Alta Equipment Group Inc. (NYSE: ALTG) (“Alta” or the “Company”), a
leading provider of premium material handling, construction and
environmental processing equipment and related services, today
announced that, based upon preliminary and unaudited estimates and
information available to it as of the date hereof, the Company
expects to report that it had (i) revenue between $462.0 million to
$472.0 million for the three months ended June 30, 2023, (ii) TTM
revenue between $1,716.3 million and $1,726.3 million as of June
30, 2023, (iii) net income (loss) between $(1.4) million and $4.3
million, (iv) Adjusted EBITDA between $48.0 million to $50.5
million for the three months ended June 30, 2023, and (v) TTM
Adjusted EBITDA between $175.5 million and $178.0 million as of
June 30, 2023.
This preliminary financial information is the
responsibility of management and has been prepared in good faith on
a consistent basis with prior periods. However, Alta has not yet
completed its financial closing procedures for the quarter ended
June 30, 2023, and its actual results are subject to change and
could be materially different from this preliminary financial
information, which preliminary information should not be regarded
as a representation by Alta or its management as to Alta’s actual
results as of the quarter ended June 30, 2023. The preliminary
estimated data should not be considered a substitute for the full
financial statements prepared in accordance with United States
generally accepted accounting principles (“GAAP”) and reviewed by
the Company’s auditors.
About Alta Equipment Group
Inc.Alta owns and operates one of the largest integrated
equipment dealership platforms in the U.S. and has a presence in
Canada. 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, heavy and compact earthmoving equipment, environmental
processing equipment, cranes, paving and asphalt equipment and
other material handling and construction equipment. Alta has
operated as an equipment dealership for 39 years and has developed
a branch network that includes over 75 total locations in Michigan,
Illinois, Indiana, Ohio, Massachusetts, Maine, Connecticut, New
Hampshire, Vermont, Rhode Island, New York, Virginia, Nevada and
Florida and the Canadian provinces of Ontario and Quebec. Alta
offers its customers a one-stop-shop for their equipment needs
through its broad, industry-leading product portfolio. More
information can be found at www.altaequipment.com.
Forward-Looking
StatementsCertain statements included in this press
release are “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 its
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: supply chain disruptions, inflationary pressures
resulting from supply chain disruptions or a tightening labor
market; negative impacts on customer payment policies and adverse
banking and governmental regulations, resulting in a potential
reduction to the fair value of Alta’s assets; 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 Alta’s supply chain or sales
channels; Alta’s success in identifying acquisition targets and
integrating acquisitions; Alta’s success in expanding into and
doing business in additional markets; Alta’s ability to raise
capital at favorable terms; the competitive environment for Alta’s
products and services; Alta’s ability to continue to innovate and
develop new business lines; Alta’s ability to attract and retain
key personnel, including, but not limited to, skilled technicians;
Alta’s ability to maintain its listing on the New York Stock
Exchange; the impact of cyber or other security threats or other
disruptions to Alta’s businesses; Alta’s ability to realize the
anticipated benefits of acquisitions or divestitures, rental fleet
investments or internal reorganizations; federal, state, and local
government budget uncertainty, especially as it relates to
infrastructure projects and taxation; currency risks and other
risks associated with international operations; and other risks and
uncertainties identified in this press release 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 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
MeasuresWe disclose non-GAAP financial measures, including
Adjusted EBITDA, 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, debt, 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. Certain items excluded from Adjusted EBITDA 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. Our presentation of Adjusted EBITDA
should not be construed as an indication that results will be
unaffected by the items excluded from this metric. Our computation
of Adjusted EBITDA 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.
Contacts
Investors:Kevin IndaSCR Partners,
LLCkevin@scr-ir.com(225) 772-0254
Media:Glenn MooreAlta Equipment
Group, LLCglenn.moore@altg.com(248) 305-2134
Reconciliation of Non-GAAP Financial
Measures
(amounts in millions) |
|
Three Months EndedJune 30, 2023Estimated
Range |
|
TTM, As ofJune 30,
2023Estimated Range |
|
|
Low9 |
High9 |
|
Low9 |
High9 |
Net income (loss) available to common
shareholders |
|
$ |
(1.4 |
) |
$ |
4.3 |
|
|
$ |
1.7 |
|
$ |
7.4 |
|
Depreciation and amortization |
|
|
33.9 |
|
|
31.9 |
|
|
|
122.5 |
|
|
120.5 |
|
Interest expense |
|
|
14.3 |
|
|
13.3 |
|
|
|
45.2 |
|
|
44.2 |
|
Income tax expense |
|
|
0.6 |
|
|
– |
|
|
|
1.5 |
|
|
0.9 |
|
EBITDA8 |
|
$ |
47.4 |
|
$ |
49.5 |
|
|
$ |
170.9 |
|
$ |
173.0 |
|
Adjustments: |
|
|
|
|
|
|
Transaction costs1 |
|
|
0.5 |
|
|
0.5 |
|
|
|
1.6 |
|
|
1.6 |
|
Loan administration fees2 |
|
|
0.1 |
|
|
0.1 |
|
|
|
0.2 |
|
|
0.2 |
|
Share-based incentives3 |
|
|
1.1 |
|
|
1.1 |
|
|
|
3.5 |
|
|
3.5 |
|
Other expenses4 |
|
|
– |
|
|
0.4 |
|
|
|
1.5 |
|
|
1.9 |
|
Preferred stock dividend5 |
|
|
0.8 |
|
|
0.8 |
|
|
|
3.1 |
|
|
3.1 |
|
Showroom-ready equipment interest expense6 |
|
|
(1.9 |
) |
|
(1.9 |
) |
|
|
(5.3 |
) |
|
(5.3 |
) |
Adjusted EBITDA8 |
|
$ |
48.0 |
|
$ |
50.5 |
|
|
$ |
175.5 |
|
$ |
178.0 |
|
Pro forma EBITDA-acquisitions7 |
|
|
– |
|
|
– |
|
|
|
4.6 |
|
|
4.6 |
|
Adjusted pro forma EBITDA8 |
|
$ |
48.0 |
|
$ |
50.5 |
|
|
$ |
180.1 |
|
$ |
182.6 |
|
(1) Expenses related to acquisitions
and capital raising activities.
(2) Debt administration expenses
associated with debt refinancing activities.
(3) Reflects non-cash equity-based
compensation expenses.
(4) Other non-recurring expenses
inclusive of severance payments, greenfield startup, legal and
consulting costs.
(5) Expenses related to preferred
stock dividend payments.
(6) Represents interest expense
associated with showroom-ready new equipment interest included in
total interest expense above.
(7) Pro Forma EBITDA of acquisitions
completed within the year, assuming acquisitions occurred as of
January 1, prorated through the actual date of acquisition.
(8) Represents Non-GAAP measure.
(9) Low and high estimates are
management estimates and subject to change.
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