- First quarter sales of $198
million; Quarter end consolidated backlog of $439 million with FVS backlog up 10%
sequentially
- Maintains 2024 outlook with sales of $850 to $900
million and adjusted EBITDA of $40 to $50
million
NOVI,
Mich., April 25, 2024 /PRNewswire/ --
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 reported operating results
for the first quarter ending March 31,
2024.
First Quarter 2024 Financial Highlights
For the first quarter of 2024 compared to the first quarter of
2023:
- Sales of $197.9 million, a
decrease of $45.5 million, or 18.7%,
from $243.4 million
- Net loss of $4.7 million, or
($0.14) per share, compared to net
income of $1.7 million, or
$0.05 per share
- Adjusted EBITDA of $6.1 million,
or 3.1% of sales, a decrease of $4.7
million, from $10.8 million,
or 4.4% of sales; Results include $5.5
million of EV program related costs versus $8.5 million in the prior year
- Adjusted net loss of $1.4
million, or ($0.04) per share,
compared to adjusted net income of $4.3
million, or $0.12 per share in
the first quarter of 2023
- Consolidated backlog of $439.4
million as of March 31, 2024,
down $228.0 million, or 34.2%,
compared to $667.4 million as of
March 31, 2023; On a sequential
quarter basis, consolidated backlog was up 7.4%
"We made progress implementing our operating framework, which
includes high performing teams, operational excellence, and
customer centricity," said John
Dunn, President and CEO. "Our sales team drove improved
commercial activity in the quarter, which enabled a sequential
improvement in order backlog. Our SV business continues to execute
well and delivered solid results in the quarter."
First Quarter 2024 Business Segment Financial
Highlights
For the first quarter of 2024 compared to the
first quarter of 2023:
Fleet Vehicles and Services (FVS)
- Sales were $107.8 million for the
first quarter of 2024, down 32.4%, or $51.6
million year over year
- Adjusted EBITDA for the first quarter of 2024 was $0.9 million, or 0.9% of sales, a decrease of
$11.6 million, from $12.5 million, or 7.8% of sales, a year ago
- Segment backlog was $356.1
million as of March 31, 2024,
down 39.1% compared to $584.9 million
as of March 31, 2023
Specialty Vehicles (SV)
- Sales were $90.1 million for the
first quarter of 2024, up 3.4%, or $2.9
million year over year
- Adjusted EBITDA for the first quarter of 2024 was $17.0 million, or 18.8% of sales, an increase of
$3.1 million, from $13.9 million, or 15.9% of sales, a year ago
- Segment backlog was $83.3 million
as of March 31, 2024, up 1.0%
compared to $82.5 million as of
March 31, 2023
2024 Financial Outlook
"We are pleased with our start
to the year considering the challenging end-markets," said
Jon Douyard, Chief Financial
Officer. "While there was improvement in FVS order activity to
start the year, the parcel market remains soft, and we remain
cautious on near-term demand. Overall, our team is focused on
driving operational efficiency and commercial growth initiatives,
positioning us to affirm our prior outlook."
Guidance for full-year 2024, notwithstanding further changes in
the operating environment, is as follows:
- Sales to be in the range of $850
million to $900 million;
Assumes no Blue Arc EV revenue
- Adjusted EBITDA of $40 to
$50 million, including EV spending of
$20 to $25
million
- Net income of $2.5 to
$10.5 million, with an income tax
rate of approximately 20%
- Earnings per share of $0.07 to
$0.30
- Adjusted earnings per share of $0.28 to $0.51
- Capital expenditures of approximately $20 to $25
million
- Free cash flow of $25 to
$35 million
Dunn concluded, "Shyft has industry leading products and a
highly engaged team, who are identifying opportunities to drive
companywide synergies. Recently launched initiatives to enhance
sales and procurement are beginning to deliver positive results.
The Blue Arc team is making progress as production is targeted for
late 2024. We remain confident in our team's ability to manage
through current market conditions and deliver for shareholders over
the long term."
Conference Call and Webcast Information
The Shyft
Group will host a conference call at 8:30
a.m. ET today to discuss these results and current business
trends. The conference call and webcast will be available via:
Webcast: https://theshyftgroup.com/investor-relations/webcasts/
Conference Call: 1-844-868-8845 (domestic) or 412-317-6591
(international); passcode: 10185321
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
3,000 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 $872 million in 2023. Learn more
at TheShyftGroup.com.
This release contains information, including our sales and
earnings guidance, all other information provided with respect to
our outlook for 2024 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, 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, 2023, 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.
CONTACTS:
MEDIA
Sydney Lepora
Director, Corporate Communications
Sydney.Lepora@theshyftgroup.com
586.413.4112
INVESTORS:
Randy Wilson
Vice President
Investor Relations and Treasury
Randy.Wilson@theshyftgroup.com
248.727.3755
The Shyft Group,
Inc. and Subsidiaries
|
Consolidated Balance
Sheets
|
(In
thousands)
|
(Unaudited)
|
|
March
31,
|
|
December
31,
|
|
2024
|
|
2023
|
ASSETS
|
|
|
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
13,251
|
|
$
9,957
|
Accounts receivable,
less allowance of $277 and $276
|
78,820
|
|
79,573
|
Contract
assets
|
52,803
|
|
50,305
|
Inventories
|
97,931
|
|
105,135
|
Other receivables -
chassis pool agreements
|
18,890
|
|
34,496
|
Other current
assets
|
6,700
|
|
7,462
|
Total current
assets
|
268,395
|
|
286,928
|
|
|
|
|
Property, plant and
equipment, net
|
80,905
|
|
83,437
|
Right of use assets
– operating leases
|
45,078
|
|
45,827
|
Goodwill
|
48,880
|
|
48,880
|
Intangible assets,
net
|
44,399
|
|
45,268
|
Net deferred tax
asset
|
17,300
|
|
17,300
|
Other
assets
|
2,724
|
|
2,409
|
TOTAL
ASSETS
|
$
507,681
|
|
$
530,049
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
86,159
|
|
$
99,855
|
Accrued
warranty
|
8,212
|
|
7,231
|
Accrued compensation
and related taxes
|
11,675
|
|
13,526
|
Contract
liabilities
|
3,939
|
|
4,756
|
Operating lease
liability
|
10,050
|
|
10,817
|
Other current
liabilities and accrued expenses
|
12,605
|
|
11,965
|
Short-term debt -
chassis pool agreements
|
18,890
|
|
34,496
|
Current portion of
long-term debt
|
164
|
|
185
|
Total current
liabilities
|
151,694
|
|
182,831
|
|
|
|
|
Other non-current
liabilities
|
7,265
|
|
8,184
|
Long-term operating
lease liability
|
36,776
|
|
36,724
|
Long-term debt, less
current portion
|
65,121
|
|
50,144
|
Total
liabilities
|
260,856
|
|
277,883
|
Shareholders'
equity:
|
|
|
|
Preferred stock, no par
value: 2,000 shares authorized (none issued)
|
-
|
|
-
|
Common stock, no par
value : 80,000 shares authorized; 34,361 and 34,303
outstanding
|
94,790
|
|
93,705
|
Retained
earnings
|
152,035
|
|
158,461
|
Total shareholders'
equity
|
246,825
|
|
252,166
|
TOTAL LIABILITIES
AND SHAREHOLDERS' EQUITY
|
$
507,681
|
|
$
530,049
|
The Shyft Group,
Inc. and Subsidiaries
Consolidated
Statements of Operations
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
|
|
2024
|
|
2023
|
|
|
|
|
|
|
|
|
Sales
|
$
|
197,889
|
|
$
|
243,439
|
|
Cost of products
sold
|
|
163,827
|
|
|
200,515
|
|
Gross
profit
|
|
34,062
|
|
|
42,924
|
|
|
|
|
|
|
|
|
Operating
expenses:
|
|
|
|
|
|
|
Research and development
|
|
3,719
|
|
|
6,949
|
|
Selling, general and administrative
|
|
32,273
|
|
|
32,289
|
|
Total operating expenses
|
|
35,992
|
|
|
39,238
|
|
|
|
|
|
|
|
|
Operating income
(loss)
|
|
(1,930)
|
|
|
3,686
|
|
|
|
|
|
|
|
|
Other income
(expense)
|
|
|
|
|
|
|
Interest expense
|
|
(2,053)
|
|
|
(1,648)
|
|
Other income
|
|
97
|
|
|
70
|
|
Total other expense
|
|
(1,956)
|
|
|
(1,578)
|
|
|
|
|
|
|
|
|
Income (loss) before
income taxes
|
|
(3,886)
|
|
|
2,108
|
|
Income tax
expense
|
|
783
|
|
|
430
|
|
Net income
(loss)
|
|
(4,669)
|
|
|
1,678
|
|
Less: net loss
attributable to non-controlling interest
|
|
-
|
|
|
32
|
|
Net income (loss)
attributable to The Shyft Group, Inc.
|
$
|
(4,669)
|
|
$
|
1,710
|
|
|
|
|
|
|
|
|
Basic earnings (loss)
per share
|
$
|
(0.14)
|
|
$
|
0.05
|
|
Diluted earnings (loss)
per share
|
$
|
(0.14)
|
|
$
|
0.05
|
|
|
|
|
|
|
|
|
Basic weighted average
common shares outstanding
|
|
34,319
|
|
|
35,058
|
|
|
|
|
|
|
|
|
Diluted weighted
average common shares outstanding
|
|
34,319
|
|
|
35,340
|
|
|
|
|
|
|
|
|
The Shyft Group,
Inc. and Subsidiaries
Consolidated
Statements of Cash Flows
(In
thousands)
(Unaudited)
|
|
|
Three
Months
Ended March
31,
|
|
|
2024
|
|
2023
|
|
Cash flows from
operating activities:
|
|
|
|
|
|
|
Net income
(loss)
|
$
|
(4,669)
|
|
$
|
1,678
|
|
Adjustments to
reconcile net income (loss) to net cash provided by (used in)
operating activities
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
4,435
|
|
|
3,864
|
|
Non-cash stock based
compensation expense
|
|
1,474
|
|
|
1,827
|
|
Loss on disposal of
assets
|
|
66
|
|
|
-
|
|
Changes in accounts
receivable and contract assets
|
|
(1,746)
|
|
|
22,500
|
|
Changes in
inventories
|
|
7,204
|
|
|
(9,147)
|
|
Changes in accounts
payable
|
|
(10,119)
|
|
|
(16,920)
|
|
Changes in accrued
compensation and related taxes
|
|
(1,851)
|
|
|
419
|
|
Changes in accrued
warranty
|
|
981
|
|
|
(978)
|
|
Changes in other
assets and liabilities
|
|
268
|
|
|
2,644
|
|
Net cash provided by
(used in) operating activities
|
|
(3,957)
|
|
|
5,887
|
|
|
|
|
|
|
|
|
Cash flows from
investing activities:
|
|
|
|
|
|
|
Purchases of property,
plant and equipment
|
|
(5,719)
|
|
|
(4,469)
|
|
Proceeds from sale of
property, plant and equipment
|
|
75
|
|
|
25
|
|
Acquisition of
business, net of cash acquired
|
|
-
|
|
|
(500)
|
|
Net cash used in
investing activities
|
|
(5,644)
|
|
|
(4,944)
|
|
|
|
|
|
|
|
|
Cash flows from
financing activities:
|
|
|
|
|
|
|
Proceeds from
long-term debt
|
|
40,000
|
|
|
40,000
|
|
Payments on long-term
debt
|
|
(25,000)
|
|
|
(31,000)
|
|
Payments of
dividends
|
|
(1,716)
|
|
|
(1,878)
|
|
Purchase and
retirement of common stock
|
|
-
|
|
|
(8,765)
|
|
Exercise and vesting
of stock incentive awards
|
|
(389)
|
|
|
(3,470)
|
|
Net cash provided by
(used in) financing activities
|
|
12,895
|
|
|
(5,113)
|
|
|
|
|
|
|
|
|
Net increase (decrease)
in cash and cash equivalents
|
|
3,294
|
|
|
(4,170)
|
|
Cash and cash
equivalents at beginning of period
|
|
9,957
|
|
|
11,548
|
|
Cash and cash
equivalents at end of period
|
$
|
13,251
|
|
$
|
7,378
|
|
|
|
|
|
|
|
|
The Shyft Group,
Inc. and Subsidiaries
Sales and Other
Financial Information by Business Segment
(Unaudited)
|
|
Quarter Ended March
31, 2024 (in thousands of dollars)
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
Fleet
Vehicles
|
|
Specialty
|
|
Eliminations
&
|
|
|
|
|
|
|
&
Services
|
|
Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
Fleet vehicle
sales
|
$
|
95,478
|
|
$
|
-
|
|
$
|
-
|
|
$
|
95,478
|
|
|
|
Motorhome chassis
sales
|
|
-
|
|
|
30,771
|
|
|
-
|
|
|
30,771
|
|
|
|
Other specialty
vehicles sales
|
|
-
|
|
|
53,405
|
|
|
-
|
|
|
53,405
|
|
|
|
Aftermarket parts and
accessories sales
|
|
12,281
|
|
|
5,954
|
|
|
-
|
|
|
18,235
|
|
|
|
Total Sales
|
$
|
107,759
|
|
$
|
90,130
|
|
$
|
-
|
|
$
|
197,889
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
935
|
|
$
|
16,973
|
|
$
|
(11,820)
|
|
$
|
6,088
|
|
|
The Shyft Group,
Inc. and Subsidiaries
Sales and Other
Financial Information by Business Segment
(Unaudited)
|
|
|
|
|
|
Quarter Ended March
31, 2023 (in thousands of dollars)
|
|
|
|
|
Business
Segments
|
|
|
|
|
|
|
|
Fleet
Vehicles
|
|
Specialty
|
|
Eliminations
&
|
|
|
|
|
|
|
|
&
Services
|
|
Vehicles
|
|
Other
|
|
Consolidated
|
|
|
|
Fleet vehicle
sales
|
$
|
147,279
|
|
$
|
-
|
|
$
|
-
|
|
$
|
147,279
|
|
|
|
Motorhome chassis
sales
|
|
-
|
|
|
27,960
|
|
|
-
|
|
|
27,960
|
|
|
|
Other specialty
vehicles sales
|
|
-
|
|
|
54,697
|
|
|
(3,181)
|
|
|
51,516
|
|
|
|
Aftermarket parts and
accessories sales
|
|
12,154
|
|
|
4,530
|
|
|
-
|
|
|
16,684
|
|
|
|
Total Sales
|
$
|
159,433
|
|
$
|
87,187
|
|
$
|
(3,181)
|
|
$
|
243,439
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted
EBITDA
|
$
|
12,473
|
|
$
|
13,852
|
|
$
|
(15,537)
|
|
$
|
10,788
|
|
|
The Shyft Group,
Inc. and Subsidiaries
Sales and Other
Financial Information by Business Segment
(Unaudited)
|
|
|
|
Period End Backlog
(amounts in thousands of dollars)
|
|
|
Mar. 31,
2024
|
|
Dec. 31,
2023
|
|
Sept. 30,
2023
|
|
Jun. 30,
2023
|
|
Mar. 31,
2023
|
|
Fleet Vehicles and
Services
|
$
|
356,089
|
|
$
|
325,003
|
|
$
|
383,448
|
|
$
|
437,802
|
|
$
|
584,933
|
|
Specialty
Vehicles
|
|
83,334
|
|
|
84,269
|
|
|
80,983
|
|
|
72,402
|
|
|
82,478
|
|
Total
Backlog
|
$
|
439,423
|
|
$
|
409,272
|
|
$
|
464,431
|
|
$
|
510,204
|
|
$
|
667,411
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Non-GAAP Financial Measures
This
release presents Adjusted EBITDA (earnings before interest, taxes,
depreciation and amortization), adjusted net income, adjusted
earnings per share, and free cash flow, each of which is a non-GAAP
financial measure.
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.
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.
We define free cash flow as net cash provided by (used in)
operating activities less purchases of property, plant and
equipment and add proceeds from sale of property, plant and
equipment. We believe this measure of free cash flow provides
management and investors further useful information on cash
generation or use in our operations.
We believe that the presentation of these non-GAAP measures,
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.
The Shyft Group,
Inc. and Subsidiaries
Consolidated
Financial Summary (Non-GAAP)
(In thousands,
except per share data)
(Unaudited)
|
|
|
Three Months Ended
March 31,
|
The Shyft Group,
Inc.
|
2024
|
% of
sales
|
|
2023
|
% of
sales
|
Net income
(loss)
|
$
(4,669)
|
(2.4 %)
|
|
$ 1,678
|
0.7 %
|
Net loss attributable
to non-controlling interest
|
-
|
|
|
32
|
|
Add
(subtract):
|
|
|
|
|
|
Restructuring and other
related charges
|
52
|
|
|
62
|
|
Acquisition related
expenses and adjustments
|
-
|
|
|
291
|
|
Non-cash stock-based
compensation expense
|
1,474
|
|
|
1,827
|
|
Legacy legal
matters
|
1,850
|
|
|
956
|
|
CEO
transition
|
110
|
|
|
-
|
|
Tax effect of
adjustments
|
(258)
|
|
|
(585)
|
|
Adjusted net income
(loss)
|
$
(1,441)
|
(0.7 %)
|
|
$
4,261
|
1.8 %
|
|
|
|
|
|
|
Net income
(loss)
|
$
(4,669)
|
(2.4 %)
|
|
$
1,678
|
0.7 %
|
Net loss attributable
to non-controlling interest
|
-
|
|
|
32
|
|
Add
(subtract):
|
|
|
|
|
|
Depreciation and
amortization
|
4,435
|
|
|
3,864
|
|
Income tax
expense
|
783
|
|
|
430
|
|
Interest
expense
|
2,053
|
|
|
1,648
|
|
EBITDA
|
$
2,602
|
1.3 %
|
|
$
7,652
|
3.1 %
|
Add:
|
|
|
|
|
|
Restructuring and other
related charges
|
52
|
|
|
62
|
|
Acquisition related
expenses and adjustments
|
-
|
|
|
291
|
|
Non-cash stock-based
compensation expense
|
1,474
|
|
|
1,827
|
|
Legacy legal
matters
|
1,850
|
|
|
956
|
|
CEO
transition
|
110
|
|
|
-
|
|
Adjusted
EBITDA
|
$
6,088
|
3.1 %
|
|
$
10,788
|
4.4 %
|
|
|
|
|
|
|
Diluted net earnings
(loss) per share
|
$
(0.14)
|
|
|
$
0.05
|
|
Add
(subtract):
|
|
|
|
|
|
Restructuring and other
related charges
|
-
|
|
|
-
|
|
Acquisition related
expenses and adjustments
|
-
|
|
|
0.01
|
|
Non-cash stock-based
compensation expense
|
0.05
|
|
|
0.05
|
|
Legacy legal
matters
|
0.05
|
|
|
0.03
|
|
CEO
transition
|
-
|
|
|
-
|
|
Tax effect of
adjustments
|
-
|
|
|
(0.02)
|
|
Adjusted diluted net
earnings (loss) per share
|
$
(0.04)
|
|
|
$
0.12
|
|
The Shyft Group,
Inc. and Subsidiaries
Consolidated
Financial Summary (Non-GAAP)
(In
thousands)
(Unaudited)
|
|
|
Three Months
Ended
March
31,
|
The Shyft Group,
Inc.
|
2024
|
|
2023
|
|
Net cash provided by
(used in) operating activities
|
$
|
(3,957)
|
|
$
|
5,887
|
|
Purchases of property,
plant and equipment
|
|
(5,719)
|
|
|
(4,469)
|
|
Proceeds from sale of
property, plant and equipment
|
|
75
|
|
|
25
|
|
Free cash
flow
|
$
|
(9,601)
|
|
$
|
1,443
|
|
The Shyft Group,
Inc. and Subsidiaries
Consolidated
Financial Summary (Non-GAAP)
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
|
Outlook
|
|
|
|
Year Ended December
31, 2024
|
The Shyft Group,
Inc.
|
|
|
Low
|
|
Mid
|
|
High
|
Net income
|
|
|
$
2,479
|
|
$
6,481
|
|
$
10,483
|
Add:
|
|
|
|
|
|
|
|
Depreciation and
amortization
|
|
|
20,500
|
|
20,500
|
|
20,500
|
Interest
expense
|
|
|
7,500
|
|
7,500
|
|
7,500
|
Taxes
|
|
|
621
|
|
1,619
|
|
2,617
|
EBITDA
|
|
|
$
31,100
|
|
$
36,100
|
|
$
41,100
|
Add:
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation and other charges
|
|
8,900
|
|
8,900
|
|
8,900
|
Adjusted
EBITDA
|
|
|
$
40,000
|
|
$
45,000
|
|
$
50,000
|
|
|
|
|
|
|
|
|
Earnings per
share
|
|
|
$
0.07
|
|
$
0.19
|
|
$
0.30
|
Add:
|
|
|
|
|
|
|
|
Non-cash stock-based
compensation and other charges
|
|
0.26
|
|
0.26
|
|
0.26
|
Less: tax effect of
adjustments
|
|
|
(0.05)
|
|
(0.05)
|
|
(0.05)
|
Adjusted earnings per
share
|
|
|
$
0.28
|
|
$
0.40
|
|
$
0.51
|
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SOURCE The Shyft Group, Inc.