Note 16 - Segments

12 Months Ended

Dec. 31, 2025

Notes to Financial Statements

Segment Reporting Disclosure [Text Block]

16. Segments

The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. 

The Company’s chief operating decision maker is its Chief Executive Officer. The chief operating decision maker assesses performance for the Work Truck Attachments and Work Truck Solutions segments and decides how to allocate resources based on Adjusted EBITDA. The chief operating decision maker uses Adjusted EBITDA to evaluate profit generated by the segments in deciding where to reinvest profits, whether it be within the segments or for other purposes such as paying dividends, repurchasing stock, or other general corporate uses. The chief operating decision maker also uses segment Adjusted EBITDA as a metric in benchmarking performance against competitors, as well as in evaluating the compensation of certain employees. 

The Company’s two current reportable business segments are described below. 

Work Truck Attachments.  The Work Truck Attachments segment includes the Company’s operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, WESTERN®, and SNOWEX® brands, and truck-mounted service cranes and dump hoists under the VENCO® and VENTURO® brands.  

Work Truck Solutions.  The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.

Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States.

Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments:

	2025		2024		2023
Net sales
Work Truck Attachments	$	295,726	$	256,010	$	291,723
Work Truck Solutions		360,327		312,494		276,455
	$	656,053	$	568,504	$	568,178
Selling, general and administrative expense
Work Truck Attachments	$	51,353	$	53,124	$	43,176
Work Truck Solutions		43,538		38,558		35,665
	$	94,891	$	91,682	$	78,841
Other segment items (1)
Work Truck Attachments	$	188,164	$	154,431	$	197,984
Work Truck Solutions		275,091		243,042		223,231
	$	463,255	$	397,473	$	421,215
Adjusted EBITDA
Work Truck Attachments	$	56,209	$	48,455	$	50,563
Work Truck Solutions		41,698		30,894		17,559
	$	97,907	$	79,349	$	68,122
Depreciation and amortization expense
Work Truck Attachments	$	7,701	$	9,844	$	13,431
Work Truck Solutions		7,658		8,046		8,231
	$	15,359	$	17,890	$	21,662
Assets
Work Truck Attachments	$	388,094	$	367,979	$	392,920
Work Truck Solutions		238,607		222,004		200,498
	$	626,701	$	589,983	$	593,418
Capital expenditures
Work Truck Attachments	$	6,861	$	5,493	$	6,459
Work Truck Solutions		3,967		2,271		3,307
	$	10,828	$	7,764	$	9,766

Adjusted EBITDA
Work Truck Attachments	$	56,209	$	48,455		$	50,563
Work Truck Solutions		41,698		30,894			17,559
Total Adjusted EBITDA	$	97,907	$	79,349		$	68,122
Less items to reconcile Adjusted EBITDA to Income before taxes:
Interest expense - net		12,114		15,260			15,675
Depreciation expense		9,178		10,370			11,142
Amortization		6,181		7,520			10,520
Gain on sale leaseback transaction		-		(42,298	)		-
Stock based compensation		6,722		4,860			953
Restructuring and severance costs		-		1,997			-
Impairment charges (2)		-		1,224			-
Debt modification expense		176		-			-
Loss on extinguishment of debt		156		-			-
Sale leaseback transaction fees		-		5,257			-
Other charges (3)		1,874		1,268			598
Income before taxes	$	61,506	$	73,891		$	29,234

(1) Includes cost of sales, other (income) expense, and the addback of depreciation expense, stock based compensation, impairment charges, gain on sale leaseback transaction, debt modification expense, loss on extinguishment of debt, CEO transition fees, write downs of property, plant and equipment, inventory step up related to Venco Venturo, and unrelated legal, severance, restructuring, and consulting fees for the periods presented.

(2) Reflects impairment charges taken on certain internally developed software in the year ended December 31, 2024. 

(3) Reflects unrelated legal, severance and consulting fees, acquisition costs, insurance proceeds, CEO transition costs, and write downs of property, plant and equipment for the periods presented. Reflects $20 in inventory step up related to Venco Venturo included in cost of sales in the year ended December 31, 2025.