The Shyft Group Reports Fourth Quarter and Full-Year 2024 Results
The Shyft Group (NASDAQ: SHYF) reported Q4 2024 results with sales of $201.4 million, down 0.4% year-over-year, and a net loss of $3.4 million ($0.10 per share). Q4 Adjusted EBITDA improved to $15.9 million (7.9% of sales) from $2.3 million in Q4 2023.
For full-year 2024, sales decreased 9.9% to $786.2 million, with a net loss of $2.8 million ($0.08 per share). The company achieved Adjusted EBITDA of $48.8 million (6.2% of sales), up from $40.0 million in 2023. Consolidated backlog stood at $313.2 million, down 23.5% from the previous year.
Looking ahead, Shyft provided 2025 guidance with expected sales of $870-970 million, Adjusted EBITDA of $62-72 million, and adjusted EPS of $0.69-0.92. The company's pending merger with Aebi Schmidt remains on track to close by mid-2025.
The Shyft Group (NASDAQ: SHYF) ha riportato i risultati del quarto trimestre 2024 con vendite di $201,4 milioni, in calo dello 0,4% rispetto all'anno precedente, e una perdita netta di $3,4 milioni ($0,10 per azione). L'EBITDA rettificato del Q4 è migliorato a $15,9 milioni (7,9% delle vendite) rispetto a $2,3 milioni nel Q4 2023.
Per l'intero anno 2024, le vendite sono diminuite del 9,9% a $786,2 milioni, con una perdita netta di $2,8 milioni ($0,08 per azione). L'azienda ha raggiunto un EBITDA rettificato di $48,8 milioni (6,2% delle vendite), in aumento rispetto ai $40,0 milioni del 2023. L'ordine consolidato ammontava a $313,2 milioni, in calo del 23,5% rispetto all'anno precedente.
Guardando al futuro, Shyft ha fornito previsioni per il 2025 con vendite previste tra $870 e $970 milioni, un EBITDA rettificato tra $62 e $72 milioni, e un utile per azione rettificato di $0,69-$0,92. La fusione in sospeso dell'azienda con Aebi Schmidt rimane in linea per chiudere entro metà 2025.
The Shyft Group (NASDAQ: SHYF) reportó resultados del cuarto trimestre de 2024 con ventas de $201.4 millones, una disminución del 0.4% en comparación con el año anterior, y una pérdida neta de $3.4 millones ($0.10 por acción). El EBITDA ajustado del cuarto trimestre mejoró a $15.9 millones (7.9% de las ventas) desde $2.3 millones en el cuarto trimestre de 2023.
Para todo el año 2024, las ventas disminuyeron un 9.9% a $786.2 millones, con una pérdida neta de $2.8 millones ($0.08 por acción). La empresa logró un EBITDA ajustado de $48.8 millones (6.2% de las ventas), en comparación con $40.0 millones en 2023. La cartera consolidada se situó en $313.2 millones, un descenso del 23.5% respecto al año anterior.
Mirando hacia adelante, Shyft proporcionó orientación para 2025 con ventas esperadas de entre $870 y $970 millones, un EBITDA ajustado de entre $62 y $72 millones, y un EPS ajustado de $0.69 a $0.92. La fusión pendiente de la empresa con Aebi Schmidt sigue en camino de cerrarse a mediados de 2025.
The Shyft Group (NASDAQ: SHYF)는 2024년 4분기 실적을 발표하며 매출이 2억 1천 4백만 달러로 지난해 대비 0.4% 감소했으며, 순손실은 340만 달러($0.10 per share)라고 보고했습니다. 4분기 조정 EBITDA는 1590만 달러(매출의 7.9%)로 2023년 4분기의 230만 달러에서 개선되었습니다.
2024년 전체 연간 매출은 9.9% 감소하여 7억 8천 6백 20만 달러에 이르렀으며, 순손실은 280만 달러($0.08 per share)였습니다. 회사는 조정 EBITDA를 4880만 달러(매출의 6.2%)로 달성했으며, 이는 2023년의 4000만 달러에서 증가한 수치입니다. 통합된 백로그는 3억 1천 3백 20만 달러로, 전년 대비 23.5% 감소했습니다.
미래를 바라보며, Shyft는 2025년에 대한 가이던스를 제공하며 예상 매출을 8억 7천만에서 9억 7천만 달러, 조정 EBITDA를 6200만에서 7200만 달러, 그리고 조정 EPS를 0.69에서 0.92로 제시했습니다. 회사의 Aebi Schmidt와의 합병은 2025년 중반까지 마무리될 예정입니다.
The Shyft Group (NASDAQ: SHYF) a annoncé les résultats du quatrième trimestre 2024 avec des ventes de 201,4 millions de dollars, en baisse de 0,4 % par rapport à l'année précédente, et une perte nette de 3,4 millions de dollars (0,10 $ par action). L'EBITDA ajusté du T4 a augmenté à 15,9 millions de dollars (7,9 % des ventes) contre 2,3 millions de dollars au T4 2023.
Pour l'année entière 2024, les ventes ont diminué de 9,9 % pour atteindre 786,2 millions de dollars, avec une perte nette de 2,8 millions de dollars (0,08 $ par action). L'entreprise a réalisé un EBITDA ajusté de 48,8 millions de dollars (6,2 % des ventes), en hausse par rapport à 40,0 millions de dollars en 2023. Le carnet de commandes consolidé s'élevait à 313,2 millions de dollars, en baisse de 23,5 % par rapport à l'année précédente.
En regardant vers l'avenir, Shyft a fourni des prévisions pour 2025 avec des ventes attendues de 870 à 970 millions de dollars, un EBITDA ajusté de 62 à 72 millions de dollars, et un bénéfice par action ajusté de 0,69 à 0,92. La fusion en attente de l'entreprise avec Aebi Schmidt est toujours sur la bonne voie pour se conclure d'ici la mi-2025.
The Shyft Group (NASDAQ: SHYF) hat die Ergebnisse des vierten Quartals 2024 mit einem Umsatz von 201,4 Millionen Dollar veröffentlicht, was einem Rückgang von 0,4 % im Vergleich zum Vorjahr entspricht, sowie einem Nettoverlust von 3,4 Millionen Dollar (0,10 Dollar pro Aktie). Das bereinigte EBITDA im vierten Quartal verbesserte sich auf 15,9 Millionen Dollar (7,9 % des Umsatzes) im Vergleich zu 2,3 Millionen Dollar im vierten Quartal 2023.
Für das gesamte Jahr 2024 sanken die Umsätze um 9,9 % auf 786,2 Millionen Dollar, mit einem Nettoverlust von 2,8 Millionen Dollar (0,08 Dollar pro Aktie). Das Unternehmen erzielte ein bereinigtes EBITDA von 48,8 Millionen Dollar (6,2 % des Umsatzes), ein Anstieg gegenüber 40,0 Millionen Dollar im Jahr 2023. Der konsolidierte Auftragsbestand betrug 313,2 Millionen Dollar, ein Rückgang von 23,5 % im Vergleich zum Vorjahr.
Für die Zukunft gab Shyft eine Prognose für 2025 ab, mit einem erwarteten Umsatz von 870 bis 970 Millionen Dollar, einem bereinigten EBITDA von 62 bis 72 Millionen Dollar und einem bereinigten EPS von 0,69 bis 0,92. Die ausstehende Fusion des Unternehmens mit Aebi Schmidt bleibt auf Kurs, um bis Mitte 2025 abgeschlossen zu werden.
- Q4 Adjusted EBITDA margin improved significantly to 7.9% from 1.1% YoY
- Fleet Vehicles and Services achieved double-digit margins
- 2025 guidance projects 17% sales growth at midpoint
- Successfully delivered Blue Arc™ Class 4 EV trucks to FedEx
- Projected free cash flow of $25-30 million for 2025
- Q4 net loss of $3.4 million ($0.10 per share)
- Full-year 2024 sales declined 9.9% to $786.2 million
- Full-year 2024 net loss of $2.8 million vs. profit in 2023
- Consolidated backlog decreased 23.5% YoY
- $8.5 million in transaction expenses impacted Q4 results
Insights
The Shyft Group's Q4 and FY2024 results reveal a compelling transformation story amid market challenges. The standout achievement is the dramatic improvement in Q4 Adjusted EBITDA margin to
The successful delivery of Blue Arc EV trucks to FedEx represents a important milestone in Shyft's electrification strategy. While EV pre-production costs of
The
The pending Aebi Schmidt merger represents a transformative opportunity to create a global specialty vehicle powerhouse. This strategic combination would diversify revenue streams, expand geographical presence, and potentially yield significant cost synergies through shared technology and operational best practices. The merger's timing aligns well with Shyft's transition to EV production and the expected market recovery, potentially creating multiple catalysts for value creation in 2025.
- Delivered double-digit Fleet Vehicles and Services (FVS) margins bolstered by operational improvements
- Strong Specialty Vehicles (SV) margins
- Successfully shipped Blue Arc™ Class 4 EV trucks to FedEx
- Provides full-year 2025 sales outlook of
$870 $970 million 17% year-over-year at the midpoint - Entered into transformative merger agreement with Aebi Schmidt; remains on track to close by mid-2025
Fourth Quarter 2024 Financial Highlights
For the fourth quarter of 2024 compared to the fourth quarter of 2023:
- Sales of
$201.4 million $0.9 million 0.4% , from$202.3 million - Net loss of
$3.4 million $0.10 $4.4 million $0.13 $8.5 million - Adjusted EBITDA of
$15.9 million 7.9% of sales, an increase of$13.6 million $2.3 million 1.1% of sales; results include$5.8 million $9.3 million - Adjusted net income of
$5.0 million $0.15 $0.9 million $0.03 - Consolidated backlog1 of
$313.2 million $96.0 million 23.5% , compared to$409.3 million
Full-Year 2024 Financial Highlights
For the full-year 2024 compared to the full-year 2023:
- Sales of
$786.2 million $86.0 million 9.9% , from$872.2 million - Net loss of
$2.8 million $0.08 $6.5 million $0.19 - Adjusted EBITDA of
$48.8 million 6.2% of sales, an increase of$8.8 million $40.0 million 4.6% of sales; results include$23.3 million $32.6 million - Adjusted net income of
$15.0 million $0.44 $18.7 million $0.54
"Our disciplined execution of Shyft's operational framework drove meaningful adjusted EBITDA growth and margin improvement," said John Dunn, President and CEO. "I am pleased with the team's relentless focus on operational excellence as SV sustained strong profitability, supported by steady infrastructure demand, while FVS achieved double-digit margins despite a challenging parcel market."
2025 Financial Outlook
"Building on our solid results this quarter, we expect continued improvement in our profitability in 2025. Blue Arc EV transitioning into production, together with the anticipated recovery of the parcel market in the second half of the year, are expected to support these improvements," said Scott Ocholik, Interim Chief Financial Officer.
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, "As we move forward in 2025, our pending merger with Aebi Schmidt is accelerating our strategy, establishing the company as a global leader in specialty vehicles, with the scale and resources delivering growth, enhancing our customer-centric approach, and maximizing value for our shareholders. Our integration efforts are well underway, ensuring a seamless transition that leverages the strengths of both organizations. We are excited to unite our talented teams and build an even stronger platform for long-term success."
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 Current Report on Form 8-K 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 between Shyft and Aebi Schmidt; 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, will be 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 communication 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 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 Securities and Exchange Commission ("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, will be set forth in the combined proxy statement/prospectus and other relevant materials when it is 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 2024 annual meeting of stockholders, which was filed with the SEC on April 3, 2024 (and which is available at https://www.sec.gov/ix?doc=/Archives/edgar/data/743238/000114036124017592/ny20010675x1_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), 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 will file a registration statement on Form S-4 with the SEC in connection with the proposed transaction. The Form S-4 will contain a combined proxy statement/prospectus of Shyft and Aebi Schmidt. Aebi Schmidt and Shyft will prepare and file 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 WHEN AVAILABLE 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) | |||
December 31, | December 31, | ||
2024 | 2023 | ||
ASSETS | |||
Current assets: | |||
Cash and cash equivalents | $ 15,780 | $ 9,957 | |
Accounts receivable, less allowance of | 86,677 | 79,573 | |
Contract assets | 40,896 | 50,305 | |
Inventories | 109,859 | 105,135 | |
Other receivables - chassis pool agreements | 37,032 | 34,496 | |
Other current assets | 7,346 | 7,462 | |
Total current assets | 297,590 | 286,928 | |
Property, plant and equipment, net | 81,067 | 83,437 | |
Right of use assets – operating leases | 41,101 | 45,827 | |
Goodwill | 64,094 | 48,880 | |
Intangible assets, net | 59,064 | 45,268 | |
Net deferred tax asset | 23,545 | 17,300 | |
Other assets | 2,287 | 2,409 | |
TOTAL ASSETS | $ 568,748 | $ 530,049 | |
LIABILITIES AND SHAREHOLDERS' EQUITY | |||
Current liabilities: | |||
Accounts payable | $ 95,128 | $ 99,855 | |
Accrued warranty | 7,653 | 7,231 | |
Accrued compensation and related taxes | 16,198 | 13,526 | |
Contract liabilities | 3,553 | 4,756 | |
Operating lease liability | 9,677 | 10,817 | |
Other current liabilities and accrued expenses | 12,798 | 11,965 | |
Short-term debt - chassis pool agreements | 37,032 | 34,496 | |
Current portion of long-term debt | 235 | 185 | |
Total current liabilities | 182,274 | 182,831 | |
Other non-current liabilities | 9,772 | 8,184 | |
Long-term operating lease liability | 33,156 | 36,724 | |
Long-term debt, less current portion | 95,223 | 50,144 | |
Total liabilities | 320,425 | 277,883 | |
Shareholders' equity: | |||
Preferred stock, no par value: 2,000 shares authorized (none issued) | - | - | |
Common stock, no par value : 80,000 shares authorized; 34,917 and 34,303 outstanding | 99,752 | 93,705 | |
Retained earnings | 148,571 | 158,461 | |
Total shareholders' equity | 248,323 | 252,166 | |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 568,748 | $ 530,049 | |
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, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Sales | $ | 201,432 | $ | 202,333 | $ | 786,176 | $ | 872,198 | ||||||||
Cost of products sold | 158,498 | 174,421 | 628,986 | 721,840 | ||||||||||||
Gross profit | 42,934 | 27,912 | 157,190 | 150,358 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development | 3,894 | 7,121 | 16,319 | 25,185 | ||||||||||||
Selling, general and administrative | 42,060 | 28,442 | 136,764 | 118,420 | ||||||||||||
Total operating expenses | 45,954 | 35,563 | 153,083 | 143,605 | ||||||||||||
Operating income (loss) | (3,020) | (7,651) | 4,107 | 6,753 | ||||||||||||
Other income (expense) | ||||||||||||||||
Interest expense | (2,342) | (1,830) | (8,540) | (6,527) | ||||||||||||
Other income | 1,889 | 261 | 2,204 | 470 | ||||||||||||
Total other expense | (453) | (1,569) | (6,336) | (6,057) | ||||||||||||
Income (loss) before income taxes | (3,473) | (9,220) | (2,229) | 696 | ||||||||||||
Income tax expense (benefit) | (60) | (4,803) | 566 | (5,768) | ||||||||||||
Net income (loss) | (3,413) | (4,417) | (2,795) | 6,464 | ||||||||||||
Less: net (loss) attributable to non-controlling interest | - | - | - | (32) | ||||||||||||
Net income (loss) attributable to The Shyft Group Inc. | $ | (3,413) | $ | (4,417) | $ | (2,795) | $ | 6,496 | ||||||||
Basic earnings per share | $ | (0.10) | $ | (0.13) | $ | (0.08) | $ | 0.19 | ||||||||
Diluted earnings per share | $ | (0.10) | $ | (0.13) | $ | (0.08) | $ | 0.19 | ||||||||
Basic weighted average common shares outstanding | 34,511 | 34,298 | 34,427 | 34,721 | ||||||||||||
Diluted weighted average common shares outstanding | 34,511 | 34,298 | 34,427 | 34,861 | ||||||||||||
The Shyft Group, Inc. and Subsidiaries | |||||
Consolidated Statements of Cash Flows | |||||
(In thousands) | |||||
(Unaudited) | |||||
Year Ended December 31, | |||||
2024 | 2023 | ||||
Cash flows from operating activities: | |||||
Net income (loss) | $ | (2,795) | $ | 6,464 | |
Adjustments to reconcile net income (loss) to net cash provided by operating activities | |||||
Depreciation and amortization | 20,252 | 16,953 | |||
Non-cash stock-based compensation expense | 10,250 | 7,834 | |||
Deferred income taxes | (6,245) | (6,911) | |||
Loss on disposal of assets | 677 | 389 | |||
Changes in accounts receivable and contract assets | 11,372 | 72,857 | |||
Changes in inventories | 5,988 | (4,975) | |||
Changes in accounts payable | (6,687) | (27,963) | |||
Changes in accrued compensation and related taxes | (586) | (908) | |||
Changes in accrued warranty | 422 | 70 | |||
Changes in other assets and liabilities | (2,592) | (7,566) | |||
Net cash provided by operating activities | 30,056 | 56,244 | |||
Cash flows from investing activities: | |||||
Purchases of property, plant and equipment | (13,661) | (20,733) | |||
Proceeds from sale of property, plant and equipment | 95 | 119 | |||
Acquisition of business, net of cash acquired | (47,631) | (500) | |||
Net cash used in investing activities | (61,197) | (21,114) | |||
Cash flows from financing activities: | |||||
Proceeds from long-term debt | 150,000 | 132,500 | |||
Payments on long-term debt | (105,000) | (138,500) | |||
Payments of dividends | (6,976) | (7,109) | |||
Purchase and retirement of common stock | (113) | (19,083) | |||
Exercise and vesting of stock incentive awards | (947) | (4,460) | |||
Distribution to non-controlling interest owner | - | (69) | |||
Net cash provided by (used in) financing activities | 36,964 | (36,721) | |||
Net increase (decrease) in cash and cash equivalents | 5,823 | (1,591) | |||
Cash and cash equivalents at beginning of period | 9,957 | 11,548 | |||
Cash and cash equivalents at end of period | $ | 15,780 | $ | 9,957 | |
The Shyft Group, Inc. and Subsidiaries | |||||||||||||||
Sales and Other Financial Information by Business Segment | |||||||||||||||
(Unaudited) | |||||||||||||||
Quarter Ended December 31, 2024 (in thousands of dollars) | |||||||||||||||
Business Segments | |||||||||||||||
Fleet Vehicles | Specialty | Eliminations & | |||||||||||||
& Services | Vehicles | Other | Consolidated | ||||||||||||
Fleet vehicle sales | $ | 91,843 | $ | - | $ | - | $ | 91,843 | |||||||
Motorhome chassis sales | - | 14,984 | - | 14,984 | |||||||||||
Other specialty vehicles sales | - | 64,667 | 3,169 | 67,836 | |||||||||||
Aftermarket parts and accessories sales | 18,891 | 7,878 | - | 26,769 | |||||||||||
Total Sales | $ | 110,734 | $ | 87,529 | $ | 3,169 | $ | 201,432 | |||||||
Adjusted EBITDA | $ | 12,057 | $ | 16,622 | $ | (12,735) | $ | 15,944 | |||||||
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) | ||||||||||||||||
Year Ended December 31, 2024 (in thousands of dollars) | ||||||||||||||||
Business Segments | ||||||||||||||||
Fleet Vehicles | Specialty | Eliminations & | ||||||||||||||
& Services | Vehicles | Other | Consolidated | |||||||||||||
Fleet vehicle sales | $ | 367,338 | $ | - | $ | - | $ | 367,338 | ||||||||
Motorhome chassis sales | - | 75,895 | - | 75,895 | ||||||||||||
Other specialty vehicles sales | - | 243,117 | 4,095 | 247,212 | ||||||||||||
Aftermarket parts and accessories sales | 66,855 | 28,876 | - | 95,731 | ||||||||||||
Total Sales | $ | 434,193 | $ | 347,888 | $ | 4,095 | $ | 786,176 | ||||||||
Adjusted EBITDA | $ | 31,188 | $ | 67,290 | $ | (49,630) | $ | 48,848 | ||||||||
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) | ||||||||||||||||||
Period End Backlog (amounts in thousands of dollars) | ||||||||||||||||||
Dec. 31, 2024 | Sept. 30, 2024 | Jun. 30, 2024 | Mar. 31, 2024 | Dec. 31, 2023 | ||||||||||||||
Fleet Vehicles and Services | $ | 244,784 | $ | 267,952 | $ | 294,586 | $ | 356,089 | $ | 325,003 | ||||||||
Specialty Vehicles | 68,460 | 77,456 | 59,856 | 83,334 | 84,269 | |||||||||||||
Total Backlog | $ | 313,244 | $ | 345,408 | $ | 354,442 | $ | 439,423 | $ | 409,272 | ||||||||
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 | |||||||||||
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. | 2024 | % of | 2023 | % of | 2024 | % of | 2023 | % of | |||
Net income (loss) | $ (3,413) | (1.7 %) | $ (4,417) | (2.2 %) | $ (2,795) | (0.4 %) | $ 6,464 | 0.7 % | |||
Net loss attributable to non-controlling interest |
- |
- |
- |
32 | |||||||
Add (subtract): | |||||||||||
Restructuring and other related charges | (60) | 368 | 1,324 | 1,741 | |||||||
Transaction related expenses and adjustments | 8,530 | - | 10,154 | 440 | |||||||
Non-cash stock-based compensation expense | 4,578 | 2,647 | 10,250 | 7,834 | |||||||
Gain from insurance settlement | (1,737) | - | (1,737) | - | |||||||
Legacy legal matters | - | - | 2,000 | 956 | |||||||
CEO transition | - | 107 | 147 | 2,629 | |||||||
Loss from write-off of assets | - | 1,872 | 147 | 1,872 | |||||||
Non-recurring professional fees | - | 128 | - | 288 | |||||||
Tax effect of adjustments | (2,887) | (1,636) | (4,515) | (3,565) | |||||||
Adjusted net income (loss) | $ 5,011 | 2.5 % | $ (931) | (0.5 %) | $ 14,975 | 1.9 % | $ 18,691 | 2.1 % | |||
Net income (loss) | $ (3,413) | (1.7 %) | $ (4,417) | (2.2 %) | $ (2,795) | (0.4 %) | $ 6,464 | 0.7 % | |||
Net loss attributable to non-controlling interest |
- |
- |
- |
32 | |||||||
Add (subtract): | |||||||||||
Depreciation and amortization | 5,764 | 4,593 | 20,252 | 16,953 | |||||||
Taxes on income | (60) | (4,803) | 566 | (5,768) | |||||||
Interest expense | 2,342 | 1,830 | 8,540 | 6,527 | |||||||
EBITDA | $ 4,633 | 2.3 % | $ (2,797) | (1.4 %) | $ 26,563 | 3.4 % | $ 24,208 | 2.8 % | |||
Add (subtract): | |||||||||||
Restructuring and other related charges | (60) | 368 | 1,324 | 1,741 | |||||||
Transaction related expenses and adjustments | 8,530 | - | 10,154 | 440 | |||||||
Non-cash stock-based compensation expense | 4,578 | 2,647 | 10,250 | 7,834 | |||||||
Gain from insurance settlement | (1,737) | - | (1,737) | - | |||||||
Legacy legal matters | - | - | 2,000 | 956 | |||||||
CEO transition | - | 107 | 147 | 2,629 | |||||||
Loss from write-off of assets | - | 1,872 | 147 | 1,872 | |||||||
Non-recurring professional fees | - | 128 | - | 288 | |||||||
Adjusted EBITDA | $ 15,944 | 7.9 % | $ 2,325 | 1.1 % | $ 48,848 | 6.2 % | $ 39,968 | 4.6 % | |||
Diluted net earnings (loss) per share | $ (0.10) | $ (0.13) | $ (0.08) | $ 0.19 | |||||||
Add (subtract): | |||||||||||
Restructuring and other related charges | - | 0.01 | 0.04 | 0.05 | |||||||
Transaction related expenses and adjustments | 0.25 | - | 0.30 | 0.01 | |||||||
Non-cash stock-based compensation expense | 0.14 | 0.08 | 0.30 | 0.22 | |||||||
Gain from insurance settlement | (0.05) | - | (0.05) | - | |||||||
Legacy legal matters | - | - | 0.06 | 0.03 | |||||||
CEO transition | - | - | - | 0.08 | |||||||
Loss from write-off of assets | - | 0.05 | - | 0.05 | |||||||
Non-recurring professional fees | - | - | - | 0.01 | |||||||
Tax effect of adjustments | (0.09) | (0.04) | (0.13) | (0.10) | |||||||
Adjusted diluted net earnings (loss) per share | $ 0.15 | $ (0.03) | $ 0.44 | $ 0.54 | |||||||
The Shyft Group, Inc. and Subsidiaries | ||||||
Consolidated Financial Summary (Non-GAAP) | ||||||
(In thousands) | ||||||
(Unaudited) | ||||||
Year Ended December 31, | ||||||
The Shyft Group, Inc. | 2024 | 2023 | ||||
Net cash provided by operating activities | $ | 30,056 | $ | 56,244 | ||
Purchases of property, plant and equipment | (13,661) | (20,733) | ||||
Proceeds from sale of property, plant and equipment | 95 | 119 | ||||
Free cash flow | $ | 16,490 | $ | 35,630 | ||
View original content to download multimedia:https://www.prnewswire.com/news-releases/the-shyft-group-reports-fourth-quarter-and-full-year-2024-results-302380907.html
SOURCE The Shyft Group, Inc.
FAQ
What is Shyft Group's revenue guidance for 2025?
How did Shyft Group's Q4 2024 performance compare to Q4 2023?
What is the status of Shyft Group's merger with Aebi Schmidt?
How much did Shyft Group's backlog decrease in 2024?
What is Shyft Group's projected free cash flow for 2025?
