Segments

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENTS

The Company has three reportable segments: Material Handling, Construction Equipment, and Master Distribution. All other business activities, including 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 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 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, New York (excluding New York City), Florida and the New England region of the U.S. as well as Ontario and Quebec provinces of Canada. As of December 31, 2023, the Construction Equipment segment included the Burris and Ault acquisitions and their related results since their acquisitions during the fourth quarter.

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’s identified assets by reportable segment below, as of December 31, 2022, has been recast to reflect the change in segment presentation.

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 the Corporate and Other segment.

The following tables present the Company’s results of operations by reportable segment for the years ended December 31, 2023, 2022 and 2021:

	Year Ended December 31, 2023
	Material Handling		Construction Equipment		Master Distribution		Corporate and Other			Total
New and used equipment sales	$	367.6	$	597.9	$	72.5	$	(12.1	)	$	1,025.9
Parts sales		99.5		170.1		9.8		(1.1	)		278.3
Service revenues		132.8		108.2		0.3		—			241.3
Rental revenues		76.4		124.8		1.2		—			202.4
Rental equipment sales		5.2		123.7		—		—			128.9
Total revenues	$	681.5	$	1,124.7	$	83.8	$	(13.2	)	$	1,876.8
Interest expense		18.1		33.1		3.4		2.4			57.0
Depreciation and amortization		34.9		92.5		4.4		0.8			132.6
Income (loss) before taxes		14.7		7.0		4.1		(23.3	)		2.5

	Year Ended December 31, 2022
	Material Handling		Construction Equipment		Master Distribution			Corporate and Other			Total
New and used equipment sales	$	305.2	$	508.2	$	5.0		$	(1.2	)	$	817.2
Parts sales		84.4		149.0		1.6			(0.2	)		234.8
Service revenues		112.1		94.4		0.1			—			206.6
Rental revenues		63.5		116.6		—			—			180.1
Rental equipment sales		5.5		127.6		—			—			133.1
Total revenues	$	570.7	$	995.8	$	6.7		$	(1.4	)	$	1,571.8
Interest expense		11.7		17.7		0.5			1.9			31.8
Depreciation and amortization		26.8		84.6		0.6			—			112.0
Income (loss) before taxes		17.1		14.2		(1.5	)		(19.2	)		10.6

	Year Ended December 31, 2021
	Material Handling		Construction Equipment			Corporate and Other			Total
New and used equipment sales	$	258.3	$	310.5		$	—		$	568.8
Parts sales		65.4		113.1			—			178.5
Service revenue		94.6		70.9			—			165.5
Rental revenue		48.4		107.1			—			155.5
Rental equipment sales		0.8		143.7			—			144.5
Total revenues	$	467.5	$	745.3		$	—		$	1,212.8
Interest expense		8.2		13.9			1.9			24.0
Depreciation and amortization		19.3		76.5			—			95.8
Income (loss) before taxes		10.2		(2.9	)		(24.5	)		(17.2	)

The following table presents the Company’s identified assets by reportable segment as of December 31, 2023 and 2022:

	December 31, 2023		December 31, 2022
Segment assets:
Material Handling	$	474.3	$	416.3
Construction Equipment		947.6		775.5
Master Distribution		85.9		77.6
Corporate and Other		63.1		21.2
Total assets	$	1,570.9	$	1,290.6