0001437749-24-031963 | 10-Q | XBRL Viewer

Property, Plant and Equipment [Table Text Block]

	September 30, 2024			December 31, 2023
Land and improvements	$	14,007		$	12,578
Buildings and improvements		59,890			53,789
Plant machinery and equipment		66,485			60,517
Furniture and fixtures		20,128			19,474
Vehicles		2,252			2,015
Construction in process		5,665			10,570
Subtotal		168,427			158,943
Accumulated depreciation		(84,654	)		(75,506	)
Total property, plant and equipment, net	$	83,773		$	83,437

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

Note 2 - Acquisition Activities - Allocation of Purchase Price (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jul. 24, 2024	Dec. 31, 2023
Goodwill	$ 64,902		$ 48,880
Independent Truck Upfitters [Member]
Cash and cash equivalents	2,259
Accounts receivable, less allowance	8,726
Contract assets	341
Inventory	10,745
Other current assets	13
Property, plant and equipment	5,525
Right of use assets-operating leases	33
Other assets	5
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	18,650	$ 18,650
Goodwill	16,022	$ 16,022
Total assets acquired	62,319
Accounts payable	(6,395)
Contract liabilities	(17)
Operating lease liabilities	(6)
Other current liabilities and accrued expenses	(685)
Long-term operating lease liability	(27)
Total liabilities assumed	(7,130)
Total fair value allocation of preliminary purchase price	$ 55,189

Note 4 - Debt

9 Months Ended

Sep. 30, 2024

Debt Disclosure [Text Block]

NOTE 4 – DEBT

Short-term debt consists of the following:

	September 30, 2024		December 31, 2023
Chassis pool agreements	$	31,592	$	34,496
Total short-term debt	$	31,592	$	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:

	September 30, 2024			December 31, 2023
Line of credit revolver	$	110,000		$	50,000
Finance lease obligation		482			329
Total debt		110,482			50,329
Less current portion of long-term debt		(248	)		(185	)
Total long-term debt	$	110,234		$	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 through June 30, 2024.

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 6.45% (or one-month SOFR including a credit spread adjustment plus 1.50%) at September 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 September 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 $34,114 and $83,243 at September 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 September 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 - Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Line of credit revolver	$ 110,000	$ 50,000
Finance lease obligation	482	329
Total debt	110,482	50,329
Less current portion of long-term debt	(248)	(185)
Total long-term debt	$ 110,234	$ 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 3 - Inventories

9 Months Ended

Sep. 30, 2024

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORIES

Inventories are summarized as follows:

	September 30, 2024		December 31, 2023
Finished goods	$	5,446	$	9,374
Work in process		3,089		2,543
Raw materials and purchased components		100,396		93,218
Total inventories	$	108,931	$	105,135

Note 2 - Acquisition Activities - Preliminary Purchase Price (Details) - Independent Truck Upfitters [Member] $ in Thousands	Jul. 24, 2024 USD ($)
Cash paid	$ 50,889
Fair value of contingent consideration	4,300
Total preliminary purchase price	$ 55,189

Note 8 - Commitments and Contingent Liabilities - Changes in Warranty Liability (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Balance of accrued warranty	$ 7,231	$ 7,161
Accruals for warranties issued	3,969	3,023
Changes in liability for pre-existing warranties	902	(1,044)
Cash settlements	(3,335)	(2,823)
Acquisition	60	0
Balance of accrued warranty	$ 8,827	$ 6,317

Note 7 - Leases - Future Minimum Operating Lease Commitments Under Non-cancelable Operating Lease (Details)
$ in Thousands

Sep. 30, 2024

USD ($)

2024(1)

$ 2,835

^[1]

10,769

8,634

5,879

4,219

3,653

10,715

46,704

(4,446)

Total lease liabilities

$ 42,258

[1]	Excluding the nine months ended September 30, 2024.

Note 3 - Inventories - Summary of Inventories (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Finished goods	$ 5,446	$ 9,374
Work in process	3,089	2,543
Raw materials and purchased components	100,396	93,218
Total inventories	$ 108,931	$ 105,135

Note 4 - Debt (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Short-Term Debt [Table Text Block]

	September 30, 2024		December 31, 2023
Chassis pool agreements	$	31,592	$	34,496
Total short-term debt	$	31,592	$	34,496

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

	September 30, 2024			December 31, 2023
Line of credit revolver	$	110,000		$	50,000
Finance lease obligation		482			329
Total debt		110,482			50,329
Less current portion of long-term debt		(248	)		(185	)
Total long-term debt	$	110,234		$	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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Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) shares in Thousands, $ / shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance	$ 496	$ 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)	34,482	34,303

Note 3 - Inventories (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Inventory, Current [Table Text Block]

	September 30, 2024		December 31, 2023
Finished goods	$	5,446	$	9,374
Work in process		3,089		2,543
Raw materials and purchased components		100,396		93,218
Total inventories	$	108,931	$	105,135

Note 2 - Acquisition Activities - Schedule of Intangible Assets Acquired (Details) - Independent Truck Upfitters [Member] $ in Thousands	Jul. 24, 2024 USD ($)
Finite-Lived Intangibles	$ 18,650
Customer Relationships [Member]
Finite-Lived Intangibles	$ 11,800
Finite-Lived Intangible Asset, Useful Life (Year)	13 years
Order or Production Backlog [Member]
Finite-Lived Intangibles	$ 1,600
Finite-Lived Intangible Asset, Useful Life (Year)	1 year
Trademarks and Trade Names [Member]
Finite-Lived Intangibles	$ 1,600
Finite-Lived Intangible Asset, Useful Life (Year)	6 years
Unpatented Technology [Member]
Finite-Lived Intangibles	$ 3,400
Finite-Lived Intangible Asset, Useful Life (Year)	10 years
Noncompete Agreements [Member]
Finite-Lived Intangibles	$ 250
Finite-Lived Intangible Asset, Useful Life (Year)	5 years

Note 5 - Revenue (Details Textual) $ in Thousands	Sep. 30, 2024 USD ($)
Fleet Vehicles and Services [Member]
Revenue, Remaining Performance Obligation, Amount	$ 267,952
Specialty Vehicles [Member]
Revenue, Remaining Performance Obligation, Amount	$ 77,456

Note 2 - Acquisition Activities (Details Textual) - USD ($) $ in Thousands		3 Months Ended	9 Months Ended
	Jul. 24, 2024	Sep. 30, 2024	Sep. 30, 2024	Dec. 31, 2023
Goodwill		$ 64,902	$ 64,902	$ 48,880
Independent Truck Upfitters [Member]
Business Acquisition, Percentage of Voting Interests Acquired	100.00%
Payments to Acquire Businesses, Gross	$ 50,889
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	8,000
Business Combination, Acquisition Related Costs		1,182	1,558
Goodwill	16,022	16,022	16,022
Business Combination, Contingent Consideration, Liability, Current	2,680
Business Combination, Contingent Consideration, Liability, Noncurrent	1,620
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Intangible Assets, Other than Goodwill	$ 18,650	18,650	18,650
Amortization of Intangible Assets		$ 587	$ 587

Note 6 - Property, Plant and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment Disclosure [Text Block]

NOTE 6 – PROPERTY, PLANT AND EQUIPMENT

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

	September 30, 2024			December 31, 2023
Land and improvements	$	14,007		$	12,578
Buildings and improvements		59,890			53,789
Plant machinery and equipment		66,485			60,517
Furniture and fixtures		20,128			19,474
Vehicles		2,252			2,015
Construction in process		5,665			10,570
Subtotal		168,427			158,943
Accumulated depreciation		(84,654	)		(75,506	)
Total property, plant and equipment, net	$	83,773		$	83,437

We recorded depreciation expense of $3,822 and $3,358 during the three months ended September 30, 2024 and 2023, respectively, and $11,294 and $9,503 during the nine months ended September 30, 2024 and 2023, respectively.

Note 7 - Leases (Tables)

9 Months Ended

Sep. 30, 2024

Lease, Cost [Table Text Block]

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating leases	$	3,533	$	2,808	$	9,023	$	8,755
Short-term leases⁽¹⁾		247		373		893		995
Total lease expense	$	3,780	$	3,181	$	9,916	$	9,750

	September 30,
	2024			2023
Weighted average remaining lease term of operating leases (in years)		6.8			7.3
Weighted average discount rate of operating leases		3.0	%		2.9	%

	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	9,611	$	8,312

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	2,513	$	10,208
Finance leases	$	430	$	89

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

Years ending December 31:
2024⁽¹⁾	$	2,835
2025		10,769
2026		8,634
2027		5,879
2028		4,219
2029		3,653
Thereafter		10,715
Total lease payments		46,704
Imputed interest		(4,446	)
Total lease liabilities	$	42,258

Note 1 - Nature of Operations and Basis of Presentation

9 Months Ended

Sep. 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 September 30, 2024, our results of operations for the three and nine months ended September 30, 2024 and our cash flows for the nine months ended September 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 nine months ended September 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

Non-cash investing in the nine months ended September 30, 2024 and September 30, 2023 included $1,541 and $2,258 of capital expenditures, respectively. The Company has chassis pool agreements, where it participates in chassis converter pools that are non-cash arrangements and they are offsetting between current assets and current liabilities on the Company’s Consolidated Balance Sheets. See "Note 4 – Debt" for further information about the chassis pool agreements.

Note 4 - Debt - Short-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Short-term debt	$ 31,592	$ 34,496
Chassis Pool Agreements [Member]
Short-term debt	$ 31,592	$ 34,496

Note 6 - Property, Plant and Equipment - Summary of Property, Plant, and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Property, plant and equipment, gross	$ 168,427	$ 158,943
Accumulated depreciation	(84,654)	(75,506)
Total property, plant and equipment, net	83,773	83,437
Land and Land Improvements [Member]
Property, plant and equipment, gross	14,007	12,578
Building and Building Improvements [Member]
Property, plant and equipment, gross	59,890	53,789
Machinery and Equipment [Member]
Property, plant and equipment, gross	66,485	60,517
Furniture and Fixtures [Member]
Property, plant and equipment, gross	20,128	19,474
Vehicles [Member]
Property, plant and equipment, gross	2,252	2,015
Construction in Progress [Member]
Property, plant and equipment, gross	$ 5,665	$ 10,570

Note 7 - Leases (Details Textual)	9 Months Ended
Note 7 - Leases (Details Textual)	Sep. 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

Insider Trading Arrangements

3 Months Ended

9 Months Ended

Sep. 30, 2024

Insider Trading Arr Line Items

Material Terms of Trading Arrangement [Text Block]

Item 5.

Other Information

During the quarter ended September 30, 2024, no director or officer (as defined in Rule 16a-1(f) under the Exchange Act) of the Company adopted, modified or terminated a “Rule 10b5-1 trading arrangement” or “non-Rule 10b5-1 trading arrangement” (as each term is defined in Item 408 of Regulation S-K).

Rule 10b5-1 Arrangement Adopted [Flag]

false

Note 5 - Revenue - Contract Assets and Liabilities (Details) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Contract assets, balance	$ 50,305	$ 86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional	(49,445)	(86,061)
Contract assets recognized, net of reclassification to receivables	31,377	47,537
Contract assets, balance	32,237	48,469
Contract liabilities, balance	4,756	5,255
Reclassification of the beginning contract liabilities to revenue, as the result of performance obligations satisfied	(4,314)	(5,182)
Cash received in advance and not recognized as revenue	5,582	6,160
Contract liabilities, balance	$ 6,024	$ 6,233

Significant Accounting Policies (Policies)

9 Months Ended

Sep. 30, 2024

Accounting Policies [Abstract]

Supplemental Disclosures of Cash Flow Policy [Policy Text Block]

Supplemental Disclosures of Cash Flow Information

Note 7 - Leases

9 Months Ended

Sep. 30, 2024

Lessee, Operating Leases and Finance Leases [Text Block]

NOTE 7 – LEASES

We have operating and finance leases for land, buildings and certain equipment. Our leases have remaining lease terms of one year to 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 4 – Debt").

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

	Three Months Ended				Nine Months Ended
	September 30,				September 30,
	2024		2023		2024		2023
Operating leases	$	3,533	$	2,808	$	9,023	$	8,755
Short-term leases⁽¹⁾		247		373		893		995
Total lease expense	$	3,780	$	3,181	$	9,916	$	9,750

⁽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:

	September 30,
	2024			2023
Weighted average remaining lease term of operating leases (in years)		6.8			7.3
Weighted average discount rate of operating leases		3.0	%		2.9	%

Supplemental cash flow information related to leases was as follows:

	Nine Months Ended September 30,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flow for operating leases	$	9,611	$	8,312

Right of use assets obtained in exchange for lease obligations:
Operating leases	$	2,513	$	10,208
Finance leases	$	430	$	89

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

Years ending December 31:
2024⁽¹⁾	$	2,835
2025		10,769
2026		8,634
2027		5,879
2028		4,219
2029		3,653
Thereafter		10,715
Total lease payments		46,704
Imputed interest		(4,446	)
Total lease liabilities	$	42,258

⁽¹⁾Excluding the nine months ended September 30, 2024.

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 21,440	$ 9,957
Accounts receivable, less allowance of $496 and $276	99,255	79,573
Contract assets	32,237	50,305
Inventories	108,931	105,135
Other receivables – chassis pool agreements	31,592	34,496
Other current assets	6,364	7,462
Total current assets	299,819	286,928
Property, plant and equipment, net	83,773	83,437
Right of use assets – operating leases	40,524	45,827
Goodwill	64,902	48,880
Intangible assets, net	60,724	45,268
Net deferred tax assets	17,310	17,300
Other assets	2,382	2,409
TOTAL ASSETS	569,434	530,049
Current liabilities:
Accounts payable	80,697	99,855
Accrued warranty	8,827	7,231
Accrued compensation and related taxes	17,204	13,526
Contract liabilities	6,024	4,756
Operating lease liability	9,881	10,817
Other current liabilities and accrued expenses	10,659	11,965
Short-term debt – chassis pool agreements	31,592	34,496
Current portion of long-term debt	248	185
Total current liabilities	165,132	182,831
Other non-current liabilities	9,028	8,184
Long-term operating lease liability	32,377	36,724
Long-term debt, less current portion	110,234	50,144
Total liabilities	316,771	277,883
Commitments and contingent liabilities
Shareholders' equity:
Preferred stock, no par value: 2,000 shares authorized (none issued)	0	0
Common stock, no par value: 80,000 shares authorized; 34,482 and 34,303 outstanding	98,888	93,705
Retained earnings	153,775	158,461
Total shareholders' equity	252,663	252,166
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 569,434	$ 530,049

Note 10 - Business Segments

9 Months Ended

Sep. 30, 2024

Segment Reporting Disclosure [Text Block]

NOTE 10 – BUSINESS SEGMENTS

We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles.

We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not indicative of our underlying operating performance, as well as certain non-cash expenses. We define Adjusted EBITDA as income 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 September 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	87,773	$	-	$	-		$	87,773
Motorhome chassis sales		-		11,194		-			11,194
Other specialty vehicle sales		-		66,983		850			67,833
Aftermarket parts and accessories sales		18,087		9,188		-			27,275
Total sales	$	105,860	$	87,365	$	850		$	194,075

Depreciation and amortization expense	$	1,717	$	2,207	$	1,354		$	5,278
Adjusted EBITDA		9,828		16,146		(11,630	)		14,344
Segment assets		202,137		277,225		90,072			569,434
Capital expenditures		250		968		1,856			3,074

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

Fleet vehicle sales	$	108,491	$	-	$	-		$	108,491
Motorhome chassis sales		-		20,519		-			20,519
Other specialty vehicle sales		-		50,557		444			51,001
Aftermarket parts and accessories sales		15,768		5,546		-			21,314
Total sales	$	124,259	$	76,622	$	444		$	201,325

Depreciation and amortization expense	$	1,700	$	1,659	$	951		$	4,310
Adjusted EBITDA		7,977		15,988		(12,977	)		10,988
Segment assets		254,729		219,204		61,528			535,461
Capital expenditures		750		1,006		3,697			5,453

	Nine Months Ended September 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	275,495	$	-	$	-		$	275,495
Motorhome chassis sales		-		60,911		-			60,911
Other specialty vehicle sales		-		178,450		926			179,376
Aftermarket parts and accessories sales		47,964		20,998		-			68,962
Total sales	$	323,459	$	260,359	$	926		$	584,744

Depreciation and amortization expense	$	5,486	$	5,292	$	3,710		$	14,488
Adjusted EBITDA		19,131		50,668		(36,895	)		32,904
Segment assets		202,137		277,225		90,072			569,434
Capital expenditures		1,613		1,574		4,248			7,435

	Nine Months Ended September 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	381,061	$	-	$	-		$	381,061
Motorhome chassis sales		-		78,578		-			78,578
Other specialty vehicle sales		-		156,906		(4,180	)		152,726
Aftermarket parts and accessories sales		41,614		15,886		-			57,500
Total sales	$	422,675	$	251,370	$	(4,180	)	$	669,865

Depreciation and amortization expense	$	4,679	$	5,038	$	2,643		$	12,360
Adjusted EBITDA		32,918		47,207		(42,482	)		37,643
Segment assets		254,729		219,204		61,528			535,461
Capital expenditures		4,317		2,185		11,132			17,634

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

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Note 2 - Acquisition Activities

9 Months Ended

Sep. 30, 2024

Business Combination Disclosure [Text Block]

NOTE 2 – ACQUISITION ACTIVITIES

On July 24, 2024, the Company acquired 100% of the outstanding membership interests of ITU Holdings, Inc. and its subsidiary Independent Truck Upfitters, LLC (collectively “ITU”) for cash consideration of $50,889 and up to an additional $8,000 earn-out amount subject to meeting certain performance criteria within the first two years after the acquisition. The purchase price was funded with cash on hand and borrowings under our existing credit facility. ITU is a Midwest-based provider of turnkey upfit services for fleets of commercial and government service vehicles. We recorded pretax charges totaling $1,182 and $1,558 during the three months and the nine months ended September 30, 2024, respectively, for legal expenses and other transaction costs related to the acquisition, which were reported in Selling, general and administrative expense on the Condensed Consolidated Statements of Operations. ITU is part of our Specialty Vehicle segment.

The ITU acquisition was accounted for using the acquisition method of accounting with the purchase price allocated to the assets purchased and liabilities assumed based upon their estimated fair values at the date of acquisition. Identifiable intangible assets include customer relationships, backlog, trade names and trademarks, unpatented technology and non-competition agreements. The excess of the purchase price over the estimated fair values of the tangible and intangible assets acquired of $16,022 was recorded as goodwill, which is expected to be deductible for tax purposes. The fair value of the net assets acquired were based on a preliminary valuation and the estimates and assumptions are subject to change within the measurement period.

The preliminary purchase price was comprised of the following:

Preliminary purchase price:
Cash paid	$	50,889
Fair value of contingent consideration		4,300
Total preliminary purchase price	$	55,189

The Company recorded a current and a non-current contingent consideration liability for the earn-out at a fair value of $2,680 and $1,620, respectively, as of the acquisition date. The fair value was estimated using a Monte Carlo simulation to model the likelihood of achieving the agreed-upon performance criteria based on available information as of the acquisition date. The valuation methodology includes assumptions and judgments regarding the discount rate, estimated probability of achieving the performance criteria, and expected timing of payments.

As of September 30, 2024, the preliminary purchase price allocation to the fair value of assets acquired and liabilities assumed is as follows:

Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	2,259
Accounts receivable, less allowance		8,726
Contract assets		341
Inventory		10,745
Other current assets		13
Property, plant and equipment		5,525
Right of use assets-operating leases		33
Other assets		5
Intangible assets		18,650
Goodwill		16,022
Total assets acquired		62,319

Accounts payable		(6,395	)
Contract liabilities		(17	)
Operating lease liabilities		(6	)
Other current liabilities and accrued expenses		(685	)
Long-term operating lease liability		(27	)
Total liabilities assumed		(7,130	)
Total fair value allocation of preliminary purchase price	$	55,189

Intangible assets totaling $18,650 have provisionally been assigned to customer relationships, backlog, trade names and trademarks, unpatented technology and non-competition agreements as a result of the acquisition and consist of the following (in thousands):

	Amount		Useful Life
Customer relationships	$	11,800	13 Years
Backlog		1,600	1 Year
Trade names and trademarks		1,600	6 Years
Unpatented technology		3,400	10 Years
Non-competition agreements		250	5 Years
	$	18,650

The Company amortizes the customer relationships utilizing an accelerated approach and amortizes backlog, trade names and trademarks, unpatented technology and non-competition agreement assets utilizing a straight-line approach. Amortization expense was $587 for the three and nine months ended September 30, 2024.

Goodwill consists of operational synergies that are expected to be realized in both the short and long-term and the opportunity to enter into new markets which will enable us to increase value to our customers and shareholders. Key areas of expected cost savings include an expanded dealer network, complementary product portfolios and manufacturing and supply chain work process improvements.

Due to its insignificant size relative to the Company, supplemental pro forma financial information of the combined entity for the prior reporting period is not provided.

Note 2 - Acquisition Activities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Business Acquisitions, by Acquisition [Table Text Block]

Preliminary purchase price:
Cash paid	$	50,889
Fair value of contingent consideration		4,300
Total preliminary purchase price	$	55,189

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block]

Fair value of identifiable assets and liabilities:
Cash and cash equivalents	$	2,259
Accounts receivable, less allowance		8,726
Contract assets		341
Inventory		10,745
Other current assets		13
Property, plant and equipment		5,525
Right of use assets-operating leases		33
Other assets		5
Intangible assets		18,650
Goodwill		16,022
Total assets acquired		62,319

Accounts payable		(6,395	)
Contract liabilities		(17	)
Operating lease liabilities		(6	)
Other current liabilities and accrued expenses		(685	)
Long-term operating lease liability		(27	)
Total liabilities assumed		(7,130	)
Total fair value allocation of preliminary purchase price	$	55,189

Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block]

	Amount		Useful Life
Customer relationships	$	11,800	13 Years
Backlog		1,600	1 Year
Trade names and trademarks		1,600	6 Years
Unpatented technology		3,400	10 Years
Non-competition agreements		250	5 Years
	$	18,650

Note 9 - Taxes on Income

9 Months Ended

Sep. 30, 2024

Income Tax Disclosure [Text Block]

NOTE 9 – TAXES ON INCOME

Our income tax benefit was $48 and $1,951 for the three months ended September 30, 2024 and 2023, respectively. The tax benefit represented a (1.6%) and (76.0%) effective tax rate for the three months ended September 30, 2024 and 2023, respectively. Income tax expense (benefit) was $626 and ($965) for nine months ended September 30, 2024 and 2023, respectively. The tax expense (benefit) represented a 50.3% and (9.7%) effective tax rate for the nine months ended September 30, 2024 and 2023, respectively

The effective tax rate for the three and nine months ended September 30, 2024 and 2023 differs from the U.S. statutory rate of 21% primarily due to the tax benefit of research credits partially 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 tax benefit rate for the three and nine months ended September 30, 2023 is additionally affected by a discrete tax benefit for a 2022 return-to-provision adjustment for the research credit.

The entire disclosure for income tax.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Section 50
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

Note 10 - Business Segments - Segment Reporting Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenues	$ 194,075	$ 201,325	$ 584,744	$ 669,865
Depreciation and amortization expense			14,488	12,360
Segment assets	569,434		569,434		$ 530,049
Capital expenditures			11,482	16,143
Operating Segments [Member]
Revenues	850	444	926	(4,180)
Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	105,860	124,259	323,459	422,675
Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	87,365	76,622	260,359	251,370
Continuing Operations [Member]
Revenues	194,075	201,325	584,744	669,865
Depreciation and amortization expense	5,278	4,310	14,488	12,360
Adjusted EBITDA	14,344	10,988	32,904	37,643
Segment assets	569,434	535,461	569,434	535,461
Capital expenditures	3,074	5,453	7,435	17,634
Continuing Operations [Member] \| Fleet Vehicle Sales [Member]
Revenues	87,773	108,491	275,495	381,061
Continuing Operations [Member] \| Motorhome Chassis [Member]
Revenues	11,194	20,519	60,911	78,578
Continuing Operations [Member] \| Other Specialty Vehicles [Member]
Revenues	67,833	51,001	179,376	152,726
Continuing Operations [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	27,275	21,314	68,962	57,500
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member]
Revenues	105,860	124,259	323,459	422,675
Depreciation and amortization expense	1,717	1,700	5,486	4,679
Adjusted EBITDA	9,828	7,977	19,131	32,918
Segment assets	202,137	254,729	202,137	254,729
Capital expenditures	250	750	1,613	4,317
Continuing Operations [Member] \| Operating Segments [Member] \| Fleet Vehicles and Services [Member] \| Fleet Vehicle Sales [Member]
Revenues	87,773	108,491	275,495	381,061
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	18,087	15,768	47,964	41,614
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member]
Revenues	87,365	76,622	260,359	251,370
Depreciation and amortization expense	2,207	1,659	5,292	5,038
Adjusted EBITDA	16,146	15,988	50,668	47,207
Segment assets	277,225	219,204	277,225	219,204
Capital expenditures	968	1,006	1,574	2,185
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	11,194	20,519	60,911	78,578
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Other Specialty Vehicles [Member]
Revenues	66,983	50,557	178,450	156,906
Continuing Operations [Member] \| Operating Segments [Member] \| Specialty Vehicles [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	9,188	5,546	20,998	15,886
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member]
Revenues	850	444	926	(4,180)
Depreciation and amortization expense	1,354	951	3,710	2,643
Adjusted EBITDA	(11,630)	(12,977)	(36,895)	(42,482)
Segment assets	90,072	61,528	90,072	61,528
Capital expenditures	1,856	3,697	4,248	11,132
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	850	444	926	(4,180)
Continuing Operations [Member] \| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment [Member] \| Aftermarket Parts and Accessories Sales [Member]
Revenues	$ 0	$ 0	$ 0	$ 0

Note 10 - Business Segments (Tables)

9 Months Ended

Sep. 30, 2024

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

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

Fleet vehicle sales	$	87,773	$	-	$	-		$	87,773
Motorhome chassis sales		-		11,194		-			11,194
Other specialty vehicle sales		-		66,983		850			67,833
Aftermarket parts and accessories sales		18,087		9,188		-			27,275
Total sales	$	105,860	$	87,365	$	850		$	194,075

Depreciation and amortization expense	$	1,717	$	2,207	$	1,354		$	5,278
Adjusted EBITDA		9,828		16,146		(11,630	)		14,344
Segment assets		202,137		277,225		90,072			569,434
Capital expenditures		250		968		1,856			3,074

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

Fleet vehicle sales	$	108,491	$	-	$	-		$	108,491
Motorhome chassis sales		-		20,519		-			20,519
Other specialty vehicle sales		-		50,557		444			51,001
Aftermarket parts and accessories sales		15,768		5,546		-			21,314
Total sales	$	124,259	$	76,622	$	444		$	201,325

Depreciation and amortization expense	$	1,700	$	1,659	$	951		$	4,310
Adjusted EBITDA		7,977		15,988		(12,977	)		10,988
Segment assets		254,729		219,204		61,528			535,461
Capital expenditures		750		1,006		3,697			5,453

	Nine Months Ended September 30, 2024
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	275,495	$	-	$	-		$	275,495
Motorhome chassis sales		-		60,911		-			60,911
Other specialty vehicle sales		-		178,450		926			179,376
Aftermarket parts and accessories sales		47,964		20,998		-			68,962
Total sales	$	323,459	$	260,359	$	926		$	584,744

Depreciation and amortization expense	$	5,486	$	5,292	$	3,710		$	14,488
Adjusted EBITDA		19,131		50,668		(36,895	)		32,904
Segment assets		202,137		277,225		90,072			569,434
Capital expenditures		1,613		1,574		4,248			7,435

	Nine Months Ended September 30, 2023
	Segment
	FVS		SV		Eliminations and Other			Consolidated

Fleet vehicle sales	$	381,061	$	-	$	-		$	381,061
Motorhome chassis sales		-		78,578		-			78,578
Other specialty vehicle sales		-		156,906		(4,180	)		152,726
Aftermarket parts and accessories sales		41,614		15,886		-			57,500
Total sales	$	422,675	$	251,370	$	(4,180	)	$	669,865

Depreciation and amortization expense	$	4,679	$	5,038	$	2,643		$	12,360
Adjusted EBITDA		32,918		47,207		(42,482	)		37,643
Segment assets		254,729		219,204		61,528			535,461
Capital expenditures		4,317		2,185		11,132			17,634

Note 7 - Leases - Lease Expense and Information (Details) - USD ($)
$ in Thousands

3 Months Ended

9 Months Ended

Sep. 30, 2024

Sep. 30, 2023

Sep. 30, 2024

Sep. 30, 2023

Operating leases

$ 3,533

$ 2,808

$ 9,023

$ 8,755

Short-term leases(1)

^[1]

247

373

893

995

Total lease expense

$ 3,780

$ 3,181

$ 9,916

$ 9,750

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

6 years 9 months 18 days

7 years 3 months 18 days

6 years 9 months 18 days

7 years 3 months 18 days

Weighted average discount rate of operating leases

3.00%

2.90%

3.00%

2.90%

Operating cash flow for operating leases

$ 9,611

$ 8,312

Operating leases

2,513

10,208

Finance leases

$ 430

$ 89

[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.

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 ("SIP") (in shares)	5
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(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 SIP		4,656	(0)	(0)	4,656
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)					10,881
Balance (in shares) at Sep. 30, 2023	34,289
Balance at Sep. 30, 2023		91,046	164,624	69	255,739
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 ("SIP") (in shares)	5
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(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 SIP		83	0	0	83
Balance (in shares) at Jun. 30, 2023	34,956
Balance at Jun. 30, 2023		90,606	170,523	69	261,198
Issuance of common stock and tax impact of stock incentive plan ("SIP") (in shares)	4
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(101)	0	0	(101)
Dividends declared		0	(1,765)	0	(1,765)
Issuance of restricted stock, net of cancellation (in shares)	3
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock-based compensation expense		2,097	0	0	2,097
Net income (loss)		0	4,518	0	4,518
Purchase and retirement of common stock (in shares)	(674)
Purchase and retirement of common stock		(1,758)	(8,652)	0	(10,410)
Issuance of common stock and tax impact of SIP		101	0	0	101
Balance (in shares) at Sep. 30, 2023	34,289
Balance at Sep. 30, 2023		91,046	164,624	69	255,739
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 ("SIP") (in shares)	10
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(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 SIP		389	(0)	(0)	389
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)					618
Balance (in shares) at Sep. 30, 2024	34,482
Balance at Sep. 30, 2024		98,888	153,775	0	252,663
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 ("SIP") (in shares)	12
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(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 SIP		149	(0)	(0)	149
Balance (in shares) at Jun. 30, 2024	34,448
Balance at Jun. 30, 2024		96,651	152,439	0	249,090
Issuance of common stock and tax impact of stock incentive plan ("SIP") (in shares)	15
Issuance of common stock and tax impact of stock incentive plan ("SIP")		(49)	0	0	(49)
Dividends declared		0	(1,787)	0	(1,787)
Issuance of restricted stock, net of cancellation (in shares)	19
Issuance of restricted stock, net of cancellation		0	0	0	0
Non-cash stock-based compensation expense		2,188	0	0	2,188
Net income (loss)		0	3,123	0	3,123
Issuance of common stock and tax impact of SIP		49	0	0	49
Balance (in shares) at Sep. 30, 2024	34,482
Balance at Sep. 30, 2024		$ 98,888	$ 153,775	$ 0	$ 252,663

Note 6 - Property, Plant and Equipment (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Depreciation	$ 3,822	$ 3,358	$ 11,294	$ 9,503

Note 5 - Revenue

9 Months Ended

Sep. 30, 2024

Revenue from Contract with Customer [Text Block]

NOTE 5 – REVENUE

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

	September 30, 2024			September 30, 2023
Contract Assets
Contract assets, beginning of period	$	50,305		$	86,993
Reclassification of the beginning contract assets to receivables, as the result of rights to consideration becoming unconditional		(49,445	)		(86,061	)
Contract assets recognized, net of reclassification to receivables		31,377			47,537
Contract assets, end of period	$	32,237		$	48,469

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		(4,314	)		(5,182	)
Cash received in advance and not recognized as revenue		5,582			6,160
Contract liabilities, end of period	$	6,024		$	6,233

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 $267,952 and $77,456, 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 September 30, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	101,095	$	87,188	$	850	$	189,133
Other		4,765		177		-		4,942
Total sales	$	105,860	$	87,365	$	850	$	194,075

Timing of revenue recognition
Products transferred at a point in time	$	18,087	$	26,849	$	850	$	45,786
Products and services transferred over time		87,773		60,516		-		148,289
Total sales	$	105,860	$	87,365	$	850	$	194,075

	Three Months Ended September 30, 2023
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	122,626	$	76,603	$	444		$	199,673
Other		1,633		19		-			1,652
Total sales	$	124,259	$	76,622	$	444		$	201,325

Timing of revenue recognition
Products transferred at a point in time	$	15,768	$	34,297	$	467		$	50,532
Products and services transferred over time		108,491		42,325		(23	)		150,793
Total sales	$	124,259	$	76,622	$	444		$	201,325

	Nine Months Ended September 30, 2024
	FVS		SV		Eliminations and Other		Total
Primary geographical markets
United States	$	276,822	$	259,996	$	926	$	537,744
Other		46,637		363		-		47,000
Total sales	$	323,459	$	260,359	$	926	$	584,744

Timing of revenue recognition
Products transferred at a point in time	$	47,964	$	100,228	$	926	$	149,118
Products and services transferred over time		275,495		160,131		-		435,626
Total sales	$	323,459	$	260,359	$	926	$	584,744

	Nine Months Ended September 30, 2023
	FVS		SV		Eliminations and Other			Total
Primary geographical markets
United States	$	401,117	$	251,306	$	(4,180	)	$	648,243
Other		21,558		64		-			21,622
Total sales	$	422,675	$	251,370	$	(4,180	)	$	669,865

Timing of revenue recognition
Products transferred at a point in time	$	41,614	$	109,977	$	467		$	152,058
Products and services transferred over time		381,061		141,393		(4,647	)		517,807
Total sales	$	422,675	$	251,370	$	(4,180	)	$	669,865

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
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479806/606-10-50-9

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Note 8 - Commitments and Contingent Liabilities (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Product Warranty Liability [Table Text Block]

	Nine Months Ended September 30,
	2024			2023
Balance of accrued warranty at January 1	$	7,231		$	7,161
Accruals for warranties issued		3,969			3,023
Changes in liability for pre-existing warranties		902			(1,044	)
Cash settlements		(3,335	)		(2,823	)
Acquisition		60			-
Balance of accrued warranty at September 30	$	8,827		$	6,317

Note 9 - Taxes on Income (Details Textual) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Expense (Benefit)	$ (48)	$ (1,951)	$ 626	$ (965)
Effective Income Tax Rate Reconciliation, Percent	(1.60%)	(76.00%)	50.30%	(9.70%)
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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Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 30, 2024	Oct. 18, 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	Q3
Document Fiscal Year Focus	2024
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 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		34,494,454

Note 10 - Business Segments (Details Textual)	9 Months Ended
Note 10 - Business Segments (Details Textual)	Sep. 30, 2024
Number of Reportable Segments	2

Note 5 - Revenue - Disaggregated Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 194,075	$ 201,325	$ 584,744	$ 669,865
Operating Segments [Member]
Revenues	850	444	926	(4,180)
Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	850	467	926	467
Operating Segments [Member] \| Transferred over Time [Member]
Revenues	0	(23)	0	(4,647)
Consolidation, Eliminations [Member]
Revenues	194,075	201,325	584,744	669,865
Consolidation, Eliminations [Member] \| Transferred at Point in Time [Member]
Revenues	45,786	50,532	149,118	152,058
Consolidation, Eliminations [Member] \| Transferred over Time [Member]
Revenues	148,289	150,793	435,626	517,807
Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	105,860	124,259	323,459	422,675
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	18,087	15,768	47,964	41,614
Fleet Vehicles and Services [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	87,773	108,491	275,495	381,061
Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	87,365	76,622	260,359	251,370
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred at Point in Time [Member]
Revenues	26,849	34,297	100,228	109,977
Specialty Vehicles [Member] \| Operating Segments [Member] \| Transferred over Time [Member]
Revenues	60,516	42,325	160,131	141,393
UNITED STATES \| Operating Segments [Member]
Revenues	850	444	926	(4,180)
UNITED STATES \| Consolidation, Eliminations [Member]
Revenues	189,133	199,673	537,744	648,243
UNITED STATES \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	101,095	122,626	276,822	401,117
UNITED STATES \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	87,188	76,603	259,996	251,306
Non-US [Member] \| Operating Segments [Member]
Revenues	0	0	0	0
Non-US [Member] \| Consolidation, Eliminations [Member]
Revenues	4,942	1,652	47,000	21,622
Non-US [Member] \| Fleet Vehicles and Services [Member] \| Operating Segments [Member]
Revenues	4,765	1,633	46,637	21,558
Non-US [Member] \| Specialty Vehicles [Member] \| Operating Segments [Member]
Revenues	$ 177	$ 19	$ 363	$ 64

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 4 - Debt (Details Textual) - USD ($) $ in Thousands		9 Months Ended
Note 4 - Debt (Details Textual) - USD ($) $ in Thousands	Mar. 27, 2024	Sep. 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		6.45%
Line of Credit Facility, Current Borrowing Capacity		$ 34,114	$ 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 8 - Commitments and Contingent Liabilities

9 Months Ended

Sep. 30, 2024

Commitments and Contingencies Disclosure [Text Block]

NOTE 8 – COMMITMENTS AND CONTINGENT LIABILITIES

At September 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:

	Nine Months Ended September 30,
	2024			2023
Balance of accrued warranty at January 1	$	7,231		$	7,161
Accruals for warranties issued		3,969			3,023
Changes in liability for pre-existing warranties		902			(1,044	)
Cash settlements		(3,335	)		(2,823	)
Acquisition		60			-
Balance of accrued warranty at September 30	$	8,827		$	6,317

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.

On September 27, 2024, the Company received the final approval from the EPA to settle this matter for $2,000. We had an accrual of $2,000 as of September 30, 2024 and paid the settlement in full in October of 2024.

Note 1 - Nature of Operations and Basis of Presentation (Details Textual) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Capital Expenditures Incurred but Not yet Paid	$ 1,541	$ 2,258

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income (loss)	$ 618	$ 10,881
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	14,488	12,360
Non-cash stock-based compensation expense	5,672	5,187
Loss on disposal of assets	167	132
Deferred income taxes	(9)	(614)
Changes in accounts receivable and contract assets	7,454	62,730
Changes in inventories	6,949	(15,039)
Changes in accounts payable	(21,509)	(25,194)
Changes in accrued compensation and related taxes	3,678	1,693
Changes in accrued warranty	1,596	(844)
Change in other assets and liabilities	(1,888)	(6,474)
Net cash provided by operating activities	17,216	44,818
Cash flows from investing activities:
Purchases of property, plant and equipment	(11,482)	(16,143)
Proceeds from sale of property, plant and equipment	91	100
Acquisition of business, net of cash acquired	(48,631)	(500)
Net cash used in investing activities	(60,022)	(16,543)
Cash flows from financing activities:
Proceeds from long-term debt	135,000	100,000
Payments on long-term debt	(75,000)	(101,000)
Payments of dividends	(5,222)	(5,392)
Purchase and retirement of common stock	0	(19,083)
Exercise and vesting of stock incentive awards	(489)	(4,472)
Net cash provided by (used in) financing activities	54,289	(29,947)
Net increase (decrease) in cash and cash equivalents	11,483	(1,672)
Cash and cash equivalents at beginning of period	9,957	11,548
Cash and cash equivalents at end of period	$ 21,440	$ 9,876

Note 8 - Commitments and Contingent Liabilities (Details Textual) - Possible EPA Violation [Member] - USD ($) $ in Millions	Sep. 27, 2024	Sep. 30, 2024
Litigation Settlement, Amount Awarded to Other Party	$ 2
Loss Contingency Accrual		$ 2

Note 5 - Revenue (Tables)

9 Months Ended

Sep. 30, 2024