0001437749-24-023423 | 10-Q | XBRL Viewer

Schedule of Inventory, Current [Table Text Block]

	June 30, 2024		December 31, 2023
Finished goods	$	6,013	$	9,374
Work in process		2,124		2,543
Raw materials and purchased components		86,456		93,218
Total inventories	$	94,593	$	105,135

Note 3 - Debt

6 Months Ended

Jun. 30, 2024

Debt Disclosure [Text Block]

NOTE 3 – DEBT

Short-term debt consists of the following:

	June 30, 2024		December 31, 2023
Chassis pool agreements	$	19,555	$	34,496
Total short-term debt	$	19,555	$	34,496

Chassis Pool Agreements

The Company obtains certain vehicle chassis for its walk-in vans, service bodies and specialty vehicles directly from the chassis manufacturers under converter pool agreements. Chassis are obtained from the manufacturers based on orders from customers, and in some cases, for unallocated orders. 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 related obligations in cash, except as required under our credit agreement. The obligation is usually 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, 2024			December 31, 2023
Line of credit revolver	$	65,000		$	50,000
Finance lease obligation		422			329
Total debt		65,422			50,329
Less current portion of long-term debt		(225	)		(185	)
Total long-term debt	$	65,197		$	50,144

Revolving Credit Facility

On November 30, 2021, we entered into an Amended and Restated Credit Agreement by and among us and certain of our subsidiaries as borrowers, Wells Fargo Bank, N.A., as administrative agent, and the lenders party thereto consisting of Wells Fargo, N.A., JPMorgan Chase Bank, N.A., PNC Bank, N.A. 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 March 27, 2024, we entered into the Second Amendment to Amended and Restated Credit Agreement (the “Credit Agreement”). The Credit Agreement, among other things, (i) reduced the revolving credit commitments from $400,000 to $300,000, (ii) increased the applicable margin for term Secured Overnight Financing Rate ("SOFR") loans and base rate loans, (iii) adjusted the calculation of debt for purposes of determining the leverage ratio and (iv) temporarily increased the maximum leverage ratio.

Under the Credit Agreement, we may borrow up to $300,000 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 $15,000, 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 including a credit spread adjustment plus 1.50%; 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 6.93% (or one-month SOFR including a credit spread adjustment plus 1.50%) at June 30, 2024.

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, 2024 and December 31, 2023, we had outstanding letters of credit totaling $1,900 and $1,550, respectively, related to our workers’ compensation insurance.

Under the terms of our Credit Agreement, available borrowings (exclusive of outstanding borrowings) totaled $42,320 and $83,243 at June 30, 2024 and December 31, 2023, 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, 2024 and December 31, 2023, we were in compliance with all financial 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 4 - Revenue (Tables)

6 Months Ended

Jun. 30, 2024

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

	June 30, 2024			June 30, 2023
Contract Assets
Contract assets, beginning of period	$	50,304		$	86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(46,118	)		(83,470	)
Contract assets recognized, net of reclassification to receivables		35,051			37,707
Contract assets, end of period	$	39,237		$	41,230

Contract Liabilities
Contract liabilities, beginning of period	$	4,756		$	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(3,702	)		(4,912	)
Cash received in advance and not recognized as revenue		4,569			3,855
Contract liabilities, end of period	$	5,623		$	4,198

Disaggregation of Revenue [Table Text Block]

	Three Months Ended June 30, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	94,358	$	82,710	$	76	$	177,144
Other		15,482		154		-		15,636
Total sales	$	109,840	$	82,864	$	76	$	192,780

Timing of revenue recognition
Products transferred at a point in time	$	17,596	$	30,622	$	76	$	48,294
Products and services transferred over time		92,244		52,242		-		144,486
Total sales	$	109,840	$	82,864	$	76	$	192,780

	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

	Six Months Ended June 30, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	175,727	$	172,808	$	76	$	348,611
Other		41,872		186		-		42,058
Total sales	$	217,599	$	172,994	$	76	$	390,669

Timing of revenue recognition
Products transferred at a point in time	$	29,877	$	73,379	$	76	$	103,332
Products and services transferred over time		187,722		99,615		-		287,337
Total sales	$	217,599	$	172,994	$	76	$	390,669

	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

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) (Parentheticals) - $ / shares	3 Months Ended
	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023
Dividends, Per Share (in dollars per share)	$ 0.05	$ 0.05	$ 0.05	$ 0.05

Note 5 - Property, Plant and Equipment

6 Months Ended

Jun. 30, 2024

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, 2024			December 31, 2023
Land and improvements	$	12,583		$	12,578
Buildings and improvements		55,734			53,789
Plant machinery and equipment		64,415			60,517
Furniture and fixtures		19,951			19,474
Vehicles		2,164			2,015
Construction in process		5,808			10,570
Subtotal		160,655			158,943
Accumulated depreciation		(81,703	)		(75,506	)
Total property, plant and equipment, net	$	78,952		$	83,437

We recorded depreciation expense of $3,906 and $3,233 during the three months ended June 30, 2024 and 2023, respectively, and $7,472 and $6,145 during the six months ended June 30, 2024 and 2023, respectively.

Note 7 - Commitments and Contingent Liabilities

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

NOTE 7 – COMMITMENTS AND CONTINGENT LIABILITIES

At June 30, 2024, 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,
	2024			2023
Balance of accrued warranty at January 1	$	7,231		$	7,161
Accruals for warranties issued		3,540			2,002
Changes in liability for pre-existing warranties		222			(1,437	)
Cash settlements		(2,857	)		(1,708	)
Balance of accrued warranty at June 30	$	8,136		$	6,018

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 is continuing to discuss the allegations with the EPA. We have recorded an accrual of $2,000 at June 30, 2024 for this matter and do not believe the outcome will be materially different from the amount accrued.

Document And Entity Information - shares	6 Months Ended
Document And Entity Information - shares	Jun. 30, 2024	Jul. 19, 2024
Document Information [Line Items]
Entity Central Index Key	0000743238
Entity Registrant Name	SHYFT GROUP, INC.
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2024
Document Transition Report	false
Entity File Number	001-33582
Entity Incorporation, State or Country Code	MI
Entity Tax Identification Number	38-2078923
Entity Address, Address Line One	41280 Bridge Street
Entity Address, City or Town	Novi
Entity Address, State or Province	MI
Entity Address, Postal Zip Code	48375
City Area Code	517
Local Phone Number	543-6400
Title of 12(b) Security	Common Stock
Trading Symbol	SHYF
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		34,462,789

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ (2,505)	$ 6,363
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	9,210	8,050
Non-cash stock-based compensation expense	3,484	3,090
Loss on disposal of assets	83	128
Deferred income taxes	(9)	0
Changes in accounts receivable and contract assets	(3,057)	68,064
Changes in inventories	10,542	(1,142)
Changes in accounts payable	(21,002)	(38,567)
Changes in accrued compensation and related taxes	983	303
Changes in accrued warranty	905	(1,143)
Change in other assets and liabilities	(1,461)	(9,525)
Net cash provided by (used in) operating activities	(2,827)	35,621
Cash flows from investing activities:
Purchases of property, plant and equipment	(9,243)	(10,963)
Proceeds from sale of property, plant and equipment	90	82
Acquisition of business, net of cash acquired	0	(500)
Net cash used in investing activities	(9,153)	(11,381)
Cash flows from financing activities:
Proceeds from long-term debt	65,000	70,000
Payments on long-term debt	(50,000)	(81,000)
Payments of dividends	(3,481)	(3,653)
Purchase and retirement of common stock	0	(8,786)
Exercise and vesting of stock incentive awards	(538)	(4,541)
Net cash provided by (used in) financing activities	10,981	(27,980)
Net decrease in cash and cash equivalents	(999)	(3,740)
Cash and cash equivalents at beginning of period	9,957	11,548
Cash and cash equivalents at end of period	$ 8,958	$ 7,808

Note 9 - Business Segments (Tables)

6 Months Ended

Jun. 30, 2024

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

	Three Months Ended June 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	92,244	$	-	$	-		$	92,244
Motorhome chassis sales		-		18,946		-			18,946
Other specialty vehicle sales		-		58,062		76			58,138
Aftermarket parts and accessories sales		17,596		5,856		-			23,452
Total sales	$	109,840	$	82,864	$	76		$	192,780

Depreciation and amortization expense	$	2,016	$	1,543	$	1,216		$	4,775
Adjusted EBITDA		8,368		17,549		(13,445	)		12,472
Segment assets		219,306		204,030		74,232			497,568
Capital expenditures		578		193		1,449			2,220

	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

	Six Months Ended June 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	187,722	$	-	$	-		$	187,722
Motorhome chassis sales		-		49,717		-			49,717
Other specialty vehicle sales		-		111,467		76			111,543
Aftermarket parts and accessories sales		29,877		11,810		-			41,687
Total sales	$	217,599	$	172,994	$	76		$	390,669

Depreciation and amortization expense	$	3,769	$	3,085	$	2,356		$	9,210
Adjusted EBITDA		9,303		34,522		(25,265	)		18,560
Segment assets		219,306		204,030		74,232			497,568
Capital expenditures		1,363		606		2,392			4,361

	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

Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Supplemental Disclosures of Cash Flow Policy [Policy Text Block]

Supplemental Disclosures of Cash Flow Information

Non-cash investing in the six months ended June 30, 2024 and June 30, 2023 included $703 and $2,106 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 3 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Short-term debt	$ 19,555	$ 34,496
Chassis Pool Agreements [Member]
Short-term debt	$ 19,555	$ 34,496

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Capital Expenditures Incurred but Not yet Paid	$ 703	$ 2,106

Note 6 - Leases (Details Textual)	6 Months Ended
Note 6 - Leases (Details Textual)	Jun. 30, 2024
Minimum [Member]
Leases, Remaining Lease Terms (Year)	1 year
Maximum [Member]
Leases, Remaining Lease Terms (Year)	16 years
Lessee, Operating Lease, Renewal Term (Year)	15 years

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

Jun. 30, 2024

USD ($)

2024(1)

$ 5,743

^[1]

10,682

8,547

5,792

4,160

3,650

10,716

49,290

(4,732)

Total lease liabilities

$ 44,558

[1]	Excluding the six months ended June 30, 2024.

Note 4 - Revenue (Details Textual) $ in Thousands	Jun. 30, 2024 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 294,586
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 59,856

Note 9 - Business Segments

6 Months Ended

Jun. 30, 2024

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 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 focuses on designing and manufacturing walk-in vans for parcel delivery, trades, and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories.

Our SV segment consists of service bodies operations, operations that engineer and manufacture motorhome chassis, other specialty chassis and distributes related aftermarket parts and assemblies. We also provide vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand.

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, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	92,244	$	-	$	-		$	92,244
Motorhome chassis sales		-		18,946		-			18,946
Other specialty vehicle sales		-		58,062		76			58,138
Aftermarket parts and accessories sales		17,596		5,856		-			23,452
Total sales	$	109,840	$	82,864	$	76		$	192,780

Depreciation and amortization expense	$	2,016	$	1,543	$	1,216		$	4,775
Adjusted EBITDA		8,368		17,549		(13,445	)		12,472
Segment assets		219,306		204,030		74,232			497,568
Capital expenditures		578		193		1,449			2,220

	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

	Six Months Ended June 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	187,722	$	-	$	-		$	187,722
Motorhome chassis sales		-		49,717		-			49,717
Other specialty vehicle sales		-		111,467		76			111,543
Aftermarket parts and accessories sales		29,877		11,810		-			41,687
Total sales	$	217,599	$	172,994	$	76		$	390,669

Depreciation and amortization expense	$	3,769	$	3,085	$	2,356		$	9,210
Adjusted EBITDA		9,303		34,522		(25,265	)		18,560
Segment assets		219,306		204,030		74,232			497,568
Capital expenditures		1,363		606		2,392			4,361

	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

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, 2024

Property, Plant and Equipment [Table Text Block]

	June 30, 2024			December 31, 2023
Land and improvements	$	12,583		$	12,578
Buildings and improvements		55,734			53,789
Plant machinery and equipment		64,415			60,517
Furniture and fixtures		19,951			19,474
Vehicles		2,164			2,015
Construction in process		5,808			10,570
Subtotal		160,655			158,943
Accumulated depreciation		(81,703	)		(75,506	)
Total property, plant and equipment, net	$	78,952		$	83,437

Note 9 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Revenues	$ 192,780	$ 225,101	$ 390,669	$ 468,540
Depreciation and amortization expense			9,210	8,050
Segment assets	497,568		497,568		$ 530,049
Capital expenditures			9,243	10,963
Operating Segments [Member]
Revenues	76	(1,443)	76	(4,624)
Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	109,840	138,983	217,599	298,416
Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	82,864	87,561	172,994	174,748
Continuing Operations [Member]
Revenues	192,780	225,101	390,669	468,540
Depreciation and amortization expense	4,775	4,186	9,210	8,050
Adjusted EBITDA	12,472	15,867	18,560	26,655
Segment assets	497,568	495,846	497,568	495,846
Capital expenditures	2,220	7,277	4,361	12,181
Continuing Operations [Member] \| Fleet Vehicle Sales [Member]
Revenues	92,244	125,291	187,722	272,570
Continuing Operations [Member] \| Motorhome Chassis [Member]
Revenues	18,946	30,099	49,717	58,059
Continuing Operations [Member] \| Other Specialty Vehicles [Member]
Revenues	58,138	50,209	111,543	101,725
Continuing Operations [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	23,452	19,502	41,687	36,186
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	109,840	138,983	217,599	298,416
Depreciation and amortization expense	2,016	1,641	3,769	2,979
Adjusted EBITDA	8,368	12,468	9,303	24,941
Segment assets	219,306	252,352	219,306	252,352
Capital expenditures	578	1,702	1,363	3,567
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Fleet Vehicle Sales [Member]
Revenues	92,244	125,291	187,722	272,570
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Motorhome Chassis [Member]
Revenues	0	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Other Specialty Vehicles [Member]
Revenues	0	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	17,596	13,692	29,877	25,846
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	82,864	87,561	172,994	174,748
Depreciation and amortization expense	1,543	1,700	3,085	3,379
Adjusted EBITDA	17,549	17,367	34,522	31,219
Segment assets	204,030	194,718	204,030	194,718
Capital expenditures	193	438	606	1,179
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Motorhome Chassis [Member]
Revenues	18,946	30,099	49,717	58,059
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Other Specialty Vehicles [Member]
Revenues	58,062	51,652	111,467	106,349
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	5,856	5,810	11,810	10,340
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Revenues	76	(1,443)	76	(4,624)
Depreciation and amortization expense	1,216	845	2,356	1,692
Adjusted EBITDA	(13,445)	(13,968)	(25,265)	(29,505)
Segment assets	74,232	48,776	74,232	48,776
Capital expenditures	1,449	5,137	2,392	7,435
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| Fleet Vehicle Sales [Member]
Revenues	0	0	0	0
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| Motorhome Chassis [Member]
Revenues	0	0	0	0
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| Other Specialty Vehicles [Member]
Revenues	76	(1,443)	76	(4,624)
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0	$ 0	$ 0

Note 6 - Leases (Tables)

6 Months Ended

Jun. 30, 2024

Lease, Cost [Table Text Block]

	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2024		2023		2024		2023
Operating leases	$	2,746	$	2,983	$	5,490	$	5,947
Short-term leases(1)		328		370		646		622
Total lease expense	$	3,074	$	3,353	$	6,136	$	6,569

	June 30,
	2024			2023
Weighted average remaining lease term of operating leases (in years)		6.9			7.2
Weighted average discount rate of operating leases		3.0	%		2.8	%

	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,857	$	5,622

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	2,204	$	8,672
Finance leases	$	290	$	65

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

Years ending December 31:
2024⁽¹⁾	$	5,743
2025		10,682
2026		8,547
2027		5,792
2028		4,160
2029		3,650
Thereafter		10,716
Total lease payments		49,290
Imputed interest		(4,732	)
Total lease liabilities	$	44,558

Note 6 - Leases - Lease Expense and Information (Details) - USD ($)
$ in Thousands

3 Months Ended

6 Months Ended

Jun. 30, 2024

Jun. 30, 2023

Jun. 30, 2024

Jun. 30, 2023

Operating leases

$ 2,746

$ 2,983

$ 5,490

$ 5,947

Short-term leases(1)

^[1]

328

370

646

622

Total lease expense

$ 3,074

$ 3,353

$ 6,136

$ 6,569

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

6 years 10 months 24 days

7 years 2 months 12 days

6 years 10 months 24 days

7 years 2 months 12 days

Weighted average discount rate of operating leases

3.00%

2.80%

3.00%

2.80%

Operating cash flow for operating leases

$ 5,857

$ 5,622

Operating leases

2,204

8,672

Finance leases

$ 290

$ 65

[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.

Note 6 - Leases

6 Months Ended

Jun. 30, 2024

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 16 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,
	2024		2023		2024		2023
Operating leases	$	2,746	$	2,983	$	5,490	$	5,947
Short-term leases(1)		328		370		646		622
Total lease expense	$	3,074	$	3,353	$	6,136	$	6,569

⁽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,
	2024			2023
Weighted average remaining lease term of operating leases (in years)		6.9			7.2
Weighted average discount rate of operating leases		3.0	%		2.8	%

Supplemental cash flow information related to leases was as follows:

	Six Months Ended June 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	5,857	$	5,622

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	2,204	$	8,672
Finance leases	$	290	$	65

Maturities of operating lease liabilities as of June 30, 2024 are as follows:

Years ending December 31:
2024⁽¹⁾	$	5,743
2025		10,682
2026		8,547
2027		5,792
2028		4,160
2029		3,650
Thereafter		10,716
Total lease payments		49,290
Imputed interest		(4,732	)
Total lease liabilities	$	44,558

⁽¹⁾Excluding the six months ended June 30, 2024.

Note 5 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property, plant and equipment, gross	$ 160,655	$ 158,943
Accumulated depreciation	(81,703)	(75,506)
Total property, plant and equipment, net	78,952	83,437
Land and Land Improvements [Member]
Property, plant and equipment, gross	12,583	12,578
Building and Building Improvements [Member]
Property, plant and equipment, gross	55,734	53,789
Machinery and Equipment [Member]
Property, plant and equipment, gross	64,415	60,517
Furniture and Fixtures [Member]
Property, plant and equipment, gross	19,951	19,474
Vehicles [Member]
Property, plant and equipment, gross	2,164	2,015
Construction in Progress [Member]
Property, plant and equipment, gross	$ 5,808	$ 10,570

Note 5 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Depreciation	$ 3,906	$ 3,233	$ 7,472	$ 6,145

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 412	$ 276
Preferred stock, 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)	34,448	34,303

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, 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)
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)			1,710	(32)	1,678
Purchase and retirement of common stock (in shares)	(349)
Purchase and retirement of common stock		(893)	(7,872)	0	(8,765)
Issuance of common stock and tax impact of stock incentive plan		4,656	(0)	(0)	4,656
Net income (loss)			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
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
Issuance of common stock and tax impact of stock incentive plan		83	0	0	83
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
Balance (in shares) at Dec. 31, 2023	34,303
Balance at Dec. 31, 2023		93,705	158,461	0	252,166
Issuance of common stock and tax impact of stock incentive plan (in shares)	10
Issuance of common stock and tax impact of stock incentive plan		(389)	0	0	(389)
Dividends declared		0	(1,757)	0	(1,757)
Issuance of restricted stock, net of cancellation (in shares)	48
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock-based compensation expense		1,474	0	0	1,474
Net income (loss)		0	(4,669)	0	(4,669)
Issuance of common stock and tax impact of stock incentive plan		389	(0)	(0)	389
Net income (loss)		0	(4,669)	0	(4,669)
Balance (in shares) at Mar. 31, 2024	34,361
Balance at Mar. 31, 2024		94,790	152,035	0	246,825
Balance (in shares) at Dec. 31, 2023	34,303
Balance at Dec. 31, 2023		93,705	158,461	0	252,166
Net income (loss)					(2,505)
Net income (loss)					(2,505)
Balance (in shares) at Jun. 30, 2024	34,448
Balance at Jun. 30, 2024		96,651	152,439	0	249,090
Balance (in shares) at Mar. 31, 2024	34,361
Balance at Mar. 31, 2024		94,790	152,035	0	246,825
Issuance of common stock and tax impact of stock incentive plan (in shares)	12
Issuance of common stock and tax impact of stock incentive plan		(149)	0	0	(149)
Dividends declared		0	(1,760)	0	(1,760)
Issuance of restricted stock, net of cancellation (in shares)	75
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock-based compensation expense		2,010	0	0	2,010
Net income (loss)		0	2,164	0	2,164
Issuance of common stock and tax impact of stock incentive plan		149	(0)	(0)	149
Net income (loss)		0	2,164	0	2,164
Balance (in shares) at Jun. 30, 2024	34,448
Balance at Jun. 30, 2024		$ 96,651	$ 152,439	$ 0	$ 249,090

Note 4 - Revenue

6 Months Ended

Jun. 30, 2024

Revenue from Contract with Customer [Text Block]

NOTE 4 – REVENUE

Changes in our contract assets and liabilities for the six months ended June 30, 2024 and 2023 are summarized below:

	June 30, 2024			June 30, 2023
Contract Assets
Contract assets, beginning of period	$	50,304		$	86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(46,118	)		(83,470	)
Contract assets recognized, net of reclassification to receivables		35,051			37,707
Contract assets, end of period	$	39,237		$	41,230

Contract Liabilities
Contract liabilities, beginning of period	$	4,756		$	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied		(3,702	)		(4,912	)
Cash received in advance and not recognized as revenue		4,569			3,855
Contract liabilities, end of period	$	5,623		$	4,198

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 $294,586 and $59,856, 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, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	94,358	$	82,710	$	76	$	177,144
Other		15,482		154		-		15,636
Total sales	$	109,840	$	82,864	$	76	$	192,780

Timing of revenue recognition
Products transferred at a point in time	$	17,596	$	30,622	$	76	$	48,294
Products and services transferred over time		92,244		52,242		-		144,486
Total sales	$	109,840	$	82,864	$	76	$	192,780

	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

	Six Months Ended June 30, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	175,727	$	172,808	$	76	$	348,611
Other		41,872		186		-		42,058
Total sales	$	217,599	$	172,994	$	76	$	390,669

Timing of revenue recognition
Products transferred at a point in time	$	29,877	$	73,379	$	76	$	103,332
Products and services transferred over time		187,722		99,615		-		287,337
Total sales	$	217,599	$	172,994	$	76	$	390,669

	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

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 7 - Commitments and Contingent Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Product Warranty Liability [Table Text Block]

	Six Months Ended June 30,
	2024			2023
Balance of accrued warranty at January 1	$	7,231		$	7,161
Accruals for warranties issued		3,540			2,002
Changes in liability for pre-existing warranties		222			(1,437	)
Cash settlements		(2,857	)		(1,708	)
Balance of accrued warranty at June 30	$	8,136		$	6,018

Note 4 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Contract assets, balance	$ 50,304	$ 86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(46,118)	(83,470)
Contract assets recognized, net of reclassification to receivables	35,051	37,707
Contract assets, balance	39,237	41,230
Contract liabilities, balance	4,756	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(3,702)	(4,912)
Cash received in advance and not recognized as revenue	4,569	3,855
Contract liabilities, balance	$ 5,623	$ 4,198

Note 8 - Taxes on Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Tax Expense (Benefit)	$ (109)	$ 556	$ 674	$ 986
Effective Income Tax Rate Reconciliation, Percent	(5.30%)	10.60%	(36.80%)	13.40%
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent			21.00%	21.00%

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

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Note 8 - Taxes on Income

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Text Block]

NOTE 8 – TAXES ON INCOME

Our income tax expense(benefit) was ($109) and $556 for the three months ended June 30, 2024 and 2023, respectively. The tax expense represented a (5.3%) effective tax rate and 10.6% effective tax rate for the three months ended June 30, 2024 and 2023, respectively. Income tax expense was $674 and $986 for six months ended June 30, 2024 and 2023, respectively. The tax expense represented a (36.8%) effective tax rate and 13.4% effective tax rate for the six months ended June 30, 2024 and 2023, respectively

The effective tax rate for the three and six months ended June 30, 2024 and 2023 differs from the U.S. statutory rate of 21% primarily due to the tax benefit of research credits offset by state tax expense and non-deductible officer compensation and a discrete tax expense in 2024 related to the difference in stock compensation expense recognized for financial reporting purposes and tax purposes upon vesting.

The entire disclosure for income tax.

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Note 3 - Debt (Tables)

6 Months Ended

Jun. 30, 2024

Schedule of Short-Term Debt [Table Text Block]

	June 30, 2024		December 31, 2023
Chassis pool agreements	$	19,555	$	34,496
Total short-term debt	$	19,555	$	34,496

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

	June 30, 2024			December 31, 2023
Line of credit revolver	$	65,000		$	50,000
Finance lease obligation		422			329
Total debt		65,422			50,329
Less current portion of long-term debt		(225	)		(185	)
Total long-term debt	$	65,197		$	50,144

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 3 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Line of credit revolver	$ 65,000	$ 50,000
Finance lease obligation	422	329
Total debt	65,422	50,329
Less current portion of long-term debt	(225)	(185)
Total long-term debt	$ 65,197	$ 50,144

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 9 - Business Segments (Details Textual)	6 Months Ended
Note 9 - Business Segments (Details Textual)	Jun. 30, 2024
Number of Reportable Segments	2

Note 3 - Debt (Details Textual) - USD ($) $ in Thousands		6 Months Ended
Note 3 - Debt (Details Textual) - USD ($) $ in Thousands	Mar. 27, 2024	Jun. 30, 2024	Dec. 31, 2023
Letters of Credit Outstanding, Amount		$ 1,900	$ 1,550
Lenders [Member] \| Revolving Credit Facility [Member]
Line of Credit Facility, Maximum Borrowing Capacity	$ 300,000		400,000
Line of Credit Facility, Potential Increase Borrowing Capacity	$ 200,000
Debt Instrument Reference Rate Term (Month)	1 month
Debt Instrument, Interest Rate During Period		6.93%
Line of Credit Facility, Current Borrowing Capacity		$ 42,320	$ 83,243
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] \| Secured Overnight Financing Rate (SOFR) [Member]
Debt Instrument, Basis Spread on Variable Rate	1.50%	1.50%
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	$ 15,000

Note 1 - Nature of Operations and Basis of Presentation

6 Months Ended

Jun. 30, 2024

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) and recreational vehicle industries. Our products include walk-in vans and truck bodies used in e-commerce/parcel delivery, upfit equipment used in the 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, 2024, our results of operations for the three and six months ended June 30, 2024 and our cash flows for the six months ended June 30, 2024. 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, 2023 filed with the Securities and Exchange Commission on February 22, 2024. The results of operations for the three and six months ended June 30, 2024, 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, 2023, included in our Annual Report on Form 10-K.

Supplemental Disclosures of Cash Flow Information

Note 4 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Revenues	$ 192,780	$ 225,101	$ 390,669	$ 468,540
Operating Segments [Member]
Revenues	76	(1,443)	76	(4,624)
Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	76	0	76	0
Operating Segments [Member] \| Transferred over Time [Member]
Revenues	0	(1,443)	0	(4,624)
Consolidation, Eliminations [Member]
Revenues	192,780	225,101	390,669	468,540
Consolidation, Eliminations [Member] \| Transferred at Point in Time [Member]
Revenues	48,294	51,810	103,332	101,526
Consolidation, Eliminations [Member] \| Transferred over Time [Member]
Revenues	144,486	173,291	287,337	367,014
Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	109,840	138,983	217,599	298,416
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	17,596	13,692	29,877	25,846
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	92,244	125,291	187,722	272,570
Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	82,864	87,561	172,994	174,748
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	30,622	38,118	73,379	75,680
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	52,242	49,443	99,615	99,068
UNITED STATES \| Operating Segments [Member]
Revenues	76	(1,443)	76	(4,624)
UNITED STATES \| Consolidation, Eliminations [Member]
Revenues	177,144	210,539	348,611	448,570
UNITED STATES \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	94,358	124,463	175,727	278,491
UNITED STATES \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	82,710	87,519	172,808	174,703
Non-US [Member] \| Operating Segments [Member]
Revenues	0	0	0	0
Non-US [Member] \| Consolidation, Eliminations [Member]
Revenues	15,636	14,562	42,058	19,970
Non-US [Member] \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	15,482	14,520	41,872	19,925
Non-US [Member] \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	$ 154	$ 42	$ 186	$ 45

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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Note 10 - Subsequent Event

6 Months Ended

Jun. 30, 2024