Full Year Net Sales of $1,132.8M, up 41% and
GAAP Net Income of $23.8M, up $69.6M
Adjusted EBITDA of $87.9M, up $102.7M with
8,514 Buses Sold, up 25%
FY2024 Adj. EBITDA Guidance Increased to
$115M or ~10% Margin
Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leader
in electric and low-emission school buses, announced today its
fiscal 2023 fourth quarter and full year results.
Highlights
Three Months Ended
Twelve Months Ended
(in millions except Unit Sales and EPS
data)
September 30, 2023
B/(W) 2022
September 30, 2023
B/(W) 2022
Unit Sales
2,116
100
8,514
1,692
GAAP Measures:
Revenue
$
303.0
$
45.3
$
1,132.8
$
332.2
Net Income
$
18.6
$
41.7
$
23.8
$
69.6
Diluted EPS
$
0.58
$
1.30
$
0.74
$
2.22
Non-GAAP Measures1:
Adjusted EBITDA
$
40.7
$
57.0
$
87.9
$
102.7
Adjusted Net Income
$
21.3
$
42.7
$
34.5
$
70.5
Adjusted Diluted EPS
$
0.66
$
1.32
$
1.07
$
2.22
1 Reconciliation to relevant GAAP metrics
shown below
“I am incredibly proud of our team’s progress in transforming
our business in 2023, and the outcome of all the hard work is
evident in our record financial results,” said Phil Horlock, CEO of
Blue Bird Corporation. “The Blue Bird team executed a rigorous
transformational plan over the past two years to improve operations
and throughput, control fixed costs, recover economics through
pricing and expand our leadership position in alternative-powered
buses. The market demand for Blue Bird’s school buses remains very
strong with approximately 4,600 units in our order backlog. Unit
sales in the year were up 25% from a year ago and we grew revenue
by an exceptional 41%, to a record $1.13 billion. Adjusted EBITDA
was a record $88 million, which is an outstanding increase of $103
million compared with last year, while our Adjusted Free Cash Flow
in 2023 was another record high and $144 million better than last
year.
In expanding our leadership position in alternative-powered
school buses, we achieved outstanding growth in zero-emission EV
unit sales, which more than doubled from last year. Additionally,
at fiscal-year end, we had almost 600 electric school bus orders in
our backlog, representing a 12% mix. We have seen strong growth in
EV orders from the EPA’s Clean School Bus Program, which awarded
nearly $1 billion in funding from Phase 1 of the program in 2023.
We are excited to see the launch of Phase 2 (A and B) of the 5-year
program, offering a combined $900M+ in grant and rebate funding for
electric school buses. We’ve been working aggressively with our
dealers and school districts in submitting applications and we are
confident that exciting growth is ahead for Blue Bird on the EV
front!
Based on our substantial progress this year and additional
visibility into the 2024 operating environment, we increased our
full year financial guidance for next year to 10% Adjusted EBITDA
and look forward to sustained profitable growth in the coming
years, particularly as the global supply chain recovery
progresses.”
FY2024 Guidance Increased
“We are very pleased with the FY2023 results, with record
Revenues and Adj. EBITDA coming in above guidance,” said Razvan
Radulescu, CFO of Blue Bird Corporation. “Our business
transformation is already generating record levels of profitability
compared with historical levels, and more improvements are still to
come. With the strong finish to 2023 and better line-of-sight into
2024, we are raising our fiscal 2024 guidance to Net Revenue to
$1.15-1.25 Billion, Adj. EBITDA of $105-125 million and Adj. Free
Cash Flow of $50-60 million. Additionally, we are reconfirming our
long-term outlook of profitable growth towards ~$2 billion in
revenues and Adjusted EBITDA margins of 12%+.”
Fiscal 2023 Fourth Quarter Results
Net Sales
Net sales were $303.0 million for the fourth quarter of fiscal
2023, an increase of $45.3 million, or 17.6%, from prior year
period. Bus sales increased $41.7 million, reflecting a 12.1%
increase in average sales price per unit, resulting from product
and mix changes, as well as pricing actions taken by management in
response to increased inventory purchase costs, and a 5.0% increase
in units booked. In the fourth quarter of fiscal 2023, 2,116 units
were booked compared with 2,016 units booked for the same period in
fiscal 2022. Additionally, Parts sales increased $3.6 million, or
16.7%, for the fourth quarter of fiscal 2023 compared with the
fourth quarter of fiscal 2022. This increase is primarily
attributed to pricing actions taken by management to offset
increases in purchased parts costs, increased demand due to the
aging school bus fleet, as well as product mix.
Gross Profit
Fourth quarter gross profit of $50.0 million represented an
increase of $54.4 million from the fourth quarter of last year. The
increase was primarily driven by the $45.3 million increase in net
sales, discussed above, as well as a decrease of $9.1 million in
cost of goods sold, primarily due to certain Bus segment inventory
that had an approximate $8.8 million cumulative cost in excess of
net realizable value that was recognized as a loss in fiscal 2022
with no similar activity in fiscal 2023.
Net Income
Net income was $18.6 million for the fourth quarter of fiscal
2023, which was a $41.7 million increase compared with the same
period last year. The increase was primarily driven by the $54.4
million increase in gross profit, discussed above. Partially
offsetting this was the corresponding $13.8 million increase in
income tax expense.
Adjusted Net Income
Adjusted net income was $21.3 million, representing an increase
of $42.7 million compared with the same period last year, primarily
due to the $41.7 million increase in net income, discussed
above.
Adjusted EBITDA
Adjusted EBITDA was $40.7 million, which was an increase of
$57.0 million compared with the fourth quarter last year. This
increase primarily results from the $41.7 million increase in net
income as a result of the factors discussed above as well as the
corresponding $13.8 million increase in income tax expense.
Full Year Fiscal 2023
Results
Net Sales
Net sales were $1,132.8 million for the twelve months ended
September 30, 2023, an increase of $332.2 million, or 41.5%,
compared with the same period in fiscal 2022. Bus sales increased
$311.1 million, or 43.0%, reflecting a 24.8% increase in units
booked and a 14.6% increase in average sales price per unit. There
were 8,514 units booked in the twelve months ended September 30,
2023 compared with 6,822 units booked during the same period in
fiscal 2022. The increase in units sold was primarily due to
constraints in the Company's ability to produce and deliver buses
due to shortages of critical components in fiscal 2022. The
increase in unit price for fiscal 2023 compared to fiscal 2022
reflects pricing actions taken by management as well as product and
customer mix changes. Parts sales increased $21.0 million, or
27.3%, for the twelve months ended September 30, 2023 compared with
the twelve months ended October 1, 2022. This increase is primarily
attributed to pricing actions taken by management to offset
increases in purchased parts costs and increased inventory
availability as supply chain constraints began to improve during
fiscal 2023 relative to fiscal 2022.
Gross Profit
Gross profit for the twelve months ended September 30, 2023 was
$138.9 million, an increase of $102.3 million compared with the
same period in the prior year. The increase was primarily driven by
the $332.2 million increase in net sales. This was partially offset
by an increase of $229.9 million in cost of goods sold, primarily
corresponding the increase net sales.
Net Income
Net income was $23.8 million for the twelve months ended
September 30, 2023, which was a $69.6 million increase from the
same period in the prior year. The increase in net income was
primarily driven by the $102.3 million increase in gross profit,
discussed above, and a $11.1 million increase in equity in net
income of non-consolidated affiliate. These increases were
partially offset by a corresponding $20.4 million increase in
income tax expense, as well as a $9.9 million increase in SG&A,
a $3.3 million increase in interest expense, and a $11.3 million
increase in other expense. The increase in SG&A was primarily
driven by an increase in labor cost, the increase in interest
expense was primarily attributable to higher interest rates in
fiscal 2023 compared to fiscal 2022, and the increase in other
expense was primarily due to expenses we were required to pay on
behalf of several stockholders in connection with their sale of
shares of common stock during the twelve months ended September 30,
2023, with no similar expense recorded during the same period of
fiscal 2022.
Adjusted Net Income
Adjusted net income for the twelve months ended September 30,
2023 was $34.5 million, an increase of $70.5 million compared with
the same period last year, primarily due to the $69.6 million
increase in net income, discussed above.
Adjusted EBITDA
Adjusted EBITDA was $87.9 million for the twelve months ended
September 30, 2023, an increase of $102.7 million compared with the
same period in the prior year. This is primarily due to the $69.6
million increase in net income, discussed above, the corresponding
$20.4 million increase in income tax expense, $7.4 million for the
stockholder transaction costs discussed above, and a $5.5 million
increase in Micro Bird's total interest expense, net; income tax
expense or benefit; depreciation expense and amortization expense,
which primarily resulted from a $4.2 million increase in income tax
expense as a result of Micro Bird reporting net income during
fiscal 2023 and a net loss in fiscal 2022.
Conference Call Details
Blue Bird will discuss its fourth quarter 2023 results in a
conference call at 4:30 PM ET today. Participants may listen to the
audio portion of the conference call either through a live audio
webcast on the Company's website or by telephone. The slide
presentation and webcast can be accessed via the Investor Relations
portion of Blue Bird's website at www.blue-bird.com.
- Webcast participants should log on and register at least 15
minutes prior to the start time on the Investor Relations homepage
of Blue Bird’s website at http://investors.blue-bird.com. Click the
link in the events box on the Investor Relations landing page.
- Participants desiring audio only should dial 404-975-4839 or
833-470-1428
A replay of the webcast will be available approximately two
hours after the call concludes via the same link on Blue Bird’s
website.
About Blue Bird
Corporation
Blue Bird (NASDAQ: BLBD) is recognized as a technology leader
and innovator of school buses since its founding in 1927. Our
dedicated team members design, engineer and manufacture school
buses with a singular focus on safety, reliability, and durability.
Blue Bird buses carry the most precious cargo in the world – the
majority of 25 million children twice a day – making us the most
trusted brand in the industry. The company is the proven leader in
low- and zero-emission school buses with more than 20,000 propane,
natural gas, and electric powered buses in operation today. Blue
Bird is transforming the student transportation industry through
cleaner energy solutions. For more information on Blue Bird's
complete product and service portfolio, visit
www.blue-bird.com.
Key Non-GAAP Financial Measures We Use
to Evaluate Our Performance
This press release includes the following non-GAAP financial
measures “Adjusted EBITDA,” "Adjusted EBITDA Margin," "Adjusted Net
Income," "Adjusted Diluted Earnings per Share," “Free Cash Flow”
and “Adjusted Free Cash Flow”. Adjusted EBITDA and Free Cash Flow
are financial metrics that are utilized by management and the board
of directors to determine (a) the annual cash bonus payouts, if
any, to be made to certain members of management based upon the
terms of the Company’s Management Incentive Plan, and (b) whether
the performance criteria have been met for the vesting of certain
equity awards granted annually to certain members of management
based upon the terms of the Company’s Omnibus Equity Incentive
Plan. Additionally, consolidated EBITDA, which is an adjusted
EBITDA metric defined by our Amended Credit Agreement that could
differ from Adjusted EBITDA discussed above as the adjustments to
the calculations are not uniform, is used to determine the
Company's ongoing compliance with several financial covenant
requirements, including being utilized in the denominator of the
calculation of the Total Net Leverage Ratio. Accordingly,
management views these non-GAAP financial metrics as key for the
above purposes and as a useful way to evaluate the performance of
our operations as discussed further below.
Adjusted EBITDA is defined as net income or loss prior to
interest income; interest expense including the component of
operating lease expense (which is presented as a single operating
expense in selling, general and administrative expenses in our U.S.
GAAP financial statements) that represents interest expense on
lease liabilities; income taxes; and depreciation and amortization
including the component of operating lease expense (which is
presented as a single operating expense in selling, general and
administrative expenses in our U.S. GAAP financial statements) that
represents amortization charges on right-of-use lease assets; as
adjusted for certain non-cash charges or credits that we may record
on a recurring basis such as share-based compensation expense and
unrealized gains or losses on certain derivative financial
instruments; net gains or losses on the disposal of assets as well
as certain charges such as (i) significant product design changes;
(ii) transaction related costs; (iii) discrete expenses related to
major cost cutting and/or operational transformation initiatives;
or (iv) costs directly attributed to the COVID-19 pandemic. While
certain of the charges that are added back in the Adjusted EBITDA
calculation, such as transaction related costs and operational
transformation and major product redesign initiatives, represent
operating expenses that may be recorded in more than one annual
period, the significant project or transaction giving rise to such
expenses is not considered to be indicative of the Company’s normal
operations. Accordingly, we believe that these, as well as the
other credits and charges that comprise the amounts utilized in the
determination of Adjusted EBITDA described above, should not be
used in evaluating the Company’s ongoing annual operating
performance.
We define Adjusted EBITDA Margin as Adjusted EBITDA as a
percentage of net sales. Adjusted EBITDA and Adjusted EBITDA Margin
are not measures of performance defined in accordance with U.S.
GAAP. The measures are used as a supplement to U.S. GAAP results in
evaluating certain aspects of our business, as described below.
We believe that Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, and Adjusted Diluted Earnings per Share are
useful to investors in evaluating our performance because the
measures consider the performance of our ongoing operations,
excluding decisions made with respect to capital investment,
financing, and certain other significant initiatives or
transactions as outlined in the preceding paragraph. We believe the
non-GAAP measures offer additional financial metrics that, when
coupled with the GAAP results and the reconciliation to GAAP
results, provide a more complete understanding of our results of
operations and the factors and trends affecting our business.
Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income and
Adjusted Diluted Earnings per Share should not be considered as
alternatives to net income or GAAP earnings per share as an
indicator of our performance or as alternatives to any other
measure prescribed by GAAP as there are limitations to using such
non-GAAP measures. Although we believe the non-GAAP measures may
enhance an evaluation of our operating performance based on recent
revenue generation and product/overhead cost control because they
exclude the impact of prior decisions made about capital
investment, financing, and other expenses, (i) other companies in
Blue Bird’s industry may define Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Income, and Adjusted Diluted Earnings per
Share differently than we do and, as a result, they may not be
comparable to similarly titled measures used by other companies in
Blue Bird’s industry, and (ii) Adjusted EBITDA, Adjusted EBITDA
margin, Adjusted Net Income, and Adjusted Diluted Earnings per
Share exclude certain financial information that some may consider
important in evaluating our performance.
We compensate for these limitations by providing disclosure of
the differences between Adjusted EBITDA, Adjusted EBITDA margin,
Adjusted Net Income, and Adjusted Diluted Earnings per Share and
GAAP results, including providing a reconciliation to GAAP results,
to enable investors to perform their own analysis of our operating
results.
Our measures of “Free Cash Flow” and "Adjusted Free Cash Flow"
are used in addition to and in conjunction with results presented
in accordance with GAAP and free cash flow and adjusted free cash
flow should not be relied upon to the exclusion of GAAP financial
measures. Free cash flow and adjusted free cash flow reflect an
additional way of viewing our liquidity that, when viewed with our
GAAP results, provides a more complete understanding of factors and
trends affecting our cash flows. We strongly encourage investors to
review our financial statements and publicly-filed reports in their
entirety and not to rely on any single financial measure.
We define Free Cash Flow as total cash provided by/used in
operating activities as adjusted for net cash paid for the
acquisition of fixed assets and intangible assets. We use Free Cash
Flow, and ratios based on Free Cash Flow, to conduct and evaluate
our business because, although it is similar to cash flow from
operations, we believe it is a more conservative measure of cash
flow since purchases of fixed assets and intangible assets are a
necessary component of ongoing operations.
Forward Looking
Statements
This press release includes forward-looking statements within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements relate to expectations for future financial performance,
business strategies or expectations for our business. Specifically,
forward-looking statements include statements in this press release
regarding guidance, seasonality, product mix and gross profits and
may include statements relating to:
- Inherent limitations of internal controls impacting financial
statements
- Growth opportunities
- Future profitability
- Ability to expand market share
- Customer demand for certain products
- Economic conditions (including tariffs) that could affect fuel
costs, commodity costs, industry size and financial conditions of
our dealers and suppliers
- Labor or other constraints on the Company’s ability to maintain
a competitive cost structure
- Volatility in the tax base and other funding sources that
support the purchase of buses by our end customers
- Lower or higher than anticipated market acceptance for our
products
- Other statements preceded by, followed by or that include the
words “estimate,” “plan,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “seek,” “target” or similar
expressions
These forward-looking statements are based on information
available as of the date of this press release, and current
expectations, forecasts and assumptions, and involve a number of
judgments, risks and uncertainties. Accordingly, forward-looking
statements should not be relied upon as representing our views as
of any subsequent date, and we do not undertake any obligation to
update forward-looking statements to reflect events or
circumstances after the date they were made, whether as a result of
new information, future events or otherwise, except as may be
required under applicable securities laws. The factors described
above, as well as risk factors described in reports filed with the
SEC by us (available at www.sec.gov), could cause our actual
results to differ materially from estimates or expectations
reflected in such forward-looking statements.
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONSOLIDATED BALANCE
SHEETS
(in thousands of dollars, except for share
data)
September 30, 2023
October 1, 2022
Assets
Current assets
Cash and cash equivalents
$
78,988
$
10,479
Accounts receivable, net
12,574
12,534
Inventories
135,286
142,977
Other current assets
9,215
8,486
Total current assets
$
236,063
$
174,476
Property, plant and equipment, net
95,101
100,608
Goodwill
18,825
18,825
Intangible assets, net
45,424
47,433
Equity investment in affiliate
17,619
10,659
Deferred tax assets
2,182
10,907
Finance lease right-of-use assets
1,034
1,736
Other assets
1,518
1,482
Total assets
$
417,766
$
366,126
Liabilities and Stockholders'
Equity
Current liabilities
Accounts payable
$
137,140
$
107,937
Warranty
6,711
6,685
Accrued expenses
32,894
16,386
Deferred warranty income
8,101
7,205
Finance lease obligations
583
566
Other current liabilities
24,391
6,195
Current portion of long-term debt
19,800
19,800
Total current liabilities
$
229,620
$
164,774
Long-term liabilities
Revolving credit facility
$
—
$
20,000
Long-term debt
110,544
130,390
Warranty
8,723
9,285
Deferred warranty income
15,022
11,590
Deferred tax liabilities
2,513
—
Finance lease obligations
987
1,574
Other liabilities
7,955
11,107
Pension
2,404
16,024
Total long-term liabilities
$
148,148
$
199,970
Stockholders' equity
Preferred stock, $0.0001 par value,
10,000,000 shares authorized, 0 shares outstanding at September 30,
2023 and October 1, 2022
$
—
$
—
Common stock, $0.0001 par value,
100,000,000 shares authorized, 32,165,225 and 32,024,911 shares
outstanding at September 30, 2023 and October 1, 2022,
respectively
3
3
Additional paid-in capital
177,861
173,103
Accumulated deficit
(55,700
)
(79,512
)
Accumulated other comprehensive loss
(31,884
)
(41,930
)
Treasury stock, at cost, 1,782,568 shares
at September 30, 2023 and October 1, 2022
(50,282
)
(50,282
)
Total stockholders' equity
$
39,998
$
1,382
Total liabilities and stockholders'
equity
$
417,766
$
366,126
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS
Three Months Ended
Twelve Months Ended
(in thousands of dollars except for share
data)
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net sales
$
302,963
$
257,672
$
1,132,793
$
800,637
Cost of goods sold
252,969
262,073
993,943
764,091
Gross profit (loss)
$
49,994
$
(4,401
)
$
138,850
$
36,546
Operating expenses
Selling, general and administrative
expenses
20,828
18,650
87,193
77,246
Operating profit (loss)
$
29,166
$
(23,051
)
$
51,657
$
(40,700
)
Interest expense
(4,117
)
(5,194
)
(18,012
)
(14,675
)
Interest income
746
9
1,004
9
Other (expense) income, net
(1,308
)
732
(8,307
)
2,947
Loss on debt modification
—
(71
)
(537
)
(632
)
Income (loss) before income taxes
$
24,487
$
(27,575
)
$
25,805
$
(53,051
)
Income tax (expense) benefit
(8,661
)
5,134
(8,953
)
11,451
Equity in net income (loss) of
non-consolidated affiliate
2,792
(654
)
6,960
(4,159
)
Net income (loss)
$
18,618
$
(23,095
)
$
23,812
$
(45,759
)
Earnings (loss) per share:
Basic weighted average shares
outstanding
32,153,959
32,022,690
32,071,940
31,020,399
Diluted weighted average shares
outstanding
32,364,765
32,022,690
32,258,652
31,020,399
Basic earnings (loss) per share
$
0.58
$
(0.72
)
$
0.74
$
(1.48
)
Diluted earnings (loss) per share
$
0.58
$
(0.72
)
$
0.74
$
(1.48
)
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
Twelve Months Ended
(in thousands of dollars)
September 30, 2023
October 1, 2022
Cash flows from operating
activities
Net income (loss)
$
23,812
$
(45,759
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization expense
15,978
14,050
Non-cash interest expense
1,470
3,400
Share-based compensation expense
4,173
3,690
Equity in net (income) loss of
non-consolidated affiliate
(6,960
)
4,159
Loss on disposal of fixed assets
64
15
Impairment of fixed assets
—
1,354
Lower of cost or net realizable value
loss
—
8,752
Deferred income tax expense (benefit)
8,065
(11,071
)
Amortization of deferred actuarial pension
losses
1,195
3,768
Loss on debt modification
537
632
Changes in assets and liabilities:
Accounts receivable
(40
)
(2,567
)
Inventories
7,691
(26,523
)
Other assets
453
1,913
Accounts payable
28,712
35,075
Accrued expenses, pension and other
liabilities
34,778
(15,325
)
Total adjustments
$
96,116
$
21,322
Total cash provided by (used in)
operating activities
$
119,928
$
(24,437
)
Cash flows from investing
activities
Cash paid for fixed assets
$
(8,520
)
$
(6,453
)
Total cash used in investing
activities
$
(8,520
)
$
(6,453
)
Cash flows from financing
activities
Revolving credit facility borrowings
$
45,000
$
135,000
Revolving credit facility repayments
(65,000
)
(160,000
)
Term loan repayments
(19,800
)
(14,850
)
Principal payments on finance leases
(570
)
(1,132
)
Cash paid for debt costs
(3,272
)
(2,751
)
Sale of common stock
—
75,000
Cash paid for common stock issuance
costs
—
(202
)
Repurchase of common stock in connection
with stock award exercises
(376
)
(1,708
)
Cash received from stock option
exercises
1,119
303
Total cash (used in) provided by
financing activities
$
(42,899
)
$
29,660
Change in cash, cash equivalents, and
restricted cash
68,509
(1,230
)
Cash, cash equivalents, and restricted
cash at beginning of period
10,479
11,709
Cash, cash equivalents, and restricted
cash at end of period
$
78,988
$
10,479
Supplemental disclosures of cash flow
information
Cash paid or received during the
period:
Interest paid, net of interest
received
$
15,049
$
15,171
Income tax received, net of tax
refunds
(29
)
(79
)
Non-cash investing and financing
activities:
Accrued capital additions to property,
plant and equipment and other current assets for capitalized
intangible assets
$
941
$
948
Right-of-use assets obtained in exchange
for operating lease obligations
626
1,424
Finance lease right-of-use assets removed
due to non-renewal of lease
—
(2,451
)
Finance lease obligations removed due to
non-renewal of lease
—
2,593
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
Three Months Ended
Twelve Months Ended
(in thousands of dollars)
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net income (loss)
$
18,618
$
(23,095
)
$
23,812
$
(45,759
)
Adjustments:
Interest expense, net (1)
3,457
5,277
17,380
14,973
Income tax expense (benefit)
8,661
(5,134
)
8,953
(11,451
)
Depreciation, amortization, and disposals
(2)
4,437
4,425
17,914
15,212
Operational transformation initiatives
624
1,562
1,757
7,213
Loss on debt modification
—
71
537
632
Share-based compensation expense
1,944
537
4,173
3,690
Product redesign initiatives
—
—
—
549
Stockholder transaction costs
1,119
—
7,371
—
Micro Bird total interest expense, net;
income tax expense or benefit; depreciation expense and
amortization expense
1,850
117
5,456
(90
)
Other
—
—
574
285
Adjusted EBITDA
$
40,710
$
(16,240
)
$
87,927
$
(14,746
)
Adjusted EBITDA Margin (percentage of net
sales)
13.4
%
(6.3
) %
7.8
%
(1.8
) %
(1) Includes $0.1 million for both three
months ended September 30, 2023 and October 1, 2022, and $0.4
million and $0.3 million for the twelve months ended September 30,
2023 and October 1, 2022, respectively, representing interest
expense on operating lease liabilities, which are a component of
lease expense and presented as a single operating expense in
selling, general and administrative expenses on our Condensed
Consolidated Statements of Operations.
(2) Includes $0.5 million and $0.2 million
for the three months ended September 30, 2023 and October 1, 2022,
respectively, and $1.8 million and $1.1 million for the twelve
months ended September 30, 2023 and October 1, 2022, respectively
representing amortization charges on right-of-use lease assets,
which are a component of lease expense and presented as a single
operating expense in selling, general and administrative expenses
on our Condensed Consolidated Statements of Operations.
Reconciliation of Free Cash
Flow to Adjusted Free Cash Flow
Three Months Ended
Twelve Months Ended
(in thousands of dollars)
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net cash provided by (used in) operating
activities
$
35,797
$
30,014
$
119,928
$
(24,437
)
Cash paid for fixed assets
(2,130
)
(1,705
)
(8,520
)
(6,453
)
Free cash flow
$
33,667
$
28,309
$
111,408
$
(30,890
)
Cash paid for product redesign
initiatives
—
—
—
549
Cash paid for operational transformation
initiatives
624
1,562
1,757
7,213
Cash paid for stockholder transaction
costs
1,119
—
7,371
—
Cash paid for other items
—
—
574
285
Adjusted free cash flow
35,410
29,871
121,110
(22,843
)
Reconciliation of Net Income
(Loss) to Adjusted Net Income (Loss)
Three Months Ended
Twelve Months Ended
(in thousands of dollars)
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Net income (loss)
$
18,618
$
(23,095
)
$
23,812
$
(45,759
)
Adjustments, net of tax benefit or expense
(1)
Operational transformation initiatives
462
1,234
1,300
5,698
Product redesign initiatives
—
—
—
434
Share-based compensation expense
1,439
424
3,088
2,915
Stockholder transaction costs
828
—
5,455
—
Loss on debt modification
—
56
397
499
Other
—
—
425
225
Adjusted net income (loss), non-GAAP
$
21,347
$
(21,381
)
34,477
(35,988
)
(1) Amounts are net of estimated tax rates
of 26% for the three and twelve months ended September 30, 2023,
and 21% for the three and twelve months ended October 1, 2022.
Reconciliation of Diluted EPS
to Adjusted Diluted EPS
Three Months Ended
Twelve Months Ended
September 30, 2023
October 1, 2022
September 30, 2023
October 1, 2022
Diluted earnings (loss) per share
$
0.58
$
(0.72
)
$
0.74
$
(1.48
)
One-time charge adjustments, net of tax
benefit or expense
0.08
0.06
0.33
0.33
Adjusted diluted earnings (loss) per
share, non-GAAP
$
0.66
$
(0.66
)
$
1.07
$
(1.15
)
Adjusted weighted average dilutive shares
outstanding
32,364,765
32,306,574
32,258,652
31,233,401
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231211468951/en/
Mark Benfield Investor Relations (478) 822-2315
Mark.Benfield@blue-bird.com
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