Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Mar. 01, 2023 | Jun. 30, 2022 | |
Document And Entity Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | MNTX | ||
Entity Registrant Name | MANITEX INTERNATIONAL, INC. | ||
Entity Central Index Key | 0001302028 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 20,107,014 | ||
Entity Public Float | $ 79.8 | ||
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 Annual Report | true | ||
Document Transition Report | false | ||
Entity Interactive Data Current | Yes | ||
Title of 12(b) Security | Common Stock, no par value | ||
Security Exchange Name | NASDAQ | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Name | Grant Thornton LLP | ||
Auditor Location | Chicago, IL, United States of America | ||
Auditor Firm ID | 248 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III of this Annual Report on Form 10-K incorporates by reference information (to the extent specific sections are referred to herein) from the registrant’s Proxy Statement for its 2022 Annual Meeting (the “2022 Proxy Statement”) to be filed with the SEC within 120 days after the end of the fiscal year ended December 31, 2022. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Current assets | ||
Cash | $ 7,973 | $ 21,359 |
Cash - restricted | 217 | 222 |
Trade receivables (net) | 43,856 | 30,515 |
Other receivables | 1,750 | 2,039 |
Inventory (net) | 69,801 | 64,965 |
Prepaid expense and other current assets | 3,832 | 2,436 |
Assets held for sale | 75 | |
Total current assets | 127,504 | 121,536 |
Total fixed assets, net of accumulated depreciation of $22,441 and $18,662, at December 31, 2022 and 2021, respectively | 51,697 | 16,460 |
Operating lease assets | 5,667 | 3,563 |
Intangible assets (net) | 14,367 | 11,946 |
Goodwill | 36,916 | 24,949 |
Other long-term assets | 1,143 | |
Deferred tax assets | 452 | 178 |
Total assets | 236,603 | 179,775 |
Current liabilities | ||
Accounts payable | 45,682 | 44,136 |
Accrued expenses | 12,379 | 10,539 |
Related party payables (net) | 60 | 203 |
Notes payable | 22,666 | 18,401 |
Current portion of finance lease obligations | 509 | 399 |
Current portion of operating lease obligations | 1,758 | 1,064 |
Customer deposits | 3,407 | 7,121 |
Total current liabilities | 86,461 | 81,863 |
Long-term liabilities | ||
Revolving term credit facilities (net) | 41,479 | 12,717 |
Notes payable (net) | 22,261 | 10,089 |
Finance lease obligations (net of current portion) | 3,382 | 3,822 |
Non-current operating lease obligations (net of current portion) | 3,909 | 2,499 |
Deferred gain on sale of property | 427 | 507 |
Deferred tax liability | 5,151 | 1,074 |
Other long-term liabilities | 5,572 | 4,389 |
Total long-term liabilities | 82,181 | 35,097 |
Total liabilities | 168,642 | 116,960 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock--Authorized 150,000 shares, no shares issued or outstanding at December 31, 2022 and 2021 | ||
Common Stock--no par value 25,000,000 shares authorized, 20,107,014 and 19,940,487 shares issued and outstanding at December 31, 2022 and 2021, respectively | 133,289 | 132,206 |
Paid-in capital | 4,266 | 3,264 |
Retained deficit | (73,338) | (68,436) |
Accumulated other comprehensive loss | (5,822) | (4,219) |
Equity attributable to shareholders of Manitex International, Inc. | 58,395 | 62,815 |
Equity attributable to noncontrolling interest | 9,566 | |
Total equity | 67,961 | 62,815 |
Total liabilities and equity | $ 236,603 | $ 179,775 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 22,441 | $ 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 | 20,107,014 | 19,940,487 |
Common Stock, shares outstanding | 20,107,014 | 19,940,487 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Statement [Abstract] | ||
Net revenues | $ 273,854 | $ 211,539 |
Cost of sales | 223,835 | 175,377 |
Cost of sales - inventory write-down | 3,226 | |
Gross profit | 50,019 | 32,936 |
Operating expenses | ||
Research and development costs | 2,989 | 3,332 |
Selling, general and administrative expenses | 40,417 | 31,948 |
Transaction costs | 2,236 | |
Impairment of intangibles and fixed assets | 2,078 | |
Total operating expenses | 45,642 | 37,358 |
Operating income (loss) | 4,377 | (4,422) |
Other income (expense) | ||
Interest expense | (4,637) | (2,084) |
Interest income | 2 | 43 |
Gain on Paycheck Protection Program loan forgiveness | 3,747 | |
Foreign currency transaction loss | (108) | (543) |
Other income (expense) | (1,818) | (97) |
Total other income (expense) | (6,561) | 1,066 |
Income (loss) before income taxes | (2,184) | (3,356) |
Income tax expense | 2,114 | 1,217 |
Net income (loss) | (4,298) | (4,573) |
Net income attributable to noncontrolling interest | 603 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (4,901) | $ (4,573) |
Income (loss) Per Share | ||
Basic | $ (0.21) | $ (0.23) |
Diluted | $ (0.21) | $ (0.23) |
Weighted average common shares outstanding | ||
Basic | 20,055,836 | 19,900,117 |
Diluted | 20,055,836 | 19,900,117 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Net income (loss) | $ (4,298) | $ (4,573) |
Other comprehensive income (loss) | ||
Foreign currency translation gain (loss) | (1,603) | (2,522) |
Total other comprehensive income (loss) | (1,603) | (2,511) |
Comprehensive income (loss) | (5,901) | (7,084) |
Comprehensive income (loss) attributable to noncontrolling interest | 603 | |
Total comprehensive income (loss) attributable to shareholders of Manitex International, Inc. | (5,298) | (7,084) |
Accumulated Other Comprehensive Loss [Member] | ||
Other comprehensive income (loss) | ||
Foreign currency translation gain (loss) | $ (1,603) | $ (2,511) |
Consolidated Statement of Share
Consolidated Statement of Shareholders' Equity - 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 | 19,821,090,000 | |||||
Net income (loss) | (4,573) | (4,573) | ||||
Gain (loss) on foreign currency translation | (2,522) | (11) | (2,511) | |||
Employee incentive plan grant | $ 807 | (807) | ||||
Employee incentive plan grant, shares | 126,704,000 | |||||
Repurchase to satisfy withholding and cancelled | $ (56) | $ (56) | ||||
Repurchase to satisfy withholding and cancelled, shares | (7,307) | (7,307,000) | ||||
Share-based compensation | $ 1,057 | 1,057 | ||||
Balance end of year at Dec. 31, 2021 | 62,815 | $ 132,206 | 3,264 | (68,436) | (4,219) | |
Balance end of year, shares at Dec. 31, 2021 | 19,940,487,000 | |||||
Net income (loss) | (4,298) | (4,902) | $ 603 | |||
Gain (loss) on foreign currency translation | (1,603) | (1,603) | ||||
Employee incentive plan grant | $ 1,343 | (1,343) | ||||
Employee incentive plan grant, shares | 201,562,000 | |||||
Acquisition of noncontrolling interests | 8,963 | 8,963 | ||||
Repurchase to satisfy withholding and cancelled | $ (260) | $ (260) | ||||
Repurchase to satisfy withholding and cancelled, shares | (35,035) | (35,035,000) | ||||
Share-based compensation | $ 2,345 | 2,345 | ||||
Balance end of year at Dec. 31, 2022 | $ 67,961 | $ 133,289 | $ 4,266 | $ (73,338) | $ (5,822) | $ 9,566 |
Balance end of year, shares at Dec. 31, 2022 | 20,107,014,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (4,298,000) | $ (4,573,000) |
Adjustments to reconcile net loss to cash (used in) provided by operating activities: | ||
Depreciation and amortization | 9,415,000 | 4,343,000 |
Gain on forward currency contract | (132,000) | (278,000) |
Changes in allowances for credit losses | (561,000) | 42,000 |
Gain on Payroll Protection Program loan forgiveness | (3,747,000) | |
Inventory write-down | 3,226,000 | |
Changes in inventory reserves | (1,588,000) | (1,621,000) |
Changes in deferred income taxes | 1,348,000 | (106,000) |
Amortization of deferred financing cost | 103,000 | 111,000 |
Write-down of goodwill | 0 | 1,130,000 |
Write-down of intangibles | 872,000 | |
Write-down of fixed assets | 76,000 | |
Gain on disposal of assets | (767,000) | |
Retirement of assets | 127,000 | |
Amortization of debt discount | 65,000 | 152,000 |
Share-based compensation | 2,345,000 | 1,056,000 |
Adjustment to deferred gain on sales and lease back | (80,000) | (80,000) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (9,614,000) | (322,000) |
(Increase) decrease in other receivable | 182,000 | (1,947,000) |
(Increase) decrease in inventory | (3,737,000) | (12,777,000) |
(Increase) decrease in prepaid expenses | (1,321,000) | (273,000) |
Increase (decrease) in other assets | 1,062,000 | (89,000) |
Increase (decrease) in accounts payable | 2,824,000 | 14,221,000 |
Increase (decrease) in accrued expenses | 1,700,000 | 3,293,000 |
Increase (decrease) in other current liabilities | (3,515,000) | 4,973,000 |
Increase (decrease) in other long-term liabilities | 1,374,000 | (226,000) |
Net cash (used in) provided by operating activities | (5,068,000) | 7,456,000 |
Cash flows from investing activities: | ||
Payments for acquisition, net of cash acquired | (38,366,000) | |
Proceeds from the sale of assets | 1,905,000 | |
Purchase of property and equipment | (16,089,000) | (890,000) |
Investment in intangibles other than goodwill | (77,000) | (247,000) |
Net cash used in investing activities | (52,627,000) | (1,137,000) |
Cash flows from financing activities: | ||
Net borrowings on revolving term credit facility | 41,668,000 | |
Payments on revolving term credit facilities | (12,800,000) | |
Borrowings on term debt | 15,000,000 | |
Net borrowings on working capital facilities | 4,480,000 | 3,055,000 |
New borrowings- other | 2,366,000 | 1,095,000 |
Note payments | (3,962,000) | (3,704,000) |
Shares repurchased for income tax withholding on share-based compensation | (260,000) | (56,000) |
Debt issuance Costs | (125,000) | |
Payments on finance lease obligations | (428,000) | (344,000) |
Net cash provided by financing activities | 45,939,000 | 46,000 |
Net (decrease) increase in cash and cash equivalents | (11,756,000) | 6,365,000 |
Effect of exchange rate increase | (1,635,000) | (2,185,000) |
Cash and cash equivalents at the beginning of the year | 21,581,000 | 17,401,000 |
Cash and cash equivalents at end of period | $ 8,190,000 | $ 21,581,000 |
Nature of Operations
Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations | Note 1. Nature of Operations The Company is a leading provider of engineered lifting solutions and equipment rentals. Following the completion of the Rabern acquisition the Company reports in two business segments and has five operating segments, under which there are five 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. On April 11, 2022, 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 approximately $ 26 million in cash plus assumed debt of $ 14 million. Rabern is a construction rental equipment provider, headquartered in Amarillo, Texas, primarily servicing business in the Texas panhandle. 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 has integrated the Manitex and Badger Equipment Company (“Badger”) reporting units into one operating segment as a substantial portion of the sales from Badger are intercompany sales to Manitex. The Company previously announced the closing of the Badger reporting unit which is expected to be finalized in mid-2023. 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. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Note 2. Basis of Presentation The consolidated financial statements, included herein, have been prepared by the Company pursuant to the rules and regulations of the United States Securities and Exchange Commission. Pursuant to these rules and regulations, the financial statements are prepared in accordance with the accounting principles general accepted in the United States of America ("GAAP"). Financial statements are presented in thousands of dollars except for share and per share amounts unless otherwise stated. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Note 3. Summary of Significant Accounting Policies The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s 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 GAAP 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 $ 217 and $ 222 at December 31, 2022 and 2021, respectively. Revenue Recognition —Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day). Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment. In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. Rental equipment revenue is recognized over the term of the rental contract, based on monthly, weekly or daily rental rates and the number of days the equipment is rented. T he accounting for the significant types of revenue that are accounted for under Topic 842 is discussed below. Rental equipment revenue represent revenues from renting equipment that the Company owns. The Company accounts for such rentals as operating leases. The Company does not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options. The Company recognizes revenues from renting equipment on a straight-line basis. The Company records any amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. The Company is unsure when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time (significantly less than a year). Lessees do not provide residual value guarantees on rented equipment. The Company expects to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment. Included in rental equipment revenue is re-rent revenue which reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above. Allowance for Credit Losses —Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for credit losses is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for credit losses of $ 1,948 and $ 2,432 at December 31, 2022 and 2021, respectively. 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. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Life Buildings 12 – 33 years Machinery and equipment 3 – 20 years Rental Equipment 5 - 7 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 – 12 years Motor Vehicles 3 – 5 years Computer software 3 – 5 years 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 years ended December 31, 2022 and 2021 was $ 6,549 and $ 2,061 respectively. Other Intangible Assets —The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name and customer relationships. Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. Goodwill — Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. Under “ASC 350”, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely-than-not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. The Company evaluates its consolidated goodwill by identifying potential impairment by comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The Company evaluates goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of October 1, 2022 and determined there was no impairment. The Company recognized $ 1.1 million in impairment related to goodwill for the year ended December 31, 2021. Impairment of Long-Lived Assets — The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. The Company recognized a $ 1.0 million impairment related to patents, tradenames, customer relationships, and fixed assets for the year ended December 31, 2021. No impairment was recognized for the year ending December 31, 2022. Inventory, net —Inventory consists of merchandise, stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The Company records excess and obsolete inventory reserves based upon specific identification and/or historical experience of excess or obsolete inventories. In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at lower of cost or Net Realized Value (NRV). These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future product sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. Accounting for Paycheck Protection Program — During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $ 3.7 million under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The PPP loan was evidenced by a promissory note between the Company and CIBC. The promissory note had a two-year term , accrued interest at the rate of 1.0 % per annum, and was prepayable at any time without payment of any premium. No payments of principal or interest were due during the six-month period beginning on the date of the promissory note. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the PPP loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness of the PPP loan during November 2020 and in June 2021 , the Company received confirmation that the application for forgiveness of the PPP loan had been approved by the SBA. The loan forgiveness of $ 3.7 million was applied to the Company’s entire outstanding PPP loan balance from CIBC. The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore had no impact on the effective tax rate. Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income ("AOCI") as a component of shareholders’ equity . The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to AOCI as a component of shareholders’ equity. Derivatives—Forward Currency Exchange Contracts —When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency 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. 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 Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction loss. Research and Development Expenses — The Company expenses research and development costs, as incurred. For the years ended December 31, 2022 and 2021, expenses w ere $ 2,989 a nd $ 3,332 , respectively. Advertising — Advertising costs are expensed as incurred and were $ 843 and $ 737 for the years ended December 31, 2022 and 2021, respectively. Retirement Benefit Costs and Termination Benefits —Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs, either in Selling, General, and Administrative expense or Cost of Goods Sold, in the Consolidated Statements of Operations and the accrual is recorded in other long-term liability in the Consolidated Balance Sheets. Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel . Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. 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 Argentina’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 December 31, 2022, PM Argentina had an insignificant net peso monetary position . Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended December 31, 2022 and 2021, respectively. Income Taxes — The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 14, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. Accrued Warranties —Warranty costs are accrued at the time revenue is recognized and the expense is recorded in the Statement of Operations in Cost of Sales. 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 for at the time of sale. 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 initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of December 31, 2022 and 2021, accrued warranties were $ 1,916 and $ 1,578 , respectively. Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discount. Sale and Leaseback —In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to stock options and restricted stock, included in diluted EPS is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options and restricted stock is dependent on this average stock price and will increase as the average stock price increases. Stock 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. Comprehensive Income —Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company primarily represents a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. 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, (2) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (3) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. 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 Consolidated Statements of Operations. The initial recognition of the noncontrolling interest was attributed at the fair market value. |
Revenue Recognition
Revenue Recognition | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Note 4. Revenue Recognition The following table disaggregates our sources of revenues for the years indicated (ended December 31): 2022 2021 Boom trucks, knuckle boom & truck cranes $ 145,713 $ 128,768 Aerial platforms 38,236 27,179 Part and merchandise sales 32,365 25,769 Rental 18,441 - Other equipment 33,649 23,560 Services 4,720 5,424 Rough terrain cranes 730 839 Net Revenue $ 273,854 $ 211,539 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides details of revenues by geographic area for the years ended December 31, 2022 and 2021, respectively. 2022 2021 United States $ 141,709 $ 77,881 Italy 36,345 36,876 Canada 21,956 20,827 Chile 11,872 12,232 France 10,404 10,359 Other 51,568 53,364 $ 273,854 $ 211,539 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 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. The following table summarizes changes in customer deposits for the years ended December 31, 2022 and 2021: 2022 2021 Customer deposits at January 1, $ 7,121 $ 2,363 Additional customer deposits received where revenue has not 13,073 11,447 Revenue recognized from customer deposits ( 16,372 ) ( 6,446 ) Effect of change in exchange rates ( 415 ) ( 243 ) Customer deposits at December 31, $ 3,407 $ 7,121 |
Earnings per Common Share
Earnings per Common Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings per Common Share | Note 5. Earnings 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: For the Years Ended December 31, 2022 2021 Net income (loss) $ ( 4,298 ) $ ( 4,573 ) Net income (loss) attributable to noncontrolling interest 603 — Net income (loss) attributable to shareholders of $ ( 4,901 ) $ ( 4,573 ) Income (loss) per share Basic Net income (loss) $ ( 0.21 ) $ ( 0.23 ) Net income (loss) attributable to shareholders of $ ( 0.24 ) $ ( 0.23 ) Diluted Net income (loss) $ ( 0.21 ) $ ( 0.23 ) Net income (loss) attributable to shareholders of $ ( 0.24 ) $ ( 0.23 ) Weighted average common shares outstanding Basic and Dilutive 20,055,836 19,900,117 The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: For the Years Ended December 31, 2022 2021 Unvested restricted stock units 288,290 286,227 Options to purchase common stock 197,437 97,437 485,727 383,664 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 6. Fair Value Measurements The following tables set forth the Company’s financial assets and liabilities that were accounted for at fair value by level with 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. Except as noted the below assets and liabilities are valued at fair market on a recurring basis. The following is a summary of items that the Company measured at fair value during the periods: Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Asset: Forward currency exchange contracts $ — $ 124 $ — $ 124 Total current assets at fair value $ — $ 124 $ — $ 124 Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Asset: 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 Liabilities: Valla Contingent Balance at January 1, 2022 $ 207 Change in contingent liability consideration ( 202 ) Effect of change in exchange rates ( 5 ) Balance at December 31, 2022 $ — The Company has qualitatively evaluated the Valla contingent liability from the date of acquisition. The carrying value of the amounts reported in the Consolidated Balance Sheets for cash, accounts receivable, accounts payable, short-term variable debt, insurance financing and any amounts outstanding under the Company’s revolving credit facilities and working capital borrowing, approximate fair value due to the short periods during which these amounts are outstanding. The book and fair value of the Company’s term debt was $ 24,424 for the year ended December 31, 2022, and $ 12,530 for the year ending December 31, 2021. The book and fair value of the Company’s finance leases were $ 3,891 and $ 4,518 for the year ended December 31, 2022, respectively and $ 4,221 and $ 5,044 for the year ended December 31, 2021, respectively. There is no difference between the book value and the fair value for amount recorded in connection with the liability recorded for a long-term legal settlement, which was $ 586 and $ 687 for the years ending December 31, 2022 and 2021, respectively. 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) 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 | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | Note 7. 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 Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction 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 December 31, 2022 the Company had entered into a forward currency exchange contracts that matured on January 31, 2023 . Under the contract the Company was obligated to sell 2,400,000 Chilean Pesos for 2,513 Euros. The purpose of the forward contract is 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 Consolidated Balance Sheet as of December 31, 2022 and 2021: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2022 2021 Asset Derivatives Foreign currency exchange contracts Prepaid expense and other $ 124 $ 75 Total derivative assets $ 124 $ 75 The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2022 and 2021: Derivatives not designated as Hedge Instrument Location of gain or Years ended December 31, 2022 2021 Fo rward currency contracts Foreign currency $ ( 132 ) $ 278 Total derivatives gain (loss) $ ( 132 ) $ 278 During 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 2022 and 2021 were recorded in current earnings and did not impact other comprehensive income. |
Inventory, Net
Inventory, Net | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | Note 8. Inventory, net T he components of inventory at December 31, are summarized as follows: 2022 2021 Raw materials and purchased parts $ 47,168 $ 42,983 Work in process 6,015 3,938 Finished goods and replacement parts 16,618 18,044 Inventories, net $ 69,801 $ 64,965 The Company has established reserves for excess and obsolete inventory of $ 7,971 and $ 9,894 as of December 2022 and 2021, respectively. The Company’s restructuring plan resulted in inventory write-downs of $ 3,226 recorded as of December 31, 2021. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Note 9. Property, Plant and Equipment Property, plant and equipment consist of the following at December 31, 2022 and 2021, respectively: 2022 2021 Machinery and equipment $ 9,930 $ 10,605 Buildings 8,067 9,649 Finance lease - building 4,606 4,606 Land 3,709 4,138 Furniture and fixtures 2,437 2,612 Computer equipment 1,801 1,728 Leasehold improvements 2,288 1,504 Construction in progress 901 187 Rental Fleet 37,858 - Motor vehicles 2,541 93 Totals 74,138 35,122 Less: accumulated depreciation ( 19,752 ) ( 16,359 ) Less: accumulated depreciation - finance lease ( 2,689 ) ( 2,303 ) Net property and equipment $ 51,697 $ 16,460 Depreciation expense was $ 6,549 and $ 2,061 in 2022 and 2021, respectively. See Note 13 for information regarding finance leases. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Note 10. Goodwill and Other Intangible Assets Intangible assets were comprised of the following as of December 31, 2022: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patented and unpatented technology 2 $ 16,469 $ ( 14,553 ) $ 1,916 Customer relationships 9 22,000 ( 14,344 ) 7,656 Trade names and trademarks 15 5,469 ( 2,804 ) 2,665 Software 4 236 ( 56 ) 180 Indefinite lived trade names 1,950 - 1,950 Total intangible assets, net $ 14,367 Intangible assets and accumulated amortization by category as of December 31, 2021 is as follows: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization Net Carrying 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 Amortization expense was $ 2,866 and $ 2,282 for the periods ended December 31, 2022 and 2021, respectively. Estimated amortization expense for the next five years and subsequent is as follows: Amount 2023 $ 3,000 2024 3,000 2025 860 2026 705 2027 520 And subsequent 4,332 Total intangibles currently to be amortized 12,417 Intangibles with indefinite lives not amortized 1,950 Total intangible assets $ 14,367 Changes in the Company’s goodwill are as follows: 2022 2021 Balance January 1, $ 24,949 $ 27,472 Goodwill for Rabern acquisition 12,850 - Effect of change in exchange rates ( 883 ) ( 1,393 ) Goodwill impairment - ( 1,130 ) Balance December 31, $ 36,916 $ 24,949 The Company performed its annual impairment assessment as of October 1, 2022. The valuation analysis performed indicated that each reporting unit had an estimated fair value which exceeded its respective carrying amount and therefore, no impairment was recognized at December 31, 2022. While there was no goodwill impairment recognized as a result of the 2022 annual impairment test, a reasonably possible unexpected deterioration in financial performance or adverse change in earnings may result in an impairment in future periods. The Company performed its annual impairment assessment as of October 1, 2021. The valuation analysis performed identified an impairment of goodwill. As the fair value was less than its carrying value, the Company recorded an impairment charge on its Valla reporting unit of $ 1.1 million. The Company’s policy is to assess the realizability of its intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. Based on the quantitative assessment performed, Valla’s carrying value of intangible assets was not supported by the enterprise value of the business driven by the cash flows of the business and as such the intangible assets were fully impaired as of December 31, 2021. An impairment charge to intangible assets was recorded at our Valla reporting unit in the amount of $ 0.5 million. In addition, the Company’s restructuring plan resulted in an impairment charge to intangible assets at Badger for $ 0.4 million. |
Accrued Expenses
Accrued Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | Note 11. Accrued Expenses As of December 31, 2022 2021 Accrued payroll and benefits $ 4,929 $ 3,362 Accrued warranty 1,916 - Accrued expense other 1,898 1,578 Accrued vacation expense 1,635 1,425 Accrued legal settlement 1,160 1,701 Accrued income tax and other taxes 841 2,473 Total accrued expenses $ 12,379 $ 10,539 |
Revolving Term Credit Facilitie
Revolving Term Credit Facilities and Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Revolving Term Credit Facilities and Debt | Note 12. Revolving Term Credit Facilities and Debt Debt is summarized as follows: December 31, 2022 December 31, 2021 U.S. Credit Facilities $ 41,521 $ 12,800 U.S. Term Loan 14,721 — Italy Short-Term Working Capital Borrowings 19,365 15,676 Italy Group Term Loan 9,675 12,472 Other 1,223 342 Total debt 86,505 41,290 Less: Debt issuance costs ( 99 ) ( 83 ) Debt net of issuance costs $ 86,406 $ 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, a $ 30,000 revolving credit facility and a $ 15,000 term loan. Borrowings under the $ 40,000 revolving credit facility bear interest at a floating rate equal to the Prime Rate plus 0.5 %. The $ 40,000 revolving credit facility requires monthly interest payments with the full principal balance coming due at maturity. The facility matures on April 11, 2024 with a rolling two-year maturity extension to April 11, 2026 providing there is no event of default. The rolling two-year maturity repeats on April 11 each year following 2024. On January 25, 2023, the maturity date was extended to April 11, 2025 . Borrowings under the $ 30,000 revolving credit facility bear interest at a floating rate equal to the Prime Rate plus 0.5 %. The $ 30,000 facility requires quarterly interest payments and principal payments in the amount of 3% of the outstanding balance thereunder on a quarterly basis beginning on January 1, 2023 . The facility originally provided for maturity on April 11, 2024 . On January 25, 2023, the maturity date was extended to April 11, 2025 . Note Payable Long Term The term loan requires monthly interest payments at a floating rate equal to the Prime Rate plus 0.5 % beginning on May 11, 2022 . Monthly installments of principal and interest based on an 84-month amortization are payable beginning on November 11, 2022 with the remaining principal balance coming due at maturity of October 11, 2029 . The unused balance of the revolving credit facilities incurs a 0.125 % fee that is payable semi-annually . At December 31, 2022, the Company had $ 41,521 in borrowings under the revolving credit facilities and $ 14,721 in borrowings 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 December 31, 2022. CIBC Loan Agreement Payoff 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 December 31, 2022 and 2021, respectively, PM Group had established demand credit and overdraft facilities with five banks in Italy, one bank in Spain, twelve banks in South Ameri ca and one bank in Romania. Under the facilities, as of December 31, 2022 and 2021 respectively, PM Group can borrow up to $ 24,127 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 year ended December, 31, 2022 and 2021, interest on the Italian working capital facilities is charged at the 3-month Euribor plus a spread ranging from 175 to 355 basis points and 3-month Euribor plus 450 basis points. Interest on the South American facilities is charged at a flat rate for advances on invoices. At December 31, 2022, the Italian banks had advanced PM Group $ 18,719 . There were no advances to PM Group from the Spanish bank, the South American banks had advanced PM Group $ 37 and the Romanian bank had advanced PM Group $ 374 . 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 December 31, 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 $ 599 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 1.67 % - 12 % for 2022 and 1.67 % - 5.75 % for 2021. At December 31, 2022 and December 31, 2021, the Italian banks had advanced Valla $ 235 and $ 339 . PM Group Term Loans At December 31, 2022 and December 31, 2021, respectively, the PM Group has a $ 5,038 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 $ 3,211 due in 2026 . At December 31, 2022 and December 31, 2021, respectively, the PM Group has unsecured borrowings totaling $ 4,637 and $ 6,542 , respectively. The borrowings have a fixed rate of interest of 3.5 %. Annual payments of approximately $ 1,500 are payable endi ng in 2025. As of December 31, 2022 the PM Group has a loan in Romania in the amount of $ 175 with a fixed interest of 2.75 % rate payable over the next five years. This note matures in 2027 . Schedule of Debt Maturities Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2022 in the next five years and the remaining maturity in aggregate are summarized below. Amounts shown include the debt described above in this footnote. North America Italy Total 2023 3,737 21,552 25,289 2024 42,222 2,193 44,415 2025 1,946 2,214 4,160 2026 2,115 3,346 5,461 2027 2,300 32 2,332 Thereafter 4,920 — 4,920 57,240 29,337 86,577 Debt discount related to non-interest-bearing debt — ( 72 ) ( 72 ) Debt issuance cost ( 99 ) — ( 99 ) Total $ 57,141 $ 29,265 $ 86,406 At December 31, 2022, the Company’s weighted average interest rate on debt at year end was 6.93 %. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | Note 13. Leases The Company leases certain warehouses, office space, machinery, vehicles, and equipment. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the 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 lease renewal options is at our sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a rate explicit in the lease, this was the discount rate 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 and 5 years, respectively. The weighted average discount rate for operating and finance leases was 5.0 % and 12.4 % respectively. Leases (thousands) Classification 12/31/2022 12/31/2021 Assets Operating lease assets Operating lease assets $ 5,667 $ 3,563 Finance lease assets Fixed assets, ne t 2,005 2,303 Total leased assets $ 7,672 $ 5,866 Liabilities Current Operating Current liabilities $ 1,758 $ 1,064 Financing Current liabilities 509 399 Noncurrent Operating Noncurrent liabilities 3,909 2,499 Financing Noncurrent liabilities 3,382 3,822 Total lease liabilities $ 9,558 $ 7,784 Lease Cost (thousands) Classification 12/31/2022 12/31/2021 Operating lease costs Operating lease assets $ 1,686 $ 1,194 Finance lease cost Amortization of leased assets Amortization 386 364 Interest on lease liabilities Interest expense 508 551 Lease cost $ 2,580 $ 2,109 Other Information (thousands) 12/31/2022 12/31/2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,686 $ 1,194 Operating cash flows from finance leases $ 508 $ 551 Financing cash flows from finance leases $ 426 $ 328 Future minimum lease payments for the period ending December 31 for the next five and subsequent years are: Operating Leases Finance Leases 2023 $ 1,776 $ 960 2024 1,397 990 2025 1,095 996 2026 1,017 1,018 2027 814 1,049 Subsequent 158 357 Total undiscounted lease payments 6,257 5,370 Less interest ( 590 ) ( 1,479 ) Total liabilities $ 5,667 $ 3,891 Less current maturities ( 1,758 ) ( 509 ) Non-current lease liabilities $ 3,909 $ 3,382 Operating Leases The Company leases office and production space under various non-cancellable operating leases that expire no later than December 31, 2028 . Certain real estate leases include one or more options to renew. The exercise of lease renewal options is at the Company's sole discretion. Options to extend the lease are included in the lease term when it is reasonably certain the Company will exercise the option. The Company also has production equipment, office equipment and vehicles under operating leases. The depreciable life of assets and leasehold improvements are limited by the expected lease term, unless there is a transfer of title or purchase option that is reasonably certain of exercise. Certain leases include rental payments adjusted periodically for inflation. The lease agreements do not contain any material residual value guarantee or material restrictive covenants. In con nection with our acquisition of Rabern, the Company became the lessee of four locations 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 lessor 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. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 14. Income Taxes Information pertaining to the Company’s (loss) income before income taxes is as follows: Years ended December 31, 2022 2021 (Loss) income before income taxes: Domestic $ ( 2,100 ) $ ( 5,467 ) Foreign ( 84 ) 2,111 Total net (loss) income before income taxes $ ( 2,184 ) $ ( 3,356 ) Information pertaining to the Company’s provision for income taxes is as follows: Years ended December 31, 2022 2021 Expense (benefit) for income taxes: Current: Federal $ 1 $ ( 4 ) State and local ( 1 ) ( 58 ) Foreign 918 1,330 918 1,268 Deferred: Federal 490 — State and local ( 343 ) 52 Foreign 1,049 ( 103 ) 1,196 ( 51 ) Total expense for income taxes $ 2,114 $ 1,217 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2022 2021 Deferred tax assets: Accrued expenses $ 1,176 $ 669 Inventory 1,706 2,337 Other liabilities 1,806 1,696 Deferred gain 95 118 Net operating loss carryforwards 6,764 6,385 Tax credit carryforwards 1,328 1,395 Capital loss carryforwards — 233 Legal settlements 581 — Research & development 115 — Unrealized foreign currency loss 50 70 Interest expense 2,440 2,888 Property, plant and equipment — 6 Total deferred tax asset 16,061 15,797 Deferred tax liabilities: Property, plant and equipment 190 — Intangibles 1,673 2,432 Deferred State Income Tax 329 386 Debt 2,135 2,199 Investments 5,495 — Total deferred tax liability 9,822 5,017 Valuation allowance ( 10,938 ) ( 11,676 ) Net deferred tax (liability) asset $ ( 4,699 ) $ ( 896 ) In assessing the realizability of deferred tax assets, the Company evaluates whether it is more likely than not (more than 50%) that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income in those periods in which temporary differences become deductible and/or net operating losses can be utilized. The Company assesses all positive and negative evidence when determining the amount of the net deferred tax assets that are more likely than not to be realized. This evidence includes, but is not limited to, prior earnings history, scheduled reversal of taxable temporary differences, tax planning strategies and projected future taxable income. Significant weight is given to positive and negative evidence that is objectively verifiable. As required by the authoritative guidance on accounting for income taxes, the Company evaluates the realizability of deferred tax assets on a jurisdictional basis at each reporting date. Accounting for income taxes requires that a valuation allowance be established when it is more likely than not that all or a portion of the deferred tax assets will not be realized. In circumstances where there is sufficient negative evidence indicating that the deferred tax assets are not more likely than not realizable, the Company establishes a valuation allowance. Any further increases or decreases in the valuation allowance could have an unfavorable or favorable impact on the Company’s income tax provision and net income in the period in which such determination is made. The Company’s assertion to indefinitely reinvest its foreign earnings remains unchanged despite the US taxation of its undistributed foreign earnings and new tax law, which includes a 100 % dividend received deduction. This means that future distributions of foreign earnings will generally not be taxable in the US. However, upon remittance of these earnings, the Company would be subject to withholding tax, US tax on foreign currency gains and losses related to previously taxed earnings, and some state income tax. It is not practicable to estimate the tax impact of the reversal of the outside basis difference, or the repatriation of cash due to the complexity associated with these calculations. As of December 31, 2022, the Company had U.S. federal and foreign net operating loss carryforwards of $ 14.3 million and $ 4.6 million, respectively. The U.S. federal net operating loss carryforward and the majority of the foreign loss carryforwards have an indefinite carryforward period. The Company has state net operating losses of approximately $ 0.7 million that are set to expire at varying periods between 2027 and 2043 if not utilized. As of December 31, 2022, the Company has a Texas Margin Tax Credit of $ 0.9 million and U.S. federal R&D credits of $ 0.1 million that may be utilized through 2026 and 2037 , respectively. The effective tax rate for income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State and local taxes ( 1.4 )% ( 1.2 )% Permanent differences ( 46.3 )% 8.8 % Tax credits ( 16.1 )% 0.0 % Foreign operations ( 19.8 )% ( 3.3 )% Uncertain tax positions ( 61.3 )% 7.3 % Valuation allowance 41.1 % ( 59.1 )% Other ( 14.0 )% ( 9.8 )% ( 96.8 )% ( 36.3 )% A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2022 2021 Balance at January 1, $ 3,028 $ 3,546 (Decreases) increases in tax positions for prior years 151 — (Decrease) increases in tax positions for current years 25 123 Other ( 149 ) ( 14 ) Lapse in statute of limitations ( 125 ) ( 515 ) Settlements — ( 112 ) Balance at December 31, $ 2,930 $ 3,028 Of the amounts reflected in the above table at December 31, 2022, approximately $ 2.4 million would reduce the Company’s annual effective tax rate if recognized. This amount considers the indirect effects of offsetting tax positions in different jurisdictions. The Company records accrued interest and penalties related to income tax matters in the provision for income taxes in the accompanying consolidated statements of operations. For the years ended December 31, 2022, and 2021, interest and penalties recognized on unrecognized tax expense (benefits) were $ 146 and $( 187 ), respectively. The accrued balance as of December 31, 2022 and 2021 was $ 455 and $ 309 , respectively. On October 25, 2022, the Romania Supreme Court rendered a final verdict in favor of the Company reducing the amount of the tax assessment in connection with the income tax audit for tax years 2012-2016. In addition, the Romania Supreme Court denied the Company’s petition for a mutual agreement procedure (MAP) declaring the Company will need to file a unilateral petition with Italy. The Romania Supreme Court’s ruling is unprecedented as it amounts to amending the bilateral MAP petition with Italy to a unilateral petition. Although the Company intends to pursue a unilateral petition, based on the change in facts and circumstances, the Company determined it can no longer recognize a tax asset or benefit for relief from double taxation in Italy, and recognized a net income tax expense of approximately $ 1.1 million in the fourth quarter of 2022. The decrease in unrecognized tax benefits for the reduction in the Romania income tax assessment is offset by an increase in unrecognized tax benefits related to the unilateral petition with Italy and for other foreign net operating losses which may yield a tax benefit in a future reporting period. The Company files income tax returns in the United States, Italy, Romania, Argentina, and Chile as well as various state and local tax jurisdictions with varying statutes of limitations. With a few exceptions, the Company is no longer subject to examination by the tax authorities for U.S. federal or state for the years before 2019, or foreign examinations for years before 2016. |
Supplemental Cash Flow Disclosu
Supplemental Cash Flow Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental Cash Flow Disclosures | Note 15. Supplemental Cash Flow Disclosures Supplemental cash flow disclosures included during the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Interest received in cash $ 2 $ 43 Interest paid in cash 4,270 2,148 Income tax payments in cash 1,349 1,342 Recognition of right-of-use asset and right-of-use liability 2,728 - Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: Cash and cash equivalents $ 7,973 $ 21,359 Restricted cash 217 222 Cash, cash equivalents and restricted cash at the end of year $ 8,190 $ 21,581 |
Employee Benefits
Employee Benefits | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Employee Benefits | Note 16. Employee Benefits U.S. Plan The Company sponsors a 401(k) plan. The plan is intended to cover all non-union United States based employees. The plan is open to employees 21 years of age and older. There is no minimum employment duration required before eligibility. The plan allows for monthly enrollment and contribution changes. The Company currently matches dollar for dollar participants’ contributions up to 3 % of the participants’ gross income and a 50 % match on the next 2 % of gross income. There is no dollar limit regarding matched funds and the plan also calls for immediate vesting of the employer contribution component. The amounts paid in matching contributions by the company for 2022 an d 2021 were $ 306 and $ 319 , respectivel y. Non-U.S. Plan Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The annual accrual is approximately 7 % of total pay, with no ceiling, and is revalued each year by applying a pre-established rate of return of 1.50 %, plus 75 % of the Consumer Price Index, and is recorded by a book reserve. TFR is an unfunded plan. The accrued employee severance indemnity must be transferred to the Fund for the payment of severance pay to employees in the private sector, managed by the INPS (the National Social Contributions Authority), on behalf of the State, on a special account opened at the State Treasury. In this case the workers continue to have as their sole interlocutor the employer, who will provide monthly payment of the amount due (together with the social contributions due to INPS). In this situation, the Company will pay the severance to the employees leaving and then those amounts will be compensated by the payments to be made in favor of INPS. The amount paid by the Company for 2022 and 2021 was $ 552 and $ 385 , respectively. The amounts allocated to the employee severance indemnity provision in 2022 and 2021 was $ 909 and $ 810 , respectively. |
Accrued Warranties
Accrued Warranties | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Accrued Warranties | Note 17. Accrued Warranties A liability for estimated warranty claims is accrued for at the time of sale. The liability is established using historical warranty claim experience which is reviewed by management. 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. 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: 2022 2021 Balance January 1, $ 1,578 $ 1,292 Provision for warranties issued during the year 2,199 3,625 Warranty services provided ( 1,832 ) ( 3,293 ) Foreign currency translation ( 29 ) ( 46 ) Balance December 31, $ 1,916 $ 1,578 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Equity | Note 18. Equity Stock issued to employees and Directors The Company issued shares of common stock to employees and Directors at various times in 2022 and 2021 as restricted stock units issued under the Company’s 2004 and 2019 Incentive Plan. 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 two-year period: Date of Issue Employees or Shares Issued Value of January 1, 2022 Employee 3,300 $ 20 March 6, 2022 Directors 8,160 48 March 6, 2022 Employees 23,866 141 March 8, 2022 Directors 12,000 93 March 8, 2022 Employee 29,262 226 March 13, 2022 Directors 10,200 75 March 13, 2022 Employees 17,893 132 April 11, 2022 Employee 38,800 247 June 2, 2022 Directors 18,000 127 June 3, 2022 Directors 5,940 43 July 5, 2022 Employee 16,120 104 August 14, 2022 Directors 10,200 45 October 20, 2022 Employee 2,211 10 November 23, 2022 Employee 3,300 22 December 10, 2022 Employee 2,310 11 201,562 $ 1,343 Date of Issue Employees or Shares Issued Value of January 1, 2021 Employee 3,300 $ 20 March 6, 2021 Directors 7,920 47 March 6, 2021 Employees 24,923 148 March 8, 2021 Directors 12,000 93 March 8, 2021 Employee 2,000 15 March 13, 2021 Directors 18,060 133 March 13, 2021 Employees 17,680 130 June 3, 2021 Directors 5,940 43 August 14, 2021 Directors 9,900 44 September 1, 2021 Employee 16,500 93 October 20, 2021 Employee 2,211 10 December 10, 2021 Employee 3,630 17 December 31, 2021 Employee 2,640 16 126,704 $ 808 The Company purchased shares of Common Stock at various times from certain employees at the closing price on date of purchase. The stock was purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The following is a summary of common stock purchased during 2022 and 2021: 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 December 10, 2022 656 4.49 35,035 March 6, 2021 2,779 $ 7.43 March 8, 2021 692 7.73 March 13, 2021 2,712 8.29 December 10, 2021 1,124 6.99 7,307 Manitex International, Inc. 2019 Equity Incentive Plan The total number of shares reserved for issuance is 779,717 shares however, this can be adjusted to reflect certain corporate transactions or changes in the Company’s capital structure. The Company’s employees and members of the board of directors who are not our employees or employees of our affiliates are eligible to participate in the plan. This plan is administered by a committee of the board comprised of members who are outside directors. The plan provides that the committee has the authority to, among other things, select plan participants, determine the type and number of awards, determine award terms, fix all other conditions of any awards, interpret the plan and any plan awards. Under the plan, the committee can grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance shares and performance units, except outside Directors may not be granted stock appreciation rights, performance shares and performance units. During any calendar year, participants are limited in the number of grants they may receive under the plan. In any year, an individual may not receive options for more than 15,000 shares, stock appreciation rights with respect to more than 20,000 shares, more than 20,000 shares of restricted stock and/or an award for more than 10,000 performance shares or restricted stock units or performance units. The plan requires that the exercise price for stock options and stock appreciation rights be not less than fair market value of the Company’s common stock on date of grant. Restricted Stock Awards The Company awarded a total of 226,000 and 177,800 restricted stock units to employees and directors during 2022 and 2021, respectively. The weighted average grant date fair value of awards made in 2022 was $ 7.21 per share, compared to $ 7.48 at 2021. The restricted stock units are subject to the same conditions as the restricted stock awards except the restricted stock units will not have voting rights and the common stock will not be issued until the vesting criteria are satisfied. The following is a summary of restricted stock units that were awarded during 2022 and 2021: 2022 Grants Vesting Date Number of Closing Price on Value of May 3, 2022 April 11, 2023 33,000 units; April 11, 2024 33,000 units; April 11, 2024 34,000 units 100,000 $ 7.60 $ 760 June 2, 2022 June 2, 2022 18,000 units; June 2, 2023 18,000 units; June 2, 2024 18,000 units 54,000 $ 7.07 $ 382 June 2, 2022 June 2, 2023 13,200 units; June 2, 2024 13,200 units; June 2, 2025 13,600 units 40,000 $ 7.07 $ 283 July 1, 2022 July 1, 2023 10,560 units; July 1, 2024 10,560 units; July 1, 2025 10,800 units 32,000 $ 6.39 $ 204 226,000 $ 1,629 2021 Grants Vesting Date Number of Closing Price on Value of March 8, 2021 March 8, 2021 12,000 units; March 8, 2022 12,000 units; March 8, 2023 12,000 units 36,000 $ 7.73 $ 278 March 8, 2021 March 8, 2021 2,000 units; March 8, 2022 , 30,294 March 8, 2023 30,294 units; March 8, 2024 31,212 units 93,800 $ 7.73 $ 725 June 3, 2021 June 3, 2021 5,940 units; June 3, 2022 5,940 units; June 3, 2023 6,120 units 18,000 $ 7.29 $ 131 November 23, 2021 November 23, 2022 6,600 units; November 23, 2023 6,600 units; November 23, 2024 6,800 units 20,000 $ 6.60 $ 132 December 31, 2021 December 31, 2022 3,300 units; December 31, 2023 3,300 units; December 31, 2024 3,400 units 10,000 $ 6.36 $ 64 177,800 $ 1,330 The following table contains information regarding restricted stock units for the years ended December 31, 2022 and 2021, respectively: Restricted Stock Units 2022 2021 Outstanding on January 1, 286,227 242,586 Units granted during period 226,000 177,800 Vested and issued ( 166,527 ) ( 119,397 ) Vested—issued and repurchased for income tax withholding ( 35,035 ) ( 7,307 ) Forfeited ( 21,761 ) ( 7,455 ) Outstanding on December 31 288,904 286,227 The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense in 2022 and 2021 includes $ 1,254 and $ 1,025 related to restricted stock units, respectively. Compensation expense related to restricted stock units granted will be $ 769 , $ 509 and $ 158 for 2023, 2024 and 2025, 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 awards 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 2.95 %. The value of the market condition awards granted to Mr. Coffey is being charged to compensation expense over the requisite service period. 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 $ 906 for the year ended December 31, 2022. Additional compensation expense related to Mr. Coffey’s restricted stock units will be $ 990 and $ 269 for 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 $ 185 and $ 31 for the years ended December 31, 2022 and 2021, respectively. Additional compensation expense related to Mr. Coffey’s options will be $ 159 , $ 67 and $ 13 for the remainder of 2023, 2024 and 2025, 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 Compan
Transactions between the Company and Related Parties | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | Note 19. 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 Crane and Machinery, Inc. 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 Ltd. 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 President of Rabern in April 2022, in connection with the Rabern acquisition. In 2022, the Company became the lessee of four 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 December 31, 2022 and 2021, the Company had accounts payable with related parties as shown below: December 31, 2022 December 31, 2021 Terex $ 60 $ 23 Tadano — 180 $ 60 $ 203 $ 60 $ 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 years ended December 31: 2022 2021 Rent Paid Rabern Facility $ 463 $ - Sales to: Tadano (2) 45 167 Terex (1) 166 43 RAM P&E (3) 37 122 Steven Berner (4) 80 — Total Sales $ 328 $ 332 Inventory Purchases from: Tadano (2) 225 303 Terex (1) 291 403 Total Inventory Purchases $ 516 $ 706 (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 sold an automobile to Steven Berner, the President of Rabern, for approximately $ 80 in April 2022, in connection with the Rabern acquisition. |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | Note 20. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters which have arisen in the normal course of operations. The Company has product liability insurance with self-insurance retention that range from $ 50 to $ 500 . When it is probable that a loss has been incurred and 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 to estimate the amount within the range that is most likely to occur. Certain cases are at a preliminary stage, and it is not possible to estimate the amount or timing of any cost 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 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 December 31, 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. Legal Settlement 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. Romania Income Tax Audit On October 25, 2022, the Romania Supreme Court rendered a final verdict in favor of the Company reducing the amount of the tax assessment in connection with the income tax audit for tax years 2012 - 2016 . In addition, the Romania Supreme Court denied the Company’s petition for a mutual agreement procedure (MAP) declaring the Company will need to file a unilateral petition with Italy. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment Information | Note 21. 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: As of December 31, 2022 2021 Net revenues Lifting Equipment $ 252,652 $ 211,539 Rental Equipment 21,202 — $ 273,854 $ 211,539 Operating income (loss) Lifting Equipment $ 1,191 $ ( 4,422 ) Rental Equipment 3,186 — Total operating income (loss) $ 4,377 $ ( 4,422 ) Depreciation Lifting Equipment $ 1,731 $ 2,061 Rental Equipment 4,818 — Total depreciation $ 6,549 $ 2,061 Amortization Lifting Equipment $ 2,605 $ 2,282 Rental Equipment 261 — Total amortization $ 2,866 $ 2,282 Capital expenditures Lifting Equipment $ 1,484 $ 247 Rental Equipment 14,605 — Total capital expenditures $ 16,089 $ 247 Twelve Months Ended Twelve Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 120,507 $ 21,202 $ 141,709 $ 77,881 $ — $ 77,881 Italy 36,345 — 36,345 36,876 — 36,876 Canada 21,956 — 21,956 20,827 — 20,827 Chile 11,872 — 11,872 12,232 — 12,232 France 10,404 — 10,404 10,359 — 10,359 Other 51,568 — 51,568 53,364 — 53,364 Total $ 252,652 $ 21,202 $ 273,854 $ 211,539 $ — $ 211,539 |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Business Combination | Note 22. 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 approximately $ 26 million in cash plus assumed debt of $ 14 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 $ 1.5 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 $ 40.5 million. 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 consolidated financial statements and are reported in the Rental Equipment segment for the period ended December 31, 2022. The amount of revenue and income from operations associated with the Rabern acquisition from the acquisition date to December 31, 2022 are included in the Company’s consolidated financial statements for the period ended December 31, 2022. The following table summarizes the preliminary purchase price allocations for the Rabern acquisition as of December 31, 2022: Total purchase consideration: Consideration $ 25,900 Revolving loan payoff 14,604 Net purchase consideration 40,504 Allocation of consideration to assets acquired and liabilities assumed: Cash 2,975 Net working capital 2,886 Other current assets 419 Fixed assets 27,658 Customer relationships 4,500 Trade name and trademarks 1,200 Goodwill 12,850 Deferred tax liability ( 2,521 ) Other current liabilities ( 500 ) Total fair value of assets acquired 49,467 Less: noncontrolling interests, net of taxes 8,963 Net assets acquired 40,504 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 interests 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. For the year ended December 31, 2022 2021 Net revenues $ 279,707 $ 232,850 Loss before income taxes ( 2,735 ) ( 3,301 ) Net income (loss) ( 5,323 ) ( 4,888 ) Net income (loss) attributable to shareholders of ( 5,980 ) ( 5,032 ) Basic Net income (loss) ( 0.27 ) ( 0.25 ) Net income (loss) attributable to shareholders of ( 0.30 ) ( 0.25 ) Diluted Net income (loss) ( 0.27 ) ( 0.25 ) Net income (loss) attributable to shareholders of ( 0.30 ) ( 0.25 ) Pro forma results presented above primarily reflect the following adjustments: For the year ended December 31, 2022 2021 Amortization $ 87 $ 348 Depreciation 455 1,820 Interest expense 415 1,707 Transaction costs 2,236 2,236 Income tax benefit of above items 280 455 |
Restructuring
Restructuring | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Note 24. Restructuring On January 12, 2022, the Company announced a restructuring plan (the “Restructuring”) that resulted 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 produced in Winona, Minnesota, to its Georgetown, Texas, facility. The Restructuring is expected to be completed during 2023. The following is a summary of the Company's restructuring activities as of December 31, 2022: For the Year Ended December 31 2022 Balance at beginning of period $ — Restructuring expense 61 Balance at end of period $ 61 As of December 31, 2022, the Company had $ 0.1 million classified as assets held for sale in the 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. The Company recorded a one-time pre-tax charge of $ 3.6 million related to inventory write-downs, impairment of fixed assets, and impairment of intangible assets in the fourth quarter of 2021. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 25. Subsequent Events On January 25, 2023, the maturity date for both the Company's $ 40 million and $ 30 million revolving credit facilities were extended to April 11, 2025 . The facilities originally provided for a maturity on April 11, 2024 . |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts and Reserves | 12 Months Ended |
Dec. 31, 2022 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts and Reserves | SCHEDULE II- VALUATION AND QUALIFYING ACCOUNTS AND RESERVES Balance Charges Other Deductions (2) Balance Year ended December 31, 2022 Deducted from asset accounts: Allowance for credit losses $ 2,432 $ 220 $ 56 (1) $ ( 760 ) $ 1,948 Reserve for inventory 9,894 1,540 126 (1) ( 3,589 ) 7,971 Valuation allowance for deferred tax assets 11,676 - 159 ( 897 ) 10,938 Totals $ 24,002 $ 1,760 $ 341 $ ( 5,246 ) $ 20,857 Year ended December 31, 2021 Deducted from asset accounts: Allowance for credit losses $ 2,580 $ 156 $ ( 208 ) (1) $ ( 96 ) $ 2,432 Reserve for inventory 8,451 3,813 (3) ( 174 ) (1) ( 2,196 ) 9,894 Valuation allowance for deferred tax assets 9,694 2,529 ( 167 ) ( 380 ) 11,676 Totals $ 20,725 $ 6,498 $ ( 549 ) $ ( 2,672 ) $ 24,002 (1) Primarily represents the impact of foreign currency exchange, business acquisitions and other amounts recorded to accumulated other comprehensive income (loss). (2) Primarily represents the utilization of established reserves, net of recoveries. (3) Includes approximately $ 3.2 million of inventory write-downs related to Badger restructuring plan. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of significant accounting policies of Manitex International, Inc. is presented to assist in understanding the Company’s 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 GAAP 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 $ 217 and $ 222 at December 31, 2022 and 2021, respectively. |
Revenue Recognition | Revenue Recognition —Revenue is recognized when obligations under the terms of the contract with our customer are satisfied; generally, this occurs with the transfer of control of our equipment, parts or installation services (typically completed within one day). Equipment can be redirected during the manufacturing phase such that over time revenue recognition is not appropriate. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or providing services. Our contracts are non-cancellable and returns are only allowed in limited instances. Sales, value add, and other taxes we collect concurrent with revenue-producing activities are excluded from revenue. The expected costs associated with our base warranties continue to be recognized as expense when the products are sold and do not constitute a separate performance obligation. For instances where equipment and installation services are sold together, the Company accounts for the equipment and installation services separately. The consideration (including any discounts) is allocated between the equipment and installation services based on their stand-alone selling prices. The stand-alone selling prices are determined based on the prices at which the Company separately sells the equipment. In some instances, the Company fulfills its obligations and bills the customer for the work performed but does not ship the goods until a later date. These arrangements are considered bill-and-hold transactions. In order to recognize revenue on the bill-and-hold transactions, the Company ensures the customer has requested the arrangement, the product is identified separately as belonging to the customer, the product is ready for shipment to the customer in its current form, and the Company does not have the ability to direct the product to a different customer. A portion of the transaction price is not allocated to the custodial services due to the immaterial value assigned to that performance obligation. Payment terms offered to customers are defined in contracts and purchase orders and do not include a significant financing component. At times, the Company may offer discounts which are considered variable consideration however, the Company applies the constraint guidance when determining the transaction price to be allocated to the performance obligations. Rental equipment revenue is recognized over the term of the rental contract, based on monthly, weekly or daily rental rates and the number of days the equipment is rented. T he accounting for the significant types of revenue that are accounted for under Topic 842 is discussed below. Rental equipment revenue represent revenues from renting equipment that the Company owns. The Company accounts for such rentals as operating leases. The Company does not generally provide an option for the lessee to purchase the rented equipment at the end of the lease, and do not generate material revenue from sales of equipment under such options. The Company recognizes revenues from renting equipment on a straight-line basis. The Company records any amounts billed to customers in excess of recognizable revenue as deferred revenue on our balance sheet. The Company is unsure when the customer will return rented equipment. As such, we do not know how much the customer will owe us upon return of the equipment and cannot provide a maturity analysis of future lease payments. Our equipment is generally rented for short periods of time (significantly less than a year). Lessees do not provide residual value guarantees on rented equipment. The Company expects to derive significant future benefits from our equipment following the end of the rental term. Our rentals are generally short-term in nature, and our equipment is typically rented for the majority of the time that we own it. We additionally recognize revenue from sales of rental equipment when we dispose of the equipment. Included in rental equipment revenue is re-rent revenue which reflects revenues from equipment that we rent from vendors and then rent to our customers. We account for such rentals as subleases. The accounting for re-rent revenue is the same as the accounting for owned equipment rentals described above. |
Allowance for Credit Losses | Allowance for Credit Losses —Accounts receivable are stated at the amounts the Company’s customers are invoiced and do not bear interest. The Company has adopted a policy consistent with GAAP for the periodic review of its accounts receivable to determine whether the establishment of an allowance for credit losses is warranted based on the Company’s assessment of the collectability of the accounts. The Company established an allowance for credit losses of $ 1,948 and $ 2,432 at December 31, 2022 and 2021, respectively. 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. Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Life Buildings 12 – 33 years Machinery and equipment 3 – 20 years Rental Equipment 5 - 7 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 – 12 years Motor Vehicles 3 – 5 years Computer software 3 – 5 years 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 years ended December 31, 2022 and 2021 was $ 6,549 and $ 2,061 respectively. |
Other Intangible Assets | Other Intangible Assets —The Company capitalizes certain costs related to patent technology. Additionally, a substantial portion of the purchase price related to the Company’s acquisitions has been assigned to patents or unpatented technology, trade name and customer relationships. Other Intangible Assets with definite lives are amortized over their estimated useful lives. Intangible assets with indefinite lives are tested annually for impairment. |
Goodwill | Goodwill — Goodwill, representing the difference between the total purchase price and the fair value of assets (tangible and intangible) and liabilities at the date of acquisition, is reviewed for impairment annually, and more frequently as circumstances warrant, and written down only in the period in which the recorded value of such assets exceed their fair value. Under “ASC 350”, entities are provided with the option of first performing a qualitative assessment on none, some, or all of its reporting units to determine whether it is more-likely-than-not that the fair value of a reporting unit is less than its carrying value. If after completing a qualitative analysis, it is determined that it is more likely-than-not that the fair value of a reporting unit is less than its carrying value a quantitative analysis is required. The Company evaluates its consolidated goodwill by identifying potential impairment by comparing the reporting unit’s estimated fair value to its carrying value, including goodwill. The Company evaluates goodwill for impairment using a business valuation method, which is calculated as of a measurement date by determining the present value of debt-free, after-tax projected future cash flows, discounted at the weighted average cost of capital of a hypothetical third-party buyer. The market approach was also considered in evaluating the potential for impairment by calculating fair value based on multiples of earnings before interest, taxes, depreciation and amortization (EBITDA) of comparable, publicly traded companies. The Company also observed implied EBITDA multiples from relatively recent merger and acquisition activity in the industry, which was used to test the reasonableness of the results. An impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value, if any, would be recognized. The loss recognized would not exceed total amount of goodwill allocated to that reporting unit. The Company performed its annual impairment assessment as of October 1, 2022 and determined there was no impairment. The Company recognized $ 1.1 million in impairment related to goodwill for the year ended December 31, 2021. |
Impairment of Long Lived Assets | Impairment of Long-Lived Assets — The Company’s policy is to assess the realizability of its long-lived assets, including intangible assets, and to evaluate such assets for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets (or group of assets) may not be recoverable. Impairment is determined to exist if the estimated future undiscounted cash flows are less than the carrying value. Future cash flow projections include assumptions for future sales levels, the impact of cost reduction programs, and the level of working capital needed to support each business. The amount of any impairment then recognized would be calculated as the difference between the estimated fair value and the carrying value of the asset. The Company recognized a $ 1.0 million impairment related to patents, tradenames, customer relationships, and fixed assets for the year ended December 31, 2021. |
Inventory, net | Inventory, net —Inventory consists of merchandise, stock materials and equipment stated at the lower of cost (first in, first out) or net realizable value. All equipment classified as inventory is available for sale. The Company records excess and obsolete inventory reserves based upon specific identification and/or historical experience of excess or obsolete inventories. In valuing inventory, the Company is required to make assumptions regarding the level of reserves required to value potentially obsolete or over-valued items at lower of cost or Net Realized Value (NRV). These assumptions require the Company to analyze the aging of and forecasted demand for its inventory, forecast future product sales prices, pricing trends and margins, and to make judgments and estimates regarding obsolete or excess inventory. Future product sales prices, pricing trends and margins are based on the best available information at that time including actual orders received, negotiations with the Company’s customers for future orders, including their plans for expenditures, and market trends for similar products. The Company’s judgments and estimates for excess or obsolete inventory are based on analysis of actual and forecasted usage. |
Accounting for Paycheck Protection Program | Accounting for Paycheck Protection Program — During April 2020, the Company entered a loan transaction pursuant to which the Company received proceeds of $ 3.7 million under the Paycheck Protection Program (“PPP”). The PPP, established as part of the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”), provides for loans to qualifying companies and is administered by the U.S. Small Business Administration (“SBA”). The PPP loan was evidenced by a promissory note between the Company and CIBC. The promissory note had a two-year term , accrued interest at the rate of 1.0 % per annum, and was prepayable at any time without payment of any premium. No payments of principal or interest were due during the six-month period beginning on the date of the promissory note. Under the terms of the CARES Act, PPP loan recipients can apply for and be granted forgiveness for all or a portion of loans granted under the PPP, with such forgiveness to be determined, subject to limitations, based on the use of the loan proceeds for payment of payroll costs and any payments of mortgage interest, rent, and utilities. However, at least 75 percent of the PPP loan proceeds must be used for eligible payroll costs. The terms of any forgiveness may also be subject to further requirements in any regulation and guidelines the SBA may adopt. The Company applied for forgiveness of the PPP loan during November 2020 and in June 2021 , the Company received confirmation that the application for forgiveness of the PPP loan had been approved by the SBA. The loan forgiveness of $ 3.7 million was applied to the Company’s entire outstanding PPP loan balance from CIBC. The Company recorded the forgiveness as Gain on Paycheck Protection Program loan forgiveness in Other Income (Expense) on the Consolidated Statement of Operations. The gain on loan forgiveness is not subject to U.S. taxation. This deductible permanent difference is offset by a change in the U.S. valuation allowance and therefore had no impact on the effective tax rate. |
Foreign Currency Translation and Transactions | Foreign Currency Translation and Transactions —The financial statements of the Company’s non-U.S. subsidiaries are translated using the current exchange rate for assets and liabilities and the weighted-average exchange rate for the year for income and expense items. Resulting translation adjustments are recorded to accumulated other comprehensive income ("AOCI") as a component of shareholders’ equity The Company converts receivables and payables denominated in other than the Company’s functional currency at the exchange rate as of the balance sheet date. The resulting transaction exchange gains or losses, except for certain transaction gains or loss related to intercompany receivable and payables, are included in other income and expense. Transaction gains and losses related to intercompany receivables and payables not anticipated to be settled in the foreseeable future are excluded from the determination of net income and are recorded as a translation adjustment (with consideration to the tax effect) to AOCI as a component of shareholders’ equity. |
Derivatives-Forward Currency Exchange Contracts | Derivatives—Forward Currency Exchange Contracts —When the Company enters into forward currency exchange contracts it does so such that the exchange gains and losses on the assets and liabilities that are being hedged, which are denominated in a currency 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. 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 Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction loss. |
Research and Development Expenses | Research and Development Expenses — The Company expenses research and development costs, as incurred. For the years ended December 31, 2022 and 2021, expenses w ere $ 2,989 a nd $ 3,332 , respectively. |
Advertising | Advertising — Advertising costs are expensed as incurred and were $ 843 and $ 737 for the years ended December 31, 2022 and 2021, respectively. |
Retirement Benefit Costs and Termination Benefits | Retirement Benefit Costs and Termination Benefits —Payments to defined contribution retirement benefit plans are recognized as an expense when employees have rendered service entitling them to the contributions. Employees in Italy are entitled to Trattamento di Fine Rapporto (“TFR”), commonly referred to as an employee leaving indemnity, which represents deferred compensation for employees in the private sector. Under Italian law, an entity is obligated to accrue for TFR on an individual employee basis payable to each individual upon termination of employment (including both voluntary and involuntary dismissal). The expense is recognized in the personnel costs, either in Selling, General, and Administrative expense or Cost of Goods Sold, in the Consolidated Statements of Operations and the accrual is recorded in other long-term liability in the Consolidated Balance Sheets. |
Litigation Claims | Litigation Claims —In determining whether liabilities should be recorded for pending litigation claims, the Company must assess the allegations and the likelihood that it will successfully defend itself. When the Company believes it is probable that it will not prevail in a particular matter, it will then record an estimate of the amount of liability based, in part, on advice of legal counsel |
Shipping and Handling | Shipping and Handling —The Company records the amount of shipping and handling costs billed to customers as revenue. The cost incurred for shipping and handling is included in the cost of sales. |
Adoption of Highly Inflationary Accounting | 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 Argentina’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 December 31, 2022, PM Argentina had an insignificant net peso monetary position . Net sales of PM Argentina were less than 5 percent of our consolidated net sales for the years ended December 31, 2022 and 2021, respectively. |
Income Taxes | Income Taxes — The Company accounts for income taxes under the provisions of ASC 740 “Income Taxes,” which requires recognition of income taxes based on amounts payable with respect to the current year and the effects of deferred taxes for the expected future tax consequences of events that have been included in the Company’s financial statements or tax returns. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial accounting and tax basis of assets and liabilities, as well as for operating losses and tax credit carryforwards using enacted tax rates in effect for the year in which the differences are expected to reverse. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not a tax benefit will not be realized. In assessing the realizability of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income prior to the expiration of any net operating loss carryforwards. See Note 14, Income Taxes, for further details. The Jobs Act also establishes Global Intangible Low-Taxed Income (“GILTI”) provisions that impose a tax on foreign income in excess of a deemed return on tangible assets of foreign corporations. The Company has elected to recognize GILTI as a period cost as incurred, therefore there are no deferred taxes recognized for basis differences that are expected to impact the amount of the GILTI inclusion upon reversal. ASC 740 also prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return, as well as guidance on derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. The Company records interest and penalties related to income tax matters in the provision for income taxes. |
Accrued Warranties | Accrued Warranties —Warranty costs are accrued at the time revenue is recognized and the expense is recorded in the Statement of Operations in Cost of Sales. 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 for at the time of sale. 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 initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of December 31, 2022 and 2021, accrued warranties were $ 1,916 and $ 1,578 , respectively. |
Debt Issuance Costs | Debt Issuance Costs —Debt issuance costs incurred in securing the Company’s financing arrangements are capitalized and amortized over the term of the associated debt. Deferred financing costs associated with long-term debt are presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discount. |
Sale and Leaseback | Sale and Leaseback —In accordance with ASC 842-10 Sales-Leaseback Transactions, the Company has recorded a deferred gain in relationship to the sale and leaseback of one of the Company’s operating facilities. As such, the gains have been deferred and are being amortized on a straight- line basis over the life of the leases. |
Computation of EPS | Computation of EPS —Basic Earnings per Share (“EPS”) was computed by dividing net income (loss) by the weighted average number of common shares outstanding during the period. The number of shares related to stock options and restricted stock, included in diluted EPS is based on the “Treasury Stock Method” prescribed in ASC 260-10, Earnings per Share. This method assumes the theoretical repurchase of shares using proceeds of the respective stock option exercised, and for restricted stock, the amount of compensation cost attributed to future services which has not yet been recognized, and the amount of current and deferred tax benefit, if any, that would be credited to additional paid in capital upon the vesting of the restricted stock, at a price equal to the issuer’s average stock price during the related earnings period. Accordingly, the number of shares includable in the calculation of EPS in respect of the stock options and restricted stock is dependent on this average stock price and will increase as the average stock price increases. |
Stock Based Compensation | Stock 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. |
Comprehensive Income | Comprehensive Income —Comprehensive income includes, in addition to net earnings, other items that are reported as direct adjustments to shareholder’s equity. Currently, the comprehensive income adjustment required for the Company primarily represents a foreign currency translation adjustment, the result of consolidating its foreign subsidiary. |
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, (2) restructuring costs associated with a business combination will generally be expensed subsequent to the acquisition date; and (3) changes in deferred tax asset valuation allowances and income tax uncertainties after the acquisition date generally will affect income tax expense. The Company records any excess of purchase price over fair value of assets acquired, including identifiable intangibles and liabilities assumed be recognized as goodwill. |
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 Consolidated Statements of Operations. The initial recognition of the noncontrolling interest was attributed at the fair market value. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property and Equipment | Depreciation of property and equipment is provided over the following useful lives: Asset Category Depreciable Life Buildings 12 – 33 years Machinery and equipment 3 – 20 years Rental Equipment 5 - 7 years Furniture and fixtures 3 – 7 years Leasehold improvements 1 – 12 years Motor Vehicles 3 – 5 years Computer software 3 – 5 years |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Disaggregation of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table disaggregates our sources of revenues for the years indicated (ended December 31): 2022 2021 Boom trucks, knuckle boom & truck cranes $ 145,713 $ 128,768 Aerial platforms 38,236 27,179 Part and merchandise sales 32,365 25,769 Rental 18,441 - Other equipment 33,649 23,560 Services 4,720 5,424 Rough terrain cranes 730 839 Net Revenue $ 273,854 $ 211,539 The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides details of revenues by geographic area for the years ended December 31, 2022 and 2021, respectively. 2022 2021 United States $ 141,709 $ 77,881 Italy 36,345 36,876 Canada 21,956 20,827 Chile 11,872 12,232 France 10,404 10,359 Other 51,568 53,364 $ 273,854 $ 211,539 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the years ended December 31, 2022 and 2021: 2022 2021 Customer deposits at January 1, $ 7,121 $ 2,363 Additional customer deposits received where revenue has not 13,073 11,447 Revenue recognized from customer deposits ( 16,372 ) ( 6,446 ) Effect of change in exchange rates ( 415 ) ( 243 ) Customer deposits at December 31, $ 3,407 $ 7,121 |
Earnings per Common Share (Tabl
Earnings per Common Share (Tables) | 12 Months Ended |
Dec. 31, 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: For the Years Ended December 31, 2022 2021 Net income (loss) $ ( 4,298 ) $ ( 4,573 ) Net income (loss) attributable to noncontrolling interest 603 — Net income (loss) attributable to shareholders of $ ( 4,901 ) $ ( 4,573 ) Income (loss) per share Basic Net income (loss) $ ( 0.21 ) $ ( 0.23 ) Net income (loss) attributable to shareholders of $ ( 0.24 ) $ ( 0.23 ) Diluted Net income (loss) $ ( 0.21 ) $ ( 0.23 ) Net income (loss) attributable to shareholders of $ ( 0.24 ) $ ( 0.23 ) Weighted average common shares outstanding Basic and Dilutive 20,055,836 19,900,117 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | The following securities were not included in the computation of diluted earnings per share as their effect would have been antidilutive: For the Years Ended December 31, 2022 2021 Unvested restricted stock units 288,290 286,227 Options to purchase common stock 197,437 97,437 485,727 383,664 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Summary of Items Measures at Fair Value on Recurring Basis | The following is a summary of items that the Company measured at fair value during the periods: Fair Value at December 31, 2022 Level 1 Level 2 Level 3 Total Asset: Forward currency exchange contracts $ — $ 124 $ — $ 124 Total current assets at fair value $ — $ 124 $ — $ 124 Fair Value at December 31, 2021 Level 1 Level 2 Level 3 Total Asset: 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 Liabilities: Valla Contingent Balance at January 1, 2022 $ 207 Change in contingent liability consideration ( 202 ) Effect of change in exchange rates ( 5 ) Balance at December 31, 2022 $ — |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value Amounts of Derivative Instruments Reported in Condensed Consolidated Balance Sheets | The following table provides the location and fair value amounts of derivative instruments that are reported in the Consolidated Balance Sheet as of December 31, 2022 and 2021: Total derivatives not designated as a hedge instrument Fair Value As of December 31, Balance Sheet Location 2022 2021 Asset Derivatives Foreign currency exchange contracts Prepaid expense and other $ 124 $ 75 Total derivative assets $ 124 $ 75 |
Effect of Derivative Instruments on Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Consolidated Statement of Operations for 2022 and 2021: Derivatives not designated as Hedge Instrument Location of gain or Years ended December 31, 2022 2021 Fo rward currency contracts Foreign currency $ ( 132 ) $ 278 Total derivatives gain (loss) $ ( 132 ) $ 278 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | he components of inventory at December 31, are summarized as follows: 2022 2021 Raw materials and purchased parts $ 47,168 $ 42,983 Work in process 6,015 3,938 Finished goods and replacement parts 16,618 18,044 Inventories, net $ 69,801 $ 64,965 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property Plant and Equipment | Property, plant and equipment consist of the following at December 31, 2022 and 2021, respectively: 2022 2021 Machinery and equipment $ 9,930 $ 10,605 Buildings 8,067 9,649 Finance lease - building 4,606 4,606 Land 3,709 4,138 Furniture and fixtures 2,437 2,612 Computer equipment 1,801 1,728 Leasehold improvements 2,288 1,504 Construction in progress 901 187 Rental Fleet 37,858 - Motor vehicles 2,541 93 Totals 74,138 35,122 Less: accumulated depreciation ( 19,752 ) ( 16,359 ) Less: accumulated depreciation - finance lease ( 2,689 ) ( 2,303 ) Net property and equipment $ 51,697 $ 16,460 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets were comprised of the following as of December 31, 2022: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Patented and unpatented technology 2 $ 16,469 $ ( 14,553 ) $ 1,916 Customer relationships 9 22,000 ( 14,344 ) 7,656 Trade names and trademarks 15 5,469 ( 2,804 ) 2,665 Software 4 236 ( 56 ) 180 Indefinite lived trade names 1,950 - 1,950 Total intangible assets, net $ 14,367 Intangible assets and accumulated amortization by category as of December 31, 2021 is as follows: Weighted Average Amortization Period Remaining (in years) Gross Carrying Amount Accumulated Amortization Net Carrying 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 next five years and subsequent is as follows: Amount 2023 $ 3,000 2024 3,000 2025 860 2026 705 2027 520 And subsequent 4,332 Total intangibles currently to be amortized 12,417 Intangibles with indefinite lives not amortized 1,950 Total intangible assets $ 14,367 |
Changes in Goodwill | Changes in the Company’s goodwill are as follows: 2022 2021 Balance January 1, $ 24,949 $ 27,472 Goodwill for Rabern acquisition 12,850 - Effect of change in exchange rates ( 883 ) ( 1,393 ) Goodwill impairment - ( 1,130 ) Balance December 31, $ 36,916 $ 24,949 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | As of December 31, 2022 2021 Accrued payroll and benefits $ 4,929 $ 3,362 Accrued warranty 1,916 - Accrued expense other 1,898 1,578 Accrued vacation expense 1,635 1,425 Accrued legal settlement 1,160 1,701 Accrued income tax and other taxes 841 2,473 Total accrued expenses $ 12,379 $ 10,539 |
Revolving Term Credit Facilit_2
Revolving Term Credit Facilities and Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt is summarized as follows: December 31, 2022 December 31, 2021 U.S. Credit Facilities $ 41,521 $ 12,800 U.S. Term Loan 14,721 — Italy Short-Term Working Capital Borrowings 19,365 15,676 Italy Group Term Loan 9,675 12,472 Other 1,223 342 Total debt 86,505 41,290 Less: Debt issuance costs ( 99 ) ( 83 ) Debt net of issuance costs $ 86,406 $ 41,207 |
Schedule of Annual Maturities Of Debt Outstanding | Scheduled annual maturities of the principal portion of debt outstanding at December 31, 2022 in the next five years and the remaining maturity in aggregate are summarized below. Amounts shown include the debt described above in this footnote. North America Italy Total 2023 3,737 21,552 25,289 2024 42,222 2,193 44,415 2025 1,946 2,214 4,160 2026 2,115 3,346 5,461 2027 2,300 32 2,332 Thereafter 4,920 — 4,920 57,240 29,337 86,577 Debt discount related to non-interest-bearing debt — ( 72 ) ( 72 ) Debt issuance cost ( 99 ) — ( 99 ) Total $ 57,141 $ 29,265 $ 86,406 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases (thousands) Classification 12/31/2022 12/31/2021 Assets Operating lease assets Operating lease assets $ 5,667 $ 3,563 Finance lease assets Fixed assets, ne t 2,005 2,303 Total leased assets $ 7,672 $ 5,866 Liabilities Current Operating Current liabilities $ 1,758 $ 1,064 Financing Current liabilities 509 399 Noncurrent Operating Noncurrent liabilities 3,909 2,499 Financing Noncurrent liabilities 3,382 3,822 Total lease liabilities $ 9,558 $ 7,784 |
Schedule of Lease Cost | Lease Cost (thousands) Classification 12/31/2022 12/31/2021 Operating lease costs Operating lease assets $ 1,686 $ 1,194 Finance lease cost Amortization of leased assets Amortization 386 364 Interest on lease liabilities Interest expense 508 551 Lease cost $ 2,580 $ 2,109 |
Summary of Other Information Related to Leases | Other Information (thousands) 12/31/2022 12/31/2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 1,686 $ 1,194 Operating cash flows from finance leases $ 508 $ 551 Financing cash flows from finance leases $ 426 $ 328 |
Schedule of Future Principal Minimum Lease Payments | Future minimum lease payments for the period ending December 31 for the next five and subsequent years are: Operating Leases Finance Leases 2023 $ 1,776 $ 960 2024 1,397 990 2025 1,095 996 2026 1,017 1,018 2027 814 1,049 Subsequent 158 357 Total undiscounted lease payments 6,257 5,370 Less interest ( 590 ) ( 1,479 ) Total liabilities $ 5,667 $ 3,891 Less current maturities ( 1,758 ) ( 509 ) Non-current lease liabilities $ 3,909 $ 3,382 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Company's (Loss) Income Before Income Taxes | Information pertaining to the Company’s (loss) income before income taxes is as follows: Years ended December 31, 2022 2021 (Loss) income before income taxes: Domestic $ ( 2,100 ) $ ( 5,467 ) Foreign ( 84 ) 2,111 Total net (loss) income before income taxes $ ( 2,184 ) $ ( 3,356 ) |
Schedule of Company's Provision (Benefit) for Income Taxes | Information pertaining to the Company’s provision for income taxes is as follows: Years ended December 31, 2022 2021 Expense (benefit) for income taxes: Current: Federal $ 1 $ ( 4 ) State and local ( 1 ) ( 58 ) Foreign 918 1,330 918 1,268 Deferred: Federal 490 — State and local ( 343 ) 52 Foreign 1,049 ( 103 ) 1,196 ( 51 ) Total expense for income taxes $ 2,114 $ 1,217 |
Schedule of Significant Components of Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities are as follows: Year ended December 31, 2022 2021 Deferred tax assets: Accrued expenses $ 1,176 $ 669 Inventory 1,706 2,337 Other liabilities 1,806 1,696 Deferred gain 95 118 Net operating loss carryforwards 6,764 6,385 Tax credit carryforwards 1,328 1,395 Capital loss carryforwards — 233 Legal settlements 581 — Research & development 115 — Unrealized foreign currency loss 50 70 Interest expense 2,440 2,888 Property, plant and equipment — 6 Total deferred tax asset 16,061 15,797 Deferred tax liabilities: Property, plant and equipment 190 — Intangibles 1,673 2,432 Deferred State Income Tax 329 386 Debt 2,135 2,199 Investments 5,495 — Total deferred tax liability 9,822 5,017 Valuation allowance ( 10,938 ) ( 11,676 ) Net deferred tax (liability) asset $ ( 4,699 ) $ ( 896 ) |
Summary of Effective Tax Rate for Income Taxes Varies from Current Statutory Federal Income Tax Rate | The effective tax rate for income taxes varies from the current U.S. federal statutory income tax rate as follows: Years ended December 31, 2022 2021 Statutory rate 21.0 % 21.0 % State and local taxes ( 1.4 )% ( 1.2 )% Permanent differences ( 46.3 )% 8.8 % Tax credits ( 16.1 )% 0.0 % Foreign operations ( 19.8 )% ( 3.3 )% Uncertain tax positions ( 61.3 )% 7.3 % Valuation allowance 41.1 % ( 59.1 )% Other ( 14.0 )% ( 9.8 )% ( 96.8 )% ( 36.3 )% |
Summary of Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits, including interest and penalties, is as follows: 2022 2021 Balance at January 1, $ 3,028 $ 3,546 (Decreases) increases in tax positions for prior years 151 — (Decrease) increases in tax positions for current years 25 123 Other ( 149 ) ( 14 ) Lapse in statute of limitations ( 125 ) ( 515 ) Settlements — ( 112 ) Balance at December 31, $ 2,930 $ 3,028 |
Supplemental Cash Flow Disclo_2
Supplemental Cash Flow Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Disclosures | Supplemental cash flow disclosures included during the years ended December 31, 2022 and 2021 were as follows: 2022 2021 Interest received in cash $ 2 $ 43 Interest paid in cash 4,270 2,148 Income tax payments in cash 1,349 1,342 Recognition of right-of-use asset and right-of-use liability 2,728 - Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: Cash and cash equivalents $ 7,973 $ 21,359 Restricted cash 217 222 Cash, cash equivalents and restricted cash at the end of year $ 8,190 $ 21,581 |
Accrued Warranties (Tables)
Accrued Warranties (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: 2022 2021 Balance January 1, $ 1,578 $ 1,292 Provision for warranties issued during the year 2,199 3,625 Warranty services provided ( 1,832 ) ( 3,293 ) Foreign currency translation ( 29 ) ( 46 ) Balance December 31, $ 1,916 $ 1,578 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the two-year period: Date of Issue Employees or Shares Issued Value of January 1, 2022 Employee 3,300 $ 20 March 6, 2022 Directors 8,160 48 March 6, 2022 Employees 23,866 141 March 8, 2022 Directors 12,000 93 March 8, 2022 Employee 29,262 226 March 13, 2022 Directors 10,200 75 March 13, 2022 Employees 17,893 132 April 11, 2022 Employee 38,800 247 June 2, 2022 Directors 18,000 127 June 3, 2022 Directors 5,940 43 July 5, 2022 Employee 16,120 104 August 14, 2022 Directors 10,200 45 October 20, 2022 Employee 2,211 10 November 23, 2022 Employee 3,300 22 December 10, 2022 Employee 2,310 11 201,562 $ 1,343 Date of Issue Employees or Shares Issued Value of January 1, 2021 Employee 3,300 $ 20 March 6, 2021 Directors 7,920 47 March 6, 2021 Employees 24,923 148 March 8, 2021 Directors 12,000 93 March 8, 2021 Employee 2,000 15 March 13, 2021 Directors 18,060 133 March 13, 2021 Employees 17,680 130 June 3, 2021 Directors 5,940 43 August 14, 2021 Directors 9,900 44 September 1, 2021 Employee 16,500 93 October 20, 2021 Employee 2,211 10 December 10, 2021 Employee 3,630 17 December 31, 2021 Employee 2,640 16 126,704 $ 808 |
Summary of Common Stock Repurchases | The following is a summary of common stock purchased during 2022 and 2021: 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 December 10, 2022 656 4.49 35,035 March 6, 2021 2,779 $ 7.43 March 8, 2021 692 7.73 March 13, 2021 2,712 8.29 December 10, 2021 1,124 6.99 7,307 |
Summary of Restricted Stock Units Awarded | The following is a summary of restricted stock units that were awarded during 2022 and 2021: 2022 Grants Vesting Date Number of Closing Price on Value of May 3, 2022 April 11, 2023 33,000 units; April 11, 2024 33,000 units; April 11, 2024 34,000 units 100,000 $ 7.60 $ 760 June 2, 2022 June 2, 2022 18,000 units; June 2, 2023 18,000 units; June 2, 2024 18,000 units 54,000 $ 7.07 $ 382 June 2, 2022 June 2, 2023 13,200 units; June 2, 2024 13,200 units; June 2, 2025 13,600 units 40,000 $ 7.07 $ 283 July 1, 2022 July 1, 2023 10,560 units; July 1, 2024 10,560 units; July 1, 2025 10,800 units 32,000 $ 6.39 $ 204 226,000 $ 1,629 2021 Grants Vesting Date Number of Closing Price on Value of March 8, 2021 March 8, 2021 12,000 units; March 8, 2022 12,000 units; March 8, 2023 12,000 units 36,000 $ 7.73 $ 278 March 8, 2021 March 8, 2021 2,000 units; March 8, 2022 , 30,294 March 8, 2023 30,294 units; March 8, 2024 31,212 units 93,800 $ 7.73 $ 725 June 3, 2021 June 3, 2021 5,940 units; June 3, 2022 5,940 units; June 3, 2023 6,120 units 18,000 $ 7.29 $ 131 November 23, 2021 November 23, 2022 6,600 units; November 23, 2023 6,600 units; November 23, 2024 6,800 units 20,000 $ 6.60 $ 132 December 31, 2021 December 31, 2022 3,300 units; December 31, 2023 3,300 units; December 31, 2024 3,400 units 10,000 $ 6.36 $ 64 177,800 $ 1,330 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units for the years ended December 31, 2022 and 2021, respectively: Restricted Stock Units 2022 2021 Outstanding on January 1, 286,227 242,586 Units granted during period 226,000 177,800 Vested and issued ( 166,527 ) ( 119,397 ) Vested—issued and repurchased for income tax withholding ( 35,035 ) ( 7,307 ) Forfeited ( 21,761 ) ( 7,455 ) Outstanding on December 31 288,904 286,227 |
Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted | 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) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Payable with Related Parties | As of December 31, 2022 and 2021, the Company had accounts payable with related parties as shown below: December 31, 2022 December 31, 2021 Terex $ 60 $ 23 Tadano — 180 $ 60 $ 203 $ 60 $ 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 years ended December 31: 2022 2021 Rent Paid Rabern Facility $ 463 $ - Sales to: Tadano (2) 45 167 Terex (1) 166 43 RAM P&E (3) 37 122 Steven Berner (4) 80 — Total Sales $ 328 $ 332 Inventory Purchases from: Tadano (2) 225 303 Terex (1) 291 403 Total Inventory Purchases $ 516 $ 706 (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 sold an automobile to Steven Berner, the President of Rabern, for approximately $ 80 in April 2022, in connection with the Rabern acquisition. |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 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: As of December 31, 2022 2021 Net revenues Lifting Equipment $ 252,652 $ 211,539 Rental Equipment 21,202 — $ 273,854 $ 211,539 Operating income (loss) Lifting Equipment $ 1,191 $ ( 4,422 ) Rental Equipment 3,186 — Total operating income (loss) $ 4,377 $ ( 4,422 ) Depreciation Lifting Equipment $ 1,731 $ 2,061 Rental Equipment 4,818 — Total depreciation $ 6,549 $ 2,061 Amortization Lifting Equipment $ 2,605 $ 2,282 Rental Equipment 261 — Total amortization $ 2,866 $ 2,282 Capital expenditures Lifting Equipment $ 1,484 $ 247 Rental Equipment 14,605 — Total capital expenditures $ 16,089 $ 247 |
Summary of Net Sales by Country | Twelve Months Ended Twelve Months Ended Lifting Rental Total Lifting Rental Total Net sales by country United States $ 120,507 $ 21,202 $ 141,709 $ 77,881 $ — $ 77,881 Italy 36,345 — 36,345 36,876 — 36,876 Canada 21,956 — 21,956 20,827 — 20,827 Chile 11,872 — 11,872 12,232 — 12,232 France 10,404 — 10,404 10,359 — 10,359 Other 51,568 — 51,568 53,364 — 53,364 Total $ 252,652 $ 21,202 $ 273,854 $ 211,539 $ — $ 211,539 |
Business Combination (Tables)
Business Combination (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Business Combinations [Abstract] | |
Summary of Purchase Price Allocations | The following table summarizes the preliminary purchase price allocations for the Rabern acquisition as of December 31, 2022: Total purchase consideration: Consideration $ 25,900 Revolving loan payoff 14,604 Net purchase consideration 40,504 Allocation of consideration to assets acquired and liabilities assumed: Cash 2,975 Net working capital 2,886 Other current assets 419 Fixed assets 27,658 Customer relationships 4,500 Trade name and trademarks 1,200 Goodwill 12,850 Deferred tax liability ( 2,521 ) Other current liabilities ( 500 ) Total fair value of assets acquired 49,467 Less: noncontrolling interests, net of taxes 8,963 Net assets acquired 40,504 |
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. For the year ended December 31, 2022 2021 Net revenues $ 279,707 $ 232,850 Loss before income taxes ( 2,735 ) ( 3,301 ) Net income (loss) ( 5,323 ) ( 4,888 ) Net income (loss) attributable to shareholders of ( 5,980 ) ( 5,032 ) Basic Net income (loss) ( 0.27 ) ( 0.25 ) Net income (loss) attributable to shareholders of ( 0.30 ) ( 0.25 ) Diluted Net income (loss) ( 0.27 ) ( 0.25 ) Net income (loss) attributable to shareholders of ( 0.30 ) ( 0.25 ) Pro forma results presented above primarily reflect the following adjustments: For the year ended December 31, 2022 2021 Amortization $ 87 $ 348 Depreciation 455 1,820 Interest expense 415 1,707 Transaction costs 2,236 2,236 Income tax benefit of above items 280 455 |
Restructuring (Tables)
Restructuring (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Activities | The following is a summary of the Company's restructuring activities as of December 31, 2022: For the Year Ended December 31 2022 Balance at beginning of period $ — Restructuring expense 61 Balance at end of period $ 61 |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Apr. 11, 2022 USD ($) | Dec. 31, 2022 Model Segment | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Number of operating segment | Segment | 5 | |
Number of Reporting Units | Segment | 5 | |
PM Group [Member] | Minimum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of models | Model | 50 | |
Rabern Rentals, LLC [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Cash consideration | $ | $ 25,900 | |
Steven Berner [Member] | Rabern Rentals, LLC [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of membership interest acquired | 100% | |
Membership Interest Purchase Agreement [Member] | Rabern Rentals, LLC [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of membership interest acquired | 70% | |
Cash consideration | $ | $ 26,000 | |
Cash plus assumed debt | $ | $ 14,000 | |
Membership Interest Purchase Agreement [Member] | Steven Berner [Member] | Rabern Rentals, LLC [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of membership interest acquired | 30% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounting Policies [Line Items] | ||||
Statutory limit of highly liquid investments | $ 250,000 | |||
Cash - restricted | 217,000 | $ 222,000 | ||
Allowance for bad debt | 1,948,000 | 2,432,000 | ||
Depreciation Expense | 6,549,000 | 2,061,000 | ||
Write-down of goodwill | 0 | 1,130,000 | ||
Impairment charges | 0 | |||
Research and development costs | 2,989,000 | 3,332,000 | ||
Advertising costs | 843,000 | 737,000 | ||
Accrued warranties | $ 1,916,000 | $ 1,578,000 | ||
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% | ||
Paycheck Protection Program [Member] | ||||
Accounting Policies [Line Items] | ||||
Debt instrument, payment terms | two-year term | |||
Debt instrument, interest rate during period | 1% | |||
Debt instrument, periodic payment, principal | $ 0 | |||
Proceeds from bank debt | 3,700,000 | |||
Paycheck Protection Program [Member] | Loans Payable [Member] | ||||
Accounting Policies [Line Items] | ||||
Proceeds from Issuance of Debt | $ 3,700,000 | |||
Goodwill [Member] | ||||
Accounting Policies [Line Items] | ||||
Write-down of goodwill | $ 0 | $ 1,100,000 | ||
Customer Relationships and Fixed Assets [Member] | Patents, Tradenames [Member] | ||||
Accounting Policies [Line Items] | ||||
Impairment charges | $ 1,000,000 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Useful Lives of Property and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Minimum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Rental Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 years |
Minimum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 1 year |
Minimum [Member] | Motor Vehicles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Minimum [Member] | Computer Software [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 3 years |
Maximum [Member] | Buildings [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 33 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 20 years |
Maximum [Member] | Rental Equipment [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum [Member] | Furniture and Fixtures [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 7 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 12 years |
Maximum [Member] | Motor Vehicles [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 years |
Maximum [Member] | Computer Software [Member] | |
Significant Of Accounting Policies [Line Items] | |
Property plant and equipment useful life | 5 years |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Disaggregates of Revenue (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 273,854 | $ 211,539 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 145,713 | 128,768 |
Aerial Platforms [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 38,236 | 27,179 |
Part and Merchandise Sales [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 32,365 | 25,769 |
Rental [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 18,441 | |
Other Equipment [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 33,649 | 23,560 |
Services [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | 4,720 | 5,424 |
Rough Terrain Cranes [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net Revenue | $ 730 | $ 839 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 273,854 | $ 211,539 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 141,709 | 77,881 |
Italy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 36,345 | 36,876 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 21,956 | 20,827 |
Chile [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 11,872 | 12,232 |
France [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | 10,404 | 10,359 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Net revenues | $ 51,568 | $ 53,364 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | ||
Customer deposits, Beginning balance | $ 7,121 | $ 2,363 |
Additional customer deposits received where revenue has not yet been recognized | 13,073 | 11,447 |
Revenue recognized from customer deposits | (16,372) | (6,446) |
Effect of change in exchange rates | (415) | (243) |
Customer deposits, Ending balance | $ 3,407 | $ 7,121 |
Earnings per Common Share - Bas
Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ (4,298) | $ (4,573) |
Net income (loss) attributable to noncontrolling interest | 603 | |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (4,901) | $ (4,573) |
(Loss) earnings per share Basic | ||
Net income (loss) | $ (0.21) | $ (0.23) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | (0.24) | (0.23) |
(Loss) earnings per share Diluted | ||
Net income (loss) | (0.21) | (0.23) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (0.24) | $ (0.23) |
Weighted average common shares outstanding | ||
Weighted average common shares outstanding, Basic | 20,055,836 | 19,900,117 |
Weighted average common shares outstanding, Diluted | 20,055,836 | 19,900,117 |
Earnings per Common Share - Sch
Earnings per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 485,727 | 383,664 |
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 | 288,290 | 286,227 |
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 |
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 | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | $ 124 | $ 75 |
Total liabilities at fair value | 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 | 124 | 75 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Total current assets at fair value | 124 | 75 |
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 | $ 124 | 75 |
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 | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Liabilities: | |
Beginning Balance | $ 207 |
Change in contingent liability consideration | (202) |
Effect of change in exchange rates | $ (5) |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | $ 86,406 | $ 41,207 |
Fair value of debt | 24,424 | 12,530 |
Book value of finance lease | 3,891 | |
Fair value of finance lease | 4,518 | 5,044 |
Book Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Book value of debt | 24,424 | 12,530 |
Book value of finance lease | 3,891 | 4,221 |
Long term legal settlement | 586 | 687 |
Fair Value [Member] | ||
Fair Value Measurements Of Financial Instruments [Line Items] | ||
Long term legal settlement | $ 586 | $ 687 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2022 CLP ($) ForwardContract | Dec. 31, 2022 EUR (€) ForwardContract | Dec. 31, 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 | Jan. 31, 2023 | ||
First Forward Currency Contracts [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | € | € 2,513,000 | ||
First Forward Currency Contracts [Member] | Chile Pesos [Member] | |||
Derivative [Line Items] | |||
Contractual obligation foreign currency contracts | $ | $ 2,400,000,000 |
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 Contracts [Member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 124 | $ 75 |
Prepaid Expense and Other [Member] | ||
Derivatives Fair Value [Line Items] | ||
Asset Derivatives | $ 124 | $ 75 |
Derivative Financial Instrume_5
Derivative Financial Instruments - Effect of Derivative Instruments on Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Derivatives Fair Value [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Foreign currency transaction loss | Foreign currency transaction loss |
Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gain (loss) recognized in statement of operations | $ (132) | $ 278 |
Forward Currency Contracts [Member] | Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gain (loss) recognized in statement of operations | $ (132) | $ 278 |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts | $ 47,168 | $ 42,983 |
Work in process | 6,015 | 3,938 |
Finished goods and replacement parts | 16,618 | 18,044 |
Inventories, net | $ 69,801 | $ 64,965 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2022 | |
Inventory Disclosure [Abstract] | ||
Reserves for excess and obsolete inventory | $ 9,894 | $ 7,971 |
Inventory write-down | $ 3,226 |
Property Plant and Equipment -
Property Plant and Equipment - Schedule of Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 74,138 | $ 35,122 |
Less: accumulated depreciation | (19,752) | (16,359) |
Less: accumulated depreciation - finance lease | (2,689) | (2,303) |
Net property and equipment | 51,697 | 16,460 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 9,930 | 10,605 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 8,067 | 9,649 |
Finance Lease - Building [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 4,606 | 4,606 |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 3,709 | 4,138 |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 2,437 | 2,612 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 1,801 | 1,728 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 2,288 | 1,504 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 901 | 187 |
Rental Fleet [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | 37,858 | |
Motor Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property Plant and Equipment Gross | $ 2,541 | $ 93 |
Property Plant and Equipment _2
Property Plant and Equipment - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Property Plant And Equipment Useful Life And Values [Line Items] | ||
Depreciation Expense | $ 6,549 | $ 2,061 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 14,367 | $ 11,946 |
Indefinite lived trade names | 1,950 | 2,057 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 16,469 | 16,848 |
Accumulated Amortization | (14,553) | (13,845) |
Total intangible assets, net | $ 1,916 | $ 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 | $ 22,000 | $ 18,077 |
Accumulated Amortization | (14,344) | (13,017) |
Total intangible assets, net | $ 7,656 | $ 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 | $ 236 | $ 160 |
Accumulated Amortization | (56) | (8) |
Total intangible assets, net | $ 180 | $ 152 |
Weighted Average Amortization Period (in years) | 4 years | 5 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,469 | $ 4,269 |
Accumulated Amortization | (2,804) | (2,595) |
Total intangible assets, net | $ 2,665 | $ 1,674 |
Weighted Average Amortization Period (in years) | 15 years | 10 years |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,950 | $ 2,057 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 2,866,000 | $ 2,282,000 |
Goodwill impairment | $ 0 | 1,130,000 |
Goodwill impairment | (1,130,000) | |
Badger Restructuring Plan [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Goodwill impairment | 400,000 | |
PM Valla [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Goodwill impairment | 1,100,000 | |
Goodwill impairment | $ 500,000 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2023 | $ 3,000 | |
2024 | 3,000 | |
2025 | 860 | |
2026 | 705 | |
2027 | 520 | |
And subsequent | 4,332 | |
Total intangibles currently to be amortized | 12,417 | |
Intangibles with indefinite lives not amortized | 1,950 | |
Total intangible assets, net | $ 14,367 | $ 11,946 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 24,949 | $ 27,472 |
Goodwill for Rabern acquisition | 12,850 | |
Effect of change in exchange rates | (883) | (1,393) |
Goodwill impairment | (1,130) | |
Ending Balance | $ 36,916 | $ 24,949 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and benefits | $ 4,929 | $ 3,362 |
Accrued warranty | 1,916 | |
Accrued expense other | 1,898 | 1,578 |
Accrued vacation expense | 1,635 | 1,425 |
Accrued legal settlement | 1,160 | 1,701 |
Accrued income tax and other taxes | 841 | 2,473 |
Total accrued expenses | $ 12,379 | $ 10,539 |
Revolving Term Credit Facilit_3
Revolving Term Credit Facilities and Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Total debt | $ 86,505 | $ 41,290 |
Less: Debt issuance costs | (99) | (83) |
Debt net of issuance costs | 86,406 | 41,207 |
U.S. Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 41,521 | 12,800 |
Italy Short-Term Working Capital Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 19,365 | 15,676 |
U.S Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 14,721 | |
Italy Group Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 9,675 | 12,472 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 1,223 | $ 342 |
Revolving Term Credit Facilit_4
Revolving Term Credit Facilities and Debt - Additional Information - U.S. Credit Facilities and Term Loan (Detail) - USD ($) | 12 Months Ended | ||||
Jan. 25, 2023 | Jan. 24, 2023 | Apr. 11, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Line Of Credit Facility [Line Items] | |||||
Debt issuance cost | $ 99,000 | $ 83,000 | |||
Book value of debt | 86,406,000 | 41,207,000 | |||
Bank Term Loan Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility | 14,721,000 | ||||
Bank Term Loan Facility [Member] | P M Group [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Bank loans | 5,038,000 | 5,930,000 | |||
Working Capital Facility [Member] | P M Group [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 24,127,000 | 21,449,000 | |||
Amarillo National Bank Financing [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Minimum net worth required | $ 80,000,000 | ||||
Amarillo National Bank Financing [Member] | Commercial Credit Agreement [Member] | Subsequent Event [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, maturity date | Apr. 11, 2025 | Apr. 11, 2024 | |||
Amarillo National Bank Financing [Member] | Minimum [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Debt service coverage ratio | 1.25 | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||||
Revolving credit facility, extended maturity date | Apr. 11, 2026 | ||||
Revolving credit facility | $ 40,000,000 | ||||
Line of credit facility interest rate description | Borrowings under the $40,000 revolving credit facility bear interest at a floating rate equal to the Prime Rate plus 0.5%. | ||||
Revolving credit facility, payment description | The $40,000 revolving credit facility requires monthly interest payments with the full principal balance coming due at maturity. | ||||
Unused line fee | 0.125% | ||||
Unused line fee, payment description | payable semi-annually | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Commercial Credit Agreement [Member] | Subsequent Event [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, extended maturity date | Apr. 11, 2025 | ||||
Revolving credit facility | $ 40,000,000 | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 0.50% | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||||
Revolving credit facility | $ 30,000,000 | ||||
Line of credit facility interest rate description | Borrowings under the $30,000 revolving credit facility bear interest at a floating rate equal to the Prime Rate plus 0.5%. | ||||
Revolving credit facility, payment description | The $30,000 facility requires quarterly interest payments and principal payments in the amount of 3% of the outstanding balance thereunder on a quarterly basis beginning on January 1, 2023. | ||||
Revolving credit facility, payment commencing date | Jan. 01, 2023 | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Commercial Credit Agreement [Member] | Subsequent Event [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility | $ 30,000,000 | ||||
Amarillo National Bank Financing [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 0.50% | ||||
Amarillo National Bank Financing [Member] | Bank Term Loan Facility [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, maturity date | Oct. 11, 2029 | ||||
Bank loans | $ 15,000,000 | ||||
Line of credit facility interest rate description | The term loan requires monthly interest payments at a floating rate equal to the Prime Rate plus 0.5% beginning on May 11, 2022. | ||||
Revolving credit facility, payment description | Monthly installments of principal and interest based on an 84-month amortization are payable beginning on November 11, 2022 with the remaining principal balance coming due at maturity of October 11, 2029. | ||||
Revolving credit facility, payment commencing date | May 11, 2022 | ||||
Amarillo National Bank Financing [Member] | Bank Term Loan Facility [Member] | Prime Rate [Member] | Commercial Credit Agreement [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 0.50% | ||||
CIBC Bank USA [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Payment to lenders | $ 12,800,000 | ||||
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Revolving credit facility, maturity date | Jul. 20, 2023 | ||||
Revolving credit facility | $ 41,521,000 | 12,800,000 | |||
Debt issuance cost | 100,000 | ||||
Book value of debt | $ 12,700,000 | ||||
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | Revolving Credit Facility [Member] | |||||
Line Of Credit Facility [Line Items] | |||||
Maximum borrowing capacity | $ 30,000,000 |
Revolving Term Credit Facilit_5
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - Short-term Working Capital Borrowings [Member] - PM Group [Member] $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 USD ($) Bank | Dec. 31, 2021 USD ($) Bank | |
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 | $ | $ 18,719 | $ 14,874 |
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 | $ | $ 37 | $ 463 |
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 | $ | $ 374 | |
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% |
3-month Euribor [Member] | Cash Facilities [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] | Cash Facilities [Member] | Italy [Member] | Maximum [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument, basis spread on variable rate | 3.55% | 3.55% |
Revolving Term Credit Facilit_6
Revolving Term Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla Contingent Consideration [Member] | Dec. 31, 2022 USD ($) Bank | Dec. 31, 2021 USD ($) Bank |
Credit Facilities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 599,000 | $ 599,000 |
Revolving credit facility | $ 235,000 | $ 339,000 |
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 | 12% | 5.75% |
Revolving Term Credit Facilit_7
Revolving Term Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Line Of Credit Facility [Line Items] | ||
Annual principal payments, 2026 | $ 2,332 | |
Weighted average interest rate on debt | 6.93% | |
PM Group [Member] | Unsecured Debt [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 4,637 | $ 6,542 |
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% |
Annual payments | $ 1,500 | |
PM Group [Member] | Bank Term Loan Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | 5,038 | $ 5,930 |
PM Group [Member] | Bank Term Loan Facility [Member] | Romania [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 175 | |
Debt Instrument Interest Rate | 2.75% | |
Notes maturity year | 2027 | |
PM Group [Member] | 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 | |
PM Group [Member] | Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument periodic payment terms balloon payment to be paid | $ 3,211 | |
Debt instrument ending date for principal payments | 2026 |
Revolving Term Credit Facilit_8
Revolving Term Credit Facilities and Debt - Schedule of Annual Maturities Of Debt Outstanding (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Line Of Credit Facility [Line Items] | ||
2023 | $ 25,289 | |
2024 | 44,415 | |
2025 | 4,160 | |
2026 | 5,461 | |
2027 | 2,332 | |
Thereafter | 4,920 | |
Long-term Debt, Gross | 86,577 | |
Less: Debt issuance costs | (99) | $ (83) |
Debt net of issuance costs | 86,406 | $ 41,207 |
Non Interest Bearing Promissory Note [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt discount related to non-interest-bearing debt | (72) | |
North America [Member] | ||
Line Of Credit Facility [Line Items] | ||
2023 | 3,737 | |
2024 | 42,222 | |
2025 | 1,946 | |
2026 | 2,115 | |
2027 | 2,300 | |
Thereafter | 4,920 | |
Long-term Debt, Gross | 57,240 | |
Less: Debt issuance costs | (99) | |
Debt net of issuance costs | 57,141 | |
Italy [Member] | ||
Line Of Credit Facility [Line Items] | ||
2023 | 21,552 | |
2024 | 2,193 | |
2025 | 2,214 | |
2026 | 3,346 | |
2027 | 32 | |
Long-term Debt, Gross | 29,337 | |
Debt net of issuance costs | 29,265 | |
Italy [Member] | Non Interest Bearing Promissory Note [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt discount related to non-interest-bearing debt | $ (72) |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 | |
Lease Description [Line Items] | |
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 |
Weighted average remaining useful life for finance leases | 5 years |
Weighted average discount rate for operating leases | 5% |
Weighted average discount rate for finance leases | 12.40% |
Operating Lease [Member] | |
Lease Description [Line Items] | |
Lease renewal term | Certain real estate leases include one or more options to renew. |
Latest lease expiration maximum date | 2028 |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Operating lease assets | $ 5,667 | $ 3,563 |
Finance lease assets | $ 2,005 | $ 2,303 |
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List | Total fixed assets, net of accumulated depreciation of $22,441 and $18,662, at December 31, 2022 and 2021, respectively | Total fixed assets, net of accumulated depreciation of $22,441 and $18,662, at December 31, 2022 and 2021, respectively |
Total leased assets | $ 7,672 | $ 5,866 |
Current | ||
Operating | 1,758 | 1,064 |
Financing | 509 | 399 |
Noncurrent | ||
Operating | 3,909 | 2,499 |
Financing | 3,382 | 3,822 |
Total lease liabilities | $ 9,558 | $ 7,784 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Lease Cost | ||
Operating lease costs | $ 1,686 | $ 1,194 |
Finance lease cost | ||
Amortization of leased assets | 386 | 364 |
Interest on lease liabilities | 508 | 551 |
Lease cost | $ 2,580 | $ 2,109 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 1,686 | $ 1,194 |
Operating cash flows from finance leases | 508 | 551 |
Financing cash flows from finance leases | $ 426 | $ 328 |
Leases - Schedule of Future Min
Leases - Schedule of Future Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Operating Leases | ||
2023 | $ 1,776 | |
2024 | 1,397 | |
2025 | 1,095 | |
2026 | 1,017 | |
2027 | 814 | |
Subsequent | 158 | |
Total undiscounted lease payments | 6,257 | |
Less interest | (590) | |
Total liabilities | 5,667 | |
Less current maturities | (1,758) | $ (1,064) |
Operating | 3,909 | 2,499 |
Capital Leases | ||
2023 | 960 | |
2024 | 990 | |
2025 | 996 | |
2026 | 1,018 | |
2027 | 1,049 | |
Subsequent | 357 | |
Total undiscounted lease payments | 5,370 | |
Less interest | (1,479) | |
Total liabilities | 3,891 | |
Less current maturities | (509) | (399) |
Financing | $ 3,382 | $ 3,822 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Company's (Loss) Income Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
(Loss) income before income taxes: | ||
Domestic | $ (2,100) | $ (5,467) |
Foreign | (84) | 2,111 |
Income (loss) before income taxes | $ (2,184) | $ (3,356) |
Income Taxes - Schedule of Co_2
Income Taxes - Schedule of Company's Provision for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Expense (benefit) for income taxes: | ||
Current - Federal | $ 1 | $ (4) |
Current - State and local | (1) | (58) |
Current - Foreign | 918 | 1,330 |
Current - Total | 918 | 1,268 |
Deferred - Federal | 490 | |
Deferred - State and local | (343) | 52 |
Deferred - Foreign | 1,049 | (103) |
Deferred - Total | 1,196 | (51) |
Total expense for income taxes | $ 2,114 | $ 1,217 |
Income Taxes - Schedule of Sign
Income Taxes - Schedule of Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Deferred tax assets: | ||
Accrued expenses | $ 1,176 | $ 669 |
Inventory | 1,706 | 2,337 |
Other liabilities | 1,806 | 1,696 |
Deferred gain | 95 | 118 |
Net operating loss carryforwards | 6,764 | 6,385 |
Tax credit carryforwards | 1,328 | 1,395 |
Capital loss carryforwards | 233 | |
Legal settlements | 581 | |
Research & development | 115 | |
Unrealized foreign currency loss | 50 | 70 |
Interest expense | 2,440 | 2,888 |
Property, plant and equipment | 6 | |
Total deferred tax asset | 16,061 | 15,797 |
Deferred tax liabilities: | ||
Property, plant and equipment | 190 | |
Intangibles | 1,673 | 2,432 |
Deferred State Income Tax | 329 | 386 |
Debt | 2,135 | 2,199 |
Investments | 5,495 | |
Total deferred tax liability | 9,822 | 5,017 |
Valuation allowance | (10,938) | (11,676) |
Net deferred tax (liability) | $ (4,699) | $ (896) |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Taxes Disclosure [Line Items] | |||
Dividend received deduction | 100% | ||
Capital loss carryforwards | $ 233 | ||
Total unrecognized tax benefits | $ 2,400 | $ 2,400 | |
Unrecognized tax expense (benefits), interest and penalties recognized | 146,000 | (187,000) | |
Unrecognized tax benefits, interest and penalties accrued balance | 455,000 | 455,000 | 309,000 |
Income tax expense | $ 2,114 | $ 1,217 | |
Income tax examination description | The Company files income tax returns in the United States, Italy, Romania, Argentina, and Chile as well as various state and local tax jurisdictions with varying statutes of limitations. With a few exceptions, the Company is no longer subject to examination by the tax authorities for U.S. federal or state for the years before 2019, or foreign examinations for years before 2016. | ||
State [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards | 700 | $ 700 | |
State [Member] | Texas Margin Tax Credit [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Tax credit carryforward | 900 | 900 | |
State [Member] | U.S. Federal R&D Credits [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Tax credit carryforward | 100 | $ 100 | |
State [Member] | Earliest Tax Year [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards expiration date | Dec. 31, 2027 | ||
State [Member] | Earliest Tax Year [Member] | Texas Margin Tax Credit [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Tax credit carryforwards expiration date | Dec. 31, 2026 | ||
State [Member] | Latest Tax Year [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards expiration date | Dec. 31, 2043 | ||
State [Member] | Latest Tax Year [Member] | U.S. Federal R&D Credits [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Tax credit carryforwards expiration date | Dec. 31, 2037 | ||
Foreign [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards | 4,600 | $ 4,600 | |
U.S. [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Net operating loss carryforwards | 14,300 | $ 14,300 | |
Romania Income Tax [Member] | |||
Income Taxes Disclosure [Line Items] | |||
Income tax expense | $ 1,100 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rate for Income Taxes Varies from Current Statutory Federal Income Tax Rate (Detail) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Statutory rate | 21% | 21% |
State and local taxes | (1.40%) | (1.20%) |
Permanent differences | (46.30%) | 8.80% |
Tax credits | 16.10% | 0% |
Foreign operations | (19.80%) | (3.30%) |
Uncertain tax positions | (61.30%) | 7.30% |
Valuation allowance | 41.10% | (59.10%) |
Other | (14.00%) | (9.80%) |
Effective Income Tax Rate, Continuing Operations, Total | (96.80%) | (36.30%) |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | ||
Beginning balance | $ 3,028 | $ 3,546 |
(Decreases) increases in tax positions for prior years | 151 | |
(Decrease) increases in tax positions for current years | 25 | 123 |
Other | (149) | (14) |
Lapse in statute of limitations | (125) | (515) |
Settlements | (112) | |
Ending balance | $ 2,930 | $ 3,028 |
Supplemental Cash Flow Disclo_3
Supplemental Cash Flow Disclosures - Schedule of Supplemental Cash Flow Disclosures (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Supplemental Cash Flow Elements [Abstract] | |||
Interest received in cash | $ 2 | $ 43 | |
Interest paid in cash | 4,270 | 2,148 | |
Income tax payments in cash | 1,349 | 1,342 | |
Recognition of right-of-use asset and right-of-use liability | 2,728 | ||
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents [Abstract] | |||
Cash and cash equivalents | 7,973 | 21,359 | |
Restricted cash | 217 | 222 | |
Cash, cash equivalents and restricted cash at the end of year | $ 8,190 | $ 21,581 | $ 17,401 |
Employee Benefits - Additional
Employee Benefits - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
United States [Member] | 401(k) with Dollar for Dollar Match [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 3% | |
United States [Member] | 401(k) with 50% Match [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Matching contributions percentage | 2% | |
Matching contribution, percent of match | 50% | |
United States [Member] | 401(k) Plan [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Amount paid in matching contributions by the company | $ 306 | $ 319 |
Non-U.S. Plan [Member] | Employee Severance Indemnity/TFR [Member] | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Annual accrual of total pay | 7% | |
Pre-established annual fixed portion rate of return | 1.50% | |
Percentage of consumer price index | 75% | |
Amount paid by the company | $ 552 | 385 |
Employee severance indemnity provision | $ 909 | $ 810 |
Accrued Warranties - Summary of
Accrued Warranties - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 1,578 | $ 1,292 |
Provision for warranties issued during the year | 2,199 | 3,625 |
Warranty services provided | (1,832) | (3,293) |
Foreign currency translation | (29) | (46) |
Ending Balance | $ 1,916 | $ 1,578 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 201,562 | 126,704 |
Value of Shares Issued | $ 1,343 | $ 808 |
Employee [Member] | January 1, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,300 | |
Value of Shares Issued | $ 20 | |
Employee [Member] | March 6, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 23,866,000 | |
Value of Shares Issued | $ 141 | |
Employee [Member] | March 8, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 29,262 | |
Value of Shares Issued | $ 226 | |
Employee [Member] | March 13, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 17,893 | |
Value of Shares Issued | $ 132 | |
Employee [Member] | April 11, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 38,800 | |
Value of Shares Issued | $ 247 | |
Employee [Member] | July 5, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 16,120 | |
Value of Shares Issued | $ 104 | |
Employee [Member] | October 20, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,211 | |
Value of Shares Issued | $ 10 | |
Employee [Member] | November 23, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,300 | |
Value of Shares Issued | $ 22 | |
Employee [Member] | December 10, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,310 | |
Value of Shares Issued | $ 11 | |
Employee [Member] | January 1, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,300 | |
Value of Shares Issued | $ 20 | |
Employee [Member] | March 6, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 24,923 | |
Value of Shares Issued | $ 148 | |
Employee [Member] | March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,000 | |
Value of Shares Issued | $ 15 | |
Employee [Member] | March 13, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 17,680 | |
Value of Shares Issued | $ 130 | |
Employee [Member] | September 1, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 16,500 | |
Value of Shares Issued | $ 93 | |
Employee [Member] | October 20, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,211 | |
Value of Shares Issued | $ 10 | |
Employee [Member] | December 10, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 3,630 | |
Value of Shares Issued | $ 17 | |
Employee [Member] | December 31, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 2,640 | |
Value of Shares Issued | $ 16 | |
Directors [Member] | March 6, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 8,160 | |
Value of Shares Issued | $ 48 | |
Directors [Member] | March 8, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 12,000 | |
Value of Shares Issued | $ 93 | |
Directors [Member] | March 13, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 10,200 | |
Value of Shares Issued | $ 75 | |
Directors [Member] | June 2, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 18,000 | |
Value of Shares Issued | $ 127 | |
Directors [Member] | June 3, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 5,940 | |
Value of Shares Issued | $ 43 | |
Directors [Member] | August 14, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 10,200 | |
Value of Shares Issued | $ 45 | |
Directors [Member] | March 6, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 7,920 | |
Value of Shares Issued | $ 47 | |
Directors [Member] | March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 12,000 | |
Value of Shares Issued | $ 93 | |
Directors [Member] | March 13, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 18,060 | |
Value of Shares Issued | $ 133 | |
Directors [Member] | June 3, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 5,940 | |
Value of Shares Issued | $ 43 | |
Directors [Member] | August 14, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares Issued | 9,900 | |
Value of Shares Issued | $ 44 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 35,035 | 7,307 |
March 6, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,779 | |
Closing Price on Date of Purchase | $ 7.43 | |
March 8, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 692 | |
Closing Price on Date of Purchase | $ 7.73 | |
March 13, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 2,712 | |
Closing Price on Date of Purchase | $ 8.29 | |
December 10, 2021 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 1,124 | |
Closing Price on Date of Purchase | $ 6.99 | |
March 6, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 6,035 | |
Closing Price on Date of Purchase | $ 8.06 | |
March 8, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 7,395 | |
Closing Price on Date of Purchase | $ 7.82 | |
March 13, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 3,924 | |
Closing Price on Date of Purchase | $ 7.71 | |
April 11, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 12,300 | |
Closing Price on Date of Purchase | $ 7.39 | |
July 5, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 4,725 | |
Closing Price on Date of Purchase | $ 6.27 | |
December 10, 2022 [Member] | ||
Schedule Of Share Repurchase Programs [Line Items] | ||
Shares Purchased | 656 | |
Closing Price on Date of Purchase | $ 4.49 |
Equity - Additional Information
Equity - Additional Information - 2019 Equity Incentive Plan (Detail) | 12 Months Ended |
Dec. 31, 2020 shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares of common stock authorized for issuance | 779,717 |
Options to Purchase Common Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 15,000 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Stock Appreciation Rights [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 20,000 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Maximum number of shares eligible under share based compensation plan by individual within a year | 10,000 |
Equity - Additional Informati_2
Equity - Additional Information - Restricted Stock Awards (Detail) - $ / shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 226,000 | 177,800 |
Restricted Stock Units [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Restricted stock units | 226,000 | 177,800 |
Fair value of the option granted | $ 7.21 | $ 7.48 |
Equity - Summary of Restricted
Equity - Summary of Restricted Stock Units Awarded (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 226,000 | 177,800 |
Value of restricted stock units issued | $ 1,629 | $ 1,330 |
May 3, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 100,000 | |
Closing price on date of grant | $ 7.60 | |
Value of restricted stock units issued | $ 760 | |
May 3, 2022 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 33,000 | |
Vesting Date | Apr. 11, 2023 | |
May 3, 2022 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 33,000 | |
Vesting Date | Apr. 11, 2024 | |
May 3, 2022 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 34,000 | |
Vesting Date | Apr. 11, 2024 | |
June 2, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 54,000 | |
Closing price on date of grant | $ 7.07 | |
Value of restricted stock units issued | $ 382 | |
June 2, 2022 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 18,000 | |
Vesting Date | Jun. 02, 2022 | |
June 2, 2022 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 18,000 | |
Vesting Date | Jun. 02, 2023 | |
June 2, 2022 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 18,000 | |
Vesting Date | Jun. 02, 2024 | |
June 2, 2022 Grant Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 40,000 | |
Closing price on date of grant | $ 7.07 | |
Value of restricted stock units issued | $ 283 | |
June 2, 2022 Grant Two [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 13,200 | |
Vesting Date | Jun. 02, 2023 | |
June 2, 2022 Grant Two [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 13,200 | |
Vesting Date | Jun. 02, 2024 | |
June 2, 2022 Grant Two [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 13,600 | |
Vesting Date | Jun. 02, 2025 | |
July 1, 2022 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 32,000 | |
Closing price on date of grant | $ 6.39 | |
Value of restricted stock units issued | $ 204 | |
July 1, 2022 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,560 | |
Vesting Date | Jul. 01, 2023 | |
July 1, 2022 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,560 | |
Vesting Date | Jul. 01, 2024 | |
July 1, 2022 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,800 | |
Vesting Date | Jul. 01, 2025 | |
March 8, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 36,000 | |
Closing price on date of grant | $ 7.73 | |
Value of restricted stock units issued | $ 278 | |
March 8, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 08, 2021 | |
March 8, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 08, 2022 | |
March 8, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 12,000 | |
Vesting Date | Mar. 08, 2023 | |
March 8, 2021 Grants Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 93,800 | |
Closing price on date of grant | $ 7.73 | |
Value of restricted stock units issued | $ 725 | |
March 8, 2021 Grants Two [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 2,000 | |
Vesting Date | Mar. 08, 2021 | |
March 8, 2021 Grants Two [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,294 | |
Vesting Date | Mar. 08, 2022 | |
March 8, 2021 Grants Two [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 30,294 | |
Vesting Date | Mar. 08, 2023 | |
March 8, 2021 Grants Two [Member] | Vesting Date 4 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 31,212 | |
Vesting Date | Mar. 08, 2024 | |
June 3, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 18,000 | |
Closing price on date of grant | $ 7.29 | |
Value of restricted stock units issued | $ 131 | |
June 3, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,940 | |
Vesting Date | Jun. 03, 2021 | |
June 3, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 5,940 | |
Vesting Date | Jun. 03, 2022 | |
June 3, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,120 | |
Vesting Date | Jun. 03, 2023 | |
November 23, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 20,000 | |
Closing price on date of grant | $ 6.60 | |
Value of restricted stock units issued | $ 132 | |
November 23, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,600 | |
Vesting Date | Nov. 23, 2022 | |
November 23, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,600 | |
Vesting Date | Nov. 23, 2023 | |
November 23, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 6,800 | |
Vesting Date | Nov. 23, 2024 | |
December 31, 2021 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 10,000 | |
Closing price on date of grant | $ 6.36 | |
Value of restricted stock units issued | $ 64 | |
December 31, 2021 [Member] | Vesting Date 1 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,300 | |
Vesting Date | Dec. 31, 2022 | |
December 31, 2021 [Member] | Vesting Date 2 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,300 | |
Vesting Date | Dec. 31, 2023 | |
December 31, 2021 [Member] | Vesting Date 3 [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of restricted stock units | 3,400 | |
Vesting Date | Dec. 31, 2024 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) - shares | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Equity [Abstract] | ||
Outstanding on January 1, | 286,227 | 242,586 |
Units granted during period | 226,000 | 177,800 |
Vested and issued | (166,527) | (119,397) |
Vested—issued and repurchased for income tax withholding | (35,035) | (7,307) |
Forfeited | (21,761) | (7,455) |
Outstanding on December 31 | 288,904 | 286,227 |
Equity - Additional Informati_3
Equity - Additional Information - Stock Options (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
May 03, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | |
Stock Options [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Stock options granted | 100,000 | ||
Stock options granted, exercise price per share | $ 4.13 | ||
Compensation expense related to restricted stock units and stock options granted | $ 185 | $ 31 | |
Compensation expense related to restricted stock units and stock options granted for year 2023 | 159 | ||
Compensation expense related to restricted stock units and stock options granted for year 2024 | 67 | ||
Compensation expense related to restricted stock units and stock options granted for year 2025 | 13 | ||
Restricted Stock Units (RSUs) [Member] | |||
Class Of Warrant Or Right [Line Items] | |||
Compensation expense related to restricted stock units and stock options granted | 1,254 | $ 1,025 | |
Compensation expense related to restricted stock units and stock options granted for year 2023 | 769 | ||
Compensation expense related to restricted stock units and stock options granted for year 2024 | 509 | ||
Compensation expense related to restricted stock units and stock options granted for year 2025 | $ 158 |
Equity - Restricted Stock Award
Equity - Restricted Stock Award with Market and Performance Conditions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
May 03, 2022 USD ($) Simulation $ / shares shares | Dec. 31, 2022 USD ($) shares | Dec. 31, 2021 shares | |
Class of Warrant or Right [Line Items] | |||
Units granted during period | shares | 226,000 | 177,800 | |
Restricted Stock Award With Market Conditions [Member] | |||
Class of Warrant or Right [Line Items] | |||
Units granted during period | shares | 490,000 | ||
Fair value of market conditions | $ 2,200 | ||
Average number of simulation runs | Simulation | 20,000 | ||
Expected life (in years) | 3 years | ||
Expected volatility | 60% | ||
Risk free interest rate | 2.95% | ||
Compensation expense related to stock options | $ 906 | ||
Compensation expense related to restricted stock awards and stock options for remainder of 2023 | 990 | ||
Compensation expense related to restricted stock units and stock options granted for year 2024 | $ 269 | ||
Restricted Stock Award With Market And Performance Conditions [Member] | |||
Class of Warrant or Right [Line Items] | |||
Units granted during period | shares | 100,000 | ||
Fair value of market conditions | $ 481 | ||
Expected life (in years) | 3 years | ||
Expected volatility | 60% | ||
Risk free interest rate | 2.95% | ||
Per share consideration for common stock exceeds | $ / shares | $ 10 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - Stock Options [Member] | May 03, 2022 $ / shares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Expected volatility | 55% |
Risk free interest rate | 3.02% |
Expected life (in years) | 6 years |
Fair value of the option granted | $ 4.13 |
Transactions between the Comp_3
Transactions between the Company and Related Parties - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Maximum [Member] | Ram P&E [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 | Dec. 31, 2022 | Dec. 31, 2021 |
Related Party Transaction [Line Items] | ||
Accounts Payable | $ 60 | $ 203 |
Tadano [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable | 180 | |
Terex Corporation [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts Payable | $ 60 | $ 23 |
Transactions between the Comp_5
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Related Party Transaction [Line Items] | |||
Total Sales | $ 328 | $ 332 | |
Total Purchases | 516 | 706 | |
Bridgeview Facility [Member] | |||
Related Party Transaction [Line Items] | |||
Rent paid | 463 | ||
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [1] | 45 | 167 |
Total Purchases | [1] | 225 | 303 |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [2] | 166 | 43 |
Total Purchases | [2] | 291 | 403 |
RAM P&E [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [3] | 37 | $ 122 |
Steven Berner [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [4] | $ 80 | |
[1] Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. Terex 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 President 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) $ in Thousands | 1 Months Ended |
Apr. 30, 2022 USD ($) | |
Steven Berner [Member] | |
Related Party Transaction [Line Items] | |
Automobile sold, price | $ 80 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | 12 Months Ended | ||
Oct. 19, 2022 USD ($) | May 05, 2011 Plaintiff Agreement | Dec. 31, 2022 USD ($) 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 retention amount | $ 50,000 | ||
Minimum [Member] | Romania Income Tax [Member] | |||
Loss Contingencies [Line Items] | |||
Audit adjustments tax period | 2012 | ||
Maximum [Member] | |||
Loss Contingencies [Line Items] | |||
Product liability insurance self insurance retention amount | $ 500,000 | ||
Maximum [Member] | Romania Income Tax [Member] | |||
Loss Contingencies [Line Items] | |||
Audit adjustments tax period | 2016 | ||
Custom Truck One Source, L.P. [Member] | |||
Loss Contingencies [Line Items] | |||
Aggregate amount agreed to pay | $ 2,900,000 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2022 Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Segment Information - Summary o
Segment Information - Summary of Financial Information of Operating Segments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net revenues | $ 273,854 | $ 211,539 |
Operating income (loss) | 4,377 | (4,422) |
Depreciation | 6,549 | 2,061 |
Amortization | 2,866 | 2,282 |
Capital expenditures | 16,089 | 247 |
Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 252,652 | 211,539 |
Lifting Equipment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 252,652 | 211,539 |
Operating income (loss) | 1,191 | (4,422) |
Depreciation | 1,731 | 2,061 |
Amortization | 2,605 | 2,282 |
Capital expenditures | 1,484 | $ 247 |
Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 21,202 | |
Rental Equipment [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net revenues | 21,202 | |
Operating income (loss) | 3,186 | |
Depreciation | 4,818 | |
Amortization | 261 | |
Capital expenditures | $ 14,605 |
Segment Information - Summary_2
Segment Information - Summary of Net Sales by Country (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 273,854 | $ 211,539 |
Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 252,652 | 211,539 |
Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,202 | |
Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 252,652 | 211,539 |
Operating Segments [Member] | Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,202 | |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 141,709 | 77,881 |
United States [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 141,709 | 77,881 |
United States [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 120,507 | 77,881 |
United States [Member] | Operating Segments [Member] | Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,202 | |
Italy [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36,345 | 36,876 |
Italy [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36,345 | 36,876 |
Italy [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 36,345 | 36,876 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,956 | 20,827 |
Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,956 | 20,827 |
Canada [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 21,956 | 20,827 |
Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 11,872 | 12,232 |
Chile [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 11,872 | 12,232 |
Chile [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 11,872 | 12,232 |
France [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,404 | 10,359 |
France [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,404 | 10,359 |
France [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 10,404 | 10,359 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 51,568 | 53,364 |
Other [Member] | Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 51,568 | $ 53,364 |
Business Combination - Addition
Business Combination - Additional Information (Detail) - Rabern Rentals, LLC [Member] $ in Thousands | Apr. 11, 2022 USD ($) |
Business Acquisition [Line Items] | |
Purchase price | $ 40,504 |
Cash consideration | $ 25,900 |
Steven Berner [Member] | |
Business Acquisition [Line Items] | |
Percentage of membership interest acquired | 100% |
Membership Interest Purchase Agreement [Member] | |
Business Acquisition [Line Items] | |
Percentage of membership interest acquired | 70% |
Acquisition closed date | Apr. 11, 2022 |
Amount held in escrow | $ 1,500 |
Cash consideration | 26,000 |
Cash plus assumed debt | $ 14,000 |
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 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Allocation of consideration to assets acquired and liabilities assumed: | ||||
Goodwill | $ 36,916 | $ 24,949 | $ 27,472 | |
Rabern Rentals, LLC [Member] | ||||
Total purchase consideration: | ||||
Consideration | $ 25,900 | |||
Revolving loan payoff | 14,604 | |||
Net purchase consideration | 40,504 | |||
Allocation of consideration to assets acquired and liabilities assumed: | ||||
Cash | 2,975 | |||
Net working capital | 2,886 | |||
Other current assets | 419 | |||
Fixed assets | 27,658 | |||
Goodwill | 12,850 | |||
Deferred tax liability | (2,521) | |||
Other current liabilities | (500) | |||
Total fair value of assets acquired | 49,467 | |||
Less: noncontrolling interests, net of taxes | 8,963 | |||
Net assets acquired | 40,504 | |||
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 (Details) - Rabern Rentals, LLC [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Business Acquisition [Line Items] | ||
Net revenues | $ 279,707 | $ 232,850 |
Loss before income taxes | (2,735) | (3,301) |
Net income (loss) | (5,323) | (4,888) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (5,980) | $ (5,032) |
Basic | ||
Net income (loss) | $ (0.27) | $ (0.25) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | (0.30) | (0.25) |
Diluted | ||
Net income (loss) | (0.27) | (0.25) |
Net income (loss) attributable to shareholders of Manitex International, Inc. | $ (0.30) | $ (0.25) |
Amortization | $ 87 | $ 348 |
Depreciation | 455 | 1,820 |
Interest expense | 415 | 1,707 |
Transaction costs | 2,236 | 2,236 |
Income tax benefit of above items | $ 280 | $ 455 |
Restructuring - Summary of Rest
Restructuring - Summary of Restructuring Activities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Restructuring and Related Activities [Abstract] | |
Restructuring expense | $ 61 |
Balance at end of period | $ 61 |
Restructuring - Additional Info
Restructuring - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
Apr. 30, 2022 | Dec. 31, 2021 | Dec. 31, 2022 | |
Restructuring Cost and Reserve [Line Items] | |||
Assets held for sale | $ 75 | ||
Proceeds from the sale of fixed assets | $ 1,800 | ||
Facility Closing [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
One-time pre-tax charge related to inventory write-downs, impairment of fixed assets, and impairment of intangible assets | $ 3,600 | ||
Other Current Assets [Member] | |||
Restructuring Cost and Reserve [Line Items] | |||
Assets held for sale | $ 100 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - Commercial Credit Agreement [Member] - Amarillo National Bank Financing [Member] - USD ($) $ in Thousands | Jan. 25, 2023 | Jan. 24, 2023 | Apr. 11, 2022 |
Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Revolving credit facility | $ 40,000 | ||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||
Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Revolving credit facility | $ 30,000 | ||
Revolving credit facility, maturity date | Apr. 11, 2024 | ||
Subsequent Event [Member] | |||
Subsequent Event [Line Items] | |||
Revolving credit facility, maturity date | Apr. 11, 2025 | Apr. 11, 2024 | |
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Revolving credit facility | $ 40,000 | ||
Subsequent Event [Member] | Revolving Credit Facility [Member] | |||
Subsequent Event [Line Items] | |||
Revolving credit facility | $ 30,000 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts and Reserves (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | |||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance Beginning of Year | $ 24,002 | $ 20,725 | ||
Charges to Earnings | 1,760 | 6,498 | ||
Other | 341 | (549) | ||
Deductions | [1] | (5,246) | (2,672) | |
Balance End of Year | 20,857 | 24,002 | ||
Allowance for Credit Losses [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance Beginning of Year | 2,432 | 2,580 | ||
Charges to Earnings | 220 | 156 | ||
Other | [2] | 56 | (208) | |
Deductions | [1] | (760) | (96) | |
Balance End of Year | 1,948 | 2,432 | ||
Reserve for Inventory [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance Beginning of Year | 9,894 | 8,451 | ||
Charges to Earnings | 1,540 | 3,813 | [3] | |
Other | [2] | 126 | (174) | |
Deductions | [1] | (3,589) | (2,196) | |
Balance End of Year | 7,971 | 9,894 | ||
Valuation Allowance for Deferred Tax Assets [Member] | ||||
Valuation And Qualifying Accounts Disclosure [Line Items] | ||||
Balance Beginning of Year | 11,676 | 9,694 | ||
Charges to Earnings | 2,529 | |||
Other | 159 | (167) | ||
Deductions | [1] | (897) | (380) | |
Balance End of Year | $ 10,938 | $ 11,676 | ||
[1] Primarily represents the utilization of established reserves, net of recoveries. Primarily represents the impact of foreign currency exchange, business acquisitions and other amounts recorded to accumulated other comprehensive income (loss). Includes approximately $ 3.2 million of inventory write-downs related to Badger restructuring plan. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts and Reserves (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021 USD ($) | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |
Inventory write-down | $ 3,226 |
Reserve for Inventory [Member] | Badger Restructuring Plan [Member] | |
Valuation And Qualifying Accounts Disclosure [Line Items] | |
Inventory write-down | $ 3,200 |