Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2023 | Oct. 31, 2023 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001287213 | |
Entity Registrant Name | DOUGLAS DYNAMICS, INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2023 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-34728 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 13-4275891 | |
Entity Address, Address Line One | 11270 W Park Place Ste 300 | |
Entity Address, City or Town | Milwaukee | |
Entity Address, State or Province | WI | |
Entity Address, Postal Zip Code | 53224 | |
City Area Code | 414 | |
Local Phone Number | 354-2310 | |
Title of 12(b) Security | Common Stock, par value $.01 per share | |
Trading Symbol | PLOW | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 22,983,965 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 11,088 | $ 20,670 |
Accounts receivable, net | 165,302 | 86,765 |
Inventories | 147,246 | 136,501 |
Inventories - truck chassis floor plan | 4,459 | 1,211 |
Prepaid and other current assets | 9,034 | 7,774 |
Total current assets | 337,129 | 252,921 |
Property, plant, and equipment, net | 67,306 | 68,660 |
Goodwill | 113,134 | 113,134 |
Other intangible assets, net | 123,699 | 131,589 |
Operating lease right-of-use assets | 17,145 | 17,432 |
Non-qualified benefit plan assets | 9,148 | 8,874 |
Other long-term assets | 4,384 | 4,281 |
Total assets | 671,945 | 596,891 |
Current liabilities: | ||
Accounts payable | 41,596 | 49,252 |
Accrued expenses and other current liabilities | 29,009 | 30,484 |
Floor plan obligations | 4,459 | 1,211 |
Operating lease liability - current | 5,149 | 4,862 |
Income taxes payable | 3,980 | 3,485 |
Short term borrowings | 101,000 | 0 |
Current portion of long-term debt | 2,544 | 11,137 |
Total current liabilities | 187,737 | 100,431 |
Retiree benefits and deferred compensation | 14,462 | 14,650 |
Deferred income taxes | 27,660 | 29,837 |
Long-term debt, less current portion | 185,562 | 195,299 |
Operating lease liability - noncurrent | 13,261 | 14,025 |
Other long-term liabilities | 6,331 | 5,547 |
Stockholders’ equity: | ||
Common Stock, par value $0.01, 200,000,000 shares authorized, 22,983,965 and 22,886,793 shares issued and outstanding at September 30, 2023 and December 31, 2022, respectively | 230 | 229 |
Additional paid-in capital | 168,516 | 164,281 |
Retained earnings | 59,421 | 63,464 |
Accumulated other comprehensive income, net of tax | 8,765 | 9,128 |
Total stockholders’ equity | 236,932 | 237,102 |
Total liabilities and stockholders’ equity | $ 671,945 | $ 596,891 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net sales | $ 144,121 | $ 166,100 | $ 433,933 | $ 456,262 |
Cost of sales | 111,992 | 124,831 | 329,166 | 342,696 |
Gross profit | 32,129 | 41,269 | 104,767 | 113,566 |
Selling, general, and administrative expense | 17,998 | 19,181 | 64,612 | 63,578 |
Intangibles amortization | 2,630 | 2,630 | 7,890 | 7,890 |
Income from operations | 11,501 | 19,458 | 32,265 | 42,098 |
Interest expense, net | (4,607) | (3,266) | (11,207) | (7,852) |
Other income (expense), net | 35 | (17) | (19) | 94 |
Income before taxes | 6,929 | 16,175 | 21,039 | 34,340 |
Income tax expense | 1,137 | 2,895 | 4,393 | 7,243 |
Net income | $ 5,792 | $ 13,280 | $ 16,646 | $ 27,097 |
Weighted average number of common shares outstanding: | ||||
Basic (in shares) | 22,983,965 | 22,886,793 | 22,955,388 | 22,925,231 |
Diluted (in shares) | 22,983,965 | 22,886,793 | 22,955,388 | 22,926,943 |
Earnings per common share: | ||||
Basic (in dollars per share) | $ 0.25 | $ 0.57 | $ 0.71 | $ 1.16 |
Diluted (in dollars per share) | 0.24 | 0.56 | 0.69 | 1.14 |
Cash dividends declared and paid per share (in dollars per share) | $ 0.30 | $ 0.29 | $ 0.89 | $ 0.87 |
Comprehensive income | $ 5,651 | $ 17,032 | $ 16,283 | $ 36,539 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Operating activities | ||
Net income | $ 16,646 | $ 27,097 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 16,180 | 15,626 |
Loss (gain) on disposal of fixed asset | (45) | 130 |
Amortization of deferred financing costs and debt discount | 440 | 367 |
Stock-based compensation | 4,236 | 5,563 |
Adjustments on derivatives not classified as hedges | (516) | (516) |
Provision (credit) for losses on accounts receivable | 329 | (175) |
Deferred income taxes | (2,177) | 890 |
Non-cash lease expense | 287 | 1,481 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (78,866) | (94,056) |
Inventories | (10,745) | (29,781) |
Prepaid assets, refundable income taxes and other assets | (1,403) | (3,732) |
Accounts payable | (6,826) | (365) |
Accrued expenses and other current liabilities | (979) | (888) |
Benefit obligations and other long-term liabilities | (709) | 3,873 |
Net cash used in operating activities | (64,148) | (74,486) |
Investing activities | ||
Capital expenditures | (7,723) | (8,924) |
Net cash used in investing activities | (7,723) | (8,924) |
Financing activities | ||
Repurchase of common stock | 0 | (6,001) |
Proceeds from life insurance policy loans | 750 | 0 |
Payments of financing costs | (334) | 0 |
Dividends paid | (20,689) | (20,273) |
Net revolver borrowings | 101,000 | 84,000 |
Repayment of long-term debt | (18,438) | (8,437) |
Net cash provided by financing activities | 62,289 | 49,289 |
Change in cash and cash equivalents | (9,582) | (34,121) |
Cash and cash equivalents at beginning of period | 20,670 | 36,964 |
Cash and cash equivalents at end of period | 11,088 | 2,843 |
Non-cash operating and financing activities | ||
Truck chassis inventory acquired through floorplan obligations | $ 7,245 | $ 2,215 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2021 | 22,980,951 | ||||
Balance at Dec. 31, 2021 | $ 230 | $ 163,552 | $ 51,881 | $ (1,053) | $ 214,610 |
Net income | 0 | 0 | 27,097 | 0 | 27,097 |
Dividends paid | 0 | 0 | (20,273) | 0 | (20,273) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | (123) | (123) |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | 9,565 | 9,565 |
Stock based compensation (in shares) | 76,930 | ||||
Stock based compensation | $ 1 | 5,562 | 0 | 0 | 5,563 |
Adjustment for pension and postretirement benefit liability, net of tax | $ 0 | 0 | 0 | 123 | 123 |
Repurchase of common stock (in shares) | (171,088) | ||||
Repurchase of common stock | $ (2) | (5,999) | 0 | 0 | (6,001) |
Balance (in shares) at Sep. 30, 2022 | 22,886,793 | ||||
Balance at Sep. 30, 2022 | $ 229 | 163,115 | 58,705 | 8,389 | 230,438 |
Balance (in shares) at Jun. 30, 2022 | 22,886,793 | ||||
Balance at Jun. 30, 2022 | $ 229 | 162,605 | 52,184 | 4,637 | 219,655 |
Net income | 0 | 0 | 13,280 | 0 | 13,280 |
Dividends paid | 0 | 0 | (6,759) | 0 | (6,759) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | 41 | 41 |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | 3,793 | 3,793 |
Stock based compensation (in shares) | 0 | ||||
Stock based compensation | $ 0 | 510 | 0 | 0 | 510 |
Adjustment for pension and postretirement benefit liability, net of tax | $ 0 | 0 | 0 | (41) | (41) |
Balance (in shares) at Sep. 30, 2022 | 22,886,793 | ||||
Balance at Sep. 30, 2022 | $ 229 | 163,115 | 58,705 | 8,389 | 230,438 |
Balance (in shares) at Dec. 31, 2022 | 22,886,793 | ||||
Balance at Dec. 31, 2022 | $ 229 | 164,281 | 63,464 | 9,128 | 237,102 |
Net income | 0 | 0 | 16,646 | 0 | 16,646 |
Dividends paid | 0 | 0 | (20,689) | 0 | (20,689) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | (159) | (159) |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | (204) | (204) |
Stock based compensation (in shares) | 97,172 | ||||
Stock based compensation | $ 1 | 4,235 | 0 | 0 | 4,236 |
Adjustment for pension and postretirement benefit liability, net of tax | $ 0 | 0 | 0 | 159 | 159 |
Balance (in shares) at Sep. 30, 2023 | 22,983,965 | ||||
Balance at Sep. 30, 2023 | $ 230 | 168,516 | 59,421 | 8,765 | 236,932 |
Balance (in shares) at Jun. 30, 2023 | 22,983,965 | ||||
Balance at Jun. 30, 2023 | $ 230 | 168,516 | 60,508 | 8,906 | 238,160 |
Net income | 0 | 0 | 5,792 | 0 | 5,792 |
Dividends paid | 0 | 0 | (6,879) | 0 | (6,879) |
Adjustment for pension and postretirement benefit liability, net of tax | 0 | 0 | 0 | (53) | (53) |
Adjustment for interest rate swap, net of tax | $ 0 | 0 | 0 | (88) | (88) |
Stock based compensation (in shares) | 0 | ||||
Stock based compensation | $ 0 | 0 | 0 | 0 | 0 |
Adjustment for pension and postretirement benefit liability, net of tax | $ 0 | 0 | 0 | 53 | 53 |
Balance (in shares) at Sep. 30, 2023 | 22,983,965 | ||||
Balance at Sep. 30, 2023 | $ 230 | $ 168,516 | $ 59,421 | $ 8,765 | $ 236,932 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Adjustment for pension and postretirement benefit liability, tax | $ 19 | $ 14 | $ 57 | $ 42 |
Adjustment for interest rate swap, tax | $ 31 | $ (1,333) | $ 74 | $ (3,361) |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Basis of presentation The accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United States for interim financial information. Accordingly, they do not 2022 10 No. 001 34728 February 21, 2023. The Company conducts business in two two Work Truck Attachments. Work Truck Solutions. See Note 15 Interim Condensed Consolidated Financial Information The accompanying Condensed Consolidated Balance Sheet as of September 30, 2023 three nine September 30, 2023 2022 nine September 30, 2023 2022 not The Company’s Work Truck Attachments segment is seasonal and, consequently, its results of operations and financial condition vary from quarter-to-quarter. Because of this seasonality, the results of operations of the Work Truck Attachments segment for any quarter may not may may not second third fourth fourth second third first fourth second third fourth |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 2. Revenue Recognition Revenue Streams The following is a description of principal activities from which the Company generates revenue. Revenues are recognized when control of the promised goods or services are transferred to the customer, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company generates all of its revenue from contracts with customers. Additionally, contract amounts represent the full amount of the transaction price as agreed upon with the customer at the time of order, resulting in a single performance obligation in all cases. In the case of a single order containing multiple upfits, the transaction price may Work Truck Attachments The Company recognizes revenue upon shipment of equipment to the customer. Within the Work Truck Attachments segment, the Company offers a variety of discounts and sales incentives to its distributors. The estimated liability for sales discounts and allowances is calculated using the expected value method and recorded at the time of sale as a reduction of net sales. The liability is estimated based on the costs of the program, the planned duration of the program and historical experience. The Work Truck Attachments segment has two Independent Dealer Sales Parts & Accessory Sales Work Truck Solutions The Work Truck Solutions segment primarily participates in the truck and vehicle upfitting industry in the United States. Customers are billed separately for the truck chassis by the chassis manufacturer. The Company only records sales for the amount of the upfit, excluding the truck chassis. Generally, the Company obtains the truck chassis from the truck chassis manufacturer through either its floor plan agreement with a financial institution or bailment pool agreement with the truck chassis manufacturer. Additionally, in some instances the Company upfits chassis which are owned by the end customer. For truck chassis acquired through the floor plan agreement, the Company holds title to the vehicle from the time the chassis is received by the Company until the completion of the up-fit. Under the bailment pool agreement, the Company does not not not not Revenues from the sales of the Work Truck Solutions products are recognized net of the truck chassis with the selling price to the customer recorded as sales and the manufacturing and up-fit cost of the product recorded as Cost of sales. In these cases, the Company acts as an agent as it does not third not third The Work Truck Solutions segment has four State and Local Bids not Fleet Upfit Sales 606, three September 30, 2023 2022 nine September 30, 2023 2022 Dealer Upfit Sales not Over the Counter / Parts & Accessory Sales Disaggregation of Revenue The following table provides information about disaggregated revenue by customer type and timing of revenue recognition, and includes a reconciliation of the disaggregated revenue with reportable segments. Revenue by customer type was as follows: Three Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 75,879 $ 36,593 $ 112,472 Government - 13,711 13,711 Fleet - 15,777 15,777 Other - 2,161 2,161 Total revenue $ 75,879 $ 68,242 $ 144,121 Three Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 108,235 $ 30,090 $ 138,325 Government - 13,925 13,925 Fleet - 11,638 11,638 Other - 2,212 2,212 Total revenue $ 108,235 $ 57,865 $ 166,100 Nine Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 236,346 $ 101,822 $ 338,168 Government - 48,256 48,256 Fleet - 41,431 41,431 Other - 6,078 6,078 Total revenue $ 236,346 $ 197,587 $ 433,933 Nine Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 284,375 $ 90,801 $ 375,176 Government - 39,933 39,933 Fleet - 34,789 34,789 Other - 6,364 6,364 Total revenue $ 284,375 $ 171,887 $ 456,262 Revenue by timing of revenue recognition was as follows: Three Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 75,879 $ 43,921 $ 119,800 Over time - 24,321 24,321 Total revenue $ 75,879 $ 68,242 $ 144,121 Three Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 108,235 $ 36,515 $ 144,750 Over time - 21,350 21,350 Total revenue $ 108,235 $ 57,865 $ 166,100 Nine Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 236,346 $ 128,287 $ 364,633 Over time - 69,300 69,300 Total revenue $ 236,346 $ 197,587 $ 433,933 Nine Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 284,375 $ 106,049 $ 390,424 Over time - 65,838 65,838 Total revenue $ 284,375 $ 171,887 $ 456,262 Contract Balances The following table shows the changes in the Company’s contract liabilities during the three nine September 30, 2023 2022 Three Months Ended September 30, 2023 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 7,929 $ 3,988 $ (8,012 ) $ 3,905 Three Months Ended September 30, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 4,330 $ 7,252 $ (4,633 ) $ 6,949 Nine Months Ended September 30, 2023 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 4,531 $ 17,238 $ (17,864 ) $ 3,905 Nine Months Ended September 30, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,454 $ 15,889 $ (11,394 ) $ 6,949 The Company receives payments from customers based upon contractual billing schedules. Contract assets include amounts related to the contractual right to consideration for completed performance obligations. There were no contract assets as of September 30, 2023 2022 The Company recognized revenue of $1,594 and $630 during the three September 30, 2023 2022 nine September 30, 2023 2022 |
Note 3 - Credit Losses
Note 3 - Credit Losses | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Credit Loss, Financial Instrument [Text Block] | 3. Credit Losses The majority of the Company’s accounts receivable are due from distributors of truck equipment and dealers of completed upfit trucks. Credit is extended based on an evaluation of a customer’s financial condition. A receivable is considered past due if payments have not not September 30, 2023 December 31, 2022 The following table rolls forward the activity related to credit losses for trade accounts receivable at each segment, and on a consolidated basis for the nine September 30, 2023 2022 Balance at December 31, 2022 Additions (reductions) charged to earnings Writeoffs Changes to reserve, net Balance at September 30, 2023 Nine Months Ended September 30, 2023 Work Truck Attachments $ 1,000 $ 300 $ - $ - $ 1,300 Work Truck Solutions 366 29 - (33 ) 362 Total $ 1,366 $ 329 $ - $ (33 ) $ 1,662 Balance at December 31, 2021 Additions (reductions) charged to earnings Writeoffs Changes to reserve, net Balance at September 30, 2022 Nine Months Ended September 30, 2022 Work Truck Attachments $ 1,430 $ 300 $ - $ 3 $ 1,733 Work Truck Solutions 1,540 (475 ) (109 ) (13 ) 943 Total $ 2,970 $ (175 ) $ (109 ) $ (10 ) $ 2,676 |
Note 4 - Fair Value
Note 4 - Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 4. Fair Value Fair value is the price at which an asset could be exchanged in a current transaction between knowledgeable, willing parties. A liability’s fair value is defined as the amount that would be paid to transfer the liability to a new obligor, not one three 1 2 1 3 The following table presents financial assets and liabilities measured at fair value on a recurring basis and discloses the fair value of long-term debt: Fair Value at Fair Value at September 30, December 31, 2023 2022 Assets: Non-qualified benefit plan assets (a) $ 9,148 $ 8,874 Interest rate swaps (b) $ 7,272 7,039 Total Assets $ 16,420 $ 15,913 Liabilities: Long-term debt (c) $ 189,385 $ 207,737 Total Liabilities $ 189,385 $ 207,737 (a) Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amount of these insurance policies approximates their fair value and is considered Level 2 September 30, 2023 (b) Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 September 30, 2023 December 31, 2022 (c) The fair value of the Company’s long-term debt, including current maturities, is based on rates for instruments with comparable maturities and credit quality (Level 2 |
Note 5 - Inventories
Note 5 - Inventories | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist of the following: September 30, December 31, 2023 2022 Finished goods $ 77,467 $ 67,006 Work-in-process 17,342 19,037 Raw material and supplies 52,437 50,458 $ 147,246 $ 136,501 The inventories in the table above do not fourth 2021, not September 30, 2023 December 31, 2022 |
Note 6 - Property, Plant and Eq
Note 6 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 6. Property, plant and equipment Property, plant and equipment are summarized as follows: September 30, December 31, 2023 2022 Land $ 3,969 $ 3,969 Land improvements 5,431 5,431 Leasehold improvements 6,489 5,844 Buildings 36,446 35,858 Machinery and equipment 75,379 75,190 Furniture and fixtures 25,751 24,605 Mobile equipment and other 5,134 4,927 Construction-in-process 6,853 5,272 Total property, plant and equipment 165,452 161,096 Less accumulated depreciation (98,146 ) (92,436 ) Net property, plant and equipment $ 67,306 $ 68,660 |
Note 7 - Leases
Note 7 - Leases | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Lessee, Operating Leases [Text Block] | 7. Leases The Company has operating leases for manufacturing and upfit facilities, land and parking lots, warehousing space and certain equipment. The leases have remaining lease terms of less than one not not Lease Expense The components of lease expense, which are included in Cost of sales and Selling, general and administrative expenses on the Condensed Consolidated Statements of Operations and Comprehensive Income, were as follows: Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease expense $ 1,545 $ 4,354 $ 1,376 $ 4,158 Short term lease cost $ 48 $ 316 $ 85 $ 274 Total lease cost $ 1,593 $ 4,670 $ 1,461 $ 4,432 Cash Flow Supplemental cash flow information related to leases is as follows: Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,597 $ 4,301 Non-cash lease expense - right-of-use assets $ 3,735 $ 3,566 Right-of-use assets obtained in exchange for operating lease obligations $ 3,411 $ 2,126 Balance Sheet Supplemental balance sheet information related to leases is as follows: September 30, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets $ 17,145 $ 17,432 Other current liabilities 5,149 4,862 Operating lease liabilities 13,261 14,025 Total operating lease liabilities $ 18,410 $ 18,887 Weighted Average Remaining Lease Term Operating leases (in months) 54 59 Weighted Average Discount Rate Operating leases 5.09 % 4.69 % Lease Maturities Maturities of leases were as follows: Year ending December 31, Operating Leases 2023 (excluding the nine months ended September 30, 2023) $ 1,572 2024 5,684 2025 4,862 2026 3,498 2027 2,152 Thereafter 2,690 Total Lease Payments 20,458 Less: imputed interest (2,048 ) Total $ 18,410 |
Note 8 - Other Intangible Asset
Note 8 - Other Intangible Assets | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Intangible Assets Disclosure [Text Block] | 8. Other Intangible Assets The following is a summary of the Company’s other intangible assets: Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount September 30, 2023 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 78,000 2,000 Customer relationships 80,920 41,415 39,505 Patents 21,136 17,935 3,201 Noncompete agreements 8,640 8,640 - Trademarks 5,459 4,066 1,393 Amortizable intangibles, net 196,155 150,056 46,099 Total $ 273,755 $ 150,056 $ 123,699 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2022 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 75,000 5,000 Customer relationships 80,920 37,537 43,383 Patents 21,136 16,994 4,142 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,995 1,464 Amortizable intangibles, net 196,155 142,166 53,989 Total $ 273,755 $ 142,166 $ 131,589 Amortization expense for intangible assets was $2,630 and $2,630 for the three September 30, 2023 2022 nine September 30, 2023 2022 2023 five 2023 $ 2,630 2024 7,520 2025 6,075 2026 5,450 2027 5,450 2028 5,450 |
Note 9 - Long-term Debt
Note 9 - Long-term Debt | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Long-Term Debt [Text Block] | 9. Long-Term Debt Long-term debt is summarized below: September 30, December 31, 2023 2022 Term Loan, net of debt discount of $ 303 387 $ 189,385 $ 207,737 Less current maturities 2,544 11,137 Long-term debt before deferred financing costs 186,841 196,600 Deferred financing costs, net 1,279 1,301 Long-term debt, net $ 185,562 $ 195,299 On January 5, 2023, No. 1 No. 1” No. 1 June 9, 2021 ( No. 1, July 11, 2023, No. 2 No. 2, September 30, 2023 The Company will be required to pay a fee for unused amounts under the senior secured revolving facility in an amount ranging from 0.150% to 0.300% of the average daily unused portion of the senior secured revolving credit facility, depending on Douglas Dynamics, L.L.C.'s ("DDI LLC") Leverage Ratio (as defined in the Credit Agreement). The Credit Agreement provides that the senior secured term loan facility will bear interest at (i) the Term SOFR Rate for the applicable interest period plus (ii) a margin ranging from 1.375% to 2.00%, one zero Following Amendment No. 1, not June 9, 2026. The Credit Agreement was issued at a $563 discount which is being amortized over the term of the term loan. Additionally, deferred financing costs of $1,409 are being amortized over the term of the loan. The Company’s entrance into the Credit Agreement and subsequent settlement of its prior credit agreements is accounted for as an extinguishment of the Company’s prior debt under ASC 470 50, December 31, 2021. At September 30, 2023 December 31, 2022 no three nine September 30, 2023 The Credit Agreement includes customary representations, warranties and negative and affirmative covenants, as well as customary events of default and certain cross default provisions that could result in acceleration of the Credit Agreement. In addition, the Credit Agreement requires the Company to have a Leverage Ratio of not 1.00 June 30, 2021, not 1.00 June 30, 2021. September 30, 2023 On June 13, 2019, May 31, 2019 May 31, 2024. may one first 2020, March 19, 2020, three September 30, 2023 2022 nine September 30, 2023 2022 three September 30, 2023 2022 nine September 30, 2023 2022 On June 9, 2021, June 9, 2021 twelve On May 19, 2022, May 31, 2024 June 9, 2026. may two The interest rate swaps' positive fair value at September 30, 2023 December 31, 2022 |
Note 10 - Accrued Expenses and
Note 10 - Accrued Expenses and Other Current Liabilities | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | 10. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities are summarized as follows: September 30, December 31, 2023 2022 Payroll and related costs $ 8,051 $ 10,805 Employee benefits 8,180 8,863 Accrued warranty 4,724 4,558 Other 8,054 6,258 $ 29,009 $ 30,484 |
Note 11 - Warranty Liability
Note 11 - Warranty Liability | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | 11. Warranty Liability The Company accrues for estimated warranty costs as sales are recognized and periodically assesses the adequacy of its recorded warranty liability and adjusts the amount as necessary. The Company’s warranties generally provide, with respect to its snow and ice control equipment, that all material and workmanship will be free from defect for a period of two one one five not September 30, 2023 December 31, 2022 The following is a rollforward of the Company’s warranty liability: Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Balance at the beginning of the period $ 7,844 $ 6,518 $ 7,876 $ 6,368 Warranty provision 897 1,321 2,904 3,722 Claims paid/settlements (580 ) (406 ) (2,619 ) (2,657 ) Balance at the end of the period $ 8,161 $ 7,433 $ 8,161 $ 7,433 |
Note 12 - Earnings Per Share
Note 12 - Earnings Per Share | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 12. Earnings per Share Basic earnings per share of common stock is computed by dividing net income by the weighted average number of common shares outstanding during the period. Diluted earnings per share of common stock is computed by dividing net income by the weighted average number of common shares, using the two may not two Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Basic earnings per common share Net income $ 5,792 $ 13,280 $ 16,646 $ 27,097 Less income allocated to participating securities 128 259 368 517 Net income allocated to common shareholders $ 5,664 $ 13,021 $ 16,278 $ 26,580 Weighted average common shares outstanding 22,983,965 22,886,793 22,955,388 22,925,231 $ 0.25 $ 0.57 $ 0.71 $ 1.16 Earnings per common share assuming dilution Net income $ 5,792 $ 13,280 $ 16,646 $ 27,097 Less income allocated to participating securities 128 259 368 517 Net income allocated to common shareholders $ 5,664 $ 13,021 $ 16,278 $ 26,580 Weighted average common shares outstanding 22,983,965 22,886,793 22,955,388 22,925,231 Incremental shares applicable to non-participating RSUs - - - 1,712 Weighted average common shares assuming dilution 22,983,965 22,886,793 22,955,388 22,926,943 $ 0.24 $ 0.56 $ 0.69 $ 1.14 |
Note 13 - Employee Stock Plans
Note 13 - Employee Stock Plans | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 13. Employee Stock Plans 2010 In May 2010, 2010 “2010 2010 2014 2020 2010 may may may 2010 Equity awards issued to management include a retirement provision under which members of management who either ( 1 65 2 ten 55 six first not nine September 30, 2023 2022 2013, 718, Performance Share Unit Awards The Company grants performance share units as performance-based awards under the 2010 three 718, three September 30, 2023 2022 nine September 30, 2023 2022 September 30, 2023 2026 Restricted Stock Unit Awards RSUs are granted to both non-employee directors and management. RSUs do not two one second not one not A summary of RSU activity for the nine September 30, 2023 Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term (in years) Unvested at December 31, 2022 111,264 $ 41.89 1.76 Granted 120,834 $ 39.37 1.74 Vested (79,592 ) $ 44.47 - Cancelled and forfeited (3,805 ) $ 39.43 - Unvested at September 30, 2023 148,701 $ 38.52 1.86 Expected to vest in the future at September 30, 2023 144,512 $ 38.52 1.86 The Company recognized $361 and $276 of compensation expense related to the RSU awards in the three September 30, 2023 2022 nine September 30, 2023 2022 September 30, 2023 2026 For grants to non-employee directors, vesting occurs as of the grant date. Vested director RSUs are ‘‘settled’’ by the delivery to the participant or a designated brokerage firm of one no two one one |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 14. Commitments and Contingencies In the ordinary course of business, the Company is engaged in various litigation including product liability and intellectual property disputes. However, the Company does not not |
Note 15 - Segments
Note 15 - Segments | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 15. Segments The Company’s two Work Truck Attachments. Work Truck Solutions. Separate financial information is available for the two Segment performance is evaluated based on segment net sales and Adjusted EBITDA. Segment results include an allocation of all corporate costs. No 10% All intersegment sales are eliminated in consolidation. Sales between Work Truck Attachments and Work Truck Solutions reflect the Company’s intercompany pricing policy. The following table shows summarized financial information concerning the Company’s reportable segments: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Net sales Work Truck Attachments $ 75,879 $ 108,235 $ 236,346 $ 284,375 Work Truck Solutions 68,242 57,865 197,587 171,887 $ 144,121 $ 166,100 $ 433,933 $ 456,262 Adjusted EBITDA Work Truck Attachments $ 12,328 $ 22,929 $ 44,393 $ 59,562 Work Truck Solutions 4,985 2,202 8,807 4,307 $ 17,313 $ 25,131 $ 53,200 $ 63,869 Depreciation and amortization expense Work Truck Attachments $ 3,298 $ 3,228 $ 10,039 $ 9,618 Work Truck Solutions 2,083 2,005 6,141 6,008 $ 5,381 $ 5,233 $ 16,180 $ 15,626 Assets Work Truck Attachments $ 459,138 $ 454,739 Work Truck Solutions 212,807 200,048 $ 671,945 $ 654,787 Capital Expenditures Work Truck Attachments $ 1,320 $ 2,741 $ 4,185 $ 6,807 Work Truck Solutions 1,335 630 2,707 1,211 $ 2,655 $ 3,371 $ 6,892 $ 8,018 Adjusted EBITDA Work Truck Attachments $ 12,328 $ 22,929 $ 44,393 $ 59,562 Work Truck Solutions 4,985 2,202 8,807 4,307 Total Adjusted EBITDA $ 17,313 $ 25,131 $ 53,200 $ 63,869 Less items to reconcile Adjusted EBITDA to Income before taxes: Interest expense - net 4,607 3,266 11,207 7,852 Depreciation expense 2,751 2,603 8,290 7,736 Amortization 2,630 2,630 7,890 7,890 Stock based compensation - 510 4,236 5,563 Other charges (1) 396 (53 ) 538 488 Income before taxes $ 6,929 $ 16,175 $ 21,039 $ 34,340 ( 1 Reflects unrelated legal, severance, restructuring, and consulting fees, and, in 2022, 19 |
Note 16 - Income Taxes
Note 16 - Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 16. Income Taxes The Company’s effective tax rate was 16.4% and 17.9% for the three September 30, 2023 2022 nine September 30, 2023 2022 three nine September 30, 2023 three nine September 30, 2022 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The largest item affecting deferred taxes is the difference between book and tax amortization of goodwill and other intangibles amortization. |
Note 17 - Changes in Accumulate
Note 17 - Changes in Accumulated Other Comprehensive Income (Loss) by Component | 9 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 17. Changes in Accumulated Other Comprehensive Income (Loss) by Component Changes to accumulated other comprehensive income by component for the nine September 30, 2023 Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2022 $ 6,115 $ 3,013 $ 9,128 Other comprehensive gain before reclassifications 2,238 — 2,238 Amounts reclassified from accumulated other comprehensive income (loss): (1) (2,441 ) (160 ) (2,601 ) Balance at September 30, 2023 $ 5,912 $ 2,853 $ 8,765 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains $ (216 ) Tax expense 56 Reclassification net of tax $ (160 ) Realized gains on interest rate swaps reclassified to interest expense $ (3,298 ) Tax expense 857 Reclassification net of tax $ (2,441 ) Changes to accumulated other comprehensive income (loss) by component for the nine September 30, 2022 Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) Other comprehensive gain before reclassifications 8,138 — 8,138 Amounts reclassified from accumulated other comprehensive income (loss): (1) 1,427 (123 ) 1,304 Balance at September 30, 2022 $ 6,041 $ 2,348 $ 8,389 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains $ (165 ) Tax expense 42 Reclassification net of tax $ (123 ) Realized losses on interest rate swaps reclassified to interest expense $ 1,928 Tax benefit (501 ) Reclassification net of tax $ 1,427 |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 75,879 $ 36,593 $ 112,472 Government - 13,711 13,711 Fleet - 15,777 15,777 Other - 2,161 2,161 Total revenue $ 75,879 $ 68,242 $ 144,121 Three Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 108,235 $ 30,090 $ 138,325 Government - 13,925 13,925 Fleet - 11,638 11,638 Other - 2,212 2,212 Total revenue $ 108,235 $ 57,865 $ 166,100 Nine Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 236,346 $ 101,822 $ 338,168 Government - 48,256 48,256 Fleet - 41,431 41,431 Other - 6,078 6,078 Total revenue $ 236,346 $ 197,587 $ 433,933 Nine Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Independent dealer $ 284,375 $ 90,801 $ 375,176 Government - 39,933 39,933 Fleet - 34,789 34,789 Other - 6,364 6,364 Total revenue $ 284,375 $ 171,887 $ 456,262 Three Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 75,879 $ 43,921 $ 119,800 Over time - 24,321 24,321 Total revenue $ 75,879 $ 68,242 $ 144,121 Three Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 108,235 $ 36,515 $ 144,750 Over time - 21,350 21,350 Total revenue $ 108,235 $ 57,865 $ 166,100 Nine Months Ended September 30, 2023 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 236,346 $ 128,287 $ 364,633 Over time - 69,300 69,300 Total revenue $ 236,346 $ 197,587 $ 433,933 Nine Months Ended September 30, 2022 Work Truck Attachments Work Truck Solutions Total Revenue Point in time $ 284,375 $ 106,049 $ 390,424 Over time - 65,838 65,838 Total revenue $ 284,375 $ 171,887 $ 456,262 Three Months Ended September 30, 2023 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 7,929 $ 3,988 $ (8,012 ) $ 3,905 Three Months Ended September 30, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 4,330 $ 7,252 $ (4,633 ) $ 6,949 Nine Months Ended September 30, 2023 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 4,531 $ 17,238 $ (17,864 ) $ 3,905 Nine Months Ended September 30, 2022 Balance at Beginning of Period Additions Deductions Balance at End of Period Contract liabilities $ 2,454 $ 15,889 $ (11,394 ) $ 6,949 |
Note 3 - Credit Losses (Tables)
Note 3 - Credit Losses (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Accounts Receivable, Allowance for Credit Loss [Table Text Block] | Balance at December 31, 2022 Additions (reductions) charged to earnings Writeoffs Changes to reserve, net Balance at September 30, 2023 Nine Months Ended September 30, 2023 Work Truck Attachments $ 1,000 $ 300 $ - $ - $ 1,300 Work Truck Solutions 366 29 - (33 ) 362 Total $ 1,366 $ 329 $ - $ (33 ) $ 1,662 Balance at December 31, 2021 Additions (reductions) charged to earnings Writeoffs Changes to reserve, net Balance at September 30, 2022 Nine Months Ended September 30, 2022 Work Truck Attachments $ 1,430 $ 300 $ - $ 3 $ 1,733 Work Truck Solutions 1,540 (475 ) (109 ) (13 ) 943 Total $ 2,970 $ (175 ) $ (109 ) $ (10 ) $ 2,676 |
Note 4 - Fair Value (Tables)
Note 4 - Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block] | Fair Value at Fair Value at September 30, December 31, 2023 2022 Assets: Non-qualified benefit plan assets (a) $ 9,148 $ 8,874 Interest rate swaps (b) $ 7,272 7,039 Total Assets $ 16,420 $ 15,913 Liabilities: Long-term debt (c) $ 189,385 $ 207,737 Total Liabilities $ 189,385 $ 207,737 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, December 31, 2023 2022 Finished goods $ 77,467 $ 67,006 Work-in-process 17,342 19,037 Raw material and supplies 52,437 50,458 $ 147,246 $ 136,501 |
Note 6 - Property, Plant and _2
Note 6 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Property Plant and Equipment Components [Table Text Block] | September 30, December 31, 2023 2022 Land $ 3,969 $ 3,969 Land improvements 5,431 5,431 Leasehold improvements 6,489 5,844 Buildings 36,446 35,858 Machinery and equipment 75,379 75,190 Furniture and fixtures 25,751 24,605 Mobile equipment and other 5,134 4,927 Construction-in-process 6,853 5,272 Total property, plant and equipment 165,452 161,096 Less accumulated depreciation (98,146 ) (92,436 ) Net property, plant and equipment $ 67,306 $ 68,660 |
Note 7 - Leases (Tables)
Note 7 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, 2023 Nine Months Ended September 30, 2023 Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Operating lease expense $ 1,545 $ 4,354 $ 1,376 $ 4,158 Short term lease cost $ 48 $ 316 $ 85 $ 274 Total lease cost $ 1,593 $ 4,670 $ 1,461 $ 4,432 Nine Months Ended September 30, 2023 Nine Months Ended September 30, 2022 Cash paid for amounts included in the measurement of operating lease liabilities $ 4,597 $ 4,301 Non-cash lease expense - right-of-use assets $ 3,735 $ 3,566 Right-of-use assets obtained in exchange for operating lease obligations $ 3,411 $ 2,126 |
Lessee Operating Lease Supplemental Balance Sheet Information [Table Text Block] | September 30, 2023 December 31, 2022 Operating Leases Operating lease right-of-use assets $ 17,145 $ 17,432 Other current liabilities 5,149 4,862 Operating lease liabilities 13,261 14,025 Total operating lease liabilities $ 18,410 $ 18,887 Weighted Average Remaining Lease Term Operating leases (in months) 54 59 Weighted Average Discount Rate Operating leases 5.09 % 4.69 % |
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block] | Year ending December 31, Operating Leases 2023 (excluding the nine months ended September 30, 2023) $ 1,572 2024 5,684 2025 4,862 2026 3,498 2027 2,152 Thereafter 2,690 Total Lease Payments 20,458 Less: imputed interest (2,048 ) Total $ 18,410 |
Note 8 - Other Intangible Ass_2
Note 8 - Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Finite Lived and Indefinite Lived Intangible Assets by Major Class [Table Text Block] | Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount September 30, 2023 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 78,000 2,000 Customer relationships 80,920 41,415 39,505 Patents 21,136 17,935 3,201 Noncompete agreements 8,640 8,640 - Trademarks 5,459 4,066 1,393 Amortizable intangibles, net 196,155 150,056 46,099 Total $ 273,755 $ 150,056 $ 123,699 Gross Less Net Carrying Accumulated Carrying Amount Amortization Amount December 31, 2022 Indefinite-lived intangibles: Trademark and tradenames $ 77,600 $ - $ 77,600 Amortizable intangibles: Dealer network 80,000 75,000 5,000 Customer relationships 80,920 37,537 43,383 Patents 21,136 16,994 4,142 Noncompete agreements 8,640 8,640 - Trademarks 5,459 3,995 1,464 Amortizable intangibles, net 196,155 142,166 53,989 Total $ 273,755 $ 142,166 $ 131,589 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | 2023 $ 2,630 2024 7,520 2025 6,075 2026 5,450 2027 5,450 2028 5,450 |
Note 9 - Long-term Debt (Tables
Note 9 - Long-term Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Long-Term Debt Instruments [Table Text Block] | September 30, December 31, 2023 2022 Term Loan, net of debt discount of $ 303 387 $ 189,385 $ 207,737 Less current maturities 2,544 11,137 Long-term debt before deferred financing costs 186,841 196,600 Deferred financing costs, net 1,279 1,301 Long-term debt, net $ 185,562 $ 195,299 |
Note 10 - Accrued Expenses an_2
Note 10 - Accrued Expenses and Other Current Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accrued Liabilities [Table Text Block] | September 30, December 31, 2023 2022 Payroll and related costs $ 8,051 $ 10,805 Employee benefits 8,180 8,863 Accrued warranty 4,724 4,558 Other 8,054 6,258 $ 29,009 $ 30,484 |
Note 11 - Warranty Liability (T
Note 11 - Warranty Liability (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Balance at the beginning of the period $ 7,844 $ 6,518 $ 7,876 $ 6,368 Warranty provision 897 1,321 2,904 3,722 Claims paid/settlements (580 ) (406 ) (2,619 ) (2,657 ) Balance at the end of the period $ 8,161 $ 7,433 $ 8,161 $ 7,433 |
Note 12 - Earnings Per Share (T
Note 12 - Earnings Per Share (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Basic earnings per common share Net income $ 5,792 $ 13,280 $ 16,646 $ 27,097 Less income allocated to participating securities 128 259 368 517 Net income allocated to common shareholders $ 5,664 $ 13,021 $ 16,278 $ 26,580 Weighted average common shares outstanding 22,983,965 22,886,793 22,955,388 22,925,231 $ 0.25 $ 0.57 $ 0.71 $ 1.16 Earnings per common share assuming dilution Net income $ 5,792 $ 13,280 $ 16,646 $ 27,097 Less income allocated to participating securities 128 259 368 517 Net income allocated to common shareholders $ 5,664 $ 13,021 $ 16,278 $ 26,580 Weighted average common shares outstanding 22,983,965 22,886,793 22,955,388 22,925,231 Incremental shares applicable to non-participating RSUs - - - 1,712 Weighted average common shares assuming dilution 22,983,965 22,886,793 22,955,388 22,926,943 $ 0.24 $ 0.56 $ 0.69 $ 1.14 |
Note 13 - Employee Stock Plans
Note 13 - Employee Stock Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Weighted Average Average Remaining Grant Date Contractual Shares Fair value Term (in years) Unvested at December 31, 2022 111,264 $ 41.89 1.76 Granted 120,834 $ 39.37 1.74 Vested (79,592 ) $ 44.47 - Cancelled and forfeited (3,805 ) $ 39.43 - Unvested at September 30, 2023 148,701 $ 38.52 1.86 Expected to vest in the future at September 30, 2023 144,512 $ 38.52 1.86 |
Note 15 - Segments (Tables)
Note 15 - Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended September 30, September 30, September 30, September 30, 2023 2022 2023 2022 Net sales Work Truck Attachments $ 75,879 $ 108,235 $ 236,346 $ 284,375 Work Truck Solutions 68,242 57,865 197,587 171,887 $ 144,121 $ 166,100 $ 433,933 $ 456,262 Adjusted EBITDA Work Truck Attachments $ 12,328 $ 22,929 $ 44,393 $ 59,562 Work Truck Solutions 4,985 2,202 8,807 4,307 $ 17,313 $ 25,131 $ 53,200 $ 63,869 Depreciation and amortization expense Work Truck Attachments $ 3,298 $ 3,228 $ 10,039 $ 9,618 Work Truck Solutions 2,083 2,005 6,141 6,008 $ 5,381 $ 5,233 $ 16,180 $ 15,626 Assets Work Truck Attachments $ 459,138 $ 454,739 Work Truck Solutions 212,807 200,048 $ 671,945 $ 654,787 Capital Expenditures Work Truck Attachments $ 1,320 $ 2,741 $ 4,185 $ 6,807 Work Truck Solutions 1,335 630 2,707 1,211 $ 2,655 $ 3,371 $ 6,892 $ 8,018 Adjusted EBITDA Work Truck Attachments $ 12,328 $ 22,929 $ 44,393 $ 59,562 Work Truck Solutions 4,985 2,202 8,807 4,307 Total Adjusted EBITDA $ 17,313 $ 25,131 $ 53,200 $ 63,869 Less items to reconcile Adjusted EBITDA to Income before taxes: Interest expense - net 4,607 3,266 11,207 7,852 Depreciation expense 2,751 2,603 8,290 7,736 Amortization 2,630 2,630 7,890 7,890 Stock based compensation - 510 4,236 5,563 Other charges (1) 396 (53 ) 538 488 Income before taxes $ 6,929 $ 16,175 $ 21,039 $ 34,340 |
Note 17 - Changes in Accumula_2
Note 17 - Changes in Accumulated Other Comprehensive Income (Loss) by Component (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2022 $ 6,115 $ 3,013 $ 9,128 Other comprehensive gain before reclassifications 2,238 — 2,238 Amounts reclassified from accumulated other comprehensive income (loss): (1) (2,441 ) (160 ) (2,601 ) Balance at September 30, 2023 $ 5,912 $ 2,853 $ 8,765 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains $ (216 ) Tax expense 56 Reclassification net of tax $ (160 ) Realized gains on interest rate swaps reclassified to interest expense $ (3,298 ) Tax expense 857 Reclassification net of tax $ (2,441 ) Unrealized Net Gain (Loss) Retiree on Interest Health Rate Benefit Swap Obligation Total Balance at December 31, 2021 $ (3,524 ) $ 2,471 $ (1,053 ) Other comprehensive gain before reclassifications 8,138 — 8,138 Amounts reclassified from accumulated other comprehensive income (loss): (1) 1,427 (123 ) 1,304 Balance at September 30, 2022 $ 6,041 $ 2,348 $ 8,389 (1) Amounts reclassified from accumulated other comprehensive income (loss): Amortization of Other Postretirement Benefit items: Actuarial gains $ (165 ) Tax expense 42 Reclassification net of tax $ (123 ) Realized losses on interest rate swaps reclassified to interest expense $ 1,928 Tax benefit (501 ) Reclassification net of tax $ 1,427 |
Note 1 - Basis of Presentation
Note 1 - Basis of Presentation (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Operating Segments | 2 |
Number of Reportable Segments | 2 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 144,121 | $ 166,100 | $ 433,933 | $ 456,262 |
Contract with Customer, Asset, after Allowance for Credit Loss | 0 | 0 | 0 | 0 |
Contract with Customer, Liability, Revenue Recognized | 1,594 | 630 | 4,531 | 1,691 |
Fleet Upfit Sales [Member] | ||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 709 | $ 898 | $ 1,337 | $ 983 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenue | $ 144,121 | $ 166,100 | $ 433,933 | $ 456,262 |
Contract liabilities, balance | 7,929 | 4,330 | 4,531 | 2,454 |
Additions | 3,988 | 7,252 | 17,238 | 15,889 |
Deductions | (8,012) | (4,633) | (17,864) | (11,394) |
Contract liabilities, balance | 3,905 | 6,949 | 3,905 | 6,949 |
Transferred at Point in Time [Member] | ||||
Revenue | 119,800 | 144,750 | 364,633 | 390,424 |
Transferred over Time [Member] | ||||
Revenue | 24,321 | 21,350 | 69,300 | 65,838 |
Work Truck Attachments [Member] | ||||
Revenue | 75,879 | 108,235 | 236,346 | 284,375 |
Work Truck Attachments [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 75,879 | 108,235 | 236,346 | 284,375 |
Work Truck Attachments [Member] | Transferred over Time [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Work Truck Solutions [Member] | ||||
Revenue | 68,242 | 57,865 | 197,587 | 171,887 |
Work Truck Solutions [Member] | Transferred at Point in Time [Member] | ||||
Revenue | 43,921 | 36,515 | 128,287 | 106,049 |
Work Truck Solutions [Member] | Transferred over Time [Member] | ||||
Revenue | 24,321 | 21,350 | 69,300 | 65,838 |
Independent Dealer [Member] | ||||
Revenue | 112,472 | 138,325 | 338,168 | 375,176 |
Independent Dealer [Member] | Work Truck Attachments [Member] | ||||
Revenue | 75,879 | 108,235 | 236,346 | 284,375 |
Independent Dealer [Member] | Work Truck Solutions [Member] | ||||
Revenue | 36,593 | 30,090 | 101,822 | 90,801 |
Government Contract [Member] | ||||
Revenue | 13,711 | 13,925 | 48,256 | 39,933 |
Government Contract [Member] | Work Truck Attachments [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Government Contract [Member] | Work Truck Solutions [Member] | ||||
Revenue | 13,711 | 13,925 | 48,256 | 39,933 |
Fleet [Member] | ||||
Revenue | 15,777 | 11,638 | 41,431 | 34,789 |
Fleet [Member] | Work Truck Attachments [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Fleet [Member] | Work Truck Solutions [Member] | ||||
Revenue | 15,777 | 11,638 | 41,431 | 34,789 |
Product and Service, Other [Member] | ||||
Revenue | 2,161 | 2,212 | 6,078 | 6,364 |
Product and Service, Other [Member] | Work Truck Attachments [Member] | ||||
Revenue | 0 | 0 | 0 | 0 |
Product and Service, Other [Member] | Work Truck Solutions [Member] | ||||
Revenue | $ 2,161 | $ 2,212 | $ 6,078 | $ 6,364 |
Note 3 - Credit Losses (Details
Note 3 - Credit Losses (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Accounts Receivable, Allowance for Credit Loss | $ 1,662 | $ 1,366 | $ 2,676 | $ 2,970 |
Work Truck Attachments [Member] | ||||
Accounts Receivable, Allowance for Credit Loss | 1,300 | 1,000 | 1,733 | 1,430 |
Work Truck Solutions [Member] | ||||
Accounts Receivable, Allowance for Credit Loss | $ 362 | $ 366 | $ 943 | $ 1,540 |
Note 3 - Credit Losses - Credit
Note 3 - Credit Losses - Credit for Trade Accounts Receivable (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 1,366 | $ 2,970 |
Additions charged to earnings | 329 | (175) |
Writeoffs | 0 | (109) |
Changes to reserve, net | (33) | (10) |
Balance | 1,662 | 2,676 |
Work Truck Attachments [Member] | ||
Balance | 1,000 | 1,430 |
Additions charged to earnings | 300 | 300 |
Writeoffs | 0 | 0 |
Changes to reserve, net | 0 | 3 |
Balance | 1,300 | 1,733 |
Work Truck Solutions [Member] | ||
Balance | 366 | 1,540 |
Additions charged to earnings | 29 | (475) |
Writeoffs | 0 | (109) |
Changes to reserve, net | (33) | (13) |
Balance | $ 362 | $ 943 |
Note 4 - Fair Value (Details Te
Note 4 - Fair Value (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Other Noncurrent Liabilities [Member] | Credit Agreement [Member] | Asset Pledged as Collateral [Member] | Corporate Owned Life Insurance Policies [Member] | ||
Secured Debt | $ 750 | |
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Current | 4,376 | $ 4,120 |
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative Asset, Noncurrent | $ 2,896 | $ 2,919 |
Note 4 - Fair Value - Schedule
Note 4 - Fair Value - Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 | |
Assets: | |||
Non-qualified benefit plan assets (a) | [1] | $ 9,148 | $ 8,874 |
Interest Rate Derivative Assets, at Fair Value | [2] | 7,272 | 7,039 |
Total Assets | 16,420 | 15,913 | |
Liabilities: | |||
Long-term debt (c) | [3] | 189,385 | 207,737 |
Total Liabilities | $ 189,385 | $ 207,737 | |
[1]Included in Non-qualified benefit plan assets is the cash surrender value of insurance policies on various individuals that are associated with the Company. The carrying amount of these insurance policies approximates their fair value and is considered Level 2 inputs. The Company had outstanding loans of $750 against these Non-qualified benefit plan assets as of September 30, 2023 included in Other long-term liabilities on the Condensed Consolidated Balance Sheets.[2]Valuation models are calibrated to initial trade price. Subsequent valuations are based on observable inputs to the valuation model (e.g. interest rates and credit spreads). Model inputs are changed only when corroborated by market data. A credit risk adjustment is made on each swap using observable market credit spreads. Thus, inputs used to determine fair value of the interest rate swap are Level 2 inputs. Interest rate swaps of $4,376 and $2,896 at September 30, 2023 are included in Prepaid and other current assets and Other long-term assets, respectively. Interest rate swaps of $4,120 and $2,919 at December 31, 2022 are included in Prepaid and other current assets and Other long-term assets, respectively.[3]The fair value of the Company’s long-term debt, including current maturities, is based on rates for instruments with comparable maturities and credit quality (Level 2 inputs), and approximates its carrying value. Long-term debt is recorded at carrying amount, net of discount and deferred debt issuance costs, as disclosed on the face of the balance sheet. |
Note 5 - Inventories (Details T
Note 5 - Inventories (Details Textual) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Truck Floor Plan Inventories, Net | $ 4,459 | $ 1,211 |
Floor Plan Obligations | $ 4,459 | $ 1,211 |
Note 5 - Inventories - Schedule
Note 5 - Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Finished goods | $ 77,467 | $ 67,006 |
Work-in-process | 17,342 | 19,037 |
Raw material and supplies | 52,437 | 50,458 |
Inventory, Net | $ 147,246 | $ 136,501 |
Note 6 - Property, Plant and _3
Note 6 - Property, Plant and Equipment - Summary of Property, Plant and Equipment (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Property, plant and equipment | $ 165,452 | $ 161,096 |
Less accumulated depreciation | (98,146) | (92,436) |
Net property, plant and equipment | 67,306 | 68,660 |
Land [Member] | ||
Property, plant and equipment | 3,969 | 3,969 |
Land Improvements [Member] | ||
Property, plant and equipment | 5,431 | 5,431 |
Leasehold Improvements [Member] | ||
Property, plant and equipment | 6,489 | 5,844 |
Building [Member] | ||
Property, plant and equipment | 36,446 | 35,858 |
Machinery and Equipment [Member] | ||
Property, plant and equipment | 75,379 | 75,190 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment | 25,751 | 24,605 |
Mobile, Equipment and Other [Member] | ||
Property, plant and equipment | 5,134 | 4,927 |
Construction in Progress [Member] | ||
Property, plant and equipment | $ 6,853 | $ 5,272 |
Note 7 - Leases (Details Textua
Note 7 - Leases (Details Textual) | Sep. 30, 2023 |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Minimum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 1 year |
Maximum [Member] | |
Lessee, Operating Lease, Term of Contract (Year) | 13 years |
Note 7 - Leases - Summary of Le
Note 7 - Leases - Summary of Lease Expense and Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Operating lease expense | $ 1,545 | $ 1,376 | $ 4,354 | $ 4,158 |
Short term lease cost | 48 | 85 | 316 | 274 |
Total lease cost | $ 1,593 | $ 1,461 | 4,670 | 4,432 |
Cash paid for amounts included in the measurement of operating lease liabilities | 4,597 | 4,301 | ||
Non-cash lease expense - right-of-use assets | 3,735 | 3,566 | ||
Right-of-use assets obtained in exchange for operating lease obligations | $ 3,411 | $ 2,126 |
Note 7 - Leases - Summary of Su
Note 7 - Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Operating lease right-of-use assets | $ 17,145 | $ 17,432 |
Other current liabilities | 5,149 | 4,862 |
Operating lease liabilities | 13,261 | 14,025 |
Total operating lease liabilities | $ 18,410 | $ 18,887 |
Operating leases (in months) (Month) | 54 months | 59 months |
Operating leases | 5.09% | 4.69% |
Note 7 - Leases - Maturities (D
Note 7 - Leases - Maturities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
2023 (excluding the nine months ended September 30, 2023) | $ 1,572 | |
2024 | 5,684 | |
2025 | 4,862 | |
2026 | 3,498 | |
2027 | 2,152 | |
Thereafter | 2,690 | |
Total Lease Payments | 20,458 | |
Less: imputed interest | (2,048) | |
Total | $ 18,410 | $ 18,887 |
Note 8 - Other Intangible Ass_3
Note 8 - Other Intangible Assets (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Amortization of Intangible Assets | $ 2,630 | $ 2,630 | $ 7,890 | $ 7,890 |
Note 8 - Other Intangible Ass_4
Note 8 - Other Intangible Assets - Summary of Intangible Assets (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Gross carrying amount | $ 196,155 | $ 196,155 |
Accumulated amortization | 150,056 | 142,166 |
Net carrying amount | 46,099 | 53,989 |
Total gross carrying amount | 273,755 | 273,755 |
Total net carrying amount | 123,699 | 131,589 |
Distribution Rights [Member] | ||
Gross carrying amount | 80,000 | 80,000 |
Accumulated amortization | 78,000 | 75,000 |
Net carrying amount | 2,000 | 5,000 |
Customer Relationships [Member] | ||
Gross carrying amount | 80,920 | 80,920 |
Accumulated amortization | 41,415 | 37,537 |
Net carrying amount | 39,505 | 43,383 |
Patents [Member] | ||
Gross carrying amount | 21,136 | 21,136 |
Accumulated amortization | 17,935 | 16,994 |
Net carrying amount | 3,201 | 4,142 |
Noncompete Agreements [Member] | ||
Gross carrying amount | 8,640 | 8,640 |
Accumulated amortization | 8,640 | 8,640 |
Net carrying amount | 0 | 0 |
Trademarks [Member] | ||
Gross carrying amount | 5,459 | 5,459 |
Accumulated amortization | 4,066 | 3,995 |
Net carrying amount | 1,393 | 1,464 |
Trademarks and Trade Names [Member] | ||
Gross carrying amount | $ 77,600 | $ 77,600 |
Note 8 - Other Intangible Ass_5
Note 8 - Other Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands | Sep. 30, 2023 USD ($) |
2023 | $ 2,630 |
2024 | 7,520 |
2025 | 6,075 |
2026 | 5,450 |
2027 | 5,450 |
2028 | $ 5,450 |
Note 9 - Long-term Debt (Detail
Note 9 - Long-term Debt (Details Textual) $ in Thousands | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||
May 19, 2022 USD ($) | Mar. 01, 2023 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2021 | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2021 USD ($) | Jul. 11, 2023 USD ($) | Jan. 05, 2023 USD ($) | Dec. 31, 2022 USD ($) | Jun. 13, 2019 USD ($) | |
Repayments of Long-Term Debt | $ 18,438 | $ 8,437 | ||||||||||
Interest Rate Swap Effective May 31, 2019 Through May 31, 2024 [Member] | ||||||||||||
Derivative Liability, Notional Amount | $ 175,000 | |||||||||||
Derivative, Fixed Interest Rate | 2.424% | 2.424% | ||||||||||
Interest Rate Swap [Member] | ||||||||||||
Derivative Counter Party Risk Number of Financial Institutions | 1 | |||||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (291) | $ (291) | $ (873) | (873) | ||||||||
Interest Expense, Debt | 119 | $ 119 | 357 | $ 357 | ||||||||
Derivative Instruments, Gain (Loss) Reclassification from Accumulated OCI to Income, Estimated Net Amount to be Transferred | 458 | |||||||||||
Derivative, Notional Amount | $ 125,000 | |||||||||||
Derivative, Nonmonetary Notional Amount, Flow Rate, Percentage | 2.718% | |||||||||||
Interest Rate Derivative Assets, at Fair Value | 7,272 | 7,272 | ||||||||||
Interest Rate Derivative Liabilities, at Fair Value | $ 7,039 | |||||||||||
Secured Debt [Member] | ||||||||||||
Debt Instrument, Unamortized Discount, Total | 303 | 303 | 387 | |||||||||
Long-Term Debt | 189,385 | 189,385 | 207,737 | |||||||||
Prepaid Expenses and Other Current Assets [Member] | Interest Rate Swap [Member] | ||||||||||||
Interest Rate Derivative Assets, at Fair Value | 4,376 | 4,376 | 4,120 | |||||||||
Other Noncurrent Assets [Member] | Interest Rate Swap [Member] | ||||||||||||
Interest Rate Derivative Assets, at Fair Value | 2,896 | 2,896 | 2,919 | |||||||||
Credit Agreement [Member] | ||||||||||||
Debt Issuance Costs, Net | $ 1,409 | |||||||||||
Debt Instrument, Unamortized Discount, Total | 563 | |||||||||||
Write off of Deferred Debt Issuance Cost | 972 | |||||||||||
Write off of Unamortized Debt Discount | 3,964 | |||||||||||
Gain (Loss) on Extinguishment of Debt, Total | $ 4,936 | |||||||||||
Repayments of Long-Term Debt | 10,000 | 10,000 | ||||||||||
Debt Instrument Covenant Leverage Ratio | 3.50% | |||||||||||
Debt Instrument, Covenant Consolidated Interest Coverage Ratio | 3% | |||||||||||
Credit Agreement [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility Increase in Maximum Borrowing Capacity | 175,000 | 175,000 | ||||||||||
Credit Agreement [Member] | Asset Pledged as Collateral [Member] | Cash Surrender Value of Corporate Owned Life Insurance Policies [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 1,000 | |||||||||||
Credit Agreement [Member] | Asset Pledged as Collateral [Member] | Corporate Owned Life Insurance Policies [Member] | Other Noncurrent Liabilities [Member] | ||||||||||||
Secured Debt | 750 | 750 | ||||||||||
Senior Secured Term Loan Facility [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 225,000 | $ 225,000 | ||||||||||
Senior Secured Term Loan Facility [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||
Senior Secured Term Loan Facility [Member] | Minimum [Member] | Leverage Ratio One [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.375% | |||||||||||
Senior Secured Term Loan Facility [Member] | Maximum [Member] | Leverage Ratio One [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 2% | |||||||||||
Swingline Loan [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 15,000 | $ 15,000 | ||||||||||
Revolving Credit Facility [Member] | ||||||||||||
Line of Credit Facility Increase in Maximum Borrowing Capacity | $ 50,000 | |||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | 150,000 | 150,000 | 150,000 | |||||||||
Debt Issuance Costs, Net | $ 334 | |||||||||||
Long-Term Line of Credit | 101,000 | 101,000 | 0 | |||||||||
Line of Credit Facility, Remaining Borrowing Capacity | 48,450 | $ 48,450 | $ 99,450 | |||||||||
Revolving Credit Facility [Member] | New York Federal Reserve Bank NYFRB [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||||||
Revolving Credit Facility [Member] | One Month Adjusted Term SOFR Rate [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.10% | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.15% | |||||||||||
Revolving Credit Facility [Member] | Minimum [Member] | Leverage Ratio Two [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.375% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | ||||||||||||
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage | 0.30% | |||||||||||
Revolving Credit Facility [Member] | Maximum [Member] | Leverage Ratio Two [Member] | Secured Overnight Financing Rate (SOFR) [Member] | ||||||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||||||
Letter of Credit [Member] | ||||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 10,000 | $ 10,000 |
Note 9 - Long-term Debt - Sched
Note 9 - Long-term Debt - Schedule of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Less current maturities | $ 2,544 | $ 11,137 |
Deferred financing costs, net | 1,279 | 1,301 |
Long-term debt, net | 185,562 | 195,299 |
Secured Debt [Member] | ||
Term Loan, net of debt discount of $303 and $387 at September 30, 2023 and December 31, 2022, respectively | 189,385 | 207,737 |
Less current maturities | 2,544 | 11,137 |
Long-term debt before deferred financing costs | $ 186,841 | $ 196,600 |
Note 9 - Long-term Debt - Sch_2
Note 9 - Long-term Debt - Schedule of Long-term Debt Instruments (Details) (Parentheticals) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Secured Debt [Member] | ||
Unamortized discount on issuance of debt | $ 303 | $ 387 |
Note 10 - Accrued Expenses an_3
Note 10 - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Dec. 31, 2022 |
Payroll and related costs | $ 8,051 | $ 10,805 |
Employee benefits | 8,180 | 8,863 |
Accrued warranty | 4,724 | 4,558 |
Other | 8,054 | 6,258 |
Accrued Liabilities, Current | $ 29,009 | $ 30,484 |
Note 11 - Warranty Liability (D
Note 11 - Warranty Liability (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |||||
Sep. 30, 2023 | Jun. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Standard Product Warranty Period of Warranty History Used in Estimating Warranty Costs (Year) | 5 years | |||||
Standard Product Warranty Accrual | $ 8,161 | $ 7,844 | $ 7,876 | $ 7,433 | $ 6,518 | $ 6,368 |
Standard Product Warranty Accrual, Noncurrent | 3,437 | 3,318 | ||||
Standard Product Warranty Accrual, Current | $ 4,724 | $ 4,558 | ||||
Snow And Ice Control Equipment [Member] | Maximum [Member] | ||||||
Standard Product Warranty Period (Year) | 2 years | |||||
Parts And Accessories [Member] | ||||||
Standard Product Warranty Period (Year) | 1 year | |||||
Certain Snowplows [Member] | ||||||
Standard Product Warranty Period (Year) | 1 year |
Note 11 - Warranty Liability -
Note 11 - Warranty Liability - Schedule of Rollforward of Company's Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Warranty balance | $ 7,844 | $ 6,518 | $ 7,876 | $ 6,368 |
Warranty provision | 897 | 1,321 | 2,904 | 3,722 |
Claims paid/settlements | (580) | (406) | (2,619) | (2,657) |
Warranty balance | $ 8,161 | $ 7,433 | $ 8,161 | $ 7,433 |
Note 12 - Earnings Per Share -
Note 12 - Earnings Per Share - Schedule of Computation of Basic and Diluted Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 5,792 | $ 13,280 | $ 16,646 | $ 27,097 |
Less income allocated to participating securities | 128 | 259 | 368 | 517 |
Net income allocated to common shareholders | $ 5,664 | $ 13,021 | $ 16,278 | $ 26,580 |
Weighted average common shares outstanding, basic (in shares) | 22,983,965 | 22,886,793 | 22,955,388 | 22,925,231 |
Basic (in dollars per share) | $ 0.25 | $ 0.57 | $ 0.71 | $ 1.16 |
Incremental shares applicable to non-participating RSUs (in shares) | 0 | 0 | 0 | 1,712 |
Weighted average common shares assuming dilution (in shares) | 22,983,965 | 22,886,793 | 22,955,388 | 22,926,943 |
Diluted (in dollars per share) | $ 0.24 | $ 0.56 | $ 0.69 | $ 1.14 |
Note 13 - Employee Stock Plan_2
Note 13 - Employee Stock Plans (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
May 31, 2010 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Share-Based Payment Arrangement, Expense | $ 0 | $ 510 | $ 4,236 | $ 5,563 | |
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) | $ 39.37 | ||||
The 2010 Stock Incentive Plan [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,130,000 | ||||
The 2010 Stock Incentive Plan [Member] | Equity Awards [Member] | |||||
Share-Based Payment Arrangement, Expense | $ 3,249 | 3,724 | |||
The 2010 Stock Incentive Plan [Member] | Performance Shares [Member] | |||||
Share-Based Payment Arrangement, Expense | 361 | 234 | $ 1,183 | 2,945 | |
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) | $ 37.36 | ||||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | 2,371 | $ 2,371 | |||
The 2010 Stock Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||
Share-Based Payment Arrangement, Expense | 361 | $ 276 | 3,053 | $ 2,618 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 2,154 | $ 2,154 | |||
The 2010 Stock Incentive Plan [Member] | Minimum [Member] | |||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Requisite Service Period (Year) | 10 years |
Note 13 - Employee Stock Plan_3
Note 13 - Employee Stock Plans - Summary of RSU Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares | 9 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Dec. 31, 2022 | |
Unvested, shares (in shares) | 111,264 | |
Unvested, weighted average grant date fair value (in dollars per share) | $ 41.89 | |
Unvested, contractual term (Year) | 1 year 10 months 9 days | 1 year 9 months 3 days |
Granted, shares (in shares) | 120,834 | |
Granted, weighted average grant date fair value (in dollars per share) | $ 39.37 | |
Granted, contractual term (Year) | 1 year 8 months 26 days | |
Vested, shares (in shares) | (79,592) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 44.47 | |
Cancelled and forfeited, shares (in shares) | (3,805) | |
Cancelled and forfeited, weighted average grant date fair value (in dollars per share) | $ 39.43 | |
Unvested, shares (in shares) | 148,701 | 111,264 |
Unvested, weighted average grant date fair value (in dollars per share) | $ 38.52 | $ 41.89 |
Expected to vest in the future, shares (in shares) | 144,512 | |
Expected to vest in the future, weighted average grant date fair value (in dollars per share) | $ 38.52 | |
Expected to vest in the future, contractual term (Year) | 1 year 10 months 9 days |
Note 15 - Segments (Details Tex
Note 15 - Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2023 | |
Number of Reportable Segments | 2 |
Note 15 - Segments - Summarized
Note 15 - Segments - Summarized Financial Information of Reportable Segments (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | ||
Revenue | $ 144,121 | $ 166,100 | $ 433,933 | $ 456,262 | ||
Adjusted EBITDA | 17,313 | 25,131 | 53,200 | 63,869 | ||
Depreciation and amortization expense | 5,381 | 5,233 | 16,180 | 15,626 | ||
Assets | 671,945 | 654,787 | 671,945 | 654,787 | $ 596,891 | |
Capital Expenditures | 2,655 | 3,371 | 6,892 | 8,018 | ||
Interest expense - net | (4,607) | (3,266) | (11,207) | (7,852) | ||
Depreciation expense | 2,751 | 2,603 | 8,290 | 7,736 | ||
Amortization | 2,630 | 2,630 | 7,890 | 7,890 | ||
Stock based compensation | 0 | 510 | 4,236 | 5,563 | ||
Other charges (1) | [1] | 396 | (53) | 538 | 488 | |
Income before taxes | 6,929 | 16,175 | 21,039 | 34,340 | ||
Work Truck Attachments [Member] | ||||||
Revenue | 75,879 | 108,235 | 236,346 | 284,375 | ||
Adjusted EBITDA | 12,328 | 22,929 | 44,393 | 59,562 | ||
Depreciation and amortization expense | 3,298 | 3,228 | 10,039 | 9,618 | ||
Assets | 459,138 | 454,739 | 459,138 | 454,739 | ||
Capital Expenditures | 1,320 | 2,741 | 4,185 | 6,807 | ||
Work Truck Solutions [Member] | ||||||
Revenue | 68,242 | 57,865 | 197,587 | 171,887 | ||
Adjusted EBITDA | 4,985 | 2,202 | 8,807 | 4,307 | ||
Depreciation and amortization expense | 2,083 | 2,005 | 6,141 | 6,008 | ||
Assets | 212,807 | 200,048 | 212,807 | 200,048 | ||
Capital Expenditures | $ 1,335 | $ 630 | $ 2,707 | $ 1,211 | ||
[1]Reflects unrelated legal, severance, restructuring, and consulting fees, and, in 2022, incremental costs incurred related to the COVID-19 pandemic for the periods presented. |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Effective Income Tax Rate Reconciliation, Percent | 16.40% | 17.90% | 20.90% | 21.10% |
Effective Income Tax Rate Reconciliation, Tax Settlement, State and Local, Amount | $ 916 | $ 916 |
Note 17 - Changes in Accumula_3
Note 17 - Changes in Accumulated Other Comprehensive Income (Loss) by Component - Changes to Accumulated Other Comprehensive Income (Loss) by Component (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Balance | $ 9,128 | $ (1,053) |
Other comprehensive gain before reclassifications | 2,238 | 8,138 |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | (2,601) | 1,304 |
Balance | 8,765 | 8,389 |
Actuarial gains | (216) | (165) |
Tax expense | 56 | 42 |
Reclassification net of tax | (160) | (123) |
Realized gains on interest rate swaps reclassified to interest expense | (3,298) | 1,928 |
Tax expense | 857 | (501) |
Reclassification net of tax | (2,441) | 1,427 |
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] | ||
Balance | 6,115 | (3,524) |
Other comprehensive gain before reclassifications | 2,238 | 8,138 |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | (2,441) | 1,427 |
Balance | 5,912 | 6,041 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | ||
Balance | 3,013 | 2,471 |
Other comprehensive gain before reclassifications | 0 | 0 |
Amounts reclassified from accumulated other comprehensive income (loss): (1) | (160) | (123) |
Balance | $ 2,853 | $ 2,348 |