The Shyft Group Reports First Quarter 2025 Results
The Shyft Group (NASDAQ: SHYF) reported Q1 2025 financial results showing improved performance. Sales increased 3.4% year-over-year to $204.6 million. The company reduced its net loss to $1.4 million (($0.04) per share) from $4.7 million (($0.14) per share) in Q1 2024.
Key highlights include:
- Adjusted EBITDA of $12.3 million (6.0% of sales), up from $6.1 million
- Adjusted net income of $2.4 million ($0.07 per share)
- Consolidated backlog of $335.3 million, down 23.7% YoY but up 7.1% from year-end
- Blue Arc sales of $26.3 million
The company maintained its full-year 2025 guidance:
- Sales: $870-970 million
- Adjusted EBITDA: $62-72 million
- Adjusted EPS: $0.69-0.92
- Free cash flow: $25-30 million
The Shyft Group (NASDAQ: SHYF) ha riportato i risultati finanziari del primo trimestre 2025, mostrando un miglioramento delle performance. Le vendite sono aumentate del 3,4% su base annua, raggiungendo 204,6 milioni di dollari. L'azienda ha ridotto la perdita netta a 1,4 milioni di dollari (0,04 dollari per azione) rispetto ai 4,7 milioni (0,14 dollari per azione) del primo trimestre 2024.
Punti salienti includono:
- EBITDA rettificato di 12,3 milioni di dollari (6,0% delle vendite), in aumento rispetto a 6,1 milioni
- Utile netto rettificato di 2,4 milioni di dollari (0,07 dollari per azione)
- Portafoglio ordini consolidato di 335,3 milioni di dollari, in calo del 23,7% su base annua ma in crescita del 7,1% rispetto a fine anno
- Vendite Blue Arc di 26,3 milioni di dollari
L'azienda ha confermato le previsioni per l'intero anno 2025:
- Vendite: 870-970 milioni di dollari
- EBITDA rettificato: 62-72 milioni di dollari
- Utile per azione rettificato: 0,69-0,92 dollari
- Flusso di cassa libero: 25-30 milioni di dollari
The Shyft Group (NASDAQ: SHYF) informó los resultados financieros del primer trimestre de 2025 mostrando una mejora en el desempeño. Las ventas aumentaron un 3,4% interanual, alcanzando los 204,6 millones de dólares. La empresa redujo su pérdida neta a 1,4 millones de dólares (0,04 dólares por acción) desde 4,7 millones (0,14 dólares por acción) en el primer trimestre de 2024.
Aspectos destacados incluyen:
- EBITDA ajustado de 12,3 millones de dólares (6,0% de las ventas), frente a 6,1 millones
- Ingreso neto ajustado de 2,4 millones de dólares (0,07 dólares por acción)
- Cartera de pedidos consolidada de 335,3 millones de dólares, disminuyendo un 23,7% interanual pero aumentando un 7,1% desde fin de año
- Ventas de Blue Arc por 26,3 millones de dólares
La compañía mantuvo su guía para todo el año 2025:
- Ventas: 870-970 millones de dólares
- EBITDA ajustado: 62-72 millones de dólares
- EPS ajustado: 0,69-0,92 dólares
- Flujo de caja libre: 25-30 millones de dólares
The Shyft Group (NASDAQ: SHYF)는 2025년 1분기 재무 실적을 발표하며 실적 개선을 보였습니다. 매출은 전년 동기 대비 3.4% 증가한 2억 460만 달러를 기록했습니다. 회사는 순손실을 140만 달러(주당 0.04달러)로 줄였으며, 이는 2024년 1분기 470만 달러(주당 0.14달러)에서 감소한 수치입니다.
주요 내용은 다음과 같습니다:
- 조정 EBITDA 1,230만 달러(매출의 6.0%), 이전 610만 달러에서 증가
- 조정 순이익 240만 달러(주당 0.07달러)
- 통합 수주 잔고 3억 3,530만 달러, 전년 대비 23.7% 감소했으나 연말 대비 7.1% 증가
- Blue Arc 매출 2,630만 달러
회사는 2025년 연간 가이던스를 유지했습니다:
- 매출: 8억 7,000만~9억 7,000만 달러
- 조정 EBITDA: 6,200만~7,200만 달러
- 조정 주당순이익: 0.69~0.92달러
- 자유 현금 흐름: 2,500만~3,000만 달러
The Shyft Group (NASDAQ : SHYF) a publié ses résultats financiers du premier trimestre 2025, montrant une amélioration de ses performances. Les ventes ont augmenté de 3,4 % en glissement annuel pour atteindre 204,6 millions de dollars. La société a réduit sa perte nette à 1,4 million de dollars (0,04 dollar par action) contre 4,7 millions (0,14 dollar par action) au premier trimestre 2024.
Points clés :
- EBITDA ajusté de 12,3 millions de dollars (6,0 % des ventes), en hausse par rapport à 6,1 millions
- Résultat net ajusté de 2,4 millions de dollars (0,07 dollar par action)
- Carnet de commandes consolidé de 335,3 millions de dollars, en baisse de 23,7 % sur un an mais en hausse de 7,1 % depuis la fin d’année
- Ventes Blue Arc de 26,3 millions de dollars
La société a maintenu ses prévisions pour l’ensemble de l’année 2025 :
- Ventes : 870-970 millions de dollars
- EBITDA ajusté : 62-72 millions de dollars
- Bénéfice par action ajusté : 0,69-0,92 dollar
- Flux de trésorerie disponible : 25-30 millions de dollars
The Shyft Group (NASDAQ: SHYF) meldete die Finanzergebnisse für das erste Quartal 2025 und zeigte eine verbesserte Leistung. Der Umsatz stieg im Jahresvergleich um 3,4% auf 204,6 Millionen US-Dollar. Das Unternehmen verringerte den Nettoverlust auf 1,4 Millionen US-Dollar (0,04 US-Dollar pro Aktie) von 4,7 Millionen US-Dollar (0,14 US-Dollar pro Aktie) im ersten Quartal 2024.
Wichtige Highlights umfassen:
- Bereinigtes EBITDA von 12,3 Millionen US-Dollar (6,0% des Umsatzes), gegenüber 6,1 Millionen US-Dollar
- Bereinigter Nettogewinn von 2,4 Millionen US-Dollar (0,07 US-Dollar pro Aktie)
- Konsolidierter Auftragsbestand von 335,3 Millionen US-Dollar, ein Rückgang von 23,7% im Jahresvergleich, aber ein Anstieg von 7,1% gegenüber Jahresende
- Blue Arc Umsätze von 26,3 Millionen US-Dollar
Das Unternehmen bestätigte seine Prognose für das Gesamtjahr 2025:
- Umsatz: 870-970 Millionen US-Dollar
- Bereinigtes EBITDA: 62-72 Millionen US-Dollar
- Bereinigtes Ergebnis je Aktie: 0,69-0,92 US-Dollar
- Freier Cashflow: 25-30 Millionen US-Dollar
- Sales growth of 3.4% YoY to $204.6 million
- Significant improvement in net loss from ($0.14) to ($0.04) per share
- Adjusted EBITDA margin improved to 6.0% from 3.1%
- Backlog increased 7.1% from year-end
- Strong balance sheet with net leverage ratio below 2.0x
- Net loss of $1.4 million in Q1 2025
- Consolidated backlog down 23.7% YoY to $335.3 million
Insights
Shyft's Q1 shows meaningful profitability gains despite mixed backlog picture, with maintained 2025 outlook and merger on track.
The Shyft Group's Q1 2025 results demonstrate notable financial improvement with sales increasing
The most striking improvement appears in Adjusted EBITDA, which nearly doubled to
The backlog presents a mixed picture - down
Management has maintained its full-year 2025 guidance with projected sales of
- Sales increased
3.4% year-over-year with notable improvement in profitability - Strong balance sheet is well-positioned with net leverage ratio less than 2.0x
- Maintained full-year 2025 outlook
- Merger integration planning underway with Aebi Schmidt; transaction remains on track to close by mid-2025
First Quarter 2025 Financial Highlights
For the first quarter of 2025 compared to the first quarter of 2024:
- Sales of
$204.6 million $6.7 million 3.4% , from$197.9 million - Net loss of
$1.4 million $0.04 $4.7 million $0.14 - Adjusted EBITDA of
$12.3 million 6.0% of sales, an increase of$6.2 million $6.1 million 3.1% of sales - Adjusted net income of
$2.4 million $0.07 $1.4 million $0.04 - Consolidated backlog1 of
$335.3 million $104.1 million 23.7% , compared to$439.4 million $22.1 million 7.1% versus year-end - Blue Arc sales of
$26.3 million
"We are pleased with our start to the year and the team's ability to deliver better than expected financial results," said John Dunn, President and CEO. "The team is focused on driving operational efficiency and commercial growth initiatives, positioning us well to continue to capture market share."
2025 Financial Outlook
"Disciplined execution drove meaningful year-over-year margin improvement," said Scott Ocholik, Interim Chief Financial Officer. "As we continue to focus on improved cash generation, we expect to maintain a strong balance sheet."
Full-year 2025 outlook, notwithstanding further changes in the operating environment, is as follows:
- Sales of
$870 $970 million - Adjusted EBITDA of
$62 $72 million - Adjusted earnings per share of
$0.69 $0.92 - Free cash flow of
$25 $30 million
Dunn concluded, "Looking ahead, we are excited about our pending merger with Aebi Schmidt as it creates a premier global specialty vehicles leader with increased scale, broader product and service offerings, and strong industry expertise, all of which will allow us to better serve our customers. There are clear opportunities for the combined company to grow and deliver additional value to our shareholders."
Footnote: 1.) Consolidated backlog does not reflect Blue Arc order activity |
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)
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, Builtmore Contract Manufacturing™, and Independent Truck Upfitters. 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 2,900 employees and contractors across campuses, and operates facilities in
Forward Looking Statements
Certain statements in this press release are forward-looking statements. In some cases, Shyft has identified forward-looking statements by such words or phrases as "will likely result," "is confident that," "expect," "expects," "should," "could," "may," "will continue to," "believe," "believes," "anticipates," "predicts," "forecasts," "estimates," "projects," "potential," "intends" or similar expressions identifying "forward-looking statements", including the negative of those words and phrases. Such forward-looking statements are based on management's current views and assumptions regarding future events, future business conditions and the outlook for Shyft based on currently available information. These forward-looking statements may include projections of Shyft's future financial performance, Shyft's anticipated growth strategies and anticipated trends in Shyft's business. These statements are only predictions based on management's current expectations and projections about future events. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results to be materially different from any results, levels of activity, performance or achievements expressed or implied by any forward-looking statement and may include statements regarding the expected timing and structure of the proposed transaction; the ability of the parties to complete the proposed transaction considering the various closing conditions; the expected benefits of the proposed transaction, such as improved operations, enhanced revenues and cash flow, synergies, growth potential, market profile, business plans, expanded portfolio and financial strength; the competitive ability and position of the combined company following completion of the proposed transaction; and anticipated growth strategies and anticipated trends in Shyft's, Aebi Schmidt's and, following the completion of the proposed transaction, the combined company's business.
Additional factors that could cause actual results, level of activity, performance or achievements to differ materially from the results, level of activity, performance or achievements expressed or implied by the forward-looking statements include, among others, the non-satisfaction or non-waiver, on a timely basis or otherwise, of one or more closing conditions to the proposed transaction; the prohibition or delay of the consummation of the proposed transaction by a governmental entity; the risk that the proposed transaction may not be completed in the expected time frame; unexpected costs, charges or expenses resulting from the proposed transaction; uncertainty of the expected financial performance of the combined company following completion of the proposed transaction; failure to realize the anticipated benefits of the proposed transaction, including as a result of delay in completing the proposed transaction or integration; the ability of the combined company to implement its business strategy; difficulties and delays in achieving revenue and cost synergies of the combined company; inability to retain and hire key personnel; negative changes in the relationships with major customers and suppliers that adversely affect revenues and profits; disruptions to existing business operations; the occurrence of any event that could give rise to termination of the proposed transaction; potential litigation in connection with the proposed transaction or other settlements or investigations that may affect the timing or occurrence of the contemplated transaction or result in significant costs of defense, indemnification and liability; risks related to ownership of Aebi Schmidt common stock; uncertainty as to the long-term value of the combined company's common stock; and the diversion of Shyft's and Aebi Schmidt's management's time on transaction-related matters. These risks, as well as other risks associated with the businesses of Shyft and Aebi Schmidt, are more fully discussed in the combined proxy statement/prospectus. Although management believes the expectations reflected in the forward-looking statements are reasonable, Shyft cannot guarantee future results, level of activity, performance or achievements. Moreover, neither management, Shyft nor any other person assumes responsibility for the accuracy and completeness of any of these forward-looking statements. Shyft wishes to caution readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. Shyft is under no duty to and specifically declines to undertake any obligation to publicly revise or update any of these forward-looking statements after the date of this press release to conform its prior statements to actual results, revised expectations or to reflect the occurrence of anticipated or unanticipated events.
Additional information concerning these and other factors that may impact Shyft's and Aebi Schmidt's expectations and projections can be found in Shyft's periodic filings with the Securities and Exchange Commission ("SEC"), including Shyft's Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and any subsequent Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. Shyft's SEC filings are available publicly on the SEC's website at www.sec.gov.
No offer or solicitation
This communication is for informational purposes only and is not intended to and shall not constitute an offer to buy or sell, or the solicitation of an offer to buy or sell, any securities, or a solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in
Participants in the Solicitation
Shyft, Aebi Schmidt and certain of their respective directors and executive officers and other members of their respective management and employees may be deemed to be participants in the solicitation of proxies in connection with the proposed transaction. Information regarding the persons who may, under the rules of the SEC, be deemed participants in the solicitation of proxies in connection with the proposed transaction, including a description of their direct or indirect interests in the transaction, by security holdings or otherwise, are set forth in the combined proxy statement/prospectus and other relevant materials filed with the SEC. Information regarding the directors and executive officers of Shyft is contained in the sections entitled "Election of Directors" and "Ownership of Securities" included in Shyft's proxy statement for the 2025 annual meeting of stockholders, which was filed with the SEC on March 31, 2025 (and which is available at sec.gov/Archives/edgar/data/743238/000114036125011166/ny20039255x1_def14a.htm) and in the section entitled "Directors, Executive Officers, and Corporate Governance" included in Shyft's Annual Report on Form 10-K for the year ended December 31, 2024, which was filed with the SEC on February 20, 2025 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/0000743238/000143774925004501/shyf20241231c_10k.htm), and certain of its Current Reports filed on Form 8-K. These documents can be obtained free of charge from the sources indicated below.
Additional information and where to find it
Aebi Schmidt has filed a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The Form S-4 contains a combined proxy statement/prospectus of Shyft and Aebi Schmidt. Aebi Schmidt and Shyft prepared and filed the combined proxy statement/prospectus with the SEC and Shyft will mail the combined proxy statement/prospectus to its stockholders and file other documents regarding the proposed transaction with the SEC. This communication is not a substitute for any registration statement, proxy statement/prospectus or other documents that may be filed with the SEC in connection with the proposed transaction. INVESTORS SHOULD READ THE COMBINED PROXY STATEMENT/PROSPECTUS AND SUCH OTHER DOCUMENTS FILED OR TO BE FILED WITH THE SEC CAREFULLY AND IN THEIR ENTIRETY, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THE COMBINED PROXY STATEMENT/PROSPECTUS AND SUCH DOCUMENTS, BEFORE THEY MAKE ANY DECISION WITH RESPECT TO THE PROPOSED TRANSACTION, BECAUSE THEY CONTAIN IMPORTANT INFORMATION. The Form S-4, the combined proxy statement/prospectus and all other documents filed with the SEC in connection with the transaction will be available when filed free of charge on the SEC's web site at www.sec.gov. Copies of documents filed with the SEC by Shyft will be made available free of charge on Shyft's investor relations website at https://theshyftgroup.com/investor-relations/.
CONTACTS
MEDIA
Sydney Machesky
Director, Corporate Communications
Sydney.Machesky@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, | ||
2025 | 2024 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 16,171 | $ 15,780 | |
Accounts receivable, less allowance of | 102,148 | 86,677 | |
Contract assets | 43,763 | 40,896 | |
Inventories | 103,777 | 109,859 | |
Other receivables - chassis pool agreements | 40,474 | 37,032 | |
Other current assets | 7,110 | 7,346 | |
Total current assets | 313,443 | 297,590 | |
Property, plant and equipment, net | 81,114 | 81,067 | |
Right of use assets – operating leases | 39,208 | 41,101 | |
Goodwill | 64,142 | 64,094 | |
Intangible assets, net | 57,505 | 59,064 | |
Net deferred tax asset | 23,545 | 23,545 | |
Other assets | 2,126 | 2,287 | |
TOTAL ASSETS | $ 581,083 | $ 568,748 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 88,287 | $ 95,128 | |
Accrued warranty | 7,888 | 7,653 | |
Accrued compensation and related taxes | 11,396 | 16,198 | |
Contract liabilities | 10,171 | 3,553 | |
Operating lease liability | 9,463 | 9,677 | |
Other current liabilities and accrued expenses | 14,273 | 12,798 | |
Short-term debt - chassis pool agreements | 40,474 | 37,032 | |
Current portion of long-term debt | 258 | 235 | |
Total current liabilities | 182,210 | 182,274 | |
Other non-current liabilities | 9,674 | 9,772 | |
Long-term operating lease liability | 31,546 | 33,156 | |
Long-term debt, less current portion | 110,327 | 95,223 | |
Total liabilities | 333,757 | 320,425 | |
Commitments and contingent liabilities | |||
Preferred stock, no par value: 2,000 shares authorized (none issued) | - | - | |
Common stock, no par value : 80,000 shares authorized; 35,004 and 34,917 outstanding | 101,944 | 99,752 | |
Retained earnings | 145,382 | 148,571 | |
Total shareholders' equity | 247,326 | 248,323 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 581,083 | $ 568,748 | |
The Shyft Group, Inc. and Subsidiaries | ||||||
Three Months Ended March 31, | ||||||
2025 | 2024 | |||||
Sales | $ | 204,599 | $ | 197,889 | ||
Cost of products sold | 164,297 | 163,827 | ||||
Gross profit | 40,302 | 34,062 | ||||
Operating expenses: | ||||||
Research and development | 3,887 | 3,719 | ||||
Selling, general and administrative | 34,666 | 32,273 | ||||
Total operating expenses | 38,553 | 35,992 | ||||
Operating income (loss) | 1,749 | (1,930) | ||||
Other income (expense) | ||||||
Interest expense | (2,661) | (2,053) | ||||
Other income | 130 | 97 | ||||
Total other income (expense) | (2,531) | (1,956) | ||||
Loss before income taxes | (782) | (3,886) | ||||
Income tax expense | 654 | 783 | ||||
Net loss | $ | (1,436) | $ | (4,669) | ||
Basic loss per share | $ | (0.04) | $ | (0.14) | ||
Diluted loss per share | $ | (0.04) | $ | (0.14) | ||
Basic weighted average common shares outstanding | 34,933 | 34,319 | ||||
Diluted weighted average common shares outstanding | 34,933 | 34,319 | ||||
The Shyft Group, Inc. and Subsidiaries | |||||||
Three Months Ended March 31, | |||||||
2025 | 2024 | ||||||
Cash flows from operating activities: | |||||||
Net loss | $ | (1,436) | $ | (4,669) | |||
Adjustments to reconcile net loss to net cash used in operating activities | |||||||
Depreciation and amortization | 5,502 | 4,435 | |||||
Non-cash stock based compensation expense | 2,313 | 1,474 | |||||
(Gain) loss on disposal of assets | (4) | 66 | |||||
Changes in accounts receivable and contract assets | (18,338) | (1,746) | |||||
Changes in inventories | 6,082 | 7,204 | |||||
Changes in accounts payable | (5,966) | (10,119) | |||||
Changes in accrued compensation and related taxes | (1,544) | (1,851) | |||||
Changes in accrued warranty | 235 | 981 | |||||
Changes in other assets and liabilities | 8,637 | 268 | |||||
Net cash used in operating activities | (4,519) | (3,957) | |||||
Cash flows from investing activities: | |||||||
Purchases of property, plant and equipment | (4,984) | (5,719) | |||||
Proceeds from sale of property, plant and equipment | 20 | 75 | |||||
Net cash used in investing activities | (4,964) | (5,644) | |||||
Cash flows from financing activities: | |||||||
Proceeds from long-term debt | 35,000 | 40,000 | |||||
Payments on long-term debt | (20,000) | (25,000) | |||||
Payments of dividends | (1,747) | (1,716) | |||||
Exercise and vesting of stock incentive awards | (3,379) | (389) | |||||
Net cash provided by financing activities | 9,874 | 12,895 | |||||
Net increase in cash and cash equivalents | 391 | 3,294 | |||||
Cash and cash equivalents at beginning of period | 15,780 | 9,957 | |||||
Cash and cash equivalents at end of period | $ | 16,171 | $ | 13,251 | |||
The Shyft Group, Inc. and Subsidiaries | |||||||||||||||||
Quarter Ended March 31, 2025 (in thousands of dollars) | |||||||||||||||||
Business Segments | |||||||||||||||||
Fleet Vehicles | Specialty | Elimination & | |||||||||||||||
& Services | Vehicles | Other | Consolidated | ||||||||||||||
Fleet vehicle sales | $ | 78,260 | $ | - | $ | - | $ | 78,260 | |||||||||
Motorhome chassis sales | - | 14,028 | - | 14,028 | |||||||||||||
Other specialty vehicles sales | - | 60,633 | 26,297 | 86,930 | |||||||||||||
Aftermarket parts and accessories sales | 17,856 | 7,525 | - | 25,381 | |||||||||||||
Total Sales | $ | 96,116 | $ | 82,186 | $ | 26,297 | $ | 204,599 | |||||||||
Adjusted EBITDA | $ | 3,628 | $ | 14,254 | $ | (5,601) | $ | 12,281 | |||||||||
The Shyft Group, Inc. and Subsidiaries | |||||||||||||||||
Quarter Ended March 31, 2024 (in thousands of dollars) | |||||||||||||||||
Business Segments | |||||||||||||||||
Fleet Vehicles | Specialty | Elimination & | |||||||||||||||
& 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 | |||||||||||||||||||
Period End Backlog (amounts in thousands of dollars) | |||||||||||||||||||
Mar. 31, 2025 | Dec. 31, 2024 | Sept. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | |||||||||||||||
Fleet Vehicles and Services | $ | 245,337 | $ | 244,784 | $ | 267,952 | $ | 294,586 | $ | 356,089 | |||||||||
Specialty Vehicles | 89,997 | 68,460 | 77,456 | 59,856 | 83,334 | ||||||||||||||
Total Backlog | $ | 335,334 | $ | 313,244 | $ | 345,408 | $ | 354,442 | $ | 439,423 | |||||||||
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, transaction 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.
The Company does not provide reconciliations of forward-looking non-GAAP financial measures, such as adjusted EPS, adjusted EBITDA, and free cash flow, to the most comparable GAAP financial measures on a forward-looking basis because the Company is unable to provide a meaningful or accurate calculation or estimation of reconciling items, and the information is not available without unreasonable effort. This is due to the inherent difficulty of forecasting the timing and amount of certain items, such as, but not limited to, transaction and compensation costs related to the proposed transaction with Aebi Schmidt, and other non-routine costs. Each of such adjustments has not yet occurred, are out of the Company's control and/or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of the unavailable information.
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 | |||||
Three Months Ended March 31, | |||||
The Shyft Group, Inc. | 2025 | % of sales | 2024 | % of sales | |
Net loss | $ (1,436) | (0.7 %) | $ (4,669) | (2.4 %) | |
Add (subtract): | |||||
Restructuring and other related charges | 356 | 52 | |||
Transaction related expenses and adjustments | 2,231 | - | |||
Non-cash stock-based compensation expense | 2,313 | 1,474 | |||
Legacy legal matters | - | 1,850 | |||
CEO transition | - | 110 | |||
Tax effect of adjustments | (1,033) | (258) | |||
Adjusted net income (loss) | $ 2,431 | 1.2 % | $ (1,441) | (0.7 %) | |
Net loss | $ (1,436) | (0.2 %) | $ (4,669) | (2.4 %) | |
Add (subtract): | |||||
Depreciation and amortization | 5,502 | 4,435 | |||
Income tax expense | 654 | 783 | |||
Interest expense | 2,661 | 2,053 | |||
EBITDA | $ 7,381 | 3.6 % | $ 2,602 | 1.3 % | |
Add: | |||||
Restructuring and other related charges | 356 | 52 | |||
Transaction related expenses and adjustments | 2,231 | - | |||
Non-cash stock-based compensation expense | 2,313 | 1,474 | |||
Legacy legal matters | - | 1,850 | |||
CEO transition | - | 110 | |||
Adjusted EBITDA | $ 12,281 | 6.0 % | $ 6,088 | 3.1 % | |
Diluted net loss per share | $ (0.04) | $ (0.14) | |||
Add (subtract): | |||||
Restructuring and other related charges | 0.01 | - | |||
Transaction related expenses and adjustments | 0.06 | - | |||
Non-cash stock-based compensation expense | 0.07 | 0.05 | |||
Legacy legal matters | - | 0.05 | |||
CEO transition | - | - | |||
Tax effect of adjustments | (0.03) | - | |||
Adjusted diluted net earnings (loss) per share | $ 0.07 | $ (0.04) | |||
The Shyft Group, Inc. and Subsidiaries | ||||||
Three Months Ended March 31, | ||||||
The Shyft Group, Inc. | 2025 | 2024 | ||||
Net cash used in operating activities | $ | (4,519) | $ | (3,957) | ||
Purchases of property, plant and equipment | (4,984) | (5,719) | ||||
Proceeds from sale of property, plant and equipment | 20 | 75 | ||||
Free cash flow | $ | (9,483) | $ | (9,601) | ||
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SOURCE The Shyft Group, Inc.
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