Economic Undertakings

Alta Equipment Group Launches Quarterly Common Stock Dividend and Share Repurchase Program


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LIVONIA, Mich.–(BUSINESS WIRE)–Alta Equipment Group Inc. (NYSE:ALTG) (“Alta” or “the Company”) today announced that its Board of Directors (“Board”) has launched a regular quarterly stock dividend of $0.057 per share, or approximately $0.23 per share on an annualized basis. The first dividend will be payable August 31, 2022 to shareholders of record as of August 15, 2022. The board also approved a $12.5 million share buyback program.

“Over the past few months, we have focused on our capital allocation policy given the current market conditions and consulted with many stakeholders. Since our IPO, we have executed our strategy and demonstrated our ability to generate strong free cash flow under various economic and operating conditions. Based on these discussions, our confidence in the flexibility of our business model, the historical performance of our business and our outlook, the Board has approved these capital actions. While we firmly believe that the best use of the majority of our cash flow continues to be our accretive M&A pipeline, we also believe that the investments we have made since our IPO have led the company to a level where it is appropriate to provide a cash return to our valued shareholders. In addition to the dividend, the share buyback program will provide us with a mechanism in place to buy shares when the market value is trading at a discount to the intrinsic value of the Company and when that market value is attractive relative to other uses of our cash flows. said Ryan Greenawalt, Alta’s CEO. “We believe this is a very balanced and strategic approach to capital allocation, which allows us to keep leverage at a reasonable level while pursuing our growth strategy, including acquisitions. Accretive and High-Return Organic Opportunities Our portfolio of accretive M&As remains strong, as evidenced by our closing of an agreement to acquire Yale Industrial Trucks, Inc. in Canada last week.

The maintenance of future cash dividends will be determined by the board, in its sole discretion, after reviewing the financial performance of the company and other factors, and depends on earnings, operations, capital requirements, general financial condition of the company and the general commercial conditions. .

Redemptions of shares will be made in accordance with applicable securities laws and may be made from time to time through solicited or unsolicited open market transactions or through negotiated transactions. The amount and timing of redemptions will be based on a variety of factors, including the acquisition price of the shares, regulatory limitations and other economic and market factors. No limit was imposed on the duration of the buyback program. The share buyback program does not oblige the Company to buy back a specific number of shares and the Company may terminate the buyback program at any time.

About Alta Equipment Group Inc.

Alta owns and operates one of the largest integrated equipment dealership platforms in the United States. Through its branch network, the company sells, rents and provides parts and service for several categories of specialized equipment, including forklifts and aerial work platforms, cranes, earthmoving machinery. equipment and other material handling and construction equipment. Alta has operated as an equipment dealer for 38 years and has developed a branch network that includes more than 60 total locations in Michigan, Illinois, Indiana, New England, New York, Virginia, Florida and Ohio. Alta provides customers with a one-stop-shop for most of their equipment needs by offering sales, parts, service and rental functions all under one roof. More information can be found at www.altg.com.

Forward-looking statements

This presentation includes certain statements that may constitute “forward-looking statements” for purposes of federal securities laws. Forward-looking statements include, but are not limited to, statements that refer to projections, forecasts or other characterizations of future events or circumstances, including any underlying assumptions. The words “anticipate”, “believe”, “continue”, “could”, “estimate”, “expect”, “intend”, “may”, “could”, “plan”, ” possible”, “potential”, “predict”, “project”, “should”, “would” and similar expressions may identify forward-looking statements, but the absence of such words does not mean that a statement is not prospective. Forward-looking statements may include, for example, statements about: our future financial performance; our plans for expansion and acquisitions; and changes in our strategy, future operations, financial condition, estimated revenues and losses, projected costs, outlook, plans and management objectives. These forward-looking statements are based on information available as of the date of this presentation and on current expectations, forecasts and assumptions, and involve a number of judgments, risks and uncertainties. Accordingly, forward-looking statements should not be relied upon as representing the views of the parties as of any subsequent date, and we undertake no obligation to update forward-looking statements to reflect events or circumstances after the date on which they were made. made, whether as a result of new information, future events or otherwise, except as required by applicable securities laws. You should not place undue reliance on these forward-looking statements. Due to a number of known and unknown risks and uncertainties, actual results or performance may differ materially from those expressed or implied by such forward-looking statements. Certain factors that could cause actual results to differ include, but are not limited to: (1) the outcome of any legal proceedings that may be brought against us relating to the business combination and related transactions; (2) the ability to maintain the listing of our common stock on the New York Stock Exchange; (3) the risk that the integration of our acquisitions will disrupt our current plans and operations; (4) the ability to recognize the anticipated benefits of our business combination and acquisitions, which may be affected by, among other things, competition, our ability to grow and manage growth profitably, our ability to maintain relationships with our customers and suppliers and to retain our management and key employees; (5) changes in applicable laws or regulations; (6) the possibility that we will be affected by other economic, business and/or competitive factors; (7) disruptions in domestic or international political, regulatory, economic and social conditions; (8) major public health issues, such as a pandemic or epidemic outbreak (such as the novel coronavirus COVID-19), which could cause disruptions to our operations, supply chain, or workforce ; and (9) and other risks and uncertainties identified in this presentation or disclosed from time to time in the section titled “Risk Factors” in our Annual Report on Form 10-K and other filings with the Securities and United States Exchange Commission (the “SEC”). The Company cautions that the above list of factors is not exclusive and that readers should not place undue reliance on forward-looking statements, which speak only as of the date made. We neither assume nor accept any obligation or undertaking to issue updates or revisions to any forward-looking statement to reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement is based.

Investors:

Kevin Inda

SCR Partners, LLC

[email protected]

(225) 772-0254

Media:

Glenn Moore

Alta Equipment

[email protected]

(248) 305-2134

Source: Alta Equipment Group Inc.