AAR Corp Parts Supply and Engineering Initiatives
Non-GAAP financial measures
Adjusted EBITDA
($ in millions)
Net income (loss).
FY17 FY18 FY19
FY20
FY21
FY22 FY23
Q1 FY20 Q2 FY20 Q3 FY20 Q4 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q4 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q4 FY22 Q1 FY23 Q2 FY23 Q3 FY23 Q4 FY23
12 Months Ended
Q1 FY20 Q2 FY20 Q3 FY20 Q1 FY21 Q2 FY21 Q3 FY21 Q1 FY22 Q2 FY22 Q3 FY22 Q1 FY23 Q2 FY23 Q3 FY23
$56.5 $15.6 $7.5
(Income) loss from discontinued operations
(4.5) 58.1 76.6
$4.4
20.4 10.5
$35.8
$78.7 $90.2
$4.4 $14.2
$2.3 ($16.5) ($14.5)
$8.2 $28.1 $14.0 $11.5 $20.8 $22.5 $23.9 $22.7
$22.5 $21.8 $23.2
($3.2) $4.0 $43.7 ($14.5) ($20.5) $5.3 $61.8 $74.4
(0.2) (0.4)
12.7
5.9
0.3
1.5
0.6
Income tax expense (benefit)
25.1
3.5
4.9
5.6
18.2 26.6 31.4
3.4
6.0
0.2
(4.0) (3.8)
6.2 3.0
5.2 12.0
0.7
(0.3)
0.1
(0.4)
4.8
3.9
7.9
8.2
6.6
8.1
8.3
8.0
7.0
6.0
85.5 87.2 22.7
9.0
8.3
8.6
11.3
9.6
Other (income) expense, net
0.9
0.8
2.1
(4.3)
(2.2) 0.8
0.2
0.2
0.2
1.5 (0.2)
0.7 (4.4)
(0.4)
(0.7) (0.3) (1.1)
(0.1)
(0.2)
(0.5) 0.3
1.2
1.4
1.4
1.0
1.7
2.2
$68.8 $89.9 $91.6 $90.9
0.5 (0.3) (0.3) (0.4)
9.8 (1.6) (2.4) 9.4 25.9 28.6 24.8 30.8 31.2
31.0
(2.4) (4.8) (5.8) (2.5) (1.7) (1.9) (0.5)
3.4
Interest expense, net
Depreciation and intangible amortization
5.2
7.9
8.5
8.8
4.8
2.3 11.2
2.1
1.8
2.3
2.6
1.6
1.3
1.0
0.9
0.7
0.4
0.6
0.6
1.0
2.0
3.5
4.7
9.0
8.4
8.3
8.3
7.8
6.5
3.9
3.0
2.6
2.6
4.2
7.1
35.7
40.5
42.8
43.7
36.3
33.1
27.9
10.8
11.0
11.0
10.9
9.0
9.2
8.9
9.2
8.9
8.9
7.7
7.6
6.8
6.5
6.9
7.7
43.5 44.1 44.3 41.9
40.1
38.0
36.2 35.9
34.7
31.0 28.6
27.8
Investigation and remediation costs
Losses related to sale and exit of business
Trax acquisition and amortization expenses
Asset impairment and exit charges
Contract termination/restructuring & loss provision, net
Facility consolidation and repositioning costs
Severance and furlough costs
Customer bankruptcy and credit charges
Government subsidies
Russian bankruptcy court clawback judgement
Costs related to strategic projects
Stock-based compensation
3.5
10.1
4.4
3.7
4.7
3.1
2.4
2.7
1.8
1.3
2.8
0.3
-
0.2
0.8
1.6
1.1
0.8
1.1
1.2
1.6
6.6
8.8
10.5
8.3
8.7
6.2
3.3
1.3
2.6
4.3
4.6
4.2
(2.6)
20.2
1.7
0.7
19.5
-
0.7
-
1.3
0.4
-
0.1
0.4
0.2
19.5 19.5 19.5
0.7
2.0
2.0
1.7
0.5
0.9
-
7.0
1.9
5.1
-
1.9
11.0
7.0
3.5
11.0
5.8
1.2
2.3
0.6
0.5
0.1
-
16.8 18.0 18.0
3.5
2.9
3.4
1.2
0.6
0.1
7.1
31.3
9.3
0.9
2.0
24.7
6.6
2.2
4.5
4.0
(1.4) 6.7
(4.4)
(1.1)
(0.3)
(0.3)
2.3
24.7 33.5
38.0
17.3
13.8
4.9
(0.2) (6.1) 0.6
1.7
-
0.9
4.9
4.5
0.2
4.9
2.0
0.4
2.1
0.1
0.1
0.9
0.9
0.9
6.9
7.3
7.3
2.6
2.3
2.3
0.1
0.8
4.5
0.2
7.1
9.0
2.0
0.1
0.7
0.9
0.5
5.0
6.0
2.2
0.1
0.7
0.9
0.8
0.2
0.1
0.1
1.0
1.9
2.2
12.4
13.7
13.3
3.9
2.5
2.6
1.2
0.4
0.2
12.4
1.6
4.9
1.0
1.5
1.6
0.2
1.3
1.0
2.4
1.0
(0.3)
1.8
12.4
1.8
3.1
4.1
4.7
4.4
3.4
1.0 (0.3)
1.5
(2.8) (56.2)
(4.9) (1.6)
(2.8)
(11.1) (18.7) (24.6)
(1.8) (0.3)
(2.5) (1.0) (1.1) (0.7)
1.8
(0.9)
1.8
(13.9) (32.6) (57.2) (45.4) (29.2)
(5.6) (5.3)
(2.8)
(2.7)
1.8
0.4
11.0
15.3 13.5
7.3
1.0
9.2
1.8 (0.2)
8.2 13.5
0.4
0.3
0.7
$127.2 $153.4 $171.6 $155.9 $114.6 $156.4 $190.6
4.3 2.8
$41.7 $45.2
3.2
$47.4
(3.0) 2.7
$21.5 $21.6 $27.0 $31.7 $34.3
1.8
2.3
2.4
1.8 (0.2)
3.1 1.6 1.1 2.4 4.1
2.8 3.5
$37.0 $37.0 $39.3 $43.1 $41.8 $44.8 $50.2 $53.8
0.7
1.4
1.4
3.1
5.7
4.7
13.8 15.4 15.0
$176.9 $181.1 $183.1 $135.8 $117.6 $101.8 $130.0 $140.0 $147.6 $161.2 $169.0
3.8
0.7
9.6
-
1.6
1.6
1.6
9.4
8.2
9.2 10.4
12.8
$179.9
Adjusted EBITDA
Pro forma for Trax acquisition:
Trax adjusted EBITDA for the twelve months ended February 28, 2023
Adjusted EBITDA pro forma for Trax acquisition
AAR
$8.6
$188.5
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