$ALTG
ALTA EQUIPMENT GROUP INC.

2020 Q3 Form 10-Q Financial Statement

#000156459020053558 Filed on November 12, 2020

View on sec.gov

Income Statement

Concept 2020 Q3 2019 Q3 2019 Q2
Revenue $220.6M $0.00 $135.9M
YoY Change
Cost Of Revenue $163.9M $105.6M $97.30M
YoY Change 55.21%
Gross Profit $56.70M $44.20M $38.60M
YoY Change 28.28%
Gross Profit Margin 25.7% 28.4%
Selling, General & Admin $58.40M $32.80M
YoY Change
% of Gross Profit 103.0% 84.97%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $21.00M $14.20M $11.40M
YoY Change 47.89%
% of Gross Profit 37.04% 32.13% 29.53%
Operating Expenses $60.20M $38.00M $33.50M
YoY Change 58.42%
Operating Profit -$3.500M $6.200M $5.100M
YoY Change -156.45%
Interest Expense $6.100M $5.600M $5.000M
YoY Change 8.93%
% of Operating Profit 90.32% 98.04%
Other Income/Expense, Net $1.900M -$33.60M -$4.700M
YoY Change -105.65%
Pretax Income -$1.600M -$27.40M $400.0K
YoY Change -94.16%
Income Tax -$1.900M $0.00 $0.00
% Of Pretax Income 0.0%
Net Earnings $300.0K -$27.40M $400.0K
YoY Change -101.09%
Net Earnings / Revenue 0.14% 0.29%
Basic Earnings Per Share $0.01
Diluted Earnings Per Share $0.01 $27.17K $54.79K
COMMON SHARES
Basic Shares Outstanding 29.22M
Diluted Shares Outstanding 29.31M

Balance Sheet

Concept 2020 Q3 2019 Q3 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $100.0K $1.000M $1.000M
YoY Change -90.0%
Cash & Equivalents $100.0K $2.100M
Short-Term Investments
Other Short-Term Assets $13.20M $100.0K $200.0K
YoY Change 13100.0%
Inventory $221.1M
Prepaid Expenses
Receivables $122.8M
Other Receivables $0.00
Total Short-Term Assets $357.2M $1.100M $1.200M
YoY Change 32372.73%
LONG-TERM ASSETS
Property, Plant & Equipment $293.7M
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $145.4M $144.6M
YoY Change
Other Assets $1.900M $0.00 $0.00
YoY Change
Total Long-Term Assets $342.6M $145.4M $144.6M
YoY Change 135.63%
TOTAL ASSETS
Total Short-Term Assets $357.2M $1.100M $1.200M
Total Long-Term Assets $342.6M $145.4M $144.6M
Total Assets $699.8M $146.5M $145.8M
YoY Change 377.68%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $62.80M $300.0K $100.0K
YoY Change 20833.33%
Accrued Expenses $26.80M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $293.9M $0.00 $0.00
YoY Change
Long-Term Debt Due $7.800M
YoY Change
Total Short-Term Liabilities $411.4M $600.0K $300.0K
YoY Change 68466.67%
LONG-TERM LIABILITIES
Long-Term Debt $137.2M $0.00 $0.00
YoY Change
Other Long-Term Liabilities $20.90M
YoY Change
Total Long-Term Liabilities $158.1M $0.00 $0.00
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $411.4M $600.0K $300.0K
Total Long-Term Liabilities $158.1M $0.00 $0.00
Total Liabilities $585.1M $600.0K $300.0K
YoY Change 97416.67%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $114.7M -$17.40M $10.00M
YoY Change
Total Liabilities & Shareholders Equity $699.8M $146.5M $145.8M
YoY Change 377.68%

Cashflow Statement

Concept 2020 Q3 2019 Q3 2019 Q2
OPERATING ACTIVITIES
Net Income $300.0K -$27.40M $400.0K
YoY Change -101.09%
Depreciation, Depletion And Amortization $21.00M $14.20M $11.40M
YoY Change 47.89%
Cash From Operating Activities $9.400M $60.00K -$190.0K
YoY Change 15566.67%
INVESTING ACTIVITIES
Capital Expenditures -$13.00M
YoY Change
Acquisitions $2.100M
YoY Change
Other Investing Activities -$29.90M $0.00 -$143.8M
YoY Change
Cash From Investing Activities -$42.90M $0.00 -$143.8M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 27.20M -90.00K 144.9M
YoY Change -30322.22%
NET CHANGE
Cash From Operating Activities 9.400M 60.00K -190.0K
Cash From Investing Activities -42.90M 0.000 -143.8M
Cash From Financing Activities 27.20M -90.00K 144.9M
Net Change In Cash -6.300M -30.00K 980.0K
YoY Change 20900.0%
FREE CASH FLOW
Cash From Operating Activities $9.400M $60.00K -$190.0K
Capital Expenditures -$13.00M
Free Cash Flow $22.40M
YoY Change

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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us-gaap Inventory Write Down
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us-gaap Interest Paid Net
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us-gaap Nature Of Operations
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<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:4.46%;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:4.46%;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:4.46%;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 Industrial Equipment New York, LLC; Alta Construction Equipment, LLC; Alta Construction Equipment Illinois, LLC; Alta Heavy Equipment Services, LLC; NITCO, LLC; Alta Construction Equipment Florida, LLC, and PeakLogix, LLC.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.46%;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, Indiana, Virginia and Florida as well as the Northeastern part of the United States.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.46%;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>
CY2020Q3 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
29600000
CY2019Q4 altg Inventory Used Equipment Gross
InventoryUsedEquipmentGross
18200000
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:4.46%;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 continue to expect this situation to be temporary, and we believe we have successfully navigated the second and third quarter of 2020, any longer-term impacts of COVID-19 (or a future pandemic of its nature) is currently difficult to predict with certainty.</p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.46%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 an impact on the approach to these estimates and assumptions and will continue to do so. Any increased severity of the COVID outbreak and the related future financial impacts cannot be estimated at this time. </p> <p style="text-align:justify;margin-top:8pt;margin-bottom:0pt;text-indent:4.46%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">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 September 30, 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 material impact to the Company&#8217;s consolidated financial statements, as of and for the quarter ended September 30, 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>
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
14200000
CY2020Q3 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-500000
CY2019Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
900000
CY2020Q3 us-gaap Long Term Debt
LongTermDebt
144200000
CY2019Q4 us-gaap Long Term Debt
LongTermDebt
93600000
CY2020Q3 altg Liability Guarantee To Repurchase Equipment At Residual Amount
LiabilityGuaranteeToRepurchaseEquipmentAtResidualAmount
10600000
CY2020Q3 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
2600000
CY2019Q4 us-gaap Guarantee Obligations Maximum Exposure
GuaranteeObligationsMaximumExposure
3300000
CY2020Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
altg Offering Costs Offset From Proceeds Of Reverse Capitalization
OfferingCostsOffsetFromProceedsOfReverseCapitalization
2600000
CY2019Q4 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
700000
us-gaap Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
400000
us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2020Q3 altg Partnership Owned Percentage In Operating Entity
PartnershipOwnedPercentageInOperatingEntity
1.00
CY2020Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
8668750
CY2020Q3 us-gaap Warrants And Rights Outstanding Term
WarrantsAndRightsOutstandingTerm
P5Y
CY2020Q3 altg Lease Liability
LeaseLiability
4100000
CY2019Q4 altg Lease Liability
LeaseLiability
5500000
CY2020Q3 altg Accrued Guarantees
AccruedGuarantees
0
CY2019Q4 altg Accrued Guarantees
AccruedGuarantees
0
CY2019Q4 altg Liability Guarantee To Repurchase Equipment At Residual Amount
LiabilityGuaranteeToRepurchaseEquipmentAtResidualAmount
12500000
CY2020Q3 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
135100000
CY2019Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
112100000
CY2020Q3 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
3900000
CY2019Q4 us-gaap Capital Leased Assets Gross
CapitalLeasedAssetsGross
3500000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12000000
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
12100000
CY2020Q3 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
153300000
CY2019Q4 altg Inventory New Equipment Gross
InventoryNewEquipmentGross
92800000
CY2020Q3 altg Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
2100000
CY2020Q3 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-1400000
CY2019Q4 altg Capital Leases Lessee Balance Sheet Assets By Major Class Accumulated Amortization
CapitalLeasesLesseeBalanceSheetAssetsByMajorClassAccumulatedAmortization
1300000
CY2020Q3 altg Gpo Assets
GPOAssets
15400000
us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-2600000
CY2019Q4 altg Gpo Assets
GPOAssets
18400000
CY2020Q3 us-gaap Inventory Work In Process
InventoryWorkInProcess
4200000
CY2019Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
3300000
CY2020Q3 altg Inventory Parts Gross
InventoryPartsGross
37100000
CY2019Q4 altg Inventory Parts Gross
InventoryPartsGross
24800000
CY2020Q3 us-gaap Inventory Gross
InventoryGross
224200000
CY2019Q4 us-gaap Inventory Gross
InventoryGross
139100000
CY2020Q3 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
3100000
CY2019Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
1900000
CY2020Q3 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
1400000
CY2019Q4 altg Capitalized Direct Labor Expense Included In Work In Process
CapitalizedDirectLaborExpenseIncludedInWorkInProcess
1200000
CY2020Q3 altg Rental Depreciation Expense
RentalDepreciationExpense
900000
altg Rental Depreciation Expense
RentalDepreciationExpense
2400000
CY2019Q3 altg Rental Depreciation Expense
RentalDepreciationExpense
200000
altg Rental Depreciation Expense
RentalDepreciationExpense
1500000
CY2020Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
428800000
CY2019Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
308600000
CY2020Q3 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
26900000
CY2020Q3 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
2700000
CY2019Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
3500000
CY2020Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
700000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1400000
CY2019Q3 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
100000
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
200000
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.
CY2020Q3 us-gaap Subordinated Debt
SubordinatedDebt
0
CY2020Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
151100000
CY2019Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
97000000
CY2020Q3 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2000000
CY2019Q4 us-gaap Unamortized Debt Issuance Expense
UnamortizedDebtIssuanceExpense
2500000
CY2020Q3 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
4900000
us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-800000
CY2019Q3 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-14100000
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.241
CY2020Q3 us-gaap Deferred Tax Liabilities
DeferredTaxLiabilities
15600000
CY2020Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3200000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3200000
CY2017Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
33333.33
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
CY2020Q3 altg Warrant Liability Noncurrent
WarrantLiabilityNoncurrent
0
CY2020Q2 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
3000000
CY2020Q3 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
PaymentsToAcquireBusinessesNetOfCashAcquired
2100000
us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2020Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
7600000
us-gaap Proceeds From Life Insurance Policies
ProceedsFromLifeInsurancePolicies
8000000
us-gaap Interest Expense
InterestExpense
17700000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
51600000
CY2020Q3 us-gaap Interest Expense
InterestExpense
6100000
CY2020Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
21000000
us-gaap Interest Expense
InterestExpense
15100000
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
34700000
CY2019Q3 us-gaap Interest Expense
InterestExpense
5600000
CY2019Q3 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
14200000

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