SEGUIN, Texas, Feb. 24, 2022 /PRNewswire/ -- Alamo Group
Inc. (NYSE: ALG) today reported results for the fourth quarter and
year ended December 31,
2021.
Highlights
- Fourth quarter net sales of $337.2
million, up 16.8%
-
- Vegetation Management net sales up 27.4%
- Industrial Equipment net sales up 3.6%
- Record fourth quarter diluted EPS of $1.62, up 107.7%
- Record net sales for the full year of $1.3 billion, up 14.7%
- Record EBITDA for the full year 2021 of $162.1 million, up 16.4%(1)
- Record full year diluted EPS of $6.75; up 38.3% year-over-year
- Record backlog of $800.8 million
at year-end 2021, up 126.2% versus prior year
- Completed the acquisition of Timberwolf Ltd. in the
United Kingdom
Results for the Quarter
At the beginning of the fourth quarter of 2021, the Company
began reporting operating results on the basis of two new segments,
namely, the Vegetation Management Division and the Industrial
Equipment Division. The financial information and period to
period comparisons we have presented in this release for 2021 and
2020 are based on the two new segments. Prior to the fourth
quarter of 2021, the Company had been reporting its operating
results on the basis of two segments which were the Industrial
Division and Agricultural Division. Fourth quarter 2021 net
sales were $337.2 million compared to
$288.6 million in the fourth quarter
of 2020, an increase of 16.8%. Gross margin improved in the
quarter compared to the fourth quarter of 2020 as pricing actions
taken by the Company during 2021 began to offset the cost increases
incurred in late 2020 and all of 2021. Fourth quarter net
income improved 107.8% to $19.2
million, or $1.62 per diluted
share, compared to net income of $9.3
million, or $0.78 per diluted
share in the fourth quarter of 2020. The Company's backlog at
the end of the quarter was $800.8
million, an increase of $155.7
million, or 24.1%, from the backlog at the end of the third
quarter, and up 126.2% from the prior year end.
The Company's results for the fourth quarter continued to be
materially impacted by persistent pandemic-related headwinds
including supply chain disruptions, cost inflation, and skilled
labor shortages.
Results for the Full Year
For the full year 2021, net sales rose to $1.3 billion, up 14.7% compared to $1.2 billion for the full year 2020. Net
income for the year was $80.2
million, or $6.75 per diluted
share, compared to net income of $57.8
million, or $4.88 per diluted
share in 2020, a year-over-year improvement of 38.8%.
Net income for the full year 2021 included a $0.8 million charge for the acceleration of stock
grants for our previous CEO who retired in the third quarter of
2021, while comparable results for full year 2020 included an
inventory step-up charge of $3.5
million related to the Morbark acquisition. Adjusted
net income for the full year of 2021 and 2020, excluding the above
mentioned charges, was $81.1 million
for 2021 versus $61.3 million for
2020, an increase of 32.2%.(1)
Throughout 2021, the Company broadly experienced strong demand
for its products and net sales set new Company records in each
quarter of the year. The Company's record net sales growth
was achieved despite the significant supply chain disruptions and
skilled labor shortages that the Company experienced during the
year.
Results by Division
Vegetation Management
The Vegetation Management Division had an excellent fourth
quarter to cap off a strong performance in 2021. The
Division's fourth quarter net sales were $204.3 million, up 27.4% compared to $160.4 million for the same period in 2020.
The increase in sales was driven by strong retail demand for
forestry, tree care, and mowing products and lower dealer inventory
levels.
Full year 2021 net sales in this Division were $812.7 million compared to $654.6 million for the full year of 2020, up
24.1%. The full-year increase in sales was primarily
attributable to improved sales in the forestry, tree care, land
clearing and agricultural mowing segments.
The Division's income from operations for the fourth quarter
2021 was $18.1 million, up 211.9%
compared to $5.8 million for the
fourth quarter of 2020. Full year 2021 income from operations
was $78.9 million versus $46.7 million for the full year 2020, an increase
of 69.2%. Complementing a very strong performance from its
North American operations, this Division's units in the
United Kingdom, France, Brazil and Australia all contributed to the very positive
results.
Industrial Equipment
The Industrial Equipment Division's fourth quarter 2021 net
sales were $132.8 million, up 3.6%
compared to the same period in 2020. The increase was
primarily attributable to higher sales of its excavators and vacuum
trucks along with modest improvements in other product lines.
Delays in planned truck chassis deliveries and chassis supply
allocations due to ongoing computer logic chip shortages
significantly impacted all of the Division's vocational truck
businesses.
Full year 2021 net sales were $521.5
million compared to $508.8
million for the full year 2020. The increase in
full-year sales was led by excavators, vacuum trucks, street
sweepers, and debris collectors, partially offset by lower
shipments for the Division's snow removal products, where shortages
of industrial diesel engines, again related to the shortage of
computer chips, impacted snow blower shipments.
The Division's income from operations for the fourth quarter of
2021 was $9.7 million, down 15.6%,
compared to $11.5 million, for the
fourth quarter of 2020. Full year 2021 income from operations
was $38.0 million versus $48.1 million for the full year 2020, a decrease
of 21.0%. The Division's profitability was significantly
impacted by supply chain problems, higher material and
freight costs as well as labor shortages. Lower sales and
higher warranty costs in the snow removal business also adversely
impacted income from operations in 2021.
Comments on Results
Jeff Leonard, Alamo Group's
President and Chief Executive Officer, commented, "In the fourth
quarter, the Company continued to encounter many of the same
opportunities, and challenges, we have faced throughout the
year. Our markets remained strong, and we continued to
experience robust demand for our products in both of our operating
divisions, and in every geographic region where we operate.
Fourth quarter order bookings set a Company record, and were nearly
on par with the historically stronger third quarter. Full
year 2021 order bookings improved by 43% compared to 2020. As
a result, we ended 2021 with a record high order backlog, in excess
of $800 million. The strong
finish to the year gives us good visibility and momentum going into
2022.
"Fourth quarter net sales also improved significantly compared
to the same period of 2020, setting another record for the Company,
and were very close to the level we achieved in the historically
stronger third quarter. The Vegetation Management Division's
net sales improved nicely compared to the same period of 2020,
driven by stronger demand for its rotary mowers in North America and by deliveries of specialized
sugar cane harvesting equipment in South America. Net sales
of mowers to governmental agencies improved in North America, but improved more significantly
in Europe. The Industrial Equipment Division's fourth quarter
net sales improved modestly compared to the fourth quarter of
2020. Sales of this Division's excavators and vacuum trucks
improved nicely, while street sweeper sales were somewhat more flat
and snow removal equipment sales declined. This Division's
sales of vocational trucks continued to be significantly impacted
by shortages of truck chassis resulting from the ongoing shortage
of computer logic chips. Truck chassis and industrial engine
shortages impacted 2021 net sales in this Division to a much
greater extent than had been the case in 2020.
"Looking at challenges on the supply side, our fourth quarter
results were again constrained by shortages and delays in delivery
of many different types of components we require to manufacture our
products. The ongoing coronavirus pandemic continued to
disrupt our supply chain, and regrettably, also impacted the health
of our own workforce. Labor shortages became somewhat more
critical this quarter as the Omicron variant of coronavirus
impacted our production teams, and those of our key suppliers as
well. Shortages of hydraulic components became more acute and
widespread this quarter and impacted nearly all of our production
operations, across both divisions, to some extent. In our
Industrial Equipment Division, delayed deliveries of industrial
engines significantly impacted our snow removal operations as we
were not able to produce snow blowers in sufficient quantities to
meet seasonal demand. Lastly, limited truck chassis supply
allotments and delivery delays impacted sales in our Industrial
Equipment Division across all of its segments. While the
situation stabilized somewhat, and delivery reliability improved
slightly compared to the third quarter, the Division's vocational
truck shipments remained significantly constrained in the final
quarter of 2021.
"Input costs related to purchased materials, logistics and labor
continued to rise in the quarter, although some relief came in the
form of modest declines in steel prices. Our operational
efficiencies were also impacted by the combined effects of
purchased component delays and workforce disruption associated with
the Omicron wave of coronavirus, both of which interrupted our
normal production cadence. Fourth quarter selling costs were
also higher than the corresponding quarter of 2020, returning to
more traditional levels as our sales teams returned to a normal
pace of customer visits, and commission costs increased
commensurate with higher sales. I'm pleased that the pricing
actions we took earlier in the year helped to significantly offset
the resulting margin impact. As we expected, gross margin
improved in the fourth quarter as better pricing flowed through,
and that helped to bring the margin for the full year very close to
the level achieved in 2020.
"Alamo Group's Vegetation Management Division had an excellent
fourth quarter to cap off a very strong performance for the
year. This Division continued to enjoy good market conditions
and was somewhat less impacted by supply chain disruptions than our
Industrial Equipment Division. After softening in the
third quarter, cattle prices moved sharply higher in the fourth
quarter. Corn, soybean and cotton prices also remained at
good levels during the quarter. U.S. tractor shipments
declined seasonally in the quarter but were up over 10% for the
full year. Shipments of tractors in the important 40 to 100
horsepower category were also up over 10% for the year. After
falling in the third quarter, lumber prices recovered sharply in
the fourth quarter and recorded a nice gain for the year.
With these positive market developments, this Division's sales
improved 27% compared to the prior year fourth quarter.
For the full year, Vegetation Management Division sales improved
24% versus 2020. With this substantial top line growth, the
Division achieved excellent results for the year.
"The Industrial Equipment Division also enjoyed favorable market
conditions in the fourth quarter but was, unfortunately, more
heavily impacted by supply chain disruptions and component
shortages. Although order bookings were up sharply compared
to the fourth quarter of 2020, more serious supply chain shortages
in this Division resulted in sales that increased by a modest
4%. Truck chassis shortages, supplier capacity allocations,
and delivery delays constrained sales of the Division's vacuum
trucks, street sweepers, and debris collectors during the
quarter. The ongoing truck chassis shortage also motivated
more of the Division's vacuum truck rental customers to purchase
trucks from the rental fleet, which reduced rental-derived income
while increasing used truck sales. As mentioned above, sales
of the Division's snow removal products were impacted by shortages
of both truck chassis for plows and industrial engines for snow
blowers. Snow removal equipment sales typically decline after
a mild winter, and 2021 was no exception. In spite of these
significant headwinds, the Division produced positive results for
the quarter and the full year, and is positioned to produce
excellent results once the truck chassis supply situation begins to
improve.
"It was very gratifying that despite the combined impact of the
disruptive forces that were at work during the quarter, Alamo Group
achieved results that set Company records in several
respects. Net sales in the fourth quarter and for the full
year both set new Company records. The Company's fourth
quarter and full-year diluted earnings per share of $1.62 and $6.75
respectively, also set new records for Alamo Group. Year-end
backlog of $800.8 million was also a
record. I want to take this opportunity to thank our
employees around the world and acknowledge their dedication, hard
work, and ingenuity that enabled these results to be achieved in
the midst of the ongoing coronavirus pandemic.
"Our outlook for the first quarter of 2022 remains somewhat
cautious because of the impact the Omicron wave of coronavirus has
had on the health of our workforce in the initial weeks of the
year. We are not expecting a significant near-term
improvement in the supply chain and inflation headwinds that we
have encountered during the last few quarters. One bright
spot may be the anticipated further moderation of steel prices that
began in the fourth quarter of 2021. The critical computer
chip shortage has not yet shown meaningful improvement, and even
optimistic industry forecasts are not predicting an increase in
chip supplies until the second half of 2022. Yet in
spite of our expectation that the supply chain and inflation
headwinds are going to stay with us for a while, I remain confident
in the ability of our employee teams to continue to work through
and around them. I therefore expect the Company will be able
maintain good momentum across our operations, although certainly
not with the level of operational efficiency we would normally
expect."
Earnings Conference Call
Alamo Group will host a conference call to discuss fourth
quarter and year end 2021 financial results on Friday, February 25, 2022 at 11:00 a.m. ET. Hosting the call will be members
of senior management.
Individuals wishing to participate in the conference call should
dial 888-220-8451 (domestic) or 323-794-2588 (international). For
interested individuals unable to join the call, a replay will be
available until Friday, March 04,
2022 by dialing 888-203-1112 (domestic) or 719-457-0820
(internationally), passcode 5363300.
The live broadcast of Alamo Group Inc.'s quarterly conference
call will be available online at the Company's website,
www.alamo-group.com (under "Investor Relations/Events & and
Presentations") on Friday, February 25,
2022, beginning at 11:00 a.m.
ET. The online replay will follow shortly after the call
ends and will be archived on the Company's website for 60 days.
About Alamo Group
Alamo Group is a leader in the design, manufacture, distribution
and service of high quality equipment for infrastructure
maintenance, agriculture and other applications. Our products
include truck and tractor mounted mowing and other vegetation
maintenance equipment, street sweepers, snow removal equipment,
excavators, vacuum trucks, other industrial equipment, agricultural
implements, forestry equipment and related after-market parts and
services. The Company, founded in 1969, has approximately 4,200
employees and operates 29 plants in North
America, Europe,
Australia and Brazil as of December
31, 2021. The corporate offices of Alamo Group Inc.
are located in Seguin, Texas.
Forward Looking Statements
This release contains forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995.
Forward-looking statements involve known and unknown risks and
uncertainties, which may cause the Company's actual results in
future periods to differ materially from forecasted results. Among
those factors which could cause actual results to differ materially
are the following: overall market demand, continuing impacts from
the COVID-19 pandemic including more significant supply chain
disruptions, further reductions in customer demand, sales and
profitability declines, operational disruptions, full or partial
facility closures, and other similar impacts, competition, weather,
seasonality, currency-related issues, and other risk factors listed
from time to time in the Company's SEC reports.
The Company does not undertake any obligation to update the
information contained herein, which speaks only as of this
date.
(Tables Follow)
(1) This is a non-GAAP financial measure. For more
information relating to this measure including a reconciliation of
the non-GAAP financial measure to the comparable GAAP financial
measure refer to "Non-GAAP Financial Measure Reconciliation" below
and the Attachments thereto
Alamo Group Inc.
and Subsidiaries Condensed Consolidated Balance
Sheets (in thousands) (Unaudited)
|
|
|
December
31,
2021
|
December
31,
2020
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
42,115
|
|
|
$
50,195
|
|
Accounts receivable,
net
|
|
237,970
|
|
|
209,276
|
|
Inventories
|
|
320,917
|
|
|
242,501
|
|
Other current
assets
|
|
11,166
|
|
|
13,568
|
|
Total current
assets
|
|
612,168
|
|
|
515,540
|
|
|
|
|
|
|
|
|
Rental equipment,
net
|
|
32,514
|
|
|
42,266
|
|
|
|
|
|
|
|
|
Property, plant and
equipment
|
|
152,491
|
|
|
155,434
|
|
|
|
|
|
|
|
|
Goodwill
|
|
202,406
|
|
|
195,132
|
|
Intangible
assets
|
|
183,466
|
|
|
193,172
|
|
Other non-current
assets
|
|
22,697
|
|
|
20,315
|
|
|
|
|
|
|
|
|
Total
assets
|
|
$
1,205,742
|
|
|
$
1,121,859
|
|
|
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Trade accounts
payable
|
|
$
101,396
|
|
|
$
75,317
|
|
Income taxes
payable
|
|
2,613
|
|
|
2,278
|
|
Accrued
liabilities
|
|
73,523
|
|
|
64,634
|
|
Current maturities of
long-term debt and finance lease obligations
|
|
15,032
|
|
|
15,066
|
|
Total current
liabilities
|
|
192,564
|
|
|
157,295
|
|
|
|
|
|
|
|
|
Long-term debt, net of
current maturities
|
|
254,522
|
|
|
270,320
|
|
Long term tax
payable
|
|
4,416
|
|
|
3,954
|
|
Other long-term
liabilities
|
|
27,119
|
|
|
32,475
|
|
Deferred income
taxes
|
|
21,458
|
|
|
22,812
|
|
|
|
|
|
|
|
|
Total stockholders'
equity
|
|
705,663
|
|
|
635,003
|
|
|
|
|
|
|
|
|
Total liabilities and
stockholders' equity
|
|
$
1,205,742
|
|
|
$
1,121,859
|
|
Alamo Group Inc. and Subsidiaries Condensed Consolidated Statements of Income (in thousands, except per share amounts) (Unaudited)
|
|
|
Fourth Quarter
Ended
|
|
Year
Ended
|
|
12/31/2021
|
|
12/31/2020
|
|
12/31/2021
|
|
12/31/2020
|
Net sales:
|
|
|
|
|
|
|
|
Vegetation
Management
|
$
204,331
|
|
$
160,413
|
|
$
812,676
|
|
$
654,630
|
Industrial
Equipment
|
132,842
|
|
128,211
|
|
521,547
|
|
508,836
|
Total Net
Sales
|
337,173
|
|
288,624
|
|
1,334,223
|
|
1,163,466
|
|
|
|
|
|
|
|
|
Cost of Sales
|
253,521
|
|
220,295
|
|
999,709
|
|
869,736
|
Gross Margin
|
83,652
|
|
68,329
|
|
334,514
|
|
293,730
|
|
24.8 %
|
|
23.7 %
|
|
25.1 %
|
|
25.2 %
|
|
|
|
|
|
|
|
|
Selling, general and
administration expense
|
52,136
|
|
47,331
|
|
202,939
|
|
184,199
|
Amortization
Expense
|
3,649
|
|
3,653
|
|
14,637
|
|
14,746
|
Income from Operations
|
27,867
|
|
17,345
|
|
116,938
|
|
94,785
|
|
8.3 %
|
|
6.0 %
|
|
8.8 %
|
|
8.1 %
|
|
|
|
|
|
|
|
|
Interest Expense
|
(2,406)
|
|
(2,916)
|
|
(10,533)
|
|
(15,837)
|
Interest Income
|
272
|
|
398
|
|
1,149
|
|
1,366
|
Other Income
|
(715)
|
|
(1,277)
|
|
1,944
|
|
(557)
|
|
|
|
|
|
|
|
|
Income before income taxes
|
25,018
|
|
13,550
|
|
109,498
|
|
79,757
|
Provision for income taxes
|
5,791
|
|
4,296
|
|
29,253
|
|
21,953
|
|
|
|
|
|
|
|
|
Net Income
|
$
19,227
|
|
$
9,254
|
|
$
80,245
|
|
$
57,804
|
|
|
|
|
|
|
|
|
Net income per common share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic
|
$
1.62
|
|
$
0.78
|
|
$
6.78
|
|
$
4.91
|
|
|
|
|
|
|
|
|
Diluted
|
$
1.62
|
|
$
0.78
|
|
$
6.75
|
|
$
4.88
|
|
|
|
|
|
|
|
|
Average common shares:
|
|
|
|
|
|
|
|
Basic
|
11,843
|
|
11,799
|
|
11,837
|
|
11,782
|
|
|
|
|
|
|
|
|
Diluted
|
11,899
|
|
11,859
|
|
11,896
|
|
11,845
|
|
|
|
|
|
|
|
|
Alamo Group Inc.
Non-GAAP Financial Measures
Reconciliation
From time to time, Alamo Group Inc. may disclose certain
"non-GAAP financial measures" in the course of its earnings
releases, earnings conference calls, financial presentations and
otherwise. For these purposes, "GAAP" refers to generally
accepted accounting principles in the United States. The
Securities and Exchange Commission (SEC) defines a "non-GAAP
financial measure" as a numerical measure of historical or future
financial performance, financial positions, or cash flows that is
subject to adjustments that effectively exclude or include amounts
from the most directly comparable measure calculated and presented
in accordance with GAAP. Non-GAAP financial measures
disclosed by Alamo Group are provided as additional information to
investors in order to provide them with greater transparency about,
or an alternative method for assessing, our financial condition and
operating results. These measures are not in accordance with,
or a substitute for, GAAP and may be different from, or
inconsistent with, non-GAAP financial measures used by other
companies. Whenever we refer to a non-GAAP financial measure,
we will also generally present the most directly comparable
financial measure calculated and presented in accordance with GAAP,
along with a reconciliation of the differences between the non-GAAP
financial measure we reference and such comparable GAAP financial
measure.
Attachment 1 discloses Adjusted Operating Income, Adjusted Net
Income and Adjusted Diluted EPS, each adjusted to exclude the
acceleration of stock expense and the impact of the step-up
inventory charge at Morbark, both of which are non-GAAP financial
measures. Attachment 2 discloses a non-GAAP financial presentation
related to the impact of currency translation on net sales by
division. Attachment 3 shows the net change in our total debt net
of cash and earnings before interest, taxes, depreciation and
amortization ("EBITDA") and Adjusted EBITDA excluding the
acceleration of stock expense and the impact of the step-up
inventory charge at Morbark, all of which are non-GAAP financial
measures. The Company considers this information useful to
investors to allow better comparability of period-to-period
operating performance.
Attachment
1
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands, except per share
numbers) (Unaudited)
|
|
Impact of
Acquisitions and Non-Recurring Expenses
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Year
Ended
|
|
|
December
31,
|
|
December
31,
|
|
|
2021
|
|
2020
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
|
|
Operating Income -
GAAP
|
|
$
27,867
|
|
$
17,345
|
|
$
116,938
|
|
$
94,785
|
(add:
acquisition inventory step-up charge)
|
|
—
|
|
1,288
|
|
—
|
|
4,830
|
(add:
acceleration of stock expense)
|
|
—
|
|
—
|
|
1,102
|
|
—
|
Adjusted Operating Income - non-GAAP
|
|
$
27,867
|
|
$
18,633
|
|
$
118,040
|
|
$
99,615
|
|
|
|
|
|
|
|
|
|
Net Income -
GAAP
|
|
$
19,227
|
|
$
9,254
|
|
$
80,245
|
|
$
57,804
|
(add: acquisition
inventory step-up charge)
|
|
—
|
|
933
|
|
—
|
|
3,501
|
(add:
acceleration of stock expense)
|
|
—
|
|
—
|
|
808
|
|
—
|
Acquisition Adjusted Net Income - non-GAAP
|
|
$
19,227
|
|
$
10,187
|
|
$
81,053
|
|
$
61,305
|
|
|
|
|
|
|
|
|
|
Diluted EPS -
GAAP
|
|
$
1.62
|
|
$
0.78
|
|
$
6.75
|
|
$
4.88
|
(add:
acquisition inventory step-up charge)
|
|
—
|
|
0.08
|
|
—
|
|
0.30
|
(add:
transaction cost relating to acquisitions)
|
|
—
|
|
—
|
|
0.07
|
|
—
|
Acquisition Adjusted Diluted EPS - non-GAAP
|
|
$
1.62
|
|
$
0.86
|
|
$
6.82
|
|
$
5.18
|
Attachment
2
|
|
Alamo Group
Inc.
Non-GAAP Financial Reconciliation
(in thousands)
(Unaudited)
|
|
Impact of Currency
Translation on Net Sales by Division
|
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
December
31,
|
|
|
|
Change due to
currency translation
|
|
2021
|
|
2020
|
|
% change from
2020
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
Vegetation
Management
|
$
204,331
|
|
$
160,413
|
|
27.4 %
|
|
$
|
(134)
|
|
(0.1) %
|
Industrial
Equipment
|
132,842
|
|
128,211
|
|
3.6 %
|
|
|
80
|
|
0.1 %
|
Total
Net Sales
|
$
337,173
|
|
$
288,624
|
|
16.8 %
|
|
$
|
(54)
|
|
— %
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Twelve Months
Ended December 31,
|
|
|
|
Change due to
currency translation
|
|
2021
|
|
2020
|
|
% change from
2020
|
|
$
|
|
%
|
|
|
|
|
|
|
|
|
|
|
Vegetation
Management
|
$
812,676
|
|
$
654,630
|
|
24.1 %
|
|
$
|
10,881
|
|
1.7 %
|
Industrial
Equipment
|
521,547
|
|
508,836
|
|
2.5 %
|
|
5,848
|
|
1.1 %
|
Total
Net Sales
|
$
1,334,223
|
|
$
1,163,466
|
|
14.7 %
|
|
$
|
16,729
|
|
1.4 %
|
|
|
|
|
|
|
|
|
|
|
Attachment
3
|
|
Alamo Group
Inc. Non-GAAP Financial Reconciliation (in
thousands) (Unaudited)
|
|
Consolidated Net
Change of Total Debt, Net of Cash
|
|
|
|
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
Net
Change
|
|
|
|
|
|
|
Current
maturities
|
$
15,032
|
|
$
15,066
|
|
|
Long-term debt, net
of current
|
254,522
|
|
270,320
|
|
|
Total Debt
|
$
269,554
|
|
$
285,386
|
|
|
|
|
|
|
|
|
Total Cash
|
42,115
|
|
50,195
|
|
|
Total Debt Net of
Cash
|
$
227,439
|
|
$
235,191
|
|
$
7,752
|
|
|
|
|
|
|
EBITDA
|
|
|
|
Twelve Months
Ended
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
Income from operations
|
|
|
$
116,938
|
|
$
94,785
|
Depreciation
|
|
|
29,842
|
|
29,094
|
Amortization
|
|
|
15,304
|
|
15,380
|
EBITDA
|
|
|
$
162,084
|
|
$
139,259
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
|
|
|
Twelve Months
Ended
|
|
|
|
December 31,
2021
|
|
December 31,
2020
|
|
|
|
|
|
|
Income from operations
|
|
|
$
116,938
|
|
$
94,785
|
adjust:
acquisition inventory step-up charge
|
|
|
—
|
|
4,830
|
adjust:
acceleration of stock expense
|
|
|
1,102
|
|
—
|
Adjusted Income from operations
|
|
|
$
118,040
|
|
$
99,615
|
Depreciation
|
|
|
29,842
|
|
29,094
|
Amortization
|
|
|
15,304
|
|
15,380
|
Adjusted
EBITDA
|
|
|
$
163,186
|
|
$
144,089
|
|
|
|
|
|
|
View original
content:https://www.prnewswire.com/news-releases/alamo-group-announces-record-2021-fourth-quarter-and-year-end-results-301490136.html
SOURCE Alamo Group Inc.