$ALTG
ALTA EQUIPMENT GROUP INC.

2023 Q2 Form 10-Q Financial Statement

#000095017023020562 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1
Revenue $468.4M $420.7M
YoY Change 15.23% 26.83%
Cost Of Revenue $341.6M $299.4M
YoY Change 13.6% 24.59%
Gross Profit $126.8M $121.3M
YoY Change 19.85% 32.71%
Gross Profit Margin 27.07% 28.83%
Selling, General & Admin $105.2M $104.0M
YoY Change 18.47% 25.45%
% of Gross Profit 82.97% 85.74%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $33.00M $28.10M
YoY Change 20.88% 16.12%
% of Gross Profit 26.03% 23.17%
Operating Expenses $110.6M $109.2M
YoY Change 19.18% 25.81%
Operating Profit $16.20M $12.10M
YoY Change 24.62% 163.04%
Interest Expense $13.70M $12.00M
YoY Change -301.47% 96.72%
% of Operating Profit 84.57% 99.17%
Other Income/Expense, Net -$13.50M -$11.00M
YoY Change -3475.0% 89.66%
Pretax Income $2.700M $1.100M
YoY Change -59.09% -191.67%
Income Tax $300.0K $100.0K
% Of Pretax Income 11.11% 9.09%
Net Earnings $2.400M $1.000M
YoY Change -60.66% -183.33%
Net Earnings / Revenue 0.51% 0.24%
Basic Earnings Per Share $0.05 $0.01
Diluted Earnings Per Share $0.05 $0.01
COMMON SHARES
Basic Shares Outstanding 32.37M 32.19M
Diluted Shares Outstanding 32.73M 32.43M

Balance Sheet

Concept 2023 Q2 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.300M $1.700M
YoY Change 360.0% 6.25%
Cash & Equivalents $2.300M $1.700M
Short-Term Investments
Other Short-Term Assets $32.50M $30.40M
YoY Change 6.91% 33.33%
Inventory $498.0M $469.1M
Prepaid Expenses
Receivables $226.7M $228.3M
Other Receivables $0.00 $0.00
Total Short-Term Assets $759.5M $729.5M
YoY Change 40.99% 44.54%
LONG-TERM ASSETS
Property, Plant & Equipment $425.9M $398.9M
YoY Change -4.27% 18.37%
Goodwill $70.40M $70.50M
YoY Change 62.07%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $9.200M $8.000M
YoY Change 206.67% 433.33%
Total Long-Term Assets $670.7M $647.3M
YoY Change 25.98% 23.08%
TOTAL ASSETS
Total Short-Term Assets $759.5M $729.5M
Total Long-Term Assets $670.7M $647.3M
Total Assets $1.430B $1.377B
YoY Change 33.53% 33.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $79.10M $88.10M
YoY Change 2.2% 38.52%
Accrued Expenses $51.50M $56.70M
YoY Change -10.59% 21.94%
Deferred Revenue
YoY Change
Short-Term Debt $348.0M $314.8M
YoY Change 8.01% 4.62%
Long-Term Debt Due $5.500M $4.700M
YoY Change 77.42% 74.07%
Total Short-Term Liabilities $541.3M $525.8M
YoY Change 6.85% 11.71%
LONG-TERM LIABILITIES
Long-Term Debt $311.6M $311.3M
YoY Change -3.32% 0.35%
Other Long-Term Liabilities $12.30M $12.70M
YoY Change -87.2% 284.85%
Total Long-Term Liabilities $323.9M $324.0M
YoY Change -22.59% 3.35%
TOTAL LIABILITIES
Total Short-Term Liabilities $541.3M $525.8M
Total Long-Term Liabilities $323.9M $324.0M
Total Liabilities $1.289B $1.239B
YoY Change 38.3% 38.0%
SHAREHOLDERS EQUITY
Retained Earnings -$76.50M -$76.40M
YoY Change -3.05%
Common Stock $0.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $5.900M $5.900M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $141.4M $138.1M
YoY Change
Total Liabilities & Shareholders Equity $1.430B $1.377B
YoY Change 33.53% 33.59%

Cashflow Statement

Concept 2023 Q2 2023 Q1
OPERATING ACTIVITIES
Net Income $2.400M $1.000M
YoY Change -60.66% -183.33%
Depreciation, Depletion And Amortization $33.00M $28.10M
YoY Change 20.88% 16.12%
Cash From Operating Activities -$13.70M -$20.10M
YoY Change -235.64% 200.0%
INVESTING ACTIVITIES
Capital Expenditures $22.20M $3.100M
YoY Change -218.72% 72.22%
Acquisitions $1.700M
YoY Change 41.67%
Other Investing Activities $500.0K -$1.200M
YoY Change -600.0% 9.09%
Cash From Investing Activities -$21.70M -$18.90M
YoY Change 15.43% 1.61%
FINANCING ACTIVITIES
Cash Dividend Paid $800.0K
YoY Change 0.0%
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 36.20M 37.90M
YoY Change 376.32% 54.07%
NET CHANGE
Cash From Operating Activities -13.70M -20.10M
Cash From Investing Activities -21.70M -18.90M
Cash From Financing Activities 36.20M 37.90M
Net Change In Cash 800.0K -1.000M
YoY Change -172.73% 42.86%
FREE CASH FLOW
Cash From Operating Activities -$13.70M -$20.10M
Capital Expenditures $22.20M $3.100M
Free Cash Flow -$35.90M -$23.20M
YoY Change -224.65% 172.94%

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ProvisionForInventoryObsolescence
1100000
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1500000
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
1200000
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
800000
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
300000
CY2023Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-100000
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1300000
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
7800000
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
114300000
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
82600000
CY2023Q1 altg Proceeds From Sale Of Rental Equipment
ProceedsFromSaleOfRentalEquipment
29000000.0
CY2022Q1 altg Proceeds From Sale Of Rental Equipment
ProceedsFromSaleOfRentalEquipment
40800000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
5200000
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1700000
CY2023Q1 altg Increase Decrease In Manufacturers Floor Plans Payable
IncreaseDecreaseInManufacturersFloorPlansPayable
-57000000.0
CY2022Q1 altg Increase Decrease In Manufacturers Floor Plans Payable
IncreaseDecreaseInManufacturersFloorPlansPayable
-21700000
CY2023Q1 altg Increase Decrease In Accounts Payable Accrued Expenses Customer Deposits And Other Current
IncreaseDecreaseInAccountsPayableAccruedExpensesCustomerDepositsAndOtherCurrent
-6500000
CY2022Q1 altg Increase Decrease In Accounts Payable Accrued Expenses Customer Deposits And Other Current
IncreaseDecreaseInAccountsPayableAccruedExpensesCustomerDepositsAndOtherCurrent
200000
CY2023Q1 altg Increase Decrease In Leases Deferred Revenue And Other Liabilities
IncreaseDecreaseInLeasesDeferredRevenueAndOtherLiabilities
-5300000
CY2022Q1 altg Increase Decrease In Leases Deferred Revenue And Other Liabilities
IncreaseDecreaseInLeasesDeferredRevenueAndOtherLiabilities
100000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-20100000
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-6700000
CY2023Q1 altg Payments To Expenditures For Rental Equipment
PaymentsToExpendituresForRentalEquipment
14600000
CY2022Q1 altg Payments To Expenditures For Rental Equipment
PaymentsToExpendituresForRentalEquipment
15100000
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
3100000
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1800000
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
100000
CY2023Q1 altg Payments For Guaranteed Purchase Obligations
PaymentsForGuaranteedPurchaseObligations
-500000
CY2022Q1 altg Payments For Guaranteed Purchase Obligations
PaymentsForGuaranteedPurchaseObligations
600000
CY2023Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1700000
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
1200000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18900000
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-18600000
CY2023Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
97000000.0
CY2022Q1 us-gaap Proceeds From Long Term Lines Of Credit
ProceedsFromLongTermLinesOfCredit
86300000
CY2023Q1 altg Principal Payments On Lines Of Credit Long Term Debt And Finance Lease Obligations
PrincipalPaymentsOnLinesOfCreditLongTermDebtAndFinanceLeaseObligations
59800000
CY2022Q1 altg Principal Payments On Lines Of Credit Long Term Debt And Finance Lease Obligations
PrincipalPaymentsOnLinesOfCreditLongTermDebtAndFinanceLeaseObligations
71600000
CY2023Q1 altg Proceeds From Floor Plan Payable With Unaffiliated Source
ProceedsFromFloorPlanPayableWithUnaffiliatedSource
50700000
CY2022Q1 altg Proceeds From Floor Plan Payable With Unaffiliated Source
ProceedsFromFloorPlanPayableWithUnaffiliatedSource
30200000
CY2023Q1 altg Payments On Floor Plan Payable With Unaffiliated Source
PaymentsOnFloorPlanPayableWithUnaffiliatedSource
49700000
CY2022Q1 altg Payments On Floor Plan Payable With Unaffiliated Source
PaymentsOnFloorPlanPayableWithUnaffiliatedSource
19500000
CY2023Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
800000
CY2022Q1 us-gaap Payments Of Dividends
PaymentsOfDividends
800000
CY2023Q1 altg Common Stock Dividends Paid And Declared
CommonStockDividendsPaidAndDeclared
1900000
CY2023Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
2400000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
37900000
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
24600000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
100000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1000000.0
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-700000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2700000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
2300000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1700000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
1600000
CY2023Q1 altg Net Transfer Of Assets From Inventory To Rental Fleet Within Property And Equipment
NetTransferOfAssetsFromInventoryToRentalFleetWithinPropertyAndEquipment
42700000
CY2022Q1 altg Net Transfer Of Assets From Inventory To Rental Fleet Within Property And Equipment
NetTransferOfAssetsFromInventoryToRentalFleetWithinPropertyAndEquipment
29500000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
6800000
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
1300000
CY2023Q1 us-gaap Nature Of Operations
NatureOfOperations
<p id="note_1_organization_nature_operations" style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">NOTE 1 — ORGANIZATION A</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">ND NATURE OF OPERATIONS</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Nature of Operations</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:8.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Alta Equipment Group Inc. and its subsidiaries (“Alta” or the “Company”) are engaged in the sale, service, and rental of material handling, construction, and environmental processing equipment in the states of Michigan, Illinois, Indiana, Ohio, New York (including New York City in our Material Handling segment), Virginia, Massachusetts (including Boston), Maine, New Hampshire, Vermont, Connecticut, Rhode Island, Nevada, and Florida as well as the Canadian provinces of Quebec and Ontario. Unless the context otherwise requires, the use of the terms “the Company”, “we”, “us,” and “our” in these notes to the condensed consolidated financial statements refers to Alta Equipment Group Inc. and its consolidated subsidiaries.</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Basis of Presentation</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The accompanying unaudited interim condensed consolidated financial statements include the consolidated accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). All intercompany transactions and balances have been eliminated in the preparation of the condensed consolidated financial statements.</span></p>
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:justify;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:8.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates are based on assumptions that we believe are reasonable under the circumstances. Due to the inherent uncertainty involved with estimates, actual results may differ.</span></p>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
420700000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
331700000
CY2023Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
6300000
CY2022Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5300000
CY2023Q1 altg Contract With Customer Assets
ContractWithCustomerAssets
5100000
CY2022Q4 altg Contract With Customer Assets
ContractWithCustomerAssets
3600000
CY2023Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
7500000
CY2022Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
2300000
CY2023Q1 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
320900000
CY2022Q4 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
258500000
CY2023Q1 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
59700000
CY2022Q4 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
59000000.0
CY2023Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
10700000
CY2022Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
8600000
CY2023Q1 altg Inventory Parts Gross
InventoryPartsGross
83400000
CY2022Q4 altg Inventory Parts Gross
InventoryPartsGross
78800000
CY2023Q1 us-gaap Inventory Gross
InventoryGross
474700000
CY2022Q4 us-gaap Inventory Gross
InventoryGross
404900000
CY2023Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5600000
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
5200000
CY2023Q1 us-gaap Inventory Net
InventoryNet
469100000
CY2022Q4 us-gaap Inventory Net
InventoryNet
399700000
CY2023Q1 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
2000000.0
CY2022Q4 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
1800000
CY2023Q1 altg Rental Depreciation Expense
RentalDepreciationExpense
2500000
CY2022Q1 altg Rental Depreciation Expense
RentalDepreciationExpense
1400000
CY2023Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
621800000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
596300000
CY2023Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
222900000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
218500000
CY2023Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
398900000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
377800000
CY2023Q1 altg Finance Lease Assets Gross
FinanceLeaseAssetsGross
28200000
CY2022Q4 altg Finance Lease Assets Gross
FinanceLeaseAssetsGross
24400000
CY2023Q1 altg Finance Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
FinanceLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
6600000
CY2022Q4 altg Finance Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
FinanceLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
5400000
CY2023Q1 altg Gpo Assets
GPOAssets
10900000
CY2022Q4 altg Gpo Assets
GPOAssets
11800000
CY2022Q4 us-gaap Goodwill
Goodwill
69200000
CY2023Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
800000
CY2023Q1 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
-500000
CY2023Q1 us-gaap Goodwill
Goodwill
70500000
CY2023Q1 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y4M24D
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
73700000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15200000
CY2023Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
58500000
CY2022 us-gaap Finite Lived Intangible Assets Remaining Amortization Period1
FiniteLivedIntangibleAssetsRemainingAmortizationPeriod1
P7Y8M12D
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
73700000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
13000000.0
CY2022Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
60700000
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
2200000
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2023Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
On April 1, 2021, the Company completed a private offering of Senior Secured Second Lien Notes (the “Notes”), for the purposes of, among other things, repayment and refinancing of a portion of the Company’s prior existing debt, reducing interest rate exposure and providing liquidity for financing of future growth initiatives.
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
257800000
CY2022Q4 us-gaap Line Of Credit
LineOfCredit
219500000
CY2023Q1 us-gaap Secured Long Term Debt
SecuredLongTermDebt
315000000.0
CY2022Q4 us-gaap Secured Long Term Debt
SecuredLongTermDebt
315000000.0
CY2023Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2600000
CY2022Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2800000
CY2023Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
2900000
CY2022Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
3000000.0
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
22400000
CY2022Q4 us-gaap Finance Lease Liability
FinanceLeaseLiability
19600000
CY2023Q1 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
589700000
CY2022Q4 us-gaap Debt And Capital Lease Obligations
DebtAndCapitalLeaseObligations
548300000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
4700000
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
LongTermDebtAndCapitalLeaseObligationsCurrent
4200000
CY2023Q1 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
585000000.0
CY2022Q4 us-gaap Long Term Debt And Capital Lease Obligations
LongTermDebtAndCapitalLeaseObligations
544100000
CY2022Q4 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-2900000
CY2023Q1 us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
OtherComprehensiveIncomeLossBeforeReclassificationsNetOfTax
-300000
CY2023Q1 us-gaap Reclassification From Aoci Current Period Tax
ReclassificationFromAociCurrentPeriodTax
-300000
CY2023Q1 us-gaap Accumulated Other Comprehensive Income Loss Net Of Tax
AccumulatedOtherComprehensiveIncomeLossNetOfTax
-3200000
CY2023Q1 altg Finance Lease Assets Net Of Accumulated Depreciation
FinanceLeaseAssetsNetOfAccumulatedDepreciation
21600000
CY2022Q4 altg Finance Lease Assets Net Of Accumulated Depreciation
FinanceLeaseAssetsNetOfAccumulatedDepreciation
19000000.0
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6900000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
6000000.0
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1700000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
1000000.0
CY2023Q1 altg Low Value Lease Expense
LowValueLeaseExpense
300000
CY2023Q1 us-gaap Variable Lease Cost
VariableLeaseCost
2100000
CY2022Q1 us-gaap Variable Lease Cost
VariableLeaseCost
1200000
CY2023Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
1300000
CY2022Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
800000
CY2023Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
500000
CY2022Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
200000
CY2023Q1 us-gaap Lease Cost
LeaseCost
12800000
CY2022Q1 us-gaap Lease Cost
LeaseCost
9200000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
6700000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
5800000
CY2023Q1 altg Operating Cash Flows For Financing Leases
OperatingCashFlowsForFinancingLeases
500000
CY2022Q1 altg Operating Cash Flows For Financing Leases
OperatingCashFlowsForFinancingLeases
200000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
1100000
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
700000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2100000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3800000
CY2023Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
4000000.0
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
1500000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P9Y2M12D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P7Y3M18D
CY2023Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y6M
CY2022Q1 us-gaap Finance Lease Weighted Average Remaining Lease Term1
FinanceLeaseWeightedAverageRemainingLeaseTerm1
P4Y8M12D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.101
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.066
CY2023Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.080
CY2022Q1 us-gaap Finance Lease Weighted Average Discount Rate Percent
FinanceLeaseWeightedAverageDiscountRatePercent
0.056
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
18800000
CY2023Q1 us-gaap Finance Lease Liability Payments Remainder Of Fiscal Year
FinanceLeaseLiabilityPaymentsRemainderOfFiscalYear
4700000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
23500000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Next Twelve Months
FinanceLeaseLiabilityPaymentsDueNextTwelveMonths
6100000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
20000000.0
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Two
FinanceLeaseLiabilityPaymentsDueYearTwo
5800000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
16900000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Three
FinanceLeaseLiabilityPaymentsDueYearThree
5000000.0
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
15700000
CY2023Q1 us-gaap Finance Lease Liability Payments Due Year Four
FinanceLeaseLiabilityPaymentsDueYearFour
3400000
CY2023Q1 altg Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
88800000
CY2023Q1 altg Finance Lease Liability Payments Due In Rolling After Year Four
FinanceLeaseLiabilityPaymentsDueInRollingAfterYearFour
1600000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
183700000
CY2023Q1 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
26600000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
68500000
CY2023Q1 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
4200000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
115200000
CY2023Q1 us-gaap Finance Lease Liability
FinanceLeaseLiability
22400000
CY2023Q1 us-gaap Long Term Debt Current
LongTermDebtCurrent
4700000
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
4200000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
15200000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
14800000
CY2023Q1 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
17700000
CY2022Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
15400000
CY2023Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
100000000.0
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
101900000
CY2023Q1 altg Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
137600000
CY2022Q4 altg Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
136300000
CY2023Q1 altg Undiscounted Future Lease Payments Pertaining To Leases That Were Executed But Not Yet Commenced
UndiscountedFutureLeasePaymentsPertainingToLeasesThatWereExecutedButNotYetCommenced
3100000
CY2023Q1 us-gaap Lessee Operating Lease Term Of Contract
LesseeOperatingLeaseTermOfContract
P10Y
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32223221
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32363376
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
200000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2000000.0
CY2023Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1700000
CY2022Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
1500000
CY2023Q1 altg Accrued Guarantees
AccruedGuarantees
0
CY2022Q4 altg Accrued Guarantees
AccruedGuarantees
0
CY2023Q1 us-gaap Deferred Foreign Income Tax Expense Benefit
DeferredForeignIncomeTaxExpenseBenefit
100000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.091
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
30500000
CY2022 altg Percentage Of Future Taxable Income
PercentageOfFutureTaxableIncome
0.80
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
32200000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32223221
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32363376
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
207494
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
3
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
420700000
CY2023Q1 us-gaap Interest Expense
InterestExpense
12000000.0
CY2023Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
28100000
CY2023Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
1100000
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
331700000
CY2022Q1 us-gaap Interest Expense
InterestExpense
6100000
CY2022Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
24200000
CY2022Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-1200000
CY2023Q1 us-gaap Assets
Assets
1376800000
CY2022Q4 us-gaap Assets
Assets
1290600000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
200000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-2000000.0
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32430715
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32363376
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.06
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
91000

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