Third Quarter Financial Highlights:
(comparisons are year over year)
- Total revenues increased 37.3% year over year to $405.0
million
- Construction and Material Handling revenue of $249.7 million
and $155.3 million, respectively
- Product Support revenue increased $29.4 million year over year
to $116.1 million
- Conditions in the Company’s end-user markets remain strong
driving continued growth
- Net income of $4.4 million available to common shareholders
compared to a loss of $(0.6) million in 2021
- Basic and diluted net income per share of $0.14 compared to
loss of $(0.02) in 2021
- Adjusted basic and diluted net income per share* of $0.18
compared to $0.01 in 2021
- Adjusted EBITDA* grew 39.2% to $44.0 million, compared to $31.6
million in 2021
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 third quarter ended September 30,
2022.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said “We are
extremely pleased with our third quarter performance as our
financial and operational results continue to reflect our unique
position in the market and successful growth initiatives. Total
revenues increased 37.3%, or $110.0 million, to $405.0 million. As
of the end of the third quarter, we have generated $1.1 billion in
total revenue, roughly equal to our total revenue for full-year
2021. Our trajectory for Adjusted EBITDA also continues to grow, up
39.2% versus the year ago quarter and has nearly surpassed 2021
levels on a year-to-date basis. We also continued to achieve GAAP
net income this quarter versus a loss a year ago. Our M&A
strategy is proving very successful and is significantly
contributing to our accelerated growth. Overall, the third quarter
continued to reflect the consistency in our business and the
stability in our end-user markets.”
Regarding business conditions, Mr. Greenawalt noted, “While
certain segments of the economy are slowing, our flexible business
model, broad-based market exposure and the breadth of our product
portfolio helps protect our business from swings in macro trends as
proven by our consistently strong growth thus far this year.
Customer sentiment is an indicator we constantly monitor, and it
remains positive for the balance of this year and into 2023. On a
longer-term basis, we also remain encouraged as several federal
initiatives are likely to positively impact the extension of the
cycle including the $550 billion infrastructure bill, and the Chips
and Inflation Reduction Acts, which support an intensified effort
on manufacturing and renewable projects in the United States.”
In conclusion, Mr. Greenawalt commented, “As demonstrated by our
financial results and recent transactions, our growth strategy
remains very much intact, and the pipeline remains robust. On a
trailing twelve-month basis, our acquisitions since the IPO have
added $440.0 million in revenue and a significant amount of EBITDA
to the enterprise. Our acquisition of Yale Industrial Trucks, Inc.,
a privately held Yale lift truck dealer with five locations in
southeastern Canada, is progressing very well and we have added
several new OEMs to expand our product portfolio to further support
our customers’ needs. We recently closed our acquisition of
Ecoverse Industries, which provides us with the master dealer
rights to distribute best-in-class environmental equipment and
parts to dealers and customers throughout North America. This
immediately positions Alta as an industry leader in the rapidly
growing market of eco-friendly waste solutions and material
recycling, which we believe represents a significant opportunity
for our business.”
Full Year 2022 Financial Guidance:
- The Company is increasing its guidance range and currently
expects to report Adjusted EBITDA between $155 million and $158
million, net of new equipment floorplan interest, for the full year
2022. This is an increase from between $147 million and $152
million, as previously expected.
Three Months Ended September
30,
Increase (Decrease)
Nine Months Ended September
30,
Increase (Decrease)
2022
2021
2022 versus 2021
2022
2021
2022 versus 2021
Revenues:
New and used equipment sales
$
210.1
$
136.8
$
73.3
53.6
%
$
579.0
$
392.6
$
186.4
47.5
%
Parts sales
61.8
44.8
17.0
37.9
%
173.5
130.3
43.2
33.2
%
Service revenue
54.3
41.9
12.4
29.6
%
154.2
123.0
31.2
25.4
%
Rental revenue
50.2
41.7
8.5
20.4
%
131.5
113.0
18.5
16.4
%
Rental equipment sales
28.6
29.8
(1.2
)
(4.0
)%
105.0
97.6
7.4
7.6
%
Total revenues
$
405.0
$
295.0
$
110.0
37.3
%
$
1,143.2
$
856.5
$
286.7
33.5
%
Cost of revenues:
New and used equipment sales
$
176.5
$
114.3
$
62.2
54.4
%
$
482.6
$
333.3
$
149.3
44.8
%
Parts sales
40.0
30.5
9.5
31.1
%
116.7
89.8
26.9
30.0
%
Service revenue
24.3
17.3
7.0
40.5
%
66.3
48.2
18.1
37.6
%
Rental revenue
5.9
4.6
1.3
28.3
%
16.7
15.3
1.4
9.2
%
Rental depreciation
25.9
22.2
3.7
16.7
%
69.5
62.9
6.6
10.5
%
Rental equipment sales
20.8
25.0
(4.2
)
(16.8
)%
82.6
81.7
0.9
1.1
%
Cost of revenues
$
293.4
$
213.9
$
79.5
37.2
%
$
834.4
$
631.2
$
203.2
32.2
%
Gross profit
$
111.6
$
81.1
$
30.5
37.6
%
$
308.8
$
225.3
$
83.5
37.1
%
General and administrative expenses
$
94.2
$
72.4
$
21.8
30.1
%
$
265.9
$
208.3
$
57.6
27.7
%
Depreciation and amortization expense
3.7
2.7
1.0
37.0
%
11.6
7.3
4.3
58.9
%
Total general and administrative
expenses
$
97.9
$
75.1
$
22.8
30.4
%
$
277.5
$
215.6
$
61.9
28.7
%
Income from operations
$
13.7
$
6.0
$
7.7
128.3
%
$
31.3
$
9.7
$
21.6
222.7
%
Other (expense) income:
Interest expense, floor plan payable – new
equipment
$
(0.8
)
$
(0.4
)
$
(0.4
)
100.0
%
$
(1.6
)
$
(1.4
)
$
(0.2
)
14.3
%
Interest expense – other
(7.7
)
(5.7
)
(2.0
)
35.1
%
(19.8
)
(16.5
)
(3.3
)
20.0
%
Other income
0.2
0.2
—
—
0.9
0.3
0.6
200.0
%
Loss on extinguishment of debt
—
—
—
NA
—
(11.9
)
11.9
(100.0
)%
Total other expense
$
(8.3
)
$
(5.9
)
$
(2.4
)
40.7
%
$
(20.5
)
$
(29.5
)
$
9.0
(30.5
)%
Income (loss) before taxes
$
5.4
$
0.1
$
5.3
5300.0
%
$
10.8
$
(19.8
)
$
30.6
(154.5
)%
Income tax provision
0.3
—
0.3
100.0
%
0.8
0.5
0.3
60.0
%
Net income (loss)
$
5.1
$
0.1
$
5.0
5000.0
%
$
10.0
$
(20.3
)
$
30.3
(149.3
)%
Preferred stock dividends
(0.7
)
(0.7
)
—
—
(2.2
)
(1.8
)
(0.4
)
22.2
%
Net income (loss) available to common
shareholders
$
4.4
$
(0.6
)
$
5.0
(833.3
)%
$
7.8
$
(22.1
)
$
29.9
(135.3
)%
Recent Business Highlights:
- On November 1st, the Company closed its previously announced
acquisition of Ecoverse Industries, LTD (“Ecoverse”), a full line
distributor of industry leading environmental processing equipment
headquartered in Avon, Ohio, with 15 sub dealers throughout North
America. Ecoverse has exclusive distribution rights to North
America for European equipment OEMs, including Doppstadt, Backus,
Backers, and Tiger Depackaging products. Increasing size of
equipment field population in North America will provide for future
parts and service growth opportunity.
- The Company's Board approved its regular quarterly cash
dividend for each of the Company's issued and outstanding shares of
common stock. The common stock dividend is $0.057 per share, or
approximately $0.23 per share on an annualized basis. The second
common stock dividend will be payable on November 30, 2022 to
shareholders of record as of November 15, 2022.
Conference Call Information:
Alta management will host a conference call and webcast today at
5:00 p.m. Eastern Time to discuss and answer questions about the
Company’s third quarter financial results. Additionally,
supplementary presentation slides will be accessible on the
“Investor Relations” section of the Company’s website at
https://Investors.altaequipment.com.
Conference Call Details:
What:
Alta Equipment Group Third Quarter 2022
Earnings Call and Webcast
Date:
Wednesday, November 9, 2022
Time:
5:00 p.m. Eastern Time
Live call:
(833) 927-1758
International:
(929) 526-1599
Live call access code:
223825
Audio Replay:
(866) 813-9403
Replay access code:
559835
Webcast:
https://events.q4inc.com/attendee/976631672
The audio replay will be archived through November 23, 2022.
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 38 years and has developed a branch
network that includes over 65 total locations across Michigan,
Illinois, Indiana, New England, New York, Virginia, Florida, Ohio,
Ontario, and Quebec. Alta offers its customers a one-stop-shop for
their equipment needs through its broad, industry-leading product
portfolio. 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
total net debt and floor plan payables, 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, debt,
or any other operating performance measures calculated in
accordance with GAAP.
We define Adjusted EBITDA as net income (loss) before interest
expense (not including floorplan interest paid on new equipment),
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. Management uses Adjusted total net
debt and floor plan payables to reflect the Company's estimated
financial obligations less cash and floor plan payables on new
equipment ("FPNP"). The FPNP is used to finance the Company's new
inventory, with its principal balance changing daily as equipment
is purchased and sold and the sale proceeds are used to repay the
notes. Consequently, in managing the business, management views the
FPNP as interest bearing accounts payable, representing the cost of
acquiring the equipment that is then repaid when the equipment is
sold, as the Company's floor plan credit agreements require
repayment when such pieces of equipment are sold. The Company
believes excluding the FPNP from the Company's total debt for this
purpose provides management with supplemental information regarding
the Company's capital structure and leverage profile and assists
investors in performing analysis that is consistent with financial
models developed by Company management and research analysts.
Adjusted total net debt and floor plan payables should be
considered in addition to, and not as a substitute for, the
Company's debt obligations, as reported in the Company's condensed
consolidated balance sheets in accordance with U.S. GAAP. 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 total net debt and floor plan payables, 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 total net
debt and floor plan payables, 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 total net debt and floor plan payables, 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)
September 30, 2022
December 31, 2021
ASSETS
CURRENT ASSETS
Cash
$
2.1
$
2.3
Accounts receivable, net of allowances of
$13.0 and $10.7 as of September 30, 2022 and December 31, 2021,
respectively
213.4
182.7
Inventories, net
338.5
239.2
Prepaid expenses and other current
assets
27.9
24.4
Total current assets
$
581.9
$
448.6
Property and equipment, net
367.3
344.5
Operating lease right-of-use assets,
net
104.0
102.6
OTHER ASSETS
Goodwill
$
53.8
$
41.9
Other intangible assets, net
33.0
43.4
Other assets
2.6
1.6
Total other assets
$
89.4
$
86.9
TOTAL ASSETS
$
1,142.6
$
982.6
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Floor plan payable – new equipment
$
160.1
$
114.2
Floor plan payable – used and rental
equipment
50.1
40.6
Current portion of long-term debt
3.6
2.6
Accounts payable
86.1
73.5
Customer deposits
17.9
16.7
Accrued expenses
53.1
39.3
Current operating lease liabilities
17.8
16.2
Current portion of deferred revenue
19.5
15.2
Other current liabilities
7.0
3.9
Total current liabilities
$
415.2
$
322.2
LONG-TERM LIABILITIES
Line of credit, net
156.3
98.4
Long-term debt, net of current portion
310.8
310.0
Finance lease obligations, net of current
portion
13.4
9.0
Deferred revenue, net of current
portion
3.9
4.2
Guaranteed purchase obligations, net of
current portion
4.1
5.2
Long-term operating lease liabilities, net
of current portion
89.4
88.4
Deferred tax liability
6.9
6.9
Other liabilities
1.9
3.6
TOTAL LIABILITIES
$
1,001.9
$
847.9
CONTINGENCIES - NOTE 12
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 September 30, 2022 and
December 31, 2021, respectively
$
—
$
—
Common stock, $0.0001 par value,
200,000,000 shares authorized; 31,981,843 and 32,363,376 issued and
outstanding at September 30, 2022 and December 31, 2021,
respectively
—
—
Additional paid-in capital
219.3
217.4
Treasury stock at cost, 862,182 and
390,000 shares of common stock held at September 30, 2022 and
December 31, 2021, respectively
(5.9
)
(5.9
)
Accumulated deficit
(70.8
)
(76.8
)
Accumulated other comprehensive income
(loss)
(1.9
)
—
TOTAL STOCKHOLDERS’ EQUITY
$
140.7
$
134.7
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
1,142.6
$
982.6
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions, except share and per
share amounts)
2022
2021
2022
2021
Revenues:
New and used equipment sales
$
210.1
$
136.8
$
579.0
$
392.6
Parts sales
61.8
44.8
173.5
130.3
Service revenue
54.3
41.9
154.2
123.0
Rental revenue
50.2
41.7
131.5
113.0
Rental equipment sales
28.6
29.8
105.0
97.6
Total revenues
$
405.0
$
295.0
$
1,143.2
$
856.5
Cost of revenues:
New and used equipment sales
$
176.5
$
114.3
$
482.6
$
333.3
Parts sales
40.0
30.5
116.7
89.8
Service revenue
24.3
17.3
66.3
48.2
Rental revenue
5.9
4.6
16.7
15.3
Rental depreciation
25.9
22.2
69.5
62.9
Rental equipment sales
20.8
25.0
82.6
81.7
Cost of revenues
$
293.4
$
213.9
$
834.4
$
631.2
Gross profit
$
111.6
$
81.1
$
308.8
$
225.3
General and administrative expenses
$
94.2
$
72.4
$
265.9
$
208.3
Depreciation and amortization expense
3.7
2.7
11.6
7.3
Total general and administrative
expenses
$
97.9
$
75.1
$
277.5
$
215.6
Income from operations
$
13.7
$
6.0
$
31.3
$
9.7
Other (expense) income:
Interest expense, floor plan payable – new
equipment
$
(0.8
)
$
(0.4
)
$
(1.6
)
$
(1.4
)
Interest expense – other
(7.7
)
(5.7
)
(19.8
)
(16.5
)
Other income
0.2
0.2
0.9
0.3
Loss on extinguishment of debt
—
—
—
(11.9
)
Total other expense
$
(8.3
)
$
(5.9
)
$
(20.5
)
$
(29.5
)
Income (loss) before taxes
$
5.4
$
0.1
$
10.8
$
(19.8
)
Income tax provision
0.3
—
0.8
0.5
Net income (loss)
$
5.1
$
0.1
$
10.0
$
(20.3
)
Preferred stock dividends
(0.7
)
(0.7
)
(2.2
)
(1.8
)
Net income (loss) available to common
shareholders
$
4.4
$
(0.6
)
$
7.8
$
(22.1
)
Basic income (loss) per share
$
0.14
$
(0.02
)
$
0.24
$
(0.70
)
Diluted income (loss) per share
$
0.14
$
(0.02
)
$
0.24
$
(0.70
)
Basic weighted average common shares
outstanding
31,981,843
32,363,376
32,091,353
31,484,906
Diluted weighted average common shares
outstanding
32,138,952
32,363,376
32,290,127
31,484,906
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Nine Months Ended September
30,
(amounts in millions)
2022
2021
OPERATING ACTIVITIES
Net income (loss)
$
10.0
$
(20.3
)
Adjustments to reconcile net income (loss)
to net cash flows provided by operating activities:
Depreciation and amortization
81.1
70.2
Amortization of debt discount and debt
issuance costs
1.3
1.3
Imputed interest
0.2
0.2
Gain on sale of property and equipment
(0.2
)
—
Gain on sale of rental equipment
(22.6
)
(15.9
)
Provision for inventory obsolescence
2.5
0.9
Provision for bad debt
4.0
3.4
Loss on debt extinguishment
—
11.9
Share-based compensation expense
1.9
0.9
Changes in deferred income taxes
—
0.5
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable
(24.8
)
(33.0
)
Inventories
(200.8
)
(114.0
)
Proceeds from sale of rental equipment
105.1
97.6
Prepaid expenses and other assets
(4.3
)
(8.1
)
Manufacturers floor plans payable
37.8
(5.9
)
Accounts payable, accrued expenses,
customer deposits, and other current liabilities
30.5
17.2
Leases, deferred revenue, and other
liabilities
(3.4
)
(0.8
)
Net cash provided by operating
activities
$
18.3
$
6.1
INVESTING ACTIVITIES
Expenditures for rental equipment
$
(39.9
)
$
(30.9
)
Expenditures for property and
equipment
(6.9
)
(7.0
)
Proceeds from sale of property and
equipment
0.7
1.4
Expenditures for guaranteed purchase
obligations
0.8
(1.5
)
Expenditures for acquisitions, net of cash
acquired
(40.4
)
(3.9
)
Net cash used in investing
activities
$
(85.7
)
$
(41.9
)
FINANCING ACTIVITIES
Expenditures for debt issuance costs
$
—
$
(1.5
)
Extinguishment of long-term debt
—
(153.1
)
Proceeds from line of credit and long-term
borrowings
242.3
552.7
Principal payments on line of credit,
long-term debt, and finance lease obligations
(187.3
)
(357.9
)
Proceeds from floor plan payable with
unaffiliated source
98.8
72.8
Payments on floor plan payable with
unaffiliated source
(81.3
)
(74.4
)
Preferred stock dividends paid
(2.2
)
(1.8
)
Common stock dividends paid and
declared
(1.8
)
—
Payment of promissory note
—
(1.0
)
Other financing activities
(1.2
)
—
Net cash provided by financing
activities
$
67.3
$
35.8
Effect of exchange rate changes on
cash
(0.1
)
—
NET CHANGE IN CASH
(0.2
)
0.0
Cash, Beginning of year
2.3
1.2
Cash, End of period
$
2.1
$
1.2
Supplemental schedule of noncash
investing and financing activities:
Noncash asset purchases:
Net transfer of assets from inventory to
rental fleet within property and equipment
$
101.0
$
133.2
Supplemental disclosures of cash flow
information
Cash paid for interest
$
15.2
$
9.4
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
September 30,
December 31,
Debt and Floor Plan Payables Analysis
(in millions)
2022
2021
High yield notes
$
315.0
$
315.0
Line of credit
158.4
100.7
Floor plan payable – new equipment
160.1
114.2
Floor plan payable – used and rental
equipment
50.1
40.6
Finance lease obligations
17.0
11.6
Total debt
$
700.6
$
582.1
Adjustments:
Floor plan payable – new equipment
(160.1
)
(114.2
)
Cash
(2.1
)
(2.3
)
Adjusted Total Net Debt and Floor Plan
Payables (1)
$
538.4
$
465.6
Three Months Ended September
30,
Nine Months Ended September
30,
(amounts in millions)
2022
2021
2022
2021
Net income (loss) available to common
shareholders
$
4.4
$
(0.6
)
$
7.8
$
(22.1
)
Depreciation and amortization
29.6
24.9
81.1
70.2
Interest expense
8.5
6.1
21.4
17.9
Income tax provision
0.3
—
0.8
0.5
EBITDA (1)
$
42.8
$
30.4
$
111.1
$
66.5
Transaction costs (2)
0.1
(0.1
)
0.2
1.0
Loan administration fees (3)
0.1
0.1
0.1
0.3
Non-cash adjustments (4)
—
—
—
0.5
Share-based incentives (5)
0.8
0.4
1.9
0.9
Other expenses (6)
0.3
0.5
1.5
1.6
Preferred stock dividend (7)
0.7
0.7
2.2
1.8
Showroom-ready equipment interest expense
(8)
(0.8
)
(0.4
)
(1.6
)
(1.4
)
Loss on debt extinguishment (9)
—
—
—
11.9
Adjusted EBITDA (1)
$
44.0
$
31.6
$
115.4
$
83.1
Pro forma EBITDA—acquisitions (10)
0.8
6.1
5.6
18.6
Adjusted pro forma EBITDA (1)
$
44.8
$
37.7
$
121.0
$
101.7
Three Months Ended September
30,
Nine Months Ended September
30,
(in millions, except share and per
share amounts)
2022
2021
2022
2021
Net income (loss) available to common
shareholders
$
4.4
$
(0.6
)
$
7.8
$
(22.1
)
Transaction costs (2)
0.1
(0.1
)
0.2
1.0
Loan administration fees (3)
0.1
0.1
0.1
0.3
Non-cash adjustments (4)
—
—
—
0.5
Share-based incentives (5)
0.8
0.4
1.9
0.9
Other expenses (6)
0.3
0.5
1.5
1.6
Loss on debt extinguishment (9)
—
—
—
11.9
Adjusted net income (loss) available to
common stockholders (1)
$
5.7
$
0.3
$
11.5
$
(5.9
)
Adjusted basic net income (loss) per
share (1)
$
0.18
$
0.01
$
0.36
$
(0.19
)
Adjusted diluted net income (loss) per
share (1)
$
0.18
$
0.01
$
0.36
$
(0.19
)
Basic weighted average common shares
outstanding
31,981,843
32,363,376
32,091,353
31,484,906
Diluted weighted average common shares
outstanding
32,138,952
32,520,401
32,290,127
31,484,906
(1) Represents Non-GAAP measure (2) Includes expenses related to
the acquisitions and capital raising activities (3) Debt
administration fees associated with debt refinancing activities (4)
Non-cash adjustments related to straight-line of rent expenses (5)
Reflects equity-based compensation expenses (6) Other non-recurring
expenses inclusive of severance payments, legal, and consulting
costs (7) Expenses related to preferred stock dividend payments (8)
Represents interest expense associated with showroom-ready new
equipment interest included in total interest expense above (9)
Represents debt extinguishment expenses related to debt
modification in Q2 2021 (10) Pro forma EBITDA of acquisitions
completed in 2021 and forward, assuming each was acquired as of
January 1, 2021
View source
version on businesswire.com: https://www.businesswire.com/news/home/20221109005952/en/
Investors: Kevin Inda SCR Partners, LLC kevin@scr-ir.com
(225) 772-0254
Media: Glenn Moore Alta Equipment Group, LLC
glenn.moore@altg.com (248) 305-2134
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