v3.25.2
Revenue and Segment Information
 6 Months Ended
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)2025202420252024
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)2025202420252024
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 
Netherlands5,278 10,852 10,962 21,196 
Australia
3,276 7,055 8,951 11,559 
Germany2,070 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
VegetationIndustrial
(in thousands)ManagementEquipmentConsolidated
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 Operations12,751 34,327 47,078 
Interest Income1,195 
Other Income (Expense)(3,183)
Interest Expense(3,684)
Income Before Taxes41,406 
Taxes  10,300 
Net Income$31,106 


Three Months Ended June 30, 2024
VegetationIndustrial
(in thousands)ManagementEquipmentConsolidated
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 Operations16,006 27,303 43,309 
Interest Income514 
Other Income (Expense)(65)
Interest Expense(6,098)
Income Before Taxes37,660 
Taxes  9,336 
Net Income$28,324 
Six Months Ended June 30, 2025
VegetationIndustrial
(in thousands)ManagementEquipmentConsolidated
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 Operations26,063 65,477 91,540 
Interest Income2,433 
Other Income (Expense)(3,846)
Interest Expense(6,878)
Income Before Taxes83,249 
Taxes  20,343 
Net Income$62,906 

Six Months Ended June 30, 2024
VegetationIndustrial
(in thousands)ManagementEquipmentConsolidated
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 Operations37,685 52,603 90,288 
Interest Income1,315 
Other Income (Expense)33 
Interest Expense(12,189)
Income Before Taxes79,447 
Taxes  19,003 
Net Income$60,444 


(in thousands)
June 30, 2025December 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