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Note 15 - Segments | 9 Months Ended
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Sep. 30, 2023
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] |
15. | 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, as well as our vertically integrated products. 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 reportable 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, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 75,879 |  |  | $ | 108,235 |  |  | $ | 236,346 |  |  | $ | 284,375 |
Work Truck Solutions |  |  | 68,242 |  |  |  | 57,865 |  |  |  | 197,587 |  |  |  | 171,887 |
|  | $ | 144,121 |  |  | $ | 166,100 |  |  | $ | 433,933 |  |  | $ | 456,262 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 12,328 |  |  | $ | 22,929 |  |  | $ | 44,393 |  |  | $ | 59,562 |
Work Truck Solutions |  |  | 4,985 |  |  |  | 2,202 |  |  |  | 8,807 |  |  |  | 4,307 |
|  | $ | 17,313 |  |  | $ | 25,131 |  |  | $ | 53,200 |  |  | $ | 63,869 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 3,298 |  |  | $ | 3,228 |  |  | $ | 10,039 |  |  | $ | 9,618 |
Work Truck Solutions |  |  | 2,083 |  |  |  | 2,005 |  |  |  | 6,141 |  |  |  | 6,008 |
|  | $ | 5,381 |  |  | $ | 5,233 |  |  | $ | 16,180 |  |  | $ | 15,626 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 459,138 |  |  | $ | 454,739 |  |  |  |  |  |  |  |  |
Work Truck Solutions |  |  | 212,807 |  |  |  | 200,048 |  |  |  |  |  |  |  |  |
|  | $ | 671,945 |  |  | $ | 654,787 |  |  |  |  |  |  |  |  |
Capital Expenditures |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 1,320 |  |  | $ | 2,741 |  |  | $ | 4,185 |  |  | $ | 6,807 |
Work Truck Solutions |  |  | 1,335 |  |  |  | 630 |  |  |  | 2,707 |  |  |  | 1,211 |
|  | $ | 2,655 |  |  | $ | 3,371 |  |  | $ | 6,892 |  |  | $ | 8,018 |
​
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 12,328 |  |  | $ | 22,929 |  |  | $ | 44,393 |  |  | $ | 59,562 |
Work Truck Solutions |  |  | 4,985 |  |  |  | 2,202 |  |  |  | 8,807 |  |  |  | 4,307 |
Total Adjusted EBITDA |  | $ | 17,313 |  |  | $ | 25,131 |  |  | $ | 53,200 |  |  | $ | 63,869 |
Less items to reconcile Adjusted EBITDA to Income before taxes: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - net |  |  | 4,607 |  |  |  | 3,266 |  |  |  | 11,207 |  |  |  | 7,852 |
Depreciation expense |  |  | 2,751 |  |  |  | 2,603 |  |  |  | 8,290 |  |  |  | 7,736 |
Amortization |  |  | 2,630 |  |  |  | 2,630 |  |  |  | 7,890 |  |  |  | 7,890 |
Stock based compensation |  |  | - |  |  |  | 510 |  |  |  | 4,236 |  |  |  | 5,563 |
Other charges (1) |  |  | 396 |  |  |  | (53 | ) |  |  | 538 |  |  |  | 488 |
Income before taxes |  | $ | 6,929 |  |  | $ | 16,175 |  |  | $ | 21,039 |  |  | $ | 34,340 |
| (1) | Reflects unrelated legal, severance, restructuring, and consulting fees, and, in 2022, incremental costs incurred related to the COVID-19 pandemic 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://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-15 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//280/tableOfContent Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-26 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 34 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-34 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-21 Reference 13: 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 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32 + Details
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