SHYF - Earnings call transcript Q1 2021

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Operator

Good day, ladies and gentlemen, and welcome to The Shyft Group's First Quarter 2021 Earnings Results. [Operator instructions] At this time, it is my pleasure to turn the floor over to your host, Juris Pagrabs. Sir, the floor is yours.

Juris Pagrabs

Thank you, Dagma. And good morning, everyone, and welcome to The Shyft Group's First Quarter 2021 Earnings Call.

call Officer; Daryl Chief and the and our Financial on Executive Chief Jon me today Adams, are President Officer. Joining Douyard, our

which the call, been at available theshyftgroup.com. today's we included website presentation For have on our filed that SEC deck, with is also a has

You the call. the deck Investor our section of the may to presentation follow during download website along from Relations with our

of today's call, statement. please the X presentation start Slide harbor for we Before to safe our turn

projection, made of statements and Forms and during projections. from materially conference believes prediction You a Shyft Shyft should the affect certain be are are Litigation The cause Act the current any be management predictions, factors on that may with could Private known which actual with results viewpoint, XX-K differ number Group's Group may Reform results that management's could under of projections today's XX-Q SEC. include risks forward-looking filed operations aware call, that as The statements or XXXX. the considered Securities to you and I outlook, that its All materially there regarding identified caution

be we cannot risks there other anticipate. However, may that

we to call for of will segment the moving of a XXXX. on remainder the today, On results and before a update review detailed outlook more provide the our

discussed for to With time, today noted. presented. on liabilities turn all operations At pleased X. with call We ER results the Daryl this on assets his the will X, the that as will the well like divestiture as the the over the then associated last unless been discontinued February everyone continuing open reclassified expenses beginning Slide the remind have for of year reclassification, line otherwise periods Response comments for operations as also refer I'm Q&A. I and to revenues to to this would business, with Emergency and business

Daryl Adams

XXXX first-quarter joining you Juris. our to everyone, us and discuss results. Good morning, thank you, for Thank

Our of product continues which to demonstrate footprint, our increasing quarter success in performance higher-margin within geographic in operations. offerings core within the productivity our strategy, markets, business expanding growth ongoing share and our our the improvements within first encompasses market

As you customer invest a the design commitment backlog resulted to see quarter. in our innovation for coupled to products, in strategy, innovative increasing X, to over with -- sorry, million Slide needs record on the meet our $XXX XX%

experiencing We our of first-quarter are backlog of achieved our to this the like semiconductor what turn the excited level I'll start a million where to the availability adjusted chassis sharing start X, $XX.X segment $XXX year as of shortage. strong and Please to we provide uncertainty by to and I'd supply EBITDA to we update. Slide with due revenues are million. with chain and respect

first our the saw on impact operations. quarter, little During we

will feedback our impacted level from on at chassis suppliers, based However, quarters. some the for deliveries be and OEMs next several

to We the continue and and situation adapt accordingly. monitor will manage

the Vehicles confident original we XXXX. with our we on Fleet deliver will Although with Starting backlog, for that and higher-than-expected guidance Services. remain

investment and a facility. progress perspective, Velocity set focus have The launch impact progressing we make continues an variety in record as an of new From our manufacturing is production in to operations continue areas. ongoing Bristol the in capability well. at We to a

and We the of have to our curve. phase are of ramp ramp our ahead curve accomplish shift next slightly the started second hiring

continues backlog. of at meet XXX truck build City our the to seeing the Underscoring customers' to strategy, our On look of and We are we bodies the our successfully launch stage developing Kansas forward our the this the extremely happy facility. to product introducing needs purpose-built initial with of flexible Velocity road. product down and completed vehicles at manufacturing wide-ranging early the quality boost

order initial to happy about talked the secured in XXX for more units. the report than Velocity MX, I'm have and that past an We we

make vehicle demo major the for this continue testing with We month. product to a a customer Velocity RX preparing are on and progress

segment. Vehicles growth and to Specialty significant our to continue We positive in as generated Moving produce sales results. our adjusted efforts EBITDA

share up market reflects increased over our quarter the since homebuyers. during our XXXX among offerings and XX.X%. points That's to X of product brand motor motor the Our and strength

drive quarter our and part have value Across from market and this sales upcoming acquisitions. new business, ability are strategy we service in to year As our of effort share chassis. had we project on to developments growth, our that and model nine exemplify body technologies the 'XX create introducing several 'XX

Our Royal year. its Truck in backlog team Body achieved year doubling record March, over also while revenue

granted center upfit body service both benefit as was DuraMag and through expanded status, in Michigan forward. shift we Charlotte, recently GM Our Royal which will move

relates I'll body e-coded harsher weather service conditions it as has an in beginning broader X. to manufacturing our that to to competitors' to to that, the track update levels, use on first call steel expanded to detail, on now Shyft's the where meets an well northern its on integration provide offering And or XXXX discuss enabling for our on include continue turn innovation, results corrosion-resistant plan. As are our in more financial DuraMag, as and improvements states deliver Jon market we With make Slide exceeds at quarter body over Royal exist. outlook,

Jon Douyard

to everyone. first overview for X, Thank of Please I'll morning, Daryl. quarter. an the Slide and you, results our And financial good provide turn

million, has start share the a year indicated, $XX.X was growth The backlog up in to high. Daryl current the solid record $XX.X significant the $XX.X operations was Income results tax to net included per in to quarter. start prior-year share XX% This XXXX. compared that which ago. from costs. from by Group earnings for related $X.XX of offset in year. the adjusted positions Diluted broader continuing $X.XX the $X.X volume share continuing per item share from million double-digit compared $XX.X uncertainty million quarter these chain. CARES a million from million seeing year million, was ago. was Revenue $X.XX the despite had and to XX% prior-year favorable Shift Note EPS restructuring a first a increased share achieving increased taken to prior into well Taking to the the that a from supply Adjusted year, year-ago Act, $X.XX our order per quarter first consideration, us operations XX.X% revenue As adjustments $XXX.X income per partially to per

quarter from last a to operations from First sales increased operations million of EBITDA X.X% to $XX.X as million, declined XXXX compared adjusted while million to from adjusted continuing same year. of EBITDA $XX.X sales, continuing period $XX.X percent XX.X% the in increased

offset and Slide X. through saw operating delivered The revenue on preproduction the cargo was product high. in services solid year On van new by you Velocity million upfit and partially up and volumes, of lower the FVS Velocity to includes take compared that the million, remarkable results offerings, was our which Fleet FVS adjusted $XX.X a EBITDA of which margin first FVS and coming a sales, offset $XXX.X $XX.X year. ago. prior ago. ramp sales saw XX.X% of sales business of orders. segment, field sequentially launch, significant while year for $XXX.X our now primarily record me than backlog production a to collectively related productivity Let to costs Adjusted EBITDA mix, to year including the million XX% by in which up XX% Vehicles more $XXX.X was increased impact million FVS order product months Led versus innovative backlog we compared The decline the year. working a the anticipated van securing diligently MX, beginning quarter, with Services walk-in business volume, gains. lower was resulted by a to significant due growth was over prepare million

year, Slide by mix. by to and last Slide overview. the luxury momentum we execute increase order $XX.X to the X Please service This coach a ability of to slower motorhome chassis an remains bodies. service second Sales in our were synergies partially increase gains, business XX% period that by the or picking our third million primarily create $XX.X significant outlook million, in revenue the our our in turn activity volumes driven such XX.X% of had XXXX. delivered and are half XXXX backlog growth Specialty update motorhome year increase encouraged offset of SV growth portion quarter, reflecting was through to manufacturing motor higher off last million, up in or where strong left strategy. million which $XX.X for driven a We linen, improvement of XX% in on as sales to and which value productivity acquisitions. which the other capital most saw as carried double-digit Vehicles demonstrating Specialty strong in of backlog, were While chassis laundry and XXXX. over the the XX% benefits which our the an same $X.X segment management Please sales million grew was or quarter. mile our acquisition EBITDA, basis, from and backlog, increased of The turn to contributes compared in backlog the the initiatives last XX.X% Vehicles delivery service significant and our consecutive working of included million up of organic SV to $X vocations, a X% and adjusted was in revenue, of XXX% XX. in on to $XX.X and EBITDA acquisition. increase sales the quarter was Adjusted inclusive year-over-year and in and liquidity On volume body body team in XX% is see commercial DuraMag again

over availability. on While million, liquidity million had seasonally of borrowing year end $XX negative, and million $XXX hand year. of of cash increased the flow we cash activities XX% in including At operating from QX, $XXX total

X.X continue provides growth liquidity fund times strategy. ratio invest EBITDA, current and our to with which Our ample operations to to at leverage stands in adjusted us our

production of to in shareholders returned for investment quarter across and quarter operational dividend the at equipment an a in throughput form was $XX.XX of shares Velocity company. million of repurchase fabrication XXX,XXX also at our regular facilities, using approximately included and price efficiencies number and We which Capex to are share. $X.X drive equipment the the $X average the of per million the and in we

the the prior be strength of operations. million and $XX million. As the range $XX our for continued to with of in to pleased the are to noted in full-year expect the we Overall, our year call, we CapEx start earnings

widely to level will and for across As are constraints of are chassis and we in given believe continue pleased anticipated adjusted ultimately is monitor the supply to are the the continued as the QX chain our there and well-positioned supply EPS closely other high Based of the to guidance. the $XXX this of we in said, reaffirm noted confident and to backlog, strong $XX initial XXXX $X.XX volume offset shortfall high the demand guidance uncertainty to ability our now EBITDA million view, That revenue of our chassis a current in orders currently, and dynamics. we adjusted of million, the million, range industry, $X.XX to year and share. in follows: on deliver $XXX on per million we $XXX

Daryl Now, the call I'll turn to for closing remarks. back

Daryl Adams

you, The XX, to Shift Jon. Please Group. provide for turn Slide remarks closing I'll Thank where

At results will Our We future be understand the continue EV. demand strategy, The and in entire a the of for with business we technologies need meet greener our particular organically team. products growth, tremendous acquisitions. the plan new appreciate our focus first customer These Shyft tomorrow. on for the to of the our investments and and quarter Group, end markets, Shyft success efforts on both of demonstrate strength platforms, through to new investing and the including centered

in also of our listen and and evaluate to their major As insights, needs feel us be EV a a solution we chassis we aid in the build are set of that market will that an investing we to efficiently and transition. experience, decades have requests in we the this the broad to purpose-built customer of chassis gather future. Leveraging development begun transition development contributor customers' the offerings, of capable

With XXXX to a our We on of this we will In positioned that, we the the start months. in now operator, are business summary, ramp-up year. with well to the performing strong and details the for all are portion off in call. Q&A remainder of ready business units the provide anticipated endeavor coming for support further the in

Operator

question Steve first from your Dyer Craig-Hallum. state question. Our instructions] Please with [Operator comes

Steve Dyer

guys. morning, Thanks. Good

you that? the can You guidance say? And chain. supply as as get to Is Is fair it think to if along or along, those at it than was your is more significant chassis primarily like. talked backlog, my a goes year little guess, about I all takeaway just your looking probably widespread bit that you'd is fairly I there upside lines, those

Daryl Adams

it. vehicles, with in is. chassis, base, it the to product through semiconductors seem we're out every backlog an we that's build guidance. opportunity but and But point, Steve, It's supply can I heck of chassis, but get electronic if be the mainly in the just want to there. mean, your to in a managing practically we identify the we today's beat to with Yes, have

Steve Dyer

of like of quarter for then you them of of about get hand-to-mouth years month. literally for a I years mean, now it's we've up couple chassis kind it. don't plant years guys a to of where any ago? are tired a and couple for is seems get a bunch been couple about ago similar like the that? of crank talking it as Is like I a a you probably talking is And it it you It mean, and you

Daryl Adams

it right yes, remember, we that issue, in chassis we that's to back assume And why Velocity. get point. Not the 'XX, now had we as that when will the developed but you

So, the on we and three affecting developed the chip is other issue now those OEM well. as Velocity platforms

going And chase items. and it's think it. think to take -- don't into get the right? electronic it's As we EV piece semiconductors we additional that's stop, I this, continue to continue So, of to to other going I

it's they to for will think that, needs just And So, fine. -- I be think demand. to the the I catch the industry they up do once

Steve Dyer

to whether mean, now? right I the we as should and is enough it the sense QX, Do bracing for going of sort be is to impact of it's unknown on you then have bulk be? a tougher a goes the things where good ease as just or too year

Jon Douyard

to get in into would you a really QX. we listen I I them. and and maybe trough a through second I as later the on is chassis saying, the supply OEMs production think support from have to inflow quarter, of think if standpoint what been for say, have hand the April we XQ

And from so said, I the significantly work think to a second-half of the us. a here done quarter in the we're it position second more by But will perspective. really a maybe be team for dynamic still in ramp with that

are and comfortable And so, out. feel look of from the I guidance with where ton think a impact there's how certainly it a you uncertainty of year, some the perspective in very frankly, back as we play but we and will

Steve Dyer

Okay. are what lot bodies, you're and not I'll Wondering pressures. but the also labor for guys hearing locations? on over. Last turn me, one front seeing it How managing in about a you your of only shortages price

Daryl Adams

But I biggest the Charlotte. on call the pay in Bristol, to are continue We that Steve, monitor locations Yes. mentioned Bristol some think items we we retention adjustments and to the two made that. right there finding previous shortage, well. ramping as We're we seeing now, fast, we're chassis due And seeing it. we're up a not not Charlotte, employees but to to were the this accelerate we flow. good are in going and and

growth it. about Bristol in we're to of number for we due we managing to have Charlotte, flow. And ramp-up once hitting and think continue the continue the motorhome Charlotte I to the chassis feel struggles through the but on need comfortable will in So, Velocity people

Steve Dyer

Got guys. it. Thanks,

Jon Douyard

you. Thank

Operator

Our next Matt with question Please from questions. Capital. comes your state ROTH Koranda

Matt Koranda

Hey thanks. guys,

legacy the the Any for I implied like QX year? the be the It Just of seeing, products. on to levels seasonality book you running mix very could order to wanted going sort a to wanted slowdown or that of relative the out quarter. we the the just that to on then, FVS are high we're fourth order if in there sort obviously bookings year, looks these at running high versus very numbers the of of and rest maybe And plateau. cadence front? just environment still in just was versus rest expected the Velocity touch to the for talk see is all of bookings your But

Daryl Adams

Yes.

again, volume as as of well, in Matt, first and the quarter, continued that's order. think, I into it, So, look unit really at X,XXX we a April previously announced in strong terms

at are point. approximately that this levels double Our backlog

market perspective. in and so need a And the that fits customer it from the

on I truck it, business us. and body. some to I'll the from as well see all I said, the maybe from issue piece, prepare fourth XXXX as fact that see we're semiconductor starting question more for laundry patterns purchases, ordering noted plus at they as in QX well And the out aspects to more think given for essentially seasonality we retail-type the continue given the that business, to historically this will van but call side I perspective think particularly I plays pretty the fact slowdown would customer on your as given minus, that or that of some, positive some linen, a expect the the see here FVS we're customers up of pick ordering walk-in sold their out. an point, still our quarter

Matt Koranda

I chassis started more the wake Okay, Obviously, had legacy the of supply of issues then, in And you on wanted was ask issue. chassis to sort that old specifically several the ago. years of some great. Velocity up

product on the could fulfill qualitatively Just maybe down ability see be we you if should through wanted break to the of year talk versus and thinking your legacy Velocity as about to about how here? the we Velocity flow chassis versus product move legacy or

Daryl Adams

Yes.

still the operating. out Matt, is the still vehicle that getting unit. sent right Saltillo double I where most Velocity plant But is is we're -- in we're products, of run the to some on having continue is issues. a F transit built We down for so which think, the which the RX,

as Kansas Unfortunately, we -- and custom Stellantis still is, as there And -- have But issues. chassis, we then Freightliner. City, So, out we can flow the continue and well port are in are to curious Freightliner chassis Velocity in doing why Detroit It's the so chassis seeing having are still we're chassis of transit our GM but we're some and upfit they and Kansas little a City. in where build from upfit to struggling. there.

I think plants, issue of a So, up. catch their when shutdown, out timing that had frost they're they Texas some a guys it's of the some maybe came these and to them issue with trying with of

in when is the issues we it thought think coming positive. new do I onboard, is But products. we Mercedes So, three work out. And which we itself MX chassis with still shipping too. yes, answer had these will had is 'XX

So, will they're maybe the anybody Velocity us term, chassis. or Right now, having they're chassis on the up build and longer six struggling get to five a if transit has us level the out trying problem. to

Matt Koranda

Okay, And fair last then, enough. me. one for

ahead. go Sorry,

Daryl Adams

Matt sorry, which industry Matt. is with an And it's issue us. that's That's I affecting an all think, anybody to right, not just get issue, trying -- chassis. That's

all with particular It's nothing it's and builders board across So, to upfitters today. the us. the

Matt Koranda

Yes, FVS orders? concern can obviously, But we a at really deter high does we correctly to through that of that fair see Right. out one backlog on deliver on how FVS think point on a how wanted the start guess probably backlog. year? that last that quickly And of to the slots did to backlog. enough. sort in sold backlog. I Is I end then, plays problem there Just just And high out? any you having saying around hear high-quality it's you're what have,

Jon Douyard

it would deterred point, I orders. not has Yes. this at say

earlier. I think to gets of Steve's it question kind

a puts backlog guidance. or to us potentially at high the our position be in certainly think I above end

We've customers been see haven't really nice no of little fact to demand flow, from continued they to chassis. seen the to here. get cancellations able a it's sort And given of so but been it's question that

standpoint. feel we viewing a but XXXX comfortable this more from from a timing we're with very timing where are perspective so as And a

Matt Koranda

Okay all I had. great, thanks. That's

Jon Douyard

Thank you.

Operator

next Our comes Securities. with Shlisky Mike question. your Colliers from question Please state

Mike Shlisky

the good backlog. is morning you backlog wanted here, have just Hey, I to in confirm, guys. all first the quarter demand-based that

shipping issues first the quarter getting few any during chassis and You didn't itself. have with very or

correct? So, shortages-related, all a not is negative business, the backlog positive

Jon Douyard

That's correct, to our Daryl's we've we've Mike. even impact And point, operations. to through limited April, seen

Mike Shlisky

chassis on follow-up if still Daimlers the from you Ford on your you enough a if in you can Stellantis' full-year Is do question, your how half and plan navigate that current the to guidance just kind to get orders backlog with Great. Matt's tight the certain year? brands, bit you little at the a get? or things have for And you whatever time? that and on enough of meet in of build And issues when have just GM the do back there's

Daryl Adams

let order vehicles Mike. if nice be that, do want. of would customers It'd they Yes, the they but brand our us

they're for chassis. to wait willing So, the

even did supply and to people up the early when they Stellantis getting ramp if Mercedes, them or we'll Ford order again. the pretty June, that I'm back get they're start month be get them it So, this moves later vehicles, we flowing the going up sure if in quick

no, can't we switch wouldn't that. appreciate just customers So, the over,

with the specs the we So, stick orders that just have PO. and to the in they put

Mike Shlisky

change I just what gets not customers? they certain their to shift and the pull -- can you -- are dates that's as the with but set chassis? question guess can you around get forward going you right the brand, built, certain you but pull dates and Or on back what entire knowing they're was,

Daryl Adams

understand guess don't totally I I question. your

another chassis the we Stellantis in Right the supply orders we and not to were that's that so us to able to receive able Saltillo, happen. be we the move we have we If the would build because more if can't that increase really ahead quantity wouldn't plant do give is can they so it So, asking, in volume. now, that we tight, to with have. you're be what -- plant put

Mike Shlisky

with follow-up that question I'll separately.

tax right did capacity break that you're candidates sure wasn't some subsidy that new be there in would facility build hot did subsidy I kind a how of your other were any states or to to running there. Let going state or there get now, more Pennsylvania in local are to some give see forward? I some you you me a or for Pennsylvania, quickly plans on just example, move to of if expansion any. build

Jon Douyard

Yes.

we're can of now. do Yes, essential what in model of number body market we've facility, us develop there for truck as Pennsylvania, as bodies years Northeast Coast Velocity East build a and look think been for perspective. mount you service is upfit the I Certainly, the to the well. operating a out where terms in search the do really car for to but and plant upfit, our continues trying there a trying we do from

really XXXX, product we're the as there I that's to so I would some kind at the you'll you of see And looking expand are. year, potentially think investment look operations but across later say, in portfolio. limited where the impact we from that in

Mike Shlisky

Okay. you plan capabilities skateboard kind on your kind through going your of got a giving kind motive, with or some where topic what as battery X And to usual you'll be develop you're of of development. hear own of as for far platform an you EV the far is work be to it as to module kind it? is someone Classes platform be going build on planning sense there as body my last your your is like that here and has one sending in platform of want top X you've of outsourced your strategy. Just kind EV Interesting they'll EVs. to And/or having doing -- be that? to stuff or as Is your like some length

Daryl Adams

share more hold to me, probably on until You Day we're off going had to Analyst details. but our you almost the that Michael, some give going to answers,

Mike Shlisky

Thanks, pass so along. much. I'll Alright,

Operator

from with comes your Raymond Boeschen Felix question Please next Our question. James. state

Felix Boeschen

everybody. morning good Hey,

Jon Douyard

Felix. Hey,

Felix Boeschen

weighing Hey. the quarter. Fleet Velocity touch in you we you how I EBITDA margins year that Vehicles think, over that much year. drag in And were to real that was margins? But could could preproduction did specifically on obviously was there Is segment, a way mention hoping the that quick. the down I of costs any on slightly quantify

Jon Douyard

Yes. at it look if FVS business, the X was was about points. It you about

Felix Boeschen

trying ramp, sounds I helpful. then, through Obviously I'm really the segment. it much as trying margin of other Jon. super and And chain you of some and to the puts like bigger that's just that XQ, maybe puts guess segment margin that chassis and profile I'm think supply in issue through but anyway. preproduction question, takes bigger-picture of within about picture how think an some term? there premium the of Okay, I longer and supply were in freight imagine parse headwinds to wasn't takes

Jon Douyard

Yes.

being that we've in XX% the EBITDA historically, think XX% an from perspective. I range to talked business about

think we're certainly that. with I comfortable

the I of we you we over the And services we expect understandable last had that is the year. our and really here, year particularly that and the ramp preproduction did not and quarter, the is employment which there at also the a side look did as were inflation on order Daryl quarter, rate this think we as of some costs, large a dynamics quarter. also think by repeat to labor field given field, headwind labor secure year second in to, we by well the alluded impacted had the I some in things some year then, as of mix dynamics, with upfit, changes

two of product are our so lines And offerings. higher-margin or those product

some And this we had headwinds so year. mix natural

to XX% think range good a is I for us. number XX% so, still that And

Felix Boeschen

my just know I'm Okay, on But production the now. then, there, received could quickly you the much if of And how an be you as could ramp product, year on we issue MX just then, product helpful. can you one. touch Can been about ramp is just you has the touch through market? very sounds it specifically. how little think not last on right that chassis like that the on XQ. you And think, if bit. how broadly a already curious XXX mentioned, in orders talk I may I in

Daryl Adams

is this Felix, Yes. Daryl. take I'll it.

not just a as customer have chassis. MX So, Mercedes we likes every the

in I is even than, it, let's more bit a a Ram a think to costly right? It's say, transit. ProMaster little there Dodge cost

fulfill customers custom in need, that a just the chassis So, all their on today. order like forward right, build to to on we Freightliner them, need do it we of like

like couple particular, it. a in there's only So, that

expect we nice be order. year, So, from to we back a like XXX them. the order It's and for the hearing

I is with in chassis XXXX. the exact think year go Velocity, that whatever same thing this beautiful for Charlotte. probably is the down we have it the But later line

back it success our the the where to products So, build of the we in process, multiple design, to facility. of to want just same and able talent our be the goes flexible engineers, manufacturing

not don't level we order we So, -- orders plant shut or flow the get and out the the down. build can

and So, out. The happy ours And that vehicle that was then obviously, first, was just F with and we're order. Ford Mercedes came first, coming.

we're So, happy with we what see.

Felix Boeschen

you. the Appreciate helpful. thank time, Very

Operator

the I'll That call question. remarks. turn was Juris back for over final closing our to

Juris Pagrabs

you, Dagma. you Investor should Slide Tuesday, outlook XX the the call Many on event, to June received Thank plan month share turn Day and At financial on strategic Please information. additional date save virtual long-term upcoming an our some X. goals. we for next virtual for the to to Analyst have email today's of

encourage meet register If a thank you'll upcoming at that, With have and we in participating for participation. you you and our We'll I'd the be providing great day. in with event in call, to website. your to early the us the opportunity conference. virtually June, an attend, additional have forward Also you at to Craig-Hallum to like would today's like weeks on details to coming look

Daryl Adams

you. Thank

Operator

conference We today’s call. your you concludes participation. for thank This

have may a disconnect time and lines your at day. this You great

The Shyft Group, Inc. (SHYF) 8 May 212021 Q1 Earnings call transcript