| Schedule of Reconciliation of Operating Profit (Loss) |
All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments:
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Three Months Ended |
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Three Months Ended |
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Nine Months Ended |
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Nine Months Ended |
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September 30, |
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September 30, |
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September 30, |
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September 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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Net sales |
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Work Truck Attachments |
$ |
81,373 |
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$ |
76,903 |
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$ |
227,992 |
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$ |
169,853 |
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Work Truck Solutions |
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46,263 |
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56,858 |
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160,516 |
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152,141 |
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$ |
127,636 |
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$ |
133,761 |
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$ |
388,508 |
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$ |
321,994 |
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Adjusted EBITDA |
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Work Truck Attachments |
$ |
14,790 |
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$ |
20,155 |
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$ |
55,206 |
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$ |
38,527 |
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Work Truck Solutions |
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700 |
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2,917 |
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4,433 |
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3,162 |
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$ |
15,490 |
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$ |
23,072 |
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$ |
59,639 |
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$ |
41,689 |
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Depreciation and amortization expense |
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Work Truck Attachments |
$ |
3,038 |
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$ |
2,683 |
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$ |
8,836 |
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$ |
7,994 |
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Work Truck Solutions |
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1,984 |
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2,224 |
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6,399 |
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6,710 |
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$ |
5,022 |
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$ |
4,907 |
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$ |
15,235 |
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$ |
14,704 |
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Assets |
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Work Truck Attachments |
$ |
405,401 |
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$ |
396,793 |
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Work Truck Solutions |
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194,833 |
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214,471 |
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$ |
600,234 |
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$ |
611,264 |
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Capital Expenditures |
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Work Truck Attachments |
$ |
2,221 |
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$ |
4,850 |
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$ |
6,202 |
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$ |
9,105 |
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Work Truck Solutions |
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331 |
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375 |
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1,108 |
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1,110 |
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$ |
2,552 |
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$ |
5,225 |
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$ |
7,310 |
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$ |
10,215 |
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Adjusted EBITDA |
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Work Truck Attachments |
$ |
14,790 |
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$ |
20,155 |
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$ |
55,206 |
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$ |
38,527 |
Work Truck Solutions |
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700 |
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2,917 |
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4,433 |
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3,162 |
Total Adjusted EBITDA |
$ |
15,490 |
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$ |
23,072 |
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$ |
59,639 |
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$ |
41,689 |
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: |
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Interest expense - net |
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2,167 |
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5,007 |
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9,514 |
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15,709 |
Depreciation expense |
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2,380 |
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2,170 |
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7,183 |
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6,490 |
Amortization |
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2,642 |
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2,737 |
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8,052 |
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8,214 |
Purchase accounting (1) |
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- |
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- |
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- |
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(2,017) |
Stock based compensation |
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5 |
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199 |
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6,025 |
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2,768 |
Impairment charges |
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- |
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- |
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- |
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127,872 |
Debt modification expense |
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- |
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237 |
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- |
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3,429 |
Loss on extinguishment of debt |
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- |
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- |
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4,936 |
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- |
COVID-19 (2) |
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12 |
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157 |
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67 |
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1,322 |
Other charges (3) |
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50 |
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101 |
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44 |
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101 |
Income (loss) before taxes |
$ |
8,234 |
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$ |
12,464 |
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$ |
23,818 |
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$ |
(122,199) |
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(1) |
Reflects $2,000 reversal of earn-out compensation in conjunction with the acquisition of Dejana in the periods presented. Reflects $17 reversal of earn-out compensation in conjunction with the acquisition of Henderson in the periods presented.
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(2) |
Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented. Such COVID-19 related costs include increased expenses directly related to the pandemic, and do not include either production related overhead inefficiencies or lost or deferred sales.
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(3) |
Reflects unrelated legal and consulting fees for the periods presented. |
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