v3.24.3
Note 10 - Business Segments
 9 Months Ended
Sep. 30, 2024
Notes to Financial Statements  
Segment Reporting Disclosure [Text Block]

NOTE 10 – BUSINESS SEGMENTS

 

We identify our reportable segments based on our management structure and the financial data utilized by our chief operating decision maker to assess segment performance and allocate resources among our operating units. We have two reportable segments: Fleet Vehicles and Services and Specialty Vehicles.

 

We evaluate the performance of our reportable segments based on Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) and it is calculated by excluding items that we believe to be infrequent or not indicative of our underlying operating performance, as well as certain non-cash expenses. We define Adjusted EBITDA as income before interest, income taxes, depreciation and amortization, as adjusted to eliminate the impact of restructuring charges, acquisition related expenses and adjustments, non-cash stock-based compensation expenses, and other gains and losses not reflective of our ongoing operations.

 

Our FVS segment focuses on designing and manufacturing walk-in vans for parcel delivery, trades, and construction industries, the production of commercial truck bodies, and the distribution of related aftermarket parts and accessories.

 

Our SV segment consists of service bodies operations, operations that engineer and manufacture motorhome chassis, other specialty chassis and distributes related aftermarket parts and assemblies. We also provide vocation-specific equipment upfit services, which are marketed and sold under the Strobes-R-Us brand.

 

The accounting policies of the segments are the same as those described, or referred to, in “Note 1 – Nature of Operations and Basis of Presentation.” Assets and related depreciation expense in the column labeled “Eliminations and Other” pertain to capital assets maintained at the corporate level. Eliminations for inter-segment sales are shown in the column labeled “Eliminations and Other.” Adjusted EBITDA in the “Eliminations and Other” column contains corporate related expenses not allocable to the operating segments. Interest expense and Income tax expense are not included in the information utilized by the chief operating decision maker to assess segment performance and allocate resources, and accordingly, are excluded from the segment results presented below.

 

  

Three Months Ended

September 30, 2024

 
  Segment 
  

FVS

  

SV

  

Eliminations

and Other

  

Consolidated

 
                 

Fleet vehicle sales

 $87,773  $-  $-  $87,773 

Motorhome chassis sales

  -   11,194   -   11,194 

Other specialty vehicle sales

  -   66,983   850   67,833 

Aftermarket parts and accessories sales

  18,087   9,188   -   27,275 

Total sales

 $105,860  $87,365  $850  $194,075 
                 

Depreciation and amortization expense

 $1,717  $2,207  $1,354  $5,278 

Adjusted EBITDA

  9,828   16,146   (11,630)  14,344 

Segment assets

  202,137   277,225   90,072   569,434 

Capital expenditures  

  250   968   1,856   3,074 

  

  

Three Months Ended

September 30, 2023

 
  Segment 
  

FVS

  

SV

  

Eliminations

and Other

  

Consolidated

 
                 

Fleet vehicle sales

 $108,491  $-  $-  $108,491 

Motorhome chassis sales

  -   20,519   -   20,519 

Other specialty vehicle sales

  -   50,557   444   51,001 

Aftermarket parts and accessories sales

  15,768   5,546   -   21,314 

Total sales

 $124,259  $76,622  $444  $201,325 
                 

Depreciation and amortization expense

 $1,700  $1,659  $951  $4,310 

Adjusted EBITDA

  7,977   15,988   (12,977)  10,988 

Segment assets

  254,729   219,204   61,528   535,461 

Capital expenditures  

  750   1,006   3,697   5,453 

  

 

  

Nine Months Ended

September 30, 2024

 
  Segment 
  

FVS

  

SV

  

Eliminations

and Other

  

Consolidated

 
                 

Fleet vehicle sales

 $275,495  $-  $-  $275,495 

Motorhome chassis sales

  -   60,911   -   60,911 

Other specialty vehicle sales

  -   178,450   926   179,376 

Aftermarket parts and accessories sales

  47,964   20,998   -   68,962 

Total sales

 $323,459  $260,359  $926  $584,744 
                 

Depreciation and amortization expense

 $5,486  $5,292  $3,710  $14,488 

Adjusted EBITDA

  19,131   50,668   (36,895)  32,904 

Segment assets

  202,137   277,225   90,072   569,434 

Capital expenditures  

  1,613   1,574   4,248   7,435 

  

  

Nine Months Ended

September 30, 2023

 
  Segment 
  

FVS

  

SV

  

Eliminations

and Other

  

Consolidated

 
                 

Fleet vehicle sales

 $381,061  $-  $-  $381,061 

Motorhome chassis sales

  -   78,578   -   78,578 

Other specialty vehicle sales

  -   156,906   (4,180)  152,726 

Aftermarket parts and accessories sales

  41,614   15,886   -   57,500 

Total sales

 $422,675  $251,370  $(4,180) $669,865 
                 

Depreciation and amortization expense

 $4,679  $5,038  $2,643  $12,360 

Adjusted EBITDA

  32,918   47,207   (42,482)  37,643 

Segment assets

  254,729   219,204   61,528   535,461 

Capital expenditures  

  4,317   2,185   11,132   17,634