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Published: 2023-10-31 16:54:13 ET
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EX-99 2 hydataschedule93023ex99.htm EX-99 Document

EXHIBIT 99
Hyster-Yale Materials Handling, Inc.
(in millions, 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 202320.7 %21.8 %19.2 %
Gross Profit (4)
Gross Profit % (4)
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 %
2023174.4197.9203.6202317.5 %18.1 %20.3 %
Operating Expenses (4)(5)(6)
Operating Expenses as a % of Revenue (4)(5)(6)
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 202313.2 %12.8 %14.5 %
Operating Profit (Loss) (4)(5)(6)
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 20234.3 %5.4 %5.9 %
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 
Income (Loss) Before Taxes
Effective Income Tax Rate (7)
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 202324.2 %23.6%30.8 %


Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Net Income (Loss) Attributable to Stockholders (7)
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 
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 
Net Working Capital (1)
Q1Q2Q3Q4FY
2019594.3 679.7 643.0 611.1 611.1 
2020595.7 577.4 517.5 493.4 493.4 
2021539.7 645.9 692.4 697.0 697.0 
2022704.7 751.9 686.2 715.7 715.7 
2023763.0 809.0 777.8 
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 
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 
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)


Hyster-Yale Materials Handling, Inc.
(in millions, except percentage data)
Cash Flow Before Financing Activities (2)
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 
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)
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 
Total Debt
Q1Q2Q3Q4FY
2019309.4 370.9 351.1 287.0 287.0 
2020340.1 337.7 297.7 289.2 289.2 
2021285.4 345.7 428.0 518.5 518.5 
2022479.0 580.6 545.0 552.9 552.9 
2023560.6 542.3 510.6 
Permanent Equity
Return on Equity (3)
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 %
2023257.6 292.3 304.4 2023-9.8 %16.1 %45.6 %
(1)Net working capital is equal to accounts receivable, net plus inventories, net less accounts payable.
(2)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.
(3)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.
(4)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.
(5)During the third quarter of 2021, Nuvera recognized a $10.0 million impairment charge of property, plant and equipment.
(6)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.
(7)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.



Lift Truck Business
(in millions, 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 
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 
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 202323.0 %32.2 %25.4 %
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 202226.6 %8.5 %15.4 %
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 2023-7.4 %-23.6 %-21.2 %
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 202221.8 %22.7 %19.6 %
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 202316.4 %17.0 %19.5 %


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 202311.4 %11.0 %12.7 %
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 20235.0 %6.0 %6.8 %
(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, 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 20233.7 %11.8 %12.9 %
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 202321.0 %23.4 %21.0 %
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 202316.5 %17.8 %17.9 %
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 20234.5 %5.6 %3.1 %



Nuvera
(in millions, 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 
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)
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 
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)
(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.