ALTA EQUIPMENT GROUP INC
For the period ended Mar 31, 2025. Filed May 7, 2025.
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Mar 31, 2025 · Filed May 7, 2025
Contents
Segments
NOTE 16 — SEGMENTS
The Company hasthree operating segments which are also our reportable segments: Material Handling, Construction Equipment, and Master Distribution. All other business activities, including commercial electric vehicles and corporate, 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 (our Chief Operating Decision Maker or "CODM") to make decisions regarding the allocation of resources, to assess the Company’s performance and to make strategic decisions. The primary profitability measurement used by the CEO to evaluate performance and allocate resources to the segments is Adjusted EBITDA. The Company's presentation of Adjusted EBITDA may not be comparable to similar measures used by other companies and is not necessarily indicative of the results of operations that would have occurred had each reportable segment been an independent, stand-alone entity during the periods presented.
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 Master Distribution segment is principally engaged in large-scale equipment distribution with sub dealers throughout the United States and Canada 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, audit and tax preparation related fees and other 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 summarize key financial information by reportable segment:
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| Revenues: | |||||
| New and used equipment sales | $78.4 | $126.7 | $14.8 | $1.8 | $221.7 |
| Parts sales | 24.3 | 45.3 | 2.4 | — | 72.0 |
| Service revenues | 34.1 | 31.8 | 0.2 | — | 66.1 |
| Rental revenues | 17.6 | 24.6 | — | 0.1 | 42.3 |
| Rental equipment sales | 3.5 | 17.4 | — | — | 20.9 |
| Total revenues | 157.9 | 245.8 | 17.4 | 1.9 | 423.0 |
| Cost of revenues: | |||||
| New and used equipment sales | 63.1 | 112.3 | 11.0 | 1.7 | 188.1 |
| Parts sales | 15.3 | 30.9 | 1.4 | — | 47.6 |
| Service revenues | 13.3 | 12.6 | 0.5 | — | 26.4 |
| Rental revenues | 1.0 | 4.0 | — | — | 5.0 |
| Rental equipment sales | 2.5 | 13.5 | — | — | 16.0 |
| Selling, general and administrative expenses | 46.5 | 54.6 | 2.5 | 3.1 | 106.7 |
| Other segment items(1) | 0.6 | 0.9 | 0.5 | (2.4) | (0.4) |
| Segment adjusted EBITDA(2) | 15.6 | 17.0 | 1.5 | (0.5) | 33.6 |
| Depreciation and amortization | 32.4 | ||||
| Interest expense | 21.9 | ||||
| Other(1) | (0.5) | ||||
| Loss before taxes | $(20.2) | ||||
| Total assets, end of period | $442.2 | $933.8 | $87.6 | $40.9 | $1,504.5 |
| Capital expenditures | 6.3 | 7.3 | — | 0.1 | 13.7 |
| Depreciation and amortization | 10.6 | 20.6 | 0.9 | 0.3 | 32.4 |
| Interest expense | 6.3 | 12.8 | 1.4 | 1.4 | 21.9 |
| MaterialHandling | ConstructionEquipment | Master Distribution | Corporate and Other | Total | |
|---|---|---|---|---|---|
| Revenues: | |||||
| New and used equipment sales | $94.1 | $126.1 | $9.1 | $(0.7) | $228.6 |
| Parts sales | 24.9 | 45.9 | 2.5 | (0.4) | 72.9 |
| Service revenues | 33.8 | 30.1 | 0.1 | — | 64.0 |
| Rental revenues | 19.0 | 29.1 | 0.4 | — | 48.5 |
| Rental equipment sales | 2.5 | 24.4 | 0.7 | — | 27.6 |
| Total revenues | 174.3 | 255.6 | 12.8 | (1.1) | 441.6 |
| Cost of revenues: | |||||
| New and used equipment sales | 76.3 | 110.0 | 6.8 | (0.7) | 192.4 |
| Parts sales | 15.5 | 31.7 | 1.5 | (0.4) | 48.3 |
| Service revenues | 14.1 | 12.8 | 0.1 | — | 27.0 |
| Rental revenues | 2.7 | 4.0 | — | — | 6.7 |
| Rental equipment sales | 1.5 | 17.6 | 0.4 | — | 19.5 |
| Selling, general and administrative expenses | 48.9 | 57.2 | 4.0 | 4.5 | 114.6 |
| Other segment items(1) | 0.8 | 1.0 | (0.9) | (1.9) | (1.0) |
| Segment adjusted EBITDA(2) | 14.5 | 21.3 | 0.9 | (2.6) | 34.1 |
| Depreciation and amortization | 34.0 | ||||
| Interest expense | 16.1 | ||||
| Other(1) | 0.1 | ||||
| Loss before taxes | $(16.1) | ||||
| Total assets, end of period | $466.8 | $975.9 | $85.8 | $34.8 | $1,563.3 |
| Capital expenditures | 11.0 | 5.7 | 0.2 | 0.4 | 17.3 |
| Depreciation and amortization | 9.7 | 22.9 | 1.1 | 0.3 | 34.0 |
| Interest expense | 5.1 | 9.8 | 0.9 | 0.3 | 16.1 |
(1) Primarily includes other income (expense) and non-recurring items.
(2) See definition in Item 2 under Non-GAAP Financial Measures.
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