Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 16, 2024 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 | ||
ICFR Auditor Attestation Flag | true | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 754,096,182 | ||
Entity Common Stock, Shares Outstanding | 34,314,252 | ||
Auditor Name | Deloitte & Touche LLP | ||
Auditor Location | Detroit, Michigan | ||
Auditor Firm ID | 34 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 9,957 | $ 11,548 |
Accounts receivable, less allowance of $276 and $246 | 79,573 | 115,742 |
Contract assets | 50,305 | 86,993 |
Inventories | 105,135 | 100,161 |
Other receivables – chassis pool agreements | 34,496 | 19,544 |
Other current assets | 7,462 | 11,779 |
Total current assets | 286,928 | 345,767 |
Property, plant and equipment, net | 83,437 | 70,753 |
Right of use assets – operating leases | 45,827 | 53,386 |
Goodwill | 48,880 | 48,880 |
Intangible assets, net | 45,268 | 49,078 |
Net deferred tax assets | 17,300 | 10,390 |
Other assets | 2,409 | 2,227 |
TOTAL ASSETS | 530,049 | 580,481 |
Current liabilities: | ||
Accounts payable | 99,855 | 124,309 |
Accrued warranty | 7,231 | 7,161 |
Accrued compensation and related taxes | 13,526 | 14,434 |
Contract liabilities | 4,756 | 5,255 |
Operating lease liability | 10,817 | 10,888 |
Other current liabilities and accrued expenses | 11,965 | 19,452 |
Short-term debt – chassis pool agreements | 34,496 | 19,544 |
Current portion of long-term debt | 185 | 189 |
Total current liabilities | 182,831 | 201,232 |
Other non-current liabilities | 8,184 | 10,033 |
Long-term operating lease liability | 36,724 | 44,256 |
Long-term debt, less current portion | 50,144 | 56,266 |
Total liabilities | 277,883 | 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; 34,303 and 35,066 outstanding | 93,705 | 92,982 |
Retained earnings | 158,461 | 175,611 |
Total Shyft Group, Inc. shareholders’ equity | 252,166 | 268,593 |
Non-controlling interest | 0 | 101 |
Total shareholders' equity | 252,166 | 268,694 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 530,049 | $ 580,481 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares shares in Thousands, $ / shares in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Preferred stock, 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) | 34,303 | 35,066 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Sales | $ 872,198 | $ 1,027,164 | $ 991,792 |
Cost of products sold | 721,840 | 846,731 | 792,527 |
Gross profit | 150,358 | 180,433 | 199,265 |
Operating expenses: | |||
Research and development | 25,185 | 25,324 | 8,541 |
Selling, general and administrative | 118,420 | 107,600 | 106,672 |
Total operating expenses | 143,605 | 132,924 | 115,213 |
Operating income | 6,753 | 47,509 | 84,052 |
Other income (expense): | |||
Interest expense | (6,527) | (2,833) | (414) |
Other income (expense) | 470 | (750) | 842 |
Total other income (expense) | (6,057) | (3,583) | 428 |
Income from continuing operations before income taxes | 696 | 43,926 | 84,480 |
Income tax expense (benefit) | (5,768) | 7,368 | 14,506 |
Income from continuing operations | 6,464 | 36,558 | 69,974 |
Income from discontinued operations, net of income taxes | 0 | 0 | 181 |
Net income | 6,464 | 36,558 | 70,155 |
Less: net income (loss) attributable to non-controlling interest | (32) | 0 | 1,230 |
Net income attributable to Shyft Group, Inc. | $ 6,496 | $ 36,558 | $ 68,925 |
Basic earnings per share | |||
Continuing operations, Basic (in dollars per share) | $ 0.19 | $ 1.04 | $ 1.94 |
Discontinued operations, Basic (in dollars per share) | 0 | 0 | 0.01 |
Basic earnings per share (in dollars per share) | 0.19 | 1.04 | 1.95 |
Diluted earnings per share | |||
Continuing operations, Diluted (in dollars per share) | 0.19 | 1.03 | 1.91 |
Discontinued operations, Diluted (in dollars per share) | 0 | 0 | 0 |
Diluted earnings per share (in dollars per share) | $ 0.19 | $ 1.03 | $ 1.91 |
Basic weighted average common shares outstanding (in shares) | 34,721 | 35,073 | 35,333 |
Diluted weighted average common shares outstanding (in shares) | 34,861 | 35,494 | 36,097 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - 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, 2020 | 35,344 | ||||
Balance at Dec. 31, 2020 | $ 91,044 | $ 109,286 | $ (171) | $ 200,159 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 11 | ||||
Issuance of common stock and tax impact of stock incentive plan | (2,950) | 0 | |||
Dividends declared | (3,744) | 0 | |||
Purchase and retirement of common stock (in shares) | (100) | ||||
Purchase and retirement of common stock | (260) | (3,088) | 0 | ||
Purchase of non-controlling interest | (1,204) | 0 | (958) | (2,162) | |
Issuance of restricted stock, net of cancellation (in shares) | 161 | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Stock-based compensation expense | 8,745 | 0 | 0 | 8,745 | |
Net income | 68,925 | 1,230 | 70,155 | ||
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) | 18 | ||||
Issuance of common stock and tax impact of stock incentive plan | (8,414) | 0 | |||
Dividends declared | (7,135) | 0 | |||
Purchase and retirement of common stock (in shares) | (607) | (607) | |||
Purchase and retirement of common stock | (1,598) | (25,191) | 0 | $ (26,789) | |
Issuance of restricted stock, net of cancellation (in shares) | 239 | ||||
Issuance of restricted stock, net of cancellation | 0 | 0 | 0 | 0 | |
Net income | 36,558 | 36,558 | |||
Stock-based compensation expense | 7,619 | 0 | 0 | 7,619 | |
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) | 21 | ||||
Issuance of common stock and tax impact of stock incentive plan | (4,460) | 0 | |||
Dividends declared | (7,101) | 0 | |||
Purchase and retirement of common stock (in shares) | (1,023) | (1,022) | |||
Purchase and retirement of common stock | (2,651) | (16,545) | 0 | $ (19,196) | |
Issuance of restricted stock, net of cancellation (in shares) | 239 | ||||
Issuance of restricted stock, net of cancellation | 0 | ||||
Net income | 6,496 | (32) | 6,464 | ||
Stock-based compensation expense | 7,834 | 0 | 0 | 7,834 | |
Distribution to Non-controlling interest owner | (69) | (69) | |||
Balance (in shares) at Dec. 31, 2023 | 34,303 | ||||
Balance at Dec. 31, 2023 | $ 93,705 | $ 158,461 | $ 0 | $ 252,166 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Cash flows from operating activities: | |||
Net income | $ 6,464 | $ 36,558 | $ 70,155 |
Adjustments to reconcile net income to net cash provided by operating activities | |||
Depreciation and amortization | 16,953 | 14,774 | 11,356 |
Non-cash stock based compensation expense | 7,834 | 7,619 | 8,745 |
Deferred income taxes | (6,911) | (5,510) | 880 |
Loss (gain) on disposal of assets | 389 | 826 | (110) |
Changes in accounts receivable and contract assets | 72,857 | (93,989) | (34,522) |
Changes in inventories | (4,975) | (32,977) | (20,756) |
Changes in accounts payable | (27,963) | 41,302 | 34,954 |
Changes in accrued compensation and related taxes | (908) | (4,630) | 1,930 |
Changes in accrued warranty | 70 | 1,186 | 53 |
Changes in other assets and liabilities | (7,566) | 15,998 | 1,324 |
Net cash provided by (used in) operating activities | 56,244 | (18,843) | 74,009 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (20,733) | (20,564) | (23,002) |
Proceeds from sale of property, plant and equipment | 119 | 148 | 22 |
Acquisition of businesses, net of cash acquired | (500) | 0 | 904 |
Net cash used in investing activities | (21,114) | (20,416) | (22,076) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 132,500 | 145,000 | 45,000 |
Payments on long-term debt | (138,500) | (89,000) | (67,400) |
Payments of debt issuance costs | 0 | 0 | (1,360) |
Payments of dividends | (7,109) | (7,148) | (3,551) |
Purchase and retirement of common stock | (19,083) | (26,789) | (3,348) |
Exercise and vesting of stock incentive awards | (4,460) | (8,414) | (2,949) |
Distribution to non-controlling interest owner | (69) | 0 | (2,162) |
Net cash provided by (used in) financing activities | (36,721) | 13,649 | (35,770) |
Net increase (decrease) in cash and cash equivalents | (1,591) | (25,610) | 16,163 |
Cash and cash equivalents at beginning of year | 11,548 | 37,158 | 20,995 |
Cash and cash equivalents at end of year | $ 9,957 | $ 11,548 | $ 37,158 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 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) 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. Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated. Non-Controlling Interest. fourth 2023, December 31, 2022, not December 2021, December 31, 2021. Use of Estimates may Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 9 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services (“FVS”) Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three Specialty Vehicles (“SV”) We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis and service bodies where we own the chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for service bodies where the customer owns the chassis, upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and are adjusted during the measurement period for a period of up to one third Shipping and Handling of Products Cash and Cash Equivalents. three Accounts Receivable not 30 60 Inventories. first first Contract Assets. Property, Plant and Equipment. three three seven three five may not 5 – Property, Plant and Equipment Assets and Liabilities Held for Sale. one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for those branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 4 – Goodwill and Intangible Assets Warranties 9 – Commitments and Contingent Liabilities Contract Liabilities Research and Development Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See “Note 7 – Taxes on Income Earnings Per Share 12 – Stock-Based Compensation 14 – Earnings Per Share Stock - B ased Compensation 12 – Stock Based Compensation Fair Value December 31, 2023 2022 Segment Reporting. two 15 – Business Segments Supplemental Disclosures of Cash Flow Information. 2023, 2022, 2021. 2023, 2022 2021. 2023, 2022, 2021. 11 Debt New Accounting Standards. November 2023, No. 2023 07, 280 2023 07” 2023 07 2023 07 December 15, 2023, December 15, 2024. |
Note 2 - Revenue
Note 2 - Revenue | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 2 Contract Assets and Liabilities The tables below disclose changes in contract assets and liabilities as of the periods indicated. December 31, 2023 December 31, 2022 Contract Assets Contract assets, beginning of year $ $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (86,627 ) (21,483 ) Contract assets recognized, net of reclassification to receivables 49,939 86,993 Contract assets, end of year $ 50,305 $ 86,993 Contract Liabilities Contract liabilities, beginning of year $ 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 4,683 5,255 Contract liabilities, end of year $ 4,756 $ 5,255 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $325,003 and $84,269, respectively, with substantially all revenue expected to be recognized within one December 31, 2023. For performance obligations that are satisfied over time, revenue is expected to be recognized over the time period to complete the contract. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the years ended December 31, 2023, 2022, 2021. Year Ended December 31, 2023 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 517,116 $ 334,559 $ 851,675 $ (4,183 ) $ 847,492 Other 24,522 184 24,706 - 24,706 Total sales $ 541,638 $ 334,743 $ 876,381 $ (4,183 ) $ 872,198 Timing of revenue recognition Products transferred at a point in time $ 54,566 $ 147,766 $ 202,332 $ 467 $ 202,799 Products and services transferred over time 487,072 186,977 674,049 (4,650 ) 669,399 Total sales $ 541,638 $ 334,743 $ 876,381 $ (4,183 ) $ 872,198 Year Ended December 31, 2022 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 639,441 $ 386,536 $ 1,025,977 $ (6,483 ) $ 1,019,494 Other 7,562 108 7,670 - 7,670 Total sales $ 647,003 $ 386,644 $ 1,033,647 $ (6,483 ) $ 1,027,164 Timing of revenue recognition Products transferred at a point in time $ 41,750 $ 208,645 $ 250,395 $ - $ 250,395 Products and services transferred over time 605,253 177,999 783,252 (6,483 ) 776,769 Total sales $ 647,003 $ 386,644 $ 1,033,647 $ (6,483 ) $ 1,027,164 Year Ended December 31, 2021 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 647,842 $ 332,293 $ 980,135 $ - $ 980,135 Other 11,590 67 11,657 - 11,657 Total sales $ 659,432 $ 332,360 $ 991,792 $ - $ 991,792 Timing of revenue recognition Products transferred at a point in time $ 34,558 $ 198,852 $ 233,410 $ - $ 233,410 Products and services transferred over time 624,874 133,508 758,382 - 758,382 Total sales $ 659,432 $ 332,360 $ 991,792 $ - $ 991,792 |
Note 3 - Inventories
Note 3 - Inventories | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 3 Inventories are summarized as follows: December 31, 2023 2022 Finished goods $ 9,374 $ 13,361 Work in process 2,543 5,200 Raw materials and purchased components 93,218 81,600 Total Inventories $ 105,135 $ 100,161 |
Note 4 - Goodwill and Intangibl
Note 4 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 4 Goodwill We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, not 1 Nature of Operations and Basis of Presenta tion As of October 1, 2023, two no As discussed in “Note 1 Nature of Operations and Basis of Presentation The change in the carrying amount of goodwill for the year ended December 31, 2023 2022 FVS SV Total December 31, December 31, December 31, 2023 2022 2023 2022 2023 2022 Goodwill, beginning of year $ 15,323 $ 15,323 $ 33,557 $ 33,557 $ 48,880 $ 48,880 Acquisition and measurement period adjustments - - - - - - Goodwill, end of year $ 15,323 $ 15,323 $ 33,557 $ 33,557 $ 48,880 $ 48,880 Other Intangible Assets At December 31, 2023, not We evaluate the recoverability of our indefinite lived intangible assets, which, as of October 1, 2023, not no The following table provides information regarding our other intangible assets: As of December 31, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 39,080 $ 15,068 $ 24,012 $ 39,080 $ 12,174 $ 26,906 Unpatented technology 540 195 345 540 135 405 Patented technology 2,200 1,169 1,031 2,200 894 1,306 Non-compete agreements 2,980 2,490 490 2,980 1,909 1,071 Trade Names 19,390 - 19,390 19,390 - 19,390 $ 64,190 $ 18,922 $ 45,268 $ 64,190 $ 15,112 $ 49,078 We recorded $3,810, $3,903, and $3,405 of intangible asset amortization expense during 2023, 2022 2021. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 2024 $ 3,477 2025 3,070 2026 2,944 2027 2,706 2028 2,391 Thereafter 11,290 Total $ 25,878 |
Note 5 - Property, Plant and Eq
Note 5 - Property, Plant and Equipment | 12 Months Ended |
Dec. 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: December 31, 2023 2022 Land and improvements $ 12,578 $ 12,314 Buildings and improvements 53,789 42,827 Plant machinery and equipment 60,517 55,969 Furniture and fixtures 19,474 18,334 Vehicles 2,015 2,083 Construction in process 10,570 9,946 Subtotal 158,943 141,473 Less accumulated depreciation (75,506 ) (70,720 ) Total property, plant and equipment, net $ 83,437 $ 70,753 We recorded depreciation expense of $13,143, $10,871, and $7,977 during 2023, 2022, 2021, 2023, 2022, 2021. |
Note 6 - Leases
Note 6 - Leases | 12 Months Ended |
Dec. 31, 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 not December 31, 2023 2022, 11 Debt December 31, 2023, 2022 2021, Operating lease expenses are classified as cost of products sold and operating expenses on the Consolidated Statements of Operations. The components of lease expense were as follows: Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Operating leases $ 11,388 $ 10,302 $ 8,233 Short-term leases (1) 1,285 301 446 Total lease expense $ 12,673 $ 10,603 $ 8,679 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Year ended December 31, 2023 Year ended December 31, 2022 Weighted average remaining lease term of operating leases (in years) 7.2 8.0 Weighted average discount rate of operating leases 2.9 % 2.7 % Supplemental cash flow information related to leases was as follows: Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 11,041 $ 9,500 $ 7,958 Right of use assets obtained in exchange for lease obligations: Operating leases $ 7,025 $ 19,159 $ 7,137 Finance leases $ 95 $ 304 $ 271 Maturities of operating lease liabilities as of December 31, 2023 Years ending December 31: 2024 $ 10,475 2025 9,984 2026 7,840 2027 5,384 2028 4,148 Thereafter 14,367 Total lease payments 52,198 Less: imputed interest (4,657 ) Total lease liabilities $ 47,541 |
Note 7 - Taxes on Income
Note 7 - Taxes on Income | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7 Income taxes consist of the following: Year Ended December 31, 2023 2022 2021 Taxes (benefit) on income from continuing operations $ (5,768 ) $ 7,368 $ 14,506 Income tax expense from discontinued operations - - 62 Total taxes (benefit) on income $ (5,768 ) $ 7,368 $ 14,568 Income taxes (benefit) from continuing operations consist of the following: Year Ended December 31, 2023 2022 2021 Current (benefit): Federal $ (610 ) $ 10,672 $ 10,891 State 1,521 1,960 2,745 Foreign 231 175 286 Total current 1,142 12,807 13,922 Deferred (benefit): Federal (5,828 ) (4,976 ) 554 State (1,082 ) (463 ) 30 Total deferred (6,910 ) (5,439 ) 584 Total taxes (benefit) on income $ (5,768 ) $ 7,368 $ 14,506 Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings from continuing operations before taxes on income and the actual tax expense (benefit) are as follows: Year Ended December 31, 2023 2022 2021 Federal income taxes at the statutory rate $ 146 $ 9,224 $ 17,741 State tax expense, net of federal income tax benefit 509 1,132 2,481 Increase (decrease) in income taxes resulting from: Non-deductible compensation 422 851 958 Stock based compensation (82 ) (819 ) (1,504 ) Foreign-derived intangible income deduction (515 ) - - Valuation allowance adjustment - - (82 ) Unrecognized tax benefit adjustment (2,234 ) - - Federal research and development tax credit (3,645 ) (2,681 ) (4,413 ) Other (369 ) (339 ) (675 ) Total $ (5,768 ) $ 7,368 $ 14,506 The 2023 Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: December 31, 2023 2022 Deferred income tax assets: Operating lease liability $ 11,783 $ 13,664 Research and development costs 19,937 12,066 Warranty reserve 1,164 1,592 Inventory costs and reserves 5,784 5,926 Contract assets 5,181 10,030 Stock-based compensation 1,699 1,261 Net operating loss carry-forwards, net of federal income tax benefit 504 556 Compensation related accruals 916 621 Credit carry-forwards net of federal income tax benefit 1,752 1,454 Other 857 879 Total deferred income tax assets $ 49,577 $ 48,049 Deferred income tax liabilities: Cost offset method $ (8,304 ) $ (14,371 ) Right of use assets (11,231 ) (13,121 ) Depreciation (8,551 ) (7,901 ) Intangible assets (2,709 ) (2,010 ) Prepaid expenses (1,482 ) (256 ) Total deferred income tax liabilities $ (32,277 ) $ (37,659 ) Net deferred tax asset $ 17,300 $ 10,390 Based upon an assessment of the available positive and negative evidence at December 31, 2023 2022, not December 31, 2023 2022. At December 31, 2023 2022, 2029 2043. December 31, 2023 2022, 2026 2033. A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three December 31, 2023, 2022 2021 2023 2022 2021 Balance, beginning of year $ 5,748 $ 5,247 $ 1,234 Increase (decrease) related to prior year tax positions 362 (139 ) 2,935 Increase related to current year tax positions 679 775 1,161 Settlement - (97 ) - Expiration of statute (2,125 ) (38 ) (83 ) Balance, end of year $ 4,664 $ 5,748 $ 5,247 As of December 31, 2023, 2023, 2022, 2021, At December 31, 2023, 2022 2021, As of December 31, 2023, 2020 may may We do not twelve |
Note 8 - Transactions with Majo
Note 8 - Transactions with Major Customers | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 8 Major customers are defined as those with sales greater than 10 No 10% 2023. 10% 2022 2021 Year Number of major customers Combined percentage of consolidated sales Segment 2022 2 25.4 % FVS and SV 2021 1 25.1 % FVS |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 At December 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 during the years ended December 31, 2023 2022 2023 2022 Balance of accrued warranty, beginning of year $ 7,161 $ 5,975 Provisions for current period sales 5,882 4,904 Cash settlements (4,503 ) (4,681 ) Changes in liability for pre-existing warranties (1,309 ) 963 Balance of accrued warranty, end of year $ 7,231 $ 7,161 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 10 - Defined Contribution
Note 10 - Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 10 We sponsor defined contribution retirement plans which cover all employees who meet length of service and minimum age requirements. Our matching contributions vest over five 2023, 2022, 2021, |
Note 11 - Debt
Note 11 - Debt | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 11 Short-term debt consists of the following: December 31, December 31, Chassis pool agreements $ 34,496 $ 19,544 Total short-term debt $ 34,496 $ 19,544 Chassis Pool Agreements The Company obtains certain vehicle chassis for its walk-in vans, service bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. 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 December 31, 2023 December 31, 2022, Other receivables – chassis pool agreements and Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: December 31, December 31, Revolving credit facility $ 50,000 $ 56,000 Finance lease obligations 329 455 Total debt 50,329 56,455 Less current portion of long-term debt (185 ) (189 ) Total long-term debt $ 50,144 $ 56,266 Revolving Credit Facility On November 30, 2021, On May 31, 2023, Under the Credit Agreement, we may November 30, 2026. may one 1.0%; one December 31, 2023. December 31, 2023 December 31, 2022, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $83,243 and $187,162 at December 31, 2023 December 31, 2022, December 31, 2023 December 31, 2022, |
Note 12 - Stock Based Compensat
Note 12 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | NOTE 12 We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 5,056,250. Total shares remaining available for stock incentive grants under these plans totaled 1,643,385 at December 31, 2023. 2016. Restricted Stock We issue restricted stock, at no may not three We receive an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as operating cash flows. Restricted stock activity for the years ended December 31, 2023, 2022, 2021, Total (000) Weighted Weighted Non-vested shares outstanding at January 1, 2021 370 $ 10.02 1.0 Granted 85 36.76 Vested (230 ) 11.26 Forfeited (35 ) 20.45 Non-vested shares outstanding at December 31, 2021 190 21.81 1.0 Vested (91 ) 17.62 Forfeited (28 ) 21.98 Non-vested shares outstanding at December 31, 2022 71 27.14 0.6 Vested (47 ) 22.28 Forfeited (4 ) 36.31 Non-vested shares outstanding at December 31, 2023 20 $ 36.72 0.3 The weighted-average grant date fair value of non-vested shares granted was none, none, December 31, 2023, 2022 2021. 2023, 2022 2021, 2023, 2022 2021. December 31, 2023, 2022, 2021, December 31, 2023, Performance Stock Units During the year ended December 31, 2023, 2022, 2021, three After completion of the performance period, the number of PSUs earned will be issued as shares of common stock. The aggregate number of shares of common stock that ultimately may not A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as common stock. At the end of the performance period, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee. 89,804, 49,769 and 30,770 of the PSUs granted in 2023, 2022, 2021, three none, none, 2023, 2022, 2021, may 204,387, 74,658, and 46,156 of the PSUs granted in 2023, 2022, 2021, may The fair value of the TSR PSUs granted was calculated using the Monte Carlo simulation model which resulted in the weighted average grant date fair value for these TSR PSUs of $24.35, $43.41 and $57.11 per unit in 2023, 2022, 2021, The Monte Carlo simulation was computed using the following assumptions: Granted in 2023 Granted in 2022 Granted in 2021 Risk-free rate of return (1) 4.15 % 2.41 % 0.29 % Expected term (in years) 2.8 2.7 2.8 Estimated volatility (2) 49.5 % 55.6 % 61.9 % ( 1 Based on the U.S. government bond benchmark on the grant date. ( 2 Represents the historical price volatility of the Company’s common stock for the three The total PSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2023 December 31, 2022 December 31, 2021 The PSU activity for the years ended December 31, 2023, 2022, 2021, Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of January 1, 2021 410 $ 13.63 Granted 85 48.08 Forfeited (12 ) 26.94 Non-vested as of December 31, 2021 483 19.33 Granted 124 40.49 Vested (194 ) 11.82 Forfeited (38 ) 28.27 Non-vested as of December 31, 2022 375 29.31 Granted 294 23.86 Vested (187 ) 20.89 Forfeited (39 ) 36.89 Non-vested as of December 31, 2023 443 $ 30.99 As of December 31, 2023 Restricted Stock Units During the year ended December 31, 2023, 2022, 2021, three one December 31, 2023 December 31, 2022 December 31, 2021 The RSU activity for the years ended December 31, 2023, 2022, 2021, Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of January 1, 2021 212 $ 12.43 Granted 111 36.67 Vested (119 ) 14.08 Forfeited (3 ) 37.09 Non-vested as of December 31, 2021 201 24.51 Granted 241 29.58 Vested (105 ) 22.15 Forfeited (30 ) 32.96 Non-vested as of December 31, 2022 307 28.38 Granted 274 19.38 Vested (154 ) 25.53 Forfeited (42 ) 28.47 Non-vested as of December 31, 2023 385 $ 21.05 As of December 31, 2023 Employee Stock Purchase Plan We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 December 31, 2023, 2022, 2021, |
Note 13 - Shareholders Equity
Note 13 - Shareholders Equity | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | NOTE 13 On February 17, 2022, not The following table represents our purchases of our common stock during the year ended December 31, 2023 2022 Year Ended December 31, Shares purchased (000) Purchase value Approximate Dollar Value of Shares That 2023 1,022 $ 19,083 $ 223,019 2022 607 $ 26,789 $ 242,102 During the year ended December 31, 2021, 2016 December 31, 2021, 2016 In January 2022, |
Note 14 - Earnings Per Share
Note 14 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 14 The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2023, 2022, 2021 Year Ended December 31, 2023 2022 2021 Basic weighted average common shares outstanding 34,721 35,073 35,333 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 140 421 764 Diluted weighted average common shares outstanding 34,861 35,494 36,097 |
Note 15 - Business Segments
Note 15 - Business Segments | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 15 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), which is defined as income from continuing operations 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 Our FVS segment focuses on designing and manufacturing walk-in vans for parcel delivery, mobile retail, and trades and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories. Our SV segment consists of service bodies operations, operations that engineer and manufacture motorhome chassis, other specialty chassis and distributes related aftermarket parts and assemblies. We also provide vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand. 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 Sales to customers outside the United States were $24,706, $7,670, and $11,657 for the years ended December 31, 2023, 2022, 2021, Sales and other financial information by business segment are as follows: Year Ended December 31, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 487,072 $ - $ - $ 487,072 Motorhome chassis sales - 104,882 - 104,882 Other specialty vehicles sales - 209,434 (4,183 ) 205,251 Aftermarket parts and accessories sales 54,566 20,427 - 74,993 Total sales $ 541,638 $ 334,743 $ (4,183 ) $ 872,198 Depreciation and amortization expense $ 6,552 $ 6,720 $ 3,681 $ 16,953 Adjusted EBITDA $ 30,326 $ 66,186 $ (56,544 ) $ 39,968 Segment assets $ 241,546 $ 213,509 $ 74,994 $ 530,049 Capital expenditures $ 5,065 $ 2,567 $ 17,844 $ 25,476 Year Ended December 31, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 605,253 $ - $ - $ 605,253 Motorhome chassis sales - 175,030 - 175,030 Other specialty vehicles sales - 191,882 (6,483 ) 185,399 Aftermarket parts and accessories sales 41,750 19,732 - 61,482 Total sales $ 647,003 $ 386,644 $ (6,483 ) $ 1,027,164 Depreciation and amortization expense $ 4,555 $ 7,011 $ 3,208 $ 14,774 Adjusted EBITDA $ 65,719 $ 54,413 $ (49,339 ) $ 70,793 Segment assets $ 308,357 $ 220,768 $ 51,356 $ 580,481 Capital expenditures $ 13,381 $ 1,268 $ 6,893 $ 21,542 Year Ended December 31, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 624,874 $ - $ - $ 624,874 Motorhome chassis sales - 168,166 - 168,166 Other specialty vehicles sales - 145,134 - 145,134 Aftermarket parts and accessories sales 34,558 19,060 - 53,618 Total sales $ 659,432 $ 332,360 $ - $ 991,792 Depreciation and amortization expense $ 2,654 $ 6,832 $ 1,870 $ 11,356 Adjusted EBITDA $ 108,621 $ 32,668 $ (33,223 ) $ 108,066 Segment assets $ 174,799 $ 202,302 $ 70,766 $ 447,867 Capital expenditures $ 16,647 $ 4,198 $ 2,163 $ 23,008 |
Insider Trading Arrangements
Insider Trading Arrangements | 12 Months Ended |
Dec. 31, 2023 | |
Insider Trading Arr Line Items | |
Material Terms of Trading Arrangement [Text Block] | Rule 10b5 1 During the quarter ended December 31, 2023, no 16a 1 10b5 1 10b5 1 408 |
Rule 10b5-1 Arrangement Adopted [Flag] | false |
Non-Rule 10b5-1 Arrangement Adopted [Flag] | false |
Rule 10b5-1 Arrangement Terminated [Flag] | false |
Non-Rule 10b5-1 Arrangement Terminated [Flag] | false |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2023 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | APPENDIX A SCHEDULE II Column A Column B Column C Column D Column E Description Balance at Additions Additions Deductions Balance Year ended December 31, 2023: Allowance for doubtful accounts $ 246 $ 159 $ - $ (129 ) $ 276 Year ended December 31, 2022: Allowance for doubtful accounts $ 187 $ 240 $ - $ (181 ) $ 246 Year ended December 31, 2021: Allowance for doubtful accounts $ 116 $ 149 $ - $ (78 ) $ 187 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interest. fourth 2023, December 31, 2022, not December 2021, December 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 9 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services (“FVS”) Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three Specialty Vehicles (“SV”) We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis and service bodies where we own the chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for service bodies where the customer owns the chassis, upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our receivables are generally collected in less than three |
Business Combinations Policy [Policy Text Block] | Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and are adjusted during the measurement period for a period of up to one third |
Shipping and Handling of Products [Policy Text Block] | Shipping and Handling of Products |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents. three |
Accounts Receivable [Policy Text Block] | Accounts Receivable not 30 60 |
Inventory, Policy [Policy Text Block] | Inventories. first first |
Contract Assets, Policy [Policy Text Block] | Contract Assets. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment. three three seven three five may not 5 – Property, Plant and Equipment |
Discontinued Operations, Policy [Policy Text Block] | Assets and Liabilities Held for Sale. one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for those branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 4 – Goodwill and Intangible Assets |
Standard Product Warranty, Policy [Policy Text Block] | Warranties 9 – Commitments and Contingent Liabilities |
Deposits from Customers [Policy Text Block] | Contract Liabilities |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
Income Tax, Policy [Policy Text Block] | Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See “Note 7 – Taxes on Income |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 12 – Stock-Based Compensation 14 – Earnings Per Share |
Share-Based Payment Arrangement [Policy Text Block] | Stock - B ased Compensation 12 – Stock Based Compensation |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value December 31, 2023 2022 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. two 15 – Business Segments |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information. 2023, 2022, 2021. 2023, 2022 2021. 2023, 2022, 2021. 11 Debt |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Standards. November 2023, No. 2023 07, 280 2023 07” 2023 07 2023 07 December 15, 2023, December 15, 2024. |
Note 2 - Revenue (Tables)
Note 2 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2023 December 31, 2022 Contract Assets Contract assets, beginning of year $ $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (86,627 ) (21,483 ) Contract assets recognized, net of reclassification to receivables 49,939 86,993 Contract assets, end of year $ 50,305 $ 86,993 Contract Liabilities Contract liabilities, beginning of year $ 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 4,683 5,255 Contract liabilities, end of year $ 4,756 $ 5,255 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2023 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 517,116 $ 334,559 $ 851,675 $ (4,183 ) $ 847,492 Other 24,522 184 24,706 - 24,706 Total sales $ 541,638 $ 334,743 $ 876,381 $ (4,183 ) $ 872,198 Timing of revenue recognition Products transferred at a point in time $ 54,566 $ 147,766 $ 202,332 $ 467 $ 202,799 Products and services transferred over time 487,072 186,977 674,049 (4,650 ) 669,399 Total sales $ 541,638 $ 334,743 $ 876,381 $ (4,183 ) $ 872,198 Year Ended December 31, 2022 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 639,441 $ 386,536 $ 1,025,977 $ (6,483 ) $ 1,019,494 Other 7,562 108 7,670 - 7,670 Total sales $ 647,003 $ 386,644 $ 1,033,647 $ (6,483 ) $ 1,027,164 Timing of revenue recognition Products transferred at a point in time $ 41,750 $ 208,645 $ 250,395 $ - $ 250,395 Products and services transferred over time 605,253 177,999 783,252 (6,483 ) 776,769 Total sales $ 647,003 $ 386,644 $ 1,033,647 $ (6,483 ) $ 1,027,164 Year Ended December 31, 2021 FVS SV Total Reportable Segments Eliminations and Other Total Primary geographical markets United States $ 647,842 $ 332,293 $ 980,135 $ - $ 980,135 Other 11,590 67 11,657 - 11,657 Total sales $ 659,432 $ 332,360 $ 991,792 $ - $ 991,792 Timing of revenue recognition Products transferred at a point in time $ 34,558 $ 198,852 $ 233,410 $ - $ 233,410 Products and services transferred over time 624,874 133,508 758,382 - 758,382 Total sales $ 659,432 $ 332,360 $ 991,792 $ - $ 991,792 |
Note 3 - Inventories (Tables)
Note 3 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2023 2022 Finished goods $ 9,374 $ 13,361 Work in process 2,543 5,200 Raw materials and purchased components 93,218 81,600 Total Inventories $ 105,135 $ 100,161 |
Note 4 - Goodwill and Intangi_2
Note 4 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | FVS SV Total December 31, December 31, December 31, 2023 2022 2023 2022 2023 2022 Goodwill, beginning of year $ 15,323 $ 15,323 $ 33,557 $ 33,557 $ 48,880 $ 48,880 Acquisition and measurement period adjustments - - - - - - Goodwill, end of year $ 15,323 $ 15,323 $ 33,557 $ 33,557 $ 48,880 $ 48,880 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2023 As of December 31, 2022 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 39,080 $ 15,068 $ 24,012 $ 39,080 $ 12,174 $ 26,906 Unpatented technology 540 195 345 540 135 405 Patented technology 2,200 1,169 1,031 2,200 894 1,306 Non-compete agreements 2,980 2,490 490 2,980 1,909 1,071 Trade Names 19,390 - 19,390 19,390 - 19,390 $ 64,190 $ 18,922 $ 45,268 $ 64,190 $ 15,112 $ 49,078 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount 2024 $ 3,477 2025 3,070 2026 2,944 2027 2,706 2028 2,391 Thereafter 11,290 Total $ 25,878 |
Note 5 - Property, Plant and _2
Note 5 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2023 2022 Land and improvements $ 12,578 $ 12,314 Buildings and improvements 53,789 42,827 Plant machinery and equipment 60,517 55,969 Furniture and fixtures 19,474 18,334 Vehicles 2,015 2,083 Construction in process 10,570 9,946 Subtotal 158,943 141,473 Less accumulated depreciation (75,506 ) (70,720 ) Total property, plant and equipment, net $ 83,437 $ 70,753 |
Note 6 - Leases (Tables)
Note 6 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Operating leases $ 11,388 $ 10,302 $ 8,233 Short-term leases (1) 1,285 301 446 Total lease expense $ 12,673 $ 10,603 $ 8,679 Year ended December 31, 2023 Year ended December 31, 2022 Weighted average remaining lease term of operating leases (in years) 7.2 8.0 Weighted average discount rate of operating leases 2.9 % 2.7 % Year ended December 31, 2023 Year ended December 31, 2022 Year ended December 31, 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 11,041 $ 9,500 $ 7,958 Right of use assets obtained in exchange for lease obligations: Operating leases $ 7,025 $ 19,159 $ 7,137 Finance leases $ 95 $ 304 $ 271 |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Years ending December 31: 2024 $ 10,475 2025 9,984 2026 7,840 2027 5,384 2028 4,148 Thereafter 14,367 Total lease payments 52,198 Less: imputed interest (4,657 ) Total lease liabilities $ 47,541 |
Note 7 - Taxes on Income (Table
Note 7 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Income Tax Expense (Benefit), Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2023 2022 2021 Taxes (benefit) on income from continuing operations $ (5,768 ) $ 7,368 $ 14,506 Income tax expense from discontinued operations - - 62 Total taxes (benefit) on income $ (5,768 ) $ 7,368 $ 14,568 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2023 2022 2021 Current (benefit): Federal $ (610 ) $ 10,672 $ 10,891 State 1,521 1,960 2,745 Foreign 231 175 286 Total current 1,142 12,807 13,922 Deferred (benefit): Federal (5,828 ) (4,976 ) 554 State (1,082 ) (463 ) 30 Total deferred (6,910 ) (5,439 ) 584 Total taxes (benefit) on income $ (5,768 ) $ 7,368 $ 14,506 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2023 2022 2021 Federal income taxes at the statutory rate $ 146 $ 9,224 $ 17,741 State tax expense, net of federal income tax benefit 509 1,132 2,481 Increase (decrease) in income taxes resulting from: Non-deductible compensation 422 851 958 Stock based compensation (82 ) (819 ) (1,504 ) Foreign-derived intangible income deduction (515 ) - - Valuation allowance adjustment - - (82 ) Unrecognized tax benefit adjustment (2,234 ) - - Federal research and development tax credit (3,645 ) (2,681 ) (4,413 ) Other (369 ) (339 ) (675 ) Total $ (5,768 ) $ 7,368 $ 14,506 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2023 2022 Deferred income tax assets: Operating lease liability $ 11,783 $ 13,664 Research and development costs 19,937 12,066 Warranty reserve 1,164 1,592 Inventory costs and reserves 5,784 5,926 Contract assets 5,181 10,030 Stock-based compensation 1,699 1,261 Net operating loss carry-forwards, net of federal income tax benefit 504 556 Compensation related accruals 916 621 Credit carry-forwards net of federal income tax benefit 1,752 1,454 Other 857 879 Total deferred income tax assets $ 49,577 $ 48,049 Deferred income tax liabilities: Cost offset method $ (8,304 ) $ (14,371 ) Right of use assets (11,231 ) (13,121 ) Depreciation (8,551 ) (7,901 ) Intangible assets (2,709 ) (2,010 ) Prepaid expenses (1,482 ) (256 ) Total deferred income tax liabilities $ (32,277 ) $ (37,659 ) Net deferred tax asset $ 17,300 $ 10,390 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2023 2022 2021 Balance, beginning of year $ 5,748 $ 5,247 $ 1,234 Increase (decrease) related to prior year tax positions 362 (139 ) 2,935 Increase related to current year tax positions 679 775 1,161 Settlement - (97 ) - Expiration of statute (2,125 ) (38 ) (83 ) Balance, end of year $ 4,664 $ 5,748 $ 5,247 |
Note 8 - Transactions with Ma_2
Note 8 - Transactions with Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Number of major customers Combined percentage of consolidated sales Segment 2022 2 25.4 % FVS and SV 2021 1 25.1 % FVS |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2023 2022 Balance of accrued warranty, beginning of year $ 7,161 $ 5,975 Provisions for current period sales 5,882 4,904 Cash settlements (4,503 ) (4,681 ) Changes in liability for pre-existing warranties (1,309 ) 963 Balance of accrued warranty, end of year $ 7,231 $ 7,161 |
Note 11 - Debt (Tables)
Note 11 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Short-Term Debt [Table Text Block] | December 31, December 31, Chassis pool agreements $ 34,496 $ 19,544 Total short-term debt $ 34,496 $ 19,544 |
Schedule of Long-Term Debt Instruments [Table Text Block] | December 31, December 31, Revolving credit facility $ 50,000 $ 56,000 Finance lease obligations 329 455 Total debt 50,329 56,455 Less current portion of long-term debt (185 ) (189 ) Total long-term debt $ 50,144 $ 56,266 |
Note 12 - Stock Based Compens_2
Note 12 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Total (000) Weighted Weighted Non-vested shares outstanding at January 1, 2021 370 $ 10.02 1.0 Granted 85 36.76 Vested (230 ) 11.26 Forfeited (35 ) 20.45 Non-vested shares outstanding at December 31, 2021 190 21.81 1.0 Vested (91 ) 17.62 Forfeited (28 ) 21.98 Non-vested shares outstanding at December 31, 2022 71 27.14 0.6 Vested (47 ) 22.28 Forfeited (4 ) 36.31 Non-vested shares outstanding at December 31, 2023 20 $ 36.72 0.3 |
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | Granted in 2023 Granted in 2022 Granted in 2021 Risk-free rate of return (1) 4.15 % 2.41 % 0.29 % Expected term (in years) 2.8 2.7 2.8 Estimated volatility (2) 49.5 % 55.6 % 61.9 % |
Share-Based Payment Arrangement, Activity [Table Text Block] | Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of January 1, 2021 410 $ 13.63 Granted 85 48.08 Forfeited (12 ) 26.94 Non-vested as of December 31, 2021 483 19.33 Granted 124 40.49 Vested (194 ) 11.82 Forfeited (38 ) 28.27 Non-vested as of December 31, 2022 375 29.31 Granted 294 23.86 Vested (187 ) 20.89 Forfeited (39 ) 36.89 Non-vested as of December 31, 2023 443 $ 30.99 Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of January 1, 2021 212 $ 12.43 Granted 111 36.67 Vested (119 ) 14.08 Forfeited (3 ) 37.09 Non-vested as of December 31, 2021 201 24.51 Granted 241 29.58 Vested (105 ) 22.15 Forfeited (30 ) 32.96 Non-vested as of December 31, 2022 307 28.38 Granted 274 19.38 Vested (154 ) 25.53 Forfeited (42 ) 28.47 Non-vested as of December 31, 2023 385 $ 21.05 |
Note 13 - Shareholders Equity (
Note 13 - Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Year Ended December 31, Shares purchased (000) Purchase value Approximate Dollar Value of Shares That 2023 1,022 $ 19,083 $ 223,019 2022 607 $ 26,789 $ 242,102 |
Note 14 - Earnings Per Share (T
Note 14 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2023 2022 2021 Basic weighted average common shares outstanding 34,721 35,073 35,333 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 140 421 764 Diluted weighted average common shares outstanding 34,861 35,494 36,097 |
Note 15 - Business Segments (Ta
Note 15 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 487,072 $ - $ - $ 487,072 Motorhome chassis sales - 104,882 - 104,882 Other specialty vehicles sales - 209,434 (4,183 ) 205,251 Aftermarket parts and accessories sales 54,566 20,427 - 74,993 Total sales $ 541,638 $ 334,743 $ (4,183 ) $ 872,198 Depreciation and amortization expense $ 6,552 $ 6,720 $ 3,681 $ 16,953 Adjusted EBITDA $ 30,326 $ 66,186 $ (56,544 ) $ 39,968 Segment assets $ 241,546 $ 213,509 $ 74,994 $ 530,049 Capital expenditures $ 5,065 $ 2,567 $ 17,844 $ 25,476 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 605,253 $ - $ - $ 605,253 Motorhome chassis sales - 175,030 - 175,030 Other specialty vehicles sales - 191,882 (6,483 ) 185,399 Aftermarket parts and accessories sales 41,750 19,732 - 61,482 Total sales $ 647,003 $ 386,644 $ (6,483 ) $ 1,027,164 Depreciation and amortization expense $ 4,555 $ 7,011 $ 3,208 $ 14,774 Adjusted EBITDA $ 65,719 $ 54,413 $ (49,339 ) $ 70,793 Segment assets $ 308,357 $ 220,768 $ 51,356 $ 580,481 Capital expenditures $ 13,381 $ 1,268 $ 6,893 $ 21,542 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 624,874 $ - $ - $ 624,874 Motorhome chassis sales - 168,166 - 168,166 Other specialty vehicles sales - 145,134 - 145,134 Aftermarket parts and accessories sales 34,558 19,060 - 53,618 Total sales $ 659,432 $ 332,360 $ - $ 991,792 Depreciation and amortization expense $ 2,654 $ 6,832 $ 1,870 $ 11,356 Adjusted EBITDA $ 108,621 $ 32,668 $ (33,223 ) $ 108,066 Segment assets $ 174,799 $ 202,302 $ 70,766 $ 447,867 Capital expenditures $ 16,647 $ 4,198 $ 2,163 $ 23,008 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column A Column B Column C Column D Column E Description Balance at Additions Additions Deductions Balance Year ended December 31, 2023: Allowance for doubtful accounts $ 246 $ 159 $ - $ (129 ) $ 276 Year ended December 31, 2022: Allowance for doubtful accounts $ 187 $ 240 $ - $ (181 ) $ 246 Year ended December 31, 2021: Allowance for doubtful accounts $ 116 $ 149 $ - $ (78 ) $ 187 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 69 | $ 0 | $ 2,162 | |
Number of Reportable Segments | 2 | |||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities | $ 5,620 | 2,176 | 592 | |
Income Taxes Paid, Net | 5,585 | 1,319 | 12,199 | |
Capital Expenditures Incurred but Not yet Paid | $ 5,585 | $ 2,489 | $ 1,511 | |
Building and Building Improvements [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||
Machinery and Equipment [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Machinery and Equipment [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||
Furniture and Fixtures [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Furniture and Fixtures [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||
Vehicles [Member] | Minimum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||
Vehicles [Member] | Maximum [Member] | ||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||
Spartan-Gimaex Joint Venture [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 50% | |||
Strobes-R-Us [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 0% | 0% | ||
Noncontrolling Interest, Ownership Percentage by Parent, Purchased | 20% | |||
Payments for Repurchase of Redeemable Noncontrolling Interest | $ 2,162 |
Note 2 - Revenue (Details Textu
Note 2 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 $ in Thousands | Dec. 31, 2023 USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 325,003 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 84,269 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 2 - Revenue - Contract Ass
Note 2 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Contract assets, beginning of year | $ 86,993 | $ 21,483 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (86,627) | (21,483) |
Contract assets recognized, net of reclassification to receivables | 49,939 | 86,993 |
Contract assets, end of year | 50,305 | 86,993 |
Contract liabilities, beginning of year | 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 | 4,683 | 5,255 |
Contract liabilities, end of year | $ 4,756 | $ 5,255 |
Note 2 - Revenue - Disaggregate
Note 2 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 872,198 | $ 1,027,164 | $ 991,792 |
Transferred at Point in Time [Member] | |||
Revenues | 202,799 | 250,395 | 233,410 |
Transferred over Time [Member] | |||
Revenues | 669,399 | 776,769 | 758,382 |
Operating Segments [Member] | |||
Revenues | 876,381 | 1,033,647 | 991,792 |
Operating Segments [Member] | Transferred at Point in Time [Member] | |||
Revenues | 202,332 | 250,395 | 233,410 |
Operating Segments [Member] | Transferred over Time [Member] | |||
Revenues | 674,049 | 783,252 | 758,382 |
Consolidation, Eliminations [Member] | |||
Revenues | (4,183) | (6,483) | 0 |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | |||
Revenues | 467 | 0 | 0 |
Consolidation, Eliminations [Member] | Transferred over Time [Member] | |||
Revenues | (4,650) | (6,483) | 0 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||
Revenues | 541,638 | 647,003 | 659,432 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | |||
Revenues | 54,566 | 41,750 | 34,558 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | |||
Revenues | 487,072 | 605,253 | 624,874 |
Specialty Vehicles [Member] | Operating Segments [Member] | |||
Revenues | 334,743 | 386,644 | 332,360 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | |||
Revenues | 147,766 | 208,645 | 198,852 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | |||
Revenues | 186,977 | 177,999 | 133,508 |
UNITED STATES | |||
Revenues | 847,492 | 1,019,494 | 980,135 |
UNITED STATES | Operating Segments [Member] | |||
Revenues | 851,675 | 1,025,977 | 980,135 |
UNITED STATES | Consolidation, Eliminations [Member] | |||
Revenues | (4,183) | (6,483) | 0 |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||
Revenues | 517,116 | 639,441 | 647,842 |
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | |||
Revenues | 334,559 | 386,536 | 332,293 |
Non-US [Member] | |||
Revenues | 24,706 | 7,670 | 11,657 |
Non-US [Member] | Operating Segments [Member] | |||
Revenues | 24,706 | 7,670 | 11,657 |
Non-US [Member] | Consolidation, Eliminations [Member] | |||
Revenues | 0 | 0 | 0 |
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | |||
Revenues | 24,522 | 7,562 | 11,590 |
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | |||
Revenues | $ 184 | $ 108 | $ 67 |
Note 3 - Inventories - Summary
Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Finished goods | $ 9,374 | $ 13,361 |
Work in process | 2,543 | 5,200 |
Raw materials and purchased components | 93,218 | 81,600 |
Total Inventories | $ 105,135 | $ 100,161 |
Note 4 - Goodwill and Intangi_3
Note 4 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Amortization of Intangible Assets | $ 3,810 | $ 3,903 | $ 3,405 |
Note 4 - Goodwill and Intangi_4
Note 4 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Goodwill, beginning of year | $ 48,880 | $ 48,880 |
Acquisition and measurement period adjustments | 0 | 0 |
Goodwill, end of year | 48,880 | 48,880 |
Fleet Vehicles and Services [Member] | ||
Goodwill, beginning of year | 15,323 | 15,323 |
Acquisition and measurement period adjustments | 0 | 0 |
Goodwill, end of year | 15,323 | 15,323 |
Specialty Vehicles [Member] | ||
Goodwill, beginning of year | 33,557 | 33,557 |
Acquisition and measurement period adjustments | 0 | 0 |
Goodwill, end of year | $ 33,557 | $ 33,557 |
Note 4 - Goodwill and Intangi_5
Note 4 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Accumulated amortization, finite-lived | $ 18,922 | $ 15,112 |
Net carrying amount, finite-lived | 25,878 | |
Gross carrying amount, intangible assets | 64,190 | 64,190 |
Net carrying amount, intangible assets | 45,268 | 49,078 |
Customer Relationships [Member] | ||
Gross carrying amount, finite-lived | 39,080 | 39,080 |
Accumulated amortization, finite-lived | 15,068 | 12,174 |
Net carrying amount, finite-lived | 24,012 | 26,906 |
Unpatented Technology [Member] | ||
Gross carrying amount, finite-lived | 540 | 540 |
Accumulated amortization, finite-lived | 195 | 135 |
Net carrying amount, finite-lived | 345 | 405 |
Patented Technology [Member] | ||
Gross carrying amount, finite-lived | 2,200 | 2,200 |
Accumulated amortization, finite-lived | 1,169 | 894 |
Net carrying amount, finite-lived | 1,031 | 1,306 |
Noncompete Agreements [Member] | ||
Gross carrying amount, finite-lived | 2,980 | 2,980 |
Accumulated amortization, finite-lived | 2,490 | 1,909 |
Net carrying amount, finite-lived | 490 | 1,071 |
Trade Names [Member] | ||
Accumulated amortization, finite-lived | 0 | 0 |
Gross carrying amount, indefinite-lived | $ 19,390 | $ 19,390 |
Note 4 - Goodwill and Intangi_6
Note 4 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 3,477 |
2025 | 3,070 |
2026 | 2,944 |
2027 | 2,706 |
2028 | 2,391 |
Thereafter | 11,290 |
Total | $ 25,878 |
Note 5 - Property, Plant and _3
Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Depreciation | $ 13,143 | $ 10,871 | $ 7,977 |
Interest Costs Capitalized | $ 0 | $ 0 | $ 0 |
Note 5 - Property, Plant and _4
Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Property, plant and equipment, gross | $ 158,943 | $ 141,473 |
Less accumulated depreciation | (75,506) | (70,720) |
Total property, plant and equipment, net | 83,437 | 70,753 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 12,578 | 12,314 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 53,789 | 42,827 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 60,517 | 55,969 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 19,474 | 18,334 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,015 | 2,083 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 10,570 | $ 9,946 |
Note 6 - Leases (Details Textua
Note 6 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating Lease, Expense | $ 12,673 | $ 10,603 | $ 8,679 |
Minimum [Member] | |||
Leases, Remaining Lease Terms (Year) | 1 year | ||
Maximum [Member] | |||
Leases, Remaining Lease Terms (Year) | 16 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 15 years |
Note 6 - Leases - Lease Expense
Note 6 - Leases - Lease Expense and Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Operating leases | $ 11,388 | $ 10,302 | $ 8,233 | |
Short-term leases (1) | [1] | 1,285 | 301 | 446 |
Total lease expense | $ 12,673 | $ 10,603 | 8,679 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 7 years 2 months 12 days | 8 years | ||
Weighted average discount rate of operating leases | 2.90% | 2.70% | ||
Operating cash flow for operating leases | $ 11,041 | $ 9,500 | 7,958 | |
Operating leases | 7,025 | 19,159 | 7,137 | |
Finance leases | $ 95 | $ 304 | $ 271 | |
[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 - Future Minimu
Note 6 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Dec. 31, 2023 USD ($) |
2024 | $ 10,475 |
2025 | 9,984 |
2026 | 7,840 |
2027 | 5,384 |
2028 | 4,148 |
Thereafter | 14,367 |
Total lease payments | 52,198 |
Less: imputed interest | (4,657) |
Total lease liabilities | $ 47,541 |
Note 7 - Taxes on Income (Detai
Note 7 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Income Tax Expense (Benefit) | $ (5,768) | $ 7,368 | $ 14,506 | |
Income Tax Expense (Benefit), Reductions In Unrecognized Tax Benefits | 2,527 | |||
Effective Income Tax Rate Reconciliation, Tax Credit, Research, Amount | 3,645 | 2,681 | 4,413 | |
Deferred Tax Assets, Valuation Allowance | 0 | 0 | ||
Unrecognized Tax Benefits | 4,664 | 5,748 | 5,247 | $ 1,234 |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | 626 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 5,290 | |||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued, Noncurrent | 4,698 | |||
Deferred Tax Assets, Offsetting Credit, Unrecognized Tax Benefits | 592 | |||
Unrecognized Tax Benefits, Period Increase (Decrease) | 63 | 160 | 199 | |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 4,933 | 5,463 | $ 4,989 | |
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | 638 | 704 | ||
Tax Credit Carryforward, Amount | $ 2,938 | $ 2,353 |
Note 7 - Taxes on Income - Inco
Note 7 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Income Tax Expense (Benefit) | $ (5,768) | $ 7,368 | $ 14,506 |
Income tax expense from discontinued operations | 0 | 0 | 62 |
Total taxes (benefit) on income | $ (5,768) | $ 7,368 | $ 14,568 |
Note 7 - Taxes on Income - In_2
Note 7 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Current (benefit): | |||
Federal | $ (610) | $ 10,672 | $ 10,891 |
State | 1,521 | 1,960 | 2,745 |
Foreign | 231 | 175 | 286 |
Total current | 1,142 | 12,807 | 13,922 |
Deferred (benefit): | |||
Federal | (5,828) | (4,976) | 554 |
State | (1,082) | (463) | 30 |
Total deferred | (6,910) | (5,439) | 584 |
Total taxes (benefit) on income | $ (5,768) | $ 7,368 | $ 14,506 |
Note 7 - Taxes on Income - In_3
Note 7 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Federal income taxes at the statutory rate | $ 146 | $ 9,224 | $ 17,741 |
State tax expense, net of federal income tax benefit | 509 | 1,132 | 2,481 |
Non-deductible compensation | 422 | 851 | 958 |
Stock based compensation | (82) | (819) | (1,504) |
Foreign-derived intangible income deduction | (515) | 0 | 0 |
Valuation allowance adjustment | 0 | 0 | (82) |
Unrecognized tax benefit adjustment | (2,234) | 0 | 0 |
Federal research and development tax credit | (3,645) | (2,681) | (4,413) |
Other | (369) | (339) | (675) |
Total taxes (benefit) on income | $ (5,768) | $ 7,368 | $ 14,506 |
Note 7 - Taxes on Income - Defe
Note 7 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred income tax assets: | ||
Operating lease liability | $ 11,783 | $ 13,664 |
Research and development costs | 19,937 | 12,066 |
Warranty reserve | 1,164 | 1,592 |
Inventory costs and reserves | 5,784 | 5,926 |
Contract assets | 5,181 | 10,030 |
Stock-based compensation | 1,699 | 1,261 |
Net operating loss carry-forwards, net of federal income tax benefit | 504 | 556 |
Compensation related accruals | 916 | 621 |
Credit carry-forwards net of federal income tax benefit | 1,752 | 1,454 |
Other | 857 | 879 |
Total deferred income tax assets | 49,577 | 48,049 |
Deferred income tax liabilities: | ||
Cost offset method | (8,304) | (14,371) |
Right of use assets | (11,231) | (13,121) |
Depreciation | (8,551) | (7,901) |
Intangible assets | (2,709) | (2,010) |
Prepaid expenses | (1,482) | (256) |
Total deferred income tax liabilities | (32,277) | (37,659) |
Net deferred tax asset | $ 17,300 | $ 10,390 |
Note 7 - Taxes on Income - Reco
Note 7 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, beginning of year | $ 5,748 | $ 5,247 | $ 1,234 |
Increase (decrease) related to prior year tax positions | 362 | 2,935 | |
Increase (decrease) related to prior year tax positions | (139) | ||
Increase related to current year tax positions | 679 | 775 | 1,161 |
Settlement | 0 | (97) | 0 |
Expiration of statute | (2,125) | (38) | (83) |
Balance at beginning of year | $ 4,664 | $ 5,748 | $ 5,247 |
Note 8 - Transactions with Ma_3
Note 8 - Transactions with Major Customers - Information about Major Customers (Details) - Revenue Benchmark [Member] - Customer Concentration Risk [Member] - Fleet Vehicles and Services, and Specialty Vehicles [Member] | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Number of major customers | 2 | |
Combined percentage of consolidated sales | 25.10% | |
Two Customers [Member] | ||
Combined percentage of consolidated sales | 25.40% | |
One Customer [Member] | ||
Number of major customers | 1 |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Balance of accrued warranty, beginning of year | $ 7,161 | $ 5,975 |
Provisions for current period sales | 5,882 | 4,904 |
Cash settlements | (4,503) | (4,681) |
Changes in liability for pre-existing warranties | (1,309) | 963 |
Balance of accrued warranty | $ 7,231 | $ 7,161 |
Note 10 - Defined Contributio_2
Note 10 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Defined Contribution Plan Company Matching Contributions Vesting Period (Year) | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 3,631 | $ 3,291 | $ 2,572 |
Note 11 - Debt (Details Textual
Note 11 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Short-Term Debt | $ 34,496 | $ 19,544 |
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, Basis Spread on Variable Rate | 1% | |
Debt Instrument Reference Rate Term (Month) | 1 month | |
Debt Instrument, Interest Rate During Period | 6.45% | |
Line of Credit Facility, Current Borrowing Capacity | $ 83,243 | 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 | |
Chassis Pool Agreements [Member] | ||
Short-Term Debt | $ 34,496 | $ 19,544 |
Note 11 - Debt - Short-term Deb
Note 11 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term debt | $ 34,496 | $ 19,544 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 34,496 | $ 19,544 |
Note 11 - Debt - Schedule of Lo
Note 11 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Revolving credit facility | $ 50,000 | $ 56,000 |
Total debt | 50,329 | 56,455 |
Less current portion of long-term debt | (185) | (189) |
Total long-term debt | 50,144 | 56,266 |
Long-Term Debt [Member] | ||
Finance lease obligations | $ 329 | $ 455 |
Note 12 - Stock Based Compens_3
Note 12 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 5,056,250 | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,643,385 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||
Employee Stock Purchase Plan Discount | 90% | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 393 | $ 434 | $ 389 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 26,000 | 20,000 | 11,000 |
Restricted Stock [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 0 | $ 0 | $ 36.76 |
Share-Based Payment Arrangement, Expense | $ 790 | $ 1,189 | $ 2,542 |
Share-Based Payment Arrangement, Expense, Tax Benefit | 196 | 275 | 595 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 1,049 | $ 1,591 | $ 1,929 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 259 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 months 18 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 85,000 | ||
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 23.86 | $ 40.49 | $ 48.08 |
Share-Based Payment Arrangement, Expense | $ 2,790 | $ 3,176 | $ 3,663 |
Share-Based Payment Arrangement, Expense, Tax Benefit | 70 | $ 197 | $ 310 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 3,859 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 6 months | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 294,191 | 124,427 | 84,740 |
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 89,804 | 49,769 | 30,770 |
Performance Shares [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 24.35 | $ 43.41 | $ 57.11 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 204,387 | 74,658 | 46,156 |
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0% | ||
Performance Shares [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0% | ||
Performance Shares [Member] | Minimum [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200% | ||
Performance Shares [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200% | ||
Performance Shares [Member] | Maximum [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200% | ||
Exceptional Performance PSUs [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 0 | 7,814 |
Restricted Stock Units (RSUs) [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 19.38 | $ 29.58 | $ 36.67 |
Share-Based Payment Arrangement, Expense | $ 4,254 | $ 3,253 | $ 2,540 |
Share-Based Payment Arrangement, Expense, Tax Benefit | 742 | $ 668 | $ 499 |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 6,473 | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 7 months 6 days | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 273,904 | 241,217 | 110,599 |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Board Members [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Note 12 - Stock Based Compens_4
Note 12 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance, non-vested shares outstanding (in shares) | 71 | 190 | 370 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 27.14 | $ 21.81 | $ 10.02 |
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year) | 3 months 18 days | 7 months 6 days | 1 year |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 85 | ||
Granted (in dollars per share) | $ 0 | $ 0 | $ 36.76 |
Vested (in shares) | (47) | (91) | (230) |
Vested (in dollars per share) | $ 22.28 | $ 17.62 | $ 11.26 |
Forfeited (in shares) | (4) | (28) | (35) |
Forfeited (in dollars per share) | $ 36.31 | $ 21.98 | $ 20.45 |
Balance, non-vested shares outstanding (in shares) | 20 | 71 | 190 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 36.72 | $ 27.14 | $ 21.81 |
Note 12 - Stock Based Compens_5
Note 12 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member] | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Risk-free rate of return (1) | [1] | 4.15% | 2.41% | 0.29% |
Expected term (in years) (Year) | 2 years 9 months 18 days | 2 years 8 months 12 days | 2 years 9 months 18 days | |
Estimated volatility (2) | [2] | 49.50% | 55.60% | 61.90% |
[1]Based on the U.S. government bond benchmark on the grant date.[2]Represents the historical price volatility of the Company's common stock for the three-year period preceding the grant date. |
Note 12 - Stock Based Compens_6
Note 12 - Stock Based Compensation - PSU and RSU Activity (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Performance Shares [Member] | |||
Balance, non-vested shares outstanding (in shares) | 375,000 | 483,000 | 410,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 29.31 | $ 19.33 | $ 13.63 |
Granted (in shares) | 294,191 | 124,427 | 84,740 |
Granted, weighted average grant date fair value (in dollars per share) | $ 23.86 | $ 40.49 | $ 48.08 |
Forfeited (in shares) | (39,000) | (38,000) | (12,000) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 36.89 | $ 28.27 | $ 26.94 |
Vested (in shares) | (187,000) | (194,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 20.89 | $ 11.82 | |
Balance, non-vested shares outstanding (in shares) | 443,000 | 375,000 | 483,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 30.99 | $ 29.31 | $ 19.33 |
Restricted Stock Units (RSUs) [Member] | |||
Balance, non-vested shares outstanding (in shares) | 307,000 | 201,000 | 212,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 28.38 | $ 24.51 | $ 12.43 |
Granted (in shares) | 273,904 | 241,217 | 110,599 |
Granted, weighted average grant date fair value (in dollars per share) | $ 19.38 | $ 29.58 | $ 36.67 |
Forfeited (in shares) | (42,000) | (30,000) | (3,000) |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 28.47 | $ 32.96 | $ 37.09 |
Vested (in shares) | (154,000) | (105,000) | (119,000) |
Vested, weighted average grant date fair value (in dollars per share) | $ 25.53 | $ 22.15 | $ 14.08 |
Balance, non-vested shares outstanding (in shares) | 385,000 | 307,000 | 201,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 21.05 | $ 28.38 | $ 24.51 |
Note 13 - Shareholders Equity_2
Note 13 - Shareholders Equity (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Feb. 17, 2022 | |
Stock Repurchased and Retired During Period, Shares (in shares) | 1,022,000 | 607,000 | |||
Stock Repurchased and Retired During Period, Value | $ 19,196 | $ 26,789 | |||
The 2022 Share Repurchase Program [Member] | |||||
Stock Repurchase Program, Authorized Amount | $ 250,000 | ||||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 223,019,000 | 242,102,000 | |||
The 2016 Share Repurchase Program [Member] | |||||
Stock Repurchased and Retired During Period, Shares (in shares) | 408,994 | 100,000 | |||
Stock Repurchased and Retired During Period, Value | $ 18,884 | $ 3,348 | |||
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased (in shares) | 408,994 |
Note 13 - Shareholders Equity -
Note 13 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Shares purchased (in shares) | 1,022 | 607 | |
Label | $ 19,083 | $ 26,789 | $ 3,348 |
The 2022 Share Repurchase Program [Member] | |||
Remaining shares allowable to be purchased (in shares) | 223,019 | 242,102 |
Note 14 - Earnings Per Share -
Note 14 - Earnings Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Basic weighted average common shares outstanding (in shares) | 34,721 | 35,073 | 35,333 |
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares) | 140 | 421 | 764 |
Diluted weighted average common shares outstanding (in shares) | 34,861 | 35,494 | 36,097 |
Note 15 - Business Segments (De
Note 15 - Business Segments (Details Textual) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Number of Reportable Segments | 2 | ||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 872,198 | $ 1,027,164 | $ 991,792 |
Non-US [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 24,706 | $ 7,670 | $ 11,657 |
Percentage of Revenue from Contract with Customer, Excluding Assessed Tax | 2.80% | 0.70% | 1.20% |
Note 15 - Business Segments - S
Note 15 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Revenues | $ 872,198 | $ 1,027,164 | $ 991,792 |
Depreciation and amortization expense | 16,953 | 14,774 | 11,356 |
Segment assets | 530,049 | 580,481 | |
Capital expenditures | 20,733 | 20,564 | 23,002 |
Operating Segments [Member] | |||
Revenues | 876,381 | 1,033,647 | 991,792 |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 541,638 | 647,003 | 659,432 |
Operating Segments [Member] | Specialty Vehicles [Member] | |||
Revenues | 334,743 | 386,644 | 332,360 |
Continuing Operations [Member] | |||
Revenues | 872,198 | 1,027,164 | 991,792 |
Depreciation and amortization expense | 16,953 | 14,774 | 11,356 |
Adjusted EBITDA | 39,968 | 70,793 | 108,066 |
Segment assets | 530,049 | 580,481 | 447,867 |
Capital expenditures | 25,476 | 21,542 | 23,008 |
Continuing Operations [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 487,072 | 605,253 | 624,874 |
Continuing Operations [Member] | Motorhome Chassis [Member] | |||
Revenues | 104,882 | 175,030 | 168,166 |
Continuing Operations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 205,251 | 185,399 | 145,134 |
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 74,993 | 61,482 | 53,618 |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 541,638 | 647,003 | 659,432 |
Depreciation and amortization expense | 6,552 | 4,555 | 2,654 |
Adjusted EBITDA | 30,326 | 65,719 | 108,621 |
Segment assets | 241,546 | 308,357 | 174,799 |
Capital expenditures | 5,065 | 13,381 | 16,647 |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 487,072 | 605,253 | 624,874 |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | 0 |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 0 | 0 | 0 |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 54,566 | 41,750 | 34,558 |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | |||
Revenues | 334,743 | 386,644 | 332,360 |
Depreciation and amortization expense | 6,720 | 7,011 | 6,832 |
Adjusted EBITDA | 66,186 | 54,413 | 32,668 |
Segment assets | 213,509 | 220,768 | 202,302 |
Capital expenditures | 2,567 | 1,268 | 4,198 |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | 0 |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | |||
Revenues | 104,882 | 175,030 | 168,166 |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 209,434 | 191,882 | 145,134 |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 20,427 | 19,732 | 19,060 |
Continuing Operations [Member] | Segment Reconciling Items [Member] | |||
Revenues | (4,183) | (6,483) | 0 |
Depreciation and amortization expense | 3,681 | 3,208 | 1,870 |
Adjusted EBITDA | (56,544) | (49,339) | (33,223) |
Segment assets | 74,994 | 51,356 | 70,766 |
Capital expenditures | 17,844 | 6,893 | 2,163 |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 0 | 0 | 0 |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Motorhome Chassis [Member] | |||
Revenues | 0 | 0 | 0 |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | |||
Revenues | (4,183) | (6,483) | 0 |
Continuing Operations [Member] | Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | $ 0 | $ 0 | $ 0 |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Balance at Beginning of Period | $ 246 | $ 187 | $ 116 |
Additions Charged to Costs and Expenses | 159 | 240 | 149 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (129) | (181) | (78) |
Balance at End of Period | $ 276 | $ 246 | $ 187 |