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☒			ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
			OF THE SECURITIES EXCHANGE ACT OF 1934
			FOR THE YEAR ENDED DECEMBER 31, 2021
☐			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d)
			OF THE SECURITIES EXCHANGE ACT OF 1934

Delaware			74-1621248
(State or other jurisdiction of			(I.R.S. Employer
incorporation or organization)			Identification Number)

Title of each class			Trading symbol(s)			Name of each exchange
Common Stock, par value $.10 per share			ALG			on which registered
						New York Stock Exchange

Large accelerated filer

☒

Accelerated filer

☐

Non-accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

			PART I			Page
Item 1.			Business			3
Item 1A.			Risk Factors			17
Item 1B.			Unresolved Staff Comments			27
Item 2.			Properties			28
Item 3.			Legal Proceedings			29
Item 4.			Mine Safety Disclosures			29
			PART II
Item 5.			Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities			29
Item 6.			Reserved			31
Item 7.			Management’s Discussion and Analysis of Financial Condition and Results of Operations			31
Item 7A.			Quantitative and Qualitative Disclosures about Market Risk			37
Item 8.			Financial Statements and Supplementary Data			38
Item 9.			Changes in and Disagreements with Accountants on Accounting and Financial Disclosure			38
Item 9A.			Controls and Procedures			38
Item 9B.			Other Information			39
Item 9C.			Disclosure Regarding Foreign Jurisdictions that Prevent Inspections			39
			PART III
Item 10.			Directors, Executive Officers and Corporate Governance			39
Item 11.			Executive Compensation			40
Item 12.			Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters			40
Item 13.			Certain Relationships, Related Transactions, and Director Independence			41
Item 14.			Principal Accountant Fees and Services			41
			PART IV
Item 15.			Exhibits and Financial Statement Schedules			41
			Index to Consolidated Financial Statements			41
Item 16.			Summary			41

The Company is a leader in the design, manufacture and servicing of high quality vegetation management and infrastructure maintenance equipment for governmental, industrial and agricultural use. The Company’s products include tractor mounted and self-propelled mowers, zero-turn mowers, agricultural implements, tree and branch chippers, forestry/wood recycling equipment, street and parking lot sweepers, leaf and debris collection equipment, pothole patchers, vacuum trucks, hydro-excavation equipment, telescopic boom excavators, and snow removal equipment. The Company emphasizes high quality, cost-effective products for its customers and strives to develop and market innovative products while constantly monitoring and seeking to contain its manufacturing and overhead costs. The Company has a long-standing strategy of supplementing its internal growth through acquisitions of businesses or product lines that currently complement, command, or have the potential to achieve a meaningful share of their niche markets.

Since its founding in 1969, the Company has focused on satisfying customer needs through geographic market expansion, product development and refinement, and selected acquisitions. The Company’s first products were based on rotary cutting technology. Through acquisitions, the Company added flail cutting technology in 1983 and sickle-bar cutting technology in 1984. The Company added to its presence in the industrial and governmental vegetation markets with the acquisition of Tiger Corporation (“Tiger”) in late 1994.

The Company entered the agricultural mowing markets in 1986 with the acquisition of Rhino Products Inc. (“Rhino”), a leading manufacturer in this field. With this acquisition, the Company embarked on a strategy to increase the Rhino dealer distribution network during a period of industry contraction. The addition of M&W Gear Company (“M&W”) in early 1995 allowed the Company to enter into the manufacturing and distribution of tillage equipment, which complements the Rhino distribution network. M&W is part of the vegetation management marketing group.

In 1991, the Company began its international expansion with the acquisition of McConnel Ltd. (“McConnel”), a United Kingdom (“U.K.”) manufacturer of vegetation maintenance equipment, principally hydraulic boom-mounted hedge and grass cutters and related parts. Bomford-Turner Ltd. (“Bomford”), also a U.K. company, was acquired in 1993. Bomford is a manufacturer of heavy-duty, tractor-mounted grass and hedge mowing equipment. McConnel and Bomford sell their products to dealers and distributors through their respective sales forces.

In 1994, the Company acquired Signalisation Moderne Autoroutiere S.A. (“SMA”) located in Orleans, France. SMA manufactures and sells principally a line of heavy-duty, tractor-mounted grass and hedge mowing-equipment and associated replacement parts primarily to departments of the French government. This acquisition, along with the acquisitions of Forges Gorce ("Forges Gorce"), a flail blade manufacturer in France, in 1996 and Rousseau Holdings S.A. (“Rousseau”), a leading French manufacturer of hedge and verge mowers, in 2004, when combined with McConnel and Bomford, has made the Company one of the largest manufacturers in the European market for the kind of vegetation management equipment sold by the Company.

In 1995, the Company expanded its business in the agricultural market with the acquisition of Herschel Corporation (“Herschel”), a manufacturer and distributor of aftermarket farm equipment replacement and wear parts. 

In 2000, the Company acquired Schwarze Industries, Inc. (“Schwarze”). Schwarze is a manufacturer of a broad range of street sweeping equipment which is sold to governmental agencies and contractors. The Company believes the Schwarze sweeper products fit the Company’s strategy of identifying product offerings with brand recognition in the industrial markets the Company serves. In 2004, the Company purchased the pothole patcher product line from Wildcat Manufacturing, Inc. The product line was merged into the Schwarze operation and is complementary to its current product offerings.

In 2000, the Company purchased the product line and associated assets of Twose of Tiverton Ltd. (“Twose”) a small regional manufacturer of power arm flail mowers and parts, as well as harrows and rollers, in the U.K. Twose consolidated its operations into the existing facilities at McConnel and Bomford and its brand name has been merged into the McConnel product line.

In 2000, the Company acquired Schulte Industries Ltd. and its related entities (“Schulte”). Schulte is a Canadian manufacturer of mechanical rotary mowers, snow blowers, and rock removal equipment. Schulte strengthened the Company’s Canadian presence in both marketing and manufacturing. It also expanded the Company’s range of large, heavy-duty rotary mowers.

In 2002, the Company purchased inventory, fixed assets and certain other assets of Valu-Bilt Tractor Parts (“Valu-Bilt”), a subsidiary of Quality Stores, Inc., located in Des Moines, Iowa. Valu-Bilt is a distributor of new, used and rebuilt tractor parts and other agricultural spare and wear parts sold directly to customers through its catalog and the internet and on a wholesale basis to dealers. Subsequent to the purchase, the operations of Valu-Bilt in Des Moines, Iowa, were consolidated into the Company’s Herschel facility in Indianola, Iowa.

In 2005, the Company, through its European subsidiary Alamo Group (EUR) Ltd., acquired 100% of the issued and outstanding stock of Spearhead Machinery Limited (“Spearhead”) and subsequently merged its manufacturing operations into Bomford’s facility. Spearhead manufactures a range of tractor-mounted vegetation maintenance equipment, including reach mowers, flail mowers and rotary cutters. This acquisition extended our product lines and market coverage in Europe.

In 2006, the Company purchased substantially all of the assets of the Gradall excavator business (“Gradall”) of JLG Industries, Inc., including their manufacturing plant in New Philadelphia, Ohio. Gradall is a leading manufacturer of both wheeled and crawler telescopic excavators in North America. This acquisition enhanced our Industrial Equipment Division product offering sold to governmental buyers and related contractors for maintenance along right-of-ways.

In 2006, the Company purchased the vacuum truck and sweeper lines of Clean Earth Environmental Group, LLC and Clean Earth Kentucky, LLC (collectively referred to as “VacAll”). This included the product lines, inventory and certain other assets that relate to this business. The production of the vacuum truck and sweeper lines were moved to the Gradall facility in New Philadelphia, Ohio.

In 2006, the Company acquired 100% of the ownership interests in Nite-Hawk Sweepers LLC (“Nite-Hawk”), a manufacturer of truck mounted sweeping equipment primarily for the contract sweeping market, which expanded our presence in that market and complements our Schwarze sweeper line.             

In 2007, the Company purchased Henke Manufacturing Corporation (“Henke”), a manufacturer of specialty snow removal attachments. Henke’s products are mounted on both heavy industrial equipment and medium to heavy-duty trucks. The primary end-users are governmental agencies, related contractors and other industrial users.

In 2008, the Company acquired Rivard Developpement S.A.S. (“Rivard”), a leading French manufacturer of vacuum trucks, high pressure cleaning systems and trenchers. The acquisition broadened the Company’s product offering to our customers in Europe and other markets we serve.

In 2009, the Company acquired substantially all the assets of Bush Hog, LLC (“Bush Hog”), a leading manufacturer of rotary cutters, finishing mowers, zero turn radius mowers, front-end loaders, backhoes, landscape equipment and a variety of other implements. This acquisition, combined with the Company’s existing range of rotary mowers, created one of the largest manufacturers of rotary mowers in the world.

In 2011, the Company acquired substantially all of the assets and assumed certain specified liabilities of Tenco Group, Inc. ("Tenco") and its subsidiaries. Tenco is a Canadian-based manufacturer of snow removal equipment including snow blades, blowers, dump bodies, spreaders and associated parts and service. Tenco has operations in Quebec as well as New York and Vermont. The equipment is sold primarily through dealers to governmental end-users as well as snow removal contractors.

In 2013, the Company acquired substantially all of the assets and assumed certain specified liabilities of Superior Equipment Australia PTY LTD ("Superior"). Superior is a small Australian-based manufacturer of agricultural mowing equipment and other attachments, parts, and services. The equipment is sold through dealers primarily to agricultural end-users with some sold to governmental entities in Australia. The Superior operations have been consolidated with the Company's Fieldquip location.

In 2014, the Company acquired Kellands Agricultural Ltd. and its subsidiary Multidrive Tractors Ltd. ("Kellands"). Kellands is a U.K.-based manufacturer of self-propelled sprayers and a range of multi-purpose load-carrying tractor vehicles. This acquisition enhanced our manufacture and distribution of our agricultural machinery in Europe and allowed the Company to enter into the self-propelled sprayer market. The Kellands operations were consolidated into the Company's Salford Priors facility and its products are sold under the McConnel brand name.

In 2014, the Company acquired all of the operating units of Specialized Industries LP.  The purchase included the businesses of Super Products LLC ("Super Products"), Wausau-Everest LP ("Wausau" & "Everest") and Howard P. Fairfield LLC ("H.P. Fairfield") as well as several related entities ("Specialized"), including all brand names and related product names and trademarks. The primary reason for the Specialized acquisition was to broaden the Company's existing equipment lines. This acquisition increased our product offering and enhanced our market position both in vacuum trucks and snow removal equipment primarily in North America.

In 2015, the Company acquired Herder Implementos e Maquinas Agricolas Ltda. ("Herder"). Herder is a manufacturer of flail mowers which are sold direct and through dealers to a wide variety of agricultural markets as well as the roadside maintenance market. This acquisition allowed the Company to establish a presence in Brazil, one of the largest agricultural markets in the world. The Herder manufacturing operations have been consolidated into our Santa Izabel facility.

In 2017, the Company acquired 100% of the outstanding shares of Santa Izabel Agro Industria Ltda. ("Santa Izabel"). Santa Izabel designs, manufactures and markets a variety of agricultural implements and sugar cane trailers sold throughout Brazil. This acquisition, along with our existing Herder operation in Brazil, augmented our product portfolio and improved our manufacturing capabilities in one of the world's largest agricultural markets.

In 2017, the Company acquired substantially all of the assets and assumed certain specified liabilities of Old Dominion Brush Company, Inc. ("ODB"). ODB manufactures leaf collection equipment as well as replacement brooms for street sweepers, both of which are sold to municipalities, contractors and commercial landscape markets in North America. ODB is based in Richmond, Virginia. This acquisition provided new and complementary products to our existing range of infrastructure maintenance equipment and parts.

In 2017, the Company acquired R.P.M. Tech Inc. ("RPM"), a manufacturer of heavy duty snow removal equipment and associated parts. RPM primarily sells to governmental agencies, related contractors, airports and other industrial users. This acquisition complemented our existing range of snow removal products with RPM's range of heavy duty snow removal equipment, including their line of mechanical snow blowers. In 2020, RPM's operations were consolidated into the Company's nearby Tenco facility and the former RPM facility in Drummondville was sold.

In 2019, the Company acquired 100% of the outstanding capital shares of Dutch Power B.V. ("Dutch Power") in the Netherlands. Dutch Power designs and manufactures a variety of landscape and vegetation management machines and attachments. This acquisition expanded our existing platform and increased our capabilities in the European market. Dutch Power changed its legal name to Alamo Group The Netherlands in 2021.

In 2019, the Company acquired substantially all of the assets of the Dixie Chopper ("Dixie Chopper") business. Dixie Chopper manufactures a wide range of commercial and high end residential Zero Turn ("ZT") mowers. This acquisition provided a new channel and increased the Company's exposure in the outdoor power equipment market. Dixie Chopper was relocated into the Company's RhinoAg facility in Gibson City, Illinois.

In 2019, the Company acquired 100% of the outstanding capital shares of Morbark, LLC ("Morbark") which included its subsidiaries Rayco Manufacturing LLC ("Rayco") and Denis Cimaf Inc. ("Denis Cimaf"). Morbark is a leading manufacturer of equipment and aftermarket parts for forestry, tree care, biomass, land management and recycling markets. This acquisition expanded the Company's product line and complemented its range of vegetation maintenance equipment in an adjacent market. Morbark is based in Winn, Michigan with subsidiary locations in Wooster, Ohio and Roxton Falls, Quebec. At the end of 2020, the Denis Cimaf manufacturing operations based in Roxton Falls were consolidated into the Rayco facility in Wooster, Ohio.

In 2021, the Company acquired 100% of the outstanding capital shares of Timberwolf Limited ("Timberwolf") in the U.K. Timberwolf is a leading manufacturer of a broad range of commercial wood chippers primarily serving markets in the U.K. and the European Union. This acquisition complements the Company's existing range of tree care products and strengthens the Company's presence in the U.K. and European forestry and tree care markets.

In March 2020, the World Health Organization declared the novel coronavirus ("COVID-19" or "the pandemic") outbreak a global pandemic. COVID-19 has had a material negative impact on public health and the global economy. While direct impacts from the transmission of the disease have caused significant disruptions to our business, these impacts appear to be moderating at the present time. However, the indirect effects of the pandemic, including, among other things, supply chain disruptions, input cost inflation, labor shortages and logistics challenges, all of which materially impacted our business and financial results in 2021, continue to adversely impact our business and we expect these will continue to impact us at least through the first half of 2022. The longer term impacts of COVID-19 on our business remain uncertain and will depend on certain future developments, including the duration of the pandemic; any adverse impact due to variants of the virus; its impact on market demand for our products; its impact on our employees, customers, and suppliers; the range of government mandated restrictions and other measures; and the success of the deployment of approved COVID-19 vaccines and therapeutic drugs and their effectiveness and rate of adoption. Additional information regarding the impact of COVID-19 on our business can be found under Part II, Item 7, "Management's Discussion and Analysis of Financial Condition and Results of Operations" of this Annual Report on Form 10-K, and risks related to COVID-19 can be found under Part I, Item 1A, "Risk Factors," of this Annual Report on Form 10-K.

The Company believes that within the U.S. it is a leading supplier to governmental markets, a leading supplier in the U.S. agricultural market, and one of the largest suppliers in the European market for its key niche product offerings. The Company’s products are sold through the Company’s various marketing organizations and extensive worldwide dealer and distributor networks under the Gradall®, VacAll®, Super Products®, Rivard®, Alamo Industrial®, Terrain King®, Tiger®, Herder®, Conver®, Roberine®, Votex®, Schwarze®, NiteHawk®, ODB™, Henke®, Tenco®, Wausau®, Everest®, H.P. Fairfield™, R.P.M. Tech™, Morbark®, Rayco®,Denis Cimaf®, Boxer®, Bush Hog®, Rhino®, RhinoAg®, M&W®, Dixie Chopper®, Herschel®, Schulte®, Fieldquip®, Santa Izabel™, McConnel®, Bomford®, Spearhead™, Twose™, SMA®, Forges Gorce™, Rousseau® , Timberwolf® , and Wolftrack® trademarks (some with related designs) as well as other trademarks and trade names.

At the beginning of the fourth quarter of 2021, the Company began reporting operating results on the basis of two new segments, namely, the Vegetation Management Division and the Industrial Equipment Division. Prior to the fourth quarter of 2021, the Company had been reporting its operating results on the basis of two segments which were the Industrial Division and Agricultural Division. The Vegetation Management Division includes all of the operations of the former Agricultural Division plus the mowing and forestry/tree care operations that were previously part of the former Industrial Division, including the Company's recently acquired Morbark and Dutch Power business units. The Industrial Equipment Division includes the Company’s vocational truck business and other industrial operations such as excavators, vacuum trucks, street sweepers, and snow removal equipment. We believe the realignment of our two divisions provides greater potential to capture synergies in cross-branding, distribution, product development, supply chain management and logistics. The two divisions are also more balanced in scale and scope giving the Company two strong platforms for ongoing development through a mix of organic growth and

Bush Hog and Rhino equipment is generally sold to farmers, ranchers and other end-users to clear brush, mow grass, maintain pastures and unused farmland, shred crops, till fields, and for haymaking and other applications. Bush Hog and Rhino equipment consists principally of a comprehensive line of tractor-powered equipment, including rotary mowers, finishing mowers, flail mowers, disc mowers, front-end loaders, backhoes, rotary tillers, posthole diggers, scraper blades and replacement parts. The equipment also includes a range of self-propelled zero turn radius mowers.

Dixie Chopper produces a wide range of commercial and high end residential zero turn ("ZT") mowers. It sells its products through its independent dealers in the outdoor power equipment channel throughout the U.S.

Schulte equipment includes heavy-duty mechanical rotary mowers, snow blowers, rock removal equipment and related replacement parts. Schulte serves both the agricultural and governmental markets primarily in Canada and the U.S. It also sells some of the Company’s other product lines in its markets and some of its products through independent distributors throughout the world.

McConnel equipment principally includes a broad line of hydraulic, boom-mounted hedge and grass cutters, remote control mowers as well as other tractor attachments and implements such as cultivators, subsoilers and other implements and related replacement parts. McConnel equipment is sold primarily in the U.K., Ireland and France and in other parts of Europe and, to a lesser extent, throughout the world, through independent dealers and distributors. McConnel also sells a range of self-propelled sprayers and a variety of multi-drive load-carrying vehicles. These products are sold through its existing dealer network as well as various marketing groups within the European region of the Vegetation Management Division.

Bomford equipment includes hydraulic boom-mounted hedge and hedgerow cutters, industrial grass mowers, agricultural seedbed preparation cultivators and related replacement parts. Bomford equipment is sold to governmental agencies, contractors and agricultural end-users in the U.K., Ireland and France and, to a lesser extent, other countries in Europe, North America, Australia and Asia. Bomford’s sales network is similar to that of McConnel in the U.K.

Spearhead manufactures a range of tractor-mounted vegetation maintenance equipment, including reach mowers, flail mowers and rotary cutters. These products are manufactured in the Company's Salford Priors facility.

Fieldquip broadens the Company's presence in Australia. The company sells a variety of vegetation maintenance equipment, specifically rotary mowers and tractor attachments. Fieldquip sells to customers ranging from large agricultural and commercial operators to small farm hobbyist and residential users, as well as agricultural dealers who serve owners and operators in the turf, golf, park and airport industries and growers with orchards, vineyards and plantations in Australia and the South Pacific.

Rousseau sells hydraulic and mechanical boom mowers, primarily in France, through its own sales force and dealer distribution network mainly to agricultural and governmental markets. These products have also been introduced into other markets outside of France. These products are manufactured at our facility near Lyon, France.

SMA equipment includes hydraulic boom-mounted hedge and hedgerow cutters and related replacement parts. SMA’s principal customers are French local authorities. SMA’s product offerings include certain quick-attach boom mowers manufactured by the Company in the U.K. to expand its presence in agricultural dealerships. The Company consolidated its SMA operations located in Orleans, France, and production was relocated to its manufacturing facility near Lyon, France.

Forges Gorce manufactures cutting blades which are sold to some of the Company’s subsidiaries as well as to other third party customers and distributors.

Morbark manufactures a broad range of tree chippers, stump grinders, mulchers, brush cutters, flails and debarkers sold under the Morbark, Rayco, Denis Cimaf and Boxer brand names. Its products are sold to industrial and commercial contractors mainly through a network of independent dealers and distributors and, to a lesser extent, direct sales to end-users.

Timberwolf produces a variety of commercial tree care and forestry equipment and attachments under several brand names including Timberwolf and Wolftrack. Timberwolf sells its products primarily to commercial customers through a comprehensive network of dealers.

Alamo Industrial equipment is principally sold through independent dealers to governmental end-users, related independent contractors and, to a lesser extent, utility and other dealers serving infrastructure maintenance operators and other applications in the U.S. and other countries. Governmental agencies and contractors that perform services for such agencies purchase primarily hydraulically-powered, tractor - and off-road chassis mounted mowers, including boom-mounted mowers, other types of cutters and replacement parts for heavy-duty, intensive use applications, including maintenance around highway, airport, recreational and other public areas. A portion of Alamo Industrial’s sales includes tractors, which are not manufactured by Alamo Industrial.

Tiger equipment includes heavy duty, tractor- and truck-mounted mowing and vegetation maintenance equipment and replacement parts. Tiger sells to state, county and local governmental entities and related contractors, primarily through a network of independent dealers. Tiger’s dealer distribution network is independent of Alamo Industrial’s dealer distribution network. A portion of Tiger’s sales includes tractors, which are not manufactured by Tiger.

Alamo Group The Netherlands produces a variety of landscape and vegetation maintenance equipment and attachments under several brand names including Herder, Conver, Roberine, and Votex. Alamo Group The Netherlands primarily sells to contractors who perform infrastructure maintenance for governmental agencies and private landowners.

Herder and Santa Izabel give the Company a presence in the Brazilian agricultural market. Herder manufactures and distributes flail and rotary mowers and various other agricultural equipment, direct and through dealers. Its products are used in a wide variety of agricultural and governmental markets. Santa Izabel designs, manufactures and markets a variety of agricultural implements, including sugar cane trailers sold throughout Brazil.

Herschel aftermarket replacement parts are sold for many types of farm equipment and tractors and certain types of mowing and construction equipment. Herschel products include a wide range of cutting parts, plain and hard-faced replacement tillage tools, disc blades and fertilizer application components. Herschel replacement tools and parts are sold throughout the United States, Canada and Mexico to five major customer groups: farm equipment dealers; fleet stores; wholesale distributors; OEMs; and construction equipment dealers. Valu-Bilt complements the Herschel product lines while also expanding the Company’s offering of aftermarket agricultural parts and added catalog and internet sales direct to end-users.

Gradall produces a range of excavators based on high-pressure hydraulic telescoping booms which are primarily sold through dealers primarily to governmental agencies and related contractors, and to a lesser extent the mining industry, steel mills and other specialty applications in the U.S. and other countries. Many of these products are designed for excavation, grading, shaping and similar tasks involved in land clearing, road building or maintenance. These products are available mounted on various types of undercarriages: wheels for full-speed highway travel, wheels for on/off road use, and crawlers. A portion of Gradall’s sales includes truck chassis which are not manufactured by Gradall.

VacAll produces catch basin cleaners and roadway debris vacuum systems. These units are powerful and versatile with uses including, but not limited to, removal of wet and dry debris, spill elimination, and cleaning of sludge beds. VacAll also offers a line of sewer cleaners. Its products are primarily sold through dealers to industrial and commercial contractors as well as governmental agencies. A portion of VacAll’s sales includes truck chassis which are not manufactured by the Company.

Super Products produces truck-mounted vacuum machines, combination sewer cleaners and hydro excavators. Its products are sold to municipalities, utilities and contractors through a nationwide distributor network. Super Products also operates a network of rental stores that provides short and long-term rental contracts for its products. Rental customers are primarily contractors serving the petrochemical, petroleum production and refining industries. A portion of the sales of Super Products includes truck chassis which are not manufactured by the Company.

Rivard manufactures vacuum trucks, high pressure cleaning systems and trenchers. Rivard’s equipment is sold primarily in France and certain other markets, mainly in Europe, the Middle East and North Africa, and to governmental entities and related contractors. This business also complements our product offerings in North America. The majority of Rivard's customers provide their own truck chassis.

Tenco and RPM both design and manufacture a heavy-duty line of snow removal equipment, including truck-mounted snow plows, snow blowers, dump bodies and spreaders. Their products are primarily sold through independent dealers. End-users are governmental agencies, contractors, airports and other industrial users.

Wausau designs and manufactures a comprehensive range of snow removal and ice control products. Products include snowplows, snow blowers, snow throwers, brooms, deicers, brine sprayers and other related accessories and parts. Wausau sells its products through its established dealer network to both governmental and non-governmental end-users and sells directly to airports and fixed-base operators.

Everest designs and manufactures a range of snow removal and ice control products including snowplows, wing systems, spreader bodies, and other related accessories and parts. Everest also manufactures custom-engineered underground construction forms for tunnels.

Henke designs and manufactures snow plows and heavy duty snow removal equipment, hitches and attachments for trucks, loaders and graders sold primarily through independent truck and industrial equipment dealers. Henke’s primary end-users are governmental agencies, related contractors and other industrial users.

H.P. Fairfield is a full-service distributor of public works and runway maintenance products, parts and service, whose sales and service outlets are located in the northeastern part of the U.S. H.P. Fairfield’s offerings include custom municipal snow and ice removal equipment, a range of salt spreaders and truck bodies, street sweepers, a line of industrial rotary, flail and boom mowers, solid waste and recycling equipment, water and sewer maintenance equipment, municipal tractors and attachments, and asphalt maintenance patchers, some of which are sourced from other Alamo Group companies. H.P. Fairfield also provides truck up-fitting services as part of its business.

Schwarze equipment includes truck-mounted air vacuum, mechanical broom, and regenerative air sweepers, pothole patchers and replacement parts. Schwarze sells its products primarily to governmental agencies and independent contractors, either directly or through its independent dealer network. A portion of Schwarze’s sales includes truck chassis which are not manufactured by Schwarze.

ODB manufactures and sells leaf collection equipment and replacement brooms for street sweepers, both of which are sold to municipalities, contractors and commercial landscape markets in North America.

Nite-Hawk manufactures parking lot sweepers with unique and innovative hydraulic designs. By eliminating the auxiliary engine, Nite-Hawk sweepers have proven to be fuel-efficient, environmentally conscious, and cost-effective to operate. Nite-Hawk focuses mainly on and sells direct to parking lot contractors. A portion of Nite-Hawk’s sales includes truck chassis which are not manufactured by Nite-Hawk.

Labor Agreements: As of December 31, 2021, we employed approximately 4,200 employees. In the U.S. the Company has a collective bargaining agreement at its Gradall plant which covers 174 employees and will expire on April 14, 2024. In Canada the Tenco bargaining agreement covers 109 employees and expires on December 31, 2025; RPM has an agreement covering 4 employees which expires on February 1, 2025; and Everest has a collective bargaining agreement covering 70 employees which will expire on November 30, 2023. In the Company’s European locations, all employees are covered by the European Works Council agreements. McConnel, Bomford, Spearhead, AMS-UK, SMA, Faucheux, Forges Gorce, Rousseau, Rivard, and Alamo Group The Netherlands have various collective bargaining agreements covering approximately 969 employees. The Company considers its employee relations to be satisfactory.

they are available on the SEC’s site. You will need to have on your computer the Adobe Acrobat Reader® software to view the documents, which are in PDF format. In addition, the Company posts on its website its Charters for its Audit Committee, Compensation Committee and Nominating/Corporate Governance Committee, as well as its Corporate Governance Policies and its Code of Conduct and Ethics for its directors, officers and employees. You can obtain a written copy of these documents, excluding exhibits, at no cost, by sending your request to the Corporate Secretary, Alamo Group Inc., 1627 E. Walnut Street, Seguin, Texas 78155, which is the principal corporate office of the Company. The telephone number is 830-379-1480. The information on the Company’s website is not incorporated by reference into this report.

Name

Age

Position

Jeffery A. Leonard

62

President and Chief Executive Officer

Richard J. Wehrle

65

Executive Vice President and Chief Financial Officer

Edward T. Rizzuti

52

Executive Vice President, General Counsel and Secretary

Dan E. Malone

61

Executive Vice President, Chief Sustainability Officer

Richard H. Raborn

56

Executive Vice President, Alamo Vegetation Management Division

Michael A. Haberman

63

Executive Vice President, Alamo Industrial Equipment Division

Janet S. Pollock

63

Vice President, Human Resources

Lori L. Sullivan

52

Vice President, Internal Audit

Acquisitions are an important part of our growth strategy and we have completed a number of acquisitions over the past several years. In 2019, we completed three acquisitions, namely Dutch Power, Dixie Chopper, and Morbark, and in 2021 we acquired Timberwolf. Acquisitions can be difficult, time-consuming, and pose a number of risks, including:

We may issue shares of our previously authorized and unissued securities, which will result in the dilution of the ownership interests of our present stockholders. We are currently authorized to issue 20,000,000 shares of common stock. On December 31, 2021, 11,927,452 shares of our common stock were issued and outstanding, and there were outstanding options and restricted stock awards totaling an additional 170,226 shares of our common stock. We also have additional shares available for grant under our 2015 Incentive Stock Option Plan and our 2019 Equity Incentive Plan. Additional stock option or other compensation plans or amendments to existing plans for employees and directors may be adopted. Issuance of these shares of common stock may dilute the ownership interests of our then existing stockholders. We may also issue additional shares of our common stock in connection with the hiring of personnel, future acquisitions, such as the 1,700,000 shares issued as consideration for the acquisition of Bush Hog in 2009, future private placements of our securities for capital raising purposes, or for other business purposes. This would further dilute the interests of our existing stockholders.

As of December 31, 2021, six investors - BlackRock, Inc., Henry Crown and Company, Dimensional Fund Advisors LP, T. Rowe Price Associates, Inc., Victory Capital Management Inc., and The Vanguard Group - beneficially owned approximately 49% of our outstanding common stock. As a result, the major stockholders combined could be able to significantly influence the direction of the Company, the election of our Board of Directors, and the outcome of any other matter requiring stockholder approval, including mergers, consolidations and the sale of all or substantially all of our assets, and together with other beneficially owned investors, to prevent or cause a change in control of the Company. Also, pursuant to contractual obligations, affiliates of Henry Crown and Company were entitled to certain rights with respect to the registration of the common stock owned by them under the Securities Act. Pursuant to such registration rights, on March 12, 2012, we filed a registration statement related to the common stock owned by such entities and such registration statement was declared effective by the SEC. The interests of the major stockholders may conflict with the interests of our other stockholders.

      As of December 31, 2021, the Company utilized twenty-nine principal manufacturing plants with sixteen located in the United States, eight in Europe, three in Canada, one in Brazil, and one in Australia. The facilities are listed below:

Facility

Square Footage

Principal Types of Products Manufactured And Assembled

Winn, Michigan*

1,100,000

Owned

Tree chippers, Grinders, Brush Cutters, Debarkers, Utility Loaders for Morbark and Boxer

Selma, Alabama*

769,000

Owned

Mechanical Rotary Mowers, Finishing Mowers, Zero Turn Radius Mowers, Backhoes, Front-End Loaders for Bush Hog

New Philadelphia, Ohio*

430,000

Owned

Telescopic Excavators for Gradall and Vacuum Trucks for VacAll

Wooster, Ohio*

400,000

Leased

Stump Cutters, Aerial Trimmers, Mulchers, Crawler Trucks for Rayco and Denis Cimaf

Gibson City, Illinois*

275,000

Owned

Mechanical Mowers, Blades, Post Hole Diggers, Deep Tillage Equipment, front-end loaders, backhoes, and other implements for Rhino, Bush Hog and OEMs

Seguin, Texas*

230,000

Owned

Hydraulic and Mechanical Rotary and Flail Mowers, Sickle-Bar Mowers, and Boom-Mounted Equipment for Alamo Industrial

Indianola, Iowa*

200,000

Owned

Distribution and Manufacturing of Aftermarket Farm Equipment Replacement and Wear Parts for Herschel/Valu-Bilt

Richmond, Virginia*

197,000

Leased

Leaf Collection Equipment and Replacement Brooms for Street Sweepers for ODB

Neuville, France*

195,000

Owned

Hydraulic and Mechanical Boom-Mounted Hedge and Grass Cutters for Rousseau and SMA

Mukwonago, Wisconsin*

171,000

Owned

Truck-Mounted Vacuum Trucks for Super Products

Ludlow, England*

160,000

Owned

Hydraulic Boom-Mounted Hedge and Grass Cutters and other Equipment for McConnel and Twose

Salford Priors, England*

157,000

Owned

Tractor-Mounted Power Arm Flails and other Equipment for Bomford and Twose and Spearhead

Sao Joao da Boa Vista, Brazil*

138,000

Owned

Agriculture Mowing Equipment and other Attachments for Santa Izabel

Huntsville, Alabama*

135,000

Owned

Air and Mechanical Sweeping Equipment for Schwarze

New Berlin, Wisconsin*

120,000

Owned

Municipal Snow Removal and Ice Control Equipment for Wausau

Middelburg, the Netherlands*

110,000

Owned

Boom Mowers and Stump Grinders for Dutch Power

Englefeld, Saskatchewan, Canada*

105,000

Owned

Mechanical Rotary Mowers, Snow Blowers, and Rock Removal Equipment for Schulte

St. Valerien, Quebec, Canada*

100,000

Owned

Snow and Ice Removal Equipment for Tenco

Daumeray, France*

100,000

Owned

Vacuum Trucks, High Pressure Cleaning Systems and Trenchers for Rivard

Leavenworth, Kansas*

72,000

Owned

Snow Plows and Heavy-Duty Snow Removal Equipment for Henke

Giessen, the Netherlands*

70,000

Owned

Aquatic Harvesting Boats and Remote Control Mowing Equipment for Alamo Group The Netherlands

Sioux Falls, South Dakota*

66,000

Owned

Hydraulic and Mechanical Mowing Equipment for Tiger

Hopkinton, New Hampshire*

55,000

Owned

Distributor of Public Works and Runway Maintenance Products for H.P. Fairfield

Skowhegan, Maine*

47,000

Owned

Distributor of Public Works and Runway Maintenance Products for H.P. Fairfield

Kent, Washington*

43,000

Owned

Truck-Mounted Sweeping Equipment for the contractor market branded NiteHawk

Ayer's Cliff, Quebec, Canada*

41,000

Owned

Municipal Snow Removal and Ice Control Equipment for Everest

Suffolk, England*

35,000

Leased

Commercial wood chippers and other forestry equipment for Timberwolf

Peschadoires, France*

22,000

Owned

Replacement Parts for Blades, Knives and Shackles for Forges Gorce

Oakey, Australia*

18,000

Leased

Agriculture Mowing Equipment and other Attachments for Fieldquip

Matao, Brazil

12,000

Owned

Agriculture Mowing Equipment and other Attachments for Herder

Installation & Rental Facilities, Warehouses & Sales

585,000

Leased / Owned

Services Parts Distribution, Installation Facilities and Sales and After Market Office

Offices, Seguin, Texas

21,000

Owned

Corporate Office

Total

6,179,000

80%

Approximately 80% of the manufacturing, warehouse and office space is owned. The Company considers each of these facilities to be well maintained, in good operating condition and adequate for its present level of operations. Our Chartres, France location which was listed for sale, was sold in February of 2021. In the fourth quarter of 2020, the Company announced the future closure of Dutch Power's facility in Enschede, The Netherlands. The facility was subsequently sold in April of 2021.

On January 3, 2022, the Board of Directors of the Company declared a quarterly dividend of $0.18 per share which was paid on February 1, 2022 to holders of record as of January 18, 2022. The Company expects to continue its policy of paying regular cash dividends, although there is no assurance as to future dividends as they depend on future earnings, capital requirements and financial condition. In addition, the payment of dividends is subject to restrictions under the Company’s bank revolving credit agreement. See “Management’s Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources” in Item 7 of Part II of this Annual Report on Form 10-K for a further description of the bank revolving credit agreement.

Information relating to compensation plans under which equity securities of the Company are authorized for issuance is set forth in Part III, Item 12 of this Annual Report on Form 10-K.

*$100 invested on 12/31/16 in stock or index, including reinvestment of dividends.
Fiscal year ending December 31.
Copyright© 2022 Standard & Poor's, a division of S&P Global. All rights reserved.
Copyright© 2022 Russell Investment Group. All rights reserved.

						12/16						12/17						12/18						12/19						12/20						12/21
Alamo Group Inc.						100.00						149.01						102.53						167.31						184.72						197.82
S&P SmallCap 600						100.00						113.23						103.63						127.24						141.60						179.58
Russell 2000						100.00						114.65						102.02						128.06						153.62						176.39

and Results of Operations

						Fiscal Year Ended December 31,
Net sales (data in thousands):						2021						2020						2019
Vegetation Management						$	812,676					$	654,630					$	502,194
Industrial Equipment						521,547						508,836						616,944
Total net sales						$	1,334,223					$	1,163,466					$	1,119,138
Cost and profit margins, as percentages of net sales:
Cost of sales						74.9		%				74.8		%				75.6		%
Gross profit						25.1		%				25.2		%				24.4		%
Selling, general, administrative, and amortization expenses						16.3		%				17.1		%				16.0		%
Income from operations						8.8		%				8.1		%				8.5		%
Income before income taxes						8.2		%				6.9		%				7.6		%
Net income						6.0		%				5.0		%				5.6		%

Gross profit for 2021 was $334.5 million (25.1% of net sales) compared to $293.7 million (25.2% of net sales) in 2020, an increase of $40.8 million. The increase in gross profit was primarily attributable to higher sales volume in 2021 as well as pricing increases that were implemented over the course of the year. This was offset by inflationary pressures, mainly from steel, along with higher costs relating to delivery of component parts, such as airfreighting charges to meet customer deliveries, which also had a negative effect on gross margin percentage for the full year of 2021. Negatively affecting the gross margin and gross margin percentage during for the full year of 2020 was a $4.8 million charge on sales of inventory that had been previously stepped-up related to the Morbark acquisition.

The Company’s net sales in the fiscal year ended December 31, 2020 (“2020”) were $1,163.5 million, an increase of $44.4 million or 4.0% compared to $1,119.1 million for the fiscal year ended December 31, 2019 (“2019”). The increase was attributable to the acquisitions of Morbark and Dutch Power, which year over year contributed net sales of $160.5 million. Negatively affecting sales in 2020, was the onset of the COVID-19 pandemic which began to negatively affect the Company's operations and customer demand late in the first quarter of 2020.

Net Vegetation Management sales were $654.6 million in 2020 compared to $502.2 million in 2019, an increase of $152.4 million or 30.4%, mainly coming from the acquisitions of Dutch Power and Morbark mentioned above and improved sales of agricultural mowing as demand for those products in 2020 outpaced demand in 2019. This was offset by the impacts from the COVID-19 pandemic that began to materially affect the Division late in the first quarter of 2020. This included temporary plant closures in the U.S., France and Canada along with other operational disruptions throughout our global markets resulting from health concerns and governmental directives, reduced governmental spending, lower customer demand, and customer delivery restrictions, among other things.

Gross profit for 2020 was $293.7 million (25.2% of net sales) compared to $273.5 million (24.4% of net sales) in 2019, an increase of $20.2 million. The increase in gross profit mainly came from the acquisitions of Dutch Power and Morbark. Gross margin percentage improved year over year primarily due to a favorable mix of parts sales and pricing actions which more than offset the negative impact of higher steel prices and lower factory utilization. Also negatively affecting the gross margin and gross margin percentage of 2020 were $4.8 million of charges on sales of inventory that had been previously stepped-up related to the Morbark acquisition.

Selling, general and administrative expenses (“SG&A”) were $184.2 million (15.8% of net sales) in 2020 compared to $172.9 million (15.5% of net sales) in 2019, an increase of $11.3 million. Morbark and Dutch Power accounted for $23.6 million of net additional SG&A expense in 2020 offset by $12.3 million in expense savings related to the COVID-19 pandemic. 2019 included $1.9 million of acquisition expenses related to the Morbark and Dutch Power. Amortization expense in 2020 was $14.7 million compared to $5.7 million in 2019, an increase of $9.0 million. The increased amortization expense in 2020 was primarily due to the acquisitions of Morbark and Dutch Power.

Interest expense for 2020 was $15.8 million compared to $10.7 million in 2019, an increase of $5.1 million or 47.4%. The increase in interest expense in 2020 was the result of increased borrowings due to the Morbark acquisition in 2019 offset by a decrease in interest rates.

Net cash used in investing activities was $33.4 million for 2021, compared to $14.2 million for 2020. The increase in cash used in investing activities was primarily due to the acquisition of Timberwolf, and increased purchases of Property, plant and equipment partially offset by proceeds from the sale of an facility in the Netherlands.

Net cash used by financing activities was $23.0 million for 2021, compared to $164.2 million for 2020. The majority of the net cash used by financing activities in 2020 was primarily due to the pay down of debt related to the 2019 acquisitions of Morbark and Dutch Power.

On October 24, 2019, the Company, as Borrower, and each of its domestic subsidiaries as guarantors, entered into a Second Amended and Restated Credit Agreement (the Credit Agreement) with Bank of America, N.A., as Administrative Agent. The Credit Agreement provides the Company with the ability to request loans and other financial obligations in an aggregate amount of up to $650.0 million and, subject to certain conditions, the Company has the option to request an increase in aggregate commitments of up to an additional $200.0 million. Pursuant to the Credit Agreement, the Company has borrowed $300.0 million pursuant to a Term Facility repayable with interest quarterly at a percentage of the initial principal amount of the Term Facility of 5.0% per year with the remaining principal due in 2024. Up to $350.0 million is available under the Credit Agreement pursuant to a Revolver Facility which terminates in 2024. Outstanding loans under the revolving credit facility bear interest at a variable rate generally based on LIBOR or an alternative variable rate based on the highest of the Bank of America prime rate, the federal funds rate or a rate generally based on LIBOR, in each case depending on the leverage ratio. The Agreement requires the Company to maintain two financial covenants, a maximum leverage ratio and a minimum asset coverage ratio. The Agreement also contains various covenants relating to limitations on indebtedness, limitations on investments and acquisitions, limitations on sale of properties and limitations on liens and capital expenditures. The Agreement also contains other customary covenants, representations and events of defaults. The expiration date of the Term Facility and the Revolver Facility is October 24, 2024. As of December 31, 2021, $269.5 million was outstanding under the Credit Agreement, $265.5 million on the Term Facility and $4.0 million on the Revolver Facility. On December 31, 2021, $2.4 million of the revolver capacity was committed to irrevocable standby letters of credit issued in the ordinary course of business as required by vendors' contracts resulting in $255.0 million in available borrowings. The Company is in compliance with the covenants under the Agreement.

						Payment due by period
(in thousands)												Less than						1-3						3-5						More than
Contractual Obligations						Total						1 Year						Years						Years						5 Years
Long-term debt obligations						$	269,498					$	15,000					$	254,498					$	—					$	—
Finance and operating lease obligations						18,259						4,981						6,492						3,696						3,090
Interest obligations						12						4						8						—						—
Purchase obligations						338,017						338,017						—						—						—
Total						$	625,786					$	358,002					$	260,998					$	3,696					$	3,090

A.Long-term debt obligation means a principal payment obligation under long-term borrowings.

B.Finance lease obligation means a principal payment obligation under a lease classified as a finance lease. Operating lease obligation means a payment obligation under a lease classified as an operating lease.

C.Interest obligation means interest due on long-term debt and capital lease obligations. Interest on long-term debt assumes all floating rates of interest remain the same as those in effect at December 31, 2021.

D.Purchase obligation means an agreement to purchase goods or services that is enforceable and legally binding on the registrant that specifies all significant terms, including: fixed or minimum quantities to be purchased; fixed, minimum or variable price provisions; and the approximate timing of the transactions.

An accounting policy is deemed to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimates that are reasonably likely to occur periodically, could materially impact the financial statements. Management believes the following critical accounting policy reflect its more significant estimates and assumptions used in the preparation of the Consolidated Financial Statements. For further information on the critical accounting policies, see Note 1 of our Notes to Consolidated Financial Statements.

The financial statements and supplementary data described in Item 15 of this report and included on pages 49 through 81 of this report are incorporated herein by reference.

Management’s Annual Report on Internal Control over Financial Reporting. Management’s report on the Company’s internal control over financial reporting is included on page 45 of this Annual Report on Form 10-K and incorporated by reference herein. The Company’s independent registered public accounting firm has audited and issued a report on the Company’s internal control over financial reporting which is included on page 48 of this Annual Report on Form 10-K and incorporated by reference herein.

Changes in Internal Controls over Financial Reporting. There have not been any changes in the Company's internal control over financial reporting (as such term is defined by paragraph (d) of Rule 13a-15 under the Securities Exchange Act) during the fourth fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

The Committee Charters, Code of Business Conduct and Ethics, and Corporate Governance Guidelines may be found on the Company’s website (www.alamo-group.com) under the “Our Commitment” tab and are also available in printed form at no charge by sending a request to the Corporate Secretary, Alamo Group Inc., 1627 E. Walnut Street, Seguin, Texas 78155, which is the principal executive office of the Company. The telephone number is (830) 379-1480. The Company will post any amendments to the Code of Conduct and Ethics, and any waivers that are required to be disclosed by the rules of either the SEC or the New York Stock Exchange, on the Company’s website.

						A						B						C
Equity Compensation Plan Category						Number of Securities to be issued upon exercise of outstanding options, warrants and rights						Weighted-average exercise price of outstanding options, warrants and rights						Number of Securities that remain available for future issuance  under equity compensation plans (excluding securities reflected in column A)
Plans approved by stockholders
2005 Incentive Stock Option Plan						19,050						$43.05						—
2009 Equity Incentive Plan						18,225						$96.21						—
2015 Incentive Stock Option Plan						68,560						$104.63						297,850
2019 Equity Incentive Plan						64,391						$136.59						423,969
Plans not approved by stockholders						—						—						—
Total						170,226												721,819

						Page
			Report of Management on Internal Control over Financial Reporting			45
			Reports of Independent Registered Public Accounting Firm (KPMG LLP)			46
			Consolidated Balance Sheets			49
			Consolidated Statements of Income			50
			Consolidated Statements of Comprehensive Income			51
			Consolidated Statements of Stockholders’ Equity			52
			Consolidated Statements of Cash Flows			53
			Notes to Consolidated Financial Statements			54

Incorporated by Reference

From the Following

Exhibits

Exhibit Title

Documents

3.1

—

Certificate of Incorporation, as amended, of Alamo Group Inc.

Filed as Exhibit 3.1 to Form S-1, February 5, 1993

3.2

—

Certificate of Amendment of Certificate of Incorporation of Alamo Group Inc.

Filed as Exhibit 3.1 to Form 8-K, May 10, 2016

3.3

—

By-Laws of Alamo Group Inc. as amended

Filed as Exhibit 3.1 to Form 8-K, March 30, 2020

4.1

—

Description of Securities Registered Pursuant to Section 12 of the Securities Exchange Act of 1934

Filed as Exhibit 4.1 to Form 10-K, February 28, 2020

10.1

—

Form of indemnification agreements with Directors of Alamo Group Inc.

Filed as Exhibit 10.1 to Form 10-Q, May 15, 1997

10.2

—

Form of indemnification agreements with certain executive officers of Alamo Group Inc.

Filed as Exhibit 10.2 to Form 10-Q, May 15, 1997

*10.3

—

401(k) Restoration Plan for Highly Compensated Employees, adopted on December 9, 1997

Filed as Exhibit 10.15 to Form 10-K, March 31, 1998

*10.4

—

First Amended and Restated 1999 Non-Qualified Stock Option Plan, adopted by the Board of Directors on February 13, 2001

Filed as Exhibit B to Schedule 14A, March 30, 2001

*10.5

—

2005 Incentive Stock Option Plan, adopted by the Board of Directors on May 4, 2005

Filed as Appendix E to Schedule 14A, March 29, 2005

*10.6

—

2009 Equity Incentive Plan, adopted by the Board of Directors on May 7, 2009

Filed as Exhibit 10.1 to Form 8-K, May 13, 2009

10.7

—

Second Amended and Restated Credit Agreement, dated as of October 24, 2019, by and among Alamo Group Inc., Bank of America, N.A. as administrative agent, Wells Fargo Bank, National Association, and BBVA USA as co-syndication agents, and the other lenders party thereto.

Filed as Exhibit 10.1 to Form 8-K, October 29, 2019

10.8

—

First Amendment to Securities Purchase Agreement, dated as of October 22, 2019, by and among Alamo Acquisition Corporation, a Delaware corporation, Alamo Group Inc., a Delaware corporation, Stellex Capital Partners, LP, a Delaware limited partnership, and in its capacity as the initial representative of the other Sellers pursuant to Section 10.6 of the Securities Purchase Agreement.

Filed as Exhibit 10.2 to Form 10-Q, October 31, 2019

*10.9

—

Form of Restricted Stock Award Agreement under the 2009 Equity Incentive Plan

Filed as Exhibit 10.2 to Form 8-K, May 13, 2009

*10.10

—

Form of Restricted Stock Unit Award Agreement under the 2009 Equity Incentive Plan

Filed as Exhibit 10.3 to Form 8-K, May 13, 2009

*10.11

—

Form of Nonqualified Stock Option Agreement under the 2009 Equity Incentive Plan

Filed as Exhibit 10.4 to Form 8-K, May 13, 2009

*10.12

—

Form of Nonqualified Stock Option Agreement under the First Amended and Restated 1999 Nonqualified Stock Option Plan

Filed as Exhibit 10.5 to Form 8-K, May 13, 2009

*10.13

—

Form of Stock Option Agreement under the 2005 Stock Option Plan

Filed as Exhibit 10.6 to Form 8-K, May 13, 2009

10.14

—

Investor Rights Agreement, dated October 22, 2009, between Alamo Group Inc. and Bush Hog, LLC

Filed as Exhibit 10.25 to Form 10-K, March 12, 2012

*10.15

—

Supplemental Executive Retirement Plan

Filed as Exhibit 10.1 to Form 8-K, January 18, 2011

*10.16

—

Amended and Restated Executive Incentive Plan

Filed as Exhibit 10.26 to Form 10-K, March 1, 2018

*10.17

—

2015 Incentive Stock Option Plan, adopted by the Board of Directors on May 7, 2015

Filed as Appendix A to Schedule 14A, March 19, 2015

*10.18

—

Alamo Group Inc. 2019 Equity Incentive Plan

Filed as Exhibit 10.1 to Form 8-K, May 7, 2019

*10.19

—

Form of Restricted Stock Award Agreement under the Alamo Group Inc. 2019 Equity Incentive Plan

Filed as Exhibit 10.23 to Form 10-K, February 28, 2020

*10.20

—

Form of Restricted Stock Unit Agreement under the Alamo Group Inc. 2019 Equity Incentive Plan

Filed as Exhibit 10.24 to Form 10-K, February 28, 2020

*10.21

—

Form of Performance Share Unit Agreement under the Alamo Group Inc. 2019 Equity Incentive Plan

Filed as Exhibit 10.22 to Form 10-K, February 26, 2021

10.22

—

Form of Executive Change in Control Agreement

Filed as Exhibit 10.1 to Form 8-K, March 10, 2020

10.23

—

Amendment to Executive Change in Control Agreement

Filed as Exhibit 10.1 to Form 10-Q, August 4, 2021

10.24

—

Executive Change in Control Agreement by and between Alamo Group Inc. and Michael A. Haberman

Filed Herewith

18.1

—

Lifo Preferability Letter

Filed as Exhibit 18.1 to Form 10-Q, November 3, 2021

21.1

—

Subsidiaries of the Registrant

Filed Herewith

23.1

—

Consent of KPMG LLP

Filed Herewith

31.1

—

Certification by Jeffery A. Leonard under Section 302 of the Sarbanes-Oxley Act of 2002

Filed Herewith

31.2

—

Certification by Richard J. Wehrle under Section 302 of the Sarbanes-Oxley Act of 2002

Filed Herewith

32.1

—

Certification by Jeffery A. Leonard under Section 906 of the Sarbanes-Oxley Act of 2002

Filed Herewith

32.2

—

Certification by Richard J. Wehrle under Section 906 of the  Sarbanes-Oxley Act of 2002

Filed Herewith

101.INS

—

XBRL Instance Document

Filed Herewith

101.SCH

—

XBRL Taxonomy Extension Schema Document

Filed Herewith

101.CAL

—

XBRL Taxonomy Extension Calculation Linkbase Document

Filed Herewith

101.LAB

—

XBRL Taxonomy Extension Label Linkbase Document

Filed Herewith

101.PRE

—

XBRL Taxonomy Extension Presentation Linkbase Document

Filed Herewith

101.DEF

—

XBRL Taxonomy Extension Definition Linkbase Document

Filed Herewith

104

—

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

Filed Herewith

*Compensatory Plan

						ALAMO GROUP INC.
Date:			February 24, 2022
						/s/ Jeffery A. Leonard
						Jeffery A. Leonard
						President & Chief Executive Officer

Signature

Title

/s/RODERICK R. BATY Roderick R. Baty

Chairman of the Board & Director

/s/JEFFERY A. LEONARD Jeffery A. Leonard

President & Chief Executive Officer (Principal Executive Officer)

/s/RICHARD J. WEHRLE Richard J. Wehrle

Executive Vice President & Chief Financial Officer (Principal Financial Officer and Principal Accounting Officer)

/s/ROBERT P. BAUER Robert P. Bauer

Director

/s/ERIC P. ETCHART Eric P. Etchart

Director

/s/NINA C. GROOMS Nina C. Grooms

Director

/s/TRACY C. JOKINEN Tracy C. Jokinen

Director

/s/RICHARD W. PAROD Richard W. Parod

Director

/s/RONALD A. ROBINSON Ronald A. Robinson

Director

/s/LORIE L. TEKORIUS Lorie L. Tekorius

Director

Date:			February 24, 2022			/s/Jeffery A. Leonard
						Jeffery A. Leonard
						President, Chief Executive Officer & Director (Principal Executive Officer)
						/s/Richard J. Wehrle
						Richard J. Wehrle
						Executive Vice President & Chief Financial Officer (Principal Financial Officer)

						/s/ KPMG LLP
We have served as the Company’s auditor since 2009.
San Antonio, Texas
February 24, 2022

						/s/ KPMG LLP
San Antonio, Texas
February 24, 2022

						Year Ended December 31,
(in thousands, except per share amounts)						2021						2020
ASSETS
Current assets:
Cash and cash equivalents						$	42,115					$	50,195
Accounts receivable, net						237,970						209,276
Inventories, net						320,917						242,501
Prepaid expenses and other current assets						9,500						7,382
Income tax receivable						1,666						6,186
Total current assets						612,168						515,540
Rental equipment, net						32,514						42,266
Property, plant and equipment						321,863						312,362
Less:  Accumulated depreciation						(169,372)						(156,928)
Total property, plant and equipment, net						152,491						155,434
Goodwill						202,406						195,132
Intangible assets, net						183,466						193,172
Deferred income taxes						1,110						1,203
Other non-current assets						21,587						19,112
Total assets						$	1,205,742					$	1,121,859
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Trade accounts payable						$	101,396					$	75,317
Income taxes payable						2,613						2,278
Accrued liabilities						73,523						64,634
Current maturities of long-term debt and finance lease obligations						15,032						15,066
Total current liabilities						192,564						157,295
Long-term debt and finance lease obligations, net of current maturities						254,522						270,320
Long-term tax liability						4,416						3,954
Other long-term liabilities						27,119						32,475
Deferred income taxes						21,458						22,812
Stockholders’ equity:
Common stock, $.10 par value, 20,000,000 shares authorized; 11,874,178 and 11,809,926 outstanding at December 31, 2021 and December 31, 2020, respectively						1,187						1,181
Additional paid-in capital						124,228						118,528
Treasury stock, at cost; 82,600 shares at December 31, 2021 and December 31, 2020						(4,566)						(4,566)
Retained earnings						633,804						560,186
Accumulated other comprehensive loss						(48,990)						(40,326)
Total stockholders’ equity						705,663						635,003
Total liabilities and stockholders’ equity						$	1,205,742					$	1,121,859

						Year Ended December 31,
(in thousands, except per share amounts)						2021						2020						2019
Net sales:
Vegetation Management						$	812,676					$	654,630					$	502,194
Industrial Equipment						521,547						508,836						616,944
Total net sales						1,334,223						1,163,466						1,119,138
Cost of sales						999,709						869,736						845,647
Gross profit						334,514						293,730						273,491
Selling, general and administrative expenses						202,939						184,199						172,921
Amortization expense						14,637						14,746						5,658
Income from operations						116,938						94,785						94,912
Interest expense						(10,533)						(15,837)						(10,747)
Interest income						1,149						1,366						1,229
Other income						1,944						(557)						(795)
Income before income taxes						109,498						79,757						84,599
Provision for income taxes						29,253						21,953						21,496
Net income						$	80,245					$	57,804					$	63,103
Net income per common share:
Basic						$	6.78					$	4.91					$	5.38
Diluted						$	6.75					$	4.88					$	5.35
Average common shares:
Basic						11,837						11,782						11,729
Diluted						11,896						11,845						11,800

												Year Ended December 31,
(in thousands)												2021						2020						2019
Net income												$	80,245					$	57,804					$	63,103
Other comprehensive income (loss), net of tax:
			Foreign currency translation adjustment, net of tax (expense) benefit of $(344), $810, and zero									(15,800)						8,862						3,363
			Unrealized income (loss) on derivative instruments, net of tax (expense) benefit of $(1,405), $1,842, and zero, respectively									5,298						(7,484)						610
			Recognition of deferred pension and other post-retirement benefits, net of tax (expense) benefit of $(356), $230, and $703, respectively									1,838						(866)						20
						Other comprehensive (loss) income, net of tax						$	(8,664)					$	512					$	3,993
Comprehensive income												$	71,581					$	58,316					$	67,096

			Common Stock									Additional Paid-in Capital						Treasury Stock						Retained Earnings			Accumulated Other Comprehensive Income									Total Stock- holders’ Equity
(in thousands)			Shares			Amount
Balance at December 31, 2018			11,620			$	1,166					$	108,422					$	(426)					$	451,029					$	(44,831)					$	515,360
Other comprehensive income			—			—						—						—						63,103						3,993						67,096
Stock-based compensation expense			—			—						3,269						—						—						—						3,269
Stock-based compensation transactions			90			9						1,975						—						—						—						1,984
Repurchased shares			(40)			—												(4,140)						—						—						(4,140)
Dividends paid ($0.48 per share)			—			—						—						—						(5,626)						—						(5,626)
Balance at December 31, 2019			11,670			$	1,175					$	113,666					$	(4,566)					$	508,506					$	(40,838)					$	577,943
Other comprehensive income			—			—						—						—						57,804						512						58,316
Stock-based compensation expense			—			—						4,119						—						—						—						4,119
Stock-based compensation transactions			57			6						743						—						—						—						749
Repurchased shares			—			—						—						—						—						—						—
Dividends paid ($0.52 per share)			—			—						—						—						(6,124)						—						(6,124)
Balance at December 31, 2020			11,727			$	1,181					$	118,528					$	(4,566)					$	560,186					$	(40,326)					$	635,003
Other comprehensive income			—			—						—						—						80,245						(8,664)						71,581
Stock-based compensation expense			—			—						5,987						—						—						—						5,987
Stock-based compensation transactions			64			6						(287)						—						—						—						(281)
Dividends paid ($0.56 per share)			—			—						—						—						(6,627)						—						(6,627)
Balance at December 31, 2021			11,791			$	1,187					$	124,228					$	(4,566)					$	633,804					$	(48,990)					$	705,663