2020 consolidated sales of $416.5 million and a loss from continuing operations of $15.0 million, or $0.43 per diluted share. Fourth quarter results included pretax charges of $27.9 million related to restructuring actions and exiting underperforming product lines and contracts. For the fourth quarter of the prior year, the Company reported sales of $562.7 million and income from continuing operations of $26.6 million, or $0.76 per diluted share. Our adjusted diluted earnings per share from continuing operations were $0.26 in the current quarter compared to $0.68 in the fourth quarter of the prior year.

 

Consolidated fourth quarter sales decreased 26% from the prior year period due to the impact of COVID-19 and the unprecedented grounding of the world’s commercial fleet. Sales were also impacted by $7.5 million from restructuring actions related to our exit from certain commercial programs. Sales to government and defense customers in the Aviation Services segment continued to grow and were up 8% over the prior year quarter. Sales to government and defense customers represented 47% of our consolidated sales in the current quarter compared to 35% in the prior year quarter.

 

In response to the historic reduction in passenger travel resulting from COVID-19, we executed numerous cost reduction actions to better align our expenses with revenue. We also took several additional actions to improve our operating efficiencies with a goal towards improving our margins for the long term. These actions include facility consolidation, exit of unprofitable product lines as well as exiting or restructuring underperforming commercial programs contracts. These actions resulted in predominantly non-cash impairment and other charges of $27.9 million.

 

 1

 

 

Further in keeping with our long-term strategy to focus on aviation services and subsequent to quarter close, we entered into an agreement to sell our Composites manufacturing business. We expect to recognize an impairment charge of approximately $20 million in the first quarter of Fiscal Year 2021 in connection with the transaction. The sale, which we expect to close in the first half of Fiscal Year 2021, will improve margins as the Composites manufacturing business was unprofitable in Fiscal Year 2020.

 

“As we entered our fourth quarter we were on pace for a record sales year. However, our fourth quarter results were significantly affected by the impact of COVID-19. We took early action to mitigate this impact by reducing both our fixed and variable cost structure. We also drove continued strong performance in our government activities and placed an even greater emphasis on the commercial cargo market.” said John M. Holmes, President and Chief Executive Officer of AAR CORP.

 

During the fourth quarter, we announced a sole source firm-fixed-price $125 million contract from the U.S. Air Force to produce and repair 463L cargo pallets. This is a five-year contract which will begin contributing to our results in the first quarter of Fiscal Year 2021. We also announced the formation of a joint venture with Sumitomo Corporation to provide aviation aftermarket supply chain solutions to Japanese defense and global commercial markets. This joint venture is an extension of our successful, long-standing relationship with Sumitomo serving as a distributor for OEM factory-new parts to Japanese defense customers.

 

Subsequent to the fourth quarter, we announced an extension and expansion of our exclusive worldwide aftermarket distribution agreement with Unison Industries covering their electrical components, sensors, and systems for aircraft and industrial uses. This agreement is valued at more than $1 billion over the 11-year term and validates the robust value proposition that our distribution team provides to OEMs in the aviation aftermarket.

 

Also, on July 20, 2020, we announced that certain of our subsidiaries expect to receive $57.2 million from the U.S. Treasury Department through the Payroll Support Program under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. This support will enable us to maintain our current skilled workforce in our U.S. airframe and landing gear maintenance, repair and overhaul operations and allow us to continue to provide exceptional service to our customers.

 

 2

 

 

Gross profit margin in the current quarter was 8.7% compared to 16.8% in the prior year quarter due primarily to the impact of COVID-19 and our restructuring actions. Selling, general and administrative expenses decreased by $16.0 million from $63.3 million to $47.3 million reflecting cost reduction actions.

 

Net interest expense for the quarter was $2.6 million compared to $2.1 million in the prior year quarter as we maintained higher cash reserves during the quarter. Cash flow used in operating activities from continuing operations was $18.6 million during the current quarter driven by timing of customer collections and vendor payments.

 

Fiscal Year 2020 Results

 

Full Fiscal Year 2020 consolidated sales were $2.07 billion, an increase of 1.0% over Fiscal Year 2019. Aviation Services sales grew by 2.3% with successful execution of recent contract awards in our government and defense activities driving exceptional growth of 20.2% in these end markets which was largely offset by the decrease in commercial airline volumes in the fourth quarter due to COVID-19. Expeditionary Services sales decreased 17.8% in Fiscal Year 2020 as delayed contract awards, including the previously discussed cargo pallet contract at our Mobility operation, significantly impacted results in Fiscal Year 2020.

 

Full Fiscal Year 2020 income from continuing operations was $24.8 million, or $0.71 per diluted share. In Fiscal Year 2019, income from continuing operations was $84.1 million, or $2.40 per share. Our adjusted diluted earnings per share from continuing operations was $2.15 in the current year compared to $2.44 last year reflecting the significance of the fourth quarter impact of COVID-19.

 

Sales to government and defense customers were 38% of consolidated sales compared to 33% in the prior year reflecting growth from the WASS program and other government programs. Sales to commercial customers represented 62% of consolidated sales compared to 67% last year.

 

 3

 

 

Net debt at May 31, 2020 was $197.3 million compared to $121.6 million at May 31, 2019. Our net leverage was 1.3x at May 31, 2020 compared to 0.7x at May 31, 2019. Cash flow from operating activities from continuing operations was a use of cash of $19.1 million in Fiscal Year 2020 compared to cash provided from operations of $60.5 million in Fiscal Year 2019. Our accounts receivable financing program was a use of cash of $11.9 million in Fiscal Year 2020 compared to a benefit of $14.5 million in the prior year.

 

Holmes concluded, “During this time of uncertainty in the commercial passenger airline industry, we are experiencing growth in our government and defense activities and are capitalizing on opportunities in the commercial cargo market. Our balance sheet remains strong and we have taken numerous actions to not only successfully navigate the current downturn but to emerge as an even stronger Company with a better margin profile.”

 

Outlook

 

Given the continued macro uncertainty from the impact of COVID-19, we will not be providing financial guidance for Fiscal Year 2021 at this time.

 

Conference Call Information

 

AAR will hold its quarterly conference call at 3:45 p.m. CDT on July 21, 2020. The conference call can be accessed by calling 833-983-1515 from inside the U.S. or +1-956-394-3030 from outside the U.S. A replay of the conference call will also be available by calling 855-859-2056 from inside the U.S. or +1-404-537-3406 from outside the U.S. (access code 9866865). The replay will be available from 7:15 p.m. CT on July 21, 2020 until 10:59 p.m. CT on July 27, 2020.

 

 4

 

 

About AAR

 

AAR is a global aerospace and defense aftermarket solutions company with operations in over 20 countries. Headquartered in the Chicago area, AAR supports commercial and government customers through two operating segments: Aviation Services and Expeditionary Services. AAR’s Aviation Services include parts supply; OEM solutions; integrated solutions; maintenance, repair, overhaul; and engineering. AAR’s Expeditionary Services include mobility systems and composite manufacturing operations. Additional information can be found at www.aarcorp.com.

 

 

 

Contact: Dylan Wolin – Vice President, Strategic & Corporate Development and Treasurer | (630) 227-2017 | dylan.wolin@aarcorp.com

 

This press release contains certain statements relating to future results, which are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995, including but not limited to, our actions to reduce costs and improve operating efficiencies and their anticipated impact on our results, the availability of potential aid to the broader aviation industry, in particular our expectation to receive $57.2 million in financial aid under the CARES Act, our ability to maintain our current skilled workforce to continue to provide exceptional service to our customers, our ability to mitigate the impact of COVID-19, our ability to drive continued strong performance in our government activities and place an even greater emphasis on the commercial cargo market, the expectation that the sale of the Composites manufacturing business will improve margins, the expectation that the five-year U.S. Air Force contract to produce and repair 463L cargo pallets will contribute to our results in the first quarter of Fiscal Year 2021, the expectation that the Sumitomo joint venture will extend our successful, long-standing relationship with Sumitomo serving as a distributor for OEM factory-new parts to Japanese defense customers, the expectation that the Unison Industries agreement will be valued at more than $1 billion over the 11-year term, the continued growth in our government and defense activities and capitalizing on opportunities in the commercial cargo market, our ability to successfully navigate the current downturn and emerge an even stronger company with a better profit margin. Forward-looking statements may also be identified because they contain words such as ‘‘anticipate,’’ ‘‘believe,’’ ‘‘continue,’’ ‘‘could,’’ ‘‘estimate,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘likely,’’ ‘‘may,’’ ‘‘might,’’ ‘‘plan,’’ ‘‘potential,’’ ‘‘predict,’’ ‘‘project,’’ ‘‘seek,’’ ‘‘should,’’ ‘‘target,’’ ‘‘will,’’ ‘‘would,’’ or similar expressions and the negatives of those terms. These forward-looking statements are based on beliefs of Company management, as well as assumptions and estimates based on information currently available to the Company, and are subject to certain risks and uncertainties that could cause actual results to differ materially from historical results or those anticipated, including those factors discussed under Item 1A, entitled “Risk Factors”, included in the Company’s Form 10-K for the fiscal year ended May 31, 2019, as well as the risks presented by COVID-19, which are more particularly described in the Company’s Form 10-Q for the fiscal quarter ended February 29, 2020. Should one or more of these risks or uncertainties materialize adversely, or should underlying assumptions or estimates prove incorrect, actual results may vary materially from those described. These events and uncertainties are difficult or impossible to predict accurately and many are beyond the Company’s control. The Company assumes no obligation to update any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events. For additional information, see the comments included in AAR’s filings with the Securities and Exchange Commission.

 

 5

 

 

AAR CORP. and Subsidiaries

 

 

Consolidated Statements of Operations

(In millions except per share data - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Sales  $416.5   $562.7   $2,072.0   $2,051.8 
Cost and expenses:                    
Cost of sales   380.1    467.9    1,802.8    1,722.0 
Provision for doubtful accounts   2.1    2.1    5.4    15.8 
Selling, general and administrative   47.3    63.3    220.6    215.4 
Loss from joint ventures   (1.9)   (0.1)   (1.9)   (0.3)
                     
Operating income (loss)   (14.9)   29.3    41.3    98.3 
                     
Interest expense, net   (2.6)   (2.1)   (8.8)   (8.5)
Other expense, net   (1.5)   (0.4)   (2.1)   (0.8)
                     
Income (Loss) from continuing operations before income tax expense (benefit)   (19.0)   26.8    30.4    89.0 
Income tax expense (benefit)   (4.0)   0.2    5.6    4.9 
Income (Loss) from continuing operations   (15.0)   26.6    24.8    84.1 
Loss from discontinued operations   (1.5)   (3.8)   (20.4)   (76.6)
Net income (loss)  $(16.5)  $22.8   $4.4   $7.5 
                     
Earnings (Loss) per share – Basic:                    
Earnings (Loss) from continuing operations  $(0.43)  $0.77   $0.71   $2.42 
Loss from discontinued operations   (0.04)   (0.11)   (0.59)   (2.22)
Earnings (Loss) per share – Basic  $(0.47)  $0.66   $0.12   $0.20 
                     
Earnings (Loss) per share – Diluted:                    
Earnings (Loss) from continuing operations  $(0.43)  $0.76   $0.71   $2.40 
Loss from discontinued operations   (0.04)   (0.11)   (0.58)   (2.19)
Earnings (Loss) per share – Diluted  $(0.47)  $0.65   $0.13   $0.21 
                     
Share Data:                    
Weighted average shares outstanding – Basic   34.7    34.3    34.8    34.5 
Weighted average shares outstanding – Diluted   34.7    34.6    35.0    34.9 

 

 6

 

 

AAR CORP. and Subsidiaries

 

 

Consolidated Balance Sheets

(In millions)

 

May 31,

2020

  

May 31,

2019

 
   (unaudited)     
ASSETS        
Cash and cash equivalents  $404.7   $21.3 
Restricted cash   20.0    19.8 
Accounts receivable, net   171.9    197.8 
Contract assets   49.3    59.2 
Inventories, net   623.1    523.7 
Rotable assets and equipment on or available for lease   69.6    65.3 
Assets of discontinued operations   22.9    29.2 
Other current assets   77.2    36.2 
Total current assets   1,438.7    952.5 
Property, plant, and equipment, net   135.7    132.8 
Operating lease right-of-use assets, net   89.7    –– 
Goodwill and intangible assets, net   121.7    138.4 
Rotable assets supporting long-term programs   211.7    216.0 
Other non-current assets   81.5    77.5 
Total assets  $2,079.0   $1,517.2 
           
LIABILITIES AND EQUITY          
Accounts payable and accrued liabilities  $353.2   $328.3 
Liabilities of discontinued operations   29.9    29.2 
Total current liabilities   383.1    357.5 
Long-term debt   600.0    141.7 
Operating lease liabilities   70.9    –– 
Other liabilities and deferred income   122.4    112.1 
Total liabilities   1,176.4    611.3 
Equity   902.6    905.9 
Total liabilities and equity  $2,079.0   $1,517.2 

 

 

 7

 

 

AAR CORP. and Subsidiaries

 

 

Consolidated Statements of Cash Flows

(In millions – unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Cash flows provided from (used in) operating activities:                    
Net income (loss)  $(16.5)  $22.8   $4.4   $7.5 
Loss from discontinued operations   1.5    3.8    20.4    76.6 
Income (Loss) from continuing operations   (15.0)   26.6    24.8    84.1 

Adjustments to reconcile income (loss) from continuing operations to net cash provided from (used in) operating activities

                    
Depreciation and intangible amortization   10.9    11.5    43.7    42.8 
Stock-based compensation   (3.0)   4.7    7.3    13.5 
Customer contract termination and restructuring costs   6.6    ––    31.3    –– 
Impairment charges   8.1    ––    8.1    –– 
Provision for doubtful accounts   2.1    2.1    5.4    15.8 
Changes in certain assets and liabilities:                    
Accounts receivable   49.4    38.9    14.8    (34.4)
Contract assets   15.3    (4.5)   9.9    (9.7)
Inventories   3.5    (9.1)   (94.5)   (80.9)
Rotable assets supporting long-term programs   1.6    (11.0)   (22.1)   (49.2)
Accounts payable and accrued liabilities   (92.9)   (10.1)   4.6    40.4 
Deferred revenue on long-term programs   (15.7)   (7.5)   (14.6)   44.4 
Other   10.5    2.5    (37.8)   (6.3)
Net cash provided from (used in) operating activities – continuing operations   (18.6)   44.1    (19.1)   60.5 
Net cash provided from (used in) operating activities – discontinued operations   (8.6)   (1.2)   (17.0)   6.9 
Net cash provided from (used in) operating activities   (27.2)   42.9    (36.1)   67.4 
                     
Cash flows used in investing activities:                    
Property, plant and equipment expenditures   (5.3)   (5.1)   (23.6)   (17.4)
Other    0.5    (0.1)   (1.2)   (1.1)
Net cash used in investing activities – continuing operations   (4.8)   (5.2)   (24.8)   (18.5)
Net cash used in investing activities – discontinued operations   ––    ––    ––    (0.5)
Net cash used in investing activities   (4.8)   (5.2)   (24.8)   (19.0)
                     
Cash flows provided from (used in) financing activities:                    
Proceeds from (repayments on) borrowings, net   394.5    (35.0)   459.5    (35.0)
Cash dividends   (2.6)   (2.6)   (10.7)   (10.5)
Purchase of treasury stock   ––    (9.5)   (4.1)   (10.3)
Other   ––    0.2    (0.2)   8.5 
Net cash provided from (used in) financing activities – continuing operations   391.9    (46.9)   444.5    (47.3)
Net cash used in financing activities – discontinued operations   ––    ––    ––    (1.4)
Net cash provided from (used in) financing activities   391.9    (46.9)   444.5    (48.7)
Effect of exchange rate changes on cash   (0.1)   (0.1)   ––    (0.2)
Increase (Decrease) in cash and cash equivalents   359.8    (9.3)   383.6    (0.5)
Cash, cash equivalents, and restricted cash at beginning of period   64.9    50.4    41.1    41.6 
Cash, cash equivalents, and restricted cash at end of period  $424.7   $41.1   $424.7   $41.1 

 

 

 8

 

 

AAR CORP. and Subsidiaries

 

 

Sales By Business Segment

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Aviation Services  $390.1   $522.0   $1,964.2   $1,920.6 
Expeditionary Services   26.4    40.7    107.8    131.2 
   $416.5   $562.7   $2,072.0   $2,051.8 

 

Gross Profit by Business Segment

(In millions- unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Aviation Services  $36.4   $89.6   $267.3   $313.6 
Expeditionary Services   ––    5.1    1.9    16.2 
   $36.4   $94.7   $269.2   $329.8 

 

 

Adjusted income from continuing operations, adjusted diluted earnings per share from continuing operations, adjusted selling, general, and administrative expenses, adjusted cash used in operating activities from continuing operations, adjusted EBITDA, and net debt are “non-GAAP financial measures” as defined in Regulation G of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). We believe these non-GAAP financial measures are relevant and useful for investors as they illustrate our actual operating performance unaffected by the impact of certain items. When reviewed in conjunction with our GAAP results and the accompanying reconciliations, we believe these non-GAAP financial measures provide additional information that is useful to gain an understanding of the factors and trends affecting our business and provide a means by which to compare our operating performance against that of other companies in the industries we compete. These non-GAAP measures should be considered as a supplement to, and not as a substitute for, or superior to, the corresponding measures calculated in accordance with GAAP. Adjusted EBITDA is income from continuing operations before interest income (expense), other income (expense), income taxes, depreciation and amortization, stock-based compensation and other items of an unusual nature including but not limited to workforce actions and costs, impairment charges, facility consolidation and repositioning costs, investigation and remediation compliance costs, and significant customer events such as early terminations, contract restructurings, and bankruptcies.

 

Pursuant to the requirements of Regulation G of the Exchange Act, we are providing the following tables that reconcile the above mentioned non-GAAP financial measures to the most directly comparable GAAP financial measures:

 

Adjusted Income from Continuing Operations

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Income from continuing operations  $(15.0)  $26.6   $24.8   $84.1 
Investigation and remediation compliance costs, net of tax   1.4    1.8    7.7    2.8 
Customer contract termination and restructuring costs, net of tax   5.2    ––    24.0    –– 
Impairment charges related to exited product lines, net of tax   8.7    ––    8.7    –– 
Facility consolidation and repositioning costs, net of tax   3.9    0.7    3.9    0.7 
Severance, furlough and pension settlement charges, net of tax   5.1    0.1    6.7    0.3 
Customer bankruptcy charges, net of tax   1.3    ––    1.3    9.6 
Government workforce subsidies   (2.2)   ––    (2.2)   –– 
State income tax benefit   ––    (5.1)   ––    (5.1)
Recognition of previously reserved income tax benefits   ––    ––    ––    (6.5)
Strategic financing evaluation costs, net of tax   0.3    ––    0.3    –– 
Adjusted income from continuing operations  $8.7   $24.1   $75.2   $85.9 

 

 9

 

 

Adjusted Diluted Earnings per Share from Continuing Operations

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Diluted earnings (loss) per share from continuing operations  $(0.43)  $0.76   $0.71   $2.40 
Investigation and remediation compliance costs, net of tax   0.04    0.04    0.22    0.08 
Customer contract termination and restructuring costs, net of tax   0.15    ––    0.68    –– 
Impairment charges related to exited product lines, net of tax   0.25    ––    0.25    –– 
Facility consolidation and repositioning costs, net of tax   0.11    0.02    0.11    0.02 
Severance, furlough and pension settlement charges, net of tax   0.15    0.01    0.19    0.01 
Customer bankruptcy charges, net of tax   0.04    ––    0.04    0.27 
Government workforce subsidies   (0.06)   ––    (0.06)   –– 
State income tax benefit   ––    (0.15)   ––    (0.15)
Recognition of previously reserved income tax benefits   ––    ––    ––    (0.19)
Strategic financing evaluation costs, net of tax   0.01    ––    0.01    –– 
Adjusted diluted earnings per share from continuing operations  $0.26   $0.68   $2.15   $2.44 

 

Adjusted Selling, General and Administrative Expenses

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Selling, general and administrative expenses  $47.3   $63.3   $220.6   $215.4 
Investigation and remediation compliance costs   (1.8)   (1.2)   (9.7)   (3.5)
Severance and furlough costs   (2.4)   (0.1)   (4.6)   (0.2)
Government workforce subsidies   0.8    ––    0.8    –– 
Strategic financing evaluation costs   (0.4)   ––    (0.4)   –– 
Stock-based compensation   3.0    (4.7)   (7.3)   (13.5)
Adjusted selling, general and administrative expenses  $46.5   $57.3   $199.4   $198.2 

 

Adjusted Cash Provided by (Used in) Operating Activities from Continuing Operations

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 

Cash provided by (used in) operating activities from continuing operations

  $(18.6)  $44.1   $(19.1)  $60.5 
Amounts outstanding on accounts receivable financing program:                    
Beginning of period   85.6    99.5    86.2    71.7 
End of period   (74.3)   (86.2)   (74.3)   (86.2)

Adjusted cash provided by (used in) operating activities from continuing operations

  $(7.3)  $57.4   $(7.2)  $46.0 

 

 10

 

 

Adjusted EBITDA

(In millions - unaudited)

 

Three Months Ended

May 31,

  

Twelve Months Ended

May 31,

 
   2020   2019   2020   2019 
Net income (loss)  $(16.5)  $22.8   $4.4   $7.5 
Loss from discontinued operations   1.5    3.8    20.4    76.6 
Income tax expense (benefit)   (4.0)   0.2    5.6    4.9 
Other expense, net   1.5    0.4    2.1    0.8 
Interest expense, net   2.6    2.1    8.8    8.5 
Depreciation and intangible amortization   10.9    11.5    43.7    42.8 
Investigation and remediation costs   1.8    1.2    10.1    3.5 
Customer contract termination and restructuring costs   6.6    ––    31.3    –– 
Impairment charges related to exited product lines   11.0    ––    11.0    –– 
Facility consolidation and repositioning costs   4.9    0.9    4.9    0.9 
Severance and furlough costs   5.0    0.1    7.1    0.2 
Customer bankruptcy charges   1.6    ––    1.6    12.4 
Government workforce subsidies   (2.8)   ––    (2.8)   –– 
Strategic financing evaluation costs   0.4    ––    0.4    –– 
Stock-based compensation   (3.0)   4.7    7.3    13.5 
Adjusted EBITDA  $21.5   $47.7   $155.9   $171.6 

 

Net Debt

(In millions- unaudited)

  May 31, 2020   May 31, 2019 
Total debt  $602.0   $142.9 
Less: Cash and cash equivalents   (404.7)   (21.3)
Net debt  $197.3   $121.6 

 

Net Debt to Adjusted EBITDA

(In millions - unaudited)

  May 31, 2020   May 31, 2019 
Adjusted EBITDA for the twelve months ended  $    155.9   $    171.6  
Net debt at period end   197.3    121.6 

Net debt to Adjusted EBITDA

   1.27    0.71 

 

 11

 

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