Segments

3 Months Ended

Mar. 31, 2022

Segment Reporting [Abstract]

SEGMENTS

NOTE 18 — SEGMENTS

The Company has two reportable segments: Material Handling and Construction Equipment. The “Material Handling” segment has been previously reported as our “Industrial” segment. The Company’s segments are determined based on management structure, which is organized based on types of products sold, as described in the following paragraph. The operating results for each segment are reported separately to the Company’s Chief Executive Officer 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 as well as the New England region (including Boston) of the United States. As of March 31, 2022, the Material Handling segment included the ScottTech and Baron acquisitions and their related results for the quarter.

The Construction Equipment segment is principally engaged in operations related to the sale, service, and rental of construction equipment in Michigan, Illinois, Indiana, Ohio, New York, Florida and the New England region (including Boston) of the United States. As of March 31, 2022 the Construction Equipment segment includes the Gibson, Midwest Mine, Ambrose, and Ginop acquisitions and their related results for the quarter.

The Company retains various unallocated expense items at the general corporate level, which the Company refers to as “Corporate” in the table below. Corporate holds corporate debt and has minor activity all together. Corporate incurs expenses associated with compensation (including share based compensation) of our directors, corporate officers and certain members of our shared-services leadership 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 the Company’s income tax provision.

The following table presents the Company’s results of operations by reportable segment for the three months ended March 31, 2022 (amounts in millions):

	Three Months Ended March 31, 2022
	Material Handling		Construction Equipment			Corporate			Total
New and used equipment sales	$	66.9	$	84.7		$	—		$	151.6
Parts sales		19.2		34.2			—			53.4
Service revenue		26.7		21.5			—			48.2
Rental revenue		12.8		24.9			—			37.7
Rental equipment sales		—		40.8			—			40.8
Total revenue	$	125.6	$	206.1		$	—		$	331.7
Interest expense		2.3		3.5			0.3			6.1
Depreciation and amortization		5.3		18.9			—			24.2
Net income (loss)	$	4.0	$	(2.1	)	$	(3.9	)	$	(2.0	)

The following table presents the Company’s results of operations by reportable segment for the three months ended March 31, 2021 (amounts in millions):

	Three Months Ended March 31, 2021
	Material Handling		Construction Equipment			Corporate			Total
New and used equipment sales	$	57.4	$	66.4		$	—		$	123.8
Parts sales		15.2		26.2			—			41.4
Service revenue		22.6		16.1			—			38.7
Rental revenue		11.1		22.0			—			33.1
Rental equipment sales		0.5		31.3			—			31.8
Total revenue	$	106.8	$	162.0		$	—		$	268.8
Interest expense		2.2		3.1			0.5			5.8
Depreciation and amortization		4.6		16.8			—			21.4
Net income (loss)	$	1.3	$	(3.3	)	$	(3.7	)	$	(5.7	)

The following table presents the Company’s identified assets by reportable segment for the period ending March 31, 2022 and December 31, 2021 (amounts in millions):

	March 31, 2022		December 31, 2021
Segment assets:
Material handling	$	339.9	$	325.1
Construction equipment		689.3		655.8
Corporate		1.4		1.7
Total assets	$	1,030.6	$	982.6