Spartan Motors (SPAR) Financials

$566.5 M

Mkt cap, 23-May-2018

$173 M

Revenue Q1, 2018
Gross profit (Q1, 2018)22.2 M
Gross profit margin (Q1, 2018), %12.8%
Net income (Q1, 2018)4.2 M
EBIT (Q1, 2018)2.9 M
Cash, 31-Mar-201829.4 M
EV537.1 M

Revenue/Financials

Income Statement

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Revenue

469.5 m506.8 m550.4 m590.8 m707.1 m

Revenue growth, %

8%9%7%

Cost of goods sold

442.9 m502.8 b518.1 m617.7 m

Gross profit

63.9 m(502.2 b)72.7 m89.4 m

Gross profit Margin, %

13%(91246%)12%13%

R&D expense

6.8 m6.5 m

General and administrative expense

56.2 m65.5 m

Operating expense total

62.9 m73.1 m

EBIT

(8.2 m)(1.2 m)(12.5 m)8.6 m16.2 m

EBIT margin, %

(2%)0%(2%)1%2%

Interest expense

341 k365 m410 k864 k

Interest income

717 k

Pre tax profit

16 m

Income tax expense

100 k90 k

Net Income

(6 m)1 m(17.5 m)8.6 m15.9 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Revenue

126.1 m128 m115.8 m144.2 m128.4 m144.8 m136.6 m133.7 m162.5 m148.7 m167.1 m169.7 m189.2 m173 m

Cost of goods sold

109.9 m115.2 m101.1 m124.1 m114.3 m127.3 m123.8 m117.9 m141.7 m130.6 m150.5 m150.2 m160.6 m150.9 m

Gross profit

16.1 m12.7 m14.7 m20.2 m14 m17.6 m12.8 m15.8 m20.8 m18.1 m16.5 m19.5 m28.7 m22.2 m

Gross profit Margin, %

13%10%13%14%11%12%9%12%13%12%10%11%15%13%

R&D expense

2.7 m2.9 m2.7 m3 m3.6 m1.2 m454 k1.2 m1.8 m1.4 m2.1 m1.5 m1.6 m1.4 m

General and administrative expense

11.6 m13.4 m11.9 m12.7 m13.6 m13.2 m12.4 m13.6 m14.4 m13.8 m14.6 m16.5 m17.1 m17.9 m

Operating expense total

14.3 m16.3 m14.6 m15.9 m18.1 m15.1 m13.3 m15.1 m16.4 m15.4 m17.2 m18.3 m18.9 m19.3 m

EBIT

1.8 m(3.5 m)31 k4.3 m(4.4 m)2.3 m(458 k)691 k4.4 m2.6 m(842 k)1.2 m9.8 m2.9 m

EBIT margin, %

1%(3%)0%3%(3%)2%0%1%3%2%(1%)1%5%2%

Interest expense

79 k94 k91 k80 k90 k112 k91 k114 k88 k112 k264 k129 k189 k323 k

Interest income

1.6 m

Pre tax profit

1.2 m9.7 m4.1 m

Net Income

563 k(2.1 m)230 k3.2 m(2.9 m)1.2 m(5.8 m)543 k4.4 m2.7 m(1.1 m)1.1 m13.5 m4.2 m

Balance Sheet

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Cash

30.7 m28.6 m32.7 m32 m33.5 m

Accounts Receivable

Inventories

81.4 m71.2 m60.6 m58.9 m77.7 m

Current Assets

170.7 m161.3 m158.3 m162.2 m198.8 m

PP&E

54.3 m50.4 m47.3 m53.1 m55.2 m

Goodwill

16 m16 m16 m16 m27.4 m

Total Assets

253.3 m238.8 m230.7 m243.3 m301.2 m

Accounts Payable

30.5 m22.8 m27.3 m31.3 m40.6 m

Short-term debt

79 k59 k63 k65 k64 k

Current Liabilities

70.2 m60.6 m72.4 m87.7 m109.7 m

Long-term debt

Total Debt

65 k64 k

Total Liabilities

90.3 m132.9 m

Additional Paid-in Capital

75.1 m75.7 m76.5 m76.8 m79.7 m

Retained Earnings

96.1 m92.7 m72.3 m76.4 m88.9 m

Total Equity

171.6 m168.6 m148.5 m153 m168.3 m

Debt to Equity Ratio

0 x

Debt to Assets Ratio

0 x

Financial Leverage

1.5 x1.4 x1.6 x1.6 x1.8 x

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q2, 2017Q3, 2017Q1, 2018

Cash

20 m27.2 m29.7 m28.5 m12 m20.6 m20.9 m36.8 m39.8 m40 m35.4 m21.2 m21.9 m29.4 m

Inventories

82.4 m75.4 m84.4 m73.7 m85.1 m69.9 m78.5 m71.2 m59.8 m68 m109.2 m88.4 m95.1 m48.5 m

Current Assets

166.9 m171.2 m176.5 m172.5 m181.8 m166.5 m175.5 m175.2 m174.4 m182.2 m214.1 m197.6 m215.1 m207.2 m

PP&E

55.9 m53.2 m52.2 m51.1 m50.2 m49.5 m47.8 m47.4 m49.9 m51 m58.1 m57.1 m56 m55 m

Goodwill

20.8 m16 m16 m16 m16 m16 m16 m16 m16 m16 m25.6 m25.8 m27.5 m27.4 m

Total Assets

255.9 m252.5 m256.3 m250.9 m259 m242.9 m248.5 m247.6 m249.8 m261.2 m313.8 m296.3 m320.9 m308.2 m

Accounts Payable

32.9 m30.3 m35.2 m29.2 m46.3 m30.5 m38.9 m41.3 m38.7 m44.1 m35.9 m42 m55 m50 m

Short-term debt

92 k66 k58 k59 k60 k61 k62 k63 k64 k5.1 m63 k58 k49 k59 k

Current Liabilities

67.8 m71.6 m77.8 m70 m83.3 m67.6 m79.3 m88.2 m91.9 m105.1 m124.3 m116.3 m126.3 m110.5 m

Total Debt

92 k66 k58 k59 k60 k61 k62 k63 k64 k5.1 m63 k58 k49 k59 k

Total Liabilities

98.1 m99.3 m107.7 m37.8 m144 m154.2 m133.7 m

Additional Paid-in Capital

74.3 m75.6 m75.5 m75.3 m76 m76.1 m76.3 m77 m76.3 m76.7 m76.7 m77.9 m78.8 m78 m

Retained Earnings

100.8 m94 m92 m94.6 m89.8 m89.3 m83.5 m72.9 m74.5 m77.2 m75.3 m74.7 m88.2 m96.7 m

Total Equity

175.4 m165.6 m160 m149.5 m150.5 m153.6 m151.7 m152.3 m166.6 m174.5 m

Financial Leverage

1.5 x1.5 x1.6 x1.7 x1.7 x1.7 x2.1 x1.9 x1.9 x1.8 x

Cash Flow

Annual

USDFY, 2013FY, 2014FY, 2015FY, 2016FY, 2017

Net Income

(6 m)1 m(17.5 m)8.6 m15.9 m

Depreciation and Amortization

9.2 m8.4 m7.4 m7.9 m9.9 m

Accounts Receivable

(421 k)(802 k)(8.3 m)(8.8 m)(18.6 m)

Inventories

(14 m)10.3 m10.6 m1.7 m42.9 m

Accounts Payable

7.5 m(7.8 m)4.6 m4 m5.4 m

Cash From Operating Activities

13 m6.5 m12.9 m23.5 m22 m

Purchases of PP&E

(3.5 m)(3.5 m)(4.9 m)(13.4 m)(5.3 m)

Cash From Investing Activities

(846 k)(2.8 m)(4.7 m)(13.4 m)(34.2 m)

Long-term Borrowings

(86 k)(80 k)(75 k)(5.1 m)(15.1 m)

Cash From Financing Activities

(3.2 m)(5.8 m)(4.1 m)(10.7 m)13.7 m

Quarterly

USDQ3, 2013Q1, 2014Q2, 2014Q3, 2014Q1, 2015Q2, 2015Q3, 2015Q1, 2016Q2, 2016Q3, 2016Q1, 2017Q1, 2018

Net Income

(3 m)(2.1 m)230 k3.2 m(2.9 m)1.2 m(5.8 m)543 k4.4 m2.7 m(1.1 m)4.2 m

Depreciation and Amortization

6.9 m2.5 m

Accounts Receivable

(5.2 m)(241 k)

Inventories

(14.8 m)84.4 m73.7 m85.1 m69.9 m78.5 m71.2 m109.2 m(3.9 m)

Accounts Payable

9.9 m35.2 m29.2 m46.3 m30.5 m38.9 m41.3 m38.7 m44.1 m35.9 m9.3 m

Cash From Operating Activities

81 k432 k

Purchases of PP&E

(3 m)(2 m)

Cash From Investing Activities

(366 k)(2 m)

Long-term Borrowings

(60 k)(18 k)

Cash From Financing Activities

(1.5 m)(2.5 m)

Income Taxes Paid

(1.4 m)(179 k)1 m(1.4 m)

Ratios

USDY, 2018

EV/EBIT

186.8 x

EV/CFO

1.2 k x

Financial Leverage

1.8 x
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Operating Metrics

Spartan Motors's Backlog was reported to be $372.8m in Q2, 2017.
FY, 2014Q1, 2015Q2, 2015Q3, 2015FY, 2015Q1, 2016Q2, 2016Q3, 2016FY, 2016Q1, 2017Q2, 2017

Backlog

$243.74 m$264.60 m$262.70 m$275.30 m$270.76 m$318.90 m$304 m$272.10 m$249.46 m$351.30 m$372.80 m

Backlog (Delivery and Service Vehicles)

$60.63 m$96.12 m$89.55 m

Backlog (Emergency Response Vehicles)

$160.74 m$156.27 m$139.87 m

Backlog (Specialty Chassis and Vehicles)

$22.36 m$18.37 m$20.04 m

Manufacturing Facilities

8 7 7

Patents (US)

20 20 24

Patents Pending (US)

20 9 13

Trademarks (US)

26 25 31

Warehouses

8 7 7

Warehouses (sq. feet)

225.50 k165.70 k160.70 k
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