Douglas Dynamics, Inc. Quarterly report pursuant to Section 13 or 15(d)

Note 15 - Segments (Tables)

9 Months Ended

Sep. 30, 2022

	*Three Months Ended*		*Three Months Ended*		*Nine Months Ended*		*Nine Months Ended*
	*September 30,*		*September 30,*		*September 30,*		*September 30,*
	*2022*		*2021*		*2022*		*2021*
Net sales
Work Truck Attachments	$	108,235	$	81,373	$	284,375	$	227,992
Work Truck Solutions		57,865		46,263		171,887		160,516
	$	166,100	$	127,636	$	456,262	$	388,508
Adjusted EBITDA
Work Truck Attachments	$	22,929	$	14,790	$	59,562	$	55,206
Work Truck Solutions		2,202		700		4,307		4,433
	$	25,131	$	15,490	$	63,869	$	59,639
Depreciation and amortization expense
Work Truck Attachments	$	3,228	$	3,038	$	9,618	$	8,836
Work Truck Solutions		2,005		1,984		6,008		6,399
	$	5,233	$	5,022	$	15,626	$	15,235
Assets
Work Truck Attachments	$	454,739	$	405,401
Work Truck Solutions		200,048		194,833
	$	654,787	$	600,234
Capital Expenditures
Work Truck Attachments	$	2,741	$	2,221	$	6,807	$	6,202
Work Truck Solutions		630		331		1,211		1,108
	$	3,371	$	2,552	$	8,018	$	7,310

Adjusted EBITDA
Work Truck Attachments	$	22,929		$	14,790	$	59,562	$	55,206
Work Truck Solutions		2,202			700		4,307		4,433
Total Adjusted EBITDA	$	25,131		$	15,490	$	63,869	$	59,639
Less items to reconcile Adjusted EBITDA to Income before taxes:
Interest expense - net		3,266			2,167		7,852		9,514
Depreciation expense		2,603			2,380		7,736		7,183
Amortization		2,630			2,642		7,890		8,052
Stock based compensation		510			5		5,563		6,025
Loss on extinguishment of debt		-			-		-		4,936
COVID-19 (1)		7			12		39		67
Other charges (2)		(60	)		50		449		44
Income before taxes	$	16,175		$	8,234	$	34,340	$	23,818