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
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Property and Equipment and Rental Fleet
NOTE 6 — PROPERTY AND EQUIPMENT AND RENTAL FLEET
Property and equipment, net, consisted of the following:
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Land | $3.2 | $2.1 |
| Buildings, equipment, and leasehold improvements: | ||
| Machinery and equipment | 9.3 | 8.5 |
| Autos and trucks | 7.6 | 7.7 |
| Buildings and leasehold improvements | 25.0 | 20.8 |
| Construction in progress | 8.0 | 6.1 |
| Finance lease right-of-use assets | 62.0 | 48.4 |
| Office equipment | 5.6 | 4.9 |
| Computer equipment | 14.4 | 13.3 |
| Total cost | 135.1 | 111.8 |
| Less: accumulated depreciation and amortization: | ||
| Buildings, equipment, autos and trucks, leasehold improvements, finance leases and office and computer equipment | (50.1) | (38.4) |
| Property and equipment, net | $85.0 | $73.4 |
Total depreciation and amortization on property and equipment was$4.7 million and$3.4 million for the three months ended September 30, 2024 and 2023, respectively, and$13.6 million and$9.6 million for the nine months ended September 30, 2024 and 2023, respectively.
Rental fleet, net, consisted of the following:
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| Rental fleet | $599.0 | $600.8 |
| Less: accumulated depreciation rental fleet | (213.7) | (209.4) |
| Rental fleet, net | $385.3 | $391.4 |
Total depreciation on rental fleet was$26.3 million and$26.5 million for the three months ended September 30, 2024 and 2023, respectively, and$77.1 million and$71.4 million for the nine months ended September 30, 2024 and 2023, respectively.
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