Second Quarter Financial Highlights:
(comparisons are year over year)
- Total revenues increased 38.9% year over year to $406.5
million
- Construction and Material Handling revenue of $271.0 million
and $135.5 million, respectively
- Product Support revenue increased $23.5 million year over year
to $110.0 million
- Record second quarter financial results primarily due to strong
demand for equipment and product support growth
- Net income of $5.4 million available to common shareholders
compared to a loss of $(15.8) million in 2021
- Adjusted basic and diluted net income per share* of $0.21
compared to loss of $(0.06) in 2021
- Adjusted EBITDA* grew 45.3% to $41.4 million, compared to $28.5
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 second quarter ended June 30, 2022.
CEO Comment:
Ryan Greenawalt, Chief Executive Officer of Alta, said “As a
result of the ongoing strong demand in our end-user markets, solid
execution, flexible business model and the positive contributions
from our growth initiatives, we delivered record results for the
second quarter. Total revenues increased 38.9%, or $113.8 million,
to $406.5 million and Adjusted EBITDA also increased significantly
from a year ago. We also achieved $5.4 million of GAAP net income
for the quarter. We are seeing significant strength in our
Construction segment and our Material Handling business is also
performing well. As a result of our performance in the second
quarter and our visibility going forward, we have raised our
Adjusted EBITDA guidance for the year.”
In terms of our market outlook, Mr. Greenawalt noted “Despite
the headline economic news, concerns about a recession, our
business indicators remain robust for our end-user markets. Project
activity across all our regions remain solid and our industry’s
business cycle remains in growth mode. Our large level of new
equipment sales for the quarter is indicative of pent-up demand for
equipment that continues to manifest itself in historic levels of
equipment sales backlogs. Our parts and service revenue lines are
benefiting from an aging field population as we provide customers
with best-in-class skilled technicians to keep their business
operations up and running. We believe the finalization of the
infrastructure bill will be an incremental benefit to our business
in 2023 and beyond.”
In conclusion, Mr. Greenawalt commented, “We have effectively
executed our growth strategy over the past two years and our second
quarter results reflect that success. On a trailing twelve-month
basis, our acquisitions since the IPO have added $376 million in
revenue and $42.4 million in Adjusted EBITDA to the enterprise.
After quarter end we entered into a definitive agreement to acquire
Yale Industrial Trucks, Inc. (“YIT”), a privately held Yale lift
truck dealer with five locations in southeastern Canada. The YIT
deal is very consistent with our strategy to increase the scale of
our business and will establish a presence for Alta in an
international market for the first time. Our balance sheet is very
solid and will support further acquisition activity as well as our
new capital allocation policy, which includes paying a regular
quarterly dividend and a share repurchase program.”
Full Year 2022 Financial Guidance:
- The Company increased its guidance range and currently expects
to report Adjusted EBITDA between $147 million and $152 million,
net of new equipment floorplan interest, for the full year 2022.
This is an increase from between $137 million and $142 million, as
previously expected.
Three Months Ended
June 30,
Increase (Decrease)
Six Months Ended
June 30,
Increase (Decrease)
2022
2021
2022 versus 2021
2022
2021
2022 versus 2021
Revenues:
New and used equipment sales
$
217.3
$
132.0
$
85.3
64.6
%
$
368.9
$
255.8
$
113.1
44.2
%
Parts sales
58.3
44.1
14.2
32.2
%
111.7
85.5
26.2
30.6
%
Service revenue
51.7
42.4
9.3
21.9
%
99.9
81.1
18.8
23.2
%
Rental revenue
43.6
38.2
5.4
14.1
%
81.3
71.3
10.0
14.0
%
Rental equipment sales
35.6
36.0
(0.4
)
(1.1
)%
76.4
67.8
8.6
12.7
%
Total revenues
$
406.5
$
292.7
$
113.8
38.9
%
$
738.2
$
561.5
$
176.7
31.5
%
Cost of revenues:
New and used equipment sales
$
182.2
$
112.5
$
69.7
62.0
%
$
306.1
$
219.0
$
87.1
39.8
%
Parts sales
40.0
30.6
9.4
30.7
%
76.7
59.3
17.4
29.3
%
Service revenue
21.9
16.4
5.5
33.5
%
42.0
30.9
11.1
35.9
%
Rental revenue
5.4
5.2
0.2
3.8
%
10.8
10.7
0.1
0.9
%
Rental depreciation
23.3
21.3
2.0
9.4
%
43.6
40.7
2.9
7.1
%
Rental equipment sales
27.9
29.8
(1.9
)
(6.4
)%
61.8
56.7
5.1
9.0
%
Cost of revenues
$
300.7
$
215.8
$
84.9
39.3
%
$
541.0
$
417.3
$
123.7
29.6
%
Gross profit
$
105.8
$
76.9
$
28.9
37.6
%
$
197.2
$
144.2
$
53.0
36.8
%
General and administrative expenses
$
88.8
$
71.1
$
17.7
24.9
%
$
171.7
$
135.9
$
35.8
26.3
%
Depreciation and amortization
expense
4.0
2.6
1.4
53.8
%
7.9
4.6
3.3
71.7
%
Total general and
administrative expenses
$
92.8
$
73.7
$
19.1
25.9
%
$
179.6
$
140.5
$
39.1
27.8
%
Income from operations
$
13.0
$
3.2
$
9.8
306.3
%
$
17.6
$
3.7
$
13.9
375.7
%
Other (expense) income:
Interest expense, floor plan
payable – new equipment
$
(0.5
)
$
(0.5
)
$
—
—
$
(0.8
)
$
(1.0
)
$
0.2
(20.0
)%
Interest expense – other
(6.3
)
(5.5
)
(0.8
)
14.5
%
(12.1
)
(10.8
)
(1.3
)
12.0
%
Other income
0.4
—
0.4
100.0
%
0.7
0.1
0.6
600.0
%
Loss on extinguishment of
debt
—
(11.9
)
11.9
(100.0
)%
—
(11.9
)
11.9
(100.0
)%
Total other expense
$
(6.4
)
$
(17.9
)
$
11.5
(64.2
)%
$
(12.2
)
$
(23.6
)
$
11.4
(48.3
)%
Income (loss) before taxes
$
6.6
$
(14.7
)
$
21.3
(144.9
)%
$
5.4
$
(19.9
)
$
25.3
(127.1
)%
Income tax provision
0.5
—
0.5
100.0
%
0.5
0.5
—
—
Net income (loss)
$
6.1
$
(14.7
)
$
20.8
(141.5
)%
$
4.9
$
(20.4
)
$
25.3
(124.0
)%
Preferred stock dividends
(0.7
)
(1.1
)
0.4
(36.4
)%
(1.5
)
(1.1
)
(0.4
)
36.4
%
Net income (loss)
available to common
shareholders
$
5.4
$
(15.8
)
$
21.2
(134.2
)%
$
3.4
$
(21.5
)
$
24.9
(115.8
)%
Recent Business Highlights:
- On July 29th, the Company acquired the stock of YIT, a
privately held Canadian equipment distributer with locations in
Ontario and Quebec. YIT generated approximately $46.6 million in
revenue and adjusted EBITDA of $9.4 million in the trailing twelve
months through May 2022. The implied enterprise value of the
acquisition is estimated to be approximately $33.5 million, subject
to post-closing purchase price adjustments.
- The Company's Board approved the initiation of a 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 first common stock dividend will be payable on August
31st, 2022 to shareholders of record as of August 15th, 2022.
- The Company's Board approved a share repurchase program
authorizing Alta to repurchase shares of its common stock for an
aggregate purchase price of not more than $12.5 million.
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 second 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 Second
Quarter 2022 Earnings Call and Webcast
Date:
Tuesday, August 9, 2022
Time:
5:00 p.m. Eastern Time
Live call:
(888) 660-6153
International:
(929) 203-1911
Live call access code:
7327860
Audio Replay:
(800) 770-2030
Replay access code:
7327860
Webcast:
https://events.q4inc.com/attendee/279364861
The audio replay will be archived through August 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
most of their equipment needs by providing sales, parts, service,
and rental functions under one roof. More information can be found
at www.altg.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
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, 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. 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 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 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
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)
June 30,
2022
December 31,
2021
ASSETS
CURRENT ASSETS
Cash
$
0.5
$
2.3
Accounts receivable, net of allowances of
$11.8 and $10.7 as of June 30, 2022 and December 31, 2021,
respectively
211.2
182.7
Inventories, net
296.6
239.2
Prepaid expenses and other current
assets
30.4
24.4
Total current assets
$
538.7
$
448.6
Property and equipment, net
346.7
344.5
Operating lease right-of-use assets,
net
98.2
102.6
OTHER ASSETS
Goodwill
$
44.1
$
41.9
Other intangible assets, net
40.4
43.4
Other assets
3.0
1.6
Total other assets
$
87.5
$
86.9
TOTAL ASSETS
$
1,071.1
$
982.6
LIABILITIES AND STOCKHOLDERS’
EQUITY
CURRENT LIABILITIES
Lines of credit, net
$
123.6
$
98.4
Floor plan payable – new equipment
151.7
114.2
Floor plan payable – used and rental
equipment
46.9
40.6
Current portion of long-term debt
3.1
2.6
Accounts payable
77.4
73.5
Customer deposits
21.3
16.7
Accrued expenses
41.3
39.3
Current operating lease liabilities
16.3
16.2
Other current liabilities
25.0
19.1
Total current liabilities
$
506.6
$
420.6
LONG-TERM LIABILITIES
Long-term debt, net of current portion
310.4
310.0
Finance lease obligations, net of current
portion
11.9
9.0
Deferred revenue, net of current
portion
3.6
4.2
Guaranteed purchase obligations, net of
current portion
4.2
5.2
Long-term operating lease liabilities, net
of current portion
84.9
88.4
Deferred tax liability
6.9
6.9
Other liabilities
3.4
3.6
TOTAL LIABILITIES
$
931.9
$
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 June 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 June 30, 2022 and December 31, 2021,
respectively
—
—
Additional paid-in capital
218.5
217.4
Treasury stock at cost, 862,182 and
390,000 shares of common stock held at June 30, 2022 and December
31, 2021, respectively
(5.9
)
(5.9
)
Accumulated deficit
(73.4
)
(76.8
)
TOTAL STOCKHOLDERS’ EQUITY
$
139.2
$
134.7
TOTAL LIABILITIES AND STOCKHOLDERS’
EQUITY
$
1,071.1
$
982.6
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended June
30,
Six Months Ended June
30,
(in millions, except share and per
share amounts)
2022
2021
2022
2021
Revenues:
New and used equipment sales
$
217.3
$
132.0
$
368.9
$
255.8
Parts sales
58.3
44.1
111.7
85.5
Service revenue
51.7
42.4
99.9
81.1
Rental revenue
43.6
38.2
81.3
71.3
Rental equipment sales
35.6
36.0
76.4
67.8
Total revenues
$
406.5
$
292.7
$
738.2
$
561.5
Cost of revenues:
New and used equipment sales
182.2
112.5
306.1
219.0
Parts sales
40.0
30.6
76.7
59.3
Service revenue
21.9
16.4
42.0
30.9
Rental revenue
5.4
5.2
10.8
10.7
Rental depreciation
23.3
21.3
43.6
40.7
Rental equipment sales
27.9
29.8
61.8
56.7
Cost of revenues
$
300.7
$
215.8
$
541.0
$
417.3
Gross profit
$
105.8
$
76.9
$
197.2
$
144.2
General and administrative expenses
88.8
71.1
171.7
135.9
Depreciation and amortization expense
4.0
2.6
7.9
4.6
Total general and administrative
expenses
92.8
73.7
179.6
140.5
Income from operations
$
13.0
$
3.2
$
17.6
$
3.7
Other (expense) income:
Interest expense, floor plan payable – new
equipment
(0.5
)
(0.5
)
(0.8
)
(1.0
)
Interest expense – other
(6.3
)
(5.5
)
(12.1
)
(10.8
)
Other income
0.4
—
0.7
0.1
Loss on extinguishment of debt
—
(11.9
)
—
(11.9
)
Total other expense
$
(6.4
)
$
(17.9
)
$
(12.2
)
$
(23.6
)
Income (loss) before taxes
$
6.6
$
(14.7
)
$
5.4
$
(19.9
)
Income tax provision
0.5
—
0.5
0.5
Net income (loss)
$
6.1
$
(14.7
)
$
4.9
$
(20.4
)
Preferred stock dividends
(0.7
)
(1.1
)
(1.5
)
(1.1
)
Net income (loss) available to common
shareholders
$
5.4
$
(15.8
)
$
3.4
$
(21.5
)
Basic income (loss) per share
$
0.17
$
(0.49
)
$
0.11
$
(0.69
)
Diluted income (loss) per share
$
0.17
$
(0.49
)
$
0.11
$
(0.69
)
Basic weighted average common shares
outstanding
31,933,032
32,403,151
32,147,015
31,204,239
Diluted weighted average common shares
outstanding
32,151,512
32,553,526
32,367,810
31,344,518
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Six Months Ended June
30,
(amounts in millions)
2022
2021
OPERATING ACTIVITIES
Net income (loss)
$
4.9
$
(20.4
)
Adjustments to reconcile net income (loss)
to net cash flows provided by operating activities:
Depreciation and amortization
51.5
45.3
Amortization of debt discount and debt
issuance costs
0.7
0.8
Imputed interest
0.1
0.2
Gain on sale of property and equipment
(0.1
)
—
Gain on sale of rental equipment
(14.6
)
(11.1
)
Provision for inventory obsolescence
1.9
0.4
Provision for bad debt
2.4
2.3
Loss on debt extinguishment
—
11.9
Share-based compensation expense
1.1
0.5
Changes in deferred income taxes
—
0.5
Changes in assets and liabilities, net of
acquisitions:
Accounts receivable
(30.7
)
(18.6
)
Inventories
(131.7
)
(85.6
)
Proceeds from sale of rental equipment
76.4
67.8
Prepaid expenses and other assets
(7.3
)
(8.2
)
Manufacturers floor plans payable
31.7
6.0
Accounts payable, accrued expenses,
customer deposits, and other current liabilities
16.7
19.2
Leases, deferred revenue, and other
liabilities
0.4
(0.8
)
Net cash provided by operating
activities
$
3.4
$
10.2
INVESTING ACTIVITIES
Expenditures for rental equipment
$
(30.3
)
$
(22.8
)
Expenditures for property and
equipment
(4.2
)
(3.3
)
Proceeds from sale of property and
equipment
0.3
1.1
Expenditures for guaranteed purchase
obligations
(1.7
)
(1.2
)
Expenditures for acquisitions, net of cash
acquired
(1.5
)
(2.6
)
Net cash used in investing
activities
$
(37.4
)
$
(28.8
)
FINANCING ACTIVITIES
Expenditures for debt issuance costs
$
—
$
(1.6
)
Extinguishment of long-term debt
—
(153.1
)
Proceeds from lines of credit and
long-term borrowings
166.7
488.3
Principal payments on lines of credit,
long-term debt and finance lease obligations
(143.4
)
(306.9
)
Proceeds from floor plan payable with
unaffiliated source
64.6
52.3
Payments on floor plan payable with
unaffiliated source
(52.5
)
(57.7
)
Preferred dividends paid
(1.5
)
(1.1
)
Payment of promissory note
—
(1.0
)
Other financing activities
(1.7
)
—
Net cash provided by financing
activities
$
32.2
$
19.2
NET CHANGE IN CASH
(1.8
)
0.6
Cash, Beginning of year
2.3
1.2
Cash, End of period
$
0.5
$
1.8
Supplemental schedule of noncash
investing and financing activities:
Noncash asset purchases:
Net transfer of assets from inventory to
rental fleet within property and equipment
$
69.9
$
86.3
Supplemental disclosures of cash flow
information
Cash paid for interest
$
11.9
$
8.3
RECONCILIATION OF NON-GAAP
FINANCIAL MEASURES
Three Months Ended
June 30,
Six Months Ended
June 30,
(amounts in millions)
2022
2021
2022
2021
Net income (loss)
$
5.4
$
(15.8
)
$
3.4
$
(21.5
)
Depreciation and amortization
27.3
23.9
51.5
45.3
Interest expense
6.8
6.0
12.9
11.8
Income tax provision
0.5
—
0.5
0.5
EBITDA (1)
$
40.0
$
14.1
$
68.3
$
36.1
Transaction costs (2)
0.1
0.5
0.1
1.1
Loan administration fees (3)
—
0.1
—
0.2
Non-cash adjustments (4)
—
0.3
—
0.5
Share-based incentives (5)
0.8
0.2
1.1
0.5
Other expenses (6)
0.3
0.8
1.2
1.1
Preferred stock dividend (7)
0.7
1.1
1.5
1.1
Showroom-ready equipment interest expense
(8)
(0.5
)
(0.5
)
(0.8
)
(1.0
)
Loss on debt extinguishment (9)
—
11.9
—
11.9
Adjusted EBITDA (1)
$
41.4
$
28.5
$
71.4
$
51.5
Pro forma EBITDA—acquisitions (10)
—
3.8
—
7.7
Adjusted pro forma EBITDA (1)
$
41.4
$
32.3
$
71.4
$
59.2
Three Months Ended
June 30,
Six Months Ended
June 30,
(in millions, except share and per
share amounts)
2022
2021
2022
2021
Net income (loss)
$
5.4
$
(15.8
)
$
3.4
$
(21.5
)
Transaction costs (2)
0.1
0.5
0.1
1.1
Loan administration fees (3)
—
0.1
—
0.2
Non-cash adjustments (4)
—
0.3
—
0.5
Share-based incentives (5)
0.8
0.2
1.1
0.5
Other expenses (6)
0.3
0.8
1.2
1.1
Loss on debt extinguishment (9)
—
11.9
—
11.9
Adjusted net income (loss) available to
common stockholders (1)
$
6.6
$
(2.0
)
$
5.8
$
(6.2
)
Adjusted basic net income (loss) per
share (1)
$
0.21
$
(0.06
)
$
0.18
$
(0.20
)
Adjusted diluted net income (loss) per
share (1)
$
0.21
$
(0.06
)
$
0.18
$
(0.20
)
Basic weighted average common shares
outstanding
31,933,032
32,403,151
32,147,015
31,204,239
Diluted weighted average common shares
outstanding
32,151,512
32,553,526
32,367,810
31,344,518
(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/20220809005966/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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