ALTA EQUIPMENT GROUP INC. Files 2023 Annual Report (10-K)

TL;DR

<b>ALTA EQUIPMENT GROUP INC. (ALTG) has filed its 2023 10-K report, detailing its financial performance and operational segments.</b>

AI Summary

ALTA EQUIPMENT GROUP INC. (ALTG-PA) filed a Annual Report (10-K) with the SEC on March 14, 2024. ALTA EQUIPMENT GROUP INC. filed its 2023 10-K report on March 14, 2024. The company's fiscal year ends on December 31st. ALTA EQUIPMENT GROUP INC. was formerly known as B. Riley Principal Merger Corp. until November 21, 2018. The company operates in the Wholesale - Industrial Machinery & Equipment sector (SIC 5084). Key segments include Construction Equipment, Material Handling, and Master Distribution.

Why It Matters

For investors and stakeholders tracking ALTA EQUIPMENT GROUP INC., this filing contains several important signals. This filing provides a comprehensive overview of ALTA EQUIPMENT GROUP INC.'s financial health and strategic direction for the fiscal year 2023, crucial for investors assessing its performance. Understanding the company's operational segments and historical financial data is key to evaluating its market position and future growth prospects.

Risk Assessment

Risk Level: medium — ALTA EQUIPMENT GROUP INC. shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains detailed financial information, it does not inherently signal immediate positive or negative performance trends without further analysis of the specific numbers and narrative sections.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-K to identify revenue growth drivers, profitability trends, and any significant risks or opportunities for ALTA EQUIPMENT GROUP INC.

Key Numbers

• 2023-12-31 — Fiscal Year End (CONFORMED PERIOD OF REPORT)
• 2024-03-14 — Filing Date (FILED AS OF DATE)
• 156 — Public Document Count (PUBLIC DOCUMENT COUNT)
• 001-38864 — SEC File Number (SEC FILE NUMBER)

Key Players & Entities

• ALTA EQUIPMENT GROUP INC. (company) — FILER
• B. Riley Principal Merger Corp. (company) — FORMER COMPANY
• 2023-12-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-03-14 (date) — FILED AS OF DATE
• 5084 (other) — STANDARD INDUSTRIAL CLASSIFICATION
• 13211 MERRIMAN ROAD (address) — BUSINESS ADDRESS STREET 1
• LIVONIA (location) — BUSINESS ADDRESS CITY
• MI (location) — BUSINESS ADDRESS STATE

FAQ

Industry Context

ALTA EQUIPMENT GROUP INC. operates within the Wholesale - Industrial Machinery & Equipment sector, focusing on the distribution and servicing of equipment.

Regulatory Implications

The filing is a 10-K, an annual report required by the Securities Exchange Act of 1934 for publicly traded companies in the United States.

What Investors Should Do

1. Analyze the revenue breakdown by segment (Construction Equipment, Material Handling, Master Distribution) to understand growth drivers.
2. Examine net income and EPS trends over the past three fiscal years to assess profitability.
3. Review debt-to-equity ratio and cash position to evaluate financial leverage and liquidity.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2024-03-14: Filing Date — Date the 10-K report was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the period ending December 31, 2023, following the company's previous filings.

Key Financial Figures

• $0.0001 — nge on which registered Common stock, $0.0001 par value per share ALTG The New Yo
• $17.33 — date on the New York Stock Exchange of $17.33. As of March 11, 2024, there were 32,
• $10.2 million — d December 31, 2023, 2022 and 2021 were $10.2 million $5.4 million, and $5.5 million respecti
• $5.4 m — 2023, 2022 and 2021 were $10.2 million $5.4 million, and $5.5 million respectively.
• $5.5 million — 21 were $10.2 million $5.4 million, and $5.5 million respectively. Suppliers We purchase

Filing Documents

• altg-20231231.htm (10-K) — 3780KB
• altg-ex10_3.htm (EX-10.3) — 75KB
• altg-ex10_4.htm (EX-10.4) — 94KB
• altg-ex10_5.htm (EX-10.5) — 3816KB
• altg-ex10_6.htm (EX-10.6) — 2718KB
• altg-ex10_7.htm (EX-10.7) — 83KB
• altg-ex10_8.htm (EX-10.8) — 103KB
• altg-ex10_9.htm (EX-10.9) — 1344KB
• altg-ex14_1.htm (EX-14.1) — 194KB
• altg-ex21_1.htm (EX-21.1) — 9KB
• altg-ex22_1.htm (EX-22.1) — 8KB
• altg-ex23_1.htm (EX-23.1) — 4KB
• altg-ex23_2.htm (EX-23.2) — 4KB
• altg-ex31_1.htm (EX-31.1) — 12KB
• altg-ex31_2.htm (EX-31.2) — 13KB
• altg-ex32_1.htm (EX-32.1) — 9KB
• altg-ex32_2.htm (EX-32.2) — 8KB
• altg-ex97_1.htm (EX-97.1) — 31KB
• img18097544_0.jpg (GRAPHIC) — 11KB
• img19021065_0.jpg (GRAPHIC) — 30KB
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• img20868107_1.jpg (GRAPHIC) — 33KB
• img20868107_2.jpg (GRAPHIC) — 34KB
• img21791628_0.jpg (GRAPHIC) — 56KB
• img21791628_1.jpg (GRAPHIC) — 20KB
• img21791628_2.jpg (GRAPHIC) — 1KB
• img21791628_3.jpg (GRAPHIC) — 49KB
• img21791628_4.jpg (GRAPHIC) — 25KB
• img21791628_5.jpg (GRAPHIC) — 37KB
• img22715149_0.jpg (GRAPHIC) — 16KB
• img76604298_0.jpg (GRAPHIC) — 19KB
• img76604298_1.jpg (GRAPHIC) — 283KB
• img220866253_0.jpg (GRAPHIC) — 142KB
• 0000950170-24-031600.txt (&nbsp;) — 26494KB
• altg-20231231.xsd (EX-101.SCH) — 2215KB
• altg-20231231_htm.xml (XML) — 3044KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 17 Item 1C. Cybersecurity 17 Item 2.

Properties

Properties 18 Item 3.

Legal Proceedings

Legal Proceedings 19 Item 4. Mine Safety Disclosures 19 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 20 Item 6. [Reserved] 21 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 37 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 66 Item 9A.

Controls and Procedures

Controls and Procedures 67 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 70 Item 11.

Executive Compensation

Executive Compensation 70 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 70 Item 13. Certain Relationships and Related Transactions, and Director Independence 70 Item 14. Principal Accounting Fees and Services 70 PART IV Item 15. Exhibits, Financial Statement Schedules 71 Item 16. Form 10-K Summary 74

Signatures

Signatures 75 i CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS Certain statements contained in this Annual Report on Form 10-K may be considered "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained herein are subject to known and unknown risks, uncertainties, assumptions and other factors that may cause our actual results, performance or achievements to be materially different from those expressed or implied by any such forward-looking statements. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words "anticipate," "believe," "continue," "could," "estimate," "expect," "intends," "may," "might," "plan," "possible," "potential," "predict," "project," "should," "would" and similar expressions may identify forward-looking statements, but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements may include, for example, statements about: our future financial performance; our plans for expansion and acquisitions; and changes in our strategy, future operations, financial position, estimated revenues, income or loss, projected costs, prospects, plans and objectives of management. These forward-looking statements are based on current information available, and current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the Company's views as of any subsequent date, and we do not undertake any obligation to update forward-looking statements to reflect events or circumstances after the date they were made, whether as a result of new information, future events or otherwise, except as may be required under applicable securities

Bu siness

Item 1. Bu siness. Overview We own and operate one of the largest integrated equipment dealership platforms in North America. Through our branch network, we sell, rent, and provide parts and service support for several categories of specialized equipment, including lift trucks and other material handling equipment, heavy and compact earthmoving equipment, crushing and screening equipment, environmental processing equipment, cranes and aerial work platforms, paving and asphalt equipment, other construction equipment and allied products. We engage in five principal business activities in these equipment categories: (i) new and used equipment sales; (ii) parts sales; (iii) repair and maintenance services; (iv) equipment rentals and (v) rent-to-sell equipment. Within our territories, we are primarily the exclusive distributor of new equipment and replacement parts on behalf of our Original Equipment Manufacturer ("OEM") partners. We and our regional subsidiaries enjoy long-standing relationships with leading material handling and construction equipment OEMs, including Hyster-Yale, Volvo, JCB, CNH, McCloskey and Kubota, among many others as well as master dealer rights throughout North America for environmental processing equipment with Doppstadt and Backers, among others. We are consistently recognized by OEMs as a top dealership partner and have been identified as a nationally recognized Hyster-Yale dealer and multi-year recipient of the Volvo Dealer of the Year award. More recently, given the Company's successful history with electrified fork lifts, battery charging and power generation as well as its material handling customer base, where customers typically employ large fleets of commercial over-the-road vehicles in their day-to-day operations, we are pursuing a strategy focused on the distribution and powering of commercial electric vehicles in the over-the-road vehicle segment. While our electromobility ("e-mobility") business, and the industry in

View Full Filing

View this 10-K filing on SEC EDGAR