XML 12 R2.htm IDEA: XBRL DOCUMENT v3.23.2
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
ASSETS    
Cash $ 2.3 $ 2.7
Accounts receivable, net of allowances of $14.5 and $13.0 as of June 30, 2023 and December 31, 2022, respectively 226.7 232.8
Inventories, net 498.0 399.7
Prepaid expenses and other current assets 32.5 28.1
Total current assets 759.5 663.3
NON-CURRENT ASSETS    
Property and equipment, net 425.9 377.8
Operating lease right-of-use assets, net 108.9 113.6
Goodwill 70.4 69.2
Other intangible assets, net 56.3 60.7
Other assets 9.2 6.0
TOTAL ASSETS 1,430.2 1,290.6
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Current portion of long-term debt 5.5 4.2
Accounts payable 79.1 90.8
Customer deposits 19.7 27.9
Accrued expenses 51.5 55.1
Current operating lease liabilities 15.3 14.8
Current deferred revenue 12.2 14.1
Other current liabilities 10.0 7.5
Total current liabilities 541.3 471.2
NON-CURRENT LIABILITIES    
Lines of credit, net 290.3 217.5
Long-term debt, net of current portion 311.6 311.2
Finance lease obligations, net of current portion 21.1 15.4
Deferred revenue, net of current portion 4.9 4.9
Guaranteed purchase obligations, net of current portion 3.3 4.7
Long-term operating lease liabilities, net of current portion 97.6 101.9
Deferred tax liability 6.4 6.4
Other liabilities 12.3 17.6
Total 1,288.8 1,150.8
CONTINGENCIES - NOTE 13
STOCKHOLDERS’ EQUITY    
Preferred stock, $0.0001 par value per share, 1,000,000 shares authorized, 1,200,000 Depositary Shares representing a 1/1000th fractional interest in a share of 10% Series A Cumulative Perpetual Preferred Stock, $0.0001 par value per share, issued and outstanding at both June 30, 2023 and December 31 ,2022
Common stock, $0.0001 par value per share, 200,000,000 shares authorized; 32,368,112 and 32,194,243 issued and outstanding at June 30, 2023 and December 31, 2022, respectively
Additional paid-in capital 224.7 222.8
Treasury stock at cost, 862,182 shares of common stock held at both June 30, 2023 and December 31, 2022 (5.9) (5.9)
Accumulated deficit (76.5) (74.2)
Accumulated other comprehensive loss (0.9) (2.9)
TOTAL STOCKHOLDERS’ EQUITY 141.4 139.8
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY 1,430.2 1,290.6
New Equipment    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Floor plan payable 275.3 211.5
Used and Rental Equipment    
LIABILITIES AND STOCKHOLDERS’ EQUITY    
Floor plan payable $ 72.7 $ 45.3