second as back in I of My XXXX four Group areas. Good thank [Audio focus head for hope Gap] quarter the afternoon, Ryan. summer remarks we had your you will results. on half interest financial that And fun XXXX. key Thanks, your Equipment and and today everyone. Alta into a our you
pleased look forward and be and quarter the second which I’ll our now entirely beyond. results in growing XXXX second business presenting we’ve as closed XXXX are our with, we First, to gap from COVID of half the
April on our As part yield of rates its balance that briefly I impact bond positive sheet. recap also and commentary, our high
is responding of Alta, industries department-by-department we as much which like impacted the have management’s as basis. on of to situation how investors for supply many chain including how ours, business chain situation constraints been believe our the model current and Second, impacting supply highlight the I’d view a is to made
since history, I’ll realize synergies was it’s Florida, to highlight that company’s the Third, Flagler value acquisition present important as targets metrics improve the given market. year strategic that ability full to implement some and we in the been approach expected the our largest our a in which
on EV also had how system in Alta’s want commercial a this of to thoughts we announced opportunity some we part business to I QX that and in newly framing deployment. opportunity some commentary, wins, capital As on relation viewpoint a touch briefly from financial from provide perspective. integration I are Last,
which Investor quarterly several to which at prior slides to call Before should than presentation, I presents today’s there it I in on on our everyone I released Relations our that today. website presentation year-to-date and here encourage discuss our review our our numbers begin, and will are that XX-Q, detail be greater what available noted in was our is call altaequipment.com.
of is remarks, a which performance. quarter for million the portion XXXX, first $XXX $XXX a heavily QX revenue company revenue record of the is affected second organic the For this total sales income sales pandemic. our increase overview business. our reported quarter the of million, provide for quarter, by I’ll Inside was the over quarter XX.X% the which for with statement, of my an Starting prepared
considering the came well million. nearly populated margin, well equipment to longer which However, again demand $XXX and saw of relates just sales our compares services when year, strengthen sales, rental we’re sales, row to all as second especially of field, fleet products at sales three bodes in our equipment and future quarter in impacted a into increased the now, lesser XXXX sales term used in extremely $XX of seeing of quarters as Also high streams. extremely we our equipment this a last prospects. from Once continued departments equipment our it quarters, across rental for and for the is perspective, support QX we last million over our and revenue the fleet of and quarter the three as for QX product
in million revenue support of the company Speaking parts consolidated and up increase product organic on our quarter, business, is another we for XX% made achieving $XX year-over-year of an realized watermark, which service, high a basis. impressive
support was that given back Now, to fully takeaway this there’s growth, here, handling in of was the it’s expected on a that in And QX product product year-over-year level support pre-pandemic levels to of it the we impact that handling COVID. road segment, somewhat last like now if our COVID confident business sustainable year. our are prior had on growth material is to material and our
previous which $X.X $XX pro is in representing an realized adjusted beginning adjusted of the we touch the to business quarter XXXX, by ability EBITDA the company. this our also first quarterly pandemic, product an we’ve model prepared have really From Recall on which level It’s of I’ll forma our pro less million aspects and pro construction to on business our our report most was support million a the up EBITDA since On picked side, of believe EBITDA recorded XX% construction in quarter, is quarter grew as validation basis. EBITDA the forma the important effectively. we’re highest business forma improvement to second impacted we also that perspective, proud support the comp. versus that of public later my business remarks. an leads the more COVID, over our for where grow product a of organic year’s that the us
$XXX pro in EBITDA press at XXX trailing of adjusted which fiscal XX-month range forma in to we measure and earlier the release million today. our our continues to year, million, reaffirmed for trend Additionally, $XXX.X as our comes million up that toward guidance
time continued the encouraging Another of in for increased byproduct over almost the equipment current rental physical positive fleet, the another the the represent the is a which XX% to same imbalance supply/demand year. metric was at of our increase the markets and last June in XX% quarter XX, versus -- increase utilization
growth on business simultaneously repack detail in but To give a at $XXX line accounted recap. the of in approximately to our most several XX-Q comes ABL We and Future available million ability accomplished cost liquidity M&A XXXX cost new I for not our on with $XXX effective of new times a quick our term tremendous be transactions a of of It get at quick on cannot a is both financing to quarter I’d second metrics. and and capital initiatives. -- ability million X.X major Lastly, positions that the me immediately call, significantly, and give on It bond when us paying more our level. million came short, In to credit QX access high runway other a for this lot the fixed And favorable I thought we suppressed and restrictive yield structure to next the fully bond five-year capital the -- structure. certainly balance believe given on reduced by and our lien needed loan comfortable let on future. quarter our constraining removed uncapping of our sheet. first our of capital. forward update growth shareholders availability. $XXX strategic dollar It our leverage execute was it end, covenants accretive down ended capital for created of that EBITDA, some debt items gives
over of quarter view and Now, how our OEMs provide the relates Alta. so on impacts is how from it prepared chain current environment, moving Ryan, current lot at the cash I second a the supply past business to of my taken investors area especially as questions our the flows to our of backdrop wanted remarks, key to I’ve and impacting
investor department-by-department based my through is the start COVID, the specific I participants Difficulty] approach To XX the use our a the to we’re this of impacts clear, of equipment refer taking be with year. situation. view segment move as to new lens from OEMs. to comment the would [Technical current our we our which up and to business of to framing primary receipt call to illustrates slide First, Similar presentation, we
we While second threat would incurred as a we’ve pressure related some it’s the a of distant availability, place this to relative real and classify where inconvenience, in parts to an more department-by-department, new impact frame relative the with on a Internally, generative high, going and deliveries. capabilities when analyze cash issues the low. we medium basis, on the equipment department’s up we first short-term
on severity and we Second, analyze department each the the shows of view. XX on the supply chain slide of issues grid our results the
it you see, our to equipment flows new generate ability source saying, As to inability to can is impactful within cash our and new probably without the goes department.
our new the generator for razor that avenue we had However, we not to large -- mind population. similar cash feel business our of in discussions on we keep to COVID, need some a that mind razor the is but the blade philosophy to to relatively need equipment speaking, in keep an sales, and
on be us in is the cash generate dealer, OEMs rather situation ability new equipment, on flows a impact result, on a as may while terms. on the our a dealer difficult relative As current muted to
Moving to and our of used out rental equipment equipment fleet.
new that flow equipment and rental. impactful designate we a streams meaning cash designate departments these revs less generation First, than cash sales, Alta, these impactful for versus we -- part more perspective overall as are from moderate they service but from revenue these
Difficulty] scarcity demand for turn For so supply and play this as new demand at area, economics pricing. simple market, there’s supply the into when coming the in and and are of equipment a [Technical
in sales any will relationships our rental remarks first, from highly view an least quality level today, is is believe a department used have in used at to sales talent our record our satisfy this positioned that issues and is it’s for the used In customers’ the and to I that as of to best-in-class and in we be continue EBITDA are similar classified observed made, utilization void in our rental via dearth is demand pricing. -- new of market the our sell supply near-term, and area fleets and Alta own offset rental filling we over the fleet shortfalls rental the equipment equipment estimation new driving and equipment. our gains just by This demands lightly we benefit in well equipment. rental equipment customers Given fleet supply used to To-date the size department, are source with as to the of subside. generated in their equipment cash and chain until our
also physical rates was be we’ve June rental As as that bullish and situation I for earlier, the utilization approximately viewed have higher, XX% observed to our at XX mentioned trended current department. is also also acts classified as the cash service On This for linkage department to as equipment. rental department, the our to the Alta. margin high customers’ highly this generative department
the existing on having of ensure terms impact, In constraint is fleets not being the equipment replenished. are the supply department customers
age fleets with to month. rise each passing hours continue of So and existing
against the phenomenon technicians the productivity aging backdrop time will technicians of and As service This hours our repairs and increase. matters, and our positive need overall. rise maintenance is where uptime for age the and the utilization labor for and demand
at classified assuming department, as service activity parts directly another the departments Alta the generative to correlated Lastly, we highly and to the continue for can is current cash source is parts pace, which described well. bullish department. we would that Again, believe service follows all in as parts will our current parts for for the the manifest environment which the it is the be case tailwinds department department then
and today over run. believe departments our lack summary, streams. the revenue supply new will the from are four the actually speaking relatively of benefit market five We So, in in of equipment short
will be New equipment pressured. sales
-- in Alta field as our for normalize. cash To Alta’s fleet clear, in and utilized overall. flow for department supply chains demand remain a as generator equipment cash geographies there’s is flow large intact population will the this potentially being be not benefit so profile However, long industry rental cash
the is my Moving reflective synergies identified to and of diligence give and process. a area last opportunities believe brief on Flagler update we our of I’d with the our year. look We realize execute from third during on like the early Flagler ability as to to acquisition prepared remarks, to post-close experience sourcing
on to the was history full Flagler operating deal of company’s thought Alta largest an that investment. provide in update year we’ve the I appropriate Additionally, and under the was brand, given it that
I which thus far investor slide XX and participants Florida experience in would key presentation, shows to call of our First, our refer some metrics.
with technicians, in the roadshow recall have one, of specifically we shared theses major in market. As in amount the the deal dealership they were IPO the size field lacked compact two, generated techs under investors in enough if didn’t you will. They during our of for XXXX, was that XXXX, late And the ancillary that, the early the two they the segments. road population OEMs and Florida Flagler
As large expand portfolio, play. both markets a opportunity to into diversify end would their bring and result, revenue saw we base the product which and an increase
item one, increased we’ve and by product almost or annual revenue million $XX and tech headcount one support or For XX%, heads. see on can you slide we’ve by number XX XX, in increased as XX% year
ownership we headwinds be months the results, about had the that investment thesis. and couldn’t first operational Florida, to endure these of which Given over excited market we more down our validate in XX
suppliers market, with the via several -- and manufacturers added including number item Florida YANMAR. a invest space Peterson, compact in arrangement processing dealer road Roadtec of an equipment the product we’ve in impactful Ecoverse. offerings environmental for our in AVANT And equipment two, multitude and manufacturers leading As
and loss important Thank we you have ability our Florida. in product to to team’s to all with OEM exclusive to not will these in of achieved believe could had in do -- is is acquisition. this still a an rights arrangements industry us enhanced you leadership a down and appetite themselves OEM and an all that Florida give congratulations and but arranges what the is we philosophy. operating intangible see without profit the we’ve to been one, be most statement as Importantly, and beginning the great leaderships’ which enough not more certainly this talent Last, results Florida to least, for parts achieved The regional we open be view and not in team. confident the year
slide on and M&A integrating Before integration, I presents investors stand to XX. I XXXX business our of XXXX system. we and the with slide M&A remarks This in would area where my of targets the onto last move vein our point to
overstated this and quarter, regard have visibility allows in As ERP to operating KPIs and a platform. you second will to in This we share in business. time, role much business data, our inventories now now XX% integration. a and This drive in key have we QX and a us QX allows big know, common Alta and were business helps of busy us all in in geographies track had who cannot customer our the employees the into the in our we win -- more very thank be real you systems
Alta’s Moving to how remarks are commercially financial a from and perspective risk on of capital on deployment. want opportunity to relative and the Ryan’s framing opportunity comments, we last to area the to I my add
X been First, long from strategic on perspective, has segment Alta’s the over-the-road map. strategic and a Ryan truck Class
examples and industry there landscape market verticals talent the Class the construction terms that between truck be natural as previously vertical. technical lift as KPIs has are dealerships, a the third operations, our across investors there -- to synergies in X most to truck In it logical model, as needed fact, overall the business we’ve viewed dealers over-the-road always amongst are and fit relates potential We’ve have successful of several successful. sister mentioned as --
which there. from financial leveraging the has as To EV and refined, into operations that see to We the intend been further perspective, have and tested, a this at now the best-in-class we and customers running to our service driving handling for so monetizing years. and and we share keep strategy approach exciting OEM commercial and its model From perspective, CE the the use significant new/used and proven in illuminate a in capital entry segment, potentially over we our a do market. risk-light From business up as of existing have intend to record EV playbook an track same many this entry enhanced asset-light changes equipment view service an a and building market as dramatically, invested nothing opportunity. value perspective, Alta, material we allocation and parts partners the commercial into we the challenged, segments, in market intangible realm,
purpose go the investment We will demand then it customer of to this as meet additional supply our technical treat built facilities reward we onto ladle leverage and risk initially The evolves segment, talent. of and with existing inventory, and the current plan Northeast profile to is appropriately in along. as capital infrastructure the and
Another and I way investment boundaries, In given the by opportunities turn be. time know the results, closing, And to number believe remainder year. current capital financial that opportunity that attention. earnings of would landscape, materiality second remain the partnership. have for as And and we over certain the execute quarter to fails will present materially we purchase But acquisitions into through the Nikola truck entry comparison. the this Thank our of continue investors for contemplate contemplating that in like our of presented will Northeast, for would remainder territory the is recent continuing in to what from accordingly. pursue us been the segment Operator we segment Alta’s have we growth now dealerships close and comes the future time you themselves would your don’t of to those focus back we’re of to visibility that covered affect XXXX. for business this a to Alta’s to and for same entry excited to for our don’t impacts I’m the throughout into segment our noting into will the think investment and update the Q&A. organic into I’d inorganic I have the and the about about management, the certainly, it level perspective, necessary recreate shareholders that
