Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2021 | Oct. 29, 2021 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000743238 | |
Entity Registrant Name | SHYFT GROUP, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q3 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-33582 | |
Entity Incorporation, State or Country Code | MI | |
Entity Tax Identification Number | 38-2078923 | |
Entity Address, Address Line One | 41280 Bridge Street | |
Entity Address, City or Town | Novi | |
Entity Address, State or Province | MI | |
Entity Address, Postal Zip Code | 48375 | |
City Area Code | 517 | |
Local Phone Number | 543-6400 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | SHYF | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 35,345,005 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 14,549 | $ 20,995 |
Accounts receivable, less allowance of $145 and $116 | 67,607 | 64,695 |
Contract assets | 42,459 | 9,414 |
Inventories, net | 81,901 | 46,428 |
Other receivables – chassis pool agreements | 3,995 | 6,503 |
Other current assets | 8,569 | 8,172 |
Total current assets | 219,080 | 156,207 |
Property, plant and equipment, net | 57,374 | 45,734 |
Right of use assets – operating leases | 44,303 | 43,430 |
Goodwill | 48,881 | 49,481 |
Intangible assets, net | 53,832 | 56,386 |
Other assets | 1,180 | 2,052 |
Net deferred tax asset | 5,625 | 5,759 |
TOTAL ASSETS | 430,275 | 359,049 |
Current liabilities: | ||
Accounts payable | 89,601 | 47,487 |
Accrued warranty | 7,548 | 5,633 |
Accrued compensation and related taxes | 18,045 | 17,134 |
Deposits from customers | 2,148 | 756 |
Operating lease liability | 7,632 | 7,508 |
Other current liabilities and accrued expenses | 10,631 | 8,121 |
Short-term debt – chassis pool agreements | 3,995 | 6,503 |
Current portion of long-term debt | 238 | 221 |
Total current liabilities | 139,838 | 93,363 |
Other non-current liabilities | 5,095 | 5,447 |
Long-term operating lease liability | 37,532 | 36,662 |
Long-term debt, less current portion | 694 | 23,418 |
Total liabilities | 183,159 | 158,890 |
Commitments and contingent liabilities | ||
Shareholders’ equity: | ||
Preferred stock; 2,000 shares authorized (none issued) | 0 | 0 |
Common stock; 80,000 shares authorized; 35,342 and 35,344 outstanding | 94,312 | 91,044 |
Retained earnings | 151,873 | 109,286 |
Total The Shyft Group, Inc. shareholders’ equity | 246,185 | 200,330 |
Non-controlling interest | 931 | (171) |
Total shareholders’ equity | 247,116 | 200,159 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 430,275 | $ 359,049 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Accounts receivable, allowance | $ 145 | $ 116 |
Preferred stock, authorized (in shares) | 2,000 | 2,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, shares authorized (in shares) | 80,000 | 80,000 |
Common stock, shares outstanding (in shares) | 35,342 | 35,344 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Sales | $ 272,622 | $ 203,473 | $ 714,492 | $ 504,391 |
Cost of products sold | 216,564 | 152,723 | 566,542 | 393,335 |
Gross profit | 56,058 | 50,750 | 147,950 | 111,056 |
Operating expenses: | ||||
Research and development | 2,582 | 824 | 4,304 | 3,496 |
Selling, general and administrative | 25,368 | 23,525 | 78,645 | 69,534 |
Total operating expenses | 27,950 | 24,349 | 82,949 | 73,030 |
Operating income | 28,108 | 26,401 | 65,001 | 38,026 |
Other income (expense): | ||||
Interest expense | (253) | (11) | (310) | (1,202) |
Interest and other income | 54 | 238 | 743 | 243 |
Total other income (expense) | (199) | 227 | 433 | (959) |
Income from continuing operations before income taxes | 27,909 | 26,628 | 65,434 | 37,067 |
Income tax expense | 6,910 | 7,253 | 15,952 | 7,084 |
Income from continuing operations | 20,999 | 19,375 | 49,482 | 29,983 |
Loss from discontinued operations, net of income taxes | 0 | (926) | 81 | (4,947) |
Net income | 20,999 | 18,449 | 49,563 | 25,036 |
Less: net income attributable to non-controlling interest | 77 | 41 | 1,102 | 178 |
Net income attributable to The Shyft Group Inc. | $ 20,922 | $ 18,408 | $ 48,461 | $ 24,858 |
Basic earnings (loss) per share | ||||
Continuing operations, Basic (in dollars per share) | $ 0.59 | $ 0.55 | $ 1.37 | $ 0.84 |
Discontinued operations, Basic (in dollars per share) | 0 | (0.03) | 0 | (0.14) |
Basic earnings per share, Basic (in dollars per share) | 0.59 | 0.52 | 1.37 | 0.70 |
Diluted earnings (loss) per share | ||||
Continuing operations, Diluted (in dollars per share) | 0.58 | 0.54 | 1.34 | 0.83 |
Discontinued operations, Diluted (in dollars per share) | 0 | (0.03) | 0 | (0.14) |
Basic earnings per share, Diluted (in dollars per share) | $ 0.58 | $ 0.51 | $ 1.34 | $ 0.69 |
Basic weighted average common shares outstanding (in shares) | 35,346 | 35,559 | 35,330 | 35,491 |
Diluted weighted average common shares outstanding (in shares) | 36,074 | 35,989 | 36,024 | 35,794 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 49,563 | $ 25,036 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 8,312 | 11,122 |
Non-cash stock based compensation expense | 6,571 | 6,322 |
Deferred income taxes | 134 | 17,859 |
Loss on sale of business | 0 | 2,901 |
(Gain) on disposal of assets | (104) | 0 |
Loss from write-off of construction in process | 0 | 2,430 |
Changes in accounts receivable and contract assets | (35,842) | (33,355) |
Changes in inventories | (35,473) | 12,527 |
Changes in accounts payable | 43,230 | (7,263) |
Changes in accrued compensation and related taxes | 910 | (423) |
Changes in accrued warranty | 1,626 | (130) |
Change in other assets and liabilities | 3,396 | (16,033) |
Net cash provided by operating activities | 42,323 | 20,993 |
Cash flows from investing activities: | ||
Purchases of property, plant and equipment | (18,238) | (8,325) |
Proceeds from sale of property, plant and equipment | 16 | 0 |
Acquisition of business, net of cash acquired | 904 | 152 |
Proceeds from sale of business | 0 | 55,000 |
Net cash provided by (used in) investing activities | (17,318) | 46,827 |
Cash flows from financing activities: | ||
Proceeds from long-term debt | 25,000 | 16,000 |
Payments on long-term debt | (47,400) | (56,000) |
Payment of dividends | (2,660) | (2,662) |
Purchase and retirement of common stock | (3,348) | 0 |
Exercise and vesting of stock incentive awards | (3,043) | (1,106) |
Net cash used in financing activities | (31,451) | (43,768) |
Net increase (decrease) in cash and cash equivalents | (6,446) | 24,052 |
Cash and cash equivalents at beginning of period | 20,995 | 19,349 |
Cash and cash equivalents at end of period | $ 14,549 | $ 43,401 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Noncontrolling Interest [Member] | Total |
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) | 4 | ||||
Issuance of restricted stock, net of cancellation (in shares) | 127 | ||||
Non-cash stock based compensation expense | 55 | 55 | |||
Net income (loss) | 7,811 | 67 | 7,878 | ||
Issuance of restricted stock, net of cancellation | $ 1 | 1 | |||
Non-cash stock based compensation expense | 2,132 | 2,132 | |||
Balance (in shares) at Mar. 31, 2020 | 35,475 | ||||
Balance at Mar. 31, 2020 | $ 354 | 87,335 | 94,575 | (451) | 181,813 |
Balance (in shares) at Dec. 31, 2019 | 35,344 | ||||
Balance at Dec. 31, 2019 | $ 353 | 85,148 | 86,764 | (518) | 171,747 |
Net income (loss) | 25,036 | ||||
Balance (in shares) at Sep. 30, 2020 | 35,550 | ||||
Balance at Sep. 30, 2020 | $ 355 | 90,362 | 108,960 | (340) | 199,337 |
Balance (in shares) at Mar. 31, 2020 | 35,475 | ||||
Balance at Mar. 31, 2020 | $ 354 | 87,335 | 94,575 | (451) | 181,813 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 4 | ||||
Dividends declared | (1,775) | (1,775) | |||
Issuance of restricted stock, net of cancellation (in shares) | 80 | ||||
Non-cash stock based compensation expense | (1,209) | (1,209) | |||
Net income (loss) | (1,361) | 70 | (1,291) | ||
Issuance of restricted stock, net of cancellation | $ 1 | (2) | (1) | ||
Non-cash stock based compensation expense | 2,126 | 2,126 | |||
Balance (in shares) at Jun. 30, 2020 | 35,559 | ||||
Balance at Jun. 30, 2020 | $ 355 | 88,250 | 91,439 | (381) | 179,663 |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 3 | ||||
Dividends declared | (887) | (887) | |||
Issuance of restricted stock, net of cancellation (in shares) | (12) | ||||
Non-cash stock based compensation expense | 48 | 48 | |||
Net income (loss) | 18,408 | 41 | 18,449 | ||
Non-cash stock based compensation expense | 2,064 | 2,064 | |||
Balance (in shares) at Sep. 30, 2020 | 35,550 | ||||
Balance at Sep. 30, 2020 | $ 355 | $ 90,362 | 108,960 | (340) | 199,337 |
Balance (in shares) at Dec. 31, 2020 | 35,344 | ||||
Balance at Dec. 31, 2020 | $ 91,044 | 109,286 | (171) | 200,159 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 3 | ||||
Issuance of common stock and tax impact of stock incentive plan | $ (2,255) | (2,255) | |||
Dividends declared | (983) | (983) | |||
Purchase and retirement of common stock (in shares) | (100) | ||||
Purchase and retirement of common stock | $ (260) | (3,088) | (3,348) | ||
Issuance of restricted stock, net of cancellation (in shares) | 61 | ||||
Non-cash stock based compensation expense | $ 1,642 | 1,642 | |||
Net income (loss) | 11,576 | 35 | 11,611 | ||
Balance (in shares) at Mar. 31, 2021 | 35,308 | ||||
Balance at Mar. 31, 2021 | $ 90,171 | 116,791 | (136) | 206,826 | |
Balance (in shares) at Dec. 31, 2020 | 35,344 | ||||
Balance at Dec. 31, 2020 | $ 91,044 | 109,286 | (171) | 200,159 | |
Net income (loss) | 49,563 | ||||
Balance (in shares) at Sep. 30, 2021 | 35,342 | ||||
Balance at Sep. 30, 2021 | $ 94,312 | 151,873 | 931 | 247,116 | |
Balance (in shares) at Mar. 31, 2021 | 35,308 | ||||
Balance at Mar. 31, 2021 | $ 90,171 | 116,791 | (136) | 206,826 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 2 | ||||
Issuance of common stock and tax impact of stock incentive plan | $ (712) | (712) | |||
Dividends declared | (901) | (901) | |||
Issuance of restricted stock, net of cancellation (in shares) | 36 | ||||
Non-cash stock based compensation expense | $ 2,850 | 2,850 | |||
Net income (loss) | 15,963 | 990 | 16,953 | ||
Balance (in shares) at Jun. 30, 2021 | 35,346 | ||||
Balance at Jun. 30, 2021 | $ 92,309 | 131,853 | 854 | 225,016 | |
Issuance of common stock and tax impact of stock incentive plan (in shares) | 3 | ||||
Issuance of common stock and tax impact of stock incentive plan | $ (76) | (76) | |||
Dividends declared | (902) | (902) | |||
Issuance of restricted stock, net of cancellation (in shares) | (7) | ||||
Non-cash stock based compensation expense | $ 2,079 | 2,079 | |||
Net income (loss) | 20,922 | 77 | 20,999 | ||
Balance (in shares) at Sep. 30, 2021 | 35,342 | ||||
Balance at Sep. 30, 2021 | $ 94,312 | $ 151,873 | $ 931 | $ 247,116 |
Condensed Consolidated Statem_4
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares | 3 Months Ended | ||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | |
Dividends declared (in dollars per share) | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.025 | $ 0.05 |
Note 1 - Nature of Operations a
Note 1 - Nature of Operations and Basis of Presentation | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Description and Accounting Policies [Text Block] | NOTE 1 – N ATURE OF OPERATIONS AND BASIS OF PRESENTATION For a description of key accounting policies followed, refer to the notes to The Shyft Group, Inc. consolidated financial statements for the year ended December 31, 2020, 10 March 25, 2021. 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, Charlotte and Plymouth, 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. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of September 30, 2021, three nine September 30, 2021. 10 December 31, 2020. three nine September 30, 2021, not Recent Developments In March 2020, 19” 19, March 23, 2020, third 2020, may 19 The full impact of the COVID- 19 19 not 19 On October 1, 2020, F3 2019 Recently Adopted Accounting Standards Effective January 1, 2021, 2019 12 740 740 2019 12 not Supplemental Disclosures of Cash Flow Information Non-cash investing in the nine September 30, 2021, 5 Debt Immaterial Revision of Previously Issued Condensed Consolidated Financial Statements During the fourth 2020, September 30, 2020 1 Nature of Operations and Basis of Presentation 10 December 31, 2020. September 30, 2020, not The tables below present the impact of the revisions on the Company’s condensed consolidated financial statements: Three Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Loss from discontinued operations, net of income taxes $ (598 ) $ (328 ) $ (926 ) Net income 18,777 (328 ) 18,449 Net income attributable to The Shyft Group, Inc. 18,736 (328 ) 18,408 Basic earnings (loss) per share Continuing operations $ 0.55 $ - $ 0.55 Discontinued operations (0.02 ) (0.01 ) (0.03 ) Basic earnings per share $ 0.53 $ (0.01 ) $ 0.52 Diluted earnings (loss) per share Continuing operations $ 0.54 $ - $ 0.54 Discontinued operations (0.02 ) (0.01 ) (0.03 ) Basic earnings per share $ 0.52 $ (0.01 ) $ 0.51 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 Basic earnings (loss) per share Continuing operations $ 0.84 $ - $ 0.84 Discontinued operations (0.13 ) (0.01 ) (0.14 ) Basic earnings per share $ 0.71 $ (0.01 ) $ 0.70 Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Diluted earnings (loss) per share Continuing operations $ 0.83 $ - $ 0.83 Discontinued operations (0.13 ) (0.01 ) (0.14 ) Basic earnings per share $ 0.70 $ (0.01 ) $ 0.69 |
Note 2 - Discontinued Operation
Note 2 - Discontinued Operations | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | NOTE 2 On February 1, 2020, September 2020, October 1, 2020. three nine September 30, 2020, three nine September 30, 2020. 2022. The Income (loss) from discontinued operations presented in the Condensed Consolidated Statement of Operations are summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sales $ - $ - - $ 19,167 Cost of products sold - - - 18,678 Gross profit - - - 489 Operating expenses - - - 4,404 Operating loss - - - (3,915 ) Other income (expense) - (1,200 ) 109 (3,338 ) Loss from discontinued operations before taxes - (1,200 ) 109 (7,253 ) Income tax (expense) benefit - 274 (28 ) 2,306 Net income (loss) from discontinued operations $ - $ (926 ) $ 81 $ (4,947 ) Total depreciation and amortization and capital expenditures for the discontinued operations are summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Depreciation and amortization $ - $ - $ - $ 284 Capital expenditures $ - $ - $ - $ 84 |
Note 3 - Acquisition Activities
Note 3 - Acquisition Activities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Business Combination Disclosure [Text Block] | NOTE 3 On October 1, 2020, F3 January 2021, June 2021, 5 Debt 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 excess of the purchase price over the estimated fair values of the net tangible and intangible assets acquired of $5,401 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 were subject to change within the measurement period. In the third 2021, September 30, 2021, As of September 30, 2021, Accounts receivable $ 2,315 Inventories 3,659 Other current assets 15 Property, plant and equipment 2,949 Right of use assets-operating leases 8,469 Intangible assets 5,590 Goodwill 5,401 Total assets acquired 28,398 Accounts payable (1,662 ) Accrued warranty (289 ) Accrued compensation and related taxes (434 ) Current operating lease liabilities (644 ) Other current liabilities and accrued expenses (241 ) Long-term operating lease liability (7,825 ) Long-term debt (4 ) Total liabilities assumed (11,099 ) Total purchase price $ 17,299 Goodwill and Intangible Assets 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: Amount Useful Life 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 unpatented technology and non-competition agreements assets utilizing a straight-line approach. Amortization expense, including the intangible assets, recorded from the DuraMag acquisition is $70 and $209 for the three nine September 30, 2021. 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 prior reporting period is not |
Note 4 - Inventories
Note 4 - Inventories | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Inventory Disclosure [Text Block] | NOTE 4 – INVENTORIES Inventories are summarized as follows: September 30, 2021 December 31, 2020 Finished goods $ 5,119 $ 4,200 Work in process 7,078 1,908 Raw materials and purchased components 72,176 46,576 Reserve (2,472 ) (6,256 ) Total inventories, net $ 81,901 $ 46,428 |
Note 5 - Debt
Note 5 - Debt | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 5 – DEBT Short-term debt consists of the following: September 30, 2021 December 31, 2020 Chassis pool agreements $ 3,995 $ 6,503 Total short-term debt $ 3,995 $ 6,503 Chassis Pool Agreements The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not not not September 30, 2021 December 31, 2020, Other receivables – chassis pool agreements Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: September 30, 2021 December 31, 2020 Line of credit revolver $ - $ 22,400 Finance lease obligation 355 473 Other 577 766 Total debt 932 23,639 Less current portion of long-term debt (238 ) (221 ) Total long-term debt $ 694 $ 23,418 Line of Credit Revolver On August 8, 2018, May 14, 2019, September 9, 2019 September 25, 2019 January 31, 2020, fourth April 20, 2021 July 16, 2021 fifth sixth not As a result, at September 30, 2021, may August 8, 2023. may September 30, 2021. one 1.0%; one September 30, 2021. September 30, 2021 December 31, 2020, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $169,240 and $125,836 at September 30, 2021 December 31, 2020, September 30, 2021 December 31, 2020, |
Note 6 - Revenue
Note 6 - Revenue | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | NOTE 6 – REVENUE Changes in our contract assets and liabilities for the nine September 30, 2021 2020 September 30, 2021 September 30, 2020 Contract Assets Contract assets, beginning of period $ 9,414 $ 10,898 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (9,414 ) (10,777 ) Contract assets recognized, net of reclassification to receivables 42,459 9,546 Contract assets, end of period $ 42,459 $ 9,667 Contract Liabilities Contract liabilities, beginning of period $ 756 $ 2,640 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (743 ) (2,370 ) Cash received in advance and not recognized as revenue 2,135 380 Contract liabilities, end of period $ 2,148 $ 650 The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services (“FVS”) and Specialty Vehicles (“SV”) segments are $758,518 and $94,042 respectively, with substantially all revenue expected to be recognized within one September 30, 2021. In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments. Three Months Ended September 30, 2021 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 194,067 $ 74,077 $ 268,144 $ - $ 268,144 Other 4,473 5 4,478 - 4,478 Total sales $ 198,540 $ 74,082 $ 272,622 $ - $ 272,622 Timing of revenue recognition Products transferred at a point in time $ 11,773 $ 47,462 $ 59,235 $ - $ 59,235 Products and services transferred over time 186,767 26,620 213,387 - 213,387 Total sales $ 198,540 $ 74,082 $ 272,622 $ - $ 272,622 Three Months Ended September 30, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 144,420 $ 58,263 $ 202,683 $ - $ 202,683 Other 770 20 790 - 790 Total sales $ 145,190 $ 58,283 $ 203,473 $ - $ 203,473 Timing of revenue recognition Products transferred at a point in time $ 11,075 $ 40,962 $ 52,037 $ - $ 52,037 Products and services transferred over time 134,115 17,321 151,436 - 151,436 Total sales $ 145,190 $ 58,283 $ 203,473 $ - $ 203,473 Nine Months Ended September 30, 2021 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 490,382 $ 215,951 $ 706,333 $ - $ 706,333 Other 8,104 55 8,159 - 8,159 Total sales $ 498,486 $ 216,006 $ 714,492 $ - $ 714,492 Timing of revenue recognition Products transferred at a point in time $ 32,842 $ 133,092 $ 165,934 $ - $ 165,934 Products and services transferred over time 465,644 82,914 548,558 - 548,558 Total sales $ 498,486 $ 216,006 $ 714,492 $ - $ 714,492 Nine Months Ended September 30, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 373,501 $ 126,032 $ 499,533 $ - $ 499,533 Other 4,615 243 4,858 - 4,858 Total sales $ 378,116 $ 126,275 $ 504,391 $ - $ 504,391 Timing of revenue recognition Products transferred at a point in time $ 44,611 $ 81,729 $ 126,340 $ - $ 126,340 Products and services transferred over time 333,505 44,546 378,051 - 378,051 Total sales $ 378,116 $ 126,275 $ 504,391 $ - $ 504,391 |
Note 7 - Property, Plant and Eq
Note 7 - Property, Plant and Equipment | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | NOTE 7 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: September 30, 2021 December 31, 2020 Land and improvements $ 8,721 $ 8,721 Buildings and improvements 44,810 40,077 Plant machinery and equipment 49,076 41,054 Furniture and fixtures 18,588 16,259 Vehicles 2,590 2,404 Construction in process 10,986 8,724 Subtotal 134,771 117,239 Less accumulated depreciation (77,397 ) (71,505 ) Total property, plant and equipment, net $ 57,374 $ 45,734 We recorded depreciation expense of $2,138 and $2,179 during the three September 30, 2021 2020, nine September 30, 2021 2020, second 2020, three nine September 30, 2020, |
Note 8 - Leases
Note 8 - Leases | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Lessee, Operating Leases and Finance Leases [Text Block] | NOTE 8 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one not 5 Debt Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows: Three Months Ended September 30, Nine Months Ended September 30 2021 2020 2021 2020 Operating leases $ 2,048 $ 1,551 $ 5,984 $ 4,657 Short-term leases (1) 135 75 301 159 Total lease expense $ 2,183 $ 1,626 $ 6,285 $ 4,816 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Nine Months Ended September 30 2021 2020 Weighted average remaining lease term of operating leases (in years) 9.2 7.7 Weighted average discount rate of operating leases 3.0 % 3.4 % Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 5,870 $ 4,531 Right of use assets obtained in exchange for lease obligations: Operating leases $ 6,305 $ 7,283 Finance leases $ 106 $ 136 Maturities of operating lease liabilities as of September 30, 2021 Years ending December 31: 2021 (1) $ 2,022 2022 7,607 2023 7,342 2024 7,014 2025 6,247 Thereafter 21,636 Total lease payments 51,868 Less: imputed interest (6,704 ) Total lease liabilities $ 45,164 ( 1 nine September 30, 2021. |
Note 9 - Commitments and Contin
Note 9 - Commitments and Contingent Liabilities | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 9 COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 2021, 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 are summarized below: Nine Months Ended September 30, 2021 2020 Balance of accrued warranty at January 1 $ 5,633 $ 5,694 Provisions for current period sales 2,720 2,687 Cash settlements (3,052 ) (2,411 ) Changes in liability for pre-existing warranties 1,958 (406 ) Acquired 289 - Balance of accrued warranty at September 30 $ 7,548 $ 5,564 Spartan-Gimaex Joint Venture In February 2015, September 2021, not EPA Information Request In May 2020, January 1, 2017 May 2020. third 2020. |
Note 10 - Taxes on Income
Note 10 - Taxes on Income | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 10 – TAXES ON INCOME Our effective income tax rate was 24.8% and 27.2% for the three September 30, 2021 2020, nine September 30, 2021 2020, three nine September 30, 2021, three September 30, 2020 21% The effective tax rate for the nine September 30, 2020 March 27, 2020, five 2018 2020. first 2020 2019. 2018 21% first 2020. |
Note 11 - Business Segments
Note 11 - Business Segments | 9 Months Ended |
Sep. 30, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 11 We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles. We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not not The accounting policies of the segments are the same as those described, or referred to, in "Note 1 – Nature of Operations and Basis of Presentation not not Three Months Ended September 30, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 189,591 $ - $ - $ 189,591 Motor home chassis sales - 42,507 - 42,507 Other specialty vehicle sales - 26,620 - 26,620 Aftermarket parts and accessories sales 8,949 4,955 - 13,904 Total sales $ 198,540 $ 74,082 $ - $ 272,622 Depreciation and amortization expense $ 924 $ 1,505 $ 553 $ 2,982 Adjusted EBITDA 36,813 5,827 (8,900 ) 33,740 Segment assets 200,358 199,997 29,920 430,275 Capital expenditures 3,844 465 882 5,191 Three Months Ended September 30, 2020 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 136,382 $ - $ - $ 136,382 Motor home chassis sales - 38,190 - 38,190 Other specialty vehicle sales - 17,601 - 17,601 Aftermarket parts and accessories sales 8,808 2,492 - 11,300 Total sales $ 145,190 $ 58,283 $ - $ 203,473 Depreciation and amortization expense $ 934 $ 1,412 $ 632 $ 2,978 Adjusted EBITDA 33,237 7,183 (7,827 ) 32,593 Segment assets 165,216 149,103 74,474 388,793 Capital expenditures 1,482 371 505 2,358 Nine Months Ended September 30, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 474,292 $ - $ - $ 474,292 Motor home chassis sales - 118,666 - 118,666 Other specialty vehicle sales - 82,914 - 82,914 Aftermarket parts and accessories sales 24,194 14,426 - 38,620 Total sales $ 498,486 $ 216,006 $ - $ 714,492 Depreciation and amortization expense $ 2,302 $ 4,645 $ 1,365 $ 8,312 Adjusted EBITDA 83,310 21,480 (23,309 ) 81,481 Segment assets 200,358 199,997 29,920 430,275 Capital expenditures 12,489 3,153 1,485 17,127 Nine Months Ended September 30, 2020 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 351,117 $ - $ - $ 351,117 Motor home chassis sales - 74,840 - 74,840 Other specialty vehicle sales - 45,316 - 45,316 Aftermarket parts and accessories sales 26,999 6,119 - 33,118 Total sales $ 378,116 $ 126,275 $ - $ 504,391 Depreciation and amortization expense $ 2,591 $ 4,313 $ 3,934 $ 10,838 Adjusted EBITDA 68,625 12,123 (20,429 ) 60,319 Segment assets 165,216 149,103 74,474 388,793 Capital expenditures 5,306 2,060 875 8,241 The table below presents the reconciliation of our income from continuing operations to Adjusted EBITDA. Adjusted EBITDA is not not may not may not not Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from continuing operations $ 20,999 $ 19,375 $ 49,482 $ 29,983 Net (income) attributable to non-controlling interest (77 ) (41 ) (1,102 ) (178 ) Add (subtract): Interest expense 253 11 310 1,202 Depreciation and amortization expense 2,982 2,978 8,312 10,838 Income tax expense 6,910 7,253 15,952 7,084 Restructuring and other related charges - 303 505 1,857 Acquisition related expenses and adjustments 594 650 808 922 Non-cash stock based compensation expense 2,079 2,064 6,571 6,181 Loss from liquidation of JV - - 643 - Loss from write-off of construction in process - - - 2,430 Adjusted EBITDA $ 33,740 $ 32,593 $ 81,481 $ 60,319 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2021 | |
Accounting Policies [Abstract] | |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Standards Effective January 1, 2021, 2019 12 740 740 2019 12 not |
Supplemental Disclosures of Cash Flow Policy [Policy Text Block] | Supplemental Disclosures of Cash Flow Information Non-cash investing in the nine September 30, 2021, 5 Debt |
Note 1 - Nature of Operations_2
Note 1 - Nature of Operations and Basis of Presentation (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Error Corrections and Prior Period Adjustments [Table Text Block] | Three Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Loss from discontinued operations, net of income taxes $ (598 ) $ (328 ) $ (926 ) Net income 18,777 (328 ) 18,449 Net income attributable to The Shyft Group, Inc. 18,736 (328 ) 18,408 Basic earnings (loss) per share Continuing operations $ 0.55 $ - $ 0.55 Discontinued operations (0.02 ) (0.01 ) (0.03 ) Basic earnings per share $ 0.53 $ (0.01 ) $ 0.52 Diluted earnings (loss) per share Continuing operations $ 0.54 $ - $ 0.54 Discontinued operations (0.02 ) (0.01 ) (0.03 ) Basic earnings per share $ 0.52 $ (0.01 ) $ 0.51 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 Basic earnings (loss) per share Continuing operations $ 0.84 $ - $ 0.84 Discontinued operations (0.13 ) (0.01 ) (0.14 ) Basic earnings per share $ 0.71 $ (0.01 ) $ 0.70 Nine Months Ended September 30, 2020 As Previously Reported Adjustment As Revised Diluted earnings (loss) per share Continuing operations $ 0.83 $ - $ 0.83 Discontinued operations (0.13 ) (0.01 ) (0.14 ) Basic earnings per share $ 0.70 $ (0.01 ) $ 0.69 |
Note 2 - Discontinued Operati_2
Note 2 - Discontinued Operations (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Sales $ - $ - - $ 19,167 Cost of products sold - - - 18,678 Gross profit - - - 489 Operating expenses - - - 4,404 Operating loss - - - (3,915 ) Other income (expense) - (1,200 ) 109 (3,338 ) Loss from discontinued operations before taxes - (1,200 ) 109 (7,253 ) Income tax (expense) benefit - 274 (28 ) 2,306 Net income (loss) from discontinued operations $ - $ (926 ) $ 81 $ (4,947 ) Three Months Ended September 30, Nine Months Ended September 30, 2021 2020 2021 2020 Depreciation and amortization $ - $ - $ - $ 284 Capital expenditures $ - $ - $ - $ 84 |
Note 3 - Acquisition Activiti_2
Note 3 - Acquisition Activities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Accounts receivable $ 2,315 Inventories 3,659 Other current assets 15 Property, plant and equipment 2,949 Right of use assets-operating leases 8,469 Intangible assets 5,590 Goodwill 5,401 Total assets acquired 28,398 Accounts payable (1,662 ) Accrued warranty (289 ) Accrued compensation and related taxes (434 ) Current operating lease liabilities (644 ) Other current liabilities and accrued expenses (241 ) Long-term operating lease liability (7,825 ) Long-term debt (4 ) Total liabilities assumed (11,099 ) Total purchase price $ 17,299 |
Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | Amount Useful Life 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 |
Note 4 - Inventories (Tables)
Note 4 - Inventories (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | September 30, 2021 December 31, 2020 Finished goods $ 5,119 $ 4,200 Work in process 7,078 1,908 Raw materials and purchased components 72,176 46,576 Reserve (2,472 ) (6,256 ) Total inventories, net $ 81,901 $ 46,428 |
Note 5 - Debt (Tables)
Note 5 - Debt (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Short-term Debt [Table Text Block] | September 30, 2021 December 31, 2020 Chassis pool agreements $ 3,995 $ 6,503 Total short-term debt $ 3,995 $ 6,503 |
Schedule of Long-term Debt Instruments [Table Text Block] | September 30, 2021 December 31, 2020 Line of credit revolver $ - $ 22,400 Finance lease obligation 355 473 Other 577 766 Total debt 932 23,639 Less current portion of long-term debt (238 ) (221 ) Total long-term debt $ 694 $ 23,418 |
Note 6 - Revenue (Tables)
Note 6 - Revenue (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | September 30, 2021 September 30, 2020 Contract Assets Contract assets, beginning of period $ 9,414 $ 10,898 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (9,414 ) (10,777 ) Contract assets recognized, net of reclassification to receivables 42,459 9,546 Contract assets, end of period $ 42,459 $ 9,667 Contract Liabilities Contract liabilities, beginning of period $ 756 $ 2,640 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (743 ) (2,370 ) Cash received in advance and not recognized as revenue 2,135 380 Contract liabilities, end of period $ 2,148 $ 650 |
Disaggregation of Revenue [Table Text Block] | Three Months Ended September 30, 2021 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 194,067 $ 74,077 $ 268,144 $ - $ 268,144 Other 4,473 5 4,478 - 4,478 Total sales $ 198,540 $ 74,082 $ 272,622 $ - $ 272,622 Timing of revenue recognition Products transferred at a point in time $ 11,773 $ 47,462 $ 59,235 $ - $ 59,235 Products and services transferred over time 186,767 26,620 213,387 - 213,387 Total sales $ 198,540 $ 74,082 $ 272,622 $ - $ 272,622 Three Months Ended September 30, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 144,420 $ 58,263 $ 202,683 $ - $ 202,683 Other 770 20 790 - 790 Total sales $ 145,190 $ 58,283 $ 203,473 $ - $ 203,473 Timing of revenue recognition Products transferred at a point in time $ 11,075 $ 40,962 $ 52,037 $ - $ 52,037 Products and services transferred over time 134,115 17,321 151,436 - 151,436 Total sales $ 145,190 $ 58,283 $ 203,473 $ - $ 203,473 Nine Months Ended September 30, 2021 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 490,382 $ 215,951 $ 706,333 $ - $ 706,333 Other 8,104 55 8,159 - 8,159 Total sales $ 498,486 $ 216,006 $ 714,492 $ - $ 714,492 Timing of revenue recognition Products transferred at a point in time $ 32,842 $ 133,092 $ 165,934 $ - $ 165,934 Products and services transferred over time 465,644 82,914 548,558 - 548,558 Total sales $ 498,486 $ 216,006 $ 714,492 $ - $ 714,492 Nine Months Ended September 30, 2020 FVS SV Total Reportable Segments Other Total Primary geographical markets United States $ 373,501 $ 126,032 $ 499,533 $ - $ 499,533 Other 4,615 243 4,858 - 4,858 Total sales $ 378,116 $ 126,275 $ 504,391 $ - $ 504,391 Timing of revenue recognition Products transferred at a point in time $ 44,611 $ 81,729 $ 126,340 $ - $ 126,340 Products and services transferred over time 333,505 44,546 378,051 - 378,051 Total sales $ 378,116 $ 126,275 $ 504,391 $ - $ 504,391 |
Note 7 - Property, Plant and _2
Note 7 - Property, Plant and Equipment (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | September 30, 2021 December 31, 2020 Land and improvements $ 8,721 $ 8,721 Buildings and improvements 44,810 40,077 Plant machinery and equipment 49,076 41,054 Furniture and fixtures 18,588 16,259 Vehicles 2,590 2,404 Construction in process 10,986 8,724 Subtotal 134,771 117,239 Less accumulated depreciation (77,397 ) (71,505 ) Total property, plant and equipment, net $ 57,374 $ 45,734 |
Note 8 - Leases (Tables)
Note 8 - Leases (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Lease, Cost [Table Text Block] | Three Months Ended September 30, Nine Months Ended September 30 2021 2020 2021 2020 Operating leases $ 2,048 $ 1,551 $ 5,984 $ 4,657 Short-term leases (1) 135 75 301 159 Total lease expense $ 2,183 $ 1,626 $ 6,285 $ 4,816 Nine Months Ended September 30 2021 2020 Weighted average remaining lease term of operating leases (in years) 9.2 7.7 Weighted average discount rate of operating leases 3.0 % 3.4 % Nine Months Ended September 30, 2021 2020 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 5,870 $ 4,531 Right of use assets obtained in exchange for lease obligations: Operating leases $ 6,305 $ 7,283 Finance leases $ 106 $ 136 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Years ending December 31: 2021 (1) $ 2,022 2022 7,607 2023 7,342 2024 7,014 2025 6,247 Thereafter 21,636 Total lease payments 51,868 Less: imputed interest (6,704 ) Total lease liabilities $ 45,164 |
Note 9 - Commitments and Cont_2
Note 9 - Commitments and Contingent Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Nine Months Ended September 30, 2021 2020 Balance of accrued warranty at January 1 $ 5,633 $ 5,694 Provisions for current period sales 2,720 2,687 Cash settlements (3,052 ) (2,411 ) Changes in liability for pre-existing warranties 1,958 (406 ) Acquired 289 - Balance of accrued warranty at September 30 $ 7,548 $ 5,564 |
Note 11 - Business Segments (Ta
Note 11 - Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2021 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Three Months Ended September 30, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 189,591 $ - $ - $ 189,591 Motor home chassis sales - 42,507 - 42,507 Other specialty vehicle sales - 26,620 - 26,620 Aftermarket parts and accessories sales 8,949 4,955 - 13,904 Total sales $ 198,540 $ 74,082 $ - $ 272,622 Depreciation and amortization expense $ 924 $ 1,505 $ 553 $ 2,982 Adjusted EBITDA 36,813 5,827 (8,900 ) 33,740 Segment assets 200,358 199,997 29,920 430,275 Capital expenditures 3,844 465 882 5,191 Three Months Ended September 30, 2020 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 136,382 $ - $ - $ 136,382 Motor home chassis sales - 38,190 - 38,190 Other specialty vehicle sales - 17,601 - 17,601 Aftermarket parts and accessories sales 8,808 2,492 - 11,300 Total sales $ 145,190 $ 58,283 $ - $ 203,473 Depreciation and amortization expense $ 934 $ 1,412 $ 632 $ 2,978 Adjusted EBITDA 33,237 7,183 (7,827 ) 32,593 Segment assets 165,216 149,103 74,474 388,793 Capital expenditures 1,482 371 505 2,358 Nine Months Ended September 30, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 474,292 $ - $ - $ 474,292 Motor home chassis sales - 118,666 - 118,666 Other specialty vehicle sales - 82,914 - 82,914 Aftermarket parts and accessories sales 24,194 14,426 - 38,620 Total sales $ 498,486 $ 216,006 $ - $ 714,492 Depreciation and amortization expense $ 2,302 $ 4,645 $ 1,365 $ 8,312 Adjusted EBITDA 83,310 21,480 (23,309 ) 81,481 Segment assets 200,358 199,997 29,920 430,275 Capital expenditures 12,489 3,153 1,485 17,127 Nine Months Ended September 30, 2020 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 351,117 $ - $ - $ 351,117 Motor home chassis sales - 74,840 - 74,840 Other specialty vehicle sales - 45,316 - 45,316 Aftermarket parts and accessories sales 26,999 6,119 - 33,118 Total sales $ 378,116 $ 126,275 $ - $ 504,391 Depreciation and amortization expense $ 2,591 $ 4,313 $ 3,934 $ 10,838 Adjusted EBITDA 68,625 12,123 (20,429 ) 60,319 Segment assets 165,216 149,103 74,474 388,793 Capital expenditures 5,306 2,060 875 8,241 |
Schedule of Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization [Table Text Block] | Three Months Ended Nine Months Ended September 30, September 30, 2021 2020 2021 2020 Income from continuing operations $ 20,999 $ 19,375 $ 49,482 $ 29,983 Net (income) attributable to non-controlling interest (77 ) (41 ) (1,102 ) (178 ) Add (subtract): Interest expense 253 11 310 1,202 Depreciation and amortization expense 2,982 2,978 8,312 10,838 Income tax expense 6,910 7,253 15,952 7,084 Restructuring and other related charges - 303 505 1,857 Acquisition related expenses and adjustments 594 650 808 922 Non-cash stock based compensation expense 2,079 2,064 6,571 6,181 Loss from liquidation of JV - - 643 - Loss from write-off of construction in process - - - 2,430 Adjusted EBITDA $ 33,740 $ 32,593 $ 81,481 $ 60,319 |
Note 1 - Nature of Operations_3
Note 1 - Nature of Operations and Basis of Presentation (Details Textual) $ in Thousands | 9 Months Ended |
Sep. 30, 2021USD ($) | |
Capital Expenditures Incurred but Not yet Paid | $ 394 |
Note 1 - Nature of Operations_4
Note 1 - Nature of Operations and Basis of Presentation - Impact of Revisions (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Loss from discontinued operations, net of income taxes | $ 0 | $ (926) | $ 81 | $ (4,947) | ||||
Net income | 20,999 | $ 16,953 | $ 11,611 | 18,449 | $ (1,291) | $ 7,878 | 49,563 | 25,036 |
Net income attributable to The Shyft Group, Inc. | $ 20,922 | $ 18,408 | $ 48,461 | $ 24,858 | ||||
Continuing operations, Basic (in dollars per share) | $ 0.59 | $ 0.55 | $ 1.37 | $ 0.84 | ||||
Discontinued operations, Basic (in dollars per share) | 0 | (0.03) | 0 | (0.14) | ||||
Basic earnings per share, Basic (in dollars per share) | 0.59 | 0.52 | 1.37 | 0.70 | ||||
Continuing operations, Diluted (in dollars per share) | 0.58 | 0.54 | 1.34 | 0.83 | ||||
Discontinued operations, Diluted (in dollars per share) | 0 | (0.03) | 0 | (0.14) | ||||
Basic earnings per share, Diluted (in dollars per share) | $ 0.58 | $ 0.51 | $ 1.34 | $ 0.69 | ||||
Previously Reported [Member] | ||||||||
Loss from discontinued operations, net of income taxes | $ (598) | $ (4,619) | ||||||
Net income | 18,777 | 25,364 | ||||||
Net income attributable to The Shyft Group, Inc. | $ 18,736 | $ 25,186 | ||||||
Continuing operations, Basic (in dollars per share) | $ 0.55 | $ 0.84 | ||||||
Discontinued operations, Basic (in dollars per share) | (0.02) | (0.13) | ||||||
Basic earnings per share, Basic (in dollars per share) | 0.53 | 0.71 | ||||||
Continuing operations, Diluted (in dollars per share) | 0.54 | 0.83 | ||||||
Discontinued operations, Diluted (in dollars per share) | (0.02) | (0.13) | ||||||
Basic earnings per share, Diluted (in dollars per share) | $ 0.52 | $ 0.70 | ||||||
Revision of Prior Period, Adjustment [Member] | ||||||||
Loss from discontinued operations, net of income taxes | $ (328) | $ (328) | ||||||
Net income | (328) | (328) | ||||||
Net income attributable to The Shyft Group, Inc. | $ (328) | $ (328) | ||||||
Continuing operations, Basic (in dollars per share) | $ 0 | $ 0 | ||||||
Discontinued operations, Basic (in dollars per share) | (0.01) | (0.01) | ||||||
Basic earnings per share, Basic (in dollars per share) | (0.01) | (0.01) | ||||||
Continuing operations, Diluted (in dollars per share) | 0 | 0 | ||||||
Discontinued operations, Diluted (in dollars per share) | (0.01) | (0.01) | ||||||
Basic earnings per share, Diluted (in dollars per share) | $ (0.01) | $ (0.01) |
Note 2 - Discontinued Operati_3
Note 2 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Disposal of Emergency Response and Vehicle Business [Member] - USD ($) $ in Thousands | Oct. 01, 2020 | Feb. 01, 2020 | Sep. 30, 2020 | Sep. 30, 2020 |
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 | $ (763) | $ (2,901) |
Note 2 - Discontinued Operati_4
Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net income (loss) from discontinued operations | $ 0 | $ (926) | $ 81 | $ (4,947) |
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member] | ||||
Sales | 0 | 0 | 0 | 19,167 |
Cost of products sold | 0 | 0 | 0 | 18,678 |
Gross profit | 0 | 0 | 0 | 489 |
Operating expenses | 0 | 0 | 0 | 4,404 |
Operating loss | 0 | 0 | 0 | (3,915) |
Other income (expense) | 0 | (1,200) | 109 | (3,338) |
Loss from discontinued operations before taxes | 0 | (1,200) | 109 | (7,253) |
Income tax (expense) benefit | 0 | (274) | 28 | (2,306) |
Net income (loss) from discontinued operations | 0 | (926) | 81 | (4,947) |
Depreciation and amortization | 0 | 0 | 0 | 284 |
Capital expenditures | $ 0 | $ 0 | $ 0 | $ 84 |
Note 3 - Acquisition Activiti_3
Note 3 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands | Oct. 01, 2020 | Jun. 30, 2021 | Jan. 31, 2021 | Sep. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 48,881 | $ 48,881 | $ 49,481 | |||
DuraMag [Member] | ||||||
Payments to Acquire Businesses, Gross | $ 18,203 | |||||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustment, Consideration Transferred | $ (500) | $ (404) | ||||
Goodwill, Ending Balance | 5,401 | 5,401 | 5,401 | |||
Business Combination, Provisional Information, Initial Accounting Incomplete, Adjustments Related to Previous Period | 289 | 289 | ||||
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill, Total | $ 5,590 | |||||
Amortization of Intangible Assets, Total | $ 70 | $ 209 |
Note 3 - Acquisition Activiti_4
Note 3 - Acquisition Activities - Purchase Price Allocation (Details) - USD ($) $ in Thousands | Oct. 01, 2020 | Sep. 30, 2021 | Dec. 31, 2020 |
Goodwill, Ending Balance | $ 48,881 | $ 49,481 | |
DuraMag [Member] | |||
Accounts receivable | $ 2,315 | ||
Inventories | 3,659 | ||
Other current assets | 15 | ||
Property, plant and equipment | 2,949 | ||
Right of use assets-operating leases | 8,469 | ||
Intangible assets | 5,590 | ||
Goodwill, Ending Balance | 5,401 | 5,401 | |
Total assets acquired | 28,398 | ||
Accounts payable | (1,662) | ||
Accrued warranty | (289) | $ (289) | |
Accrued compensation and related taxes | (434) | ||
Current operating lease liabilities | (644) | ||
Other current liabilities and accrued expenses | (241) | ||
Long-term operating lease liability | (7,825) | ||
Long-term debt | (4) | ||
Total liabilities assumed | (11,099) | ||
Total purchase price | $ 17,299 |
Note 3 - Acquisition Activiti_5
Note 3 - Acquisition Activities - Intangible Assets (Details) - DuraMag [Member] $ in Thousands | Oct. 01, 2020USD ($) |
Amount | $ 5,590 |
Trademarks and Trade Names [Member] | |
Trade names and trademarks | 2,420 |
Customer Relationships [Member] | |
Amount | $ 2,200 |
Useful Life (Year) | 15 years |
Unpatented Technology [Member] | |
Amount | $ 540 |
Useful Life (Year) | 9 years |
Noncompete Agreements [Member] | |
Amount | $ 430 |
Useful Life (Year) | 6 years |
Note 4 - Inventories - Summary
Note 4 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Finished goods | $ 5,119 | $ 4,200 |
Work in process | 7,078 | 1,908 |
Raw materials and purchased components | 72,176 | 46,576 |
Reserve | (2,472) | (6,256) |
Total inventories, net | $ 81,901 | $ 46,428 |
Note 5 - Debt (Details Textual)
Note 5 - Debt (Details Textual) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Dec. 31, 2020 | |
Short-term Debt, Total | $ 3,995 | $ 6,503 |
Letters of Credit Outstanding, Amount | 760 | 525 |
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 | 1.34% | |
Line of Credit Facility, Current Borrowing Capacity | $ 169,240 | 125,836 |
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 | 10,000 | |
Chassis Pool Agreements [Member] | ||
Short-term Debt, Total | $ 3,995 | $ 6,503 |
Note 5 - Debt - Short-term Debt
Note 5 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Short-term debt | $ 3,995 | $ 6,503 |
Chassis Pool Agreements [Member] | ||
Short-term debt | $ 3,995 | $ 6,503 |
Note 5 - Debt - Schedule of Lon
Note 5 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2021 | Dec. 31, 2020 |
Line of credit revolver | $ 0 | $ 22,400 |
Finance lease obligation | 355 | 473 |
Other | 577 | 766 |
Total debt | 932 | 23,639 |
Less current portion of long-term debt | (238) | (221) |
Total long-term debt | $ 694 | $ 23,418 |
Note 6 - Revenue (Details Textu
Note 6 - Revenue (Details Textual) - Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-10-01 $ in Thousands | Sep. 30, 2021USD ($) |
Fleet Vehicles and Services [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 758,518 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Specialty Vehicles [Member] | |
Revenue, Remaining Performance Obligation, Amount | $ 94,042 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Year) | 1 year |
Note 6 - Revenue - Contract Ass
Note 6 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Contract assets, beginning of period | $ 9,414 | $ 10,898 |
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional | (9,414) | (10,777) |
Contract assets recognized, net of reclassification to receivables | 42,459 | 9,546 |
Contract assets, end of period | 42,459 | 9,667 |
Contract liabilities, beginning of period | 756 | 2,640 |
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied | (743) | (2,370) |
Cash received in advance and not recognized as revenue | 2,135 | 380 |
Contract liabilities, end of period | $ 2,148 | $ 650 |
Note 6 - Revenue - Disaggregate
Note 6 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Revenues | $ 272,622 | $ 203,473 | $ 714,492 | $ 504,391 |
Transferred at Point in Time [Member] | ||||
Revenues | 59,235 | 52,037 | 165,934 | 126,340 |
Transferred over Time [Member] | ||||
Revenues | 213,387 | 151,436 | 548,558 | 378,051 |
Operating Segments [Member] | ||||
Revenues | 272,622 | 203,473 | 714,492 | 504,391 |
Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 59,235 | 52,037 | 165,934 | 126,340 |
Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 213,387 | 151,436 | 548,558 | 378,051 |
Consolidation, Eliminations [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Consolidation, Eliminations [Member] | Transferred over Time [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 198,540 | 145,190 | 498,486 | 378,116 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 11,773 | 11,075 | 32,842 | 44,611 |
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 186,767 | 134,115 | 465,644 | 333,505 |
Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 74,082 | 58,283 | 216,006 | 126,275 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member] | ||||
Revenues | 47,462 | 40,962 | 133,092 | 81,729 |
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member] | ||||
Revenues | 26,620 | 17,321 | 82,914 | 44,546 |
UNITED STATES | ||||
Revenues | 268,144 | 202,683 | 706,333 | 499,533 |
UNITED STATES | Operating Segments [Member] | ||||
Revenues | 268,144 | 202,683 | 706,333 | 499,533 |
UNITED STATES | Consolidation, Eliminations [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 194,067 | 144,420 | 490,382 | 373,501 |
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | 74,077 | 58,263 | 215,951 | 126,032 |
Non-US [Member] | ||||
Revenues | 4,478 | 790 | 8,159 | 4,858 |
Non-US [Member] | Operating Segments [Member] | ||||
Revenues | 4,478 | 790 | 8,159 | 4,858 |
Non-US [Member] | Consolidation, Eliminations [Member] | ||||
Revenues | 0 | 0 | 0 | 0 |
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member] | ||||
Revenues | 4,473 | 770 | 8,104 | 4,615 |
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member] | ||||
Revenues | $ 5 | $ 20 | $ 55 | $ 243 |
Note 7 - Property, Plant and _3
Note 7 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Depreciation, Total | $ 2,138 | $ 2,179 | $ 5,778 | $ 8,440 |
Gain (Loss) on Disposition of Property Plant Equipment, Excluding Oil and Gas Property and Timber Property | 0 | (2,430) | ||
Change in Accounting Estimate, Income Statement Impact | $ (274) | $ (3,873) | ||
Construction in Progress [Member] | ||||
Depreciation, Total | 2,330 | |||
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 | Sep. 30, 2021 | Dec. 31, 2020 |
Property, plant and equipment, gross | $ 134,771 | $ 117,239 |
Less accumulated depreciation | (77,397) | (71,505) |
Total property, plant and equipment, net | 57,374 | 45,734 |
Land and Land Improvements [Member] | ||
Property, plant and equipment, gross | 8,721 | 8,721 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | 44,810 | 40,077 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | 49,076 | 41,054 |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | 18,588 | 16,259 |
Vehicles [Member] | ||
Property, plant and equipment, gross | 2,590 | 2,404 |
Construction in Progress [Member] | ||
Property, plant and equipment, gross | $ 10,986 | $ 8,724 |
Note 8 - Leases (Details Textua
Note 8 - Leases (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
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 | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | ||
Operating leases | $ 2,048 | $ 1,551 | $ 5,984 | $ 4,657 | |
Short-term leases(1) | [1] | 135 | 75 | 301 | 159 |
Total lease expense | $ 2,183 | $ 1,626 | $ 6,285 | $ 4,816 | |
Weighted average remaining lease term of operating leases (in years) (Year) | 9 years 2 months 12 days | 7 years 8 months 12 days | 9 years 2 months 12 days | 7 years 8 months 12 days | |
Weighted average discount rate of operating leases | 3.00% | 3.40% | 3.00% | 3.40% | |
Operating cash flow for operating leases | $ 5,870 | $ 4,531 | |||
Operating leases | 6,305 | 7,283 | |||
Finance leases | $ 106 | $ 136 | |||
[1] | Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month. |
Note 8 - Leases - Future Minimu
Note 8 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands | Sep. 30, 2021USD ($) | |
2021(1) | $ 2,022 | [1] |
2022 | 7,607 | |
2023 | 7,342 | |
2024 | 7,014 | |
2025 | 6,247 | |
Thereafter | 21,636 | |
Total lease payments | 51,868 | |
Less: imputed interest | (6,704) | |
Total lease liabilities | $ 45,164 | |
[1] | Excluding the nine months ended September 30, 2021. |
Note 9 - Commitments and Cont_3
Note 9 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2021 | Sep. 30, 2020 | |
Balance of accrued warranty | $ 5,633 | $ 5,694 |
Provisions for current period sales | 2,720 | 2,687 |
Cash settlements | (3,052) | (2,411) |
Changes in liability for pre-existing warranties | 1,958 | (406) |
Acquired | 289 | 0 |
Balance of accrued warranty | $ 7,548 | $ 5,564 |
Note 10 - Taxes on Income (Deta
Note 10 - Taxes on Income (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Mar. 31, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2018 | |
Effective Income Tax Rate Reconciliation, Percent, Total | 24.80% | 27.20% | 24.40% | 19.10% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% | 35.00% | ||||
Income Tax Expense (Benefit), Continuing Operations, Adjustment of Deferred Tax (Asset) Liability | $ 2,610 |
Note 11 - Business Segments (De
Note 11 - Business Segments (Details Textual) | 9 Months Ended |
Sep. 30, 2021 | |
Number of Reportable Segments | 2 |
Note 11 - Business Segments - S
Note 11 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | Dec. 31, 2020 | |
Revenues | $ 272,622 | $ 203,473 | $ 714,492 | $ 504,391 | |
Depreciation and amortization expense | 8,312 | 11,122 | |||
Segment assets | 430,275 | 430,275 | $ 359,049 | ||
Capital expenditures | 18,238 | 8,325 | |||
Continuing Operations [Member] | |||||
Revenues | 272,622 | 203,473 | 714,492 | 504,391 | |
Depreciation and amortization expense | 2,982 | 2,978 | 8,312 | 10,838 | |
Adjusted EBITDA | 33,740 | 32,593 | 81,481 | 60,319 | |
Segment assets | 430,275 | 388,793 | 430,275 | 388,793 | |
Capital expenditures | 5,191 | 2,358 | 17,127 | 8,241 | |
Fleet Vehicle Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 189,591 | 136,382 | 474,292 | 351,117 | |
Motorhome Chassis [Member] | Continuing Operations [Member] | |||||
Revenues | 42,507 | 38,190 | 118,666 | 74,840 | |
Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||
Revenues | 26,620 | 17,601 | 82,914 | 45,316 | |
Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 13,904 | 11,300 | 38,620 | 33,118 | |
Operating Segments [Member] | |||||
Revenues | 272,622 | 203,473 | 714,492 | 504,391 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | |||||
Revenues | 198,540 | 145,190 | 498,486 | 378,116 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Continuing Operations [Member] | |||||
Revenues | 198,540 | 145,190 | 498,486 | 378,116 | |
Depreciation and amortization expense | 924 | 934 | 2,302 | 2,591 | |
Adjusted EBITDA | 36,813 | 33,237 | 83,310 | 68,625 | |
Segment assets | 200,358 | 165,216 | 200,358 | 165,216 | |
Capital expenditures | 3,844 | 1,482 | 12,489 | 5,306 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 189,591 | 136,382 | 474,292 | 351,117 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 8,949 | 8,808 | 24,194 | 26,999 | |
Operating Segments [Member] | Specialty Vehicles [Member] | |||||
Revenues | 74,082 | 58,283 | 216,006 | 126,275 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Continuing Operations [Member] | |||||
Revenues | 74,082 | 58,283 | 216,006 | 126,275 | |
Depreciation and amortization expense | 1,505 | 1,412 | 4,645 | 4,313 | |
Adjusted EBITDA | 5,827 | 7,183 | 21,480 | 12,123 | |
Segment assets | 199,997 | 149,103 | 199,997 | 149,103 | |
Capital expenditures | 465 | 371 | 3,153 | 2,060 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||
Revenues | 42,507 | 38,190 | 118,666 | 74,840 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||
Revenues | 26,620 | 17,601 | 82,914 | 45,316 | |
Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 4,955 | 2,492 | 14,426 | 6,119 | |
Segment Reconciling Items [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Depreciation and amortization expense | 553 | 632 | 1,365 | 3,934 | |
Adjusted EBITDA | (8,900) | (7,827) | (23,309) | (20,429) | |
Segment assets | 29,920 | 74,474 | 29,920 | 74,474 | |
Capital expenditures | 882 | 505 | 1,485 | 875 | |
Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | Motorhome Chassis [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | Other Specialty Vehicles [Member] | Continuing Operations [Member] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member] | Continuing Operations [Member] | |||||
Revenues | $ 0 | $ 0 | $ 0 | $ 0 |
Note 11 - Business Segments - R
Note 11 - Business Segments - Reconciliation of Adjusted EBITDA (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2021 | Sep. 30, 2020 | Sep. 30, 2021 | Sep. 30, 2020 | |
Net (income) attributable to non-controlling interest | $ (77) | $ (41) | $ (1,102) | $ (178) |
Interest expense | 253 | 11 | 310 | 1,202 |
Depreciation and amortization expense | 8,312 | 11,122 | ||
Income tax expense | 6,910 | 7,253 | 15,952 | 7,084 |
Loss from write-off of construction in process | 0 | (2,430) | ||
Continuing Operations [Member] | ||||
Income from continuing operations | 20,999 | 19,375 | 49,482 | 29,983 |
Net (income) attributable to non-controlling interest | (77) | (41) | (1,102) | (178) |
Interest expense | 253 | 11 | 310 | 1,202 |
Depreciation and amortization expense | 2,982 | 2,978 | 8,312 | 10,838 |
Income tax expense | 6,910 | 7,253 | 15,952 | 7,084 |
Restructuring and other related charges | 0 | 303 | 505 | 1,857 |
Acquisition related expenses and adjustments | 594 | 650 | 808 | 922 |
Non-cash stock based compensation expense | 2,079 | 2,064 | 6,571 | 6,181 |
Loss from liquidation of JV | 0 | 0 | 643 | 0 |
Loss from write-off of construction in process | 0 | 0 | 0 | 2,430 |
Adjusted EBITDA | $ 33,740 | $ 32,593 | $ 81,481 | $ 60,319 |