REVENUE AND SEGMENT REPORTING

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

REVENUE AND SEGMENT REPORTING

REVENUE AND SEGMENT REPORTING

Disaggregation of revenue is presented in the tables below by product type. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.

Revenue by Product Type
	December 31,
(in thousands)	2024		2023		2022
Net Sales
Wholegoods	$	1,287,596	$	1,347,264	$	1,185,885
Parts	279,071		286,164		280,261
Other *	61,846		56,223		47,470
Consolidated	$	1,628,513	$	1,689,651	$	1,513,616

    *Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.

The Company’s sales are principally within the United States, United Kingdom, France, Canada, Brazil, Netherlands and Australia. The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf markets.

The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM is responsible for evaluating the performance of the Company’s operating segments. This evaluation of operating segments supports the allocation of resources, both financial and human, to optimize income from operations as the measure of segment profit and loss.

Our reportable segments are our two Divisions: Vegetation Management and Industrial Equipment.

The CODM focuses heavily on operating performance and reviews mainly non-GAAP measures, such as bookings and backlog, absorption, and headcount. However, a few GAAP measures used to assess segment performance and allocation resources are:

•Division Net Sales

•Division Cost of Sales

•Division Operating Expenses

•Division Income from Operations

 

	Vegetation		Industrial
December 31, 2024 (in thousands)	Division		Division		Consolidated
Net Sales	$	785,199	$	843,314	$	1,628,513
Less:
Cost of Sales	(589,759)		(626,266)		(1,216,025)
Operating Expenses	(138,883)		(108,797)		(247,680)
Income from Operations	56,557		108,251		164,808
Interest Income					2,637
Other Income (Expense)					2,731
Interest Expense					(20,548)
Income Before Taxes					149,628
Taxes					33,698
Net Income					$	115,930

	Vegetation		Industrial
December 31, 2023 (in thousands)	Division		Division		Consolidated
Net Sales	$	979,040	$	710,611	$	1,689,651
Less:
Cost of Sales	(699,573)		(536,434)		(1,236,007)
Operating Expenses	(157,383)		(98,294)		(255,677)
Income from Operations	122,084		75,883		197,967
Interest Income					1,485
Other Income (Expense)					1,761
Interest Expense					(26,093)
Income Before Taxes					175,120
Taxes					38,959
Net Income					$	136,161

	Vegetation		Industrial
December 31, 2022 (in thousands)	Division		Division		Consolidated
Net Sales	$	937,065	$	576,551	$	1,513,616
Less:
Cost of Sales	(686,669)		(450,429)		(1,137,098)
Operating Expenses	(141,888)		(86,038)		(227,926)
Income from Operations	108,508		40,084		148,592
Interest Income					752
Other Income (Expense)					(673)
Interest Expense					(14,361)
Income Before Taxes					134,310
Taxes					32,382
Net Income					$	101,928

The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2024 and 2023:

 

	December 31,
(in thousands)	2024		2023
Goodwill
Vegetation Management	$	126,729	$	128,899
Industrial Equipment	76,298		77,637
Consolidated	$	203,027	$	206,536
Identifiable Assets
Vegetation Management	$	852,007	$	893,582
Industrial Equipment	598,272		515,804
Consolidated	$	1,450,279	$	1,409,386