Business Combinations (Tables)

12 Months Ended

Dec. 31, 2020

Business Acquisition [Line Items]

Summary of Net Assets Acquired from Acquisition

The following table summarizes the net assets acquired from the acquisitions in 2020 (amounts in millions):

	Flagler			Liftech			Peak			Hilo			Martin			Howell			Vantage			Total
Cash	$	0.4		$	—		$	3.0		$	2.1		$	—		$	—		$	—		$	5.5
Accounts receivable		15.1			4.4			4.6			5.4			1.0			5.3			3.6			39.4
Inventory		37.5			9.6			0.4			4.7			6.8			6.3			7.6			72.9
Prepaid and other assets		0.5			1.0			0.2			0.2			—			—			0.4			2.3
Rental fleet, net		47.8			4.7			—			7.5			6.3			12.4			15.9			94.6
Property and equipment, net		2.9			1.2			0.2			1.7			—			1.1			0.9			8.0
Intangible assets		14.6			1.2			5.8			2.4			1.5			—			—			25.5
Goodwill		5.8			1.5			0.7			3.2			0.8			3.2			0.5			15.7
Total Assets	$	124.6		$	23.6		$	14.9		$	27.2		$	16.4		$	28.3		$	28.9		$	263.9
Floor plan payable		(29.0	)		(3.5	)		—			(4.4	)		—			(0.8	)		(2.5	)		(40.2	)
Accounts payable		(14.0	)		(1.6	)		(1.5	)		(2.8	)		(0.2	)		(1.0	)		(1.5	)		(22.6	)
Accrued expenses		(4.1	)		—			(0.1	)		(0.3	)		(0.1	)		(0.1	)		(0.6	)		(5.3	)
Other current liabilities		—			(0.1	)		(3.9	)		(0.4	)		—			—			(0.1	)		(4.5	)
Other liabilities		(1.3	)		—			—			—			—			—			—			(1.3	)
Total Liabilities	$	(48.4	)	$	(5.2	)	$	(5.5	)	$	(7.9	)	$	(0.3	)	$	(1.9	)	$	(4.7	)	$	(73.9	)
Net Assets Acquired	$	76.2		$	18.4		$	9.4		$	19.3		$	16.1		$	26.4		$	24.2		$	190.0
Assets acquired net of cash	$	75.8		$	18.4		$	6.4		$	17.2		$	16.1		$	26.4		$	24.2		$	184.5

Summary of Pro Forma Information

The following table provides the pro forma balance sheet of Alta Equipment Group Inc. as of December 31, 2019 as if Flagler had been acquired on December 31, 2019. As NITCO was acquired by Alta effective May 1, 2019, they are included within the Alta amounts as of December 31, 2019.

(in millions, except share and per share amounts)	The Company			Flagler Pro Forma		Pro Forma Combined
ASSETS
CURRENT ASSETS
Cash	$	—		$	4.0	$	4.0
Accounts receivable, net		101.2			10.5		111.7
Inventories, net		137.2			31.3		168.5
Prepaid expenses and other current assets		5.7			0.8		6.5
Total current assets		244.1			46.6		290.7
PROPERTY AND EQUIPMENT, NET		196.5			52.7		249.2
OTHER ASSETS
Goodwill		8.6			22.8		31.4
Intangible assets, net		3.0			—		3.0
Other assets		2.0			—		2.0
Total other assets		13.6			22.8		36.4
TOTAL ASSETS	$	454.2		$	122.1	$	576.3
LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)
CURRENT LIABILITIES
Lines of credit	$	72.5		$	34.4		106.9
Floor plan payable — new equipment		87.7			—		87.7
Floor plan payable — used and rental equipment		112.5			—		112.5
Current portion of long-term debt		7.1			—		7.1
Accounts payable		31.1			8.3		39.4
Customer deposits		7.2			—		7.2
Accrued expenses		16.0			3.5		19.5
Other current liabilities		9.3			—		9.3
Total current liabilities		343.4			46.2		389.6
LONG-TERM LIABILITIES
Long-term debt, net of current portion		86.5			—		86.5
Capital lease obligations, net of current portion		1.4			—		1.4
Buyback residual obligations, net of current portion		0.7			—		0.7
Guaranteed purchase obligation, net of current portion		9.0			—		9.0
Lease liability, net of current portion		3.7			—		3.7
Other liabilities		3.1			—		3.1
Warrant liability		29.6			—		29.6
TOTAL LIABILITIES	$	477.4		$	46.2	$	523.6
STOCKHOLDERS’ EQUITY (DEFICIT)
Additional paid-in capital		—			75.9		75.9
Retained earnings (deficit)		(23.2	)		—		(23.2	)
TOTAL STOCKHOLDERS’ EQUITY (DEFICIT)		(23.2	)		75.9		52.7
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY (DEFICIT)	$	454.2		$	122.1	$	576.3

The following table provides the pro forma statement of operations of Alta Equipment Group Inc. for the year ended December 31, 2019 as if NITCO and Flagler had been acquired on January 1, 2019. NITCO was acquired by Alta effective May 1, 2019. Flagler was acquired on February 14, 2020. Pursuant to ASC 805, pro forma disclosures should be reported whenever the year or interim period of the acquisition is presented. The pro forma results do not include any anticipated cost synergies or other effects of the integration of these entities into Alta.

(in millions, except share and per share amounts)	The Company			Pro Forma			Alta Pro Forma			NITCO Pro Forma			Flagler Pro Forma			Pro Forma Combined
Revenues:
New, used and rental equipment sales	$	286.8		$	—		$	286.8		$	24.5		$	114.2		$	425.5
Parts sales		82.7			—			82.7			6.5			30.2			119.4
Service revenue		92.7			—			92.7			8.3			15.3			116.3
Rental revenue		95.2			—			95.2			5.9			17.3			118.4
Net revenue	$	557.4		$	—		$	557.4		$	45.2		$	177.0		$	779.6
Cost of revenues:
New, used and rental equipment sales		251.8			—			251.8			21.7			102.0			375.5
Parts sales		54.1			—			54.1			3.7			23.5			81.3
Service revenue		34.6			—			34.6			2.0			8.5			45.1
Rental revenue		17.5			—			17.5			0.6			2.1			20.2
Rental depreciation		47.3			—			47.3			3.5			12.0			62.8
Cost of revenue	$	405.3		$	—		$	405.3		$	31.5		$	148.1		$	584.9
Gross profit	$	152.1		$	—		$	152.1		$	13.7		$	28.9		$	194.7
General and administrative expenses		137.6			(0.3	)		137.3			12.5			27.2			177.0
Depreciation and amortization expense		2.8			—			2.8			0.2			1.0			4.0
Total general and administrative expenses		140.4			(0.3	)		140.1			12.7			28.2			181.0
Income (loss) from operations	$	11.7		$	0.3		$	12.0		$	1.0		$	0.7		$	13.7
Other income (expense)
Interest expense		(20.5	)		(1.0	)		(21.5	)		(0.2	)		(0.9	)		(22.6	)
Other income		1.3			—			1.3			0.4			0.5			2.2
Change in fair market value of warrants		(27.9	)		—			(27.9	)		—			—			(27.9	)
Total other income (expense)	$	(47.1	)	$	(1.0	)	$	(48.1	)	$	0.2		$	(0.4	)	$	(48.3	)
Loss before taxes	$	(35.4	)	$	(0.7	)	$	(36.1	)	$	1.2		$	0.3		$	(34.6	)
Income tax benefit		—			—			—			—			—			—
Net income (loss)	$	(35.4	)	$	(0.7	)	$	(36.1	)	$	1.2		$	0.3		$	(34.6	)

Peak Logix LLC

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The following table summarizes the components of the purchase price at June 12, 2020:

Cash consideration paid *	$	5.7
Promissory Note		1.0
Present value of non-contingent earn-out liability		1.7
Earn-out liability		1.0
Total purchase price	$	9.4

Hilo Equipment & Services

Business Acquisition [Line Items]

Summary of Purchase Price Allocation

The following table summarizes the component of the purchase price at July 1, 2020:

Cash consideration paid *	$	18.5
Earn-out liability		0.8
Total purchase price	$	19.3

Northland Industrial Truck Co., Inc

Business Acquisition [Line Items]

Summary of Net Assets Acquired from Acquisition

The following table summarizes the net assets acquired from the acquisition in 2019 (amounts in millions):

	NITCO
Accounts receivable	$	13.9
Other current & non-current assets		0.5
Inventory		35.7
Guaranteed purchase obligation asset		9.7
Property, plant, and equipment		18.8
Identifiable intangible assets		3.3
Goodwill		1.0
Total Assets	$	82.9
Accounts payable		(5.2	)
Guaranteed purchase obligation liability		(9.7	)
Capital lease obligations		(1.3	)
Other liabilities		(1.1	)
Total Liabilities	$	(17.3	)
Net Assets Acquired	$	65.6

FlaglerCE Holdings LLC

Business Acquisition [Line Items]

Summary of Pro Forma Information

	December 31, 2020
	1/1-12/31			1/1-2/14
	The Company			Flagler			Total
Total revenues	$	873.6		$	25.8		$	899.4
Net loss	$	(24.0	)	$	(0.1	)	$	(24.1	)