$ALTG
ALTA EQUIPMENT GROUP INC.

2020 Q1 Form 10-Q Financial Statement

#000156459020025447 Filed on May 14, 2020

View on sec.gov

Income Statement

Concept 2020 Q1 2019 Q1
Revenue $180.5M $102.3M
YoY Change 76.44%
Cost Of Revenue $133.4M $74.80M
YoY Change 78.34%
Gross Profit $47.10M $27.50M
YoY Change 71.27%
Gross Profit Margin 26.09% 26.88%
Selling, General & Admin $51.10M $0.00
YoY Change
% of Gross Profit 108.49% 0.0%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.90M $9.100M
YoY Change 52.75%
% of Gross Profit 29.51% 33.09%
Operating Expenses $52.10M $25.90M
YoY Change 101.16%
Operating Profit -$5.000M $1.600M
YoY Change -412.5%
Interest Expense $5.900M $4.500M
YoY Change 31.11%
% of Operating Profit 281.25%
Other Income/Expense, Net -$13.10M -$4.200M
YoY Change 211.9%
Pretax Income -$18.10M -$2.600M
YoY Change 596.15%
Income Tax -$1.100M $0.00
% Of Pretax Income
Net Earnings -$17.00M -$2.600M
YoY Change 553.85%
Net Earnings / Revenue -9.42% -2.54%
Basic Earnings Per Share
Diluted Earnings Per Share -$904.3K $0.00
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q1 2019 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $36.40M $0.00
YoY Change
Cash & Equivalents $36.40M $600.0K
Short-Term Investments
Other Short-Term Assets $9.800M
YoY Change
Inventory $209.0M
Prepaid Expenses
Receivables $123.8M
Other Receivables $0.00
Total Short-Term Assets $379.0M $0.00
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $261.2M
YoY Change
Goodwill $30.30M
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $400.0K
YoY Change 275.0%
Total Long-Term Assets $295.9M $400.0K
YoY Change 73875.0%
TOTAL ASSETS
Total Short-Term Assets $379.0M $0.00
Total Long-Term Assets $295.9M $400.0K
Total Assets $674.9M $400.0K
YoY Change 168625.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $45.20M $300.0K
YoY Change 14966.67%
Accrued Expenses $20.70M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $294.2M $100.0K
YoY Change 294100.0%
Long-Term Debt Due $7.800M
YoY Change
Total Short-Term Liabilities $383.2M $400.0K
YoY Change 95700.0%
LONG-TERM LIABILITIES
Long-Term Debt $133.5M $0.00
YoY Change
Other Long-Term Liabilities $16.40M
YoY Change
Total Long-Term Liabilities $133.5M $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $383.2M $400.0K
Total Long-Term Liabilities $133.5M $0.00
Total Liabilities $516.7M $400.0K
YoY Change 129075.0%
SHAREHOLDERS EQUITY
Retained Earnings -$47.10M
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $2.900M
YoY Change
Treasury Stock Shares
Shareholders Equity $128.8M $9.600M
YoY Change
Total Liabilities & Shareholders Equity $674.9M $400.0K
YoY Change 168625.0%

Cashflow Statement

Concept 2020 Q1 2019 Q1
OPERATING ACTIVITIES
Net Income -$17.00M -$2.600M
YoY Change 553.85%
Depreciation, Depletion And Amortization $13.90M $9.100M
YoY Change 52.75%
Cash From Operating Activities -$57.10M $3.400M
YoY Change -1779.41%
INVESTING ACTIVITIES
Capital Expenditures $1.200M $500.0K
YoY Change 140.0%
Acquisitions $91.70M
YoY Change
Other Investing Activities -$91.60M
YoY Change
Cash From Investing Activities -$118.3M -$6.900M
YoY Change 1614.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $2.900M
YoY Change
Debt Paid & Issued, Net $800.0K $2.000M
YoY Change -60.0%
Cash From Financing Activities 211.8M 2.600M
YoY Change 8046.15%
NET CHANGE
Cash From Operating Activities -57.10M 3.400M
Cash From Investing Activities -118.3M -6.900M
Cash From Financing Activities 211.8M 2.600M
Net Change In Cash 36.40M -900.0K
YoY Change -4144.44%
FREE CASH FLOW
Cash From Operating Activities -$57.10M $3.400M
Capital Expenditures $1.200M $500.0K
Free Cash Flow -$58.30M $2.900M
YoY Change -2110.34%

Facts In Submission

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CY2020Q1 us-gaap Nature Of Operations
NatureOfOperations
<p style="margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;"><a name="NOTE_1_ORGANIZATION_NATURE_OPERATIONS"></a><a name="NOTES_TO_UNAUDITED_CONSOLIDATED_FS"></a><a name="NOTE_1_ORGANIZATION_NATURE_OPERATIONS"></a>NOTE 1 &#8212; ORGANIZATION A<a name="NOTES_TO_UNAUDITED_CONSOLIDATED_FS"></a>ND NATURE OF OPERATIONS</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Alta Equipment Group, Inc. (formerly known as B. Riley Principal Merger Corp.) (individually or as sometimes collectively together with its direct and indirect subsidiaries referred to herein as the &#8220;Company&#8221;), was incorporated in Delaware on October 30, 2018 as a blank check company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, recapitalization, reorganization or other similar business combination with one or more businesses or entities.&#160; On February 14, 2020, the Company consummated a reverse recapitalization pursuant to which the Company acquired Alta Equipment Holdings, Inc. pursuant to an agreement and plan of merger between the Company, BR Canyon Merger Sub Corp., a Delaware corporation and wholly-owned subsidiary of the Company (&#8220;Merger Sub&#8221;), Alta Equipment Holdings, Inc. and Ryan Greenawalt. &#160;This business merger will be referred to as &#8220;reverse recapitalization&#8221; throughout this document.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">In connection with the reverse recapitalization, Merger Sub merged with and into Alta Equipment Holdings, Inc., with Alta Equipment Holdings, Inc. surviving the reverse recapitalization as a direct, wholly owned subsidiary of the Company, and the Company changed its name from B. Riley Principal Merger Corp. to Alta Equipment Group, Inc. </p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company and Alta Equipment Holdings, Inc. are the holding companies for Alta Enterprises, LLC.&#160; Alta Enterprises, LLC is the holding company for Alta Industrial Equipment Michigan; LLC; Alta Industrial Equipment Company, LLC; Alta Construction Equipment, LLC; Alta Construction Equipment Illinois, LLC; Alta Heavy Equipment Services, LLC; NITCO, LLC; Alta Construction Equipment Florida, LLC. </p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The Company is engaged in the retail sale, service, and rental of lift trucks and construction equipment in the states of Michigan, Illinois, and Indiana as well as the Northeastern part of the United States and Florida.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">Unless the context otherwise requires, the use of the terms &#8220;the Company&#8221;, &#8220;we,&#8221; &#8220;us,&#8221; and &#8220;our&#8221; in these notes to the unaudited consolidated financial statements refers to Alta Equipment Group Inc. and its consolidated subsidiaries.</p>
CY2020Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-align:justify;margin-top:12pt;margin-bottom:0pt;text-indent:0%;font-weight:bold;color:#000000;font-size:10pt;font-family:Times New Roman;font-style:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The COVID-19 outbreak has caused significant disruptions to national and global economies. Our businesses are designated as critical infrastructure companies by the government and, as such, have remained open. We have instituted various initiatives throughout the company as part of our business continuity programs, and we are working to mitigate risk when disruptions occur. While we expect this situation to be temporary, any longer-term impact to our business is currently unknown due to the uncertainty around the outbreak&#8217;s duration and its broader impact.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;The nature of our business requires that we make estimates and assumptions in accordance with GAAP. These estimates and assumptions affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as the reported amounts of revenue and expenses during the reporting period. The COVID-19 outbreak has impacted these estimates and assumptions and will continue to do so. Our estimates at the end of the first quarter assumed no material impact from the disruptions caused by COVID-19. </p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">&#160;The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts COVID-19 as of March 31, 2020 and through the date of this report. The accounting matters assessed included, but were not limited to, the Company&#8217;s allowance for doubtful accounts, inventory and related reserves and the carrying value of goodwill and other long-lived assets. While there was no a material impact to the Company&#8217;s consolidated financial statements as of and for the quarter ended March 31, 2020, the Company&#8217;s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company&#8217;s consolidated financial statements in future reporting periods.</p>
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020Q1 altg Offering Costs Offset From Proceeds Of Reverse Capitalization
OfferingCostsOffsetFromProceedsOfReverseCapitalization
2600000
CY2019Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
700000
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
400000
CY2020Q1 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2020Q1 altg Partnership Owned Percentage In Operating Entity
PartnershipOwnedPercentageInOperatingEntity
1.00
CY2020Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8668750
CY2020Q1 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2020Q1 altg Lease Liability
LeaseLiability
5000000
CY2019Q4 altg Lease Liability
LeaseLiability
5500000
CY2020Q1 altg Liability Guarantee To Repurchase Equipment At Residual Amount
LiabilityGuaranteeToRepurchaseEquipmentAtResidualAmount
11700000
CY2019Q4 altg Liability Guarantee To Repurchase Equipment At Residual Amount
LiabilityGuaranteeToRepurchaseEquipmentAtResidualAmount
12500000
CY2020Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
5500000
CY2019Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4700000
CY2020Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
4000000
CY2019 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
3500000
CY2020Q1 altg Number Of Operating Facilities
NumberOfOperatingFacilities
43
CY2020Q1 altg Number Of Operating Facilities Leased
NumberOfOperatingFacilitiesLeased
17
CY2020Q1 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
149900000
CY2019Q4 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
92800000
CY2020Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
379500000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
308600000
CY2020Q1 us-gaap Long Term Debt
LongTermDebt
147300000
CY2020Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
118300000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
93600000
CY2020Q1 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
2900000
CY2019Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
3300000
CY2020Q1 altg Accrued Guarantees
AccruedGuarantees
0
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
112100000
CY2020Q1 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
3900000
CY2019Q4 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
3500000
CY2020Q1 altg Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
1600000
CY2019Q4 altg Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
1300000
CY2019Q4 altg Accrued Guarantees
AccruedGuarantees
0
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
33333.33
CY2020Q1 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
33000000
CY2019Q4 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
25200000
CY2020Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
3700000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3300000
CY2020Q1 altg Inventory Parts Gross
InventoryPartsGross
32000000
CY2019Q4 altg Inventory Parts Gross
InventoryPartsGross
24800000
CY2020Q1 us-gaap Inventory Gross
InventoryGross
218600000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
146100000
CY2020Q1 altg Inventory Accumulated Depreciation
InventoryAccumulatedDepreciation
7100000
CY2019Q4 altg Inventory Accumulated Depreciation
InventoryAccumulatedDepreciation
7000000
CY2020Q1 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
2500000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1900000
CY2020Q1 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
1300000
CY2019Q4 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
1300000
CY2020Q1 altg Gpo Assets
GPOAssets
17300000
CY2019Q4 altg Gpo Assets
GPOAssets
18400000
CY2020Q1 us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
21700000
CY2020Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6500000
CY2020Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3600000
CY2019Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
6500000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3500000
CY2020Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
CY2019Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
0
CY2020Q1 us-gaap Debt Instrument Description
DebtInstrumentDescription
In connection with the reverse recapitalization, the Company entered into a new Note Purchase Agreement (the “Term Loan”) dated as of February 3, 2020, for the purposes of, among other things, (i) financing the reverse recapitalization, (ii) financing the acquisitions of Flagler and Liftech; and (iii) providing for the repayment and refinance of a portion of the Company’s prior existing debt.
CY2020Q1 us-gaap Subordinated Debt
SubordinatedDebt
0
CY2020Q1 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
155000000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
97000000
CY2020Q1 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2200000
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2500000
CY2020Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
5500000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
900000
CY2020Q1 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-800000
CY2020Q1 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-300000
CY2019Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-4100000
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.257
CY2020Q1 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
5800000
CY2017Q4 us-gaap Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
0.01
CY2017Q4 altg Purchase Of Outstanding Warrants Upon Repayment Of Senior Indebtedness Percentage
PurchaseOfOutstandingWarrantsUponRepaymentOfSeniorIndebtednessPercentage
0.75
CY2017Q4 altg Warrants Expiration Date
WarrantsExpirationDate
2027-12-27
CY2020Q1 altg Warrant Liability Noncurrent
WarrantLiabilityNoncurrent
0
CY2020Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
7600000
CY2020Q1 us-gaap Interest Expense
InterestExpense
5900000
CY2020Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
13900000
CY2019Q1 us-gaap Interest Expense
InterestExpense
4500000
CY2019Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
9100000

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