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    The Shyft Group Reports Fourth Quarter and Full-Year 2024 Results

    2/20/25 7:31:00 AM ET
    $SHYF
    Auto Manufacturing
    Consumer Discretionary
    Get the next $SHYF alert in real time by email
    • 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 to $970 million, up 17% year-over-year at the midpoint
    • Entered into transformative merger agreement with Aebi Schmidt; remains on track to close by mid-2025  

    NOVI, Mich., Feb. 20, 2025 /PRNewswire/ -- The Shyft Group, Inc. (NASDAQ:SHYF) ("Shyft" or the "Company"), the North American leader in specialty vehicle manufacturing, assembly and upfit for the commercial, retail and service specialty vehicle markets, today reported operating results for the fourth quarter and full-year ended December 31, 2024.              

    Shyft Group (PRNewsfoto/The Shyft Group, Inc.)

    Fourth Quarter 2024 Financial Highlights                                                                          

    For the fourth quarter of 2024 compared to the fourth quarter of 2023: 

    • Sales of $201.4 million, a decrease of $0.9 million, or 0.4%, from $202.3 million
    • Net loss of $3.4 million, or ($0.10) per share, compared to a loss of $4.4 million, or ($0.13) per share; 2024 results include $8.5 million of transaction expenses
    • Adjusted EBITDA of $15.9 million, or 7.9% of sales, an increase of $13.6 million, from $2.3 million, or 1.1% of sales; results include $5.8 million of EV pre-production related costs versus $9.3 million in the prior year
    • Adjusted net income of $5.0 million, or $0.15 per share, compared to a loss of $0.9 million, or ($0.03) per share
    • Consolidated backlog1 of $313.2 million as of December 31, 2024, down $96.0 million, or 23.5%, compared to $409.3 million as of December 31, 2023

    Full-Year 2024 Financial Highlights

    For the full-year 2024 compared to the full-year 2023:

    • Sales of $786.2 million, a decrease of $86.0 million, or 9.9%, from $872.2 million
    • Net loss of $2.8 million, or ($0.08) per share, compared to net income of $6.5 million, or $0.19 per share
    • Adjusted EBITDA of $48.8 million, or 6.2% of sales, an increase of $8.8 million, from $40.0 million, or 4.6% of sales; results include $23.3 million of EV pre-production related costs versus $32.6 million in the prior year
    • Adjusted net income of $15.0 million, or $0.44 per share, compared to adjusted net income of $18.7 million, or $0.54 per share

    "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 to $970 million
    • Adjusted EBITDA of $62 to $72 million
    • Adjusted earnings per share of $0.69 to $0.92
    • Free cash flow of $25 to $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 Arizona, California, Florida, Indiana, Iowa, Maine, Michigan, Missouri, Pennsylvania, Tennessee, Texas, and Saltillo, Mexico. The Company reported sales of $786 million in 2024. Learn more at TheShyftGroup.com. 

    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 the United States absent registration under the U.S. Securities Act of 1933, as amended ("Securities Act"), or pursuant to an exemption from, or in a transaction not subject to, such registration requirements.

    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

    [email protected]

    586.413.4112

    INVESTORS

    Randy Wilson

    Vice President, Investor Relations and Treasury

    [email protected]

    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 $533 and $276

    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

    sales



    2023

    % of

    sales



    2024

    % of

    sales



    2023

    % of

    sales

    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



     

    Cision 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.

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