Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document And Entity Information [Line Items] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2024 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | MNTX | |
Entity Registrant Name | MANITEX INTERNATIONAL, INC. | |
Entity Central Index Key | 0001302028 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 20,364,033 | |
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 | |
Title of 12(b) Security | Common Stock, no par value | |
Security Exchange Name | NASDAQ | |
Entity Incorporation, State or Country Code | MI | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Entity Interactive Data Current | Yes |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash | $ 4,847 | $ 9,269 |
Cash - restricted | 207 | 212 |
Trade receivables (net) | 50,423 | 49,118 |
Other receivables | 1,931 | 553 |
Inventory (net) | 83,510 | 82,337 |
Prepaid expenses and other current assets | 4,144 | 4,084 |
Total current assets | 145,062 | 145,573 |
Total fixed assets ((net) of accumulated depreciation of $31,339 and $29,751 at March 31, 2024 and December 31, 2023, respectively | 51,594 | 49,560 |
Operating lease assets | 7,829 | 7,416 |
Intangible assets (net) | 11,323 | 12,225 |
Goodwill | 36,968 | 37,354 |
Deferred tax assets | 3,469 | 3,603 |
Total assets | 256,245 | 255,731 |
Current liabilities | ||
Accounts payable | 50,753 | 47,644 |
Accrued expenses | 14,095 | 14,503 |
Related party payables (net) | 7 | 27 |
Notes payable (net) | 22,658 | 25,528 |
Current portion of finance lease obligations | 632 | 605 |
Current portion of operating lease obligations | 2,081 | 2,100 |
Customer deposits | 2,133 | 2,384 |
Total current liabilities | 92,359 | 92,791 |
Long-term liabilities | ||
Revolving term credit facilities (net) | 48,531 | 47,629 |
Notes payable (net) | 17,004 | 18,401 |
Finance lease obligations (net of current portion) | 2,609 | 2,777 |
Operating lease obligations (net of current portion) | 5,748 | 5,315 |
Deferred tax liability | 4,291 | 4,145 |
Other long-term liabilities | 4,211 | 4,989 |
Total long-term liabilities | 82,394 | 83,256 |
Total liabilities | 174,753 | 176,047 |
Commitments and contingencies | ||
Equity | ||
Preferred Stock-Authorized 150,000 shares, no shares issued or outstanding at March 31, 2024 and December 31, 2023 | ||
Common stock-no par value 25,000,000 shares authorized, 20,316,054 and 20,258,194 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively | 134,700 | 134,328 |
Additional paid in capital | 5,645 | 5,440 |
Retained deficit | (63,699) | (65,982) |
Accumulated other comprehensive loss | (5,369) | (4,169) |
Equity attributable to shareholders of Manitex International, Inc. | 71,277 | 69,617 |
Equity attributed to noncontrolling interest | 10,215 | 10,067 |
Total equity | 81,492 | 79,684 |
Total liabilities and equity | $ 256,245 | $ 255,731 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ 31,339 | $ 29,751 |
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 | 20,316,054 | 20,258,194 |
Common Stock, shares outstanding | 20,316,054 | 20,258,194 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Statement [Abstract] | ||
Net revenues | $ 73,343 | $ 67,871 |
Cost of sales | 56,460 | 53,461 |
Gross profit | 16,883 | 14,410 |
Operating expenses | ||
Research and development costs | 854 | 814 |
Selling, general and administrative expenses | 11,119 | 11,031 |
Total operating expenses | 11,973 | 11,845 |
Operating income | 4,910 | 2,565 |
Other income (expense) | ||
Interest expense | (1,872) | (1,765) |
Interest income | 79 | |
Foreign currency transaction loss | (476) | (55) |
Other income (expense) | 34 | (758) |
Total other expense | (2,235) | (2,578) |
Income (loss) before income taxes | 2,675 | (13) |
Income tax expense | 244 | 13 |
Net income (loss) | 2,431 | (26) |
Net income (loss) attributable to noncontrolling interest | 148 | (79) |
Net income attributable to shareholders of Manitex International, Inc. | $ 2,283 | $ 53 |
Income per share | ||
Basic | $ 0.11 | $ 0 |
Diluted | $ 0.11 | $ 0 |
Weighted average common shares outstanding | ||
Basic | 20,284,920 | 20,122,054 |
Diluted | 20,363,642 | 20,122,054 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income | $ 2,431 | $ (26) |
Other comprehensive income | ||
Total comprehensive income | 1,231 | 647 |
Comprehensive income (loss) attributable to noncontrolling interest | 148 | (79) |
Total comprehensive income attributable to shareholders of Manitex International, Inc. | 1,083 | 726 |
Accumulated Other Comprehensive Loss [Member] | ||
Other comprehensive income | ||
Foreign currency translation gain (loss) | $ (1,200) | $ 673 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid in Capital [Member] | Retained Earnings (deficit) [Member] | Accumulated Other Comprehensive Loss [Member] | Noncontrolling Interest [Member] |
Balance at beginning of the year at Dec. 31, 2022 | $ 67,961 | $ 133,289 | $ 4,266 | $ (73,338) | $ (5,822) | $ 9,566 |
Balance at beginning of the year, shares at Dec. 31, 2022 | 20,107,014 | |||||
Net income (loss) | (26) | 53 | (79) | |||
Gain (Loss) on foreign currency translation | 673 | 673 | ||||
Employee incentive plan issuance | $ 410 | (410) | ||||
Employee incentive plan issuance, shares | 62,402 | |||||
Repurchase to satisfy withholding and cancelled shares | (40) | $ (40) | ||||
Repurchase to satisfy withholding and cancelled, shares | (7,605) | |||||
Share-based compensation | 766 | 766 | ||||
Balance end of year at Mar. 31, 2023 | 69,334 | $ 133,659 | 4,622 | (73,285) | (5,149) | 9,487 |
Balance end of year, shares at Mar. 31, 2023 | 20,161,811 | |||||
Balance at beginning of the year at Dec. 31, 2023 | 79,684 | $ 134,328 | 5,440 | (65,982) | (4,169) | 10,067 |
Balance at beginning of the year, shares at Dec. 31, 2023 | 20,258,195 | |||||
Net income (loss) | 2,431 | 2,283 | 148 | |||
Gain (Loss) on foreign currency translation | (1,200) | (1,200) | ||||
Employee incentive plan issuance | $ 428 | (428) | ||||
Employee incentive plan issuance, shares | 66,700 | |||||
Repurchase to satisfy withholding and cancelled shares | $ (56) | $ (56) | ||||
Repurchase to satisfy withholding and cancelled, shares | (8,841) | (8,841) | ||||
Share-based compensation | $ 633 | 633 | ||||
Balance end of year at Mar. 31, 2024 | $ 81,492 | $ 134,700 | $ 5,645 | $ (63,699) | $ (5,369) | $ 10,215 |
Balance end of year, shares at Mar. 31, 2024 | 20,316,054 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 2,431 | $ (26) |
Adjustments to reconcile net income (loss) to cash provided by operating activities: | ||
Depreciation and amortization | 2,794 | 3,052 |
Changes in allowances for credit losses | 11 | 29 |
Changes in inventory reserves | 233 | 101 |
Deferred income taxes | 279 | (398) |
Amortization of deferred debt issuance costs | 11 | 19 |
Amortization of debt discount | 86 | |
Gain on forward currency contract | (15) | |
Gain on disposal of assets | (92) | (59) |
Share-based compensation | 633 | 766 |
Adjustment to deferred gain on sales and lease back | (20) | (20) |
Changes in operating assets and liabilities: | ||
(Increase) decrease in accounts receivable | (2,077) | 564 |
(Increase) decrease in other receivables | (1,394) | 36 |
(Increase) decrease in inventory | (2,377) | (8,732) |
(Increase) decrease in prepaid expenses | (155) | 222 |
(Increase) decrease in other assets | 75 | |
Increase (decrease) in accounts payables and related party payables | 1,338 | 2,857 |
Increase (decrease) in accrued expenses | (226) | 740 |
Increase (decrease) increase in other current liabilities | (213) | (718) |
Increase (decrease) in other long-term liabilities | (676) | (47) |
Net cash provided by (used in) operating activities | 625 | (1,543) |
Cash flows from investing activities: | ||
Purchase of property and equipment | (1,217) | (2,458) |
Investment in intangible assets | 0 | (161) |
Proceeds from sale of assets | 143 | 242 |
Net cash used in investing activities | (1,074) | (2,377) |
Cash flows from financing activities: | ||
Net borrowings on revolving term credit facilities | 891 | 7,678 |
Net payments on working capital facilities | (2,830) | (1,522) |
Note payments | (803) | (750) |
Shares repurchased for income tax withholding on share-based compensation | (57) | (40) |
Payments on finance lease obligations | (140) | (119) |
Net cash provided by (used in) financing activities | (2,939) | 5,247 |
Net (decrease) increase in cash and cash equivalents | (3,388) | 1,327 |
Effect of exchange rate changes on cash | (1,039) | 618 |
Cash, cash equivalents and restricted cash at the beginning of the year | 9,481 | 8,190 |
Cash, cash equivalents and restricted cash at end of period | $ 5,054 | $ 10,135 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation The unaudited Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 and the related Condensed Consolidated Statements of Operations, Condensed Consolidated Statements of Comprehensive Income (Loss), Condensed Consolidated Statements of Shareholders’ Equity and Condensed Consolidated Statements of Cash Flows for the three months ended March 31, 2024 and 2023 have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission, and reflect all adjustments which are, in the opinion of management, necessary for a fair presentation of the financial condition, results of operations and cash flows of the Company for the interim periods. Interim results may not be indicative of results to be realized for the entire year. The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto, together with management’s discussion and analysis of financial condition and results of operations, contained in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2023. The Condensed Consolidated Balance Sheet as of December 31, 2023 was derived from our audited financial statements but does not include all disclosures required by accounting principles generally accepted in the United States (“GAAP”). The Company is a leading provider of engineered lifting solutions and equipment rentals. The Company designs, manufactures and distributes a diverse group of products that serve different functions and are used in a variety of industries. Following the completion of the Rabern acquisition the Company reports in two business segments and has four operating segments, under which there are five reporting units. Lifting Equipment Segment Manitex markets a comprehensive line of boom trucks, truck cranes, aerial platforms and electrical industrial cranes Manitex’s boom trucks and crane products are primarily used for industrial projects, energy exploration, energy distribution and infrastructure development, including roads, bridges and commercial construction and the tree care industry. PM and Oil and Steel S.p.A. (“PM” or “PM Group”) is a leading Italian manufacturer of truck- mounted hydraulic knuckle boom cranes with a 65-year history of technology and innovation, and a product range spanning more than 50 models. PM has an innovative line of 1.5 to 210 ton hydraulic articulated cranes serving the power generation, transmission and distribution industry, tree care and landscaping industry and mining and mineral industries. PM is also a manufacturer of truck-mounted and self-propelled aerial platforms with a diverse product line and an international client base. Truck mounted aerial work platforms are widely used in several diverse applications. High reach aerial work platforms are used in highway signage maintenance and construction, parking lot lighting applications, as well as telecommunication maintenance and upgrades. Medium reach aerial work platforms cover most retail shopping and commercial advertising. Larger capacity aerial work platforms are used as support vehicles to service and maintain equipment in mining applications. Cranes and aerial platforms are configured for tree management and removal, both manned and remote applications. 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. PM cranes are also distributed by the Company's subsidiary, Manitex Inc, in Georgetown, Texas. 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. The cranes have a lifting capacity of 2 to 25 metric tons and serve the industrial manufacturing, general construction and maintenance, signs and lifting industries. These products are sold internationally through dealers and into the rental distribution channel. Rental Equipment Segment 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. 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. Rabern also rents equipment to homeowners for do-it-yourself projects. Rabern operates through commercial distribution and delivery stores (branches). Rabern has four branches: three located in the greater Amarillo, Texas market and one located in Lubbock, Texas. Accounting Standards to be Implemented . In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standard Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires additional segment reporting disclosures, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 requires that companies disclose, at the reportable segment level, the significant segment expenses regularly provided to the chief operating decision maker (“CODM”), as well as the amount and composition of other segment items. The ASU also requires companies to disclose the title and position of the CODM and how the CODM uses the reported measures of a segment’s profit or loss when assessing performance and deciding how to allocate resources. Additionally, the ASU mandates that all segment disclosures currently required annually by Topic 280, including the enhancements outlined in the ASU, be disclosed on an interim basis. The guidance is effective for fiscal years beginning after December 15, 2023 and interim periods within fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact of this guidance on its disclosures to consolidated financial statements. Supplemental Cash Flow Information Transactions for the periods ended March 31, 2024 and 2023 are as follows: Three months ended March 31, 2024 2023 Interest received in cash $ 79 $ - Interest paid in cash 2,107 1,828 Income tax payments in cash 407 22 Recognition of right-of-use asset and right-of-use liability 592 2,480 Fixed asset purchases in account payable 3,174 269 Reconciliation of cash, cash equivalents and restricted cash to Cash and cash equivalents $ 4,847 $ 9,927 Restricted cash 207 208 Cash, cash equivalents and restricted cash at the end of year $ 5,054 $ 10,135 |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | 2. Significant Accounting Policies The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s condensed consolidated financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company’s U.S. banks is not fully insured by the FDIC due to the statutory limit of $ 250 . Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $ 207 and $ 212 at March 31, 2024 and December 31, 2023 , respectively. Accounts Receivable and 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 $ 2,145 and $ 2,186 at March 31, 2024 and December 31, 2023 , 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 for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 2,002 and $ 2,303 respectively. Accrued Warranties Warranty costs are accrued at the time revenue is recognized and the expense is recorded in the Condensed Consolidated 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 at the time of sale. Such liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of March 31, 2024 and December 31, 2023 , accrued warranties were $ 1,896 and $ 2,038 , respectively. Advertising Advertising costs are expensed as incurred and were $ 271 and $ 187 for the three months ended March 31, 2024 and 2023 , respectively. Noncontrolling Interest A noncontrolling interest is the equity interest of consolidated entities that is not owned by the Company. Noncontrolling interest is adjusted for the noncontrolling partners' share of earnings (losses) in accordance with the applicable agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying Condensed Consolidated Statements of Operations. The initial recognition of the noncontrolling interest was attributed at the fair market value. Share-based Compensation The Company has elected to account for restricted stock awards with market conditions using a graded vesting method. This method recognizes the compensation cost in the statement of operations over the requisite service period for each separately-vesting tranche of awards. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | 3. Revenue Recognition The Company attributes revenue to different geographic areas based on where items are shipped to or services are performed. The following table provides detail of revenues by geographic area for the three months ended March 31, 2024 and 2023. Three Months Ended 2024 2023 United States $ 35,452 $ 30,126 Italy 8,116 13,278 Canada 7,306 5,899 United Kingdom 3,857 1,863 Chile 3,682 4,544 France 1,653 2,259 Other 13,277 9,902 Total Revenue $ 73,343 $ 67,871 Total Company Revenues by Sources The sources of the Company’s revenues are summarized below for the three months ended March 31, 2024 and 2023. Three Months Ended 2024 2023 Boom trucks, knuckle boom cranes $ 48,457 $ 39,236 Aerial platforms 6,242 8,889 Part sales 6,346 7,192 Rentals 6,444 5,835 Services 600 1,117 Merchandise sales and other 933 978 Other equipment 4,321 4,624 Total Revenue $ 73,343 $ 67,871 Customer Deposits At times, the Company may require an upfront deposit related to its contracts. In instances where an upfront deposit has been received by the Company and the revenue recognition criteria have not yet been met, the Company records a contract liability in the form of a customer deposit, which is classified as a short-term liability on the Condensed Consolidated Balance Sheets. That customer deposit is revenue that is deferred until the revenue recognition criteria have been met, at which time, the customer deposit is recognized into revenue. The following table summarizes changes in customer deposits for the three months ended March 31, as follows: March 31, March 31, Customer deposits January 1, $ 2,384 $ 3,407 Additional customer deposits received where revenue has not yet been 4,285 1,937 Revenue recognized from customer deposits ( 4,479 ) ( 2,639 ) Effect of change in exchange rates ( 57 ) 27 Total customer deposits $ 2,133 $ 2,732 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Mar. 31, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 4. Fair Value Measurements 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. Fair Value Measurements ASC 820-10 classifies the inputs used to measure fair value into the following hierarchy: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity). The fair value of the forward currency contracts is determined on the last day of each reporting period using observable inputs, which are supplied to the Company by the foreign currency trading intermediary and are Level 2 items. The company has no assets or liabilities classified as fair value measurements as of March 31, 2024 and as of December 31, 2023. |
Derivative Financial Instrument
Derivative Financial Instruments | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivative Financial Instruments | 5. Derivative Financial Instruments The Company’s risk management objective is to use the most efficient and effective methods available to us to minimize, eliminate, reduce or transfer the risks which are associated with fluctuation of exchange rates between the Euro, Chilean peso and the U.S. dollar. Forward Currency Contracts The Company periodically 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, if applicable, at its market value with any associated gain or loss being recorded in current earnings. Both realized and unrealized gains and losses related to forward currency contracts are included in current earnings and are reflected in the Condensed Consolidated Statements of Operations in the other income (expense) section on the line titled foreign currency transaction 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. The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023: Instruments Location of gain recognized Location of gain recognized 2024 2023 Fo rward currency contract Foreign currency transaction gain $ - $ 15 During the three months ended three months ended March 31, 2024 and 2023 , there were no forward currency contracts designated as cash flow hedges. As such, all gains and loss related to forward currency contracts during the three months ended March 31, 2024 and 2023 were recorded in current earnings and did not impact other comprehensive income. |
Inventory, Net
Inventory, Net | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Inventory, Net | 6. Inventory, net The components of inventory are as follows: March 31, December 31, Raw materials and purchased parts, net $ 54,304 $ 57,185 Work in process 8,204 7,014 Finished goods, net 21,002 18,138 Inventory, net $ 83,510 $ 82,337 The Company has established reserves for obsolete and excess inventory of $ 7,133 and $ 7,721 as of March 31, 2024 and December 31, 2023 , respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 7. Goodwill and Other Intangible Assets Intangible assets were comprised of the following as of March 31, 2024: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 1 $ 17,389 $ ( 15,950 ) $ 1,439 Customer relationships 8 22,087 ( 16,638 ) 5,449 Trade names and trademarks 14 5,469 ( 3,081 ) 2,388 Software 3 237 ( 116 ) 121 Indefinite lived trade names 1,926 — 1,926 Total intangible assets, net $ 11,323 Intangible assets and accumulated amortization by category as of December 31, 2023 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 1 $ 17,578 $ ( 15,829 ) $ 1,749 Customer relationships 8 22,338 ( 16,414 ) 5,924 Trade names and trademarks 14 5,469 ( 3,025 ) 2,444 Software 4 237 ( 104 ) 133 Indefinite lived trade names 1,975 — 1,975 Total intangible assets, net $ 12,225 Amortization expense for intangible assets was $ 792 and $ 749 for the three months ended three months ended March 31, 2024 and 2023, respectively. Estimated amortization expense for the nine months ending December 31, 2024 and twelve months for the next four years and subsequent is as follows: Amount 2024 $ 1,623 2025 2,139 2026 779 2027 521 2028 521 And subsequent 3,814 Total intangible assets currently to be amortized 9,397 Intangible assets with indefinite lives not amortized 1,926 Total intangible assets $ 11,323 Changes in goodwill for the three months ended March 31, 2024 and 2023 are as follows: 2024 2023 Balance January 1, $ 37,354 $ 36,916 Goodwill for Rabern acquisition - ( 80 ) Effect of change in exchange rates ( 386 ) 518 Balance March 31, $ 36,968 $ 37,354 The Company performed an impairment assessment as of December 31, 2023. No triggering events have been identified during the quarter ended March 31, 2024 . |
Accrued Expenses
Accrued Expenses | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities [Abstract] | |
Accrued Expenses | 8. Accrued Expenses March 31, December 31, Accrued payroll and benefits $ 5,937 $ 5,526 Accrued vacation 2,150 1,961 Accrued income tax and other taxes 2,090 2,505 Accrued warranty 1,896 2,038 Accrued legal settlement 870 870 Accrued expenses—other 1,151 1,603 Total accrued expenses $ 14,095 $ 14,503 |
Accrued Warranty
Accrued Warranty | 3 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Accrued Warranty | 9. Accrued Warranty The liability for estimated warranty claims is accrued at the time of sale and the expense is recorded in the Condensed Consolidated Statements of Operations in Cost of Sales. The liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. Warranty reserves are reviewed to ensure critical assumptions are updated for known events that may impact the potential warranty liability. The following table summarizes the changes in product warranty liability: For the three months ended March 31, 2024 2023 Balance January 1, $ 2,038 $ 1,916 Provision for warranties issued during the year 595 167 Warranty services provided ( 723 ) ( 274 ) Foreign currency translation ( 14 ) 8 Balance March 31, $ 1,896 $ 1,817 |
Credit Facilities and Debt
Credit Facilities and Debt | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Credit Facilities and Debt | 10. Credit Facilities and Debt Debt is summarized as follows: March 31, 2024 December 31, 2023 U.S. Credit Facilities $ 52,635 $ 51,990 U.S. Term Loan 12,277 12,824 Italy Group Short-Term Working Capital Borrowings 14,758 17,854 Italy Group Term Loan 7,832 7,992 Other 743 961 Total debt 88,245 91,621 Less: Debt issuance costs ( 51 ) ( 63 ) Debt, net of issuance costs $ 88,193 $ 91,558 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 as of June 9, 2023. Previously, the rate was Prime plus 0.50 % . The $ 40,000 revolving credit facility requires monthly interest payments with the full principal balance coming due at maturity . The facility originally provided for maturity on April 11, 2024 . On January 25, 2023, the lender agreed to extend the maturity date to April 11, 2025 , with a rolling two-year maturity extension provided there is no event of default. The rolling two-year maturity extension repeats on April 11 each year following 2025 unless the lender provides 120 days’ written notice of non-extension. Borrowings under the $ 30,000 revolving credit facility bear interest at a floating rate equal to the Prime Rate as of June 9, 2023. Previously, the rate was Prime plus 0.50 %. 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. 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 on October 11, 2029 . The unused balance of the revolving credit facilities incurs a 0.125 % fee that is payable semi-annually . At March 31, 2024 and December 31, 2023 , the Company had $ 52,635 and $ 51,990 in borrowings under the revolving credit facilities and $ 12,277 and $ 12,824 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 March 31, 2024 . PM Group Short-Term Working Capital Borrowings At March 31, 2024 and December 31, 2023 , PM Group had established demand credit and overdraft facilities at March 31, 2024 and December 31, 2023 , whereby PM Group can borrow up to $21 ,706 and $ 25,882 for advances against invoices, letters of credit and bank overdrafts. As of March 31, 2024 and December 31, 2023, the interest on the Italian working capital facilities is charged at the 3-month Euribor plus a spread ranging from 175 to 355 basis points or 3-month Euribor plus 450 basis points. At March 31, 2024 and December 31, 2023 , the PM Group's outstanding working capital borrowings are $14,833 and $ 17,678 , respectively. Valla Short-Term Working Capital Borrowings At March 31, 2024 and December 31, 2023 , respectively, Valla had established demand credit and overdraft facilities with two Italian banks. Under the facilities, Valla can borrow up to $389 and $ 175 , respectively 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 of 1.67 % at March 31, 2024 and 1.67 % - 12 % at December 31, 2023. At March 31, 2024 and December 31, 2023 , the banks had advanced Valla $3 and $ 176 , respectively. PM Group Term Loans At March 31, 2024 and December 31, 2023 , respectively, the PM Group has a $ 4,505 and $ 4,619 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 $ 3,200 due in 2026 . At March 31, 2024 and December 31, 2023 , respectively, the PM Group has unsecured borrowings totaling $ 3,119 and $ 3,197 , respectively. The borrowings have a fixed rate of interest of 3.5 %. Annual payments of approximately $ 1,500 are payable ending in 2025. The PM group term loan contains an excess cash sweep provision such that if net financial debt to EBITDA ratio for the year achieves a certain threshold, PM is required to make an additional cash payment to the lenders to be applied to the principle and interest. For the year ending December 31, 2023, the threshold was achieved and PM is required to make a principle payment of approximately $0.7 million which will be paid by September 30, 2024. As of March 31, 2024 the PM Group has a loan in Romania in the amount of $ 116 with a fixed interest of 2.75 % rate maturing in 2027 . |
Leases
Leases | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Leases | 11. Leases The Company leases certain warehouses, office space, machinery, vehicles and equipment. Leases with an initial term of 12 months or shorter are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the applicable lease term. The Company is not aware of any variable lease payments, residual value guarantees, covenants or restrictions imposed by the leases. Most leases include one or more options to renew, with renewal terms that can extend the lease term. The exercise of these lease renewal options is at the Company's sole discretion. The depreciable life of assets is limited by the expected lease term for finance leases. If there was a discount rate explicit in the lease, then such discount rate was used. For those leases with no explicit or implicit interest rate, an incremental borrowing rate was used. The weighted average remaining useful life for operating and finance leases were 5.8 and 5 years, respectively. The weighted average discount rate for operating and finance leases was 6.0 % and 12.4 % respectively. Leases Classification March 31, 2024 December 31, 2023 Assets Operating lease assets Operating lease assets $ 7,829 $ 7,416 Financing lease assets Fixed assets, net 1,514 1,612 Total leased assets $ 9,343 $ 9,028 Liabilities Current Operating Current liabilities $ 2,081 $ 2,100 Financing Current liabilities 632 605 Non-current Operating Non-current liabilities 5,748 5,315 Financing Non-current liabilities 2,609 2,777 Total lease liabilities $ 11,070 $ 10,797 Three months ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Operating lease assets $ 1,001 $ 501 Finance lease cost Amortization of leased assets Amortization 98 98 Interest on lease liabilities Interest expense 104 119 Lease cost $ 1,203 $ 718 Three months ended March 31, Other Information 2024 2023 Cash paid for amounts included in the Operating cash flows from operating $ 1,001 $ 501 Operating cash flows from finance 104 119 Financing cash flows from finance 140 119 Future principal minimum lease payments for the period ending March 31, for the next five years and subsequent are: Operating Leases Finance Leases 2024 $ 1,635 $ 746 2025 1,905 996 2026 1,710 1,018 2027 1,024 1,049 2028 593 356 2029 511 - And subsequent 1,275 - Total undiscounted lease payments 8,653 4,165 Less interest ( 824 ) ( 924 ) Total liabilities 7,829 3,241 Less current maturities ( 2,081 ) ( 632 ) Non-current lease liabilities $ 5,748 $ 2,609 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 | 3 Months Ended |
Mar. 31, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 12. Income Taxes For the three months ended March 31, 2024 , the Company recorded an income tax provision of $ 244 , which includes a discrete income tax provision of $ 412 . The calculation of the overall income tax provision for the three months ended March 31, 2024 primarily consists of a discrete income tax expense for the accrual of interest related to unrecognized tax benefits. For the three months ended March 31, 2023 , the Company recorded an income tax provision of $ 13 , which includes a discrete income tax expense of $ 16 . The calculation of the overall income tax provision for the three months ended March 31, 2023 primarily consist of a discrete income tax expense for the accrual of interest related to unrecognized tax benefits. The effective tax rate for the three months ended March 31, 2024 was an income tax provision of 9.1 % on pretax income of $ 2,675 compared to an income tax provision of 100 % on a pretax loss of $ 13 in the comparable prior period. The effective tax rate for the three months ended March 31, 2024 differs from the U.S. statutory rate of 21 % primarily due to income taxed in domestic and foreign jurisdictions at varying tax rates, permanent differences and foreign tax credits, a change to our deferred tax liability related to an investment in a subsidiary, a partial valuation allowance in the U.S. and in Italy as well as a valuation allowance in certain foreign jurisdictions, and a discrete income tax benefit for a reduction in unrecognized tax benefits in connection with the expiration of the statute of limitations in a foreign jurisdiction and the settlement of a foreign income tax audit. The Company’s total unrecognized tax benefits as of March 31, 2024 and 2023 were approximately $ 2.2 million and $ 2.9 million, respectively. |
Net Earnings per Common Share
Net Earnings per Common Share | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Net Earnings per Common Share | 13. Net 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: Three Months Ended 2024 2023 Net income (loss) $ 2,431 $ ( 26 ) Net income (loss) attributable to noncontrolling interest 148 ( 79 ) Net income (loss) attributable to shareholders of $ 2,283 $ 53 Income per share Basic Net income $ 0.12 - Net income attributable to shareholders of $ 0.11 - Diluted Net income $ 0.12 - Net income attributable to shareholders of $ 0.11 - Weighted average common shares outstanding Basic 20,284,920 20,122,054 Diluted Basic 20,284,920 20,122,054 Dilutive effect of restricted stock units and stock options 78,722 — Dilutive 20,363,642 20,122,054 March 31, 2024 2023 Unvested restricted stock units 293,882 337,453 Options to purchase common stock — 197,437 293,882 534,890 |
Equity
Equity | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Equity | 14. Equity Stock Issued to Employees and Directors The Company issued shares of common stock to employees and Directors as restricted stock units issued under the Company’s 2019 Incentive Plans vest. Upon issuance, entries were recorded to increase common stock and decrease paid in capital for the amounts shown below. The following is a summary of stock issuances that occurred during the three months ended March 31, 2024 : Date of Issue Employees or Shares Issued Value of January 2, 2024 Director 14,000 $ 113,500 January 12, 2024 Employee 891 5,794 February 1, 2024 Employee 1,089 6,679 March 7, 2024 Director 15,000 77,250 March 7, 2024 Employee 19,800 101,970 March 8, 2024 Employee 15,920 123,062 66,700 $ 428,255 Stock Repurchases The Company purchases shares of Common Stock from certain employees at the closing share price on the date of purchase. The stock is purchased from the employees to satisfy employees’ withholding tax obligations related to stock issuances described above. The below table summarizes shares repurchased from employees during the current year through March 31, 2024 : Date of Purchase Shares Closing Price March 7, 2024 4,568 $ 6.47 March 8, 2024 4,273 $ 6.33 8,841 Restricted Stock Awards The following table contains information regarding restricted stock units through March 31, 2024: March 31, Outstanding on January 1, 2024 258,888 Units granted during the period 102,000 Vested and issued ( 57,859 ) Vested-issued and repurchased for income tax withholding ( 8,841 ) Forfeited ( 306 ) Outstanding on March 31, 2024 293,882 The value of the restricted stock is being charged to compensation expense over the vesting period. Compensation expense includes expense related to restricted stock units of $ 394 and $ 329 for the three months ended March 31, 2024 and 2023, respectively. Additional compensation expense related to restricted stock units will be $ 773 , $ 567 and $ 190 for the remainder of 2024, 2025 and 2026, 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 restricted stock units granted to Mr. Coffey is being charged to compensation expense over the requisite service period. Under ASC 718-10-35-2, compensation cost for the award of share-based compensation is recognized over the derived service periods (the time from the service inception date to the expected date of satisfaction) of either 12 or 24 months depending on the particular tranche based on the median number of days it takes for the award to vest in scenarios where they meet their threshold. Compensation expense related to restricted stock units was $ 206 and $ 371 for the three months ended March 31, 2024 and 2023, respectively. Additional compensation expense related to Mr. Coffey’s restricted stock units will be $ 25 for the remainder of 2024. Restricted Stock Award with Market and Performance Conditions On May 3, 2022, in connection with his appointment, Mr. Coffey was also granted 100,000 restricted stock units that vest upon a change in control in which the per share consideration for the Company’s common stock exceeds $ 10.00 . The fair value of the market and performance conditions award was $ 481 , calculated by using the Black-Scholes Option Pricing Model. The requisite service period used for the calculation was three years , expected volatility was 60 % and the risk-free rate of return was 2.95 %. The fair value of stock-based compensation for market and performance conditions will be recognized in the Company’s financial statements only if it is probable that the conditions will be satisfied. Stock Options On May 3, 2022, in connection with his appointment, Mr. Coffey was also granted 100,000 stock options with an exercise price of $ 4.13 per share. The options vest ratably on each of the first three anniversary dates of Mr. Coffey’s appointment date, subject to his continued service with the Company on each vesting date. Compensation expense related to the Company’s stock options was $ 66 for the three months ended March 31, 2023. Additional compensation expense related to Mr. Coffey’s options will be $ 93 , $ 67 and $ 13 for the remainder of 2024, 2025 and 2026, respectively. Grant date Grant date Dividend yields — — Expected volatility 55.0 % 55.0 % Risk free interest rate 3.02 % 3.63 % Expected life (in years) 6 6 Fair value of the option granted $ 4.13 $ 2.87 |
Legal Proceedings and Other Con
Legal Proceedings and Other Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings and Other Contingencies | 15. Legal Proceedings and Other Contingencies The Company is involved in various legal proceedings, including product liability, employment related issues, and workers’ compensation matters that have arisen in the normal course of operations. The Company has product liability insurance with self-insurance retentions that range from $ 50 to $ 500 . When it is probable that a loss has been incurred and 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 March 31, 2024 , the Company has a remaining obligation under these agreements to pay the plaintiffs $ 855 without interest in 9 annual installments of $ 95 on or before May 22 of each year. The Company has recorded a liability for the net present value of the liability. The difference between the net present value and the total payment will be charged to interest expense over the payment period. It is reasonably possible that the estimated reserve for product liability claims may change within the next 12 months. A change in estimate could occur if a case is settled for more or less than anticipated, or if additional information becomes known to the Company. |
Transactions between the Compan
Transactions between the Company and Related Parties | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Transactions between the Company and Related Parties | 16. Transactions between the Company and Related Parties In the course of conducting its business, the Company has entered into certain related party transactions. PM is a manufacturer of cranes. PM sold cranes, parts, and accessories to Tadano, a significant shareholder of the Company, during 2024. Rabern rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. 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 March 31, 2024 and December 31, 2023, the Company had accounts payable with related parties as shown below: March 31, 2024 December 31, 2023 Accounts Payable Tadano (2) $ 7 $ 58 The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended 2024 2023 Rent paid: Rabern Facility (3) $ 242 $ 191 Sales to: Terex (1) $ 11 $ 59 Tadano (2) — 50 Total Sales $ 11 $ 109 Purchases from: Terex (1) $ — $ 35 Tadano (2) — 7 Total Purchases $ - $ 42 (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) The Company leases its Rabern facilities from HTS, an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments to HTS. The Company is also responsible for all the associated operations expenses, including insurance, property taxes and repairs. The leases contain additional renewal options at the Company's discretion. |
Segment Information
Segment Information | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Note 17. 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 The Company’s Rental Equipment segment rents heavy duty and light duty commercial construction equipment, mainly to commercial contractors on a short-term rental basis. The Company also rents equipment to homeowners for do-it-yourself projects. The following is financial information for our two operating segments: Lifting Equipment and Rental Equipment: Three Months Ended 2024 2023 Net revenues Lifting Equipment $ 65,965 $ 61,112 Rental Equipment 7,378 6,759 Total revenue $ 73,343 $ 67,871 Operating income (loss) Lifting Equipment $ 3,962 $ 2,581 Rental Equipment 948 ( 16 ) Total operating income $ 4,910 $ 2,565 Total assets Lifting Equipment $ 189,932 $ 182,913 Rental Equipment 66,313 66,285 Total assets $ 256,245 $ 249,198 Depreciation and amortization Lifting Equipment $ 1,183 $ 1,088 Rental Equipment 1,611 1,964 Total depreciation and amortization $ 2,794 $ 3,052 Capital expenditures Lifting Equipment $ 214 $ 513 Rental Equipment 4,176 1,945 Total capital expenditures $ 4,390 $ 2,458 Three Months Ended Lifting Rental Total Net sales by country United States $ 28,075 $ 7,377 $ 35,452 Italy 8,116 — 8,116 Canada 7,306 — 7,306 United Kingdom 3,857 3,857 Chile 3,682 — 3,682 France 1,653 1,653 Other 13,277 — 13,277 Total $ 65,966 $ 7,377 $ 73,343 Three Months Ended Lifting Rental Total Net sales by country United States $ 23,367 $ 6,759 $ 30,126 Italy 13,278 — 13,278 Canada 5,899 — 5,899 France 2,259 — 2,259 Chile 4,544 — 4,544 Other 11,765 — 11,765 Total $ 61,112 $ 6,759 $ 67,871 |
Property, Plant and Equipment a
Property, Plant and Equipment and Depreciation | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment and Depreciation | Note 18. Property, Plant and Equipment Property and equipment are stated at cost or the fair market value at the date of acquisition. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 2,002 and $ 2,303 , respectively. Property, plant and equipment consists of the following at March 31, 2024 and December 31, 2023. respectively: 2024 2023 Rental fleet $ 46,410 $ 42,380 Machinery and equipment 11,489 11,692 Buildings 8,369 8,602 Finance lease - building 4,606 4,606 Land 3,399 3,484 Leasehold improvements 2,211 2,211 Motor vehicles 1,782 1,801 Construction in progress 1,862 1,724 Computer equipment 1,490 1,489 Furniture and fixtures 1,315 1,322 Totals 82,933 79,311 Less: accumulated depreciation ( 28,159 ) ( 26,671 ) Less: accumulated depreciation - finance lease ( 3,180 ) ( 3,080 ) Net property and equipment $ 51,594 $ 49,560 |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Basis of Accounting Policy | The summary of the Company’s significant accounting policies is presented to assist in understanding the Company’s condensed consolidated financial statements. The financial statements and notes are representations of the Company’s management who is responsible for their integrity and objectivity. These accounting policies conform to generally accepted accounting principles and have been consistently applied in the preparation of the financial statements. |
Cash and Cash Equivalents | Cash and Cash Equivalents For purposes of the statement of cash flows, the Company considers all short-term securities purchased with maturity dates of three months or less to be cash equivalents. The cash in the Company’s U.S. banks is not fully insured by the FDIC due to the statutory limit of $ 250 . |
Restricted Cash | Restricted Cash Certain of the Company’s lending arrangements require the Company to post collateral or maintain minimum cash balances in escrow. These cash amounts are reported as current assets on the balance sheets based on when the cash will be contractually released. Total restricted cash was $ 207 and $ 212 at March 31, 2024 and December 31, 2023 , respectively. |
Accounts Receivable and Allowance for Credit Losses | Accounts Receivable and 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 $ 2,145 and $ 2,186 at March 31, 2024 and December 31, 2023 , 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 for property and equipment acquired in connection with the acquisition of a company. Expenditures for major renewals and betterments that extend the useful lives of property and equipment are capitalized. Expenditures for maintenance and repairs are charged to expense as incurred. Depreciation of property, and equipment is calculated using the straight-line method over the estimated useful lives of the assets. Depreciation expense for the three months ended March 31, 2024 and 2023 was $ 2,002 and $ 2,303 respectively. |
Accrued Warranties | Accrued Warranties Warranty costs are accrued at the time revenue is recognized and the expense is recorded in the Condensed Consolidated 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 at the time of sale. Such liability is established using historical warranty claim experience. The current provision may be adjusted to take into account unusual or non-recurring events in the past or anticipated changes in future warranty claims. Adjustments to the initial warranty accrual are recorded if actual claim experience indicates that adjustments are necessary. As of March 31, 2024 and December 31, 2023 , accrued warranties were $ 1,896 and $ 2,038 , respectively. |
Advertising | Advertising Advertising costs are expensed as incurred and were $ 271 and $ 187 for the three months ended March 31, 2024 and 2023 , respectively. |
Noncontrolling Interest | Noncontrolling Interest A noncontrolling interest is the equity interest of consolidated entities that is not owned by the Company. Noncontrolling interest is adjusted for the noncontrolling partners' share of earnings (losses) in accordance with the applicable agreement. Earnings allocated to such noncontrolling partners are recorded as income applicable to noncontrolling interest in the accompanying Condensed Consolidated Statements of Operations. The initial recognition of the noncontrolling interest was attributed at the fair market value. |
Share-based Compensation | Share-based Compensation The Company has elected to account for restricted stock awards with market conditions using a graded vesting method. This method recognizes the compensation cost in the statement of operations over the requisite service period for each separately-vesting tranche of awards. |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Supplemental Cash Flow Transactions | Transactions for the periods ended March 31, 2024 and 2023 are as follows: Three months ended March 31, 2024 2023 Interest received in cash $ 79 $ - Interest paid in cash 2,107 1,828 Income tax payments in cash 407 22 Recognition of right-of-use asset and right-of-use liability 592 2,480 Fixed asset purchases in account payable 3,174 269 Reconciliation of cash, cash equivalents and restricted cash to Cash and cash equivalents $ 4,847 $ 9,927 Restricted cash 207 208 Cash, cash equivalents and restricted cash at the end of year $ 5,054 $ 10,135 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Disaggregation of Revenue [Abstract] | |
Summary of Disaggregates of Revenue, Geographic Area and Source | The following table provides detail of revenues by geographic area for the three months ended March 31, 2024 and 2023. Three Months Ended 2024 2023 United States $ 35,452 $ 30,126 Italy 8,116 13,278 Canada 7,306 5,899 United Kingdom 3,857 1,863 Chile 3,682 4,544 France 1,653 2,259 Other 13,277 9,902 Total Revenue $ 73,343 $ 67,871 The sources of the Company’s revenues are summarized below for the three months ended March 31, 2024 and 2023. Three Months Ended 2024 2023 Boom trucks, knuckle boom cranes $ 48,457 $ 39,236 Aerial platforms 6,242 8,889 Part sales 6,346 7,192 Rentals 6,444 5,835 Services 600 1,117 Merchandise sales and other 933 978 Other equipment 4,321 4,624 Total Revenue $ 73,343 $ 67,871 |
Summary of Changes in Customer Deposits | The following table summarizes changes in customer deposits for the three months ended March 31, as follows: March 31, March 31, Customer deposits January 1, $ 2,384 $ 3,407 Additional customer deposits received where revenue has not yet been 4,285 1,937 Revenue recognized from customer deposits ( 4,479 ) ( 2,639 ) Effect of change in exchange rates ( 57 ) 27 Total customer deposits $ 2,133 $ 2,732 |
Derivative Financial Instrume_2
Derivative Financial Instruments (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Effect of Derivative Instruments on Condensed Consolidated Statements of Operations | The following tables provide the effect of derivative instruments on the Condensed Consolidated Statements of Operations for the three months ended March 31, 2024 and 2023: Instruments Location of gain recognized Location of gain recognized 2024 2023 Fo rward currency contract Foreign currency transaction gain $ - $ 15 |
Inventory, Net (Tables)
Inventory, Net (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: March 31, December 31, Raw materials and purchased parts, net $ 54,304 $ 57,185 Work in process 8,204 7,014 Finished goods, net 21,002 18,138 Inventory, net $ 83,510 $ 82,337 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Intangible Assets and Accumulated Amortization by Category | Intangible assets were comprised of the following as of March 31, 2024: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 1 $ 17,389 $ ( 15,950 ) $ 1,439 Customer relationships 8 22,087 ( 16,638 ) 5,449 Trade names and trademarks 14 5,469 ( 3,081 ) 2,388 Software 3 237 ( 116 ) 121 Indefinite lived trade names 1,926 — 1,926 Total intangible assets, net $ 11,323 Intangible assets and accumulated amortization by category as of December 31, 2023 is as follows: Weighted Average Gross Net Amortization Carrying Accumulated Carrying Period (in years) Amount Amortization Amount Patented and unpatented technology 1 $ 17,578 $ ( 15,829 ) $ 1,749 Customer relationships 8 22,338 ( 16,414 ) 5,924 Trade names and trademarks 14 5,469 ( 3,025 ) 2,444 Software 4 237 ( 104 ) 133 Indefinite lived trade names 1,975 — 1,975 Total intangible assets, net $ 12,225 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for the nine months ending December 31, 2024 and twelve months for the next four years and subsequent is as follows: Amount 2024 $ 1,623 2025 2,139 2026 779 2027 521 2028 521 And subsequent 3,814 Total intangible assets currently to be amortized 9,397 Intangible assets with indefinite lives not amortized 1,926 Total intangible assets $ 11,323 |
Changes in Goodwill | Changes in goodwill for the three months ended March 31, 2024 and 2023 are as follows: 2024 2023 Balance January 1, $ 37,354 $ 36,916 Goodwill for Rabern acquisition - ( 80 ) Effect of change in exchange rates ( 386 ) 518 Balance March 31, $ 36,968 $ 37,354 |
Accrued Expenses (Tables)
Accrued Expenses (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Accrued Liabilities [Abstract] | |
Schedule of Accrued Expenses | March 31, December 31, Accrued payroll and benefits $ 5,937 $ 5,526 Accrued vacation 2,150 1,961 Accrued income tax and other taxes 2,090 2,505 Accrued warranty 1,896 2,038 Accrued legal settlement 870 870 Accrued expenses—other 1,151 1,603 Total accrued expenses $ 14,095 $ 14,503 |
Accrued Warranty (Tables)
Accrued Warranty (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Guarantees [Abstract] | |
Summary of Changes in Product Warranty Liability | The following table summarizes the changes in product warranty liability: For the three months ended March 31, 2024 2023 Balance January 1, $ 2,038 $ 1,916 Provision for warranties issued during the year 595 167 Warranty services provided ( 723 ) ( 274 ) Foreign currency translation ( 14 ) 8 Balance March 31, $ 1,896 $ 1,817 |
Credit Facilities and Debt (Tab
Credit Facilities and Debt (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Debt Disclosure [Abstract] | |
Summary of Debt | Debt is summarized as follows: March 31, 2024 December 31, 2023 U.S. Credit Facilities $ 52,635 $ 51,990 U.S. Term Loan 12,277 12,824 Italy Group Short-Term Working Capital Borrowings 14,758 17,854 Italy Group Term Loan 7,832 7,992 Other 743 961 Total debt 88,245 91,621 Less: Debt issuance costs ( 51 ) ( 63 ) Debt, net of issuance costs $ 88,193 $ 91,558 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Schedule of Leases on Consolidated Balance Sheet | Leases Classification March 31, 2024 December 31, 2023 Assets Operating lease assets Operating lease assets $ 7,829 $ 7,416 Financing lease assets Fixed assets, net 1,514 1,612 Total leased assets $ 9,343 $ 9,028 Liabilities Current Operating Current liabilities $ 2,081 $ 2,100 Financing Current liabilities 632 605 Non-current Operating Non-current liabilities 5,748 5,315 Financing Non-current liabilities 2,609 2,777 Total lease liabilities $ 11,070 $ 10,797 |
Schedule of Lease Cost | Three months ended March 31, Lease Cost Classification 2024 2023 Operating lease costs Operating lease assets $ 1,001 $ 501 Finance lease cost Amortization of leased assets Amortization 98 98 Interest on lease liabilities Interest expense 104 119 Lease cost $ 1,203 $ 718 |
Summary of Other Information Related to Leases | Three months ended March 31, Other Information 2024 2023 Cash paid for amounts included in the Operating cash flows from operating $ 1,001 $ 501 Operating cash flows from finance 104 119 Financing cash flows from finance 140 119 |
Schedule of Future Principal Minimum Lease Payments | Operating Leases Finance Leases 2024 $ 1,635 $ 746 2025 1,905 996 2026 1,710 1,018 2027 1,024 1,049 2028 593 356 2029 511 - And subsequent 1,275 - Total undiscounted lease payments 8,653 4,165 Less interest ( 824 ) ( 924 ) Total liabilities 7,829 3,241 Less current maturities ( 2,081 ) ( 632 ) Non-current lease liabilities $ 5,748 $ 2,609 |
Net Earnings per Common Share (
Net Earnings per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Earnings Per Share [Abstract] | |
Basic and Diluted Net Earnings Per Share | Basic net earnings per share is computed by dividing net income by the weighted average number of common shares outstanding for the period. Details of the calculations are as follows: Three Months Ended 2024 2023 Net income (loss) $ 2,431 $ ( 26 ) Net income (loss) attributable to noncontrolling interest 148 ( 79 ) Net income (loss) attributable to shareholders of $ 2,283 $ 53 Income per share Basic Net income $ 0.12 - Net income attributable to shareholders of $ 0.11 - Diluted Net income $ 0.12 - Net income attributable to shareholders of $ 0.11 - Weighted average common shares outstanding Basic 20,284,920 20,122,054 Diluted Basic 20,284,920 20,122,054 Dilutive effect of restricted stock units and stock options 78,722 — Dilutive 20,363,642 20,122,054 |
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share | March 31, 2024 2023 Unvested restricted stock units 293,882 337,453 Options to purchase common stock — 197,437 293,882 534,890 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Equity [Abstract] | |
Summary of Stock Issuances | The following is a summary of stock issuances that occurred during the three months ended March 31, 2024 : Date of Issue Employees or Shares Issued Value of January 2, 2024 Director 14,000 $ 113,500 January 12, 2024 Employee 891 5,794 February 1, 2024 Employee 1,089 6,679 March 7, 2024 Director 15,000 77,250 March 7, 2024 Employee 19,800 101,970 March 8, 2024 Employee 15,920 123,062 66,700 $ 428,255 |
Summary of Common Stock Repurchases | The below table summarizes shares repurchased from employees during the current year through March 31, 2024 : Date of Purchase Shares Closing Price March 7, 2024 4,568 $ 6.47 March 8, 2024 4,273 $ 6.33 8,841 |
Restricted Stock Units Outstanding | The following table contains information regarding restricted stock units through March 31, 2024: March 31, Outstanding on January 1, 2024 258,888 Units granted during the period 102,000 Vested and issued ( 57,859 ) Vested-issued and repurchased for income tax withholding ( 8,841 ) Forfeited ( 306 ) Outstanding on March 31, 2024 293,882 |
Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted | Grant date Grant date Dividend yields — — Expected volatility 55.0 % 55.0 % Risk free interest rate 3.02 % 3.63 % Expected life (in years) 6 6 Fair value of the option granted $ 4.13 $ 2.87 |
Transactions between the Comp_2
Transactions between the Company and Related Parties (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Related Party Transactions [Abstract] | |
Schedule of Accounts Payable with Related Parties | As of March 31, 2024 and December 31, 2023, the Company had accounts payable with related parties as shown below: March 31, 2024 December 31, 2023 Accounts Payable Tadano (2) $ 7 $ 58 |
Related Party Transactions | The following is a summary of the amounts attributable to certain related party transactions as described in the footnotes to the table, for the periods indicated: Three Months Ended 2024 2023 Rent paid: Rabern Facility (3) $ 242 $ 191 Sales to: Terex (1) $ 11 $ 59 Tadano (2) — 50 Total Sales $ 11 $ 109 Purchases from: Terex (1) $ — $ 35 Tadano (2) — 7 Total Purchases $ - $ 42 (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) The Company leases its Rabern facilities from HTS, an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments to HTS. The Company is also responsible for all the associated operations expenses, including insurance, property taxes and repairs. The leases contain additional renewal options at the Company's discretion. |
Segment Information (Tables)
Segment Information (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Segment Reporting [Abstract] | |
Summary of Financial Information of Operating Segments | The following is financial information for our two operating segments: Lifting Equipment and Rental Equipment: Three Months Ended 2024 2023 Net revenues Lifting Equipment $ 65,965 $ 61,112 Rental Equipment 7,378 6,759 Total revenue $ 73,343 $ 67,871 Operating income (loss) Lifting Equipment $ 3,962 $ 2,581 Rental Equipment 948 ( 16 ) Total operating income $ 4,910 $ 2,565 Total assets Lifting Equipment $ 189,932 $ 182,913 Rental Equipment 66,313 66,285 Total assets $ 256,245 $ 249,198 Depreciation and amortization Lifting Equipment $ 1,183 $ 1,088 Rental Equipment 1,611 1,964 Total depreciation and amortization $ 2,794 $ 3,052 Capital expenditures Lifting Equipment $ 214 $ 513 Rental Equipment 4,176 1,945 Total capital expenditures $ 4,390 $ 2,458 |
Summary of Net Sales by Country | Three Months Ended Lifting Rental Total Net sales by country United States $ 28,075 $ 7,377 $ 35,452 Italy 8,116 — 8,116 Canada 7,306 — 7,306 United Kingdom 3,857 3,857 Chile 3,682 — 3,682 France 1,653 1,653 Other 13,277 — 13,277 Total $ 65,966 $ 7,377 $ 73,343 Three Months Ended Lifting Rental Total Net sales by country United States $ 23,367 $ 6,759 $ 30,126 Italy 13,278 — 13,278 Canada 5,899 — 5,899 France 2,259 — 2,259 Chile 4,544 — 4,544 Other 11,765 — 11,765 Total $ 61,112 $ 6,759 $ 67,871 |
Property, Plant and Equipment_2
Property, Plant and Equipment and Depreciation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Property, Plant and Equipment [Abstract] | |
Schedule of Property, Plant and Equipment | Property, plant and equipment consists of the following at March 31, 2024 and December 31, 2023. respectively: 2024 2023 Rental fleet $ 46,410 $ 42,380 Machinery and equipment 11,489 11,692 Buildings 8,369 8,602 Finance lease - building 4,606 4,606 Land 3,399 3,484 Leasehold improvements 2,211 2,211 Motor vehicles 1,782 1,801 Construction in progress 1,862 1,724 Computer equipment 1,490 1,489 Furniture and fixtures 1,315 1,322 Totals 82,933 79,311 Less: accumulated depreciation ( 28,159 ) ( 26,671 ) Less: accumulated depreciation - finance lease ( 3,180 ) ( 3,080 ) Net property and equipment $ 51,594 $ 49,560 |
Nature of Operations and Basi_3
Nature of Operations and Basis of Presentation - Additional Information (Detail) $ in Millions | 3 Months Ended | |
Apr. 11, 2022 USD ($) | Mar. 31, 2024 Model Segment Branch T | |
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of reportable segments | Segment | 2 | |
Number of operating segment | Segment | 4 | |
Number of reporting units | Segment | 5 | |
Minimum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Lifting capacity of crane | T | 2 | |
Maximum [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Lifting capacity of crane | T | 25 | |
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] | ||
Number of branches | Branch | 4 | |
Rabern Rentals, LLC [Member] | Greater Amarillo [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of branches | Branch | 3 | |
Rabern Rentals, LLC [Member] | Lubbock [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Number of branches | Branch | 1 | |
Rabern Rentals, LLC [Member] | Membership Interest Purchase Agreement [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of membership interest acquired | 70% | |
Cash consideration | $ | $ 26 | |
Cash plus assumed debt | $ | $ 14 | |
Rabern Rentals, LLC [Member] | Steven Berner [Member] | ||
Partnership Organization And Basis Of Presentation [Line Items] | ||
Percentage of membership interest acquired | 100% |
Nature of Operations and Basi_4
Nature of Operations and Basis of Presentation - Schedule of Supplemental Cash Flow Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Interest paid in cash | $ 2,107 | $ 1,828 | ||
Income tax (refunds) payments in cash | (407) | 22 | ||
Recognition of right-of-use asset and right-of-use liability | 2,480 | |||
Reconciliation of cash, cash equivalents and restricted cash to consolidated balance sheets: | ||||
Cash and cash equivalents | 4,847 | 9,927 | ||
Restricted cash | 207 | 208 | $ 212 | |
Cash, cash equivalents and restricted cash at the end of year | $ 5,054 | $ 10,135 | $ 9,481 | $ 8,190 |
Significant Accounting Polici_3
Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Accounting Policies [Line Items] | |||
Statutory limit of highly liquid investments | $ 250 | ||
Cash - restricted | 207 | $ 208 | $ 212 |
Allowance for bad debt | 2,145 | 2,186 | |
Depreciation Expense | 2,002 | 2,303 | |
Accrued warranties | 1,896 | $ 2,038 | |
Advertising costs | $ 271 | $ 187 |
Revenue Recognition - Summary o
Revenue Recognition - Summary of Revenues by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 73,343 | $ 67,871 |
United States [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 35,452 | 30,126 |
Italy [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 8,116 | 13,278 |
Canada [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 7,306 | 5,899 |
Chile [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 3,682 | 4,544 |
France [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | 1,653 | 2,259 |
Other [Member] | ||
Disaggregation Of Revenue [Line Items] | ||
Total Revenue | $ 13,277 | $ 9,902 |
Revenue Recognition - Summary_2
Revenue Recognition - Summary of Revenues by Source (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | $ 73,343 | $ 67,871 |
Boom Trucks, Knuckle Boom & Truck Cranes [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 48,457 | 39,236 |
Aerial Platforms [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 6,242 | 8,889 |
Part Sales [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 6,346 | 7,192 |
Rentals [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 6,444 | 5,835 |
Services [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 600 | 1,117 |
Merchandise Sales and Other [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | 933 | 978 |
Other Equipment [Member] | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Total Revenue | $ 4,321 | $ 4,624 |
Revenue Recognition - Summary_3
Revenue Recognition - Summary of Changes in Customer Deposits (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | ||
Customer deposits January 1, | $ 2,384 | $ 3,407 |
Additional customer deposits received where revenue has not yet been recognized | 4,285 | 1,937 |
Revenue recognized from customer deposits | (4,479) | (2,639) |
Effect of change in exchange rates | (57) | 27 |
Total customer deposits | $ 2,133 | $ 2,732 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - Fair Value Measurements Recurring [Member] - USD ($) | Mar. 31, 2024 | Dec. 31, 2023 |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | ||
Assets at fair value | $ 0 | $ 0 |
Liabilities at fair value | $ 0 | $ 0 |
Derivative Financial Instrume_3
Derivative Financial Instruments - Additional Information (Detail) - ForwardContract | Mar. 31, 2024 | Mar. 31, 2023 |
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 | 0 | 0 |
Derivative Financial Instrume_4
Derivative Financial Instruments - Effect of Derivative Instruments on Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Derivatives Fair Value [Line Items] | ||
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Gain (Loss), Foreign Currency Transaction, before Tax | Gain (Loss), Foreign Currency Transaction, before Tax |
Forward Currency Contracts [Member] | Forward Currency Contracts [Member] | Derivatives Not Designated as Hedge Instrument [Member] | ||
Derivatives Fair Value [Line Items] | ||
Gain recognized in statement of operations | $ 15 |
Inventory, Net - Components of
Inventory, Net - Components of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Raw materials and purchased parts, net | $ 54,304 | $ 57,185 |
Work in process | 8,204 | 7,014 |
Finished goods, net | 21,002 | 18,138 |
Inventory, net | $ 83,510 | $ 82,337 |
Inventory, Net - Additional Inf
Inventory, Net - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Inventory Disclosure [Abstract] | ||
Reserves for obsolete and excess inventory | $ 7,133 | $ 7,721 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Intangible Assets and Accumulated Amortization by Category (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Total intangible assets, net | $ 11,323 | $ 12,225 |
Indefinite lived trade names | 1,926 | 1,975 |
Patented and Unpatented Technology [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 17,389 | 17,578 |
Accumulated Amortization | (15,950) | (15,829) |
Total intangible assets, net | $ 1,439 | $ 1,749 |
Weighted Average Amortization Period (in years) | 1 year | 1 year |
Customer Relationships [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 22,087 | $ 22,338 |
Accumulated Amortization | (16,638) | (16,414) |
Total intangible assets, net | $ 5,449 | $ 5,924 |
Weighted Average Amortization Period (in years) | 8 years | 8 years |
Software [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 237 | $ 237 |
Accumulated Amortization | (116) | (104) |
Total intangible assets, net | $ 121 | $ 133 |
Weighted Average Amortization Period (in years) | 3 years | 4 years |
Trade Names and Trademarks [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 5,469 | $ 5,469 |
Accumulated Amortization | (3,081) | (3,025) |
Total intangible assets, net | $ 2,388 | $ 2,444 |
Weighted Average Amortization Period (in years) | 14 years | 14 years |
Trade Names [Member] | ||
Finite And Infinite Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 1,926 | $ 1,975 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $ 792 | $ 749 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Schedule of Estimated Amortization Expense (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2024 | $ 1,623 | |
2025 | 2,139 | |
2026 | 779 | |
2027 | 521 | |
2028 | 521 | |
And subsequent | 3,814 | |
Total intangible assets currently to be amortized | 9,397 | |
Intangible assets with indefinite lives not amortized | 1,926 | |
Total intangible assets, net | $ 11,323 | $ 12,225 |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Changes in Goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 37,354 | $ 36,916 |
Goodwill for Rabern acquisition | (80) | |
Effect of change in exchange rates | (386) | 518 |
Ending Balance | $ 36,968 | $ 37,354 |
Accrued Expenses - Schedule of
Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Accrued Liabilities, Current [Abstract] | ||
Accrued payroll and benefits | $ 5,937 | $ 5,526 |
Accrued vacation | 2,150 | 1,961 |
Accrued income tax and other taxes | 2,090 | 2,505 |
Accrued warranty | 1,896 | 2,038 |
Accrued legal settlement | 870 | 870 |
Accrued expenses—other | 1,151 | 1,603 |
Total accrued expenses | $ 14,095 | $ 14,503 |
Accrued Warranty - Summary of C
Accrued Warranty - Summary of Changes in Product Warranty Liability (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Product Warranties Disclosures [Abstract] | ||
Beginning Balance | $ 2,038 | $ 1,916 |
Provision for warranties issued during the year | 595 | 167 |
Warranty services provided | (723) | (274) |
Foreign currency translation | (14) | 8 |
Ending Balance | $ 1,896 | $ 1,817 |
Credit Facilities and Debt - Su
Credit Facilities and Debt - Summary of Debt (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Debt Instrument [Line Items] | ||
Total debt | $ 88,245 | $ 91,621 |
Less: Debt issuance costs | (51) | (63) |
Debt, net of issuance costs | 88,193 | 91,558 |
U.S. Credit Facilities [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 52,635 | 51,990 |
Italy Group Short-Term Working Capital Borrowings [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 14,758 | 17,854 |
U.S. Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 12,277 | 12,824 |
Italy Group Term Loan [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | 7,832 | 7,992 |
Other [Member] | ||
Debt Instrument [Line Items] | ||
Total debt | $ 743 | $ 961 |
Credit Facilities and Debt - Ad
Credit Facilities and Debt - Additional Information - U.S. Credit Facilities and Term Loan (Detail) - USD ($) $ in Thousands | 3 Months Ended | |||
Jan. 25, 2023 | Apr. 11, 2022 | Mar. 31, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | ||||
Debt issuance cost | $ 51 | $ 63 | ||
Book value of debt | $ 88,193 | 91,558 | ||
Revolving Credit Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility extended maturity terms | The rolling two-year maturity extension repeats on April 11 each year following 2025 unless the lender provides 120 days’ written notice of non-extension. | |||
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 as of June 9, 2023. Previously, the rate was Prime plus 0.50% | |||
Bank Term Loan Facility [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility | $ 12,277 | 12,824 | ||
Amarillo National Bank Financing [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Minimum net worth required | $ 80,000 | |||
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, 2025 | |||
Revolving credit facility | $ 40,000 | |||
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] | 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, extended maturity date | Apr. 11, 2025 | |||
Revolving credit facility | $ 30,000 | |||
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 as of June 9, 2023. Previously, the rate was Prime plus 0.50%. 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. | |||
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] | 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 | |||
Line of credit facility interest rate description | The term loan requires monthly interest payments at a floating rate equal to the Prime Rate. | |||
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 on October 11, 2029. | |||
CIBC Bank USA [Member] | U.S. Credit Facilities [Member] | ||||
Line Of Credit Facility [Line Items] | ||||
Revolving credit facility | $ 52,635 | $ 51,990 |
Credit Facilities and Debt - _2
Credit Facilities and Debt - Additional Information - PM Group Short-Term Working Capital Borrowing (Detail) - Short-term Working Capital Borrowings [Member] - PM Group [Member] - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Line Of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 706 | $ 25,882 |
Short-term debt | $ 17,678 | |
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% |
Credit Facilities and Debt - _3
Credit Facilities and Debt - Additional Information - Valla Short-Term Working Capital Borrowings (Detail) - Short-term Working Capital Borrowings [Member] - Valla Contingent Consideration [Member] | Mar. 31, 2024 Bank | Dec. 31, 2023 USD ($) Bank |
Credit Facilities [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 175,000 | |
Revolving credit facility | $ 176,000 | |
Italy [Member] | ||
Credit Facilities [Line Items] | ||
Number of Italian banks | Bank | 2 | 2 |
Working capital borrowing interest rate | 1.67% | |
Minimum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 1.67% | |
Maximum [Member] | Italy [Member] | ||
Credit Facilities [Line Items] | ||
Working capital borrowing interest rate | 12% |
Credit Facilities and Debt - _4
Credit Facilities and Debt - Additional Information - PM Group Term Loans (Detail) - PM Group [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Dec. 31, 2023 | |
Unsecured Debt [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 3,119 | $ 3,197 |
Debt instrument, interest rate, effective percentage | 3.50% | 3.50% |
Annual payments | $ 1,500 | |
Bank Term Loan Facility [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | 4,505 | $ 4,619 |
Bank Term Loan Facility [Member] | Romania [Member] | ||
Line Of Credit Facility [Line Items] | ||
Bank loans | $ 116 | |
Debt Instrument Interest Rate | 2.75% | |
Notes maturity year | 2027 | |
Bank Term Loan Facility [Member] | Notes Payable to Bank [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt Instrument Interest Rate | 3.50% | 3.50% |
Annual principal payments, 2026 | $ 600 | |
Bank Term Loan Facility [Member] | Balloon Payment [Member] | ||
Line Of Credit Facility [Line Items] | ||
Debt instrument periodic payment terms balloon payment to be paid | $ 3,200 | |
Debt instrument ending date for principal payments | 2026 |
Leases - Additional Information
Leases - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 | |
Leases [Abstract] | |
Lease renewal term | Most leases include one or more options to renew, with renewal terms that can extend the lease term. |
Weighted average remaining useful life for operating leases | 5 years 9 months 18 days |
Weighted average remaining useful life for finance leases | 5 years |
Weighted average discount rate for operating leases | 6% |
Weighted average discount rate for finance leases | 12.40% |
Leases - Schedule of Leases on
Leases - Schedule of Leases on Consolidated Balance Sheet (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Assets | ||
Operating lease assets | $ 7,829 | $ 7,416 |
Financing lease assets | $ 1,514 | $ 1,612 |
Finance Lease Right Of Use Asset Statement Of Financial Position Extensible List | Total fixed assets ((net) of accumulated depreciation of $31,339 and $29,751 at March 31, 2024 and December 31, 2023, respectively | Total fixed assets ((net) of accumulated depreciation of $31,339 and $29,751 at March 31, 2024 and December 31, 2023, respectively |
Total leased assets | $ 9,343 | $ 9,028 |
Current | ||
Operating | 2,081 | 2,100 |
Financing | 632 | 605 |
Non-current | ||
Operating | 5,748 | 5,315 |
Financing | 2,609 | 2,777 |
Total lease liabilities | $ 11,070 | $ 10,797 |
Leases - Schedule of Lease Cost
Leases - Schedule of Lease Cost (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Lease Cost | ||
Operating lease costs | $ 1,001 | $ 501 |
Finance lease cost | ||
Amortization of leased assets | 98 | 98 |
Interest on lease liabilities | 104 | 119 |
Lease cost | $ 1,203 | $ 718 |
Leases - Summary of Other Infor
Leases - Summary of Other Information Related to Leases (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 1,001 | $ 501 |
Operating cash flows from finance leases | 104 | 119 |
Financing cash flows from finance leases | $ 140 | $ 119 |
Leases - Schedule of Future Pri
Leases - Schedule of Future Principal Minimum Lease Payments (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Operating Leases | ||
2024 | $ 1,635 | |
2025 | 1,905 | |
2026 | 1,710 | |
2027 | 1,024 | |
2028 | 593 | |
2029 | 511 | |
And subsequent | 1,275 | |
Total undiscounted lease payments | 8,653 | |
Less interest | (824) | |
Total liabilities | 7,829 | |
Less current maturities | (2,081) | $ (2,100) |
Operating | 5,748 | 5,315 |
Capital Leases | ||
2024 | 746 | |
2025 | 996 | |
2026 | 1,018 | |
2027 | 1,049 | |
2028 | 356 | |
Total undiscounted lease payments | 4,165 | |
Less interest | (924) | |
Total liabilities | 3,241 | |
Less current maturities | (632) | (605) |
Financing | $ 2,609 | $ 2,777 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Income Taxes Disclosure [Line Items] | ||
Income tax (benefit) provision | $ 244 | $ 13 |
Discrete income tax expense (benefit) | $ 412 | $ 16 |
Annual effective tax rate | 9.10% | 100% |
Pretax income (loss) | $ 2,675 | $ (13) |
Annual statutory tax rates | 21% | |
Total unrecognized tax benefits | $ 2,200 | $ 2,900 |
Net Earnings per Common Share -
Net Earnings per Common Share - Basic and Diluted Net Earnings Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Earnings Per Share [Abstract] | ||
Net income (loss) | $ 2,431 | $ (26) |
Net income (loss) attributable to noncontrolling interest | 148 | (79) |
Net income attributable to shareholders of Manitex International, Inc. | $ 2,283 | $ 53 |
(Loss) earnings per share Basic | ||
Net income | $ 0.12 | |
Net income attributable to shareholders of Manitex International, Inc. | 0.11 | |
(Loss) earnings per share Diluted | ||
Net income | 0.12 | |
Net income attributable to shareholders of Manitex International, Inc. | $ 0.11 | |
Weighted average common shares outstanding | ||
Basic | 20,284,920 | 20,122,054 |
Diluted | ||
Basic | 20,284,920 | 20,122,054 |
Dilutive effect of restricted stock units and stock options | 78,722 | |
Dilutive | 20,363,642 | 20,122,054 |
Net Earnings (Loss) per Common
Net Earnings (Loss) per Common Share - Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings Per Share (Detail) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of diluted earnings per share | 293,882 | 534,890 |
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 | 293,882 | 337,453 |
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 |
Equity - Summary of Stock Issua
Equity - Summary of Stock Issuances (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 66,700 |
Value of Shares Issued | $ | $ 428,255 |
Employee [Member] | January 12, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 891 |
Value of Shares Issued | $ | $ 5,794 |
Employee [Member] | February 1, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 1,089 |
Value of Shares Issued | $ | $ 6,679 |
Employee [Member] | March 7, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 19,800 |
Value of Shares Issued | $ | $ 101,970 |
Employee [Member] | March 8, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 15,920 |
Value of Shares Issued | $ | $ 123,062 |
Director [Member] | January 2, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 14,000 |
Value of Shares Issued | $ | $ 113,500 |
Director [Member] | March 7, 2024 [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Shares Issued | shares | 15,000 |
Value of Shares Issued | $ | $ 77,250 |
Equity - Summary of Common Stoc
Equity - Summary of Common Stock Repurchases (Detail) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 8,841 |
March 7, 2024 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 4,568 |
Closing Price on Date of Purchase | $ / shares | $ 6.47 |
March 8, 2024 [Member] | |
Schedule Of Share Repurchase Programs [Line Items] | |
Shares Purchased | 4,273 |
Closing Price on Date of Purchase | $ / shares | $ 6.33 |
Equity - Restricted Stock Units
Equity - Restricted Stock Units Outstanding (Detail) | 3 Months Ended |
Mar. 31, 2024 shares | |
Equity [Abstract] | |
Outstanding on January 1, 2024 | 258,888 |
Units granted during the period | 102,000 |
Vested and issued | (57,859) |
Vested-issued and repurchased for income tax withholding | (8,841) |
Forfeited | (306) |
Outstanding on March 31, 2024 | 293,882 |
Equity - Additional Information
Equity - Additional Information - Restricted Stock Award (Detail) - Restricted Stock Units [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Compensation expense related to restricted stock units | $ 394 | $ 329 |
Compensation expense related to restricted stock units and stock options for remainder of 2024 | 773 | |
Compensation expense related to restricted stock units and stock options granted for year 2025 | 567 | |
Compensation expense related to restricted stock units and stock options granted for year 2026 | $ 190 |
Equity - Restricted Stock Award
Equity - Restricted Stock Award with Market and Performance Conditions - Additional Information (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 03, 2022 USD ($) Simulation $ / shares shares | Mar. 31, 2024 USD ($) shares | Mar. 31, 2023 USD ($) | |
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
Units granted during period | shares | 102,000 | ||
Restricted Stock Award with Market Conditions [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [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 restricted stock units | $ 206 | $ 371 | |
Compensation expense related to restricted stock units and stock options for remainder of 2024 | $ 25 | ||
Restricted Stock Award with Market and Performance Conditions [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award [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 - Additional Informati_2
Equity - Additional Information - Stock Options (Detail) - Stock Options [Member] - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | ||
May 03, 2022 | Mar. 31, 2023 | Mar. 31, 2024 | |
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 | $ 66 | ||
Compensation expense related to restricted stock units and stock options for remainder of 2024 | $ 93 | ||
Compensation expense related to restricted stock units and stock options granted for year 2025 | 67 | ||
Compensation expense related to restricted stock units and stock options granted for year 2026 | $ 13 |
Equity - Summary of Assumptions
Equity - Summary of Assumptions to Calculate the Black-Scholes Option Pricing Model for Stock Options Granted (Detail) - Stock Options [Member] - $ / shares | May 01, 2023 | May 03, 2022 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected volatility | 55% | 55% |
Risk free interest rate | 3.63% | 3.02% |
Expected life (in years) | 6 years | 6 years |
Fair value of the option granted | $ 2.87 | $ 4.13 |
Legal Proceedings and Other C_2
Legal Proceedings and Other Contingencies - Additional Information (Detail) | 3 Months Ended | |
May 05, 2011 Plaintiff Agreement | Mar. 31, 2024 USD ($) Installment | |
Loss Contingencies [Line Items] | ||
Number of settlement agreements | Agreement | 2 | |
Number of plaintiff | Plaintiff | 2 | |
Remaining obligation to pay product liability settlement to plaintiffs | $ 855,000 | |
Number of installments for the payment of product liability settlement | Installment | 9 | |
Annual installment amount | $ 95,000 | |
Settlement agreements date | May 5, 2011 | |
Settlement payment terms | the Company has a remaining obligation under these agreements to pay the plaintiffs $855 without interest in 9 annual installments of $95 on or before May 22 of each year. | |
Estimated Reserve for Product Liability Claims, change in period | 12 months | |
Minimum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retentions amount | $ 50,000 | |
Maximum [Member] | ||
Loss Contingencies [Line Items] | ||
Product liability insurance self insurance retentions amount | $ 500,000 |
Transactions between the Comp_3
Transactions between the Company and Related Parties - Schedule of Accounts Payable with Related Parties (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Accounts Payable | [1] | $ 7 | $ 58 |
[1] Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. |
Transactions between the Comp_4
Transactions between the Company and Related Parties - Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Related Party Transaction [Line Items] | |||
Total Sales | $ 11 | $ 109 | |
Total Purchases | 42 | ||
Rabern Rentals, LLC [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [1] | 242 | 191 |
Terex Corporation [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [2] | $ 11 | 59 |
Total Purchases | [2] | 35 | |
Tadano [Member] | |||
Related Party Transaction [Line Items] | |||
Total Sales | [3] | 50 | |
Total Purchases | [3] | $ 7 | |
[1] The Company leases its Rabern facilities from HTS, an entity controlled by Steven Berner, the General Manager of Rabern. Pursuant to the terms of the lease, the Company makes monthly lease payments to HTS. The Company is also responsible for all the associated operations expenses, including insurance, property taxes and repairs. The leases contain additional renewal options at the Company's discretion. Terex is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. Tadano is a significant shareholder of the Company and conducts business with the Company in the ordinary course of business. |
Business Combination - Addition
Business Combination - Additional Information (Detail) - Rabern Rentals, LLC [Member] $ in Millions | Apr. 11, 2022 USD ($) |
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% |
Cash consideration | $ 26 |
Cash plus assumed debt | $ 14 |
Business Combination - Summary
Business Combination - Summary of Purchase Price Allocations (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Mar. 31, 2023 | Dec. 31, 2022 |
Allocation of consideration to assets acquired and liabilities assumed: | ||||
Goodwill | $ 36,968 | $ 37,354 | $ 37,354 | $ 36,916 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2024 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 | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Segment Reporting Information [Line Items] | |||
Net revenues | $ 73,343 | $ 67,871 | |
Operating income (loss) | 4,910 | 2,565 | |
Total assets | 256,245 | 249,198 | $ 255,731 |
Depreciation and amortization | 2,794 | 3,052 | |
Capital expenditures | 4,390 | 2,458 | |
Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 73,343 | 67,871 | |
Lifting Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 65,966 | 61,112 | |
Lifting Equipment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 65,965 | 61,112 | |
Operating income (loss) | 3,962 | 2,581 | |
Total assets | 189,932 | 182,913 | |
Depreciation and amortization | 1,183 | 1,088 | |
Capital expenditures | 214 | 513 | |
Rental Equipment [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 7,377 | 6,759 | |
Rental Equipment [Member] | Operating Segments [Member] | |||
Segment Reporting Information [Line Items] | |||
Net revenues | 7,378 | 6,759 | |
Operating income (loss) | 948 | (16) | |
Total assets | 66,313 | 66,285 | |
Depreciation and amortization | 1,611 | 1,964 | |
Capital expenditures | $ 4,176 | $ 1,945 |
Segment Information - Summary_2
Segment Information - Summary of Net Sales by Country (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Segment Reporting Information [Line Items] | ||
Net sales | $ 73,343 | $ 67,871 |
Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 65,966 | 61,112 |
Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,377 | 6,759 |
Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 73,343 | 67,871 |
Operating Segments [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 65,965 | 61,112 |
Operating Segments [Member] | Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,378 | 6,759 |
United States [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 35,452 | 30,126 |
United States [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 28,075 | 23,367 |
United States [Member] | Rental Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,377 | 6,759 |
United States [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 35,452 | 30,126 |
Italy [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 8,116 | 13,278 |
Italy [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 8,116 | 13,278 |
Italy [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 8,116 | 13,278 |
Canada [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,306 | 5,899 |
Canada [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,306 | 5,899 |
Canada [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 7,306 | 5,899 |
Chile [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,682 | 4,544 |
Chile [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,682 | 4,544 |
Chile [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 3,682 | 4,544 |
France [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,653 | 2,259 |
France [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,653 | 2,259 |
France [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 1,653 | 2,259 |
Other [Member] | Lifting Equipment [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | 13,277 | 11,765 |
Other [Member] | Operating Segments [Member] | ||
Segment Reporting Information [Line Items] | ||
Net sales | $ 13,277 | $ 11,765 |
Property, Plant and Equipment_3
Property, Plant and Equipment and Depreciation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation Expense | $ 2,002 | $ 2,303 |
Property, Plant and Equipment_4
Property, Plant and Equipment and Depreciation - Schedule of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | $ 82,933 | $ 79,311 | |
Less: accumulated depreciation | (28,159) | (26,671) | |
Less: accumulated depreciation - finance lease | (3,180) | (3,080) | |
Net property and equipment | 51,594 | $ 49,560 | 49,560 |
Rental Fleet [Member ] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 46,410 | 42,380 | |
Machinery and Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 11,489 | 11,692 | |
Buildings [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 8,369 | 8,602 | |
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 | 3,399 | 3,484 | |
Leasehold Improvements [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 2,211 | 2,211 | |
Motor Vehicles [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 1,782 | 1,801 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 1,862 | 1,724 | |
Computer Equipment [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | 1,490 | 1,489 | |
Furniture and Fixtures [Member] | |||
Property, Plant and Equipment [Line Items] | |||
Property Plant and Equipment Gross | $ 1,315 | $ 1,322 |