The Shyft (US:SHYF)2021-03-26 23:122020 Performance Highlights - The Shyft Group strategically aligned its product portfolio to capitalize on more profitable growth markets following the sale of the ER business[2] - The company's 2020 sales reached $676 million, compared to $757 million in 2019, which included $91 million of nonrecurring USPS sales[8,9] - Adjusted EBITDA for 2020 was $76 million, a 19% increase from $64 million in 2019[8,123] - The adjusted EBITDA margin increased by 280 basis points to 113% in 2020[123] Segment Performance (4Q20 vs 4Q19) - Fleet Vehicles & Services (FVS) revenue decreased by 15% to $1124 million[129] - Specialty Vehicles (SV) revenue increased by 25% to $592 million[129] - FVS adjusted EBITDA was down 21% to $166 million, with a margin of 148%[142] - SV adjusted EBITDA increased by 38% to $69 million, with a margin of 116%[148] Financial Position and Outlook - The Shyft Group had a total liquidity of $147 million at the end of 4Q20, including $21 million in cash and $126 million of borrowing capacity[34] - The company's leverage ratio was approximately 04x adjusted EBITDA[34] - The Shyft Group anticipates revenue between $850 million and $900 million for 2021, representing a 29% increase[154] - The company projects adjusted EBITDA between $95 million and $105 million for 2021, a 32% increase[154]