0001437749-22-017949 | 10-Q | XBRL Viewer

Business Description and Accounting Policies [Text Block]

NOTE 1 – NATURE OF OPERATIONS AND BASIS OF PRESENTATION

As used herein, the term “Company”, “we”, “us” or “our” refers to The Shyft Group, Inc. and its subsidiaries unless designated or identified otherwise.

Nature of Operations

We are a niche market leader in specialty vehicle manufacturing and assembly for the commercial vehicle (including last-mile delivery, specialty service and vocation-specific upfit segments) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the mobile retail and utility trades, service and vocational truck bodies, luxury Class A diesel motor home chassis and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture as well as truck accessories.

The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of June 30, 2022, and our results of operations and cash flows for the three and six months ended June 30, 2022. 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, 2021 filed with the Securities and Exchange Commission on February 24, 2022. The results of operations for the three and six months ended June 30, 2022, 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, 2021, 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, 2022 and June 30, 2021, included $1,994 and $1,051 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 4 – Debt" for further information about the chassis pool agreements.

Note 2 - Discontinued Operations

6 Months Ended

Jun. 30, 2022

Disposal Groups, Including Discontinued Operations, Disclosure [Text Block]

NOTE 2 – DISCONTINUED OPERATIONS

On February 1, 2020, we completed the sale of our emergency response vehicle ("ERV") business for $55,000 cash subject to certain post-closing adjustments. In September 2020, the Company finalized the post-close net working capital adjustment and subsequently paid $7,500 on October 1, 2020. The results of the ERV business have been reclassified to Income from discontinued operations, net of tax in the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2021.

The Income from discontinued operations presented in the Condensed Consolidated Statement of Operations are summarized below:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Other income	$	-	$	-	$	-	$	109
Income from discontinued operations before taxes		-		-		-		109
Income tax expense		-		-		-		(28	)
Income from discontinued operations, net of income taxes	$	-	$	-	$	-	$	81

There were no depreciation and amortization expenses or capital expenditures for the discontinued operations for the three and six months ended June 30, 2022 and 2021.

Note 3 - Inventories

6 Months Ended

Jun. 30, 2022

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

Inventories are summarized as follows:

	June 30, 2022		December 31, 2021
Finished goods	$	3,729	$	2,990
Work in process		7,169		2,471
Raw materials and purchased components		91,112		61,723
Total inventories	$	102,010	$	67,184

Note 4 - Debt

6 Months Ended

Jun. 30, 2022

Debt Disclosure [Text Block]

NOTE 4 – DEBT

Short-term debt consists of the following:

	June 30, 2022		December 31, 2021
Chassis pool agreements	$	23,636	$	9,926
Total short-term debt	$	23,636	$	9,926

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers with receipt at our facilities dependent on manufacturer’s production schedules. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not 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 and Short-term debt – chassis pool agreements. Typically, chassis are converted and delivered to customers within 90 days of the receipt of the chassis by the Company. The chassis converter pool is a non-cash arrangement and is offsetting between Current assets and Current liabilities on the Company’s Condensed Consolidated Balance Sheets.

Long-term debt consists of the following:

	June 30, 2022		December 31, 2021
Line of credit revolver	$	55,000	$	-
Finance lease obligation		455		450
Other		-		540
Total debt		55,455		990
Less current portion of long-term debt		(192)		(252	)
Total long-term debt	$	55,263	$	738

Line of Credit Revolver

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.

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 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. This 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 month adjusted LIBOR plus 1.0%; or (ii) adjusted LIBOR, in each case plus a margin based upon our ratio of debt to earnings from time to time. The applicable borrowing rate including the margin was 2.78% (or one-month LIBOR plus 1.00%) at June 30, 2022. The credit facility is secured by security interests in, and liens on, all assets of the borrowers and guarantors, other than real property and certain other excluded assets. At June 30, 2022 and December 31, 2021, we had outstanding letters of credit totaling $1,110 and $760, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $199,357 and $376,776 at June 30, 2022 and December 31, 2021, 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, 2022 and December 31, 2021, we were in compliance with all covenants in our Credit Agreement.

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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Note 5 - Revenue

6 Months Ended

Jun. 30, 2022

Revenue from Contract with Customer [Text Block]

NOTE 5 – REVENUE

Changes in our contract assets and liabilities for the six months ended June 30, 2022 and 2021 are summarized below:

	June 30, 2022			June 30, 2021
Contract Assets
Contract assets, beginning of period	$	21,483		$	9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(20,777	)		(9,401	)
Contract assets recognized, net of reclassification to receivables		41,662			15,357
Contract assets, end of period	$	42,368		$	15,370

Contract Liabilities
Contract liabilities, beginning of period	$	988		$	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(988	)		(740	)
Cash received in advance and not recognized as revenue		1,359			361
Contract liabilities, end of period	$	1,359		$	377

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the FVS and SV segments are $1,000,021 and $135,162, respectively.

In the following tables, revenue is disaggregated by primary geographical market and timing of revenue recognition. The tables also include a reconciliation of the disaggregated revenue with the reportable segments.

Three Months Ended

June 30, 2022

FVS

SV

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

Three Months Ended

June 30, 2021

FVS

SV

Total

Primary geographical markets

United States
$ 160,581 $ 82,333 $ 242,914

Other
1,037 31 1,068

Total sales
$ 161,618 $ 82,364 $ 243,982

Timing of revenue recognition

Products transferred at a point in time
$ 8,447 $ 49,158 $ 57,605

Products and services transferred over time
153,171 33,206 186,377

Total sales
$ 161,618 $ 82,364 $ 243,982

Six Months Ended

June 30, 2022

FVS

SV

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

Six Months Ended

June 30, 2021

FVS

SV

Total

Primary geographical markets

United States
$ 281,811 $ 156,378 $ 438,189

Other
3,631 50 3,681

Total sales
$ 285,442 $ 156,428 $ 441,870

Timing of revenue recognition

Products transferred at a point in time
$ 15,248 $ 91,451 $ 106,699

Products and services transferred over time
270,194 64,977 335,171

Total sales
$ 285,442 $ 156,428 $ 441,870

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Note 6 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

Property, plant and equipment are summarized by major classifications as follows:

	June 30, 2022			December 31, 2021
Land and improvements	$	12,554		$	9,810
Buildings and improvements		42,833			45,724
Plant machinery and equipment		52,647			49,305
Furniture and fixtures		15,705			20,421
Vehicles		2,093			2,607
Construction in process		7,897			12,700
Subtotal		133,729			140,567
Less accumulated depreciation		(67,560	)		(79,510	)
Total property, plant and equipment, net	$	66,169		$	61,057

We recorded depreciation expense of $2,626 and $1,899 during the three months ended June 30, 2022 and 2021, respectively, and $4,751 and $3,640 during the six months ended June 30, 2022 and 2021, respectively.

Note 7 - Leases

6 Months Ended

Jun. 30, 2022

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 7 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 18 years, some of which include options to extend the leases for up to 15 years. Our leases do not contain residual value guarantees. Assets recorded under finance leases were immaterial (See "Note 4 – Debt").

Operating lease expenses are classified as Cost of products sold and Operating expenses on the Condensed Consolidated Statements of Operations. The components of lease expense were as follows:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating leases	$	2,571	$	1,982	$	4,809	$	3,936
Short-term leases⁽¹⁾		19		128		57		166
Total lease expense	$	2,590	$	2,110	$	4,866	$	4,102

⁽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.

The weighted average remaining lease term and weighted average discount rate were as follows:

June 30,

2022

2021

Weighted average remaining lease term of operating leases (in years)
8.4 9.1

Weighted average discount rate of operating leases
2.7 % 3.1
%

Supplemental cash flow information related to leases was as follows:

Six Months Ended

June 30,

2022

2021

Cash paid for amounts included in the measurement of lease liabilities:

Operating cash flow for operating leases
$ 4,287 $ 1,942

Right of use assets obtained in exchange for lease obligations:

Operating leases
$ 15,331 $ 2,147

Finance leases $ 202 $ 106

Maturities of operating lease liabilities as of June 30, 2022 are as follows:

Years ending December 31:

2022⁽¹⁾
$ 7,440

2023
9,693

2024
9,191

2025
8,286

2026
6,630

Thereafter
24,008

Total lease payments
65,248

Less: imputed interest
(9,354 )

Total lease liabilities
$ 55,894

⁽¹⁾Excluding the six months ended June 30, 2022.

Note 8 - Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2022

Commitments and Contingencies Disclosure [Text Block]

NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES

At June 30, 2022, 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,

2022

2021

Balance of accrued warranty at January 1
$ 5,975 $ 5,633

Provisions for current period sales
2,151 1,950

Changes in liability for pre-existing warranties (256 ) 938

Cash settlements
(2,274 ) (1,898 )

Balance of accrued warranty at June 30
$ 5,596 $ 6,623

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 9 - Taxes on Income

6 Months Ended

Jun. 30, 2022

Income Tax Disclosure [Text Block]

NOTE 9 – TAXES ON INCOME

Our effective income tax rate was 21.7% and 24.7% for the three months ended June 30, 2022 and 2021, respectively, compared to a tax benefit of (42.1%) and a tax expense of 24.1% for the six months ended June 30, 2022 and 2021, respectively.

The effective tax rates of 21.7% and 24.7% for the three months ended June 30, 2022 and 2021, respectively, are higher than the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation.

Our effective income tax rate was a tax benefit of (42.1%) in the first six months of 2022, compared to a tax expense of 24.1% in the first six months of 2021 primarily because of a discrete tax benefit related to the difference in stock compensation expense recognized for book purposes and tax purposes upon vesting.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Note 10 - Business Segments

6 Months Ended

Jun. 30, 2022

Segment Reporting Disclosure [Text Block]

NOTE 10 – 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 reportable segments: Fleet Vehicles and Services and Specialty Vehicles.

We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not 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 Specialty Vehicles segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, service body operations, vocation-specific equipment upfit services marketed under the Strobes-R-Us brand, and distribution of related aftermarket parts and accessories.

The accounting policies of the segments are the same as those described, or referred to, in "Note 1 – Nature of Operations and Basis of Presentation". Assets and related depreciation expense in the column labeled “Eliminations and Other” pertain to capital assets maintained at the corporate level. Eliminations for inter-segment sales are shown in the column labeled “Eliminations and Other”. Adjusted EBITDA in the “Eliminations and Other” column contains corporate related expenses not allocable to the operating segments. Interest expense and Income tax expense (benefit) are not included in the information utilized by the chief operating decision maker to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below.

Three Months Ended

June 30, 2022

Segment

FVS

SV

Eliminations

and Other

Consolidated

Fleet vehicle sales
$ 126,181 $ - $ - $ 126,181

Motor home 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

Three Months Ended

June 30, 2021

Segment

FVS

SV

Eliminations

and Other

Consolidated

Fleet vehicle sales
$ 153,171 $ - $ - $ 153,171

Motor home chassis sales
- 40,891 - 40,891

Other specialty vehicle sales
- 36,070 - 36,070

Aftermarket parts and accessories sales
8,447 5,403 - 13,850

Total sales
$ 161,618 $ 82,364 $ - $ 243,982

Depreciation and amortization expense
$ 547 $ 1,743 $ 469 $ 2,759

Adjusted EBITDA
28,116 8,808 (8,354 ) 28,570

Segment assets
176,921 218,434 23,722 419,077

Capital expenditures
3,866 320 311 4,497



Six Months Ended

June 30, 2022

Segment

FVS

SV

Eliminations

and Other

Consolidated

Fleet vehicle sales
$ 229,323 $ - $ - $ 229,323

Motor home 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



Six Months Ended

June 30, 2021

Segment

FVS

SV

Eliminations

and Other

Consolidated

Fleet vehicle sales
$ 270,197 $ - $ - $ 270,197

Motor home chassis sales
- 76,159 - 76,159

Other specialty vehicle sales
- 70,798 - 70,798

Aftermarket parts and accessories sales
15,245 9,471 - 24,716

Total sales
$ 285,442 $ 156,428 $ - $ 441,870

Depreciation and amortization expense
$ 1,061 $ 3,457 $ 812 $ 5,330

Adjusted EBITDA
45,982 16,168 (14,409 ) 47,741

Segment assets
176,921 218,434 23,722 419,077

Capital expenditures
8,008 3,325 603 11,936

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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Note 2 - Discontinued Operations (Tables)

6 Months Ended

Jun. 30, 2022

Disposal Groups, Including Discontinued Operations [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Other income	$	-	$	-	$	-	$	109
Income from discontinued operations before taxes		-		-		-		109
Income tax expense		-		-		-		(28	)
Income from discontinued operations, net of income taxes	$	-	$	-	$	-	$	81

Tabular disclosure of information related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component.

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Note 3 - Inventories (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Inventory, Current [Table Text Block]

	June 30, 2022		December 31, 2021
Finished goods	$	3,729	$	2,990
Work in process		7,169		2,471
Raw materials and purchased components		91,112		61,723
Total inventories	$	102,010	$	67,184

Note 4 - Debt (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Short-Term Debt [Table Text Block]

	June 30, 2022		December 31, 2021
Chassis pool agreements	$	23,636	$	9,926
Total short-term debt	$	23,636	$	9,926

Schedule of Long-Term Debt Instruments [Table Text Block]

	June 30, 2022		December 31, 2021
Line of credit revolver	$	55,000	$	-
Finance lease obligation		455		450
Other		-		540
Total debt		55,455		990
Less current portion of long-term debt		(192)		(252	)
Total long-term debt	$	55,263	$	738

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

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Note 5 - Revenue (Tables)

6 Months Ended

Jun. 30, 2022

Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block]

	June 30, 2022			June 30, 2021
Contract Assets
Contract assets, beginning of period	$	21,483		$	9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(20,777	)		(9,401	)
Contract assets recognized, net of reclassification to receivables		41,662			15,357
Contract assets, end of period	$	42,368		$	15,370

Contract Liabilities
Contract liabilities, beginning of period	$	988		$	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(988	)		(740	)
Cash received in advance and not recognized as revenue		1,359			361
Contract liabilities, end of period	$	1,359		$	377

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30, 2022
	FVS		SV		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

	Three Months Ended June 30, 2021
	FVS		SV		Total
Primary geographical markets
United States	$	160,581	$	82,333	$	242,914
Other		1,037		31		1,068
Total sales	$	161,618	$	82,364	$	243,982

Timing of revenue recognition
Products transferred at a point in time	$	8,447	$	49,158	$	57,605
Products and services transferred over time		153,171		33,206		186,377
Total sales	$	161,618	$	82,364	$	243,982

	Six Months Ended June 30, 2022
	FVS		SV		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

	Six Months Ended June 30, 2021
	FVS		SV		Total
Primary geographical markets
United States	$	281,811	$	156,378	$	438,189
Other		3,631		50		3,681
Total sales	$	285,442	$	156,428	$	441,870

Timing of revenue recognition
Products transferred at a point in time	$	15,248	$	91,451	$	106,699
Products and services transferred over time		270,194		64,977		335,171
Total sales	$	285,442	$	156,428	$	441,870

Note 6 - Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Table Text Block]

	June 30, 2022			December 31, 2021
Land and improvements	$	12,554		$	9,810
Buildings and improvements		42,833			45,724
Plant machinery and equipment		52,647			49,305
Furniture and fixtures		15,705			20,421
Vehicles		2,093			2,607
Construction in process		7,897			12,700
Subtotal		133,729			140,567
Less accumulated depreciation		(67,560	)		(79,510	)
Total property, plant and equipment, net	$	66,169		$	61,057

Note 7 - Leases (Tables)

6 Months Ended

Jun. 30, 2022

Lease, Cost [Table Text Block]

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating leases	$	2,571	$	1,982	$	4,809	$	3,936
Short-term leases⁽¹⁾		19		128		57		166
Total lease expense	$	2,590	$	2,110	$	4,866	$	4,102

	June 30,
	2022			2021
Weighted average remaining lease term of operating leases (in years)		8.4			9.1
Weighted average discount rate of operating leases		2.7	%		3.1	%

	Six Months Ended June 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	4,287	$	1,942

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	15,331	$	2,147
Finance leases	$	202	$	106

Lessee, Operating Lease, Liability, Maturity [Table Text Block]

Years ending December 31:
2022⁽¹⁾	$	7,440
2023		9,693
2024		9,191
2025		8,286
2026		6,630
Thereafter		24,008
Total lease payments		65,248
Less: imputed interest		(9,354	)
Total lease liabilities	$	55,894

Note 8 - Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Product Warranty Liability [Table Text Block]

	Six Months Ended June 30,
	2022			2021
Balance of accrued warranty at January 1	$	5,975		$	5,633
Provisions for current period sales		2,151			1,950
Changes in liability for pre-existing warranties		(256	)		938
Cash settlements		(2,274	)		(1,898	)
Balance of accrued warranty at June 30	$	5,596		$	6,623

Note 10 - Business Segments (Tables)

6 Months Ended

Jun. 30, 2022

Schedule of Segment Reporting Information, by Segment [Table Text Block]

	Three Months Ended June 30, 2022
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	126,181	$	-	$	-		$	126,181
Motor home 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

	Three Months Ended June 30, 2021
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	153,171	$	-	$	-		$	153,171
Motor home chassis sales		-		40,891		-			40,891
Other specialty vehicle sales		-		36,070		-			36,070
Aftermarket parts and accessories sales		8,447		5,403		-			13,850
Total sales	$	161,618	$	82,364	$	-		$	243,982

Depreciation and amortization expense	$	547	$	1,743	$	469		$	2,759
Adjusted EBITDA		28,116		8,808		(8,354	)		28,570
Segment assets		176,921		218,434		23,722			419,077
Capital expenditures		3,866		320		311			4,497

	Six Months Ended June 30, 2022
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	229,323	$	-	$	-		$	229,323
Motor home 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

	Six Months Ended June 30, 2021
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	270,197	$	-	$	-		$	270,197
Motor home chassis sales		-		76,159		-			76,159
Other specialty vehicle sales		-		70,798		-			70,798
Aftermarket parts and accessories sales		15,245		9,471		-			24,716
Total sales	$	285,442	$	156,428	$	-		$	441,870

Depreciation and amortization expense	$	1,061	$	3,457	$	812		$	5,330
Adjusted EBITDA		45,982		16,168		(14,409	)		47,741
Segment assets		176,921		218,434		23,722			419,077
Capital expenditures		8,008		3,325		603			11,936

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Capital Expenditures Incurred but Not yet Paid	$ 1,994	$ 1,051

Note 2 - Discontinued Operations (Details Textual) - Discontinued Operations, Disposed of by Sale [Member] - Disposal of Emergency Response and Vehicle Business [Member] - USD ($) $ in Millions	Oct. 01, 2020	Feb. 01, 2020
Proceeds from Divestiture of Businesses		$ 55.0
Payments for Divestiture of Businesses After Working Capital Adjustment	$ 7.5

Note 2 - Discontinued Operations - Schedule of Discontinued Operations for Financial Statements (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81
Disposal of Emergency Response and Vehicle Business [Member] \| Discontinued Operations, Held-for-sale [Member]
Other income	0	0	0	109
Income from discontinued operations before taxes	0	0	0	109
Income tax expense	0	0	0	(28)
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81

Amount before tax of income (loss) from a discontinued operation. Includes, but is not limited to, the income (loss) from operations during the phase-out period, gain (loss) on disposal, gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and adjustments to a prior period gain (loss) on disposal.

+ References + Details

Amount of tax expense (benefit) related to a discontinued operation. Includes, but is not limited to, tax expense (benefit) related to income (loss) from operations during the phase-out period, tax expense (benefit) related to gain (loss) on disposal, tax expense (benefit) related to gain (loss) for reversal of write-down (write-down) to fair value, less cost to sell, and tax expense (benefit) related to adjustments of a prior period gain (loss) on disposal.

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Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Finished goods	$ 3,729	$ 2,990
Work in process	7,169	2,471
Raw materials and purchased components	91,112	61,723
Total inventories	$ 102,010	$ 67,184

Note 4 - Debt (Details Textual) - USD ($) $ in Thousands		6 Months Ended
Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Nov. 30, 2021	Jun. 30, 2022	Dec. 31, 2021
Letters of Credit Outstanding, Amount		$ 1,110	$ 760
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		2.78%
Line of Credit Facility, Current Borrowing Capacity		$ 199,357	$ 376,776
Lenders [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
Lenders [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000
Lenders [Member] \| Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000

Note 4 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Short-term debt	$ 23,636	$ 9,926
Chassis Pool Agreements [Member]
Short-term debt	$ 23,636	$ 9,926

Note 4 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Line of credit revolver	$ 55,000	$ 0
Finance lease obligation	455	450
Other	0	540
Total debt	55,455	990
Less current portion of long-term debt	(192)	(252)
Total long-term debt	$ 55,263	$ 738

The carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.

+ References + Details

Note 5 - Revenue (Details Textual) $ in Thousands	Jun. 30, 2022 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 1,000,021
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 135,162

Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Contract assets, balance	$ 21,483	$ 9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(20,777)	(9,401)
Contract assets recognized, net of reclassification to receivables	41,662	15,357
Contract assets, balance	42,368	15,370
Contract liabilities, balance	988	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(988)	(740)
Cash received in advance and not recognized as revenue	1,359	361
Contract liabilities, balance	$ 1,359	$ 377

Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenues	$ 232,195	$ 243,982	$ 439,078	$ 441,870
Transferred at Point in Time [Member]
Revenues	62,204	57,605
Transferred over Time [Member]
Revenues	169,991	186,377
Operating Segments [Member]
Revenues			439,078	441,870
Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues			124,610	106,699
Operating Segments [Member] \| Transferred over Time [Member]
Revenues			314,468	335,171
Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	136,897	161,618	249,594	285,442
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	10,716	8,447	20,271	15,248
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	126,181	153,171	229,323	270,194
Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	95,298	82,364	189,484	156,428
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	51,488	49,158	104,339	91,451
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	43,810	33,206	85,145	64,977
UNITED STATES
Revenues	229,134	242,914
UNITED STATES \| Operating Segments [Member]
Revenues			434,653	438,189
UNITED STATES \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	133,861	160,581	245,197	281,811
UNITED STATES \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	95,273	82,333	189,456	156,378
Non-US [Member]
Revenues	3,061	1,068
Non-US [Member] \| Operating Segments [Member]
Revenues			4,425	3,681
Non-US [Member] \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	3,036	1,037	4,397	3,631
Non-US [Member] \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	$ 25	$ 31	$ 28	$ 50

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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