Net Sales of $299.8M and GAAP Net Income of
$7.1M
Adjusted EBITDA of $19.8M with 2,304 Buses
Sold
FY2023 Guidance Increased to Adj. EBITDA of
Approx. $60M
Robust Backlog of $775M+ and Nearly 5,800
Units
Blue Bird Corporation (“Blue Bird”) (Nasdaq: BLBD), the leader
in electric and low-emission school buses, announced today its
fiscal 2023 second quarter results.
Highlights
(in millions except Unit Sales and EPS
data)
Three Months Ended April 1,
2023
B/(W) 2022
Six Months Ended April 1,
2023
B/(W) 2022
Unit Sales
2,304
373
4,261
1,181
GAAP Measures:
Revenue
$
299.8
$
92.2
$
535.5
$
198.7
Net Income (Loss)
$
7.1
$
19.3
$
(4.2
)
$
12.1
Diluted EPS
$
0.22
$
0.60
$
(0.13
)
$
0.41
Non-GAAP Measures1:
Adjusted EBITDA
$
19.8
$
30.5
$
15.6
$
22.7
Adjusted Net Income (Loss)
$
8.6
$
18.7
$
(1.2
)
$
11.0
Adjusted Diluted EPS
$
0.27
$
0.58
$
(0.04
)
$
0.36
1 Reconciliation to relevant GAAP metrics
shown below
“I am incredibly proud of the progress that the team has made
and we are finally seeing the results of all the hard work in the
financials. The team has been executing on a rigorous plan for over
18 months to improve operations, reduce fixed costs, and recover
economics through pricing," said Matthew Stevenson, President and
CEO of Blue Bird Corporation. "The market demand for Blue Bird’s
best-in-class school buses continues to remain strong with nearly
5,800 units in the backlog. We also expanded our leadership
position in zero-emission school buses, realizing exceptional
growth in electric school bus bookings, up 176%, and our firm order
backlog, of more than 620 electric school buses, as of the end of
April, continues to grow. We have seen steady growth in electric
school bus orders from the EPA’s 2022 Clean School Bus Rebate
Program, which awarded nearly $1 billion in funding. This funding
alone will generate orders for an estimated 500-700 Blue Bird
electric buses translating into a minimum of $200 million of
additional revenue. Plus we are excited to see progress with the
announcement of Phase 2 of the program, offering a $400M
competitive grant program for electric school buses.”
FY2023 Guidance Increased
"We are very excited with the FY2023-Q2 results, above our
guidance for both Revenues and EBITDA,” said Razvan Radulescu, CFO
of Blue Bird Corporation. “Our turnaround is working ahead of
schedule and we returned to historical profitability already in Q2,
and expect further increased performance each quarter, as shown in
the forecast shared during the earnings call. We are raising full
year fiscal 2023 guidance to Net Revenue of just over $1.1 Billion,
Adj. EBITDA of $55-65 million and Adj. Free Cash Flow of $30-40
million. Additionally, we are reconfirming our long-term outlook of
profitable growth towards $2 billion in revenues and Adjusted
EBITDA margins of 12%, or $250 million.”
Fiscal 2023 Second Quarter Results
Net Sales
Net sales were $299.8 million for the second quarter of fiscal
2023, an increase of $92.2 million, or 44.4%, from prior year
period. Bus sales increased $85.0 million, reflecting a 21.6%
increase in average sales price per unit, resulting from pricing
actions taken by management as well as product and customer mix
change, and a 19.3% increase in units booked. In the second quarter
of fiscal 2023, 2,304 units were booked compared to 1,931 units
booked for 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 the second quarter of fiscal 2022. Additionally, Parts sales
increased $7.2 million, or 37.4%, for the second quarter of fiscal
2023 compared to the second quarter of fiscal 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 slightly
during the second quarter of fiscal 2023 relative to the second
quarter of fiscal 2022.
Gross Profit
Second quarter gross profit of $35.6 million represented an
increase of $32.5 million from the second quarter of last year. The
increase was primarily driven by the $92.2 million increase in net
sales, discussed above. This was partially offset by an increase of
$59.7 million in cost of goods sold, primarily corresponding the
increase net sales.
Net Income
Net income was $7.1 million for the second quarter of fiscal
2023, which was a $19.3 million increase compared to the same
period last year. The increase was primarily driven by the $32.5
million increase in gross profit, discussed above. Partially
offsetting this was a corresponding $8.8 million increase in tax
expense, as well as an increase of $3.3 million in selling, general
and administrative expenses, primarily due to an increase in
personnel costs.
Adjusted Net Income
Adjusted net income was $8.6 million, representing an increase
of $18.7 million compared with the same period last year, primarily
due to the $19.3 million increase in net income, discussed
above.
Adjusted EBITDA
Adjusted EBITDA was $19.8 million, which was an increase of
$30.5 million compared with the second quarter last year. This
increase primarily results from the $19.3 million increase in net
income, and the corresponding $8.8 million increase in income tax
expense, as well as a $2.7 million increase in interest
expense.
Year-to-Date Fiscal 2023
Results
Net Sales
Net sales were $535.5 million for the six months ended April 1,
2023, an increase of $198.7 million, or 59.0%, compared with the
prior year. Bus sales increased $185.8 million, or 61.7%,
reflecting a 38.3% increase in units booked and a 16.9% increase in
average sales price per unit. 4,261 units booked in the six months
ended April 1, 2023 compared with 3,080 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 the
first half of fiscal 2022. The increase in unit price for the first
half of fiscal 2023 compared to the same period in fiscal 2022
reflects pricing actions taken by management as well as product and
customer mix changes. Parts sales increased $12.9 million, or
35.8%, for the six months ended April 1, 2023 compared to the six
months ended April 2, 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 slightly during the first
half of fiscal 2023 relative to the first half of fiscal 2022.
Gross Profit
Gross profit or the six months ended April 1, 2023 was $43.1
million, an increase of $23.8 million compared to the same period
in the prior year. The increase was primarily driven by the $198.7
million increase in net sales. This was partially offset by an
increase of $174.9 million in cost of goods sold, primarily
corresponding the increase net sales.
Net Loss
Net loss was $4.2 million for the six months ended April 1,
2023, which was a $12.1 million decrease from the prior year. The
decrease in net loss was primarily driven by the $23.8 million
increase in gross profit, discussed above. The increase in gross
profit was partially offset by a corresponding $7.6 million
decrease in income tax benefit, as well as a $3.8 million increase
in interest expense.
Adjusted Net Loss
Adjusted net loss or the six months ended April 1, 2023 was $1.2
million, a decrease of $11.0 million compared with the same period
last year, primarily due to the $12.1 million decrease in net loss,
discussed above.
Adjusted EBITDA
Adjusted EBITDA was $15.6 million for the six months ended April
1, 2023, an increase of $22.7 million compared to the same period
in the prior year. This is primarily due to the $12.1 million
decrease in net loss, discussed above, the corresponding $7.6
million decrease in income tax benefit, and the $3.8 million
increase in interest expense.
Conference Call Details
Blue Bird will discuss its second 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
CONDENSED CONSOLIDATED BALANCE
SHEETS
(Unaudited)
(in thousands of dollars, except for share
data)
April 1, 2023
October 1, 2022
Assets
Current assets
Cash and cash equivalents
$
17,773
$
10,479
Accounts receivable, net
13,635
12,534
Inventories
129,161
142,977
Other current assets
11,478
8,486
Total current assets
$
172,047
$
174,476
Restricted Cash
$
238
$
—
Property, plant and equipment, net
98,506
100,608
Goodwill
18,825
18,825
Intangible assets, net
46,428
47,433
Equity investment in affiliate
12,325
10,659
Deferred tax assets
12,507
10,907
Finance lease right-of-use assets
1,385
1,736
Other assets
2,088
1,482
Total assets
$
364,349
$
366,126
Liabilities and Stockholders' (Deficit)
Equity
Current liabilities
Accounts payable
$
136,622
$
107,937
Warranty
6,597
6,685
Accrued expenses
21,748
16,386
Deferred warranty income
7,404
7,205
Finance lease obligations
576
566
Other current liabilities
5,620
6,195
Current portion of long-term debt
19,800
19,800
Total current liabilities
$
198,367
$
164,774
Long-term liabilities
Revolving credit facility
$
—
$
20,000
Long-term debt
119,752
130,390
Warranty
8,957
9,285
Deferred warranty income
12,677
11,590
Deferred tax liabilities
143
—
Finance lease obligations
1,283
1,574
Other liabilities
8,506
11,107
Pension
15,782
16,024
Total long-term liabilities
$
167,100
$
199,970
Stockholders' (deficit) equity
Preferred stock, $0.0001 par value,
10,000,000 shares authorized, 0 shares outstanding at April 1, 2023
and October 1, 2022
$
—
$
—
Common stock, $0.0001 par value,
100,000,000 shares authorized, 32,036,149 and 32,024,911 shares
outstanding at April 1, 2023 and October 1, 2022, respectively
3
3
Additional paid-in capital
174,313
173,103
Accumulated deficit
(83,676
)
(79,512
)
Accumulated other comprehensive loss
(41,476
)
(41,930
)
Treasury stock, at cost, 1,782,568 shares
at April 1, 2023 and October 1, 2022
(50,282
)
(50,282
)
Total stockholders' (deficit) equity
$
(1,118
)
$
1,382
Total liabilities and stockholders'
(deficit) equity
$
364,349
$
366,126
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF OPERATIONS
(Unaudited)
Three Months Ended
Six Months Ended
(in thousands of dollars except for share
data)
April 1, 2023
April 2, 2022
April 1, 2023
April 2, 2022
Net sales
$
299,814
$
207,659
$
535,546
$
336,882
Cost of goods sold
264,165
204,502
492,440
317,528
Gross profit
$
35,649
$
3,157
$
43,106
$
19,354
Operating expenses
Selling, general and administrative
expenses
23,205
19,858
40,037
38,091
Operating profit (loss)
$
12,444
$
(16,701
)
$
3,069
$
(18,737
)
Interest expense
(5,192
)
(2,491
)
(9,388
)
(5,573
)
Interest income
12
—
12
—
Other (expense) income, net
(342
)
744
(578
)
1,480
Loss on debt modification
—
—
(537
)
(561
)
Income (loss) before income taxes
$
6,922
$
(18,448
)
$
(7,422
)
$
(23,391
)
Income tax (expense) benefit
(1,389
)
7,415
1,592
9,177
Equity in net income (loss) of
non-consolidated affiliate
1,597
(1,114
)
1,666
(2,015
)
Net income (loss)
$
7,130
$
(12,147
)
$
(4,164
)
$
(16,229
)
Earnings (loss) per share:
Basic weighted average shares
outstanding
32,033,709
31,981,073
32,029,999
30,039,240
Diluted weighted average shares
outstanding
32,322,163
31,981,073
32,029,999
30,039,240
Basic earnings (loss) per share
$
0.22
$
(0.38
)
$
(0.13
)
$
(0.54
)
Diluted earnings (loss) per share
$
0.22
$
(0.38
)
$
(0.13
)
$
(0.54
)
BLUE BIRD CORPORATION AND
SUBSIDIARIES
CONDENSED CONSOLIDATED
STATEMENTS OF CASH FLOWS
(Unaudited)
Six Months Ended
(in thousands of dollars)
April 1, 2023
April 2, 2022
Cash flows from operating
activities
Net loss
$
(4,164
)
$
(16,229
)
Adjustments to reconcile net loss to net
cash provided by (used in) operating activities:
Depreciation and amortization expense
7,068
6,678
Non-cash interest expense
777
2,509
Share-based compensation expense
1,288
2,486
Equity in net (income) loss of
non-consolidated affiliate
(1,666
)
2,015
Loss on disposal of fixed assets
11
12
Impairment of fixed assets
—
1,354
Deferred income tax benefit
(1,600
)
(9,127
)
Amortization of deferred actuarial pension
losses
598
581
Loss on debt modification
537
561
Changes in assets and liabilities:
Accounts receivable
(1,101
)
(1,236
)
Inventories
13,816
(30,469
)
Other assets
(2,380
)
(3,072
)
Accounts payable
28,116
38,883
Accrued expenses, pension and other
liabilities
3,416
(6,356
)
Total adjustments
$
48,880
$
4,819
Total cash provided by (used in)
operating activities
$
44,716
$
(11,410
)
Cash flows from investing
activities
Cash paid for fixed assets
$
(3,740
)
$
(3,478
)
Total cash used in investing
activities
$
(3,740
)
$
(3,478
)
Cash flows from financing
activities
Revolving credit facility borrowings
$
35,000
$
55,000
Revolving credit facility repayments
(55,000
)
(100,000
)
Term loan repayments
(9,900
)
(7,425
)
Principal payments on finance leases
(281
)
(659
)
Cash paid for debt costs
(3,272
)
(2,468
)
Sale of common stock
—
75,000
Cash paid for common stock issuance
costs
—
(202
)
Repurchase of common stock in connection
with stock award exercises
(57
)
(1,503
)
Cash received from stock option
exercises
66
303
Total cash (used in) provided by
financing activities
$
(33,444
)
$
18,046
Change in cash, cash equivalents, and
restricted cash
7,532
3,158
Cash, cash equivalents, and restricted
cash at beginning of period
10,479
11,709
Cash, cash equivalents, and restricted
cash at end of period
$
18,011
$
14,867
Reconciliation of Net Income
(Loss) to Adjusted EBITDA
Three Months Ended
Six Months Ended
(in thousands of dollars)
April 1, 2023
April 2, 2022
April 1, 2023
April 2, 2022
Net income (loss)
$
7,130
$
(12,147
)
$
(4,164
)
$
(16,229
)
Adjustments:
Interest expense, net (1)
5,281
2,563
9,570
5,720
Income tax expense (benefit)
1,389
(7,415
)
(1,592
)
(9,177
)
Depreciation, amortization, and disposals
(2)
4,181
3,622
7,996
7,145
Operational transformation initiatives
137
1,585
937
1,586
Share-based compensation expense
699
813
1,288
2,486
Product redesign initiatives
—
281
—
534
Loss on debt modification
—
—
537
561
Other
1,024
8
1,024
283
Adjusted EBITDA
$
19,841
$
(10,690
)
$
15,596
$
(7,091
)
Adjusted EBITDA Margin (percentage of net
sales)
6.6
%
(5.1
)%
2.9
%
(2.1
)%
___________________
(1) Includes $0.1 million for both three
months ended April 1, 2023 and April 2, 2022, and $0.2 million and
$0.1 million for the six months ended April 1, 2023 and April 2,
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 $0.4 million and $0.2 million
for the three months ended April 1, 2023 and April 2, 2022,
respectively, and $0.9 million and $0.4 million for the six months
ended April 1, 2023 and April 2, 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
Six Months Ended
(in thousands of dollars)
April 1, 2023
April 2, 2022
April 1, 2023
April 2, 2022
Net cash provided by (used in) operating
activities
$
24,790
$
21,667
$
44,716
$
(11,410
)
Cash paid for fixed assets
(2,594
)
(1,908
)
(3,740
)
(3,478
)
Free cash flow
$
22,196
$
19,759
$
40,976
$
(14,888
)
Cash paid for product redesign
initiatives
—
281
—
534
Cash paid for operational transformation
initiatives
137
1,585
937
1,586
Cash paid for other items
1,024
8
1,024
283
Adjusted free cash flow
23,357
21,633
42,937
(12,485
)
Reconciliation of Net Income
(Loss) to Adjusted Net Income (Loss)
Three Months Ended
Six Months Ended
(in thousands of dollars)
April 1, 2023
April 2, 2022
April 1, 2023
April 2, 2022
Net income (loss)
$
7,130
$
(12,147
)
$
(4,164
)
$
(16,229
)
Adjustments, net of tax benefit or expense
(1)
Operational transformation initiatives
108
1,189
740
1,190
Product redesign initiatives
—
211
—
401
Share-based compensation expense
552
610
1,018
1,865
Loss on debt modification
—
—
424
421
Other
809
6
809
212
Adjusted net income (loss), non-GAAP
$
8,599
$
(10,131
)
(1,173
)
(12,140
)
___________________
(1) Amounts are net of estimated tax rates
of 21% for the three and six months ended April 1, 2023, and 25%
for the three and six months ended April 2, 2022.
Reconciliation of Diluted EPS
to Adjusted Diluted EPS
Three Months Ended
Six Months Ended
April 1, 2023
April 2, 2022
April 1, 2023
April 2, 2022
Diluted earnings (loss) per share
$
0.22
$
(0.38
)
$
(0.13
)
$
(0.54
)
One-time charge adjustments, net of tax
benefit or expense
0.05
0.07
0.09
0.14
Adjusted diluted earnings (loss) per
share, non-GAAP
$
0.27
$
(0.31
)
$
(0.04
)
$
(0.40
)
Adjusted weighted average dilutive shares
outstanding
32,322,163
32,311,549
32,276,095
30,317,464
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230511005829/en/
Mark Benfield Investor Relations (478) 822-2315
Mark.Benfield@blue-bird.com
Blue Bird (NASDAQ:BLBD)
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