0001437749-22-024879 | 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 September 30, 2022, and our results of operations and cash flows for the three and nine months ended September 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 nine months ended September 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 nine months ended September 30, 2022 and September 30, 2021, included $982 and $394 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

9 Months Ended

Sep. 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 nine months ended September 30, 2021.

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

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

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

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

Note 3 - Inventories

9 Months Ended

Sep. 30, 2022

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

Inventories are summarized as follows:

	September 30, 2022		December 31, 2021
Finished goods	$	4,685	$	2,990
Work in process		8,176		2,471
Raw materials and purchased components		98,352		61,723
Total inventories	$	111,213	$	67,184

Note 4 - Debt

9 Months Ended

Sep. 30, 2022

Debt Disclosure [Text Block]

NOTE 4 – DEBT

Short-term debt consists of the following:

	September 30, 2022		December 31, 2021
Chassis pool agreements	$	24,277	$	9,926
Total short-term debt	$	24,277	$	9,926

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers with receipt at our facilities dependent on manufacturer’s production schedules. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not 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:

	September 30, 2022			December 31, 2021
Line of credit revolver	$	65,000		$	-
Finance lease obligation		412			450
Other		-			540
Total debt		65,412			990
Less current portion of long-term debt		(190	)		(252	)
Total long-term debt	$	65,222		$	738

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

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 4.14% (or one-month LIBOR plus 1.00%) at September 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 September 30, 2022 and December 31, 2021, we had outstanding letters of credit totaling $1,100 and $760, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $165,441 and $376,776 at September 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 September 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

9 Months Ended

Sep. 30, 2022

Revenue from Contract with Customer [Text Block]

NOTE 5 – REVENUE

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

	September 30, 2022			September 30, 2021
Contract Assets
Contract assets, beginning of period	$	21,483		$	9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(21,482	)		(9,414	)
Contract assets recognized, net of reclassification to receivables		87,098			42,459
Contract assets, end of period	$	87,099		$	42,459

Contract Liabilities
Contract liabilities, beginning of period	$	988		$	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(988	)		(743	)
Cash received in advance and not recognized as revenue		10,601			2,135
Contract liabilities, end of period	$	10,601		$	2,148

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services ("FVS") and Specialty Vehicles ("SV") segments are $915,135 and $128,769, respectively.

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Dollar amounts in thousands, except per share data)

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

	Three Months Ended September 30, 2022
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	183,409	$	103,869	$	(2,335	)	$	284,943
Other		1,085		47		-			1,132
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

Timing of revenue recognition
Products transferred at a point in time	$	10,821	$	58,729	$	-		$	69,550
Products and services transferred over time		173,673		45,187		(2,335	)		216,525
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

	Three Months Ended September 30, 2021
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	186,914	$	81,230	$	-	$	268,144
Other		4,473		5		-		4,478
Total sales	$	191,387	$	81,235	$	-	$	272,622

Timing of revenue recognition
Products transferred at a point in time	$	8,949	$	50,286	$	-	$	59,235
Products and services transferred over time		182,438		30,949		-		213,387
Total sales	$	191,387	$	81,235	$	-	$	272,622

	Nine Months Ended September 30, 2022
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	428,606	$	293,325	$	(2,335	)	$	719,596
Other		5,482		75		-			5,557
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

Timing of revenue recognition
Products transferred at a point in time	$	31,092	$	163,068	$	-		$	194,160
Products and services transferred over time		402,996		130,332		(2,335	)		530,993
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

	Nine Months Ended September 30, 2021
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	468,725	$	237,608	$	-	$	706,333
Other		8,104		55		-		8,159
Total sales	$	476,829	$	237,663	$	-	$	714,492

Timing of revenue recognition
Products transferred at a point in time	$	24,197	$	141,737	$	-	$	165,934
Products and services transferred over time		452,632		95,926		-		548,558
Total sales	$	476,829	$	237,663	$	-	$	714,492

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

9 Months Ended

Sep. 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:

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

We recorded depreciation expense of $2,404 and $2,138 during the three months ended September 30, 2022 and 2021, respectively, and $7,155 and $5,778 during the nine months ended September 30, 2022 and 2021, respectively.

Note 7 - Leases

9 Months Ended

Sep. 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 September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating leases	$	2,683	$	2,048	$	7,492	$	5,984
Short-term leases⁽¹⁾		87		135		144		301
Total lease expense	$	2,770	$	2,183	$	7,636	$	6,285

⁽¹⁾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 SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

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

	September 30,
	2022			2021
Weighted average remaining lease term of operating leases (in years)		8.2			9.2
Weighted average discount rate of operating leases		2.7	%		3.0	%

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	6,874	$	5,870

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	16,367	$	6,305
Finance leases	$	202	$	106

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

Years ending December 31:
2022⁽¹⁾	$	5,128
2023		10,214
2024		9,472
2025		8,328
2026		6,672
Thereafter		24,056
Total lease payments		63,870
Less: imputed interest		(9,150)	)
Total lease liabilities	$	54,720

⁽¹⁾Excluding the nine months ended September 30, 2022.

Note 8 - Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2022

Commitments and Contingencies Disclosure [Text Block]

NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES

At September 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.

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

Certain warranty and other related claims involve matters of dispute that ultimately are resolved by negotiation, arbitration or litigation. Infrequently, a material warranty issue can arise which is beyond the scope of our historical experience. We provide for any such warranty issues as they become known and are estimable. It is reasonably possible that additional warranty and other related claims could arise from disputes or other matters beyond the scope of our historical experience. An estimate of possible penalty or loss, if any, cannot be made at this time.

Changes in our warranty liability are summarized below:

	Nine Months Ended September 30,
	2022			2021
Balance of accrued warranty at January 1	$	5,975		$	5,633
Provisions for current period sales		3,597			2,720
Changes in liability for pre-existing warranties		430			1,958
Cash settlements		(3,570	)		(3,052	)
Acquired		-			289
Balance of accrued warranty at September 30	$	6,432		$	7,548

Legal Proceedings Relating to Environmental Matters

As previously disclosed, in May 2020, 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

9 Months Ended

Sep. 30, 2022

Income Tax Disclosure [Text Block]

NOTE 9 – TAXES ON INCOME

Our effective income tax rate was 17.9% and 24.8% for the three months ended September 30, 2022 and 2021, respectively, and 15.2% and 24.4% for the nine months ended September 30, 2022 and 2021, respectively.

The effective tax rate for the three months ended September 30, 2022 is lower than the U.S. statutory tax rate of 21.0% primarily due an increase in the tax benefit of research credits, whereas the rate for the same period in 2021 was higher than the U.S. statutory tax rate due to non-deductible executive compensation and state income taxes.

Our effective income tax rate for the first nine months of 2022 at 15.2% was lower as compared to 24.4% in the first nine months of 2021 primarily because of the tax benefit from increased research credits in 2022.

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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Note 10 - Business Segments

9 Months Ended

Sep. 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.

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

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 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 September 30, 2022
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	173,673	$	-	$	-		$	173,673
Motor home chassis sales		-		50,399		-			50,399
Other specialty vehicle sales		-		48,570		(2,335	)		46,235
Aftermarket parts and accessories sales		10,821		4,947		-			15,768
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

Depreciation and amortization expense	$	1,144	$	1,692	$	523		$	3,359
Adjusted EBITDA		24,361		15,550		(12,849	)		27,062
Segment assets		281,510		231,185		39,004			551,699
Capital expenditures		2,791		220		195			3,206

THE SHYFT GROUP, INC. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Dollar amounts in thousands, except per share data)

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

Fleet vehicle sales	$	182,438	$	-	$	-		$	182,438
Motor home chassis sales		-		42,507		-			42,507
Other specialty vehicle sales		-		33,773		-			33,773
Aftermarket parts and accessories sales		8,949		4,955		-			13,904
Total sales	$	191,387	$	81,235	$	-		$	272,622

Depreciation and amortization expense	$	744	$	1,685	$	553		$	2,982
Adjusted EBITDA		36,393		6,247		(8,900	)		33,740
Segment assets		179,580		220,775		29,920			430,275
Capital expenditures		3,844		465		882			5,191

	Nine Months Ended September 30, 2022
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	402,996	$	-	$	-		$	402,996
Motor home chassis sales		-		138,000		-			138,000
Other specialty vehicle sales		-		140,320		(2,335	)		137,985
Aftermarket parts and accessories sales		31,092		15,080		-			46,172
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

Depreciation and amortization expense	$	3,074	$	5,306	$	1,675		$	10,055
Adjusted EBITDA		38,015		38,508		(36,415	)		40,108
Segment assets		281,510		231,185		39,004			551,699
Capital expenditures		10,590		906		2,202			13,698

	Nine Months Ended September 30, 2021
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	452,635	$	-	$	-		$	452,635
Motor home chassis sales		-		118,666		-			118,666
Other specialty vehicle sales		-		104,571		-			104,571
Aftermarket parts and accessories sales		24,194		14,426		-			38,620
Total sales	$	476,829	$	237,663	$	-		$	714,492

Depreciation and amortization expense	$	1,805	$	5,142	$	1,365		$	8,312
Adjusted EBITDA		82,375		22,415		(23,309	)		81,481
Segment assets		179,580		220,775		29,920			430,275
Capital expenditures		11,852		3,790		1,485			17,127

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)

9 Months Ended

Sep. 30, 2022

Disposal Groups, Including Discontinued Operations [Table Text Block]

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

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)

9 Months Ended

Sep. 30, 2022

Schedule of Inventory, Current [Table Text Block]

	September 30, 2022		December 31, 2021
Finished goods	$	4,685	$	2,990
Work in process		8,176		2,471
Raw materials and purchased components		98,352		61,723
Total inventories	$	111,213	$	67,184

Note 4 - Debt (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Short-Term Debt [Table Text Block]

	September 30, 2022		December 31, 2021
Chassis pool agreements	$	24,277	$	9,926
Total short-term debt	$	24,277	$	9,926

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

	September 30, 2022			December 31, 2021
Line of credit revolver	$	65,000		$	-
Finance lease obligation		412			450
Other		-			540
Total debt		65,412			990
Less current portion of long-term debt		(190	)		(252	)
Total long-term debt	$	65,222		$	738

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)

9 Months Ended

Sep. 30, 2022

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

	September 30, 2022			September 30, 2021
Contract Assets
Contract assets, beginning of period	$	21,483		$	9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(21,482	)		(9,414	)
Contract assets recognized, net of reclassification to receivables		87,098			42,459
Contract assets, end of period	$	87,099		$	42,459

Contract Liabilities
Contract liabilities, beginning of period	$	988		$	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(988	)		(743	)
Cash received in advance and not recognized as revenue		10,601			2,135
Contract liabilities, end of period	$	10,601		$	2,148

Disaggregation of Revenue [Table Text Block]

	Three Months Ended September 30, 2022
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	183,409	$	103,869	$	(2,335	)	$	284,943
Other		1,085		47		-			1,132
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

Timing of revenue recognition
Products transferred at a point in time	$	10,821	$	58,729	$	-		$	69,550
Products and services transferred over time		173,673		45,187		(2,335	)		216,525
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

	Three Months Ended September 30, 2021
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	186,914	$	81,230	$	-	$	268,144
Other		4,473		5		-		4,478
Total sales	$	191,387	$	81,235	$	-	$	272,622

Timing of revenue recognition
Products transferred at a point in time	$	8,949	$	50,286	$	-	$	59,235
Products and services transferred over time		182,438		30,949		-		213,387
Total sales	$	191,387	$	81,235	$	-	$	272,622

	Nine Months Ended September 30, 2022
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	428,606	$	293,325	$	(2,335	)	$	719,596
Other		5,482		75		-			5,557
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

Timing of revenue recognition
Products transferred at a point in time	$	31,092	$	163,068	$	-		$	194,160
Products and services transferred over time		402,996		130,332		(2,335	)		530,993
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

	Nine Months Ended September 30, 2021
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	468,725	$	237,608	$	-	$	706,333
Other		8,104		55		-		8,159
Total sales	$	476,829	$	237,663	$	-	$	714,492

Timing of revenue recognition
Products transferred at a point in time	$	24,197	$	141,737	$	-	$	165,934
Products and services transferred over time		452,632		95,926		-		548,558
Total sales	$	476,829	$	237,663	$	-	$	714,492

Note 6 - Property, Plant and Equipment (Tables)

9 Months Ended

Sep. 30, 2022

Property, Plant and Equipment [Table Text Block]

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

Note 7 - Leases (Tables)

9 Months Ended

Sep. 30, 2022

Lease, Cost [Table Text Block]

	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Operating leases	$	2,683	$	2,048	$	7,492	$	5,984
Short-term leases⁽¹⁾		87		135		144		301
Total lease expense	$	2,770	$	2,183	$	7,636	$	6,285

Operating Leases, Weighted Average Remaining Lease Term and Weighted Average Discount Rate [Table Text Block]

	September 30,
	2022			2021
Weighted average remaining lease term of operating leases (in years)		8.2			9.2
Weighted average discount rate of operating leases		2.7	%		3.0	%

Schedule of Cash Flow, Supplemental Disclosures [Table Text Block]

	Nine Months Ended September 30,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	6,874	$	5,870

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	16,367	$	6,305
Finance leases	$	202	$	106

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

Years ending December 31:
2022⁽¹⁾	$	5,128
2023		10,214
2024		9,472
2025		8,328
2026		6,672
Thereafter		24,056
Total lease payments		63,870
Less: imputed interest		(9,150)	)
Total lease liabilities	$	54,720

Note 8 - Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Product Warranty Liability [Table Text Block]

	Nine Months Ended September 30,
	2022			2021
Balance of accrued warranty at January 1	$	5,975		$	5,633
Provisions for current period sales		3,597			2,720
Changes in liability for pre-existing warranties		430			1,958
Cash settlements		(3,570	)		(3,052	)
Acquired		-			289
Balance of accrued warranty at September 30	$	6,432		$	7,548

Note 10 - Business Segments (Tables)

9 Months Ended

Sep. 30, 2022

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

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

Fleet vehicle sales	$	173,673	$	-	$	-		$	173,673
Motor home chassis sales		-		50,399		-			50,399
Other specialty vehicle sales		-		48,570		(2,335	)		46,235
Aftermarket parts and accessories sales		10,821		4,947		-			15,768
Total sales	$	184,494	$	103,916	$	(2,335	)	$	286,075

Depreciation and amortization expense	$	1,144	$	1,692	$	523		$	3,359
Adjusted EBITDA		24,361		15,550		(12,849	)		27,062
Segment assets		281,510		231,185		39,004			551,699
Capital expenditures		2,791		220		195			3,206

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

Fleet vehicle sales	$	182,438	$	-	$	-		$	182,438
Motor home chassis sales		-		42,507		-			42,507
Other specialty vehicle sales		-		33,773		-			33,773
Aftermarket parts and accessories sales		8,949		4,955		-			13,904
Total sales	$	191,387	$	81,235	$	-		$	272,622

Depreciation and amortization expense	$	744	$	1,685	$	553		$	2,982
Adjusted EBITDA		36,393		6,247		(8,900	)		33,740
Segment assets		179,580		220,775		29,920			430,275
Capital expenditures		3,844		465		882			5,191

	Nine Months Ended September 30, 2022
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	402,996	$	-	$	-		$	402,996
Motor home chassis sales		-		138,000		-			138,000
Other specialty vehicle sales		-		140,320		(2,335	)		137,985
Aftermarket parts and accessories sales		31,092		15,080		-			46,172
Total sales	$	434,088	$	293,400	$	(2,335	)	$	725,153

Depreciation and amortization expense	$	3,074	$	5,306	$	1,675		$	10,055
Adjusted EBITDA		38,015		38,508		(36,415	)		40,108
Segment assets		281,510		231,185		39,004			551,699
Capital expenditures		10,590		906		2,202			13,698

	Nine Months Ended September 30, 2021
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	452,635	$	-	$	-		$	452,635
Motor home chassis sales		-		118,666		-			118,666
Other specialty vehicle sales		-		104,571		-			104,571
Aftermarket parts and accessories sales		24,194		14,426		-			38,620
Total sales	$	476,829	$	237,663	$	-		$	714,492

Depreciation and amortization expense	$	1,805	$	5,142	$	1,365		$	8,312
Adjusted EBITDA		82,375		22,415		(23,309	)		81,481
Segment assets		179,580		220,775		29,920			430,275
Capital expenditures		11,852		3,790		1,485			17,127

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

Note 2 - Discontinued 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		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81
Disposal of Emergency Response and Vehicle Business [Member] \| Discontinued Operations, Held-for-sale [Member]
Other income	0	0	0	109
Income from discontinued operations before taxes	0	0	0	109
Income tax expense	0	0	0	(28)
Income from discontinued operations, net of income taxes	$ 0	$ 0	$ 0	$ 81

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	Sep. 30, 2022	Dec. 31, 2021
Finished goods	$ 4,685	$ 2,990
Work in process	8,176	2,471
Raw materials and purchased components	98,352	61,723
Total inventories	$ 111,213	$ 67,184

Note 4 - Debt (Details Textual) - USD ($)		9 Months Ended
Note 4 - Debt (Details Textual) - USD ($)	Nov. 30, 2021	Sep. 30, 2022	Dec. 31, 2021
Letters of Credit Outstanding, Amount		$ 1,100	$ 760,000
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		4.14%
Line of Credit Facility, Current Borrowing Capacity		$ 165,441,000	$ 376,776,000
Lenders [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] \| Revolving Credit Facility [Member] \| London Interbank Offered Rate (LIBOR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.00%	1.00%
Lenders [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000,000
Lenders [Member] \| Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000,000

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

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

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

Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Contract assets, balance	$ 21,483	$ 9,414
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(21,482)	(9,414)
Contract assets recognized, net of reclassification to receivables	87,098	42,459
Contract assets, balance	87,099	42,459
Contract liabilities, balance	988	756
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(988)	(743)
Cash received in advance and not recognized as revenue	10,601	2,135
Contract liabilities, balance	$ 10,601	$ 2,148

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

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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