November 12, 2020 · Q3 2020 Earnings Presentation | 9 Key Stakeholder Relationships Skilled Work Force Alta is consistently acknowledged by OEMs as a top dealership partner - 2019

Q3 2020 Earnings Presentation

November 12, 2020

Q3 2020 Earnings Presentation | 2

II. CEO Overview

III. CFO Overview

IV. Appendices

I. Introduction


Legal Disclaimers

Forward-Looking InformationThis presentation includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the PrivateSecurities Litigation Reform Act of 1996. Alta’s actual results may differ from their expectations, estimates and projections andconsequently, you should not rely on these forward-looking statements as predictions of future events. Words such as “expect,”“estimate,” “project,” “budget,” “forecast,” “anticipate,” “intend,” “plan,” “may,” “will,” “could,” “should,” “believes,” “predicts,”“potential,” “continue,” and similar expressions are intended to identify such forward-looking statements. These forward-lookingstatements involve significant risks and uncertainties that could cause the actual results to differ materially from the expectedresults. Most of these factors are outside Alta’s control and are difficult to predict. Factors that may cause such differencesinclude, but are not limited to: changes in applicable laws or regulations; the possibility that Alta may be adversely affected byother economic, business, and/or competitive factors; demand for Alta products and services; Alta’s business strategy; Alta’sfinancial strategy, operating cash flows, liquidity and capital required for Alta’s business; Alta’s future revenue, income andoperating performance; the termination of relationships with major customers; laws and regulations, including environmentalregulations, that may increase Alta’s costs, limit the demand for its products and services or restrict its operations; risksassociated with the expansion of our business or our ability to integrate acquisitions; disruptions in the political, regulatory,economic and social conditions domestically or internationally; major public health issues, such as an outbreak of a pandemic orepidemic (such as the novel coronavirus COVID-19), which could cause disruptions in our operations, supply chain, or workforce;a failure of Alta’s information technology infrastructure or any significant breach of security; potential uninsured claims andlitigation against us; Alta’s dependence on the continuing services of certain of Alta’s key managers and employees; plans,objectives, expectations and intentions that are not historical; and other risks and uncertainties identified in this presentation orindicated from time to time in the section entitled “Risk Factors” in Alta’s annual report on Form 10-K and other filings with theU.S. Securities and Exchange Commission (the “SEC”). Alta cautions that the foregoing list of factors is not exclusive and readersshould not place undue reliance upon any forward-looking statements, which speak only as of the date made. Alta does notundertake or accept any obligation or undertaking to release publicly any updates or revisions to any forward-looking statementsto reflect any change in its expectations or any change in events, conditions or circumstances on which any such statement isbased.

Non-GAAP Financial Measures This presentation includes non-GAAP financial measures, including Adjusted EBITDA, Economic EBIT, and free cash flow. Altabelieves that these non-GAAP measures are useful to investors for two principal reasons. First, Alta believes these measures mayassist investors in comparing performance over various reporting periods on a consistent basis by removing from operatingresults the impact of items that do not reflect core operating performance. Second, these measures are used by Alta’smanagement to assess its performance and may (subject to the limitations described below) enable investors to compare theperformance of Alta to its competition. Alta believes that the use of these non-GAAP financial measures provides an additionaltool for investors to use in evaluating ongoing operating results and trends. These non-GAAP measures should not be consideredin isolation from, or as an alternative to, financial measures determined in accordance with GAAP. Other companies may calculateAdjusted EBITDA and free cash flow and other non-GAAP financial measures differently, and therefore Alta’s non-GAAP financialmeasures may not be directly comparable to similarly titled measures of other companies.


Participants

Introduction

Ryan Greenawalt, CEO

Tony Colucci, CFO


II. CEO Overview

III. CFO Overview

IV. Appendices

I. Introduction


Q3 2020 Highlights: Strong Operating Performance and Financial Results

CEO Overview

Business activity has recovered & is at near full capacity with increased customer demand

▪ Strong recovery from lows of the second quarter, operating near full capacity and Pre CV-19 levels

Reported strong net revenue growth & solid Adjusted EBITDA

▪ Net revenue increased 47.3% to $220.6 million from $149.8 in the prior year quarter with 2.9% year-over-year organic growth. Stronger labor productivity drove Adjusted EBITDA of $21.9 million for the quarter

Diligently expanded skilled labor force

▪ Added approximately 70 technicians in the quarter through expansion and organic efforts –positive key indicator for future higher margin parts and service business

Acquisitions further penetrate Midwest & expand product lines and OEM relationships

▪ Accretive Martin Implement Sales and Howell Equipment & Tractor additions deepen presence in the Midwest region and expands product lines and OEM relationships


Recent Acquisition Highlights: Expansion Strategy Playing Out

CEO Overview

Martin Implement Sales – September 1, 2020

▪ Martin was a privately held premium equipment distributor with three branches in the Chicago metro area. Martin has an expansive range of new and used equipment available for sale or rental to construction and municipal customers. Martin sells construction and agricultural equipment in partnership with industry leading manufacturers including New Holland, Kubota, Hyundai and Toro, and offers any equipment service that a customer needs, along with a 24/7 service hotline.

Howell Tractor and Equipment - October 30, 2020

▪ Howell Tractor was a privately held heavy equipment dealer serving Northern Illinois and Northwest Indiana with expansive range of heavy construction, mining, material handling, and crane equipment available for sale or rent to its premium customer base. As an equipment industry leader in the area since opening in 1943, Howell Tractor provides around the clock professional service, with an experienced and knowledgeable staff operating out of two fully equipped, state-of-the-art facilities. Manufacturers represented by Howell Tractor include Sennebogen, Hitachi, and Kawasaki.


Company Overview

Broad End Market Coverage

▪ Residential Building Construction

▪ Specialty Trade Contractors

▪ Highway, Street, and Bridge Construction

Construction

▪ Transportation and Warehousing

▪ Professional, Scientific, and Engineering Services

▪ Administration Support and Waste Management Services

Services

▪ Automotive Repair and Maintenance

▪ Biotech / Pharma

▪ Government Support

▪ Food and Beverage

▪ Campus / Educational

Other

▪ Motor Vehicle Manufacturing

▪ Plastics Product Manufacturing

▪ Forging and Stamping

▪ Iron and Steel Mills Manufacturing

Manufacturing

▪ Machinery, Equipment, and Suppliers Merchant Wholesalers

▪ Durable Goods Merchant Wholesalers

▪ Building Material and Supplies Dealers

Wholesale and Retail Trade

Comprehensive Service Offering Across Heavy Equipment and Industrial Products

New and Used Equipment

Rentals Parts and ServiceEquipment & Design

ConsultingMaintenance and

Repair

Select Equipment Offering: Industrial Select Equipment Offering: Construction

Best-in-Class Brand Portfolio Creates Cross-Selling Opportunities

CEO Overview


Key Stakeholder Relationships

Skilled Work Force

▪ Alta is consistently acknowledged by OEMs as a top dealership partner

- 2019 Leader in Market Share – Large Markets

- Top 4 Hyster-Yale dealer nationally

- #1 Ranked JCB Dealer in Network

▪ Alta is viewed as a preferred consolidator by both Volvo and Hyster-Yale

Collaborative OEM Relationships

CEO Overview

▪ Skilled technicians are essential to providing aftermarket parts and service that customers require

▪ Hired an in-house Recruiting Manager to develop the recruiting strategy and relationships to quickly hire techs

▪ To ensure access to skilled technicians across its footprint, Alta has established the Technical School Initiative

- Branch partnerships with a local technical school

- Tuition reimbursement programs for recent tech grads

- Fully paid tuition programs at certain partner schools

- Internship opportunities for current students

- Starter tool set bonus

▪ Of our 1,900+ current Alta employees, approx. half are skilled technicians

DEALER OF THE YEARTOP DEALER AWARD

LEADER IN MARKET SHARE –LARGE MARKETS


Expanding Footprint in Key Geographic Markets

▪ 51 locations throughout Michigan, Indiana, Illinois, Massachusetts, Maine, New Hampshire, Connecticut,New York, Vermont, Florida, and Virginia

▪ Dealership platform with parts and service capabilities drives recurring revenue from field population within Alta’s territories

▪ Significant investment made in scalable infrastructure

▪ Complementary offerings in Design & Engineering

▪ Proven acquisition and integration track record

▪ Alta believes that it has a robust pipeline of accretive

acquisitions

Strategic Expansion

Current Locations/Territories

▪ Consolidate independent dealers

▪ Target those with highly-skilled technicians

▪ Generate operating leverage by acquiring geographically

contiguous businesses that can be improved by Alta’s

systems and processes

▪ Acquire new OEM relationships to offer additional

brands and expand equipment product suite

▪ Expand selectively into complementary services to

claim greater share of customer wallet

M&A Objectives

CEO Overview


Aftermarket Overview

CEO Overview

Product Support Solutions

SERVICE PARTS

▪ 51 full-service locations across 11 states

▪ Approx. half of Alta’s 1,900+ employees are factory trained and certified Technicians

▪ Over 600 field service vehicles

▪ 24/7/365 availability

▪ Guaranteed response times

▪ Real time metrics driven by Microsoft Business Intelligence

▪ Parts inventory of approx. $37 million

▪ Electronically managed for on-hand demand and turns efficiency

▪ Genuine OEM captive and aftermarket parts availability for full spectrum coverage

▪ Customer portal

We have capabilities to support all makes and models of construction and industrialequipment.


II. CEO Overview

III.CFO Overview

IV. Appendices

I. Introduction


CFO Overview

Q3 2020 Financial Summary

▪ Dealership-related activity returned to near Pre CV-19 levels in Q3 2020 versus Q2 2020

▪ $11MM quarter over quarter growth in organic parts and service revenue

▪ 19% quarter over quarter growth in high margin departments

▪ Material cost mitigation efforts enacted in Q2 were largely eliminated midway through Q3 2020 as business levels stabilized (i.e. employee furloughs, 401k match)

▪ $5.4MM quarter over quarter growth in organic rent-to-rent revenue

▪ 21% quarter over quarter growth

▪ While rental revenue recovered in Q3, rental utilization decline vs the same quarter last year was a key driver of ~$6.6MM reduction in proforma TTM EBITDA on proforma basis.

▪ $21.9MM in Adjusted EBITDA, or 9.9% EBITDA margin on $220.6MM in revenue in Q3 2020

▪ Industrial segment:

▪ Q3 2020 over Q2 2020, 22.8% organic growth in product support revenue

▪ Gross margin percentages remain relatively stable vs historical levels

▪ Construction segment:

▪ Q3 2020 over Q2 2020, 15.8% organic growth in product support revenue

▪ Q3 2020 over Q2 2020, 9.1% organic growth in total revenue

▪ ~$150MM in available liquidity at Q3 2020, commensurate with February/IPO levels and after investing in M&A and rental fleet YTD Q3 2020

TTM Performance

▪ TTM 9/30/2020 Adjusted proforma Economic EBIT of $51.8MM1, for an EBITDA conversion rate of 56.4%

▪ TTM 9/30/2020 Adjusted proforma EBITDA of $91.8MM1

Q3 2020 Financial Summary

1 As adjusted for pro forma acquisition activity (Flagler and Liftech acquired February 2020, PeakLogix acquired June 2020, HILO acquired July 2020, and Martin acquired September 2020), and removing for certain one-time and non-cash charges related to the acquisitions and initial public offering occurring February 2020; and net of floorplan interest paid on new equipment.


CFO Overview

CV-19 Update: Year-to-date Service Hours

Technician Labor Hours as % of Pre CV-19 Base Daily Median

Source: Unaudited management data; information excludes Liftech technician labor measures

40%

50%

60%

70%

80%

90%

100%

110%

120%

1/1/2020 2/1/2020 3/1/2020 4/1/2020 5/1/2020 6/1/2020 7/1/2020 8/1/2020 9/1/2020 10/1/2020

Labor Productivity85.2%

3/24: MI, IN & MA initiates Shelter In

Place ordinance

3/18: Big Three Automakers Initiate Temporary Factory Closures

across US

3/21: IL initiates Shelter in Place ordinance

4/1: FL initiates Shelter in Place ordinance

Prior to CV-19, and the pandemic's impact on the Company's end markets beginning in Mid-March, the Company was tracking as expected in its labor utilization and billable hours. Beginning with the closure of automotive in mid-March, the Company experienced an immediate decline in its technician labor hours before stabilizing in mid-April at approximately 70% of its Pre CV-19 levels. Due to the quick reaction of management,

labor productivity was sustained through the recovery and re-opening process, as billable hours near their Pre CV-19 levels in early Q3 and have maintained near Pre CV-19 levels since.

Pre CV-19


5/18: Big Three Automakers Reopen Factories across

Midwest

5/4: MI, IL, IN, NY and New England many businesses begin

to reopen in planned stages





Industry and Company Specific Factors in a Downturn

CFO Overview

Equipment Dealers and Financial Profile Through Economic Cycles

In a Downturn

In a Recovery

During 2008 – 2009

Recession2010+

▪ Reduction in Revenue and EBITDA

▪ New equipment revenue suffers most

▪ Product support revenue remains relatively “sticky”

▪ Rental: Industry de-fleets

▪ Cash flow from de-fleeting and product support is applied to debt reduction, reducing leverage in the short-term

▪ Revenue and EBITDA pick up

▪ New Equipment revenue recovers quickly

▪ Product support revenue stabilizes as a % of total revenue

▪ Rental: Fleet is replenished/re-aged

▪ Cash flow is invested in re-fleeting and growth

▪ Revenue reduction of ~35%

▪ New Equipment sales down ~50%

▪ Product support revenue ~20% in MI, ~5% in New England

▪ GP% Margins held

▪ EBITDA % dropped 10.5% to 9.0%

▪ Rental fleet NBV reduced ~25% as fleet ages without replenishment

▪ Alta takes advantage of M&A opportunities coming out of recession to strategically diversify in both breadth, via geographic expansion, and depth, via expanding its product portfolio

▪ 2009 revenue ~$42MM, 2010 revenue ~$111MM

▪ New Equipment sales recovered ~1.5-2X 2009 revenue

▪ Product support revenue stabilizes to 2008 levels +

Industry Industry

CV-19

▪ Resiliency of aftermarket performance – through natural and management-enacted cost mitigation efforts, able to hold nominal EBITDA in parts and service departments despite lower revenue

▪ Alta’s organic aftermarket departments experienced revenue snap-back in Q3 2020 to Pre CV-19 levels


CFO Overview

Q3 2020 Financial Performance

▪ Six acquisitions completed since 1/1/191

▪ Organically, revenue increased 2.9% or $4.3 million Q3 20 v. Q3 19

▪ New and Used Equipment Sales up $5.3 million organically (+8.7%)

▪ Construction segment new and used equipment sales increased +30.5% organically

▪ Construction aftermarket (Parts and Service) sales increased organically +15.0%

▪ Rent-to-rent revenue decreased 11.1% organically

▪ Gross Profit increased 28.3%, or $12.5 million with a 3.8% decline in gross margin due to sales mix

Quarterly Year over YearSummary

2020 Quarter over Quarter Revenue / Gross Profit ($MM)

$180.5 $192.1

$220.6

Q1 20 Q2 20 Q3 20

Revenue

$47.1 $46.3

$56.7

Q1 20 Q2 20 Q3 20

Gross Profit

20.4%

24.1% 25.7%26.1%

22.2%

1 Northland Industrial Truck Co. (5/1/19); Liftech Equipment Company (2/14/20); Flagler Construction Equipment (2/14/20); PeakLogix (6/12/20); HILO Eq. (7/1/20); Martin Implement (9/1/20)

▪ 12.9% revenue growth in Q3 2020 from Q2 2020

▪ Gross margin improvement to 27.5% in Q3 2020 from 24.1% in Q2 2020

▪ $11.0MM of quarter over quarter growth in organic parts and service revenue, 19.5% organic growth in high margin departments

▪ $5.4MM quarter over quarter growth in organic rent-to-rent revenue, 20.8% organic growth

▪ Reduction in total equipment sales in Q3 2020 of $5.3MM on an organic basis versus Q2 2020

Quarter over Quarter


CFO Overview

Q3 2020 Adjusted EBITDA / Cash Flow

Adjusted EBITDA / Cash Flow

▪ Adjusted EBITDA improved $0.2MM versus Q3’19

▪ Increase primarily related to acquisitions’ relative impact on quarter-over-quarter comparison

▪ Organic Q3 2020 Adjusted EBITDA down $6.4MM primarily due to lower rental utilization in the quarter versus last year

▪ Adjusted Pro Forma EBITDA3 declined $6.6MM versus Q3 a year ago

▪ YTD Adjusted Pro Forma EBITDA down $11.2MM on a flat YTD Pro Forma Revenue figure, a result of sales mix differences with a reduction in rental revenue

▪ LTM 2020 Pro Forma Adjusted EBITDA of $91.8MM when including all acquisitions on an LTM basis

▪ LTM Economic EBIT2 of $51.8MM, 56.4% of LTM Pro Forma Adjusted EBITDA when including all acquisitions on an LTM basis

Quarterly Year over Year

1 See Appendix A and Appendix B for Non-GAAP measurement2 Economic EBIT is a non-GAAP measure management defines as Adj. EBITDA less gains from rental equipment sales less net maintenance capital expenditure3 Acquisitions in May 2019, February 2020, June 2020, July 2020, and September 2020; Adjusted PF Q3 2019 EBITDA, 3 months of PF EBITDA of Flagler, Liftech, PeakLogix, HILO, and Martin to derive full Q3 period; 2020 Q3 PF Adj. EBITDA includes 2 months of Martin; See Cash Flow Profile for LTM PF including all acquisitions on an LTM basis

Adj. EBITDA1 / Adj. PF EBITDA1

$42.5

$54.5

$68.7

$91.8

$20.4

$22.4

$42.1

$51.8

2017 2018 2019 PF LTM

9/30/20Adjusted EBITDA

Economic EBIT

33.6%

48.0% 41.1% 61.3% 56.4%

Convers

ion

%

Q3 2019$21.7

Q3 2019$29.0

Q3 2020$21.9

Q3 2020$22.4

Adjusted Q3 EBITDA Adjusted PF Q3 EBITDA

0.9%

(22.8%)

Adj. PF EBITDA1 / PF Economic EBIT ($MM)2

$83.8MM Adj. PF EBITDA from sources prior to IPO


Proforma ALTG Financial Profile

CFO Overview

[1] Non-GAAP measures

Note:1 PF+Acq incorporates the pro forma full period results of acquisitions as if they were completed at the beginning of the period presented; PF+Acq columns includes PF NITCO, Flagler, Liftech, PeakLogix, HILO, and Martin operations represent a proration of 2019 audited results where available2 Alta operating expenses includes certain non-recurring and non-operational expenses which have been removed for purposes of calculating the Adjusted EBITDA. See Appendix A. 3 PF+Acq based upon management projection of restructured debt interest; assumes ABL and Term Loan debt with 4.25% and 10.00% interest, respectively, and FP payables at a 3% effective rate

($MM) 2017 2018 2019

2019

PF+Acq1

YTD 3Q 2019

PF+Acq1

YTD 3Q 2020

PF+Acq1

LTM

9/30/2020

PF+Acq1

Alta Revenue $345.5 $413.0 $557.4 $557.4 $388.0 $593.2 $762.6

Acquisitions Revenue - - - 374.2 292.0 85.6 167.8

Total Revenue $345.5 $413.0 $557.4 $931.6 $680.0 $678.8 $930.4

% Growth 20% 35% 67% (0%) (0%)

Alta Gross Profit $88.0 $110.1 $152.1 $152.1 $110.3 $150.1 $191.9

Acquisition Gross Profit - - - 88.7 71.0 20.3 38.0

Total Gross Profit $88.0 $110.1 $152.1 $240.8 $181.3 $170.4 $229.9

% margin 25% 27% 27% 26% 27% 25% 25%

Alta Operating Expenses276.4 94.3 140.4 140.4 97.4 157.7 200.7

Acquisitions Operating Expenses - - - 81.3 60.1 14.5 35.7

Operating Expenses2$76.4 $94.3 $140.4 $221.7 $157.5 $172.2 $236.4

Alta Adjusted EBITDA 42.5 54.5 68.7 68.7 49.4 58.4 77.7

Acquisitions Adjusted EBITDA - - - 34.3 27.1 6.9 14.1

Total Adjusted EBITDA [1] $42.5 $54.5 $68.7 $103.0 $76.5 $65.3 $91.8

% Margin 12% 13% 12% 11% 11% 10% 10%

Alta Gross Profit on Rental Equipment Sales (3.4) (3.8) (5.8) (5.8) (3.7) (6.5) (8.6)

Acquisitions Gross Profit on Rental Equipment Sales - - - (4.4) (3.5) (0.7) (1.6)

Rental Net Maintenance CapEx (15.5) (25.7) (18.2) (18.2) (13.8) (15.7) (20.1)

Non-Rental PP&E Maintenance CapEx (3.2) (2.6) (2.6) (2.6) (2.1) (3.0) (3.5)

Acquisitions Rental Net Maintenance CapEx (12.9) (10.0) (2.5) (5.4)

Acquisitions Non-Rental PP&E Maintenance CapEx (3.1) (2.6) (0.5) (1.0)

Economic EBIT [1] $20.4 $22.4 $42.1 $56.0 $40.8 $36.4 $51.6

Interest Expense3(6.2) (15.1) (20.5) (24.8) (18.6) (18.6) (24.8)

FCF, before WC Charges and Growth Capex [1] $14.2 $7.3 $21.6 $31.2 $22.2 $17.8 $26.8


Capital Allocation / Liquidity Bridge

CFO Overview

Q3 2020 Capital Allocation & Liquidity Bridge (in $MM)

Adjusted EBITDA / Cash Flow

▪ Alta maintained liquidity of $153.7MM3 through Q3 2020, while also:

▪ Acquiring HILO and Martin

▪ Increase in organic rental fleet acquisition cost versus Q2 2020 ($361MM in Q2 versus $374MM in Q3)

▪ Physical Utilization ~60% in Q3 2020 versus ~65% in Q3 2019

▪ Servicing Term Loan debt

Key Takeaways

1 Utilizing 60% factor for liquidity impact of working capital changes, based on effective advance rates for ABL borrowings on working capital items such as A/R, A/P, and Parts inventories2 Utilizing 78% factor for liquidity impact of rental capex, based on effective advance rates for ABL borrowings on rental equipment3 Alta is subject to periodic third-party appraisals of a significant portion of its borrowing base collateral, which is capped at $300MM. The Company’s liquidity position could be impacted as a result of the cap and these periodic appraisals.

Beg. Liquidity Q3 2020 $150.0

Q3 2020 EBITDA, unadj. 25.5

+/- Rental (Gain)/Loss (2.4)

+/- Liq. Impact of W/C Changes1 5.9

- Interest (6.1)

- Debt Principal Payment (1.9)

- Fixed Asset CapEx (0.9)

- Cash Acquisition Cost (30.8)

+ Liquidity Impact of Acquisition 19.0

Rental CapEx/Financing Assets ABL Financing Liquidity2

Sales Proceeds 19.5 (19.5) +4.3

Gross Rental CapEx (40.5) 40.5 (8.9)

Rental, net Capex liquidity impact (4.6)

Liquidity Q3 2020 $153.7

Growth rental fleet capital

expenditure Of ~$50MM YTD

expected to yield incremental

future EBITDA


Capital Structure / Credit Profile

CFO Overview

▪ Liquidity has held at ~$150MM since Feb 2020 IPO through acquisitions, investment in rental fleet, and depressed cash flows due to CV-19

▪ As of September 30, 2020 $153MM of ABL availability, net of letters of credit, on $294MM of collateral base

▪ $141MM outstanding balance under $300MM ABL facility as of September 30, 2020

Credit Facility

Leverage Metrics6Balance Sheet Strength / Liquidity5

1 Excluding Floor plan payable – new equipment 2 ABL draw as of September 30, 2020; Excludes deferred financing costs of $1.5MM3 Excludes original issue discount and deferred financing costs totaling $6.9MM, reflecting outstanding balance as of September 30, 20204 As of close of trading on September 30, 20205 ABL facility size of $300MM. Borrowing base of $294MM and NBV of $442MM excluding floorplan assets, WIP, PP&E and long-term receivables6 Leverage metrics displayed are for presentation purposes only and are not directly representative of Credit Agreement financial covenants. See Credit Agreement.

*Excludes Equipment on Floorplan, WIP, PP&E, and long-term receivables

*

Capital Structure ($MM)

-

100,000.00

200,000.00

300,000.00

400,000.00

500,000.00

Book Value Borrowing Base Senior Debt

Approx. $150MM of Availability

Accounts Receivable Parts Inventory Fleet Inventory (New/Used/Rental)

$442MM

$294MM

$141MM2.0x coverage

LTM PF Q3 2020

Total Leverage RatioTotal Net Debt / Adj. PF EBITDA

3.6x

Senior Leverage RatioNet Sr. Debt / Adj. PF EBITDA

1.9x

▪ Leverage (+0.3x) Q2 to Q3:▪ Acquisitions funded with debt▪ Rental fleet investment▪ Reduced PF EBITDA

9/30/20 EV/LTM Adj. PF EBITDA

EV/LTM Economic EBIT

Cash $0.1

Debt:1

Lines of Credit (ABL)2 $140.5

Floor Plan – Used and Rental 36.3

Capital Lease Liabilities 1.7 1.9x 3.5x

2nd Lien Note3 151.1 1.7x 2.9x

Total Debt $329.7

Net Debt: Total Debt minus Cash $329.6 3.6x 6.4x

Market Capitalization4 $235.0 6.2x 10.9x


CFO Overview

Debt Maturity Runoff

Flexible Debt Structure

▪ Ample liquidity and long-dated maturities provide financial flexibility

▪ Facilities committed for another 4.5 to 5 years

▪ Interest Rates: ABL L+175-225bps; Term L+800bps

▪ Light amortization (1.25% quarterly) of Term Note

Commentary

$0k $1,938k $1,938k $1,938k$7,750k $7,750k $7,750k $7,750k

$142,700k

$1,938k

$114,313k

$0k

$50,000k

$100,000k

$150,000k

$200,000k

$250,000k

$300,000k

Feb-20 May-20 Aug-20 Nov-20 2021 2022 2023 2024 Feb-25 May-25 Aug-25

Debt Maturity

Drawn

Undrawn

ABL

Term Note


II. CEO Overview

III. CFO Overview

IV. Appendices

I. Introduction


1 Represents mark to market valuation for warrant consistent with GS redemption - non-cash adjustment

2 Expenses related to acquisitions, both completed and pending, and public company preparations

3 Costs associated with new branch openings in IL

4 Debt administration expenses associated with debt re-finance activities in May 2019 and February 2020

5 One-time loss associated to auction of CE used equipment in October 2019

6 Non-cash and non-recurring GAAP based adjustments

7 Represents expenses of debt extinguishments related to re-finance activities in February 2020

8 Reflects equity-based compensation expenses related to re-finance activities in February 2020 and Share-Based Compensation expense in September 2020

9 Other non-recurring expenses primarily related to severance payments

10 Key-man life insurance proceeds

11 Represents interest expense associated with showroom-ready new and used floorplan equipment interest included in total interest expense above

12 Pro Forma EBITDA of NITCO, Flagler, Liftech, Peaklogix, HILO, and Martin for periods 2019 and forward, assuming each was acquired as of January 1, 2019

Adjusted EBITDA Reconciliation

Appendix A

[1] Non-GAAP Measure

NOTES:

($MM) 2017 2018 2019 Q3 2019 Q3 2020

9 Mos. Ended

September 30,

2019

9 Mos. Ended

September 30,

2020

LTM

9/30/20

GAAP Net Income $5.9 $1.5 ($35.4) ($27.4) $0.3 ($29.6) ($20.8) ($26.6)

Depreciation and Amortization 31.5 37.1 50.1 14.4 21.0 34.9 51.6 66.8

Interest Expense 6.2 15.1 20.5 5.6 6.1 15.1 17.7 23.1

Income Tax Expense/(Benefit) - - - - (1.9) - (3.4) (3.4)

EBITDA [1] $43.6 $53.7 $35.2 ($7.4) $25.5 $20.4 $45.1 $59.9

Adjustments:

Change in Fair Value of Warrants1 - 0.4 27.9 28.3 - 28.3 - (0.4)

Transaction Fees2 - 0.1 4.3 0.2 1.2 0.4 3.9 7.8

Non-recurring Branch Start Up Costs3 - 0.3 - - - - - -

Loan Administration Fees4 - 0.3 0.4 - 0.1 0.3 0.3 0.4

Non-Recurring Loss on Auction Sale5 - - 1.1 - - - - 1.1

Non-Cash GAAP based Adjustments6 - 1.2 1.7 1.1 0.3 1.5 0.7 0.9

Loss on Debt Extinguishment7 - - - - - - 7.6 7.6

Share-Based Incentives8 - - - - 3.2 - 9.8 9.8

Other Non-Recurring expenses9 - - 0.2 - - 0.1 0.4 0.5

Insurance Proceeds10 - - - - (8.0) - (8.0) (8.0)

Showroom-Ready Floorplan Interest Expense11 (1.1) (1.5) (2.1) (0.5) (0.4) (1.6) (1.4) (1.9)

Adjusted EBITDA [1] $42.5 $54.5 $68.7 $21.7 $21.9 $49.4 $58.4 $77.7

Pro Forma EBITDA - Acquisitions 12 - - 34.3 7.3 0.5 27.1 6.9 14.1

Adjusted Pro Forma EBITDA [1] $103.0 $29.0 $22.4 $76.5 $65.3 $91.8


Free Cash Flow Reconciliation

Appendix B

[1] Non-GAAP Measure

NOTE:1 Accounts receivable, WIP, Parts, Accounts Payable, Accruals; removing impact of any acquired working capital as part of an acquisition

($MM) 2017 2018 2019

9 Mos. Ended

September 30,

2019

9 Mos. Ended

September 30,

2020

LTM

9/30/20

GAAP Net Income $5.9 $1.5 ($35.4) ($29.6) ($20.8) ($26.6)

Depreciation and Amortization 31.5 37.1 50.1 34.9 51.6 66.8

Interest Expense 6.2 15.1 20.5 15.1 17.7 23.1

Income Tax Expense/(Benefit) - - - - (3.4) (3.4)

EBITDA [1] $43.6 $53.7 $35.2 $20.4 $45.1 $59.9

Adjustments, net (1.1) 0.8 33.5 29.0 13.3 17.8

Adjusted EBITDA [1] $42.5 $54.5 $68.7 $49.4 $58.4 $77.7

Rental Equipment Gain on Sale (3.4) ($3.8) ($5.8) ($3.7) ($6.5) (8.6)

Rental Net Maintenance Capex (15.5) (25.7) (18.2) (13.8) (15.7) (20.1)

PP&E Net Capex (3.2) (2.6) (2.6) (2.1) (3.0) (3.5)

Economic EBIT [1] $20.4 $22.4 $42.1 $29.8 $33.2 $45.5

Tax (Expense)/Benefit - - - - 3.4 3.4

FCF Before Growth Related Investments [1] $20.4 $22.4 $42.1 $29.8 $36.6 $48.9

Working Capital Investment1 (2.9) (24.2) (12.5) (12.3) 14.3 14.1

Rental Discretionary Growth Capex (13.5) (31.1) (25.9) (22.6) (51.2) (54.5)

Acquisition of business, net of cash (7.5) (4.7) (65.7) (65.6) (128.8) (128.9)

FCF After Growth Related Investments [1] ($3.5) ($37.6) ($62.0) ($70.7) ($129.1) ($120.4)


Free Cash Flow Reconciliation – Capital Expenditure Detail

Appendix B (cont.)

NOTE:1 Including transfers from new/used inventories within capital expenditure detail; excluding GPO activities. Purchases of rental equipment as reflected in the Consolidated Statement of Cash Flows exclude non-cash assets transferred from new and used inventory to rental.

2 Replacement cost includes inflationary estimate based on average disposal age and a 2% annual inflation rate 3 Management estimate

($MM) 2017 2018 2019

9 Mos. Ended

September 30,

2019

9 Mos. Ended

September 30,

2020

LTM

9/30/20

Replacement of Sold Rental Equipment, at Original Cost1,2 $40.1 $57.3 $56.9 $38.2 $60.0 $78.7

Capitalized Costs to Maintain Fleet (1.5% of Beg. OEC)3 2.5 2.7 3.5 2.4 3.9 5.0

(Less) Rental Fleet Disposal Proceeds (27.1) (34.3) (42.2) (26.8) (48.2) (63.6)

Rental Net Maintenance Capex $15.5 $25.7 $18.2 $13.8 $15.7 $20.1

PP&E Capex 3.3 2.9 2.7 2.1 4.0 4.6

(Less) Proceeds from Sale of PP&E (0.1) (0.3) (0.1) - (1.0) (1.1)

Total Net Maintenance Capex $18.7 $28.3 $20.8 $15.9 $18.7 $23.6

Rental Discretionary Growth Capex1 13.5 31.1 25.9 22.6 51.2 54.5

Total Net Capex $32.2 $59.4 $46.7 $38.5 $69.9 $78.1

November 12, 2020 · Q3 2020 Earnings Presentation | 9 Key Stakeholder Relationships Skilled Work Force Alta is consistently acknowledged by OEMs as a top dealership partner - 2019

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