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Revenue and Segment Information
 3 Months Ended
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)20252024
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)20252024
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 
Netherlands5,684 10,344 
Australia
5,675 4,504 
Germany1,432 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:  

 VegetationIndustrial
Three Months Ended March 31, 2025 (in thousands)
DivisionDivisionConsolidated
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 Operations13,312 31,150 44,462 
Interest Income1,238 
Other Income (Expense)(663)
Interest Expense(3,194)
Income Before Taxes41,843 
Taxes  10,043 
Net Income$31,800 

 VegetationIndustrial
Three Months Ended March 31, 2024 (in thousands)
DivisionDivisionConsolidated
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 Operations21,679 25,300 46,979 
Interest Income801 
Other Income (Expense)98 
Interest Expense(6,091)
Income Before Taxes41,787 
Taxes  9,667 
Net Income$32,120 


(in thousands)
March 31, 2025December 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