Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 01, 2021 | Jun. 30, 2020 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0000743238 | ||
Entity Registrant Name | SHYFT GROUP, INC. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-33582 | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-2078923 | ||
Entity Address, Address Line One | 41280 Bridge Street | ||
Entity Address, City or Town | Novi | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48375 | ||
City Area Code | 517 | ||
Local Phone Number | 543-6400 | ||
Title of 12(b) Security | Common Stock | ||
Trading Symbol | SHYF | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 581,593,464 | ||
Entity Common Stock, Shares Outstanding | 35,301,421 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 20,995 | $ 19,349 |
Accounts receivable, less allowance of $116 and $228 | 64,695 | 58,874 |
Contract assets | 9,414 | 10,898 |
Inventories, net | 46,428 | 59,456 |
Other receivables – chassis pool agreements | 6,503 | 8,162 |
Other current assets | 8,172 | 5,344 |
Current assets held for sale | 0 | 90,725 |
Total current assets | 156,207 | 252,808 |
Property, plant and equipment, net | 45,734 | 40,074 |
Right of use assets – operating leases | 43,430 | 32,147 |
Goodwill | 49,481 | 43,632 |
Intangible assets, net | 56,386 | 54,061 |
Other assets | 2,052 | 2,295 |
Net deferred tax assets | 5,759 | 25,520 |
TOTAL ASSETS | 359,049 | 450,537 |
Current liabilities: | ||
Accounts payable | 47,487 | 54,713 |
Accrued warranty | 5,633 | 5,694 |
Accrued compensation and related taxes | 17,134 | 15,841 |
Deposits from customers | 756 | 2,640 |
Operating lease liability | 7,508 | 5,162 |
Other current liabilities and accrued expenses | 8,121 | 15,967 |
Short-term debt – chassis pool agreements | 6,503 | 8,162 |
Current portion of long-term debt | 221 | 177 |
Current liabilities held for sale | 0 | 49,601 |
Total current liabilities | 93,363 | 157,957 |
Other non-current liabilities | 5,447 | 4,922 |
Long-term operating lease liability | 36,662 | 27,241 |
Long-term debt, less current portion | 23,418 | 88,670 |
Total liabilities | 158,890 | 278,790 |
Commitments and contingent liabilities | ||
Shareholders' equity: | ||
Preferred stock, no par value: 2,000 shares authorized (none issued) | 0 | 0 |
Common stock, no par value: 80,000 shares authorized; 35,344 and 35,343 outstanding | 91,044 | 353 |
Additional paid in capital | 0 | 85,148 |
Retained earnings | 109,286 | 86,764 |
Total Shyft Group, Inc. shareholders’ equity | 200,330 | 172,265 |
Non-controlling interest | (171) | (518) |
Total shareholders' equity | 200,159 | 171,747 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 359,049 | $ 450,537 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance | $ 116 | $ 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 | $ 0 |
Common stock, shares authorized (in shares) | 80,000 | 80,000 |
Common stock, shares outstanding (in shares) | 35,344 | 35,343 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Sales | $ 675,973 | $ 756,542 | $ 570,527 |
Cost of products sold | 529,696 | 639,515 | 497,383 |
Gross profit | 146,277 | 117,027 | 73,144 |
Operating expenses: | |||
Research and development | 4,361 | 4,864 | 3,771 |
Selling, general and administrative | 93,068 | 64,549 | 46,855 |
Total operating expenses | 97,429 | 69,413 | 50,626 |
Operating income | 48,848 | 47,614 | 22,518 |
Other income (expense): | |||
Interest expense | (1,293) | (1,839) | (1,080) |
Interest and other income | 601 | 1,370 | 12 |
Total other income (expense) | (692) | (469) | (1,068) |
Income from continuing operations before income taxes | 48,156 | 47,145 | 21,450 |
Income tax expense | 9,867 | 10,355 | 3,334 |
Income from continuing operations | 38,289 | 36,790 | 18,116 |
Loss from discontinued operations, net of income taxes | (5,123) | (49,216) | (3,104) |
Net income (loss) | 33,166 | (12,426) | 15,012 |
Less: net income attributable to non-controlling interest | 347 | 140 | 0 |
Net income (loss) attributable to Shyft Group, Inc. | $ 32,819 | $ (12,566) | $ 15,012 |
Basic earnings per share | |||
Continuing operations, Basic (in dollars per share) | $ 1.07 | $ 1.03 | $ 0.52 |
Discontinued operations, Basic (in dollars per share) | (0.14) | (1.39) | (0.09) |
Basic earnings per share (in dollars per share) | 0.93 | (0.36) | 0.43 |
Diluted earnings per share | |||
Continuing operations, Diluted (in dollars per share) | 1.05 | 1.03 | 0.52 |
Discontinued operations, Diluted (in dollars per share) | (0.14) | (1.39) | (0.09) |
Diluted earnings per share (in dollars per share) | $ 0.91 | $ (0.36) | $ 0.43 |
Basic weighted average common shares outstanding (in shares) | 35,479 | 35,318 | 35,187 |
Diluted weighted average common shares outstanding (in shares) | 36,039 | 35,416 | 35,187 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) shares in Thousands, $ 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, 2017 | 35,097 | 35,097 | |||||||||||||
Balance at Dec. 31, 2017 | $ 0 | $ 0 | $ 3,668 | $ 0 | $ 3,668 | $ 351 | $ 79,721 | $ 92,523 | $ (658) | $ 171,937 | $ 351 | $ 79,721 | $ 88,855 | $ (658) | $ 168,269 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 13 | ||||||||||||||
Issuance of common stock and tax impact of stock incentive plan | $ 0 | (2,670) | 0 | 0 | (2,670) | ||||||||||
Dividends declared | $ 0 | 0 | (3,516) | 0 | (3,516) | ||||||||||
Purchase and retirement of common stock (in shares) | (90) | ||||||||||||||
Purchase and retirement of common stock | $ (1) | (207) | (448) | 0 | (656) | ||||||||||
Issuance of common stock related to investment in subsidiary (in shares) | 247 | ||||||||||||||
Issuance of common stock related to investment in subsidiary | $ 2 | 1,946 | 0 | 0 | 1,948 | ||||||||||
Issuance of restricted stock, net of cancellation (in shares) | 54 | ||||||||||||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | 0 | 0 | 0 | ||||||||||
Stock-based compensation expense | 0 | 4,027 | 0 | 0 | 4,027 | ||||||||||
Net income (loss) | $ 0 | 0 | 15,012 | 0 | 15,012 | ||||||||||
Balance (in shares) at Dec. 31, 2018 | 35,321 | 35,321 | |||||||||||||
Balance at Dec. 31, 2018 | $ 0 | $ 0 | $ (113) | $ 0 | $ (113) | $ 353 | $ 82,816 | $ 103,458 | $ (658) | $ 185,969 | $ 353 | 82,816 | 103,571 | (658) | 186,082 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 28 | ||||||||||||||
Issuance of common stock and tax impact of stock incentive plan | $ 0 | (766) | 0 | 0 | (766) | ||||||||||
Dividends declared | $ 0 | 0 | (3,572) | 0 | $ (3,572) | ||||||||||
Purchase and retirement of common stock (in shares) | (101) | (101) | |||||||||||||
Purchase and retirement of common stock | $ (1) | (236) | (556) | 0 | $ (793) | ||||||||||
Issuance of restricted stock, net of cancellation (in shares) | 96 | ||||||||||||||
Issuance of restricted stock, net of cancellation | $ 1 | (1) | 0 | 0 | 0 | ||||||||||
Stock-based compensation expense | 0 | 5,281 | 0 | 0 | 5,281 | ||||||||||
Net income (loss) | 0 | 0 | (12,566) | 140 | (12,426) | ||||||||||
Cancellation of common stock related to investment in subsidiary | $ 0 | (1,946) | 0 | 0 | (1,946) | ||||||||||
Balance (in shares) at Dec. 31, 2019 | 35,344 | ||||||||||||||
Balance at Dec. 31, 2019 | $ 353 | 85,148 | 86,764 | (518) | 171,747 | ||||||||||
Issuance of common stock and tax impact of stock incentive plan (in shares) | 14 | ||||||||||||||
Issuance of common stock and tax impact of stock incentive plan | $ 0 | (1,534) | 0 | 0 | (1,534) | ||||||||||
Dividends declared | $ 0 | 0 | (3,565) | 0 | $ (3,565) | ||||||||||
Purchase and retirement of common stock (in shares) | (300) | (300) | |||||||||||||
Purchase and retirement of common stock | $ (3) | (768) | (6,732) | 0 | $ (7,503) | ||||||||||
Issuance of restricted stock, net of cancellation (in shares) | 286 | ||||||||||||||
Issuance of restricted stock, net of cancellation | $ 2 | (2) | 0 | 0 | 0 | ||||||||||
Stock-based compensation expense | 0 | 7,848 | 0 | 0 | 7,848 | ||||||||||
Net income (loss) | 0 | 0 | 32,819 | 347 | 33,166 | ||||||||||
Reclassification upon removal of par value on common stock | $ 90,692 | (90,692) | 0 | 0 | 0 | ||||||||||
Balance (in shares) at Dec. 31, 2020 | 35,344 | ||||||||||||||
Balance at Dec. 31, 2020 | $ 91,044 | $ 0 | $ 109,286 | $ (171) | $ 200,159 |
Consolidated Statements of Sh_2
Consolidated Statements of Shareholders' Equity (Parentheticals) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Dividends declared (in dollars per share) | $ 0.10 | $ 0.10 | $ 0.10 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 33,166 | $ (12,426) | $ 15,012 |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||
Depreciation and amortization | 14,187 | 11,180 | 10,370 |
Deferred income taxes | 19,790 | (18,225) | (755) |
Non-cash stock based compensation expense | 7,848 | 5,281 | 4,027 |
Loss on sale of business | 3,852 | 0 | 0 |
Loss (gain) on disposal of assets | 82 | (14) | 0 |
Loss from write-off of construction in process | 2,430 | 0 | 0 |
Impairment of goodwill and intangible assets | 0 | 13,856 | 0 |
Impairment of assets held for sale | 0 | 39,275 | 0 |
Changes in fair value of contingent consideration | (599) | 0 | (693) |
Changes in accounts receivable and contract assets | (6,037) | 12,700 | (27,957) |
Changes in inventories | 12,834 | (14,783) | (24,340) |
Changes in accounts payable | (10,674) | (20,404) | 35,297 |
Changes in accrued compensation and related taxes | 971 | 7,737 | (2,789) |
Changes in accrued warranty | (60) | 853 | (2,178) |
Change in other assets and liabilities | (13,458) | 9,151 | 2,032 |
Total adjustments | 31,166 | 46,607 | (6,986) |
Net cash provided by operating activities | 64,332 | 34,181 | 8,026 |
Cash flows from investing activities: | |||
Purchases of property, plant and equipment | (14,534) | (10,042) | (8,985) |
Proceeds from sale of property, plant and equipment | 0 | 15 | 0 |
Acquisition of businesses, net of cash acquired | (18,050) | (88,938) | (5,200) |
Proceeds from sale of business | 47,500 | 0 | 0 |
Net cash provided by (used in) investing activities | 14,916 | (98,965) | (14,185) |
Cash flows from financing activities: | |||
Proceeds from long-term debt | 16,000 | 92,000 | 7,684 |
Payments on long-term debt | (81,000) | (30,175) | (66) |
Payment of contingent consideration on acquisitions | 0 | 0 | (701) |
Payment of dividends | (3,565) | (3,572) | (3,516) |
Purchase and retirement of common stock | (7,503) | (793) | (656) |
Exercise and vesting of stock incentive awards | (1,534) | (766) | (2,670) |
Net cash provided by (used in) financing activities | (77,602) | 56,694 | 75 |
Net increase (decrease) in cash and cash equivalents | 1,646 | (8,090) | (6,084) |
Cash and cash equivalents at beginning of year | 19,349 | 27,439 | 33,523 |
Cash and cash equivalents at end of year | $ 20,995 | $ 19,349 | $ 27,439 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 Effective June 1, 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 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, The Shyft Group USA, Inc., with locations in Novi and Charlotte, Michigan; Bristol, Indiana; Waterville, Maine; Ephrata, Pennsylvania; North Charleston, South Carolina; Pompano Beach and West Palm Beach, Florida; Kansas City, Missouri; Montebello, Carson and McClellan Park, California; Mesa, Arizona; Dallas and Weatherford, Texas; and Saltillo, Mexico. Recent Developments On January 30, 2020, 19” March 11, 2020, 19 19, March 23, 2020 June 30, 2020, 90% September 30 December 31, 2020, may 19 19 2020. second third 2020, The full impact of the COVID- 19 19 not 19 On March 27, 2020, first 2020 10 Taxes on Income three 2020, two 2021 2022. On October 1, 2020, F3 2019 On February 1, 2020, September 2020, October 1, 2020. 2 Discontinued Operations Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated. Non-Controlling Interest. December 31, 2020, not December 31, 2020, Use of Estimates may Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 11 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services ("FVS") Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle have been completed. Our receivables are generally collected in less than three Specialty Vehicles ("SV") We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third Shipping and Handling of Products Cash and Cash Equivalents three Accounts Receivable not 30 60 Inventories first first may Contract Assets Property, Plant and Equipment three three seven three five may not 7 – Property, Plant and Equipment Assets and Liabilities Held for Sale one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. Related Party Transactions. one 18 – Related Party Transactions Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster and Royal Truck Body branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 2 – Discontinued Operations 6 – Goodwill and Intangible Assets Warranties 11 – Commitments and Contingent Liabilities Deposits from Customers Research and Development Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 9 – Taxes on Income Earnings Per Share 14 – Stock-Based Compensation 16 – Earnings Per Share Stock - B ased Compensation 14 – Stock Based Compensation Fair Value December 31, 2020 2019 Segment Reporting. two 17 – Business Segments Supplemental Disclosures of Cash Flow Information. 2020, 2019, 2018. 2020, 2019 2018. 2020 2018 2019, 3 – Acquisition Activities 13 Debt Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements. Adoption of Current Expected Credit Losses Accounting Policy. January 1, 2020, 2016 13 2016 13 not not Adoption of Lease Accounting Policy. 2016 02 842” January 1, 2019. not not January 1, 2019 not We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not We do not 12 We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. Accounting Standards Not In December 2019, No. 2019 12, 740 2019 12" 2019 12 740 740 December 15, 2020 2019 12 not Immaterial Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth 2020, September 30, 2020 September 30, 2020, not The table below presents the impact of the revisions on the Company’s condensed consolidated financial statements: Condensed Consolidated Balance Sheet (in 000’s) (Unaudited) September 30, 2020 As Previously Reported Adjustment As Revised Cash and cash equivalents $ 43,055 $ 346 $ 43,401 Accounts receivable, less allowance of $198 99,461 (6,672 ) 92,789 Total current assets 217,490 (6,326 ) 211,164 Total Assets 395,119 (6,326 ) 388,793 Accounts payable 63,433 (5,998 ) 57,435 Total current liabilities 111,033 (5,998 ) 105,035 Total liabilities 195,454 (5,998 ) 189,456 Retained earnings 109,288 (328 ) 108,960 Total Liabilities and Shareholders’ Equity 395,119 (6,326 ) 388,793 Condensed Consolidated Statement of Operations (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Loss from discontinued operations, net of income taxes $ (4,619 ) $ (328 ) $ (4,947 ) Net income 25,364 (328 ) 25,036 Net income attributable to The Shyft Group, Inc. 25,186 (328 ) 24,858 Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Net income $ 25,364 $ (328 ) $ 25,036 Changes in accounts receivable and contract assets (40,027 ) 6,672 (33,355 ) Changes in accounts payable (1,265 ) (5,998 ) (7,263 ) Total adjustments (4,717 ) 346 (4,371 ) Net cash provided by operating activities 20,647 346 20,993 As a result of the immaterial revisions above, Specialty Vehicle total segment assets were originally reported as $155,429 resulting in an overstatement of ($6,326) in "Note 11 Business Segments September 30, 2020. |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On February 1, 2020, September 2020, October 1, 2020. December 31, 2020, December 31, 2020 2019, December 31, 2019. December 31, 2020, 2019 2018. may 2022. The Loss from discontinued operations presented in the Consolidated Statement of Operations for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Sales $ 19,167 $ 261,860 $ 245,637 Cost of products sold 18,678 245,785 220,526 Gross profit 489 16,075 25,111 Operating expenses 4,484 28,864 31,516 Operating loss (3,995 ) (12,789 ) (6,405 ) Loss on asset impairments - 53,131 - Other income (expense) (3,383 ) 1,021 2,228 Loss from discontinued operations before taxes (7,378 ) (64,899 ) (4,177 ) Income tax benefit 2,255 15,683 1,073 Net loss from discontinued operations $ (5,123 ) $ (49,216 ) $ (3,104 ) In the annual goodwill and intangible assets impairment test as of October 1, 2019, 2019 December 31, 2019, December 31, 2019. December 31, 2020, no Assets and Liabilities held for sale in the 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 ) Current assets held for sale $ 90,725 December 31, 2019 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 Current liabilities held for sale $ 49,601 Total depreciation and amortization and capital expenditures for the discontinued operations for the years ended December 31, 2020, 2019 2018: Year Ended December 31, 2020 2019 2018 Depreciation and amortization $ 284 $ 5,106 $ 4,156 Capital expenditures $ 84 $ 2,431 $ 4,332 |
Note 3 - Acquisition Activities
Note 3 - Acquisition Activities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 DuraMag Acquisition On October 1, 2020, F3 January 2021, 13 – Debt 2020, DuraMag Purchase Price Allocation The DuraMag 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, DuraMag and Magnum trade names and trademarks, unpatented 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 $6,001 was recorded as goodwill, which is expected to be deductible for tax purposes. The fair values of the net assets acquired were based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period. The Company will finalize the purchase price allocation for adjustments related to accrued warranty and certain other liabilities that we believe to be insignificant as soon as practicable within the measurement period, but in no one As of December 31, 2020, Accounts receivable $ 2,230 Inventories 3,659 Other current assets 15 Property, plant and equipment, net 2,949 Right of use assets-operating leases 8,469 Intangible assets 5,590 Goodwill 6,001 Total assets acquired 28,913 Accounts payable (1,662 ) Accrued compensation and related taxes (434 ) Current operating lease liabilities (644 ) Other current liabilities and accrued expenses (141 ) Long-term operating lease liability (7,825 ) Long-term debt (4 ) Total liabilities assumed (10,710 ) Total purchase price $ 18,203 DuraMag Goodwill Assigned Intangible assets totaling $5,590 have provisionally been assigned to customer relationships, trade names and trademarks, unpatented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands): Amount Useful Life (in years) Customer relationships $ 2,200 15 years Trade names and trademarks 2,420 Indefinite Unpatented technology 540 9 years Non-competition agreements 430 6 years $ 5,590 The Company amortizes the customer relationships utilizing an accelerated approach and patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets recorded from the DuraMag acquisition, is $66 for 2020 2021 2024, 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. Due to its insignificant size relative to the Company, supplemental pro forma financial information of the combined entity for the current and prior reporting period is not Royal Acquisition On September 9, 2019, 13 – Debt Royal Purchase Price Allocation The Royal 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 excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $27,476 was initially recorded as goodwill, which is expected to be deductible for tax purposes. The initial fair values of the net assets acquired were based on a preliminary valuation and the estimates and assumptions were subject to change within the measurement period. In the second 2020, December 31, 2020, As of December 31, 2020, Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventories, net 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 47,150 Goodwill 27,324 Total assets acquired 116,047 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 $ 89,217 Royal Goodwill Assigned Intangible assets totaling $47,150 have been assigned to customer relationships, trade names and trademarks, patented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands): Amount Useful Life (in years) Customer relationships $ 30,000 15 Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Non-competition agreements 1,950 5 $ 47,150 The Company amortizes the customer relationships utilizing an accelerated approach and patented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets recorded from the Royal acquisition, is $2,665 and $666 for 2020 2019, 2021 2023, 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. Contingent Consideration On December 17, 2018, may 2021 2019 2021 December 31, 2020 2019, |
Note 4 - Revenue
Note 4 - Revenue | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 4 Contract Assets and Liabilities The tables below disclose changes in contract assets and liabilities as of the periods indicated. December 31, 2020 December 31, 2019 Contract Assets Contract assets, beginning of year $ 10,898 $ 9,229 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (10,898 ) (9,229 ) Contract assets recognized, net of reclassification to receivables 9,414 10,898 Contract assets, end of year 9,414 10,898 Contract Liabilities Contract liabilities, beginning of year 2,640 871 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (2,640 ) (871 ) Cash received in advance and not recognized as revenue 756 2,640 Contract liabilities, end of year 756 2,640 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $427,338 and $51,313, respectively, with substantially all revenue expected to be recognized within one December 31, 2020. For performance obligations that are satisfied over time, revenue is expected to be recognized evenly over the time period to complete the contract due to the assembly line nature of the business operations. For performance obligations that are satisfied at a point in time, revenue is expected to be recognized when the customer obtains control of the product, which is generally upon shipment from our facility. No In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition for the years ended December 31, 2020, 2019, 2018. Year Ended December 31, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 481,452 $ 185,060 $ 666,512 $ - $ 666,512 Other 9,055 406 9,461 - 9,461 Total sales $ 490,507 $ 185,466 $ 675,973 $ - $ 675,973 Timing of revenue recognition Products transferred at a point in time $ 54,972 $ 117,247 $ 172,219 $ - $ 172,219 Products and services transferred over time 435,535 68,219 503,754 - 503,754 Total sales $ 490,507 $ 185,466 $ 675,973 $ - $ 675,973 Year Ended December 31, 2019 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 554,691 $ 185,768 $ 740,459 $ (5,278 ) $ 735,181 Other 21,203 158 21,361 - 21,361 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Timing of revenue recognition Products transferred at a point in time $ 164,437 $ 137,894 $ 302,331 $ (5,278 ) $ 297,053 Products and services transferred over time 411,457 48,032 459,489 - 459,489 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Year Ended December 31, 2018 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 367,730 $ 191,814 $ 559,544 $ (10,221 ) $ 549,323 Other 19,819 1,385 21,204 - 21,204 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Timing of revenue recognition Products transferred at a point in time $ 113,576 $ 160,408 $ 273,984 $ (10,221 ) $ 263,763 Products and services transferred over time 273,973 32,791 306,764 - 306,764 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 |
Note 5 - Inventories
Note 5 - Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 5 Inventories are summarized as follows: December 31, 2020 2019 Finished goods $ 4,200 $ 4,764 Work in process 1,908 1,773 Raw materials and purchased components 46,576 57,679 Reserve (6,256 ) (4,760 ) Total Inventories, net $ 46,428 $ 59,456 |
Note 6 - Goodwill and Intangibl
Note 6 - Goodwill and Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Goodwill and Intangible Assets Disclosure [Text Block] | NOTE 6 Goodwill We test goodwill for impairment at the reporting unit level on an annual basis as of October 1, not 1 Nature of Operations and Basis of Presentation As described in "Note 3 Acquisition Activities December 31, 2020 2019, no October 1, 2020, October 1, 2020 not As discussed in "Note 1 Nature of Operations and Basis of Presentation The change in the carrying amount of goodwill for the year ended December 31, 2020 2019 FVS SV Total December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Goodwill, beginning of year $ 15,518 $ 21,729 $ 28,114 $ 638 $ 43,632 $ 22,367 Acquisition and measurement period adjustments - (6,211 ) 5,849 27,476 5,849 21,265 Goodwill, end of year $ 15,518 $ 15,518 $ 33,963 $ 28,114 $ 49,481 $ 43,632 Other Intangible Assets At December 31, 2020, not At December 31, 2020, not We evaluate the recoverability of our indefinite lived intangible assets, which, as of October 1, 2020, October 1, 2020, not not The following table provides information regarding our other intangible assets: As of December 31, 2020 As of December 31, 2019 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 39,770 $ 7,390 $ 32,380 $ 37,570 $ 4,943 $ 32,627 Unpatented technology 540 15 525 - - - Patented technology 2,200 344 1,856 2,200 69 2,131 Non-compete agreements 3,380 1,145 2,235 2,950 617 2,333 Trade Names 19,390 - 19,390 16,970 - 16,970 $ 65,280 $ 8,894 $ 56,386 $ 59,690 $ 5,629 $ 54,061 We recorded $3,265, $1,200, and $320 of intangible asset amortization expense during 2020, 2019 2018. The estimated remaining amortization associated with finite-lived intangible assets is expected to be expensed as follows: Amount 2021 $ 3,406 2022 3,903 2023 3,810 2024 3,477 2025 3,070 Thereafter 19,330 Total $ 36,996 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 Property, plant and equipment are summarized by major classifications as follows: December 31, 2020 2019 Land and improvements $ 8,721 $ 8,692 Buildings and improvements 40,077 38,653 Plant machinery and equipment 41,054 33,348 Furniture and fixtures 16,259 21,416 Vehicles 2,404 1,872 Construction in process 8,724 3,527 Subtotal 117,239 107,508 Less accumulated depreciation (71,505 ) (67,434 ) Total property, plant and equipment, net $ 45,734 $ 40,074 We recorded depreciation expense of $10,638, $5,892, and $6,393 during 2020, 2019, 2018, 2020, 2019, 2018. second 2020, 2020, 2020. |
Note 8 - Leases
Note 8 - Leases | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Leases of Lessee Disclosure [Text Block] | NOTE 8 We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one not December 31, 2020, 13 Debt December 31, 2020, 2019 2018, Operating lease expenses are classified as cost of products sold and operating expenses on the Consolidated Statements of Operations. The components of lease expense were as follows: Year ended December 31, 2020 Year ended December 31, 2019 Operating leases $ 6,699 $ 3,928 Short-term leases (1) 214 218 Total lease expense $ 6,913 $ 4,146 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Year ended December 31, 2020 Year ended December 31, 2019 Weighted average remaining lease term of operating leases (in years) 9.4 8.4 Weighted average discount rate of operating leases 3.1 % 3.8 % Supplemental cash flow information related to leases was as follows: Year ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 6,338 $ 4,544 Operating cash flow for operating leases Right of use assets obtained in exchange for lease obligations: Operating leases $ 16,829 $ 10,493 Finance leases $ 141 $ - Maturities of operating lease liabilities as of December 31, 2020 Years ending December 31: 2021 $ 7,616 2022 6,748 2023 6,559 2024 6,404 2025 5,724 Thereafter 17,997 Total lease payments 51,048 Less: imputed interest (6,878 ) Total lease liabilities $ 44,170 |
Note 9 - Taxes on Income
Note 9 - Taxes on Income | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 9 Income taxes consist of the following: Year Ended December 31, 2020 2019 2018 Taxes on income from continuing operations $ 9,867 $ 10,355 $ 3,334 Income tax benefits from discontinued operations (2,255 ) (15,683 ) (1,073 ) Total taxes on income $ 7,612 $ (5,328 ) $ 2,261 Income taxes from continuing operations consist of the following: Year Ended December 31, 2020 2019 2018 Current (benefit): Federal $ 8,191 $ 9,883 $ 2,819 State 2,474 1,664 758 Foreign 156 128 67 Total current 10,821 11,675 3,644 Deferred (benefit): Federal (975 ) (705 ) (316 ) State 21 (615 ) 6 Total deferred (954 ) (1,320 ) (310 ) Total taxes on income $ 9,867 $ 10,355 $ 3,334 Enacted on March 27, 2020, five 2018 2020. 2020 2019. 2018 35%, On December 22, 2017, 35 21 December 31, 2017. 118, December 31, 2017. 2018 2017 2018 Differences between the expected income tax expense derived from applying the federal statutory income tax rate to earnings from continuing operations before taxes on income and the actual tax expense are as follows: Year Ended December 31, 2020 2019 2018 Amount Percen- tage Amount Percen- tage Amount Percen- tage Federal income taxes at the statutory rate $ 10,113 21.0 % $ 9,901 21.0 % $ 4,505 21.0 % State tax expense, net of federal income tax benefit 1,895 3.9 577 1.2 486 2.3 Increase (decrease) in income taxes resulting from: Tax rate benefit from NOL carryback due to CARES Act (2,610 ) (5.4 ) - - - - Deferred income tax re-measurement due to Tax Act - - - - (373 ) (1.7 ) Other deferred income tax adjustment 174 0.3 (75 ) (0.2 ) 13 - Non-deductible compensation 1,162 2.4 511 1.1 - - Other nondeductible expenses 94 0.2 115 0.2 91 0.4 Foreign derived intangible income deduction - - (45 ) (0.1 ) (35 ) (0.2 ) Stock based compensation (666 ) (1.4 ) (136 ) (0.3 ) (1,207 ) (5.6 ) Foreign tax expense 156 0.3 128 0.3 67 0.3 Valuation allowance adjustment (254 ) (0.5 ) 135 0.3 60 0.3 Unrecognized tax benefit adjustment (14 ) - (61 ) (0.1 ) 332 1.6 Federal research and development (329 ) (0.7 ) (591 ) (1.3 ) (349 ) (1.6 ) Foreign tax credit (32 ) - (38 ) - (67 ) (0.3 ) Other 178 0.4 (66 ) (0.1 ) (189 ) (0.9 ) Total $ 9,867 20.5 % $ 10,355 22.0 % $ 3,334 15.6 % Temporary differences which give rise to deferred income tax assets (liabilities) are as follows: December 31, 2020 2019 Deferred income tax assets: Operating lease liability $ 11,073 $ 9,544 Loss on asset impairment for discontinued operations - 12,764 Warranty reserve 1,239 3,782 Inventory costs and reserves 2,066 2,661 Deferment of employer’s portion Social Security tax payment 979 - Contract assets 732 7,217 Stock-based compensation 853 1,195 Net operating loss carry-forwards, net of federal income tax benefit 1,664 449 Compensation related accruals 549 698 Credit carry-forwards net of federal income tax benefit 1,018 1,027 Other 445 816 Total deferred income tax assets $ 20,618 $ 40,153 Deferred income tax liabilities: Right of use assets $ (10,912 ) $ (9,444 ) Depreciation (2,832 ) (2,666 ) Intangible assets (879 ) (1,974 ) Prepaid expenses (154 ) (295 ) Total deferred income tax liabilities $ (14,777 ) $ (14,379 ) Net deferred income tax assets $ 5,841 $ 25,774 Valuation allowance (82 ) (254 ) Net deferred tax asset $ 5,759 $ 25,520 Based upon an assessment of the available positive and negative evidence at December 31, 2020, not December 31, 2020, December 31, 2019. December 31, 2020 2019, 2021. December 31, 2020 2019, 2021. December 31, 2020 none December 31, 2019. A reconciliation of the change in the unrecognized tax benefits (“UTB”) for the three December 31, 2020, 2019 2018 2020 2019 2018 Balance at January 1, $ 1,270 $ 827 $ 565 Increase (decrease) related to prior year tax positions (109 ) 103 35 Increase related to current year tax positions 101 578 319 Expiration of statute (28 ) (238 ) (92 ) Balance at December 31, $ 1,234 $ 1,270 $ 827 As of December 31, 2020, 2020, 2019, 2018, December 31, 2020, no 2015 may may not not twelve |
Note 10 - Transactions with Maj
Note 10 - Transactions with Major Customers | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Concentration Risk Disclosure [Text Block] | NOTE 10 Major customers are defined as those with sales greater than 10 10 Year Number of major customers Combined percentage of consolidated sales Segment 2020 1 29.3 % FVS 2019 2 37.9 % FVS 2018 4 51.7 % FVS and SV |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingent Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11 Under the terms of the Credit Agreement we have the ability to issue letters of credit totaling $20,000. We had outstanding letters of credit totaling $525 at December 31, 2020 December 31, 2019 At December 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. An estimate of possible penalty or loss, if any, cannot be made at this time. Changes in our warranty liability during the years ended December 31, 2020 2019 2020 2019 Balance of accrued warranty at January 1 $ 5,694 $ 4,407 Provisions for current period sales 3,587 4,383 Cash settlements (3,205 ) (3,489 ) Changes in liability for pre-existing warranties (443 ) 295 Acquisitions - 98 Balance of accrued warranty at December 31 $ 5,633 $ 5,694 Spartan-Gimaex Joint Venture In February 2015, June 2015, February 2017, 2019, April 2020, no 10 may may not EPA Information Request In May 2020, January 1, 2017 May 2020. third 2020. |
Note 12 - Defined Contribution
Note 12 - Defined Contribution Plans | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Compensation and Employee Benefit Plans [Text Block] | NOTE 12 We sponsor defined contribution retirement plans which cover all associates who meet length of service and minimum age requirements. Our matching contributions vest over five 2020, 2019 2018. |
Note 13 - Debt
Note 13 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 13 Short-term debt consists of the following: December 31, December 31, Chassis pool agreements $ 6,503 $ 8,162 Total short-term debt $ 6,503 $ 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 Although the Company is party to related finance agreements with manufacturers, the Company has not December 31, 2020 December 31, 2019, Other receivables – chassis pool agreements and Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: December 31, December 31, Line of credit revolver: $ 22,400 $ 87,400 Finance lease obligations 473 496 Other 766 951 Total debt 23,639 88,847 Less current portion of long-term debt (221 ) (177 ) Total long-term debt $ 23,418 $ 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 December 31, 2020, may August 8, 2023. may one 1.0%; one December 31, 2020. December 31, 2020 December 31, 2019, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $125,836 and $60,499 at December 31, 2020 December 31, 2019, December 31, 2020 December 31, 2019, In the year ended December 31, 2020 |
Note 14 - Stock Based Compensat
Note 14 - Stock Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 14 We have stock incentive plans covering certain employees and non-employee directors. Shares reserved for stock awards under these plans total 4,056,250. Total shares remaining available for stock incentive grants under these plans totaled 1,895,970 at December 31, 2020. 2016. Restricted Stock We issue restricted stock, at no may not three We receive an excess tax benefit or liability during the period the restricted shares vest. The excess tax benefit (liability) is determined by the excess (shortfall) of the market price of the stock on date of vesting over (under) the grant date market price used to amortize the awards to compensation expense. As required, any excess tax benefits or liabilities are reported in the Consolidated Statements of Cash Flows as operating cash flows. Restricted stock activity for the years ended December 31, 2020 2019, Total (000) Weighted Non-vested shares outstanding at December 31, 2018 977 $ 7.97 Granted 279 9.38 Vested (467 ) 7.50 Forfeited (78 ) 12.13 Non-vested shares outstanding at December 31, 2019 711 8.58 0.9 Granted 172 13.07 Vested (460 ) 8.42 Forfeited (53 ) 11.85 Non-vested shares outstanding at December 31, 2020 370 $ 10.02 1.0 The weighted-average grant date fair value of non-vested shares granted was $13.07, $9.38, and $9.96 for the years ended December 31, 2020, 2019 2018. 2020, 2019 2018, 2020, 2019 2018. December 31, 2020, 2019 2018, December 31, 2020, Performance Stock Units During the year ended December 31, 2020, three After completion of the performance period, the number of performance units earned will be issued as shares of common stock. The aggregate number of shares of common stock that ultimately may not A dividend equivalent is calculated based on the actual number of units earned at the end of the performance period equal to the dividends that would have been payable on the earned units had they been held during the entire performance period as common stock. At the end of the performance period, the dividend equivalents are paid in the form of cash at the discretion of the Human Resources and Compensation Committee. 74,319 of the performance units granted in 2020 three 2020 three may 2020 111,475 of the performance units granted in 2020 may The fair value of the TSR PSUs granted was calculated using the Monte Carlo simulation model which resulted in the grant date fair value for these TSR PSUs of $18.08 per unit in 2020 2019. The Monte Carlo simulation was computed using the following assumptions: Granted in 2020 Granted in 2019 Three-year risk-free interest rate (1) 0.27 % 2.37 % Expected term (in years) 2.7 2.7 Estimated volatility (2) 58.2 % 53.7 % ( 1 Based on the U.S. government bond benchmark on the grant date. ( 2 Represents the historical price volatility of the Company’s common stock for the three The total PSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2020 December 31, 2019 December 31, 2018. The PSU activity for the years ended December 31, 2020 2019, Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 218 11.82 Non-vested as of December 31, 2019 218 11.82 Granted 214 15.28 Forfeited (22 ) 11.82 Non-vested as of December 31, 2020 410 $ 13.63 As of December 31, 2020, Restricted Stock Units During the year ended December 31, 2020, three one The RSU expense and associated tax benefit for all outstanding awards for the year ended December 31, 2020 December 31, 2019 December 31, 2018. As of December 31, 2020, The RSU activity for the years ended December 31, 2020 2019, Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 182 8.98 Non-vested as of December 31, 2019 182 8.98 Granted 194 13.45 Forfeited (6 ) 16.17 Vested (158 ) 9.56 Non-vested as of December 31, 2020 212 $ 12.43 Employee Stock Purchase Plan We instituted an employee stock purchase plan (“ESPP”) beginning on October 1, 2011 December 31, 2020, 2019 2018, |
Note 15 - Shareholders Equity
Note 15 - Shareholders Equity | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | NOTE 15 On April 28, 2016, The following table represents our purchases of our common stock during the years ended December 31, 2020 2019 Year Ended December, 31 Shares purchased (000) Purchase value Remaining shares allowable to be purchased 2020 300 $ 7,503 509 2019 101 793 809 Effective as of November 6, 2020, On November 6, 2020, |
Note 16 - Earnings Per Share
Note 16 - Earnings Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 16 The table below reconciles basic weighted average common shares outstanding to diluted weighted average shares outstanding for 2020, 2019 2018 Year Ended December 31, 2020 2019 2018 Basic weighted average common shares outstanding 35,479 35,318 35,187 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 560 98 - Diluted weighted average common shares outstanding 36,039 35,416 35,187 |
Note 17 - Business Segments
Note 17 - Business Segments | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 17 We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), which is a non-GAAP financial measure. This non-GAAP measure is calculated by excluding items that we believe to be infrequent or not fourth 2019, not Our FVS segment consists of our operations at our Bristol, Indiana; Ephrata, Pennsylvania; North Charleston, South Carolina; Charlotte, Michigan and Montebello, California locations along with our operations at our upfit centers in Kansas City, Missouri; North Charleston, South Carolina; Pompano Beach and West Palm Beach, Florida; and Saltillo, Mexico. The segment focuses on designing and manufacturing walk-in vans for parcel delivery, mobile retail, and trades and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories. Our SV segment consists of our Charlotte, Michigan operations that engineer and manufacture motor home chassis and other specialty chassis, and distribute related aftermarket parts and assemblies. In addition, beginning in September 2019 October 2020 The accounting policies of the segments are the same as those described, or referred to, in "Note 1 Nature of Operations and Basis of Presentation not not Sales to customers outside the United States were $9,461, $21,361, and $21,204 for the years ended December 31, 2020, 2019 2018, Sales and other financial information by business segment are as follows: Year Ended December 31, 2020 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 455,551 $ - $ - $ 455,551 Motor home chassis sales - 107,849 - 107,849 Other specialty vehicles sales - 67,581 - 67,581 Aftermarket parts and accessories sales 34,956 10,036 - 44,992 Total sales $ 490,507 $ 185,466 $ - $ 675,973 Depreciation and amortization expense $ 3,446 $ 5,895 $ 4,562 $ 13,903 Adjusted EBITDA 85,210 18,982 (27,846 ) 76,346 Segment assets 138,120 170,630 50,299 359,049 Capital expenditures 10,390 3,296 2,260 15,946 Year Ended December 31, 201 9 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 504,023 $ 5,278 $ (5,278 ) $ 504,023 Motor home chassis sales - 127,130 - 127,130 Other specialty vehicles sales - 43,067 - 43,067 Aftermarket parts and accessories sales 71,871 10,451 - 82,322 Total sales $ 575,894 $ 185,926 $ (5,278 ) $ 756,542 Depreciation and amortization expense $ 2,466 $ 2,104 $ 1,503 $ 6,073 Adjusted EBITDA 60,663 20,716 (17,334 ) 64,045 Segment assets 154,138 137,777 67,897 359,812 Capital expenditures 2,851 2,220 2,525 7,596 Year Ended December 31, 2018 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 297,627 $ 10,221 $ (10,221 ) $ 297,627 Motor home chassis sales - 149,533 - 149,533 Other specialty vehicles sales - 22,570 - 22,570 Aftermarket parts and accessories sales 89,922 10,875 - 100,797 Total sales $ 387,549 $ 193,199 $ (10,221 ) $ 570,527 Depreciation and amortization expense $ 2,401 $ 1,495 $ 2,318 $ 6,214 Adjusted EBITDA 26,680 18,620 (9,915 ) 35,385 Segment assets 117,508 17,335 82,264 217,107 Capital expenditures 1,859 116 2,678 4,653 The table below presents the reconciliation of our consolidated income from continuing operations to Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Income from continuing operations $ 38,289 $ 36,790 $ 18,116 Net (income) loss attributable to non-controlling interest (347 ) (140 ) - Interest expense 1,293 1,839 1,080 Income tax 9,867 10,355 3,334 Depreciation and amortization expense 13,903 6,073 6,214 Restructuring and other related charges 1,873 316 662 Acquisition related expenses and adjustments 1,332 3,531 1,952 Non-cash stock-based compensation expense 7,706 5,281 4,027 Loss from write-off of construction in process 2,430 - - Adjusted EBITDA $ 76,346 $ 64,045 $ 35,385 |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 18 Angela Freeman, who has served on The Shyft Group, Inc.'s Board of Directors since August 5, 2019, December 2018. December 31, 2020 August 5, 2019 December 31, 2019, |
Note 19 - Quarterly Financial D
Note 19 - Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | NOTE 19 Summarized quarterly financial data for the years ended December 31, 2020 2019 2 Discontinued Operations February 1, 2020, may not 2020 Quarter Ended 2019 Quarter Ended Mar 31 June 30 Sept 30 (1) Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 176,948 $ 123,970 $ 203,473 $ 171,582 $ 172,206 $ 179,673 $ 224,703 $ 179,960 Gross profit 36,301 24,005 50,750 35,221 20,720 20,859 38,029 37,419 Operating expenses 22,941 25,740 24,349 24,399 14,767 14,608 20,915 19,123 Income (loss) from continuing operations 11,742 (1,134 ) 19,375 8,306 4,835 4,544 13,126 14,285 Loss from discontinued operations, net of income taxes (3,864 ) (157 ) (598 ) (504 ) (3,298 ) (1,255 ) (2,711 ) (41,952 ) Net income (loss) attributable to The Shyft Group, Inc. 7,811 (1,361 ) 18,736 7,633 1,397 3,504 10,354 (27,821 ) Basic earnings (loss) per share Continuing operations 0.33 (0.03 ) 0.55 0.22 0.13 0.14 0.37 0.40 Discontinued operations (0.11 ) (0.01 ) (0.02 ) (0.01 ) (0.09 ) (0.04 ) (0.08 ) (1.19 ) Basic earnings per share 0.22 (0.04 ) 0.53 0.21 0.04 0.10 0.29 (0.79 ) Diluted earnings (loss) per share Continuing operations 0.33 (0.03 ) 0.54 0.22 0.13 0.14 0.37 0.40 Discontinued operations (0.11 ) (0.01 ) (0.02 ) (0.01 ) (0.09 ) (0.04 ) (0.08 ) (1.18 ) Diluted earnings per share 0.22 (0.04 ) 0.52 0.21 0.04 0.10 0.29 (0.78 ) ( 1 1 Nature of Operations and Basis of Presentation |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II Column A Column B Column C Column D Column E Additions Year ended December 31, 2020: Allowance for doubtful accounts $ 228 $ 69 $ - $ (181 ) $ 118 Year ended December 31, 2019: Allowance for doubtful accounts $ 99 $ 415 $ - $ (286 ) $ 228 Year ended December 31, 2018: Allowance for doubtful accounts $ 98 $ 32 $ - $ (31 ) $ 99 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Consolidation, Policy [Policy Text Block] | Principles of Consolidation The consolidated financial statements include our accounts and the accounts of our wholly owned subsidiary, The Shyft Group USA, Inc. and its subsidiaries. All inter-company transactions have been eliminated. |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Non-Controlling Interest. December 31, 2020, not December 31, 2020, |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates may |
Revenue from Contract with Customer [Policy Text Block] | Revenue Recognition may not may one not not one We have elected to utilize the practical expedient to recognize the incremental costs of obtaining a contract as an expense when incurred because the amortization period for the prepaid costs that would have otherwise been deferred and amortized is one not 11 – Commitments and Contingent Liabilities not Revenue for parts sales for all segments is recognized at the time that control and risk of ownership has passed to the customer, which is generally when the ordered part is shipped to the customer. Historical return rates on parts sales have been immaterial. Accordingly, no For certain of our vehicles and chassis, we sell separately priced service contracts that provide roadside assistance or extend certain warranty coverage beyond our base warranty agreements. These separately priced contracts range from one six Distinct revenue recognition policies for our segments are as follows: Fleet Vehicles and Services ("FVS") Our walk-in vans and truck bodies are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligation for these walk-in vans and truck bodies is satisfied as the vehicles are built. Accordingly, the revenue and corresponding cost of products sold associated with these contracts are recognized over time based on the inputs completed for a given performance obligation during the reporting period. Certain contracts will specify that a walk-in van or truck body is to be built on a chassis that we purchase and subsequently sell to the customer. The revenue on these contracts is recognized at the time that the performance obligation is satisfied, and control and risk of ownership has passed to the customer, which is generally upon shipment of the vehicle from our manufacturing facility to the customer or receipt of the vehicle by the customer, depending on contract terms. We have elected to treat shipping and handling costs subsequent to transfer of control as fulfillment activities and, accordingly, recognize these costs as the revenue is recognized. Revenue for upfit and field service contracts is recognized over time, as equipment is installed in the customer’s vehicle or as repairs and enhancements are made to the customer’s vehicles. Revenue and the corresponding cost of products sold is estimated based on the inputs completed for a given performance obligation. Our performance obligation for upfit and field service contracts is satisfied when the equipment installation or repairs and enhancements of the customer’s vehicle have been completed. Our receivables are generally collected in less than three Specialty Vehicles ("SV") We recognize revenue and the corresponding cost of products sold on the sale of motorhome chassis when the performance obligation is completed and control and risk of ownership of the chassis has passed to our customer, which is generally upon shipment of the chassis or vehicle to the customer. Revenue and the corresponding cost of products sold associated with other specialty chassis is recognized over time based on the inputs completed for a given performance obligation during the reporting period. Other specialty chassis are generally built on a chassis that is owned and controlled by the customer. Due to the customer ownership of the chassis, the performance obligations for other specialty chassis contracts are satisfied as the products are assembled. Our receivables will generally be collected in less than three |
Business Combinations Policy [Policy Text Block] | Business Combinations may may not one Accounting for such acquisitions requires us to make significant assumptions and estimates and, although we believe any estimates and assumptions we make are reasonable and appropriate at the time they are made, unanticipated events and circumstances may may one Costs incurred to effect an acquisition, such as legal, accounting, valuation or other third |
Shipping and Handling of Products [Policy Text Block] | Shipping and Handling of Products |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents three |
Accounts Receivable [Policy Text Block] | Accounts Receivable not 30 60 |
Inventory, Policy [Policy Text Block] | Inventories first first may |
Contract Assets, Policy [Policy Text Block] | Contract Assets |
Property, Plant and Equipment, Policy [Policy Text Block] | Property, Plant and Equipment three three seven three five may not 7 – Property, Plant and Equipment |
Discontinued Operations, Policy [Policy Text Block] | Assets and Liabilities Held for Sale one one We initially measure a disposal group that is classified as held for sale at the lower of its carrying value or fair value less costs to sell. Any loss resulting from this measurement is recognized in the period in which the held for sale criteria are met. Conversely, gains are not not Upon determining that a disposal group meets the criteria to be classified as held for sale, the Company reports the assets and liabilities of the disposal group, if material, in the line items assets held for sale and liabilities held for sale in the Consolidated Balance Sheets. Depreciation is not Additionally, we report the reporting results for a disposal group in discontinued operations separately from continuing operations to distinguish the financial impact of disposal transactions from ongoing operations if the disposal represents a strategic shift that has or will have a major effect on our operations and financial results. |
Related Party Transactions Policy [Policy Text Block] | Related Party Transactions. one 18 – Related Party Transactions |
Goodwill and Intangible Assets, Policy [Policy Text Block] | Goodwill and Other Intangible Assets not may not Other intangible assets with finite lives are amortized over their estimated useful lives and are tested for impairment whenever events or changes in circumstances indicate that their carrying amounts may not We perform our annual goodwill and indefinite lived intangible assets impairment test as of October 1 first not not not If we elect to bypass the qualitative assessment for a reporting unit, or if after completing the assessment we determine that it is more likely than not not We evaluate the recoverability of our indefinite lived intangible assets, which consists of our Utilimaster and Royal Truck Body trade names, by comparing the estimated fair value of the trade names with their carrying values. We estimate the fair value of our trade names based on estimates of future royalty payments that are avoided through our ownership of the trade name, discounted to their present value. In determining the estimated fair value of the trade names, we consider current and projected future levels of sales based on our plans for Utilimaster and Royal Truck Body branded products, business trends, prospects and market and economic conditions. Significant judgments inherent in these assessments and analyses include assumptions about macroeconomic and industry conditions, appropriate sales growth rates, WACC and the amount of expected future net cash flows. The judgments and assumptions used in the estimate of fair value are generally consistent with the projections and assumptions that are used in current operating plans. Such assumptions are subject to change because of changing economic and competitive conditions. The determination of fair value is highly sensitive to differences between estimated and actual cash flows and changes in the related discount rate used to evaluate the fair value of the reporting units and trade names. See “Note 2 – Discontinued Operations 6 – Goodwill and Intangible Assets |
Standard Product Warranty, Policy [Policy Text Block] | Warranties 11 – Commitments and Contingent Liabilities |
Deposits from Customers [Policy Text Block] | Deposits from Customers |
Research and Development Expense, Policy [Policy Text Block] | Research and Development |
Income Tax, Policy [Policy Text Block] | Taxes on Income not We establish valuation allowances for deferred income tax assets in accordance with GAAP, which provides that such valuation allowances shall be established unless realization of the income tax benefits is more likely than not. We recognize the tax benefit from an uncertain tax position only if it is more likely than not no not Interest and penalties attributable to income taxes are recorded as a component of income taxes. See "Note 9 – Taxes on Income |
Earnings Per Share, Policy [Policy Text Block] | Earnings Per Share 14 – Stock-Based Compensation 16 – Earnings Per Share |
Share-based Payment Arrangement [Policy Text Block] | Stock - B ased Compensation 14 – Stock Based Compensation |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value December 31, 2020 2019 |
Segment Reporting, Policy [Policy Text Block] | Segment Reporting. two 17 – Business Segments |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information. 2020, 2019, 2018. 2020, 2019 2018. 2020 2018 2019, 3 – Acquisition Activities 13 Debt Except for the changes below, we have consistently applied the accounting policies to all periods presented in these consolidated financial statements. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adoption of Current Expected Credit Losses Accounting Policy. January 1, 2020, 2016 13 2016 13 not not Adoption of Lease Accounting Policy. 2016 02 842” January 1, 2019. not not January 1, 2019 not We determine if an arrangement is a lease at inception. Operating leases are included in ROU assets - operating leases, Operating lease liability, and Long-term operating lease liability on our Consolidated Balance Sheets. Finance leases are included in Other assets, Other current liabilities and accrued expenses and Other non-current liabilities on our Consolidated Balance Sheets. ROU assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of our leases do not We do not 12 We have lease agreements with lease and non-lease components, which are accounted for separately for leases related to real property. For leases related to personal property we account for lease and non-lease components associated with a lease as a single lease component. Accounting Standards Not In December 2019, No. 2019 12, 740 2019 12" 2019 12 740 740 December 15, 2020 2019 12 not |
Immaterial Revision of Previously Issued Condensed Consolidated Financial Statement [Policy Text Block] | Immaterial Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth 2020, September 30, 2020 September 30, 2020, not The table below presents the impact of the revisions on the Company’s condensed consolidated financial statements: Condensed Consolidated Balance Sheet (in 000’s) (Unaudited) September 30, 2020 As Previously Reported Adjustment As Revised Cash and cash equivalents $ 43,055 $ 346 $ 43,401 Accounts receivable, less allowance of $198 99,461 (6,672 ) 92,789 Total current assets 217,490 (6,326 ) 211,164 Total Assets 395,119 (6,326 ) 388,793 Accounts payable 63,433 (5,998 ) 57,435 Total current liabilities 111,033 (5,998 ) 105,035 Total liabilities 195,454 (5,998 ) 189,456 Retained earnings 109,288 (328 ) 108,960 Total Liabilities and Shareholders’ Equity 395,119 (6,326 ) 388,793 Condensed Consolidated Statement of Operations (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Loss from discontinued operations, net of income taxes $ (4,619 ) $ (328 ) $ (4,947 ) Net income 25,364 (328 ) 25,036 Net income attributable to The Shyft Group, Inc. 25,186 (328 ) 24,858 Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Net income $ 25,364 $ (328 ) $ 25,036 Changes in accounts receivable and contract assets (40,027 ) 6,672 (33,355 ) Changes in accounts payable (1,265 ) (5,998 ) (7,263 ) Total adjustments (4,717 ) 346 (4,371 ) Net cash provided by operating activities 20,647 346 20,993 As a result of the immaterial revisions above, Specialty Vehicle total segment assets were originally reported as $155,429 resulting in an overstatement of ($6,326) in "Note 11 Business Segments September 30, 2020. |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Condensed Consolidated Balance Sheet (in 000’s) (Unaudited) September 30, 2020 As Previously Reported Adjustment As Revised Cash and cash equivalents $ 43,055 $ 346 $ 43,401 Accounts receivable, less allowance of $198 99,461 (6,672 ) 92,789 Total current assets 217,490 (6,326 ) 211,164 Total Assets 395,119 (6,326 ) 388,793 Accounts payable 63,433 (5,998 ) 57,435 Total current liabilities 111,033 (5,998 ) 105,035 Total liabilities 195,454 (5,998 ) 189,456 Retained earnings 109,288 (328 ) 108,960 Total Liabilities and Shareholders’ Equity 395,119 (6,326 ) 388,793 Condensed Consolidated Statement of Operations (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Loss from discontinued operations, net of income taxes $ (4,619 ) $ (328 ) $ (4,947 ) Net income 25,364 (328 ) 25,036 Net income attributable to The Shyft Group, Inc. 25,186 (328 ) 24,858 Condensed Consolidated Statement of Cash Flows (in 000’s) (Unaudited) Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Net income $ 25,364 $ (328 ) $ 25,036 Changes in accounts receivable and contract assets (40,027 ) 6,672 (33,355 ) Changes in accounts payable (1,265 ) (5,998 ) (7,263 ) Total adjustments (4,717 ) 346 (4,371 ) Net cash provided by operating activities 20,647 346 20,993 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2020 2019 2018 Sales $ 19,167 $ 261,860 $ 245,637 Cost of products sold 18,678 245,785 220,526 Gross profit 489 16,075 25,111 Operating expenses 4,484 28,864 31,516 Operating loss (3,995 ) (12,789 ) (6,405 ) Loss on asset impairments - 53,131 - Other income (expense) (3,383 ) 1,021 2,228 Loss from discontinued operations before taxes (7,378 ) (64,899 ) (4,177 ) Income tax benefit 2,255 15,683 1,073 Net loss from discontinued operations $ (5,123 ) $ (49,216 ) $ (3,104 ) 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 ) Current assets held for sale $ 90,725 December 31, 2019 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 Current liabilities held for sale $ 49,601 Year Ended December 31, 2020 2019 2018 Depreciation and amortization $ 284 $ 5,106 $ 4,156 Capital expenditures $ 84 $ 2,431 $ 4,332 |
Note 3 - Acquisition Activiti_2
Note 3 - Acquisition Activities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 2,230 Inventories 3,659 Other current assets 15 Property, plant and equipment, net 2,949 Right of use assets-operating leases 8,469 Intangible assets 5,590 Goodwill 6,001 Total assets acquired 28,913 Accounts payable (1,662 ) Accrued compensation and related taxes (434 ) Current operating lease liabilities (644 ) Other current liabilities and accrued expenses (141 ) Long-term operating lease liability (7,825 ) Long-term debt (4 ) Total liabilities assumed (10,710 ) Total purchase price $ 18,203 Cash and cash equivalents $ 431 Accounts receivable, less allowance 5,019 Contract assets 1,499 Inventories, net 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 47,150 Goodwill 27,324 Total assets acquired 116,047 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 $ 89,217 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Useful Life (in years) Customer relationships $ 2,200 15 years Trade names and trademarks 2,420 Indefinite Unpatented technology 540 9 years Non-competition agreements 430 6 years $ 5,590 Amount Useful Life (in years) Customer relationships $ 30,000 15 Trade names and trademarks 13,000 Indefinite Patented technology 2,200 8 Non-competition agreements 1,950 5 $ 47,150 |
Note 4 - Revenue (Tables)
Note 4 - Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2020 December 31, 2019 Contract Assets Contract assets, beginning of year $ 10,898 $ 9,229 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (10,898 ) (9,229 ) Contract assets recognized, net of reclassification to receivables 9,414 10,898 Contract assets, end of year 9,414 10,898 Contract Liabilities Contract liabilities, beginning of year 2,640 871 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (2,640 ) (871 ) Cash received in advance and not recognized as revenue 756 2,640 Contract liabilities, end of year 756 2,640 |
Disaggregation of Revenue [Table Text Block] | Year Ended December 31, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 481,452 $ 185,060 $ 666,512 $ - $ 666,512 Other 9,055 406 9,461 - 9,461 Total sales $ 490,507 $ 185,466 $ 675,973 $ - $ 675,973 Timing of revenue recognition Products transferred at a point in time $ 54,972 $ 117,247 $ 172,219 $ - $ 172,219 Products and services transferred over time 435,535 68,219 503,754 - 503,754 Total sales $ 490,507 $ 185,466 $ 675,973 $ - $ 675,973 Year Ended December 31, 2019 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 554,691 $ 185,768 $ 740,459 $ (5,278 ) $ 735,181 Other 21,203 158 21,361 - 21,361 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Timing of revenue recognition Products transferred at a point in time $ 164,437 $ 137,894 $ 302,331 $ (5,278 ) $ 297,053 Products and services transferred over time 411,457 48,032 459,489 - 459,489 Total sales $ 575,894 $ 185,926 $ 761,820 $ (5,278 ) $ 756,542 Year Ended December 31, 2018 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 367,730 $ 191,814 $ 559,544 $ (10,221 ) $ 549,323 Other 19,819 1,385 21,204 - 21,204 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 Timing of revenue recognition Products transferred at a point in time $ 113,576 $ 160,408 $ 273,984 $ (10,221 ) $ 263,763 Products and services transferred over time 273,973 32,791 306,764 - 306,764 Total sales $ 387,549 $ 193,199 $ 580,748 $ (10,221 ) $ 570,527 |
Note 5 - Inventories (Tables)
Note 5 - Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2020 2019 Finished goods $ 4,200 $ 4,764 Work in process 1,908 1,773 Raw materials and purchased components 46,576 57,679 Reserve (6,256 ) (4,760 ) Total Inventories, net $ 46,428 $ 59,456 |
Note 6 - Goodwill and Intangi_2
Note 6 - Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Goodwill [Table Text Block] | FVS SV Total December 31, December 31, December 31, 2020 2019 2020 2019 2020 2019 Goodwill, beginning of year $ 15,518 $ 21,729 $ 28,114 $ 638 $ 43,632 $ 22,367 Acquisition and measurement period adjustments - (6,211 ) 5,849 27,476 5,849 21,265 Goodwill, end of year $ 15,518 $ 15,518 $ 33,963 $ 28,114 $ 49,481 $ 43,632 |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | As of December 31, 2020 As of December 31, 2019 Gross carrying amount Accumulated amortization Net Gross carrying amount Accumulated amortization Net Customer relationships $ 39,770 $ 7,390 $ 32,380 $ 37,570 $ 4,943 $ 32,627 Unpatented technology 540 15 525 - - - Patented technology 2,200 344 1,856 2,200 69 2,131 Non-compete agreements 3,380 1,145 2,235 2,950 617 2,333 Trade Names 19,390 - 19,390 16,970 - 16,970 $ 65,280 $ 8,894 $ 56,386 $ 59,690 $ 5,629 $ 54,061 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Amount 2021 $ 3,406 2022 3,903 2023 3,810 2024 3,477 2025 3,070 Thereafter 19,330 Total $ 36,996 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | December 31, 2020 2019 Land and improvements $ 8,721 $ 8,692 Buildings and improvements 40,077 38,653 Plant machinery and equipment 41,054 33,348 Furniture and fixtures 16,259 21,416 Vehicles 2,404 1,872 Construction in process 8,724 3,527 Subtotal 117,239 107,508 Less accumulated depreciation (71,505 ) (67,434 ) Total property, plant and equipment, net $ 45,734 $ 40,074 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Year ended December 31, 2020 Year ended December 31, 2019 Operating leases $ 6,699 $ 3,928 Short-term leases (1) 214 218 Total lease expense $ 6,913 $ 4,146 Year ended December 31, 2020 Year ended December 31, 2019 Weighted average remaining lease term of operating leases (in years) 9.4 8.4 Weighted average discount rate of operating leases 3.1 % 3.8 % Year ended December 31, 2020 Year ended December 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: $ 6,338 $ 4,544 Operating cash flow for operating leases Right of use assets obtained in exchange for lease obligations: Operating leases $ 16,829 $ 10,493 Finance leases $ 141 $ - |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Years ending December 31: 2021 $ 7,616 2022 6,748 2023 6,559 2024 6,404 2025 5,724 Thereafter 17,997 Total lease payments 51,048 Less: imputed interest (6,878 ) Total lease liabilities $ 44,170 |
Note 9 - Taxes on Income (Table
Note 9 - Taxes on Income (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income Tax Expense (Benefit), Including Discontinued Operations [Table Text Block] | Year Ended December 31, 2020 2019 2018 Taxes on income from continuing operations $ 9,867 $ 10,355 $ 3,334 Income tax benefits from discontinued operations (2,255 ) (15,683 ) (1,073 ) Total taxes on income $ 7,612 $ (5,328 ) $ 2,261 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current (benefit): Federal $ 8,191 $ 9,883 $ 2,819 State 2,474 1,664 758 Foreign 156 128 67 Total current 10,821 11,675 3,644 Deferred (benefit): Federal (975 ) (705 ) (316 ) State 21 (615 ) 6 Total deferred (954 ) (1,320 ) (310 ) Total taxes on income $ 9,867 $ 10,355 $ 3,334 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 Amount Percen- tage Amount Percen- tage Amount Percen- tage Federal income taxes at the statutory rate $ 10,113 21.0 % $ 9,901 21.0 % $ 4,505 21.0 % State tax expense, net of federal income tax benefit 1,895 3.9 577 1.2 486 2.3 Increase (decrease) in income taxes resulting from: Tax rate benefit from NOL carryback due to CARES Act (2,610 ) (5.4 ) - - - - Deferred income tax re-measurement due to Tax Act - - - - (373 ) (1.7 ) Other deferred income tax adjustment 174 0.3 (75 ) (0.2 ) 13 - Non-deductible compensation 1,162 2.4 511 1.1 - - Other nondeductible expenses 94 0.2 115 0.2 91 0.4 Foreign derived intangible income deduction - - (45 ) (0.1 ) (35 ) (0.2 ) Stock based compensation (666 ) (1.4 ) (136 ) (0.3 ) (1,207 ) (5.6 ) Foreign tax expense 156 0.3 128 0.3 67 0.3 Valuation allowance adjustment (254 ) (0.5 ) 135 0.3 60 0.3 Unrecognized tax benefit adjustment (14 ) - (61 ) (0.1 ) 332 1.6 Federal research and development (329 ) (0.7 ) (591 ) (1.3 ) (349 ) (1.6 ) Foreign tax credit (32 ) - (38 ) - (67 ) (0.3 ) Other 178 0.4 (66 ) (0.1 ) (189 ) (0.9 ) Total $ 9,867 20.5 % $ 10,355 22.0 % $ 3,334 15.6 % |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2020 2019 Deferred income tax assets: Operating lease liability $ 11,073 $ 9,544 Loss on asset impairment for discontinued operations - 12,764 Warranty reserve 1,239 3,782 Inventory costs and reserves 2,066 2,661 Deferment of employer’s portion Social Security tax payment 979 - Contract assets 732 7,217 Stock-based compensation 853 1,195 Net operating loss carry-forwards, net of federal income tax benefit 1,664 449 Compensation related accruals 549 698 Credit carry-forwards net of federal income tax benefit 1,018 1,027 Other 445 816 Total deferred income tax assets $ 20,618 $ 40,153 Deferred income tax liabilities: Right of use assets $ (10,912 ) $ (9,444 ) Depreciation (2,832 ) (2,666 ) Intangible assets (879 ) (1,974 ) Prepaid expenses (154 ) (295 ) Total deferred income tax liabilities $ (14,777 ) $ (14,379 ) Net deferred income tax assets $ 5,841 $ 25,774 Valuation allowance (82 ) (254 ) Net deferred tax asset $ 5,759 $ 25,520 |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | 2020 2019 2018 Balance at January 1, $ 1,270 $ 827 $ 565 Increase (decrease) related to prior year tax positions (109 ) 103 35 Increase related to current year tax positions 101 578 319 Expiration of statute (28 ) (238 ) (92 ) Balance at December 31, $ 1,234 $ 1,270 $ 827 |
Note 10 - Transactions with M_2
Note 10 - Transactions with Major Customers (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedules of Concentration of Risk, by Risk Factor [Table Text Block] | Year Number of major customers Combined percentage of consolidated sales Segment 2020 1 29.3 % FVS 2019 2 37.9 % FVS 2018 4 51.7 % FVS and SV |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingent Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | 2020 2019 Balance of accrued warranty at January 1 $ 5,694 $ 4,407 Provisions for current period sales 3,587 4,383 Cash settlements (3,205 ) (3,489 ) Changes in liability for pre-existing warranties (443 ) 295 Acquisitions - 98 Balance of accrued warranty at December 31 $ 5,633 $ 5,694 |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | December 31, December 31, Chassis pool agreements $ 6,503 $ 8,162 Total short-term debt $ 6,503 $ 8,162 |
Schedule of Long-term Debt Instruments [Table Text Block] | December 31, December 31, Line of credit revolver: $ 22,400 $ 87,400 Finance lease obligations 473 496 Other 766 951 Total debt 23,639 88,847 Less current portion of long-term debt (221 ) (177 ) Total long-term debt $ 23,418 $ 88,670 |
Note 14 - Stock Based Compens_2
Note 14 - Stock Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Total (000) Weighted Non-vested shares outstanding at December 31, 2018 977 $ 7.97 Granted 279 9.38 Vested (467 ) 7.50 Forfeited (78 ) 12.13 Non-vested shares outstanding at December 31, 2019 711 8.58 0.9 Granted 172 13.07 Vested (460 ) 8.42 Forfeited (53 ) 11.85 Non-vested shares outstanding at December 31, 2020 370 $ 10.02 1.0 |
Schedule of Share-based Payment Award, Valuation Assumptions [Table Text Block] | Granted in 2020 Granted in 2019 Three-year risk-free interest rate (1) 0.27 % 2.37 % Expected term (in years) 2.7 2.7 Estimated volatility (2) 58.2 % 53.7 % |
Share-based Payment Arrangement, Activity [Table Text Block] | Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 218 11.82 Non-vested as of December 31, 2019 218 11.82 Granted 214 15.28 Forfeited (22 ) 11.82 Non-vested as of December 31, 2020 410 $ 13.63 Total Number of Non-vested Shares (000) Weighted- Average Grant Date Fair Value per Unit Non-vested as of December 31, 2018 - $ - Granted 182 8.98 Non-vested as of December 31, 2019 182 8.98 Granted 194 13.45 Forfeited (6 ) 16.17 Vested (158 ) 9.56 Non-vested as of December 31, 2020 212 $ 12.43 |
Note 15 - Shareholders Equity (
Note 15 - Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Common Stock Repurchased and Retired [Table Text Block] | Year Ended December, 31 Shares purchased (000) Purchase value Remaining shares allowable to be purchased 2020 300 $ 7,503 509 2019 101 793 809 |
Note 16 - Earnings Per Share (T
Note 16 - Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Weighted Average Number of Shares [Table Text Block] | Year Ended December 31, 2020 2019 2018 Basic weighted average common shares outstanding 35,479 35,318 35,187 Plus dilutive effect of Restricted Stock Units and Performance Stock Units 560 98 - Diluted weighted average common shares outstanding 36,039 35,416 35,187 |
Note 17 - Business Segments (Ta
Note 17 - Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 455,551 $ - $ - $ 455,551 Motor home chassis sales - 107,849 - 107,849 Other specialty vehicles sales - 67,581 - 67,581 Aftermarket parts and accessories sales 34,956 10,036 - 44,992 Total sales $ 490,507 $ 185,466 $ - $ 675,973 Depreciation and amortization expense $ 3,446 $ 5,895 $ 4,562 $ 13,903 Adjusted EBITDA 85,210 18,982 (27,846 ) 76,346 Segment assets 138,120 170,630 50,299 359,049 Capital expenditures 10,390 3,296 2,260 15,946 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 504,023 $ 5,278 $ (5,278 ) $ 504,023 Motor home chassis sales - 127,130 - 127,130 Other specialty vehicles sales - 43,067 - 43,067 Aftermarket parts and accessories sales 71,871 10,451 - 82,322 Total sales $ 575,894 $ 185,926 $ (5,278 ) $ 756,542 Depreciation and amortization expense $ 2,466 $ 2,104 $ 1,503 $ 6,073 Adjusted EBITDA 60,663 20,716 (17,334 ) 64,045 Segment assets 154,138 137,777 67,897 359,812 Capital expenditures 2,851 2,220 2,525 7,596 Segment FVS SV Eliminations and Other Consolidated Fleet vehicles sales $ 297,627 $ 10,221 $ (10,221 ) $ 297,627 Motor home chassis sales - 149,533 - 149,533 Other specialty vehicles sales - 22,570 - 22,570 Aftermarket parts and accessories sales 89,922 10,875 - 100,797 Total sales $ 387,549 $ 193,199 $ (10,221 ) $ 570,527 Depreciation and amortization expense $ 2,401 $ 1,495 $ 2,318 $ 6,214 Adjusted EBITDA 26,680 18,620 (9,915 ) 35,385 Segment assets 117,508 17,335 82,264 217,107 Capital expenditures 1,859 116 2,678 4,653 |
Schedule of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Year Ended December 31, 2020 Year Ended December 31, 2019 Year Ended December 31, 2018 Income from continuing operations $ 38,289 $ 36,790 $ 18,116 Net (income) loss attributable to non-controlling interest (347 ) (140 ) - Interest expense 1,293 1,839 1,080 Income tax 9,867 10,355 3,334 Depreciation and amortization expense 13,903 6,073 6,214 Restructuring and other related charges 1,873 316 662 Acquisition related expenses and adjustments 1,332 3,531 1,952 Non-cash stock-based compensation expense 7,706 5,281 4,027 Loss from write-off of construction in process 2,430 - - Adjusted EBITDA $ 76,346 $ 64,045 $ 35,385 |
Note 19 - Quarterly Financial_2
Note 19 - Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | 2020 Quarter Ended 2019 Quarter Ended Mar 31 June 30 Sept 30 (1) Dec 31 Mar 31 June 30 Sept 30 Dec 31 Sales $ 176,948 $ 123,970 $ 203,473 $ 171,582 $ 172,206 $ 179,673 $ 224,703 $ 179,960 Gross profit 36,301 24,005 50,750 35,221 20,720 20,859 38,029 37,419 Operating expenses 22,941 25,740 24,349 24,399 14,767 14,608 20,915 19,123 Income (loss) from continuing operations 11,742 (1,134 ) 19,375 8,306 4,835 4,544 13,126 14,285 Loss from discontinued operations, net of income taxes (3,864 ) (157 ) (598 ) (504 ) (3,298 ) (1,255 ) (2,711 ) (41,952 ) Net income (loss) attributable to The Shyft Group, Inc. 7,811 (1,361 ) 18,736 7,633 1,397 3,504 10,354 (27,821 ) Basic earnings (loss) per share Continuing operations 0.33 (0.03 ) 0.55 0.22 0.13 0.14 0.37 0.40 Discontinued operations (0.11 ) (0.01 ) (0.02 ) (0.01 ) (0.09 ) (0.04 ) (0.08 ) (1.19 ) Basic earnings per share 0.22 (0.04 ) 0.53 0.21 0.04 0.10 0.29 (0.79 ) Diluted earnings (loss) per share Continuing operations 0.33 (0.03 ) 0.54 0.22 0.13 0.14 0.37 0.40 Discontinued operations (0.11 ) (0.01 ) (0.02 ) (0.01 ) (0.09 ) (0.04 ) (0.08 ) (1.18 ) Diluted earnings per share 0.22 (0.04 ) 0.52 0.21 0.04 0.10 0.29 (0.78 ) |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Valuation Allowances and Reserves [Table Text Block] | Column A Column B Column C Column D Column E Additions Year ended December 31, 2020: Allowance for doubtful accounts $ 228 $ 69 $ - $ (181 ) $ 118 Year ended December 31, 2019: Allowance for doubtful accounts $ 99 $ 415 $ - $ (286 ) $ 228 Year ended December 31, 2018: Allowance for doubtful accounts $ 98 $ 32 $ - $ (31 ) $ 99 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | Oct. 01, 2020USD ($) | Feb. 01, 2020USD ($) | Jan. 01, 2019USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Sep. 30, 2020USD ($) |
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,610 | $ (373) | ||||||
Deferred Employer Social Security Tax Payments, Installment to be Paid Next Fiscal Year | $ 1,969 | |||||||
Deferred Employer Social Security Tax Payments, Installment to be Paid, Year Two | $ 1,969 | |||||||
Number of Reportable Segments | 2 | |||||||
Interest Paid, Including Capitalized Interest, Operating and Investing Activities, Total | $ 1,757 | $ 1,844 | 630 | |||||
Income Taxes Paid, Net, Total | 608 | 4,942 | 5,054 | |||||
Capital Expenditures Incurred but Not yet Paid | 1,496 | |||||||
Stock Issued | 1,950 | |||||||
Operating Lease, Right-of-Use Asset | 43,430 | 32,147 | ||||||
Operating Lease, Liability, Total | 44,170 | |||||||
Finance Lease, Liability, Total | 473 | 496 | ||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 109,286 | 86,764 | $ 108,960 | |||||
Assets, Total | $ 359,049 | $ 450,537 | 388,793 | |||||
Previously Reported [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 109,288 | |||||||
Assets, Total | 395,119 | |||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (328) | |||||||
Assets, Total | (6,326) | |||||||
Specialty Vehicles [Member] | Previously Reported [Member] | ||||||||
Assets, Total | 155,429 | |||||||
Specialty Vehicles [Member] | Revision of Prior Period, Adjustment [Member] | ||||||||
Assets, Total | $ (6,326) | |||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | $ 13,582 | |||||||
Finance Lease, Right-of-Use Asset | 675 | |||||||
Operating Lease, Liability, Total | 13,716 | |||||||
Finance Lease, Liability, Total | 696 | |||||||
Accounting Standards Update 2016-02 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | ||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (113) | |||||||
Retained Earnings, Tax | $ 42 | |||||||
Strobes-R-Us Inc. [Member] | ||||||||
Accounts Receivable, Amount Forgiven | $ 1,832 | |||||||
Building and Building Improvements [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 20 years | |||||||
Machinery and Equipment [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Machinery and Equipment [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 15 years | |||||||
Furniture and Fixtures [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Furniture and Fixtures [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 7 years | |||||||
Vehicles [Member] | Minimum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 3 years | |||||||
Vehicles [Member] | Maximum [Member] | ||||||||
Property, Plant and Equipment, Useful Life (Year) | 5 years | |||||||
Spartan-Gimaex Joint Venture [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | |||||||
Strobes-R-Us Inc. [Member] | ||||||||
Noncontrolling Interest, Ownership Percentage by Parent | 80.00% | |||||||
Discontinued Operations, Disposed of by Sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | ||||||||
Proceeds from Divestiture of Businesses | $ 55,000 | |||||||
Payments for Divestiture of Businesses After Working Capital Adjustment | $ 7,500 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Basis of Presentation - Impact of Revisions (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Cash and cash equivalents | $ 20,995 | $ 43,401 | $ 19,349 | $ 43,401 | $ 20,995 | $ 19,349 | |||||||
Accounts receivable, less allowance of $198 | 64,695 | 92,789 | 58,874 | 92,789 | 64,695 | 58,874 | |||||||
Total current assets | 156,207 | 211,164 | 252,808 | 211,164 | 156,207 | 252,808 | |||||||
Assets, Total | 359,049 | 388,793 | 450,537 | 388,793 | 359,049 | 450,537 | |||||||
Accounts payable | 47,487 | 57,435 | 54,713 | 57,435 | 47,487 | 54,713 | |||||||
Total current liabilities | 93,363 | 105,035 | 157,957 | 105,035 | 93,363 | 157,957 | |||||||
Total liabilities | 158,890 | 189,456 | 278,790 | 189,456 | 158,890 | 278,790 | |||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 109,286 | 108,960 | 86,764 | 108,960 | 109,286 | 86,764 | |||||||
Total Liabilities and Shareholders’ Equity | 359,049 | 388,793 | 450,537 | 388,793 | 359,049 | 450,537 | |||||||
Loss from discontinued operations, net of income taxes | (504) | (598) | [1] | $ (157) | $ (3,864) | (41,952) | $ (2,711) | $ (1,255) | $ (3,298) | (5,123) | (49,216) | $ (3,104) | |
Net income | 33,166 | (12,426) | 15,012 | ||||||||||
Net income attributable to The Shyft Group, Inc. | $ 7,633 | 18,736 | [1] | $ (1,361) | $ 7,811 | $ (27,821) | $ 10,354 | $ 3,504 | $ 1,397 | 32,819 | (12,566) | 15,012 | |
Changes in accounts receivable and contract assets | (6,037) | 12,700 | (27,957) | ||||||||||
Changes in accounts payable | (10,674) | (20,404) | 35,297 | ||||||||||
Total adjustments | 31,166 | 46,607 | (6,986) | ||||||||||
Net cash provided by operating activities | $ 64,332 | $ 34,181 | $ 8,026 | ||||||||||
Previously Reported [Member] | |||||||||||||
Cash and cash equivalents | 43,055 | 43,055 | |||||||||||
Accounts receivable, less allowance of $198 | 99,461 | 99,461 | |||||||||||
Total current assets | 217,490 | 217,490 | |||||||||||
Assets, Total | 395,119 | 395,119 | |||||||||||
Accounts payable | 63,433 | 63,433 | |||||||||||
Total current liabilities | 111,033 | 111,033 | |||||||||||
Total liabilities | 195,454 | 195,454 | |||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | 109,288 | 109,288 | |||||||||||
Total Liabilities and Shareholders’ Equity | 395,119 | 395,119 | |||||||||||
Loss from discontinued operations, net of income taxes | (4,619) | ||||||||||||
Net income | 25,364 | ||||||||||||
Net income attributable to The Shyft Group, Inc. | 25,186 | ||||||||||||
Changes in accounts receivable and contract assets | (40,027) | ||||||||||||
Changes in accounts payable | (1,265) | ||||||||||||
Total adjustments | (4,717) | ||||||||||||
Net cash provided by operating activities | 20,647 | ||||||||||||
Revision of Prior Period, Adjustment [Member] | |||||||||||||
Cash and cash equivalents | 346 | 346 | |||||||||||
Accounts receivable, less allowance of $198 | (6,672) | (6,672) | |||||||||||
Total current assets | (6,326) | (6,326) | |||||||||||
Assets, Total | (6,326) | (6,326) | |||||||||||
Accounts payable | (5,998) | (5,998) | |||||||||||
Total current liabilities | (5,998) | (5,998) | |||||||||||
Total liabilities | (5,998) | (5,998) | |||||||||||
Retained Earnings (Accumulated Deficit), Ending Balance | (328) | (328) | |||||||||||
Total Liabilities and Shareholders’ Equity | $ (6,326) | (6,326) | |||||||||||
Loss from discontinued operations, net of income taxes | (328) | ||||||||||||
Net income | (328) | ||||||||||||
Net income attributable to The Shyft Group, Inc. | (328) | ||||||||||||
Changes in accounts receivable and contract assets | 6,672 | ||||||||||||
Changes in accounts payable | (5,998) | ||||||||||||
Total adjustments | 346 | ||||||||||||
Net cash provided by operating activities | 346 | ||||||||||||
As Revised [Member] | |||||||||||||
Loss from discontinued operations, net of income taxes | (4,947) | ||||||||||||
Net income | 25,036 | ||||||||||||
Net income attributable to The Shyft Group, Inc. | 24,858 | ||||||||||||
Changes in accounts receivable and contract assets | (33,355) | ||||||||||||
Changes in accounts payable | (7,263) | ||||||||||||
Total adjustments | (4,371) | ||||||||||||
Net cash provided by operating activities | $ 20,993 | ||||||||||||
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Note 1 - Nature of Operations_5
Note 1 - Nature of Operations and Basis of Presentation - Impact of Revisions (Details) (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 |
Accounts receivable, allowance | $ 116 | $ 198 | $ 228 |
Previously Reported [Member] | |||
Accounts receivable, allowance | $ 198 |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2020 | Feb. 01, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Asset Impairment, Total | $ 0 | $ 13,856 | $ 0 | ||
Impairment of Long-Lived Assets to be Disposed of | 0 | 39,275 | $ 0 | ||
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 | ||||
Payments for Divestiture of Businesses After Working Capital Adjustment | $ 7,500 | ||||
Discontinued Operation, Gain (Loss) on Disposal of Discontinued Operation, Net of Tax, Total | $ (3,383) | ||||
Discontinued Operations, Held-for-sale [Member] | Disposal of Emergency Response and Vehicle Business [Member] | |||||
Impairment of Long-Lived Assets to be Disposed of | 39,275 | ||||
Disposal Group, Including Discontinued Operation, Selling Expense | $ 3,604 |
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 | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax benefit | $ (2,255) | $ (15,683) | $ (1,073) | |||||||||
Loss from discontinued operations, net of income taxes | $ (504) | $ (598) | $ (157) | $ (3,864) | $ (41,952) | $ (2,711) | $ (1,255) | $ (3,298) | (5,123) | (49,216) | (3,104) | |
Impairment of carrying value | 0 | (39,275) | 0 | |||||||||
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||||||||||
Sales | 19,167 | 261,860 | 245,637 | |||||||||
Cost of products sold | 18,678 | 245,785 | 220,526 | |||||||||
Gross profit | 489 | 16,075 | 25,111 | |||||||||
Operating expenses | 4,484 | 28,864 | 31,516 | |||||||||
Operating loss | (3,995) | (12,789) | (6,405) | |||||||||
Loss on asset impairments | 0 | 53,131 | 0 | |||||||||
Other income (expense) | (3,383) | 1,021 | 2,228 | |||||||||
Loss from discontinued operations before taxes | (7,378) | (64,899) | (4,177) | |||||||||
Income tax benefit | (2,255) | (15,683) | (1,073) | |||||||||
Loss from discontinued operations, net of income taxes | (5,123) | (49,216) | (3,104) | |||||||||
Accounts receivable, net | 30,760 | 30,760 | ||||||||||
Contract assets | 36,740 | 36,740 | ||||||||||
Inventories | 32,329 | 32,329 | ||||||||||
Other current assets | 1,142 | 1,142 | ||||||||||
Property, plant and equipment, | 21,967 | 21,967 | ||||||||||
Right of use assets – operating leases | 5,960 | 5,960 | ||||||||||
Intangible assets | 1,050 | 1,050 | ||||||||||
Other noncurrent assets | 52 | 52 | ||||||||||
Impairment of carrying value | (39,275) | |||||||||||
Current assets held for sale | 90,725 | 90,725 | ||||||||||
Accounts payable | 4,213 | 4,213 | ||||||||||
Accrued warranty | 11,347 | 11,347 | ||||||||||
Accrued compensation and related taxes | 3,047 | 3,047 | ||||||||||
Deposits from customers | 21,409 | 21,409 | ||||||||||
Operating lease liability | 727 | 727 | ||||||||||
Other current liabilities | 3,495 | 3,495 | ||||||||||
Long-term operating lease liability | 5,363 | 5,363 | ||||||||||
Current liabilities held for sale | $ 49,601 | 49,601 | ||||||||||
Depreciation and amortization | 284 | 5,106 | 4,156 | |||||||||
Capital expenditures | $ 84 | $ 2,431 | $ 4,332 | |||||||||
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Note 3 - Acquisition Activiti_3
Note 3 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2020 | Sep. 09, 2019 | Jan. 31, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 17, 2018 |
Goodwill, Ending Balance | $ 49,481 | $ 43,632 | $ 22,367 | |||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 3,406 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3,903 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3,810 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | 3,477 | |||||||
Goodwill, Purchase Accounting Adjustments | 5,849 | 21,265 | ||||||
Amortization of Intangible Assets, Total | 3,265 | 1,200 | $ 320 | |||||
DuraMag [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 18,203 | |||||||
Goodwill, Ending Balance | 6,001 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 5,590 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Remainder of Fiscal Year | 66 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 278 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 278 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 299 | |||||||
DuraMag [Member] | Customer Relationships [Member] | ||||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Four | $ 295 | |||||||
DuraMag [Member] | Selling, General and Administrative Expenses [Member] | ||||||||
Business Combination, Acquisition Related Costs | 970 | |||||||
DuraMag [Member] | Subsequent Event [Member] | ||||||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ (404) | |||||||
Royal [Member] | ||||||||
Payments to Acquire Businesses, Gross | $ 89,217 | |||||||
Goodwill, Ending Balance | 27,324 | |||||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | 47,150 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year One | 2,665 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Two | 3,162 | |||||||
Finite-Lived Intangible Asset, Expected Amortization, Year Three | 3,072 | |||||||
Goodwill, Initial Amount | 27,476 | |||||||
Goodwill, Purchase Accounting Adjustments | $ 152 | |||||||
Amortization of Intangible Assets, Total | 2,665 | 666 | ||||||
Proceeds from Lines of Credit, Total | $ 89,217 | |||||||
Strobes-R-Us Inc. [Member] | ||||||||
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High | $ 3,250 | |||||||
Business Combination, Contingent Consideration, Liability, Total | $ 350 | $ 1,832 |
Note 3 - Acquisition Activiti_4
Note 3 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Oct. 01, 2020 | Dec. 31, 2019 | Sep. 09, 2019 | Dec. 31, 2018 |
Goodwill, Ending Balance | $ 49,481 | $ 43,632 | $ 22,367 | ||
DuraMag [Member] | |||||
Accounts receivable | $ 2,230 | ||||
Inventories | 3,659 | ||||
Other current assets | 15 | ||||
Property, plant and equipment, net | 2,949 | ||||
Right of use assets-operating leases | 8,469 | ||||
Intangible assets | 5,590 | ||||
Goodwill, Ending Balance | 6,001 | ||||
Total assets acquired | 28,913 | ||||
Accounts payable | (1,662) | ||||
Accrued compensation and related taxes | (434) | ||||
Current operating lease liabilities | (644) | ||||
Other current liabilities and accrued expenses | (141) | ||||
Long-term operating lease liability | (7,825) | ||||
Long-term debt | (4) | ||||
Total liabilities assumed | (10,710) | ||||
Total purchase price | $ 18,203 | ||||
Royal [Member] | |||||
Accounts receivable | $ 5,019 | ||||
Inventories | 6,453 | ||||
Other current assets | 10,424 | ||||
Property, plant and equipment, net | 4,980 | ||||
Right of use assets-operating leases | 12,767 | ||||
Intangible assets | 47,150 | ||||
Goodwill, Ending Balance | 27,324 | ||||
Accounts payable | (1,658) | ||||
Accrued compensation and related taxes | (569) | ||||
Other current liabilities and accrued expenses | (30) | ||||
Long-term operating lease liability | (11,074) | ||||
Long-term debt | (1,029) | ||||
Total liabilities assumed | (26,830) | ||||
Total purchase price | 89,217 | ||||
Cash and cash equivalents | 431 | ||||
Contract assets | 1,499 | ||||
Total assets acquired | 116,047 | ||||
Customer prepayments | (255) | ||||
Accrued warranty | (98) | ||||
Operating lease liabilities | (1,693) | ||||
Short-term debt – chassis pool agreements | $ (10,424) |
Note 3 - Acquisition Activiti_5
Note 3 - Acquisition Activities - Intangible Assets (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Sep. 09, 2019 |
DuraMag [Member] | ||
Amount | $ 5,590 | |
DuraMag [Member] | Trademarks and Trade Names [Member] | ||
Trade names and trademarks | 2,420 | |
DuraMag [Member] | Customer Relationships [Member] | ||
Amount | $ 2,200 | |
Useful Life (Year) | 15 years | |
DuraMag [Member] | Unpatented Technology [Member] | ||
Amount | $ 540 | |
Useful Life (Year) | 9 years | |
DuraMag [Member] | Noncompete Agreements [Member] | ||
Amount | $ 430 | |
Useful Life (Year) | 6 years | |
Royal [Member] | ||
Amount | $ 47,150 | |
Royal [Member] | Trademarks and Trade Names [Member] | ||
Trade names and trademarks | 13,000 | |
Royal [Member] | Customer Relationships [Member] | ||
Amount | $ 30,000 | |
Useful Life (Year) | 15 years | |
Royal [Member] | Patented Technology [Member] | ||
Amount | $ 2,200 | |
Useful Life (Year) | 8 years | |
Royal [Member] | Noncompete Agreements [Member] | ||
Amount | $ 1,950 | |
Useful Life (Year) | 5 years |
Note 4 - Revenue (Details Textu
Note 4 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-01-01 $ in Thousands | Dec. 31, 2020USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 427,338 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 51,313 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 4 - Revenue - Contract Ass
Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Contract assets, beginning of year | $ 10,898 | $ 9,229 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (10,898) | (9,229) |
Contract assets recognized, net of reclassification to receivables | 9,414 | 10,898 |
Contract assets, end of year | 9,414 | 10,898 |
Contract liabilities, beginning of year | 2,640 | 871 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (2,640) | (871) |
Cash received in advance and not recognized as revenue | 756 | 2,640 |
Contract liabilities, end of year | $ 756 | $ 2,640 |
Note 4 - Revenue - Disaggregate
Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 171,582 | $ 203,473 | $ 123,970 | $ 176,948 | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 675,973 | $ 756,542 | $ 570,527 | |
Transferred at Point in Time [Member] | ||||||||||||
Revenues | 172,219 | 297,053 | 263,763 | |||||||||
Transferred over Time [Member] | ||||||||||||
Revenues | 503,754 | 459,489 | 306,764 | |||||||||
Operating Segments [Member] | ||||||||||||
Revenues | 675,973 | 761,820 | 580,748 | |||||||||
Operating Segments [Member] | Transferred at Point in Time [Member] | ||||||||||||
Revenues | 172,219 | 302,331 | 273,984 | |||||||||
Operating Segments [Member] | Transferred over Time [Member] | ||||||||||||
Revenues | 503,754 | 459,489 | 306,764 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 490,507 | 575,894 | 387,549 | |||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||||||||||
Revenues | 54,972 | 164,437 | 113,576 | |||||||||
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||||||||||
Revenues | 435,535 | 411,457 | 273,973 | |||||||||
Specialty Vehicles [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 185,466 | 185,926 | 193,199 | |||||||||
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||||||||||
Revenues | 117,247 | 137,894 | 160,408 | |||||||||
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||||||||||
Revenues | 68,219 | 48,032 | 32,791 | |||||||||
UNITED STATES | ||||||||||||
Revenues | 666,512 | 735,181 | 549,323 | |||||||||
UNITED STATES | Operating Segments [Member] | ||||||||||||
Revenues | 666,512 | 740,459 | 559,544 | |||||||||
UNITED STATES | Consolidation, Eliminations [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 481,452 | 554,691 | 367,730 | |||||||||
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 185,060 | 185,768 | 191,814 | |||||||||
Non-US [Member] | ||||||||||||
Revenues | 9,461 | 21,361 | 21,204 | |||||||||
Non-US [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 9,461 | 21,361 | 21,204 | |||||||||
Non-US [Member] | Consolidation, Eliminations [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||||||||||
Revenues | 9,055 | 21,203 | 19,819 | |||||||||
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | ||||||||||||
Revenues | $ 406 | $ 158 | $ 1,385 | |||||||||
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Note 5 - Inventories - Summary
Note 5 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Finished goods | $ 4,200 | $ 4,764 |
Work in process | 1,908 | 1,773 |
Raw materials and purchased components | 46,576 | 57,679 |
Reserve | (6,256) | (4,760) |
Total Inventories, net | $ 46,428 | $ 59,456 |
Note 6 - Goodwill and Intangi_3
Note 6 - Goodwill and Intangible Assets (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Amortization of Intangible Assets, Total | $ 3,265 | $ 1,200 | $ 320 |
Note 6 - Goodwill and Intangi_4
Note 6 - Goodwill and Intangible Assets - Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill, beginning of year | $ 43,632 | $ 22,367 |
Acquisition and measurement period adjustments | 5,849 | 21,265 |
Goodwill, end of year | 49,481 | 43,632 |
Fleet Vehicles and Services [Member] | ||
Goodwill, beginning of year | 15,518 | 21,729 |
Acquisition and measurement period adjustments | 0 | (6,211) |
Goodwill, end of year | 15,518 | 15,518 |
Specialty Vehicles [Member] | ||
Goodwill, beginning of year | 28,114 | 638 |
Acquisition and measurement period adjustments | 5,849 | 27,476 |
Goodwill, end of year | $ 33,963 | $ 28,114 |
Note 6 - Goodwill and Intangi_5
Note 6 - Goodwill and Intangible Assets - Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accumulated amortization, finite-lived | $ 8,894 | $ 5,629 |
Net carrying amount, finite-lived | 36,996 | |
Gross carrying amount, intangible assets | 65,280 | 59,690 |
Net carrying amount, intangible assets | 56,386 | 54,061 |
Customer Relationships [Member] | ||
Gross carrying amount, finite-lived | 39,770 | 37,570 |
Accumulated amortization, finite-lived | 7,390 | 4,943 |
Net carrying amount, finite-lived | 32,380 | 32,627 |
Unpatented Technology [Member] | ||
Gross carrying amount, finite-lived | 540 | 0 |
Accumulated amortization, finite-lived | 15 | 0 |
Net carrying amount, finite-lived | 525 | 0 |
Patented Technology [Member] | ||
Gross carrying amount, finite-lived | 2,200 | 2,200 |
Accumulated amortization, finite-lived | 344 | 69 |
Net carrying amount, finite-lived | 1,856 | 2,131 |
Noncompete Agreements [Member] | ||
Gross carrying amount, finite-lived | 3,380 | 2,950 |
Accumulated amortization, finite-lived | 1,145 | 617 |
Net carrying amount, finite-lived | 2,235 | 2,333 |
Trade Names [Member] | ||
Accumulated amortization, finite-lived | 0 | 0 |
Gross carrying amount, indefinite-lived | $ 19,390 | $ 16,970 |
Note 6 - Goodwill and Intangi_6
Note 6 - Goodwill and Intangible Assets - Estimated Remaining Amortization Associated With Finite-lived Intangible Assets (Details) $ in Thousands | Dec. 31, 2020USD ($) |
2021 | $ 3,406 |
2022 | 3,903 |
2023 | 3,810 |
2024 | 3,477 |
2025 | 3,070 |
Thereafter | 19,330 |
Total | $ 36,996 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Depreciation, Total | $ 10,638 | $ 5,892 | $ 6,393 |
Interest Costs Capitalized | 0 | 0 | 0 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | (2,430) | $ 0 | $ 0 |
Change in Accounting Estimate, Income Statement Impact | 4,365 | ||
Construction in Progress [Member] | |||
Depreciation, Total | 3,060 | ||
ERP System [Member] | |||
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | $ (2,430) |
Note 7 - Property, Plant and _4
Note 7 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 117,239 | $ 107,508 |
Less accumulated depreciation | (71,505) | (67,434) |
Total property, plant and equipment, net | 45,734 | 40,074 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 8,721 | 8,692 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 40,077 | 38,653 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 41,054 | 33,348 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 16,259 | 21,416 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,404 | 1,872 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 8,724 | $ 3,527 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating Leases, Rent Expense, Total | $ 6,913 | $ 4,146 | $ 2,794 |
Minimum [Member] | |||
Leases, Remaining Lease Terms (Year) | 1 year | ||
Maximum [Member] | |||
Leases, Remaining Lease Terms (Year) | 19 years | ||
Lessee, Operating Lease, Renewal Term (Year) | 15 years |
Note 8 - Leases - Lease Expense
Note 8 - Leases - Lease Expense and Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating leases | $ 6,699 | $ 3,928 | |
Short-term leases (1) | [1] | 214 | 218 |
Total lease expense | $ 6,913 | $ 4,146 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 9 years 4 months 24 days | 8 years 4 months 24 days | |
Weighted average discount rate of operating leases | 3.10% | 3.80% | |
Cash paid for amounts included in the measurement of lease liabilities: | $ 6,338 | $ 4,544 | |
Operating leases | 16,829 | 10,493 | |
Finance leases | $ 141 | $ 0 | |
[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 | Dec. 31, 2020USD ($) |
2021 | $ 7,616 |
2022 | 6,748 |
2023 | 6,559 |
2024 | 6,404 |
2025 | 5,724 |
Thereafter | 17,997 |
Total lease payments | 51,048 |
Less: imputed interest | (6,878) |
Total lease liabilities | $ 44,170 |
Note 9 - Taxes on Income (Detai
Note 9 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% | ||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,610 | $ (373) | |||
Deferred Tax Assets, Operating Loss Carryforwards, State and Local | $ 2,106 | $ 569 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 1,018 | 1,027 | |||
Deferred Tax Assets, Valuation Allowance, Total | 82 | 254 | |||
Unrecognized Tax Benefits, Ending Balance | 1,234 | 1,270 | 827 | $ 565 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | 305 | ||||
Unrecognized Tax Benefits Including Income Tax Penalties And Interest Accrued | 1,539 | ||||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | 92 | (209) | $ 143 | ||
Domestic Tax Authority [Member] | |||||
Deferred Tax Assets, Tax Credit Carryforwards, Total | 1,289 | 1,300 | |||
State and Local Jurisdiction [Member] | |||||
Deferred Tax Assets, Valuation Allowance, Total | $ 82 | $ 0 |
Note 9 - Taxes on Income - Inco
Note 9 - Taxes on Income - Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income tax | $ 9,867 | $ 10,355 | $ 3,334 |
Income tax benefits from discontinued operations | (2,255) | (15,683) | (1,073) |
Total taxes on income | $ 7,612 | $ (5,328) | $ 2,261 |
Note 9 - Taxes on Income - In_2
Note 9 - Taxes on Income - Income Tax from Continuing Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current (benefit): | |||
Federal | $ 8,191 | $ 9,883 | $ 2,819 |
State | 2,474 | 1,664 | 758 |
Foreign | 156 | 128 | 67 |
Total current | 10,821 | 11,675 | 3,644 |
Deferred (benefit): | |||
Federal | (975) | (705) | (316) |
State | 21 | (615) | 6 |
Total deferred | (954) | (1,320) | (310) |
Total taxes on income | $ 9,867 | $ 10,355 | $ 3,334 |
Note 9 - Taxes on Income - In_3
Note 9 - Taxes on Income - Income Tax Reconciliation (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal income taxes at the statutory rate, amount | $ 10,113 | $ 9,901 | $ 4,505 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 21.00% | 21.00% |
State tax expense, net of federal income tax benefit, amount | $ 1,895 | $ 577 | $ 486 |
State tax expense, net of federal income tax benefit, percent | 3.90% | 1.20% | 2.30% |
Tax rate benefit from NOL carryback due to CARES Act, amount | $ (2,610) | $ 0 | $ 0 |
Tax rate benefit from NOL carryback due to CARES Act, percent | (5.40%) | 0.00% | 0.00% |
Deferred income tax re-measurement due to Tax Act, amount | $ 0 | $ 0 | $ (373) |
Deferred income tax re-measurement due to Tax Act, percent | 0.00% | 0.00% | (1.70%) |
Other deferred income tax adjustment, amount | $ 174 | $ (75) | $ 13 |
Other deferred income tax adjustment, percent | 0.30% | (0.20%) | 0.00% |
Non-deductible compensation, amount | $ 1,162 | $ 511 | $ 0 |
Non-deductible compensation, percent | 2.40% | 1.10% | 0.00% |
Other nondeductible expenses, amount | $ 94 | $ 115 | $ 91 |
Other nondeductible expenses, percent | 0.20% | 0.20% | 0.40% |
Foreign derived intangible income deduction, amount | $ 0 | $ (45) | $ (35) |
Foreign derived intangible income deduction, percent | 0.00% | (0.10%) | (0.20%) |
Stock based compensation, amount | $ (666) | $ (136) | $ (1,207) |
Stock based compensation, percent | (1.40%) | (0.30%) | (5.60%) |
Foreign tax expense, amount | $ 156 | $ 128 | $ 67 |
Foreign tax expense, percent | 0.30% | 0.30% | 0.30% |
Valuation allowance adjustment, amount | $ (254) | $ 135 | $ 60 |
Valuation allowance adjustment, percent | (0.50%) | 0.30% | 0.30% |
Unrecognized tax benefit adjustment, amount | $ (14) | $ (61) | $ 332 |
Unrecognized tax benefit adjustment, percent | 0.00% | (0.10%) | 1.60% |
Federal research and development tax credit, amount | $ (329) | $ (591) | $ (349) |
Federal research and development tax credit, percent | (0.70%) | (1.30%) | (1.60%) |
Foreign tax credit, amount | $ (32) | $ (38) | $ (67) |
Foreign tax credit, percent | 0.00% | 0.00% | (0.30%) |
Other, amount | $ 178 | $ (66) | $ (189) |
Other, percent | 0.40% | (0.10%) | (0.90%) |
Total taxes on income | $ 9,867 | $ 10,355 | $ 3,334 |
Total, percent | 20.50% | 22.00% | 15.60% |
Note 9 - Taxes on Income - Defe
Note 9 - Taxes on Income - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
Operating lease liability | $ 11,073 | $ 9,544 |
Loss on asset impairment for discontinued operations | 0 | 12,764 |
Warranty reserve | 1,239 | 3,782 |
Inventory costs and reserves | 2,066 | 2,661 |
Deferment of employer’s portion Social Security tax payment | 979 | 0 |
Contract assets | 732 | 7,217 |
Stock-based compensation | 853 | 1,195 |
Net operating loss carry-forwards, net of federal income tax benefit | 1,664 | 449 |
Compensation related accruals | 549 | 698 |
Credit carry-forwards net of federal income tax benefit | 1,018 | 1,027 |
Other | 445 | 816 |
Total deferred income tax assets | 20,618 | 40,153 |
Deferred income tax liabilities: | ||
Right of use assets | (10,912) | (9,444) |
Depreciation | (2,832) | (2,666) |
Intangible assets | (879) | (1,974) |
Prepaid expenses | (154) | (295) |
Total deferred income tax liabilities | (14,777) | (14,379) |
Net deferred income tax assets | 5,841 | 25,774 |
Valuation allowance | (82) | (254) |
Net deferred tax asset | $ 5,759 | $ 25,520 |
Note 9 - Taxes on Income - Reco
Note 9 - Taxes on Income - Reconciliation of the Change in the Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of year | $ 1,270 | $ 827 | $ 565 |
Decrease related to prior year tax positions | (109) | ||
Increase related to prior year tax positions | 103 | 35 | |
Increase related to current year tax positions | 101 | 578 | 319 |
Expiration of statute | (28) | (238) | (92) |
Balance at end of year | $ 1,234 | $ 1,270 | $ 827 |
Note 10 - Transactions with M_3
Note 10 - Transactions with Major Customers - Information about Major Customers (Details) - Customer Concentration Risk [Member] - Revenue Benchmark [Member] - Fleet Vehicles and Services [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Number of major customers | 1 | 2 | 4 |
Two Customers [Member] | |||
Combined percentage of consolidated sales | 29.30% | 37.90% | |
Four Customers [Member] | |||
Combined percentage of consolidated sales | 51.70% |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingent Liabilities (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Letters of Credit Outstanding, Amount | $ 525 | $ 525 |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 |
Note 11 - Commitments and Con_4
Note 11 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance of accrued warranty | $ 5,694 | $ 4,407 |
Provisions for current period sales | 3,587 | 4,383 |
Cash settlements | (3,205) | (3,489) |
Changes in liability for pre-existing warranties | (443) | 295 |
Acquisitions | 0 | 98 |
Balance of accrued warranty | $ 5,633 | $ 5,694 |
Note 12 - Defined Contributio_2
Note 12 - Defined Contribution Plans (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan Company Matching Contributions Vesting Period (Year) | 5 years | ||
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 1,762 | $ 1,654 | $ 1,606 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Short-term Debt, Total | $ 6,503 | $ 8,162 |
Letters of Credit Outstanding, Amount | 525 | 525 |
Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 20,000 | |
Lenders [Member] | Revolving Credit Facility [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 175,000 | |
Line of Credit Facility, Potential Increase Borrowing Capacity | $ 50,000 | |
Debt Instrument Reference Rate Term (Month) | 1 month | |
Debt Instrument, Interest Rate During Period | 1.44% | |
Line of Credit Facility, Current Borrowing Capacity | $ 125,836 | 60,499 |
Repayments of Lines of Credit | $ 65,000 | |
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 | 1.25% | |
Lenders [Member] | Letter of Credit [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | $ 20,000 | |
Lenders [Member] | Swing Line Loans [Member] | ||
Line of Credit Facility, Maximum Borrowing Capacity | 30,000 | |
Chassis Pool Agreements [Member] | ||
Short-term Debt, Total | $ 6,503 | $ 8,162 |
Note 13 - Debt - Short-term Deb
Note 13 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Short-term debt | $ 6,503 | $ 8,162 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 6,503 | $ 8,162 |
Note 13 - Debt - Schedule of Lo
Note 13 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Line of credit revolver: | $ 22,400 | $ 87,400 |
Finance lease obligations | 473 | 496 |
Other | 766 | 951 |
Total debt | 23,639 | 88,847 |
Less current portion of long-term debt | (221) | (177) |
Total long-term debt | $ 23,418 | $ 88,670 |
Note 14 - Stock Based Compens_3
Note 14 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,056,250 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant (in shares) | 1,895,970 | ||
Employee Stock Purchase Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 750,000 | ||
Employee Stock Purchase Plan Discount | 90.00% | ||
Stock Issued During Period, Value, Employee Stock Purchase Plan | $ 198 | $ 231 | $ 214 |
Stock Issued During Period, Shares, Employee Stock Purchase Plans (in shares) | 12,000 | 22,000 | 20,000 |
Restricted Stock [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 13.07 | $ 9.38 | $ 9.96 |
Share-based Payment Arrangement, Expense | $ 2,637 | $ 3,983 | $ 4,027 |
Share-based Payment Arrangement, Expense, Tax Benefit | 453 | 759 | 846 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | 3,876 | $ 3,507 | 4,318 |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,376 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 4 months 24 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 172,000 | 279,000 | |
Restricted Stock [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 15.28 | $ 11.82 | |
Share-based Payment Arrangement, Expense | $ 2,809 | $ 642 | 0 |
Share-based Payment Arrangement, Expense, Tax Benefit | 369 | $ 93 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 4,093 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 214,299 | 218,000 | |
Performance Shares [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 12.24 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 74,319 | ||
Performance Shares [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share) | $ 18.08 | $ 13.71 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 111,475 | ||
Performance Shares [Member] | Minimum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Minimum [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 0.00% | ||
Performance Shares [Member] | Maximum [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Performance Shares [Member] | Maximum [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Performance Shares [Member] | Maximum [Member] | Share-based Payment Arrangement, Tranche Two [Member] | |||
Share-based Compensation Arrangement By Share-based Payment Award, Percentage Of Shares Earned | 200.00% | ||
Exceptional Performance PSUs [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 28,505 | ||
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) | $ 13.45 | $ 8.98 | |
Share-based Payment Arrangement, Expense | $ 1,752 | $ 656 | $ 0 |
Share-based Payment Arrangement, Expense, Tax Benefit | 362 | $ 130 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1,743 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 3 months 18 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 194,445 | 182,000 | |
Restricted Stock Units (RSUs) [Member] | Employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Board Members [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year |
Note 14 - Stock Based Compens_4
Note 14 - Stock Based Compensation - Restricted Stock Activity (Details) - Restricted Stock [Member] - $ / shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance, non-vested shares outstanding (in shares) | 711 | 977 | |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 8.58 | $ 7.97 | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 172 | 279 | |
Granted (in dollars per share) | $ 13.07 | $ 9.38 | $ 9.96 |
Vested (in shares) | (460) | (467) | |
Vested (in dollars per share) | $ 8.42 | $ 7.50 | |
Forfeited (in shares) | (53) | (78) | |
Forfeited (in dollars per share) | $ 11.85 | $ 12.13 | |
Balance, non-vested shares outstanding, weighted average remaining vesting life (Year) | 1 year | 10 months 24 days | |
Balance, non-vested shares outstanding (in shares) | 370 | 711 | 977 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 10.02 | $ 8.58 | $ 7.97 |
Note 14 - Stock Based Compens_5
Note 14 - Stock Based Compensation - Simulation Assumption (Details) - Performance Shares Units [Member] | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Three-year risk-free interest rate (1) | [1] | 0.27% | 2.37% |
Expected term (in years) (Year) | 2 years 8 months 12 days | 2 years 8 months 12 days | |
Estimated volatility (2) | [2] | 58.20% | 53.70% |
[1] | Based on the U.S. government bond benchmark on the grant date. | ||
[2] | Represents the historical price volatility of the Company's common stock for the three-year period preceding the grant date. |
Note 14 - Stock Based Compens_6
Note 14 - Stock Based Compensation - PSU and RSU Activity (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares [Member] | ||
Balance, non-vested shares outstanding (in shares) | 218,000 | 0 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 11.82 | $ 0 |
Granted (in shares) | 214,299 | 218,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 15.28 | $ 11.82 |
Forfeited (in shares) | (22,000) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 11.82 | |
Balance, non-vested shares outstanding (in shares) | 410,000 | 218,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 13.63 | $ 11.82 |
Restricted Stock Units (RSUs) [Member] | ||
Balance, non-vested shares outstanding (in shares) | 182,000 | 0 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 8.98 | $ 0 |
Granted (in shares) | 194,445 | 182,000 |
Granted, weighted average grant date fair value (in dollars per share) | $ 13.45 | $ 8.98 |
Forfeited (in shares) | (6,000) | |
Forfeited, weighted average grant date fair value (in dollars per share) | $ 16.17 | |
Balance, non-vested shares outstanding (in shares) | 212,000 | 182,000 |
Balance, non-vested shares outstanding, weighted average grant date fair value (in dollars per share) | $ 12.43 | $ 8.98 |
Vested (in shares) | (158,000) | |
Vested, weighted average grant date fair value (in dollars per share) | $ 9.56 |
Note 15 - Shareholders Equity_2
Note 15 - Shareholders Equity (Details Textual) - $ / shares shares in Thousands | Nov. 05, 2020 | Apr. 28, 2016 |
Stock Repurchase Program, Number of Shares Authorized to be Repurchased (in shares) | 1,000 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.01 | |
Series B Preferred Stock [Member] | ||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 |
Note 15 - Shareholders Equity -
Note 15 - Shareholders Equity - Summary of Stock Repurchased and Retired (Details) - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Shares purchased (in shares) | 300 | 101 | |
Purchase value | $ 7,503 | $ 793 | $ 656 |
Remaining shares allowable to be purchased (in shares) | 509 | 809 |
Note 16 - Earnings Per Share -
Note 16 - Earnings Per Share - Reconciliation of Basic Weighted Average Common Shares Outstanding to Diluted Weighted Average Shares Outstanding (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Basic weighted average common shares outstanding (in shares) | 35,479 | 35,318 | 35,187 |
Plus dilutive effect of Restricted Stock Units and Performance Stock Units (in shares) | 560 | 98 | 0 |
Diluted weighted average common shares outstanding (in shares) | 36,039 | 35,416 | 35,187 |
Note 17 - Business Segments (De
Note 17 - Business Segments (Details Textual) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020USD ($) | Sep. 30, 2020USD ($) | [1] | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Number of Reportable Segments | 2 | |||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 171,582 | $ 203,473 | $ 123,970 | $ 176,948 | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 675,973 | $ 756,542 | $ 570,527 | |
Non-US [Member] | ||||||||||||
Revenue from Contract with Customer, Excluding Assessed Tax, Total | $ 9,461 | $ 21,361 | $ 21,204 | |||||||||
Percentage of Revenue from Contract with Customer, Excluding Assessed Tax | 1.40% | 2.80% | 3.70% | |||||||||
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Note 17 - Business Segments - S
Note 17 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Revenues | $ 171,582 | $ 203,473 | [1] | $ 123,970 | $ 176,948 | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 675,973 | $ 756,542 | $ 570,527 |
Depreciation and amortization expense | 14,187 | 11,180 | 10,370 | |||||||||
Segment assets | 359,049 | $ 388,793 | 450,537 | 359,049 | 450,537 | |||||||
Capital expenditures | 14,534 | 10,042 | 8,985 | |||||||||
Operating Segments [Member] | ||||||||||||
Revenues | 675,973 | 761,820 | 580,748 | |||||||||
Operating Segments [Member] | Fleet Vehicles and Services [Member] | ||||||||||||
Revenues | 490,507 | 575,894 | 387,549 | |||||||||
Operating Segments [Member] | Specialty Vehicles [Member] | ||||||||||||
Revenues | 185,466 | 185,926 | 193,199 | |||||||||
Consolidation, Eliminations [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
Continuing Operations [Member] | ||||||||||||
Revenues | 675,973 | 756,542 | 570,527 | |||||||||
Depreciation and amortization expense | 13,903 | 6,073 | 6,214 | |||||||||
Adjusted EBITDA | 76,346 | 64,045 | 35,385 | |||||||||
Segment assets | 359,049 | 359,812 | 359,049 | 359,812 | 217,107 | |||||||
Capital expenditures | 15,946 | 7,596 | 4,653 | |||||||||
Continuing Operations [Member] | Fleet Vehicle Sales [Member] | ||||||||||||
Revenues | 455,551 | 504,023 | 297,627 | |||||||||
Continuing Operations [Member] | Motorhome Chassis [Member] | ||||||||||||
Revenues | 107,849 | 127,130 | 149,533 | |||||||||
Continuing Operations [Member] | Other Specialty Vehicles [Member] | ||||||||||||
Revenues | 67,581 | 43,067 | 22,570 | |||||||||
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member] | ||||||||||||
Revenues | 44,992 | 82,322 | 100,797 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | ||||||||||||
Revenues | 490,507 | 575,894 | 387,549 | |||||||||
Depreciation and amortization expense | 3,446 | 2,466 | 2,401 | |||||||||
Adjusted EBITDA | 85,210 | 60,663 | 26,680 | |||||||||
Segment assets | 138,120 | 154,138 | 138,120 | 154,138 | 117,508 | |||||||
Capital expenditures | 10,390 | 2,851 | 1,859 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | ||||||||||||
Revenues | 455,551 | 504,023 | 297,627 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | ||||||||||||
Revenues | 34,956 | 71,871 | 89,922 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | ||||||||||||
Revenues | 185,466 | 185,926 | 193,199 | |||||||||
Depreciation and amortization expense | 5,895 | 2,104 | 1,495 | |||||||||
Adjusted EBITDA | 18,982 | 20,716 | 18,620 | |||||||||
Segment assets | 170,630 | 137,777 | 170,630 | 137,777 | 17,335 | |||||||
Capital expenditures | 3,296 | 2,220 | 116 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | ||||||||||||
Revenues | 0 | 5,278 | 10,221 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | ||||||||||||
Revenues | 107,849 | 127,130 | 149,533 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | ||||||||||||
Revenues | 67,581 | 43,067 | 22,570 | |||||||||
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | ||||||||||||
Revenues | 10,036 | 10,451 | 10,875 | |||||||||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
Adjusted EBITDA | (27,846) | (17,334) | (9,915) | |||||||||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Fleet Vehicle Sales [Member] | ||||||||||||
Revenues | 0 | (5,278) | (10,221) | |||||||||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Motorhome Chassis [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Other Specialty Vehicles [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Continuing Operations [Member] | Consolidation, Eliminations [Member] | Aftermarket Parts and Accessories Sales [Member] | ||||||||||||
Revenues | 0 | 0 | 0 | |||||||||
Continuing Operations [Member] | Segment Reconciling Items [Member] | ||||||||||||
Depreciation and amortization expense | 4,562 | 1,503 | 2,318 | |||||||||
Segment assets | $ 50,299 | $ 67,897 | 50,299 | 67,897 | 82,264 | |||||||
Capital expenditures | $ 2,260 | $ 2,525 | $ 2,678 | |||||||||
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Note 17 - Business Segments - R
Note 17 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net (income) loss attributable to non-controlling interest | $ (347) | $ (140) | $ 0 |
Interest expense | 1,293 | 1,839 | 1,080 |
Income tax | 9,867 | 10,355 | 3,334 |
Depreciation and amortization expense | 14,187 | 11,180 | 10,370 |
Loss from write-off of construction in process | (2,430) | 0 | 0 |
Continuing Operations [Member] | |||
Income from continuing operations | 38,289 | 36,790 | 18,116 |
Net (income) loss attributable to non-controlling interest | (347) | (140) | 0 |
Interest expense | 1,293 | 1,839 | 1,080 |
Income tax | 9,867 | 10,355 | 3,334 |
Depreciation and amortization expense | 13,903 | 6,073 | 6,214 |
Restructuring and other related charges | 1,873 | 316 | 662 |
Acquisition related expenses and adjustments | 1,332 | 3,531 | 1,952 |
Non-cash stock-based compensation expense | 7,706 | 5,281 | 4,027 |
Loss from write-off of construction in process | 2,430 | 0 | 0 |
Adjusted EBITDA | $ 76,346 | $ 64,045 | $ 35,385 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 5 Months Ended | 12 Months Ended |
Dec. 31, 2019 | Dec. 31, 2020 | |
C.H. Robinson [Member] | ||
Related Party Transaction, Purchases from Related Party | $ 6,723 | $ 7,536 |
Note 19 - Quarterly Financial_3
Note 19 - Quarterly Financial Data (Unaudited) - Summarized Quarterly Financial Data (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | [1] | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenues | $ 171,582 | $ 203,473 | $ 123,970 | $ 176,948 | $ 179,960 | $ 224,703 | $ 179,673 | $ 172,206 | $ 675,973 | $ 756,542 | $ 570,527 | |
Gross profit | 35,221 | 50,750 | 24,005 | 36,301 | 37,419 | 38,029 | 20,859 | 20,720 | 146,277 | 117,027 | 73,144 | |
Operating expenses | 24,399 | 24,349 | 25,740 | 22,941 | 19,123 | 20,915 | 14,608 | 14,767 | 97,429 | 69,413 | 50,626 | |
Income (loss) from continuing operations | 8,306 | 19,375 | (1,134) | 11,742 | 14,285 | 13,126 | 4,544 | 4,835 | 38,289 | 36,790 | 18,116 | |
Loss from discontinued operations, net of income taxes | (504) | (598) | (157) | (3,864) | (41,952) | (2,711) | (1,255) | (3,298) | (5,123) | (49,216) | (3,104) | |
Net income (loss) attributable to The Shyft Group, Inc. | $ 7,633 | $ 18,736 | $ (1,361) | $ 7,811 | $ (27,821) | $ 10,354 | $ 3,504 | $ 1,397 | $ 32,819 | $ (12,566) | $ 15,012 | |
Continuing operations (in dollars per share) | $ 0.22 | $ 0.55 | $ (0.03) | $ 0.33 | $ 0.40 | $ 0.37 | $ 0.14 | $ 0.13 | $ 1.07 | $ 1.03 | $ 0.52 | |
Discontinued operations (in dollars per share) | (0.01) | (0.02) | (0.01) | (0.11) | (1.19) | (0.08) | (0.04) | (0.09) | (0.14) | (1.39) | (0.09) | |
Basic earnings per share (in dollars per share) | 0.21 | 0.53 | (0.04) | 0.22 | (0.79) | 0.29 | 0.10 | 0.04 | 0.93 | (0.36) | 0.43 | |
Continuing operations (in dollars per share) | 0.22 | 0.54 | (0.03) | 0.33 | 0.40 | 0.37 | 0.14 | 0.13 | 1.05 | 1.03 | 0.52 | |
Discontinued operations (in dollars per share) | (0.01) | (0.02) | (0.01) | (0.11) | (1.18) | (0.08) | (0.04) | (0.09) | (0.14) | (1.39) | (0.09) | |
Diluted earnings per share (in dollars per share) | $ 0.21 | $ 0.52 | $ (0.04) | $ 0.22 | $ (0.78) | $ 0.29 | $ 0.10 | $ 0.04 | $ 0.91 | $ (0.36) | $ 0.43 | |
[1] | See "Note 1 - Nature of Operations and Basis of Presentation" for immaterial adjustment. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Schedule II - Valuation and Qualifying Accounts (Details) - SEC Schedule, 12-09, Allowance, Credit Loss [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at Beginning of Period | $ 228 | $ 99 | $ 98 |
Additions Charged to Costs and Expenses | 69 | 415 | 32 |
Additions Charged to Other Accounts | 0 | 0 | 0 |
Deductions | (181) | (286) | (31) |
Balance at End of Period | $ 118 | $ 228 | $ 99 |