Spartan Motors Gross profit (Q3, 2018)26.2 M

Spartan Motors Gross profit margin (Q3, 2018), %11.6%

Spartan Motors Net income (Q3, 2018)5.2 M

Spartan Motors EBIT (Q3, 2018)6.3 M

Spartan Motors Cash, 30-Sep-201815.7 M

Spartan Motors EV277.4 M

Spartan Motors revenue breakdown by business segment: 22.3% from Specialty Chassis and Vehicles, 35.2% from Fleet Vehicles and Services and 42.5% from Emergency Response Vehicles

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Revenue | 469.5m | 506.8m | 550.4m | 590.8m | 707.1m |

| 8% | 9% | 7% | 20% | |

## Cost of goods sold | 442.9m | 502.8b | 518.1m | 617.7m | |

## Gross profit | 63.9m | (502.2b) | 72.7m | 89.4m | |

| 13% | (91246%) | 12% | 13% | |

## R&D expense | 6.8m | 6.5m | |||

## General and administrative expense | 56.2m | 65.5m | |||

## Operating expense total | 62.9m | 73.1m | |||

## EBIT | (8.2m) | (1.2m) | (12.5m) | 8.6m | 16.2m |

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

## Interest expense | 341.0k | 365.0m | 410.0k | 864.0k | |

## Interest income | 717.0k | ||||

## Pre tax profit | 16.0m | ||||

## Income tax expense | 100.0k | 90.0k | |||

## Net Income | (6.0m) | 1.0m | (17.5m) | 8.6m | 15.9m |

- Source: SEC Filings

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Revenue | 126.1m | 128.0m | 115.8m | 144.2m | 128.4m | 144.8m | 136.6m | 133.7m | 162.5m | 148.7m | 167.1m | 169.7m | 189.2m | 173.0m | 357.0m | 226.2m |

## Cost of goods sold | 109.9m | 115.2m | 101.1m | 124.1m | 114.3m | 127.3m | 123.8m | 117.9m | 141.7m | 130.6m | 150.5m | 150.2m | 160.6m | 150.9m | 308.5m | 200.0m |

## Gross profit | 16.1m | 12.7m | 14.7m | 20.2m | 14.0m | 17.6m | 12.8m | 15.8m | 20.8m | 18.1m | 16.5m | 19.5m | 28.7m | 22.2m | 48.5m | 26.2m |

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

## R&D expense | 2.7m | 2.9m | 2.7m | 3.0m | 3.6m | 1.2m | 454.0k | 1.2m | 1.8m | 1.4m | 2.1m | 1.5m | 1.6m | 1.4m | 3.2m | 2.1m |

## General and administrative expense | 11.6m | 13.4m | 11.9m | 12.7m | 13.6m | 13.2m | 12.4m | 13.6m | 14.4m | 13.8m | 14.6m | 16.5m | 17.1m | 17.9m | 36.9m | 17.3m |

## Operating expense total | 14.3m | 16.3m | 14.6m | 15.9m | 18.1m | 15.1m | 13.3m | 15.1m | 16.4m | 15.4m | 17.2m | 18.3m | 18.9m | 19.3m | 40.9m | 19.8m |

## EBIT | 1.8m | (3.5m) | 31.0k | 4.3m | (4.4m) | 2.3m | (458.0k) | 691.0k | 4.4m | 2.6m | (842.0k) | 1.2m | 9.8m | 2.9m | 7.6m | 6.3m |

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

## Interest expense | 79.0k | 94.0k | 91.0k | 80.0k | 90.0k | 112.0k | 91.0k | 114.0k | 88.0k | 112.0k | 264.0k | 129.0k | 189.0k | 323.0k | 592.0k | 225.0k |

## Interest income | 1.6m | 2.4m | 156.0k | |||||||||||||

## Pre tax profit | 1.2m | 9.7m | 4.1m | 9.4m | 6.3m | |||||||||||

## Net Income | 563.0k | (2.1m) | 230.0k | 3.2m | (2.9m) | 1.2m | (5.8m) | 543.0k | 4.4m | 2.7m | (1.1m) | 1.1m | 13.5m | 4.2m | 7.9m | 5.2m |

- Source: SEC Filings

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Cash | 30.7m | 28.6m | 32.7m | 32.0m | 33.5m |

## Accounts Receivable | 83.1m | ||||

## Inventories | 81.4m | 71.2m | 60.6m | 58.9m | 77.7m |

## Current Assets | 170.7m | 161.3m | 158.3m | 162.2m | 198.8m |

## PP&E | 54.3m | 50.4m | 47.3m | 53.1m | 55.2m |

## Goodwill | 16.0m | 16.0m | 16.0m | 16.0m | 27.4m |

## Total Assets | 253.3m | 238.8m | 230.7m | 243.3m | 301.2m |

## Accounts Payable | 30.5m | 22.8m | 27.3m | 31.3m | 40.6m |

## Short-term debt | 79.0k | 59.0k | 63.0k | 65.0k | 64.0k |

## Current Liabilities | 70.2m | 60.6m | 72.4m | 87.7m | 109.7m |

## Long-term debt | 17.9m | ||||

## Total Debt | 79.0k | 59.0k | 63.0k | 65.0k | 18.0m |

## Total Liabilities | 90.3m | 132.9m | |||

## Common Stock | 351.0k | ||||

## Additional Paid-in Capital | 75.1m | 75.7m | 76.5m | 76.8m | 79.7m |

## Retained Earnings | 96.1m | 92.7m | 72.3m | 76.4m | 88.9m |

## Total Equity | 171.6m | 168.6m | 148.5m | 153.0m | 168.3m |

## Debt to Equity Ratio | 0 x | 0 x | 0 x | 0 x | 0.1 x |

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0.1 x |

## Financial Leverage | 1.5 x | 1.4 x | 1.6 x | 1.6 x | 1.8 x |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Cash | 20.0m | 27.2m | 29.7m | 28.5m | 12.0m | 20.6m | 20.9m | 36.8m | 39.8m | 40.0m | 35.4m | 21.2m | 21.9m | 29.4m | 21.7m | 15.7m |

## Inventories | 82.4m | 75.4m | 84.4m | 73.7m | 85.1m | 69.9m | 78.5m | 71.2m | 59.8m | 68.0m | 109.2m | 88.4m | 95.1m | 48.5m | 64.6m | 75.8m |

## Current Assets | 166.9m | 171.2m | 176.5m | 172.5m | 181.8m | 166.5m | 175.5m | 175.2m | 174.4m | 182.2m | 214.1m | 197.6m | 215.1m | 207.2m | 229.7m | 249.8m |

## PP&E | 55.9m | 53.2m | 52.2m | 51.1m | 50.2m | 49.5m | 47.8m | 47.4m | 49.9m | 51.0m | 58.1m | 57.1m | 56.0m | 55.0m | 54.6m | 55.5m |

## Goodwill | 20.8m | 16.0m | 16.0m | 16.0m | 16.0m | 16.0m | 16.0m | 16.0m | 16.0m | 16.0m | 25.6m | 25.8m | 27.5m | 27.4m | 27.4m | 27.4m |

## Total Assets | 255.9m | 252.5m | 256.3m | 250.9m | 259.0m | 242.9m | 248.5m | 247.6m | 249.8m | 261.2m | 313.8m | 296.3m | 320.9m | 308.2m | 329.7m | 349.9m |

## Accounts Payable | 32.9m | 30.3m | 35.2m | 29.2m | 46.3m | 30.5m | 38.9m | 41.3m | 38.7m | 44.1m | 35.9m | 42.0m | 55.0m | 50.0m | 78.6m | 92.6m |

## Short-term debt | 92.0k | 66.0k | 58.0k | 59.0k | 60.0k | 61.0k | 62.0k | 63.0k | 64.0k | 5.1m | 63.0k | 58.0k | 49.0k | 59.0k | 57.0k | 62.0k |

## Current Liabilities | 67.8m | 71.6m | 77.8m | 70.0m | 83.3m | 67.6m | 79.3m | 88.2m | 91.9m | 105.1m | 124.3m | 116.3m | 126.3m | 110.5m | 129.4m | 143.2m |

## Total Debt | 92.0k | 66.0k | 58.0k | 59.0k | 60.0k | 61.0k | 62.0k | 63.0k | 64.0k | 5.1m | 63.0k | 58.0k | 49.0k | 59.0k | 57.0k | 62.0k |

## Total Liabilities | 98.1m | 99.3m | 107.7m | 37.8m | 144.0m | 154.2m | 133.7m | 152.1m | 166.2m | |||||||

## Additional Paid-in Capital | 74.3m | 75.6m | 75.5m | 75.3m | 76.0m | 76.1m | 76.3m | 77.0m | 76.3m | 76.7m | 76.7m | 77.9m | 78.8m | 78.0m | 79.2m | 80.1m |

## Retained Earnings | 100.8m | 94.0m | 92.0m | 94.6m | 89.8m | 89.3m | 83.5m | 72.9m | 74.5m | 77.2m | 75.3m | 74.7m | 88.2m | 96.7m | 98.7m | 103.9m |

## Total Equity | 175.4m | 165.6m | 160.0m | 149.5m | 150.5m | 153.6m | 151.7m | 152.3m | 166.6m | 174.5m | 177.6m | 183.7m | ||||

## Debt to Equity Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | ||||

## Debt to Assets Ratio | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x | 0 x |

## Financial Leverage | 1.5 x | 1.5 x | 1.6 x | 1.7 x | 1.7 x | 1.7 x | 2.1 x | 1.9 x | 1.9 x | 1.8 x | 1.9 x | 1.9 x |

USD | FY, 2013 | FY, 2014 | FY, 2015 | FY, 2016 | FY, 2017 |
---|---|---|---|---|---|

## Net Income | (6.0m) | 1.0m | (17.5m) | 8.6m | 15.9m |

## Depreciation and Amortization | 9.2m | 8.4m | 7.4m | 7.9m | 9.9m |

## Accounts Receivable | (421.0k) | (802.0k) | (8.3m) | (8.8m) | (18.6m) |

## Inventories | (14.0m) | 10.3m | 10.6m | 1.7m | 42.9m |

## Accounts Payable | 7.5m | (7.8m) | 4.6m | 4.0m | 5.4m |

## Cash From Operating Activities | 13.0m | 6.5m | 12.9m | 23.5m | 22.0m |

## Purchases of PP&E | (3.5m) | (3.5m) | (4.9m) | (13.4m) | (5.3m) |

## Cash From Investing Activities | (846.0k) | (2.8m) | (4.7m) | (13.4m) | (34.2m) |

## Long-term Borrowings | (86.0k) | (80.0k) | (75.0k) | (5.1m) | (15.1m) |

## Dividends Paid | (3.5m) | ||||

## Cash From Financing Activities | (3.2m) | (5.8m) | (4.1m) | (10.7m) | 13.7m |

## Net Change in Cash | 1.5m |

USD | Q3, 2013 | Q1, 2014 | Q2, 2014 | Q3, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | Q1, 2017 | Q2, 2017 | Q3, 2017 | Q1, 2018 | Q2, 2018 | Q3, 2018 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|

## Net Income | (3.0m) | (2.1m) | 230.0k | 3.2m | (2.9m) | 1.2m | (5.8m) | 543.0k | 4.4m | 2.7m | (1.1m) | 25.0k | 13.5m | 4.2m | 7.9m | 13.2m |

## Depreciation and Amortization | 6.9m | 4.7m | 7.3m | 2.5m | 5.0m | 7.6m | ||||||||||

## Accounts Receivable | (5.2m) | (17.4m) | (29.1m) | (241.0k) | (9.4m) | (26.8m) | ||||||||||

## Inventories | (14.8m) | 84.4m | 73.7m | 85.1m | 69.9m | 78.5m | 71.2m | 109.2m | 32.9m | 26.2m | (3.9m) | (19.9m) | (31.0m) | |||

## Accounts Payable | 9.9m | 35.2m | 29.2m | 46.3m | 30.5m | 38.9m | 41.3m | 38.7m | 44.1m | 35.9m | 6.7m | 19.7m | 9.3m | 37.9m | 52.0m | |

## Cash From Operating Activities | 81.0k | (33.0k) | 2.1m | 432.0k | (2.6m) | (5.9m) | ||||||||||

## Purchases of PP&E | (3.0m) | (2.4m) | (3.8m) | (2.0m) | (4.1m) | (7.4m) | ||||||||||

## Cash From Investing Activities | (366.0k) | (31.4m) | (32.7m) | (2.0m) | (4.1m) | (7.4m) | ||||||||||

## Long-term Borrowings | (60.0k) | (10.0m) | (10.0m) | (18.0k) | (36.0k) | (50.0k) | ||||||||||

## Cash From Financing Activities | (1.5m) | 20.6m | 20.4m | (2.5m) | (5.2m) | (4.5m) | ||||||||||

## Income Taxes Paid | (1.4m) | (179.0k) | 1.0m | (1.4m) |

USD | Y, 2018 |
---|---|

## EV/EBIT | 43.7 x |

## EV/CFO | -46.6 x |

## Financial Leverage | 1.9 x |

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Spartan Motors's Backlog was reported to be $372.8m in Q2, 2017.

FY, 2014 | Q1, 2015 | Q2, 2015 | Q3, 2015 | FY, 2015 | Q1, 2016 | Q2, 2016 | Q3, 2016 | FY, 2016 | Q1, 2017 | Q2, 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 k | 165.70 k | 160.70 k |

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