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Revenue and Segment Information | 6 Months Ended
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Jun. 30, 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 June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net Sales |  |  |  |  |  |  |
Wholegoods | $ | 339,095 |  |  | $ | 328,120 |  |  | $ | 652,235 |  |  | $ | 671,698 |
Parts | 63,044 |  |  | 71,579 |  |  | 124,420 |  |  | 141,080 |
Other | 16,934 |  |  | 16,604 |  |  | 33,368 |  |  | 29,111 |
Consolidated | $ | 419,073 |  |  | $ | 416,303 |  |  | $ | 810,023 |  |  | $ | 841,889 |
Other includes rental sales, extended warranty sales and service sales as they are considered immaterial.
Revenue by Geographical Location
| Three Months Ended June 30, |  | Six Months Ended June 30,
(in thousands) | 2025 |  | 2024 |  | 2025 |  | 2024
Net Sales |  |  |  |  |  |  |
United States | $ | 307,347 |  |  | $ | 295,187 |  |  | $ | 582,820 |  |  | $ | 588,989 |
Canada | 32,823 |  |  | 30,792 |  |  | 71,922 |  |  | 69,678 |
France | 22,214 |  |  | 23,193 |  |  | 43,962 |  |  | 49,365 |
United Kingdom | 21,226 |  |  | 20,167 |  |  | 42,701 |  |  | 44,378 |
Brazil | 10,512 |  |  | 11,320 |  |  | 19,892 |  |  | 23,524 |
Netherlands | 5,278 |  |  | 10,852 |  |  | 10,962 |  |  | 21,196 |
Australia | 3,276 |  |  | 7,055 |  |  | 8,951 |  |  | 11,559 |
Germany | 2,070 |  |  | 2,357 |  |  | 3,502 |  |  | 5,176 |
Other | 14,327 |  |  | 15,380 |  |  | 25,311 |  |  | 28,024 |
Consolidated | $ | 419,073 |  |  | $ | 416,303 |  |  | $ | 810,023 |  |  | $ | 841,889 |
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. The CODM does not utilize asset metrics to evaluate the segment performance.The GAAP measures used 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 June 30, 2025:
| Three Months Ended June 30, 2025
| Vegetation |  | Industrial |  |
(in thousands) | Management |  | Equipment |  | Consolidated
Net Sales | $ | 178,358 |  |  | $ | 240,715 |  |  | $ | 419,073 |
Less: |  |  |  |  |
Cost of Sales | (134,193) |  |  | (176,588) |  |  | (310,781) |
Operating Expenses | (31,414) |  |  | (29,800) |  |  | (61,214) |
Income from Operations | 12,751 |  |  | 34,327 |  |  | 47,078 |
Interest Income |  |  |  |  | 1,195 |
Other Income (Expense) |  |  |  |  | (3,183) |
Interest Expense |  |  |  |  | (3,684) |
Income Before Taxes |  |  |  |  | 41,406 |
Taxes |  |  |  |  | 10,300 |
Net Income |  |  |  |  | $ | 31,106 |
| Three Months Ended June 30, 2024
| Vegetation |  | Industrial |  |
(in thousands) | Management |  | Equipment |  | Consolidated
Net Sales | $ | 211,535 |  |  | $ | 204,768 |  |  | $ | 416,303 |
Less: |  |  |  |  |
Cost of Sales | (157,921) |  |  | (150,201) |  |  | (308,122) |
Operating Expenses | (37,608) |  |  | (27,264) |  |  | (64,872) |
Income from Operations | 16,006 |  |  | 27,303 |  |  | 43,309 |
Interest Income |  |  |  |  | 514 |
Other Income (Expense) |  |  |  |  | (65) |
Interest Expense |  |  |  |  | (6,098) |
Income Before Taxes |  |  |  |  | 37,660 |
Taxes |  |  |  |  | 9,336 |
Net Income |  |  |  |  | $ | 28,324 |
| Six Months Ended June 30, 2025
| Vegetation |  | Industrial |  |
(in thousands) | Management |  | Equipment |  | Consolidated
Net Sales | $ | 342,248 |  |  | $ | 467,775 |  |  | $ | 810,023 |
Less: |  |  |  |  |
Cost of Sales | (255,706) |  |  | (343,184) |  |  | (598,890) |
Operating Expenses | (60,479) |  |  | (59,114) |  |  | (119,593) |
Income from Operations | 26,063 |  |  | 65,477 |  |  | 91,540 |
Interest Income |  |  |  |  | 2,433 |
Other Income (Expense) |  |  |  |  | (3,846) |
Interest Expense |  |  |  |  | (6,878) |
Income Before Taxes |  |  |  |  | 83,249 |
Taxes |  |  |  |  | 20,343 |
Net Income |  |  |  |  | $ | 62,906 |
| Six Months Ended June 30, 2024
| Vegetation |  | Industrial |  |
(in thousands) | Management |  | Equipment |  | Consolidated
Net Sales | $ | 435,282 |  |  | $ | 406,607 |  |  | $ | 841,889 |
Less: |  |  |  |  |
Cost of Sales | (322,466) |  |  | (299,610) |  |  | (622,076) |
Operating Expenses | (75,131) |  |  | (54,394) |  |  | (129,525) |
Income from Operations | 37,685 |  |  | 52,603 |  |  | 90,288 |
Interest Income |  |  |  |  | 1,315 |
Other Income (Expense) |  |  |  |  | 33 |
Interest Expense |  |  |  |  | (12,189) |
Income Before Taxes |  |  |  |  | 79,447 |
Taxes |  |  |  |  | 19,003 |
Net Income |  |  |  |  | $ | 60,444 |
(in thousands) | June 30, 2025 |  | December 31, 2024
Goodwill |  |  |
Vegetation Management | $ | 129,989 |  |  | $ | 126,729 |
Industrial Equipment | 91,618 |  |  | 76,298 |
Consolidated | $ | 221,607 |  |  | $ | 203,027 |
Total Identifiable Assets |  |  |
Vegetation Management | $ | 916,153 |  |  | $ | 852,007 |
Industrial Equipment | 641,496 |  |  | 598,272 |
Consolidated | $ | 1,557,649 |  |  | $ | 1,450,279 |

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- Definition The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-21 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name 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