Shyft reports Q4 net income of US$20.4M, up from US$7.9M in 2020, with sales up 61.6% year-to-year at US$277.3M; fleet sales up to US$172.7M from US$97.9M a year ago, motorhome chassis up to US$49.5M from US$33.0M, parts sales up to US$15.0M from US$11.9M

Sample article from our Automobile Industry

NOVI, Michigan , February 25, 2022 (press release) –

Posts Record Full Year EPS of $1.91; Adjusted EPS of $2.08 on Sales of $992 Million

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 fourth quarter and full-year periods ending December 31, 2021.

Full-Year 2021 Highlights from Continuing Operations1

For the full-year 2021 compared to the full-year 2020:

  • Sales of $991.8 million, an increase of $315.8 million, or 46.7%, from $676.0 million.
  • Gross margin of 20.1% of sales compared to 21.6%, reflecting higher material and labor costs and unfavorable product mix.
  • Income from continuing operations of $70.0 million, or $1.91 per share, compared to $38.3 million, or $1.05 per share. The current year results reflect an income tax rate of 17.0%, favorably impacted by credits earned in amended prior year tax returns.
  • Adjusted EBITDA of $108.1 million, or 10.9% of sales, an increase of $31.8 million, or 41.5%, from $76.3 million, or 11.3% of sales. The current year results include $6.5 million, or 66 basis points, in EV chassis development costs.
  • Adjusted net income of $75.0 million, or $2.08 per share, an increase of $26.8 million, or 55.5%, from $48.2 million, or $1.34 per share.
  • Generated $74.0 million of cash from operating activities, an increase of $9.7 million, or 15.0% from $64.3 million and reduced revolver debt from $22.4 million to zero.
  • Consolidated backlog at December 31, 2021, totaled $963.6 million, up $484.9 million, or 101.3%, compared to $478.7 million at December 31, 2020.
  • Increased borrowing capacity to $400 million under a new five-year secured revolving credit facility, including an incremental $200 million facility if needed.
  • Subsequent to December 31, 2021, repurchased 408,994 shares at an average price of $46.14 per share, or $18.9 million in the aggregate. Additionally, as previously announced, the Board of Directors approved a new authorization to repurchase up to $250 million of SHYF common stock.

Doubled the quarterly dividend to $0.05 per share from $0.025, beginning with the first quarter of 2022.
1 The Company divested its Emergency Response (ER) business effective February 1, 2020. Accordingly, the financial results of ER have been classified as discontinued operations for all periods presented. Unless otherwise noted, financial results presented are based on continuing operations.

Fourth Quarter 2021 Highlights from Continuing Operations

For the fourth quarter of 2021 compared to the fourth quarter of 2020:

  • Sales of $277.3 million, an increase of $105.7 million, or 61.6%, from $171.6 million. 
  • Gross margin of 18.5% of sales compared to 20.5% of sales, reflecting the impact of product mix, higher material and labor costs partially offset by pricing actions.
  • Income from continuing operations of $20.5 million, or $0.56 per share, compared to $8.3 million, or $0.22 per share.
  • Adjusted EBITDA of $26.6 million, or 9.6% of sales, from $16.0 million, or 9.3% of sales. The fourth quarter 2021 results include $4.0 million, or 144 basis points, in EV chassis development costs.

Adjusted net income of $20.2 million, or $0.56 per share, compared to $10.1 million, or $0.27 per share.
 
“The fourth quarter capped off one of the most remarkable years at The Shyft Group, a year of record financial results and strong returns for our shareholders,” said Daryl Adams, President and Chief Executive Officer.  “Our team’s perseverance as we navigated against industry-wide challenges, customer-focused solutions and dedication to the safety and development of our team are what made the difference in our performance and position us for even greater success in the coming year.” 

Full-Year 2021 Segment Results from Continuing Operations2

For the full-year 2021 compared to the full-year 2020.

Fleet Vehicles and Services (FVS)

FVS segment sales totaled $659.4 million, an increase of 42.3% from $463.5 million, reflecting strong sales driven by demand for the Velocity walk-in van.

Adjusted EBITDA increased $25.3 million to $108.6 million, or 16.5% of sales, from $83.3 million, or 18.0% of sales, a year ago. The increase was primarily due to higher sales volumes, productivity and cost reductions, offset by higher material and labor costs, unfavorable pricing and mix, and Velocity development.

The segment backlog at December 31, 2021, totaled a record $859.4 million, up 103.9%, compared to $421.5 million at December 31, 2020. On a sequential basis, backlog increased $109.7 million, or 14.6% from $749.7 million in the third quarter of 2021.

Specialty Vehicles (SV)

SV segment sales were $332.4 million, an increase of 56.4% from $212.5 million, led by strong growth in luxury motor coach chassis sales and service bodies, as well as favorable pricing realization.  

Adjusted EBITDA was $32.7 million, or 9.8% of sales, compared to $20.9 million, or 9.8% of sales, a year ago. The increase was due to higher sales volumes, favorable mix and pricing actions, partially offset by higher material and labor costs.

The segment backlog at December 31, 2021, totaled $104.1 million, up 82.3% compared to $57.1 million at December 31, 2020. On a sequential basis, backlog increased $1.3 million, or 1.3% from $102.8 million in the third quarter of 2021.

2 As of October 1, 2021, the composition of both reportable segments changed due to an internal reorganization as certain businesses previously managed and reported within FVS are now a part of SV. Corresponding items of segment information for earlier periods have been recast.

Liquidity Update

The company strengthened its access to capital during the quarter by amending its revolving credit facility and increasing its borrowing capacity to $400 million, with a $200 million incremental facility. Total liquidity at December 31, 2021 was $414 million, including $37 million of cash and zero revolving debt. The leverage ratio currently stands at 0.1 times adjusted EBITDA and leaves the Company in a solid position to continue to pursue strategic opportunities.

2022 Outlook

“The Company remains committed to maximizing performance and returning value to its shareholders, most recently through the doubling of its quarterly cash dividend and $250 million share repurchase authorization,” said Jon Douyard, Chief Financial Officer. “As we look to 2022, we expect supply chain challenges to continue during the first half of the year and we remain cautious regarding our near-term outlook, particularly as it pertains to first quarter. However, with ongoing strength in demand, we will continue to invest in growth and are positioned to deliver another outstanding year for The Shyft Group.”

The Company’s 2022 guidance, notwithstanding further supply chain related deterioration, is as follows:

     
($M) except per share 2022 Range YoY Change
(at midpoint)
 Revenue $1,050 – $1,250 +16%
 Adjusted EBITDA    
     – Core Shyft $120 – $140 +13%
     – EV Development ~($30) (365%)
 Total adjusted EBITDA $90 – $110 (7%)
 Income from continuing ops. $46 – $62 (23%)
 Earnings per share $1.29 – $1.71 (21%)
 Adjusted earnings per share $1.57 – $1.99 (14%)

 

  • Assumes weighted average diluted shares outstanding of approximately 36.1 million and approximately $35 million for capital expenditures, including a $10 – $15 million investment in EV development.

    “While we enjoyed the success of the past year, we remain driven to grow in our core business, as well as expand in the electric vehicle space,” said Adams. “The combination of our existing team and infrastructure, our rich 50-year heritage in both chassis production and last mile delivery, and sustainable innovation driven by our deep hands-on knowledge of fleet owner and driver expectations will undoubtedly enable a market leading position for The Shyft Group in the years ahead.”

    Conference Call, Webcast, Investor Presentation and Investor Information
    The Shyft Group will host a conference call for analysts and portfolio managers at 10 a.m. EST today to discuss these results and current business trends. The conference call and webcast will be available via:

    Webcast: www.TheShyftGroup.com/investor-relations/webcasts
    Conference Call: 1-877-317-6789 (domestic) or 412-317-6789 (international); passcode: 10155597

    For more information about The Shyft Group, please visit www.TheShyftGroup.com.

    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 & Services™ and Shyft Specialty Vehicles™. Today, its family of brands include Utilimaster®, Royal Truck Body™, DuraMag® and Magnum®, Strobes-R-Us™, Spartan RV Chassis™, Builtmore Contract Manufacturing™, and corresponding aftermarket provisions. 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 3,800 employees and contractors across campuses, and operates facilities in Michigan, Indiana, Maine, Pennsylvania, South Carolina, Florida, Missouri, California, Arizona, Texas, and Saltillo, Mexico. The Company reported sales of $992 million in 2021. Learn more about The Shyft Group at www.TheShyftGroup.com.

    This release contains several forward-looking statements that are not historical facts, including statements concerning our business, strategic position, financial projections, financial strength, future plans, objectives, and the performance of our products and operations. These statements can be identified by words such as “believe,” “expect,” “intend,” “potential,” “future,” “may,” “will,” “should,” and similar expressions regarding future expectations. Furthermore, statements contained in this document relating to the global outbreak of the novel coronavirus disease (COVID-19), the impact of which remains inherently uncertain on our financial results, are forward-looking statements. These forward-looking statements involve various known and unknown risks, uncertainties, and assumptions that are difficult to predict with regard to timing, extent, and likelihood. Therefore, actual performance and results may materially differ from what may be expressed or forecasted in such forward-looking statements. Factors that could contribute to these differences include future developments relating to the COVID-19 pandemic, including governmental responses, supply chain shortages, and potential labor issues; operational and other complications that may arise affecting the implementation of our plans and business objectives; continued pressures caused by economic conditions including weaknesses resulting from the COVID-19 pandemic; challenges that may arise in connection with the integration of new businesses or assets we acquire or the disposition of assets; restructuring of our operations, and/or our expansion into new geographic markets; issues unique to government contracting, such as competitive bidding processes, qualification requirements, and delays or changes in funding; disruptions within our dealer network; changes in our relationships with major customers, suppliers, or other business partners; changes in the demand or supply of products within our markets or raw materials needed to manufacture those products; and changes in laws and regulations affecting our business. Other factors that could affect outcomes are set forth in our Annual Report on Form 10-K and other filings we make 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.

    CONTACT:                                

    Juris Pagrabs
    Group Treasurer
    The Shyft Group
    (517) 997-3862

The Shyft Group, Inc. and Subsidiaries
Consolidated Balance Sheets
(In thousands, except par value)
(Unaudited)

 

    December 31,     December 31,  
    2021     2020  
ASSETS                
Current assets:                
Cash and cash equivalents   $ 37,158     $ 20,995  
Accounts receivable, less allowance of $187 and $116     87,262       64,695  
Contract assets     21,483       9,414  
Inventories     67,184       46,428  
Other receivables – chassis pool agreements     9,926       6,503  
Other current assets     10,813       8,172  
Total current assets     233,826       156,207  
                 
Property, plant and equipment, net     61,057       45,734  
Right of use assets – operating leases     43,316       43,430  
Goodwill     48,880       49,481  
Intangible assets, net     52,981       56,386  
Other assets     2,927       2,052  
Net deferred tax asset     4,880       5,759  
TOTAL ASSETS   $ 447,867     $ 359,049  
LIABILITIES AND SHAREHOLDERS’ EQUITY                
Current liabilities:                
Accounts payable   $ 82,442     $ 47,487  
Accrued warranty     5,975       5,633  
Accrued compensation and related taxes     19,064       17,134  
Deposits from customers     988       756  
Operating lease liability     7,934       7,508  
Other current liabilities and accrued expenses     9,256       8,121  
Short-term debt – chassis pool agreements     9,926       6,503  
Current portion of long-term debt     252       221  
Total current liabilities     135,837       93,363  
                 
Other non-current liabilities     8,108       5,447  
Long-term operating lease liability     36,329       36,662  
Long-term debt, less current portion     738       23,418  
Total liabilities     181,012       158,890  
Shareholders’ equity:                
Preferred stock, no par value: 2,000 shares authorized (none issued)            
Common stock, no par value: 80,000 shares authorized; 35,416 and 35,344 outstanding     95,375       91,044  
Retained earnings     171,379       109,286  
Total The Shyft Group, Inc. shareholders’ equity     266,754       200,330  
Non-controlling interest     101       (171 )
Total shareholders’ equity     266,855       200,159  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY   $ 447,867     $ 359,049  

 

 The Shyft Group, Inc. and Subsidiaries
Consolidated Statements of Operations
(In thousands, except per share data)
(Unaudited)

 

    Three Months Ended
December 31,
    Twelve Months Ended
December 31,
 
    2021     2020     2021     2020  
Sales   $ 277,300     $ 171,582     $ 991,792     $ 675,973  
Cost of products sold     225,985       136,361       792,527       529,696  
Gross profit     51,315       35,221       199,265       146,277  
                                 
Operating expenses:                                
Research and development     4,237       865       8,541       4,361  
Selling, general and administrative     28,027       23,534       106,672       93,068  
Total operating expenses     32,264       24,399       115,213       97,429  
                                 
Operating income     19,051       10,822       84,052       48,848  
                                 
Other income (expense):                                
Interest expense     (104 )     (91 )     (414 )     (1,293 )
Interest and other income     99       358       842       601  
Total other income (expense)     (5 )     267       428       (692  
Income from continuing operations before income taxes     19,046       11,089       84,480       48,156  
                                 
Income tax expense (benefit)     (1,446 )     2,783       14,506       9,867  
                                 
Income from continuing operations     20,492       8,306       69,974       38,289  
                                 
Income (loss) from discontinued operations, net of income taxes     100       (176 )     181       (5,123 )
                                 
Net income     20,592       8,130       70,155       33,166  
                                 
Less: net income attributable to non-controlling interest     128       169       1,230       347  
                                 
Net income attributable to The Shyft Group, Inc.   $ 20,464     $ 7,961     $ 68,925     $ 32,819  
                                 
Basic earnings (loss) per share                                
Continuing operations   $ 0.58     $ 0.22     $ 1.94     $ 1.07  
Discontinued operations   $     $     $ 0.01     $ (0.14 )
Basic earnings per share   $ 0.58     $ 0.22     $ 1.95     $ 0.93  
                                 
Diluted net earnings (loss) per share                                
Continuing operations   $ 0.56     $ 0.22     $ 1.91     $ 1.05  
Discontinued operations   $     $     $     $ (0.14 )
Diluted earnings per share   $ 0.56     $ 0.22     $ 1.91     $ 0.91  
                                 
Basic weighted average common shares outstanding     35,341       35,445       35,333       35,479  
                                 
Diluted weighted average common shares outstanding     36,185       36,226       36,097       36,039  

 

The Shyft Group, Inc. and Subsidiaries
Consolidated Statements of Cash Flows
(In thousands, except par value)
(Unaudited)

 

    Year Ended December 31  
    2021       2020    
Cash flows from operating activities:                
Net income   $ 70,155       $ 33,166    
Adjustments to reconcile net income to net cash provided by operating activities                
Depreciation and amortization     11,356         14,187    
Deferred income taxes     880         19,790    
Non-cash stock based compensation expense     8,745         7,848    
Loss on sale of business             3,852    
Loss (gain) on disposal of assets     (110 )       82    
Loss from write-off of construction in process             2,430    
Changes in fair value of contingent consideration             (599 )  
Changes in accounts receivable and contract assets     (34,522 )       (6,037 )  
Changes in inventories     (20,756 )       12,834    
Changes in accounts payable     34,954         (10,674 )  
Changes in accrued compensation and related taxes     1,930         971    
Changes in accrued warranty     53         (60 )  
Changes in other assets and liabilities     1,324         (13,458 )  
Net cash provided by operating activities     74,009         64,332    
                 
Cash flows from investing activities:                
Purchases of property, plant and equipment     (23,002 )       (14,534 )  
Proceeds from sale of property, plant and equipment     22            
Acquisition of businesses, net of cash acquired     904         (18,050 )  
Proceeds from sale of business             47,500    
Net cash provided by (used in) investing activities     (22,076 )       14,916    
                 
Cash flows from financing activities:                
Proceeds from long-term debt     45,000         16,000    
Payments on long-term debt     (67,400 )       (81,000 )  
Payments of debt issuance costs     (1,360 )          
Payments of dividends     (3,551 )       (3,565 )  
Purchase and retirement of common stock     (3,348 )       (7,503 )  
Exercise and vesting of stock incentive awards     (2,949 )       (1,534 )  
Purchase of non-controlling interest     (2,162 )          
Net cash provided by (used in) financing activities      (35,770 )       (77,602 )  
                 
Net increase in cash and cash equivalents     16,163         1,646    
Cash and cash equivalents at beginning of year     20,995         19,349    
Cash and cash equivalents at end of year   $ 37,158       $ 20,995    

 

The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
 
 Quarter Ended December 31, 2021 (in thousands of dollars)            
                     
    Business Segments          
    Fleet Vehicles
& Services
  Specialty
Vehicles
  Other   Consolidated    
Fleet vehicle sales $ 172,240   $   $     $ 172,240    
Motorhome chassis sales       49,500           49,500    
Other specialty vehicles sales       40,562           40,562    
Aftermarket parts and accessories sales   10,364     4,634           14,998    
Total Sales   $ 182,604   $ 94,696   $     $ 277,300    
                     
Adjusted EBITDA $ 26,246   $ 10,251   $ (9,912 )   $ 26,585    

 

 

The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
                     
 Quarter Ended December 31, 2020 (in thousands of dollars)            
                     
    Business Segments        
    Fleet Vehicles
& Services
  Specialty
Vehicles
  Other   Consolidated    
Fleet vehicle sales $ 97,938   $   $     $ 97,938    
Motorhome chassis sales       33,009           33,009    
Other specialty vehicles sales       28,761           28,761    
Aftermarket parts and accessories sales   7,957     3,917           11,874    
Total Sales   $ 105,895   $ 65,687   $     $ 171,582    
                     
Adjusted EBITDA $ 15,777   $ 7,668   $ (7,418 )   $ 16,027    
                     

 

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment
(Unaudited)
                     
 Year Ended December 31, 2021 (in thousands of dollars)            
                     
    Business Segments          
    Fleet Vehicles
& Services
  Specialty
Vehicles
  Other   Consolidated    
Fleet vehicle sales $ 624,874   $   $     $ 624,874    
Motorhome chassis sales       168,166           168,166    
Other specialty vehicles sales       145,134           145,134    
Aftermarket parts and accessories sales   34,558     19,060           53,618    
Total Sales   $ 659,432   $ 332,360   $     $ 991,792    
                     
Adjusted EBITDA $ 108,621   $ 32,668   $ (33,223 )   $ 108,066    
                     

 

The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)
                     
 Year Ended December 31, 2020 (in thousands of dollars)            
                     
    Business Segments        
    Fleet Vehicles
& Services
  Specialty
Vehicles
  Other   Consolidated    
Fleet vehicle sales $ 428,499   $   $     $ 428,499    
Motorhome chassis sales       107,849           107,849    
Other specialty vehicles sales       94,633           94,633    
Aftermarket parts and accessories sales   34,956     10,036           44,992    
Total Sales   $ 463,455   $ 212,518   $     $ 675,973    
                     
Adjusted EBITDA $ 83,292   $ 20,900   $ (27,846 )   $ 76,346    
                     

 

The Shyft Group, Inc. and Subsidiaries
Sales and Other Financial Information by Business Segment
(Unaudited)

 

Period End Backlog (amounts in thousands of dollars)  
    Dec. 31, 2021     Sept. 30, 2021     Jun. 30, 2021     Mar. 31, 2021     Dec. 31, 2020  
Fleet Vehicles and Services   $ 859,442     $ 749,731     $ 652,642     $ 585,019     $ 421,544  
Motorhome Chassis     54,583       60,978       56,294       42,742       31,580  
Other Specialty Vehicles     49,407       41,504       42,106       38,301       25,225  
Aftermarket Parts and Accessories     127       347       382       438       302  
Total Specialty Vehicles     104,117       102,829       98,782       81,481       57,107  
                                         
Total Backlog *   $ 963,559     $ 852,560     $ 751,424     $ 666,500     $ 478,651  

 

* Backlog orders are expected to be filled within one year as of December 31, 2021.

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 from continuing operations before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations.

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.

Financial Summary
(In thousands, except per share data)
(Unaudited)
                       
  Three Months Ended December 31,   Twelve Months Ended December 31,
The Shyft Group, Inc.   2021   % of
sales
    2020   % of
sales
    2021   % of
sales
    2020   % of
sales
Income from continuing operations $ 20,492   7.4 %   $ 8,306   4.8 %   $ 69,974   7.0 %   $ 38,289   5.7 %
Net (income) attributable to non-controlling interest  

(128

)

     

(169

)

     

(1,230

)

     

(347

)

 
Add (subtract):                      
Restructuring and other related charges           16         505         1,873    
Acquisition related expenses and adjustments   777         410         1,585         1,332    
Non-cash stock-based compensation expense   2,174         1,525         8,745         7,706    
Non-recurring professional fees   1,568                 1,568            
Loss from liquidation of JV                   643            
Loss from write-off of construction in process                           2,430    
Accelerated depreciation of property, plant and equipment  

       

366

       

       

3,061

   
Favorable tax rate in income taxes receivable                           (2,610 )  
Deferred tax asset adjustment           56                 376    
Non-recurring tax benefits   (4,392 )               (4,392 )          
Tax effect of adjustments   (266 )       (441 )       (2,429 )       (3,892 )  
Adjusted net income $ 20,225   7.3 %   $ 10,069   5.9 %   $ 74,969   7.6 %   $ 48,218   7.1 %
                       
Income from continuing operations $ 20,492   7.4 %   $ 8,306   4.8 %   $ 69,974   7.1 %   $ 38,289   5.7 %
Net (income) attributable to non-controlling interest  

(128

)

     

(169

)

     

(1,230

)

     

(347

)

 
Add (subtract):                      
Depreciation and amortization   3,044         3,065         11,356         13,903    
Taxes on income   (1,446 )       2,783         14,506         9,867    
Interest expense   104         91         414         1,293    
EBITDA $ 22,066   8.0 %   $ 14,076   8.2 %   $ 95,020   9.6 %   $ 63,005   9.3 %
                       
Add (subtract):                      
Restructuring and other related charges           16         505         1,873    
Acquisition related expenses and adjustments   777         410         1,585         1,332    
Non-cash stock-based compensation expense   2,174         1,525         8,745         7,706    
Non-recurring professional fees   1,568                 1,568            
Loss from liquidation of JV                   643            
Loss from write-off of construction in process                           2,430    
Adjusted EBITDA $ 26,585   9.6 %   $ 16,027   9.3 %   $ 108,066   10.9 %   $ 76,346   11.3 %
                       
Diluted net earnings per share $ 0.56       $ 0.22       $ 1.91       $ 1.05    
Add (subtract):                      
Restructuring and other related charges                   0.01         0.05    
Acquisition related expenses and adjustments   0.02         0.01         0.04         0.04    
Non-cash stock-based compensation expense   0.07         0.04         0.24         0.21    
Non-recurring professional fees   0.04                 0.04            
Loss from liquidation of JV                   0.02            
Loss from write-off of construction in process                           0.07    
Accelerated depreciation of property, plant and equipment  

       

0.01

       

       

0.09

   
Favorable tax rate in income taxes receivable                           (0.07 )  
Deferred tax asset adjustment                           0.01    
Non-recurring tax benefits   (0.12 )               (0.12 )          
Tax effect of adjustments   (0.01 )       (0.01 )       (0.06 )       (0.11 )  
Adjusted diluted net earnings per share $ 0.56       $ 0.27       $ 2.08       $ 1.34    

 

Financial Summary (Non-GAAP)
Consolidated
(In thousands, except per share data)
(Unaudited)
               
      Forecast
      Twelve Months Ended December 31, 2022
The Shyft Group, Inc.     Low   Mid   High
Income from continuing operations     $ 46,462     $ 54,012     $ 61,562  
Add:              
Depreciation and amortization       14,033       14,033       14,033  
Interest expense       1,167       1,167       1,167  
Taxes       14,541       16,991       19,441  
EBITDA     $ 76,203     $ 86,203     $ 96,203  
Add (subtract):              
Non-cash stock-based compensation and other charges     13,797       13,797       13,797  
Adjusted EBITDA     $ 90,000     $ 100,000     $ 110,000  
               
Earnings per share     $ 1.29     $ 1.50     $ 1.71  
Add:              
Non-cash stock-based compensation and other charges     0.38       0.38       0.38  
Less tax effect of adjustments       (0.10 )     (0.10 )     (0.10 )
Adjusted earnings per share     $ 1.57     $ 1.78     $ 1.99  


 

 

 

 

 

 

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