shyf20220427_8k.htm
false 0000743238 0000743238 2022-04-28 2022-04-28
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of
The Securities Exchange Act of 1934
 
Date of Report (Date of Earliest Event Reported): April 28, 2022
 
THE SHYFT GROUP, INC.
(Exact Name of Registrant as Specified in Its Charter)
 
 
Michigan
(State or Other Jurisdiction
of Incorporation)
001-33582
(Commission File No.)
38-2078923
(IRS Employer
Identification No.)
     
 
41280 Bridge Street, Novi, Michigan
(Address of Principal Executive Offices)
48375
(Zip Code)
 
517-543-6400
(Registrant's Telephone Number, Including Area Code)
 
Not Applicable
(Former Name or Former Address, if changed Since Last Report)
 
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock
SHYF
NASDAQ Global Select Market
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
 

 
 
Item 2.02
Results of Operations and Financial Condition
 
On April 28, 2022, The Shyft Group, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2022, along with an accompanying investor presentation. Copies of the press release and investor presentation are attached to this Current Report as Exhibits 99.1 and 99.2.
 
The information in this Item 2.02 and the attached Exhibits 99.1 and 99.2 shall not be deemed filed for purposes of Section 18 of the Securities Exchange Act of 1934, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933, except as shall be expressly set forth by specific reference in such filing.
 
Item 9.01
Financial Statements and Exhibits
 
(d) Exhibits
 
99.1
 
99.2
 
104
Cover Page Interactive Data File (embedded within the Inline XBRL document)
 
 

 
 
SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
THE SHYFT GROUP, INC.
 
       
       
Dated: April 28, 2022
By:
/s/ Jonathan C. Douyard
 
   
Jonathan C. Douyard
 
   
Chief Financial Officer
 
 
 
 
 
ex_365681.htm

Exhibit 99.1

 

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The Shyft Group Posts First Quarter 2022 Results

 

Reports Sales of $207 Million; EPS of ($0.11) and Adjusted EPS of ($0.06)

 

Record Orders Resulted in $1.3 Billion Backlog

 

 

Novi, Mich., April 28, 2022 The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the first quarter ending March 31, 2022.

 

First Quarter 2022 Highlights from Continuing Operations1

 

For the first quarter of 2022 compared to the first quarter of 2021:

 

Sales of $206.9 million, an increase of $9.0 million, or 4.5%, from $197.9 million.

Loss from continuing operations of ($3.9 million), or ($0.11) per share, compared to income from continuing operations of $11.5 million, or $0.32 per share.

Adjusted EBITDA of ($0.6 million), or (0.3%) of sales, a decrease of $19.8 million, from $19.2 million, or 9.7% of sales. Results include $4.4 million of EV development costs.

Adjusted net loss of ($2.1) million, or $(0.06) per share, compared to adjusted net income of $12.8 million, or $0.36 per share in the first quarter of 2021.

Consolidated backlog at March 31, 2022, totaled a record $1.3 billion, up $606.2 million, or 91.0%, compared to $666.5 million at March 31, 2021, reflecting continued strong demand across all business units.

Launched Blue Arc EV Solutions and a trio of initial product offeringsan industry-first commercial grade purpose-built EV chassis; a fully reimagined all-electric Class 3 delivery walk-in van; and a fully portable, remote-controlled charging station, the Power Cube.

Repurchased 607,306 shares of The Shyft Group common stock for approximately $26.8 million in the aggregate, pursuant to the Companys share repurchase authorization.

 

“I’m extremely proud of what the team accomplished in this challenging environment. Our Specialty Vehicles business had a strong start to the year with solid growth and margin expansion. We made remarkable progress on our long-term strategy with the launch of our Blue Arc EV Solutions brand. The program remains on track, the feedback from customers has been tremendous, and we remain excited about the opportunity for the Company,” said Daryl Adams, President and Chief Executive Officer. “While chassis constraints persist in Fleet Vehicles and Services, the need for our products remains unquestioned. We remain diligent in managing the operations, looking for creative solutions to work through challenges that will position us to execute when the supply chain recovers.”

 


1 The Company divested its Emergency Response (ER) business effective February 1, 2020.  Accordingly, the financial results of ER have been classified as discontinued operations for all periods presented. Unless otherwise noted, financial results presented are based on continuing operations.

 

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Fleet Vehicles and Services (FVS)

 

FVS segment sales were $112.7 million, a decrease of $11.1 million, or 9.0%, from $123.8 million due to decreased volume related in large part to reduced OEM chassis availability, partially offset by pricing actions.

 

Adjusted EBITDA was a loss of ($0.9) million, or (0.8%) of sales, compared to $17.9 million, or 14.4% of sales, a year ago. The decrease was primarily driven by lower volume and productivity inefficiencies as a result of intermittent chassis supply, material and labor cost inflation, partially offset by pricing actions and mix.

 

The segment backlog at March 31, 2022, totaled $1.1 billion, up 33.7% sequentially, and up 96.4% compared to $585.0 million at March 31, 2021. The increase reflects strong demand across the segment’s entire product portfolio, including a record truck body backlog.  

 

Specialty Vehicles (SV)

 

SV segment sales were $94.2 million, an increase of $20.1 million, or 27.2%, from $74.1 million a year ago. This was due to continued strong performance in luxury motorhome chassis and service truck body sales as well as the impact of pricing actions.

 

Adjusted EBITDA was $10.1 million, or 10.7% of sales, an increase of $2.7 million, or 37.2%, from $7.4 million, or 9.9% of sales, a year ago. The increase was primarily due to higher sales volume, pricing actions and improved product mix, partially offset by material and labor cost inflation.

 

The segment backlog at March 31, 2022, totaled $124.0 million, up 19.1% sequentially, and up 52.2% compared to $81.5 million at March 31, 2021. This increase reflects strong demand for luxury motorhome chassis and the segment’s ability to drive commercial initiatives and product expansion in the service truck body market.

 

Updates 2022 Outlook

 

“While first quarter results were soft as we anticipated, chassis delays and other supply chain issues accelerated in March, adversely impacting our performance in the month. We expect that the industry-wide challenges will continue in the near term, requiring us to adjust our 2022 guidance,” said Jon Douyard, Chief Financial Officer. “The long-term outlook for the Company remains positive and we will continue to leverage our strong balance sheet to invest in our future.”

 

Guidance for full-year 2022, notwithstanding further chassis and supply chain related issues, is updated as follows:

 

 

Revenue to be in the range of $900 to $1,100 million

 

Adjusted EBITDA of $50 to $80 million, including ($30 million) of expenses related to EV development

 

Income from continuing operations of $18 to $41 million

 

Earnings per share of $0.49 to $1.15

 

Adjusted earnings per share of $0.75 to $1.41

 

“We are optimistic about our business, our capabilities, and our team. We remain committed to innovation and meeting the evolving needs of our customers. We launched a number of exciting new products in the quarter and we continue to invest to drive operational productivity and develop new markets, including commercial EVs. These investments, along with the strength of our team, form the foundation for long-term success at The Shyft Group,” concluded Adams.

 

Conference Call, Webcast, Investor Presentation and Investor Information

The Shyft Group will host a conference call for analysts and portfolio managers at 10 a.m. ET today to discuss these results and current business trends. The conference call and webcast will be available via:

 

Webcast: www.the shyftgroup.com/webcasts or click on “Investor Relations” then “Webcasts”

Conference Call: 1-844-868-8845 (domestic) or 412-317-6591 (international); passcode: 10163188

 

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For more information about Shyft, please visit www.theshyftgroup.com.

 

About The Shyft Group

The Shyft Group is the North American leader in specialty vehicle manufacturing, assembly, and upfit for the commercial, retail, and service specialty vehicle markets. Our customers include first-to-last mile delivery companies across vocations, federal, state, and local government entities; the trades; and utility and infrastructure segments. The Shyft Group is organized into two core business units: Shyft Fleet Vehicles & Services™ and Shyft Specialty Vehicles™. Today, its family of brands includes Blue Arc™ EV Solutions, Utilimaster®, Royal Truck Body™, DuraMag® and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Builtmore Contract Manufacturing™, and corresponding aftermarket provisions. The Shyft Group and its go-to-market brands are well known in their respective industries for quality, durability, and first-to-market innovation. The Company employs approximately 3,800 employees and contractors across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales of $992 million in 2021. Learn more about The Shyft Group at TheShyftGroup.com.

 

This release contains information, including our revenue and earnings guidance, all other information provided with respect to our outlook for 2022 and future periods, and other statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations that may constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. We intend the forward-looking statements to be covered by the safe harbor provisions for forward-looking statements in those sections. Generally, we have identified such forward-looking statements by using words such as believe, expect, intend, potential, future, may, will, should, and similar expressions or by using future dates in connection with any discussion of, among other things, the construction or operation of new or existing facilities, operating performance, trends, events or developments that we expect or anticipate will occur in the future, statements relating to volume changes, share of sales and earnings per share changes, anticipated cost savings, potential capital and operational cash improvements, anticipated disruptions to our operations and industry due to the COVID-19 pandemic, changes in supply and demand conditions and prices for our products, trade duties and other aspects of trade policy, statements regarding our future strategies, products and innovations, and statements expressing general views about future operating results. However, the absence of these words or similar expressions does not mean that a statement is not forward-looking. Forward-looking statements are not historical facts, but instead represent only the Companys beliefs regarding future events, many of which, by their nature, are inherently uncertain and outside of the Companys control. It is possible that the Companys actual results and financial condition may differ, possibly materially, from the anticipated results and financial condition indicated in these forward-looking statements. Management believes that these forward-looking statements are reasonable as of the time made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Companys historical experience and our present expectations or projections. In addition, forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from the Companys historical experience and our present expectations or projections. These risks and uncertainties include, but are not limited to the risks and uncertainties described in Item 1A. Risk Factors in our Annual Report on Form 10-K for the year ended December 31, 2021, and those described from time to time in our future reports filed with the Securities and Exchange Commission (SEC), which are available at www.sec.gov or our website. All forward-looking statements in this release are qualified by this paragraph. Investors should not place undue reliance on forward-looking statements as a prediction of actual results. We undertake no obligation to publicly update or revise any forward-looking statements in this release, whether as a result of new information, future events, or otherwise.

 

CONTACT:

 

Jeff Tryka, CFA

Investor Relations

Lambert & Co.

jtryka@lambert.com

(616) 258-5766

 

 

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The Shyft Group, Inc. and Subsidiaries

Consolidated Balance Sheets

(In thousands)

(Unaudited)

 

   

March 31,

   

December 31,

 
   

2022

   

2021

 

ASSETS

               

Current assets:

               

Cash and cash equivalents

  $ 3,691     $ 37,158  

Accounts receivable, less allowance of $133 and $187

    80,769       87,262  

Contract assets

    32,989       21,483  

Inventories, net

    91,256       67,184  

Other receivables - chassis pool agreements

    9,198       9,926  

Other current assets

    12,041       10,813  

Total current assets

    229,944       233,826  
                 

Property, plant and equipment, net

    64,359       61,057  

Right of use assets operating leases

    56,239       43,316  

Goodwill

    48,880       48,880  

Intangible assets, net

    52,129       52,981  

Net deferred tax asset

    4,880       4,880  

Other assets

    2,709       2,927  

TOTAL ASSETS

  $ 459,140     $ 447,867  

LIABILITIES AND SHAREHOLDERS' EQUITY

               

Current liabilities:

               

Accounts payable

  $ 89,968     $ 82,442  

Accrued warranty

    5,649       5,975  

Accrued compensation and related taxes

    12,947       19,064  

Contract liabilities

    5,193       988  

Operating lease liability

    9,411       7,934  

Other current liabilities and accrued expenses

    7,710       9,256  

Short-term debt - chassis pool agreements

    9,198       9,926  

Current portion of long-term debt

    248       252  

Total current liabilities

    140,324       135,837  
                 

Other non-current liabilities

    7,923       8,108  

Long-term operating lease liability

    47,952       36,329  

Long-term debt, less current portion

    35,245       738  

Total liabilities

    231,444       181,012  

Shareholders' equity:

               

Preferred stock, no par value: 2,000 shares authorized (none issued)

    -       -  

Common stock, no par value : 80,000 shares authorized; 35,027 and 35,416 outstanding

    87,053       95,375  

Retained earnings

    140,542       171,379  

Total The Shyft Group, Inc. shareholders' equity

    227,595       266,754  

Non-controlling interest

    101       101  

Total shareholders' equity

    227,696       266,855  

TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

  $ 459,140     $ 447,867  

 

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The Shyft Group, Inc. and Subsidiaries

Consolidated Statements of Operations

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended March 31,

 
   

2022

   

2021

 

Sales

  $ 206,883     $ 197,888  

Cost of products sold

    180,952       157,902  

Gross profit

    25,931       39,986  
                 

Operating expenses:

               

Research and development

    4,927       782  

Selling, general and administrative

    26,552       24,537  

Total operating expenses

    31,479       25,319  
                 

Operating income (loss)

    (5,548 )     14,667  
                 

Other income (expense):

               

Interest income (expense)

    (154 )     170  

Other income (expense)

    (35 )     183  

Total other income (expense)

    (189 )     353  
                 

Income (loss) from continuing operations before income taxes

    (5,737 )     15,020  

Income tax expense (benefit)

    (1,885 )     3,490  

Income (loss) from continuing operations

    (3,852 )     11,530  

Income from discontinued operations, net of income taxes

    -       81  

Net income (loss)

    (3,852 )     11,611  

Less: Net income attributable to non-controlling interest

    -       35  
                 

Net income (loss) attributable to The Shyft Group, Inc.

  $ (3,852 )   $ 11,576  
                 

Basic earnings (loss) per share

               

Continuing operations

  $ (0.11 )   $ 0.33  

Discontinued operations

  $ -     $ -  

Basic earnings (loss) per share

  $ (0.11 )   $ 0.33  

Diluted earnings (loss) per share

               

Continuing operations

  $ (0.11 )   $ 0.32  

Discontinued operations

  $ -     $ -  

Diluted earnings (loss) per share

  $ (0.11 )   $ 0.32  
                 

Basic weighted average common shares outstanding

    35,108       35,312  

Diluted weighted average common shares outstanding

    35,108       36,191  

 

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The Shyft Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands, except par value)

(Unaudited)

 

   

Three Months Ended March 31,

 
     2022      2021  

Cash flows from operating activities:

               

Net income (loss)

  $ (3,852 )   $ 11,611  

Adjustments to reconcile net income (loss) to net cash used in operating activities

               

Depreciation and amortization

    2,969       2,571  

Non-cash stock based compensation expense

    1,648       1,642  

Deferred income taxes

    -       134  

(Gain) on disposal of assets

    (10 )     (142 )

Changes in accounts receivable and contract assets

    (5,012 )     (30,149 )

Changes in inventories

    (24,072 )     (12,115 )

Changes in accounts payable

    7,594       27,472  

Changes in accrued compensation and related taxes

    (7,966 )     (4,736 )

Changes in accrued warranty

    (326 )     686  

Changes in other assets and liabilities

    1,243       1,723  

Net cash used in operating activities

    (27,784 )     (1,303 )
                 

Cash flows from investing activities:

               

Purchases of property, plant and equipment

    (5,514 )     (5,914 )

Proceeds from sale of property, plant and equipment

    29       -  

Acquisition of business, net of cash acquired

    -       404  

Net cash used in investing activities

    (5,485 )     (5,510 )
                 

Cash flows from financing activities:

               

Proceeds from long-term debt

    45,000       -  

Payments on long-term debt

    (10,000 )     -  

Payments of dividends

    (1,886 )     (889 )

Purchase and retirement of common stock

    (26,789 )     (3,348 )

Issuance and vesting of stock incentive awards

    (6,523 )     104  

Net cash used in financing activities

    (198 )     (4,133 )
                 

Net (decrease) in cash and cash equivalents

    (33,467 )     (10,946 )

Cash and cash equivalents at beginning of year

    37,158       20,995  

Cash and cash equivalents at end of year

  $ 3,691     $ 10,049  

 

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The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Quarter Ended March 31, 2022 (in thousands of dollars)

                 
                                 
   

Business Segments

         
   

Fleet Vehicles &
Services

   

Specialty
Vehicles

   

Other

   

Consolidated

 

Fleet vehicle sales

  $ 103,142     $ -     $ -     $ 103,142  

Motorhome chassis sales

    -       44,891       -       44,891  

Other specialty vehicles sales

    -       44,706       -       44,706  

Aftermarket parts and accessories sales

    9,555       4,589       -       14,144  

Total Sales

  $ 112,697     $ 94,186     $ -     $ 206,883  
                                 

Adjusted EBITDA

  $ (871 )   $ 10,099     $ (9,871 )   $ (643 )

 

 

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Quarter Ended March 31, 2021 (in thousands of dollars)

                 
                                 
   

Business Segments

         
   

Fleet Vehicles &
Services

   

Specialty
Vehicles

   

Other

   

Consolidated

 

Fleet vehicle sales

  $ 117,026     $ -     $ -     $ 117,026  

Motorhome chassis sales

    -       35,268       -       35,268  

Other specialty vehicles sales

    -       34,728       -       34,728  

Aftermarket parts and accessories sales

    6,798       4,068       -       10,866  

Total Sales

  $ 123,824     $ 74,064     $ -     $ 197,888  
                                 

Adjusted EBITDA

  $ 17,866     $ 7,360     $ (6,055 )   $ 19,171  

 

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The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

 

Period End Backlog (amounts in thousands of dollars)

 
   

Mar. 31, 2022

   

Dec. 31, 2021

   

Sept. 30, 2021

   

Jun. 30, 2021

   

Mar. 31, 2021

 

Fleet Vehicles and Services

  $ 1,148,700     $ 859,442     $ 749,731     $ 652,642     $ 585,019  

Motorhome Chassis

    61,297       54,583       60,978       56,294       42,742  

Other Specialty Vehicles

    62,406       49,407       41,504       42,106       38,301  

Aftermarket Parts and Accessories

    296       127       347       382       438  

Total Specialty Vehicles

    123,999       104,117       102,829       98,782       81,481  
                                         

Total Backlog

  $ 1,272,699     $ 963,559     $ 852,560     $ 751,424     $ 666,500  

 

 

Reconciliation of Non-GAAP Financial Measures

This release presents Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization), adjusted net income, and adjusted earnings per share, each of which is a non-GAAP financial measure. These non-GAAP measures are 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.

 

We present the non-GAAP measure Adjusted EBITDA because we consider it to be an important supplemental measure of our performance. The presentation of Adjusted EBITDA enables investors to better understand our operations by removing items that we believe are not representative of our continuing operations and may distort our longer-term operating trends. We believe this measure to be useful to improve the comparability of our results from period to period and with our competitors, as well as to show ongoing results from operations distinct from items that are infrequent or not indicative of our continuing operating performance. We believe that presenting this non-GAAP measure is useful to investors because it permits investors to view performance using the same tools that management uses to budget, make operating and strategic decisions, and evaluate our historical performance. We believe that the presentation of this non-GAAP measure, when considered together with the corresponding GAAP financial measures and the reconciliations to that measure, provides investors with additional understanding of the factors and trends affecting our business than could be obtained in the absence of this disclosure.

 

Our management uses Adjusted EBITDA to evaluate the performance of and allocate resources to our segments. Adjusted EBITDA is also used, along with other financial and non-financial measures, for purposes of determining annual incentive compensation for our management team and long-term incentive compensation for certain members of our management team.

 

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The Shyft Group, Inc. and Subsidiaries

Consolidated Financial Summary (Non-GAAP)

(In thousands, except per share data)

(Unaudited)

 

   

Three Months Ended March 31,

 

The Shyft Group, Inc.

 

2022

   

% of sales

   

2021

   

% of sales

 

Income (loss) from continuing operations

  $ (3,852 )     (1.9% )   $ 11,530       5.8%  

Net (income) attributable to non-controlling interest

    -               (35 )        

Add (subtract):

                               

Restructuring and other related charges

    107               -          

Acquisition related expenses and adjustments

    216               143          

Non-cash stock-based compensation expense

    1,648               1,642          

Tax effect of adjustments

    (255 )             (432 )        

Adjusted net income (loss)

  $ (2,136 )     (1.0% )   $ 12,848       6.5%  
                                 

Income (loss) from continuing operations

  $ (3,852 )     (1.9% )   $ 11,530       5.8%  

Net (income) attributable to non-controlling interest

    -               (35 )        

Add (subtract):

                               

Depreciation and amortization

    2,969               2,571          

Income tax expense (benefit)

    (1,885 )             3,490          

Interest (income) expense

    154               (170 )        

EBITDA

  $ (2,614 )     (1.3% )   $ 17,386       8.8%  

Add:

                               

Restructuring and other related charges

    107               -          

Acquisition related expenses and adjustments

    216               143          

Non-cash stock-based compensation expense

    1,648               1,642          

Adjusted EBITDA

  $ (643 )     (0.3% )   $ 19,171       9.7%  
                                 

Diluted net earnings (loss) per share

  $ (0.11 )           $ 0.32          

Add (subtract):

                               

Restructuring and other related charges

    -               -          

Acquisition related expenses and adjustments

    0.01               -          

Non-cash stock-based compensation expense

    0.05               0.04          

Tax effect of adjustments

    (0.01 )             -          

Adjusted diluted net earnings (loss) per share

  $ (0.06 )           $ 0.36          

 

 

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The Shyft Group, Inc. and Subsidiaries

Consolidated Financial Summary (Non-GAAP)

(In thousands, except per share data)

(Unaudited)

 

   

Forecast

 
   

Twelve Months Ended December 31, 2022

 

The Shyft Group, Inc.

 

Low

   

Mid

   

High

 

Income from continuing operations

  $ 17,655     $ 29,395     $ 41,135  

Add:

                       

Depreciation and amortization

    13,582       13,582       13,582  

Interest expense

    1,000       1,000       1,000  

Taxes

    5,423       8,683       11,943  

EBITDA

  $ 37,660     $ 52,660     $ 67,660  

Add:

                       

Non-cash stock-based compensation and other charges

    12,340       12,340       12,340  

Adjusted EBITDA

  $ 50,000     $ 65,000     $ 80,000  
                         

Earnings per share

  $ 0.49     $ 0.82     $ 1.15  

Add:

                       

Non-cash stock-based compensation and other charges

    0.34       0.34       0.34  

Less tax effect of adjustments

    (0.08 )     (0.08 )     (0.08 )

Adjusted earnings per share

  $ 0.75     $ 1.08     $ 1.41  

 

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Image Exhibit

Exhibit 99.2

 

 

 

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