| Segment Reporting Disclosure [Text Block] |
17. Segments
The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. The Company’s two current reportable business segments are described below.
Work Truck Attachments. The Work Truck Attachments segment includes the Company’s operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, WESTERN®, and SNOWEX® brands, as well as our vertically integrated products.
Work Truck Solutions. The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands.
Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States.
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:
| |
|
2022 |
|
|
2021 |
|
|
2020 |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
| Net sales |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
382,296 |
|
|
$ |
325,707 |
|
|
$ |
252,838 |
|
| Work Truck Solutions |
|
|
233,772 |
|
|
|
215,746 |
|
|
|
227,316 |
|
| |
|
$ |
616,068 |
|
|
$ |
541,453 |
|
|
$ |
480,154 |
|
| Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
78,211 |
|
|
$ |
77,369 |
|
|
$ |
62,532 |
|
| Work Truck Solutions |
|
|
8,569 |
|
|
|
2,167 |
|
|
|
12,360 |
|
| |
|
$ |
86,780 |
|
|
$ |
79,536 |
|
|
$ |
74,892 |
|
| Depreciation and amortization expense |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
12,901 |
|
|
$ |
11,937 |
|
|
$ |
10,824 |
|
| Work Truck Solutions |
|
|
8,037 |
|
|
|
8,379 |
|
|
|
8,913 |
|
| |
|
$ |
20,938 |
|
|
$ |
20,316 |
|
|
$ |
19,737 |
|
| Assets |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
397,557 |
|
|
$ |
384,566 |
|
|
$ |
365,210 |
|
| Work Truck Solutions |
|
|
199,334 |
|
|
|
187,910 |
|
|
|
213,992 |
|
| |
|
$ |
596,891 |
|
|
$ |
572,476 |
|
|
$ |
579,202 |
|
| Capital expenditures |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
9,526 |
|
|
$ |
10,434 |
|
|
$ |
13,174 |
|
| Work Truck Solutions |
|
|
2,876 |
|
|
|
1,447 |
|
|
|
1,508 |
|
| |
|
$ |
12,402 |
|
|
$ |
11,881 |
|
|
$ |
14,682 |
|
| Adjusted EBITDA |
|
|
|
|
|
|
|
|
|
|
|
|
| Work Truck Attachments |
|
$ |
78,211 |
|
|
$ |
77,369 |
|
|
$ |
62,532 |
|
| Work Truck Solutions |
|
|
8,569 |
|
|
|
2,167 |
|
|
|
12,360 |
|
| Total Adjusted EBITDA |
|
$ |
86,780 |
|
|
$ |
79,536 |
|
|
$ |
74,892 |
|
| Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: |
|
|
|
|
|
|
|
|
|
|
|
|
| Interest expense - net |
|
|
11,253 |
|
|
|
11,839 |
|
|
|
20,238 |
|
| Depreciation expense |
|
|
10,418 |
|
|
|
9,634 |
|
|
|
8,806 |
|
| Amortization |
|
|
10,520 |
|
|
|
10,682 |
|
|
|
10,931 |
|
| Purchase accounting (1) |
|
|
- |
|
|
|
- |
|
|
|
(2,017 |
) |
| Stock based compensation |
|
|
6,730 |
|
|
|
5,794 |
|
|
|
2,830 |
|
| Impairment charges |
|
|
- |
|
|
|
1,211 |
|
|
|
127,872 |
|
| Debt modification expense |
|
|
- |
|
|
|
- |
|
|
|
3,542 |
|
| Loss on extinguishment of debt |
|
|
- |
|
|
|
4,936 |
|
|
|
- |
|
| COVID-19 (2) |
|
|
48 |
|
|
|
82 |
|
|
|
1,391 |
|
| Other charges (3) |
|
|
450 |
|
|
|
770 |
|
|
|
128 |
|
| Income (Loss) before taxes |
|
$ |
47,361 |
|
|
$ |
34,588 |
|
|
$ |
(98,829 |
) |
| (1) |
Reflects $17 in reversal of earnout compensation related to Henderson, and $2,000 in reversal of earnout compensation related to Dejana in the year ended December 31, 2020. |
| (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. |
| (3) |
Reflects expenses and accrual reversals for one time, unrelated legal, severance, restructuring and consulting fees for the periods presented. |
|