The Shyft (SHYF) - 2024 Q4 - Annual Results

Sales Performance - Fourth quarter 2024 sales were $201.4 million, a decrease of$ 0.9 million, or 0.4%, from $202.3 million in Q4 2023[5] - Full-year 2024 sales totaled$ 786.2 million, down $86.0 million, or 9.9%, from$ 872.2 million in 2023[5] - Sales for the year ended December 31, 2024, were $786,176 thousand, a decrease of 9.9% compared to$ 872,198 thousand in 2023[20] Financial Metrics - Adjusted EBITDA for Q4 2024 was $15.9 million, or 7.9% of sales, an increase from$ 2.3 million, or 1.1% of sales in Q4 2023[5] - Adjusted EBITDA for the year ended December 31, 2024, is $48,848 thousand, compared to$ 39,968 thousand in 2023, an increase of 22.9%[28] - Adjusted EBITDA for 2025 is projected to be between $62 million and$ 72 million[6] - Adjusted earnings per share for 2025 are expected to range from $0.69 to$ 0.92[6] Income and Profitability - Operating income for the year ended December 31, 2024, was $4,107 thousand, down 39.0% from$ 6,753 thousand in 2023[20] - Net income attributable to The Shyft Group Inc. for the year ended December 31, 2024, was a loss of $2,795 thousand, compared to a profit of$ 6,496 thousand in 2023[20] - Net income for the three months ended December 31, 2024, is a loss of $3,413,000, or (1.7%) of sales, compared to a loss of$ 4,417,000, or (2.2%) of sales in the same period of 2023[43] - Adjusted net income for the twelve months ended December 31, 2024, is $14,975,000, which is 1.9% of sales, down from$ 18,691,000 (2.1% of sales) in 2023[43] Cash Flow and Assets - Free cash flow for the year ended December 31, 2024, is $16,490,000, a decrease from$ 35,630,000 in 2023, indicating a decline of 53.7%[46] - The company reported a net cash provided by operating activities of $30,056,000 for the year ended December 31, 2024, compared to$ 56,244,000 in 2023, reflecting a decrease of 46.6%[46] - Cash and cash equivalents at the end of the period increased to $15,780 thousand in 2024 from$ 9,957 thousand in 2023[22] - Total assets increased to $568,748 thousand in 2024 from$ 530,049 thousand in 2023, representing a growth of 7.5%[18] Backlog and Future Expectations - The consolidated backlog as of December 31, 2024, was $313.2 million, down$ 96.0 million, or 23.5%, compared to $409.3 million as of December 31, 2023[5] - The company expects full-year 2025 sales to be between$ 870 million and $970 million, representing a 17% year-over-year increase at the midpoint[6] - Total backlog as of December 31, 2024, is$ 313,244,000, down from $439,423,000 as of March 31, 2024, representing a decrease of 28.7%[33] - The total backlog for Fleet Vehicles and Services decreased to$ 244,784,000 as of December 31, 2024, from $356,089,000 as of March 31, 2024, a decline of 31.2%[33] Research and Development - Research and development expenses decreased to$ 16,319 thousand in 2024 from $25,185 thousand in 2023, a reduction of 35.3%[20] Mergers and Acquisitions - The pending merger with Aebi Schmidt is expected to enhance growth and operational capabilities, with a target closure by mid-2025[5][7] - The company acquired a business for$ 47,631 thousand in 2024, significantly impacting cash flows from investing activities[22] Other Expenses - The company incurred transaction-related expenses of $8,530,000 for the three months ended December 31, 2024[43] - Non-cash stock-based compensation expense for the twelve months ended December 31, 2024, is$ 10,250,000, compared to $7,834,000 in 2023, an increase of 30.5%[43] Current Liabilities - Total current liabilities remained relatively stable at$ 182,274 thousand in 2024 compared to $182,831 thousand in 2023[18] Forward-Looking Statements - The company does not provide reconciliations of forward-looking non-GAAP financial measures due to the inherent difficulty of forecasting certain items[39]