EX-99 2 hydataschedule123123ex99.htm EX-99 Document

EXHIBIT 99
Hyster-Yale Materials Handling, Inc.
(in millions of $, except percentage data)
Revenues - ConsolidatedRevenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019834.8 856.2 766.0 834.8 3,291.8 20195.9 %11.8 %-2.3 %-0.7 %3.5 %
2020785.7 654.4 652.4 719.6 2,812.1 2020-5.9 %-23.6 %-14.8 %-13.8 %-14.6 %
2021732.2 765.6 748.2 829.7 3,075.7 2021-6.8 %17.0 %14.7 %15.3 %9.4 %
2022827.6 895.4 840.1 985.2 3,548.3 202213.0 %17.0 %12.3 %18.7 %15.4 %
2023999.3 1,090.6 1,001.2 1,027.2 4,118.3 202320.7 %21.8 %19.2 %4.3 %16.1 %
Gross Profit (6)
Gross Profit % (6)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019126.2 139.4 135.0 141.2 541.8 201915.1 %16.3 %17.6 %16.9 %16.5 %
2020136.7103.6103.4121.7465.4 202017.4 %15.8 %15.8 %16.9 %16.5 %
2021118.4 116.4 65.1 63.5 363.4 202116.2 %15.2 %8.7 %7.7 %11.8 %
2022101.299.186.9146.7433.9 202212.2 %11.1 %10.3 %14.9 %12.2 %
2023174.4197.9203.6209.7785.6 202317.5 %18.1 %20.3 %20.4 %19.1 %
Operating Expenses (6)(7)(8)
Operating Expenses as a % of Revenue (6)(7)(8)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019122.8 116.5 115.5 133.1 487.9 201914.7 %13.6 %15.1 %15.9 %14.8 %
2020116.5 94.9 96.1 108.0 415.5 202014.8 %14.5 %14.7 %15.0 %14.8 %
2021115.3 110.5 119.4 170.5 515.7 202115.7 %14.4 %16.0 %20.5 %16.8 %
2022119.5 114.8 111.8 126.9 473.0 202214.4 %12.8 %13.3 %12.9 %13.3 %
2023131.8 139.1 145.0 161.0 576.9 202313.2 %12.8 %14.5 %15.7 %14.0 %
Operating Profit (Loss) (6)(7)(8)
Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20193.4 22.9 19.5 8.1 53.9 20190.4 %2.7 %2.5 %1.0 %1.6 %
202020.2 8.7 7.3 13.7 49.9 20202.6 %1.3 %1.1 %1.9 %1.8 %
20213.1 5.9 (54.3)(107.0)(152.3)20210.4 %0.8 %-7.3 %-12.9 %-5.0 %
2022(18.3)(15.7)(24.9)19.8 (39.1)2022-2.2 %-1.8 %-3.0 %2.0 %-1.1 %
202342.6 58.8 58.6 48.7 208.7 20234.3 %5.4 %5.9 %4.7 %5.1 %
Interest (Income) Expense
Q1Q2Q3Q4FY
20194.1 4.7 5.1 4.1 18.0 
20203.8 3.0 2.7 2.8 12.3 
20212.7 3.7 4.0 4.5 14.9 
20224.9 5.9 7.3 9.2 27.3 
20239.6 7.8 8.9 8.4 34.7 
Income (Loss) Before Taxes
Effective Income Tax Rate (9)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20194.7 21.3 18.0 3.9 47.9 201931.9 %20.7%27.2 %12.8 %23.6 %
202019.7 1.7 6.4 14.4 42.2 202020.8 %n.m.10.9 %8.3 %8.8 %
20218.5 (0.1)(56.3)(107.0)(154.9)202128.2 %n.m.-36.4 %-7.3 %-18.3 %
2022(21.3)(21.8)(32.4)13.1 (62.4)2022-13.6 %14.2%-13.0 %39.7 %-14.7 %
202335.9 50.8 52.6 41.7 181.0 202324.2 %23.6%30.8 %38.4 %29.2 %


Hyster-Yale Materials Handling, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders (9)
Q1Q2Q3Q4FY
20193.4 16.2 12.8 3.4 35.8 
202015.3 3.6 5.1 13.1 37.1 
20215.6 1.9 (77.2)(103.3)(173.0)
2022(25.0)(19.4)(37.3)7.6 (74.1)
202326.6 38.3 35.8 25.2 125.9 
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
201911.2 10.8 10.3 11.0 43.3 
202010.4 10.4 11.0 11.1 42.9 
202111.7 11.6 11.4 11.5 46.2 
202211.1 11.0 10.9 10.4 43.4 
202311.2 11.3 11.3 11.3 45.1 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019594.3 679.7 643.0 611.1 611.1 201918.4 %20.5 %19.5 %18.6 %18.6 %
2020595.7 577.4 517.5 493.4 493.4 202018.4 %19.0 %17.7 %17.5 %17.5 %
2021539.7 645.9 692.4 697.0 697.0 202119.6 %22.8 %23.3 %22.7 %22.7 %
2022704.7 751.9 686.2 715.7 715.7 202222.2 %22.8 %20.2 %20.2 %20.2 %
2023763.0 809.0 777.8 783.0 783.0 202320.5 %20.7 %19.1 %19.0 %19.0 %
Capital Expenditures
Q1Q2Q3Q4FY
20198.6 9.8 13.0 18.3 49.7 
202017.6 12.3 7.3 14.5 51.7 
20217.7 10.4 11.4 14.8 44.3 
20229.7 5.6 4.4 9.1 28.8 
20233.3 7.3 8.3 16.5 35.4 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
2019(22.4)(48.5)53.6 94.0 76.7 
2020(45.7)33.7 88.1 90.8 166.9 
2021(47.1)(53.6)(91.1)(61.7)(253.5)
202259.1 (58.9)34.1 6.3 40.6 
20239.0 35.8 60.3 45.6 150.7 
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
2019(8.0)(9.6)(6.9)(17.5)(42.0)
2020(17.4)(5.9)(6.5)(13.9)(43.7)
20219.5 (8.7)(10.9)(14.4)(24.5)
2022(9.3)(13.6)(4.3)(8.2)(35.4)
2023(5.0)(6.9)(7.9)(14.7)(34.5)


Hyster-Yale Materials Handling, Inc.
(in millions of $, except percentage data)
Cash Flow Before Financing Activities (3)
Q1Q2Q3Q4FY
2019(30.4)(58.1)46.7 76.5 34.7 
2020(63.1)27.8 81.6 76.9 123.2 
2021(37.6)(62.3)(102.0)(76.1)(278.0)
202249.8 (72.5)29.8 (1.9)5.2 
20234.0 28.9 52.4 30.9 116.2 
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
20193.6 52.5 (31.1)(76.6)(51.6)
202053.1 (18.7)(53.5)(21.5)(40.6)
2021(8.0)45.5 77.2 78.9 193.6 
2022(50.9)84.4 (35.4)(9.0)(10.9)
2023(2.5)(26.4)(40.2)(31.4)(100.5)
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
20195.2 5.2 5.3 5.3 21.0 
20205.3 5.3 5.4 5.3 21.3 
20215.3 5.4 5.5 5.4 21.6 
20225.4 5.5 5.5 5.4 21.8 
20235.6 5.5 5.6 5.6 22.3 
Total Debt
Debt to Total Capitalization (4)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019309.4 370.9 351.1 287.0 287.0 201935.9 %39.4 %39.1 %33.9 %33.9 %
2020340.1 337.7 297.7 289.2 289.2 202038.5 %37.5 %33.1 %30.8 %30.8 %
2021285.4 345.7 428.0 518.5 518.5 202131.7 %35.4 %45.6 %57.5 %57.5 %
2022479.0 580.6 545.0 552.9 552.9 202257.7 %72.2 %80.1 %71.1 %71.1 %
2023560.6 542.3 510.6 494.0 494.0 202367.3 %63.9 %61.4 %54.8 %54.8 %
Permanent Equity
Return on Equity (5)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019551.4 570.1 542.5 577.0 577.0 20194.0 %5.9 %5.5 %6.4 %6.4 %
2020542.7 563.7 602.6 651.1 651.1 20208.6 %6.3 %4.8 %6.3 %6.3 %
2021615.8 630.0 510.2 382.9 382.9 20214.6 %4.2 %-9.4 %-31.0 %-31.0 %
2022351.5 207.5 121.5 210.9 210.9 2022-40.9 %-54.0 %-58.8 %-29.1 %-29.1 %
2023257.6 292.3 306.2 392.0 392.0 2023-9.8 %16.1 %45.6 %43.1 %43.1 %
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)Net working capital as a percentage of revenue is equal to net working capital divided by the previous 4 quarters revenue.
(3)Cash flow before financing activities is equal to net cash provided by (used for) operating activities plus net cash provided by (used for) investing activities.
(4)Debt to total capitalization is equal to total debt divided by total debt plus permanent equity.
(5)Return on equity is equal to the sum of the previous 4 quarters net income divided by average equity calculated over the last 5 quarters.
(6)During the third and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by $14.8 million and $1.3 million, respectively.
(7)During the third quarter of 2021, Nuvera recognized a $10.0 million impairment charge of property, plant and equipment.
(8)During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.
(9)During the third and fourth quarters of 2021, the Company recognized a valuation allowance of $38.4 million and $20.2 million, respectively, provided against deferred tax assets.


Hyster-Yale Materials Handling, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
20192020202120222023
Average Stockholders' Equity (1)
527.8554.5525.5241.9288.9
Average Debt (1)
324.0310.3373.4535.2532.2
Average Cash (1)
(63.4)(83.4)(93.8)(66.8)(69.3)
Average Capital Employed788.4781.4805.1710.3751.8
Net Income (Loss)35.837.1(173.0)(74.1)125.9
Plus: Interest Expense, Net18.012.314.927.334.7
Less: Income Taxes on Interest Expense, Net(4.7)(3.2)(3.9)(6.8)(8.7)
Actual Return on Capital Employed (2)
49.146.2(162.0)(53.6)151.9
Actual Return on Capital Employed Percentage (3)
6.2%5.9%(20.1)%(7.5)%20.2%
(1)Average stockholder's equity, debt and cash are calculated using the quarter ends and year ends of each respective year.
(2)Tax rate used is the Company's target U.S. marginal tax rate. Rates used were 26% for 2019, 2020 and 2021 and 25% for 2022 and 2023.
(3)Return on capital employed is provided solely as a supplemental disclosure with respect to income generation because management believes it provides useful information with respect to earnings in a form that is comparable to the Company's cost of capital employed, which includes both equity and debt securities, net of cash.



Lift Truck Business
(in millions of $, except percentage data)
Backlog (in thousands)
Q1Q2Q3Q4FY
201940.2 44.1 43.4 41.2 41.2 
202037.3 31.5 33.6 40.6 40.6 
202160.7 84.9 98.8 105.3 105.3 
2022114.1 112.0 108.2 102.1 102.1 
202399.2 92.8 85.3 78.4 78.4 
Unit Shipments (in thousands)
Q1Q2Q3Q4FY
201925.7 26.3 23.5 24.8 100.3 
202023.3 20.1 20.6 21.5 85.5 
202122.3 22.7 23.2 26.7 94.9 
202223.9 25.3 24.5 27.1 100.8 
202325.2 27.7 25.7 23.6 102.2 
Revenues - AmericasRevenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019534.5 537.7 505.8 545.3 2,123.3 20197.8 %14.0 %0.4 %5.7 %6.8 %
2020550.7 454.8 426.9 458.8 1,891.2 20203.0 %-15.4 %-15.6 %-15.9 %-10.9 %
2021459.7 479.1 494.3 551.5 1,984.6 2021-16.5 %5.3 %15.8 %20.2 %4.9 %
2022557.7 596.6 571.3 679.8 2,405.4 202221.3 %24.5 %15.6 %23.3 %21.2 %
2023685.9 788.5 716.5 708.4 2,899.3 202323.0 %32.2 %25.4 %4.2 %20.5 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019190.1 202.1 161.7 197.3 751.2 2019-3.9 %5.8 %-6.1 %-5.0 %-2.3 %
2020152.1 120.1 143.8 172.6 588.6 2020-20.0 %-40.6 %-11.1 %-12.5 %-21.6 %
2021170.7 175.1 153.4 179.7 678.9 202112.2 %45.8 %6.7 %4.1 %15.3 %
2022169.7 184.8 159.4 190.3 704.2 2022-0.6 %5.5 %3.9 %5.9 %3.7 %
2023214.9 200.6 183.9 221.1 820.5 202326.6 %8.5 %15.4 %16.2 %16.5 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201963.4 72.9 57.8 55.6 249.7 201928.1 %26.8 %-10.7 %-21.0 %3.1 %
202044.6 48.0 48.0 52.5 193.1 2020-29.7 %-34.2 %-17.0 %-5.6 %-22.7 %
202160.5 65.0 56.1 52.3 233.9 202135.7 %35.4 %16.9 %-0.4 %21.1 %
202251.7 64.9 65.5 67.9 250.0 2022-14.5 %-0.2 %16.8 %29.8 %6.9 %
202347.9 49.6 51.6 52.0 201.1 2023-7.4 %-23.6 %-21.2 %-23.4 %-19.6 %
Revenues - Lift Truck BusinessRevenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019788.0 812.7 725.3 798.2 3,124.2 20196.0 %12.9 %-2.1 %0.5 %4.2 %
2020747.4 622.9 618.7 683.9 2,672.9 2020-5.2 %-23.4 %-14.7 %-14.3 %-14.4 %
2021690.9 719.2 703.8 783.5 2,897.4 2021-7.6 %15.5 %13.8 %14.6 %8.4 %
2022779.1 846.3 796.2 938.0 3,359.6 202212.8 %17.7 %13.1 %19.7 %16.0 %
2023948.7 1,038.7 952.0 981.5 3,920.9 202321.8 %22.7 %19.6 %4.6 %16.7 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019112.6 126.9 125.0 130.5 495.0 201914.3 %15.6 %17.2 %16.3 %15.8 %
2020123.5 94.8 94.3 112.2 424.8 202016.5 %15.2 %15.2 %16.4 %15.9 %
2021105.4 103.2 66.9 54.4 329.9 202115.3 %14.3 %9.5 %6.9 %11.4 %
202285.9 81.3 74.6 129.2 371.0 202211.0 %9.6 %9.4 %13.8 %11.0 %
2023155.6 177.0 186.0 192.8 711.4 202316.4 %17.0 %19.5 %19.6 %18.1 %


Lift Truck Business
(in millions of $, except percentage data)
Operating Expenses(1)
Operating Expenses as a % of revenues(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2019101.8 97.8 97.0 112.8 409.4 201912.9 %12.0 %13.4 %14.1 %13.1 %
202095.5 77.8 78.1 87.8 339.2 202012.8 %12.5 %12.6 %12.8 %12.7 %
202193.2 87.8 88.2 147.6 416.8 202113.5 %12.2 %12.5 %18.8 %14.4 %
202296.693.0 89.8 102.0 381.4 202212.4 %11.0 %11.3 %10.9 %11.4 %
2023107.8114.5 120.9 138.6 481.8 202311.4 %11.0 %12.7 %14.1 %12.3 %
Operating Profit (Loss)(1)
Operating Profit (Loss) %(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201910.8 29.1 28.0 17.7 85.6 20191.4 %3.6 %3.9 %2.2 %2.7 %
202028.0 17.0 16.2 24.4 85.6 20203.7 %2.7 %2.6 %3.6 %3.2 %
202112.2 15.4 (21.3)(93.2)(86.9)20211.8 %2.1 %-3.0 %-11.9 %-3.0 %
2022(10.7)(11.7)(15.2)27.2 (10.4)2022-1.4 %-1.4 %-1.9 %2.9 %-0.3 %
202347.8 62.5 65.1 54.2 229.6 20235.0 %6.0 %6.8 %5.5 %5.9 %
(1)During the fourth quarter of 2021, JAPIC recognized a $55.6 million goodwill impairment charge, of which $11.7 million related to the non-controlling interest share.





Bolzoni
(in millions of $, except percentage data)
RevenuesRevenues - Bolzoni - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201991.8 90.8 75.8 87.0 345.4 20192.6 %3.2 %-10.2 %-0.1 %-1.0 %
202087.9 64.2 63.3 68.3 283.7 2020-4.2 %-29.3 %-16.5 %-21.5 %-17.9 %
202179.5 84.8 90.0 93.5 347.8 2021-9.6 %32.1 %42.2 %36.9 %22.6 %
202295.1 86.4 82.2 92.0 355.7 202219.6 %1.9 %-8.7 %-1.6 %2.3 %
202398.6 96.6 92.8 87.3 375.3 20233.7 %11.8 %12.9 %-5.1 %5.5 %
Gross Profit (Loss)Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201915.6 15.5 13.0 14.0 58.1 201917.0 %17.1 %17.2 %16.1 %16.8 %
202016.9 11.5 12.1 12.9 53.4 202019.2 %17.9 %19.1 %18.9 %18.8 %
202116.4 15.8 15.2 14.1 61.5 202120.6 %18.6 %16.9 %15.1 %17.7 %
202218.8 18.9 13.7 19.3 70.7 202219.8 %21.9 %16.7 %21.0 %19.9 %
202320.7 22.6 19.5 19.4 82.2 202321.0 %23.4 %21.0 %22.2 %21.9 %
Operating ExpensesOperating Expenses as a % of revenues
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
201914.4 13.2 12.3 13.5 53.4 201915.7 %14.5 %16.2 %15.5 %15.5 %
202014.2 12.0 12.0 14.2 52.4 202016.2 %18.7 %19.0 %20.8 %18.5 %
202115.6 16.2 15.2 16.3 63.3 202119.6 %19.1 %16.9 %17.4 %18.2 %
202216.7 15.5 15.0 17.3 64.5 202217.6 %17.9 %18.2 %18.8 %18.1 %
202316.3 17.2 16.6 16.8 66.9 202316.5 %17.8 %17.9 %19.2 %17.8 %
Operating Profit (Loss)Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
20191.2 2.3 0.7 0.5 4.7 20191.3 %2.5 %0.9 %0.6 %1.4 %
20202.7 (0.5)0.1 (1.3)1.0 20203.1 %-0.8 %0.2 %-1.9 %0.4 %
20210.8 (0.4)— (2.2)(1.8)20211.0 %-0.5 %— %-2.4 %-0.5 %
20222.1 3.4 (1.3)2.0 6.2 20222.2 %3.9 %-1.6 %2.2 %1.7 %
20234.4 5.4 2.9 2.6 15.3 20234.5 %5.6 %3.1 %3.0 %4.1 %



Nuvera
(in millions of $, except percentage data)
Revenues
Q1Q2Q3Q4FY
20194.5 2.2 2.4 1.0 10.1 
20201.4 0.7 0.7 1.1 3.9 
2021— 0.3 0.2 0.2 0.7 
20220.6 0.3 1.2 1.3 3.4 
20231.6 1.0 1.5 0.2 4.3 
Gross Profit (Loss) (1)
Q1Q2Q3Q4FY
2019(1.8)(2.7)(3.1)(3.6)(11.2)
2020(2.6)(3.2)(2.7)(3.7)(12.2)
2021(3.3)(2.5)(16.5)(4.4)(26.7)
2022(1.9)(1.6)(2.0)(1.7)(7.2)
2023(2.1)(1.8)(1.9)(2.4)(8.2)
Operating Expenses (2)
Q1Q2Q3Q4FY
20196.6 5.5 6.2 6.8 25.1 
20206.8 5.1 6.0 6.0 23.9 
20216.5 6.5 16.0 6.6 35.6 
20226.2 6.3 7.0 7.6 27.1 
20237.7 7.4 7.5 5.6 28.2 
Operating Profit (Loss) (1)(2)
Q1Q2Q3Q4FY
2019(8.4)(8.2)(9.3)(10.4)(36.3)
2020(9.4)(8.3)(8.7)(9.7)(36.1)
2021(9.8)(9.0)(32.5)(11.0)(62.3)
2022(8.1)(7.9)(9.0)(9.3)(34.3)
2023(9.8)(9.2)(9.4)(8.0)(36.4)
(1)During the third and fourth quarters of 2021, Nuvera reduced its inventory to its estimated net realizable value by $14.8 million and $1.3 million, respectively.
(2)During the third quarter of 2021, Nuvera recognized a $10.0 million impairment charge of property, plant and equipment.