The Shyft Group, Inc. (NASDAQ: SHYF) (“Shyft” or the “Company”),
the North American leader in specialty vehicle manufacturing,
assembly and upfit for the commercial, retail and service specialty
vehicle markets, today reports operating results for the third
quarter ended September 30, 2023.
Third Quarter 2023 HighlightsFor the third
quarter of 2023 compared to the third quarter of 2022:
- Sales of $201.3 million, a decrease of $84.8 million, or 29.6%,
from $286.1 million
- Net income of $4.5 million, or $0.13 per share, compared to
$17.3 million, or $0.49 per share; third quarter 2023 net income
includes a tax benefit of $2.0 million, primarily due to favorable
adjustments for R&D tax credits
- Adjusted EBITDA of $11.0 million, or 5.5% of sales, a decrease
of $16.1 million, from $27.1 million, or 9.5% of sales; results
include $7.6 million of EV program costs consistent with prior
year
- Adjusted net income of $6.7 million, or $0.19 per share,
compared to $18.6 million, or $0.53 per share in the prior
year
- Consolidated backlog of $464.4 million as of September 30,
2023, down 55.5% compared to $1.0 billion as of September 30,
2022
- Operating cash flow of $9.2 million, up $17.0 million, compared
to an outflow of $7.8 million in the prior year
- Issued the second annual Sustainability Report highlighting our
continued progress towards our environmental, social, and
governance goals
“We delivered third quarter results in line with our
expectations led by our infrastructure and vocational related
businesses. The parcel and motorhome end-markets continue to be
highly dynamic, and our team is focused on driving operational and
commercial actions as we close out the year,” said Jon Douyard,
Chief Financial Officer.
Third Quarter 2023 Business Segment
HighlightsFor the third quarter of 2023 compared to the
third quarter of 2022:
Fleet Vehicles and Services (FVS)
- Sales of $124.3 million, a decrease of $60.2 million, or 32.6%,
from $184.5 million
- Adjusted EBITDA of $8.0 million, or 6.4% of sales, a decrease
of $16.4 million, from $24.4 million, or 13.2% of sales
- Segment quarter-end backlog of $383.4 million, down 58.1%
compared to $915.1 million in the prior year
Specialty Vehicles (SV)
- Sales of $76.6 million, a decrease of $27.3 million, or 26.3%,
from $103.9 million
- Adjusted EBITDA of $16.0 million, or 20.9% of sales, an
increase of $0.4 million, from $15.6 million, or 15.0% of
sales
- Segment quarter-end backlog of $81.0 million as of September
30, 2023, down 37.1% compared to $128.8 million in the prior
year
Disciplined Capital Allocation“Our balance
sheet is a competitive advantage as the Company executes its
long-term strategy. We are focused on cash conversion and
efficiently deploying capital to maximize shareholder value,
including $19.1 million of share repurchases in 2023,” said
Douyard.
The Company deployed $17.2 million of capital in the third
quarter with the following actions:
- Repurchased $10.3 million in shares with $223 million remaining
under the existing share repurchase authorization
- Funded $5.2 million of capital expenditures, including
investment in Blue Arc
- Paid regular dividends of $1.7 million reflecting a dividend of
$0.05 per share
2023 Financial OutlookThe Company is narrowing
its full-year 2023 outlook to the lower-end of the range as
end-market challenges and operational inefficiencies remain.
The outlook, notwithstanding further changes in the operating
environment, is as follows:
- Sales to be in the range of $850 million to $900 million
compared to the previous outlook of $850 to $950 million
- Adjusted EBITDA of $40 to $45 million compared to the previous
outlook of $40 to $60 million
- Net Income of $4 to $9 million compared to the previous outlook
of $1 to $16 million; includes favorable adjustments for R&D
tax credits
- Earnings per share of $0.13 to $0.27 compared to the previous
outlook of $0.03 to $0.46
- Adjusted earnings per share of $0.42 to $0.56 compared to the
previous outlook of $0.33 to $0.76
Conference Call and WebcastThe Shyft Group will
host a conference call and webcast at 8:30 a.m. ET today.
The U.S. toll-free dial-in for the conference call is
1-844-868-8845, and the international dial-in number is
412-317-6591. The conference passcode is 10179222.
A live webcast of the conference will also be available on the
investor relations page of the company’s website at
www.theshyftgroup.com/webcasts.
About The Shyft Group
The Shyft Group is the North American leader in specialty
vehicle manufacturing, assembly, and upfit for the commercial,
retail, and service specialty vehicle markets. Our customers
include first-to-last mile delivery companies across vocations,
federal, state, and local government entities; the trades; and
utility and infrastructure segments. The Shyft Group is organized
into two core business units: Shyft Fleet Vehicles and Services™
and Shyft Specialty Vehicles™. Today, its family of brands include
Utilimaster®, Blue Arc™ EV Solutions, Royal® Truck Body, DuraMag®
and Magnum®, Strobes-R-Us, Spartan® RV Chassis, Red Diamond™
Aftermarket Solutions, and Builtmore Contract Manufacturing™. The
Shyft Group and its go-to-market brands are well known in their
respective industries for quality, durability, and first-to-market
innovation. The Company employs approximately 4,200 employees and
contractors across campuses, and operates facilities in Arizona,
California, Florida, Indiana, Maine, Michigan, Missouri,
Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company
reported sales of $1.0 billion in 2022. Learn more
at TheShyftGroup.com.
Forward Looking Statement
This release contains information, including our sales and
earnings guidance, all other information provided with respect to
our outlook for 2023 and future periods, and other statements
concerning our business, strategic position, financial projections,
financial strength, future plans, objectives, and the performance
of our products and operations that may constitute “forward-looking
statements” within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended. We intend the forward-looking statements to be
covered by the safe harbor provisions for forward-looking
statements in those sections. Generally, we have identified such
forward-looking statements by using words such as “believe,”
“expect,” “intend,” “potential,” “future,” “may,” “will,” “should,”
and similar expressions or by using future dates in connection with
any discussion of, among other things, the construction or
operation of new or existing facilities, operating performance,
trends, events or developments that we expect or anticipate will
occur in the future, statements relating to volume changes, share
of sales and earnings per share changes, anticipated cost savings,
potential capital and operational cash improvements, anticipated
disruptions to our operations and industry due to the COVID-19
pandemic, changes in supply and demand conditions and prices for
our products, trade duties and other aspects of trade policy,
statements regarding our future strategies, products and
innovations, and statements expressing general views about future
operating results. However, the absence of these words or similar
expressions does not mean that a statement is not forward-looking.
Forward-looking statements are not historical facts, but instead
represent only the Company’s beliefs regarding future events, many
of which, by their nature, are inherently uncertain and outside of
the Company’s control. It is possible that the Company’s actual
results and financial condition may differ, possibly materially,
from the anticipated results and financial condition indicated in
these forward-looking statements. Management believes that these
forward-looking statements are reasonable as of the time made.
However, caution should be taken not to place undue reliance on any
such forward-looking statements because such statements speak only
as of the date when made. We undertake no obligation to publicly
update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise, except as
required by law. In addition, forward-looking statements are
subject to certain risks and uncertainties that could cause actual
results to differ materially from the Company’s historical
experience and our present expectations or projections. In
addition, forward-looking statements are subject to certain risks
and uncertainties that could cause actual results to differ
materially from the Company’s historical experience and our present
expectations or projections. These risks and uncertainties include,
but are not limited to, the risks and uncertainties described in
“Item 1A. Risk Factors” in our Annual Report on Form 10-K for the
year ended December 31, 2022, and those described from time to time
in our future reports filed with the Securities and Exchange
Commission (SEC), which are available at www.sec.gov or our
website. All forward-looking statements in this release are
qualified by this paragraph. Investors should not place undue
reliance on forward-looking statements as a prediction of actual
results. We undertake no obligation to publicly update or revise
any forward-looking statements in this release, whether as a result
of new information, future events, or otherwise.
ContactRandy WilsonVice President, Investor
Relations and
TreasuryRandy.Wilson@theshyftgroup.com248.727.3755
The Shyft Group, Inc. and SubsidiariesConsolidated Balance
Sheets(In thousands)(Unaudited) |
|
|
September 30, |
|
December 31, |
|
2023 |
|
2022 |
ASSETS |
|
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
|
Cash and cash equivalents |
$ |
9,876 |
|
|
$ |
11,548 |
|
Accounts receivable, less allowance of $290 and $246 |
|
91,536 |
|
|
|
115,742 |
|
Contract assets |
|
48,469 |
|
|
|
86,993 |
|
Inventories |
|
115,200 |
|
|
|
100,161 |
|
Other receivables – chassis pool agreements |
|
29,285 |
|
|
|
19,544 |
|
Other current assets |
|
5,350 |
|
|
|
11,779 |
|
Total current assets |
|
299,716 |
|
|
|
345,767 |
|
Property, plant and
equipment, net |
|
79,437 |
|
|
|
70,753 |
|
Right of use
assets–operating leases |
|
47,669 |
|
|
|
53,386 |
|
Goodwill |
|
48,880 |
|
|
|
48,880 |
|
Intangible assets,
net |
|
46,221 |
|
|
|
49,078 |
|
Net deferred tax
assets |
|
11,004 |
|
|
|
10,390 |
|
Other
assets |
|
2,534 |
|
|
|
2,227 |
|
TOTAL
ASSETS |
$ |
535,461 |
|
|
$ |
580,481 |
|
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY |
|
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
|
Accounts payable |
$ |
99,299 |
|
|
$ |
124,309 |
|
Accrued warranty |
|
6,317 |
|
|
|
7,161 |
|
Accrued compensation and related taxes |
|
16,127 |
|
|
|
14,434 |
|
Contract liabilities |
|
6,233 |
|
|
|
5,255 |
|
Operating lease liability |
|
10,884 |
|
|
|
10,888 |
|
Other current liabilities and accrued expenses |
|
7,597 |
|
|
|
19,452 |
|
Short-term debt – chassis pool agreements |
|
29,285 |
|
|
|
19,544 |
|
Current portion of long-term debt |
|
203 |
|
|
|
189 |
|
Total current liabilities |
|
175,945 |
|
|
|
201,232 |
|
Other non-current
liabilities |
|
10,105 |
|
|
|
10,033 |
|
Long-term operating
lease liability |
|
38,491 |
|
|
|
44,256 |
|
Long-term debt, less
current portion |
|
55,181 |
|
|
|
56,266 |
|
Total liabilities |
|
279,722 |
|
|
|
311,787 |
|
Commitments and
contingent liabilities |
|
|
|
|
|
|
|
Shareholders'
equity: |
|
|
|
|
|
|
|
Preferred stock, no par value: 2,000 shares authorized (none
issued) |
|
- |
|
|
|
- |
|
Common stock, no par value: 80,000 shares authorized;
34,289 and 35,066 outstanding |
|
91,046 |
|
|
|
92,982 |
|
Retained earnings |
|
164,624 |
|
|
|
175,611 |
|
Total Shyft Group, Inc.
shareholders’equity |
|
255,670 |
|
|
|
268,593 |
|
Non-controlling interest |
|
69 |
|
|
|
101 |
|
Total shareholders' equity |
|
255,739 |
|
|
|
268,694 |
|
TOTAL LIABILITIES AND
SHAREHOLDERS' EQUITY |
$ |
535,461 |
|
|
$ |
580,481 |
|
The Shyft Group, Inc. and SubsidiariesConsolidated
Statements of Operations(In thousands, except per share
data)(Unaudited) |
|
|
Three Months EndedSeptember
30, |
|
|
Nine Months EndedSeptember
30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales |
$ |
201,325 |
|
|
$ |
286,075 |
|
|
$ |
669,865 |
|
|
$ |
725,153 |
|
Cost of products sold |
|
164,557 |
|
|
|
231,979 |
|
|
|
547,419 |
|
|
|
603,008 |
|
Gross
profit |
|
36,768 |
|
|
|
54,096 |
|
|
|
122,446 |
|
|
|
122,145 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Research and development |
|
5,225 |
|
|
|
7,051 |
|
|
|
18,064 |
|
|
|
19,541 |
|
Selling, general and administrative |
|
27,419 |
|
|
|
25,033 |
|
|
|
89,978 |
|
|
|
78,445 |
|
Total operating expenses |
|
32,644 |
|
|
|
32,084 |
|
|
|
108,042 |
|
|
|
97,986 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
income |
|
4,124 |
|
|
|
22,012 |
|
|
|
14,404 |
|
|
|
24,159 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other income (expense) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense |
|
(1,572 |
) |
|
|
(1,137 |
) |
|
|
(4,697 |
) |
|
|
(1,754 |
) |
Other income (expense) |
|
15 |
|
|
|
181 |
|
|
|
209 |
|
|
|
(342 |
) |
Total other expense |
|
(1,557 |
) |
|
|
(956 |
) |
|
|
(4,488 |
) |
|
|
(2,096 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income before income
taxes |
|
2,567 |
|
|
|
21,056 |
|
|
|
9,916 |
|
|
|
22,063 |
|
Income tax expense
(benefit) |
|
(1,951 |
) |
|
|
3,770 |
|
|
|
(965 |
) |
|
|
3,346 |
|
Net income |
|
4,518 |
|
|
|
17,286 |
|
|
|
10,881 |
|
|
|
18,717 |
|
Less: net loss attributable to
non-controlling interest |
|
- |
|
|
|
- |
|
|
|
32 |
|
|
|
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net
income attributable to The Shyft Group Inc. |
$ |
4,518 |
|
|
$ |
17,286 |
|
|
$ |
10,913 |
|
|
$ |
18,717 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per share |
$ |
0.13 |
|
|
$ |
0.49 |
|
|
$ |
0.31 |
|
|
$ |
0.53 |
|
Diluted earnings per
share |
$ |
0.13 |
|
|
$ |
0.49 |
|
|
$ |
0.31 |
|
|
$ |
0.53 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic weighted average common
shares outstanding |
|
34,604 |
|
|
|
35,056 |
|
|
|
34,863 |
|
|
|
35,071 |
|
Diluted weighted average
common shares outstanding |
|
34,637 |
|
|
|
35,365 |
|
|
|
34,985 |
|
|
|
35,481 |
|
The Shyft Group, Inc. and
SubsidiariesConsolidated Statements of Cash
Flows(In thousands, except par
value)(Unaudited) |
|
|
|
Nine MonthsEnded September
30, |
|
|
2023 |
|
|
|
2022 |
|
Cash flows from
operating activities: |
|
|
|
|
|
|
|
Net income |
$ |
10,881 |
|
|
$ |
18,717 |
|
Adjustments to reconcile net income to net cash provided by (used
in) operating activities |
|
|
|
|
|
|
|
Depreciation and amortization |
|
12,360 |
|
|
|
10,055 |
|
Non-cash stock based compensation expense |
|
5,187 |
|
|
|
4,922 |
|
Deferred income taxes |
|
(614 |
) |
|
|
64 |
|
Loss on disposal of assets |
|
132 |
|
|
|
481 |
|
Changes in accounts receivable and contract assets |
|
62,730 |
|
|
|
(66,026 |
) |
Changes in inventories |
|
(15,039 |
) |
|
|
(44,029 |
) |
Changes in accounts payable |
|
(25,194 |
) |
|
|
24,708 |
|
Changes in accrued compensation and related taxes |
|
1,693 |
|
|
|
(3,505 |
) |
Changes in accrued warranty |
|
(844 |
) |
|
|
457 |
|
Changes in other assets and liabilities |
|
(6,474 |
) |
|
|
9,663 |
|
Net cash provided by
(used in) operating activities |
|
44,818 |
|
|
|
(44,493 |
) |
|
|
|
|
|
|
|
|
Cash flows from
investing activities: |
|
|
|
|
|
|
|
Purchases of property, plant and equipment |
|
(16,143 |
) |
|
|
(14,228 |
) |
Proceeds from sale of property, plant and equipment |
|
100 |
|
|
|
148 |
|
Acquisition of business, net of cash acquired |
|
(500 |
) |
|
|
- |
|
Net cash used in
investing activities |
|
(16,543 |
) |
|
|
(14,080 |
) |
|
|
|
|
|
|
|
|
Cash flows from
financing activities: |
|
|
|
|
|
|
|
Proceeds from long-term debt |
|
100,000 |
|
|
|
120,000 |
|
Payments on long-term debt |
|
(101,000 |
) |
|
|
(55,000 |
) |
Payments of dividends |
|
(5,392 |
) |
|
|
(5,395 |
) |
Purchase and retirement of common stock |
|
(19,083 |
) |
|
|
(26,789 |
) |
Exercise and vesting of stock incentive awards |
|
(4,472 |
) |
|
|
(8,539 |
) |
Net cash provided by
(used in) financing activities |
|
(29,947 |
) |
|
|
24,277 |
|
|
|
|
|
|
|
|
|
Net decrease in cash and cash
equivalents |
|
(1,672 |
) |
|
|
(34,296 |
) |
Cash and cash equivalents at
beginning of period |
|
11,548 |
|
|
|
37,158 |
|
Cash and cash equivalents at
end of period |
$ |
9,876 |
|
|
$ |
2,862 |
|
The Shyft Group, Inc. and
SubsidiariesSales and Other Financial Information
by Business Segment(Unaudited) |
|
Quarter Ended September 30, 2023 (in thousands of
dollars) |
|
|
Business Segments |
|
|
|
|
|
|
Fleet Vehicles |
|
|
|
Specialty |
|
|
|
Eliminations & |
|
|
|
|
|
|
|
& Services |
|
|
|
Vehicles |
|
|
|
Other |
|
|
|
Consolidated |
|
Fleet vehicle sales |
$ |
108,491 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
108,491 |
|
Motorhome chassis sales |
|
- |
|
|
|
20,519 |
|
|
|
- |
|
|
|
20,519 |
|
Other specialty vehicles
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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
7,977 |
|
|
$ |
15,988 |
|
|
$ |
(12,977 |
) |
|
$ |
10,988 |
|
The Shyft Group, Inc. and
SubsidiariesSales and Other Financial Information
by Business Segment(Unaudited) |
|
Quarter Ended
September 30, 2022 (in thousands of dollars) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Business Segments |
|
|
|
|
|
|
|
Fleet Vehicles |
|
|
|
Specialty |
|
|
|
Eliminations & |
|
|
|
|
|
|
|
& Services |
|
|
|
Vehicles |
|
|
|
Other |
|
|
|
Consolidated |
|
Fleet vehicle sales |
$ |
173,673 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
173,673 |
|
Motorhome chassis sales |
|
- |
|
|
|
50,399 |
|
|
|
- |
|
|
|
50,399 |
|
Other specialty vehicles
sales |
|
- |
|
|
|
48,570 |
|
|
|
(2,335 |
) |
|
|
46,235 |
|
Aftermarket parts and
accessories sales |
|
10,821 |
|
|
|
4,947 |
|
|
|
- |
|
|
|
15,768 |
|
Total Sales |
$ |
184,494 |
|
|
$ |
103,916 |
|
|
$ |
(2,335 |
) |
|
$ |
286,075 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted EBITDA |
$ |
24,361 |
|
|
$ |
15,550 |
|
$ |
(12,849 |
) |
|
$ |
27,062 |
|
The Shyft Group, Inc. and
SubsidiariesSales and Other Financial Information
by Business Segment(Unaudited) |
|
Period
End Backlog (amounts in thousands of dollars) |
|
|
Sept. 30, 2023 |
|
|
|
Jun. 30, 2023 |
|
|
Mar. 31, 2023 |
|
|
|
Dec. 31, 2022 |
|
|
Sept. 30, 2022 |
|
Fleet Vehicles and
Services |
$ |
383,448 |
|
|
$ |
437,802 |
|
|
$ |
584,933 |
|
$ |
736,690 |
|
|
$ |
915,135 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Specialty Vehicles |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Motorhome Chassis |
|
28,304 |
|
|
|
25,123 |
|
|
|
28,180 |
|
|
|
35,471 |
|
|
|
49,769 |
|
Other Specialty Vehicles |
|
52,679 |
|
|
|
47,279 |
|
|
|
54,298 |
|
|
|
60,552 |
|
|
|
79,000 |
|
Total Specialty Vehicles |
|
80,983 |
|
|
|
72,402 |
|
|
|
82,478 |
|
|
|
96,023 |
|
|
|
128,769 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Backlog |
$ |
464,431 |
|
|
$ |
510,204 |
|
|
$ |
667,411 |
|
|
$ |
832,713 |
|
|
$ |
1,043,904 |
|
Reconciliation of Non-GAAP Financial Measures
This release presents Adjusted EBITDA (earnings
before interest, taxes, depreciation and amortization), adjusted
net income, and adjusted earnings per share, each of which is a
non-GAAP financial measure. These non-GAAP measures are 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.
We present the non-GAAP measure Adjusted EBITDA
because we consider it to be an important supplemental measure of
our performance. The presentation of Adjusted EBITDA enables
investors to better understand our operations by removing items
that we believe are not representative of our continuing operations
and may distort our longer-term operating trends. We believe this
measure to be useful to improve the comparability of our results
from period to period and with our competitors, as well as to show
ongoing results from operations distinct from items that are
infrequent or not indicative of our continuing operating
performance. We believe that presenting this non-GAAP measure is
useful to investors because it permits investors to view
performance using the same tools that management uses to budget,
make operating and strategic decisions, and evaluate our historical
performance. We believe that the presentation of this non-GAAP
measure, when considered together with the corresponding GAAP
financial measures and the reconciliations to that measure,
provides investors with additional understanding of the factors and
trends affecting our business than could be obtained in the absence
of this disclosure.
Our management uses Adjusted EBITDA to evaluate
the performance of and allocate resources to our segments. Adjusted
EBITDA is also used, along with other financial and non-financial
measures, for purposes of determining annual incentive compensation
for our management team and long-term incentive compensation for
certain members of our management team.
The Shyft Group, Inc. and
SubsidiariesConsolidated Financial Summary
(Non-GAAP)(In thousands, except per share
data)(Unaudited) |
|
|
Three Months Ended September 30, |
The Shyft Group,
Inc. |
|
2023 |
|
|
% of sales |
|
|
2022 |
|
|
% of sales |
Net income |
$ |
4,518 |
|
|
|
2.2 |
% |
|
$ |
17,286 |
|
|
|
6.0 |
% |
Add (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other
related charges |
|
58 |
|
|
|
|
|
53 |
|
|
|
Acquisition related expenses
and adjustments |
|
149 |
|
|
|
|
|
243 |
|
|
|
Non-cash stock-based
compensation expense |
|
2,097 |
|
|
|
|
|
1,214 |
|
|
|
CEO transition |
|
235 |
|
|
|
|
|
- |
|
|
|
Tax effect of adjustments |
|
(363 |
) |
|
|
|
|
(226 |
) |
|
|
Adjusted net income |
$ |
6,694 |
|
|
|
3.3 |
% |
|
$ |
18,570 |
|
|
|
6.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
$ |
4,518 |
|
|
|
2.2 |
% |
|
$ |
17,286 |
|
|
|
6.0 |
% |
Add (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Depreciation and
amortization |
|
4,310 |
|
|
|
|
|
3,359 |
|
|
|
Income tax expense
(benefit) |
|
(1,951 |
) |
|
|
|
|
3,770 |
|
|
|
Interest expense |
|
1,572 |
|
|
|
|
|
1,137 |
|
|
|
EBITDA |
$ |
8,449 |
|
|
|
4.2 |
% |
|
$ |
25,552 |
|
|
|
8.9 |
% |
Add: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Restructuring and other
related charges |
|
58 |
|
|
|
|
|
53 |
|
|
|
Acquisition related expenses
and adjustments |
|
149 |
|
|
|
|
|
243 |
|
|
|
Non-cash stock-based
compensation expense |
|
2,097 |
|
|
|
|
|
1,214 |
|
|
|
CEO transition |
|
235 |
|
|
|
|
|
- |
|
|
|
Adjusted EBITDA |
$ |
10,988 |
|
|
|
5.5 |
% |
|
$ |
27,062 |
|
|
|
9.5 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diluted net earnings per
share |
$ |
0.13 |
|
|
|
|
$ |
0.49 |
|
|
|
Add (subtract): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation expense |
|
0.06 |
|
|
|
|
|
0.04 |
|
|
|
CEO transition |
|
0.01 |
|
|
|
|
|
- |
|
|
|
Tax effect of adjustments |
|
(0.01 |
) |
|
|
|
|
- |
|
|
|
Adjusted diluted net earnings
per share |
$ |
0.19 |
|
|
|
|
$ |
0.53 |
|
|
|
The Shyft Group, Inc. and
SubsidiariesConsolidated Financial Summary
(Non-GAAP)(In thousands, except per share
data)(Unaudited) |
|
|
|
Outlook |
|
Twelve Months Ended December 31, 2023 |
The Shyft Group,
Inc. |
Low |
|
Mid |
|
High |
Net income |
$ |
4,565 |
|
|
$ |
7,065 |
|
|
$ |
9,565 |
|
Add: |
|
|
|
|
|
Depreciation and
amortization |
|
17,000 |
|
|
|
17,000 |
|
|
|
17,000 |
|
Interest expense |
|
6,200 |
|
|
|
6,200 |
|
|
|
6,200 |
|
Taxes |
|
(965 |
) |
|
|
(965 |
) |
|
|
(965 |
) |
EBITDA |
$ |
26,800 |
|
|
$ |
29,300 |
|
|
$ |
31,800 |
|
Add: |
|
|
|
|
|
Non-cash stock-based
compensation and other charges |
|
13,200 |
|
|
|
13,200 |
|
|
|
13,200 |
|
Adjusted EBITDA |
$ |
40,000 |
|
|
$ |
42,500 |
|
|
$ |
45,000 |
|
|
|
|
|
|
|
Earnings per share |
$ |
0.13 |
|
|
$ |
0.20 |
|
|
$ |
0.27 |
|
Add: |
|
|
|
|
|
Non-cash stock-based
compensation and other charges |
|
0.38 |
|
|
|
0.38 |
|
|
|
0.38 |
|
Less: tax effect of
adjustments |
|
(0.09 |
) |
|
|
(0.09 |
) |
|
|
(0.09 |
) |
Adjusted earnings per
share |
$ |
0.42 |
|
|
$ |
0.49 |
|
|
$ |
0.56 |
|
*Total amounts in the table may not add due to
rounding
Shyft (NASDAQ:SHYF)
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De Abr 2024 a May 2024
Shyft (NASDAQ:SHYF)
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De May 2023 a May 2024