8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of

The Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): February 22, 2024

THE SHYFT GROUP, INC.

(Exact Name of Registrant as Specified in Its Charter)

Michigan (State or Other Jurisdiction of Incorporation)	001-33582 (Commission File No.)	38-2078923 (IRS Employer Identification No.)
	41280 Bridge Street, Novi, Michigan (Address of Principal Executive Offices)	48375 (Zip Code)

517-543-6400

(Registrant's Telephone Number, Including Area Code)

Not Applicable

(Former Name or Former Address, if changed Since Last Report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Section Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	SHYF	The NASDAQ Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition

On February 22, 2024, The Shyft Group, Inc. (the “Company”) issued a press release announcing its financial results for the quarter and year ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information in Exhibit 99.1 shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that section.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits

99.1 Press Release dated February 22, 2024 regarding the financial results for the quarter and year ended December 31, 2023.

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

	THE SHYFT GROUP, INC.
Dated: February 22, 2024	By:	/s/ Jonathan C. Douyard
		Jonathan C. Douyard
		Chief Financial Officer

EX-99.1

Exhibit 99.1

The Shyft Group Reports Fourth Quarter and Full-Year 2023 Results

● Generated free cash flow of $36 million in the year; improvement of $75 million year-over-year

● Delivered record profitability in Specialty Vehicles business

● Introduces 2024 outlook with sales of $850 to $900 million and adjusted EBITDA of $40 to $50 million

Novi, Mich., February 22, 2024 – 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 ending December 31, 2023.

Fourth Quarter 2023 Financial Highlights         

For the fourth quarter of 2023 compared to the fourth quarter of 2022:

● Sales of $202.3 million, a decrease of $99.7 million, or 33.0%, from $302.0 million

● Net loss of $4.4 million, or ($0.13) per share, compared to net income of $17.8 million, or $0.50 per share

● Adjusted EBITDA of $2.3 million, or 1.1% of sales, a decrease of $28.4 million, from $30.7 million, or 10.2% of sales; Results include $9.3 million of EV program related costs versus $7.6 million in the prior year

● Adjusted net loss of $0.9 million, or ($0.03) per share, compared to adjusted net income of $20.5 million, or $0.58 per share in the fourth quarter of 2022

● Consolidated backlog of $409.3 million as of December 31, 2023, down $423.4 million, or 50.9%, compared to $832.7 million as of December 31, 2022

Full-Year 2023 Financial Highlights

For the full-year 2023 compared to the full-year 2022:

● Sales of $872.2 million, a decrease of $155.0 million, or 15.1%, from $1.0 billion

● Net income of $6.5 million, or $0.19 per share, compared to $36.6 million, or $1.03 per share; Current year reflects an effective income tax benefit of $5.8 million

● Adjusted EBITDA of $40.0 million, or 4.6% of sales, a decrease of $30.8 million, from $70.8 million, or 6.9% of sales; Results include $32.6 million of EV program related costs versus $26.9 million in the prior year

● Adjusted net income of $18.7 million, or $0.54 per share, compared to adjusted net income of $44.5 million, or $1.25 per share in 2022

“We drove positive cash generation by remaining focused on the operational levers within our control,” said John Dunn, President and CEO. “Our Specialty Vehicles business delivered strong overall profitability driven by robust demand for our vocational work trucks. While Fleet Vehicles and Services performance was underwhelming due to lower customer demand, the leadership team is responding with decisive commercial and operational actions to improve profitability.”

Fourth Quarter 2023 Business Segment Financial Highlights

Fleet Vehicles and Services (FVS)

● Sales were $119.0 million for the fourth quarter of 2023, down 44.1%, or $94.0 million year over year

● Adjusted EBITDA for the fourth quarter of 2023 of ($2.6) million, or (2.2)% of sales, a decrease of $30.3 million, from $27.7 million, or 13.0% of sales, a year ago

● Segment backlog was $325.0 million as of December 31, 2023, down 55.9% compared to $736.7 million as of December 31, 2022

Specialty Vehicles (SV)

● Sales were $83.4 million for the fourth quarter of 2023, a decrease of $9.8 million, or 10.6%, from $93.2 million a year ago

● Adjusted EBITDA for the fourth quarter of 2023 was $19.0 million, or 22.8% of sales, an increase of $3.1 million, or 19.3%, from $15.9 million, or 17.1% of sales, a year ago

● Segment backlog was $84.3 million as of December 31, 2023, down 12.2% compared to $96.0 million as of December 31, 2022

2024 Financial Outlook

“Looking ahead, the challenging demand environment for parcel and motorhome is expected to continue in the first half of 2024,” said Jon Douyard, Chief Financial Officer. “Our team remains focused on delivering improved financial performance and generating cash flow, while maintaining investment for future growth initiatives, including our Blue Arc EV program.”

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

“We will actively manage and navigate a highly dynamic demand environment in 2024, while getting Blue Arc into production later this year,” said Dunn. “Shyft has a strong core business, and the team is implementing the framework to return the company to historic profitability levels. We are strengthening the leadership team, driving operational execution, and deepening our commercial capabilities to deliver long-term shareholder value.”

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: 10179224

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)

	December 31,		December 31,
	2023		2022
ASSETS
Current assets:
Cash and cash equivalents	$	9,957	$	11,548
Accounts receivable, less allowance of $276 and $246		79,573		115,742
Contract assets		50,305		86,993
Inventories		105,135		100,161
Other receivables – chassis pool agreements		34,496		19,544
Other current assets		7,462		11,779
Total current assets		286,928		345,767
Property, plant and equipment, net		83,437		70,753
Right of use assets – operating leases		45,827		53,386
Goodwill		48,880		48,880
Intangible assets, net		45,268		49,078
Net deferred tax assets		17,300		10,390
Other assets		2,409		2,227
TOTAL ASSETS	$	530,049	$	580,481
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities:
Accounts payable	$	99,855	$	124,309
Accrued warranty		7,231		7,161
Accrued compensation and related taxes		13,526		14,434
Contract liabilities		4,756		5,255
Operating lease liability		10,817		10,888
Other current liabilities and accrued expenses		11,965		19,452
Short-term debt – chassis pool agreements		34,496		19,544
Current portion of long-term debt		185		189
Total current liabilities		182,831		201,232
Other non-current liabilities		8,184		10,033
Long-term operating lease liability		36,724		44,256
Long-term debt, less current portion		50,144		56,266
Total liabilities		277,883		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; 34,303 and 35,066 outstanding		93,705		92,982
Retained earnings		158,461		175,611
Total Shyft Group, Inc. shareholders’ equity		252,166		268,593
Non-controlling interest		-		101
Total shareholders' equity		252,166		268,694
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$	530,049	$	580,481

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,
	2023			2022			2023			2022
Sales	$	202,333		$	302,011		$	872,198		$	1,027,164
Cost of products sold		174,421			243,723			721,840			846,731
Gross profit		27,912			58,288			150,358			180,433
Operating expenses:
Research and development		7,121			5,783			25,185			25,324
Selling, general and administrative		28,442			29,155			118,420			107,600
Total operating expenses		35,563			34,938			143,605			132,924
Operating income (loss)		(7,651	)		23,350			6,753			47,509
Other income (expense)
Interest expense		(1,830	)		(1,079	)		(6,527	)		(2,833	)
Other income (expense)		261			(408	)		470			(750	)
Total other expense		(1,569	)		(1,487	)		(6,057	)		(3,583	)
Income before income taxes		(9,220	)		21,863			696			43,926
Income tax expense (benefit)		(4,803	)		4,022			(5,768	)		7,368
Net income (loss)		(4,417	)		17,841			6,464			36,558
Less: net (loss) attributable to non-controlling interest		-			-			(32	)		-
Net income (loss) attributable to The Shyft Group Inc.	$	(4,417	)	$	17,841		$	6,496		$	36,558
Basic earnings (loss) per share	$	(0.13	)	$	0.51		$	0.19		$	1.04
Diluted earnings (loss) per share	$	(0.13	)	$	0.50		$	0.19		$	1.03
Basic weighted average common shares outstanding		34,298			35,067			34,721			35,073
Diluted weighted average common shares outstanding		34,298			35,443			34,861			35,494

The Shyft Group, Inc. and Subsidiaries

Consolidated Statements of Cash Flows

(In thousands, except par value)

(Unaudited)

	Year Ended December 31,
	2023			2022
Cash flows from operating activities:
Net income	$	6,464		$	36,558
Adjustments to reconcile net income to net cash provided by (used in) operating activities
Depreciation and amortization		16,953			14,774
Non-cash stock based compensation expense		7,834			7,619
Deferred income taxes		(6,911	)		(5,510	)
Loss on disposal of assets		389			826
Changes in accounts receivable and contract assets		72,857			(93,989	)
Changes in inventories		(4,975	)		(32,977	)
Changes in accounts payable		(27,963	)		41,302
Changes in accrued compensation and related taxes		(908	)		(4,630	)
Changes in accrued warranty		70			1,186
Changes in other assets and liabilities		(7,566	)		15,998
Net cash provided by (used in) operating activities		56,244			(18,843	)
Cash flows from investing activities:
Purchases of property, plant and equipment		(20,733	)		(20,564	)
Proceeds from sale of property, plant and equipment		119			148
Acquisition of business, net of cash acquired		(500	)		-
Net cash used in investing activities		(21,114	)		(20,416	)
Cash flows from financing activities:
Proceeds from long-term debt		132,500			145,000
Payments on long-term debt		(138,500	)		(89,000	)
Payments of dividends		(7,109	)		(7,148	)
Purchase and retirement of common stock		(19,083	)		(26,789	)
Exercise and vesting of stock incentive awards		(4,460	)		(8,414	)
Distribution to non-controlling interest owner		(69	)		-
Net cash provided by (used in) financing activities		(36,721	)		13,649
Net decrease in cash and cash equivalents		(1,591	)		(25,610	)
Cash and cash equivalents at beginning of period		11,548			37,158
Cash and cash equivalents at end of period	$	9,957		$	11,548

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

Quarter Ended December 31, 2023 (in thousands of dollars)

	Business Segments
	Fleet Vehicles			Specialty		Eliminations &
	& Services			Vehicles		Other			Consolidated
Fleet vehicle sales	$	106,011		$	-	$	-		$	106,011
Motorhome chassis sales		-			26,304		-			26,304
Other specialty vehicles sales		-			52,528		(3	)		52,525
Aftermarket parts and accessories sales		12,952			4,541		-			17,493
Total Sales	$	118,963		$	83,373	$	(3	)	$	202,333
Adjusted EBITDA	$	(2,592	)	$	18,979	$	(14,062	)	$	2,325

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

Quarter Ended December 31, 2022 (in thousands of dollars)

	Business Segments
	Fleet Vehicles		Specialty		Eliminations &
	& Services		Vehicles		Other			Consolidated
Fleet vehicle sales	$	202,257	$	-	$	-		$	202,257
Motorhome chassis sales		-		37,030		-			37,030
Other specialty vehicles sales		-		51,562		(4,148	)		47,414
Aftermarket parts and accessories sales		10,658		4,652		-			15,310
Total Sales	$	212,915	$	93,244	$	(4,148	)	$	302,011
Adjusted EBITDA	$	27,704	$	15,905	$	(12,924	)	$	30,685

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

Year Ended December 31, 2023 (in thousands of dollars)

	Business Segments
	Fleet Vehicles		Specialty		Eliminations &
	& Services		Vehicles		Other			Consolidated
Fleet vehicle sales	$	487,072	$	-	$	-		$	487,072
Motorhome chassis sales		-		104,882		-			104,882
Other specialty vehicles sales		-		209,434		(4,183	)		205,251
Aftermarket parts and accessories sales		54,566		20,427		-			74,993
Total Sales	$	541,638	$	334,743	$	(4,183	)	$	872,198
Adjusted EBITDA	$	30,326	$	66,186	$	(56,544	)	$	39,968

The Shyft Group, Inc. and Subsidiaries

Sales and Other Financial Information by Business Segment

(Unaudited)

Year Ended December 31, 2022 (in thousands of dollars)

	Business Segments
	Fleet Vehicles		Specialty		Eliminations &
	& Services		Vehicles		Other			Consolidated
Fleet vehicle sales	$	605,253	$	-	$	-		$	605,253
Motorhome chassis sales		-		175,030		-			175,030
Other specialty vehicles sales		-		191,882		(6,483	)		185,399
Aftermarket parts and accessories sales		41,750		19,732		-			61,482
Total Sales	$	647,003	$	386,644	$	(6,483	)	$	1,027,164
Adjusted EBITDA	$	65,719	$	54,413	$	(49,339	)	$	70,793

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, 2023		Sept. 30, 2023		Jun. 30, 2023		Mar. 31, 2023		Dec. 31, 2022
Fleet Vehicles and Services	$	325,003	$	383,448	$	437,802	$	584,933	$	736,690
Specialty Vehicles		84,269		80,983		72,402		82,478		96,023
Total Backlog	$	409,272	$	464,431	$	510,204	$	667,411	$	832,713

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 and long-term incentive compensation for certain members of 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 December 31,												Twelve Months Ended December 31,
The Shyft Group, Inc.	2023			% of sales			2022			% of sales			2023			% of sales			2022			% of sales
Net income (loss)	$	(4,417	)		(2.2%	)	$	17,841			5.9	%	$	6,464			0.7	%	$	36,558			3.6	%
Net loss attributable to non-controlling interest		-						-						32						-
Add (subtract):
Restructuring and other related charges		368						243						1,741						757
Acquisition related expenses and adjustments		-						84						440						884
Non-cash stock-based compensation expense		2,647						2,697						7,834						7,619
CEO transition		107						-						2,629						-
Loss from write-off of assets		1,872						-						1,872						-
Legacy legal matters		-						-						956						-
Non-recurring professional fees		128						-						288						-
Tax effect of adjustments		(1,636	)					(371	)					(3,565	)					(1,348	)
Adjusted net income (loss)	$	(931	)		(0.5%	)	$	20,494			6.8	%	$	18,691			2.1	%	$	44,470			4.3	%
Net income (loss)	$	(4,417	)		(2.2%	)	$	17,841			5.9	%	$	6,464			0.7	%	$	36,558			3.6	%
Net loss attributable to non-controlling interest		-						-						32						-
Add (subtract):
Depreciation and amortization		4,593						4,719						16,953						14,774
Taxes on income		(4,803	)					4,022						(5,768	)					7,368
Interest expense		1,830						1,079						6,527						2,833
EBITDA	$	(2,797	)		(1.4%	)	$	27,661			9.2	%	$	24,208			2.8	%	$	61,533			6.0	%
Add (subtract):
Restructuring and other related charges		368						243						1,741						757
Acquisition related expenses and adjustments		-						84						440						884
Non-cash stock-based compensation expense		2,647						2,697						7,834						7,619
CEO transition		107						-						2,629						-
Loss from write-off of assets		1,872						-						1,872						-
Legacy legal matters		-						-						956						-
Non-recurring professional fees		128						-						288						-
Adjusted EBITDA	$	2,325			1.1	%	$	30,685			10.2	%	$	39,968			4.6	%	$	70,793			6.9	%
Diluted net earnings (loss) per share	$	(0.13	)				$	0.50					$	0.19					$	1.03
Add (subtract):
Restructuring and other related charges		0.01						0.01						0.05						0.02
Acquisition related expenses and adjustments		-						-						0.01						0.02
Non-cash stock-based compensation expense		0.08						0.08						0.22						0.21
CEO transition		-						-						0.08						-
Loss from write-off of assets		0.05						-						0.05						-
Legacy legal matters		-						-						0.03						-
Non-recurring professional fees		-						-						0.01						-
Tax effect of adjustments		(0.04	)					(0.01	)					(0.10	)					(0.03	)
Adjusted diluted net earnings (loss) per share	$	(0.03	)				$	0.58					$	0.54					$	1.25

The Shyft Group, Inc. and Subsidiaries

Consolidated Financial Summary (Non-GAAP)

(In thousands)

(Unaudited)

	Year Ended December 31,
The Shyft Group, Inc.	2023			2022
Net cash provided by operating activities	$	56,244		$	(18,843	)
Purchases of property, plant and equipment		(20,733	)		(20,564	)
Proceeds from sale of property, plant and equipment		119			148
Free cash flow	$	35,630		$	(39,259	)

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		21,000			21,000			21,000
Interest expense		7,000			7,000			7,000
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

XML

Document And Entity Information	Feb. 22, 2024
Document Information [Line Items]
Entity, Registrant Name	THE SHYFT GROUP, INC.
Document, Type	8-K
Document, Period End Date	Feb. 22, 2024
Entity, Incorporation, State or Country Code	MI
Entity, File Number	001-33582
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
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	SHYF
Security Exchange Name	NASDAQ
Entity, Emerging Growth Company	false
Amendment Flag	false
Entity, Central Index Key	0000743238