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v3.25.1

Revenue and Segment Information | 3 Months Ended
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Mar. 31, 2025
Segment Reporting [Abstract] |
Revenue and Segment Information | Revenue and Segment Information Revenues from Contracts with Customers Disaggregation of revenue is presented in the tables below by product type and by geographical location. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.
Revenue by Product Type
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Net Sales |  |  |  |  |  |  |
Wholegoods | $ | 313,140 |  |  | $ | 343,579 |  |  |  |  |
Parts | 61,375 |  |  | 69,501 |  |  |  |  |
Other | 16,435 |  |  | 12,506 |  |  |  |  |
Consolidated | $ | 390,950 |  |  | $ | 425,586 |  |  |  |  |
Other includes rental sales, extended warranty sales and service sales as they are considered immaterial.
Revenue by Geographical Location
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Net Sales |  |  |  |  |  |  |
United States | $ | 275,473 |  |  | $ | 293,802 |  |  |  |  |
Canada | 39,099 |  |  | 38,886 |  |  |  |  |
France | 21,748 |  |  | 26,172 |  |  |  |  |
United Kingdom | 21,475 |  |  | 24,211 |  |  |  |  |
Brazil | 9,380 |  |  | 12,204 |  |  |  |  |
Netherlands | 5,684 |  |  | 10,344 |  |  |  |  |
Australia | 5,675 |  |  | 4,504 |  |  |  |  |
Germany | 1,432 |  |  | 2,819 |  |  |  |  |
Other | 10,984 |  |  | 12,644 |  |  |  |  |
Consolidated | $ | 390,950 |  |  | $ | 425,586 |  |  |  |  |
Net sales are attributed to countries based on the location of the customer. Segment Information The Company’s Chief Operating Decision Maker (CODM) is the Chief Executive Officer. The CODM is responsible for evaluating the performance of the Company’s operating segments. This evaluation of operating segments supports the allocation of resources, both financial and human, to optimize income from operations as the measure of segment profit and loss. Our reportable segments are our two Divisions: Vegetation Management and Industrial Equipment. The CODM focuses heavily on operating performance and reviews mainly non-GAAP measures, such as bookings and backlog, absorption, and headcount. However, a few GAAP measures used to assess segment performance and allocation resources are: •Division Net Sales •Division Cost of Sales •Division Operating Expenses •Division Income from Operations The following includes a summary of the unaudited financial information by reporting segment at March 31, 2025:
| Vegetation |  | Industrial |  |
Three Months Ended March 31, 2025 (in thousands) | Division |  | Division |  | Consolidated
Net Sales | $ | 163,890 |  |  | $ | 227,060 |  |  | $ | 390,950 |
Less: |  |  |  |  |
Cost of Sales | (121,513) |  |  | (166,596) |  |  | (288,109) |
Operating Expenses | (29,065) |  |  | (29,314) |  |  | (58,379) |
Income from Operations | 13,312 |  |  | 31,150 |  |  | 44,462 |
Interest Income |  |  |  |  | 1,238 |
Other Income (Expense) |  |  |  |  | (663) |
Interest Expense |  |  |  |  | (3,194) |
Income Before Taxes |  |  |  |  | 41,843 |
Taxes |  |  |  |  | 10,043 |
Net Income |  |  |  |  | $ | 31,800 |
| Vegetation |  | Industrial |  |
Three Months Ended March 31, 2024 (in thousands) | Division |  | Division |  | Consolidated
Net Sales | $ | 223,747 |  |  | $ | 201,839 |  |  | $ | 425,586 |
Less: |  |  |  |  |
Cost of Sales | (164,545) |  |  | (149,409) |  |  | (313,954) |
Operating Expenses | (37,523) |  |  | (27,130) |  |  | (64,653) |
Income from Operations | 21,679 |  |  | 25,300 |  |  | 46,979 |
Interest Income |  |  |  |  | 801 |
Other Income (Expense) |  |  |  |  | 98 |
Interest Expense |  |  |  |  | (6,091) |
Income Before Taxes |  |  |  |  | 41,787 |
Taxes |  |  |  |  | 9,667 |
Net Income |  |  |  |  | $ | 32,120 |
(in thousands) | March 31, 2025 |  | December 31, 2024
Goodwill |  |  |
Vegetation Management | $ | 127,873 |  |  | $ | 126,729 |
Industrial Equipment | 76,709 |  |  | 76,298 |
Consolidated | $ | 204,582 |  |  | $ | 203,027 |
Total Identifiable Assets |  |  |
Vegetation Management | $ | 905,674 |  |  | $ | 852,007 |
Industrial Equipment | 599,020 |  |  | 598,272 |
Consolidated | $ | 1,504,694 |  |  | $ | 1,450,279 |

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- Definition The entire disclosure for reporting segments including data and tables. 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