The Shyft Group, Inc. (SHYF) 10-Q 28 Apr 22 2022 Q1 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	3 Months Ended
	Mar. 31, 2022	Apr. 22, 2022
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	Q1
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2022
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	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		35,038,437

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 3,691	$ 37,158
Accounts receivable, less allowance of $133 and $187	80,769	87,262
Contract assets	32,989	21,483
Inventories	91,256	67,184
Other receivables – chassis pool agreements	9,198	9,926
Other current assets	12,041	10,813
Total current assets	229,944	233,826
Property, plant and equipment, net	64,359	61,057
Right of use assets – operating leases	56,239	43,316
Goodwill	48,880	48,880
Intangible assets, net	52,129	52,981
Net deferred tax assets	4,880	4,880
Other assets	2,709	2,927
TOTAL ASSETS	459,140	447,867
Current liabilities:
Accounts payable	89,968	82,442
Accrued warranty	5,649	5,975
Accrued compensation and related taxes	12,947	19,064
Contract liabilities	5,193	988
Operating lease liability	9,411	7,934
Other current liabilities and accrued expenses	7,710	9,256
Short-term debt – chassis pool agreements	9,198	9,926
Current portion of long-term debt	248	252
Total current liabilities	140,324	135,837
Other non-current liabilities	7,923	8,108
Long-term operating lease liability	47,952	36,329
Long-term debt, less current portion	35,245	738
Total liabilities	231,444	181,012
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	0	0
Common stock, no par value: 80,000 shares authorized; 35,027 and 35,416 outstanding	87,053	95,375
Retained earnings	140,542	171,379
Total Shyft Group, Inc. shareholders’ equity	227,595	266,754
Non-controlling interest	101	101
Total shareholders' equity	227,696	266,855
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 459,140	$ 447,867

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Accounts receivable, allowance	$ 133	$ 187
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	2,000	2,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	80,000	80,000
Common stock, shares outstanding (in shares)	35,027	35,416

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Sales	$ 206,883	$ 197,888
Cost of products sold	180,952	157,902
Gross profit	25,931	39,986
Operating expenses:
Research and development	4,927	782
Selling, general and administrative	26,552	24,537
Total operating expenses	31,479	25,319
Operating income (loss)	(5,548)	14,667
Other income (expense)
Interest income (expense)	(154)	170
Other income (expense)	(35)	183
Total other income (expense)	(189)	353
Income (loss) from continuing operations before income taxes	(5,737)	15,020
Income tax expense (benefit)	(1,885)	3,490
Income (loss) from continuing operations	(3,852)	11,530
Income from discontinued operations, net of income taxes	0	81
Net income (loss)	(3,852)	11,611
Less: net income attributable to non-controlling interest	0	35
Net income (loss) attributable to The Shyft Group Inc.	$ (3,852)	$ 11,576
Basic earnings (loss) per share
Continuing operations, Basic (in dollars per share)	$ (0.11)	$ 0.33
Discontinued operations, Basic (in dollars per share)	0	0
Basic earnings per share (in dollars per share)	(0.11)	0.33
Diluted earnings (loss) per share
Continuing operations, Diluted (in dollars per share)	(0.11)	0.32
Discontinued operations, Diluted (in dollars per share)	0	0
Diluted earnings per share (in dollars per share)	$ (0.11)	$ 0.32
Basic weighted average common shares outstanding (in shares)	35,108	35,312
Diluted weighted average common shares outstanding (in shares)	35,108	36,191

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Cash flows from operating activities:
Net income (loss)	$ (3,852)	$ 11,611
Adjustments to reconcile net income (loss) to net cash used in operating activities:
Depreciation and amortization	2,969	2,571
Non-cash stock based compensation expense	1,648	1,642
Deferred income taxes	0	134
(Gain) on disposal of assets	(10)	(142)
Changes in accounts receivable and contract assets	(5,012)	(30,149)
Changes in inventories	(24,072)	(12,115)
Changes in accounts payable	7,594	27,472
Changes in accrued compensation and related taxes	(7,966)	(4,736)
Changes in accrued warranty	(326)	686
Change in other assets and liabilities	1,243	1,723
Net cash used in operating activities	(27,784)	(1,303)
Cash flows from investing activities:
Purchases of property, plant and equipment	(5,514)	(5,914)
Proceeds from sale of property, plant and equipment	29	0
Acquisition of business, net of cash acquired	0	404
Net cash used in investing activities	(5,485)	(5,510)
Cash flows from financing activities:
Proceeds from long-term debt	45,000	0
Payments on long-term debt	(10,000)	0
Payment of dividends	(1,886)	(889)
Purchase and retirement of common stock	(26,789)	(3,348)
Issuance and vesting of stock incentive awards	(6,523)	104
Net cash used in financing activities	(198)	(4,133)
Net (decrease) in cash and cash equivalents	(33,467)	(10,946)
Cash and cash equivalents at beginning of period	37,158	20,995
Cash and cash equivalents at end of period	$ 3,691	$ 10,049

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
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)	0	0	(2,255)
Dividends declared	$ 0	(983)	0	(983)
Purchase and retirement of common stock (in shares)	(100)
Purchase and retirement of common stock	$ (260)	(3,088)	0	(3,348)
Issuance of restricted stock, net of cancellation (in shares)	61
Issuance of restricted stock, net of cancellation	$ 0	0	0	0
Non-cash stock based compensation expense	$ 1,642	0	0	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, 2021	35,416
Balance at Dec. 31, 2021	$ 95,375	171,379	101	266,855
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	$ (8,372)	0	0	(8,372)
Dividends declared	$ 0	(1,794)	0	(1,794)
Purchase and retirement of common stock (in shares)	(607)
Purchase and retirement of common stock	$ (1,598)	(25,191)	0	(26,789)
Issuance of restricted stock, net of cancellation (in shares)	215
Issuance of restricted stock, net of cancellation	$ 0	0	0	0
Non-cash stock based compensation expense	1,648	0	0	1,648
Net income (loss)	$ 0	(3,852)	0	(3,852)
Balance (in shares) at Mar. 31, 2022	35,027
Balance at Mar. 31, 2022	$ 87,053	$ 140,542	$ 101	$ 227,696

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Dividends declared (in dollars per share)	$ 0.05	$ 0.025

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Business Description and Accounting Policies [Text Block]	NOTE 1 – N ATURE OF OPERATIONS AND BASIS OF PRESENTATION As used herein, the term “Company”, “we”, “us” or “our” refers to The Shyft Group, Inc. and its subsidiaries unless designated or identified otherwise. 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, service and vocational truck bodies, 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 as well as truck accessories. The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of March 31, 2022, three March 31, 2022. 10 December 31, 2021 February 24, 2022. three March 31, 2022, not 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, 2021, 10 Supplemental Disclosures of Cash Flow Information Non-cash investing in the three March 31, 2022 March 31, 2021, 4 Debt Potential Effect of Antidilution on Earnings Per Share The potential effect of 670 three March 31, 2022,

Note 2 - Discontinued Operation

Note 2 - Discontinued Operations	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]	NOTE 2 On February 1, 2020, September 2020, October 1, 2020. three March 31, 2021. The Income from discontinued operations presented in the Condensed Consolidated Statement of Operations are summarized below: Three Months Ended March 31, 2022 2021 Other income $ - $ 109 Income from discontinued operations before taxes - 109 Income tax (expense) - (28 ) Income from discontinued operations, net of income taxes $ - $ 81 There were no three March 31, 2022 2021.

Note 3 - Inventories

Note 3 - Inventories	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 – INVENTORIES Inventories are summarized as follows: March 31, 2022 December 31, 2021 Finished goods $ 4,230 $ 2,990 Work in process 3,349 2,471 Raw materials and purchased components 83,677 61,723 Total inventories $ 91,256 $ 67,184

Note 4 - Debt

Note 4 - Debt	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 – DEBT Short-term debt consists of the following: March 31, 2022 December 31, 2021 Chassis pool agreements $ 9,198 $ 9,926 Total short-term debt $ 9,198 $ 9,926 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 with receipt at our facilities dependent on manufacturer’s production schedules. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not not Although the Company is party to related finance agreements with manufacturers, the Company has not Other receivables – chassis pool agreements Short-term debt – chassis pool agreements 90 Long-term debt consists of the following: March 31, 2022 December 31, 2021 Line of credit revolver $ 35,000 $ - Finance lease obligation 493 450 Other - 540 Total debt 35,493 990 Less current portion of long-term debt (248 ) (252 ) Total long-term debt $ 35,245 $ 738 Line of Credit Revolver On November 30, 2021, Under the Credit Agreement, we may November 30, 2026. may one 1.0%; one March 31, 2022. March 31, 2022 December 31, 2021, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $271,954 and $376,776 at March 31, 2022 December 31, 2021, March 31, 2022 December 31, 2021,

Note 5 - Revenue

Note 5 - Revenue	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 5 – REVENUE Changes in our contract assets and liabilities for the three March 31, 2022 2021 March 31, 2022 March 31, 2021 Contract Assets Contract assets, beginning of period $ 21,483 $ 9,414 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (18,635 ) (8,977 ) Contract assets recognized, net of reclassification to receivables 30,141 20,211 Contract assets, end of period $ 32,989 $ 20,648 Contract Liabilities Contract liabilities, beginning of period $ 988 $ 756 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (988 ) (567 ) Cash received in advance and not recognized as revenue 5,193 274 Contract liabilities, end of period $ 5,193 $ 463 As of October 1, 2021, The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $1,148,700 and $123,999, respectively. 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 March 31, 2022 FVS SV Total Primary geographical markets United States $ 111,336 $ 94,183 $ 205,519 Other 1,361 3 1,364 Total sales $ 112,697 $ 94,186 $ 206,883 Timing of revenue recognition Products transferred at a point in time $ 9,555 $ 52,851 $ 62,406 Products and services transferred over time 103,142 41,335 144,477 Total sales $ 112,697 $ 94,186 $ 206,883 Three Months Ended March 31, 2021 FVS SV Total Primary geographical markets United States $ 121,230 $ 74,045 $ 195,275 Other 2,594 19 2,613 Total sales $ 123,824 $ 74,064 $ 197,888 Timing of revenue recognition Products transferred at a point in time $ 6,801 $ 42,293 $ 49,094 Products and services transferred over time 117,023 31,771 148,794 Total sales $ 123,824 $ 74,064 $ 197,888

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 6 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: March 31, 2022 December 31, 2021 Land and improvements $ 9,810 $ 9,810 Buildings and improvements 46,150 45,724 Plant machinery and equipment 49,637 49,305 Furniture and fixtures 21,099 20,421 Vehicles 2,685 2,607 Construction in process 16,449 12,700 Subtotal 145,830 140,567 Less accumulated depreciation (81,471 ) (79,510 ) Total property, plant and equipment, net $ 64,359 $ 61,057 We recorded depreciation expense of $2,125 and $1,741 during the three March 31, 2022 2021,

Note 7 - Leases

Note 7 - Leases	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Lessee, Operating Leases and Finance Leases [Text Block]	NOTE 7 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one not 4 Debt Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows: Three Months Ended March 31, 2022 2021 Operating leases $ 2,238 $ 1,954 Short-term leases (1) 38 38 Total lease expense $ 2,276 $ 1,992 ( 1 not one The weighted average remaining lease term and weighted average discount rate were as follows: Three Months Ended March 31, 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.5 9.3 Weighted average discount rate of operating leases 2.7 % 3.1 % Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,061 $ 1,914 Right of use assets obtained in exchange for lease obligations: Operating leases $ 14,955 $ 60 Finance leases $ 121 $ - Maturities of operating lease liabilities as of March 31, 2022 Years ending December 31: 2022 (1) $ 9,565 2023 9,587 2024 9,085 2025 8,236 2026 6,598 Thereafter 26,046 Total lease payments 69,117 Less: imputed interest (11,754 ) Total lease liabilities $ 57,363 ( 1 three March 31, 2022.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES At March 31, 2022, 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: Three Months Ended March 31, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 793 824 Changes in liability for pre-existing warranties (174 ) 677 Cash settlements (945 ) (814 ) Balance of accrued warranty at March 31 $ 5,649 $ 6,320 Legal Proceedings Relating to Environmental Matters As previously disclosed, in May 2020, January 1, 2017 May 2020. third 2020. On April 6, 2022, not may

Note 9 - Taxes on Income

Note 9 - Taxes on Income	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 Our effective income tax rate was a tax benefit of (32.9%) and a tax expense of 23.2% for the three March 31, 2022 2021, The effective tax rate of a benefit of (32.9%) for the three March 31, 2022 The effective tax rate of an expense of 23.2% for the three March 31, 2021 21%

Note 10 - Business Segments

Note 10 - Business Segments	3 Months Ended
	Mar. 31, 2022
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 10 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 As of October 1, 2021, Our FVS segment manufactures commercial vehicles used in the e-commerce/last mile/parcel delivery, beverage and grocery delivery, laundry and linen, mobile retail, and trades and construction industries. Our commercial vehicles are marketed under the Utilimaster brand name, which serves a diverse customer base and sells aftermarket parts and accessories for walk-in vans and other delivery vehicles. We also provide vocation-specific equipment upfit services, which are marketed and sold as Utilimaster Upfit Services. Our Specialty Vehicles segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, service truck bodies operations, vocation-specific equipment upfit services marketed under the Strobes-R-Us brand, and distribution of related aftermarket parts and accessories. 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 March 31, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motor home chassis sales - 44,891 - 44,891 Other specialty vehicle sales - 44,706 - 44,706 Aftermarket parts and accessories sales 9,555 4,589 - 14,144 Total sales $ 112,697 $ 94,186 $ - $ 206,883 Depreciation and amortization expense $ 748 $ 1,661 $ 560 $ 2,969 Adjusted EBITDA (871 ) 10,099 (9,871 ) (643 ) Segment assets 209,954 210,897 38,289 459,140 Capital expenditures 4,133 234 1,078 5,445 Three Months Ended March 31, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 117,026 $ - $ - $ 117,026 Motor home chassis sales - 35,268 - 35,268 Other specialty vehicle sales - 34,728 - 34,728 Aftermarket parts and accessories sales 6,798 4,068 - 10,866 Total sales $ 123,824 $ 74,064 $ - $ 197,888 Depreciation and amortization expense $ 514 $ 1,714 $ 343 $ 2,571 Adjusted EBITDA 17,866 7,360 (6,055 ) 19,171 Segment assets 159,519 217,073 34,941 411,533 Capital expenditures 4,142 3,005 292 7,439

Note 2 - Discontinued Operati_2

Note 2 - Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended March 31, 2022 2021 Other income $ - $ 109 Income from discontinued operations before taxes - 109 Income tax (expense) - (28 ) Income from discontinued operations, net of income taxes $ - $ 81

Note 3 - Inventories (Tables)

Note 3 - Inventories (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	March 31, 2022 December 31, 2021 Finished goods $ 4,230 $ 2,990 Work in process 3,349 2,471 Raw materials and purchased components 83,677 61,723 Total inventories $ 91,256 $ 67,184

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Short-Term Debt [Table Text Block]	March 31, 2022 December 31, 2021 Chassis pool agreements $ 9,198 $ 9,926 Total short-term debt $ 9,198 $ 9,926
Schedule of Long-Term Debt Instruments [Table Text Block]	March 31, 2022 December 31, 2021 Line of credit revolver $ 35,000 $ - Finance lease obligation 493 450 Other - 540 Total debt 35,493 990 Less current portion of long-term debt (248 ) (252 ) Total long-term debt $ 35,245 $ 738

Note 5 - Revenue (Tables)

Note 5 - Revenue (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	March 31, 2022 March 31, 2021 Contract Assets Contract assets, beginning of period $ 21,483 $ 9,414 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (18,635 ) (8,977 ) Contract assets recognized, net of reclassification to receivables 30,141 20,211 Contract assets, end of period $ 32,989 $ 20,648 Contract Liabilities Contract liabilities, beginning of period $ 988 $ 756 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (988 ) (567 ) Cash received in advance and not recognized as revenue 5,193 274 Contract liabilities, end of period $ 5,193 $ 463
Disaggregation of Revenue [Table Text Block]	Three Months Ended March 31, 2022 FVS SV Total Primary geographical markets United States $ 111,336 $ 94,183 $ 205,519 Other 1,361 3 1,364 Total sales $ 112,697 $ 94,186 $ 206,883 Timing of revenue recognition Products transferred at a point in time $ 9,555 $ 52,851 $ 62,406 Products and services transferred over time 103,142 41,335 144,477 Total sales $ 112,697 $ 94,186 $ 206,883 Three Months Ended March 31, 2021 FVS SV Total Primary geographical markets United States $ 121,230 $ 74,045 $ 195,275 Other 2,594 19 2,613 Total sales $ 123,824 $ 74,064 $ 197,888 Timing of revenue recognition Products transferred at a point in time $ 6,801 $ 42,293 $ 49,094 Products and services transferred over time 117,023 31,771 148,794 Total sales $ 123,824 $ 74,064 $ 197,888

Note 6 - Property, Plant and _2

Note 6 - Property, Plant and Equipment (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	March 31, 2022 December 31, 2021 Land and improvements $ 9,810 $ 9,810 Buildings and improvements 46,150 45,724 Plant machinery and equipment 49,637 49,305 Furniture and fixtures 21,099 20,421 Vehicles 2,685 2,607 Construction in process 16,449 12,700 Subtotal 145,830 140,567 Less accumulated depreciation (81,471 ) (79,510 ) Total property, plant and equipment, net $ 64,359 $ 61,057

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended March 31, 2022 2021 Operating leases $ 2,238 $ 1,954 Short-term leases (1) 38 38 Total lease expense $ 2,276 $ 1,992 Three Months Ended March 31, 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.5 9.3 Weighted average discount rate of operating leases 2.7 % 3.1 % Three Months Ended March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 2,061 $ 1,914 Right of use assets obtained in exchange for lease obligations: Operating leases $ 14,955 $ 60 Finance leases $ 121 $ -
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31: 2022 (1) $ 9,565 2023 9,587 2024 9,085 2025 8,236 2026 6,598 Thereafter 26,046 Total lease payments 69,117 Less: imputed interest (11,754 ) Total lease liabilities $ 57,363

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingent Liabilities (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Three Months Ended March 31, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 793 824 Changes in liability for pre-existing warranties (174 ) 677 Cash settlements (945 ) (814 ) Balance of accrued warranty at March 31 $ 5,649 $ 6,320

Note 10 - Business Segments (Ta

Note 10 - Business Segments (Tables)	3 Months Ended
	Mar. 31, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended March 31, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 103,142 $ - $ - $ 103,142 Motor home chassis sales - 44,891 - 44,891 Other specialty vehicle sales - 44,706 - 44,706 Aftermarket parts and accessories sales 9,555 4,589 - 14,144 Total sales $ 112,697 $ 94,186 $ - $ 206,883 Depreciation and amortization expense $ 748 $ 1,661 $ 560 $ 2,969 Adjusted EBITDA (871 ) 10,099 (9,871 ) (643 ) Segment assets 209,954 210,897 38,289 459,140 Capital expenditures 4,133 234 1,078 5,445 Three Months Ended March 31, 2021 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 117,026 $ - $ - $ 117,026 Motor home chassis sales - 35,268 - 35,268 Other specialty vehicle sales - 34,728 - 34,728 Aftermarket parts and accessories sales 6,798 4,068 - 10,866 Total sales $ 123,824 $ 74,064 $ - $ 197,888 Depreciation and amortization expense $ 514 $ 1,714 $ 343 $ 2,571 Adjusted EBITDA 17,866 7,360 (6,055 ) 19,171 Segment assets 159,519 217,073 34,941 411,533 Capital expenditures 4,142 3,005 292 7,439

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Capital Expenditures Incurred but Not yet Paid	$ 1,443	$ 2,899

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 Millions	Oct. 01, 2020	Feb. 01, 2020
Proceeds from Divestiture of Businesses		$ 55
Payments for Divestiture of Businesses After Working Capital Adjustment	$ 7.5

Note 2 - Discontinued Operati_4

Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Income from discontinued operations, net of income taxes	$ 0	$ 81
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member]
Other income	0	109
Income from discontinued operations before taxes	0	109
Income tax (expense)	0	(28)
Income from discontinued operations, net of income taxes	$ 0	$ 81

Note 3 - Inventories - Summary

Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Finished goods	$ 4,230	$ 2,990
Work in process	3,349	2,471
Raw materials and purchased components	83,677	61,723
Total inventories	$ 91,256	$ 67,184

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Nov. 30, 2021	Mar. 31, 2022	Dec. 31, 2021
Letters of Credit Outstanding, Amount		$ 1,110	$ 760
Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		1.45%
Line of Credit Facility, Current Borrowing Capacity		$ 271,954	$ 376,776
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
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

Note 4 - Debt - Short-term Debt

Note 4 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Short-term debt	$ 9,198	$ 9,926
Chassis Pool Agreements [Member]
Short-term debt	$ 9,198	$ 9,926

Note 4 - Debt - Schedule of Lon

Note 4 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Line of credit revolver	$ 35,000	$ 0
Finance lease obligation	493	450
Other	0	540
Total debt	35,493	990
Less current portion of long-term debt	(248)	(252)
Total long-term debt	$ 35,245	$ 738

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual) $ in Thousands	Mar. 31, 2022USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 1,148,700
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 123,999

Note 5 - Revenue - Contract Ass

Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Contract assets, balance	$ 21,483	$ 9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(18,635)	(8,977)
Contract assets recognized, net of reclassification to receivables	30,141	20,211
Contract assets, balance	32,989	20,648
Contract liabilities, balance	988	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(988)	(567)
Cash received in advance and not recognized as revenue	5,193	274
Contract liabilities, balance	$ 5,193	$ 463

Note 5 - Revenue - Disaggregate

Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Revenues	$ 206,883	$ 197,888
Transferred at Point in Time [Member]
Revenues	62,406	49,094
Transferred over Time [Member]
Revenues	144,477	148,794
Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	112,697	123,824
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	9,555	6,801
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	103,142	117,023
Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	94,186	74,064
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	52,851	42,293
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	41,335	31,771
UNITED STATES
Revenues	205,519	195,275
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	111,336	121,230
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	94,183	74,045
Non-US [Member]
Revenues	1,364	2,613
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	1,361	2,594
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	$ 3	$ 19

Note 6 - Property, Plant and _3

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Depreciation, Total	$ 2,125	$ 1,741

Note 6 - Property, Plant and _4

Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Mar. 31, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 145,830	$ 140,567
Less accumulated depreciation	(81,471)	(79,510)
Total property, plant and equipment, net	64,359	61,057
Land and Land Improvements [Member]
Property, plant and equipment, gross	9,810	9,810
Building and Building Improvements [Member]
Property, plant and equipment, gross	46,150	45,724
Machinery and Equipment [Member]
Property, plant and equipment, gross	49,637	49,305
Furniture and Fixtures [Member]
Property, plant and equipment, gross	21,099	20,421
Vehicles [Member]
Property, plant and equipment, gross	2,685	2,607
Construction in Progress [Member]
Property, plant and equipment, gross	$ 16,449	$ 12,700

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	3 Months Ended
	Mar. 31, 2022
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	18 years
Leases, Term, Option to Extend (Year)	15 years

Note 7 - Leases - Lease Expense

Note 7 - Leases - Lease Expense and Information (Details) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2022	Mar. 31, 2021
Operating leases		$ 2,238	$ 1,954
Short-term leases(1)	[1]	38	38
Total lease expense		$ 2,276	$ 1,992
Weighted average remaining lease term of operating leases (in years) (Year)		8 years 6 months	9 years 3 months 18 days
Weighted average discount rate of operating leases		2.70%	3.10%
Operating cash flow for operating leases		$ 2,061	$ 1,914
Operating leases		14,955	60
Finance leases		$ 121	$ 0
[1]	Includes expenses for month-to-month equipment leases, which are classified as short-term as the Company is not reasonably certain to renew the lease term beyond one month.

Note 7 - Leases - Future Minimu

Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Mar. 31, 2022USD ($)
2022(1)	$ 9,565	[1]
2023	9,587
2024	9,085
2025	8,236
2026	6,598
Thereafter	26,046
Total lease payments	69,117
Less: imputed interest	(11,754)
Total lease liabilities	$ 57,363
[1]	Excluding the three months ended March 31, 2022.

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Balance of accrued warranty	$ 5,975	$ 5,633
Provisions for current period sales	793	824
Changes in liability for pre-existing warranties	(174)	677
Cash settlements	(945)	(814)
Balance of accrued warranty	$ 5,649	$ 6,320

Note 9 - Taxes on Income (Detai

Note 9 - Taxes on Income (Details Textual)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	(32.90%)	23.20%
Effective Income Tax Rate Reconciliation, Percent, Total	(32.90%)	23.20%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 10 - Business Segments (De

Note 10 - Business Segments (Details Textual)	3 Months Ended
	Mar. 31, 2022
Number of Reportable Segments	2

Note 10 - Business Segments - S

Note 10 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Revenues	$ 206,883	$ 197,888
Depreciation and amortization expense	2,969	2,571
Segment assets	459,140		$ 447,867
Capital expenditures	5,514	5,914
Operating Segments [Member] | Fleet Vehicles and Services [Member]
Revenues	112,697	123,824
Operating Segments [Member] | Specialty Vehicles [Member]
Revenues	94,186	74,064
Continuing Operations [Member]
Revenues	206,883	197,888
Depreciation and amortization expense	2,969	2,571
Adjusted EBITDA	(643)	19,171
Segment assets	459,140	411,533
Capital expenditures	5,445	7,439
Continuing Operations [Member] | Fleet Vehicle Sales [Member]
Revenues	103,142	117,026
Continuing Operations [Member] | Motorhome Chassis [Member]
Revenues	44,891	35,268
Continuing Operations [Member] | Other Specialty Vehicles [Member]
Revenues	44,706	34,728
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	14,144	10,866
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member]
Revenues	112,697	123,824
Depreciation and amortization expense	748	514
Adjusted EBITDA	(871)	17,866
Segment assets	209,954	159,519
Capital expenditures	4,133	4,142
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member]
Revenues	103,142	117,026
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member]
Revenues	0	0
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member]
Revenues	0	0
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	9,555	6,798
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member]
Revenues	94,186	74,064
Depreciation and amortization expense	1,661	1,714
Adjusted EBITDA	10,099	7,360
Segment assets	210,897	217,073
Capital expenditures	234	3,005
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member]
Revenues	44,891	35,268
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member]
Revenues	44,706	34,728
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	4,589	4,068
Continuing Operations [Member] | Segment Reconciling Items [Member]
Revenues	0	0
Depreciation and amortization expense	560	343
Adjusted EBITDA	(9,871)	(6,055)
Segment assets	38,289	34,941
Capital expenditures	1,078	292
Continuing Operations [Member] | Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Motorhome Chassis [Member]
Revenues	0	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Other Specialty Vehicles [Member]
Revenues	0	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0