Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2022 | Nov. 02, 2022 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2022 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q3 | |
Entity Registrant Name | MANITEX INTERNATIONAL, INC. | |
Entity Central Index Key | 0001302028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,102,060 | |
Entity File Number | 001-32401 | |
Entity Tax Identification Number | 42-1628978 | |
Entity Address, Address Line One | 9725 Industrial Drive | |
Entity Address, City or Town | Bridgeview | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60455 | |
City Area Code | 708 | |
Local Phone Number | 430-7500 | |
Entity Incorporation, State or Country Code | MI | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes | |
Common Stock [Member] | ||
Document And Entity Information [Line Items] | ||
Trading Symbol | MNTX | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Preferred Share Purchase Rights [Member] | ||
Document And Entity Information [Line Items] | ||
Title of 12(b) Security | Preferred Share Purchase Rights | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 11,677 | $ 21,359 |
Cash – restricted | 188 | 222 |
Trade receivables (net) | 38,638 | 30,515 |
Other receivables | 736 | 2,039 |
Related party receivable (net) | 9 | |
Inventory (net) | 77,602 | 64,965 |
Prepaid expense and other current assets | 2,552 | 2,436 |
Assets held for sale | 75 | |
Total current assets | 131,477 | 121,536 |
Total fixed assets, net of accumulated depreciation of $19,661 and $18,662 at September 30, 2022 and December 31, 2021, respectively | 50,589 | 16,460 |
Operating lease assets | 5,474 | 3,563 |
Intangible assets (net) | 14,511 | 11,946 |
Goodwill | 36,015 | 24,949 |
Other long-term assets | 1,143 | 1,143 |
Deferred tax assets | 333 | 178 |
Total assets | 239,542 | 179,775 |
Current liabilities | ||
Accounts payable | 46,967 | 44,136 |
Accrued expenses | 14,645 | 10,539 |
Related party payables (net) | 203 | |
Notes payable | 16,486 | 18,401 |
Current portion of finance lease obligations | 487 | 399 |
Current portion of operating lease obligations | 1,613 | 1,064 |
Customer deposits | 3,435 | 7,121 |
Total current liabilities | 83,633 | 81,863 |
Long-term liabilities | ||
Revolving term credit facilities (net) | 53,152 | 12,717 |
Notes payable (net) | 23,829 | 10,089 |
Finance lease obligations (net of current portion) | 3,518 | 3,822 |
Non-current operating lease obligations (net of current portion) | 3,861 | 2,499 |
Deferred gain on sale of property | 447 | 507 |
Deferred tax liability | 3,648 | 1,074 |
Other long-term liabilities | 3,575 | 4,389 |
Total long-term liabilities | 92,030 | 35,097 |
Total liabilities | 175,663 | 116,960 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at September 30, 2022 and December 31, 2021 | ||
Common Stock-no par value 25,000,000 shares authorized, 20,099,849 and 19,940,487 shares issued and outstanding at September 30, 2022, and December 31, 2021, respectively | 133,249 | 132,206 |
Paid in capital | 3,674 | 3,264 |
Retained deficit | (73,835) | (68,436) |
Accumulated other comprehensive loss | (8,615) | (4,219) |
Equity attributable to shareholders of Manitex International, Inc. | 54,473 | 62,815 |
Equity attributed to noncontrolling interest | 9,406 | |
Total equity | 63,879 | 62,815 |
Total liabilities and equity | $ 239,542 | $ 179,775 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 19,661 | $ 18,662 |
Preferred Stock, shares authorized | 150,000 | 150,000 |
Preferred Stock, shares issued | 0 | 0 |
Preferred Stock, shares outstanding | 0 | 0 |
Common Stock, par value | $ 0 | $ 0 |
Common Stock, shares authorized | 25,000,000 | 25,000,000 |
Common Stock, shares issued | 20,099,849 | 19,940,487 |
Common Stock, shares outstanding | 20,099,849 | 19,940,487 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Statement [Abstract] | ||||
Net revenues | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
Cost of sales | 52,693 | 42,899 | 160,198 | 129,867 |
Gross profit | 12,344 | 8,036 | 34,836 | 28,281 |
Operating expenses | ||||
Research and development costs | 659 | 772 | 2,095 | 2,357 |
Selling, general and administrative expenses | 10,440 | 7,419 | 30,317 | 23,232 |
Transaction costs | 37 | 2,236 | ||
Total operating expenses | 11,136 | 8,191 | 34,648 | 25,589 |
Operating income (loss) | 1,208 | (155) | 188 | 2,692 |
Other income (expense) | ||||
Interest expense | (1,409) | (490) | (2,982) | (1,573) |
Interest income | 1 | 3 | 7 | |
Gain on Paycheck Protection Program loan forgiveness | 3,747 | |||
Foreign currency transaction gain (loss) | 175 | (121) | 268 | (421) |
Other income (expense) | (2,852) | (102) | (1,864) | (117) |
Total other income (expense) | (4,086) | (712) | (4,575) | 1,643 |
Income (loss) before income taxes | (2,878) | (867) | (4,387) | 4,335 |
Income tax expense | 206 | 234 | 570 | 843 |
Net income (loss) | (3,084) | (1,101) | (4,957) | 3,492 |
Net income attributable to noncontrolling interest | 288 | 442 | ||
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (3,372) | $ (1,101) | $ (5,399) | $ 3,492 |
Income (loss) per share | ||||
Basic | $ (0.15) | $ (0.06) | $ (0.25) | $ 0.18 |
Diluted | $ (0.15) | $ (0.06) | $ (0.25) | $ 0.17 |
Weighted average common shares outstanding | ||||
Basic | 20,094,475 | 19,917,276 | 20,039,981 | 19,888,319 |
Diluted | 20,094,475 | 19,917,276 | 20,039,981 | 19,970,681 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Net income (loss) | $ (3,084) | $ (1,101) | $ (4,957) | $ 3,492 |
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | (1,719) | (760) | ||
Total other comprehensive income (loss) | (2,007) | (766) | (4,396) | (1,742) |
Comprehensive income (loss) | (5,091) | (1,867) | (9,353) | 1,750 |
Comprehensive income (loss) attributable to noncontrolling interest | 288 | 442 | ||
Total comprehensive income (loss) attributable to shareholders of Manitex International, Inc. | (4,803) | (1,867) | (8,911) | 1,750 |
Accumulated Other Comprehensive Loss [Member] | ||||
Other comprehensive income (loss): | ||||
Foreign currency translation adjustments | $ (2,007) | $ (766) | $ (4,396) | $ (1,742) |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Balance at beginning of the year at Dec. 31, 2020 | $ 68,909 | $ 131,455 | $ 3,025 | $ (63,863) | $ (1,708) | |
Balance at beginning of the year, shares at Dec. 31, 2020 | 19,821,090 | |||||
Net income (loss) | (772) | (772) | ||||
Gain (loss) on foreign currency translation | (1,198) | (1,198) | ||||
Employee incentive plan grant | $ 584 | (584) | ||||
Employee incentive plan grant, shares | 85,883 | |||||
Repurchase to satisfy withholding and cancelled shares | (48) | $ (48) | ||||
Repurchase to satisfy withholding and cancelled, shares | (6,183) | |||||
Share-based compensation | 299 | 299 | ||||
Balance end of year at Mar. 31, 2021 | 67,190 | $ 131,991 | 2,740 | (64,635) | (2,906) | |
Balance end of year, shares at Mar. 31, 2021 | 19,900,790 | |||||
Balance at beginning of the year at Dec. 31, 2020 | 68,909 | $ 131,455 | 3,025 | (63,863) | (1,708) | |
Balance at beginning of the year, shares at Dec. 31, 2020 | 19,821,090 | |||||
Gain (loss) on foreign currency translation | (1,742) | |||||
Balance end of year at Sep. 30, 2021 | 71,407 | $ 132,171 | 3,057 | (60,371) | (3,450) | |
Balance end of year, shares at Sep. 30, 2021 | 19,933,130 | |||||
Balance at beginning of the year at Mar. 31, 2021 | 67,190 | $ 131,991 | 2,740 | (64,635) | (2,906) | |
Balance at beginning of the year, shares at Mar. 31, 2021 | 19,900,790 | |||||
Net income (loss) | 5,365 | 5,365 | ||||
Gain (loss) on foreign currency translation | 196 | (26) | 222 | |||
Employee incentive plan grant | $ 44 | (44) | ||||
Employee incentive plan grant, shares | 5,940 | |||||
Share-based compensation | 278 | 278 | ||||
Balance end of year at Jun. 30, 2021 | 73,029 | $ 132,035 | 2,948 | (59,270) | (2,684) | |
Balance end of year, shares at Jun. 30, 2021 | 19,906,730 | |||||
Net income (loss) | (1,101) | (1,101) | ||||
Gain (loss) on foreign currency translation | (760) | 6 | (766) | |||
Employee incentive plan grant | $ 136 | (136) | ||||
Employee incentive plan grant, shares | 26,400 | |||||
Share-based compensation | 239 | 239 | ||||
Balance end of year at Sep. 30, 2021 | 71,407 | $ 132,171 | 3,057 | (60,371) | (3,450) | |
Balance end of year, shares at Sep. 30, 2021 | 19,933,130 | |||||
Balance at beginning of the year at Dec. 31, 2021 | 62,815 | $ 132,206 | 3,264 | (68,436) | (4,219) | |
Balance at beginning of the year, shares at Dec. 31, 2021 | 19,940,487 | |||||
Net income (loss) | 230 | 230 | ||||
Gain (loss) on foreign currency translation | (635) | (635) | ||||
Employee incentive plan grant | $ 734 | (734) | ||||
Employee incentive plan grant, shares | 104,681 | |||||
Repurchase to satisfy withholding and cancelled shares | (137) | $ (137) | ||||
Repurchase to satisfy withholding and cancelled, shares | (17,354) | |||||
Share-based compensation | 232 | 232 | ||||
Balance end of year at Mar. 31, 2022 | 62,505 | $ 132,803 | 2,762 | (68,206) | (4,854) | |
Balance end of year, shares at Mar. 31, 2022 | 20,027,814 | |||||
Balance at beginning of the year at Dec. 31, 2021 | $ 62,815 | $ 132,206 | 3,264 | (68,436) | (4,219) | |
Balance at beginning of the year, shares at Dec. 31, 2021 | 19,940,487 | |||||
Gain (loss) on foreign currency translation | (4,396) | |||||
Repurchase to satisfy withholding and cancelled, shares | (34,379) | |||||
Balance end of year at Sep. 30, 2022 | $ 63,879 | $ 133,249 | 3,674 | (73,835) | (8,615) | $ 9,406 |
Balance end of year, shares at Sep. 30, 2022 | 20,099,849 | |||||
Balance at beginning of the year at Mar. 31, 2022 | 62,505 | $ 132,803 | 2,762 | (68,206) | (4,854) | |
Balance at beginning of the year, shares at Mar. 31, 2022 | 20,027,814 | |||||
Net income (loss) | (2,103) | (2,257) | 154 | |||
Gain (loss) on foreign currency translation | (1,754) | (1,754) | ||||
Employee incentive plan grant | $ 417 | (417) | ||||
Employee incentive plan grant, shares | 62,740 | |||||
Acquisition of noncontrolling interests | 8,964 | 8,964 | ||||
Repurchase to satisfy withholding and cancelled shares | (91) | $ (91) | ||||
Repurchase to satisfy withholding and cancelled, shares | (12,300) | |||||
Share-based compensation | 728 | 728 | ||||
Balance end of year at Jun. 30, 2022 | 68,249 | $ 133,129 | 3,073 | (70,463) | (6,608) | 9,118 |
Balance end of year, shares at Jun. 30, 2022 | 20,078,254 | |||||
Net income (loss) | (3,372) | (3,372) | ||||
Gain (loss) on foreign currency translation | (1,719) | (2,007) | 288 | |||
Employee incentive plan grant | $ 148 | (148) | ||||
Employee incentive plan grant, shares | 26,320 | |||||
Repurchase to satisfy withholding and cancelled shares | (28) | $ (28) | ||||
Repurchase to satisfy withholding and cancelled, shares | (4,725) | |||||
Share-based compensation | 749 | 749 | ||||
Balance end of year at Sep. 30, 2022 | $ 63,879 | $ 133,249 | $ 3,674 | $ (73,835) | $ (8,615) | $ 9,406 |
Balance end of year, shares at Sep. 30, 2022 | 20,099,849 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,957) | $ 3,492 |
Adjustments to reconcile net income (loss) to cash used for operating activities: | ||
Depreciation and amortization | 6,531 | 3,339 |
Gain on Paycheck Protection Program loan forgiveness | (3,747) | |
Changes in allowances for doubtful accounts | (678) | 135 |
Changes in inventory reserves | (1,733) | (1,089) |
Deferred income taxes | 25 | 223 |
Amortization of deferred debt issuance costs | 95 | 98 |
Amortization of debt discount | 55 | 111 |
Gain on forward currency contract | (267) | (385) |
Share-based compensation | 1,710 | 816 |
Adjustment to deferred gain on sales and lease back | (60) | (60) |
Gain on disposal of assets | (764) | |
Changes in operating assets and liabilities: | ||
Increase in accounts receivable | (4,826) | (1,550) |
Decrease (increase) in other receivables | 1,131 | (16) |
Increase in inventory | (14,607) | (8,921) |
Increase in prepaid expenses | (150) | (738) |
Increase in other assets | (168) | (63) |
Increase in accounts payables and related party payables | 6,475 | 10,872 |
Increase in accrued expenses | 4,510 | 1,385 |
(Decrease) increase in other current liabilities | (3,218) | 871 |
Decrease in other long-term liabilities | (357) | (515) |
Net cash (used in) provided by operating activities | (11,253) | 4,258 |
Cash flows from investing activities: | ||
Payments for acquisition, net of cash acquired | (38,366) | |
Proceeds from the sale of fixed assets | 1,909 | |
Purchase of property and equipment | (13,662) | (666) |
Investment in intangible assets | (64) | (51) |
Net cash used in investing activities | (50,183) | (717) |
Cash flows from financing activities: | ||
Borrowings on revolving term credit facility | 53,357 | |
Payments on revolving term credit facility | (12,800) | |
Borrowings on term debt | 15,000 | |
Net borrowings (repayments) on working capital facilities | 864 | (1,303) |
New borrowings—other | 903 | 748 |
Debt issuance costs incurred | (125) | |
Note payments | (1,096) | (1,083) |
Shares repurchased for income tax withholding on share-based compensation | (257) | (48) |
Payments on capital lease obligations | (313) | (254) |
Net cash provided by (used in) financing activities | 55,533 | (1,940) |
Net (decrease) increase in cash and cash equivalents | (5,903) | 1,601 |
Effect of exchange rate changes on cash | (3,813) | (1,438) |
Cash, cash equivalents and restricted cash at the beginning of the year | 21,581 | 17,401 |
Cash, cash equivalents and restricted cash at end of period | $ 11,865 | $ 17,564 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The unaudited Condensed Consolidated Balance Sheets at September 30, 2022 and December 31, 2021 and the related Condensed Consolidated Statements of Operations, Condensed Consolidated Statement of Comprehensive Income (Loss), Condensed Consolidated Statements of Shareholders’ Equity and Condensed Consolidated Statements of Cash Flows for the nine months ended September 30, 2022 and 2021 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods. Interim results may not be indicative of results to be realized for the entire year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2021. The Condensed Consolidated Balance Sheet as of December 31, 2021 was derived from our audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). On April 11, 2022, Manitex International, Inc. (the “Company”) entered into a Membership Interest Purchase Agreement (the “Agreement”), with Rabern Rentals, LLC (“Rabern”) and Steven Berner, as owner of 100 % of Rabern’s outstanding membership interests. Pursuant to the Agreement, the Company acquired a 70 % membership interest in Rabern from Steven Berner for a purchase price of $ 26.7 million in cash. Rabern is a construction rental equipment provider, headquartered in Amarillo, Texas, primarily servicing business in the Texas panhandle. The Company is a leading provider of engineered lifting solutions and equipment rentals. Following the completion of the Rabern acquisition noted above, the Company reports in two business segments and has five operating segments, under which there are six reporting units. The Company designs, manufactures and distributes a diverse group of products that serve different functions and are used in a variety of industries. Lifting Equipment Segment Manitex markets a comprehensive line of boom trucks, truck cranes and sign cranes, including via its partially and wholly-owned subsidiaries and distributors, as described below. Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration and infrastructure development, including roads, bridges and commercial construction. The Company’s subsidiary, Badger Equipment Company (“Badger”) is a manufacturer of specialized rough terrain cranes and material handling products. PM Oil and Steel S.p.A. (“PM” or “PM Group”), a subsidiary of the Company, is a leading Italian manufacturer of truck- mounted hydraulic knuckle boom cranes with a 50-year history of technology and innovation, and a product range spanning more than 50 models. PM is also a manufacturer of truck-mounted aerial platforms with a diverse product line and an international client base. Through its consolidated subsidiaries, PM Group has locations in Modena, Italy; Valencia, Spain; Arad, Romania; Chassieu, France; Buenos Aires, Argentina; Santiago, Chile; Singapore and Querétaro, Mexico. The Company’s subsidiary, Manitex Valla S.r.L. (“Valla”), produces a full range of precision pick and carry industrial cranes using electric, diesel, and hybrid power options. Its cranes offer wheeled or tracked, and fixed or swing boom configurations, with special applications designed specifically to meet the needs of its customers. These products are sold internationally through dealers and into the rental distribution channel. Crane and Machinery, Inc. (“C&M”) is a distributor of the Company’s products. Crane and Machinery Leasing, Inc. rents equipment manufactured by the Company as well as a limited amount of equipment manufactured by third parties. Rental Equipment Segment The Company’s majority-owned subsidiary, Rabern, rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. The Company also rents equipment to homeowners for do-it-yourself projects. COVID-19 Pandemic We are continuing to closely monitor the impact of the COVID-19 pandemic on all aspects of our business, including how it is impacting our customers, employees, supply chain, and distribution network, as well as the demand for our products in the industries and markets that we serve. Our first priority is the health and safety of our employees, customers and business partners, and we believe that we have taken the necessary steps to keep our facilities clean and safe during the COVID-19 pandemic. While COVID-19 has had a material impact on our past financial results, we are unable to predict the ultimate impact that it may have on our business, future results of operations, financial position or cash flows. The extent to which our operations may be impacted by the COVID-19 pandemic will depend largely on future developments, which are highly uncertain and cannot be accurately predicted, including new information that may emerge concerning the ultimate severity and duration of the pandemic (including the spread and impact of new COVID-19 variants) and actions by government authorities to contain the pandemic or treat its impact. Furthermore, the impacts of a potential worsening of global economic conditions and the continued disruptions to and volatility in the financial markets remain unknown. The Company is continuing to experience supply chain disruptions and related logistical bottlenecks that have impacted our ability to meet strong industrial demand and have also increased costs related to shipping, warehousing and working capital management. While the Company is actively working to mitigate these expenses and the associated timing issues, certain segments – such as truck chassis – have been more impacted than others. Where appropriate and feasible, we have implemented pricing adjustments to protect margins and, in tandem, continue to build inventory to meet our customer requirements. In addition, the Company is actively managing costs and working to further streamline operations where needed. Furthermore, the Company has modified its business practices to manage expenses (including practices regarding employee travel, employee work locations, and cancellation of physical participation in meetings, events and conferences). We continue to take steps intended to minimize the negative impact of the COVID-19 pandemic on our business and to protect the safety of our employees and customers, but we cannot predict the duration or severity of the ongoing COVID-19 pandemic or reasonably estimate the financial impact that it will have on our results and significant estimates going forward. Supplemental Cash Flow Information Transactions for the periods ended September 30, 2022 and 2021 are as follows: Nine months ended September 30, 2022 2021 Interest received in cash $ 3 $ 7 Interest paid in cash 2,308 1,369 Income tax payments in cash 536 925 Recognition of right-of-use asset and right-of-use liability 2,699 — Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: Cash and cash equivalents $ 11,677 $ 17,336 Restricted cash 188 228 Cash, cash equivalents and restricted cash at the end of year $ 11,865 $ 17,564 |
Significant Accounting Policies
Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s consolidated financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company’s U.S. banks is not fully insured by the FDIC due to the statutory limit of $ 250 . Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $ 188 and $ 222 at September 30, 2022 and December 31, 2021, respectively. Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer assessments and current financial conditions. Account balances are charged off against the allowance when the Company determines the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results. The Company established an allowance for bad debt of $ 1,690 and $ 2,432 at September 30, 2022 and December 31, 2021. The Company also has, in some instances, a security interest in its accounts receivable until payment is received. Property, Equipment and Depreciation Property and equipment are stated at cost or the fair market value at the date of acquisition for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three and nine months ended September 30, 2022 was $ 1,899 and $ 4,388 , respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $ 518 and $ 1,614 , respectively. Accrued Warranties Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. Such liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of September 30, 2022 and December 31, 2021, accrued warranties were $ 1,784 and $ 1,578 , respectively. Advertising Advertising costs are expensed as incurred and were $ 133 and $ 591 for the three and nine months ended September 30, 2022, respectively. Advertising costs were $ 213 and $ 487 for the three and nine months ended September 30, 2021, respectively. Business Combinations The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) acquisition costs will generally be expensed as incurred and (2) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. Noncontrolling Interest A noncontrolling interest is the equity interest of consolidated entities that is not owned by the Company. Noncontrolling interest is adjusted for the noncontrolling partners' share of earnings (losses) in accordance with the applicable agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying condensed consolidated statements of operations. Share-based Compensation The Company has elected to account for restricted stock awards with market conditions using a graded vesting method. This method recognizes the compensation cost in the statement of operations over the requisite service period for each separately-vesting tranche of awards. Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. Under highly inflationary accounting, PM Group’s Argentina subsidiary’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of September 30, 2022, PM Group’s Argentina subsidiary had an insignificant net peso monetary position. Net sales of PM Group’s Argentina subsidiary were less than 5 % of our consolidated net sales for the nine months ended September 30, 2022 and year ended December 31, 2021. |
Revenue Recognition
Revenue Recognition | 9 Months Ended |
Sep. 30, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The following table disaggregates our revenue for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Equipment sales $ 49,609 $ 43,422 $ 157,120 $ 134,123 Part sales 6,653 6,172 20,534 19,643 Rentals 6,629 149 11,865 561 Services 1,088 1,192 3,270 3,821 Merchandise sales and other 1,058 — 2,245 — Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 United States $ 35,887 $ 19,078 $ 103,818 $ 60,900 Italy 7,983 7,984 22,649 24,536 Canada 6,129 5,982 15,872 14,307 Chile 3,057 3,339 8,601 9,677 France 1,617 1,763 8,003 8,217 Other 10,364 12,789 36,091 40,511 Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 Total Company Revenues by Sources The sources of the Company’s revenues are summarized below for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Boom trucks, knuckle boom & truck cranes $ 32,394 $ 31,272 $ 108,361 $ 92,737 Aerial platforms 6,985 6,578 24,758 22,344 Part sales 6,653 6,172 20,534 19,643 Rentals 6,629 149 11,865 561 Services 1,088 1,192 3,270 3,821 Other equipment 10,230 5,572 24,001 19,042 Merchandise sales and other 1,058 — 2,245 — Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 Customer Deposits At times, the Company may require an upfront deposit related to its contracts. In instances where an upfront deposit has been received by the Company and the revenue recognition criteria have not yet been met, the Company records a contract liability in the form of a customer deposit, which is classified as a short-term liability on the Condensed Consolidated Balance Sheets. That customer deposit is revenue that is deferred until the revenue recognition criteria have been met, at which time, the customer deposit is recognized into revenue. Substantially all of the $ 7.1 million customer deposit balance as of December 31, 2021 was recognized in revenues during 2022, and much of the $ 3.4 million customer deposit balance as of September 30, 2022 is expected to be recognized in revenues during 2022. The following table summarizes changes in customer deposits for the nine months ended September 30 as follows: September 30, September 30, Customer deposits $ 7,121 $ 2,363 Additional customer deposits received where revenue has not yet been recognized 9,438 5,004 Revenue recognized from customer deposits ( 12,472 ) ( 4,106 ) Effect of change in exchange rates ( 652 ) ( 160 ) Total customer deposits $ 3,435 $ 3,101 |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value on a recurring basis as of September 30, 2022 and December 31, 2021 by level within the fair value hierarchy. As required by ASC 820-10, financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 11 $ — $ 11 Total recurring liabilities at fair value $ — $ 11 $ — $ 11 Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 75 $ — $ 75 Total current assets at fair value $ — $ 75 $ — $ 75 Liabilities: Valla contingent consideration $ — $ — $ 207 $ 207 Total liabilities at fair value $ — $ — $ 207 $ 207 Fair Value Valla Liabilities: Balance at January 1, 2022 $ 207 Change in contingent liability consideration ( 202 ) Effect of changes in exchange rates ( 5 ) Balance at September 30, 2022 $ — Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The fair value of the forward currency contracts is determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading operation of its bank and are Level 2 items. |
Derivative Financial Instrument
Derivative Financial Instruments | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Euro, Chilean peso and the U.S. dollar. Forward Currency Contracts The Company enters into forward currency exchange contracts such that the exchange gains and losses on the assets and liabilities denominated in other than the reporting units’ functional currency would be offset by the changes in the market value of the forward currency exchange contracts it holds. The forward currency exchange contracts that the Company has to offset existing assets and liabilities denominated in other than the reporting units’ functional currency have been determined not to be considered a hedge under ASC 815-10. The Company records the forward currency exchange contracts at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Condensed Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction gain (loss). Items denominated in other than a reporting unit functional currency include certain intercompany receivables due from the Company’s Italian subsidiaries and accounts receivable and accounts payable of our Italian subsidiaries and their subsidiaries. PM Group has an intercompany receivable denominated in Euros from its Chilean subsidiary. At September 30, 2022 , the Company had entered into a forward currency exchange contract that matured on October 28, 2022 . Under the contract the Company was obligated to sell 2,200,000 Chilean pesos for 2,296 Euros. The purpose of the forward contract was to mitigate the income effect related to this intercompany receivable that results with a change in exchange rate between the Euro and the Chilean peso. The following table provides the location and fair value amounts of derivative instruments that are reported in the Condensed Consolidated Balance Sheet as of September 30, 2022: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, December 31, Asset Derivatives Foreign currency exchange contract Prepaid expense and other current assets $ — $ 75 Liabilities Derivatives Foreign currency exchange contract Accrued expenses $ 11 $ — The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021: Gain (loss) Gain (loss) Location of gain or Three Months Ended Nine Months Ended 2022 2021 2022 2021 Derivatives Not Designated For ward currency contract Foreign currency $ ( 107 ) $ 225 $ ( 267 ) $ 226 $ ( 107 ) $ 225 $ ( 267 ) $ 226 During the three and nine months ended September 30, 2022 and 2021, there were no forward currency contracts designated as cash flow hedges. As such, all gains and loss related to forward currency contracts during the three and nine months ended September 30, 2022 and 2021 were recorded in current earnings and did not impact other comprehensive income. |
Inventory, Net
Inventory, Net | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | 6. Inventory, net The components of inventory are as follows: September 30, December 31, Raw materials and purchased parts, net $ 52,732 $ 42,983 Work in process, net 5,864 3,938 Finished goods, net 19,006 18,044 Inventory, net $ 77,602 $ 64,965 The Company has established reserves for obsolete and excess inventory of $ 8,072 and $ 9,894 as of September 30, 2022 and December 31, 2021 , respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | 7. Goodwill and Intangible Assets Intangible assets and accumulated amortization by category as of September 30, 2022 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 2 $ 15,847 $ ( 13,905 ) $ 1,942 Customer relationships 9 21,154 ( 13,278 ) 7,876 Trade names and trademarks 16 5,469 ( 2,747 ) 2,722 Software 4 237 ( 44 ) 193 Indefinite lived trade names 1,778 1,778 Total intangible assets, net $ 14,511 Intangible assets and accumulated amortization by category as of December 31, 2021 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 3 $ 16,848 $ ( 13,845 ) $ 3,003 Customer relationships 3 18,077 ( 13,017 ) 5,060 Trade names and trademarks 10 4,269 ( 2,595 ) 1,674 Software 5 160 ( 8 ) 152 Indefinite lived trade names 2,057 2,057 Total intangible assets, net $ 11,946 In connection with the Rabern acquisition, the Company recognized customer relationships intangible assets of $ 4.5 million with an estimated useful life of 15 years and trademark intangible assets of $ 1.2 million with an estimated useful life of 25 years. See Note 18 for additional information regarding the Rabern acquisition. Amortization expense for intangible assets was $ 716 and $ 2,143 for the three and nine months ended September 30, 2022, respectively. Amortization expense for intangible assets was $ 568 and $ 1,725 for the three and nine months ended September 30, 2021, respectively. Estimated amortization expense for the period ending September 30 for the next five years and subsequent is as follows: Amount 2023 $ 2,804 2024 2,804 2025 1,346 2026 787 2027 524 And subsequent 4,468 Total intangible assets currently to be amortized 12,733 Intangible assets with indefinite lives not amortized 1,778 Total intangible assets $ 14,511 Changes in goodwill for the nine months ended September 30, 2022 are as follows: 2022 2021 Balance January 1, $ 24,949 $ 27,472 Goodwill for Rabern acquisition 13,252 — Effect of change in exchange rates ( 2,186 ) ( 996 ) Balance September 30, $ 36,015 $ 26,476 The Company performed an impairment assessment as of December 31, 2021. No additional triggers for an interim impairment test have been identified as of September 30, 2022. While there was $ 1.1 million of goodwill impairment recognized as a result of the 2021 annual impairment test to fully impair the Valla business unit, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in a further impairment in the other business units. |
Accrued Expenses
Accrued Expenses | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 8. Accrued Expenses September 30, December 31, Accrued payroll and benefits $ 5,576 $ 3,524 Accrued legal settlement 2,900 - Accrued expenses—other 1,860 1,263 Accrued warranty 1,784 1,578 Accrued vacation 1,380 1,701 Accrued income tax and other taxes 1,145 2,473 Total accrued expenses $ 14,645 $ 10,539 |
Accrued Warranty
Accrued Warranty | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Accrued Warranty | 9. Accrued Warranty The liability for estimated warranty claims is accrued at the time of sale and the expense is recorded in the Condensed Consolidated Statement of Operations in Cost of Sales. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. The following table summarizes the changes in product warranty liability: For the nine months ended September 30, 2022 2021 Balance January 1, $ 1,578 $ 1,292 Provision for warranties issued during the year 1,699 2,505 Warranty services provided ( 1,421 ) ( 2,343 ) Foreign currency translation ( 72 ) ( 33 ) Balance September 30, $ 1,784 $ 1,421 |
Credit Facilities and Debt
Credit Facilities and Debt | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 10. Credit Facilities and Debt Debt is summarized as follows: September 30, 2022 December 31, 2021 U.S. Credit Facilities $ 53,200 $ 12,800 U.S Term Loan 15,000 — PM Group Short-Term Working Capital Borrowings 14,344 15,676 PM Group Term Loan 10,780 12,472 Other 252 342 Total debt 93,576 41,290 Less: Debt issuance costs ( 109 ) ( 83 ) Debt, net of issuance costs $ 93,467 $ 41,207 U.S. Credit Facilities and Term Loan On April 11, 2022, the Company entered into a Commercial Credit Agreement (the “Credit Agreement”), by and among the Company, the Company’s domestic subsidiaries and Amarillo National Bank. The Credit Agreement provides for a $ 40,000 revolving credit facility that matures on April 11, 2024 , a $ 30,000 revolving credit facility that matures on April 11, 2024 and a $ 15,000 term loan that matures on October 11, 2029 . Borrowings under the revolving credit facilities and the term loan bear interest at a floating rate equal to the Prime Rate plus 0.5 %. The revolving credit facilities require monthly interest payments with the full principal balance coming due at maturity, and the $ 30,000 revolving credit facility requires quarterly payments in the amount of 3% of the outstanding balance thereunder on a quarterly basis beginning on January 1, 2023 . The term loan requires monthly interest payments with quarterly amortization payments beginning on November 11, 2022 , with the remaining principal balance coming due at maturity. The unused balance of the revolving credit facilities incurs a 0.125 % fee that is payable semi-annually . At September 30, 2022, the Company had $ 53.2 million in borrowings (less than $ 0.1 million in debt issuance cost for a net debt of $ 53.2 million) under the revolving credit facilities. At September 30, 2022, the Company had $ 15.0 million in borrowings (less $ 0.1 million in debt issuance cost for a net debt of $ 14.9 million) under the term loan. The Credit Agreement requires the Company to maintain a debt service coverage ratio of at least 1.25 :1.00 measured on the last day of each calendar quarter, beginning June 30, 2022, and each measurement is based on a rolling 12-month basis. The Credit Agreement also requires the Company to maintain a U.S. net worth of at least $ 80,000 , measured as of the last day of each calendar quarter, beginning June 30, 2022. The Company was in compliance with its covenants under the Credit Agreement as of September 30, 2022. The Company and its U.S. subsidiaries were parties to a Loan and Security Agreement, as amended (the “Loan Agreement”) with CIBC Bank USA (“CIBC”). The Loan Agreement provided a revolving credit facility with a maturity date of July 20, 2023 in an aggregate amount of $ 30 million. At December 31, 2021, the Company had $ 12.8 million in borrowings (less $ 0.1 million in debt issuance cost for a net debt of $ 12.7 million). The indebtedness under the Loan Agreement was collateralized by substantially all of the Company’s assets, except for certain assets of the Company’s subsidiaries. On April 11, 2022, the Company repaid in full all outstanding indebtedness and other amounts outstanding of approximately $ 12.8 million and terminated all commitments and obligations under the Loan Agreement with CIBC in satisfaction of all of the Company’s debt obligations under the Loan Agreement. The Company was not required to pay any pre-payment premiums as a result of the repayment of indebtedness under the Loan Agreement. In connection with the repayment of such outstanding indebtedness by the Company, all security interests, mortgages, liens and encumbrances granted to the lenders under the Loan Agreement were terminated and released. PM Group Short-Term Working Capital Borrowings At September 30, 2022 and December 31, 2021, respectively, the PM Group had established demand credit and overdraft facilities with five banks in Italy, one bank in Spain, twelve banks in South America and one bank added in Romania in August 2022. Under these facilities, as of September 30, 2022 and December 31, 2021 respectively, the PM Group can borrow up to $ 19,245 and $ 21,449 for advances against invoices, letter of credit and bank overdrafts. These facilities are divided into two types: working capital facilities and cash facilities. For the nine months ended September 30, 2022 and year ended December 31, 2021, respectively, interest on the Italian working capital facilities is charged at the 3-month Euribor plus 175 , 200 , or 270 basis points and 3-month Euribor plus 450 basis points, respectively. Interest on the PM Group’s South American facilities is charged at a flat rate of points for advances on invoices ranging from 8 % - 55 %. At September 30, 2022, the Italian banks had advanced PM Group $ 13,574 . There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group $ 197 and the Romanian bank $ 343 . At December 31, 2021, the Italian banks had advanced PM Group $ 14,874 . There were no advances to PM Group from the Spanish bank, and the South American banks had advanced PM Group $ 463 . Valla Short-Term Working Capital Borrowings At September 30, 2022 and December 31, 2021, respectively, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to $ 489 for advances against orders, invoices and bank overdrafts. Interest on the Italian working capital facilities is charged at a flat percentage rate for advances on invoices and orders ranging from 1.67 % - 5.75 % for both 2022 and 2021. At September 30, 2022 and December 31, 2021, the Italian banks had advanced Valla $ 230 and $ 339 . PM Group Term Loans At September 30, 2022 and December 31, 2021, respectively, the PM Group has a $ 5,125 and $ 5,930 term loan that is split into a note and a balloon payment and is secured by the PM Group’s common stock. The term loan is charged interest at a fixed rate of 3.5 %, has annual principal payments of approximately $ 600 per year and has a balloon payment of $ 2,937 due in 2026 . At September 30, 2022 and December 31, 2021, respectively, the PM Group has unsecured borrowings totaling $ 5,655 and $ 6,542 , respectively. The borrowings have a fixed rate of interest of 3.5 %. Annual payments of approximately $ 1,500 are payable ending in 2025. |
Leases
Leases | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases certain warehouses, office space, machinery, vehicles and equipment. Leases with an initial term of 12 months or shorter are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the applicable lease term. The Company is not aware of any variable lease payments, residual value guarantees, covenants or restrictions imposed by the leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of these lease renewal options is at the Company's sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a discount rate explicit in the lease, then such discount rate was used. For those leases with no explicit or implicit interest rate, an incremental borrowing rate was used. The weighted average remaining useful life for operating and finance leases were 4.2 and 5 years, respectively. The weighted average discount rate for operating and finance leases was 5.2 % and 12.4 % respectively. Leases Classification September 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease assets $ 5,474 $ 3,563 Financing lease assets Fixed assets, net 2,090 2,303 Total leased assets $ 7,564 $ 5,866 Liabilities Current Operating Current liabilities $ 1,613 $ 1,064 Financing Current liabilities 487 399 Non-current Operating Non-current liabilities 3,861 2,499 Financing Non-current liabilities 3,518 3,822 Total lease liabilities $ 9,479 $ 7,784 Three months ended September 30, Nine months ended September 30, Lease Cost Classification 2022 2021 2022 2021 Operating lease costs Operating lease assets $ 459 $ 315 $ 969 $ 1,017 Finance lease cost Amortization of Amortization 100 91 287 273 Interest on lease liabilities Interest expense 126 136 385 416 Lease cost $ 685 $ 542 $ 1,641 $ 1,706 Three months ended September 30, Nine months ended September 30, Other Information 2022 2021 2022 2021 Cash paid for amounts included in the Operating cash flows from operating $ 459 $ 341 $ 969 $ 1,099 Operating cash flows from finance $ 126 $ 136 $ 385 $ 416 Financing cash flows from finance $ 113 $ 83 $ 313 $ 254 Future principal minimum lease payments for the period ending September 30 for the next five years and subsequent are: Operating Leases Capital Leases 2023 $ 1,699 $ 952 2024 1,377 983 2025 1,137 997 2026 1,038 1,010 2027 910 1,041 And subsequent 124 624 Total undiscounted lease payments 6,285 5,607 Less interest ( 811 ) ( 1,602 ) Total liabilities $ 5,474 $ 4,005 Less current maturities ( 1,613 ) ( 487 ) Non-current lease liabilities $ 3,861 $ 3,518 We had no consolidated VIEs as of September 30, 2022 and December 31, 2021. In connection with our acquisition of Rabern, the Company became the lessee of two buildings from HTS Management LLC (“HTS”), an entity controlled by Steven Berner, who is a key member of Rabern management. HTS operates as a holding company for property and as a single lessee leasing company for business use property for Rabern. HTS’s ongoing activities preceding and succeeding the Rabern acquisition relate to financing, purchasing, leasing and holding property leased to Rabern. Based on these activities, HTS would be subject to interest rate risk and real estate investment pricing risk related to holding the real estate as an investment. These risks represent the potential variability to be considered as passed to interest holders. Although we have a variable interest through our relationship with Mr. Berner, such variability is not passed on to Rabern in connection with the arrangement, and therefore Rabern is not the primary beneficiary of the VIE. Furthermore, all risks and benefits of the significant activities of HTS are passed to Mr. Berner directly and do not represent a direct or indirect obligation for Rabern. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes For the three months ended September 30, 2022, the Company recorded an income tax provision of $ 206 , which includes a discrete income tax benefit of $ 16 . The calculation of the overall income tax provision for the three months ended September 30, 2022 primarily consists of US federal income taxes for Rabern which is a separate taxpayer for US federal tax purposes, foreign income taxes, a discrete income tax benefit for a reduction in the valuation allowance recorded against state tax credits in connection with the Rabern acquisition, and a discrete income tax benefit related to the expiration of the statutes of limitations for a foreign jurisdiction. For the three months ended September 30, 2021, the Company recorded an income tax provision of $ 234 , which includes a discrete income tax expense of $ 5 . The calculation of the overall income tax provision for the three months ended September 30, 2021 primarily consists of foreign income taxes and a discrete income tax expense primarily for the accrual of interest related to unrecognized tax benefits. The effective tax rate for the three months ended September 30, 2022 was an income tax provision of 7.2 % on pretax loss of $ 2,878 compared to an income tax provision of 27.0 % on a pretax loss of $ 867 in the comparable prior period. The effective tax rate for the three months ended September 30, 2022 differs from the U.S. statutory rate of 21 % primarily due to a valuation allowance in the U.S., a reduction in the valuation allowance recorded against state tax credits in connection with the Rabern acquisition, a partial valuation allowance in Italy, nondeductible foreign permanent differences, income taxed in foreign jurisdictions at varying tax rates and a reduction in the uncertain tax position liability related to the expiration of the statutes of limitations for a foreign jurisdictions. For the nine months ended September 30, 2022, the Company recorded an income tax provision of $ 570 , which includes a discrete income tax benefit of $ 216 . The calculation of the overall income tax provision for the nine months ended September 30, 2022 primarily consists of US federal income taxes for Rabern which is a separate taxpayer for US federal tax purposes, foreign income taxes, a discrete income tax benefit for a reduction in the valuation allowance recorded against state tax credits in connection with the Rabern acquisition, and a discrete income tax benefit related to the expiration of the statutes of limitations for various state and foreign jurisdictions. For the nine months ended September 30, 2021, the Company recorded an income tax provision of $ 843 , which includes a discrete income tax benefit of $ 481 , primarily consisting of foreign income taxes and a discrete income tax benefit related to the expiration of the statutes of limitations for various state and foreign jurisdictions. The effective tax rate for the nine months ended September 30, 2022 was an income tax provision of 13.0 % on a pretax loss of $ 4,387 compared to an income tax provision of 19.5 % on a pretax income of $ 4,335 in the comparable prior period. The effective tax rate for the nine months ended September 30, 2022 differs from the U.S. statutory rate of 21 % primarily due to a valuation allowance in the U.S., a reduction in the valuation allowance recorded against state tax credits in connection with the Rabern acquisition, a partial valuation allowance in Italy, nondeductible foreign permanent differences, income taxed in foreign jurisdictions at varying tax rates and a reduction in the uncertain position liability for the expiration of the statute of limitations for various state and foreign jurisdictions. The Company’s total unrecognized tax benefits as of September 30, 2022 and 2021 were approximately $ 2.9 million and $ 3.1 million, respectively. Included in the unrecognized tax benefits is a liability for the disputed Romania income tax audit assessment for tax years 2012 - 2016 . Depending on the final resolution of the audit, the uncertain tax position liability could be higher or lower than the amount recorded at September 30, 2022. |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Net Earnings (Loss) per Common Share | 13. Net Earnings (Loss) per Common Share Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 3,084 ) $ ( 1,101 ) $ ( 4,957 ) $ 3,492 Net income attributable to noncontrolling interest 288 — 442 — Net income (loss) attributable to shareholders of $ ( 3,372 ) $ ( 1,101 ) $ ( 5,399 ) $ 3,492 Income (loss) per share Basic Net income (loss) $ ( 0.15 ) $ ( 0.06 ) $ ( 0.25 ) $ 0.18 Net income (loss) attributable to shareholders of $ ( 0.17 ) $ ( 0.06 ) $ ( 0.27 ) $ 0.18 Diluted Net income (loss) $ ( 0.15 ) $ ( 0.06 ) $ ( 0.25 ) $ 0.17 Net income (loss) attributable to shareholders of $ ( 0.17 ) $ ( 0.06 ) $ ( 0.27 ) $ 0.17 Weighted average common shares outstanding Basic 20,094,475 19,917,276 20,039,981 19,888,319 Diluted Basic 20,094,475 19,917,276 20,039,981 19,888,319 Dilutive effect of restricted stock units and stock options — — — 82,362 Basic and Dilutive 20,094,475 19,917,276 20,039,981 19,970,681 As of September 30, 2022 2021 Unvested restricted stock units 296,725 265,125 Options to purchase common stock 197,437 97,437 494,162 362,562 |
Equity
Equity | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Equity | 14. Equity Stock Issued to Employees and Directors The Company issued shares of common stock to employees and Directors as restricted stock units issued under the Company’s 2004 and 2019 Incentive Plan vest. Upon issuance, entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the nine months ended September 30, 2022: Date of Issue Employees or Shares Issued Value of January 1, 2022 Employee 3,300 $ 6.36 March 6, 2022 Directors 8,160 8.06 March 6, 2022 Employees 23,866 8.06 March 8, 2022 Directors 12,000 7.82 March 8, 2022 Employee 29,262 7.82 March 13, 2022 Directors 10,200 7.71 March 13, 2022 Employees 17,893 7.71 April 11, 2022 Employee 38,800 7.39 June 2, 2022 Directors 18,000 7.07 June 3, 2022 Directors 5,940 7.02 July 5, 2022 Employee 16,120 6.27 August 14, 2022 Directors 10,200 5.80 193,741 $ 7.46 Stock Repurchases The Company purchases shares of Common Stock from certain employees at the closing share price on the date of purchase. The stock is purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below table summarizes shares repurchased from employees during the current year through September 30, 2022: Date of Purchase Shares Closing Price March 6, 2022 6,035 $ 8.06 March 8, 2022 7,395 $ 7.82 March 13, 2022 3,924 $ 7.71 April 11, 2022 12,300 $ 7.39 July 5, 2022 4,725 $ 6.27 34,379 Restricted Stock Awards The following table contains information regarding restricted stock units during the current year through September 30, 2022: September 30, Outstanding on January 1, 2022 286,227 Units granted during the period 226,000 Vested and issued ( 159,362 ) Vested-issued and repurchased for income tax withholding ( 34,379 ) Forfeited ( 21,761 ) Outstanding on September 30, 2022 296,725 The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense includes expense related to restricted stock units of $ 298 and $ 1,026 for the three and nine months ended September 30, 2022 and $ 231 and $ 789 for the three and nine months ended September 30, 2021 respectively. Additional compensation expense related to restricted stock units will be $ 228 , $ 769 and $ 509 for the remainder of 2022, 2023 and 2024, respectively. Restricted Stock Award with Market Conditions On May 3, 2022, in connection with J. Michael Coffey’s appointment as the Company’s Chief Executive Officer as of April 11, 2022, he was granted 490,000 restricted stock units that vest upon attainment of certain stock price hurdles of the Company’s stock. The restricted stock units can only be received on an annual basis from the vesting start date. The fair value of the market conditions award was $ 2.2 million calculated by using the Monte Carlo Simulation based on the average of 20,000 simulation runs. The requisite service period used was three years , expected volatility was 60 % and the risk-free rate of return was 2.94 %. The value of the restricted stock units granted to Mr. Coffey is being charged to compensation expense over the requisite service period. Under ASC 718-10-35-2, compensation cost for the award of share-based compensation is recognized over the derived service periods (the time from the service inception date to the expected date of satisfaction) of either 12 or 24 months depending on the particular tranche based on the median number of days it takes for the award to vest in scenarios where they meet their threshold. Compensation expense related to restricted stock units was $ 386 and $ 566 for the three and nine months ended September 30, 2022, respectively. Additional compensation expense related to Mr. Coffey’s restricted stock units will be $ 340 , $ 990 and $ 269 for the remainder of 2022, 2023 and 2024, respectively. Restricted Stock Award with Market and Performance Conditions On May 3, 2022, in connection with his appointment, Mr. Coffey was also granted 100,000 restricted stock units that vest upon a change in control in which the per share consideration for the Company’s common stock exceeds $ 10.00 . The fair value of the market and performance conditions award was $ 481 , calculated by using the Black-Scholes Option Pricing Model. The requisite service period used for the calculation was three years , expected volatility was 60 % and the risk-free rate of return was 2.95 %. The fair value of stock-based compensation for market and performance conditions will be recognized in the Company’s financial statements only if it is probable that the conditions will be satisfied. Stock Options On May 3, 2022, in connection with his appointment, Mr. Coffey was also granted 100,000 stock options with an exercise price of $ 4.13 per share. The options vest ratably on each of the first three anniversary dates of Mr. Coffey’s appointment date, subject to his continued service with the Company on each vesting date. Compensation expense related to the Company’s stock options was $ 66 and $ 118 for the three and nine months ended September 30, 2022, respectively, compared to $ 8 and $ 27 for the comparable prior periods. Additional compensation expense related to Mr. Coffey’s options will be $ 66 , $ 159 and $ 66 for the remainder of 2022, 2023 and 2024, respectively. Grant date Dividend yields — Expected volatility 55.0 % Risk free interest rate 3.02 % Expected life (in years) 6 Fair value of the option granted $ 4.13 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 9 Months Ended |
Sep. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 15. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters that have arisen in the normal course of operations. The Company has product liability insurance with self-insurance retentions that range from $ 50 to $ 500 . When it is probable that a loss has been incurred and it is possible to make a reasonable estimate of the Company’s liability with respect to such matters, a provision is recorded for the amount of such estimate that is most likely to occur. Certain legal proceedings are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost, if any, to the Company for these cases. However, the Company does not believe that these contingencies, in the aggregate, will have a material adverse effect on the Company. The Company has been named as a defendant in several multi-defendant asbestos-related product liability lawsuits. In certain instances, the Company is indemnified by a former owner of the product line involved. In the remaining cases the plaintiff has, to date, not been able to establish any exposure by the plaintiff to the Company’s products. The Company is uninsured with respect to these claims but believes that it will not incur any material liability with respect to these claims. On May 5, 2011 , Company entered into two separate settlement agreements with two plaintiffs. As of September 30, 2022, the Company has a remaining obligation under these agreements to pay the plaintiffs $ 855 without interest in 9 annual installments of $ 95 on or before May 22 of each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over the payment period. It is reasonably possible that the estimated reserve for product liability claims may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. |
Transactions between the Compan
Transactions between the Company and Related Parties | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 16. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. C&M conducts business with RAM P&E LLC for the purposes of obtaining parts business as well as buying, selling and renting equipment. In 2022, less than $ 0.1 million was invoiced by C&M through government parts contracts awarded to RAM P&E LLC. C&M is a distributor of Terex rough terrain and truck cranes. As such, C&M purchases cranes and parts from Terex. PM is a manufacturer of cranes. PM sold cranes, parts, and accessories to Tadano during 2022 and 2021. Rabern rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. Rabern sold a fixed asset to Steven Berner the general manager of Rabern in April 2022, in connection with the Rabern acquisition. In addition, the Company became the lessee of two buildings from HTS Management LLC (“HTS”), an entity controlled by Mr. Berner, who is a key member of Rabern management. HTS operates as a holding company for property and as a single lessee leasing company for business use property for Rabern. HTS’s ongoing activities preceding and succeeding the Rabern acquisition relate to financing, purchasing, leasing and holding property leased to Rabern. Based on these activities, HTS would be subject to interest rate risk and real estate investment pricing risk related to holding the real estate as an investment. These risks represent the potential variability to be considered as passed to interest holders. Although we have a variable interest through our relationship with Mr. Berner, such variability is not passed on to Rabern in connection with the arrangement, and therefore Rabern is not the primary beneficiary of the VIE. Furthermore, all risks and benefits of the significant activities of HTS are passed to Mr. Berner directly and do not represent a direct or an indirect obligation for Rabern. As of September 30, 2022 and December 31, 2021, the Company had accounts receivable and payable with related parties as shown below: September 30, 2022 December 31, 2021 Accounts Receivable Terex (1) $ 63 $ — RAM P&E (3) — — $ 63 $ — Accounts Payable Terex (1) $ 47 $ 23 Tadano (2) 7 180 $ 54 $ 203 Net Related Party Accounts $ 9 $ ( 203 ) The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Rent paid: Rabern Facility (4) $ 160 $ — $ 302 $ — Sales to: Terex (1) $ 75 $ 1 $ 165 $ 43 Tadano (2) 10 13 34 153 RAM P&E (3) — 23 27 110 Steven Berner (5) — — 80 — Total Sales $ 85 $ 37 $ 306 $ 306 Purchases from: Terex (1) $ 64 $ 122 $ 203 $ 355 Tadano (2) — 34 137 130 Total Purchases $ 64 $ 156 $ 340 $ 485 (1) Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (2) Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (3) RAM P&E is owned by the Company’s Executive Chairman’s daughter. (4) The Company leases its four Rabern facilities from an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments of $ 49 . The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The leases contain five additional renewal options of five years each. (5) The Company sold an automobile to Steven Berner, the General Manager of Rabern, for approximately $ 80 in April 2022, in connection with the Rabern acquisition. |
Restructuring
Restructuring | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 17. Restructuring On January 12, 2022, the Company announced a restructuring plan (the “Restructuring”) that will result in the closure of its Badger facility in Winona, Minnesota. As part of the Restructuring, the Company intends to move the manufacturing of its straight mast boom cranes and aerial platforms now produced in Winona, Minnesota, to its Georgetown, Texas, facility. The Restructuring is expected to be completed during 2023. Restructuring During the three and nine months ended September 30, 2022, the Company recorded less than $ 0.1 million of restructuring expense related to severance and travel expenses. The following is a summary of the Company’s restructuring activities as of September 30, 2022: For the Nine 2022 Balance at beginning of period $ — Restructuring expense 61 Balance at end of period $ 61 Assets held for sale As of September 30, 2022, the Company had $ 0.1 million classified as assets held for sale in the Condensed Consolidated Balance Sheets. These amounts relate to machinery & equipment in Winona, Minnesota, that are held for sale in connection with the Restructuring. The land and building were sold during April 2022 for approximately $ 1.8 million. |
Business Combination
Business Combination | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Business Combination | Note 18. Business Combination On April 11, 2022, Manitex entered into a Membership Interest Purchase Agreement (the “Purchase Agreement”), with Rabern and Steven Berner. Pursuant to the Purchase Agreement, the Company acquired a 70 % membership interest in Rabern for a purchase price of $ 26.7 million, subject to the various adjustments, escrows and other provisions of the Purchase Agreement. The Rabern acquisition closed on April 11, 2022 . A total of $ 5 million of the purchase price was held in escrow for various purposes, as described in the Purchase Agreement. Rabern is a construction equipment rental provider established in 1984 and primarily serves Northern Texas. The president and founder of Rabern, Steven Berner, retained a 30 % ownership interest and continues to run the operation as a stand-alone division of the Company. The purchase price is subject to adjustments based on the final calculation of working capital and the net book value of the rental fleet as of the date of the acquisition. The Company financed the acquisition by borrowings on the Company’s line of credit and a term loan. The acquisition of Rabern was accounted for as a business combination in accordance with Accounting Standards Codification ASC 805, Business Combinations, which requires allocation of the purchase price to the estimated fair values of assets acquired and liabilities assumed in the transaction. The preliminary fair value of the consideration transferred at the acquisition date was $ 41.3 million. Given the timing of the closing of the acquisition and the time necessary to complete the allocation of the purchase price to the identified assets, the initial accounting for the business combination was not finalized at the time the third quarter 2022 financial statements were issued. Adjustments to the valuation of Rabern’s assets and liabilities may be materially different due to possible changes as the purchase price allocation is completed. The financial results of Rabern beginning on April 11, 2022 are included in the Company's condensed consolidated financial statements and are reported in the Rental Equipment segment for the periods ended September 30, 2022. The amount of revenue and income from operations associated with the Rabern acquisition from the acquisition date to September 30, 2022 are included in the Company’s condensed consolidated financial statements for the periods ended September 30, 2022. The following table summarizes the purchase price allocations for the Rabern acquisition as of September 30, 2022: Total purchase consideration: Consideration $ 26,737 Revolving loan payoff 14,604 Net purchase consideration 41,341 Allocation of consideration to assets acquired and liabilities assumed: Cash 2,975 Net working capital 3,723 Other current assets 419 Fixed assets 27,658 Customer relationships 4,500 Trade name and trademarks 1,200 Goodwill 13,252 Deferred tax liability ( 2,496 ) Other current liabilities ( 926 ) Total fair value of assets acquired 50,305 Less: noncontrolling interests, net of taxes 8,964 Net assets acquired $ 41,341 The fair value of identifiable intangible assets is determined primarily using the relief from royalty approach and multi-period excess earnings method for trademarks and customer relationships, respectively. Fixed asset values were estimated using either the cost or market approach. Goodwill represents the amount by which the purchase price exceeds the estimated fair value of the net assets acquired. The Rabern acquisition was structured as a taxable purchase of 70 % of a partnership interest whereby Manitex and Mr. Berner subsequently contributed their respective membership interest in Rabern to a newly formed Delaware corporation. The partnership will make an IRC Section 754 Election which will give Manitex Section 743(b) step-up in the tax basis in the partnership assets for its acquired membership interest. The following table summarizes, on an unaudited pro forma basis, the combined results of operations of Rabern as though the acquisition had occurred as of January 1, 2021. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of January 1, 2021 or of future consolidated operating results. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenues $ 65,037 $ 56,691 $ 200,888 $ 173,885 Income before income taxes ( 2,878 ) 310 ( 4,938 ) 6,719 Net income (loss) ( 3,084 ) ( 912 ) ( 5,605 ) 5,123 Net income (loss) attributable to shareholders of ( 3,372 ) ( 1,394 ) ( 5,975 ) 4,023 Basic Net income (loss) ( 0.15 ) ( 0.05 ) ( 0.28 ) 0.26 Net income (loss) attributable to shareholders of ( 0.17 ) ( 0.07 ) ( 0.30 ) 0.20 Diluted Net income (loss) ( 0.15 ) ( 0.05 ) ( 0.28 ) 0.26 Net income (loss) attributable to shareholders of ( 0.17 ) ( 0.07 ) ( 0.30 ) 0.20 Pro forma results presented above primarily reflect the following adjustments: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization $ — $ 87 $ 87 $ 261 Depreciation — 455 455 1,365 Interest expense — 427 415 1,281 Transaction cost 37 2,236 2,236 2,236 Income tax expense of above items — 990 97 753 The amortization adjustment for the three and nine months ended September 30, 2022 and 2021 reflects the amortization resulting from the recognition of intangible assets at their fair values. The depreciation adjustment for the three and nine months ended September 30, 2022 and 2021 reflects the incremental depreciation resulting from the measurement of fixed assets at their fair values. The interest expense adjustment for the three and nine months ended September 30, 2022 and 2021 reflects the new revolving credit facility and term debt in connection with the acquisition of Rabern. For the three and nine months ended September 30 2022, the Company recorded less than $ 0.1 million and $ 2.2 million of acquisition-related expenses associated with the Rabern acquisition. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 19. Segment Information The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by the Chief Executive Officer, who is also the Company’s Chief Operating Decision Maker, for making decisions about the allocation of resources and assessing performance as the source of the Company’s reportable operating segments. The Company is a leading provider of engineered lifting solutions and equipment rentals. The Company operates in two business segments: the Lifting Equipment segment and the Rental Equipment segment. Lifting Equipment Segment The Lifting Equipment segment is a leading provider of engineered lifting solutions. The Company manufactures a comprehensive line of boom trucks, articulating cranes, truck cranes and sign cranes. The Company is also a manufacturer of specialized rough terrain cranes and material handling products. Through PM and Valla, two of the Company's Italian subsidiaries, the Company manufacturers truck- mounted hydraulic knuckle boom cranes and a full range of precision pick and carry industrial cranes using electric, diesel and hybrid power options. Rental Equipment Segment Through its recently acquired Rabern subsidiary, the Company’s Rental Equipment segment rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. The Company also rents equipment to homeowners for do-it-yourself projects. The following is financial information for our two operating segments: Lifting Equipment and Rental Equipment: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenues Lifting Equipment $ 57,433 $ 50,935 $ 181,190 $ 158,148 Rental Equipment 7,604 — 13,844 — Total revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 Operating income (loss) Lifting Equipment $ ( 394 ) $ ( 155 ) $ ( 1,925 ) $ 2,692 Rental Equipment 1,602 — 2,113 — Total operating income (loss) $ 1,208 $ ( 155 ) $ 188 $ 2,692 Depreciation and amortization Lifting Equipment $ 1,042 $ 1,086 $ 3,288 $ 3,339 Rental Equipment 1,573 — 3,243 — Total depreciation and amortization $ 2,615 $ 1,086 $ 6,531 $ 3,339 Capital expenditures Lifting Equipment $ 189 $ 105 $ 1,039 $ 666 Rental Equipment 3,663 — 12,623 — Total capital expenditures $ 3,852 $ 105 $ 13,662 $ 666 Three Months Ended Three Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 28,283 $ 7,604 $ 35,887 $ 19,078 $ — $ 19,078 Italy 7,983 — 7,983 7,984 — 7,984 Canada 6,129 — 6,129 5,982 — 5,982 Chile 3,057 — 3,057 3,339 — 3,339 France 1,617 — 1,617 1,763 — 1,763 Other 10,364 — 10,364 12,789 — 12,789 Total $ 57,433 $ 7,604 $ 65,037 $ 50,935 $ — $ 50,935 Nine Months Ended Nine Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 89,974 $ 13,844 $ 103,818 $ 60,900 $ — $ 60,900 Italy 22,649 — 22,649 24,536 — 24,536 Canada 15,872 — 15,872 14,307 — 14,307 Chile 8,601 — 8,601 9,677 — 9,677 France 8,003 — 8,003 8,217 — 8,217 Other 36,091 — 36,091 40,511 — 40,511 Total $ 181,190 $ 13,844 $ 195,034 $ 158,148 $ — $ 158,148 September 30, 2022 December 31, 2021 Lifting Rental Total Lifting Rental Total Assets by country United States $ 92,237 $ 65,511 $ 157,748 $ 85,244 $ — $ 85,244 Foreign Subsidiaries 81,794 — 81,794 94,531 — 94,531 Total $ 174,031 $ 65,511 $ 239,542 $ 179,775 $ — $ 179,775 |
Subsequent Events
Subsequent Events | 9 Months Ended |
Sep. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 20. Subsequent Events On October 19, 2022 , the Company agreed to settle various claims made by Custom Truck One Source, L.P. (“Custom Truck”) in connection with the sale of our Load King business to Custom Truck in 2015. In connection with this settlement, the Company agreed to pay Custom Truck an aggregate sum of $ 2.9 million, payable in ten equal quarterly installments, without interest. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s consolidated financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company’s U.S. banks is not fully insured by the FDIC due to the statutory limit of $ 250 . |
Restricted Cash | Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $ 188 and $ 222 at September 30, 2022 and December 31, 2021, respectively. |
Accounts Receivable and Allowance for Doubtful Accounts | Accounts Receivable and Allowance for Doubtful Accounts Trade accounts receivable are recorded at invoiced amount and do not bear interest. Allowance for doubtful accounts is the Company’s estimate of current expected credit losses on its existing accounts receivable and determined based on historical customer assessments and current financial conditions. Account balances are charged off against the allowance when the Company determines the receivable will not be recovered. There can be no assurance that the Company’s estimate of accounts receivable collection will be indicative of future results. The Company established an allowance for bad debt of $ 1,690 and $ 2,432 at September 30, 2022 and December 31, 2021. The Company also has, in some instances, a security interest in its accounts receivable until payment is received. |
Property, Equipment and Depreciation | Property, Equipment and Depreciation Property and equipment are stated at cost or the fair market value at the date of acquisition for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three and nine months ended September 30, 2022 was $ 1,899 and $ 4,388 , respectively. Depreciation expense for the three and nine months ended September 30, 2021 was $ 518 and $ 1,614 , respectively. |
Accrued Warranties | Accrued Warranties Warranty costs are accrued at the time revenue is recognized. The Company’s products are typically sold with a warranty covering defects that arise during a fixed period of time. The specific warranty offered is a function of customer expectations and competitive forces. A liability for estimated warranty claims is accrued at the time of sale. Such liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of September 30, 2022 and December 31, 2021, accrued warranties were $ 1,784 and $ 1,578 , respectively. |
Advertising | Advertising Advertising costs are expensed as incurred and were $ 133 and $ 591 for the three and nine months ended September 30, 2022, respectively. Advertising costs were $ 213 and $ 487 for the three and nine months ended September 30, 2021, respectively. |
Business Combinations | Business Combinations The Company accounts for acquisitions in accordance with guidance found in ASC 805, Business Combinations. The guidance requires consideration given, including contingent consideration, assets acquired and liabilities assumed to be valued at their fair market values at the acquisition date. The guidance further provides that: (1) acquisition costs will generally be expensed as incurred and (2) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records identifiable assets acquired and liabilities assumed at their estimated fair values as of the acquisition date. Goodwill is calculated as the excess of the aggregate of the fair value of the consideration transferred over the fair value of the net assets recognized. |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest is the equity interest of consolidated entities that is not owned by the Company. Noncontrolling interest is adjusted for the noncontrolling partners' share of earnings (losses) in accordance with the applicable agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying condensed consolidated statements of operations. |
Share-based Compensation | Share-based Compensation The Company has elected to account for restricted stock awards with market conditions using a graded vesting method. This method recognizes the compensation cost in the statement of operations over the requisite service period for each separately-vesting tranche of awards. |
Adoption of Highly Inflationary Accounting in Argentina | Adoption of Highly Inflationary Accounting in Argentina GAAP guidance requires the use of highly inflationary accounting for countries whose cumulative three-year inflation exceeds 100 percent. Under highly inflationary accounting, PM Group’s Argentina subsidiary’s functional currency became the Euro (its parent company’s reporting currency), and its income statement and balance sheet have been measured in Euros using both current and historical rates of exchange. The effect of changes in exchange rates on peso-denominated monetary assets and liabilities has been reflected in earnings in other (income) and expense, net and was not material. As of September 30, 2022, PM Group’s Argentina subsidiary had an insignificant net peso monetary position. Net sales of PM Group’s Argentina subsidiary were less than 5 % of our consolidated net sales for the nine months ended September 30, 2022 and year ended December 31, 2021. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Transactions | Transactions for the periods ended September 30, 2022 and 2021 are as follows: Nine months ended September 30, 2022 2021 Interest received in cash $ 3 $ 7 Interest paid in cash 2,308 1,369 Income tax payments in cash 536 925 Recognition of right-of-use asset and right-of-use liability 2,699 — Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: Cash and cash equivalents $ 11,677 $ 17,336 Restricted cash 188 228 Cash, cash equivalents and restricted cash at the end of year $ 11,865 $ 17,564 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Disaggregation of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table disaggregates our revenue for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Equipment sales $ 49,609 $ 43,422 $ 157,120 $ 134,123 Part sales 6,653 6,172 20,534 19,643 Rentals 6,629 149 11,865 561 Services 1,088 1,192 3,270 3,821 Merchandise sales and other 1,058 — 2,245 — Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 United States $ 35,887 $ 19,078 $ 103,818 $ 60,900 Italy 7,983 7,984 22,649 24,536 Canada 6,129 5,982 15,872 14,307 Chile 3,057 3,339 8,601 9,677 France 1,617 1,763 8,003 8,217 Other 10,364 12,789 36,091 40,511 Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 The sources of the Company’s revenues are summarized below for the three and nine months ended September 30, 2022: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Boom trucks, knuckle boom & truck cranes $ 32,394 $ 31,272 $ 108,361 $ 92,737 Aerial platforms 6,985 6,578 24,758 22,344 Part sales 6,653 6,172 20,534 19,643 Rentals 6,629 149 11,865 561 Services 1,088 1,192 3,270 3,821 Other equipment 10,230 5,572 24,001 19,042 Merchandise sales and other 1,058 — 2,245 — Total Revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the nine months ended September 30 as follows: September 30, September 30, Customer deposits $ 7,121 $ 2,363 Additional customer deposits received where revenue has not yet been recognized 9,438 5,004 Revenue recognized from customer deposits ( 12,472 ) ( 4,106 ) Effect of change in exchange rates ( 652 ) ( 160 ) Total customer deposits $ 3,435 $ 3,101 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is summary of items that the Company measures at fair value on a recurring basis: Fair Value at September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Forward currency exchange contracts $ — $ 11 $ — $ 11 Total recurring liabilities at fair value $ — $ 11 $ — $ 11 Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Assets: Forward currency exchange contracts $ — $ 75 $ — $ 75 Total current assets at fair value $ — $ 75 $ — $ 75 Liabilities: Valla contingent consideration $ — $ — $ 207 $ 207 Total liabilities at fair value $ — $ — $ 207 $ 207 |
Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | Fair Value Valla Liabilities: Balance at January 1, 2022 $ 207 Change in contingent liability consideration ( 202 ) Effect of changes in exchange rates ( 5 ) Balance at September 30, 2022 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Condensed Consolidated Balance Sheet as of September 30, 2022: Total derivatives NOT designated as a hedge instrument Fair Value Balance Sheet Location September 30, December 31, Asset Derivatives Foreign currency exchange contract Prepaid expense and other current assets $ — $ 75 Liabilities Derivatives Foreign currency exchange contract Accrued expenses $ 11 $ — |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three and nine months ended September 30, 2022 and 2021: Gain (loss) Gain (loss) Location of gain or Three Months Ended Nine Months Ended 2022 2021 2022 2021 Derivatives Not Designated For ward currency contract Foreign currency $ ( 107 ) $ 225 $ ( 267 ) $ 226 $ ( 107 ) $ 225 $ ( 267 ) $ 226 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: September 30, December 31, Raw materials and purchased parts, net $ 52,732 $ 42,983 Work in process, net 5,864 3,938 Finished goods, net 19,006 18,044 Inventory, net $ 77,602 $ 64,965 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets and accumulated amortization by category as of September 30, 2022 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 2 $ 15,847 $ ( 13,905 ) $ 1,942 Customer relationships 9 21,154 ( 13,278 ) 7,876 Trade names and trademarks 16 5,469 ( 2,747 ) 2,722 Software 4 237 ( 44 ) 193 Indefinite lived trade names 1,778 1,778 Total intangible assets, net $ 14,511 Intangible assets and accumulated amortization by category as of December 31, 2021 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 3 $ 16,848 $ ( 13,845 ) $ 3,003 Customer relationships 3 18,077 ( 13,017 ) 5,060 Trade names and trademarks 10 4,269 ( 2,595 ) 1,674 Software 5 160 ( 8 ) 152 Indefinite lived trade names 2,057 2,057 Total intangible assets, net $ 11,946 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the period ending September 30 for the next five years and subsequent is as follows: Amount 2023 $ 2,804 2024 2,804 2025 1,346 2026 787 2027 524 And subsequent 4,468 Total intangible assets currently to be amortized 12,733 Intangible assets with indefinite lives not amortized 1,778 Total intangible assets $ 14,511 |
Changes in Goodwill | Changes in goodwill for the nine months ended September 30, 2022 are as follows: 2022 2021 Balance January 1, $ 24,949 $ 27,472 Goodwill for Rabern acquisition 13,252 — Effect of change in exchange rates ( 2,186 ) ( 996 ) Balance September 30, $ 36,015 $ 26,476 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | September 30, December 31, Accrued payroll and benefits $ 5,576 $ 3,524 Accrued legal settlement 2,900 - Accrued expenses—other 1,860 1,263 Accrued warranty 1,784 1,578 Accrued vacation 1,380 1,701 Accrued income tax and other taxes 1,145 2,473 Total accrued expenses $ 14,645 $ 10,539 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: For the nine months ended September 30, 2022 2021 Balance January 1, $ 1,578 $ 1,292 Provision for warranties issued during the year 1,699 2,505 Warranty services provided ( 1,421 ) ( 2,343 ) Foreign currency translation ( 72 ) ( 33 ) Balance September 30, $ 1,784 $ 1,421 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt is summarized as follows: September 30, 2022 December 31, 2021 U.S. Credit Facilities $ 53,200 $ 12,800 U.S Term Loan 15,000 — PM Group Short-Term Working Capital Borrowings 14,344 15,676 PM Group Term Loan 10,780 12,472 Other 252 342 Total debt 93,576 41,290 Less: Debt issuance costs ( 109 ) ( 83 ) Debt, net of issuance costs $ 93,467 $ 41,207 |
Leases (Tables)
Leases (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases Classification September 30, 2022 December 31, 2021 Assets Operating lease assets Operating lease assets $ 5,474 $ 3,563 Financing lease assets Fixed assets, net 2,090 2,303 Total leased assets $ 7,564 $ 5,866 Liabilities Current Operating Current liabilities $ 1,613 $ 1,064 Financing Current liabilities 487 399 Non-current Operating Non-current liabilities 3,861 2,499 Financing Non-current liabilities 3,518 3,822 Total lease liabilities $ 9,479 $ 7,784 |
Schedule of Lease Cost | Three months ended September 30, Nine months ended September 30, Lease Cost Classification 2022 2021 2022 2021 Operating lease costs Operating lease assets $ 459 $ 315 $ 969 $ 1,017 Finance lease cost Amortization of Amortization 100 91 287 273 Interest on lease liabilities Interest expense 126 136 385 416 Lease cost $ 685 $ 542 $ 1,641 $ 1,706 |
Summary of Other Information Related to Leases | Three months ended September 30, Nine months ended September 30, Other Information 2022 2021 2022 2021 Cash paid for amounts included in the Operating cash flows from operating $ 459 $ 341 $ 969 $ 1,099 Operating cash flows from finance $ 126 $ 136 $ 385 $ 416 Financing cash flows from finance $ 113 $ 83 $ 313 $ 254 |
Schedule of Future Principal Minimum Lease Payments | Operating Leases Capital Leases 2023 $ 1,699 $ 952 2024 1,377 983 2025 1,137 997 2026 1,038 1,010 2027 910 1,041 And subsequent 124 624 Total undiscounted lease payments 6,285 5,607 Less interest ( 811 ) ( 1,602 ) Total liabilities $ 5,474 $ 4,005 Less current maturities ( 1,613 ) ( 487 ) Non-current lease liabilities $ 3,861 $ 3,518 |
Net Earnings (Loss) per Comm_2
Net Earnings (Loss) per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net income (loss) $ ( 3,084 ) $ ( 1,101 ) $ ( 4,957 ) $ 3,492 Net income attributable to noncontrolling interest 288 — 442 — Net income (loss) attributable to shareholders of $ ( 3,372 ) $ ( 1,101 ) $ ( 5,399 ) $ 3,492 Income (loss) per share Basic Net income (loss) $ ( 0.15 ) $ ( 0.06 ) $ ( 0.25 ) $ 0.18 Net income (loss) attributable to shareholders of $ ( 0.17 ) $ ( 0.06 ) $ ( 0.27 ) $ 0.18 Diluted Net income (loss) $ ( 0.15 ) $ ( 0.06 ) $ ( 0.25 ) $ 0.17 Net income (loss) attributable to shareholders of $ ( 0.17 ) $ ( 0.06 ) $ ( 0.27 ) $ 0.17 Weighted average common shares outstanding Basic 20,094,475 19,917,276 20,039,981 19,888,319 Diluted Basic 20,094,475 19,917,276 20,039,981 19,888,319 Dilutive effect of restricted stock units and stock options — — — 82,362 Basic and Dilutive 20,094,475 19,917,276 20,039,981 19,970,681 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | As of September 30, 2022 2021 Unvested restricted stock units 296,725 265,125 Options to purchase common stock 197,437 97,437 494,162 362,562 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the nine months ended September 30, 2022: Date of Issue Employees or Shares Issued Value of January 1, 2022 Employee 3,300 $ 6.36 March 6, 2022 Directors 8,160 8.06 March 6, 2022 Employees 23,866 8.06 March 8, 2022 Directors 12,000 7.82 March 8, 2022 Employee 29,262 7.82 March 13, 2022 Directors 10,200 7.71 March 13, 2022 Employees 17,893 7.71 April 11, 2022 Employee 38,800 7.39 June 2, 2022 Directors 18,000 7.07 June 3, 2022 Directors 5,940 7.02 July 5, 2022 Employee 16,120 6.27 August 14, 2022 Directors 10,200 5.80 193,741 $ 7.46 |
Summary of Common Stock Repurchases | The below table summarizes shares repurchased from employees during the current year through September 30, 2022: Date of Purchase Shares Closing Price March 6, 2022 6,035 $ 8.06 March 8, 2022 7,395 $ 7.82 March 13, 2022 3,924 $ 7.71 April 11, 2022 12,300 $ 7.39 July 5, 2022 4,725 $ 6.27 34,379 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units during the current year through September 30, 2022: September 30, Outstanding on January 1, 2022 286,227 Units granted during the period 226,000 Vested and issued ( 159,362 ) Vested-issued and repurchased for income tax withholding ( 34,379 ) Forfeited ( 21,761 ) Outstanding on September 30, 2022 296,725 |
Summary of Assumptions for Stock Options | On May 3, 2022, in connection with his appointment, Mr. Coffey was also granted 100,000 stock options with an exercise price of $ 4.13 per share. The options vest ratably on each of the first three anniversary dates of Mr. Coffey’s appointment date, subject to his continued service with the Company on each vesting date. Compensation expense related to the Company’s stock options was $ 66 and $ 118 for the three and nine months ended September 30, 2022, respectively, compared to $ 8 and $ 27 for the comparable prior periods. Additional compensation expense related to Mr. Coffey’s options will be $ 66 , $ 159 and $ 66 for the remainder of 2022, 2023 and 2024, respectively. Grant date Dividend yields — Expected volatility 55.0 % Risk free interest rate 3.02 % Expected life (in years) 6 Fair value of the option granted $ 4.13 |
Transactions between the Comp_2
Transactions between the Company and Related Parties (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Receivable and Accounts Payable with Related Parties | As of September 30, 2022 and December 31, 2021, the Company had accounts receivable and payable with related parties as shown below: September 30, 2022 December 31, 2021 Accounts Receivable Terex (1) $ 63 $ — RAM P&E (3) — — $ 63 $ — Accounts Payable Terex (1) $ 47 $ 23 Tadano (2) 7 180 $ 54 $ 203 Net Related Party Accounts $ 9 $ ( 203 ) |
Related Party Transactions | The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Rent paid: Rabern Facility (4) $ 160 $ — $ 302 $ — Sales to: Terex (1) $ 75 $ 1 $ 165 $ 43 Tadano (2) 10 13 34 153 RAM P&E (3) — 23 27 110 Steven Berner (5) — — 80 — Total Sales $ 85 $ 37 $ 306 $ 306 Purchases from: Terex (1) $ 64 $ 122 $ 203 $ 355 Tadano (2) — 34 137 130 Total Purchases $ 64 $ 156 $ 340 $ 485 (1) Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (2) Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. (3) RAM P&E is owned by the Company’s Executive Chairman’s daughter. (4) The Company leases its four Rabern facilities from an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments of $ 49 . The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The leases contain five additional renewal options of five years each. (5) The Company sold an automobile to Steven Berner, the General Manager of Rabern, for approximately $ 80 in April 2022, in connection with the Rabern acquisition. |
Restructuring (Tables)
Restructuring (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activities | The following is a summary of the Company’s restructuring activities as of September 30, 2022: For the Nine 2022 Balance at beginning of period $ — Restructuring expense 61 Balance at end of period $ 61 |
Business Combination (Tables)
Business Combination (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocations | The following table summarizes the purchase price allocations for the Rabern acquisition as of September 30, 2022: Total purchase consideration: Consideration $ 26,737 Revolving loan payoff 14,604 Net purchase consideration 41,341 Allocation of consideration to assets acquired and liabilities assumed: Cash 2,975 Net working capital 3,723 Other current assets 419 Fixed assets 27,658 Customer relationships 4,500 Trade name and trademarks 1,200 Goodwill 13,252 Deferred tax liability ( 2,496 ) Other current liabilities ( 926 ) Total fair value of assets acquired 50,305 Less: noncontrolling interests, net of taxes 8,964 Net assets acquired $ 41,341 |
Summary of Unaudited Pro Forma Information | The following table summarizes, on an unaudited pro forma basis, the combined results of operations of Rabern as though the acquisition had occurred as of January 1, 2021. The pro forma amounts presented are not necessarily indicative of either the actual consolidated results had the acquisition occurred as of January 1, 2021 or of future consolidated operating results. Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenues $ 65,037 $ 56,691 $ 200,888 $ 173,885 Income before income taxes ( 2,878 ) 310 ( 4,938 ) 6,719 Net income (loss) ( 3,084 ) ( 912 ) ( 5,605 ) 5,123 Net income (loss) attributable to shareholders of ( 3,372 ) ( 1,394 ) ( 5,975 ) 4,023 Basic Net income (loss) ( 0.15 ) ( 0.05 ) ( 0.28 ) 0.26 Net income (loss) attributable to shareholders of ( 0.17 ) ( 0.07 ) ( 0.30 ) 0.20 Diluted Net income (loss) ( 0.15 ) ( 0.05 ) ( 0.28 ) 0.26 Net income (loss) attributable to shareholders of ( 0.17 ) ( 0.07 ) ( 0.30 ) 0.20 Pro forma results presented above primarily reflect the following adjustments: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Amortization $ — $ 87 $ 87 $ 261 Depreciation — 455 455 1,365 Interest expense — 427 415 1,281 Transaction cost 37 2,236 2,236 2,236 Income tax expense of above items — 990 97 753 |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2022 | |
Segment Reporting [Abstract] | |
Summary of Financial Information of Operating Segments | The following is financial information for our two operating segments: Lifting Equipment and Rental Equipment: Three Months Ended Nine Months Ended 2022 2021 2022 2021 Net revenues Lifting Equipment $ 57,433 $ 50,935 $ 181,190 $ 158,148 Rental Equipment 7,604 — 13,844 — Total revenue $ 65,037 $ 50,935 $ 195,034 $ 158,148 Operating income (loss) Lifting Equipment $ ( 394 ) $ ( 155 ) $ ( 1,925 ) $ 2,692 Rental Equipment 1,602 — 2,113 — Total operating income (loss) $ 1,208 $ ( 155 ) $ 188 $ 2,692 Depreciation and amortization Lifting Equipment $ 1,042 $ 1,086 $ 3,288 $ 3,339 Rental Equipment 1,573 — 3,243 — Total depreciation and amortization $ 2,615 $ 1,086 $ 6,531 $ 3,339 Capital expenditures Lifting Equipment $ 189 $ 105 $ 1,039 $ 666 Rental Equipment 3,663 — 12,623 — Total capital expenditures $ 3,852 $ 105 $ 13,662 $ 666 |
Summary of Net Sales by Country | Three Months Ended Three Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 28,283 $ 7,604 $ 35,887 $ 19,078 $ — $ 19,078 Italy 7,983 — 7,983 7,984 — 7,984 Canada 6,129 — 6,129 5,982 — 5,982 Chile 3,057 — 3,057 3,339 — 3,339 France 1,617 — 1,617 1,763 — 1,763 Other 10,364 — 10,364 12,789 — 12,789 Total $ 57,433 $ 7,604 $ 65,037 $ 50,935 $ — $ 50,935 Nine Months Ended Nine Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 89,974 $ 13,844 $ 103,818 $ 60,900 $ — $ 60,900 Italy 22,649 — 22,649 24,536 — 24,536 Canada 15,872 — 15,872 14,307 — 14,307 Chile 8,601 — 8,601 9,677 — 9,677 France 8,003 — 8,003 8,217 — 8,217 Other 36,091 — 36,091 40,511 — 40,511 Total $ 181,190 $ 13,844 $ 195,034 $ 158,148 $ — $ 158,148 |
Summary of Net Assets by Country | September 30, 2022 December 31, 2021 Lifting Rental Total Lifting Rental Total Assets by country United States $ 92,237 $ 65,511 $ 157,748 $ 85,244 $ — $ 85,244 Foreign Subsidiaries 81,794 — 81,794 94,531 — 94,531 Total $ 174,031 $ 65,511 $ 239,542 $ 179,775 $ — $ 179,775 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
Apr. 11, 2022 USD ($) | Sep. 30, 2022 Segment | Sep. 30, 2022 Segment | |
Partnership Organization And Basis Of Presentation [Line Items] | |||
Number of reportable segments | 2 | ||
Number of operating segment | 5 | 2 | |
Number of reporting units | 6 | ||
Rabern Rentals L L C [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Purchase price | $ | $ 41,341 | ||
Rabern Rentals L L C [Member] | Membership Interest Purchase Agreement [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Percentage of membership interest acquired | 70% | ||
Purchase price | $ | $ 26,700 | ||
Rabern Rentals L L C [Member] | Steven Berner [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Percentage of membership interest acquired | 100% | ||
Rabern Rentals L L C [Member] | Steven Berner [Member] | Membership Interest Purchase Agreement [Member] | |||
Partnership Organization And Basis Of Presentation [Line Items] | |||
Percentage of membership interest acquired | 30% |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Schedule of Supplemental Cash Flow Transactions (Detail) - USD ($) $ in Thousands | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Interest received in cash | $ 3 | $ 7 | ||
Interest paid in cash | 2,308 | 1,369 | ||
Income tax payments in cash | 536 | 925 | ||
Recognition of right-of-use asset and right-of-use liability | 2,699 | |||
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||||
Cash and cash equivalents | 11,677 | 17,336 | ||
Restricted cash | 188 | 228 | $ 222 | |
Cash, cash equivalents and restricted cash at the end of year | $ 11,865 | $ 17,564 | $ 21,581 | $ 17,401 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||||||
Statutory limit of highly liquid investments | $ 250 | $ 250 | ||||
Cash – restricted | 188 | $ 228 | 188 | $ 228 | $ 222 | |
Allowance for bad debt | 1,690 | 1,690 | 2,432 | |||
Depreciation Expense | 1,899 | 518 | 4,388 | 1,614 | ||
Accrued warranties | 1,784 | 1,421 | 1,784 | 1,421 | $ 1,578 | $ 1,292 |
Advertising costs | $ 133 | $ 213 | $ 591 | $ 487 | ||
Maximum [Member] | Argentina [Member] | PM Argentina [Member] | Sales Revenue, Net [Member] | Customer Concentration Risk [Member] | ||||||
Accounting Policies [Line Items] | ||||||
Net sales in percentage as compared to consolidated net sales | 5% | 5% |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
Equipment Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 49,609 | 43,422 | 157,120 | 134,123 |
Part Sales [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 6,653 | 6,172 | 20,534 | 19,643 |
Rentals [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 6,629 | 149 | 11,865 | 561 |
Services [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 1,088 | $ 1,192 | 3,270 | $ 3,821 |
Merchandise Sales and Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 1,058 | $ 2,245 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
United States [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 35,887 | 19,078 | 103,818 | 60,900 |
Italy [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 7,983 | 7,984 | 22,649 | 24,536 |
Canada [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 6,129 | 5,982 | 15,872 | 14,307 |
Chile [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 3,057 | 3,339 | 8,601 | 9,677 |
France [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | 1,617 | 1,763 | 8,003 | 8,217 |
Other [Member] | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total Revenue | $ 10,364 | $ 12,789 | $ 36,091 | $ 40,511 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 32,394 | 31,272 | 108,361 | 92,737 |
Aerial Platforms [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 6,985 | 6,578 | 24,758 | 22,344 |
Part Sales [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 6,653 | 6,172 | 20,534 | 19,643 |
Rentals [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 6,629 | 149 | 11,865 | 561 |
Services [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 1,088 | 1,192 | 3,270 | 3,821 |
Other Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | 10,230 | $ 5,572 | 24,001 | $ 19,042 |
Merchandise Sales and Other [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Total Revenue | $ 1,058 | $ 2,245 |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Revenue from Contract with Customer [Abstract] | ||||
Customer deposits | $ 3,435 | $ 7,121 | $ 3,101 | $ 2,363 |
Revenue Recognition - Summary_4
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Customer deposits | $ 7,121 | $ 2,363 |
Additional customer deposits received where revenue has not yet been recognized | 9,438 | 5,004 |
Revenue recognized from customer deposits | (12,472) | (4,106) |
Effect of change in exchange rates | (652) | (160) |
Total customer deposits | $ 3,435 | $ 3,101 |
Fair Value Measurements - Summa
Fair Value Measurements - Summary of Items Measures at Fair Value on Recurring Basis (Detail) - Fair Value Measurements Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | $ 75 | |
Total liabilities at fair value | $ 11 | 207 |
Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 207 | |
Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 75 | |
Total liabilities at fair value | 11 | |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 75 | |
Total liabilities at fair value | 11 | |
Level 2 [Member] | Forward Currency Exchange Contracts [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 75 | |
Total liabilities at fair value | $ 11 | |
Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | 207 | |
Level 3 [Member] | Valla Contingent Consideration [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total liabilities at fair value | $ 207 |
Fair Value Measurements - Sum_2
Fair Value Measurements - Summary of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation (Detail) - Level 3 [Member] - Valla Contingent Consideration [Member] $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Liabilities: | |
Beginning Balance | $ 207 |
Change in contingent liability consideration | (202) |
Effect of changes in exchange rates | $ (5) |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 9 Months Ended | ||
Sep. 30, 2022 CLP ($) ForwardContract | Sep. 30, 2022 EUR (€) ForwardContract | Sep. 30, 2021 ForwardContract | |
Forward Currency Contracts [Member] | Derivatives Designated as Hedge Instrument [Member] | Designated as Cash Flow Hedges [Member] | |||
Derivative [Line Items] | |||
Number of forward currency exchange contracts | ForwardContract | 0 | 0 | 0 |
First and Second Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contract maturity date | Oct. 28, 2022 | ||
First Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | € | € 2,296,000 | ||
First Forward Currency Contracts [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,200,000,000 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Fair Value Amounts of Derivative Instruments Reported in Consolidated Balance Sheets (Detail) - Derivatives Not Designated as Hedge Instrument [Member] - Foreign Currency Exchange Contract [Member] - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 75 | |
Liabilities Derivatives | $ 11 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Derivatives Fair Value [Line Items] | ||||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign Currency Transaction Gain (Loss), before Tax | Foreign Currency Transaction Gain (Loss), before Tax | Foreign Currency Transaction Gain (Loss), before Tax | Foreign Currency Transaction Gain (Loss), before Tax |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ (107) | $ 225 | $ (267) | $ 226 |
Forward Currency Contracts [Member] | Forward Currency Contract [Member] | Derivatives Not Designated as Hedge Instrument [Member] | ||||
Derivatives Fair Value [Line Items] | ||||
Gain (loss) recognized in statement of operations | $ (107) | $ 225 | $ (267) | $ 226 |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 52,732 | $ 42,983 |
Work in process, net | 5,864 | 3,938 |
Finished goods, net | 19,006 | 18,044 |
Inventory, net | $ 77,602 | $ 64,965 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 8,072 | $ 9,894 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2021 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 14,511 | $ 11,946 |
Indefinite lived trade names | 1,778 | 2,057 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 15,847 | 16,848 |
Accumulated Amortization | (13,905) | (13,845) |
Total intangible assets, net | $ 1,942 | $ 3,003 |
Weighted Average Amortization Period (in years) | 2 years | 3 years |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 21,154 | $ 18,077 |
Accumulated Amortization | (13,278) | (13,017) |
Total intangible assets, net | $ 7,876 | $ 5,060 |
Weighted Average Amortization Period (in years) | 9 years | 3 years |
Software [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 237 | $ 160 |
Accumulated Amortization | (44) | (8) |
Total intangible assets, net | $ 193 | $ 152 |
Weighted Average Amortization Period (in years) | 4 years | 5 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (2,747) | $ (2,595) |
Total intangible assets, net | $ 2,722 | $ 1,674 |
Weighted Average Amortization Period (in years) | 16 years | 10 years |
Gross Carrying Amount | $ 5,469 | $ 4,269 |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,778 | $ 2,057 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | Dec. 31, 2021 | |
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Amortization expense | $ 716 | $ 568 | $ 2,143 | $ 1,725 | |
Goodwill impairment | $ 1,100 | ||||
Customer Relationships [Member] | |||||
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Weighted Average Amortization Period (in years) | 9 years | 3 years | |||
Rabern Rentals, LLC [Member] | Customer Relationships [Member] | |||||
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Customer relationships | $ 4,500 | ||||
Weighted Average Amortization Period (in years) | 15 years | ||||
Rabern Rentals, LLC [Member] | Trademarks [Member] | |||||
Finite And Infinite Lived Intangible Assets [Line Items] | |||||
Customer relationships | $ 1,200 | ||||
Weighted Average Amortization Period (in years) | 25 years |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 2,804 | |
2024 | 2,804 | |
2025 | 1,346 | |
2026 | 787 | |
2027 | 524 | |
And subsequent | 4,468 | |
Total intangible assets currently to be amortized | 12,733 | |
Intangible assets with indefinite lives not amortized | 1,778 | |
Total intangible assets, net | $ 14,511 | $ 11,946 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | $ 24,949 | |
Ending Balance | 36,015 | |
Rabern Rentals, LLC [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Beginning Balance | 24,949 | $ 27,472 |
Goodwill for Rabern acquisition | 13,252 | |
Effect of change in exchange rates | (2,186) | (996) |
Ending Balance | $ 36,015 | $ 26,476 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and benefits | $ 5,576 | $ 3,524 |
Accrued legal settlement | 2,900 | |
Accrued expenses—other | 1,860 | 1,263 |
Accrued warranty | 1,784 | 1,578 |
Accrued vacation | 1,380 | 1,701 |
Accrued income tax and other taxes | 1,145 | 2,473 |
Total accrued expenses | $ 14,645 | $ 10,539 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,578 | $ 1,292 |
Provision for warranties issued during the year | 1,699 | 2,505 |
Warranty services provided | (1,421) | (2,343) |
Foreign currency translation | (72) | (33) |
Ending Balance | $ 1,784 | $ 1,421 |
Credit Facilities and Debt - Su
Credit Facilities and Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 93,576 | $ 41,290 |
Less: Debt issuance costs | (109) | (83) |
Debt, net of issuance costs | 93,467 | 41,207 |
U.S. Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 53,200 | 12,800 |
PM Group Short-Term Working Capital Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 14,344 | 15,676 |
U.S Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 15,000 | |
PM Group Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 10,780 | 12,472 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 252 | $ 342 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities and Term Loan (Detail) - USD ($) | 9 Months Ended | ||
Apr. 11, 2022 | Sep. 30, 2022 | Dec. 31, 2021 | |
Line Of Credit Facility [Line Items] | |||
Debt issuance cost | $ 109,000 | $ 83,000 | |
Book value of debt | 93,467,000 | 41,207,000 | |
Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Minimum net worth required | $ 80,000,000 | ||
Amarillo National Bank Financing [Member] | Minimum [Member] | |||
Line Of Credit Facility [Line Items] | |||
Debt service coverage ratio | 1.25 | ||
CIBC Bank USA [Member] | |||
Line Of Credit Facility [Line Items] | |||
Payment to lenders | $ 12,800,000 | ||
U.S. Credit Facilities [Member] | CIBC Bank USA [Member] | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility | $ 53,200,000 | 12,800,000 | |
Revolving credit facility, maturity date | Jul. 20, 2023 | ||
Debt issuance cost | $ 100,000 | 100,000 | |
Book value of debt | 53,200,000 | $ 12,700,000 | |
Revolving Credit Facility [Member] | U.S. Credit Facilities [Member] | CIBC Bank USA [Member] | |||
Line Of Credit Facility [Line Items] | |||
Maximum borrowing capacity | 30,000,000 | ||
Bank Term Loan Facility [Member] | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility | 15,000,000 | ||
Debt issuance cost | 100,000 | ||
Book value of debt | $ 14,900,000 | ||
Commercial Credit Agreement [Member] | Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility interest rate description | Borrowings under the revolving credit facilities and the term loan bear interest at a floating rate equal to the Prime Rate plus 0.5%. | ||
Revolving credit facility, payment description | The revolving credit facilities require monthly interest payments with the full principal balance coming due at maturity, and the $30,000 revolving credit facility requires quarterly payments in the amount of 3% of the outstanding balance thereunder on a quarterly basis beginning on January 1, 2023. | ||
Commercial Credit Agreement [Member] | Prime Rate [Member] | Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Interest rate | 0.50% | ||
Commercial Credit Agreement [Member] | Revolving Credit Facility [Member] | Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility | $ 40,000,000 | ||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||
Unused line fee | 0.125% | ||
Unused line fee, payment description | payable semi-annually | ||
Commercial Credit Agreement [Member] | Revolving Credit Facility [Member] | Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Revolving credit facility | $ 30,000,000 | ||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||
Revolving credit facility, payment commencing date | Jan. 01, 2023 | ||
Commercial Credit Agreement [Member] | Bank Term Loan Facility [Member] | Amarillo National Bank Financing [Member] | |||
Line Of Credit Facility [Line Items] | |||
Bank loans | $ 15,000,000 | ||
Term loan, maturity date | Oct. 11, 2029 | ||
Term loan, payment commencing date | Nov. 11, 2022 |
Credit Facilities and Debt - _2
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - Short-term Working Capital Borrowings [Member] - PM Group [Member] | 9 Months Ended | 12 Months Ended |
Sep. 30, 2022 USD ($) Bank | Dec. 31, 2021 USD ($) Bank | |
Line Of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 19,245,000 | $ 21,449,000 |
Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 5 | 5 |
Short-term debt | $ 13,574,000 | $ 14,874,000 |
Spain [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 1 | 1 |
Short-term debt | $ 0 | $ 0 |
South America [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 12 | 12 |
Short-term debt | $ 197,000 | $ 463,000 |
South America [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 8% | 8% |
South America [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Working capital borrowing interest rate | 55% | 55% |
Romania [Member] | ||
Line Of Credit Facility [Line Items] | ||
Number of banks which PM Group established demand credit and overdraft facilities | Bank | 1 | 1 |
Short-term debt | $ 343,000 | |
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 2% | 2% |
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Minimum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 1.75% | 1.75% |
3-month Euribor [Member] | Advances on orders, invoices, and letter of credit [Member] | Italy [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 2.70% | 2.70% |
3-month Euribor [Member] | Cash Facilities [Member] | Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 4.50% | 4.50% |
Credit Facilities and Debt - _3
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla Contingent Consideration [Member] $ in Thousands | Sep. 30, 2022 USD ($) Bank | Dec. 31, 2021 USD ($) Bank |
Credit Facilities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 489 | $ 489 |
Revolving credit facility | $ 230 | $ 339 |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | Bank | 2 | 2 |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 1.67% | 1.67% |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 5.75% | 5.75% |
Credit Facilities and Debt - _4
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) - PM Group [Member] - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Unsecured Debt [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 5,655 | $ 6,542 |
Debt Instrument Interest Rate | 3.50% | 3.50% |
Debt instrument interest rate | 3.50% | 3.50% |
Annual payments | $ 1,500 | |
Bank Term Loan Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 5,125 | $ 5,930 |
Bank Term Loan Facility [Member] | Notes Payable to Bank [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument Interest Rate | 3.50% | 3.50% |
Annual principal payments, 2026 | $ 600 | |
Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument periodic payment terms balloon payment to be paid | $ 2,937 | |
Debt instrument ending date for principal payments | 2026 |
Leases - Additional Information
Leases - Additional Information (Detail) - ConsolidatedVariableInterestEntity | 9 Months Ended | |
Sep. 30, 2022 | Dec. 31, 2021 | |
Leases [Abstract] | ||
Lease renewal term | Most leases include one or more options to renew, with renewal terms that can extend the lease term. | |
Weighted average remaining useful life for operating leases | 4 years 2 months 12 days | |
Weighted average remaining useful life for finance leases | 5 years | |
Weighted average discount rate for operating leases | 5.20% | |
Weighted average discount rate for finance leases | 12.40% | |
Number of consolidated variable interest entities | 0 | 0 |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Assets | ||
Operating lease assets | $ 5,474 | $ 3,563 |
Financing lease assets | 2,090 | 2,303 |
Total leased assets | 7,564 | 5,866 |
Current | ||
Operating | 1,613 | 1,064 |
Financing | 487 | 399 |
Non-current | ||
Operating | 3,861 | 2,499 |
Financing | 3,518 | 3,822 |
Total lease liabilities | $ 9,479 | $ 7,784 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Lease Cost | ||||
Operating lease costs | $ 459 | $ 315 | $ 969 | $ 1,017 |
Finance lease cost | ||||
Amortization of leased assets | 100 | 91 | 287 | 273 |
Interest on lease liabilities | 126 | 136 | 385 | 416 |
Lease cost | $ 685 | $ 542 | $ 1,641 | $ 1,706 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||||
Operating cash flows from operating leases | $ 459 | $ 341 | $ 969 | $ 1,099 |
Operating cash flows from finance leases | 126 | 136 | 385 | 416 |
Financing cash flows from finance leases | $ 113 | $ 83 | $ 313 | $ 254 |
Leases - Schedule of Future Pri
Leases - Schedule of Future Principal Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 1,699 | |
2024 | 1,377 | |
2025 | 1,137 | |
2026 | 1,038 | |
2027 | 910 | |
And subsequent | 124 | |
Total undiscounted lease payments | 6,285 | |
Less interest | (811) | |
Total liabilities | 5,474 | |
Less current maturities | (1,613) | $ (1,064) |
Operating | 3,861 | 2,499 |
Capital Leases | ||
2023 | 952 | |
2024 | 983 | |
2025 | 997 | |
2026 | 1,010 | |
2027 | 1,041 | |
And subsequent | 624 | |
Total undiscounted lease payments | 5,607 | |
Less interest | (1,602) | |
Total liabilities | 4,005 | |
Less current maturities | (487) | (399) |
Financing | $ 3,518 | $ 3,822 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Income Taxes Disclosure [Line Items] | ||||
Income tax (benefit) provision | $ 206 | $ 234 | $ 570 | $ 843 |
Discrete income tax expense (benefit) | $ (16) | $ 5 | $ (216) | $ (481) |
Annual effective tax rate | 7.20% | 27% | 13% | 19.50% |
Pretax income (loss) | $ (2,878) | $ (867) | $ (4,387) | $ 4,335 |
Annual statutory tax rates | 21% | 21% | ||
Total unrecognized tax benefits | $ 2,900 | $ 3,100 | $ 2,900 | $ 3,100 |
Audit adjustments tax period | 2016 | |||
Romania Income Tax [Member] | Earliest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2012 | |||
Romania Income Tax [Member] | Latest Tax Year [Member] | ||||
Income Taxes Disclosure [Line Items] | ||||
Audit adjustments tax period | 2016 |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (3,084) | $ (1,101) | $ (4,957) | $ 3,492 |
Net income attributable to noncontrolling interest | 288 | 442 | ||
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (3,372) | $ (1,101) | $ (5,399) | $ 3,492 |
Basic | ||||
Net income (loss) | $ (0.15) | $ (0.06) | $ (0.25) | $ 0.18 |
Net income (loss) attributable to shareholders of Manitex International, Inc. | (0.17) | (0.06) | (0.27) | 0.18 |
Diluted | ||||
Net income (loss) | (0.15) | (0.06) | (0.25) | 0.17 |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (0.17) | $ 0.06 | $ (0.27) | $ 0.17 |
Weighted average common shares outstanding | ||||
Basic | 20,094,475 | 19,917,276 | 20,039,981 | 19,888,319 |
Diluted | ||||
Basic | 20,094,475 | 19,917,276 | 20,039,981 | 19,888,319 |
Dilutive effect of restricted stock units and stock options | 82,362 | |||
Basic and Dilutive | 20,094,475 | 19,917,276 | 20,039,981 | 19,970,681 |
Net Earnings (Loss) per Commo_2
Net Earnings (Loss) per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 9 Months Ended | |
Sep. 30, 2022 | Sep. 30, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 494,162 | 362,562 |
Unvested Restricted Stock Units [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 296,725 | 265,125 |
Options to Purchase Common Stock [Member] | ||
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 197,437 | 97,437 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) | 9 Months Ended |
Sep. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 193,741 |
Value of Shares Issued | $ | $ 7,460 |
Employee [Member] | January 1, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 3,300 |
Value of Shares Issued | $ | $ 6,360 |
Employee [Member] | March 6, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 23,866 |
Value of Shares Issued | $ | $ 8,060 |
Employee [Member] | March 8, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 29,262 |
Value of Shares Issued | $ | $ 7,820 |
Employee [Member] | March 13, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 17,893 |
Value of Shares Issued | $ | $ 7,710 |
Employee [Member] | April 11, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 38,800 |
Value of Shares Issued | $ | $ 7,390 |
Employee [Member] | July 5, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 16,120 |
Value of Shares Issued | $ | $ 6,270 |
Directors [Member] | March 6, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 8,160 |
Value of Shares Issued | $ | $ 8,060 |
Directors [Member] | March 8, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 12,000 |
Value of Shares Issued | $ | $ 7,820 |
Directors [Member] | March 13, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 10,200 |
Value of Shares Issued | $ | $ 7,710 |
Directors [Member] | June 2, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 18,000 |
Value of Shares Issued | $ | $ 7,070 |
Directors [Member] | June 3, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 5,940 |
Value of Shares Issued | $ | $ 7,020 |
Directors [Member] | August 14, 2022 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 10,200 |
Value of Shares Issued | $ | $ 5,800 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 9 Months Ended |
Sep. 30, 2022 $ / shares shares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 34,379 |
March 6, 2022 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 6,035 |
Closing Price on Date of Purchase | $ / shares | $ 8.06 |
March 8, 2022 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 7,395 |
Closing Price on Date of Purchase | $ / shares | $ 7.82 |
March 13, 2022 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 3,924 |
Closing Price on Date of Purchase | $ / shares | $ 7.71 |
April 11, 2022 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 12,300 |
Closing Price on Date of Purchase | $ / shares | $ 7.39 |
July 5, 2022 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 4,725 |
Closing Price on Date of Purchase | $ / shares | $ 6.27 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 9 Months Ended |
Sep. 30, 2022 shares | |
Equity [Abstract] | |
Outstanding on January 1, 2022 | 286,227 |
Units granted during the period | 226,000 |
Vested and issued | (159,362) |
Vested-issued and repurchased for income tax withholding | (34,379) |
Forfeited | (21,761) |
Outstanding on September 30, 2022 | 296,725 |
Equity - Additional Information
Equity - Additional Information - Restricted Stock Award (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Compensation expense related to restricted stock units | $ 298 | $ 231 | $ 1,026 | $ 789 |
Compensation expense related to restricted stock awards and stock options for remainder of 2022 | 228 | 228 | ||
Compensation expense related to restricted stock awards and stock options granted for year 2023 | 769 | 769 | ||
Compensation expense related to restricted stock awards and stock options granted for year 2024 | $ 509 | $ 509 |
Equity - Additional Informati_2
Equity - Additional Information - Restricted Stock Award with Market Conditions (Detail) $ in Thousands | 3 Months Ended | 9 Months Ended | |
May 03, 2022 USD ($) Simulation shares | Sep. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award granted | shares | 226,000 | ||
Restricted Stock Award with Market Conditions [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock award granted | shares | 490,000 | ||
Fair value of market conditions | $ 2,200 | ||
Average number of simulation runs | Simulation | 20,000 | ||
Expected term | 3 years | ||
Expected volatility rate | 60% | ||
Risk free interest rate | 2.94% | ||
Compensation expense related to restricted stock units | $ 386 | $ 566 | |
Compensation expense related to restricted stock awards and stock options for remainder of 2022 | 340 | 340 | |
Compensation expense related to restricted stock awards and stock options granted for year 2023 | 990 | 990 | |
Compensation expense related to restricted stock awards and stock options granted for year 2024 | $ 269 | $ 269 |
Equity - Additional Informati_3
Equity - Additional Information - Restricted Stock Award with Market and Performance Conditions (Detail) - USD ($) $ / shares in Units, $ in Thousands | 9 Months Ended | |
May 03, 2022 | Sep. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock award granted | 226,000 | |
Restricted Stock Award with Market and Performance Conditions [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock award granted | 100,000 | |
Per share consideration for common stock exceeds | $ 10 | |
Fair value of market conditions | $ 481 | |
Expected term | 3 years | |
Expected volatility rate | 60% | |
Risk free interest rate | 2.95% |
Equity - Additional Informati_4
Equity - Additional Information - Stock Options (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 03, 2022 | Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Class Of Warrant Or Right [Line Items] | |||||
Stock options granted | 100,000 | ||||
Stock options granted, exercise price per share | $ 4.13 | ||||
Stock options vesting period | 3 years | ||||
Compensation expense related to stock options | $ 66 | $ 8 | $ 118 | $ 27 | |
Compensation expense related to restricted stock awards and stock options for remainder of 2022 | 66 | 66 | |||
Compensation expense related to restricted stock awards and stock options granted for year 2023 | 159 | 159 | |||
Compensation expense related to restricted stock awards and stock options granted for year 2024 | $ 66 | $ 66 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions for Stock Options (Detail) - Stock Options [Member] | May 03, 2022 $ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility rate | 55% |
Risk free interest rate | 3.02% |
Expected term | 6 years |
Fair value of the option granted | $ 4.13 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | 9 Months Ended | |
May 05, 2011 Agreement Plaintiff | Sep. 30, 2022 USD ($) Installment | |
Loss Contingencies [Line Items] | ||
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 855,000 | |
Number of installments for the payment of product liability settlement | Installment | 9 | |
Annual installment amount | $ 95,000 | |
Settlement agreements date | May 5, 2011 | |
Settlement payment terms | the Company has a remaining obligation under these agreements to pay the plaintiffs $855 without interest in 9 annual installments of $95 on or before May 22 of each year. | |
Estimated Reserve for Product Liability Claims, change in period | 12 months | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retentions amount | $ 50,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retentions amount | $ 500,000 |
Transactions between the Comp_3
Transactions between the Company and Related Parties - Additional Information (Detail) $ in Millions | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
RAM P&E [Member] | Maximum [Member] | |
Related Party Transaction [Line Items] | |
Invoiced amount for business | $ 0.1 |
Transactions between the Comp_4
Transactions between the Company and Related Parties - Schedule of Accounts Receivable and Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||
Accounts Receivable | $ 63 | ||
Accounts Payable | 54 | $ 203 | |
Net Related Party Accounts Receivable/(Payable) | 9 | 203 | |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Receivable | [1] | 63 | |
Accounts Payable | [1] | 47 | 23 |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [2] | $ 7 | $ 180 |
[1] Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | ||
Related Party Transaction [Line Items] | |||||
Total Sales | $ 85 | $ 37 | $ 306 | $ 306 | |
Total Purchases | 64 | 156 | 340 | 485 | |
Rabern Rentals, LLC [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [1] | 160 | 302 | ||
Terex Corporation [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [2] | 75 | 1 | 165 | 43 |
Total Purchases | [2] | 64 | 122 | 203 | 355 |
Tadano [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [3] | $ 10 | 13 | 34 | 153 |
Total Purchases | [3] | 34 | 137 | 130 | |
RAM P&E [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [4] | $ 23 | 27 | $ 110 | |
Steven Berner [Member] | |||||
Related Party Transaction [Line Items] | |||||
Total Sales | [5] | $ 80 | |||
[1] The Company leases its four Rabern facilities from an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments of $ 49 . The Company is also responsible for all the associated operations expenses, including insurance, property taxes, and repairs. The leases contain five additional renewal options of five years each. Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. RAM P&E is owned by the Company’s Executive Chairman’s daughter. The Company sold an automobile to Steven Berner, the General Manager of Rabern, for approximately $ 80 in April 2022, in connection with the Rabern acquisition. |
Transactions between the Comp_6
Transactions between the Company and Related Parties - Related Party Transactions (Parenthetical) (Detail) - Steven Berner [Member] $ in Thousands | 1 Months Ended | 9 Months Ended |
Apr. 30, 2022 USD ($) | Sep. 30, 2022 USD ($) Facility | |
Related Party Transaction [Line Items] | ||
Number of facilities leased | Facility | 4 | |
Monthly lease payment | $ 49 | |
Number of renewal options | 5 | |
Renewal term | 5 years | |
Automobile sold, price | $ 80 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended |
Apr. 30, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | |
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 61,000 | ||
Assets held for sale | $ 75,000 | 75,000 | |
Proceeds from the sale of fixed assets | $ 1,800,000 | 1,909,000 | |
Other Current Assets [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Assets held for sale | 100,000 | 100,000 | |
Maximum [Member] | Severance and Travel Expenses [Member] | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring expense | $ 100,000 | $ 100,000 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activities (Detail) $ in Thousands | 9 Months Ended |
Sep. 30, 2022 USD ($) | |
Restructuring Reserve [Roll Forward] | |
Restructuring expense | $ 61 |
Balance at end of period | $ 61 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |
Apr. 11, 2022 | Sep. 30, 2022 | Sep. 30, 2022 | |
Business Acquisition [Line Items] | |||
Transaction costs | $ 37,000 | $ 2,236,000 | |
Rabern Rentals, LLC [Member] | |||
Business Acquisition [Line Items] | |||
Purchase price | $ 41,341,000 | ||
Transaction costs | $ 2,200,000 | ||
Rabern Rentals, LLC [Member] | Maximum [Member] | |||
Business Acquisition [Line Items] | |||
Transaction costs | $ 100,000 | ||
Rabern Rentals, LLC [Member] | Steven Berner [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of membership interest acquired | 100% | ||
Rabern Rentals, LLC [Member] | Membership Interest Purchase Agreement [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of membership interest acquired | 70% | ||
Purchase price | $ 26,700,000 | ||
Acquisition closed date | Apr. 11, 2022 | ||
Amount held in escrow | $ 5,000,000 | ||
Rabern Rentals, LLC [Member] | Membership Interest Purchase Agreement [Member] | Steven Berner [Member] | |||
Business Acquisition [Line Items] | |||
Percentage of membership interest acquired | 30% |
Business Combination - Summary
Business Combination - Summary of Purchase Price Allocations (Detail) - USD ($) $ in Thousands | Apr. 11, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Allocation of consideration to assets acquired and liabilities assumed: | |||
Goodwill | $ 36,015 | $ 24,949 | |
Rabern Rentals, LLC [Member] | |||
Total purchase consideration: | |||
Consideration | $ 26,737 | ||
Revolving loan payoff | 14,604 | ||
Net purchase consideration | 41,341 | ||
Allocation of consideration to assets acquired and liabilities assumed: | |||
Cash | 2,975 | ||
Net working capital | 3,723 | ||
Other current assets | 419 | ||
Fixed assets | 27,658 | ||
Goodwill | 13,252 | ||
Deferred tax liability | (2,496) | ||
Other current liabilities | (926) | ||
Total fair value of assets acquired | 50,305 | ||
Less: noncontrolling interests, net of taxes | 8,964 | ||
Net assets acquired | 41,341 | ||
Rabern Rentals, LLC [Member] | Trade Names and Trademarks [Member] | |||
Allocation of consideration to assets acquired and liabilities assumed: | |||
Intangible assets | 1,200 | ||
Rabern Rentals, LLC [Member] | Customer Relationships [Member] | |||
Allocation of consideration to assets acquired and liabilities assumed: | |||
Intangible assets | $ 4,500 |
Business Combination - Summar_2
Business Combination - Summary of Unaudited Pro Forma Information (Detail) - Rabern Rentals, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Business Acquisition [Line Items] | ||||
Net revenues | $ 65,037 | $ 56,691 | $ 200,888 | $ 173,885 |
Income before income taxes | (2,878) | 310 | (4,938) | 6,719 |
Net income (loss) | (3,084) | (912) | (5,605) | 5,123 |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (3,372) | $ (1,394) | $ (5,975) | $ 4,023 |
Basic | ||||
Net income (loss) | $ (0.15) | $ (0.05) | $ (0.28) | $ 0.26 |
Net income (loss) attributable to shareholders of Manitex International, Inc. | (0.17) | (0.07) | (0.30) | 0.20 |
Diluted | ||||
Net income (loss) | (0.15) | (0.05) | (0.28) | 0.26 |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (0.17) | $ (0.07) | $ (0.30) | $ 0.20 |
Amortization | $ 87 | $ 87 | $ 261 | |
Depreciation | 455 | 455 | 1,365 | |
Interest expense | 427 | 415 | 1,281 | |
Transaction cost | $ 37 | 2,236 | 2,236 | 2,236 |
Income tax expense of above items | $ 990 | $ 97 | $ 753 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) - Segment | 3 Months Ended | 9 Months Ended |
Sep. 30, 2022 | Sep. 30, 2022 | |
Segment Reporting [Abstract] | ||
Number of operating segment | 5 | 2 |
Segment Information - Summary o
Segment Information - Summary of Financial Information of Operating Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Segment Reporting Information [Line Items] | ||||
Net revenues | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
Operating income (loss) | 1,208 | (155) | 188 | 2,692 |
Depreciation and amortization | 2,615 | 1,086 | 6,531 | 3,339 |
Capital expenditures | 3,852 | 105 | 13,662 | 666 |
Lifting Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 57,433 | 50,935 | 181,190 | 158,148 |
Rental Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 7,604 | 13,844 | ||
Operating Segments [Member] | Lifting Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 57,433 | 50,935 | 181,190 | 158,148 |
Operating income (loss) | (394) | 155 | (1,925) | 2,692 |
Depreciation and amortization | 1,042 | 1,086 | 3,288 | 3,339 |
Capital expenditures | 189 | $ 105 | 1,039 | $ 666 |
Operating Segments [Member] | Rental Equipment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Net revenues | 1,602 | 2,113 | ||
Operating income (loss) | 7,604 | 13,844 | ||
Depreciation and amortization | 1,573 | 3,243 | ||
Capital expenditures | $ 3,663 | $ 12,623 |
Segment Information - Summary_2
Segment Information - Summary of Net Sales by Country (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2022 | Sep. 30, 2021 | Sep. 30, 2022 | Sep. 30, 2021 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 65,037 | $ 50,935 | $ 195,034 | $ 158,148 |
United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 35,887 | 19,078 | 103,818 | 60,900 |
Italy [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 7,983 | 7,984 | 22,649 | 24,536 |
Canada [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 6,129 | 5,982 | 15,872 | 14,307 |
France [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,617 | 1,763 | 8,003 | 8,217 |
Chile [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 3,057 | 3,339 | 8,601 | 9,677 |
Lifting Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 57,433 | 50,935 | 181,190 | 158,148 |
Rental Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 7,604 | 13,844 | ||
Operating Segments [Member] | United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 35,887 | 19,078 | 103,818 | 60,900 |
Operating Segments [Member] | Italy [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 7,983 | 7,984 | 22,649 | 24,536 |
Operating Segments [Member] | Canada [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 6,129 | 5,982 | 15,872 | 14,307 |
Operating Segments [Member] | France [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,617 | 1,763 | 8,003 | 8,217 |
Operating Segments [Member] | Chile [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 3,057 | 3,339 | 8,601 | 9,677 |
Operating Segments [Member] | Other [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 10,364 | 12,789 | 36,091 | 40,511 |
Operating Segments [Member] | Lifting Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 57,433 | 50,935 | 181,190 | 158,148 |
Operating Segments [Member] | Lifting Equipment [Member] | United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 28,283 | 19,078 | 89,974 | 60,900 |
Operating Segments [Member] | Lifting Equipment [Member] | Italy [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 7,983 | 7,984 | 22,649 | 24,536 |
Operating Segments [Member] | Lifting Equipment [Member] | Canada [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 6,129 | 5,982 | 15,872 | 14,307 |
Operating Segments [Member] | Lifting Equipment [Member] | France [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,617 | 1,763 | 8,003 | 8,217 |
Operating Segments [Member] | Lifting Equipment [Member] | Chile [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 3,057 | 3,339 | 8,601 | 9,677 |
Operating Segments [Member] | Lifting Equipment [Member] | Other [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 10,364 | $ 12,789 | 36,091 | $ 40,511 |
Operating Segments [Member] | Rental Equipment [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | 1,602 | 2,113 | ||
Operating Segments [Member] | Rental Equipment [Member] | United States [Member] | ||||
Revenues From External Customers And Long Lived Assets [Line Items] | ||||
Net sales | $ 7,604 | $ 13,844 |
Segment Information - Summary_3
Segment Information - Summary of Net Assets by Country (Detail) - USD ($) $ in Thousands | Sep. 30, 2022 | Dec. 31, 2021 |
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 239,542 | $ 179,775 |
Operating Segments [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 239,542 | 179,775 |
Operating Segments [Member] | United States [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 157,748 | 85,244 |
Operating Segments [Member] | Foreign Subsidiaries [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 81,794 | 94,531 |
Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 174,031 | 179,775 |
Operating Segments [Member] | Lifting Equipment [Member] | United States [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 92,237 | 85,244 |
Operating Segments [Member] | Lifting Equipment [Member] | Foreign Subsidiaries [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 81,794 | $ 94,531 |
Operating Segments [Member] | Rental Equipment [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | 65,511 | |
Operating Segments [Member] | Rental Equipment [Member] | United States [Member] | ||
Segment Reporting Asset Reconciling Item [Line Items] | ||
Assets | $ 65,511 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions | 9 Months Ended | |
Oct. 19, 2022 USD ($) Installment | Sep. 30, 2022 Installment | |
Subsequent Event [Line Items] | ||
Settlement agreements date | May 5, 2011 | |
Settlement payment terms | the Company has a remaining obligation under these agreements to pay the plaintiffs $855 without interest in 9 annual installments of $95 on or before May 22 of each year. | |
Number of installments for the payment of product liability settlement | 9 | |
Custom Truck [Member] | ||
Subsequent Event [Line Items] | ||
Settlement agreements date | October 19, 2022 | |
Settlement payment terms | the Company agreed to pay Custom Truck an aggregate sum of $2.9 million, payable in ten equal quarterly installments, without interest. | |
Subsequent Event [Member] | Custom Truck [Member] | ||
Subsequent Event [Line Items] | ||
Aggregate amount agreed to pay | $ | $ 2.9 | |
Number of installments for the payment of product liability settlement | 10 |