![](/cdn/assets/images/search/clock.png)
We could not find any results for:
Make sure your spelling is correct or try broadening your search.
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
|
|
20-5441563
|
(State of Incorporation)
|
|
(I.R.S. Employer Identification Number)
|
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
|
Large accelerated filer
|
☒
|
|
|
Accelerated filer
|
☐
|
Non-accelerated filer
|
☐
|
|
|
Smaller reporting company
|
☐
|
|
|
|
|
Emerging growth company
|
☐
|
Page
|
||
|
||
|
|
|
|
||
|
||
|
||
|
||
|
|
|
|
|
|
|
||
|
||
|
|
|
|
|
|
|
June 30,
2019 |
|
September 30,
2018 |
||||
Assets
|
|
|
|
|
|
||
Current assets
|
|
|
|
|
|
||
Cash and cash equivalents
|
$
|
45,418
|
|
|
$
|
46,222
|
|
Accounts receivable, net of allowance for doubtful accounts of $2,909 and $2,877 at June 30, 2019 and September 30, 2018, respectively
|
333,446
|
|
|
283,775
|
|
||
Inventories
|
879,565
|
|
|
884,212
|
|
||
Prepaid expenses and other current assets
|
18,110
|
|
|
15,291
|
|
||
Income taxes receivable
|
2,602
|
|
|
2,017
|
|
||
Total current assets
|
1,279,141
|
|
|
1,231,517
|
|
||
Property and equipment, net
|
54,186
|
|
|
44,205
|
|
||
Deferred debt issuance costs, net
|
1,848
|
|
|
2,827
|
|
||
Goodwill
|
266,644
|
|
|
266,644
|
|
||
Intangible assets, net
|
152,241
|
|
|
163,438
|
|
||
Deferred tax assets
|
67,823
|
|
|
65,135
|
|
||
Other assets
|
14,300
|
|
|
15,710
|
|
||
Total assets
|
$
|
1,836,183
|
|
|
$
|
1,789,476
|
|
|
|
|
|
||||
Liabilities and Stockholders’ Equity
|
|
|
|
|
|
||
Current liabilities
|
|
|
|
|
|
||
Accounts payable
|
$
|
216,400
|
|
|
$
|
180,494
|
|
Accrued expenses and other current liabilities
|
52,569
|
|
|
42,767
|
|
||
Income taxes payable
|
4,111
|
|
|
2,295
|
|
||
Capital lease obligations, current portion
|
1,877
|
|
|
2,205
|
|
||
Short-term borrowings and current portion of long-term debt
|
58,000
|
|
|
74,000
|
|
||
Total current liabilities
|
332,957
|
|
|
301,761
|
|
||
Capital lease obligations, less current portion
|
1,475
|
|
|
2,329
|
|
||
Long-term debt, less current portion
|
759,712
|
|
|
771,777
|
|
||
Deferred income taxes
|
3,507
|
|
|
2,803
|
|
||
Other liabilities
|
12,440
|
|
|
18,337
|
|
||
Total liabilities
|
1,110,091
|
|
|
1,097,007
|
|
||
Commitments and contingencies (Note 12)
|
|
|
|
|
|
||
Stockholders’ equity
|
|
|
|
|
|
||
Preferred stock, $0.001 par value per share: 50,000,000 shares authorized; no shares issued and outstanding
|
—
|
|
|
—
|
|
||
Common stock, $0.001 par value, 950,000,000 shares authorized, 99,749,063 and 99,557,885 shares issued and outstanding at June 30, 2019 and September 30, 2018, respectively
|
100
|
|
|
99
|
|
||
Additional paid-in capital
|
451,544
|
|
|
444,531
|
|
||
Accumulated other comprehensive loss
|
(88,788
|
)
|
|
(82,980
|
)
|
||
Retained earnings
|
363,236
|
|
|
330,819
|
|
||
Total stockholders’ equity
|
726,092
|
|
|
692,469
|
|
||
Total liabilities and stockholders’ equity
|
$
|
1,836,183
|
|
|
$
|
1,789,476
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net sales
|
$
|
442,374
|
|
|
$
|
410,359
|
|
|
$
|
1,264,159
|
|
|
$
|
1,163,633
|
|
Cost of sales
|
336,504
|
|
|
306,162
|
|
|
951,200
|
|
|
859,277
|
|
||||
Gross profit
|
105,870
|
|
|
104,197
|
|
|
312,959
|
|
|
304,356
|
|
||||
Selling, general and administrative expenses
|
83,368
|
|
|
74,869
|
|
|
238,539
|
|
|
217,260
|
|
||||
Income from operations
|
22,502
|
|
|
29,328
|
|
|
74,420
|
|
|
87,096
|
|
||||
Interest expense, net
|
(12,878
|
)
|
|
(12,717
|
)
|
|
(38,180
|
)
|
|
(36,520
|
)
|
||||
Other (expense) income, net
|
(630
|
)
|
|
239
|
|
|
(1,161
|
)
|
|
391
|
|
||||
Income before income taxes and equity method investment impairment charge
|
8,994
|
|
|
16,850
|
|
|
35,079
|
|
|
50,967
|
|
||||
Benefit (provision) for income taxes
|
7,377
|
|
|
(6,096
|
)
|
|
(405
|
)
|
|
(25,587
|
)
|
||||
Income before equity method investment impairment charge
|
16,371
|
|
|
10,754
|
|
|
34,674
|
|
|
25,380
|
|
||||
Equity method investment impairment charge, net of income taxes
|
(2,257
|
)
|
|
—
|
|
|
(2,257
|
)
|
|
—
|
|
||||
Net income
|
14,114
|
|
|
10,754
|
|
|
32,417
|
|
|
25,380
|
|
||||
Other comprehensive (loss) income, net of income taxes
|
(1,576
|
)
|
|
(3,106
|
)
|
|
(5,808
|
)
|
|
1,009
|
|
||||
Comprehensive income
|
$
|
12,538
|
|
|
$
|
7,648
|
|
|
$
|
26,609
|
|
|
$
|
26,389
|
|
Net income per share:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.26
|
|
Diluted
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.32
|
|
|
$
|
0.26
|
|
Weighted average shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
||||
Basic
|
99,647,188
|
|
|
99,180,632
|
|
|
99,586,122
|
|
|
99,137,710
|
|
||||
Diluted
|
100,205,475
|
|
|
99,739,217
|
|
|
100,029,458
|
|
|
99,396,613
|
|
|
Nine Months Ended
June 30, |
||||||
|
2019
|
|
2018
|
||||
Cash flows from operating activities
|
|
|
|
|
|
||
Net income
|
$
|
32,417
|
|
|
$
|
25,380
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
|
|
|
|
|
|
||
Depreciation and amortization
|
21,327
|
|
|
21,909
|
|
||
Amortization of deferred debt issuance costs
|
3,914
|
|
|
4,300
|
|
||
Bad debt and sales return reserve
|
232
|
|
|
503
|
|
||
Stock-based compensation expense
|
7,418
|
|
|
6,286
|
|
||
Net inventory provision
|
(1,555
|
)
|
|
10,976
|
|
||
Equity method investment impairment charge
|
2,966
|
|
|
—
|
|
||
Deferred income taxes
|
(24
|
)
|
|
523
|
|
||
Other non-cash items
|
(556
|
)
|
|
(678
|
)
|
||
Subtotal
|
66,139
|
|
|
69,199
|
|
||
Changes in assets and liabilities:
|
|
|
|
|
|
||
Accounts receivable
|
(50,321
|
)
|
|
(47,008
|
)
|
||
Income taxes receivable
|
(582
|
)
|
|
995
|
|
||
Inventories
|
6,219
|
|
|
(76,884
|
)
|
||
Prepaid expenses and other assets
|
(6,476
|
)
|
|
1,608
|
|
||
Accounts payable
|
33,400
|
|
|
9,122
|
|
||
Accrued expenses and other liabilities
|
(870
|
)
|
|
14,648
|
|
||
Income taxes payable
|
1,805
|
|
|
9,255
|
|
||
Net cash provided by (used in) operating activities
|
49,314
|
|
|
(19,065
|
)
|
||
|
|
|
|
||||
Cash flows from investing activities
|
|
|
|
|
|
||
Purchase of property and equipment
|
(16,481
|
)
|
|
(4,009
|
)
|
||
Net cash used in investing activities
|
(16,481
|
)
|
|
(4,009
|
)
|
||
|
|
|
|
||||
Cash flows from financing activities
|
|
|
|
|
|
||
Proceeds from short-term borrowings
|
57,000
|
|
|
67,500
|
|
||
Repayment of short-term borrowings
|
(73,000
|
)
|
|
(41,000
|
)
|
||
Repayment of long-term debt
|
(15,000
|
)
|
|
(15,000
|
)
|
||
Debt issuance costs
|
—
|
|
|
(1,900
|
)
|
||
Repayment of capital lease obligations
|
(2,094
|
)
|
|
(2,207
|
)
|
||
Net proceeds from exercise of stock options
|
37
|
|
|
63
|
|
||
Settlement on restricted stock tax withholding
|
(442
|
)
|
|
(126
|
)
|
||
Net cash (used in) provided by financing activities
|
(33,499
|
)
|
|
7,330
|
|
||
Effect of foreign currency exchange rate on cash and cash equivalents
|
(138
|
)
|
|
(293
|
)
|
||
Net decrease in cash and cash equivalents
|
(804
|
)
|
|
(16,037
|
)
|
||
Cash and cash equivalents, beginning of period
|
46,222
|
|
|
61,625
|
|
||
Cash and cash equivalents, end of period
|
$
|
45,418
|
|
|
$
|
45,588
|
|
|
|
Americas
|
|
EMEA
|
|
APAC
|
|
Total
|
||||||||
Goodwill as of September 30, 2018, gross
|
|
$
|
773,384
|
|
|
$
|
51,190
|
|
|
$
|
16,955
|
|
|
$
|
841,529
|
|
Accumulated impairment
|
|
(569,201
|
)
|
|
—
|
|
|
(5,684
|
)
|
|
(574,885
|
)
|
||||
Goodwill as of September 30, 2018, net
|
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Changes during the period
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Goodwill as of June 30, 2019, gross
|
|
773,384
|
|
|
51,190
|
|
|
16,955
|
|
|
841,529
|
|
||||
Accumulated impairment
|
|
(569,201
|
)
|
|
—
|
|
|
(5,684
|
)
|
|
(574,885
|
)
|
||||
Goodwill as of June 30, 2019, net
|
|
$
|
204,183
|
|
|
$
|
51,190
|
|
|
$
|
11,271
|
|
|
$
|
266,644
|
|
|
|
|
Derivative Notional
|
||||||
|
|
|
June 30, 2019
|
|
September 30, 2018
|
||||
Instruments designated as accounting hedges:
|
|
|
|
|
|||||
Interest rate swap contracts
|
|
$
|
398,300
|
|
|
$
|
435,800
|
|
|
|
|
|
Fair Value
|
||||||
|
|
Balance Sheet Locations
|
|
June 30, 2019
|
|
September 30, 2018
|
||||
Instruments designated as accounting hedge:
|
|
|
|
|
|
|
||||
Interest rate swap contracts
|
|
Other current assets
|
|
$
|
34
|
|
|
$
|
1,045
|
|
Interest rate swap contracts
|
|
Other assets
|
|
—
|
|
|
1,051
|
|
||
Interest rate swap contracts
|
|
Accrued expenses and other current liabilities
|
|
3,038
|
|
|
289
|
|
||
Interest rate swap contracts
|
|
Other liabilities
|
|
2,431
|
|
|
—
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
|
|
||||||||||||||
Cash Flow Hedge
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Interest rate swap contracts
|
|
$
|
(1,892
|
)
|
|
$
|
(91
|
)
|
|
$
|
(5,174
|
)
|
|
$
|
2,740
|
|
AOCI - Unrealized (Loss) Gain on Hedging Instruments
|
|
Three Months Ended June 30, 2019
|
|
Nine Months Ended June 30, 2019
|
|||||
Balance at beginning of period
|
|
$
|
(1,977
|
)
|
|
$
|
1,375
|
|
|
Change in fair value of hedging instruments
|
|
(1,892
|
)
|
|
(5,174
|
)
|
|||
Amounts reclassified to earnings
|
|
(27
|
)
|
|
(97
|
)
|
|||
Net current period other comprehensive loss
|
|
(1,919
|
)
|
|
(5,271
|
)
|
|||
Balance at end of period
|
|
$
|
(3,896
|
)
|
|
$
|
(3,896
|
)
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||||||||
|
Principal
Amount
|
|
Fair
Value
|
|
Principal
Amount
|
|
Fair
Value
|
||||||||
Term loan A facility
|
$
|
345,000
|
|
|
$
|
341,550
|
|
|
$
|
360,000
|
|
|
$
|
357,840
|
|
Term loan B facility
|
440,562
|
|
|
433,514
|
|
|
440,562
|
|
|
432,192
|
|
||||
Revolving facility
|
38,000
|
|
|
38,000
|
|
|
54,000
|
|
|
54,000
|
|
||||
Interest rate swap contract liability (assets), net
|
5,435
|
|
|
5,435
|
|
|
(1,807
|
)
|
|
(1,807
|
)
|
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.
|
June 30, 2019
|
Balance Sheet Locations
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Instruments designated as accounting hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swap contracts
|
Other current assets
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
Interest rate swap contracts
|
Accrued expenses and other current liabilities
|
|
3,038
|
|
|
—
|
|
|
3,038
|
|
|
—
|
|
|||||
Interest rate swap contracts
|
Other liabilities
|
|
2,431
|
|
|
—
|
|
|
2,431
|
|
|
—
|
|
September 30, 2018
|
Balance Sheet Locations
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Instrument designated as accounting hedge:
|
|
|
|
|
|
|
|
|
|
|||||||||
Interest rate swap contracts
|
Other current assets
|
|
$
|
1,045
|
|
|
$
|
—
|
|
|
$
|
1,045
|
|
|
$
|
—
|
|
|
Interest rate swap contracts
|
Other assets
|
|
1,051
|
|
|
—
|
|
|
1,051
|
|
|
—
|
|
|||||
Interest rate swap contracts
|
Accrued expenses and other current liabilities
|
|
289
|
|
|
—
|
|
|
289
|
|
|
—
|
|
|
|
June 30, 2019
|
|
September 30, 2018
|
||||||||||||||||||||
|
|
Principal
Amount
|
|
Deferred Debt Issuance Costs
|
|
Carrying
Amount
|
|
Principal
Amount
|
|
Deferred Debt Issuance Costs
|
|
Carrying
Amount
|
||||||||||||
Term loan A facility
|
|
$
|
345,000
|
|
|
$
|
(3,820
|
)
|
|
$
|
341,180
|
|
|
$
|
360,000
|
|
|
$
|
(5,842
|
)
|
|
$
|
354,158
|
|
Term loan B facility
|
|
440,562
|
|
|
(2,030
|
)
|
|
438,532
|
|
|
440,562
|
|
|
(2,943
|
)
|
|
437,619
|
|
||||||
Revolving facility
|
|
38,000
|
|
|
—
|
|
|
38,000
|
|
|
54,000
|
|
|
—
|
|
|
54,000
|
|
||||||
|
|
823,562
|
|
|
(5,850
|
)
|
|
817,712
|
|
|
854,562
|
|
|
(8,785
|
)
|
|
845,777
|
|
||||||
Less: current portion
|
|
58,000
|
|
|
—
|
|
|
58,000
|
|
|
74,000
|
|
|
—
|
|
|
74,000
|
|
||||||
Non-current portion
|
|
$
|
765,562
|
|
|
$
|
(5,850
|
)
|
|
$
|
759,712
|
|
|
$
|
780,562
|
|
|
$
|
(8,785
|
)
|
|
$
|
771,777
|
|
|
|
Term Loan A Facility
|
|
Term Loan B Facility
|
|
Revolving Facility
|
|
Total
|
||||||||
Deferred debt issuance costs as of September 30, 2018
|
|
$
|
5,842
|
|
|
$
|
2,943
|
|
|
$
|
2,827
|
|
|
$
|
11,612
|
|
Amortization of deferred debt issuance costs
|
|
(2,022
|
)
|
|
(913
|
)
|
|
(979
|
)
|
|
(3,914
|
)
|
||||
Deferred debt issuance costs as of June 30, 2019
|
|
$
|
3,820
|
|
|
$
|
2,030
|
|
|
$
|
1,848
|
|
|
$
|
7,698
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
14,114
|
|
|
$
|
10,754
|
|
|
$
|
32,417
|
|
|
$
|
25,380
|
|
Foreign currency translation gain (loss)
|
343
|
|
|
(3,015
|
)
|
|
(537
|
)
|
|
(1,731
|
)
|
||||
Unrealized (loss) gain on cash flow hedging instruments
|
(1,919
|
)
|
|
(91
|
)
|
|
(5,271
|
)
|
|
2,740
|
|
||||
Total comprehensive income
|
$
|
12,538
|
|
|
$
|
7,648
|
|
|
$
|
26,609
|
|
|
$
|
26,389
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Net income
|
$
|
14,114
|
|
|
$
|
10,754
|
|
|
$
|
32,417
|
|
|
$
|
25,380
|
|
Basic weighted average shares outstanding
|
99,647,188
|
|
|
99,180,632
|
|
|
99,586,122
|
|
|
99,137,710
|
|
||||
Dilutive effect of stock options and restricted stock
|
558,287
|
|
|
558,585
|
|
|
443,336
|
|
|
258,903
|
|
||||
Dilutive weighted average shares outstanding
|
100,205,475
|
|
|
99,739,217
|
|
|
100,029,458
|
|
|
99,396,613
|
|
||||
Basic net income per share
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.33
|
|
|
$
|
0.26
|
|
Diluted net income per share
|
$
|
0.14
|
|
|
$
|
0.11
|
|
|
$
|
0.32
|
|
|
$
|
0.26
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
364,098
|
|
|
$
|
63,634
|
|
|
$
|
14,642
|
|
|
$
|
—
|
|
|
$
|
442,374
|
|
Income (loss) from operations
|
32,852
|
|
|
(1,948
|
)
|
|
1,492
|
|
|
(9,894
|
)
|
|
22,502
|
|
|||||
Interest expense, net
|
(11,518
|
)
|
|
(1,336
|
)
|
|
(24
|
)
|
|
—
|
|
|
(12,878
|
)
|
|||||
Capital expenditures
|
8,271
|
|
|
161
|
|
|
53
|
|
|
—
|
|
|
8,485
|
|
|||||
Depreciation and amortization
|
6,160
|
|
|
898
|
|
|
104
|
|
|
—
|
|
|
7,162
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Three Months Ended June 30, 2018
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
333,602
|
|
|
$
|
66,728
|
|
|
$
|
10,029
|
|
|
$
|
—
|
|
|
$
|
410,359
|
|
Income from operations
|
35,979
|
|
|
4,749
|
|
|
332
|
|
|
(11,732
|
)
|
|
29,328
|
|
|||||
Interest expense, net
|
(11,115
|
)
|
|
(1,578
|
)
|
|
(24
|
)
|
|
—
|
|
|
(12,717
|
)
|
|||||
Capital expenditures
|
997
|
|
|
75
|
|
|
28
|
|
|
—
|
|
|
1,100
|
|
|||||
Depreciation and amortization
|
6,417
|
|
|
863
|
|
|
88
|
|
|
—
|
|
|
7,368
|
|
|
Nine Months Ended June 30, 2019
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
1,032,524
|
|
|
$
|
191,672
|
|
|
$
|
39,963
|
|
|
$
|
—
|
|
|
$
|
1,264,159
|
|
Income from operations
|
97,236
|
|
|
2,326
|
|
|
3,722
|
|
|
(28,864
|
)
|
|
74,420
|
|
|||||
Interest expense, net
|
(33,918
|
)
|
|
(4,187
|
)
|
|
(75
|
)
|
|
—
|
|
|
(38,180
|
)
|
|||||
Capital expenditures
|
14,818
|
|
|
1,085
|
|
|
578
|
|
|
—
|
|
|
16,481
|
|
|||||
Depreciation and amortization
|
18,441
|
|
|
2,612
|
|
|
274
|
|
|
—
|
|
|
21,327
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
|
Nine Months Ended June 30, 2018
|
||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
Net sales
|
$
|
936,367
|
|
|
$
|
199,113
|
|
|
$
|
28,153
|
|
|
$
|
—
|
|
|
$
|
1,163,633
|
|
Income from operations
|
96,867
|
|
|
16,731
|
|
|
2,607
|
|
|
(29,109
|
)
|
|
87,096
|
|
|||||
Interest expense, net
|
(32,706
|
)
|
|
(3,739
|
)
|
|
(75
|
)
|
|
—
|
|
|
(36,520
|
)
|
|||||
Capital expenditures
|
3,367
|
|
|
475
|
|
|
167
|
|
|
—
|
|
|
4,009
|
|
|||||
Depreciation and amortization
|
19,076
|
|
|
2,598
|
|
|
235
|
|
|
—
|
|
|
21,909
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
As of June 30, 2019
|
||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||
Total assets
|
$
|
1,498,600
|
|
|
$
|
270,957
|
|
|
$
|
66,626
|
|
|
$
|
1,836,183
|
|
Goodwill
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
|
As of September 30, 2018
|
||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||
Total assets
|
$
|
1,485,453
|
|
|
$
|
248,937
|
|
|
$
|
55,086
|
|
|
$
|
1,789,476
|
|
Goodwill
|
204,183
|
|
|
51,190
|
|
|
11,271
|
|
|
266,644
|
|
|
Three Months Ended June 30, 2019
|
||||||||||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||||||||||||||
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
||||||||||||
Hardware
|
$
|
168,220
|
|
|
46.2
|
%
|
|
$
|
28,253
|
|
|
44.4
|
%
|
|
$
|
5,675
|
|
|
38.8
|
%
|
|
$
|
202,148
|
|
|
45.7
|
%
|
Chemicals (1)
|
148,985
|
|
|
40.9
|
%
|
|
31,379
|
|
|
49.3
|
%
|
|
7,668
|
|
|
52.4
|
%
|
|
188,032
|
|
|
42.5
|
%
|
||||
Electronic components
|
31,530
|
|
|
8.7
|
%
|
|
2,107
|
|
|
3.3
|
%
|
|
310
|
|
|
2.1
|
%
|
|
33,947
|
|
|
7.7
|
%
|
||||
Bearings
|
7,946
|
|
|
2.2
|
%
|
|
1,176
|
|
|
1.8
|
%
|
|
546
|
|
|
3.7
|
%
|
|
9,668
|
|
|
2.2
|
%
|
||||
Machined parts and other
|
7,417
|
|
|
2.0
|
%
|
|
719
|
|
|
1.2
|
%
|
|
443
|
|
|
3.0
|
%
|
|
8,579
|
|
|
1.9
|
%
|
||||
Total
|
$
|
364,098
|
|
|
100.0
|
%
|
|
$
|
63,634
|
|
|
100.0
|
%
|
|
$
|
14,642
|
|
|
100.0
|
%
|
|
$
|
442,374
|
|
|
100.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Nine Months Ended June 30, 2019
|
||||||||||||||||||||||||||
|
Americas
|
|
EMEA
|
|
APAC
|
|
Consolidated
|
||||||||||||||||||||
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
|
Sales
|
|
% of
Total
|
||||||||||||
Hardware
|
$
|
484,380
|
|
|
46.9
|
%
|
|
$
|
84,858
|
|
|
44.3
|
%
|
|
$
|
13,768
|
|
|
34.5
|
%
|
|
$
|
583,006
|
|
|
46.1
|
%
|
Chemicals (1)
|
420,890
|
|
|
40.8
|
%
|
|
92,374
|
|
|
48.2
|
%
|
|
21,382
|
|
|
53.5
|
%
|
|
534,646
|
|
|
42.3
|
%
|
||||
Electronic components
|
87,454
|
|
|
8.5
|
%
|
|
5,901
|
|
|
3.0
|
%
|
|
948
|
|
|
2.4
|
%
|
|
94,303
|
|
|
7.5
|
%
|
||||
Bearings
|
17,275
|
|
|
1.6
|
%
|
|
4,189
|
|
|
2.2
|
%
|
|
2,730
|
|
|
6.8
|
%
|
|
24,194
|
|
|
1.9
|
%
|
||||
Machined parts and other
|
22,525
|
|
|
2.2
|
%
|
|
4,350
|
|
|
2.3
|
%
|
|
1,135
|
|
|
2.8
|
%
|
|
28,010
|
|
|
2.2
|
%
|
||||
Total
|
$
|
1,032,524
|
|
|
100.0
|
%
|
|
$
|
191,672
|
|
|
100.0
|
%
|
|
$
|
39,963
|
|
|
100.0
|
%
|
|
$
|
1,264,159
|
|
|
100.0
|
%
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
(dollars in thousands)
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
Benefit (provision) for income taxes
|
|
$
|
7,377
|
|
|
$
|
(6,096
|
)
|
|
$
|
(405
|
)
|
|
$
|
(25,587
|
)
|
Effective tax rate
|
|
(82.0
|
)%
|
|
36.2
|
%
|
|
1.2
|
%
|
|
50.2
|
%
|
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Loss
|
|
Retained Earnings
|
|
Total Shareholders'
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at September 30, 2018
|
99,557,885
|
|
|
$
|
99
|
|
|
$
|
444,531
|
|
|
$
|
(82,980
|
)
|
|
$
|
330,819
|
|
|
$
|
692,469
|
|
Issuance of common stock
|
191,178
|
|
|
1
|
|
|
37
|
|
|
—
|
|
|
—
|
|
|
38
|
|
|||||
Settlement on restricted stock tax withholding
|
—
|
|
|
—
|
|
|
(442
|
)
|
|
—
|
|
|
—
|
|
|
(442
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
7,418
|
|
|
—
|
|
|
—
|
|
|
7,418
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
32,417
|
|
|
32,417
|
|
|||||
Other comprehensive loss
|
—
|
|
|
—
|
|
|
—
|
|
|
(5,808
|
)
|
|
—
|
|
|
(5,808
|
)
|
|||||
Balance at June 30, 2019
|
99,749,063
|
|
|
$
|
100
|
|
|
$
|
451,544
|
|
|
$
|
(88,788
|
)
|
|
$
|
363,236
|
|
|
$
|
726,092
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Common Stock
|
|
Additional Paid-in Capital
|
|
Accumulated Other Comprehensive Loss
|
|
Retained Earnings
|
|
Total Shareholders'
Equity
|
|||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
|||||||||||||||
Balance at September 30, 2017
|
99,450,902
|
|
|
$
|
99
|
|
|
$
|
436,522
|
|
|
$
|
(84,626
|
)
|
|
$
|
297,736
|
|
|
$
|
649,731
|
|
Issuance of common stock
|
42,980
|
|
|
—
|
|
|
63
|
|
|
—
|
|
|
—
|
|
|
63
|
|
|||||
Settlement on restricted stock tax withholding
|
—
|
|
|
—
|
|
|
(126
|
)
|
|
—
|
|
|
—
|
|
|
(126
|
)
|
|||||
Stock-based compensation expense
|
—
|
|
|
—
|
|
|
6,286
|
|
|
—
|
|
|
—
|
|
|
6,286
|
|
|||||
Net income
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
25,380
|
|
|
25,380
|
|
|||||
Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|
1,009
|
|
|
—
|
|
|
1,009
|
|
|||||
Balance at June 30, 2018
|
99,493,882
|
|
|
$
|
99
|
|
|
$
|
442,745
|
|
|
$
|
(83,617
|
)
|
|
$
|
323,116
|
|
|
$
|
682,343
|
|
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||||||
Consolidated Results of Operations
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
442,374
|
|
|
$
|
410,359
|
|
|
$
|
1,264,159
|
|
|
$
|
1,163,633
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
105,870
|
|
|
$
|
104,197
|
|
|
$
|
312,959
|
|
|
$
|
304,356
|
|
Selling, general & administrative expenses
|
|
83,368
|
|
|
74,869
|
|
|
238,539
|
|
|
217,260
|
|
||||
Income from operations
|
|
22,502
|
|
|
29,328
|
|
|
74,420
|
|
|
87,096
|
|
||||
Interest expense, net
|
|
(12,878
|
)
|
|
(12,717
|
)
|
|
(38,180
|
)
|
|
(36,520
|
)
|
||||
Other (expense) income, net
|
|
(630
|
)
|
|
239
|
|
|
(1,161
|
)
|
|
391
|
|
||||
Income before income taxes and equity method investment impairment charge
|
|
8,994
|
|
|
16,850
|
|
|
35,079
|
|
|
50,967
|
|
||||
Benefit (provision) for income taxes
|
|
7,377
|
|
|
(6,096
|
)
|
|
(405
|
)
|
|
(25,587
|
)
|
||||
Income before equity method investment impairment charge
|
|
16,371
|
|
|
10,754
|
|
|
34,674
|
|
|
25,380
|
|
||||
Equity method investment impairment charge, net of income taxes
|
|
(2,257
|
)
|
|
—
|
|
|
(2,257
|
)
|
|
—
|
|
||||
Net income
|
|
$
|
14,114
|
|
|
$
|
10,754
|
|
|
$
|
32,417
|
|
|
$
|
25,380
|
|
(as a percentage of net sales,
numbers rounded)
|
|
Three Months Ended
June 30, |
|
Nine Months Ended
June 30, |
||||||||
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
23.9
|
%
|
|
25.4
|
%
|
|
24.8
|
%
|
|
26.2
|
%
|
Selling, general & administrative expenses
|
|
18.8
|
%
|
|
18.3
|
%
|
|
18.9
|
%
|
|
18.7
|
%
|
Income from operations
|
|
5.1
|
%
|
|
7.1
|
%
|
|
5.9
|
%
|
|
7.5
|
%
|
Interest expense, net
|
|
(2.9
|
)%
|
|
(3.1
|
)%
|
|
(3.0
|
)%
|
|
(3.1
|
)%
|
Other (expense) income, net
|
|
(0.2
|
)%
|
|
0.1
|
%
|
|
(0.1
|
)%
|
|
—
|
%
|
Income before income taxes and equity method investment impairment charge
|
|
2.0
|
%
|
|
4.1
|
%
|
|
2.8
|
%
|
|
4.4
|
%
|
Benefit (provision) for income taxes
|
|
1.7
|
%
|
|
(1.5
|
)%
|
|
(0.1
|
)%
|
|
(2.2
|
)%
|
Income before equity method investment impairment charge
|
|
3.7
|
%
|
|
2.6
|
%
|
|
2.7
|
%
|
|
2.2
|
%
|
Equity method investment impairment charge, net of income taxes
|
|
(0.5
|
)%
|
|
—
|
%
|
|
(0.2
|
)%
|
|
—
|
%
|
Net income
|
|
3.2
|
%
|
|
2.6
|
%
|
|
2.5
|
%
|
|
2.2
|
%
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
Americas Results of Operations
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
364,098
|
|
|
$
|
333,602
|
|
|
$
|
1,032,524
|
|
|
$
|
936,367
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
92,092
|
|
|
$
|
85,532
|
|
|
$
|
265,034
|
|
|
$
|
244,863
|
|
Selling, general & administrative expenses
|
|
59,240
|
|
|
49,553
|
|
|
167,798
|
|
|
147,996
|
|
||||
Income from operations
|
|
$
|
32,852
|
|
|
$
|
35,979
|
|
|
$
|
97,236
|
|
|
$
|
96,867
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
25.3
|
%
|
|
25.6
|
%
|
|
25.7
|
%
|
|
26.2
|
%
|
Selling, general & administrative expenses
|
|
16.3
|
%
|
|
14.8
|
%
|
|
16.3
|
%
|
|
15.9
|
%
|
Income from operations
|
|
9.0
|
%
|
|
10.8
|
%
|
|
9.4
|
%
|
|
10.3
|
%
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
EMEA Results of Operations
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net sales
|
|
$
|
63,634
|
|
|
$
|
66,728
|
|
|
$
|
191,672
|
|
|
$
|
199,113
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
11,065
|
|
|
$
|
16,571
|
|
|
$
|
38,871
|
|
|
$
|
52,354
|
|
Selling, general & administrative expenses
|
|
13,013
|
|
|
11,822
|
|
|
36,545
|
|
|
35,623
|
|
||||
(Loss) income from operations
|
|
$
|
(1,948
|
)
|
|
$
|
4,749
|
|
|
$
|
2,326
|
|
|
$
|
16,731
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
17.4
|
%
|
|
24.8
|
%
|
|
20.3
|
%
|
|
26.3
|
%
|
Selling, general & administrative expenses
|
|
20.5
|
%
|
|
17.7
|
%
|
|
19.1
|
%
|
|
17.9
|
%
|
(Loss) income from operations
|
|
(3.1
|
)%
|
|
7.1
|
%
|
|
1.2
|
%
|
|
8.4
|
%
|
|
|
Three Months Ended June 30,
|
|
Nine Months Ended June 30,
|
||||||||||||
APAC Results of Operations
|
|
2019
|
|
2018
|
|
2019
|
|
2018
|
||||||||
|
|
(dollars in thousands)
|
|
(dollars in thousands)
|
||||||||||||
Net sales
|
|
$
|
14,642
|
|
|
$
|
10,029
|
|
|
$
|
39,963
|
|
|
$
|
28,153
|
|
|
|
|
|
|
|
|
|
|
||||||||
Gross profit
|
|
$
|
2,713
|
|
|
$
|
2,094
|
|
|
$
|
9,054
|
|
|
$
|
7,139
|
|
Selling, general & administrative expenses
|
|
1,221
|
|
|
1,762
|
|
|
5,332
|
|
|
4,532
|
|
||||
Income from operations
|
|
$
|
1,492
|
|
|
$
|
332
|
|
|
$
|
3,722
|
|
|
$
|
2,607
|
|
|
|
(as a percentage of net sales,
numbers rounded)
|
||||||||||
|
|
|
|
|
|
|
|
|
||||
Gross profit
|
|
18.5
|
%
|
|
20.9
|
%
|
|
22.7
|
%
|
|
25.4
|
%
|
Selling, general & administrative expenses
|
|
8.3
|
%
|
|
17.6
|
%
|
|
13.3
|
%
|
|
16.1
|
%
|
Income from operations
|
|
10.2
|
%
|
|
3.3
|
%
|
|
9.4
|
%
|
|
9.3
|
%
|
|
|
Selling, General and Administrative Expenses
|
||||||||||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||
Three Months Ended
June 30, 2019 |
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
2019
|
|
$
|
59,240
|
|
|
$
|
13,013
|
|
|
$
|
1,221
|
|
|
$
|
9,894
|
|
|
$
|
83,368
|
|
2018
|
|
49,553
|
|
|
11,822
|
|
|
1,762
|
|
|
11,732
|
|
|
74,869
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Nine Months Ended
June 30, |
|
Americas
|
|
EMEA
|
|
APAC
|
|
Unallocated Corporate Costs
|
|
Consolidated
|
||||||||||
|
|
(dollars in thousands)
|
||||||||||||||||||
2019
|
|
$
|
167,798
|
|
|
$
|
36,545
|
|
|
$
|
5,332
|
|
|
$
|
28,864
|
|
|
$
|
238,539
|
|
2018
|
|
147,996
|
|
|
35,623
|
|
|
4,532
|
|
|
29,109
|
|
|
217,260
|
|
•
|
Operating expenses;
|
•
|
Working capital requirements to fund the growth of our business, principally inventory;
|
•
|
Capital expenditures that primarily relate to IT equipment, software development and implementation and our warehouse operations; and
|
•
|
Debt service requirements, including interest expense, for borrowings under the Credit Facilities (as defined below under “—Credit Facilities”).
|
|
|
Nine Months Ended June 30,
|
||||||
Consolidated statements of cash flows data:
|
|
2019
|
|
2018
|
||||
Net income
|
|
$
|
32,417
|
|
|
$
|
25,380
|
|
Adjustments to reconcile net income to net cash provided by (used in) operating activities
|
|
33,722
|
|
|
43,819
|
|
||
Subtotal
|
|
66,139
|
|
|
69,199
|
|
||
Changes in assets and liabilities
|
|
(16,825
|
)
|
|
(88,264
|
)
|
||
Net cash provided by (used in) operating activities
|
|
49,314
|
|
|
(19,065
|
)
|
||
|
|
|
|
|
||||
Net cash used in investing activities
|
|
(16,481
|
)
|
|
(4,009
|
)
|
||
|
|
|
|
|
||||
Net cash (used in) provided by financing activities
|
|
(33,499
|
)
|
|
7,330
|
|
||
|
|
|
|
|
||||
Effect of foreign currency exchange rate on cash and cash equivalents
|
|
(138
|
)
|
|
(293
|
)
|
||
Net decrease in cash and cash equivalents
|
|
$
|
(804
|
)
|
|
$
|
(16,037
|
)
|
•
|
a favorable change of
$83.1 million
as a result of lower cash used for inventory,
|
•
|
a
$24.3 million
favorable difference in the change for accounts payable due to the timing of payments and accruals,
|
•
|
a
$3.3 million
unfavorable impact due to higher accounts receivable largely driven by the timing of collections along with increased sales,
|
•
|
a
$15.5 million
unfavorable impact due to a change in accrued expenses and other liabilities as a result of the timing of accruals and actual payments,
|
•
|
a net
$9.0 million
unfavorable change in combined income taxes payable and receivable, and
|
•
|
an
$8.1 million
unfavorable difference in the change in prepaid expenses and other assets.
|
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)
|
|
||||||||||
April 1, 2019 - April 30, 2019
|
|
|
—
|
|
|
|
$
|
—
|
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
||
May 1, 2019 - May 31, 2019
|
|
|
1,733
|
|
|
|
|
8.40
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
June 1, 2019 - June 30, 2019
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
|
|
—
|
|
|
||
Total
|
|
|
|
|
1,733
|
|
|
|
$
|
8.40
|
|
|
|
|
—
|
|
|
|
$
|
—
|
|
|
Exhibit
Number
|
|
Description
|
|
|
|
|
|
2.1
|
|
|
|
|
|
|
|
10.1
|
|
|
|
|
|
|
|
10.2
|
|
|
|
|
|
|
|
31.1
|
|
|
|
|
|
|
|
31.2
|
|
|
|
|
|
|
|
32.1
|
|
|
|
|
|
|
|
101.INS
|
|
|
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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: August 8, 2019
|
WESCO AIRCRAFT HOLDINGS, INC.
|
|
|
|
|
|
By:
|
/s/ Todd S. Renehan
|
|
|
Name: Todd S. Renehan
|
|
|
Title: Chief Executive Officer
|
|
|
|
Date: August 8, 2019
|
By:
|
/s/ Kerry A. Shiba
|
|
|
Name: Kerry A. Shiba
|
|
|
Title: Executive Vice President and Chief Financial Officer
|
1 Year Wesco Aircraft Chart |
1 Month Wesco Aircraft Chart |
It looks like you are not logged in. Click the button below to log in and keep track of your recent history.
Support: +44 (0) 203 8794 460 | support@advfn.com
By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions