Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2020 | Apr. 30, 2020 | |
Document Information [Line Items] | ||
Entity Registrant Name | SPARTAN MOTORS INC | |
Entity Central Index Key | 0000743238 | |
Trading Symbol | spar | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Interactive Data Current | Yes | |
Entity Common Stock, Shares Outstanding (in shares) | 35,163,399 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2020 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, $.01 par value |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 40,903 | $ 19,349 |
Accounts receivable, less allowance of $181 and $228 | 70,836 | 58,874 |
Contract assets | 14,645 | 10,898 |
Inventories, net | 59,289 | 59,456 |
Other receivables – chassis pool agreements | 8,832 | 8,162 |
Other current assets | 9,503 | 5,344 |
Current assets held for sale | 90,725 | |
Total current assets | 204,008 | 252,808 |
Property, plant and equipment, net | 40,524 | 40,074 |
Right of use assets – operating leases | 30,664 | 32,147 |
Goodwill | 43,632 | 43,632 |
Intangible assets, net | 53,359 | 54,061 |
Other assets | 2,237 | 2,295 |
Net deferred tax asset | 14,124 | 25,520 |
TOTAL ASSETS | 388,548 | 450,537 |
Current liabilities: | ||
Accounts payable | 63,480 | 54,713 |
Accrued warranty | 5,155 | 5,694 |
Accrued compensation and related taxes | 9,704 | 15,841 |
Deposits from customers | 1,091 | 2,640 |
Operating lease liability | 5,634 | 5,162 |
Other current liabilities and accrued expenses | 8,652 | 15,967 |
Short-term debt – chassis pool agreements | 8,832 | 8,162 |
Current portion of long-term debt | 220 | 177 |
Current liabilities held for sale | 49,601 | |
Total current liabilities | 102,768 | 157,957 |
Other non-current liabilities | 3,811 | 4,922 |
Long-term operating lease liability | 25,510 | 27,241 |
Long-term debt, less current portion | 74,646 | 88,670 |
Total liabilities | 206,735 | 278,790 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | ||
Common stock, $0.01 par value; 80,000 shares authorized; 35,475 and 35,343 outstanding | 354 | 353 |
Additional paid in capital | 87,335 | 85,148 |
Retained earnings | 94,575 | 86,764 |
Total Spartan Motors, Inc. shareholders’ equity | 182,264 | 172,265 |
Non-controlling interest | (451) | (518) |
Total shareholders’ equity | 181,813 | 171,747 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 388,548 | $ 450,537 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance | $ 181 | $ 228 |
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) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 80,000 | 80,000 |
Common stock, shares outstanding (in shares) | 35,475 | 35,343 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Sales | $ 176,948 | $ 172,206 |
Cost of products sold | 140,647 | 151,486 |
Gross profit | 36,301 | 20,720 |
Operating expenses: | ||
Research and development | 1,541 | 1,226 |
Selling, general and administrative | 21,400 | 13,541 |
Total operating expenses | 22,941 | 14,767 |
Operating income | 13,360 | 5,953 |
Other income (expense): | ||
Interest expense | (731) | (374) |
Interest and other income (expense) | (510) | 332 |
Total other expense | (1,241) | (42) |
Income from continuing operations before income taxes | 12,119 | 5,911 |
Income tax expense | 377 | 1,076 |
Income from continuing operations | 11,742 | 4,835 |
Loss from discontinued operations, net of income taxes | (3,864) | (3,298) |
Net income | 7,878 | 1,537 |
Less: net income attributable to non-controlling interest | 67 | 140 |
Net income attributable to Spartan Motors Inc. | $ 7,811 | $ 1,397 |
Basic net earnings per share | ||
Continuing operations, Basic (in dollars per share) | $ 0.33 | $ 0.13 |
Discontinued operations, Basic (in dollars per share) | (0.11) | (0.09) |
Basic earnings per share (in dollars per share) | 0.22 | 0.04 |
Diluted net earnings per share | ||
Continuing operations, Diluted (in dollars per share) | 0.33 | 0.13 |
Discontinued operations, Diluted (in dollars per share) | (0.11) | (0.09) |
Diluted earnings per share (in dollars per share) | $ 0.22 | $ 0.04 |
Basic weighted average common shares outstanding (in shares) | 35,401 | 35,265 |
Diluted weighted average common shares outstanding (in shares) | 35,664 | 35,265 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Cash flows from operating activities: | ||
Net income | $ 7,878 | $ 1,537 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 2,801 | 2,525 |
Accruals for warranty, net of cash paid | (538) | 392 |
Deferred income taxes | 11,396 | (564) |
Non-cash stock based compensation expense | 2,132 | 860 |
Loss on sale of business | 2,138 | |
Changes in accounts receivable and contract assets | (16,380) | (5,626) |
Changes in inventories | (3,686) | (14,464) |
Changes in accounts payable | 472 | 11,480 |
Changes in accrued compensation and related taxes | (6,140) | (1,266) |
Change in other assets and liabilities | (17,141) | 2,723 |
Total adjustments | (24,946) | (3,940) |
Net cash used in operating activities | (17,068) | (2,403) |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (2,433) | (1,934) |
Proceeds from sale of business | 55,000 | |
Net cash provided by (used in) investing activities | 52,567 | (1,934) |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 16,000 | |
Payments on long-term debt | (30,000) | (19) |
Purchase and retirement of common stock | (793) | |
Net cash provided by (used in) the exercise and vesting of stock incentive awards | 55 | (922) |
Net cash used in financing activities | (13,945) | (1,734) |
Net increase (decrease) in cash and cash equivalents | 21,554 | (6,071) |
Cash and cash equivalents at beginning of period | 19,349 | 27,439 |
Cash and cash equivalents at end of period | $ 40,903 | $ 21,368 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjustment [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Noncontrolling Interest [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 35,321,000 | 35,321,000 | |||||||||||||
Balance (Accounting Standards Update 2016-02 [Member]) at Dec. 31, 2018 | $ (113) | $ (113) | |||||||||||||
Balance at Dec. 31, 2018 | $ 353 | $ 82,816 | $ 103,458 | $ (658) | $ 185,969 | $ 353 | $ 82,816 | $ 103,571 | $ (658) | $ 186,082 | |||||
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 9 | ||||||||||||||
Issuance of common stock and the tax impact of stock incentive plan transactions | (922) | (922) | |||||||||||||
Issuance of restricted stock, net of cancellation (in shares) | 121,000 | ||||||||||||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | |||||||||||||
Non-cash stock based compensation expense | 860 | 860 | |||||||||||||
Net income | 1,397 | 140 | 1,537 | ||||||||||||
Purchase and retirement of common stock (in shares) | (101,000) | ||||||||||||||
Purchase and retirement of common stock | $ (1) | (236) | (556) | (793) | |||||||||||
Balance (in shares) at Mar. 31, 2019 | 35,350,000 | ||||||||||||||
Balance at Mar. 31, 2019 | $ 353 | 82,517 | 104,299 | (518) | 186,651 | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 35,344,000 | ||||||||||||||
Balance at Dec. 31, 2019 | $ 353 | 85,148 | 86,764 | (518) | 171,747 | ||||||||||
Issuance of common stock and the tax impact of stock incentive plan transactions (in shares) | 4,000 | ||||||||||||||
Issuance of common stock and the tax impact of stock incentive plan transactions | 55 | 55 | |||||||||||||
Issuance of restricted stock, net of cancellation (in shares) | 127,000 | ||||||||||||||
Issuance of restricted stock, net of cancellation | $ 1 | 1 | |||||||||||||
Non-cash stock based compensation expense | 2,132 | 2,132 | |||||||||||||
Net income | 7,811 | 67 | 7,878 | ||||||||||||
Balance (in shares) at Mar. 31, 2020 | 35,475,000 | ||||||||||||||
Balance at Mar. 31, 2020 | $ 354 | $ 87,335 | $ 94,575 | $ (451) | $ 181,813 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 – N ATURE OF OPERATIONS AND BASIS OF PRESENTATION For a description of key accounting policies followed, refer to the notes to the Spartan Motors, Inc. (the “Company”, “we”, “us” or “our”) consolidated financial statements for the year ended December 31, 2019, 10 March 16, 2020. Nature of Operations We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, luxury Class A diesel motor home chassis, military vehicles, 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. Our operating activities are conducted through our wholly-owned operating subsidiary, Spartan Motors USA, Inc., with locations in Charlotte, Michigan; Ephrata, Pennsylvania; Pompano Beach, Florida; Bristol, Indiana; North Charleston, South Carolina; Kansas City, Missouri; Montebello, Carson, Sacramento and Union City, California; Mesa, Arizona; Dallas and Weatherford, Texas; and Saltillo, Mexico. Our Bristol, Indiana location manufactures vehicles used in the parcel delivery, mobile retail and trades and construction industries, and supplies related aftermarket parts and services under the Utilimaster brand name. Our Kansas City, Missouri; Pompano Beach, Florida; North Charleston, South Carolina; Montebello California; and Saltillo, Mexico locations sell and install equipment used in commercial and fleet vehicles. Our Charlotte, Michigan location manufactures heavy-duty chassis and vehicles, and supplies aftermarket parts and accessories under the Spartan Chassis and Spartan brand names. Our Carson, Sacramento and Union City, California; Mesa, Arizona; and Dallas and Weatherford, Texas locations manufacture service truck bodies and accessories under the Royal Truck Body brand name. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of March 31, 2020, three March 31, 2020. 10 December 31, 2019. three March 31, 2020 not Recent Developments On January 30, 2020, 19” March 11, 2020, 19 19, March 23, 2020 May 2020, May 2020, may 19 The full impact of the COVID- 19 19 not 19 2020. March 27, 2020, $2,610 10 2020, two 2021 2022. In 2019, March 31, 2020, 19 may not March 31, 2020. March 31, 2020, not 19 On February 1, 2020, $55,000 2 On September 9, 2019, Recently Adopted Accounting Standards In June 2016, 2016 13, 2016 13” 2016 13 December 15, 2019. 2016 13 first 2020 no Accounting Standards Not In December 2019, No. 2019 12 , Income Taxes (Topic 740 2019 12” 2019 12 740 740 December 15, 2020 2019 12 not |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On February 1, 2020, $55,000 $2,138, three March 31, 2020. December 31, 2019. three March 31, 2020 2019. The loss from discontinued operations presented in the Condensed Consolidated Statement of Operations for the three March 31, 2020 2019 Three Months Ended March 31, 2020 2019 Sales $ 19,167 $ 61,757 Cost of products sold 18,678 57,950 Gross profit 489 3,807 Operating expenses 4,123 8,171 Operating loss (3,634 ) (4,364 ) Other income (expense) (2,138 ) 3 Loss from discontinued operations before taxes (5,772 ) (4,361 ) Income tax benefit 1,908 1,063 Net loss from discontinued operations $ (3,864 ) $ (3,298 ) In the annual goodwill and intangible assets impairment test as of October 1, 2019, 2019 $13,856 December 31, 2019, $39,275 $3,604. March 31, 2020 December 31, 2019. may March 31, 2020, no Assets and Liabilities held for sale in the Condensed Consolidated Balance Sheet were as follows: December 31, 2019 Assets: Accounts receivable, net $ 30,760 Contract assets 36,740 Inventories 32,329 Other current assets 1,142 Property, plant and equipment 21,967 Right of use assets – operating leases 5,960 Intangible assets 1,050 Other noncurrent assets 52 Impairment of carrying value (39,275 ) Total current assets held for sale $ 90,725 Liabilities: Accounts payable $ 4,213 Accrued warranty 11,347 Accrued compensation and related taxes 3,047 Deposits from customers 21,409 Operating lease liability 727 Other current liabilities 3,495 Long-term operating lease liability 5,363 Total current liabilities held for sale $ 49,601 Total depreciation and amortization and capital expenditures for the discontinued operations for the three March 31, 2020 March 31, 2019: Three Months Ended March 31, 2020 2019 Depreciation and amortization $ 284 $ 1,213 Capital expenditures $ 84 $ 826 |
Note 3 - Acquisition Activities
Note 3 - Acquisition Activities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 – ACQUISITION ACTIVITIES On September 9, 2019, $89,369 $89,369 5 Debt Purchase Price Allocation This acquisition was accounted for using the acquisition method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include customer relationships, trade names and trademarks, patented technology and non-competition agreements. The preliminary excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $27,476 The fair value of the net assets acquired was based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period. In April 2020, no one As of March 31, 2020, Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventory 6,453 Other receivables – chassis pool agreements 10,424 Property, plant and equipment, net 4,980 Right of use assets-operating leases 12,767 Intangible assets, net 47,150 Goodwill 27,476 Total assets acquired 116,199 Accounts payable (1,658 ) Customer prepayments (255 ) Accrued warranty (98 ) Operating lease liabilities (1,693 ) Accrued compensation and related taxes (569 ) Other current liabilities and accrued expenses (30 ) Short-term debt – chassis pool agreements (10,424 ) Long-term operating lease liability (11,074 ) Long-term debt, less current portion (1,029 ) Total liabilities assumed (26,830 ) Total purchase price $ 89,369 Goodwill Assigned Intangible assets totaling $47,150 Amount Useful Life Customer relationships $ 30,000 15 Years Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Years Non-competition agreements 1,950 5 Years $ 47,150 The Company plans to amortize the customer relationships utilizing an accelerated approach and plans to amortize patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets preliminarily recorded from the Royal acquisition, is $666 March 31, 2020. Goodwill consists of operational synergies that are expected to be realized in both the short and long-term and the opportunity to enter into new markets which will enable us to increase value to our customers and shareholders. Key areas of expected cost savings include an expanded dealer network, complementary product portfolios and manufacturing and supply chain work process improvements. |
Note 4 - Inventories
Note 4 - Inventories | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORIES Inventories are summarized as follows: March 31 , 2020 December 31, 2019 Finished goods $ 5,697 $ 4,764 Work in process 2,650 1,773 Raw materials and purchased components 54,550 57,679 Reserve for slow-moving inventory (3,608 ) (4,760 ) Total inventories, net $ 59,289 $ 59,456 |
Note 5 - Debt
Note 5 - Debt | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 – DEBT Short-term debt consists of the following: March 31, December 31, Chassis pool agreements $ 8,832 $ 8,162 Total short-term debt $ 8,832 $ 8,162 Chassis Pool Agreements The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, 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 not March 31, 2020 December 31, 2019, $8,832 $8,162, 90 Long-term debt consists of the following: March 31, December 31, Line of credit revolver $ 73,400 $ 87,400 Finance lease obligation 569 496 Other 897 951 Total debt 74,866 88,847 Less current portion of long-term debt (220 ) (177 ) Total long-term debt $ 74,646 $ 88,670 Line of credit revolver On August 8, 2018, May 14, 2019, September 9, 2019 September 25, 2019 January 31, 2020, fourth not fourth As a result, at March 31, 2020, may $175,000 August 8, 2023. may $50,000 $20,000 $30,000, 0.5%, one 1.0%; 2.34% one 1.50% March 31, 2020. Under the terms of our Credit Agreement, we have the ability to issue letters of credit totaling $20,000. March 31, 2020 December 31, 2019, $525 Under the terms of our Credit Agreement, we are required to maintain certain financial ratios and other financial covenants, which limited our available borrowings (exclusive of outstanding borrowings) under our line of credit to a total of approximately $74,499 $60,499 March 31, 2020 December 31, 2019, March 31, 2020 December 31, 2019, In the first 2020, $30,000 $16,000 |
Note 6 - Revenue
Note 6 - Revenue | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 6 – REVENUE The tables below disclose changes in contract assets and liabilities as of the periods indicated. March 31, 20 20 March 31, 20 19 Contract Assets Contract assets, beginning of period $ 10,898 $ 9,229 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (10,623 ) (9,229 ) Contract assets recognized, net of reclassification to receivables 14,370 8,608 Contract assets, end of period $ 14,645 $ 8,608 Contract Liabilities Contract liabilities, beginning of period $ 2,640 $ 871 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (2,384 ) (871 ) Cash received in advance and not recognized as revenue 835 565 Contract liabilities, end of period $ 1,091 $ 565 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services (“FVS”) and Specialty Chassis and Vehicles (“SCV”) segments are $302,236 $42,419 one March 31, 2020. In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the three March 31, 2020 2019. Three Months Ended March 31, 2020 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 132,897 $ 41,075 $ 173,972 $ - $ 173,972 Other 2,791 185 2,976 - 2,976 Total sales $ 135,688 $ 41,260 $ 176,948 $ - $ 176,948 Timing of revenue recognition Products transferred at a point in time $ 22,257 $ 24,734 $ 46,991 $ - $ 46,991 Products and services transferred over time 113,431 16,526 129,957 - 129,957 Total sales $ 135,688 $ 41,260 $ 176,948 $ - $ 176,948 Three Months Ended March 31, 2019 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 117,818 $ 51,663 $ 169,481 $ (2,128 ) $ 167,353 Other 4,831 22 4,853 - 4,853 Total sales $ 122,649 $ 51,685 $ 174,334 $ (2,128 ) $ 172,206 Timing of revenue recognition Products transferred at a point in time $ 9,336 $ 42,546 $ 51,882 $ (2,128 ) $ 49,754 Products and services transferred over time 113,313 9,139 122,452 - 122,452 Total sales $ 122,649 $ 51,685 $ 174,334 $ (2,128 ) $ 172,206 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: March 31, 2020 December 31, 2019 Land and improvements $ 8,707 $ 8,692 Buildings and improvements 38,614 38,653 Plant machinery and equipment 33,669 33,348 Furniture and fixtures 21,893 21,416 Vehicles 1,970 1,872 Construction in process 4,947 3,527 Subtotal 109,800 107,508 Less accumulated depreciation (69,276 ) (67,434 ) Total property, plant and equipment, net $ 40,524 $ 40,074 We recorded depreciation expense of $1,814 $1,387 three March 31, 2020 2019. |
Note 8 - Leases
Note 8 - Leases | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 8 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one 17 10 March 31, 2020, 5 Debt Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows: Three Months Ended March 31, 2020 2019 Operating leases $ 1,596 $ 622 Short-term leases (1) 16 8 Total lease expense $ 1,612 $ 630 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Three Months Ended March 31, 2020 2019 Weighted average remaining lease term of operating leases (in years) 8.3 6.3 Weighted average discount rate of operating leases 3.8 % 4.8 % Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2020 20 19 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 1,641 $ 841 Right of use assets obtained in exchange for lease obligations: Finance leases $ 136 $ - Maturities of operating lease liabilities as of March 31, 2020 Years ending December 31: 2020 (1) $ 4,403 2021 5,055 2022 4,614 2023 4,619 2024 4,390 Thereafter 13,337 Total lease payments 36,418 Less: imputed interest 5,274 Total lease liabilities $ 31,144 ( 1 three March 31, 2020. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingent Liabilities | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENT LIABILITIES Under the terms of the Credit Agreement we have the ability to issue letters of credit totaling $20,000. $525 March 31, 2020 2019 At March 31, 2020, 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. Changes in our warranty liability during the three March 31, 2020 2019 20 20 20 19 Balance of accrued warranty at January 1 $ 5,694 $ 4,407 Warranties issued during the period 565 1,017 Cash settlements made during the period (548 ) (574 ) Changes in liability for pre-existing warranties during the period, including expirations (556 ) (281 ) Balance of accrued warranty at March 31 $ 5,155 $ 4,569 Spartan-Gimaex Joint Venture In February 2015, June 2015, February 2017, 2019, April 2020, no 10 may may not |
Note 10 - Taxes on Income
Note 10 - Taxes on Income | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 – TAXES ON INCOME Our effective income tax rate was 3.1% 18.2% three March 31, 2020 2019, The effective tax rate for the three March 31, 2020 March 27, 2020, five 2018 2020. first 2020 2019. 2018 35%, 21% $2,610 Our effective income tax rate of 18.2% three March 31, 2019 , $296. |
Note 11 - Business Segments
Note 11 - Business Segments | 3 Months Ended |
Mar. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not not The accounting policies of the segments are the same as those described, or referred to, in Note 1 – General and Summary of Accounting Policies not not Three Months Ended March 31 , 20 20 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicle sales $ 123,973 $ - $ - $ 123,973 Motor home chassis sales - 22,602 - 22,602 Other specialty vehicle sales - 16,786 - 16,786 Aftermarket parts and accessories sales 11,715 1,872 - 13,587 Total sales $ 135,688 $ 41,260 $ - $ 176,948 Depreciation and amortization expense $ 800 $ 1,190 $ 527 $ 2,517 Adjusted EBITDA 21,736 3,721 (7,081 ) 18,376 Segment assets 154,897 130,844 102,807 388,548 Capital expenditures 890 1,130 329 2,349 Three Months Ended March 31 , 20 19 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicle sales $ 96,319 $ 2,128 $ (2,128 ) $ 96,319 Motor home chassis sales - 40,286 - 40,286 Other specialty vehicle sales - 6,858 - 6,858 Aftermarket parts and accessories sales 26,330 2,413 - 28,743 Total sales $ 122,649 $ 51,685 $ (2,128 ) $ 172,206 Depreciation and amortization expense $ 598 $ 353 $ 361 $ 1,312 Adjusted EBITDA 6,975 4,948 (3,547 ) 8,376 Segment assets 129,726 41,845 82,904 254,475 Capital expenditures 146 232 730 1,108 The table below presents the reconciliation of our income from continuing operations to Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Three Months Ended March 31, 2020 2019 Income from continuing operations $ 11,742 $ 4,835 Net (income) loss attributable to non-controlling interest (67 ) (140 ) Add (subtract): Interest expense 731 374 Depreciation and amortization expense 2,517 1,312 Income tax expense 377 1,076 Restructuring and other related charges 992 27 Acquisition related expenses and adjustments 93 45 Non-cash stock based compensation expense 1,991 847 Adjusted EBITDA $ 18,376 $ 8,376 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2020 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards In June 2016, 2016 13, 2016 13” 2016 13 December 15, 2019. 2016 13 first 2020 no Accounting Standards Not In December 2019, No. 2019 12 , Income Taxes (Topic 740 2019 12” 2019 12 740 740 December 15, 2020 2019 12 not |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended March 31, 2020 2019 Sales $ 19,167 $ 61,757 Cost of products sold 18,678 57,950 Gross profit 489 3,807 Operating expenses 4,123 8,171 Operating loss (3,634 ) (4,364 ) Other income (expense) (2,138 ) 3 Loss from discontinued operations before taxes (5,772 ) (4,361 ) Income tax benefit 1,908 1,063 Net loss from discontinued operations $ (3,864 ) $ (3,298 ) December 31, 2019 Assets: Accounts receivable, net $ 30,760 Contract assets 36,740 Inventories 32,329 Other current assets 1,142 Property, plant and equipment 21,967 Right of use assets – operating leases 5,960 Intangible assets 1,050 Other noncurrent assets 52 Impairment of carrying value (39,275 ) Total current assets held for sale $ 90,725 Liabilities: Accounts payable $ 4,213 Accrued warranty 11,347 Accrued compensation and related taxes 3,047 Deposits from customers 21,409 Operating lease liability 727 Other current liabilities 3,495 Long-term operating lease liability 5,363 Total current liabilities held for sale $ 49,601 Three Months Ended March 31, 2020 2019 Depreciation and amortization $ 284 $ 1,213 Capital expenditures $ 84 $ 826 |
Note 3 - Acquisition Activiti_2
Note 3 - Acquisition Activities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventory 6,453 Other receivables – chassis pool agreements 10,424 Property, plant and equipment, net 4,980 Right of use assets-operating leases 12,767 Intangible assets, net 47,150 Goodwill 27,476 Total assets acquired 116,199 Accounts payable (1,658 ) Customer prepayments (255 ) Accrued warranty (98 ) Operating lease liabilities (1,693 ) Accrued compensation and related taxes (569 ) Other current liabilities and accrued expenses (30 ) Short-term debt – chassis pool agreements (10,424 ) Long-term operating lease liability (11,074 ) Long-term debt, less current portion (1,029 ) Total liabilities assumed (26,830 ) Total purchase price $ 89,369 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Useful Life Customer relationships $ 30,000 15 Years Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Years Non-competition agreements 1,950 5 Years $ 47,150 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31 , 2020 December 31, 2019 Finished goods $ 5,697 $ 4,764 Work in process 2,650 1,773 Raw materials and purchased components 54,550 57,679 Reserve for slow-moving inventory (3,608 ) (4,760 ) Total inventories, net $ 59,289 $ 59,456 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | March 31, December 31, Chassis pool agreements $ 8,832 $ 8,162 Total short-term debt $ 8,832 $ 8,162 |
Schedule of Long-term Debt Instruments [Table Text Block] | March 31, December 31, Line of credit revolver $ 73,400 $ 87,400 Finance lease obligation 569 496 Other 897 951 Total debt 74,866 88,847 Less current portion of long-term debt (220 ) (177 ) Total long-term debt $ 74,646 $ 88,670 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | March 31, 20 20 March 31, 20 19 Contract Assets Contract assets, beginning of period $ 10,898 $ 9,229 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (10,623 ) (9,229 ) Contract assets recognized, net of reclassification to receivables 14,370 8,608 Contract assets, end of period $ 14,645 $ 8,608 Contract Liabilities Contract liabilities, beginning of period $ 2,640 $ 871 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (2,384 ) (871 ) Cash received in advance and not recognized as revenue 835 565 Contract liabilities, end of period $ 1,091 $ 565 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2020 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 132,897 $ 41,075 $ 173,972 $ - $ 173,972 Other 2,791 185 2,976 - 2,976 Total sales $ 135,688 $ 41,260 $ 176,948 $ - $ 176,948 Timing of revenue recognition Products transferred at a point in time $ 22,257 $ 24,734 $ 46,991 $ - $ 46,991 Products and services transferred over time 113,431 16,526 129,957 - 129,957 Total sales $ 135,688 $ 41,260 $ 176,948 $ - $ 176,948 Three Months Ended March 31, 2019 FVS SCV Total Reportable Segments Other Total Primary geographical markets United States $ 117,818 $ 51,663 $ 169,481 $ (2,128 ) $ 167,353 Other 4,831 22 4,853 - 4,853 Total sales $ 122,649 $ 51,685 $ 174,334 $ (2,128 ) $ 172,206 Timing of revenue recognition Products transferred at a point in time $ 9,336 $ 42,546 $ 51,882 $ (2,128 ) $ 49,754 Products and services transferred over time 113,313 9,139 122,452 - 122,452 Total sales $ 122,649 $ 51,685 $ 174,334 $ (2,128 ) $ 172,206 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | March 31, 2020 December 31, 2019 Land and improvements $ 8,707 $ 8,692 Buildings and improvements 38,614 38,653 Plant machinery and equipment 33,669 33,348 Furniture and fixtures 21,893 21,416 Vehicles 1,970 1,872 Construction in process 4,947 3,527 Subtotal 109,800 107,508 Less accumulated depreciation (69,276 ) (67,434 ) Total property, plant and equipment, net $ 40,524 $ 40,074 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended March 31, 2020 2019 Operating leases $ 1,596 $ 622 Short-term leases (1) 16 8 Total lease expense $ 1,612 $ 630 Three Months Ended March 31, 2020 2019 Weighted average remaining lease term of operating leases (in years) 8.3 6.3 Weighted average discount rate of operating leases 3.8 % 4.8 % Three Months Ended March 31, 2020 20 19 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 1,641 $ 841 Right of use assets obtained in exchange for lease obligations: Finance leases $ 136 $ - |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending December 31: 2020 (1) $ 4,403 2021 5,055 2022 4,614 2023 4,619 2024 4,390 Thereafter 13,337 Total lease payments 36,418 Less: imputed interest 5,274 Total lease liabilities $ 31,144 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingent Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 20 20 20 19 Balance of accrued warranty at January 1 $ 5,694 $ 4,407 Warranties issued during the period 565 1,017 Cash settlements made during the period (548 ) (574 ) Changes in liability for pre-existing warranties during the period, including expirations (556 ) (281 ) Balance of accrued warranty at March 31 $ 5,155 $ 4,569 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment FVS SCV Eliminations and Other Consolidated Fleet vehicle sales $ 123,973 $ - $ - $ 123,973 Motor home chassis sales - 22,602 - 22,602 Other specialty vehicle sales - 16,786 - 16,786 Aftermarket parts and accessories sales 11,715 1,872 - 13,587 Total sales $ 135,688 $ 41,260 $ - $ 176,948 Depreciation and amortization expense $ 800 $ 1,190 $ 527 $ 2,517 Adjusted EBITDA 21,736 3,721 (7,081 ) 18,376 Segment assets 154,897 130,844 102,807 388,548 Capital expenditures 890 1,130 329 2,349 Segment FVS SCV Eliminations and Other Consolidated Fleet vehicle sales $ 96,319 $ 2,128 $ (2,128 ) $ 96,319 Motor home chassis sales - 40,286 - 40,286 Other specialty vehicle sales - 6,858 - 6,858 Aftermarket parts and accessories sales 26,330 2,413 - 28,743 Total sales $ 122,649 $ 51,685 $ (2,128 ) $ 172,206 Depreciation and amortization expense $ 598 $ 353 $ 361 $ 1,312 Adjusted EBITDA 6,975 4,948 (3,547 ) 8,376 Segment assets 129,726 41,845 82,904 254,475 Capital expenditures 146 232 730 1,108 |
Schedule of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Three Months Ended March 31, 2020 2019 Income from continuing operations $ 11,742 $ 4,835 Net (income) loss attributable to non-controlling interest (67 ) (140 ) Add (subtract): Interest expense 731 374 Depreciation and amortization expense 2,517 1,312 Income tax expense 377 1,076 Restructuring and other related charges 992 27 Acquisition related expenses and adjustments 93 45 Non-cash stock based compensation expense 1,991 847 Adjusted EBITDA $ 18,376 $ 8,376 |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Mar. 31, 2020 |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,610 | |
Discontinued Operations, Disposed of by Sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | ||
Proceeds from Divestiture of Businesses | $ 55,000 | $ 55,000 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Feb. 01, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | |
Emergency Response Vehicles [Member] | ||||
Goodwill and Intangible Asset Impairment, Total | $ 13,856 | |||
Discontinued Operations, Disposed of by Sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | ||||
Proceeds from Divestiture of Businesses | $ 55,000 | $ 55,000 | ||
Discontinued Operation, Income (Loss) from Discontinued Operation, Net of Tax, Per Basic Share | $ 2,138 | |||
Discontinued Operations, Held-for-sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | ||||
Impairment of Long-Lived Assets to be Disposed of | [1] | 39,275 | ||
Disposal Group, Including Discontinued Operation, Selling Expense | $ 3,604 | |||
[1] | As of December 31, 2019, assets and liabilities held for sale were classified as current. As of December 31, 2018, current and noncurrent assets held for sale were $97,487 and $39,190, respectively, and current liabilities held for sale was $43,077. |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | ||
Net loss from discontinued operations | $ (3,864) | $ (3,298) | ||
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Sales | 19,167 | 61,757 | ||
Cost of products sold | 18,678 | 57,950 | ||
Gross profit | 489 | 3,807 | ||
Operating expenses | 4,123 | 8,171 | ||
Operating loss | (3,634) | (4,364) | ||
Other income (expense) | (2,138) | 3 | ||
Loss from discontinued operations before taxes | (5,772) | (4,361) | ||
Income tax benefit | (1,908) | (1,063) | ||
Net loss from discontinued operations | (3,864) | (3,298) | ||
Accounts receivable, net | [1] | $ 30,760 | ||
Contract assets | [1] | 36,740 | ||
Inventories | [1] | 32,329 | ||
Other current assets | [1] | 1,142 | ||
Property, plant and equipment | [1] | 21,967 | ||
Right of use assets – operating leases | [1] | 5,960 | ||
Intangible assets | [1] | 1,050 | ||
Other noncurrent assets | [1] | 52 | ||
Impairment of carrying value | [1] | (39,275) | ||
Total current assets held for sale | 90,725 | |||
Accounts payable | 4,213 | |||
Accrued warranty | 11,347 | |||
Accrued compensation and related taxes | 3,047 | |||
Deposits from customers | 21,409 | |||
Operating lease liability | 727 | |||
Other current liabilities | 3,495 | |||
Long-term operating lease liability | 5,363 | |||
Total current liabilities held for sale | $ 49,601 | |||
Depreciation and amortization | 284 | 1,213 | ||
Capital expenditures | $ 84 | $ 826 | ||
[1] | As of December 31, 2019, assets and liabilities held for sale were classified as current. As of December 31, 2018, current and noncurrent assets held for sale were $97,487 and $39,190, respectively, and current liabilities held for sale was $43,077. |
Note 3 - Acquisition Activiti_3
Note 3 - Acquisition Activities (Details Textual) - USD ($) | Sep. 09, 2019 | Mar. 31, 2020 | Dec. 31, 2019 |
Goodwill, Ending Balance | $ 43,632,000 | $ 43,632,000 | |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150,000 | ||
Revolving Credit Facility [Member] | Lenders [Member] | |||
Proceeds from Lines of Credit, Total | 16,000,000 | ||
Line of Credit Facility, Remaining Borrowing Capacity | 5,000 | ||
Royal [Member] | |||
Payments to Acquire Businesses, Gross | 89,369,000 | ||
Proceeds from Lines of Credit, Total | 89,369,000 | ||
Goodwill, Ending Balance | 27,476,000 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150,000 | ||
Finite-Lived Intangible Assets, Amortization Expense, Remainder of Fiscal Year | $ 666,000 |
Note 3 - Acquisition Activiti_4
Note 3 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 09, 2019 |
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 47,150 | ||
Goodwill, Ending Balance | $ 43,632 | $ 43,632 | |
Royal [Member] | |||
Cash and cash equivalents | 431 | ||
Accounts receivable, less allowance | 5,019 | ||
Contract assets | 1,499 | ||
Inventory | 6,453 | ||
Other receivables – chassis pool agreements | 10,424 | ||
Property, plant and equipment, net | 4,980 | ||
Right of use assets-operating leases | 12,767 | ||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 47,150 | ||
Goodwill, Ending Balance | 27,476 | ||
Total assets acquired | 116,199 | ||
Accounts payable | (1,658) | ||
Customer prepayments | (255) | ||
Accrued warranty | (98) | ||
Operating lease liabilities | (1,693) | ||
Accrued compensation and related taxes | (569) | ||
Other current liabilities and accrued expenses | (30) | ||
Short-term debt – chassis pool agreements | (10,424) | ||
Long-term operating lease liability | (11,074) | ||
Long-term debt, less current portion | (1,029) | ||
Total liabilities assumed | (26,830) | ||
Total purchase price | $ 89,369 |
Note 3 - Acquisition Activiti_5
Note 3 - Acquisition Activities - Intangible Assets (Details) - Royal [Member] $ in Thousands | Sep. 09, 2019USD ($) |
Amount | $ 47,150 |
Trademarks and Trade Names [Member] | |
Trade names and trademarks | 13,000 |
Customer Relationships [Member] | |
Amount | $ 30,000 |
Useful Life (Year) | 15 years |
Patented Technology [Member] | |
Amount | $ 2,200 |
Useful Life (Year) | 8 years |
Noncompete Agreements [Member] | |
Amount | $ 1,950 |
Useful Life (Year) | 5 years |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 5,697 | $ 4,764 |
Work in process | 2,650 | 1,773 |
Raw materials and purchased components | 54,550 | 57,679 |
Reserve for slow-moving inventory | (3,608) | (4,760) |
Total inventories, net | $ 59,289 | $ 59,456 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) | 3 Months Ended | ||
Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Short-term Debt, Total | $ 8,832,000 | $ 8,162,000 | |
Letters of Credit Outstanding, Amount | 525,000 | 525,000 | $ 525,000 |
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000,000 | ||
Lenders [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000,000 | ||
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 50,000,000 | ||
Debt Instrument Reference Rate Term (Month) | 30 days | ||
Debt Instrument, Interest Rate During Period | 2.34% | ||
Line of Credit Facility, Current Borrowing Capacity | $ 74,499 | 60,499 | |
Repayments of Lines of Credit | 30,000,000 | ||
Proceeds from Lines of Credit, Total | $ 16,000,000 | ||
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | ||
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member] | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | ||
Debt Instrument, Interest Rate During Period | 1.50% | ||
Lenders [Member] | Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 | ||
Lenders [Member] | Swing Line Loans [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000,000 | ||
Chassis Pool Agreements [Member] | |||
Short-term Debt, Total | $ 8,832,000 | $ 8,162,000 |
Note 5 - Debt - Short-term Debt
Note 5 - Debt - Short-term Debt (Details) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 |
Short-term debt | $ 8,832,000 | $ 8,162,000 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 8,832,000 | $ 8,162,000 |
Note 5 - Debt - Schedule of Lon
Note 5 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Line of credit revolver | $ 73,400 | $ 87,400 |
Finance lease obligation | 569 | 496 |
Other | 897 | 951 |
Total debt | 74,866 | 88,847 |
Less current portion of long-term debt | (220) | (177) |
Total long-term debt | $ 74,646 | $ 88,670 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2020-04-01 $ in Thousands | Mar. 31, 2020USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 302,236 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Specialty Chassis and Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 42,419 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 6 - Revenue - Contract Ass
Note 6 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Contract assets, beginning of period | $ 10,898 | $ 9,229 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (10,623) | (9,229) |
Contract assets recognized, net of reclassification to receivables | 14,370 | 8,608 |
Contract assets, end of period | 14,645 | 8,608 |
Contract liabilities, beginning of period | 2,640 | 871 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (2,384) | (871) |
Cash received in advance and not recognized as revenue | 835 | 565 |
Contract liabilities, end of period | $ 1,091 | $ 565 |
Note 6 - Revenue - Disaggregate
Note 6 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Revenues | $ 176,948 | $ 172,206 |
Transferred at Point in Time [Member] | ||
Revenues | 46,991 | 49,754 |
Transferred over Time [Member] | ||
Revenues | 129,957 | 122,452 |
Operating Segments [Member] | ||
Revenues | 176,948 | 174,334 |
Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 46,991 | 51,882 |
Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 129,957 | 122,452 |
Consolidation, Eliminations [Member] | ||
Revenues | (2,128) | |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||
Revenues | (2,128) | |
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||
Revenues | ||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 135,688 | 122,649 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 22,257 | 9,336 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 113,431 | 113,313 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 41,260 | 51,685 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||
Revenues | 24,734 | 42,546 |
Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||
Revenues | 16,526 | 9,139 |
UNITED STATES | ||
Revenues | 173,972 | 167,353 |
UNITED STATES | Operating Segments [Member] | ||
Revenues | 173,972 | 169,481 |
UNITED STATES | Consolidation, Eliminations [Member] | ||
Revenues | (2,128) | |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 132,897 | 117,818 |
UNITED STATES | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||
Revenues | 41,075 | 51,663 |
Non-US [Member] | ||
Revenues | 2,976 | 4,853 |
Non-US [Member] | Operating Segments [Member] | ||
Revenues | 2,976 | 4,853 |
Non-US [Member] | Consolidation, Eliminations [Member] | ||
Revenues | ||
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||
Revenues | 2,791 | 4,831 |
Non-US [Member] | Specialty Chassis and Vehicles [Member] | Operating Segments [Member] | ||
Revenues | $ 185 | $ 22 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Depreciation, Total | $ 1,814 | $ 1,387 |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 109,800 | $ 107,508 |
Less accumulated depreciation | (69,276) | (67,434) |
Total property, plant and equipment, net | 40,524 | 40,074 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 8,707 | 8,692 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 38,614 | 38,653 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 33,669 | 33,348 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 21,893 | 21,416 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 1,970 | 1,872 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 4,947 | $ 3,527 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Minimum [Member] | |
Leases, Remaining Lease Terms (Year) | 1 year |
Maximum [Member] | |
Leases, Remaining Lease Terms (Year) | 17 years |
Lessee, Operating Lease, Renewal Term (Year) | 10 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense and Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | ||
Operating leases | $ 1,596 | $ 622 | |
Short-term leases(1) | [1] | 16 | 8 |
Total lease expense | $ 1,612 | $ 630 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 8 years 109 days | 6 years 109 days | |
Weighted average discount rate of operating leases | 3.80% | 4.80% | |
Operating cash flow for operating leases | $ 1,641 | $ 841 | |
Finance leases | $ 136 | ||
[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 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Mar. 31, 2020USD ($) | |
2020(1) | $ 4,403 | [1] |
2021 | 5,055 | |
2022 | 4,614 | |
2023 | 4,619 | |
2024 | 4,390 | |
Thereafter | 13,337 | |
Total lease payments | 36,418 | |
Less: imputed interest | 5,274 | |
Total lease liabilities | $ 31,144 | |
[1] | Excluding the three months ended March 31, 2020. |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingent Liabilities (Details Textual) - USD ($) | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 525,000 | $ 525,000 | $ 525,000 |
Letter of Credit [Member] | |||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000,000 |
Note 9 - Commitments and Cont_4
Note 9 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Balance of accrued warranty | $ 5,694 | $ 4,407 |
Warranties issued during the period | 565 | 1,017 |
Cash settlements made during the period | (548) | (574) |
Changes in liability for pre-existing warranties during the period, including expirations | (556) | (281) |
Balance of accrued warranty | $ 5,155 | $ 4,569 |
Note 10 - Taxes on Income (Deta
Note 10 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 3.10% | 18.20% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,610 | ||
Effective Income Tax Rate Reconciliation, Other Adjustments, Amount | $ 296 |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 3 Months Ended |
Mar. 31, 2020 | |
Number of Reportable Segments | 2 |
Note 11 - Business Segments - S
Note 11 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2020 | Mar. 31, 2019 | Dec. 31, 2019 | |
Revenues | $ 176,948 | $ 172,206 | |
Depreciation and amortization expense | 2,801 | 2,525 | |
Segment assets | 388,548 | $ 450,537 | |
Capital expenditures | 2,433 | 1,934 | |
Operating Segments [Member] | |||
Revenues | 176,948 | 174,334 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 135,688 | 122,649 | |
Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | |||
Revenues | 41,260 | 51,685 | |
Consolidation, Eliminations [Member] | |||
Revenues | (2,128) | ||
Continuing Operations [Member] | |||
Revenues | 176,948 | 172,206 | |
Depreciation and amortization expense | 2,517 | 1,312 | |
Adjusted EBITDA | 18,376 | 8,376 | |
Segment assets | 388,548 | 254,475 | |
Capital expenditures | 2,349 | 1,108 | |
Continuing Operations [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 123,973 | 96,319 | |
Continuing Operations [Member] | Motorhome Chassis [Member] | |||
Revenues | 22,602 | 40,286 | |
Continuing Operations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 6,858 | ||
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 13,587 | 28,743 | |
Continuing Operations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 16,786 | ||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||
Revenues | 135,688 | 122,649 | |
Depreciation and amortization expense | 800 | 598 | |
Adjusted EBITDA | 21,736 | 6,975 | |
Segment assets | 154,897 | 129,726 | |
Capital expenditures | 890 | 146 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 123,973 | 96,319 | |
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | |||
Revenues | |||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | |||
Revenues | |||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 11,715 | 26,330 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | |||
Revenues | 41,260 | 51,685 | |
Depreciation and amortization expense | 1,190 | 353 | |
Adjusted EBITDA | 3,721 | 4,948 | |
Segment assets | 130,844 | 41,845 | |
Capital expenditures | 1,130 | 232 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | 2,128 | ||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Motorhome Chassis [Member] | |||
Revenues | 22,602 | 40,286 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Other Specialty Vehicles [Member] | |||
Revenues | 16,786 | 6,858 | |
Continuing Operations [Member] | Operating Segments [Member] | Specialty Chassis and Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | 1,872 | 2,413 | |
Continuing Operations [Member] | Intersegment Eliminations [Member] | Fleet Vehicle Sales [Member] | |||
Revenues | (2,128) | ||
Continuing Operations [Member] | Intersegment Eliminations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | |||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | |||
Revenues | (2,128) | ||
Adjusted EBITDA | (7,081) | (3,547) | |
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Motorhome Chassis [Member] | |||
Revenues | |||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Other Specialty Vehicles [Member] | |||
Revenues | |||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Aftermarket Parts and Accessories Sales [Member] | |||
Revenues | |||
Continuing Operations [Member] | Segment Reconciling Items [Member] | |||
Depreciation and amortization expense | 527 | 361 | |
Segment assets | 102,807 | 82,904 | |
Capital expenditures | $ 329 | $ 730 |
Note 11 - Business Segments - R
Note 11 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2020 | Mar. 31, 2019 | |
Net (income) loss attributable to non-controlling interest | $ (67) | $ (140) |
Interest expense | 731 | 374 |
Depreciation and amortization expense | 2,801 | 2,525 |
Income tax expense | 377 | 1,076 |
Continuing Operations [Member] | ||
Income from continuing operations | 11,742 | 4,835 |
Net (income) loss attributable to non-controlling interest | (67) | (140) |
Interest expense | 731 | 374 |
Depreciation and amortization expense | 2,517 | 1,312 |
Income tax expense | 377 | 1,076 |
Restructuring and other related charges | 992 | 27 |
Acquisition related expenses and adjustments | 93 | 45 |
Non-cash stock based compensation expense | 1,991 | 847 |
Adjusted EBITDA | $ 18,376 | $ 8,376 |