ALTA EQUIPMENT GROUP INC
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
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Sep 30, 2024 · Filed Nov 12, 2024
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Segments
NOTE 16 — SEGMENTS
The Company hasthree reportable segments: Material Handling, Construction Equipment, and Master Distribution. All other business activities are included in "Corporate and Other". The Company’s segments are determined based on management structure, which is organized based on types of products and services sold, as described in the following paragraphs. The operating results for each segment are reported separately to the Company’s CEO to make decisions regarding the allocation of resources, to assess the Company’s operating performance and to make strategic decisions.
The Material Handling segment is principally engaged in operations related to the sale, service, and rental of lift trucks and other material handling equipment in Michigan, Illinois, Indiana, New York (including New York City), Virginia and the New England region of the U.S. as well as the Ontario and Quebec provinces of Canada.
The Construction Equipment segment is principally engaged in operations related to the sale, service, and rental of construction equipment in Michigan, Illinois, Indiana, Ohio, Pennsylvania, New York (excluding New York City), Florida and the New England region of the U.S. as well as the Ontario and Quebec provinces of Canada.
The Company began separately reporting Master Distribution as its own segment in the first quarter of 2023. The Master Distribution segment is principally engaged in large-scale equipment distribution with sub dealers throughout North America related to environmental processing equipment.
The Company retains various unallocated expense items at the general corporate level, which the Company refers to as “Corporate and Other” in the table below. Corporate and Other holds corporate debt and has minor transactional activity all together including Alta e-mobility (e.g., commercial electric vehicles) revenues and costs. Corporate and Other incurs expenses associated with compensation (including stock-based compensation) of our directors, corporate officers and members of our shared-services team, consulting and legal fees related to acquisitions and capital raising activities, corporate governance and compliance related matters, certain corporate development related expenses, interest expense associated with original issue discounts and deferred financing cost related to previous capital raises, and a portion of the Company’s income tax provision. There is also intercompany elimination activity presented within Corporate and Other.
The following tables present the Company’s results of operations by reportable segment:
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| New and used equipment sales | $87.2 | $118.0 | $15.3 | $(0.7) | $219.8 |
| Parts sales | 24.9 | 48.4 | 2.2 | 0.1 | 75.6 |
| Service revenues | 34.7 | 29.6 | 0.3 | — | 64.6 |
| Rental revenues | 19.3 | 34.0 | 0.4 | — | 53.7 |
| Rental equipment sales | 2.8 | 32.3 | — | — | 35.1 |
| Total revenues | $168.9 | $262.3 | $18.2 | $(0.6) | $448.8 |
| Interest expense | 6.6 | 13.3 | 1.2 | 1.5 | 22.6 |
| Depreciation and amortization | 10.5 | 25.9 | 1.1 | 0.3 | 37.8 |
| Income (loss) before taxes | 0.7 | (10.8) | 0.1 | (6.1) | (16.1) |
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| New and used equipment sales | $89.8 | $150.8 | $15.2 | $(2.2) | $253.6 |
| Parts sales | 24.4 | 42.9 | 2.5 | (0.3) | $69.5 |
| Service revenues | 33.2 | 27.3 | 0.1 | — | $60.6 |
| Rental revenues | 19.6 | 34.1 | 0.3 | — | $54.0 |
| Rental equipment sales | 1.6 | 26.9 | — | — | 28.5 |
| Total revenues | $168.6 | $282.0 | $18.1 | $(2.5) | $466.2 |
| Interest expense | 4.9 | 8.7 | 0.9 | 0.7 | 15.2 |
| Depreciation and amortization | 8.6 | 25.0 | 1.1 | 0.3 | 35.0 |
| Income (loss) before taxes | 4.8 | 0.8 | 0.3 | (5.8) | 0.1 |
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| New and used equipment sales | $271.5 | $389.6 | $38.8 | $— | $699.9 |
| Parts sales | 76.7 | 143.5 | 7.1 | (0.8) | 226.5 |
| Service revenues | 104.2 | 90.0 | 0.6 | — | 194.8 |
| Rental revenues | 58.3 | 96.4 | 1.2 | — | 155.9 |
| Rental equipment sales | 8.1 | 93.3 | — | — | 101.4 |
| Total revenues | $518.8 | $812.8 | $47.7 | $(0.8) | $1,378.5 |
| Interest expense | 17.6 | 34.9 | 3.1 | 2.3 | 57.9 |
| Depreciation and amortization | 30.6 | 75.0 | 3.5 | 0.7 | 109.8 |
| Income (loss) before taxes | 6.0 | (26.0) | (3.0) | (23.8) | (46.8) |
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| New and used equipment sales | $267.5 | $412.1 | $57.3 | $(9.1) | $727.8 |
| Parts sales | 75.8 | 126.4 | 7.9 | (0.9) | 209.2 |
| Service revenues | 99.1 | 81.1 | 0.3 | — | 180.5 |
| Rental revenues | 56.2 | 90.2 | 0.7 | — | 147.1 |
| Rental equipment sales | 3.9 | 86.8 | — | — | 90.7 |
| Total revenues | $502.5 | $796.6 | $66.2 | $(10.0) | $1,355.3 |
| Interest expense | 13.2 | 23.2 | 2.5 | 2.0 | 40.9 |
| Depreciation and amortization | 25.4 | 67.0 | 3.2 | 0.5 | 96.1 |
| Income (loss) before taxes | 12.8 | 3.7 | 5.1 | (17.7) | 3.9 |
The following table presents the Company’s identified assets by reportable segment:
| September 30,2024 | December 31,2023 | |
|---|---|---|
| Material Handling | $470.5 | $474.3 |
| Construction Equipment | 953.1 | 947.6 |
| Master Distribution | 89.4 | 85.9 |
| Corporate and Other | 36.1 | 63.1 |
| Total assets | $1,549.1 | $1,570.9 |
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