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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Wesco Aircraft Holdings Inc | NYSE:WAIR | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 11.04 | 0 | 01:00:00 |
Delaware
|
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20-5441563
|
(State of Incorporation)
|
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(I.R.S. Employer Identification Number)
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Large accelerated filer
|
x
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Accelerated filer
|
o
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Non-accelerated filer
|
o
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(Do not check if a smaller reporting company)
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|
|
|
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Smaller reporting company
|
o
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|
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Emerging growth company
|
o
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Page
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March 31,
2018 |
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September 30,
2017 |
||||
Assets
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
35,923
|
|
|
$
|
61,625
|
|
Accounts receivable, net of allowance for doubtful accounts of $3,494 and $3,109 at March 31, 2018 and September 30, 2017, respectively
|
287,099
|
|
|
256,301
|
|
||
Inventories
|
889,335
|
|
|
827,870
|
|
||
Prepaid expenses and other current assets
|
16,014
|
|
|
13,733
|
|
||
Income taxes receivable
|
2,572
|
|
|
3,617
|
|
||
Total current assets
|
1,230,943
|
|
|
1,163,146
|
|
||
Property and equipment, net
|
47,956
|
|
|
50,355
|
|
||
Deferred debt issuance costs, net
|
3,535
|
|
|
3,676
|
|
||
Goodwill
|
266,644
|
|
|
266,644
|
|
||
Intangible assets, net
|
170,865
|
|
|
178,292
|
|
||
Deferred tax assets
|
74,822
|
|
|
76,038
|
|
||
Other assets
|
17,547
|
|
|
15,956
|
|
||
Total assets
|
$
|
1,812,312
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$
|
1,754,107
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|
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|
|
||||
Liabilities and Stockholders’ Equity
|
|
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|
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|
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Current liabilities
|
|
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|
|
|
||
Accounts payable
|
$
|
194,112
|
|
|
$
|
184,273
|
|
Accrued expenses and other current liabilities
|
30,304
|
|
|
35,329
|
|
||
Income taxes payable
|
8,498
|
|
|
3,290
|
|
||
Capital lease obligations, current portion
|
2,487
|
|
|
2,952
|
|
||
Short-term borrowings and current portion of long-term debt
|
101,000
|
|
|
75,000
|
|
||
Total current liabilities
|
336,401
|
|
|
300,844
|
|
||
Capital lease obligations, less current portion
|
2,825
|
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|
2,013
|
|
||
Long-term debt, less current portion
|
779,708
|
|
|
788,838
|
|
||
Deferred income taxes
|
3,761
|
|
|
3,197
|
|
||
Other liabilities
|
17,525
|
|
|
9,484
|
|
||
Total liabilities
|
1,140,220
|
|
|
1,104,376
|
|
||
Commitments and contingencies
|
|
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|
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Stockholders’ equity
|
|
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|
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Preferred stock, $0.001 par value per share: 50,000,000 shares authorized; no shares issued and outstanding
|
—
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|
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—
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|
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Common stock, $0.001 par value, 950,000,000 shares authorized, 99,490,648 and 99,450,902 shares issued and outstanding at March 31, 2018 and September 30, 2017, respectively
|
99
|
|
|
99
|
|
||
Additional paid-in capital
|
440,143
|
|
|
436,522
|
|
||
Accumulated other comprehensive loss
|
(80,511
|
)
|
|
(84,626
|
)
|
||
Retained earnings
|
312,361
|
|
|
297,736
|
|
||
Total stockholders’ equity
|
672,092
|
|
|
649,731
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,812,312
|
|
|
$
|
1,754,107
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net sales
|
$
|
390,183
|
|
|
$
|
364,599
|
|
|
$
|
753,274
|
|
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$
|
703,970
|
|
Cost of sales
|
284,448
|
|
|
269,844
|
|
|
553,115
|
|
|
519,758
|
|
||||
Gross profit
|
105,735
|
|
|
94,755
|
|
|
200,159
|
|
|
184,212
|
|
||||
Selling, general and administrative expenses
|
72,539
|
|
|
62,557
|
|
|
142,391
|
|
|
125,758
|
|
||||
Income from operations
|
33,196
|
|
|
32,198
|
|
|
57,768
|
|
|
58,454
|
|
||||
Interest expense, net
|
(11,965
|
)
|
|
(8,842
|
)
|
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(23,803
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)
|
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(19,915
|
)
|
||||
Other (expense) income, net
|
(108
|
)
|
|
(255
|
)
|
|
152
|
|
|
33
|
|
||||
Income before provision for income taxes
|
21,123
|
|
|
23,101
|
|
|
34,117
|
|
|
38,572
|
|
||||
Provision for income taxes
|
(6,123
|
)
|
|
(5,659
|
)
|
|
(19,491
|
)
|
|
(8,023
|
)
|
||||
Net income
|
15,000
|
|
|
17,442
|
|
|
14,626
|
|
|
30,549
|
|
||||
Other comprehensive income (loss), net of income taxes
|
2,850
|
|
|
5,575
|
|
|
4,115
|
|
|
(5,682
|
)
|
||||
Comprehensive income
|
$
|
17,850
|
|
|
$
|
23,017
|
|
|
$
|
18,741
|
|
|
$
|
24,867
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.15
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.31
|
|
Diluted
|
$
|
0.15
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.31
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
99,136,015
|
|
|
98,709,557
|
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|
99,116,250
|
|
|
98,512,601
|
|
||||
Diluted
|
99,519,925
|
|
|
99,017,986
|
|
|
99,441,385
|
|
|
98,900,437
|
|
|
Six Months Ended
March 31, |
||||||
|
2018
|
|
2017
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
14,626
|
|
|
$
|
30,549
|
|
Adjustments to reconcile net income to net cash used in operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
14,541
|
|
|
13,472
|
|
||
Amortization of deferred debt issuance costs
|
2,911
|
|
|
4,123
|
|
||
Bad debt and sales return reserve
|
519
|
|
|
(357
|
)
|
||
Stock-based compensation expense
|
3,688
|
|
|
5,287
|
|
||
Inventory provision
|
4,820
|
|
|
5,345
|
|
||
Deferred income taxes
|
581
|
|
|
562
|
|
||
Other non-cash items
|
367
|
|
|
11
|
|
||
Subtotal
|
42,053
|
|
|
58,992
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(30,962
|
)
|
|
(19,601
|
)
|
||
Income taxes receivable
|
1,091
|
|
|
(6,160
|
)
|
||
Inventories
|
(66,582
|
)
|
|
(68,068
|
)
|
||
Prepaid expenses and other assets
|
(2,500
|
)
|
|
(2,653
|
)
|
||
Accounts payable
|
9,682
|
|
|
(780
|
)
|
||
Accrued expenses and other liabilities
|
6,034
|
|
|
721
|
|
||
Income taxes payable
|
5,275
|
|
|
3,786
|
|
||
Net cash used in operating activities
|
(35,909
|
)
|
|
(33,763
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Purchase of property and equipment
|
(2,909
|
)
|
|
(4,209
|
)
|
||
Net cash used in investing activities
|
(2,909
|
)
|
|
(4,209
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from short-term borrowings
|
60,000
|
|
|
50,000
|
|
||
Repayment of short-term borrowings
|
(34,000
|
)
|
|
(12,000
|
)
|
||
Repayment of long-term debt
|
(10,000
|
)
|
|
(11,344
|
)
|
||
Debt issuance costs
|
(1,900
|
)
|
|
(12,739
|
)
|
||
Repayment of capital lease obligations
|
(1,346
|
)
|
|
(676
|
)
|
||
Net proceeds from exercise of stock options
|
34
|
|
|
2,965
|
|
||
Settlement on restricted stock tax withholding
|
(100
|
)
|
|
—
|
|
||
Net cash provided by financing activities
|
12,688
|
|
|
16,206
|
|
||
Effect of foreign currency exchange rate on cash and cash equivalents
|
428
|
|
|
(1,325
|
)
|
||
Net decrease in cash and cash equivalents
|
(25,702
|
)
|
|
(23,091
|
)
|
||
Cash and cash equivalents, beginning of period
|
61,625
|
|
|
77,061
|
|
||
Cash and cash equivalents, end of period
|
$
|
35,923
|
|
|
$
|
53,970
|
|
|
|
Americas
|
|
EMEA
|
|
APAC
|
|
Total
|
||||||||
Goodwill as of September 30, 2017, gross
|
|
$
|
773,384
|
|
|
$
|
51,190
|
|
|
$
|
16,955
|
|
|
$
|
841,529
|
|
Accumulated impairment
|
|
(569,201
|
)
|
|
—
|
|
|
(5,684
|
)
|
|
(574,885
|
)
|
||||
Goodwill as of September 30, 2017, net
|
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Changes during the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Goodwill as of March 31, 2018, gross
|
|
773,384
|
|
|
51,190
|
|
|
16,955
|
|
|
841,529
|
|
||||
Accumulated impairment
|
|
(569,201
|
)
|
|
—
|
|
|
(5,684
|
)
|
|
(574,885
|
)
|
||||
Goodwill as of March 31, 2018, net
|
|
$
|
204,183
|
|
|
$
|
51,190
|
|
|
$
|
11,271
|
|
|
$
|
266,644
|
|
|
|
|
Derivative Notional
|
||||||
|
|
|
March 31, 2018
|
|
September 30, 2017
|
||||
Instruments designated as accounting hedges:
|
|
|
|
|
|||||
Interest rate swap contract
|
|
$
|
325,000
|
|
|
$
|
375,000
|
|
|
|
|
|
Fair Value
|
||||||
|
|
Balance Sheet Locations
|
|
March 31, 2018
|
|
September 30, 2017
|
||||
Instrument designated as accounting hedge:
|
|
|
|
|
|
|
||||
Interest rate swap contract
|
|
Other current assets
|
|
$
|
300
|
|
|
$
|
—
|
|
Interest rate swap contract
|
|
Other assets
|
|
400
|
|
|
—
|
|
||
Interest rate swap contract
|
|
Accrued expenses and other current liabilities
|
|
—
|
|
|
2,462
|
|
||
Interest rate swap contract
|
|
Other liabilities
|
|
—
|
|
|
903
|
|
|
|
Location in Consolidated Statement of Comprehensive Income
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
|
|
|
|||||||||||||||
Cash Flow Hedge
|
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|||||||||
Interest rate swap contracts
|
|
Interest expense, net
|
|
$
|
304
|
|
|
$
|
137
|
|
|
$
|
861
|
|
|
$
|
389
|
|
|
|
|
|
|
|
|
|
|
|
|
AOCI - Unrealized Gain (Loss) on Hedging Instruments
|
|
Three Months Ended March 31, 2018
|
|
Six Months Ended March 31, 2018
|
|||||
Balance at beginning of period
|
|
$
|
(763
|
)
|
|
$
|
(2,133
|
)
|
|
Change in fair value of hedging instruments
|
|
1,157
|
|
|
1,970
|
|
|||
Amounts reclassified to earnings
|
|
304
|
|
|
861
|
|
|||
Net current period other comprehensive income
|
|
1,461
|
|
|
2,831
|
|
|||
Balance at end of period
|
|
$
|
698
|
|
|
$
|
698
|
|
|
|
Location in Consolidated Statement of Comprehensive Income
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
Instruments Not Designated As Hedging Instruments
|
|
|
|
|||||||||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||||
Foreign currency forward contracts
|
|
Other income (loss), net
|
|
$
|
—
|
|
|
$
|
752
|
|
|
$
|
—
|
|
|
$
|
(1,843
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
March 31, 2018
|
|
September 30, 2017
|
||||||||||||
|
Principal
Amount
|
|
Fair
Value
|
|
Principal
Amount
|
|
Fair
Value
|
||||||||
Term loan A facility
|
$
|
370,000
|
|
|
$
|
367,410
|
|
|
$
|
380,000
|
|
|
$
|
376,960
|
|
Term loan B facility
|
440,562
|
|
|
429,989
|
|
|
440,562
|
|
|
428,667
|
|
||||
Revolving facility
|
81,000
|
|
|
81,000
|
|
|
55,000
|
|
|
55,000
|
|
||||
Total long-term debt
|
$
|
891,562
|
|
|
$
|
878,399
|
|
|
$
|
875,562
|
|
|
$
|
860,627
|
|
Level 1:
|
Quoted prices in active markets for identical assets or liabilities.
|
Level 2:
|
Inputs other than quoted prices that are observable for the asset or liability, either directly or indirectly.
|
Level 3:
|
Unobservable inputs for the asset or liability.
|
March 31, 2018
|
Balance Sheet Locations
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Instrument designated as accounting hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swap contract
|
Other current assets
|
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
300
|
|
|
$
|
—
|
|
|
Interest rate swap contract
|
Other assets
|
|
400
|
|
|
—
|
|
|
400
|
|
|
—
|
|
September 30, 2017
|
Balance Sheet Locations
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Instrument designated as accounting hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swap contract
|
Accrued expenses and other current liabilities
|
|
$
|
2,462
|
|
|
$
|
—
|
|
|
$
|
2,462
|
|
|
$
|
—
|
|
|
Interest rate swap contract
|
Other liabilities
|
|
903
|
|
|
—
|
|
|
903
|
|
|
—
|
|
|
|
March 31, 2018
|
|
September 30, 2017
|
||||||||||||||||||||
|
|
Principal
Amount
|
|
Deferred Debt Issuance Costs
|
|
Carrying
Amount
|
|
Principal
Amount
|
|
Deferred Debt Issuance Costs
|
|
Carrying
Amount
|
||||||||||||
Term loan A facility
|
|
$
|
370,000
|
|
|
$
|
(7,302
|
)
|
|
$
|
362,698
|
|
|
$
|
380,000
|
|
|
$
|
(7,562
|
)
|
|
$
|
372,438
|
|
Term loan B facility
|
|
440,562
|
|
|
(3,552
|
)
|
|
437,010
|
|
|
440,562
|
|
|
(4,162
|
)
|
|
436,400
|
|
||||||
Revolving facility
|
|
81,000
|
|
|
—
|
|
|
81,000
|
|
|
55,000
|
|
|
—
|
|
|
55,000
|
|
||||||
|
|
891,562
|
|
|
(10,854
|
)
|
|
880,708
|
|
|
875,562
|
|
|
(11,724
|
)
|
|
863,838
|
|
||||||
Less: current portion
|
|
101,000
|
|
|
—
|
|
|
101,000
|
|
|
75,000
|
|
|
—
|
|
|
75,000
|
|
||||||
Non-current portion
|
|
$
|
790,562
|
|
|
$
|
(10,854
|
)
|
|
$
|
779,708
|
|
|
$
|
800,562
|
|
|
$
|
(11,724
|
)
|
|
$
|
788,838
|
|
|
|
Term Loan A Facility
|
|
Term Loan B Facility
|
|
Revolving Facility
|
|
Total
|
||||||||
Deferred debt issuance costs as of September 30, 2017
|
|
$
|
7,562
|
|
|
$
|
4,162
|
|
|
$
|
3,676
|
|
|
$
|
15,400
|
|
Deferred debt issuance costs for the Sixth Amendment
|
|
1,291
|
|
|
—
|
|
|
609
|
|
|
1,900
|
|
||||
Amortization of deferred debt issuance costs
|
|
(1,551
|
)
|
|
(610
|
)
|
|
(750
|
)
|
|
(2,911
|
)
|
||||
Deferred debt issuance costs as of March 31, 2018
|
|
$
|
7,302
|
|
|
$
|
3,552
|
|
|
$
|
3,535
|
|
|
$
|
14,389
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
15,000
|
|
|
$
|
17,442
|
|
|
$
|
14,626
|
|
|
$
|
30,549
|
|
Foreign currency translation loss
|
1,389
|
|
|
5,307
|
|
|
1,284
|
|
|
(8,132
|
)
|
||||
Unrealized gain on cash flow hedging instruments
|
1,461
|
|
|
268
|
|
|
2,831
|
|
|
2,450
|
|
||||
Total comprehensive income
|
$
|
17,850
|
|
|
$
|
23,017
|
|
|
$
|
18,741
|
|
|
$
|
24,867
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Net income
|
$
|
15,000
|
|
|
$
|
17,442
|
|
|
$
|
14,626
|
|
|
$
|
30,549
|
|
Basic weighted average shares outstanding
|
99,136,015
|
|
|
98,709,557
|
|
|
99,116,250
|
|
|
98,512,601
|
|
||||
Dilutive effect of stock options and restricted stock
|
383,910
|
|
|
308,429
|
|
|
325,135
|
|
|
387,836
|
|
||||
Dilutive weighted average shares outstanding
|
$
|
99,519,925
|
|
|
$
|
99,017,986
|
|
|
$
|
99,441,385
|
|
|
$
|
98,900,437
|
|
Basic net income per share
|
$
|
0.15
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.31
|
|
Diluted net income per share
|
$
|
0.15
|
|
|
$
|
0.18
|
|
|
$
|
0.15
|
|
|
$
|
0.31
|
|
|
Three Months Ended March 31, 2018
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
313,250
|
|
|
$
|
68,147
|
|
|
$
|
8,786
|
|
|
$
|
—
|
|
|
$
|
390,183
|
|
Income (loss) from operations
|
35,691
|
|
|
6,830
|
|
|
777
|
|
|
(10,102
|
)
|
|
33,196
|
|
|||||
Interest expense, net
|
(10,943
|
)
|
|
(997
|
)
|
|
(25
|
)
|
|
—
|
|
|
(11,965
|
)
|
|||||
Capital expenditures
|
1,412
|
|
|
75
|
|
|
87
|
|
|
—
|
|
|
1,574
|
|
|||||
Depreciation and amortization
|
6,283
|
|
|
929
|
|
|
73
|
|
|
—
|
|
|
7,285
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, 2017
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
293,025
|
|
|
$
|
64,434
|
|
|
$
|
7,140
|
|
|
$
|
—
|
|
|
$
|
364,599
|
|
Income (loss) from operations
|
27,076
|
|
|
7,956
|
|
|
1,448
|
|
|
(4,282
|
)
|
|
32,198
|
|
|||||
Interest expense, net
|
(8,091
|
)
|
|
(729
|
)
|
|
(22
|
)
|
|
—
|
|
|
(8,842
|
)
|
|||||
Capital expenditures
|
2,346
|
|
|
544
|
|
|
3
|
|
|
—
|
|
|
2,893
|
|
|||||
Depreciation and amortization
|
5,914
|
|
|
806
|
|
|
23
|
|
|
—
|
|
|
6,743
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
Six Months Ended March 31, 2018
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
602,765
|
|
|
$
|
132,385
|
|
|
$
|
18,124
|
|
|
$
|
—
|
|
|
$
|
753,274
|
|
Income (loss) from operations
|
60,888
|
|
|
11,982
|
|
|
2,275
|
|
|
(17,377
|
)
|
|
57,768
|
|
|||||
Interest expense, net
|
(21,591
|
)
|
|
(2,161
|
)
|
|
(51
|
)
|
|
—
|
|
|
(23,803
|
)
|
|||||
Capital expenditures
|
2,370
|
|
|
400
|
|
|
139
|
|
|
—
|
|
|
2,909
|
|
|||||
Depreciation and amortization
|
12,659
|
|
|
1,735
|
|
|
147
|
|
|
—
|
|
|
14,541
|
|
|
Six Months Ended March 31, 2017
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
560,963
|
|
|
$
|
128,339
|
|
|
$
|
14,668
|
|
|
$
|
—
|
|
|
$
|
703,970
|
|
Income (loss) from operations
|
49,103
|
|
|
16,675
|
|
|
1,884
|
|
|
(9,208
|
)
|
|
58,454
|
|
|||||
Interest expense, net
|
(18,208
|
)
|
|
(1,659
|
)
|
|
(48
|
)
|
|
—
|
|
|
(19,915
|
)
|
|||||
Capital expenditures
|
3,383
|
|
|
812
|
|
|
14
|
|
|
—
|
|
|
4,209
|
|
|||||
Depreciation and amortization
|
11,848
|
|
|
1,584
|
|
|
40
|
|
|
—
|
|
|
13,472
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2018
|
||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||
Total assets
|
$
|
1,498,308
|
|
|
$
|
263,999
|
|
|
$
|
50,005
|
|
|
$
|
1,812,312
|
|
Goodwill
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
|
As of September 30, 2017
|
||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||
Total assets
|
$
|
1,436,840
|
|
|
$
|
275,445
|
|
|
$
|
41,822
|
|
|
$
|
1,754,107
|
|
Goodwill
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
(dollars in thousands)
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Provision for income taxes
|
|
$
|
6,123
|
|
|
$
|
5,659
|
|
|
$
|
19,491
|
|
|
$
|
8,023
|
|
Effective tax rate
|
|
29.0
|
%
|
|
24.5
|
%
|
|
57.1
|
%
|
|
20.8
|
%
|
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||||||
Consolidated Result of Operations
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
390,183
|
|
|
$
|
364,599
|
|
|
$
|
753,274
|
|
|
$
|
703,970
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
105,735
|
|
|
$
|
94,755
|
|
|
$
|
200,159
|
|
|
$
|
184,212
|
|
Selling, general & administrative expenses
|
|
72,539
|
|
|
62,557
|
|
|
142,391
|
|
|
125,758
|
|
||||
Income from operations
|
|
33,196
|
|
|
32,198
|
|
|
57,768
|
|
|
58,454
|
|
||||
Interest expense, net
|
|
(11,965
|
)
|
|
(8,842
|
)
|
|
(23,803
|
)
|
|
(19,915
|
)
|
||||
Other (expense) income, net
|
|
(108
|
)
|
|
(255
|
)
|
|
152
|
|
|
33
|
|
||||
Income before income taxes
|
|
21,123
|
|
|
23,101
|
|
|
34,117
|
|
|
38,572
|
|
||||
Income tax provision
|
|
(6,123
|
)
|
|
(5,659
|
)
|
|
(19,491
|
)
|
|
(8,023
|
)
|
||||
Net income
|
|
$
|
15,000
|
|
|
$
|
17,442
|
|
|
$
|
14,626
|
|
|
$
|
30,549
|
|
(as a percentage of net sales,
numbers rounded)
|
|
Three Months Ended
March 31, |
|
Six Months Ended
March 31, |
||||||||
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
100
|
%
|
|
100
|
%
|
|
100.0
|
%
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
27.1
|
%
|
|
26.0
|
%
|
|
26.6
|
%
|
|
26.2
|
%
|
Selling, general & administrative expenses
|
|
18.6
|
%
|
|
17.2
|
%
|
|
18.9
|
%
|
|
17.9
|
%
|
Income from operations
|
|
8.5
|
%
|
|
8.8
|
%
|
|
7.7
|
%
|
|
8.3
|
%
|
Interest expense, net
|
|
(3.1
|
)%
|
|
(2.4
|
)%
|
|
(3.2
|
)%
|
|
(2.8
|
)%
|
Other (expense) income, net
|
|
—
|
%
|
|
(0.1
|
)%
|
|
—
|
%
|
|
—
|
%
|
Income before income taxes
|
|
5.4
|
%
|
|
6.3
|
%
|
|
4.5
|
%
|
|
5.5
|
%
|
Income tax provision
|
|
(1.6
|
)%
|
|
(1.5
|
)%
|
|
(2.6
|
)%
|
|
(1.1
|
)%
|
Net income
|
|
3.8
|
%
|
|
4.8
|
%
|
|
1.9
|
%
|
|
4.3
|
%
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
Americas Result of Operations
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
313,250
|
|
|
$
|
293,025
|
|
|
$
|
602,765
|
|
|
$
|
560,963
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
84,351
|
|
|
$
|
74,087
|
|
|
$
|
159,331
|
|
|
$
|
143,185
|
|
Selling, general & administrative expenses
|
|
48,660
|
|
|
47,011
|
|
|
98,443
|
|
|
94,082
|
|
||||
Income from operations
|
|
$
|
35,691
|
|
|
$
|
27,076
|
|
|
$
|
60,888
|
|
|
$
|
49,103
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
26.9
|
%
|
|
25.3
|
%
|
|
26.4
|
%
|
|
25.5
|
%
|
Selling, general & administrative expenses
|
|
15.5
|
%
|
|
16.1
|
%
|
|
16.3
|
%
|
|
16.7
|
%
|
Income from operations
|
|
11.4
|
%
|
|
9.2
|
%
|
|
10.1
|
%
|
|
8.8
|
%
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
EMEA Result of Operations
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
68,147
|
|
|
$
|
64,434
|
|
|
$
|
132,385
|
|
|
$
|
128,339
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
19,140
|
|
|
$
|
18,269
|
|
|
$
|
35,783
|
|
|
$
|
37,007
|
|
Selling, general & administrative expenses
|
|
12,310
|
|
|
10,313
|
|
|
23,801
|
|
|
20,332
|
|
||||
Income from operations
|
|
$
|
6,830
|
|
|
$
|
7,956
|
|
|
$
|
11,982
|
|
|
$
|
16,675
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
28.1
|
%
|
|
28.4
|
%
|
|
27.0
|
%
|
|
28.8
|
%
|
Selling, general & administrative expenses
|
|
18.1
|
%
|
|
16.1
|
%
|
|
17.9
|
%
|
|
15.8
|
%
|
Income from operations
|
|
10.0
|
%
|
|
12.3
|
%
|
|
9.1
|
%
|
|
13.0
|
%
|
|
|
Three Months Ended March 31,
|
|
Six Months Ended March 31,
|
||||||||||||
APAC Result of Operations
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
|
(dollars in thousands)
|
|
(dollars in thousands)
|
||||||||||||
Net sales
|
|
$
|
8,786
|
|
|
$
|
7,140
|
|
|
$
|
18,124
|
|
|
$
|
14,668
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
2,244
|
|
|
$
|
2,399
|
|
|
$
|
5,045
|
|
|
$
|
4,020
|
|
Selling, general & administrative expenses
|
|
1,467
|
|
|
951
|
|
|
2,770
|
|
|
2,136
|
|
||||
Income from operations
|
|
$
|
777
|
|
|
$
|
1,448
|
|
|
$
|
2,275
|
|
|
$
|
1,884
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Net sales
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
100
|
%
|
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
25.5
|
%
|
|
33.6
|
%
|
|
27.8
|
%
|
|
27.4
|
%
|
Selling, general & administrative expenses
|
|
16.7
|
%
|
|
13.3
|
%
|
|
15.2
|
%
|
|
14.6
|
%
|
Income from operations
|
|
8.8
|
%
|
|
20.3
|
%
|
|
12.6
|
%
|
|
12.8
|
%
|
•
|
operating expenses;
|
•
|
working capital requirements to fund the growth of our business;
|
•
|
capital expenditures that primarily relate to IT equipment and our warehouse operations; and
|
•
|
debt service requirements for borrowings under the Credit Facilities (as defined below under “—Credit Facilities”).
|
|
|
Six Months Ended March 31,
|
||||||
Consolidated statements of cash flows data:
|
|
2018
|
|
2017
|
||||
Net income
|
|
$
|
14,626
|
|
|
$
|
30,549
|
|
Adjustments to reconcile net income to net cash used in operating activities
|
|
27,427
|
|
|
28,443
|
|
||
Subtotal
|
|
42,053
|
|
|
58,992
|
|
||
Changes in assets and liabilities
|
|
(77,962
|
)
|
|
(92,755
|
)
|
||
Net cash used in operating activities
|
|
$
|
(35,909
|
)
|
|
$
|
(33,763
|
)
|
|
|
|
|
|
||||
Net cash used in investing activities
|
|
(2,909
|
)
|
|
(4,209
|
)
|
||
|
|
|
|
|
||||
Net cash provided by financing activities
|
|
12,688
|
|
|
16,206
|
|
•
|
the burden of complying with multiple and possibly conflicting laws and any unexpected changes in regulatory requirements;
|
•
|
political risks, including risks of loss due to civil disturbances, acts of terrorism, acts of war, guerilla activities and insurrection;
|
•
|
unstable economic, financial and market conditions and increased expenses due to inflation, or higher interest rates;
|
•
|
difficulties in enforcement of third-party contractual obligations and collecting receivables through foreign legal systems;
|
•
|
changes in global trade policies;
|
•
|
increasingly complex laws and regulations concerning privacy, data protection and data security, including the European Union’s General Data Protection Regulation;
|
•
|
difficulties in staffing and managing international operations and the application of foreign labor regulations;
|
•
|
differing local product preferences and product requirements; and
|
•
|
potentially adverse tax consequences from changes in tax laws, requirements relating to withholding taxes on remittances and other payments by subsidiaries and restrictions on our ability to repatriate dividends from our subsidiaries.
|
Period
|
|
Total
Number of
Shares
Purchased
|
|
|
Average
Price
Paid per
Share
|
|
|
Total Number
of Shares
Purchased
as Part of Publicly
Announced
Plans or
Programs
|
|
|
Approximate
Dollar Value
of Shares that
May Yet Be
Purchased Under
the Plans or
Programs
(in millions)
|
|
||||||||||
January 1, 2018 - January 31, 2018
|
|
|
—
|
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
||
February 1, 2018 - February 28, 2018
|
|
|
11,202
|
|
|
|
|
6.55
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
March 1, 2018 - March 31, 2018
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
Total
|
|
|
|
|
11,202
|
|
|
|
$
|
6.55
|
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document
|
|
|
|
|
101.SCH
|
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
101.CAL
|
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
101.DEF
|
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
101.LAB
|
|
|
XBRL Taxonomy Extension Label Linkbase Document
|
|
|
|
|
101.PRE
|
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
Date: May 3, 2018
|
WESCO AIRCRAFT HOLDINGS, INC.
|
|
|
|
|
|
By:
|
/s/ Todd S. Renehan
|
|
|
Name: Todd S. Renehan
|
|
|
Title: Chief Executive Officer
|
|
|
|
Date: May 3, 2018
|
By:
|
/s/ Kerry A. Shiba
|
|
|
Name: Kerry A. Shiba
|
|
|
Title: Executive Vice President and Chief Financial Officer
|
1 Year Wesco Aircraft Chart |
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