Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2023 | Apr. 21, 2023 | |
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 | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2023 | |
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 | 34,915,231 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 7,378 | $ 11,548 |
Accounts receivable, less allowance of $255 and $246 | 120,141 | 115,742 |
Contract assets | 60,094 | 86,993 |
Inventories | 109,308 | 100,161 |
Other receivables – chassis pool agreements | 16,112 | 19,544 |
Other current assets | 4,908 | 11,779 |
Total current assets | 317,941 | 345,767 |
Property, plant and equipment, net | 73,939 | 70,753 |
Right of use assets – operating leases | 54,931 | 53,386 |
Goodwill | 48,880 | 48,880 |
Intangible assets, net | 48,126 | 49,078 |
Net deferred tax assets | 10,390 | 10,390 |
Other assets | 2,805 | 2,227 |
TOTAL ASSETS | 557,012 | 580,481 |
Current liabilities: | ||
Accounts payable | 107,807 | 124,309 |
Accrued warranty | 6,183 | 7,161 |
Accrued compensation and related taxes | 16,038 | 14,434 |
Contract liabilities | 7,719 | 5,255 |
Operating lease liability | 11,576 | 10,888 |
Other current liabilities and accrued expenses | 14,404 | 19,452 |
Short-term debt – chassis pool agreements | 16,112 | 19,544 |
Current portion of long-term debt | 183 | 189 |
Total current liabilities | 180,022 | 201,232 |
Other non-current liabilities | 9,557 | 10,033 |
Long-term operating lease liability | 45,251 | 44,256 |
Long-term debt, less current portion | 65,224 | 56,266 |
Total liabilities | 300,054 | 311,787 |
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; 34,915 and 35,066 outstanding | 89,260 | 92,982 |
Retained earnings | 167,629 | 175,611 |
Total Shyft Group, Inc. shareholders’ equity | 256,889 | 268,593 |
Non-controlling interest | 69 | 101 |
Total shareholders' equity | 256,958 | 268,694 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 557,012 | $ 580,481 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 255 | $ 246 |
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) | 34,915 | 35,066 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Sales | $ 243,439 | $ 206,883 |
Cost of products sold | 200,515 | 180,952 |
Gross profit | 42,924 | 25,931 |
Operating expenses: | ||
Research and development | 6,949 | 4,927 |
Selling, general and administrative | 32,289 | 26,552 |
Total operating expenses | 39,238 | 31,479 |
Operating income (loss) | 3,686 | (5,548) |
Other income (expense) | ||
Interest expense | (1,648) | (154) |
Other income (expense) | 70 | (35) |
Total other income (expense) | (1,578) | (189) |
Income (loss) before income taxes | 2,108 | (5,737) |
Income tax expense (benefit) | 430 | (1,885) |
Net income (loss) | 1,678 | (3,852) |
Less: net loss attributable to non-controlling interest | 32 | 0 |
Net income (loss) attributable to The Shyft Group Inc. | $ 1,710 | $ (3,852) |
Basic earnings (loss) per share (in dollars per share) | $ 0.05 | $ (0.11) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.05 | $ (0.11) |
Basic weighted average common shares outstanding (in shares) | 35,058 | 35,108 |
Diluted weighted average common shares outstanding (in shares) | 35,340 | 35,108 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 1,678 | $ (3,852) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,864 | 2,969 |
Non-cash stock based compensation expense | 1,827 | 1,648 |
(Gain) on disposal of assets | 0 | (10) |
Changes in accounts receivable and contract assets | 22,500 | (5,012) |
Changes in inventories | (9,147) | (24,072) |
Changes in accounts payable | (16,920) | 7,594 |
Changes in accrued compensation and related taxes | 419 | (7,966) |
Changes in accrued warranty | (978) | (326) |
Change in other assets and liabilities | 2,644 | 1,243 |
Net cash provided by (used in) operating activities | 5,887 | (27,784) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (4,469) | (5,514) |
Proceeds from sale of property, plant and equipment | 25 | 29 |
Acquisition of business, net of cash acquired | (500) | 0 |
Net cash used in investing activities | (4,944) | (5,485) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 40,000 | 45,000 |
Payments on long-term debt | (31,000) | (10,000) |
Payment of dividends | (1,878) | (1,886) |
Purchase and retirement of common stock | (8,765) | (26,789) |
Exercise and vesting of stock incentive awards | (3,470) | (6,523) |
Net cash used in financing activities | (5,113) | (198) |
Net decrease in cash and cash equivalents | (4,170) | (33,467) |
Cash and cash equivalents at beginning of period | 11,548 | 37,158 |
Cash and cash equivalents at end of period | $ 7,378 | $ 3,691 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Common Stock Including Additional Paid in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
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) | |
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 | |
Balance (in shares) at Dec. 31, 2022 | 35,066 | ||||
Balance at Dec. 31, 2022 | 92,982 | 175,611 | 101 | 268,694 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 5 | ||||
Issuance of common stock and tax impact of stock incentive plan | (4,656) | 0 | 0 | (4,656) | |
Dividends declared | 0 | (1,820) | 0 | (1,820) | |
Purchase and retirement of common stock (in shares) | (349) | ||||
Purchase and retirement of common stock | (893) | (7,872) | 0 | (8,765) | |
Issuance of restricted stock, net of cancellation (in shares) | 193 | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Non-cash stock based compensation expense | 1,827 | 0 | 0 | 1,827 | |
Net income (loss) | 0 | 1,710 | (32) | 1,678 | |
Net income (loss) | 0 | 1,710 | (32) | 1,678 | |
Balance (in shares) at Mar. 31, 2023 | 34,915 | ||||
Balance at Mar. 31, 2023 | $ 89,260 | $ 167,629 | $ 69 | $ 256,958 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Dividends declared (in dollars per share) | $ 0.05 | $ 0.05 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2023 | |
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 motorhome 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, 2023, three March 31, 2023. 10 December 31, 2022 February 23, 2023. three March 31, 2023, 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, 2022, 10 Supplemental Disclosures of Cash Flow Information Non-cash investing in the three March 31, 2023 March 31, 2022, 3 Debt |
Note 2 - Inventories
Note 2 - Inventories | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 Inventories are summarized as follows: March 31, 2023 December 31, 2022 Finished goods $ 11,696 $ 13,361 Work in process 3,796 5,200 Raw materials and purchased components 93,816 81,600 Total inventories $ 109,308 $ 100,161 |
Note 3 - Debt
Note 3 - Debt | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 3 Short-term debt consists of the following: March 31, 2023 December 31, 2022 Chassis pool agreements $ 16,112 $ 19,544 Total short-term debt $ 16,112 $ 19,544 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, 2023 December 31, 2022 Line of credit revolver $ 65,000 $ 56,000 Finance lease obligation 407 455 Total debt 65,407 56,455 Less current portion of long-term debt (183 ) (189 ) Total long-term debt $ 65,224 $ 56,266 Revolving Credit Facility On November 30, 2021, Under the Credit Agreement, we may November 30, 2026. may one 1.0%; one March 31, 2023. March 31, 2023 December 31, 2022, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $218,336 and $187,162 at March 31, 2023 December 31, 2022, March 31, 2023 December 31, 2022, |
Note 4 - Revenue
Note 4 - Revenue | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4 Changes in our contract assets and liabilities for the three March 31, 2023 2022 March 31, 2023 March 31, 2022 Contract Assets Contract assets, beginning of period $ 86,993 $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (66,340 ) (18,635 ) Contract assets recognized, net of reclassification to receivables 39,441 30,141 Contract assets, end of period $ 60,094 $ 32,989 Contract Liabilities Contract liabilities, beginning of period $ 5,255 $ 988 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (4,421 ) (988 ) Cash received in advance and not recognized as revenue 6,885 5,193 Contract liabilities, end of period $ 7,719 $ 5,193 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services ("FVS") and Specialty Vehicles ("SV") segments are $584,933 and $82,478, 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 within the reportable segments. Three Months Ended March 31, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 154,028 $ 87,184 $ (3,181 ) $ 238,031 Other 5,405 3 - 5,408 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Timing of revenue recognition Products transferred at a point in time $ 12,154 $ 37,562 $ - $ 49,716 Products and services transferred over time 147,279 49,625 (3,181 ) 193,723 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Three Months Ended March 31, 2022 FVS SV Eliminations and Other 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 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 Property, plant and equipment are summarized by major classifications as follows: March 31, 2023 December 31, 2022 Land and improvements $ 12,314 $ 12,314 Buildings and improvements 42,857 42,827 Plant machinery and equipment 58,517 55,969 Furniture and fixtures 18,700 18,334 Vehicles 2,116 2,083 Construction in process 12,990 9,946 Subtotal 147,494 141,473 Less accumulated depreciation (73,555 ) (70,720 ) Total property, plant and equipment, net $ 73,939 $ 70,753 We recorded depreciation expense of $2,912 and $2,125 during the three March 31, 2023 2022, |
Note 6 - Leases
Note 6 - Leases | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | NOTE 6 We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one not 3 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 , 2023 2022 Operating leases $ 2,964 $ 2,238 Short-term leases (1) 252 38 Total lease expense $ 3,216 $ 2,276 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: March 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.9 8.5 Weighted average discount rate of operating leases 2.8 % 2.7 % Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,793 $ 2,061 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,975 $ 14,955 Finance leases $ 65 $ 121 Maturities of operating lease liabilities as of March 31, 2023 Years ending December 31: 2023 (1) $ 8,800 2024 11,017 2025 9,742 2026 7,737 2027 5,499 Thereafter 20,500 Total lease payments 63,295 Less: imputed interest (6,468 ) Total lease liabilities $ 56,827 ( 1 three March 31, 2023. |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 At March 31, 2023, 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, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 1,035 793 Changes in liability for pre-existing warranties (769 ) (174 ) Cash settlements (1,244 ) (945 ) Balance of accrued warranty at March 31 $ 6,183 $ 5,649 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 8 - Taxes on Income
Note 8 - Taxes on Income | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 – TAXES ON INCOME Our effective income tax rate was a tax expense of 20.4% and a tax benefit of 32.9% for the three March 31, 2023 2022, The effective tax rate for the three March 31, 2023 The effective tax rate of a benefit of 32.9% for the three March 31, 2022 |
Note 9 - Business Segments
Note 9 - Business Segments | 3 Months Ended |
Mar. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 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 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 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. Our SV segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, service body 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 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 147,279 $ - $ - $ 147,279 Motorhome chassis sales - 27,960 - 27,960 Other specialty vehicle sales - 54,697 (3,181 ) 51,516 Aftermarket parts and accessories sales 12,154 4,530 - 16,684 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Depreciation and amortization expense $ 1,338 $ 1,679 $ 847 $ 3,864 Adjusted EBITDA 12,473 13,852 (15,537 ) 10,788 Segment assets 300,578 235,844 20,590 557,012 Capital expenditures 1,865 741 2,298 4,904 Three Months Ended March Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motorhome 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 |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2023 December 31, 2022 Finished goods $ 11,696 $ 13,361 Work in process 3,796 5,200 Raw materials and purchased components 93,816 81,600 Total inventories $ 109,308 $ 100,161 |
Note 3 - Debt (Tables)
Note 3 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | March 31, 2023 December 31, 2022 Chassis pool agreements $ 16,112 $ 19,544 Total short-term debt $ 16,112 $ 19,544 |
Schedule of Long-Term Debt Instruments [Table Text Block] | March 31, 2023 December 31, 2022 Line of credit revolver $ 65,000 $ 56,000 Finance lease obligation 407 455 Total debt 65,407 56,455 Less current portion of long-term debt (183 ) (189 ) Total long-term debt $ 65,224 $ 56,266 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, 2023 March 31, 2022 Contract Assets Contract assets, beginning of period $ 86,993 $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (66,340 ) (18,635 ) Contract assets recognized, net of reclassification to receivables 39,441 30,141 Contract assets, end of period $ 60,094 $ 32,989 Contract Liabilities Contract liabilities, beginning of period $ 5,255 $ 988 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (4,421 ) (988 ) Cash received in advance and not recognized as revenue 6,885 5,193 Contract liabilities, end of period $ 7,719 $ 5,193 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 154,028 $ 87,184 $ (3,181 ) $ 238,031 Other 5,405 3 - 5,408 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Timing of revenue recognition Products transferred at a point in time $ 12,154 $ 37,562 $ - $ 49,716 Products and services transferred over time 147,279 49,625 (3,181 ) 193,723 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Three Months Ended March 31, 2022 FVS SV Eliminations and Other 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 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2023 December 31, 2022 Land and improvements $ 12,314 $ 12,314 Buildings and improvements 42,857 42,827 Plant machinery and equipment 58,517 55,969 Furniture and fixtures 18,700 18,334 Vehicles 2,116 2,083 Construction in process 12,990 9,946 Subtotal 147,494 141,473 Less accumulated depreciation (73,555 ) (70,720 ) Total property, plant and equipment, net $ 73,939 $ 70,753 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31 , 2023 2022 Operating leases $ 2,964 $ 2,238 Short-term leases (1) 252 38 Total lease expense $ 3,216 $ 2,276 |
Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block] | March 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.9 8.5 Weighted average discount rate of operating leases 2.8 % 2.7 % |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Three Months Ended March 31, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,793 $ 2,061 Right of use assets obtained in exchange for lease obligations: Operating leases $ 3,975 $ 14,955 Finance leases $ 65 $ 121 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31: 2023 (1) $ 8,800 2024 11,017 2025 9,742 2026 7,737 2027 5,499 Thereafter 20,500 Total lease payments 63,295 Less: imputed interest (6,468 ) Total lease liabilities $ 56,827 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 1,035 793 Changes in liability for pre-existing warranties (769 ) (174 ) Cash settlements (1,244 ) (945 ) Balance of accrued warranty at March 31 $ 6,183 $ 5,649 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended March Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 147,279 $ - $ - $ 147,279 Motorhome chassis sales - 27,960 - 27,960 Other specialty vehicle sales - 54,697 (3,181 ) 51,516 Aftermarket parts and accessories sales 12,154 4,530 - 16,684 Total sales $ 159,433 $ 87,187 $ (3,181 ) $ 243,439 Depreciation and amortization expense $ 1,338 $ 1,679 $ 847 $ 3,864 Adjusted EBITDA 12,473 13,852 (15,537 ) 10,788 Segment assets 300,578 235,844 20,590 557,012 Capital expenditures 1,865 741 2,298 4,904 Three Months Ended March Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motorhome 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 |
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, 2023 | Mar. 31, 2022 | |
Capital Expenditures Incurred but Not yet Paid | $ 2,494 | $ 1,443 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 11,696 | $ 13,361 |
Work in process | 3,796 | 5,200 |
Raw materials and purchased components | 93,816 | 81,600 |
Total inventories | $ 109,308 | $ 100,161 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Nov. 30, 2021 | Mar. 31, 2023 | Dec. 31, 2022 | |
Letters of Credit Outstanding, Amount | $ 1,200 | $ 1,200 | |
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, Basis Spread on Variable Rate | 1% | ||
Debt Instrument Reference Rate Term (Month) | 1 month | ||
Debt Instrument, Interest Rate During Period | 5.66% | ||
Line of Credit Facility, Current Borrowing Capacity | $ 218,336 | $ 187,162 | |
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] | 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 3 - Debt - Short-term Debt
Note 3 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Short-term debt | $ 16,112 | $ 19,544 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 16,112 | $ 19,544 |
Note 3 - Debt - Schedule of Lon
Note 3 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Line of credit revolver | $ 65,000 | $ 56,000 |
Finance lease obligation | 407 | 455 |
Total debt | 65,407 | 56,455 |
Less current portion of long-term debt | (183) | (189) |
Total long-term debt | $ 65,224 | $ 56,266 |
Note 4 - Revenue (Details Textu
Note 4 - Revenue (Details Textual) $ in Thousands | Mar. 31, 2023 USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 584,933 |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 82,478 |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Contract assets, balance | $ 86,993 | $ 21,483 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (66,340) | (18,635) |
Contract assets recognized, net of reclassification to receivables | 39,441 | 30,141 |
Contract assets, balance | 60,094 | 32,989 |
Contract liabilities, balance | 5,255 | 988 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (4,421) | (988) |
Cash received in advance and not recognized as revenue | 6,885 | 5,193 |
Contract liabilities, balance | $ 7,719 | $ 5,193 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Revenues | $ 243,439 | $ 206,883 |
Transferred at Point in Time [Member] | ||
Revenues | 49,716 | 62,406 |
Transferred over Time [Member] | ||
Revenues | 193,723 | 144,477 |
Consolidation, Eliminations [Member] | ||
Revenues | (3,181) | 0 |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||
Revenues | 0 | 0 |
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||
Revenues | (3,181) | 0 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 159,433 | 112,697 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 12,154 | 9,555 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 147,279 | 103,142 |
Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 87,187 | 94,186 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 37,562 | 52,851 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 49,625 | 41,335 |
UNITED STATES | ||
Revenues | 238,031 | 205,519 |
UNITED STATES | Consolidation, Eliminations [Member] | ||
Revenues | (3,181) | 0 |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 154,028 | 111,336 |
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 87,184 | 94,183 |
Non-US [Member] | ||
Revenues | 5,408 | 1,364 |
Non-US [Member] | Consolidation, Eliminations [Member] | ||
Revenues | 0 | 0 |
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 5,405 | 1,361 |
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | ||
Revenues | $ 3 | $ 3 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Depreciation | $ 2,912 | $ 2,125 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 147,494 | $ 141,473 |
Less accumulated depreciation | (73,555) | (70,720) |
Total property, plant and equipment, net | 73,939 | 70,753 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 12,314 | 12,314 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 42,857 | 42,827 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 58,517 | 55,969 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 18,700 | 18,334 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,116 | 2,083 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 12,990 | $ 9,946 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Minimum [Member] | |
Leases, Remaining Lease Terms (Year) | 1 year |
Maximum [Member] | |
Leases, Remaining Lease Terms (Year) | 17 years |
Leases, Term, Option to Extend (Year) | 15 years |
Note 6 - Leases - Lease Cost (D
Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | ||
Operating leases | $ 2,964 | $ 2,238 | |
Short-term leases(1) | [1] | 252 | 38 |
Total lease expense | $ 3,216 | $ 2,276 | |
[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 6 - Leases - Weighted Aver
Note 6 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details) | Mar. 31, 2023 | Mar. 31, 2022 |
Weighted average remaining lease term of operating leases (in years) (Year) | 7 years 10 months 24 days | 8 years 6 months |
Weighted average discount rate of operating leases | 2.80% | 2.70% |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense and Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Operating cash flow for operating leases | $ 2,793 | $ 2,061 |
Operating leases | 3,975 | 14,955 |
Finance leases | $ 65 | $ 121 |
Note 6 - Leases - Future Minimu
Note 6 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Mar. 31, 2023 USD ($) | |
2023(1) | $ 8,800 | [1] |
2024 | 11,017 | |
2025 | 9,742 | |
2026 | 7,737 | |
2027 | 5,499 | |
Thereafter | 20,500 | |
Total lease payments | 63,295 | |
Less: imputed interest | (6,468) | |
Total lease liabilities | $ 56,827 | |
[1]Excluding the three months ended March 31, 2023. |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Balance of accrued warranty | $ 7,161 | $ 5,975 |
Provisions for current period sales | 1,035 | 793 |
Changes in liability for pre-existing warranties | (769) | (174) |
Cash settlements | (1,244) | (945) |
Balance of accrued warranty | $ 6,183 | $ 5,649 |
Note 8 - Taxes on Income (Detai
Note 8 - Taxes on Income (Details Textual) | 3 Months Ended | |
Mar. 31, 2023 | Mar. 31, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 20.40% | (32.90%) |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2023 | |
Number of Reportable Segments | 2 |
Note 9 - Business Segments - Se
Note 9 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2023 | Mar. 31, 2022 | Dec. 31, 2022 | |
Revenues | $ 243,439 | $ 206,883 | |
Depreciation and amortization expense | 3,864 | 2,969 | |
Adjusted EBITDA | 10,788 | (643) | |
Segment assets | 557,012 | 459,140 | $ 580,481 |
Capital expenditures | 4,904 | 5,445 | |
Fleet Vehicle Sales [Member] | |||
Revenues | 147,279 | 103,142 | |
Motorhome Chassis [Member] | |||
Revenues | 27,960 | 44,891 | |
Other Specialty Vehicles [Member] | |||
Revenues | 51,516 | 44,706 | |
Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 16,684 | 14,144 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 159,433 | 112,697 | |
Depreciation and amortization expense | 1,338 | 748 | |
Adjusted EBITDA | 12,473 | (871) | |
Segment assets | 300,578 | 209,954 | |
Capital expenditures | 1,865 | 4,133 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 147,279 | 103,142 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 12,154 | 9,555 | |
Operating Segments [Member] | Specialty Vehicles [Member] | |||
Revenues | 87,187 | 94,186 | |
Depreciation and amortization expense | 1,679 | 1,661 | |
Adjusted EBITDA | 13,852 | 10,099 | |
Segment assets | 235,844 | 210,897 | |
Capital expenditures | 741 | 234 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | |||
Revenues | 27,960 | 44,891 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 54,697 | 44,706 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 4,530 | 4,589 | |
Segment Reconciling Items [Member] | |||
Revenues | (3,181) | 0 | |
Depreciation and amortization expense | 847 | 560 | |
Adjusted EBITDA | (15,537) | (9,871) | |
Segment assets | 20,590 | 38,289 | |
Capital expenditures | 2,298 | 1,078 | |
Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | |
Segment Reconciling Items [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | |
Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | |||
Revenues | (3,181) | 0 | |
Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | $ 0 | $ 0 |