The Shyft Group, Inc. (SHYF) 10-Q 4 Nov 21 2021 Q3 Quarterly report Financial data

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