ALTA EQUIPMENT GROUP INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
ALTG$4.97-17.7%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited)
(in millions)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| OPERATING ACTIVITIES | ||
| Net (loss) income | $(51.5) | $10.8 |
| Adjustments to reconcile net (loss) income to net cash flows provided by (used in) operating activities | ||
| Depreciation and amortization | 109.8 | 96.1 |
| Amortization of debt discount and debt issuance costs | 2.6 | 1.4 |
| Imputed interest | 0.3 | 0.8 |
| Loss on sale of property and equipment | — | 0.3 |
| Gain on sale of rental equipment | (25.2) | (24.2) |
| Provision for inventory obsolescence | 1.4 | 3.1 |
| Provision for losses on accounts receivable | 5.2 | 5.1 |
| Loss on debt extinguishment | 6.7 | — |
| Change in fair value of derivative instruments | (2.2) | 2.2 |
| Stock-based compensation expense | 3.9 | 3.3 |
| Changes in deferred income taxes | 5.2 | (7.4) |
| Changes in assets and liabilities, net of acquisitions: | ||
| Accounts receivable | 26.5 | (32.7) |
| Inventories | (152.2) | (247.4) |
| Proceeds from sale of rental equipment - rent-to-sell | 92.5 | 87.0 |
| Prepaid expenses and other assets | 3.2 | (5.5) |
| Manufacturers floor plans payable | 8.4 | 97.9 |
| Accounts payable, accrued expenses, customer deposits, and other current liabilities | (13.6) | (6.9) |
| Leases, deferred revenue, net of current portion and other liabilities | 1.1 | (7.0) |
| Net cash provided by (used in) operating activities | 22.1 | (23.1) |
| INVESTING ACTIVITIES | ||
| Expenditures for rental equipment | (45.6) | (48.7) |
| Expenditures for property and equipment | (11.4) | (8.6) |
| Proceeds from sale of property and equipment | 2.3 | 0.8 |
| Proceeds from sale of rental equipment - rent-to-rent | 8.9 | 3.7 |
| Acquisitions of businesses, net of cash acquired | — | (1.6) |
| Other investing activities | (2.2) | (2.5) |
| Net cash used in investing activities | (48.0) | (56.9) |
| FINANCING ACTIVITIES | ||
| Expenditures for debt issuance costs | (1.9) | — |
| Extinguishment of long-term debt | (319.4) | — |
| Proceeds from line of credit and long-term borrowings | 899.6 | 278.5 |
| Principal payments on line of credit, long-term debt, and finance lease obligations | (546.1) | (197.0) |
| Proceeds from non-manufacturer floor plan payable | 101.3 | 148.3 |
| Payments on non-manufacturer floor plan payable | (110.6) | (138.5) |
| Preferred stock dividends paid | (2.2) | (2.2) |
| Common stock dividends declared and paid | (5.9) | (5.7) |
| Repurchases of common stock | (2.0) | — |
| Other financing activities | (3.1) | (5.2) |
| Net cash provided by financing activities | 9.7 | 78.2 |
| Effect of exchange rate changes on cash | (0.2) | 0.5 |
| NET CHANGE IN CASH | (16.4) | (1.3) |
| Cash, Beginning of year | 31.0 | 2.7 |
| Cash, End of period | $14.6 | $1.4 |
| Supplemental schedule of noncash investing and financing activities: | ||
| Noncash asset purchases: | ||
| Net transfer of assets from inventory to rental fleet | $105.6 | $143.0 |
| Contingent and non-contingent consideration for business acquisitions | 0.2 | — |
| Supplemental disclosures of cash flow information | ||
| Cash paid for interest | $43.8 | $33.8 |
| Cash paid for income taxes | $1.5 | $4.0 |
Notes to Unaudited Condensed Consolidated Financial Statements
(Dollars in millions, except per share data, unless otherwise indicated)
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