The Shyft Group, Inc. (SHYF) 10-Q 27 Jul 23 2023 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2023	Jul. 21, 2023
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	Q2
Document Fiscal Year Focus	2023
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
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		34,961,090

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 7,808	$ 11,548
Accounts receivable, less allowance of $270 and $246	93,442	115,742
Contract assets	41,230	86,993
Inventories	101,303	100,161
Other receivables – chassis pool agreements	9,312	19,544
Other current assets	7,078	11,779
Total current assets	260,173	345,767
Property, plant and equipment, net	77,393	70,753
Right of use assets – operating leases	49,132	53,386
Goodwill	48,880	48,880
Intangible assets, net	47,173	49,078
Net deferred tax assets	10,390	10,390
Other assets	2,705	2,227
TOTAL ASSETS	495,846	580,481
Current liabilities:
Accounts payable	85,733	124,309
Accrued warranty	6,018	7,161
Accrued compensation and related taxes	14,770	14,434
Contract liabilities	4,198	5,255
Operating lease liability	11,378	10,888
Other current liabilities and accrued expenses	8,549	19,452
Short-term debt – chassis pool agreements	9,312	19,544
Current portion of long-term debt	179	189
Total current liabilities	140,137	201,232
Other non-current liabilities	9,826	10,033
Long-term operating lease liability	39,501	44,256
Long-term debt, less current portion	45,184	56,266
Total liabilities	234,648	311,787
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; 34,956 and 35,066 outstanding	90,606	92,982
Retained earnings	170,523	175,611
Total Shyft Group, Inc. shareholders’ equity	261,129	268,593
Non-controlling interest	69	101
Total shareholders' equity	261,198	268,694
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 495,846	$ 580,481

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance	$ 270	$ 246
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)	34,956	35,066

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Sales	$ 225,101	$ 232,195	$ 468,540	$ 439,078
Cost of products sold	182,347	190,077	382,862	371,029
Gross profit	42,754	42,118	85,678	68,049
Operating expenses:
Research and development	5,890	7,563	12,839	12,490
Selling, general and administrative	30,270	26,860	62,559	53,412
Total operating expenses	36,160	34,423	75,398	65,902
Operating income	6,594	7,695	10,280	2,147
Other income (expense)
Interest expense	(1,477)	(463)	(3,125)	(617)
Other income (expense)	124	(488)	194	(523)
Total other expense	(1,353)	(951)	(2,931)	(1,140)
Income before income taxes	5,241	6,744	7,349	1,007
Income tax expense (benefit)	556	1,461	986	(424)
Net income	4,685	5,283	6,363	1,431
Less: net loss attributable to non-controlling interest	0	0	32	0
Net income attributable to The Shyft Group Inc.	$ 4,685	$ 5,283	$ 6,395	$ 1,431
Basic earnings per share (in dollars per share)	$ 0.13	$ 0.15	$ 0.18	$ 0.04
Diluted earnings per share (in dollars per share)	$ 0.13	$ 0.15	$ 0.18	$ 0.04
Basic weighted average common shares outstanding (in shares)	34,935	35,049	34,995	35,078
Diluted weighted average common shares outstanding (in shares)	34,991	35,243	35,161	35,437

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 6,363	$ 1,431
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	8,050	6,696
Non-cash stock based compensation expense	3,090	3,708
Deferred income taxes	0	(432)
Loss on disposal of assets	128	481
Changes in accounts receivable and contract assets	68,064	(12,863)
Changes in inventories	(1,142)	(34,826)
Changes in accounts payable	(38,567)	7,333
Changes in accrued compensation and related taxes	303	(6,146)
Changes in accrued warranty	(1,143)	(379)
Change in other assets and liabilities	(9,525)	(1,672)
Net cash provided by (used in) operating activities	35,621	(36,669)
Cash flows from investing activities:
Purchases of property, plant and equipment	(10,963)	(10,010)
Proceeds from sale of property, plant and equipment	82	148
Acquisition of business, net of cash acquired	(500)	0
Net cash used in investing activities	(11,381)	(9,862)
Cash flows from financing activities:
Proceeds from long-term debt	70,000	85,000
Payments on long-term debt	(81,000)	(30,000)
Payment of dividends	(3,653)	(3,640)
Purchase and retirement of common stock	(8,786)	(26,789)
Exercise and vesting of stock incentive awards	(4,541)	(8,591)
Net cash provided by (used in) financing activities	(27,980)	15,980
Net decrease in cash and cash equivalents	(3,740)	(30,551)
Cash and cash equivalents at beginning of period	11,548	37,158
Cash and cash equivalents at end of period	$ 7,808	$ 6,607

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, 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
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		95,375	171,379	101	266,855
Net income (loss)					1,431
Balance (in shares) at Jun. 30, 2022	35,063
Balance at Jun. 30, 2022		88,894	144,041	101	233,036
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
Balance (in shares) at Jun. 30, 2022	35,063
Balance at Jun. 30, 2022		88,894	144,041	101	233,036
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	268,694
Issuance of common stock and tax impact of stock incentive plan (in shares)	5
Issuance of common stock and tax impact of stock incentive plan		(4,656)	0	0	(4,656)
Dividends declared		0	(1,820)	0	(1,820)
Purchase and retirement of common stock (in shares)	(349)
Purchase and retirement of common stock		(893)	(7,872)	0	(8,765)
Issuance of restricted stock, net of cancellation (in shares)	193
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		1,827	0	0	1,827
Net income (loss)		0	1,710	(32)	1,678
Balance (in shares) at Mar. 31, 2023	34,915
Balance at Mar. 31, 2023		89,260	167,629	69	256,958
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	268,694
Net income (loss)					6,363
Balance (in shares) at Jun. 30, 2023	34,956
Balance at Jun. 30, 2023		90,606	170,523	69	261,198
Balance (in shares) at Mar. 31, 2023	34,915
Balance at Mar. 31, 2023		89,260	167,629	69	256,958
Issuance of common stock and tax impact of stock incentive plan (in shares)	5
Issuance of common stock and tax impact of stock incentive plan		83	0	0	83
Dividends declared		0	(1,770)	0	(1,770)
Issuance of restricted stock, net of cancellation (in shares)	36
Issuance of restricted stock, net of cancellation		0	(21)	0	(21)
Non-cash stock based compensation expense		1,263	0	0	1,263
Net income (loss)		0	4,685	0	4,685
Balance (in shares) at Jun. 30, 2023	34,956
Balance at Jun. 30, 2023		$ 90,606	$ 170,523	$ 69	$ 261,198

Condensed Consolidated Statem_4

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022
Dividends declared (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Note 1 - Nature of Operations a

Note 1 - Nature of Operations and Basis of Presentation	6 Months Ended
	Jun. 30, 2023
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 motorhome 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 June 30, 2023, and our results of operations and cash flows for the three and six months ended June 30, 2023. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 23, 2023. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results expected for the full year. 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, 2022, included in our Annual Report on Form 10-K. Supplemental Disclosures of Cash Flow Information Non-cash investing in the six months ended June 30, 2023 and June 30, 2022 included $2,106 and $1,994 of capital expenditures, respectively. The Company has chassis pool agreements, where it participates in chassis converter pools that are non-cash arrangements and they are offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 3 – Debt

Note 2 - Inventories

Note 2 - Inventories	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Inventory Disclosure [Text Block]	NOTE 2 – INVENTORIES Inventories are summarized as follows: June 30, 2023 December 31, 2022 Finished goods $ 13,430 $ 13,361 Work in process 3,150 5,200 Raw materials and purchased components 84,723 81,600 Total inventories $ 101,303 $ 100,161

Note 3 - Debt

Note 3 - Debt	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Debt Disclosure [Text Block]	NOTE 3 – DEBT Short-term debt consists of the following: June 30, 2023 December 31, 2022 Chassis pool agreements $ 9,312 $ 19,544 Total short-term debt $ 9,312 $ 19,544 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 move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer). Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled any related obligations in cash, nor does it expect to do so in the future. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. The Company has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Other receivables – chassis pool agreements Short-term debt – chassis pool agreements Long-term debt consists of the following: June 30, 2023 December 31, 2022 Line of credit revolver $ 45,000 $ 56,000 Finance lease obligation 363 455 Total debt 45,363 56,455 Less current portion of long-term debt (179 ) (189 ) Total long-term debt $ 45,184 $ 56,266 Revolving Credit Facility On November 30, 2021, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A. ("Wells Fargo"), as administrative agent, and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A., PNC Bank, National Association and Bank of America, N.A. (the "Lenders"). Certain of our other subsidiaries have executed guaranties guarantying the borrowers' obligations under the Credit Agreement. On May 31, 2023, the Company amended the Credit Agreement to effectuate the transition of the underlying variable interest rate Under the Credit Agreement, we may borrow up to $400,000 from the Lenders under a secured revolving credit facility which matures November 30, 2026. We may also request an increase in the facility of up to $200,000 in the aggregate, subject to customary conditions. The revolving credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $10,000, subject to certain limitations and restrictions. The revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one 1.0%; Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $244,315 and $187,162 at June 30, 2023 and December 31, 2022, respectively. The Credit Agreement requires us to maintain certain financial ratios and other financial covenants; prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. At June 30, 2023 and December 31, 2022, we were in compliance with all covenants in our Credit Agreement.

Note 4 - Revenue

Note 4 - Revenue	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Revenue from Contract with Customer [Text Block]	NOTE 4 – REVENUE Changes in our contract assets and liabilities for the six months ended June 30, 2023 and 2022 are summarized below: June 30, 2023 June 30, 2022 Contract Assets Contract assets, beginning of period $ 86,993 $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (83,470 ) (20,777 ) Contract assets recognized, net of reclassification to receivables 37,707 41,662 Contract assets, end of period $ 41,230 $ 42,368 Contract Liabilities Contract liabilities, beginning of period $ 5,255 $ 988 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (4,912 ) (988 ) Cash received in advance and not recognized as revenue 3,855 1,359 Contract liabilities, end of period $ 4,198 $ 1,359 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 $437,802 and $72,402, 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 within the reportable segments. Three Months Ended June 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 124,463 $ 87,519 $ (1,443 ) $ 210,539 Other 14,520 42 - 14,562 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Timing of revenue recognition Products transferred at a point in time $ 13,692 $ 38,118 $ - $ 51,810 Products and services transferred over time 125,291 49,443 (1,443 ) 173,291 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Three Months Ended June 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 133,861 $ 95,273 $ - $ 229,134 Other 3,036 25 - 3,061 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Timing of revenue recognition Products transferred at a point in time $ 10,716 $ 51,488 $ - $ 62,204 Products and services transferred over time 126,181 43,810 - 169,991 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Six Months Ended June 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 278,491 $ 174,703 $ (4,624) $ 448,570 Other 19,925 45 - 19,970 Total sales $ 298,416 $ 174,748 $ (4,624) $ 468,540 Timing of revenue recognition Products transferred at a point in time $ 25,846 $ 75,680 $ - $ 101,526 Products and services transferred over time 272,570 99,068 (4,624) 367,014 Total sales $ 298,416 $ 174,748 $ (4,624) $ 468,540 Six Months Ended June 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 245,197 $ 189,456 $ - $ 434,653 Other 4,397 28 - 4,425 Total sales $ 249,594 $ 189,484 $ - $ 439,078 Timing of revenue recognition Products transferred at a point in time $ 20,271 $ 104,339 $ - $ 124,610 Products and services transferred over time 229,323 85,145 - 314,468 Total sales $ 249,594 $ 189,484 $ - $ 439,078

Note 5 - Property, Plant and Eq

Note 5 - Property, Plant and Equipment	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Property, Plant and Equipment Disclosure [Text Block]	NOTE 5 – PROPERTY, PLANT AND EQUIPMENT Property, plant and equipment are summarized by major classifications as follows: June 30, 2023 December 31, 2022 Land and improvements $ 12,226 $ 12,314 Buildings and improvements 43,195 42,827 Plant machinery and equipment 58,810 55,969 Furniture and fixtures 19,415 18,334 Vehicles 2,008 2,083 Construction in process 15,367 9,946 Subtotal 151,021 141,473 Accumulated depreciation (73,628 ) (70,720 ) Total property, plant and equipment, net $ 77,393 $ 70,753 We recorded depreciation expense of $3,233 and $2,626 during the three months ended June 30, 2023 and 2022, respectively, and $6,145 and $4,751 during the six months ended June 30, 2023 and 2022, respectively.

Note 6 - Leases

Note 6 - Leases	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Lessee, Operating Leases and Finance Leases [Text Block]	NOTE 6 – LEASES We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one 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 Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating leases $ 2,983 $ 2,571 $ 5,947 $ 4,809 Short-term leases(1) 370 19 622 57 Total lease expense $ 3,353 $ 2,590 $ 6,569 $ 4,866 (1) The weighted average remaining lease term and weighted average discount rate were as follows: June 30, 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.2 8.4 Weighted average discount rate of operating leases 2.8 % 2.7 % Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 5,622 $ 4,287 Right of use assets obtained in exchange for lease obligations: Operating leases $ 8,672 $ 15,331 Finance leases $ 65 $ 202 Maturities of operating lease liabilities as of June 30, 2023 are as follows: Years ending December 31: 2023 (1) $ 5,805 2024 10,770 2025 10,034 2026 7,867 2027 5,540 Thereafter 20,511 Total lease payments 60,527 Imputed interest (9,648 ) Total lease liabilities $ 50,879 (1)

Note 7 - Commitments and Contin

Note 7 - Commitments and Contingent Liabilities	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	NOTE 7 – COMMITMENTS AND CONTINGENT LIABILITIES At June 30, 2023, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our businesses. In the opinion of management, our financial position, future operating results or cash flows will not be materially affected by the final outcome of these legal proceedings. 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 receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles. 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: Six Months Ended June 30, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 2,002 2,151 Changes in liability for pre-existing warranties (1,437 ) (256 ) Cash settlements (1,708 ) (2,274 ) Balance of accrued warranty at June 30 $ 6,018 $ 5,596 Legal Proceedings Relating to Environmental Matters As previously disclosed, in May 2020, the Company received an information request from the United States Environmental Protection Agency (“EPA”) requesting certain information regarding emissions labels on chassis, vocational vehicles, and vehicles that the Company manufactured or imported into the U.S. between January 1, 2017 to the date the Company received the request in May 2020. The Company responded to the EPA’s request and furnished the requested materials in the third quarter of 2020. On April 6, 2022, the Company received a Notice of Violation from the EPA alleging a failure to secure certain certifications on manufactured chassis and a failure to comply with recordkeeping and reporting requirements related to supplier-provided chassis. The Company continues to investigate this matter, including potential defenses, and will continue discussions with the EPA regarding the allegations. At this time, it is not possible to estimate the potential fines or penalties that the Company may incur (if any) for this matter.

Note 8 - Taxes on Income

Note 8 - Taxes on Income	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Income Tax Disclosure [Text Block]	NOTE 8 – TAXES ON INCOME Our effective income tax rate was 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, compared to a tax expense of 13.4% and a tax benefit of 42.1% for the six months ended June 30, 2023 and 2022, respectively. The effective tax rates of 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, differ from the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation offset by the benefit of research credits. Our effective income tax rate was a tax expense of 13.4% in the first six months of 2023, compared to a tax benefit of 42.1% in the first six months of 2022 primarily because of a discrete tax benefit in 2022 related to the difference in stock compensation expense recognized for book purposes and tax purposes upon vesting.

Note 9 - Business Segments

Note 9 - Business Segments	6 Months Ended
	Jun. 30, 2023
Notes to Financial Statements
Segment Reporting Disclosure [Text Block]	NOTE 9 – BUSINESS SEGMENTS We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not indicative of our underlying operating performance, as well as certain non-cash expenses. We define Adjusted EBITDA as income from continuing operations before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations. 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 SV segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, Royal Truck Body and DuraMag 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 Three Months Ended June 30 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 125,291 $ - $ - $ 125,291 Motorhome chassis sales - 30,099 - 30,099 Other specialty vehicle sales - 51,652 (1,443 ) 50,209 Aftermarket parts and accessories sales 13,692 5,810 - 19,502 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Depreciation and amortization expense $ 1,641 $ 1,700 $ 845 $ 4,186 Adjusted EBITDA 12,468 17,367 (13,968 ) 15,867 Segment assets 252,352 194,718 48,776 495,846 Capital expenditures 1,702 438 5,137 7,277 Three Months Ended June 30 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 126,181 $ - $ - $ 126,181 Motorhome chassis sales - 42,710 - 42,710 Other specialty vehicle sales - 47,044 - 47,044 Aftermarket parts and accessories sales 10,716 5,544 - 16,260 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Depreciation and amortization expense $ 1,182 $ 1,953 $ 592 $ 3,727 Adjusted EBITDA 14,525 12,859 (13,695 ) 13,689 Segment assets 228,863 223,388 42,762 495,013 Capital expenditures 3,666 452 929 5,047 Six Months Ended June 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 272,570 $ - $ - $ 272,570 Motorhome chassis sales - 58,059 - 58,059 Other specialty vehicle sales - 106,349 (4,624 ) 101,725 Aftermarket parts and accessories sales 25,846 10,340 - 36,186 Total sales $ 298,416 $ 174,748 $ (4,624 ) $ 468,540 Depreciation and amortization expense $ 2,979 $ 3,379 $ 1,692 $ 8,050 Adjusted EBITDA 24,941 31,219 (29,505 ) 26,655 Segment assets 252,352 194,718 48,776 495,846 Capital expenditures 3,567 1,179 7,435 12,181 Six Months Ended June 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 229,323 $ - $ - $ 229,323 Motorhome chassis sales - 87,601 - 87,601 Other specialty vehicle sales - 91,750 - 91,750 Aftermarket parts and accessories sales 20,271 10,133 - 30,404 Total sales $ 249,594 $ 189,484 $ - $ 439,078 Depreciation and amortization expense $ 1,930 $ 3,614 $ 1,152 $ 6,696 Adjusted EBITDA 13,654 22,958 (23,566 ) 13,046 Segment assets 228,863 223,388 42,762 495,013 Capital expenditures 7,799 686 2,007 10,492

Note 2 - Inventories (Tables)

Note 2 - Inventories (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Inventory, Current [Table Text Block]	June 30, 2023 December 31, 2022 Finished goods $ 13,430 $ 13,361 Work in process 3,150 5,200 Raw materials and purchased components 84,723 81,600 Total inventories $ 101,303 $ 100,161

Note 3 - Debt (Tables)

Note 3 - Debt (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Short-Term Debt [Table Text Block]	June 30, 2023 December 31, 2022 Chassis pool agreements $ 9,312 $ 19,544 Total short-term debt $ 9,312 $ 19,544
Schedule of Long-Term Debt Instruments [Table Text Block]	June 30, 2023 December 31, 2022 Line of credit revolver $ 45,000 $ 56,000 Finance lease obligation 363 455 Total debt 45,363 56,455 Less current portion of long-term debt (179 ) (189 ) Total long-term debt $ 45,184 $ 56,266

Note 4 - Revenue (Tables)

Note 4 - Revenue (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]	June 30, 2023 June 30, 2022 Contract Assets Contract assets, beginning of period $ 86,993 $ 21,483 Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional (83,470 ) (20,777 ) Contract assets recognized, net of reclassification to receivables 37,707 41,662 Contract assets, end of period $ 41,230 $ 42,368 Contract Liabilities Contract liabilities, beginning of period $ 5,255 $ 988 Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied (4,912 ) (988 ) Cash received in advance and not recognized as revenue 3,855 1,359 Contract liabilities, end of period $ 4,198 $ 1,359
Disaggregation of Revenue [Table Text Block]	Three Months Ended June 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 124,463 $ 87,519 $ (1,443 ) $ 210,539 Other 14,520 42 - 14,562 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Timing of revenue recognition Products transferred at a point in time $ 13,692 $ 38,118 $ - $ 51,810 Products and services transferred over time 125,291 49,443 (1,443 ) 173,291 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Three Months Ended June 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 133,861 $ 95,273 $ - $ 229,134 Other 3,036 25 - 3,061 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Timing of revenue recognition Products transferred at a point in time $ 10,716 $ 51,488 $ - $ 62,204 Products and services transferred over time 126,181 43,810 - 169,991 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Six Months Ended June 30, 2023 FVS SV Eliminations and Other Total Primary geographical markets United States $ 278,491 $ 174,703 $ (4,624) $ 448,570 Other 19,925 45 - 19,970 Total sales $ 298,416 $ 174,748 $ (4,624) $ 468,540 Timing of revenue recognition Products transferred at a point in time $ 25,846 $ 75,680 $ - $ 101,526 Products and services transferred over time 272,570 99,068 (4,624) 367,014 Total sales $ 298,416 $ 174,748 $ (4,624) $ 468,540 Six Months Ended June 30, 2022 FVS SV Eliminations and Other Total Primary geographical markets United States $ 245,197 $ 189,456 $ - $ 434,653 Other 4,397 28 - 4,425 Total sales $ 249,594 $ 189,484 $ - $ 439,078 Timing of revenue recognition Products transferred at a point in time $ 20,271 $ 104,339 $ - $ 124,610 Products and services transferred over time 229,323 85,145 - 314,468 Total sales $ 249,594 $ 189,484 $ - $ 439,078

Note 5 - Property, Plant and _2

Note 5 - Property, Plant and Equipment (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Property, Plant and Equipment [Table Text Block]	June 30, 2023 December 31, 2022 Land and improvements $ 12,226 $ 12,314 Buildings and improvements 43,195 42,827 Plant machinery and equipment 58,810 55,969 Furniture and fixtures 19,415 18,334 Vehicles 2,008 2,083 Construction in process 15,367 9,946 Subtotal 151,021 141,473 Accumulated depreciation (73,628 ) (70,720 ) Total property, plant and equipment, net $ 77,393 $ 70,753

Note 6 - Leases (Tables)

Note 6 - Leases (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Lease, Cost [Table Text Block]	Three Months Ended Six Months Ended June 30, June 30, 2023 2022 2023 2022 Operating leases $ 2,983 $ 2,571 $ 5,947 $ 4,809 Short-term leases(1) 370 19 622 57 Total lease expense $ 3,353 $ 2,590 $ 6,569 $ 4,866
Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block]	June 30, 2023 2022 Weighted average remaining lease term of operating leases (in years) 7.2 8.4 Weighted average discount rate of operating leases 2.8 % 2.7 %
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]	Six Months Ended June 30, 2023 2022 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flow for operating leases $ 5,622 $ 4,287 Right of use assets obtained in exchange for lease obligations: Operating leases $ 8,672 $ 15,331 Finance leases $ 65 $ 202
Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]	Years ending December 31: 2023 (1) $ 5,805 2024 10,770 2025 10,034 2026 7,867 2027 5,540 Thereafter 20,511 Total lease payments 60,527 Imputed interest (9,648 ) Total lease liabilities $ 50,879

Note 7 - Commitments and Cont_2

Note 7 - Commitments and Contingent Liabilities (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Product Warranty Liability [Table Text Block]	Six Months Ended June 30, 2023 2022 Balance of accrued warranty at January 1 $ 7,161 $ 5,975 Provisions for current period sales 2,002 2,151 Changes in liability for pre-existing warranties (1,437 ) (256 ) Cash settlements (1,708 ) (2,274 ) Balance of accrued warranty at June 30 $ 6,018 $ 5,596

Note 9 - Business Segments (Tab

Note 9 - Business Segments (Tables)	6 Months Ended
	Jun. 30, 2023
Notes Tables
Schedule of Segment Reporting Information, by Segment [Table Text Block]	Three Months Ended June 30 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 125,291 $ - $ - $ 125,291 Motorhome chassis sales - 30,099 - 30,099 Other specialty vehicle sales - 51,652 (1,443 ) 50,209 Aftermarket parts and accessories sales 13,692 5,810 - 19,502 Total sales $ 138,983 $ 87,561 $ (1,443 ) $ 225,101 Depreciation and amortization expense $ 1,641 $ 1,700 $ 845 $ 4,186 Adjusted EBITDA 12,468 17,367 (13,968 ) 15,867 Segment assets 252,352 194,718 48,776 495,846 Capital expenditures 1,702 438 5,137 7,277 Three Months Ended June 30 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 126,181 $ - $ - $ 126,181 Motorhome chassis sales - 42,710 - 42,710 Other specialty vehicle sales - 47,044 - 47,044 Aftermarket parts and accessories sales 10,716 5,544 - 16,260 Total sales $ 136,897 $ 95,298 $ - $ 232,195 Depreciation and amortization expense $ 1,182 $ 1,953 $ 592 $ 3,727 Adjusted EBITDA 14,525 12,859 (13,695 ) 13,689 Segment assets 228,863 223,388 42,762 495,013 Capital expenditures 3,666 452 929 5,047 Six Months Ended June 30, 2023 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 272,570 $ - $ - $ 272,570 Motorhome chassis sales - 58,059 - 58,059 Other specialty vehicle sales - 106,349 (4,624 ) 101,725 Aftermarket parts and accessories sales 25,846 10,340 - 36,186 Total sales $ 298,416 $ 174,748 $ (4,624 ) $ 468,540 Depreciation and amortization expense $ 2,979 $ 3,379 $ 1,692 $ 8,050 Adjusted EBITDA 24,941 31,219 (29,505 ) 26,655 Segment assets 252,352 194,718 48,776 495,846 Capital expenditures 3,567 1,179 7,435 12,181 Six Months Ended June 30, 2022 Segment FVS SV Eliminations and Other Consolidated Fleet vehicle sales $ 229,323 $ - $ - $ 229,323 Motorhome chassis sales - 87,601 - 87,601 Other specialty vehicle sales - 91,750 - 91,750 Aftermarket parts and accessories sales 20,271 10,133 - 30,404 Total sales $ 249,594 $ 189,484 $ - $ 439,078 Depreciation and amortization expense $ 1,930 $ 3,614 $ 1,152 $ 6,696 Adjusted EBITDA 13,654 22,958 (23,566 ) 13,046 Segment assets 228,863 223,388 42,762 495,013 Capital expenditures 7,799 686 2,007 10,492

Note 1 - Nature of Operations_2

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Capital Expenditures Incurred but Not yet Paid	$ 2,106	$ 1,994

Note 2 - Inventories - Summary

Note 2 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finished goods	$ 13,430	$ 13,361
Work in process	3,150	5,200
Raw materials and purchased components	84,723	81,600
Total inventories	$ 101,303	$ 100,161

Note 3 - Debt (Details Textual)

Note 3 - Debt (Details Textual) - USD ($) $ in Thousands		6 Months Ended
	Nov. 30, 2021	Jun. 30, 2023	Dec. 31, 2022
Letters of Credit Outstanding, Amount		$ 1,550	$ 1,200
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, Basis Spread on Variable Rate		1%
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		6.27%
Line of Credit Facility, Current Borrowing Capacity		$ 244,315	$ 187,162
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] | 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 3 - Debt - Short-term Debt

Note 3 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Short-term debt	$ 9,312	$ 19,544
Chassis Pool Agreements [Member]
Short-term debt	$ 9,312	$ 19,544

Note 3 - Debt - Schedule of Lon

Note 3 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Line of credit revolver	$ 45,000	$ 56,000
Finance lease obligation	363	455
Total debt	45,363	56,455
Less current portion of long-term debt	(179)	(189)
Total long-term debt	$ 45,184	$ 56,266

Note 4 - Revenue (Details Textu

Note 4 - Revenue (Details Textual) $ in Thousands	Jun. 30, 2023 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 437,802
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 72,402

Note 4 - Revenue - Contract Ass

Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Contract assets, balance	$ 86,993	$ 21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(83,470)	(20,777)
Contract assets recognized, net of reclassification to receivables	37,707	41,662
Contract assets, balance	41,230	42,368
Contract liabilities, balance	5,255	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(4,912)	(988)
Cash received in advance and not recognized as revenue	3,855	1,359
Contract liabilities, balance	$ 4,198	$ 1,359

Note 4 - Revenue - Disaggregate

Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Revenues	$ 225,101	$ 232,195	$ 468,540	$ 439,078
Transferred at Point in Time [Member]
Revenues	51,810	62,204	101,526	124,610
Transferred over Time [Member]
Revenues	173,291	169,991	367,014	314,468
Consolidation, Eliminations [Member]
Revenues	(1,443)	0	(4,624)	0
Consolidation, Eliminations [Member] | Transferred at Point in Time [Member]
Revenues	0	0	0	0
Consolidation, Eliminations [Member] | Transferred over Time [Member]
Revenues	(1,443)	0	(4,624)	0
Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	138,983	136,897	298,416	249,594
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	13,692	10,716	25,846	20,271
Fleet Vehicles and Services [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	125,291	126,181	272,570	229,323
Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	87,561	95,298	174,748	189,484
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred at Point in Time [Member]
Revenues	38,118	51,488	75,680	104,339
Specialty Vehicles [Member] | Operating Segments [Member] | Transferred over Time [Member]
Revenues	49,443	43,810	99,068	85,145
UNITED STATES
Revenues	210,539	229,134	448,570	434,653
UNITED STATES | Consolidation, Eliminations [Member]
Revenues	(1,443)	0	(4,624)	0
UNITED STATES | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	124,463	133,861	278,491	245,197
UNITED STATES | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	87,519	95,273	174,703	189,456
Non-US [Member]
Revenues	14,562	3,061	19,970	4,425
Non-US [Member] | Consolidation, Eliminations [Member]
Revenues	0	0	0	0
Non-US [Member] | Fleet Vehicles and Services [Member] | Operating Segments [Member]
Revenues	14,520	3,036	19,925	4,397
Non-US [Member] | Specialty Vehicles [Member] | Operating Segments [Member]
Revenues	$ 42	$ 25	$ 45	$ 28

Note 5 - Property, Plant and _3

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Depreciation	$ 3,233	$ 2,626	$ 6,145	$ 4,751

Note 5 - Property, Plant and _4

Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Property, plant and equipment, gross	$ 151,021	$ 141,473
Accumulated depreciation	(73,628)	(70,720)
Total property, plant and equipment, net	77,393	70,753
Land and Land Improvements [Member]
Property, plant and equipment, gross	12,226	12,314
Building and Building Improvements [Member]
Property, plant and equipment, gross	43,195	42,827
Machinery and Equipment [Member]
Property, plant and equipment, gross	58,810	55,969
Furniture and Fixtures [Member]
Property, plant and equipment, gross	19,415	18,334
Vehicles [Member]
Property, plant and equipment, gross	2,008	2,083
Construction in Progress [Member]
Property, plant and equipment, gross	$ 15,367	$ 9,946

Note 6 - Leases (Details Textua

Note 6 - Leases (Details Textual)	6 Months Ended
	Jun. 30, 2023
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	17 years
Leases, Term, Option to Extend (Year)	15 years

Note 6 - Leases - Lease Cost (D

Note 6 - Leases - Lease Cost (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
		Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Operating leases		$ 2,983	$ 2,571	$ 5,947	$ 4,809
Short-term leases(1)	[1]	370	19	622	57
Total lease expense		$ 3,353	$ 2,590	$ 6,569	$ 4,866
[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 6 - Leases - Weighted Aver

Note 6 - Leases - Weighted Average Remaining Lease Term and Weighted Average Discount Rate (Details)	Jun. 30, 2023	Jun. 30, 2022
Weighted average remaining lease term of operating leases (in years) (Year)	7 years 2 months 12 days	8 years 4 months 24 days
Weighted average discount rate of operating leases	2.80%	2.70%

Note 6 - Leases - Lease Expense

Note 6 - Leases - Lease Expense and Information - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Operating cash flow for operating leases	$ 5,622	$ 4,287
Operating leases	8,672	15,331
Finance leases	$ 65	$ 202

Note 6 - Leases - Future Minimu

Note 6 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details) $ in Thousands	Jun. 30, 2023 USD ($)
2023(1)	$ 5,805	[1]
2024	10,770
2025	10,034
2026	7,867
2027	5,540
Thereafter	20,511
Total lease payments	60,527
Imputed interest	(9,648)
Total lease liabilities	$ 50,879
[1]Excluding the six months ended June 30, 2023.

Note 7 - Commitments and Cont_3

Note 7 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Balance of accrued warranty	$ 7,161	$ 5,975
Provisions for current period sales	2,002	2,151
Changes in liability for pre-existing warranties	(1,437)	(256)
Cash settlements	(1,708)	(2,274)
Balance of accrued warranty	$ 6,018	$ 5,596

Note 8 - Taxes on Income (Detai

Note 8 - Taxes on Income (Details Textual)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	10.60%	21.70%	13.40%	42.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21%	21%

Note 9 - Business Segments (Det

Note 9 - Business Segments (Details Textual)	6 Months Ended
	Jun. 30, 2023
Number of Reportable Segments	2

Note 9 - Business Segments - Se

Note 9 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Revenues	$ 225,101	$ 232,195	$ 468,540	$ 439,078
Depreciation and amortization expense	4,186	3,727	8,050	6,696
Adjusted EBITDA	15,867	13,689	26,655	13,046
Segment assets	495,846	495,013	495,846	495,013	$ 580,481
Capital expenditures	7,277	5,047	12,181	10,492
Fleet Vehicle Sales [Member]
Revenues	125,291	126,181	272,570	229,323
Motorhome Chassis [Member]
Revenues	30,099	42,710	58,059	87,601
Other Specialty Vehicles [Member]
Revenues	50,209	47,044	101,725	91,750
Aftermarket Parts and Accessories Sales [Member]
Revenues	19,502	16,260	36,186	30,404
Operating Segments [Member] | Fleet Vehicles and Services [Member]
Revenues	138,983	136,897	298,416	249,594
Depreciation and amortization expense	1,641	1,182	2,979	1,930
Adjusted EBITDA	12,468	14,525	24,941	13,654
Segment assets	252,352	228,863	252,352	228,863
Capital expenditures	1,702	3,666	3,567	7,799
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Fleet Vehicle Sales [Member]
Revenues	125,291	126,181	272,570	229,323
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Motorhome Chassis [Member]
Revenues	0	0	0	0
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Other Specialty Vehicles [Member]
Revenues	0	0	0	0
Operating Segments [Member] | Fleet Vehicles and Services [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	13,692	10,716	25,846	20,271
Operating Segments [Member] | Specialty Vehicles [Member]
Revenues	87,561	95,298	174,748	189,484
Depreciation and amortization expense	1,700	1,953	3,379	3,614
Adjusted EBITDA	17,367	12,859	31,219	22,958
Segment assets	194,718	223,388	194,718	223,388
Capital expenditures	438	452	1,179	686
Operating Segments [Member] | Specialty Vehicles [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Operating Segments [Member] | Specialty Vehicles [Member] | Motorhome Chassis [Member]
Revenues	30,099	42,710	58,059	87,601
Operating Segments [Member] | Specialty Vehicles [Member] | Other Specialty Vehicles [Member]
Revenues	51,652	47,044	106,349	91,750
Operating Segments [Member] | Specialty Vehicles [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	5,810	5,544	10,340	10,133
Segment Reconciling Items [Member]
Revenues	(1,443)	0	(4,624)	0
Depreciation and amortization expense	845	592	1,692	1,152
Adjusted EBITDA	(13,968)	(13,695)	(29,505)	(23,566)
Segment assets	48,776	42,762	48,776	42,762
Capital expenditures	5,137	929	7,435	2,007
Segment Reconciling Items [Member] | Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Segment Reconciling Items [Member] | Motorhome Chassis [Member]
Revenues	0	0	0	0
Segment Reconciling Items [Member] | Other Specialty Vehicles [Member]
Revenues	(1,443)	0	(4,624)	0
Segment Reconciling Items [Member] | Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0	$ 0	$ 0