Fourth Quarter 2021 Financial
Highlights
- Net revenues increased 27.1% year over year to $356.3
million
- Construction and Material Handling revenue of $217.5 million
and $138.8 million, respectively
- Product Support gross profit increased $4.8 million year over
year to $37.1 million
- Net loss of $(1.5) million available to common shareholders
compared to loss of $(3.2) million in prior year
- Adjusted net income per share* basic and diluted $0.03 compared
to a loss of $(0.03) in prior year
- Adjusted EBITDA* grew 53.3% to $37.7 million compared to $24.6
million in Q4 2020
2021 Full Year Financial
Highlights
- Net revenues increased 38.8% year over year to $1,212.8
million
- Construction and Material Handling revenue of $745.3 million
and $467.5 million, respectively
- Product Support revenue increased $85.9 million year over year
to $344.0 million
- Net loss of $(23.4) million available to common shareholders
compared to a loss of $(24.0) million in 2020
- Adjusted net loss per share* basic and diluted of $(0.15)
compared to a loss of $(0.27) in prior year
- Adjusted EBITDA* grew 44.6% to $120.0 million, exceeding
guidance, compared to $83.0 million in 2020
- Completed six acquisitions to expand geographic footprint and
increase presence in existing markets
- Introduces full year 2022 Adjusted EBITDA guidance of $137
million to $142 million, representing a 16% increase at the
midpoint year over year
Alta Equipment Group Inc. (“Alta” or the “Company”) (NYSE:
ALTG), a leading provider of premium material handling and
construction equipment and related services, today announced
financial results for the fourth quarter and full year ended
December 31, 2021.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said “Our
strong organic growth and operating performance in the fourth
quarter and full year reflects our flexible business model and our
ability to produce strong financial results in a supply constrained
market. Both our Construction and Material Handling business
segments delivered consistent year over year revenue growth leading
to a 44.6% increase in adjusted EBITDA. Our record level of new and
used equipment sales in 2021 are expected to continue to drive
future high-margin product support revenue.”
Mr. Greenawalt, concluded, “Looking ahead, we expect to see
significant customer demand across all our business segments. The
growth in our core markets combined with our expanded capabilities
in our material handling business, our entry into the electric
vehicle market, and our recent acquisitions position us well for
increased profitability and continued success.”
Three Months Ended
December 31,
Increase
(Decrease)
Year Ended
December 31,
Increase
(Decrease)
2021
2020
2021 versus 2020
2021
2020
2021 versus 2020
Revenues:
New and used equipment sales
$
176.2
$
135.1
$
41.1
30.4
%
$
568.8
$
410.3
$
158.5
38.6
%
Parts sales
48.2
37.3
10.9
29.2
%
178.5
129.6
48.9
37.7
%
Service revenue
42.5
34.4
8.1
23.5
%
165.5
128.5
37.0
28.8
%
Rental revenue
42.5
35.4
7.1
20.1
%
155.5
118.8
36.7
30.9
%
Rental equipment sales
46.9
38.2
8.7
22.8
%
144.5
86.4
58.1
67.2
%
Net revenue
$
356.3
$
280.4
$
75.9
27.1
%
$
1,212.8
$
873.6
$
339.2
38.8
%
Cost of revenues:
New and used equipment sales
144.7
116.1
28.6
24.6
%
478.0
356.4
121.6
34.1
%
Parts sales
33.6
25.8
7.8
30.2
%
123.4
89.1
34.3
38.5
%
Service revenue
20.0
13.6
6.4
47.1
%
68.2
49.5
18.7
37.8
%
Rental revenue
5.3
5.4
(0.1
)
(1.9
)%
20.6
20.2
0.4
2.0
%
Rental depreciation
22.4
21.3
1.1
5.2
%
85.3
68.4
16.9
24.7
%
Rental equipment sales
41.2
33.8
7.4
21.9
%
122.9
75.5
47.4
62.8
%
Cost of revenue
$
267.2
$
216.0
$
51.2
23.7
%
$
898.4
$
659.1
$
239.3
36.3
%
Gross profit
$
89.1
$
64.4
$
24.7
38.4
%
$
314.4
$
214.5
$
99.9
46.6
%
Total general and administrative
expenses
$
80.7
$
64.9
$
15.8
24.3
%
$
296.4
$
222.6
$
74.0
33.2
%
Income (loss) from operations
$
8.4
$
(0.5
)
$
8.9
(1780.0
)%
$
18.0
$
(8.1
)
$
25.9
(319.8
)%
Total other (expense) income
$
(6.0
)
$
(5.9
)
$
(0.1
)
1.7
%
$
(35.2
)
$
(22.5
)
$
(12.2
)
54.2
%
Income (loss) before taxes
$
2.4
$
(6.4
)
$
8.8
(137.5
)%
$
(17.2
)
$
(30.6
)
$
13.7
(44.8
)%
Income tax provision (benefit)
3.1
(3.2
)
6.3
(196.9
)%
3.6
(6.6
)
7.1
(107.6
)%
Net loss
$
(0.7
)
$
(3.2
)
$
2.5
(78.1
)%
$
(20.8
)
$
(24.0
)
$
6.6
(27.5
)%
Preferred stock dividends
(0.8
)
—
(0.8
)
100%
(2.6
)
—
(2.5
)
100%
Net loss available to common
shareholders
$
(1.5
)
$
(3.2
)
$
1.7
(53.1
)%
$
(23.4
)
$
(24.0
)
$
4.1
(17.1
)%
Recent Business Highlights:
- The Company acquired the assets of Ambrose Equipment, LLC on
December 31, a privately held equipment distributor and the
Northeast’s premier asphalt equipment dealer for more than 33
years, with locations in New Hampshire and Massachusetts.
- Alta acquired Ginop Sales, Inc. on December 31, a privately
held equipment distributor with three locations in Northern
Michigan. This acquisition extended Alta’s construction equipment
footprint to ten locations in Michigan and enhanced its
relationship with Kubota, a world-class OEM.
- On December 1, the Company closed a deal to acquire the assets
of Midwest Mine Services. Midwest Mine Services designs,
fabricates, and installs full aggregate processing plants for
quarries, mines and recycling operations throughout the United
States and is well-established in the Ohio and Michigan
markets.
- Alta closed the acquisition of Gibson Machinery on October 1, a
premium equipment distributor, based in Ohio. Gibson grew Alta’s
presence in the Midwest and added several new original equipment
manufacturing partners while presenting an opportunity to expand
its service operations in the Midwest region.
- Alta expanded its Nikola dealer network after it was awarded
the Arizona sales and service territory which further expanded
Alta’s dealer territory with Nikola beyond the New York, New
Jersey, eastern Pennsylvania, and New England markets.
Acquisition Activity in 2021:
- Alta completed a total of six acquisitions across the Material
Handling and Construction businesses in 2021 that were consistent
with the Company’s growth strategy of further penetrating existing
markets, expanding its geographic footprint, and increasing its
product lines and OEM relationships. These accretive acquisitions
have also contributed $329 million in revenue and $33 million in
adjusted EBITDA since the Company’s IPO in February of 2020.
Full Year 2022 Financial Guidance:
- The Company introduced an adjusted EBITDA guidance range of
between $137 million and $142 million, net of new equipment
floorplan interest for the full year 2022, representing a 16%
increase over the prior year at the midpoint.
Conference Call Information:
Alta will discuss its fourth quarter and full year 2021 results
via live webcast and teleconference today at 5:00 p.m. Eastern
Time. A live webcast of the call can be found on the investor
relations portion of the Company's website at
https://Investors.altaequipment.com. For a live audio
teleconference, please dial (844) 200-6205 (domestic), or (929)
526-1599 (international), with conference ID #802972 to access the
conference call at least five minutes prior to the 5:00 p.m.
Eastern Time start time. Once connected with the operator, request
access to the Alta Equipment Group Fourth Quarter and Full Year
2021 Earnings Call.
A live replay of the call will also be available on the investor
relations portion of the Company's website at
https://Investors.altaequipment.com. An audio replay will be
available between 8:00 p.m. Eastern Time, March 31, 2022, and 12:59
p.m. Eastern Time, April 14, 2022, by calling (866) 813-9403, with
conference ID # 372149.
Additionally, supplementary presentation slides will be
accessible on the “Investor Relations” section of the Company’s
website at https://Investors.altaequipment.com.
About Alta Equipment Group Inc.
Alta owns and operates one of the largest integrated equipment
dealership platforms in the U.S. Through its branch network, the
Company sells, rents, and provides parts and service support for
several categories of specialized equipment, including lift trucks
and aerial work platforms, cranes, earthmoving equipment, and other
material handling and construction equipment. Alta has operated as
an equipment dealership for 37 years and has developed a branch
network that includes over 60 total locations across Michigan,
Illinois, Indiana, New England, New York, Ohio, Virginia, and
Florida. Alta offers its customers a one-stop-shop for most of
their equipment needs by providing sales, parts, service, and
rental functions under one roof. More information can be found at
www.altaequipment.com.
Forward Looking Statements
This press release includes “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. Alta’s actual results may
differ from their expectations, estimates and projections and
consequently, you should not rely on these forward-looking
statements as predictions of future events. Words such as “expect,”
“estimate,” “project,” “budget,” “forecast,” “anticipate,”
“intend,” “plan,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions are
intended to identify such forward-looking statements. These
forward-looking statements involve significant risks and
uncertainties that could cause the actual results to differ
materially from the expected results. Most of these factors are
outside Alta’s control and are difficult to predict. Factors that
may cause such differences include, but are not limited to: the
impact of the COVID-19 outbreak or future epidemics on our
business; federal, state, and local budget uncertainty, especially
as it relates to infrastructure projects; the performance and
financial viability of key suppliers, contractors, customers, and
financing sources; economic, industry, business and political
conditions including their effects on governmental policy and
government actions that disrupt our supply chain or sales channels;
our success in identifying acquisition targets and integrating
acquisitions; our success in expanding into and doing business in
additional markets; our ability to raise capital at favorable
terms; the competitive environment for our products and services;
our ability to continue to innovate and develop new business lines;
our ability to attract and retain key personnel, including, but not
limited to, skilled technicians; our ability to maintain our
listing on The New York Stock Exchange; the impact of cyber or
other security threats or other disruptions to our businesses; our
ability to realize the anticipated benefits of acquisitions or
divestitures, rental fleet investments or internal reorganizations;
and other risks and uncertainties identified in this presentation
or indicated from time to time in the section entitled “Risk
Factors” in Alta’s annual report on Form 10-K and other filings
with the U.S. Securities and Exchange Commission (the “SEC”). Alta
cautions that the foregoing list of factors is not exclusive, and
readers should not place undue reliance upon any forward-looking
statements, which speak only as of the date made. Alta does not
undertake or accept any obligation or undertaking to release
publicly any updates or revisions to any forward-looking statements
to reflect any change in its expectations or any change in events,
conditions, or circumstances on which any such statement is
based.
*Use of Non-GAAP Financial Measures
To supplement our consolidated financial statements, which are
prepared and presented in accordance with accounting principles
generally accepted in the United States (“GAAP”), we disclose
non-GAAP financial measures, including Adjusted EBITDA, Adjusted
net income (loss), and Adjusted basic and diluted net income (loss)
per share, in this press release because we believe they are useful
performance measures that assist in an effective evaluation of our
operating performance when compared to our peers, without regard to
financing methods or capital structure. We believe such measures
are useful for investors and others in understanding and evaluating
our operating results in the same manner as our management.
However, such measures are not financial measures calculated in
accordance with GAAP and should not be considered as a substitute
for, or in isolation from, net income (loss), revenue, operating
profit, or any other operating performance measures calculated in
accordance with GAAP.
We define Adjusted EBITDA as net income (loss) before interest
expense, income taxes, depreciation and amortization, adjustments
for certain one-time or non-recurring items and other adjustments.
We exclude these items from net income (loss) in arriving at
Adjusted EBITDA because these amounts are either non-recurring or
can vary substantially within the industry depending upon
accounting methods and book values of assets, capital structures
and the method by which the assets were acquired. Adjusted net
income (loss) is defined as net income (loss) adjusted to reflect
certain one-time or non-recurring items and other adjustments.
Adjusted basic and diluted earnings (loss) per share is defined as
adjusted net income (loss) divided by the weighted average number
of basic and diluted shares, respectively, outstanding during the
period. Certain items excluded from Adjusted EBITDA, Adjusted net
income (loss), Adjusted basic and diluted net income (loss) per
share are significant components in understanding and assessing a
company’s financial performance. For example, items such as a
company’s cost of capital and tax structure, certain one-time or
non-recurring items as well as the historic costs of depreciable
assets, are not reflected in Adjusted EBITDA or Adjusted net income
(loss). Our presentation of Adjusted EBITDA, Adjusted net income
(loss), Adjusted basic and diluted net income (loss) per share
should not be construed as an indication that results will be
unaffected by the items excluded from these metrics. Our
computation of Adjusted EBITDA, Adjusted net income (loss),
Adjusted basic and diluted net income (loss) per share may not be
identical to other similarly titled measures of other companies.
For a reconciliation of non-GAAP measures to their most comparable
measures under GAAP, please see the table entitled “Reconciliation
of Non-GAAP Financial Measures” at the end of this press
release.
CONSOLIDATED BALANCE
SHEETS
(in millions, except share and per
share amounts)
December 31,
2021
December 31,
2020
ASSETS
CURRENT ASSETS
Cash
$
2.3
$
1.2
Accounts receivable, net of allowances of
$10.7 and $7.1 as of December 31, 2021 and December 31, 2020,
respectively
182.7
137.8
Inventories, net
239.2
229.0
Prepaid expenses and other current
assets
24.4
13.6
Total current assets
448.6
381.6
PROPERTY AND EQUIPMENT, NET
344.5
311.9
OPERATING LEASE RIGHT-OF-USE
ASSETS
102.6
—
OTHER ASSETS
Goodwill
41.9
24.3
Intangible assets, net
43.4
26.3
Other assets
1.6
2.1
Total other assets
86.9
52.7
TOTAL ASSETS
$
982.6
$
746.2
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Lines of credit, net
$
98.4
$
157.7
Floor plan payable – new equipment
114.2
127.6
Floor plan payable – used and rental
equipment
40.6
29.8
Current portion of long-term debt
2.6
8.7
Accounts payable
73.5
58.9
Customer deposits
16.7
9.3
Accrued expenses
39.3
30.1
Current operating lease liabilities
16.2
—
Other current liabilities
19.1
12.2
Total current liabilities
420.6
434.3
LONG-TERM LIABILITIES
Long-term debt, net of current portion
310.0
135.0
Finance lease obligations, net of current
portion
9.0
0.6
Deferred revenue, net of current
portion
4.2
4.9
Guaranteed purchase obligations, net of
current portion
5.2
7.6
Long-term operating lease liabilities
88.4
—
Other liabilities
3.6
6.9
Deferred tax liability
6.9
—
TOTAL LIABILITIES
$
847.9
$
589.3
CONTINGENCIES - NOTE 14
STOCKHOLDERS’ EQUITY
Preferred stock, $0.0001 par value,
1,000,000 shares authorized, 1,200,000 Depositary Shares
representing a 1/1000th fractional interest in a share of 10%
Series A Cumulative Perpetual Preferred Stock, $0.0001 par value
per share, issued and outstanding at December 31, 2021 and December
31, 2020
$
—
$
—
Common stock, $0.0001 par value,
200,000,000 shares authorized; 32,363,376 issued and outstanding at
December 31, 2021, 30,018,502 issued and outstanding at December
31, 2020
—
—
Additional paid-in capital
217.4
216.2
Treasury stock
(5.9
)
(5.9
)
Accumulated deficit
(76.8
)
(53.4
)
TOTAL STOCKHOLDERS’ EQUITY
134.7
156.9
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
982.6
$
746.2
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
December 31,
Year Ended December
31,
(in millions, except share and per
share amounts)
2021
2020
2021
2020
Revenues:
New and used equipment sales
$
176.2
$
135.1
$
568.8
$
410.3
Parts sales
48.2
37.3
178.5
129.6
Service revenue
42.5
34.4
165.5
128.5
Rental revenue
42.5
35.4
155.5
118.8
Rental equipment sales
46.9
38.2
144.5
86.4
Net revenue
$
356.3
$
280.4
$
1,212.8
$
873.6
Cost of revenues:
New and used equipment sales
144.7
116.1
478.0
356.4
Parts sales
33.6
25.8
123.4
89.1
Service revenue
20.0
13.6
68.2
49.5
Rental revenue
5.3
5.4
20.6
20.2
Rental depreciation
22.4
21.3
85.3
68.4
Rental equipment sales
41.2
33.8
122.9
75.5
Cost of revenue
$
267.2
$
216.0
$
898.4
$
659.1
Gross profit
$
89.1
$
64.4
$
314.4
$
214.5
General and administrative expenses
76.5
62.8
285.9
216.0
Depreciation and amortization expense
4.2
2.1
10.5
6.6
Total general and administrative
expenses
80.7
64.9
296.4
222.6
Income (loss) from operations
$
8.4
$
(0.5
)
$
18.0
$
(8.1
)
Other (expense) income
Interest expense, floor plan payable – new
equipment
(0.3
)
(0.5
)
(1.7
)
(2.3
)
Interest expense – other
(6.1
)
(5.6
)
(22.3
)
(21.5
)
Other income
0.4
0.2
0.7
8.9
Loss on extinguishment of debt
—
—
(11.9
)
(7.6
)
Total other (expense) income
$
(6.0
)
$
(5.9
)
$
(35.2
)
$
(22.5
)
Income (loss) before taxes
$
2.4
$
(6.4
)
$
(17.2
)
$
(30.6
)
Income tax provision (benefit)
3.1
(3.2
)
3.6
(6.6
)
Net loss
$
(0.7
)
$
(3.2
)
$
(20.8
)
$
(24.0
)
Preferred stock dividends
(0.8
)
—
(2.6
)
—
Net loss available to common
shareholders
$
(1.5
)
$
(3.2
)
$
(23.4
)
$
(24.0
)
Basic loss per share
$
(0.05
)
$
(0.11
)
$
(0.74
)
$
(0.90
)
Diluted loss per share
$
(0.05
)
$
(0.11
)
$
(0.74
)
$
(0.90
)
Basic weighted average common shares
outstanding
32,363,376
29,364,410
31,706,329
26,612,982
Diluted weighted average common shares
outstanding
32,363,376
29,310,674
31,706,329
26,612,982
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Year Ended December
31,
(amounts in millions)
2021
2020
OPERATING ACTIVITIES
Net loss
$
(20.8
)
$
(24.0
)
Adjustments to reconcile net loss to net
cash flows provided by (used in) operating activities:
Depreciation and amortization
95.8
75.0
Amortization of debt discount and debt
issuance costs
2.0
1.8
Imputed interest
0.2
0.1
Gain on sale of assets
(0.1
)
—
Gain on sale of rental equipment
(21.6
)
(10.9
)
Inventory obsolescence
0.9
1.0
Provision for bad debt
4.2
4.3
Loss on debt extinguishment
11.9
7.6
Share based compensation
1.2
6.7
Repayment of paid-in-kind interest
—
(11.2
)
Changes in deferred taxes
3.6
(6.6
)
Changes in:
Accounts receivable
(40.7
)
(1.5
)
Inventories
(154.1
)
(136.5
)
Proceeds from sale of rental equipment
144.5
86.4
Prepaid expenses and other assets
(10.7
)
(5.3
)
Proceeds from floor plans with
manufacturers
381.4
338.1
Payments under floor plans with
manufacturers
(396.0
)
(376.1
)
Accounts payable, accrued expenses,
customer deposits, and other current liabilities
30.2
15.8
Leases, deferred revenue and other
liabilities
(1.2
)
0.3
Net cash provided by (used in)
operating activities
$
30.7
$
(35.0
)
INVESTING ACTIVITIES
Proceeds from the sale of assets
2.3
1.4
Expenditures for rental equipment
(42.3
)
(41.5
)
Expenditures for property and
equipment
(8.1
)
(4.4
)
Expenditures for guaranteed purchase
obligations
(1.9
)
(3.4
)
Expenditures for acquisitions, net of cash
acquired
(63.4
)
(180.0
)
Net cash used in investing
activities
$
(113.4
)
$
(227.9
)
FINANCING ACTIVITIES
Expenditures for debt issuance costs
(1.7
)
(2.7
)
Extinguishment of floor plans and line of
credit
—
(132.9
)
Extinguishment of long-term debt
(153.1
)
(82.0
)
Redemption of former shareholder notes
payable
—
(6.7
)
Extinguishment of warrant liability
—
(29.6
)
Proceeds from lines of credit
323.0
428.7
Payments under lines of credit
(382.4
)
(262.6
)
Proceeds from floor plans with
unaffiliated source
105.3
87.7
Payments under floor plans with
unaffiliated source
(110.1
)
(80.9
)
Proceeds from issuance of long-term debt,
net
—
149.4
Proceeds from issuance of notes
310.2
—
Preferred dividends paid
(2.6
)
—
Payment of promissory note
(1.0
)
—
Payments on long-term debt
(1.9
)
(6.8
)
Payments on finance lease obligations
(1.9
)
(1.1
)
Equity proceeds from reverse
recapitalization, net
—
175.7
Proceeds from issuance of common stock,
net
—
4.0
Proceeds from issuance of preferred stock,
net
—
28.2
Proceeds from disgorgement of short swing
profits
—
1.6
Repurchases of common stock
—
(5.9
)
Net cash provided by financing
activities
$
83.8
$
264.1
NET CHANGE IN CASH
1.1
1.2
Cash, Beginning of year
1.2
—
Cash, End of period
$
2.3
$
1.2
SUPPLEMENTAL DISCLOSURES OF CASH FLOW
INFORMATION
Cash paid for interest
$
20.2
$
29.3
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended
December 31,
Year Ended
December 31,
(amounts in millions)
2021
2020
2021
2020
Net loss
$
(1.5
)
$
(3.2
)
$
(23.4
)
$
(24.0
)
Depreciation and amortization
26.6
23.4
95.8
75.0
Interest expense
6.4
6.1
24.0
23.8
Income tax provision (benefit)
3.1
(3.2
)
3.6
(6.6
)
EBITDA (1)
$
34.6
$
23.1
$
100.0
$
68.2
Transaction costs (2)
1.0
1.0
2.0
4.9
Loan administration fees (3)
0.1
0.1
0.4
0.4
Non-cash adjustments (4)
0.3
0.3
1.0
1.0
Loss on debt extinguishment (5)
—
—
11.9
7.6
Share-based incentives (6)
0.3
0.3
1.2
10.1
Other expenses (7)
0.7
0.5
2.3
0.9
Insurance Proceeds (8)
—
—
—
(8.0
)
Preferred stock dividend (9)
0.8
—
2.6
—
Showroom-Ready Equipment Interest Expense
(10)
(0.1
)
(0.7
)
(1.4
)
(2.1
)
Adjusted EBITDA (1)
$
37.7
$
24.6
$
120.0
$
83.0
Pro Forma EBITDA—Acquisitions (11)
2.7
4.6
14.1
15.7
Adjusted Pro Forma EBITDA (1)
$
40.4
$
29.2
$
134.1
$
98.7
Three Months Ended
December 31,
Year Ended
December 31,
(in millions, except share and per
share amounts)
2021
2020
2021
2020
Net loss
$
(1.5
)
$
(3.2
)
$
(23.4
)
$
(24.0
)
Transaction costs (2)
1.0
1.0
2.0
4.9
Loan administration fees (3)
0.1
0.1
0.4
0.4
Non-cash adjustments (4)
0.3
0.3
1.0
1.0
Loss on debt extinguishment (5)
—
—
11.9
7.6
Share-based incentives (6)
0.3
0.3
1.2
10.1
Other expenses (7)
0.7
0.5
2.3
0.9
Insurance Proceeds (8)
—
—
—
(8.0
)
Adjusted net income (loss) available to
common stockholders (1)
$
0.9
$
(1.0
)
$
(4.6
)
$
(7.1
)
Adjusted basic net income (loss) per
share (1)
$
0.03
$
(0.03
)
$
(0.15
)
$
(0.27
)
Adjusted diluted net income (loss) per
share (1)
$
0.03
$
(0.03
)
$
(0.15
)
$
(0.27
)
Basic weighted average common shares
outstanding
32,363,376
29,364,410
31,706,329
26,612,982
Diluted weighted average common shares
outstanding
32,564,958
29,364,410
31,706,329
26,612,982
(1)
Represents Non-GAAP measure
(2)
Includes expenses related to the
acquisitions and capital raising activities and public company
preparation costs
(3)
Debt administration fees associated with
debt refinancing activities
(4)
Non-cash adjustments related to deferred
rent expenses
(5)
Represents expenses of debt
extinguishments related to refinancing activities of the business
combination in February 2020 and debt modification in Q2 2021
(6)
Reflects equity-based compensation
expenses which includes February 2020 business combination related
activities
(7)
Other expenses primarily related to
severance payments
(8)
Key-man life insurance proceeds
(9)
Expenses related to preferred stock
dividend payments
(10)
Represents interest expense associated
with showroom-ready new and used equipment interest included in
total interest expense above
(11)
Pro forma EBITDA of acquisitions completed
in 2020 and forward, assuming each was acquired as of January 1,
2020
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220331005895/en/
Investors: Bob Jones / Taylor Krafchik Ellipsis
IR@altg.com (646) 776-0886 Media: Glenn Moore Alta Equipment
glenn.moore@altg.com (248) 305-2134
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