? Operating expense of $34.3 million, or 14.8% of sales for the second quarter

of 2022, compared to $29.7 million, or 12.2% of sales for the second quarter

? Operating income of $7.7 million for the second quarter of 2022, compared to

$22.2 million for the second quarter of 2021.

? Income tax expense of $1.5 million for the second quarter of 2022, compared

to $5.6 million for the second quarter of 2021.

? Income from continuing operations of $5.3 million for the second quarter of

2022, compared to $17.0 million for the second quarter of 2021.

? Diluted earnings per share from continuing operations of $0.15 for the

second quarter of 2022, compared to $0.44 for the second quarter of 2021.

? Order backlog of $1,135.2 million at June 30, 2022, an increase of

$383.8 million or 51.1% from our backlog of $751.4 million at June 30, 2021.

? In March 2022, we announced Blue Arc™ EV Solutions, a new go-to-market brand

alongside a trio of initial product offerings-an industry-first commercial

? The proprietary battery-powered chassis features customizable length and

wheelbase, making it well-suited to serve a wide range of medium-duty

trucks and end uses. The chassis' modular design will accommodate multiple

weight ratings and classifications, based on build-out and usage. The

lithium-ion battery packs provide an approximate range of 150 to 175 miles

with the opportunity to enhance range through expanded battery options.

? The Blue Arc delivery van is a 100% battery-powered Class 3 electric

commercial delivery vehicle, designed for high-frequency, last-mile

delivery fleets. A spacious cargo area features 635-800 cubic feet of

storage and offers a choice of vocational packages specifically designed

? The Blue Arc ecosystem also includes the Power Cube, a fully portable

remote-controlled charging station with onboard energy storage to serve a

variety of commercial vehicle needs. Understanding that lack of EV

infrastructure is one of the roadblocks to adoption, the Power Cube offers

a unique solution, providing a mobile, customizable, commercial grade EV

? The Velocity lineup of last-mile delivery vehicles span GVWR class sizes 2 and

3 and are available on Ford Transit, Mercedes Sprinter, and RAM Promaster

chassis. The Velocity combines fuel efficiency, comfort, and maneuverability

with the cargo space, access, and load capacity similar to a traditional

? Royal Truck Body's new Severe Duty body, built to fit General Motors' medium

duty truck class and Ford's Super Duty truck class, includes more standard

features than any other service body on the market. With its fortress

five-point lock system, 10-gauge steel box tops treated with a protective

Polyeurea coating and 3/8" tread plate steel floors, this work truck is built

to last and is ideal for contractors and business owners that need heavy-duty

? The K3 and K4 motorhome chassis are equipped with Spartan Connected Coach™, a

technology bundle featuring the new digital dash display and keyless

push-button start. It also features the Spartan Advanced Protection System®, a

collection of safety systems that includes collision mitigation with adaptive

cruise control, electronic stability control, automatic traction control,

Spartan Safe Haul™, factory chassis-integrated air supply for tow vehicle

braking systems, tire pressure monitoring system with integrated controls with

Spartan Connected Coach's™ digital dash display, Premier Steer steering assist

system, woodgrain and leather SMART steering wheel with integrated radio

? The strength of our balance sheet and access to working capital through our

Three Months June 30, 2022 Compared to the Three Months Ended June 30, 2021

Interest expense was $0.5 million for the second quarter of 2022, compared to $0.3 million for the second quarter of 2021, driven by higher borrowing costs. Other expense was $0.5 million for the second quarter of 2022, compared to income of $0.5 million for the second quarter of 2021.

There was no Income from discontinued operations, net of income taxes for the second quarter of 2022 or 2021.

Our consolidated Adjusted EBITDA for the second quarter of 2022 was $13.7 million, compared to $28.6 million for the second quarter of 2021, a decrease of $14.9 million or (52.1%).

The table below describes the changes in Adjusted EBITDA for the three months ended June 30, 2022 compared to the same period for 2021 (in millions):

Adjusted EBITDA three months ended June 30, 2021 $ 28.6 Product pricing and mix

Adjusted EBITDA three months ended June 30, 2022 $ 13.7

Six Months Ended June 30, 2022 Compared to the Six Months Ended June 30, 2021

Our consolidated Adjusted EBITDA for the six months ended June 30, 2022 was $13.0 million, compared to $47.7 million for the six months ended June 30, 2021, a decrease of $34.7 million or (72.7%).

The table below describes the changes in Adjusted EBITDA for the six months ended June 30, 2022 compared to the same period for 2021 (in millions):

Adjusted EBITDA six months ended June 30, 2021 $ 47.7 Product pricing and mix

Adjusted EBITDA six months ended June 30, 2022 $ 13.0

Reconciliation of Non-GAAP Financial Measures

The following table reconciles Income from continuing operations to Adjusted EBITDA for the periods indicated.

For certain financial information related to each segment, see "Note 10 - Business Segments," of the Notes to Condensed Consolidated Financial Statements appearing in Item 1 of this Form 10-Q.

Sales in our SV segment were $95.3 million in the second quarter of 2022, compared to $82.4 million for the second quarter of 2021, an increase of $12.9 million or 15.7%. This increase was due to strong sales volume growth coupled with pricing actions to offset material and labor inflation.

Cash Flow from Operating Activities

Cash Flow from Investing Activities

Cash Flow from Financing Activities

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