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Published: 2024-08-06 16:55:42 ET
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EX-99 2 hydataschedule63024ex99.htm EX-99 Document

EXHIBIT 99
Hyster-Yale, Inc.
(in millions of $, except percentage data)
Revenues - ConsolidatedRevenues - Consolidated - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
20241,056.5 1,168.1 20245.7 %7.1 %
Gross Profit (6)
Gross Profit % (6)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024235.7259.3202422.3 %22.2 %
Operating Expenses (6)(7)(8)
Operating Expenses as a % of Revenue (6)(7)(8)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024151.9 163.7 202414.4 %14.0 %
Operating Profit (Loss) (6)(7)(8)
Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202483.8 95.6 20247.9 %8.2 %
Interest (Income) Expense
Q1Q2Q3Q4FY
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 
20247.8 8.0 
Income (Loss) Before Taxes
Effective Income Tax Rate (9)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202476.9 90.0 202432.6 %29.0%


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Net Income (Loss) Attributable to Stockholders (9)
Q1Q2Q3Q4FY
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 
202451.5 63.3 
Depreciation and Amortization Expense
Q1Q2Q3Q4FY
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 
202411.7 12.4 
Net Working Capital (1)
Net Working Capital as % of Revenue (2)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
2020595.7 577.4 517.5 493.4 493.4 202019.0 %22.1 %19.8 %17.5 %17.5 %
2021539.7 645.9 692.4 697.0 697.0 202118.4 %21.1 %23.1 %22.7 %22.7 %
2022704.7 751.9 686.2 715.7 715.7 202221.3 %21.0 %20.4 %20.2 %20.2 %
2023763.0 809.0 777.8 783.0 783.0 202319.1 %18.5 %19.4 %19.0 %19.0 %
2024789.6 855.9 202418.7 %18.3 %
Capital Expenditures
Q1Q2Q3Q4FY
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 
20247.5 12.2 
Net Cash Provided By (Used For) Operating Activities
Q1Q2Q3Q4FY
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 
2024 22.4 (2.5)
Net Cash Provided By (Used For) Investing Activities
Q1Q2Q3Q4FY
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)
2024(7.0)(11.7)


Hyster-Yale, Inc.
(in millions of $, except percentage data)
Cash Flow Before Financing Activities (3)
Q1Q2Q3Q4FY
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 
202415.4 (14.2)
Net Cash Provided By (Used For) Financing Activities
Q1Q2Q3Q4FY
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)
2024(30.5)19.1 
Dividends Paid to Stockholders
Q1Q2Q3Q4FY
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 
20245.7 6.1 
Total Debt
Debt to Total Capitalization (4)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024474.8 501.9 202452.5 %51.0 %
Total Equity
Return on Equity (5)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2022351.5 223.4 135.2 225.1 225.1 2022-40.9 %-53.6 %-57.7 %-28.1 %-28.1 %
2023272.3 306.2 320.6 406.8 406.8 2023-9.3 %15.1 %43.0 %41.1 %41.1 %
2024429.3 482.1 202443.5 %45.2 %
(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 annualized revenues for the quarter and the previous 4 quarters revenue at year end.
(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, Inc.
(in millions of $, except percentage data)
Non-GAAP Reconciliation of ROTCE
20192020202120222023
LTM
6/30/24 (4)
Average Stockholders' Equity (1)
527.8554.5525.5241.9288.9372.5
Average Debt (1)
324.0310.3373.4535.2532.2504.8
Average Cash (1)
(63.4)(83.4)(93.8)(66.8)(69.3)(70.3)
Average Capital Employed788.4781.4805.1710.3751.8807.0
Net Income (Loss)35.837.1(173.0)(74.1)125.9175.8
Plus: Interest Expense, Net18.012.314.927.334.733.1
Less: Income Taxes on Interest Expense, Net(4.7)(3.2)(3.9)(6.8)(8.7)(8.3)
Actual Return on Capital Employed (2)
49.146.2(162.0)(53.6)151.9200.6
Actual Return on Total Capital Employed Percentage (3)
6.2%5.9%(20.1)%(7.5)%20.2%24.9%
(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 2020 and 2021 and 25% for 2022, 2023 and 2024.
(3)Return on total 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.
(4)LTM 6/30/24 average stockholders' equity, debt and cash are calculated using the quarters ending 6/30/23, 9/30/23, 12/31/23, 3/31/24 and 6/30/24.


Lift Truck Business
(in millions of $, except percentage data)
Revenues - AmericasRevenues - Americas - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024769.7 881.5 202312.2 %11.8 %
Revenues - EMEARevenues - EMEA - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024199.4 187.8 2023-7.2 %-6.4 %
Revenues - JAPICRevenues - JAPIC - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202437.7 48.7 2023-21.3 %-1.8 %
Revenues - Lift Truck BusinessRevenues - Lift Truck Business - % change yr. over yr.
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
20241,006.8 1,118.0 20236.1 %7.6 %
Gross ProfitGross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024215.6 239.4 202421.4 %21.4 %


Lift Truck Business
(in millions of $, except percentage data)
Operating Expenses(1)
Operating Expenses as a % of revenues(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
2024126.3136.3 202312.5 %12.2 %
Operating Profit (Loss)(1)
Operating Profit (Loss) %(1)
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202489.3 103.1 20248.9 %9.2 %
(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
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 %
202496.2 102.4 2024-2.4 %6.0 %
Gross Profit (Loss)Gross Profit %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202421.8 22.4 202422.7 %21.9 %
Operating ExpensesOperating Expenses as a % of revenues
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
202418.5 18.4 202419.2 %18.0 %
Operating Profit (Loss)Operating Profit (Loss) %
Q1Q2Q3Q4FYQ1Q2Q3Q4FY
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 %
20243.3 4.0 20243.4 %3.9 %



Nuvera
(in millions of $, except percentage data)
Revenues
Q1Q2Q3Q4FY
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 
20240.5 0.2 
Gross Profit (Loss) (1)
Q1Q2Q3Q4FY
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)
2024(2.3)(2.5)
Operating Expenses (2)
Q1Q2Q3Q4FY
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 
20247.1 9.0 
Operating Profit (Loss) (1)(2)
Q1Q2Q3Q4FY
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)
2024(9.4)(11.5)
(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.