The Shyft Group, Inc. (SHYF) 10-Q 27 Oct 22 2022 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 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	Q3
Document Fiscal Year Focus	2022
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 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		35,070,921

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 2,862	$ 37,158
Accounts receivable, less allowance of $176 and $187	87,673	87,262
Contract assets	87,099	21,483
Inventories	111,213	67,184
Other receivables – chassis pool agreements	24,277	9,926
Other current assets	12,813	10,813
Total current assets	325,937	233,826
Property, plant and equipment, net	66,970	61,057
Right of use assets – operating leases	53,156	43,316
Goodwill	48,880	48,880
Intangible assets, net	50,054	52,981
Net deferred tax assets	4,816	4,880
Other assets	1,886	2,927
TOTAL ASSETS	551,699	447,867
Current liabilities:
Accounts payable	106,621	82,442
Accrued warranty	6,432	5,975
Accrued compensation and related taxes	15,559	19,064
Contract liabilities	10,601	988
Operating lease liability	10,060	7,934
Other current liabilities and accrued expenses	11,703	9,256
Short-term debt – chassis pool agreements	24,277	9,926
Current portion of long-term debt	190	252
Total current liabilities	185,443	135,837
Other non-current liabilities	6,576	8,108
Long-term operating lease liability	44,660	36,329
Long-term debt, less current portion	65,222	738
Total liabilities	301,901	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; 35,063 and 35,416 outstanding	90,160	95,375
Retained earnings	159,537	171,379
Total Shyft Group, Inc. shareholders’ equity	249,697	266,754
Non-controlling interest	101	101
Total shareholders' equity	249,798	266,855
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 551,699	$ 447,867

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable, allowance	$ 176	$ 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)	35,063	35,416

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Sales	$ 286,075	$ 272,622	$ 725,153	$ 714,492
Cost of products sold	231,979	216,564	603,008	566,542
Gross profit	54,096	56,058	122,145	147,950
Operating expenses:
Research and development	7,051	2,582	19,541	4,304
Selling, general and administrative	25,033	25,368	78,445	78,645
Total operating expenses	32,084	27,950	97,986	82,949
Operating income	22,012	28,108	24,159	65,001
Other income (expense)
Interest expense	(1,137)	(253)	(1,754)	(310)
Other income (expense)	181	54	(342)	743
Total other income (expense)	(956)	(199)	(2,096)	433
Income from continuing operations before income taxes	21,056	27,909	22,063	65,434
Income tax expense	3,770	6,910	3,346	15,952
Income from continuing operations	17,286	20,999	18,717	49,482
Income from discontinued operations, net of income taxes	0	0	0	81
Net income	17,286	20,999	18,717	49,563
Less: net income attributable to non-controlling interest	0	77	0	1,102
Net income attributable to The Shyft Group Inc.	$ 17,286	$ 20,922	$ 18,717	$ 48,461
Basic earnings per share
Continuing operations, Basic (in dollars per share)	$ 0.49	$ 0.59	$ 0.53	$ 1.37
Discontinued operations, Basic (in dollars per share)	0	0	0	0
Basic earnings per share (in dollars per share)	0.49	0.59	0.53	1.37
Diluted earnings per share
Continuing operations, Diluted (in dollars per share)	0.49	0.58	0.53	1.34
Discontinued operations, Diluted (in dollars per share)	0	0	0	0
Diluted earnings per share (in dollars per share)	$ 0.49	$ 0.58	$ 0.53	$ 1.34
Basic weighted average common shares outstanding (in shares)	35,056	35,346	35,071	35,330
Diluted weighted average common shares outstanding (in shares)	35,365	36,074	35,481	36,024

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 18,717	$ 49,563
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	10,055	8,312
Non-cash stock based compensation expense	4,922	6,571
Deferred income taxes	64	134
Loss (gain) on disposal of assets	481	(104)
Changes in accounts receivable and contract assets	(66,026)	(35,842)
Changes in inventories	(44,029)	(35,473)
Changes in accounts payable	24,708	43,230
Changes in accrued compensation and related taxes	(3,505)	910
Changes in accrued warranty	457	1,626
Change in other assets and liabilities	9,663	3,396
Net cash provided by (used in) operating activities	(44,493)	42,323
Cash flows from investing activities:
Purchases of property, plant and equipment	(14,228)	(18,238)
Proceeds from sale of property, plant and equipment	148	16
Acquisition of business, net of cash acquired	0	904
Net cash used in investing activities	(14,080)	(17,318)
Cash flows from financing activities:
Proceeds from long-term debt	120,000	25,000
Payments on long-term debt	(55,000)	(47,400)
Payment of dividends	(5,395)	(2,660)
Purchase and retirement of common stock	(26,789)	(3,348)
Issuance and vesting of stock incentive awards	(8,539)	(3,043)
Net cash provided by (used in) financing activities	24,277	(31,451)
Net decrease in cash and cash equivalents	(34,296)	(6,446)
Cash and cash equivalents at beginning of period	37,158	20,995
Cash and cash equivalents at end of period	$ 2,862	$ 14,549

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Common Stock Including Additional Paid in Capital [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)		0	11,576	35	11,611
Issuance of common stock and tax impact of stock incentive plan		2,255	0	0	2,255
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)	0	0	(712)
Dividends declared		0	(901)	0	(901)
Issuance of restricted stock, net of cancellation (in shares)	36
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		2,850	0	0	2,850
Net income (loss)		0	15,963	990	16,953
Issuance of common stock and tax impact of stock incentive plan		712	0	0	712
Balance (in shares) at Jun. 30, 2021	35,346
Balance at Jun. 30, 2021		92,309	131,853	854	255,016
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)	0	0	(76)
Dividends declared		0	(902)	0	(902)
Issuance of restricted stock, net of cancellation (in shares)	(7)
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		2,079	0	0	2,079
Net income (loss)		0	20,922	77	20,999
Issuance of common stock and tax impact of stock incentive plan		76	0	0	76
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 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)
Issuance of common stock and tax impact of stock incentive plan		8,372	0	0	8,372
Balance (in shares) at Mar. 31, 2022	35,027
Balance at Mar. 31, 2022		87,053	140,542	101	227,696
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		95,375	171,379	101	266,855
Net income (loss)					18,717
Balance (in shares) at Sep. 30, 2022	35,063
Balance at Sep. 30, 2022		90,160	159,537	101	249,798
Balance (in shares) at Mar. 31, 2022	35,027
Balance at Mar. 31, 2022		87,053	140,542	101	227,696
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		219	0	0	219
Dividends declared		0	(1,784)	0	(1,784)
Issuance of restricted stock, net of cancellation (in shares)	33
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		2,060	0	0	2,060
Net income (loss)		0	5,283	0	5,283
Issuance of common stock and tax impact of stock incentive plan		(219)	0	0	(219)
Balance (in shares) at Jun. 30, 2022	35,063
Balance at Jun. 30, 2022		88,894	144,041	101	233,036
Issuance of common stock and tax impact of stock incentive plan (in shares)	6
Issuance of common stock and tax impact of stock incentive plan		52	0	0	52
Dividends declared		0	(1,790)	0	(1,790)
Issuance of restricted stock, net of cancellation (in shares)	(6)
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		1,214	0	0	1,214
Net income (loss)		0	17,286	0	17,286
Issuance of common stock and tax impact of stock incentive plan		(52)	0	0	(52)
Balance (in shares) at Sep. 30, 2022	35,063
Balance at Sep. 30, 2022		$ 90,160	$ 159,537	$ 101	$ 249,798

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021
Dividends declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.025	$ 0.025	$ 0.025

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 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 September 30, 2022, three nine September 30, 2022. 10 December 31, 2021 February 24, 2022. three nine September 30, 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 nine September 30, 2022 September 30, 2021, 4 Debt

Note 2 - Discontinued Operation

Note 2 - Discontinued Operations	9 Months Ended
	Sep. 30, 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 nine September 30, 2021. The Income from discontinued operations presented in the Condensed Consolidated Statement of Operations are summarized below: Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 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 nine September 30, 2022 2021. THE SHYFT GROUP, INC. AND SUBSIDIARIES

Note 3 - Inventories

Note 3 - Inventories	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 3 – INVENTORIES Inventories are summarized as follows: September 30, 2022 December 31, 2021 Finished goods $ 4,685 $ 2,990 Work in process 8,176 2,471 Raw materials and purchased components 98,352 61,723 Total inventories $ 111,213 $ 67,184

Note 4 - Debt

Note 4 - Debt	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 4 – DEBT Short-term debt consists of the following: September 30, 2022 December 31, 2021 Chassis pool agreements $ 24,277 $ 9,926 Total short-term debt $ 24,277 $ 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: September 30, 2022 December 31, 2021 Line of credit revolver $ 65,000 $ - Finance lease obligation 412 450 Other - 540 Total debt 65,412 990 Less current portion of long-term debt (190 ) (252 ) Total long-term debt $ 65,222 $ 738 THE SHYFT GROUP, INC. AND SUBSIDIARIES Line of Credit Revolver On November 30, 2021, Under the Credit Agreement, we may November 30, 2026. may one 1.0%; one September 30, 2022. September 30, 2022 December 31, 2021, Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $165,441 and $376,776 at September 30, 2022 December 31, 2021, September 30, 2022 December 31, 2021,

Note 5 - Revenue

Note 5 - Revenue	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 5 – REVENUE Changes in our contract assets and liabilities for the nine September 30, 2022 2021 September 30, 2022 September 30, 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 (21,482 ) (9,414 ) Contract assets recognized, net of reclassification to receivables 87,098 42,459 Contract assets, end of period $ 87,099 $ 42,459 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 ) (743 ) Cash received in advance and not recognized as revenue 10,601 2,135 Contract liabilities, end of period $ 10,601 $ 2,148 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 $915,135 and $128,769, respectively. THE SHYFT GROUP, INC. AND SUBSIDIARIES (Dollar amounts in thousands, except per share data) 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, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 183,409 $ 103,869 $ (2,335 ) $ 284,943 Other 1,085 47 - 1,132 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Timing of revenue recognition Products transferred at a point in time $ 10,821 $ 58,729 $ - $ 69,550 Products and services transferred over time 173,673 45,187 (2,335 ) 216,525 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Three Months Ended September 30, 2021 FVS SV Eliminations and Other Total Primary geographical markets United States $ 186,914 $ 81,230 $ - $ 268,144 Other 4,473 5 - 4,478 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Timing of revenue recognition Products transferred at a point in time $ 8,949 $ 50,286 $ - $ 59,235 Products and services transferred over time 182,438 30,949 - 213,387 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Nine Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 428,606 $ 293,325 $ (2,335 ) $ 719,596 Other 5,482 75 - 5,557 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Timing of revenue recognition Products transferred at a point in time $ 31,092 $ 163,068 $ - $ 194,160 Products and services transferred over time 402,996 130,332 (2,335 ) 530,993 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 THE SHYFT GROUP, INC. AND SUBSIDIARIES Nine Months Ended September 30, 2021 FVS SV Eliminations and Other Total Primary geographical markets United States $ 468,725 $ 237,608 $ - $ 706,333 Other 8,104 55 - 8,159 Total sales $ 476,829 $ 237,663 $ - $ 714,492 Timing of revenue recognition Products transferred at a point in time $ 24,197 $ 141,737 $ - $ 165,934 Products and services transferred over time 452,632 95,926 - 548,558 Total sales $ 476,829 $ 237,663 $ - $ 714,492

Note 6 - Property, Plant and Eq

Note 6 - Property, Plant and Equipment	9 Months Ended
	Sep. 30, 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: September 30, 2022 December 31, 2021 Land and improvements $ 12,554 $ 9,810 Buildings and improvements 43,557 45,724 Plant machinery and equipment 52,872 49,305 Furniture and fixtures 15,441 20,421 Vehicles 2,057 2,607 Construction in process 10,396 12,700 Subtotal 136,877 140,567 Less accumulated depreciation (69,907 ) (79,510 ) Total property, plant and equipment, net $ 66,970 $ 61,057 We recorded depreciation expense of $2,404 and $2,138 during the three September 30, 2022 2021, nine September 30, 2022 2021,

Note 7 - Leases

Note 7 - Leases	9 Months Ended
	Sep. 30, 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 September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating leases $ 2,683 $ 2,048 $ 7,492 $ 5,984 Short-term leases (1) 87 135 144 301 Total lease expense $ 2,770 $ 2,183 $ 7,636 $ 6,285 ( 1 not one THE SHYFT GROUP, INC. AND SUBSIDIARIES The weighted average remaining lease term and weighted average discount rate were as follows: September 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.2 9.2 Weighted average discount rate of operating leases 2.7 % 3.0 % Supplemental cash flow information related to leases was as follows: Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 6,874 $ 5,870 Right of use assets obtained in exchange for lease obligations: Operating leases $ 16,367 $ 6,305 Finance leases $ 202 $ 106 Maturities of operating lease liabilities as of September 30, 2022 Years ending December 31: 2022 (1) $ 5,128 2023 10,214 2024 9,472 2025 8,328 2026 6,672 Thereafter 24,056 Total lease payments 63,870 Less: imputed interest (9,150) ) Total lease liabilities $ 54,720 ( 1 nine September 30, 2022.

Note 8 - Commitments and Contin

Note 8 - Commitments and Contingent Liabilities	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES At September 30, 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 THE SHYFT GROUP, INC. AND SUBSIDIARIES 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, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 3,597 2,720 Changes in liability for pre-existing warranties 430 1,958 Cash settlements (3,570 ) (3,052 ) Acquired - 289 Balance of accrued warranty at September 30 $ 6,432 $ 7,548 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	9 Months Ended
	Sep. 30, 2022
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 9 Our effective income tax rate was 17.9% and 24.8% for the three September 30, 2022 2021, nine September 30, 2022 2021, The effective tax rate for the three September 30, 2022 2021 Our effective income tax rate for the first nine 2022 15.2% 24.4% first nine 2021 2022.

Note 10 - Business Segments

Note 10 - Business Segments	9 Months Ended
	Sep. 30, 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. THE SHYFT GROUP, INC. AND SUBSIDIARIES 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 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 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. Our Specialty Vehicles segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, service body 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 September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 173,673 $ - $ - $ 173,673 Motor home chassis sales - 50,399 - 50,399 Other specialty vehicle sales - 48,570 (2,335 ) 46,235 Aftermarket parts and accessories sales 10,821 4,947 - 15,768 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Depreciation and amortization expense $ 1,144 $ 1,692 $ 523 $ 3,359 Adjusted EBITDA 24,361 15,550 (12,849 ) 27,062 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 2,791 220 195 3,206 THE SHYFT GROUP, INC. AND SUBSIDIARIES Three Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 182,438 $ - $ - $ 182,438 Motor home chassis sales - 42,507 - 42,507 Other specialty vehicle sales - 33,773 - 33,773 Aftermarket parts and accessories sales 8,949 4,955 - 13,904 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Depreciation and amortization expense $ 744 $ 1,685 $ 553 $ 2,982 Adjusted EBITDA 36,393 6,247 (8,900 ) 33,740 Segment assets 179,580 220,775 29,920 430,275 Capital expenditures 3,844 465 882 5,191 Nine Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 402,996 $ - $ - $ 402,996 Motor home chassis sales - 138,000 - 138,000 Other specialty vehicle sales - 140,320 (2,335 ) 137,985 Aftermarket parts and accessories sales 31,092 15,080 - 46,172 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Depreciation and amortization expense $ 3,074 $ 5,306 $ 1,675 $ 10,055 Adjusted EBITDA 38,015 38,508 (36,415 ) 40,108 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 10,590 906 2,202 13,698 Nine Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 452,635 $ - $ - $ 452,635 Motor home chassis sales - 118,666 - 118,666 Other specialty vehicle sales - 104,571 - 104,571 Aftermarket parts and accessories sales 24,194 14,426 - 38,620 Total sales $ 476,829 $ 237,663 $ - $ 714,492 Depreciation and amortization expense $ 1,805 $ 5,142 $ 1,365 $ 8,312 Adjusted EBITDA 82,375 22,415 (23,309 ) 81,481 Segment assets 179,580 220,775 29,920 430,275 Capital expenditures 11,852 3,790 1,485 17,127

Note 2 - Discontinued Operati_2

Note 2 - Discontinued Operations (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Disposal Groups, Including Discontinued Operations [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 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)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Inventory, Current [Table Text Block]	September 30, 2022 December 31, 2021 Finished goods $ 4,685 $ 2,990 Work in process 8,176 2,471 Raw materials and purchased components 98,352 61,723 Total inventories $ 111,213 $ 67,184

Note 4 - Debt (Tables)

Note 4 - Debt (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Short-Term Debt [Table Text Block]	September 30, 2022 December 31, 2021 Chassis pool agreements $ 24,277 $ 9,926 Total short-term debt $ 24,277 $ 9,926
Schedule of Long-Term Debt Instruments [Table Text Block]	September 30, 2022 December 31, 2021 Line of credit revolver $ 65,000 $ - Finance lease obligation 412 450 Other - 540 Total debt 65,412 990 Less current portion of long-term debt (190 ) (252 ) Total long-term debt $ 65,222 $ 738

Note 5 - Revenue (Tables)

Note 5 - Revenue (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	September 30, 2022 September 30, 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 (21,482 ) (9,414 ) Contract assets recognized, net of reclassification to receivables 87,098 42,459 Contract assets, end of period $ 87,099 $ 42,459 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 ) (743 ) Cash received in advance and not recognized as revenue 10,601 2,135 Contract liabilities, end of period $ 10,601 $ 2,148
Disaggregation of Revenue [Table Text Block]	Three Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 183,409 $ 103,869 $ (2,335 ) $ 284,943 Other 1,085 47 - 1,132 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Timing of revenue recognition Products transferred at a point in time $ 10,821 $ 58,729 $ - $ 69,550 Products and services transferred over time 173,673 45,187 (2,335 ) 216,525 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Three Months Ended September 30, 2021 FVS SV Eliminations and Other Total Primary geographical markets United States $ 186,914 $ 81,230 $ - $ 268,144 Other 4,473 5 - 4,478 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Timing of revenue recognition Products transferred at a point in time $ 8,949 $ 50,286 $ - $ 59,235 Products and services transferred over time 182,438 30,949 - 213,387 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Nine Months Ended September 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 428,606 $ 293,325 $ (2,335 ) $ 719,596 Other 5,482 75 - 5,557 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Timing of revenue recognition Products transferred at a point in time $ 31,092 $ 163,068 $ - $ 194,160 Products and services transferred over time 402,996 130,332 (2,335 ) 530,993 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Nine Months Ended September 30, 2021 FVS SV Eliminations and Other Total Primary geographical markets United States $ 468,725 $ 237,608 $ - $ 706,333 Other 8,104 55 - 8,159 Total sales $ 476,829 $ 237,663 $ - $ 714,492 Timing of revenue recognition Products transferred at a point in time $ 24,197 $ 141,737 $ - $ 165,934 Products and services transferred over time 452,632 95,926 - 548,558 Total sales $ 476,829 $ 237,663 $ - $ 714,492

Note 6 - Property, Plant and _2

Note 6 - Property, Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Property, Plant and Equipment [Table Text Block]	September 30, 2022 December 31, 2021 Land and improvements $ 12,554 $ 9,810 Buildings and improvements 43,557 45,724 Plant machinery and equipment 52,872 49,305 Furniture and fixtures 15,441 20,421 Vehicles 2,057 2,607 Construction in process 10,396 12,700 Subtotal 136,877 140,567 Less accumulated depreciation (69,907 ) (79,510 ) Total property, plant and equipment, net $ 66,970 $ 61,057

Note 7 - Leases (Tables)

Note 7 - Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 2022 2021 Operating leases $ 2,683 $ 2,048 $ 7,492 $ 5,984 Short-term leases (1) 87 135 144 301 Total lease expense $ 2,770 $ 2,183 $ 7,636 $ 6,285
Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block]	September 2022 2021 Weighted average remaining lease term of operating leases (in years) 8.2 9.2 Weighted average discount rate of operating leases 2.7 % 3.0 %
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Nine Months Ended September 30, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 6,874 $ 5,870 Right of use assets obtained in exchange for lease obligations: Operating leases $ 16,367 $ 6,305 Finance leases $ 202 $ 106
Lessee, Operating Lease, Liability, Maturity [Table Text Block]	Years ending December 31: 2022 (1) $ 5,128 2023 10,214 2024 9,472 2025 8,328 2026 6,672 Thereafter 24,056 Total lease payments 63,870 Less: imputed interest (9,150) ) Total lease liabilities $ 54,720

Note 8 - Commitments and Cont_2

Note 8 - Commitments and Contingent Liabilities (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Nine Months Ended September 30, 2022 2021 Balance of accrued warranty at January 1 $ 5,975 $ 5,633 Provisions for current period sales 3,597 2,720 Changes in liability for pre-existing warranties 430 1,958 Cash settlements (3,570 ) (3,052 ) Acquired - 289 Balance of accrued warranty at September 30 $ 6,432 $ 7,548

Note 10 - Business Segments (Ta

Note 10 - Business Segments (Tables)	9 Months Ended
	Sep. 30, 2022
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 173,673 $ - $ - $ 173,673 Motor home chassis sales - 50,399 - 50,399 Other specialty vehicle sales - 48,570 (2,335 ) 46,235 Aftermarket parts and accessories sales 10,821 4,947 - 15,768 Total sales $ 184,494 $ 103,916 $ (2,335 ) $ 286,075 Depreciation and amortization expense $ 1,144 $ 1,692 $ 523 $ 3,359 Adjusted EBITDA 24,361 15,550 (12,849 ) 27,062 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 2,791 220 195 3,206 Three Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 182,438 $ - $ - $ 182,438 Motor home chassis sales - 42,507 - 42,507 Other specialty vehicle sales - 33,773 - 33,773 Aftermarket parts and accessories sales 8,949 4,955 - 13,904 Total sales $ 191,387 $ 81,235 $ - $ 272,622 Depreciation and amortization expense $ 744 $ 1,685 $ 553 $ 2,982 Adjusted EBITDA 36,393 6,247 (8,900 ) 33,740 Segment assets 179,580 220,775 29,920 430,275 Capital expenditures 3,844 465 882 5,191 Nine Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 402,996 $ - $ - $ 402,996 Motor home chassis sales - 138,000 - 138,000 Other specialty vehicle sales - 140,320 (2,335 ) 137,985 Aftermarket parts and accessories sales 31,092 15,080 - 46,172 Total sales $ 434,088 $ 293,400 $ (2,335 ) $ 725,153 Depreciation and amortization expense $ 3,074 $ 5,306 $ 1,675 $ 10,055 Adjusted EBITDA 38,015 38,508 (36,415 ) 40,108 Segment assets 281,510 231,185 39,004 551,699 Capital expenditures 10,590 906 2,202 13,698 Nine Months Ended September Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 452,635 $ - $ - $ 452,635 Motor home chassis sales - 118,666 - 118,666 Other specialty vehicle sales - 104,571 - 104,571 Aftermarket parts and accessories sales 24,194 14,426 - 38,620 Total sales $ 476,829 $ 237,663 $ - $ 714,492 Depreciation and amortization expense $ 1,805 $ 5,142 $ 1,365 $ 8,312 Adjusted EBITDA 82,375 22,415 (23,309 ) 81,481 Segment assets 179,580 220,775 29,920 430,275 Capital expenditures 11,852 3,790 1,485 17,127

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Capital Expenditures Incurred but Not yet Paid	$ 982	$ 394

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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81
Disposal of Emergency Response and Vehicle Business [Member] | Discontinued Operations, Held-for-sale [Member]
Other income	0	0	0	109
Income from discontinued operations before taxes	0	0	0	109
Income tax expense	0	0	0	(28)
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81

Note 3 - Inventories - Summary

Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finished goods	$ 4,685	$ 2,990
Work in process	8,176	2,471
Raw materials and purchased components	98,352	61,723
Total inventories	$ 111,213	$ 67,184

Note 4 - Debt (Details Textual)

Note 4 - Debt (Details Textual) - USD ($)		9 Months Ended
	Nov. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Letters of Credit Outstanding, Amount		$ 1,100	$ 760,000
Lenders [Member] | Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		4.14%
Line of Credit Facility, Current Borrowing Capacity		$ 165,441,000	$ 376,776,000
Lenders [Member] | Revolving Credit Facility [Member] | Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] | Revolving Credit Facility [Member] | London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1%	1%
Lenders [Member] | Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Lenders [Member] | Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000

Note 4 - Debt - Short-term Debt

Note 4 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-term debt	$ 24,277	$ 9,926
Chassis Pool Agreements [Member]
Short-term debt	$ 24,277	$ 9,926

Note 4 - Debt - Schedule of Lon

Note 4 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Line of credit revolver	$ 65,000	$ 0
Finance lease obligation	412	450
Other	0	540
Total debt	65,412	990
Less current portion of long-term debt	(190)	(252)
Total long-term debt	$ 65,222	$ 738

Note 5 - Revenue (Details Textu

Note 5 - Revenue (Details Textual)	Sep. 30, 2022 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 915,135
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 128,769

Note 5 - Revenue - Contract Ass

Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 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	(21,482)	(9,414)
Contract assets recognized, net of reclassification to receivables	87,098	42,459
Contract assets, balance	87,099	42,459
Contract liabilities, balance	988	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(988)	(743)
Cash received in advance and not recognized as revenue	10,601	2,135
Contract liabilities, balance	$ 10,601	$ 2,148

Note 5 - Revenue - Disaggregate

Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Revenues	$ 286,075	$ 272,622	$ 725,153	$ 714,492
Transferred at Point in Time [Member]
Revenues	69,550	59,235	194,160	165,934
Transferred over Time [Member]
Revenues	216,525	213,387	530,993	548,558
Consolidation, Eliminations [Member]
Revenues	(2,335)	0	(2,335)	0
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member]
Revenues	0	0	0	0
Consolidation, Eliminations [Member] | Transferred over Time [Member]
Revenues	(2,335)	0	(2,335)	0
Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	184,494	191,387	434,088	476,829
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	10,821	8,949	31,092	24,197
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	173,673	182,438	402,996	452,632
Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	103,916	81,235	293,400	237,663
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	58,729	50,286	163,068	141,737
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	45,187	30,949	130,332	95,926
UNITED STATES
Revenues	284,943	268,144	719,596	706,333
UNITED STATES | Consolidation, Eliminations [Member]
Revenues	(2,335)	0	(2,335)	0
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	183,409	186,914	428,606	468,725
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	103,869	81,230	293,325	237,608
Non-US [Member]
Revenues	1,132	4,478	5,557	8,159
Non-US [Member] | Consolidation, Eliminations [Member]
Revenues	0	0	0	0
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	1,085	4,473	5,482	8,104
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	$ 47	$ 5	$ 75	$ 55

Note 6 - Property, Plant and _3

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Depreciation, Total	$ 2,404	$ 2,138	$ 7,155	$ 5,778

Note 6 - Property, Plant and _4

Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, plant and equipment, gross	$ 136,877	$ 140,567
Less accumulated depreciation	(69,907)	(79,510)
Total property, plant and equipment, net	66,970	61,057
Land and Land Improvements [Member]
Property, plant and equipment, gross	12,554	9,810
Building and Building Improvements [Member]
Property, plant and equipment, gross	43,557	45,724
Machinery and Equipment [Member]
Property, plant and equipment, gross	52,872	49,305
Furniture and Fixtures [Member]
Property, plant and equipment, gross	15,441	20,421
Vehicles [Member]
Property, plant and equipment, gross	2,057	2,607
Construction in Progress [Member]
Property, plant and equipment, gross	$ 10,396	$ 12,700

Note 7 - Leases (Details Textua

Note 7 - Leases (Details Textual)	9 Months Ended
	Sep. 30, 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 Cost (D

Note 7 - Leases - Lease Cost (Details) - USD ($) $ in Thousands		3 Months Ended		9 Months Ended
		Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating leases		$ 2,683	$ 2,048	$ 7,492	$ 5,984
Short-term leases(1)	[1]	87	135	144	301
Total lease expense		$ 2,770	$ 2,183	$ 7,636	$ 6,285
[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 - Weighted Aver

Note 7 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Sep. 30, 2022	Sep. 30, 2021
Weighted average remaining lease term of operating leases (in years) (Year)	8 years 2 months 12 days	9 years 2 months 12 days
Weighted average discount rate of operating leases	2.70%	3%

Note 7 - Leases - Lease Expense

Note 7 - Leases - Lease Expense and Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Operating cash flow for operating leases	$ 6,874	$ 5,870
Operating leases	16,367	6,305
Finance leases	$ 202	$ 106

Note 7 - Leases - Future Minimu

Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Sep. 30, 2022 USD ($)
2022(1)	$ 5,128	[1]
2023	10,214
2024	9,472
2025	8,328
2026	6,672
Thereafter	24,056
Total lease payments	63,870
Less: imputed interest	(9,150)
Total lease liabilities	$ 54,720
[1](1) Excluding the nine months ended September 30, 2022.

Note 8 - Commitments and Cont_3

Note 8 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Balance of accrued warranty	$ 5,975	$ 5,633
Provisions for current period sales	3,597	2,720
Changes in liability for pre-existing warranties	430	1,958
Cash settlements	(3,570)	(3,052)
Acquired	0	289
Balance of accrued warranty	$ 6,432	$ 7,548

Note 9 - Taxes on Income (Detai

Note 9 - Taxes on Income (Details Textual)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Effective Income Tax Rate Reconciliation, Percent, Total	17.90%	24.80%	15.20%	24.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%

Note 10 - Business Segments (De

Note 10 - Business Segments (Details Textual)	9 Months Ended
	Sep. 30, 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Revenues	$ 286,075	$ 272,622	$ 725,153	$ 714,492
Depreciation and amortization expense			10,055	8,312
Segment assets	551,699		551,699		$ 447,867
Capital expenditures			14,228	18,238
Operating Segments [Member] | Fleet Vehicles and Services [Member]
Revenues	184,494	191,387	434,088	476,829
Operating Segments [Member] | Specialty Vehicles [Member]
Revenues	103,916	81,235	293,400	237,663
Continuing Operations [Member]
Revenues	286,075	272,622	725,153	714,492
Depreciation and amortization expense	3,359	2,982	10,055	8,312
Adjusted EBITDA	27,062	33,740	40,108	81,481
Segment assets	551,699	430,275	551,699	430,275
Capital expenditures	3,206	5,191	13,698	17,127
Continuing Operations [Member] | Fleet Vehicle Sales [Member]
Revenues	173,673	182,438	402,996	452,635
Continuing Operations [Member] | Motorhome Chassis [Member]
Revenues	50,399	42,507	138,000	118,666
Continuing Operations [Member] | Other Specialty Vehicles [Member]
Revenues	46,235	33,773	137,985	104,571
Continuing Operations [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	15,768	13,904	46,172	38,620
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member]
Revenues	184,494	191,387	434,088	476,829
Depreciation and amortization expense	1,144	744	3,074	1,805
Adjusted EBITDA	24,361	36,393	38,015	82,375
Segment assets	281,510	179,580	281,510	179,580
Capital expenditures	2,791	3,844	10,590	11,852
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member]
Revenues	173,673	182,438	402,996	452,635
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member]
Revenues	0	0	0	0
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member]
Revenues	0	0	0	0
Continuing Operations [Member] | Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	10,821	8,949	31,092	24,194
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member]
Revenues	103,916	81,235	293,400	237,663
Depreciation and amortization expense	1,692	1,685	5,306	5,142
Adjusted EBITDA	15,550	6,247	38,508	22,415
Segment assets	231,185	220,775	231,185	220,775
Capital expenditures	220	465	906	3,790
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member]
Revenues	50,399	42,507	138,000	118,666
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member]
Revenues	48,570	33,773	140,320	104,571
Continuing Operations [Member] | Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	4,947	4,955	15,080	14,426
Continuing Operations [Member] | Segment Reconciling Items [Member]
Revenues	(2,335)	0	(2,335)	0
Depreciation and amortization expense	523	553	1,675	1,365
Adjusted EBITDA	(12,849)	(8,900)	(36,415)	(23,309)
Segment assets	39,004	29,920	39,004	29,920
Capital expenditures	195	882	2,202	1,485
Continuing Operations [Member] | Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Motorhome Chassis [Member]
Revenues	0	0	0	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Other Specialty Vehicles [Member]
Revenues	(2,335)	0	(2,335)	0
Continuing Operations [Member] | Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0	$ 0	$ 0