Financial Data and Key Metrics Changes - The company reported a consolidated revenue increase of 15.3% year-over-year, reaching $829.7 million compared to $719.6 million in the prior year [16] - Despite higher revenues, the company faced an operating loss of $107 million, a significant decline from an operating profit of $13.7 million in the prior year [17] - The consolidated net loss was $103.3 million, compared to a net income of $13.1 million in the prior year quarter [20] Business Line Data and Key Metrics Changes - Lift Truck bookings increased by 16.5% year-over-year but decreased by 10.5% from the third quarter, totaling 33,200 units [15] - The Lift Truck business, excluding goodwill impairment, reported an adjusted operating loss of $37.6 million compared to an operating profit of $24.4 million in the prior year [20][21] - Bolzoni's revenues increased by 36.9% year-over-year, but it still reported an operating loss of $2.2 million [23] Market Data and Key Metrics Changes - The global lift truck market grew by more than 15% year-over-year, but growth moderated compared to the first nine months of the year [26] - The EMEA market saw a significant increase of nearly 19%, while the Americas market experienced a 12.5% decrease [26] Company Strategy and Development Direction - The company aims to introduce new modular and scalable products and transform its sales approach to meet customer needs [35] - Strategic initiatives include ramping up fuel cell capabilities and optimizing manufacturing operations [80] - The company expects to achieve significant operating profit and net income in 2023, driven by improved margins and backlog management [45][92] Management Comments on Operating Environment and Future Outlook - Management acknowledged ongoing supply chain challenges but expressed optimism about improving conditions in the second half of 2022 [41][44] - The company anticipates continued material cost inflation but expects to manage these through price increases and operational efficiencies [42][91] - Management emphasized the importance of maintaining liquidity and managing capital expenditures during this challenging period [49] Other Important Information - The company recorded a non-cash goodwill impairment charge of $55.6 million in the JAPIC segment due to supply chain disruptions [17] - Cash on hand at the end of the quarter was $65.5 million, with total debt of $518.5 million [51] Q&A Session Summary Question: Trends in lift truck gross margins for Q1 and Q2 - Management indicated that gross margins are expected to improve as production increases and supply chain issues lessen [59][60] Question: Improvement in deliveries despite holiday season - Management attributed improved deliveries to effective inventory management and a large backlog of trucks [62][66] Question: Working capital trends and liquidity - Management expressed confidence in liquidity, expecting inventory levels to decrease as production ramps up [69][70] Question: Strategic investments and delays - Management confirmed that while some strategic investments have been delayed, critical programs remain funded [80][84] Question: Main supply chain constraints - Management highlighted ongoing issues with electronics and wiring systems as primary constraints affecting production [108][109] Question: Nuvera's growth potential and partnerships - Management discussed the importance of collaboration in the hydrogen business and the potential for strategic partnerships [117][119]

Economic Impact - Hyster-Yale Materials Handling, Inc. reported a significant decline in economic activity due to the COVID-19 pandemic, which adversely affected demand for its products and led to reduced production levels[111]. - The company faced significant material cost inflation and supply chain constraints, impacting its results of operations in 2021[117]. - Nuvera Fuel Cells, LLC, a subsidiary focused on hydrogen fuel cell technology, experienced halted progress on certain agreements due to pandemic-related disruptions[122]. Financial Performance - Revenues increased by 9.4% to $3,075.7 million in 2021 from $2,812.1 million in 2020, primarily due to higher unit and parts volume in the lift truck business and Bolzoni[138]. - Gross profit decreased by 21.9% to $363.4 million in 2021 from $465.4 million in 2020, with a notable decline in the Americas segment[135]. - Operating loss for the Company was $152.3 million in 2021, compared to an operating profit of $49.9 million in 2020, reflecting significant challenges across segments[135]. - Net income attributable to stockholders was a loss of $173.0 million in 2021, a decline of 566.3% from a profit of $37.1 million in 2020[135]. - The company recognized a net loss attributable to stockholders of $173.0 million in 2021, compared to net income of $37.1 million in 2020, mainly due to lower operating profit and a valuation allowance of $58.6 million against deferred tax assets[148]. Segment Performance - The Americas segment reported revenues of $1,984.6 million in 2021, a 4.9% increase from $1,891.2 million in 2020[134]. - EMEA revenues rose by 15.3% to $678.9 million in 2021, up from $588.6 million in 2020, driven by favorable foreign currency movements and increased customer demand[134]. - JAPIC revenues increased by 21.1% to $233.9 million in 2021, compared to $193.1 million in 2020, attributed to improved unit volumes and favorable currency movements[134]. - EMEA's operating profit fell from $3.1 million in 2020 to $0.3 million in 2021, driven by higher selling, general and administrative expenses and the absence of $7.8 million in government subsidies received in 2020[144]. - JAPIC's operating loss increased to $67.5 million in 2021 from $19.6 million in 2020, primarily due to the goodwill impairment charge[145]. Operational Metrics - The lift truck unit shipments totaled 94.9 thousand in 2021, an 11.0% increase from 85.5 thousand in 2020[134]. - The Company’s unit backlog at the end of 2021 was 105.3 thousand units, significantly up from 40.6 thousand units at the end of 2020[136]. - Bookings for lift trucks reached an approximate sales value of $3,820 million in 2021, compared to $2,020 million in 2020, indicating strong demand recovery[137]. Impairments and Charges - The company recognized a $55.6 million goodwill impairment charge for the JAPIC reporting unit in Q4 2021, with $11.7 million related to non-controlling interest[117]. - The company recorded non-cash impairment charges of $65.6 million in 2021, contributing to the overall financial losses[160]. Cash Flow and Debt - Net cash used for operating activities decreased by $420.4 million in 2021, primarily due to changes in working capital and net income loss, influenced by global supply chain constraints[160]. - Net cash provided by financing activities increased by $234.2 million in 2021, primarily due to additional borrowings to fund working capital needs[163]. - The Company has a $300.0 million secured revolving credit facility with $155.0 million borrowings outstanding as of December 31, 2021, and $140.1 million available[164]. - The Company has a $225.0 million term loan with $223.9 million principal outstanding as of December 31, 2021, requiring quarterly principal payments of $562,500[168]. - Total contractual cash obligations amount to approximately $1,428.0 million, with $1,032.4 million due in 2022[174]. Future Outlook - The Company expects a large net loss in Q1 2022, a reduced net loss in Q2, approximately breakeven in Q3, and substantial net income in Q4 2022[185]. - The global lift truck market is expected to decrease in 2022 compared to 2021, with a substantial decrease in bookings anticipated[188]. - Material cost inflation and higher freight costs are expected to persist in 2022, leading to continued high component and freight costs compared to 2021[190]. - The Company anticipates very low margins in Q1 2022, with expectations of improved margins in subsequent quarters, particularly in Q4 2022[191]. - The Lift Truck business expects to transition from significant operating losses in Q1 2022 to substantial operating profit and net income in Q4 2022[193]. - Bolzoni expects to achieve moderate operating profit in Q1 2022, with improving profits throughout the year compared to losses in 2021[194]. - Nuvera is focusing on the commercialization of its 45kW and 60kW engines, with expectations of reduced losses in 2022 due to enhanced fuel cell shipments[196]. Strategic Initiatives - The company plans to purchase an additional 15% equity interest in Hyster-Yale Maximal for $25.2 million, with annual installments of $8.4 million from June 2022 to June 2024[105]. - Hyster-Yale aims to enhance productivity for customers while providing the lowest cost of ownership and plans to grow in emerging markets and the attachments business[110]. - The Company is implementing a "One Company - 3 Brands" approach to streamline operations and strengthen its commercial capabilities in North America and JAPIC[195]. Risks and Challenges - The Company is subject to risks including supply chain disruptions, inflation, and foreign currency fluctuations, which could materially affect its results[199].

Q HYSTER-YALE Bank of America Leveraged Finance Conference Tuesday, November 30, 2021 TRANSFORMING HYSTER-YALE AN INDUSTRY APPROACH Safe Harbor Statement & Disclosure This presentation includes forward-looking comments subject to important risks and uncertainties. It may also contain financial measures that are not in conformance with accounting principles generally accepted in the United States of America (GAAP). Refer to Hyster-Yale's reports filed on Forms 8-K (current), 10-Q (quarterly), and 10-K (annua ...

Financial Data and Key Metrics Changes - The company reported a consolidated revenue of $748.2 million for Q3 2021, a 14.7% increase from the previous year, but an operating loss of $54.3 million compared to an operating profit of $7.3 million in the prior year [9][10] - A consolidated net loss of $77.2 million was reported, compared to a net income of $5.1 million in the same quarter last year [10] Business Line Data and Key Metrics Changes - The lift truck business experienced an operating loss of $21.3 million, down from an operating profit of $16.2 million in the prior year, primarily due to increased costs and lower gross profit [11] - Bolzoni's revenues increased by 42.2% year-over-year, but it reported breakeven operating results due to higher material and freight costs [11] - Nuvera's revenue decreased to $200,000 from $700,000 in the prior year, resulting in an operating loss of $32.5 million, up from $8.7 million in 2020 [12] Market Data and Key Metrics Changes - The global lift truck market increased approximately 23% year-over-year but decreased more than 14% compared to the second quarter of 2021 [14] - The company ended Q3 2021 with a historically high backlog of 98,800 units, reflecting strong bookings despite a decrease from the record level in Q2 2021 [8][9] Company Strategy and Development Direction - The company is focused on three core strategies: providing lower cost of ownership while enhancing customer productivity, leading in industry and customer-focused solutions, and excelling in independent distribution [19][20][21] - The company aims to manage margins in its record backlog and has implemented price increases to address material cost inflation [18] Management's Comments on Operating Environment and Future Outlook - Management indicated that supply chain constraints have worsened, impacting the ability to ship units and leading to significant operating losses [6][7] - The outlook for the global lift truck market is expected to decline in Q4 2021 compared to the prior year, but remain significantly higher than pre-pandemic levels [15] - The company anticipates significant operating and net losses in Q4 2021 and the first half of 2022, with a return to profitability expected in the second half of 2022 [27][29] Other Important Information - The company has cash on hand of $61.4 million and debt of $428 million as of September 30, 2021, compared to cash of $87.5 million and debt of $345.7 million at June 30, 2021 [30] - The company is focused on maintaining liquidity and has adequate borrowing facilities to weather near-term challenges [29][30] Q&A Session Summary Question: Pricing actions in relation to current backlog and margins - Management noted that margin compression is primarily driven by commodity price increases and logistics challenges, with expectations for modest sequential improvement as newer orders reflect price increases [40][41][42] Question: Capex and its impact on strategic initiatives - Management is scrubbing capex but ensuring that critical strategic programs are not delayed, focusing on managing working capital effectively [45][46] Question: Updates on Nuvera's commercialization efforts - Nuvera is focusing on fuel cell applications in captive vehicle markets and is developing integrated fuel cell solutions for larger trucks [72][74] Question: Volatility in revenue and margins - Management indicated that shorter cycle times in certain segments have allowed for better responsiveness to material cost increases, contributing to improved revenue despite challenges [55][56] Question: Supply chain issues and their impact - Management acknowledged that increased consumer demand has led to significant supply chain constraints, affecting margins and overall operations [63][64] Question: Nuvera's test facility and market strategy - Management highlighted increased interest in fuel cells across various regions, with a strategic focus on applications that benefit from fuel cell technology [77][79]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 _______________________________________________________________________________________________________________________________________________________________________________________________________ FORM 10-Q (Mark One) ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended: September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE ...

Hyster-Yale Materials Handling, Inc. (NYSE:HY) Q2 2021 Results Conference Call August 4, 2021 11:00 AM ET Company Participants Christina Kmetko - IR Al Rankin - Chairman and CEO Rajiv Prasad - President Ken Schilling - SVP and CFO Conference Call Participants Steve Ferazani - Sidoti & Company Brett Kearney - Gabelli Funds Operator Good day, and thank you for standing by, and welcome to the Hyster-Yale Q2 2021 Earnings Conference Call. At this time, all participants are in a listen-only mode. After the speak ...

| Part I. | FINANCIAL | | Number | | --- | --- | --- | --- | | | INFORMATION | | | | | Item 1 | Financial Statements | | | | | Unaudited Condensed Consolidated Balance Sheets | 2 | | | | Unaudited Condensed Consolidated Statements of Operations | 3 | | | | Unaudited Condensed Consolidated Statements of Comprehensive Income (Loss) | 4 | | | | Unaudited Condensed Consolidated Statements of Cash Flows | 5 | | | | Unaudited Condensed Consolidated Statements of Changes in Equity | 6 | | | | Notes to Unaudited Co ...

Financial Data and Key Metrics Changes - In Q1 2021, consolidated revenues decreased by 6.8% to $732.2 million from $785.7 million in Q1 2020, primarily due to lower shipments in the Americas [16][18] - Consolidated net income fell to $5.6 million or $0.33 per share, down from $15.3 million or $0.91 per share in the prior year [18] - Operating profit decreased to $3.1 million from $20.2 million in the prior year, impacted by increased material costs and manufacturing variances [17][18] Business Line Data and Key Metrics Changes - In the Lift Truck business, operating profit decreased by $2.2 million from $28 million in the prior year quarter due to supply chain challenges [19] - Bolzoni's revenues decreased by 9.6%, with operating profit dropping to $8,000 from $2.7 million in the prior year [19][20] - Nuvera experienced a revenue decrease and an increase in operating loss to $9.8 million from $9.4 million in the previous year [21] Market Data and Key Metrics Changes - The global lift truck market grew significantly, with a 46% increase compared to Q1 2020, excluding China [24] - In Q1 2021, the global lift truck market, including China, increased by 20% compared to Q4 2020, driven by strong demand in EMEA and the Americas [25] - Despite increased bookings, unit shipments were lower than Q1 2020 due to production rate adjustments to match component availability [26] Company Strategy and Development Direction - The company is focusing on strategic projects to enhance market share and has introduced new modular product families for both internal combustion and electric trucks [31][32] - Bolzoni is implementing a "One Company Three Brands" approach to streamline operations and strengthen its North American presence [34] - Nuvera is concentrating on heavy-duty applications and accelerating commercialization of its hydrogen engines [36] Management's Comments on Operating Environment and Future Outlook - Management noted that supply chain disruptions significantly impacted production and material costs, leading to lower earnings in Q1 2021 [8][10] - The company expects market growth to moderate but anticipates increased bookings for the full year compared to 2020 [28][29] - Future production levels are uncertain due to ongoing supply chain challenges, but management is optimistic about resolving these issues in the second half of the year [43][44] Other Important Information - The company reinstated pre-pandemic salaries and benefits effective January 1, 2021, while continuing other cost containment measures [39] - As of March 31, 2021, the company had cash on hand of $103 million and debt of $285.4 million, with unused borrowing capacity of approximately $265.3 million [50] Q&A Session Summary Question: Did supply chain constraints become more challenging as Q1 progressed? - Management indicated that while challenges persisted throughout the quarter, visibility into the supply chain improved over time, with specific issues being addressed [58][62] Question: How sticky is the backlog? - Management expressed confidence that the majority of the backlog is stable, as customers are aware of lead times and market challenges [65][67] Question: What is the impact of tariff exclusions? - Management highlighted concerns regarding the lack of a tariff exclusion process under the new administration, which could lead to increased costs [73][74] Question: What opportunities exist for Nuvera? - Management noted increased opportunities for product demonstrations, particularly in heavy-duty vehicle markets, with traction seen in Europe and North America [84][86]

Part I. FINANCIAL INFORMATION [Item 1. Financial Statements](index=4&type=section&id=Item%201.%20Financial%20Statements) The company presents its unaudited condensed consolidated financial statements for the quarter ended March 31, 2021 [Unaudited Condensed Consolidated Financial Statements](index=4&type=section&id=Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Q1 2021 financials show a slight asset increase, a sharp decline in net income, and negative operating cash flow Condensed Consolidated Balance Sheets | | MARCH 31, 2021 | DECEMBER 31, 2020 | | :--- | :--- | :--- | | **Total Current Assets** | $1,185.0 million | $1,129.7 million | | **Total Assets** | $1,874.1 million | $1,859.5 million | | **Total Current Liabilities** | $823.2 million | $755.9 million | | **Total Liabilities** | $1,258.3 million | $1,208.4 million | | **Total Equity** | $615.8 million | $651.1 million | Condensed Consolidated Statements of Operations | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Revenues** | $732.2 million | $785.7 million | | **Gross Profit** | $118.4 million | $136.7 million | | **Operating Profit** | $3.1 million | $20.2 million | | **Net Income Attributable to Stockholders** | $5.6 million | $15.3 million | | **Diluted Earnings per Share** | $0.33 | $0.91 | Condensed Consolidated Statements of Cash Flows | | Three Months Ended March 31, 2021 | Three Months Ended March 31, 2020 | | :--- | :--- | :--- | | **Net cash used for operating activities** | ($47.1) million | ($45.7) million | | **Net cash provided by (used for) investing activities** | $9.5 million | ($17.4) million | | **Net cash provided by (used for) financing activities** | ($8.0) million | $53.1 million | | **Cash and Cash Equivalents, end of period** | $103.0 million | $50.4 million | [Notes to Unaudited Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail the negative impact of the COVID-19 pandemic, including supply chain constraints and cost inflation - In Q1 2021, the company experienced **pandemic-related supply chain constraints**, component shortages, shipping issues, and **significant material cost inflation**[21](index=21&type=chunk)[83](index=83&type=chunk) Revenues by Segment | Segment | Q1 2021 Revenue | Q1 2020 Revenue | | :--- | :--- | :--- | | Americas | $459.7 million | $550.7 million | | EMEA | $170.7 million | $152.1 million | | JAPIC | $60.5 million | $44.6 million | | Bolzoni | $79.5 million | $87.9 million | | Nuvera | $0 million | $1.4 million | Operating Profit (Loss) by Segment | Segment | Q1 2021 Operating Profit (Loss) | Q1 2020 Operating Profit (Loss) | | :--- | :--- | :--- | | Americas | $14.6 million | $38.5 million | | EMEA | $0.1 million | ($4.5) million | | JAPIC | ($2.5) million | ($6.0) million | | Bolzoni | $0.8 million | $2.7 million | | Nuvera | ($9.8) million | ($9.4) million | - As of March 31, 2021, the company had total recourse or repurchase obligations of **$120.6 million** related to financing arrangements[73](index=73&type=chunk) - The company sold its investment in OneH2, Inc for **$15.7 million** during Q1 2021, recognizing a gain of **$4.6 million**[78](index=78&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes the significant Q1 2021 performance decline to supply chain constraints and cost inflation [Financial Review](index=24&type=section&id=Financial%20Review) Q1 2021 revenues and operating profit declined sharply due to lower volumes and significant cost inflation Key Financial Metrics | Metric | Q1 2021 | Q1 2020 | % Change | | :--- | :--- | :--- | :--- | | **Revenues** | $732.2 M | $785.7 M | (6.8)% | | **Gross profit** | $118.4 M | $136.7 M | (13.4)% | | **Operating profit** | $3.1 M | $20.2 M | (84.7)% | | **Net income attributable to stockholders** | $5.6 M | $15.3 M | (63.4)% | Bookings and Backlog | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | **Unit Bookings (thousands)** | 42.4 | 19.4 | | **Unit Backlog, end of period (thousands)** | 60.7 | 37.3 | | **Backlog, approx. sales value** | $1,520 million | $960 million | - The decrease in operating profit was mainly due to a **$17.1 million decline** in lift truck gross profit and a **$1.9 million decrease** from Bolzoni operations[94](index=94&type=chunk) [Liquidity and Capital Resources](index=27&type=section&id=Liquidity%20and%20Capital%20Resources) The company's liquidity tightened with decreased cash, though it maintained access to significant credit facilities - Net cash used for operating activities increased slightly to **$47.1 million** in Q1 2021 from $45.7 million in Q1 2020, primarily due to lower net income[100](index=100&type=chunk)[101](index=101&type=chunk) - As of March 31, 2021, the company had **$235.5 million available** under its $240.0 million secured revolving credit facility and was in compliance with all debt covenants[104](index=104&type=chunk)[106](index=106&type=chunk) Key Liquidity and Capitalization Metrics | | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Cash and cash equivalents** | $103.0 million | $151.4 million | | **Total debt** | $285.4 million | $289.2 million | | **Total equity** | $615.8 million | $651.1 million | | **Debt to total capitalization** | 32% | 31% | [Business Prospects](index=29&type=section&id=Business%20Prospects) Management expects near-term headwinds from supply chain issues but anticipates improved Q2 2021 results - Lift truck markets grew significantly faster than anticipated in Q1 2021, leading to a substantial increase in the company's bookings and a **record-high backlog**[115](index=115&type=chunk)[121](index=121&type=chunk) - **Production headwinds** from supply chain constraints, **significant material cost inflation**, and higher freight costs are expected to continue into Q2 and Q3 2021[121](index=121&type=chunk) - Operating profit and net income in Q2 2021 are expected to be **significantly higher** than the very low results of Q2 2020 and Q1 2021[122](index=122&type=chunk) - Long-term strategy focuses on key initiatives expected to have a **transformational impact** on competitiveness and performance[126](index=126&type=chunk)[127](index=127&type=chunk)[131](index=131&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=32&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company reports no material changes to its market risk exposures since its 2020 Annual Report - There have been **no material changes** in the Company's market risk exposures since December 31, 2020[138](index=138&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021 - Based on an evaluation, the principal executive and financial officers concluded that the Company's disclosure controls and procedures were **effective**[140](index=140&type=chunk) - During the first quarter of 2021, there were **no changes** in the Company's internal control over financial reporting that materially affected its internal controls[141](index=141&type=chunk) Part II. OTHER INFORMATION [Item 1. Legal Proceedings, Item 1A. Risk Factors, and Other Items](index=33&type=section&id=Item%201.%20Legal%20Proceedings%2C%20Item%201A.%20Risk%20Factors%2C%20and%20Other%20Items) The company reports no new legal proceedings or material changes to previously disclosed risk factors - The company reports **no new legal proceedings**[142](index=142&type=chunk) - There have been **no material changes** from risk factors previously disclosed in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2020[142](index=142&type=chunk)

Financial Data and Key Metrics Changes - Consolidated revenues for Q4 2020 decreased to $719.6 million, down 13.8% from the previous year, primarily due to lower shipments resulting from the pandemic [11] - Operating profit increased significantly to $13.7 million from $8.1 million in the prior year quarter, attributed to lower operating expenses [11] - Net income rose to $13.1 million or $0.78 per share from $3.4 million or $0.20 per share in the prior year quarter [12] Business Line Data and Key Metrics Changes - Lift truck business revenues decreased 14.3% to $683.9 million from $798.2 million in 2019, mainly due to fewer shipments in the Americas and EMEA segments [12] - Operating profit in the lift truck business increased 37.9% from the prior year quarter, mainly due to lower operating expenses and European government subsidies [13] - Bolzoni segment revenues decreased 21.5%, reporting an operating loss of $1.3 million compared to an operating profit of $500,000 in Q4 2019 [14] Market Data and Key Metrics Changes - The global lift truck market increased 9.3% compared to Q4 2019, with a significant increase in bookings in December 2020 [16] - Excluding China, the global lift truck market grew 9.3%, while China saw a 56% increase over the prior year [16] - The backlog level was close to pre-pandemic levels due to strong bookings in Q4 2020 [17] Company Strategy and Development Direction - The company continues to execute long-term strategic initiatives despite near-term economic volatility, focusing on cost containment and operational efficiency [18] - New product introductions are prioritized, including a modular, scalable product family for both internal combustion engine and electric trucks, with a launch expected in Q2 2021 [19] - Bolzoni is enhancing its North America growth strategy by introducing locally produced attachments and implementing a streamlined organizational approach [21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the market recovery but acknowledged ongoing challenges such as supply chain constraints and cost inflation [24][28] - The company plans to increase capital expenditures to approximately $71 million in 2021, up from $51.7 million in 2020, while maintaining liquidity [33] - Future bookings and shipments remain uncertain due to the pandemic's impact, but management expects improved conditions as vaccinations become widespread [30][32] Other Important Information - The company recognized a restructuring charge of approximately $4.4 million in Q4 2020, with anticipated annual benefits of approximately $10.4 million starting in 2022 [26] - Cash on hand increased to $151.4 million at year-end 2020, with unused borrowing capacity of approximately $266.4 million under existing revolving credit facilities [34] Q&A Session Summary Question: How can we think about 2021 sales compared to pre-pandemic 2019 sales? - Management highlighted uncertainty in forecasting due to pandemic impacts but noted strong bookings and backlog returning to pre-pandemic levels [41][42] Question: Can you quantify the percentage of costs that are going to be reinstated in the earlier part of the year? - Management indicated that a significant portion of cost savings programs have been reinstated, particularly salaries and benefits, but efforts to hold costs down will continue [44][45] Question: What is the outlook for Nuvera and its market potential? - Management expressed confidence in Nuvera's growth potential and ongoing efforts to build commercial operations globally, including traction in various markets [49][53]