Segments

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

SEGMENTS

NOTE 17 — SEGMENTS

The Company has three operating segments which are also our 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 (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 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 Ontario and Quebec provinces of Canada.

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, 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 summarize key financial information by reportable segment:

	Year Ended December 31, 2024
	Material Handling			Construction Equipment		Master Distribution			Corporate and Other			Total
Revenues:
New and used equipment sales	$	365.2		$	574.4	$	48.0		$	(0.6	)	$	987.0
Parts sales		99.6			186.7		8.9			(0.8	)		294.4
Service revenues		135.9			117.1		0.8			—			253.8
Rental revenues		76.2			125.7		1.5			—			203.4
Rental equipment sales		10.5			127.5		—			—			138.0
Total revenues		687.4			1,131.4		59.2			(1.4	)		1,876.6
Cost of revenues:
New and used equipment sales		300.2			503.3		35.9			(1.5	)		837.9
Parts sales		62.6			129.5		5.0			(0.9	)		196.2
Service revenues		56.2			48.8		0.9			(0.1	)		105.8
Rental revenues		6.5			16.0		—			—			22.5
Rental equipment sales		7.6			97.0		—			—			104.6
Selling, general and administrative expenses		184.7			229.6		13.0			19.2			446.5
Other segment items(1)		(0.5	)		3.0		(0.3	)		(7.4	)		(5.2	)
Segment adjusted EBITDA(2)		70.1			104.2		4.7			(10.7	)		168.3
Depreciation and amortization													144.5
Interest expense													81.3
Other(1)													8.8
Loss before taxes												$	(66.3	)
Total assets, end of period	$	447.5		$	898.1	$	86.7		$	48.1		$	1,480.4
Capital expenditures		42.5			27.2		0.2			0.6			70.5
Depreciation and amortization		41.0			97.9		4.6			1.0			144.5
Interest expense		24.2			48.5		4.5			4.1			81.3

	Year Ended December 31, 2023
	Material Handling		Construction Equipment			Master Distribution			Corporate and Other			Total
Revenues:
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
Cost of revenues:
New and used equipment sales		294.3		515.5			54.4			(10.6	)		853.6
Parts sales		61.8		117.5			5.0			(1.1	)		183.2
Service revenues		57.3		45.9			0.2			—			103.4
Rental revenues		9.7		15.1			—			—			24.8
Rental equipment sales		3.4		91.1			—			—			94.5
Selling, general and administrative expenses		187.8		211.6			12.3			18.6			430.3
Other segment items(1)		1.5		(0.6	)		(0.6	)		(4.7	)		(4.4	)
Segment adjusted EBITDA(2)		65.7		128.6			12.5			(15.4	)		191.4
Depreciation and amortization													132.6
Interest expense													57.0
Other(1)													(0.7	)
Income before taxes												$	2.5
Total assets, end of period	$	474.3	$	947.6		$	85.9		$	63.1		$	1,570.9
Capital expenditures		45.2		28.2			—			1.2			74.6
Depreciation and amortization		34.9		92.5			4.4			0.8			132.6
Interest expense		18.1		33.1			3.4			2.4			57.0

	Year Ended December 31, 2022
	Material Handling			Construction Equipment		Master Distribution			Corporate and Other			Total
Revenues:
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
Cost of revenues:
New and used equipment sales		242.9			436.7		4.6			(1.0	)		683.2
Parts sales		52.8			103.7		1.0			(0.1	)		157.4
Service revenues		49.5			41.2		—			—			90.7
Rental revenues		6.1			16.3		—			—			22.4
Rental equipment sales		3.3			99.7		—			—			103.0
Selling, general and administrative expenses		164.9			178.8		1.5			17.1			362.3
Other segment items(1)		(4.9	)		3.9		—			(4.3	)		(5.3	)
Segment adjusted EBITDA(2)		56.1			115.5		(0.4	)		(13.1	)		158.1
Depreciation and amortization													112.0
Interest expense													31.8
Other(1)													3.7
Income before taxes												$	10.6
Total assets, end of period	$	416.3		$	775.5	$	77.6		$	21.2		$	1,290.6
Capital expenditures		38.0			36.8		—			1.9			76.7
Depreciation and amortization		26.8			84.6		0.6			—			112.0
Interest expense		11.7			17.7		0.5			1.9			31.8

(1) Primarily includes other income (expense) and non-recurring items.

(2) See definition in Part II Item 7 under Non-GAAP Financial Measures.