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Segments | 9 Months Ended
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Sep. 30, 2020
Segments |
Segments | 16. Segments ​ The Company’s two reportable business segments are as follows: ​ Work Truck Attachments. The Work Truck Attachments segment includes commercial snow and ice management attachments sold under the FISHER®, WESTERN® and SNOWEX® brands. This segment consists of our operations that manufacture and sell snow and ice control products. Work Truck Solutions. The Work Truck Solutions segment includes manufactured municipal snow and ice control products under the HENDERSON® brand and the up-fit of market leading attachments and storage solutions under the HENDERSON® brand, and the DEJANA® brand and its related sub-brands. ​ Separate financial information is available for the two operating segments. In addition, segment results include an allocation of all corporate costs to Work Truck Attachments and Work Truck Solutions. ​ Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No single customer’s revenues amounted to 10% or more of the Company’s total revenue. Sales are primarily within the United States and substantially all assets are located within the United States. ​ ​ ​ All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended | ​ | Three Months Ended | ​ | Nine Months Ended | ​ | Nine Months Ended | ​
​ | September 30, | ​ | September 30, | ​ | September 30, | ​ | September 30, | ​
​ | ​ | 2020 | ​ | ​ | 2019 | ​ | ​ | 2020 | ​ | ​ | 2019 | ​
Net sales | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 76,903 | ​ | $ | 75,632 | ​ | $ | 169,853 | ​ | $ | 213,693 | ​
Work Truck Solutions | ​ | 56,858 | ​ | ​ | 66,237 | ​ | ​ | 152,141 | ​ | ​ | 197,719 | ​
​ | $ | 133,761 | ​ | $ | 141,869 | ​ | $ | 321,994 | ​ | $ | 411,412 | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 20,155 | ​ | $ | 18,673 | ​ | $ | 38,527 | ​ | $ | 59,423 | ​
Work Truck Solutions | ​ | 2,917 | ​ | ​ | 6,393 | ​ | ​ | 3,162 | ​ | ​ | 18,772 | ​
​ | $ | 23,072 | ​ | $ | 25,066 | ​ | $ | 41,689 | ​ | $ | 78,195 | ​
Depreciation and amortization expense | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 2,683 | ​ | $ | 2,524 | ​ | $ | 7,994 | ​ | $ | 7,579 | ​
Work Truck Solutions | ​ | 2,224 | ​ | ​ | 2,204 | ​ | ​ | 6,710 | ​ | ​ | 6,756 | ​
​ | $ | 4,907 | ​ | $ | 4,728 | ​ | $ | 14,704 | ​ | $ | 14,335 | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 396,793 | ​ | $ | 406,746 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Solutions | ​ | 214,471 | ​ | ​ | 360,163 | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | $ | 611,264 | ​ | $ | 766,909 | ​ | ​ | ​ | ​ | ​ | ​ | ​
Capital Expenditures | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 4,850 | ​ | $ | 1,955 | ​ | $ | 9,105 | ​ | $ | 6,209 | ​
Work Truck Solutions | ​ | 375 | ​ | ​ | 404 | ​ | ​ | 1,110 | ​ | ​ | 1,478 | ​
​ | $ | 5,225 | ​ | $ | 2,359 | ​ | $ | 10,215 | ​ | $ | 7,687 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Adjusted EBITDA | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Work Truck Attachments | $ | 20,155 | ​ | $ | 18,673 | ​ | $ | 38,527 | ​ | $ | 59,423
Work Truck Solutions | ​ | 2,917 | ​ | ​ | 6,393 | ​ | ​ | 3,162 | ​ | ​ | 18,772
Total Adjusted EBITDA | $ | 23,072 | ​ | $ | 25,066 | ​ | $ | 41,689 | ​ | $ | 78,195
Less items to reconcile Adjusted EBITDA to Income (Loss) before taxes: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Interest expense - net | ​ | 5,007 | ​ | ​ | 4,271 | ​ | ​ | 15,709 | ​ | ​ | 12,610
Depreciation expense | ​ | 2,170 | ​ | ​ | 1,991 | ​ | ​ | 6,490 | ​ | ​ | 6,118
Amortization | ​ | 2,737 | ​ | ​ | 2,737 | ​ | ​ | 8,214 | ​ | ​ | 8,217
Purchase accounting (1) | ​ | - | ​ | ​ | - | ​ | ​ | (2,017) | ​ | ​ | (217)
Stock based compensation | ​ | 199 | ​ | ​ | 525 | ​ | ​ | 2,768 | ​ | ​ | 3,061
Impairment charges | ​ | - | ​ | ​ | - | ​ | ​ | 127,872 | ​ | ​ | -
Debt modification expense | ​ | 237 | ​ | ​ | - | ​ | ​ | 3,429 | ​ | ​ | -
COVID-19 (2) | ​ | 157 | ​ | ​ | - | ​ | ​ | 1,322 | ​ | ​ | -
Other charges (3) | ​ | 101 | ​ | ​ | - | ​ | ​ | 101 | ​ | ​ | (149)
Income (loss) before taxes | $ | 12,464 | ​ | $ | 15,542 | ​ | $ | (122,199) | ​ | $ | 48,555
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​
| (1) | Reflects $2,000 reversal of earn-out compensation acquired in conjunction with the acquisition of Dejana in the periods presented. Reflects $17 and $217 reversal of earn-out compensation in conjunction with the acquisition of Henderson in the nine months ended September 30, 2020 and 2019, respectively.
| (2) | Reflects incremental costs incurred related to the COVID-19 pandemic for the periods presented.
| (3) | Reflects unrelated legal and consulting fees for the periods presented.
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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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 280 -URI http://asc.fasb.org/topic&trid=2134510 + Details
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