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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, 2022
OR
 TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from                      to                     
Commission file number 000-54799
HYSTER-YALE MATERIALS HANDLING, INC.
 (Exact name of registrant as specified in its charter) 
Delaware 31-1637659
(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)
5875 LANDERBROOK DRIVE, SUITE 300
CLEVELAND(440)
OH449-960044124-4069
(Address of principal executive offices)(Registrant's telephone number, including area code)(Zip code)
N/A
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Class A Common Stock, $0.01 Par Value Per ShareHYNew York Stock Exchange
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
Yes No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filerAccelerated filerNon-accelerated filerSmaller reporting companyEmerging growth company

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES NO

Number of shares of Class A Common Stock outstanding at October 28, 2022: 13,146,890
Number of shares of Class B Common Stock outstanding at October 28, 2022: 3,791,625




HYSTER-YALE MATERIALS HANDLING, INC.
TABLE OF CONTENTS
   Page Number
 
    
  
    
  
    
  
    
  
    
  
    
  
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
 
    
  

1

PART I
FINANCIAL INFORMATION
Item 1. Financial Statements

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
 SEPTEMBER 30
2022
 DECEMBER 31
2021
 (In millions, except share data)
ASSETS   
Current Assets   
Cash and cash equivalents$68.6  $65.5 
Accounts receivable, net460.1  457.4 
Inventories, net779.0  781.0 
Prepaid expenses and other67.9  46.1 
Total Current Assets1,375.6  1,350.0 
Property, Plant and Equipment, Net302.1  330.5 
Intangible Assets, Net43.1 50.7 
Goodwill49.0 56.5 
Deferred Income Taxes4.8  3.7 
Investments in Unconsolidated Affiliates55.5 71.7 
Other Non-current Assets102.7  107.0 
Total Assets$1,932.8  $1,970.1 
LIABILITIES AND EQUITY   
Current Liabilities   
Accounts payable$533.4  $517.0 
Accounts payable, affiliates19.5 24.4 
Revolving credit facilities131.5 165.3 
Short-term debt and current maturities of long-term debt140.9  91.5 
Accrued payroll50.7  57.1 
Deferred revenue153.3  49.7 
Other current liabilities278.1  199.6 
Total Current Liabilities1,307.4  1,104.6 
Long-term Debt272.6  261.7 
Self-insurance Liabilities32.3 33.5 
Pension Obligations7.9  6.2 
Deferred Income Taxes10.6 12.7 
Other Long-term Liabilities166.8  168.5 
Total Liabilities1,797.6  1,587.2 
Temporary Equity
Redeemable Noncontrolling Interest13.7  
Stockholders' Equity   
Common stock:   
Class A, par value $0.01 per share, 13,136,891 shares outstanding (2021 - 12,994,106 shares outstanding)
0.1  0.1 
Class B, par value $0.01 per share, convertible into Class A on a one-for-one basis, 3,791,944 shares outstanding (2021 - 3,832,794 shares outstanding)
0.1  0.1 
Capital in excess of par value295.0  315.1 
Treasury stock (4.5)
Retained earnings150.5  248.6 
Accumulated other comprehensive loss(331.7) (202.3)
Total Stockholders' Equity114.0  357.1 
Noncontrolling Interests7.5  25.8 
Total Permanent Equity121.5  382.9 
Total Liabilities and Equity$1,932.8  $1,970.1 

See notes to unaudited condensed consolidated financial statements.
2

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
 THREE MONTHS ENDEDNINE MONTHS ENDED
 SEPTEMBER 30SEPTEMBER 30
 2022 20212022 2021
 (In millions, except per share data)
Revenues$840.1  $748.2 $2,563.1 $2,246.0 
Cost of sales753.2  683.1 2,275.9 1,946.1 
Gross Profit86.9  65.1 287.2  299.9 
Operating Expenses
Selling, general and administrative expenses111.8  119.4 346.1 345.2 
Operating Loss(24.9) (54.3)(58.9) (45.3)
Other (income) expense   
Interest expense7.7  4.1 18.9 10.7 
Income from unconsolidated affiliates(2.6) (2.6)(9.6)(8.2)
Other, net2.4  0.5 7.3 0.1 
 7.5  2.0 16.6  2.6 
Loss Before Income Taxes(32.4) (56.3)(75.5) (47.9)
Income tax expense4.2  20.5 4.0 20.5 
Net Loss(36.6) (76.8)(79.5) (68.4)
Net income attributable to noncontrolling interests(0.1)(0.4)(1.6)(1.3)
Net income attributable to redeemable noncontrolling interests(0.3) (0.3) 
Accrued dividend to redeemable noncontrolling interests(0.3) (0.3) 
Net Loss Attributable to Stockholders$(37.3) $(77.2)$(81.7)$(69.7)
    
Basic Loss per Share$(2.20) $(4.59)$(4.84) $(4.15)
Diluted Loss per Share$(2.20) $(4.59)$(4.84) $(4.15)
Dividends per Share$0.3225  $0.3225 $0.9675 $0.9625 
    
Basic Weighted Average Shares Outstanding16.920  16.820 16.890 16.815 
Diluted Weighted Average Shares Outstanding16.920  16.820 16.890 16.815 

See notes to unaudited condensed consolidated financial statements.
3

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
 THREE MONTHS ENDEDNINE MONTHS ENDED
 SEPTEMBER 30SEPTEMBER 30
 2022202120222021
(In millions)
Net Loss$(36.6)$(76.8)$(79.5)$(68.4)
Other comprehensive income (loss)  
Foreign currency translation adjustment(30.2)(14.6)(75.1)(27.4)
Current period cash flow hedging activity(26.1)(18.8)(73.8)(28.1)
Reclassification of hedging activities into earnings12.8 (2.9)20.2 (5.2)
Current period pension adjustment(4.2)(1.4)(4.2)(1.4)
Reclassification of pension into earnings1.1 1.5 3.5 3.7 
Comprehensive Income (Loss)$(83.2)$(113.0)$(208.9)$(126.8)
Net income attributable to noncontrolling interests(0.1)(0.4)(1.6)(1.3)
Net income attributable to redeemable noncontrolling interests(0.3) (0.3) 
Accrued dividend to redeemable noncontrolling interests(0.3) (0.3) 
Foreign currency translation adjustment attributable to noncontrolling interests0.5 1.1 2.0 1.2 
Comprehensive Loss Attributable to Stockholders$(83.4)$(112.3)$(209.1)$(126.9)

See notes to unaudited condensed consolidated financial statements.

4

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
NINE MONTHS ENDED
SEPTEMBER 30
2022 2021
(In millions)
Operating Activities
Net loss$(79.5) $(68.4)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:   
Depreciation and amortization33.0  34.7 
Amortization of deferred financing fees1.0  2.7 
Deferred income taxes(2.1) 16.6 
Gain on the sale of investment (4.6)
Impairment charge 10.0 
Stock-based compensation3.7 3.5 
Dividends from unconsolidated affiliates15.6 5.5 
Other non-current liabilities(9.1) (5.9)
Other3.2  (14.3)
Working capital changes:   
Accounts receivable(41.3) (70.6)
Inventories(43.6) (261.9)
Other current assets(3.4) (12.2)
Accounts payable42.4  123.8 
Other current liabilities114.4  49.3 
Net cash provided by (used for) operating activities34.3  (191.8)
Investing Activities
Expenditures for property, plant and equipment(19.7) (29.5)
Proceeds from the sale of assets0.9 3.7 
Proceeds from the sale of investment 15.7 
Purchase of noncontrolling interest(8.4) 
Net cash used for investing activities(27.2)(10.1)
Financing Activities
Additions to debt106.2  100.8 
Reductions of debt(63.5) (41.8)
Net change to revolving credit agreements(28.0) 79.7 
Cash dividends paid(16.4)(16.2)
Cash dividends paid to noncontrolling interest(0.2)(0.2)
Financing fees paid (7.6)
Net cash provided by (used for) financing activities(1.9) 114.7 
Effect of exchange rate changes on cash(2.1) (2.8)
Cash and Cash Equivalents
Increase (decrease) for the period3.1  (90.0)
Balance at the beginning of the period65.5  151.4 
Balance at the end of the period$68.6  $61.4 

See notes to unaudited condensed consolidated financial statements.

5

HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary EquityPermanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling InterestClass A Common StockClass B Common StockTreasury StockCapital in Excess of Par ValueRetained EarningsForeign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow HedgingPension AdjustmentTotal Stockholders' EquityNoncontrolling InterestsTotal Permanent Equity
(In millions)
Balance, June 30, 2021$ $0.1 $0.1 $(5.2)$315.5 $440.0 $(70.4)$0.9 $(85.8)$595.2 $34.8 $630.0 
Stock-based compensation   — (0.2)— — — — (0.2)— (0.2)
Stock issued under stock compensation plans   0.3 (0.3)— — — —  —  
Net income (loss)   — — (77.2)— — — (77.2)0.4 (76.8)
Cash dividends   — — (5.5)— — — (5.5) (5.5)
Current period other comprehensive loss   — — — (14.6)(18.8)(1.4)(34.8)— (34.8)
Reclassification adjustment to net loss   — — — — (2.9)1.5 (1.4)— (1.4)
Foreign currency translation on noncontrolling interest          (1.1)(1.1)
Balance, September 30, 2021$ $0.1 $0.1 $(4.9)$315.0 $357.3 $(85.0)$(20.8)$(85.7)$476.1 $34.1 $510.2 
Balance, June 30, 2022$15.9 $0.1 $0.1 $ $291.2 $193.3 $(142.6)$(72.3)$(70.2)$199.6 $7.9 $207.5 
Stock-based compensation    1.1     1.1  1.1 
Stock issued under stock compensation plans    (0.1)    (0.1) (0.1)
Net income (loss)0.3     (37.3)   (37.3)0.1 (37.2)
Cash dividends     (5.5)   (5.5) (5.5)
Accrued dividends0.3            
Current period other comprehensive loss      (30.2)(26.1)(4.2)(60.5) (60.5)
Reclassification adjustment to net loss       12.8 1.1 13.9  13.9 
Purchase of noncontrolling interest            
Reclassification from permanent equity to temporary equity(2.8)   2.8     2.8  2.8 
Foreign currency translation on noncontrolling interest          (0.5)(0.5)
Balance, September 30, 2022$13.7 $0.1 $0.1 $ $295.0 $150.5 $(172.8)$(85.6)$(73.3)$114.0 $7.5 $121.5 

See notes to unaudited condensed consolidated financial statements.


6



HYSTER-YALE MATERIALS HANDLING, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN TEMPORARY AND PERMANENT EQUITY
Temporary EquityPermanent Equity
Accumulated Other Comprehensive Income (Loss)
Redeemable Noncontrolling InterestClass A Common StockClass B Common StockTreasury StockCapital in Excess of Par ValueRetained EarningsForeign Currency Translation AdjustmentDeferred Gain (Loss) on Cash Flow HedgingPension AdjustmentTotal Stockholders' EquityNoncontrolling InterestsTotal Permanent Equity
(In millions)
Balance, December 31, 2020$ $0.1 $0.1 $(6.0)$312.6 $443.2 $(57.6)$12.5 $(88.0)$616.9 $34.2 $651.1 
Stock-based compensation   — 3.5 — — — — 3.5 — 3.5 
Stock issued under stock compensation plans   1.1 (1.1)— — — —  —  
Net income (loss)   — — (69.7)— — — (69.7)1.3 (68.4)
Cash dividends   — — (16.2)— — — (16.2)(0.2)(16.4)
Current period other comprehensive loss   — — — (27.4)(28.1)(1.4)(56.9)— (56.9)
Reclassification adjustment to net loss   — — — — (5.2)3.7 (1.5)— (1.5)
Foreign currency translation on noncontrolling interest          (1.2)(1.2)
Balance, September 30, 2021$ $0.1 $0.1 $(4.9)$315.0 $357.3 $(85.0)$(20.8)$(85.7)$476.1 $34.1 $510.2 
Balance, December 31, 2021$ $0.1 $0.1 $(4.5)$315.1 $248.6 $(97.7)$(32.0)$(72.6)$357.1 $25.8 $382.9 
Stock-based compensation    3.7     3.7  3.7 
Stock issued under stock compensation plans   4.5 (4.5)       
Net income (loss)0.3     (81.7)   (81.7)1.6 (80.1)
Cash dividends     (16.4)   (16.4)(0.2)(16.6)
Accrued dividends0.3            
Current period other comprehensive loss      (75.1)(73.8)(4.2)(153.1) (153.1)
Reclassification adjustment to net loss       20.2 3.5 23.7  23.7 
Purchase of noncontrolling interest