false 0001302028 0001302028 2023-08-03 2023-08-03
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of report (Date of the earliest event reported) August 3, 2023
MANITEX INTERNATIONAL, INC.
(Exact Name of Registrant as Specified in Its Charter)
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Michigan |
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001-32401 |
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42-1628978 |
(State or Other Jurisdiction of Incorporation) |
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(Commission File Number) |
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(IRS Employer Identification No.) |
9725 Industrial Drive, Bridgeview, Illinois 60455
(Address of Principal Executive Offices) (Zip Code)
(708) 430-7500
(Registrant’s Telephone Number, Including Area Code)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐ |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
☐ |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
☐ |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
☐ |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Common Stock, no par value |
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MNTX |
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The NASDAQ Stock Market LLC |
Item 2.02 |
Results of Operations and Financial Condition. |
On August 3, 2023, Manitex International, Inc. (the “Company”) issued a press release announcing its unaudited financial results for the second quarter ended June 30, 2023 (the “Press Release”). The full text of the Press Release is being furnished as Exhibit 99.1 to this Current Report. The Company’s conference call and webcast will take place today August 3, 2023 at 9:00 am eastern time to discuss the second quarter 2023 results. The exhibit can be accessed from the Investor Relations section of the Company’s website at www.ManitexInternational.com.
The information in this Current Report (including Exhibit 99.1) is being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that Section. The information in this Current Report shall not be incorporated by reference into any registration statement or other document pursuant to the Securities Act of 1933, as amended or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.
The Company references certain non-GAAP financial measures. A reconciliation of these non-GAAP financial measures to the comparable GAAP financial measures is contained in the attached Press Release. Disclosures regarding definitions of these financial measures used by the Company and why the Company’s management believes these financial measures provide useful information to investors is also included in the Press Release.
Item 9.01 |
Financial Statements and Exhibits. |
(a) Financial Statements of Businesses Acquired.
Not applicable.
(b) Pro Forma Financial Information.
Not applicable.
(c) Shell Company Transactions.
Not applicable.
(d) Exhibits.
See the Exhibit Index set forth below for a list of exhibits included with this Current Report on Form 8-K.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Company has duly caused this report to be signed on its behalf by the undersigned thereunder duly authorized.
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MANITEX INTERNATIONAL, INC. |
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By: |
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/s/ Joseph Doolan |
Name: |
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Joseph Doolan |
Title: |
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Chief Financial Officer |
Date: August 3, 2023
Exhibit 99.1
MANITEX INTERNATIONAL REPORTS SECOND QUARTER 2023 RESULTS
Bridgeview, IL, August 3, 2023 Manitex International, Inc. (Nasdaq: MNTX) (Manitex or the
Company), a leading international provider of truck cranes, specialized industrial equipment, and construction equipment rental solutions to infrastructure and construction markets, today reported financial results for the three
months ended June 30, 2023.
SECOND QUARTER 2023 RESULTS
(all comparisons versus the prior year period unless otherwise noted)
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Net revenue of $73.5 million, +5.7% |
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Gross profit of $14.9 million +20.8%; gross margin of 20.3%, +254 basis points |
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GAAP Net Income of $0.5 million; Adjusted Net Income of $1.7 million, or $0.08 per diluted share
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Adjusted EBITDA of $6.8 million, +31.6%, 9.3% of net revenue, +182 basis points |
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Backlog of $223.2 million, +4.4% |
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Net leverage of 3.3X, down from 3.9X at December 31, 2022; total liquidity of $31 million
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MANAGEMENT COMMENTARY
We are excited to have delivered another quarter of strong financial performance and continued progress against our Elevating Excellence
business transformation strategy, stated Michael Coffey, CEO of Manitex. Our second quarter revenue increased by 6% driven by favorable lifting equipment segment end-market demand and strong growth
in our rental equipment operations. We remain encouraged by the positive fundamentals in our key infrastructure, energy, and mining end markets, which combined with the promising customer response to our recent new product introductions, has
resulted in continued momentum in our backlog.
While our recent financial performance has been encouraging, we are even more
excited by the ongoing progress we have achieved on our strategic initiatives, which places the company on track to deliver on the long-term financial targets we outlined last quarter, continued Coffey. As a reminder, our Elevating
Excellence value creation framework is based on three key pillarsgenerating commercial growth, enhancing operating performance, and disciplined capital allocation. We expect execution on these initiatives to enable us to achieve our 2025
financial targets, which include 25% organic revenue growth at the mid-point of the range, 65-110% Adjusted EBITDA growth, and
300-500 basis points of Adjusted EBITDA margin expansion.
Our priorities in the
near-term are centered on enhancing the operational processes that are critical to support our long-term growth ambitions, so we were pleased with the successful implementation of our new ERP systems across the organization and another quarter of
improved manufacturing throughput, continued Coffey. The early progress on our operational goals is evident in our second quarter Adjusted EBITDA margin, which increased 180 basis points on a year-over-year basis to 9.3%, despite
lingering supply chain challenges and the recent spike in steel prices.
A key priority is reducing our net leverage ratio towards our short-term target of at-or-below 3.0x, so we were pleased to see our net debt to trailing twelve-month Adjusted EBITDA decline to 3.3x at the end of the second quarter, down from 3.9x at the end
of 2022, stated Joseph Doolan, Chief Financial Officer of Manitex. Our total liquidity of $31 million, which includes total cash and availability under our credit facilities, provides us with ample financial flexibility to support
our organic growth initiatives.
Momentum in our key end markets remains robust, and as we continue to execute on our
Elevating Excellence strategy, we will further position the Company to benefit from these favorable trends, continued Coffey. Based on our solid first half results, sustained margin improvements, and continued new order momentum,
including several large orders received subsequent to quarter end, we remain on track to achieve our 2023 financial guidance, which calls for low double-digit adjusted EBITDA growth in 2023.
SECOND QUARTER 2023 PERFORMANCE
The
Company reported net revenue of $73.5 million in the second quarter 2023, an increase of 5.7% versus the prior-year period, driven by growth in the lifting segment, as well as contribution from the Rabern Rentals acquisition completed in April
2022. Revenue growth was negatively impacted by $2.6 million, or approximately 3.7%, due to lower truck chassis sales, which are largely pass-through revenue items. The Company continues to expect lower chassis sales to be a headwind to
reported sales growth and a benefit to reported gross margin in 2023.
Lifting Equipment Segment revenue was $66.3 million in the
second quarter 2023, an increase of 4.6%, versus the prior-year period, or an increase of 8.7% when excluding the impact of truck chassis sales in the quarter. The increased output is a direct reflection of process centered improvements attained
from our Elevating Excellence strategy and favorable demand trends in both domestic and international markets. In North America, strong project activity from energy and infrastructure markets is driving robust activity levels, while international
markets are benefitting from infrastructure projects in Europe and continued strength from South American mining activity.
Rental
Equipment Segment revenue was $7.3 million in the second quarter 2023, supported by strong end-market demand in key North Texas markets, including contribution from the Lubbock, Texas location that opened
in March 2023. The Rabern business benefitted from the deployment of new rental fleet acquired in 2022, pricing gains, and a modest improvement in utilization.
Total gross profit was $14.9 million in the second quarter, an increase from $12.4 million in the prior-year period due to revenue
growth, benefits from the Companys operational improvement initiatives, and improved profitability in rental. As a result of these factors, gross profit margin increased 250 basis points to 20.3% during the second quarter 2023. These factors
were partially offset by higher US-based steel prices, which were a headwind during the quarter as prices spiked during the first half of 2023. The Company has successfully implemented product surcharges and
price increases in an effort to offset the rising price of steel, and these measures are expected to benefit margins beginning in the third quarter of 2023.
SG&A expense was $10.8 million for the second quarter, compared to $11.4 million for the comparable period last year. The
decrease was primarily related to restructuring and other expenses included in last years results. R&D costs of $0.8 million were up modestly from $0.7 million last year.
Operating income was $3.3 million for the second quarter 2023, compared to an operating
loss of ($1.7) million for the same period last year. Second quarter operating margin was 4.5%, an improvement from (2.4%) in the prior year period. The year-over-year improvement in operating income was driven by the strong operating performance,
disciplined cost control, and Rabern transaction costs and other one-time expenses that were incurred in the second quarter last year.
The Company delivered GAAP Net Income of $0.5 million, or $0.02 per diluted share, for the second quarter 2023, compared to a net loss of
($2.1) million, or ($0.10) per diluted share, for the same period last year. Adjusted net income was $1.7 million, or $0.08 per diluted share in the second quarter 2023, an increase compared to adjusted net income of $0.9 million, or $0.05
per diluted share, for the same period last year. Adjusted net income excludes $0.6 million of stock compensation expense and $0.7 million of other non-recurring expenses in the second quarter of
2023.
Adjusted EBITDA was $6.8 million for the second quarter 2023, or 9.3% of sales, compared to $5.2 million, or 7.4% of
sales, for the same period last year. See Non-GAAP reconciliations in the appendix of this release.
As of June 30, 2023, total backlog was $223.2 million, up 4.4% from the end of the second quarter 2022, driven by continued
favorable trends in key end markets and the contribution from new product introductions in North America. Backlog was down 6.2% from the end of the first quarter of 2023 due primarily to improved manufacturing throughput, and the timing of orders,
as the Company received several large orders in early July.
BALANCE SHEET AND LIQUIDITY
As of June 30, 2023, total debt was $95.1 million. Cash and cash equivalents as of June 30, 2023, were $7.3 million,
resulting in net debt of $87.8 million. Net debt at the end of the second quarter 2023 was up modestly from the end of the first quarter due to seasonal working capital needs and modest inventory growth in Italy resulting from the transition of
the ERP system. Net leverage was 3.3x at the end of second quarter 2023, down from 3.9x at the end of fourth quarter 2022. As of June 30, 2023, Manitex had total cash and availability of $31 million.
STRATEGIC UPDATE - ELEVATING EXCELLENCE INITIATIVE
In early 2023, Manitex formally launched its multi-year business transformation strategy, Elevating Excellence, which aims to drive
sustained commercial growth and improved operating performance, ultimately resulting in long-term value creation for shareholders. The three main tenets of the business strategy include generating commercial growth (organic market share expansion,
product innovation, expanded aftermarket focus), enhancing operating performance (optimized manufacturing resources, enhanced sourcing and procurement, product mix optimization), and disciplined capital allocation.
Key progress achieved during the second quarter against the strategy are as follows:
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Commercial Growth. A key component of Manitexs targeted commercial expansion strategy is market
share growth, as the Company focuses on leveraging its strong market share in straight mast cranes to grow articulated cranes, industrial lifting, and aerial work platforms in North America. An important driver of this initiative, and Manitexs
growth strategy overall, is the support and partnership of the Companys dealer network. One of these dealers is ABM Equipment, LLC (ABM) of Hopkins, Minnesota, which recently joined Manitex as a new dealer in June of 2022 and
provides services to customers in Minnesota, North and South Dakota, Iowa, Nebraska and the upper peninsula of Michigan. ABM has quickly made significant investments in the Companys products, including an order for ten 50-ton TC500 truck-mounted cranes. Manitex looks forward to continuing to partner with ABM and its entire dealer network to continue to execute on its commercial growth strategy. |
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Enhanced Operating Performance. Second quarter Adjusted EBITDA margin benefited from continued
improvements in manufacturing throughput and strong incremental margins in rental. The recent ERP system launch has thus far been seamlessly integrated and is expected to result in additional efficiency benefits in the coming years. Supply chain
pressures have continued to ease in Italy; however, the Company continues to experience some supply chain challenges, particularly in the United States. |
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Disciplined Capital Allocation. Manitexs primary capital allocation priorities will focus on debt
reduction, operational improvements, and organic growth investments in 2023. As of June 30, 2023, Manitexs net leverage ratio was 3.3x, down from 3.9x at year-end. The Company continues to target a
net leverage ratio of at-or-below 3.0x, consistent with its mandate to optimize balance sheet flexibility. |
LONG-TERM FINANCIAL TARGETS
Manitex introduced long-term financial targets as part of its Elevating Excellence initiative. The full-year 2025 financial targets
reflect the underlying strength of the Companys end markets and expected commercial and operational benefits from the Elevating Excellence initiatives. The Companys financial targets are unchanged, as detailed in the following table.
($ in millions)
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Full-Year 2022 Actual |
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Full Year 2025 |
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Low-Case |
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Base-Case |
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High-Case |
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Total Revenue |
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$ |
273.9 |
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$ |
325 |
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$ |
342 |
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$ |
360 |
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Total Adjusted EBITDA |
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$ |
21.3 |
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$ |
35 |
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$ |
40 |
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$ |
45 |
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Total Adjusted EBITDA Margin |
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7.8 |
% |
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10.8 |
% |
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11.8 |
% |
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12.8 |
% |
These targets are current as of the time provided and subject to change, given markets conditions.
SECOND QUARTER 2023 RESULTS CONFERENCE CALL
Manitex will host a conference call today at 9:00 AM ET to discuss the Companys second quarter 2023 results and updated corporate
strategy.
A webcast of the conference call and accompanying presentation materials will be available in the Investor Relations section of
the Manitex website at https://www.manitexinternational.com/eventspresentations.aspx, and a replay of the webcast will be available at the same time shortly after the webcast is complete.
To participate in the live teleconference:
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Domestic Live: |
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(877) 407-0792 |
International Live: |
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(201) 689-8263 |
To listen to a replay of the teleconference, which will be available through August 17, 2023:
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Domestic Replay: |
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(844) 512-2921 |
International Replay: |
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(412) 317-6671 |
Passcode: |
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13740069 |
NON-GAAP FINANCIAL MEASURES AND OTHER ITEMS
In this press release, we refer to various non-GAAP (U.S. generally accepted accounting principles)
financial measures which management uses to evaluate operating performance, to establish internal budgets and targets, and to compare the Companys financial performance against such budgets and targets. These
non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other companies. While adjusted financial measures are not intended to replace any
presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to operating performance or
an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements
and the ongoing performance of its underlying businesses. A reconciliation of Adjusted GAAP financial measures is included with this press release. All per share amounts are on a fully diluted basis. The quarterly amounts described below are
unaudited, are reported in thousands of U.S. dollars, and are as of the dates indicated.
ABOUT MANITEX INTERNATIONAL
Manitex International is a leading provider of mobile truck cranes, industrial lifting solutions, aerial work platforms, construction equipment
and rental solutions that serve general construction, crane companies, and heavy industry. The company engineers and manufactures its products in North America and Europe, distributing through independent dealers worldwide. Our brands include
Manitex, PM, Oil & Steel, Valla, and Rabern Rentals.
FORWARD-LOOKING STATEMENTS
Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This release contains statements that are
forward-looking in nature which express the beliefs and expectations of management including statements regarding the Companys expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates
or forecasts as to our business, financial and operational results and future economic performance; and statements of managements goals and objectives and other similar expressions concerning matters that are not historical facts. In some
cases, you can identify forward-looking statements by terminology such as anticipate, estimate, plan, project, continuing, ongoing, expect, we believe,
we intend, may, will, should, could, and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks,
uncertainties and other factors that could cause the Companys future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These
factors and additional information are discussed in the Companys filings with the Securities and Exchange Commission and statements in this release should be evaluated in light of these important factors. Although we believe that these
statements are based upon reasonable assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any
forward-looking statement, whether as a result of new information, future developments or otherwise.
IR CONTACT
Paul Bartolai or Noel Ryan
MNTX@val-adv.com
MANITEX INTERNATIONAL, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands,
except share and per share data)
(Unaudited)
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June 30, 2023 |
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December 31, 2022 |
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ASSETS |
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Current assets |
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Cash |
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$ |
7,092 |
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$ |
7,973 |
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Cash restricted |
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|
210 |
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217 |
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Trade receivables (net) |
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48,828 |
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43,856 |
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Other receivables |
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1,087 |
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|
1,750 |
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Related party receivables |
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9 |
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Inventory (net) |
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83,309 |
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69,801 |
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Prepaid expense and other current assets |
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3,694 |
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3,907 |
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Total current assets |
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144,229 |
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127,504 |
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Total fixed assets, net of accumulated depreciation of $26,291 and $22,441 at June 30,
2023 and December 31, 2022, respectively |
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49,929 |
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51,697 |
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Operating lease assets |
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8,010 |
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5,667 |
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Intangible assets (net) |
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13,696 |
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14,367 |
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Goodwill |
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37,075 |
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36,916 |
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Deferred tax assets |
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452 |
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452 |
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Total assets |
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$ |
253,391 |
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$ |
236,603 |
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LIABILITIES AND EQUITY |
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Current liabilities |
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Accounts payable |
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$ |
53,016 |
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$ |
45,682 |
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Accrued expenses |
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14,234 |
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|
12,379 |
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Related party payables |
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36 |
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60 |
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Notes payable |
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23,857 |
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22,666 |
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Current portion of finance lease obligations |
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555 |
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509 |
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Current portion of operating lease obligations |
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2,167 |
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|
1,758 |
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Customer deposits |
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2,653 |
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3,407 |
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Total current liabilities |
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96,518 |
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86,461 |
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Long-term liabilities |
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Revolving term credit facilities (net) |
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45,982 |
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41,479 |
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Notes payable (net) |
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21,585 |
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22,261 |
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Finance lease obligations (net of current portion) |
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3,092 |
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|
3,382 |
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Operating lease obligations (net of current portion) |
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5,843 |
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|
3,909 |
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Deferred gain on sale of property |
|
|
387 |
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|
|
427 |
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Deferred tax liability |
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|
4,393 |
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|
|
5,151 |
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Other long-term liabilities |
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5,125 |
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5,572 |
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Total long-term liabilities |
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86,407 |
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82,181 |
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Total liabilities |
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182,925 |
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168,642 |
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Commitments and contingencies |
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Equity |
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Preferred StockAuthorized 150,000 shares, no shares issued or outstanding at
June 30, 2023 and December 31, 2022 |
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Common Stockno par value 25,000,000 shares authorized, 20,243,756 and 20,107,014 shares
issued and outstanding at June 30, 2023 and December 31, 2022, respectively |
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134,239 |
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133,289 |
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Paid-in capital |
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4,621 |
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|
4,266 |
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Retained deficit |
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|
(72,882 |
) |
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|
(73,338 |
) |
Accumulated other comprehensive loss |
|
|
(5,127 |
) |
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|
(5,822 |
) |
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Equity attributable to shareholders of Manitex International |
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60,851 |
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|
58,395 |
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Equity attributed to noncontrolling interest |
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9,615 |
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9,566 |
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Total equity |
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70,466 |
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|
|
67,961 |
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Total liabilities and equity |
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$ |
253,391 |
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$ |
236,603 |
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MANITEX INTERNATIONAL, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands,
except for share and per share amounts)
(Unaudited)
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2023 |
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2022 |
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2023 |
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2022 |
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Net revenues |
|
$ |
73,534 |
|
|
$ |
69,577 |
|
|
$ |
141,405 |
|
|
$ |
129,997 |
|
Cost of sales |
|
|
58,599 |
|
|
|
57,210 |
|
|
|
112,060 |
|
|
|
107,505 |
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Gross profit |
|
|
14,935 |
|
|
|
12,367 |
|
|
|
29,345 |
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|
|
22,492 |
|
Operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
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Research and development costs |
|
|
837 |
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|
|
720 |
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|
|
1,651 |
|
|
|
1,436 |
|
Selling, general and administrative expenses |
|
|
10,766 |
|
|
|
11,431 |
|
|
|
21,797 |
|
|
|
19,877 |
|
Transaction costs |
|
|
|
|
|
|
1,886 |
|
|
|
|
|
|
|
2,199 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total operating expenses |
|
|
11,603 |
|
|
|
14,037 |
|
|
|
23,448 |
|
|
|
23,512 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss) |
|
|
3,332 |
|
|
|
(1,670 |
) |
|
|
5,897 |
|
|
|
(1,020 |
) |
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
|
(1,896 |
) |
|
|
(1,068 |
) |
|
|
(3,661 |
) |
|
|
(1,573 |
) |
Interest income |
|
|
|
|
|
|
1 |
|
|
|
|
|
|
|
3 |
|
Foreign currency transaction gain (loss) |
|
|
(718 |
) |
|
|
142 |
|
|
|
(773 |
) |
|
|
93 |
|
Other income (expense) |
|
|
21 |
|
|
|
724 |
|
|
|
(737 |
) |
|
|
988 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total other income (expense) |
|
|
(2,593 |
) |
|
|
(201 |
) |
|
|
(5,171 |
) |
|
|
(489 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) before income taxes |
|
|
739 |
|
|
|
(1,871 |
) |
|
|
726 |
|
|
|
(1,509 |
) |
Income tax expense (benefit) |
|
|
207 |
|
|
|
232 |
|
|
|
220 |
|
|
|
364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) |
|
|
532 |
|
|
|
(2,103 |
) |
|
|
506 |
|
|
|
(1,873 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to noncontrolling interest |
|
|
128 |
|
|
|
154 |
|
|
|
49 |
|
|
|
154 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss) attributable to shareholders of Manitex International, Inc. |
|
$ |
404 |
|
|
$ |
(2,257 |
) |
|
$ |
457 |
|
|
$ |
(2,027 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income (loss) per share |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.09 |
) |
Diluted |
|
$ |
0.02 |
|
|
$ |
(0.10 |
) |
|
$ |
0.02 |
|
|
$ |
(0.09 |
) |
Weighted average common shares outstanding |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
20,206,919 |
|
|
|
20,058,966 |
|
|
|
20,164,486 |
|
|
|
20,012,735 |
|
Diluted |
|
|
20,209,959 |
|
|
|
20,058,966 |
|
|
|
20,166,968 |
|
|
|
20,012,735 |
|
Net Sales and Gross Margin
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
|
|
As Reported |
|
|
As Adjusted |
|
|
As Reported |
|
|
As Adjusted |
|
|
As Reported |
|
|
As Adjusted |
|
Net sales |
|
$ |
73,534 |
|
|
$ |
73,534 |
|
|
$ |
67,871 |
|
|
$ |
67,871 |
|
|
$ |
69,577 |
|
|
$ |
69,577 |
|
% change Vs Q1 2023 |
|
|
8.3 |
% |
|
|
8.3 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
% change Vs Q2 2022 |
|
|
5.7 |
% |
|
|
5.7 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross margin |
|
|
14,935 |
|
|
|
14,935 |
|
|
|
14,410 |
|
|
|
14,257 |
|
|
|
12,367 |
|
|
|
12,367 |
|
Gross margin % of net sales |
|
|
20.3 |
% |
|
|
20.3 |
% |
|
|
21.2 |
% |
|
|
21.0 |
% |
|
|
17.8 |
% |
|
|
17.8 |
% |
Backlog
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Jun 30, 2023 |
|
|
Mar 31, 2023 |
|
|
Dec 31, 2022 |
|
|
Sep 30, 2022 |
|
|
Jun 30, 2022 |
|
Backlog from continuing operations |
|
$ |
223,236 |
|
|
$ |
238,096 |
|
|
$ |
230,206 |
|
|
$ |
207,032 |
|
|
$ |
213,810 |
|
Change Versus Current Period |
|
|
|
|
|
|
(6.2 |
%) |
|
|
(3.0 |
%) |
|
|
7.8 |
% |
|
|
4.4 |
% |
Backlog is defined as orders for equipment which have not yet shipped as well as orders by foreign
subsidiaries for international deliveries. The disclosure of backlog aids in the analysis the Companys customers demand for product, as well as the ability of the Company to meet that demand.
Backlog is not necessarily indicative of sales to be recognized in a specified future period.
Reconciliation of Net Income (Loss) Attributable to Shareholders of Manitex International, Inc. to Adjusted Net Income
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
Net income (loss) attributable to shareholders of Manitex International Inc. |
|
$ |
404 |
|
|
$ |
53 |
|
|
|
$ (2,257 |
) |
Adjustments, including net tax impact |
|
|
1,307 |
|
|
|
1,436 |
|
|
|
3,180 |
|
Adjusted net income (loss) attributable to shareholders of Manitex International Inc. |
|
$ |
1,711 |
|
|
$ |
1,489 |
|
|
$ |
923 |
|
Weighted diluted shares outstanding |
|
|
20,209,959 |
|
|
|
20,122,054 |
|
|
|
20,058,966 |
|
Diluted earnings (loss) per share as reported |
|
$ |
0.02 |
|
|
$ |
|
|
|
|
$ (0.10 |
) |
Total EPS effect |
|
$ |
0.06 |
|
|
$ |
0.07 |
|
|
$ |
0.15 |
|
Adjusted diluted earnings (loss) per share |
|
$ |
0.08 |
|
|
$ |
0.07 |
|
|
$ |
0.05 |
|
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
Net Income (loss) |
|
$ |
532 |
|
|
$ |
(26 |
) |
|
$ |
(2,103 |
) |
Interest expense |
|
|
1,896 |
|
|
|
1 ,765 |
|
|
|
1,068 |
|
Tax expense |
|
|
207 |
|
|
|
13 |
|
|
|
232 |
|
Depreciation and amortization expense |
|
|
2,869 |
|
|
|
3,052 |
|
|
|
2,772 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
EBITDA |
|
$ |
5,504 |
|
|
$ |
4,804 |
|
|
$ |
1,969 |
|
Adjustments: |
|
|
|
|
|
|
|
|
|
|
|
|
Stock compensation |
|
$ |
589 |
|
|
$ |
766 |
|
|
$ |
582 |
|
FX |
|
|
718 |
|
|
|
55 |
|
|
|
(142 |
) |
Pension settlement |
|
|
|
|
|
|
487 |
|
|
|
|
|
Litigation / legal settlement |
|
|
|
|
|
|
324 |
|
|
|
351 |
|
Severance / restructuring costs |
|
|
|
|
|
|
|
|
|
|
1,223 |
|
Gain on sale of building |
|
|
|
|
|
|
|
|
|
|
(672 |
) |
Rabern transaction costs |
|
|
|
|
|
|
|
|
|
|
1,886 |
|
Valla Earnout |
|
|
|
|
|
|
|
|
|
|
(33 |
) |
Other |
|
|
|
|
|
|
(153 |
) |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjustments |
|
$ |
1,307 |
|
|
$ |
1,479 |
|
|
$ |
3,207 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
|
$ |
6,811 |
|
|
$ |
6,283 |
|
|
$ |
5,176 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA as % of sales |
|
|
9.3 |
% |
|
|
9.3 |
% |
|
|
7.4 |
% |
Net Debt
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2023 |
|
|
March 31, 2023 |
|
|
June 30, 2022 |
|
Total cash & cash equivalents |
|
$ |
7,302 |
|
|
$ |
10,135 |
|
|
$ |
16,795 |
|
Notes payableshort term |
|
$ |
23,857 |
|
|
$ |
21,237 |
|
|
$ |
20,373 |
|
Current portion of finance leases |
|
|
555 |
|
|
|
532 |
|
|
|
470 |
|
Notes payablelong term |
|
|
21,585 |
|
|
|
21,970 |
|
|
|
24,317 |
|
Finance lease obligationsLT |
|
|
3,093 |
|
|
|
3,239 |
|
|
|
3,656 |
|
Revolver, net |
|
|
45,982 |
|
|
|
49,190 |
|
|
|
46,645 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total debt |
|
$ |
95,072 |
|
|
$ |
96,168 |
|
|
$ |
95,461 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt |
|
$ |
87,770 |
|
|
$ |
86,033 |
|
|
$ |
78,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net debt is calculated using the Consolidated Balance Sheet amounts for current and long-term portion of
long-term debt, capital lease obligations, notes payable, and revolving credit facilities minus cash and cash equivalents.
Second Quarter 2023 Results Conference
Call August 3, 2023 Exhibit 99.2
Safe Harbor Statement Confidential:
Manitex International Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward-looking in nature which express the beliefs and expectations of management including
statements regarding the Company’s expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and future economic
performance; and statements of management’s goals and objectives and other similar expressions concerning matters that are not historical facts. In some cases, you can identify forward-looking statements by terminology such as
“anticipate,” “estimate,” “plan,” “project,” “continuing,” “ongoing,” “expect,” “we believe,” “we intend,” “may,”
“will,” “should,” “could,” and similar expressions. Such statements are based on current plans, estimates and expectations and involve a number of known and unknown risks, uncertainties and other factors that
could cause the Company's future results, performance or achievements to differ significantly from the results, performance or achievements expressed or implied by such forward-looking statements. These factors and additional information are
discussed in the Company's filings with the Securities and Exchange Commission and statements in this presentation should be evaluated in light of these important factors. Although we believe that these statements are based upon reasonable
assumptions, we cannot guarantee future results. Forward-looking statements speak only as of the date on which they are made, and the Company undertakes no obligation to update publicly or revise any forward-looking statement, whether as a result of
new information, future developments or otherwise.
Key Messages Second Quarter 2023
Highlights Performance highlighted by strong operating execution, margin expansion and backlog growth 6% revenue growth driven by organic growth in rental and lifting equipment Strong execution drove 250 bps of y/y 2Q23 gross margin expansion
Measurable progress on Elevating Excellence long-term value creation strategy Solid Revenue Growth Revenue increased 6% during 2Q23 driven by organic growth in rental and lifting equipment Rental Momentum Strong organic growth, driven by robust
demand in core markets, pricing benefits and ramp-up of new branch in Lubbock, TX Operating Execution 2Q23 Gross Margin increased 250 bps to 20.3%, driven by pricing benefits, improved productivity, and increased fixed cost absorption, partially
offset by higher steel prices EBITDA Margin Expansion Adjusted EBITDA margin of 9.3% improved significantly y/y Continued Backlog Growth Backlog increased 4% versus last year due to favorable end market trends and strong execution Elevating
Excellence Continued progress on strategic initiatives including growing momentum in new product introductions, ramp of new Rental branch in Lubbock, and strong execution on manufacturing throughput Delivering on 2023 Targets Strong order trends and
backlog growth, combined with continued operational execution, put Manitex on pace to achieve 2023 financial target of low double-digit EBITDA growth
Value Creation Roadmap We introduced
Elevating Excellence Initiative in First Quarter 2023 Manitex has identified historical challenges to profitable growth Too many go-to-market brands - diluted brand identity Unrealized synergies of scale Lack of production velocity Ineffective
structure Lack of data-centric reporting (KPI, balanced scorecard) Our Path Forward Our Past Targeted Commercial Expansion Sustained Operational Excellence Disciplined Capital Allocation Optimize operating structure; product mix optimization;
increased facility utilization; supply chain optimization; improved fixed cost absorption High-return organic growth investments; invest from cash flow; opportunistic, accretive bolt-on acquisitions in complementary adjacent markets Manitex
introduced its Elevating Excellence initiative in the first quarter 2023 representing a new long-term value creation strategy Organic share expansion in favorable markets (North America / Western Europe); Share expansion of PM | Oil & Steel and
Valla in the USA
Targeted Commercial Expansion Drive
above-market organic growth, leveraging incumbent position Manitex will leverage its incumbent, leadership position in Straight Mast Cranes to expand across Articulated, Industrial Lift / AWP and Rental Markets Manitex has 35% market share within
the domestic Straight Mast market Brand consolidation, market positioning will help to drive organic share gains in adjacent markets Retain leadership position within Straight Mast market, while investing in higher-growth, underpenetrated adjacent
markets Market Share Expansion Leverage strong market share in straight mast cranes to grow articulated cranes, Industrial Lifting, and AWP share in N.A. Simplify Brand Identity Simplify our go-to-market branding, supporting our dealers with
segmented brands serving specific applications Enhanced Product Distribution Consolidate distribution across targeted geographies Product Innovation Invest in new, customer-led innovation and product development Market Share | Growth Growth Share
Delivering “One Manitex” to the market Driving balanced growth across new and existing markets Straight Mast Articulated Industrial Lift & AWPs Rentals Relative growth contribution by product
Sustained Operational Excellence
Building a durable, more efficient business to drive profitable growth Manitex intends to drive productivity and efficiency improvements in support of profitable growth through the cycle 2023 Priorities 2024 Priorities 2025 Priorities Systems
utilization (Process Improvements) Rationalize & Centralize supply chain Improve capacity utilization Position new dealers and NA channel support Drive growth of PM | Oil & Steel | Valla in NA Rental growth and margin expansion Product
rationalization Strategic, bolt-on acquisitions Implement a lean, more efficient organizational structure, increase production velocity, expand sourcing and procurement capabilities, improve inventory management, leverage data and analytics in
support of cultural accountability Key drivers of multi-year margin improvement, weighted by potential anticipated margin uplift
Acquisition Criteria Product line |
end-market expansion Revenue and accretive margin synergies Technical capabilities expansion Aftermarket appeal Disciplined Capital Allocation Prioritize reduction in net leverage, targeted organic growth investments Manitex intends to reduce net
leverage, while continuing to optimize liquidity with which to support organic growth across the business Building a more efficient, lean organization before we begin to pursue strategic acquisitions 2023-2024 Capital allocation priorities Reduce
net leverage towards target of 3.0x or less Selectively invest in new organic growth opportunities Opportunistic, shareholder-friendly return of capital 2025+ Capital allocation priorities Strategic, bolt-on acquisitions Selectively invest in new
organic growth opportunities Opportunistic, shareholder-friendly return of capital
2025 Financial Targets Positioned to
drive significant organic growth and margin expansion Between YE 2022 and YE 2025, Manitex intends to deliver incremental growth in revenue, EBITDA and EBITDA margin realization through a combination of commercial expansion, sustained operational
excellence and disciplined capital allocation Revenue Bridge ($MM) EBITDA Bridge ($MM) EBITDA Margin (%) ~25% revenue growth at mid-point of range ~65-110% EBITDA growth +300-500 bps of margin expansion Revenue Drivers (2024 and 2025 Focus on
Growth) Margin Drivers (2023 is a foundational year with focus on margins / process and systems) End-market growth Improved capacity utilization Product innovation / NPD Market share gains Improved fixed-cost absorption through improved operating
leverage Reweight product mix toward higher-margin offering Centralization of procurement and supply chain 2022A-2025E
Second Quarter 2023 Results
2Q23 Financial Performance Strong
operational and commercial execution, Elevating Excellence initiatives underway 2Q23 results highlighted by solid organic growth in Rental and Lifting Equipment, improved EBITDA margin, progress on Elevating Excellence initiatives, and a 4% y/y
increase in backlog Second Quarter 2023 Key Highlights Elevating Excellence Key Highlights Revenue increased 6% driven by organic growth in Lifting Equipment; Strong Rentals growth Gross margin of 20.3% up 250 bps due to higher pricing, better
manufacturing throughput, and strong rental performance Adjusted EBITDA increased 32% y/y EBITDA margin of 9.3% Backlog increased 4% to $223 million, despite increased manufacturing throughput Confidential: Manitex International Strong customer
response for new product introductions Targeting significant new product introductions in 2023 Ramp of new Rental location in Lubbock, TX Ongoing resource optimization initiatives driving improvement in manufacturing throughput New sourcing
initiatives provide opportunity for incremental cost savings Net leverage of 3.3x, down from 3.9x at year-end 2022, approaching goal of 3.0x
2Q23 Performance Summary Strong
backlog growth, meaningful margin improvement Favorable end market trends and strong execution Revenue growth due to favorable market trends benefitting Lifting Equipment and strong performance at Rental Solutions 4% backlog growth at 6/30/23 owing
to favorable end market trends and new products Gross margin improved 250 bps y/y due to operational improvement, more favorable pricing, and strong rental results Trailing twelve-month EBITDA of $26.4 million, up from $9.8 million in the prior
twelve-month period. 6% y/y Revenue Growth ($MM) 4% y/y Backlog Growth ($MM) 250 bps y/y Gross Margin Expansion (%) 32% y/y Adjusted EBITDA Growth ($MM)
Disciplined Balance Sheet
Management Focus on debt reduction and investment in organic growth initiatives Capital allocation focused on debt reduction and organic growth initiatives Stable liquidity profile, modest decline due to normal seasonal working capital requirements
Debt levels increased following the acquisition of Rabern completed in Apr-22 Net leverage of 3.3x, down from 3.9x at YE22 driven by strong EBITDA growth. Focused on reducing leverage toward long-term target of 3.0x or less Cash and Availability
($MM) Net Leverage Ratio (Net debt to Adjusted EBITDA) Net Debt ($MM)
Appendix
Statement on Non-GAAP Financial
Measures NON-GAAP FINANCIAL MEASURES AND OTHER ITEMS In this presentation, we refer to various non-GAAP (U.S. generally accepted accounting principles) financial measures which management uses to evaluate operating performance, to establish
internal budgets and targets, and to compare the Company's financial performance against such budgets and targets. These non-GAAP measures, as defined by the Company, may not be comparable to similarly titled measures being disclosed by other
companies. While adjusted financial measures are not intended to replace any presentation included in our consolidated financial statements under generally accepted accounting principles (GAAP) and should not be considered an alternative to
operating performance or an alternative to cash flow as a measure of liquidity, we believe these measures are useful to investors in assessing our operating results, capital expenditure and working capital requirements and the ongoing performance of
its underlying businesses. A reconciliation of Adjusted GAAP financial measures is included with this presentation. All per share amounts are on a fully diluted basis. The quarterly amounts described below are unaudited, are reported in thousands of
U.S. dollars, and are as of the dates indicated.
Appendix - Reconciliations
Reconciliation of GAAP Net Income (Loss) to Adjusted Net Income (Loss)
Appendix - Reconciliations
Reconciliation of GAAP Net Income (Loss) to Adjusted EBITDA
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