REVENUE AND SEGMENT REPORTING
Disaggregation of revenue is presented in the tables below by product type. Management has determined that this level of disaggregation would be beneficial to users of the financial statements.
| | | | | | | | | | | | | | | | | |
| Revenue by Product Type |
| December 31, |
| (in thousands) | 2025 | | 2024 | | 2023 |
| Net Sales | | | | | |
| Wholegoods | $ | 1,277,041 | | | $ | 1,287,596 | | | $ | 1,347,264 | |
| Parts | 261,652 | | | 279,071 | | | 286,164 | |
| Other * | 65,022 | | | 61,846 | | | 56,223 | |
| Consolidated | $ | 1,603,715 | | | $ | 1,628,513 | | | $ | 1,689,651 | |
*Other includes rental sales, extended warranty sales and service sales as it is considered immaterial.
The Company’s sales are principally within the United States, United Kingdom, France, Canada, Brazil, Netherlands and Australia. The Company sells its products primarily through a network of independent dealers and distributors to governmental end-users, related independent contractors, as well as to the agricultural and commercial turf markets.
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. However, a few GAAP measures used to assess segment performance and allocation resources are:
•Division Net Sales
•Division Cost of Sales
•Division Operating Expenses
•Division Income from Operations
| | | | | | | | | | | | | | | | | |
| | Vegetation | | Industrial | | |
December 31, 2025 (in thousands) | Division | | Division | | Consolidated |
| Net Sales | $ | 654,053 | | | $ | 949,662 | | | $ | 1,603,715 | |
| Less: | | | | | |
| Cost of Sales | (509,073) | | | (696,825) | | | (1,205,898) | |
| Operating Expenses | (122,012) | | | (124,192) | | | (246,204) | |
| Income from Operations | 22,968 | | | 128,645 | | | 151,613 | |
| Interest Income | | | | | 5,569 | |
| Other Income (Expense) | | | | | (2,793) | |
| Interest Expense | | | | | (14,877) | |
| Income Before Taxes | | | | | 139,512 | |
| Taxes | | | | | 35,711 | |
| Net Income | | | | | $ | 103,801 | |
| | | | | | | | | | | | | | | | | |
| | Vegetation | | Industrial | | |
December 31, 2024 (in thousands) | Division | | Division | | Consolidated |
| Net Sales | $ | 785,199 | | | $ | 843,314 | | | $ | 1,628,513 | |
| Less: | | | | | |
| Cost of Sales | (589,759) | | | (626,266) | | | (1,216,025) | |
| Operating Expenses | (138,883) | | | (108,797) | | | (247,680) | |
| Income from Operations | 56,557 | | | 108,251 | | | 164,808 | |
| Interest Income | | | | | 2,637 | |
| Other Income (Expense) | | | | | 2,731 | |
| Interest Expense | | | | | (20,548) | |
| Income Before Taxes | | | | | 149,628 | |
| Taxes | | | | | 33,698 | |
| Net Income | | | | | $ | 115,930 | |
| | | | | | | | | | | | | | | | | |
| | Vegetation | | Industrial | | |
December 31, 2023 (in thousands) | Division | | Division | | Consolidated |
| Net Sales | $ | 979,040 | | | $ | 710,611 | | | $ | 1,689,651 | |
| Less: | | | | | |
| Cost of Sales | (699,573) | | | (536,434) | | | (1,236,007) | |
| Operating Expenses | (157,383) | | | (98,294) | | | (255,677) | |
| Income from Operations | 122,084 | | | 75,883 | | | 197,967 | |
| Interest Income | | | | | 1,485 | |
| Other Income (Expense) | | | | | 1,761 | |
| Interest Expense | | | | | (26,093) | |
| Income Before Taxes | | | | | 175,120 | |
| Taxes | | | | | 38,959 | |
| Net Income | | | | | $ | 136,161 | |
The following table presents the goodwill and total identifiable assets by reporting segment for the years ended December 31, 2025 and 2024:
| | | | | | | | | | | |
|
| December 31, |
| (in thousands) | 2025 | | 2024 |
| Goodwill |
| Vegetation Management | $ | 129,773 | | | $ | 126,729 | |
| Industrial Equipment | 84,838 | | | 76,298 | |
| | | |
| Consolidated | $ | 214,611 | | | $ | 203,027 | |
| | | |
| Identifiable Assets |
| Vegetation Management | $ | 920,814 | | | $ | 852,007 | |
| Industrial Equipment | 685,802 | | | 598,272 | |
| | | |
| Consolidated | $ | 1,606,616 | | | $ | 1,450,279 | |