Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 20, 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 | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 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 | 34,289,839 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 9,876 | $ 11,548 |
Accounts receivable, less allowance of $290 and $246 | 91,536 | 115,742 |
Contract assets | 48,469 | 86,993 |
Inventories | 115,200 | 100,161 |
Other receivables – chassis pool agreements | 29,285 | 19,544 |
Other current assets | 5,350 | 11,779 |
Total current assets | 299,716 | 345,767 |
Property, plant and equipment, net | 79,437 | 70,753 |
Right of use assets – operating leases | 47,669 | 53,386 |
Goodwill | 48,880 | 48,880 |
Intangible assets, net | 46,221 | 49,078 |
Net deferred tax assets | 11,004 | 10,390 |
Other assets | 2,534 | 2,227 |
TOTAL ASSETS | 535,461 | 580,481 |
Current liabilities: | ||
Accounts payable | 99,299 | 124,309 |
Accrued warranty | 6,317 | 7,161 |
Accrued compensation and related taxes | 16,127 | 14,434 |
Contract liabilities | 6,233 | 5,255 |
Operating lease liability | 10,884 | 10,888 |
Other current liabilities and accrued expenses | 7,597 | 19,452 |
Short-term debt – chassis pool agreements | 29,285 | 19,544 |
Current portion of long-term debt | 203 | 189 |
Total current liabilities | 175,945 | 201,232 |
Other non-current liabilities | 10,105 | 10,033 |
Long-term operating lease liability | 38,491 | 44,256 |
Long-term debt, less current portion | 55,181 | 56,266 |
Total liabilities | 279,722 | 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; 34,289 and 35,066 outstanding | 91,046 | 92,982 |
Retained earnings | 164,624 | 175,611 |
Total Shyft Group, Inc. shareholders’ equity | 255,670 | 268,593 |
Non-controlling interest | 69 | 101 |
Total shareholders' equity | 255,739 | 268,694 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 535,461 | $ 580,481 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Accounts receivable, allowance | $ 290 | $ 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) | 34,289 | 35,066 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Sales | $ 201,325 | $ 286,075 | $ 669,865 | $ 725,153 |
Cost of products sold | 164,557 | 231,979 | 547,419 | 603,008 |
Gross profit | 36,768 | 54,096 | 122,446 | 122,145 |
Operating expenses: | ||||
Research and development | 5,225 | 7,051 | 18,064 | 19,541 |
Selling, general and administrative | 27,419 | 25,033 | 89,978 | 78,445 |
Total operating expenses | 32,644 | 32,084 | 108,042 | 97,986 |
Operating income | 4,124 | 22,012 | 14,404 | 24,159 |
Other income (expense) | ||||
Interest expense | (1,572) | (1,137) | (4,697) | (1,754) |
Other income (expense) | 15 | 181 | 209 | (342) |
Total other expense | (1,557) | (956) | (4,488) | (2,096) |
Income before income taxes | 2,567 | 21,056 | 9,916 | 22,063 |
Income tax expense (benefit) | (1,951) | 3,770 | (965) | 3,346 |
Net income (loss) | 4,518 | 17,286 | 10,881 | 18,717 |
Less: net loss attributable to non-controlling interest | 0 | 0 | 32 | 0 |
Net income attributable to The Shyft Group Inc. | $ 4,518 | $ 17,286 | $ 10,913 | $ 18,717 |
Basic earnings per share (in dollars per share) | $ 0.13 | $ 0.49 | $ 0.31 | $ 0.53 |
Diluted earnings per share (in dollars per share) | $ 0.13 | $ 0.49 | $ 0.31 | $ 0.53 |
Basic weighted average common shares outstanding (in shares) | 34,604 | 35,056 | 34,863 | 35,071 |
Diluted weighted average common shares outstanding (in shares) | 34,637 | 35,365 | 34,985 | 35,481 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 10,881 | $ 18,717 |
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 12,360 | 10,055 |
Non-cash stock based compensation expense | 5,187 | 4,922 |
Deferred income taxes | (614) | 64 |
Loss on disposal of assets | 132 | 481 |
Changes in accounts receivable and contract assets | 62,730 | (66,026) |
Changes in inventories | (15,039) | (44,029) |
Changes in accounts payable | (25,194) | 24,708 |
Changes in accrued compensation and related taxes | 1,693 | (3,505) |
Changes in accrued warranty | (844) | 457 |
Change in other assets and liabilities | (6,474) | 9,663 |
Net cash provided by (used in) operating activities | 44,818 | (44,493) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (16,143) | (14,228) |
Proceeds from sale of property, plant and equipment | 100 | 148 |
Acquisition of business, net of cash acquired | (500) | 0 |
Net cash used in investing activities | (16,543) | (14,080) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 100,000 | 120,000 |
Payments on long-term debt | (101,000) | (55,000) |
Payment of dividends | (5,392) | (5,395) |
Purchase and retirement of common stock | (19,083) | (26,789) |
Exercise and vesting of stock incentive awards | (4,472) | (8,539) |
Net cash provided by (used in) financing activities | (29,947) | 24,277 |
Net decrease in cash and cash equivalents | (1,672) | (34,296) |
Cash and cash equivalents at beginning of period | 11,548 | 37,158 |
Cash and cash equivalents at end of period | $ 9,876 | $ 2,862 |
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) | |
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, 2021 | 35,416 | ||||
Balance at Dec. 31, 2021 | 95,375 | 171,379 | 101 | 266,855 | |
Net income (loss) | 18,717 | ||||
Balance (in shares) at Sep. 30, 2022 | 35,063 | ||||
Balance at Sep. 30, 2022 | 90,160 | 159,537 | 101 | 249,798 | |
Balance (in shares) at Mar. 31, 2022 | 35,027 | ||||
Balance at Mar. 31, 2022 | 87,053 | 140,542 | 101 | 227,696 | |
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 | (219) | 0 | 0 | (219) | |
Dividends declared | 0 | (1,784) | 0 | (1,784) | |
Issuance of restricted stock, net of cancellation (in shares) | 33 | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Non-cash stock based compensation expense | 2,060 | 0 | 0 | 2,060 | |
Net income (loss) | 0 | 5,283 | 0 | 5,283 | |
Balance (in shares) at Jun. 30, 2022 | 35,063 | ||||
Balance at Jun. 30, 2022 | 88,894 | 144,041 | 101 | 233,036 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 6 | ||||
Issuance of common stock and tax impact of stock incentive plan | 52 | 0 | 0 | 52 | |
Dividends declared | 0 | (1,790) | 0 | (1,790) | |
Issuance of restricted stock, net of cancellation (in shares) | (6) | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Non-cash stock based compensation expense | 1,214 | 0 | 0 | 1,214 | |
Net income (loss) | 0 | 17,286 | 0 | 17,286 | |
Balance (in shares) at Sep. 30, 2022 | 35,063 | ||||
Balance at Sep. 30, 2022 | 90,160 | 159,537 | 101 | 249,798 | |
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 | |
Balance (in shares) at Mar. 31, 2023 | 34,915 | ||||
Balance at Mar. 31, 2023 | 89,260 | 167,629 | 69 | 256,958 | |
Balance (in shares) at Dec. 31, 2022 | 35,066 | ||||
Balance at Dec. 31, 2022 | 92,982 | 175,611 | 101 | 268,694 | |
Net income (loss) | 10,881 | ||||
Balance (in shares) at Sep. 30, 2023 | 34,289 | ||||
Balance at Sep. 30, 2023 | 91,046 | 164,624 | 69 | 255,739 | |
Balance (in shares) at Mar. 31, 2023 | 34,915 | ||||
Balance at Mar. 31, 2023 | 89,260 | 167,629 | 69 | 256,958 | |
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 | 83 | 0 | 0 | 83 | |
Dividends declared | 0 | (1,770) | 0 | (1,770) | |
Issuance of restricted stock, net of cancellation (in shares) | 36 | ||||
Issuance of restricted stock, net of cancellation | 0 | (21) | 0 | (21) | |
Non-cash stock based compensation expense | 1,263 | 0 | 0 | 1,263 | |
Net income (loss) | 0 | 4,685 | 0 | 4,685 | |
Balance (in shares) at Jun. 30, 2023 | 34,956 | ||||
Balance at Jun. 30, 2023 | 90,606 | 170,523 | 69 | 261,198 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 4 | ||||
Issuance of common stock and tax impact of stock incentive plan | 101 | 0 | 0 | 101 | |
Dividends declared | 0 | (1,765) | 0 | (1,765) | |
Purchase and retirement of common stock (in shares) | (674) | ||||
Purchase and retirement of common stock | (1,758) | (8,652) | 0 | (10,410) | |
Issuance of restricted stock, net of cancellation (in shares) | 3 | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Non-cash stock based compensation expense | 2,097 | 0 | 0 | 2,097 | |
Net income (loss) | 0 | 4,518 | 0 | 4,518 | |
Balance (in shares) at Sep. 30, 2023 | 34,289 | ||||
Balance at Sep. 30, 2023 | $ 91,046 | $ 164,624 | $ 69 | $ 255,739 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | |
Dividends declared (in dollars per share) | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 | $ 0.05 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 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 September 30, 2023, our results of operations for the three and nine months ended September 30, 2023 and our cash flows for the nine months ended September 30, 2023. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 23, 2023. The results of operations for the three and nine months ended September 30, 2023, are not necessarily indicative of the results expected for the full year. 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, included in our Annual Report on Form 10-K. Supplemental Disclosures of Cash Flow Information Non-cash investing in the nine months ended September 30, 2023 and September 30, 2022 included $2,258 and $982 of capital expenditures, respectively. The Company has chassis pool agreements, where it participates in chassis converter pools that are non-cash arrangements and they are offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 3 – Debt |
Note 2 - Inventories
Note 2 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 2 – INVENTORIES Inventories are summarized as follows: September 30, 2023 December 31, 2022 Finished goods $ 20,706 $ 13,361 Work in process 8,878 5,200 Raw materials and purchased components 85,616 81,600 Total inventories $ 115,200 $ 100,161 |
Note 3 - Debt
Note 3 - Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 3 – DEBT Short-term debt consists of the following: September 30, 2023 December 31, 2022 Chassis pool agreements $ 29,285 $ 19,544 Total short-term debt $ 29,285 $ 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 move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled related obligations in cash, except as required under our credit agreement. The obligation is usually settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. The Company has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Other receivables – chassis pool agreements Short-term debt – chassis pool agreements Long-term debt consists of the following: September 30, 2023 December 31, 2022 Line of credit revolver $ 55,000 $ 56,000 Finance lease obligation 384 455 Total debt 55,384 56,455 Less current portion of long-term debt (203 ) (189 ) Total long-term debt $ 55,181 $ 56,266 Revolving Credit Facility On November 30, 2021, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A., as administrative agent, and the lenders party thereto consisting of Wells Fargo, N.A., JPMorgan Chase Bank, N.A., PNC Bank, N.A. and Bank of America, N.A. (the "Lenders"). Certain of our other subsidiaries have executed guaranties guarantying the borrowers' obligations under the Credit Agreement. On May 31, 2023, the Company amended the Credit Agreement to effectuate the transition of the underlying variable interest rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Our interest expense is not expected to increase materially with this transition. Increased interest expense and/or disruption in the financial market could have a material adverse effect on our business, financial condition, or results of operations. Under the Credit Agreement, we may borrow up to $400,000 from the Lenders under a secured revolving credit facility which matures November 30, 2026. We may also request an increase in the facility of up to $200,000 in the aggregate, subject to customary conditions. The revolving credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $10,000, subject to certain limitations and restrictions. The revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one 1.0%; Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $177,546 and $187,162 at September 30, 2023 and December 31, 2022, respectively. The Credit Agreement requires us to maintain certain financial ratios and other financial covenants; prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. At September 30, 2023 and December 31, 2022, we were in compliance with all covenants in our Credit Agreement. |
Note 4 - Revenue
Note 4 - Revenue | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4 – REVENUE Changes in our contract assets and liabilities for the nine months ended September 30, 2023 and 2022 are summarized below: September 30, 2023 September 30, 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 (86,061 ) (21,482 ) Contract assets recognized, net of reclassification to receivables 47,537 87,098 Contract assets, end of period $ 48,469 $ 87,099 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 (5,182 ) (988 ) Cash received in advance and not recognized as revenue 6,160 10,601 Contract liabilities, end of period $ 6,233 $ 10,601 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 $383,448 and $80,983, 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 September 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 122,626 $ 76,603 $ 444 $ 199,673 Other 1,633 19 - 1,652 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Timing of revenue recognition Products transferred at a point in time $ 15,768 $ 34,297 $ 467 $ 50,532 Products and services transferred over time 108,491 42,325 (23 ) 150,793 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Three Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 183,409 $ 103,869 $ (2,335 ) $ 284,943 Other 1,085 47 - 1,132 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Timing of revenue recognition Products transferred at a point in time $ 10,821 $ 58,729 $ - $ 69,550 Products and services transferred over time 173,673 45,187 (2,335 ) 216,525 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Nine Months Ended September 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 401,117 $ 251,306 $ (4,180 ) $ 648,243 Other 21,558 64 - 21,622 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Timing of revenue recognition Products transferred at a point in time $ 41,614 $ 109,977 $ 467 $ 152,058 Products and services transferred over time 381,061 141,393 (4,647 ) 517,807 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Nine Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 428,606 $ 293,325 $ (2,335 ) $ 719,596 Other 5,482 75 - 5,557 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Timing of revenue recognition Products transferred at a point in time $ 31,092 $ 163,068 $ - $ 194,160 Products and services transferred over time 402,996 130,332 (2,335 ) 530,993 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: September 30, 2023 December 31, 2022 Land and improvements $ 12,178 $ 12,314 Buildings and improvements 49,051 42,827 Plant machinery and equipment 58,427 55,969 Furniture and fixtures 19,777 18,334 Vehicles 2,019 2,083 Construction in process 11,167 9,946 Subtotal 152,619 141,473 Accumulated depreciation (73,182 ) (70,720 ) Total property, plant and equipment, net $ 79,437 $ 70,753 We recorded depreciation expense of $3,358 and $2,404 during the three months ended September 30, 2023 and 2022, respectively, and $9,503 and $7,155 during the nine months ended September 30, 2023 and 2022, respectively. |
Note 6 - Leases
Note 6 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | NOTE 6 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one 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 Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating leases $ 2,808 $ 2,683 $ 8,755 $ 7,492 Short-term leases(1) 373 87 995 144 Total lease expense $ 3,181 $ 2,770 $ 9,750 $ 7,636 (1) The weighted average remaining lease term and weighted average discount rate were as follows: September 30, 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.3 8.2 Weighted average discount rate of operating leases 2.9 % 2.7 % Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 8,312 $ 6,874 Right of use assets obtained in exchange for lease obligations: Operating leases $ 10,208 $ 16,367 Finance leases $ 89 $ 202 Maturities of operating lease liabilities as of September 30, 2023 are as follows: Years ending December 31: 2023 (1) $ 2,693 2024 10,292 2025 9,782 2026 7,605 2027 5,268 Thereafter 18,505 Total lease payments 54,145 Imputed interest (4,770 ) Total lease liabilities $ 49,375 (1) |
Note 7 - Commitments and Contin
Note 7 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 7 – COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 2023, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our businesses. In the opinion of management, our financial position, future operating results or cash flows will not be materially affected by the final outcome of these legal proceedings. 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 receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles. 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: Nine Months Ended September 30, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 3,023 3,597 Changes in liability for pre-existing warranties (1,044 ) 430 Cash settlements (2,823 ) (3,570 ) Balance of accrued warranty at September 30 $ 6,317 $ 6,432 Legal Proceedings Relating to Environmental Matters As previously disclosed, in May 2020, the Company received an information request from the United States Environmental Protection Agency (“EPA”) requesting certain information regarding emissions labels on chassis, vocational vehicles, and vehicles that the Company manufactured or imported into the U.S. between January 1, 2017 to the date the Company received the request in May 2020. The Company responded to the EPA’s request and furnished the requested materials in the third quarter of 2020. On April 6, 2022, the Company received a Notice of Violation from the EPA alleging a failure to secure certain certifications on manufactured chassis and a failure to comply with recordkeeping and reporting requirements related to supplier-provided chassis. The Company continues to investigate this matter, including potential defenses, and will continue discussions with the EPA regarding the allegations. At this time, it is not possible to estimate the potential fines or penalties that the Company may incur (if any) for this matter. |
Note 8 - Taxes on Income
Note 8 - Taxes on Income | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 8 – TAXES ON INCOME Our effective income tax rate was a benefit of 76.0% and an expense of 17.9% for the three months ended September 30, 2023 and 2022, respectively. These rates differ from the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation offset by the benefit of research credits and a discrete tax benefit in 2023 related to the 2022 tax return-to-provision adjustment for the research credit. Our effective income tax rate was a benefit of 9.7% and an expense of 15.2% for the nine months ended September 30, 2023 and 2022, respectively. These rates differ from the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation offset by the benefit of research credits and a discrete tax benefit in 2023 related to the 2022 tax return-to-provision adjustment for the research credit. |
Note 9 - Business Segments
Note 9 - Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 – BUSINESS SEGMENTS 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 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 indicative of our underlying operating performance, as well as certain non-cash expenses. We define Adjusted EBITDA as income before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations. Our FVS segment manufactures commercial vehicles used in the 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, Royal Truck Body and DuraMag 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. Three Months Ended September 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 108,491 $ - $ - $ 108,491 Motorhome chassis sales - 20,519 - 20,519 Other specialty vehicle sales - 50,557 444 51,001 Aftermarket parts and accessories sales 15,768 5,546 - 21,314 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Depreciation and amortization expense $ 1,700 $ 1,659 $ 951 $ 4,310 Adjusted EBITDA 7,977 15,988 (12,977 ) 10,988 Segment assets 254,729 219,204 61,528 535,461 Capital expenditures 750 1,006 3,697 5,453 Three Months Ended September 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 173,673 $ - $ - $ 173,673 Motorhome chassis sales - 50,399 - 50,399 Other specialty vehicle sales - 48,570 (2,335 ) 46,235 Aftermarket parts and accessories sales 10,821 4,947 - 15,768 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Depreciation and amortization expense $ 1,144 $ 1,692 $ 523 $ 3,359 Adjusted EBITDA 24,361 15,550 (12,849 ) 27,062 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 2,791 220 195 3,206 Nine Months Ended September 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 381,061 $ - $ - $ 381,061 Motorhome chassis sales - 78,578 - 78,578 Other specialty vehicle sales - 156,906 (4,180 ) 152,726 Aftermarket parts and accessories sales 41,614 15,886 - 57,500 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Depreciation and amortization expense $ 4,679 $ 5,038 $ 2,643 $ 12,360 Adjusted EBITDA 32,918 47,207 (42,482 ) 37,643 Segment assets 254,729 219,204 61,528 535,461 Capital expenditures 4,317 2,185 11,132 17,634 Nine Months Ended September 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 402,996 $ - $ - $ 402,996 Motorhome chassis sales - 138,000 - 138,000 Other specialty vehicle sales - 140,320 (2,335 ) 137,985 Aftermarket parts and accessories sales 31,092 15,080 - 46,172 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Depreciation and amortization expense $ 3,074 $ 5,306 $ 1,675 $ 10,055 Adjusted EBITDA 38,015 38,508 (36,415 ) 40,108 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 10,590 906 2,202 13,698 |
Other Information - Rule 10b5-1
Other Information - Rule 10b5-1 Disclosure | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Issuer Rule 10b5-1, Material Terms [Text Block] | Item 5. Other Information During the quarter ended September 30, 2023, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K). |
Note 2 - Inventories (Tables)
Note 2 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2023 December 31, 2022 Finished goods $ 20,706 $ 13,361 Work in process 8,878 5,200 Raw materials and purchased components 85,616 81,600 Total inventories $ 115,200 $ 100,161 |
Note 3 - Debt (Tables)
Note 3 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | September 30, 2023 December 31, 2022 Chassis pool agreements $ 29,285 $ 19,544 Total short-term debt $ 29,285 $ 19,544 |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, 2023 December 31, 2022 Line of credit revolver $ 55,000 $ 56,000 Finance lease obligation 384 455 Total debt 55,384 56,455 Less current portion of long-term debt (203 ) (189 ) Total long-term debt $ 55,181 $ 56,266 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, 2023 September 30, 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 (86,061 ) (21,482 ) Contract assets recognized, net of reclassification to receivables 47,537 87,098 Contract assets, end of period $ 48,469 $ 87,099 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 (5,182 ) (988 ) Cash received in advance and not recognized as revenue 6,160 10,601 Contract liabilities, end of period $ 6,233 $ 10,601 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 122,626 $ 76,603 $ 444 $ 199,673 Other 1,633 19 - 1,652 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Timing of revenue recognition Products transferred at a point in time $ 15,768 $ 34,297 $ 467 $ 50,532 Products and services transferred over time 108,491 42,325 (23 ) 150,793 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Three Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 183,409 $ 103,869 $ (2,335 ) $ 284,943 Other 1,085 47 - 1,132 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Timing of revenue recognition Products transferred at a point in time $ 10,821 $ 58,729 $ - $ 69,550 Products and services transferred over time 173,673 45,187 (2,335 ) 216,525 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Nine Months Ended September 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 401,117 $ 251,306 $ (4,180 ) $ 648,243 Other 21,558 64 - 21,622 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Timing of revenue recognition Products transferred at a point in time $ 41,614 $ 109,977 $ 467 $ 152,058 Products and services transferred over time 381,061 141,393 (4,647 ) 517,807 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Nine Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 428,606 $ 293,325 $ (2,335 ) $ 719,596 Other 5,482 75 - 5,557 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Timing of revenue recognition Products transferred at a point in time $ 31,092 $ 163,068 $ - $ 194,160 Products and services transferred over time 402,996 130,332 (2,335 ) 530,993 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2023 December 31, 2022 Land and improvements $ 12,178 $ 12,314 Buildings and improvements 49,051 42,827 Plant machinery and equipment 58,427 55,969 Furniture and fixtures 19,777 18,334 Vehicles 2,019 2,083 Construction in process 11,167 9,946 Subtotal 152,619 141,473 Accumulated depreciation (73,182 ) (70,720 ) Total property, plant and equipment, net $ 79,437 $ 70,753 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2023 2022 2023 2022 Operating leases $ 2,808 $ 2,683 $ 8,755 $ 7,492 Short-term leases(1) 373 87 995 144 Total lease expense $ 3,181 $ 2,770 $ 9,750 $ 7,636 |
Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block] | September 30, 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.3 8.2 Weighted average discount rate of operating leases 2.9 % 2.7 % |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Nine Months Ended September 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 8,312 $ 6,874 Right of use assets obtained in exchange for lease obligations: Operating leases $ 10,208 $ 16,367 Finance leases $ 89 $ 202 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31: 2023 (1) $ 2,693 2024 10,292 2025 9,782 2026 7,605 2027 5,268 Thereafter 18,505 Total lease payments 54,145 Imputed interest (4,770 ) Total lease liabilities $ 49,375 |
Note 7 - Commitments and Cont_2
Note 7 - Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine Months Ended September 30, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 3,023 3,597 Changes in liability for pre-existing warranties (1,044 ) 430 Cash settlements (2,823 ) (3,570 ) Balance of accrued warranty at September 30 $ 6,317 $ 6,432 |
Note 9 - Business Segments (Tab
Note 9 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 108,491 $ - $ - $ 108,491 Motorhome chassis sales - 20,519 - 20,519 Other specialty vehicle sales - 50,557 444 51,001 Aftermarket parts and accessories sales 15,768 5,546 - 21,314 Total sales $ 124,259 $ 76,622 $ 444 $ 201,325 Depreciation and amortization expense $ 1,700 $ 1,659 $ 951 $ 4,310 Adjusted EBITDA 7,977 15,988 (12,977 ) 10,988 Segment assets 254,729 219,204 61,528 535,461 Capital expenditures 750 1,006 3,697 5,453 Three Months Ended September 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 173,673 $ - $ - $ 173,673 Motorhome chassis sales - 50,399 - 50,399 Other specialty vehicle sales - 48,570 (2,335 ) 46,235 Aftermarket parts and accessories sales 10,821 4,947 - 15,768 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Depreciation and amortization expense $ 1,144 $ 1,692 $ 523 $ 3,359 Adjusted EBITDA 24,361 15,550 (12,849 ) 27,062 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 2,791 220 195 3,206 Nine Months Ended September 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 381,061 $ - $ - $ 381,061 Motorhome chassis sales - 78,578 - 78,578 Other specialty vehicle sales - 156,906 (4,180 ) 152,726 Aftermarket parts and accessories sales 41,614 15,886 - 57,500 Total sales $ 422,675 $ 251,370 $ (4,180 ) $ 669,865 Depreciation and amortization expense $ 4,679 $ 5,038 $ 2,643 $ 12,360 Adjusted EBITDA 32,918 47,207 (42,482 ) 37,643 Segment assets 254,729 219,204 61,528 535,461 Capital expenditures 4,317 2,185 11,132 17,634 Nine Months Ended September 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 402,996 $ - $ - $ 402,996 Motorhome chassis sales - 138,000 - 138,000 Other specialty vehicle sales - 140,320 (2,335 ) 137,985 Aftermarket parts and accessories sales 31,092 15,080 - 46,172 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Depreciation and amortization expense $ 3,074 $ 5,306 $ 1,675 $ 10,055 Adjusted EBITDA 38,015 38,508 (36,415 ) 40,108 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 10,590 906 2,202 13,698 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Capital Expenditures Incurred but Not yet Paid | $ 2,258 | $ 982 |
Note 2 - Inventories - Summary
Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods | $ 20,706 | $ 13,361 |
Work in process | 8,878 | 5,200 |
Raw materials and purchased components | 85,616 | 81,600 |
Total inventories | $ 115,200 | $ 100,161 |
Note 3 - Debt (Details Textual)
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | ||
Nov. 30, 2021 | Sep. 30, 2023 | Dec. 31, 2022 | |
Letters of Credit Outstanding, Amount | $ 1,550 | $ 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 Reference Rate Term (Month) | 1 month | ||
Debt Instrument, Interest Rate During Period | 6.43% | ||
Line of Credit Facility, Current Borrowing Capacity | $ 177,546 | $ 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] | Revolving Credit Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1% | 1% | |
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 | Sep. 30, 2023 | Dec. 31, 2022 |
Short-term debt | $ 29,285 | $ 19,544 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 29,285 | $ 19,544 |
Note 3 - Debt - Schedule of Lon
Note 3 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Line of credit revolver | $ 55,000 | $ 56,000 |
Finance lease obligation | 384 | 455 |
Total debt | 55,384 | 56,455 |
Less current portion of long-term debt | (203) | (189) |
Total long-term debt | $ 55,181 | $ 56,266 |
Note 4 - Revenue (Details Textu
Note 4 - Revenue (Details Textual) $ in Thousands | Sep. 30, 2023 USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 383,448 |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 80,983 |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 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 | (86,061) | (21,482) |
Contract assets recognized, net of reclassification to receivables | 47,537 | 87,098 |
Contract assets, balance | 48,469 | 87,099 |
Contract liabilities, balance | 5,255 | 988 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (5,182) | (988) |
Cash received in advance and not recognized as revenue | 6,160 | 10,601 |
Contract liabilities, balance | $ 6,233 | $ 10,601 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 201,325 | $ 286,075 | $ 669,865 | $ 725,153 |
Transferred at Point in Time [Member] | ||||
Revenues | 50,532 | 69,550 | 152,058 | 194,160 |
Transferred over Time [Member] | ||||
Revenues | 150,793 | 216,525 | 517,807 | 530,993 |
Consolidation, Eliminations [Member] | ||||
Revenues | 444 | (2,335) | (4,180) | (2,335) |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 467 | 0 | 467 | 0 |
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||||
Revenues | (23) | (2,335) | (4,647) | (2,335) |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 124,259 | 184,494 | 422,675 | 434,088 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 15,768 | 10,821 | 41,614 | 31,092 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 108,491 | 173,673 | 381,061 | 402,996 |
Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 76,622 | 103,916 | 251,370 | 293,400 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 34,297 | 58,729 | 109,977 | 163,068 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 42,325 | 45,187 | 141,393 | 130,332 |
UNITED STATES | ||||
Revenues | 199,673 | 284,943 | 648,243 | 719,596 |
UNITED STATES | Consolidation, Eliminations [Member] | ||||
Revenues | 444 | (2,335) | (4,180) | (2,335) |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 122,626 | 183,409 | 401,117 | 428,606 |
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 76,603 | 103,869 | 251,306 | 293,325 |
Non-US [Member] | ||||
Revenues | 1,652 | 1,132 | 21,622 | 5,557 |
Non-US [Member] | Consolidation, Eliminations [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 1,633 | 1,085 | 21,558 | 5,482 |
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | $ 19 | $ 47 | $ 64 | $ 75 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Depreciation | $ 3,358 | $ 2,404 | $ 9,503 | $ 7,155 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 152,619 | $ 141,473 |
Accumulated depreciation | (73,182) | (70,720) |
Total property, plant and equipment, net | 79,437 | 70,753 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 12,178 | 12,314 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 49,051 | 42,827 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 58,427 | 55,969 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 19,777 | 18,334 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,019 | 2,083 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 11,167 | $ 9,946 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | ||
Operating leases | $ 2,808 | $ 2,683 | $ 8,755 | $ 7,492 | |
Short-term leases(1) | [1] | 373 | 87 | 995 | 144 |
Total lease expense | $ 3,181 | $ 2,770 | $ 9,750 | $ 7,636 | |
[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) | Sep. 30, 2023 | Sep. 30, 2022 |
Weighted average remaining lease term of operating leases (in years) (Year) | 7 years 3 months 18 days | 8 years 2 months 12 days |
Weighted average discount rate of operating leases | 2.90% | 2.70% |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense and Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating cash flow for operating leases | $ 8,312 | $ 6,874 |
Operating leases | 10,208 | 16,367 |
Finance leases | $ 89 | $ 202 |
Note 6 - Leases - Leases - Futu
Note 6 - Leases - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Sep. 30, 2023 USD ($) | |
2023(1) | $ 2,693 | [1] |
2024 | 10,292 | |
2025 | 9,782 | |
2026 | 7,605 | |
2027 | 5,268 | |
Thereafter | 18,505 | |
Total lease payments | 54,145 | |
Imputed interest | (4,770) | |
Total lease liabilities | $ 49,375 | |
[1]Excluding the nine months ended September 30, 2023. |
Note 7 - Commitments and Cont_3
Note 7 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balance of accrued warranty | $ 7,161 | $ 5,975 |
Provisions for current period sales | 3,023 | 3,597 |
Changes in liability for pre-existing warranties | (1,044) | 430 |
Cash settlements | (2,823) | (3,570) |
Balance of accrued warranty | $ 6,317 | $ 6,432 |
Note 8 - Taxes on Income (Detai
Note 8 - Taxes on Income (Details Textual) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | (76.00%) | 17.90% | (9.70%) | 15.20% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | 21% | 21% |
Note 9 - Business Segments (Det
Note 9 - Business Segments (Details Textual) | 9 Months Ended |
Sep. 30, 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 | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenues | $ 201,325 | $ 286,075 | $ 669,865 | $ 725,153 | |
Depreciation and amortization expense | 4,310 | 3,359 | 12,360 | 10,055 | |
Adjusted EBITDA | 10,988 | 27,062 | 37,643 | 40,108 | |
Segment assets | 535,461 | 551,699 | 535,461 | 551,699 | $ 580,481 |
Capital expenditures | 5,453 | 3,206 | 17,634 | 13,698 | |
Fleet Vehicle Sales [Member] | |||||
Revenues | 108,491 | 173,673 | 381,061 | 402,996 | |
Motorhome Chassis [Member] | |||||
Revenues | 20,519 | 50,399 | 78,578 | 138,000 | |
Other Specialty Vehicles [Member] | |||||
Revenues | 51,001 | 46,235 | 152,726 | 137,985 | |
Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 21,314 | 15,768 | 57,500 | 46,172 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||||
Revenues | 124,259 | 184,494 | 422,675 | 434,088 | |
Depreciation and amortization expense | 1,700 | 1,144 | 4,679 | 3,074 | |
Adjusted EBITDA | 7,977 | 24,361 | 32,918 | 38,015 | |
Segment assets | 254,729 | 281,510 | 254,729 | 281,510 | |
Capital expenditures | 750 | 2,791 | 4,317 | 10,590 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | 108,491 | 173,673 | 381,061 | 402,996 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 15,768 | 10,821 | 41,614 | 31,092 | |
Operating Segments [Member] | Specialty Vehicles [Member] | |||||
Revenues | 76,622 | 103,916 | 251,370 | 293,400 | |
Depreciation and amortization expense | 1,659 | 1,692 | 5,038 | 5,306 | |
Adjusted EBITDA | 15,988 | 15,550 | 47,207 | 38,508 | |
Segment assets | 219,204 | 231,185 | 219,204 | 231,185 | |
Capital expenditures | 1,006 | 220 | 2,185 | 906 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | |||||
Revenues | 20,519 | 50,399 | 78,578 | 138,000 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | 50,557 | 48,570 | 156,906 | 140,320 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | 5,546 | 4,947 | 15,886 | 15,080 | |
Segment Reconciling Items [Member] | |||||
Revenues | 444 | (2,335) | (4,180) | (2,335) | |
Depreciation and amortization expense | 951 | 523 | 2,643 | 1,675 | |
Adjusted EBITDA | (12,977) | (12,849) | (42,482) | (36,415) | |
Segment assets | 61,528 | 39,004 | 61,528 | 39,004 | |
Capital expenditures | 3,697 | 195 | 11,132 | 2,202 | |
Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | Motorhome Chassis [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | |||||
Revenues | 444 | (2,335) | (4,180) | (2,335) | |
Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member] | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |