Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 22, 2022 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000743238 | |
Entity Registrant Name | SHYFT GROUP, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2022 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2022 | |
Document Transition Report | false | |
Entity File Number | 001-33582 | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2078923 | |
Entity Address, Address Line One | 41280 Bridge Street | |
Entity Address, City or Town | Novi | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48375 | |
City Area Code | 517 | |
Local Phone Number | 543-6400 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SHYF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,038,437 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 3,691 | $ 37,158 |
Accounts receivable, less allowance of $133 and $187 | 80,769 | 87,262 |
Contract assets | 32,989 | 21,483 |
Inventories | 91,256 | 67,184 |
Other receivables – chassis pool agreements | 9,198 | 9,926 |
Other current assets | 12,041 | 10,813 |
Total current assets | 229,944 | 233,826 |
Property, plant and equipment, net | 64,359 | 61,057 |
Right of use assets – operating leases | 56,239 | 43,316 |
Goodwill | 48,880 | 48,880 |
Intangible assets, net | 52,129 | 52,981 |
Net deferred tax assets | 4,880 | 4,880 |
Other assets | 2,709 | 2,927 |
TOTAL ASSETS | 459,140 | 447,867 |
Current liabilities: | ||
Accounts payable | 89,968 | 82,442 |
Accrued warranty | 5,649 | 5,975 |
Accrued compensation and related taxes | 12,947 | 19,064 |
Contract liabilities | 5,193 | 988 |
Operating lease liability | 9,411 | 7,934 |
Other current liabilities and accrued expenses | 7,710 | 9,256 |
Short-term debt – chassis pool agreements | 9,198 | 9,926 |
Current portion of long-term debt | 248 | 252 |
Total current liabilities | 140,324 | 135,837 |
Other non-current liabilities | 7,923 | 8,108 |
Long-term operating lease liability | 47,952 | 36,329 |
Long-term debt, less current portion | 35,245 | 738 |
Total liabilities | 231,444 | 181,012 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | 0 | 0 |
Common stock, no par value: 80,000 shares authorized; 35,027 and 35,416 outstanding | 87,053 | 95,375 |
Retained earnings | 140,542 | 171,379 |
Total Shyft Group, Inc. shareholders’ equity | 227,595 | 266,754 |
Non-controlling interest | 101 | 101 |
Total shareholders' equity | 227,696 | 266,855 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 459,140 | $ 447,867 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Accounts receivable, allowance | $ 133 | $ 187 |
Preferred stock, no par value (in dollars per share) | $ 0 | $ 0 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0 | $ 0 |
Common stock, shares authorized (in shares) | 80,000 | 80,000 |
Common stock, shares outstanding (in shares) | 35,027 | 35,416 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Sales | $ 206,883 | $ 197,888 |
Cost of products sold | 180,952 | 157,902 |
Gross profit | 25,931 | 39,986 |
Operating expenses: | ||
Research and development | 4,927 | 782 |
Selling, general and administrative | 26,552 | 24,537 |
Total operating expenses | 31,479 | 25,319 |
Operating income (loss) | (5,548) | 14,667 |
Other income (expense) | ||
Interest income (expense) | (154) | 170 |
Other income (expense) | (35) | 183 |
Total other income (expense) | (189) | 353 |
Income (loss) from continuing operations before income taxes | (5,737) | 15,020 |
Income tax expense (benefit) | (1,885) | 3,490 |
Income (loss) from continuing operations | (3,852) | 11,530 |
Income from discontinued operations, net of income taxes | 0 | 81 |
Net income (loss) | (3,852) | 11,611 |
Less: net income attributable to non-controlling interest | 0 | 35 |
Net income (loss) attributable to The Shyft Group Inc. | $ (3,852) | $ 11,576 |
Basic earnings (loss) per share | ||
Continuing operations, Basic (in dollars per share) | $ (0.11) | $ 0.33 |
Discontinued operations, Basic (in dollars per share) | 0 | 0 |
Basic earnings per share (in dollars per share) | (0.11) | 0.33 |
Diluted earnings (loss) per share | ||
Continuing operations, Diluted (in dollars per share) | (0.11) | 0.32 |
Discontinued operations, Diluted (in dollars per share) | 0 | 0 |
Diluted earnings per share (in dollars per share) | $ (0.11) | $ 0.32 |
Basic weighted average common shares outstanding (in shares) | 35,108 | 35,312 |
Diluted weighted average common shares outstanding (in shares) | 35,108 | 36,191 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,852) | $ 11,611 |
Adjustments to reconcile net income (loss) to net cash used in operating activities: | ||
Depreciation and amortization | 2,969 | 2,571 |
Non-cash stock based compensation expense | 1,648 | 1,642 |
Deferred income taxes | 0 | 134 |
(Gain) on disposal of assets | (10) | (142) |
Changes in accounts receivable and contract assets | (5,012) | (30,149) |
Changes in inventories | (24,072) | (12,115) |
Changes in accounts payable | 7,594 | 27,472 |
Changes in accrued compensation and related taxes | (7,966) | (4,736) |
Changes in accrued warranty | (326) | 686 |
Change in other assets and liabilities | 1,243 | 1,723 |
Net cash used in operating activities | (27,784) | (1,303) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (5,514) | (5,914) |
Proceeds from sale of property, plant and equipment | 29 | 0 |
Acquisition of business, net of cash acquired | 0 | 404 |
Net cash used in investing activities | (5,485) | (5,510) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 45,000 | 0 |
Payments on long-term debt | (10,000) | 0 |
Payment of dividends | (1,886) | (889) |
Purchase and retirement of common stock | (26,789) | (3,348) |
Issuance and vesting of stock incentive awards | (6,523) | 104 |
Net cash used in financing activities | (198) | (4,133) |
Net (decrease) in cash and cash equivalents | (33,467) | (10,946) |
Cash and cash equivalents at beginning of period | 37,158 | 20,995 |
Cash and cash equivalents at end of period | $ 3,691 | $ 10,049 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2020 | 35,344 | |||
Balance at Dec. 31, 2020 | $ 91,044 | $ 109,286 | $ (171) | $ 200,159 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 3 | |||
Issuance of common stock and tax impact of stock incentive plan | $ (2,255) | 0 | 0 | (2,255) |
Dividends declared | $ 0 | (983) | 0 | (983) |
Purchase and retirement of common stock (in shares) | (100) | |||
Purchase and retirement of common stock | $ (260) | (3,088) | 0 | (3,348) |
Issuance of restricted stock, net of cancellation (in shares) | 61 | |||
Issuance of restricted stock, net of cancellation | $ 0 | 0 | 0 | 0 |
Non-cash stock based compensation expense | $ 1,642 | 0 | 0 | 1,642 |
Net income (loss) | 11,576 | 35 | 11,611 | |
Balance (in shares) at Mar. 31, 2021 | 35,308 | |||
Balance at Mar. 31, 2021 | $ 90,171 | 116,791 | (136) | 206,826 |
Balance (in shares) at Dec. 31, 2021 | 35,416 | |||
Balance at Dec. 31, 2021 | $ 95,375 | 171,379 | 101 | 266,855 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 3 | |||
Issuance of common stock and tax impact of stock incentive plan | $ (8,372) | 0 | 0 | (8,372) |
Dividends declared | $ 0 | (1,794) | 0 | (1,794) |
Purchase and retirement of common stock (in shares) | (607) | |||
Purchase and retirement of common stock | $ (1,598) | (25,191) | 0 | (26,789) |
Issuance of restricted stock, net of cancellation (in shares) | 215 | |||
Issuance of restricted stock, net of cancellation | $ 0 | 0 | 0 | 0 |
Non-cash stock based compensation expense | 1,648 | 0 | 0 | 1,648 |
Net income (loss) | $ 0 | (3,852) | 0 | (3,852) |
Balance (in shares) at Mar. 31, 2022 | 35,027 | |||
Balance at Mar. 31, 2022 | $ 87,053 | $ 140,542 | $ 101 | $ 227,696 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Dividends declared (in dollars per share) | $ 0.05 | $ 0.025 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 – N ATURE OF OPERATIONS AND BASIS OF PRESENTATION As used herein, the term “Company”, “we”, “us” or “our” refers to The Shyft Group, Inc. and its subsidiaries unless designated or identified otherwise. Nature of Operations We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, service and vocational truck bodies, luxury Class A diesel motor home chassis and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture as well as truck accessories. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of March 31, 2022, three March 31, 2022. 10 December 31, 2021 February 24, 2022. three March 31, 2022, not For a description of key accounting policies followed, refer to the notes to The Shyft Group, Inc. consolidated financial statements for the year ended December 31, 2021, 10 Supplemental Disclosures of Cash Flow Information Non-cash investing in the three March 31, 2022 March 31, 2021, 4 Debt Potential Effect of Antidilution on Earnings Per Share The potential effect of 670 three March 31, 2022, |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On February 1, 2020, September 2020, October 1, 2020. three March 31, 2021. The Income from discontinued operations presented in the Condensed Consolidated Statement of Operations are summarized below: Three Months Ended March 31, 2022 2021 Other income $ - $ 109 Income from discontinued operations before taxes - 109 Income tax (expense) - (28 ) Income from discontinued operations, net of income taxes $ - $ 81 There were no three March 31, 2022 2021. |
Note 3 - Inventories
Note 3 - Inventories | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 – INVENTORIES Inventories are summarized as follows: March 31, 2022 December 31, 2021 Finished goods $ 4,230 $ 2,990 Work in process 3,349 2,471 Raw materials and purchased components 83,677 61,723 Total inventories $ 91,256 $ 67,184 |
Note 4 - Debt
Note 4 - Debt | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 4 – DEBT Short-term debt consists of the following: March 31, 2022 December 31, 2021 Chassis pool agreements $ 9,198 $ 9,926 Total short-term debt $ 9,198 $ 9,926 Chassis Pool Agreements The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers with receipt at our facilities dependent on manufacturer’s production schedules. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not not Although the Company is party to related finance agreements with manufacturers, the Company has not Other receivables – chassis pool agreements Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: March 31, 2022 December 31, 2021 Line of credit revolver $ 35,000 $ - Finance lease obligation 493 450 Other - 540 Total debt 35,493 990 Less current portion of long-term debt (248 ) (252 ) Total long-term debt $ 35,245 $ 738 Line of Credit Revolver On November 30, 2021, Under the Credit Agreement, we may November 30, 2026. may one 1.0%; one March 31, 2022. March 31, 2022 December 31, 2021, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $271,954 and $376,776 at March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021, |
Note 5 - Revenue
Note 5 - Revenue | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 5 – REVENUE Changes in our contract assets and liabilities for the three March 31, 2022 2021 March 31, 2022 March 31, 2021 Contract Assets Contract assets, beginning of period $ 21,483 $ 9,414 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (18,635 ) (8,977 ) Contract assets recognized, net of reclassification to receivables 30,141 20,211 Contract assets, end of period $ 32,989 $ 20,648 Contract Liabilities Contract liabilities, beginning of period $ 988 $ 756 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (988 ) (567 ) Cash received in advance and not recognized as revenue 5,193 274 Contract liabilities, end of period $ 5,193 $ 463 As of October 1, 2021, The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $1,148,700 and $123,999, respectively. In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments. Three Months Ended March 31, 2022 FVS SV Total Primary geographical markets United States $ 111,336 $ 94,183 $ 205,519 Other 1,361 3 1,364 Total sales $ 112,697 $ 94,186 $ 206,883 Timing of revenue recognition Products transferred at a point in time $ 9,555 $ 52,851 $ 62,406 Products and services transferred over time 103,142 41,335 144,477 Total sales $ 112,697 $ 94,186 $ 206,883 Three Months Ended March 31, 2021 FVS SV Total Primary geographical markets United States $ 121,230 $ 74,045 $ 195,275 Other 2,594 19 2,613 Total sales $ 123,824 $ 74,064 $ 197,888 Timing of revenue recognition Products transferred at a point in time $ 6,801 $ 42,293 $ 49,094 Products and services transferred over time 117,023 31,771 148,794 Total sales $ 123,824 $ 74,064 $ 197,888 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 6 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: March 31, 2022 December 31, 2021 Land and improvements $ 9,810 $ 9,810 Buildings and improvements 46,150 45,724 Plant machinery and equipment 49,637 49,305 Furniture and fixtures 21,099 20,421 Vehicles 2,685 2,607 Construction in process 16,449 12,700 Subtotal 145,830 140,567 Less accumulated depreciation (81,471 ) (79,510 ) Total property, plant and equipment, net $ 64,359 $ 61,057 We recorded depreciation expense of $2,125 and $1,741 during the three March 31, 2022 2021, |
Note 7 - Leases
Note 7 - Leases | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | NOTE 7 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one not 4 Debt Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating leases $ 2,238 $ 1,954 Short-term leases (1) 38 38 Total lease expense $ 2,276 $ 1,992 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Three Months Ended March 31, 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.5 9.3 Weighted average discount rate of operating leases 2.7 % 3.1 % Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,061 $ 1,914 Right of use assets obtained in exchange for lease obligations: Operating leases $ 14,955 $ 60 Finance leases $ 121 $ - Maturities of operating lease liabilities as of March 31, 2022 Years ending December 31: 2022 (1) $ 9,565 2023 9,587 2024 9,085 2025 8,236 2026 6,598 Thereafter 26,046 Total lease payments 69,117 Less: imputed interest (11,754 ) Total lease liabilities $ 57,363 ( 1 three March 31, 2022. |
Note 8 - Commitments and Contin
Note 8 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES At March 31, 2022, not Warranty Related We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. An estimate of possible penalty or loss, if any, cannot be made at this time. Changes in our warranty liability are summarized below: Three Months Ended March 31, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 793 824 Changes in liability for pre-existing warranties (174 ) 677 Cash settlements (945 ) (814 ) Balance of accrued warranty at March 31 $ 5,649 $ 6,320 Legal Proceedings Relating to Environmental Matters As previously disclosed, in May 2020, January 1, 2017 May 2020. third 2020. On April 6, 2022, not may |
Note 9 - Taxes on Income
Note 9 - Taxes on Income | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 Our effective income tax rate was a tax benefit of (32.9%) and a tax expense of 23.2% for the three March 31, 2022 2021, The effective tax rate of a benefit of (32.9%) for the three March 31, 2022 The effective tax rate of an expense of 23.2% for the three March 31, 2021 21% |
Note 10 - Business Segments
Note 10 - Business Segments | 3 Months Ended |
Mar. 31, 2022 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 10 We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not not As of October 1, 2021, Our FVS segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries. Our commercial vehicles are marketed under the Utilimaster brand name, which serves a diverse customer base and sells aftermarket parts and accessories for walk-in vans and other delivery vehicles. We also provide vocation-specific equipment upfit services, which are marketed and sold as Utilimaster Upfit Services. Our Specialty Vehicles segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, service truck bodies operations, vocation-specific equipment upfit services marketed under the Strobes-R-Us brand, and distribution of related aftermarket parts and accessories. The accounting policies of the segments are the same as those described, or referred to, in "Note 1 – Nature of Operations and Basis of Presentation not not Three Months Ended March 31, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motor home chassis sales - 44,891 - 44,891 Other specialty vehicle sales - 44,706 - 44,706 Aftermarket parts and accessories sales 9,555 4,589 - 14,144 Total sales $ 112,697 $ 94,186 $ - $ 206,883 Depreciation and amortization expense $ 748 $ 1,661 $ 560 $ 2,969 Adjusted EBITDA (871 ) 10,099 (9,871 ) (643 ) Segment assets 209,954 210,897 38,289 459,140 Capital expenditures 4,133 234 1,078 5,445 Three Months Ended March 31, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 117,026 $ - $ - $ 117,026 Motor home chassis sales - 35,268 - 35,268 Other specialty vehicle sales - 34,728 - 34,728 Aftermarket parts and accessories sales 6,798 4,068 - 10,866 Total sales $ 123,824 $ 74,064 $ - $ 197,888 Depreciation and amortization expense $ 514 $ 1,714 $ 343 $ 2,571 Adjusted EBITDA 17,866 7,360 (6,055 ) 19,171 Segment assets 159,519 217,073 34,941 411,533 Capital expenditures 4,142 3,005 292 7,439 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31, 2022 2021 Other income $ - $ 109 Income from discontinued operations before taxes - 109 Income tax (expense) - (28 ) Income from discontinued operations, net of income taxes $ - $ 81 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2022 December 31, 2021 Finished goods $ 4,230 $ 2,990 Work in process 3,349 2,471 Raw materials and purchased components 83,677 61,723 Total inventories $ 91,256 $ 67,184 |
Note 4 - Debt (Tables)
Note 4 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | March 31, 2022 December 31, 2021 Chassis pool agreements $ 9,198 $ 9,926 Total short-term debt $ 9,198 $ 9,926 |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2022 December 31, 2021 Line of credit revolver $ 35,000 $ - Finance lease obligation 493 450 Other - 540 Total debt 35,493 990 Less current portion of long-term debt (248 ) (252 ) Total long-term debt $ 35,245 $ 738 |
Note 5 - Revenue (Tables)
Note 5 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, 2022 March 31, 2021 Contract Assets Contract assets, beginning of period $ 21,483 $ 9,414 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (18,635 ) (8,977 ) Contract assets recognized, net of reclassification to receivables 30,141 20,211 Contract assets, end of period $ 32,989 $ 20,648 Contract Liabilities Contract liabilities, beginning of period $ 988 $ 756 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (988 ) (567 ) Cash received in advance and not recognized as revenue 5,193 274 Contract liabilities, end of period $ 5,193 $ 463 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2022 FVS SV Total Primary geographical markets United States $ 111,336 $ 94,183 $ 205,519 Other 1,361 3 1,364 Total sales $ 112,697 $ 94,186 $ 206,883 Timing of revenue recognition Products transferred at a point in time $ 9,555 $ 52,851 $ 62,406 Products and services transferred over time 103,142 41,335 144,477 Total sales $ 112,697 $ 94,186 $ 206,883 Three Months Ended March 31, 2021 FVS SV Total Primary geographical markets United States $ 121,230 $ 74,045 $ 195,275 Other 2,594 19 2,613 Total sales $ 123,824 $ 74,064 $ 197,888 Timing of revenue recognition Products transferred at a point in time $ 6,801 $ 42,293 $ 49,094 Products and services transferred over time 117,023 31,771 148,794 Total sales $ 123,824 $ 74,064 $ 197,888 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2022 December 31, 2021 Land and improvements $ 9,810 $ 9,810 Buildings and improvements 46,150 45,724 Plant machinery and equipment 49,637 49,305 Furniture and fixtures 21,099 20,421 Vehicles 2,685 2,607 Construction in process 16,449 12,700 Subtotal 145,830 140,567 Less accumulated depreciation (81,471 ) (79,510 ) Total property, plant and equipment, net $ 64,359 $ 61,057 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2022 2021 Operating leases $ 2,238 $ 1,954 Short-term leases (1) 38 38 Total lease expense $ 2,276 $ 1,992 Three Months Ended March 31, 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.5 9.3 Weighted average discount rate of operating leases 2.7 % 3.1 % Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,061 $ 1,914 Right of use assets obtained in exchange for lease obligations: Operating leases $ 14,955 $ 60 Finance leases $ 121 $ - |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31: 2022 (1) $ 9,565 2023 9,587 2024 9,085 2025 8,236 2026 6,598 Thereafter 26,046 Total lease payments 69,117 Less: imputed interest (11,754 ) Total lease liabilities $ 57,363 |
Note 8 - Commitments and Cont_2
Note 8 - Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 793 824 Changes in liability for pre-existing warranties (174 ) 677 Cash settlements (945 ) (814 ) Balance of accrued warranty at March 31 $ 5,649 $ 6,320 |
Note 10 - Business Segments (Ta
Note 10 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March 31, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motor home chassis sales - 44,891 - 44,891 Other specialty vehicle sales - 44,706 - 44,706 Aftermarket parts and accessories sales 9,555 4,589 - 14,144 Total sales $ 112,697 $ 94,186 $ - $ 206,883 Depreciation and amortization expense $ 748 $ 1,661 $ 560 $ 2,969 Adjusted EBITDA (871 ) 10,099 (9,871 ) (643 ) Segment assets 209,954 210,897 38,289 459,140 Capital expenditures 4,133 234 1,078 5,445 Three Months Ended March 31, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 117,026 $ - $ - $ 117,026 Motor home chassis sales - 35,268 - 35,268 Other specialty vehicle sales - 34,728 - 34,728 Aftermarket parts and accessories sales 6,798 4,068 - 10,866 Total sales $ 123,824 $ 74,064 $ - $ 197,888 Depreciation and amortization expense $ 514 $ 1,714 $ 343 $ 2,571 Adjusted EBITDA 17,866 7,360 (6,055 ) 19,171 Segment assets 159,519 217,073 34,941 411,533 Capital expenditures 4,142 3,005 292 7,439 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Capital Expenditures Incurred but Not yet Paid | $ 1,443 | $ 2,899 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Disposal of Emergency Response and Vehicle Business [Member] - USD ($) $ in Millions | Oct. 01, 2020 | Feb. 01, 2020 |
Proceeds from Divestiture of Businesses | $ 55 | |
Payments for Divestiture of Businesses After Working Capital Adjustment | $ 7.5 |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Income from discontinued operations, net of income taxes | $ 0 | $ 81 |
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||
Other income | 0 | 109 |
Income from discontinued operations before taxes | 0 | 109 |
Income tax (expense) | 0 | (28) |
Income from discontinued operations, net of income taxes | $ 0 | $ 81 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Finished goods | $ 4,230 | $ 2,990 |
Work in process | 3,349 | 2,471 |
Raw materials and purchased components | 83,677 | 61,723 |
Total inventories | $ 91,256 | $ 67,184 |
Note 4 - Debt (Details Textual)
Note 4 - Debt (Details Textual) - USD ($) $ in Thousands | Nov. 30, 2021 | Mar. 31, 2022 | Dec. 31, 2021 |
Letters of Credit Outstanding, Amount | $ 1,110 | $ 760 | |
Lenders [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 400,000 | ||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 200,000 | ||
Debt Instrument Reference Rate Term (Month) | 1 month | ||
Debt Instrument, Interest Rate During Period | 1.45% | ||
Line of Credit Facility, Current Borrowing Capacity | $ 271,954 | $ 376,776 | |
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | 1.00% | |
Lenders [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | ||
Lenders [Member] | Swing Line Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 |
Note 4 - Debt - Short-term Debt
Note 4 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term debt | $ 9,198 | $ 9,926 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 9,198 | $ 9,926 |
Note 4 - Debt - Schedule of Lon
Note 4 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Line of credit revolver | $ 35,000 | $ 0 |
Finance lease obligation | 493 | 450 |
Other | 0 | 540 |
Total debt | 35,493 | 990 |
Less current portion of long-term debt | (248) | (252) |
Total long-term debt | $ 35,245 | $ 738 |
Note 5 - Revenue (Details Textu
Note 5 - Revenue (Details Textual) $ in Thousands | Mar. 31, 2022USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 1,148,700 |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 123,999 |
Note 5 - Revenue - Contract Ass
Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Contract assets, balance | $ 21,483 | $ 9,414 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (18,635) | (8,977) |
Contract assets recognized, net of reclassification to receivables | 30,141 | 20,211 |
Contract assets, balance | 32,989 | 20,648 |
Contract liabilities, balance | 988 | 756 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (988) | (567) |
Cash received in advance and not recognized as revenue | 5,193 | 274 |
Contract liabilities, balance | $ 5,193 | $ 463 |
Note 5 - Revenue - Disaggregate
Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Revenues | $ 206,883 | $ 197,888 |
Transferred at Point in Time [Member] | ||
Revenues | 62,406 | 49,094 |
Transferred over Time [Member] | ||
Revenues | 144,477 | 148,794 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 112,697 | 123,824 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 9,555 | 6,801 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 103,142 | 117,023 |
Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 94,186 | 74,064 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 52,851 | 42,293 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 41,335 | 31,771 |
UNITED STATES | ||
Revenues | 205,519 | 195,275 |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 111,336 | 121,230 |
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 94,183 | 74,045 |
Non-US [Member] | ||
Revenues | 1,364 | 2,613 |
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 1,361 | 2,594 |
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | $ 3 | $ 19 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Depreciation, Total | $ 2,125 | $ 1,741 |
Note 6 - Property, Plant and _4
Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, plant and equipment, gross | $ 145,830 | $ 140,567 |
Less accumulated depreciation | (81,471) | (79,510) |
Total property, plant and equipment, net | 64,359 | 61,057 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 9,810 | 9,810 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 46,150 | 45,724 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 49,637 | 49,305 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 21,099 | 20,421 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,685 | 2,607 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 16,449 | $ 12,700 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Minimum [Member] | |
Leases, Remaining Lease Terms (Year) | 1 year |
Maximum [Member] | |
Leases, Remaining Lease Terms (Year) | 18 years |
Leases, Term, Option to Extend (Year) | 15 years |
Note 7 - Leases - Lease Expense
Note 7 - Leases - Lease Expense and Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | ||
Operating leases | $ 2,238 | $ 1,954 | |
Short-term leases(1) | [1] | 38 | 38 |
Total lease expense | $ 2,276 | $ 1,992 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 8 years 6 months | 9 years 3 months 18 days | |
Weighted average discount rate of operating leases | 2.70% | 3.10% | |
Operating cash flow for operating leases | $ 2,061 | $ 1,914 | |
Operating leases | 14,955 | 60 | |
Finance leases | $ 121 | $ 0 | |
[1] | Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. |
Note 7 - Leases - Future Minimu
Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Mar. 31, 2022USD ($) | |
2022(1) | $ 9,565 | [1] |
2023 | 9,587 | |
2024 | 9,085 | |
2025 | 8,236 | |
2026 | 6,598 | |
Thereafter | 26,046 | |
Total lease payments | 69,117 | |
Less: imputed interest | (11,754) | |
Total lease liabilities | $ 57,363 | |
[1] | Excluding the three months ended March 31, 2022. |
Note 8 - Commitments and Cont_3
Note 8 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Balance of accrued warranty | $ 5,975 | $ 5,633 |
Provisions for current period sales | 793 | 824 |
Changes in liability for pre-existing warranties | (174) | 677 |
Cash settlements | (945) | (814) |
Balance of accrued warranty | $ 5,649 | $ 6,320 |
Note 9 - Taxes on Income (Detai
Note 9 - Taxes on Income (Details Textual) | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Effective Income Tax Rate Reconciliation, Percent, Total | (32.90%) | 23.20% |
Effective Income Tax Rate Reconciliation, Percent, Total | (32.90%) | 23.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% |
Note 10 - Business Segments (De
Note 10 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2022 | |
Number of Reportable Segments | 2 |
Note 10 - Business Segments - S
Note 10 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Revenues | $ 206,883 | $ 197,888 | |
Depreciation and amortization expense | 2,969 | 2,571 | |
Segment assets | 459,140 | $ 447,867 | |
Capital expenditures | 5,514 | 5,914 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 112,697 | 123,824 | |
Operating Segments [Member] | Specialty Vehicles [Member] | |||
Revenues | 94,186 | 74,064 | |
Continuing Operations [Member] | |||
Revenues | 206,883 | 197,888 | |
Depreciation and amortization expense | 2,969 | 2,571 | |
Adjusted EBITDA | (643) | 19,171 | |
Segment assets | 459,140 | 411,533 | |
Capital expenditures | 5,445 | 7,439 | |
Continuing Operations [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 103,142 | 117,026 | |
Continuing Operations [Member] | Motorhome Chassis [Member] | |||
Revenues | 44,891 | 35,268 | |
Continuing Operations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 44,706 | 34,728 | |
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 14,144 | 10,866 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 112,697 | 123,824 | |
Depreciation and amortization expense | 748 | 514 | |
Adjusted EBITDA | (871) | 17,866 | |
Segment assets | 209,954 | 159,519 | |
Capital expenditures | 4,133 | 4,142 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 103,142 | 117,026 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 9,555 | 6,798 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | |||
Revenues | 94,186 | 74,064 | |
Depreciation and amortization expense | 1,661 | 1,714 | |
Adjusted EBITDA | 10,099 | 7,360 | |
Segment assets | 210,897 | 217,073 | |
Capital expenditures | 234 | 3,005 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | |||
Revenues | 44,891 | 35,268 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 44,706 | 34,728 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 4,589 | 4,068 | |
Continuing Operations [Member] | Segment Reconciling Items [Member] | |||
Revenues | 0 | 0 | |
Depreciation and amortization expense | 560 | 343 | |
Adjusted EBITDA | (9,871) | (6,055) | |
Segment assets | 38,289 | 34,941 | |
Capital expenditures | 1,078 | 292 | |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 0 | 0 | |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | $ 0 | $ 0 |