XML 43 R27.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Note 16 - Segments | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Segment Reporting Disclosure [Text Block] | 16. Segments The Company operates through two operating segments for which separate financial information is available, and for which operating results are evaluated regularly by the Company's chief operating decision maker in determining resource allocation and assessing performance. The Company’s chief operating decision maker is its Chief Operating Officer. The chief operating decision maker assesses performance for the Work Truck Attachments and Work Truck Solutions segments and decides how to allocate resources based on Adjusted EBITDA. The chief operating decision maker uses Adjusted EBITDA to evaluate profit generated by the segments in deciding where to reinvest profits, whether it be within the segments or for other purposes such as paying dividends, repurchasing stock, or other general corporate uses. The chief operating decision maker also uses segment Adjusted EBITDA as a metric in benchmarking performance against competitors, as well as in evaluating the compensation of certain employees. The Company’s two current reportable business segments are described below. Work Truck Attachments. The Work Truck Attachments segment includes the Company’s operations that manufacture and sell snow and ice control attachments and other products sold under the FISHER®, WESTERN®, and SNOWEX® brands, as well as its vertically integrated 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. Segment performance is evaluated based on segment net sales and Adjusted EBITDA. 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. 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. 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:
|  | 2024 |  |  | 2023 |  |  | 2022 |
Net sales |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 256,010 |  |  | $ | 291,723 |  |  | $ | 382,296 |
Work Truck Solutions |  |  | 312,494 |  |  |  | 276,455 |  |  |  | 233,772 |
|  | $ | 568,504 |  |  | $ | 568,178 |  |  | $ | 616,068 |
Selling, general and administrative expense |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 53,124 |  |  | $ | 43,176 |  |  | $ | 50,583 |
Work Truck Solutions |  |  | 38,558 |  |  |  | 35,665 |  |  |  | 31,600 |
|  | $ | 91,682 |  |  | $ | 78,841 |  |  | $ | 82,183 |
Other segment items (1) |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 154,431 |  |  | $ | 197,984 |  |  | $ | 253,502 |
Work Truck Solutions |  |  | 243,042 |  |  |  | 223,231 |  |  |  | 193,603 |
|  | $ | 397,473 |  |  | $ | 421,215 |  |  | $ | 447,105 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 48,455 |  |  | $ | 50,563 |  |  | $ | 78,211 |
Work Truck Solutions |  |  | 30,894 |  |  |  | 17,559 |  |  |  | 8,569 |
|  | $ | 79,349 |  |  | $ | 68,122 |  |  | $ | 86,780 |
Depreciation and amortization expense |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 9,844 |  |  | $ | 13,431 |  |  | $ | 12,901 |
Work Truck Solutions |  |  | 8,046 |  |  |  | 8,231 |  |  |  | 8,037 |
|  | $ | 17,890 |  |  | $ | 21,662 |  |  | $ | 20,938 |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 367,979 |  |  | $ | 392,920 |  |  | $ | 397,557 |
Work Truck Solutions |  |  | 222,004 |  |  |  | 200,498 |  |  |  | 199,334 |
|  | $ | 589,983 |  |  | $ | 593,418 |  |  | $ | 596,891 |
Capital expenditures |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 5,493 |  |  | $ | 6,459 |  |  | $ | 9,526 |
Work Truck Solutions |  |  | 2,271 |  |  |  | 3,307 |  |  |  | 2,876 |
|  | $ | 7,764 |  |  | $ | 9,766 |  |  | $ | 12,402 |
Adjusted EBITDA |  |  |  |  |  |  |  |  |  |  |  |
Work Truck Attachments |  | $ | 48,455 |  |  | $ | 50,563 |  |  | $ | 78,211 |
Work Truck Solutions |  |  | 30,894 |  |  |  | 17,559 |  |  |  | 8,569 |
Total Adjusted EBITDA |  | $ | 79,349 |  |  | $ | 68,122 |  |  | $ | 86,780 |
Less items to reconcile Adjusted EBITDA to Income before taxes: |  |  |  |  |  |  |  |  |  |  |  |
Interest expense - net |  |  | 15,260 |  |  |  | 15,675 |  |  |  | 11,253 |
Depreciation expense |  |  | 10,370 |  |  |  | 11,142 |  |  |  | 10,418 |
Amortization |  |  | 7,520 |  |  |  | 10,520 |  |  |  | 10,520 |
Gain on sale leaseback transaction |  |  | (42,298 | ) |  |  | - |  |  |  | - |
Stock based compensation |  |  | 4,860 |  |  |  | 953 |  |  |  | 6,730 |
Restructuring and severance costs |  |  | 1,997 |  |  |  | - |  |  |  | - |
Impairment charges (2) |  |  | 1,224 |  |  |  | - |  |  |  | - |
Sale leaseback transaction fees |  |  | 5,257 |  |  |  | - |  |  |  | - |
Other charges (3) |  |  | 1,268 |  |  |  | 598 |  |  |  | 498 |
Income before taxes |  | $ | 73,891 |  |  | $ | 29,234 |  |  | $ | 47,361 |
(1) | Includes cost of sales, other (income) expense, and the addback of depreciation expense, stock based compensation, impairment charges, gain on sale leaseback transaction, CEO transition fees, and unrelated legal, severance, restructuring, and consulting fees for the periods presented.
(2) | Reflects impairment charges taken on certain internally developed software in the year ended December 31, 2024.
(3) | Reflects unrelated legal and consulting fees, insurance proceeds, CEO transition costs, and, in 2022, incremental costs incurred related to the COVID-19 pandemic for the periods presented.

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 48 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-48 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 270 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482964/270-10-50-1 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (ee) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-32 Reference 5: http://fasb.org/us-gaap/role/ref/otherTransitionRef -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 6: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 54 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-54 Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 47 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482785/280-10-55-47 Reference 12: 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 13: 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 14: 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 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26C Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 26B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482810/280-10-50-26B Reference 17: 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 18: 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 19: 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 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/280/tableOfContent Reference 21: 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 22: 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 23: 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 24: 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 25: 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
Name: | us-gaap_SegmentReportingDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration