0001437749-23-020799 | 10-Q | XBRL Viewer

Inventory Disclosure [Text Block]

NOTE 2 – INVENTORIES

Inventories are summarized as follows:

	June 30, 2023		December 31, 2022
Finished goods	$	13,430	$	13,361
Work in process		3,150		5,200
Raw materials and purchased components		84,723		81,600
Total inventories	$	101,303	$	100,161

Note 7 - Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2023

Commitments and Contingencies Disclosure [Text Block]

NOTE 7 – COMMITMENTS AND CONTINGENT LIABILITIES

At June 30, 2023, we and our subsidiaries were parties, both as plaintiff and defendant, to a number of lawsuits and claims arising out of the normal course of our businesses. In the opinion of management, our financial position, future operating results or cash flows will not be materially affected by the final outcome of these legal proceedings.

Warranty Related

We provide limited warranties against assembly/construction defects. These warranties generally provide for the replacement or repair of defective parts or workmanship for a specified period following the date of sale. The end users also may receive limited warranties from suppliers of components that are incorporated into our chassis and vehicles.

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

Changes in our warranty liability are summarized below:

	Six Months Ended June 30,
	2023			2022
Balance of accrued warranty at January 1	$	7,161		$	5,975
Provisions for current period sales		2,002			2,151
Changes in liability for pre-existing warranties		(1,437	)		(256	)
Cash settlements		(1,708	)		(2,274	)
Balance of accrued warranty at June 30	$	6,018		$	5,596

Legal Proceedings Relating to Environmental Matters

As previously disclosed, in May 2020, the Company received an information request from the United States Environmental Protection Agency (“EPA”) requesting certain information regarding emissions labels on chassis, vocational vehicles, and vehicles that the Company manufactured or imported into the U.S. between January 1, 2017 to the date the Company received the request in May 2020. The Company responded to the EPA’s request and furnished the requested materials in the third quarter of 2020.

On April 6, 2022, the Company received a Notice of Violation from the EPA alleging a failure to secure certain certifications on manufactured chassis and a failure to comply with recordkeeping and reporting requirements related to supplier-provided chassis. The Company continues to investigate this matter, including potential defenses, and will continue discussions with the EPA regarding the allegations. At this time, it is not possible to estimate the potential fines or penalties that the Company may incur (if any) for this matter.

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

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

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

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

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

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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Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands	Common Stock [Member]	Common Stock Including Additional Paid in Capital [Member]	Retained Earnings [Member]	Noncontrolling Interest [Member]	Total
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		$ 95,375	$ 171,379	$ 101	$ 266,855
Issuance of common stock and tax impact of stock incentive plan (in shares)	3
Issuance of common stock and tax impact of stock incentive plan		(8,372)	0	0	(8,372)
Dividends declared		0	(1,794)	0	(1,794)
Purchase and retirement of common stock (in shares)	(607)
Purchase and retirement of common stock		(1,598)	(25,191)	0	(26,789)
Issuance of restricted stock, net of cancellation (in shares)	215
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		1,648	0	0	1,648
Net income (loss)		0	(3,852)	0	(3,852)
Balance (in shares) at Mar. 31, 2022	35,027
Balance at Mar. 31, 2022		87,053	140,542	101	227,696
Balance (in shares) at Dec. 31, 2021	35,416
Balance at Dec. 31, 2021		95,375	171,379	101	266,855
Net income (loss)					1,431
Balance (in shares) at Jun. 30, 2022	35,063
Balance at Jun. 30, 2022		88,894	144,041	101	233,036
Balance (in shares) at Mar. 31, 2022	35,027
Balance at Mar. 31, 2022		87,053	140,542	101	227,696
Issuance of common stock and tax impact of stock incentive plan (in shares)	3
Issuance of common stock and tax impact of stock incentive plan		(219)	0	0	(219)
Dividends declared		0	(1,784)	0	(1,784)
Issuance of restricted stock, net of cancellation (in shares)	33
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		2,060	0	0	2,060
Net income (loss)		0	5,283	0	5,283
Balance (in shares) at Jun. 30, 2022	35,063
Balance at Jun. 30, 2022		88,894	144,041	101	233,036
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	268,694
Issuance of common stock and tax impact of stock incentive plan (in shares)	5
Issuance of common stock and tax impact of stock incentive plan		(4,656)	0	0	(4,656)
Dividends declared		0	(1,820)	0	(1,820)
Purchase and retirement of common stock (in shares)	(349)
Purchase and retirement of common stock		(893)	(7,872)	0	(8,765)
Issuance of restricted stock, net of cancellation (in shares)	193
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock based compensation expense		1,827	0	0	1,827
Net income (loss)		0	1,710	(32)	1,678
Balance (in shares) at Mar. 31, 2023	34,915
Balance at Mar. 31, 2023		89,260	167,629	69	256,958
Balance (in shares) at Dec. 31, 2022	35,066
Balance at Dec. 31, 2022		92,982	175,611	101	268,694
Net income (loss)					6,363
Balance (in shares) at Jun. 30, 2023	34,956
Balance at Jun. 30, 2023		90,606	170,523	69	261,198
Balance (in shares) at Mar. 31, 2023	34,915
Balance at Mar. 31, 2023		89,260	167,629	69	256,958
Issuance of common stock and tax impact of stock incentive plan (in shares)	5
Issuance of common stock and tax impact of stock incentive plan		83	0	0	83
Dividends declared		0	(1,770)	0	(1,770)
Issuance of restricted stock, net of cancellation (in shares)	36
Issuance of restricted stock, net of cancellation		0	(21)	0	(21)
Non-cash stock based compensation expense		1,263	0	0	1,263
Net income (loss)		0	4,685	0	4,685
Balance (in shares) at Jun. 30, 2023	34,956
Balance at Jun. 30, 2023		$ 90,606	$ 170,523	$ 69	$ 261,198

Note 5 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2023

Property, Plant and Equipment Disclosure [Text Block]

NOTE 5 – PROPERTY, PLANT AND EQUIPMENT

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

	June 30, 2023			December 31, 2022
Land and improvements	$	12,226		$	12,314
Buildings and improvements		43,195			42,827
Plant machinery and equipment		58,810			55,969
Furniture and fixtures		19,415			18,334
Vehicles		2,008			2,083
Construction in process		15,367			9,946
Subtotal		151,021			141,473
Accumulated depreciation		(73,628	)		(70,720	)
Total property, plant and equipment, net	$	77,393		$	70,753

We recorded depreciation expense of $3,233 and $2,626 during the three months ended June 30, 2023 and 2022, respectively, and $6,145 and $4,751 during the six months ended June 30, 2023 and 2022, respectively.

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

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 8 - Taxes on Income

6 Months Ended

Jun. 30, 2023

Income Tax Disclosure [Text Block]

NOTE 8 – TAXES ON INCOME

Our effective income tax rate was 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, compared to a tax expense of 13.4% and a tax benefit of 42.1% for the six months ended June 30, 2023 and 2022, respectively.

The effective tax rates of 10.6% and 21.7% for the three months ended June 30, 2023 and 2022, respectively, differ from the U.S. statutory tax rate of 21.0% primarily due to non-deductible executive compensation offset by the benefit of research credits.

Our effective income tax rate was a tax expense of 13.4% in the first six months of 2023, compared to a tax benefit of 42.1% in the first six months of 2022 primarily because of a discrete tax benefit in 2022 related to the difference in stock compensation expense recognized for book purposes and tax purposes upon vesting.

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 7 - Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Product Warranty Liability [Table Text Block]

	Six Months Ended June 30,
	2023			2022
Balance of accrued warranty at January 1	$	7,161		$	5,975
Provisions for current period sales		2,002			2,151
Changes in liability for pre-existing warranties		(1,437	)		(256	)
Cash settlements		(1,708	)		(2,274	)
Balance of accrued warranty at June 30	$	6,018		$	5,596

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

Note 1 - Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2023

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 motorhome chassis and contract manufacturing and assembly services. We also supply replacement parts and offer repair, maintenance, field service and refurbishment services for the vehicles that we manufacture as well as truck accessories.

The accompanying unaudited interim condensed consolidated financial statements reflect all normal and recurring adjustments that are necessary for the fair presentation of our financial position as of June 30, 2023, and our results of operations and cash flows for the three and six months ended June 30, 2023. These condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and footnotes included in our Annual Report on Form 10-K for the year ended December 31, 2022 filed with the Securities and Exchange Commission on February 23, 2023. The results of operations for the three and six months ended June 30, 2023, are not necessarily indicative of the results expected for the full year.

For a description of key accounting policies followed, refer to the notes to The Shyft Group, Inc. consolidated financial statements for the year ended December 31, 2022, included in our Annual Report on Form 10-K.

Supplemental Disclosures of Cash Flow Information

Non-cash investing in the six months ended June 30, 2023 and June 30, 2022 included $2,106 and $1,994 of capital expenditures, respectively. The Company has chassis pool agreements, where it participates in chassis converter pools that are non-cash arrangements and they are offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 3 – Debt" for further information about the chassis pool agreements.

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

Note 3 - Debt

6 Months Ended

Jun. 30, 2023

Debt Disclosure [Text Block]

NOTE 3 – DEBT

Short-term debt consists of the following:

	June 30, 2023		December 31, 2022
Chassis pool agreements	$	9,312	$	19,544
Total short-term debt	$	9,312	$	19,544

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, truck bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers with receipt at our facilities dependent on manufacturer’s production schedules. The agreements generally state that the manufacturer will provide a supply of chassis to be maintained at the Company’s facilities with the condition that we will store such chassis and will not move, sell, or otherwise dispose of such chassis except under the terms of the agreement. In addition, the manufacturer typically retains the sole authority to authorize commencement of work on the chassis and to make certain other decisions with respect to the chassis including the terms and pricing of sales of the chassis to the manufacturer’s dealers. The manufacturer also does not transfer the certificate of origin to the Company nor permit the Company to sell or transfer the chassis to anyone other than the manufacturer (for ultimate resale to a dealer).

Although the Company is party to related finance agreements with manufacturers, the Company has not historically settled any related obligations in cash, nor does it expect to do so in the future. Instead, the obligation is settled by the manufacturer upon reassignment of the chassis to an accepted dealer, and the dealer is invoiced for the chassis by the manufacturer. The Company has included this financing agreement on the Company’s Condensed Consolidated Balance Sheets within Other receivables – chassis pool agreements 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, 2023			December 31, 2022
Line of credit revolver	$	45,000		$	56,000
Finance lease obligation		363			455
Total debt		45,363			56,455
Less current portion of long-term debt		(179	)		(189	)
Total long-term debt	$	45,184		$	56,266

Revolving Credit Facility

On November 30, 2021, we entered into an Amended and Restated Credit Agreement (the "Credit Agreement") by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A. ("Wells Fargo"), as administrative agent, and the lenders party thereto consisting of Wells Fargo, JPMorgan Chase Bank, N.A., PNC Bank, National Association and Bank of America, N.A. (the "Lenders"). Certain of our other subsidiaries have executed guaranties guarantying the borrowers' obligations under the Credit Agreement.

On May 31, 2023, the Company amended the Credit Agreement to effectuate the transition of the underlying variable interest rate
from LIBOR to the Secured Overnight Financing Rate ("SOFR"). Our interest expense is not expected to increase materially with this
transition. Increased interest expense and/or disruption in the financial market could have a material adverse effect on our business,
financial condition, or results of operations.

Under the Credit Agreement, we may borrow up to $400,000 from the Lenders under a secured revolving credit facility which matures November 30, 2026. We may also request an increase in the facility of up to $200,000 in the aggregate, subject to customary conditions. The revolving credit facility is also available for the issuance of letters of credit of up to $20,000 and swing line loans of up to $10,000, subject to certain limitations and restrictions. The revolving credit facility carries an interest rate of either (i) the highest of prime rate, the federal funds effective rate from time to time plus 0.5%, or the one month adjusted SOFR plus 1.0%; or (ii) adjusted SOFR, 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 6.27% (or one-month SOFR plus 1.00%) at June 30, 2023. The revolving 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, 2023 and December 31, 2022, we had outstanding letters of credit totaling $1,550 and $1,200, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $244,315 and $187,162 at June 30, 2023 and December 31, 2022, respectively. The Credit Agreement requires us to maintain certain financial ratios and other financial covenants; prohibits us from incurring additional indebtedness; limits certain acquisitions, investments, advances or loans; limits our ability to pay dividends in certain circumstances; and restricts substantial asset sales, all subject to certain exceptions and baskets. At June 30, 2023 and December 31, 2022, we were in compliance with all covenants in our Credit Agreement.

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 3 - Debt (Details Textual) - USD ($) $ in Thousands		6 Months Ended
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	Nov. 30, 2021	Jun. 30, 2023	Dec. 31, 2022
Letters of Credit Outstanding, Amount		$ 1,550	$ 1,200
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument, Basis Spread on Variable Rate		1.00%
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		6.27%
Line of Credit Facility, Current Borrowing Capacity		$ 244,315	$ 187,162
Lenders [Member] \| Revolving Credit Facility [Member] \| Fed Funds Effective Rate Overnight Index Swap Rate [Member]
Debt Instrument, Basis Spread on Variable Rate	0.50%
Lenders [Member] \| Letter of Credit [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 20,000
Lenders [Member] \| Swing Line Loans [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 10,000

Note 2 - Inventories (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Inventory, Current [Table Text Block]

	June 30, 2023		December 31, 2022
Finished goods	$	13,430	$	13,361
Work in process		3,150		5,200
Raw materials and purchased components		84,723		81,600
Total inventories	$	101,303	$	100,161

Note 6 - Leases

6 Months Ended

Jun. 30, 2023

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 6 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 17 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 3 – Debt").

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

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Operating leases	$	2,983	$	2,571	$	5,947	$	4,809
Short-term leases(1)		370		19		622		57
Total lease expense	$	3,353	$	2,590	$	6,569	$	4,866

⁽¹⁾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,
	2023			2022
Weighted average remaining lease term of operating leases (in years)		7.2			8.4
Weighted average discount rate of operating leases		2.8	%		2.7	%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,622	$	4,287

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	8,672	$	15,331
Finance leases	$	65	$	202

Maturities of operating lease liabilities as of June 30, 2023 are as follows:

Years ending December 31:
2023⁽¹⁾	$	5,805
2024		10,770
2025		10,034
2026		7,867
2027		5,540
Thereafter		20,511
Total lease payments		60,527
Imputed interest		(9,648	)
Total lease liabilities	$	50,879

⁽¹⁾Excluding the six months ended June 30, 2023.

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Accounts receivable, allowance	$ 270	$ 246
Preferred stock, no par value (in dollars per share)	$ 0	$ 0
Preferred stock, authorized (in shares)	2,000	2,000
Preferred stock, issued (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0	$ 0
Common stock, shares authorized (in shares)	80,000	80,000
Common stock, shares outstanding (in shares)	34,956	35,066

Note 9 - Business Segments (Tables)

6 Months Ended

Jun. 30, 2023

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

	Three Months Ended June 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	125,291	$	-	$	-		$	125,291
Motorhome chassis sales		-		30,099		-			30,099
Other specialty vehicle sales		-		51,652		(1,443	)		50,209
Aftermarket parts and accessories sales		13,692		5,810		-			19,502
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

Depreciation and amortization expense	$	1,641	$	1,700	$	845		$	4,186
Adjusted EBITDA		12,468		17,367		(13,968	)		15,867
Segment assets		252,352		194,718		48,776			495,846
Capital expenditures		1,702		438		5,137			7,277

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

Fleet vehicle sales	$	126,181	$	-	$	-		$	126,181
Motorhome chassis sales		-		42,710		-			42,710
Other specialty vehicle sales		-		47,044		-			47,044
Aftermarket parts and accessories sales		10,716		5,544		-			16,260
Total sales	$	136,897	$	95,298	$	-		$	232,195

Depreciation and amortization expense	$	1,182	$	1,953	$	592		$	3,727
Adjusted EBITDA		14,525		12,859		(13,695	)		13,689
Segment assets		228,863		223,388		42,762			495,013
Capital expenditures		3,666		452		929			5,047

	Six Months Ended
	June 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	272,570	$	-	$	-		$	272,570
Motorhome chassis sales		-		58,059		-			58,059
Other specialty vehicle sales		-		106,349		(4,624	)		101,725
Aftermarket parts and accessories sales		25,846		10,340		-			36,186
Total sales	$	298,416	$	174,748	$	(4,624	)	$	468,540

Depreciation and amortization expense	$	2,979	$	3,379	$	1,692		$	8,050
Adjusted EBITDA		24,941		31,219		(29,505	)		26,655
Segment assets		252,352		194,718		48,776			495,846
Capital expenditures		3,567		1,179		7,435			12,181

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

Fleet vehicle sales	$	229,323	$	-	$	-		$	229,323
Motorhome chassis sales		-		87,601		-			87,601
Other specialty vehicle sales		-		91,750		-			91,750
Aftermarket parts and accessories sales		20,271		10,133		-			30,404
Total sales	$	249,594	$	189,484	$	-		$	439,078

Depreciation and amortization expense	$	1,930	$	3,614	$	1,152		$	6,696
Adjusted EBITDA		13,654		22,958		(23,566	)		13,046
Segment assets		228,863		223,388		42,762			495,013
Capital expenditures		7,799		686		2,007			10,492

Note 8 - Taxes on Income (Details Textual)	3 Months Ended		6 Months Ended
Note 8 - Taxes on Income (Details Textual)	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Effective Income Tax Rate Reconciliation, Percent	10.60%	21.70%	13.40%	42.10%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent	21.00%	21.00%

Note 4 - Revenue

6 Months Ended

Jun. 30, 2023

Revenue from Contract with Customer [Text Block]

NOTE 4 – REVENUE

Changes in our contract assets and liabilities for the six months ended June 30, 2023 and 2022 are summarized below:

	June 30, 2023			June 30, 2022
Contract Assets
Contract assets, beginning of period	$	86,993		$	21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(83,470	)		(20,777	)
Contract assets recognized, net of reclassification to receivables		37,707			41,662
Contract assets, end of period	$	41,230		$	42,368

Contract Liabilities
Contract liabilities, beginning of period	$	5,255		$	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(4,912	)		(988	)
Cash received in advance and not recognized as revenue		3,855			1,359
Contract liabilities, end of period	$	4,198		$	1,359

The aggregate amount of the transaction price allocated to remaining performance obligations in existing contracts that are yet to be completed in the Fleet Vehicles and Services ("FVS") and Specialty Vehicles ("SV") segments are $437,802 and $72,402, respectively.

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

	Three Months Ended June 30, 2023
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	124,463	$	87,519	$	(1,443	)	$	210,539
Other		14,520		42		-			14,562
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

Timing of revenue recognition
Products transferred at a point in time	$	13,692	$	38,118	$	-		$	51,810
Products and services transferred over time		125,291		49,443		(1,443	)		173,291
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

	Three Months Ended June 30, 2022
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	133,861	$	95,273	$	-	$	229,134
Other		3,036		25		-		3,061
Total sales	$	136,897	$	95,298	$	-	$	232,195

Timing of revenue recognition
Products transferred at a point in time	$	10,716	$	51,488	$	-	$	62,204
Products and services transferred over time		126,181		43,810		-		169,991
Total sales	$	136,897	$	95,298	$	-	$	232,195

	Six Months Ended
	June 30, 2023
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	278,491	$	174,703	$	(4,624)	$	448,570
Other		19,925		45		-		19,970
Total sales	$	298,416	$	174,748	$	(4,624)	$	468,540

Timing of revenue recognition
Products transferred at a point in time	$	25,846	$	75,680	$	-	$	101,526
Products and services transferred over time		272,570		99,068		(4,624)		367,014
Total sales	$	298,416	$	174,748	$	(4,624)	$	468,540

	Six Months Ended
	June 30, 2022
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	245,197	$	189,456	$	-	$	434,653
Other		4,397		28		-		4,425
Total sales	$	249,594	$	189,484	$	-	$	439,078

Timing of revenue recognition
Products transferred at a point in time	$	20,271	$	104,339	$	-	$	124,610
Products and services transferred over time		229,323		85,145		-		314,468
Total sales	$	249,594	$	189,484	$	-	$	439,078

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.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Note 4 - Revenue (Tables)

6 Months Ended

Jun. 30, 2023

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

	June 30, 2023			June 30, 2022
Contract Assets
Contract assets, beginning of period	$	86,993		$	21,483
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(83,470	)		(20,777	)
Contract assets recognized, net of reclassification to receivables		37,707			41,662
Contract assets, end of period	$	41,230		$	42,368

Contract Liabilities
Contract liabilities, beginning of period	$	5,255		$	988
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(4,912	)		(988	)
Cash received in advance and not recognized as revenue		3,855			1,359
Contract liabilities, end of period	$	4,198		$	1,359

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30, 2023
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	124,463	$	87,519	$	(1,443	)	$	210,539
Other		14,520		42		-			14,562
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

Timing of revenue recognition
Products transferred at a point in time	$	13,692	$	38,118	$	-		$	51,810
Products and services transferred over time		125,291		49,443		(1,443	)		173,291
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

	Three Months Ended June 30, 2022
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	133,861	$	95,273	$	-	$	229,134
Other		3,036		25		-		3,061
Total sales	$	136,897	$	95,298	$	-	$	232,195

Timing of revenue recognition
Products transferred at a point in time	$	10,716	$	51,488	$	-	$	62,204
Products and services transferred over time		126,181		43,810		-		169,991
Total sales	$	136,897	$	95,298	$	-	$	232,195

	Six Months Ended
	June 30, 2023
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	278,491	$	174,703	$	(4,624)	$	448,570
Other		19,925		45		-		19,970
Total sales	$	298,416	$	174,748	$	(4,624)	$	468,540

Timing of revenue recognition
Products transferred at a point in time	$	25,846	$	75,680	$	-	$	101,526
Products and services transferred over time		272,570		99,068		(4,624)		367,014
Total sales	$	298,416	$	174,748	$	(4,624)	$	468,540

	Six Months Ended
	June 30, 2022
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	245,197	$	189,456	$	-	$	434,653
Other		4,397		28		-		4,425
Total sales	$	249,594	$	189,484	$	-	$	439,078

Timing of revenue recognition
Products transferred at a point in time	$	20,271	$	104,339	$	-	$	124,610
Products and services transferred over time		229,323		85,145		-		314,468
Total sales	$	249,594	$	189,484	$	-	$	439,078

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

Note 6 - Leases (Tables)

6 Months Ended

Jun. 30, 2023

Lease, Cost [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2023		2022		2023		2022
Operating leases	$	2,983	$	2,571	$	5,947	$	4,809
Short-term leases(1)		370		19		622		57
Total lease expense	$	3,353	$	2,590	$	6,569	$	4,866

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

	June 30,
	2023			2022
Weighted average remaining lease term of operating leases (in years)		7.2			8.4
Weighted average discount rate of operating leases		2.8	%		2.7	%

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

	Six Months Ended June 30,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,622	$	4,287

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	8,672	$	15,331
Finance leases	$	65	$	202

Lessee, Operating Lease, Liability, to be Paid, Maturity [Table Text Block]

Years ending December 31:
2023⁽¹⁾	$	5,805
2024		10,770
2025		10,034
2026		7,867
2027		5,540
Thereafter		20,511
Total lease payments		60,527
Imputed interest		(9,648	)
Total lease liabilities	$	50,879

Note 6 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details)
$ in Thousands

Jun. 30, 2023

USD ($)

2023(1)

$ 5,805

^[1]

10,770

10,034

7,867

5,540

20,511

60,527

(9,648)

Total lease liabilities

$ 50,879

[1]	Excluding the six months ended June 30, 2023.

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

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

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

Note 3 - Debt (Tables)

6 Months Ended

Jun. 30, 2023

Schedule of Short-Term Debt [Table Text Block]

	June 30, 2023		December 31, 2022
Chassis pool agreements	$	9,312	$	19,544
Total short-term debt	$	9,312	$	19,544

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

	June 30, 2023			December 31, 2022
Line of credit revolver	$	45,000		$	56,000
Finance lease obligation		363			455
Total debt		45,363			56,455
Less current portion of long-term debt		(179	)		(189	)
Total long-term debt	$	45,184		$	56,266

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

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

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

Note 9 - Business Segments

6 Months Ended

Jun. 30, 2023

Segment Reporting Disclosure [Text Block]

NOTE 9 – BUSINESS SEGMENTS

We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two 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 SV segment includes our Spartan RV chassis operations, Builtmore Contract Manufacturing operations, Royal Truck Body and DuraMag service body operations, vocation-specific equipment upfit services marketed under the Strobes-R-Us brand, and distribution of related aftermarket parts and accessories.

The accounting policies of the segments are the same as those described, or referred to, in "Note 1 – Nature of Operations and Basis of Presentation.". 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 June 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	125,291	$	-	$	-		$	125,291
Motorhome chassis sales		-		30,099		-			30,099
Other specialty vehicle sales		-		51,652		(1,443	)		50,209
Aftermarket parts and accessories sales		13,692		5,810		-			19,502
Total sales	$	138,983	$	87,561	$	(1,443	)	$	225,101

Depreciation and amortization expense	$	1,641	$	1,700	$	845		$	4,186
Adjusted EBITDA		12,468		17,367		(13,968	)		15,867
Segment assets		252,352		194,718		48,776			495,846
Capital expenditures		1,702		438		5,137			7,277

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

Fleet vehicle sales	$	126,181	$	-	$	-		$	126,181
Motorhome chassis sales		-		42,710		-			42,710
Other specialty vehicle sales		-		47,044		-			47,044
Aftermarket parts and accessories sales		10,716		5,544		-			16,260
Total sales	$	136,897	$	95,298	$	-		$	232,195

Depreciation and amortization expense	$	1,182	$	1,953	$	592		$	3,727
Adjusted EBITDA		14,525		12,859		(13,695	)		13,689
Segment assets		228,863		223,388		42,762			495,013
Capital expenditures		3,666		452		929			5,047

	Six Months Ended
	June 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	272,570	$	-	$	-		$	272,570
Motorhome chassis sales		-		58,059		-			58,059
Other specialty vehicle sales		-		106,349		(4,624	)		101,725
Aftermarket parts and accessories sales		25,846		10,340		-			36,186
Total sales	$	298,416	$	174,748	$	(4,624	)	$	468,540

Depreciation and amortization expense	$	2,979	$	3,379	$	1,692		$	8,050
Adjusted EBITDA		24,941		31,219		(29,505	)		26,655
Segment assets		252,352		194,718		48,776			495,846
Capital expenditures		3,567		1,179		7,435			12,181

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

Fleet vehicle sales	$	229,323	$	-	$	-		$	229,323
Motorhome chassis sales		-		87,601		-			87,601
Other specialty vehicle sales		-		91,750		-			91,750
Aftermarket parts and accessories sales		20,271		10,133		-			30,404
Total sales	$	249,594	$	189,484	$	-		$	439,078

Depreciation and amortization expense	$	1,930	$	3,614	$	1,152		$	6,696
Adjusted EBITDA		13,654		22,958		(23,566	)		13,046
Segment assets		228,863		223,388		42,762			495,013
Capital expenditures		7,799		686		2,007			10,492

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 5 - Property, Plant and Equipment (Tables)

6 Months Ended

Jun. 30, 2023