Blue Bird Reports Fiscal 2024 Third Quarter Record Results; Raises 2024 Guidance and Long-Term Outlook
Blue Bird (Nasdaq: BLBD) reported strong fiscal 2024 third quarter results, with net sales up 13% to $333 million and GAAP net income increasing by $19 million to $29 million. The company achieved a record quarterly Adjusted EBITDA of $48 million, up $19 million, with 2,151 buses sold. Based on these results, Blue Bird has raised its FY2024 Adjusted EBITDA guidance to $175 million or 13% of revenue. The company also increased its long-term Adjusted EBITDA margin outlook to 15%.
Blue Bird saw strong growth in electric bus orders, delivering over 200 electric-powered buses this quarter, nearly 40% more than last year. The company's order backlog stands at over 5,200 units, including over 560 EV orders from the EPA's Clean School Bus Program.
Blue Bird (Nasdaq: BLBD) ha riportato risultati solidi per il terzo trimestre fiscale 2024, con vendite nette in aumento del 13%, raggiungendo i 333 milioni di dollari e un reddito netto GAAP aumentato di 19 milioni di dollari, arrivando a 29 milioni di dollari. L'azienda ha raggiunto un record trimestrale di EBITDA rettificato di 48 milioni di dollari, in aumento di 19 milioni, con 2.151 autobus venduti. Sulla base di questi risultati, Blue Bird ha alzado la sua guida per l'EBITDA rettificato per l'anno fiscale 2024 a 175 milioni di dollari, pari al 13% delle entrate. L'azienda ha anche incrementato le sue previsioni per il margine di EBITDA rettificato a lungo termine al 15%.
Blue Bird ha visto una forte crescita negli ordini di autobus elettrici, consegnando oltre 200 autobus a batteria in questo trimestre, quasi il 40% in più rispetto all'anno scorso. L'azienda ha un portafoglio ordini di oltre 5.200 unità, comprese oltre 560 richieste di autobus elettrici dal Programma di Autobus Scolastici Puliti dell'EPA.
Blue Bird (Nasdaq: BLBD) reportó resultados sólidos para el tercer trimestre fiscal de 2024, con ventas netas que aumentaron un 13% hasta alcanzar los 333 millones de dólares y un ingreso neto GAAP que creció en 19 millones de dólares, alcanzando los 29 millones. La compañía logró un nuevo récord trimestral de EBITDA ajustado de 48 millones de dólares, un incremento de 19 millones, con 2,151 autobuses vendidos. Con base en estos resultados, Blue Bird ha elevado su guía de EBITDA ajustado para el año fiscal 2024 a 175 millones de dólares, o el 13% de los ingresos. La compañía también incrementó su perspectiva de margen de EBITDA ajustado a largo plazo al 15%.
Blue Bird experimentó un fuerte crecimiento en los pedidos de autobuses eléctricos, entregando más de 200 autobuses eléctricos en este trimestre, casi un 40% más que el año pasado. El backlog de pedidos de la compañía asciende a más de 5,200 unidades, incluyendo más de 560 pedidos de autobuses eléctricos del Programa de Autobuses Escolares Limpios de la EPA.
블루버드 (Nasdaq: BLBD)는 2024 회계 연도 3분기 강력한 실적을 보고했습니다. 순매출이 13% 증가하여 3억 3천 3백만 달러에 달하고 GAAP 순이익이 1천 9백만 달러 증가하여 2천 9백만 달러에 도달했습니다. 이 회사는 48백만 달러의 조정 EBITDA라는 분기 기록을 달성했으며 이는 1천 9백만 달러 증가한 수치로, 2,151 대의 버스가 판매되었습니다. 이러한 실적을 바탕으로 블루버드는 2024 회계 연도를 위한 조정 EBITDA 가이드를 1억 7천 5백만 달러로 상향 조정했습니다, 이는 수익의 13%에 해당합니다. 또한 이 회사는 장기 조정 EBITDA 마진 전망을 15%로 증가시켰습니다.
블루버드는 전기 버스 주문의 강력한 성장을 보였으며, 이번 분기에 200대 이상의 전기 버스를 배송하여 지난해보다 거의 40% 증가했습니다. 회사의 주문 잔고는 5,200대 이상이며, EPA의 클린 스쿨 버스 프로그램으로부터 560대 이상의 전기차 주문이 포함되어 있습니다.
Blue Bird (Nasdaq: BLBD) a annoncé de solides résultats pour le troisième trimestre de l'exercice 2024, avec un chiffre d'affaires net en hausse de 13% à 333 millions de dollars et un revenu net GAAP augmentant de 19 millions de dollars pour atteindre 29 millions de dollars. L'entreprise a atteint un record trimestriel d'EBITDA ajusté de 48 millions de dollars, en hausse de 19 millions, avec 2 151 bus vendus. Sur la base de ces résultats, Blue Bird a rehaussé ses prévisions d'EBITDA ajusté pour l'exercice 2024 à 175 millions de dollars, soit 13% des revenus. L'entreprise a également augmenté ses prévisions de marge d'EBITDA ajusté à long terme à 15%.
Blue Bird a connu une forte croissance des commandes de bus électriques, livrant plus de 200 bus électriques ce trimestre, soit près de 40% de plus que l'année précédente. Le carnet de commandes de l'entreprise dépasse 5 200 unités, y compris plus de 560 commandes de véhicules électriques provenant du programme de bus scolaires propres de l'EPA.
Blue Bird (Nasdaq: BLBD) berichtete über starke Ergebnisse für das dritte Quartal des Geschäftsjahres 2024, mit einem Umsatzanstieg von 13% auf 333 Millionen Dollar und einem Anstieg des GAAP-Nettoeinkommens um 19 Millionen Dollar auf 29 Millionen Dollar. Das Unternehmen erzielte ein Rekordergebnis von 48 Millionen Dollar bei bereinigtem EBITDA, was einem Anstieg von 19 Millionen entspricht, bei dem 2.151 Busse verkauft wurden. Basierend auf diesen Ergebnissen hat Blue Bird seinen Ausblick für das bereinigte EBITDA im Geschäftsjahr 2024 auf 175 Millionen Dollar angehoben, was 13% des Umsatzes entspricht. Das Unternehmen hat auch seine langfristige Prognose für die bereinigte EBITDA-Marge auf 15% angehoben.
Blue Bird verzeichnete ein starkes Wachstum bei den Bestellungen von Elektro-Bussen und lieferte in diesem Quartal über 200 elektrisch betriebene Busse aus, was fast 40% mehr als im Vorjahr entspricht. Der Auftragsbestand des Unternehmens liegt bei über 5.200 Einheiten, darunter über 560 Aufträge für Elektrofahrzeuge aus dem sauberen Schulbusprogramm der EPA.
- Net sales increased 13% to $333 million in Q3 2024
- GAAP net income rose by $19 million to $29 million
- Record quarterly Adjusted EBITDA of $48 million, up $19 million
- FY2024 Adjusted EBITDA guidance raised to $175 million (13% of revenue)
- Long-term Adjusted EBITDA margin outlook increased to 15%
- Electric bus orders grew, with over 200 delivered (40% increase YoY)
- Strong order backlog of over 5,200 units, including 560+ EV orders
- Supply chain constraints continue to impact production and delivery
- Increased inventory costs due to inflationary pressures and supply chain disruptions
Insights
Blue Bird's Q3 FY2024 results are highly positive, showing strong financial performance and improved outlook. Key highlights include:
- Net sales increased
13% to$333.4 million - GAAP Net Income rose by
$19.4 million to$28.7 million - Record quarterly Adjusted EBITDA of
$48.2 million , up$18.6 million - Adjusted EBITDA margin of
14.5%
The company has raised its FY2024 guidance, projecting Adjusted EBITDA of
Blue Bird's Q3 results reflect robust market demand and strategic positioning in the alternative-powered school bus segment. Key market insights include:
- Strong backlog of over 5,200 units indicates sustained demand
- Electric bus deliveries up
40% year-over-year - Over 560 EV orders in backlog from EPA's Clean School Bus Program
$2 billion in additional funding expected from Phases 2 and 3 of the program
The company's focus on electric and low-emission buses aligns well with growing environmental concerns and government initiatives. The
Blue Bird's leadership in alternative-powered school buses, particularly EVs, positions it well in the evolving transportation technology landscape. Key tech-related points:
- Delivered over 200 electric-powered buses in Q3, a
40% year-over-year increase - Strong growth in EV orders from the EPA's Clean School Bus Program
- Continued focus on expanding alternative-powered bus offerings
The company's commitment to electric and low-emission vehicles aligns with global trends towards sustainable transportation. This technological shift presents both opportunities and challenges. While Blue Bird benefits from increased demand for cleaner technologies, it must also manage the complexities of EV production, including battery supply chains and charging infrastructure. The company's ability to scale EV production efficiently will be important for maintaining its market leadership and capitalizing on the growing demand for electric school buses.
Net Sales of
Record Quarterly Adj. EBITDA of
FY2024 Adj. EBITDA Guidance Raised to
Long-Term Adj. EBITDA Margin Outlook Raised to
Highlights
(in millions except Unit Sales and EPS data) |
Three Months Ended June 29, 2024 |
|
B/(W) Prior Year |
|
Nine Months Ended June 29, 2024 |
|
B/(W) Prior Year |
||||
Unit Sales |
|
2,151 |
|
|
14 |
|
|
6,534 |
|
|
136 |
GAAP Measures: |
|
|
|
|
|
|
|
||||
Revenue |
$ |
333.4 |
|
$ |
39.1 |
|
$ |
996.9 |
|
$ |
167.1 |
Net Income |
$ |
28.7 |
|
$ |
19.4 |
|
$ |
80.9 |
|
$ |
75.7 |
Diluted EPS |
$ |
0.85 |
|
$ |
0.56 |
|
$ |
2.43 |
|
$ |
2.27 |
Non-GAAP Measures1: |
|
|
|
|
|
|
|
||||
Adjusted EBITDA |
$ |
48.2 |
|
$ |
18.6 |
|
$ |
141.6 |
|
$ |
94.4 |
Adjusted Net Income |
$ |
30.5 |
|
$ |
16.1 |
|
$ |
89.5 |
|
$ |
76.4 |
Adjusted Diluted EPS |
$ |
0.91 |
|
$ |
0.47 |
|
$ |
2.69 |
|
$ |
2.28 |
1 |
Reconciliation to relevant GAAP metrics shown below |
“I am incredibly proud of our team’s achievements in delivering another outstanding result and record profit in the third quarter,” said Phil Horlock, CEO of Blue Bird Corporation. “The Blue Bird team continued to exceed expectations, improving operations, driving new orders, and expanding our leadership in alternative-powered buses. Market demand remains very strong with over 5,200 units in our order backlog. Unit sales were up slightly from last year, revenue grew by
“In our push to expand our leadership in alternative-powered school buses, we delivered over 200 electric-powered buses this quarter, nearly
“Based on our strong year-to-date performance, we’ve increased our full-year financial guidance for Adjusted EBITDA to
FY2024 Guidance Increased and Long-Term Outlook Raised
“We are very pleased with the third quarter results, with the highest ever quarterly Adj. EBITDA,” said Razvan Radulescu, CFO of Blue Bird Corporation. “Our business transformation continues to yield great results, and ahead of the plan we have been messaging. We are raising our full-year guidance for Net Revenue to
Fiscal 2024 Third Quarter Results
Net Sales
Net sales were
Gross Profit
Third quarter gross profit of
Net Income
Net income was
Adjusted Net Income
Adjusted net income was
Adjusted EBITDA
Adjusted EBITDA was
Fiscal 2024 Year-to-Date Results
Net Sales
Net sales were
Gross Profit
Gross profit for the nine months ended June 29, 2024 was
Net Income
Net income was
Adjusted Net Income
Adjusted net income for the nine months ended June 29, 2024 was
Adjusted EBITDA
Adjusted EBITDA was
Conference Call Details
Blue Bird will discuss its third quarter 2024 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. School buses carry the most precious cargo in the world – 25 million children twice a day – making them the most trusted mode of student transportation. 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, as and when applicable, to determine (a) the annual cash bonus payouts, if any, to be made to certain employees 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
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
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
|
|||||||
(in thousands of dollars, except for share data) |
June 29, 2024 |
|
September 30, 2023 |
||||
Assets |
|
|
|
||||
Current assets |
|
|
|
||||
Cash and cash equivalents |
$ |
88,416 |
|
|
$ |
78,988 |
|
Accounts receivable, net |
|
34,006 |
|
|
|
12,574 |
|
Inventories |
|
144,537 |
|
|
|
135,286 |
|
Other current assets |
|
8,738 |
|
|
|
9,215 |
|
Total current assets |
$ |
275,697 |
|
|
$ |
236,063 |
|
Property, plant and equipment, net |
$ |
97,608 |
|
|
$ |
95,101 |
|
Goodwill |
|
18,825 |
|
|
|
18,825 |
|
Intangible assets, net |
|
44,022 |
|
|
|
45,424 |
|
Equity investment in affiliate |
|
28,715 |
|
|
|
17,619 |
|
Deferred tax assets |
|
— |
|
|
|
2,182 |
|
Finance lease right-of-use assets |
|
507 |
|
|
|
1,034 |
|
Other assets |
|
2,696 |
|
|
|
1,518 |
|
Total assets |
$ |
468,070 |
|
|
$ |
417,766 |
|
Liabilities and Stockholders' Equity |
|
|
|
||||
Current liabilities |
|
|
|
||||
Accounts payable |
$ |
128,144 |
|
|
$ |
137,140 |
|
Warranty |
|
6,796 |
|
|
|
6,711 |
|
Accrued expenses |
|
36,817 |
|
|
|
32,894 |
|
Deferred warranty income |
|
9,075 |
|
|
|
8,101 |
|
Finance lease obligations |
|
1,124 |
|
|
|
583 |
|
Other current liabilities |
|
10,618 |
|
|
|
24,391 |
|
Current portion of long-term debt |
|
5,000 |
|
|
|
19,800 |
|
Total current liabilities |
$ |
197,574 |
|
|
$ |
229,620 |
|
Long-term liabilities |
|
|
|
||||
Revolving credit facility |
$ |
— |
|
|
$ |
— |
|
Long-term debt |
|
91,158 |
|
|
|
110,544 |
|
Warranty |
|
8,700 |
|
|
|
8,723 |
|
Deferred warranty income |
|
17,978 |
|
|
|
15,022 |
|
Deferred tax liabilities |
|
4,620 |
|
|
|
2,513 |
|
Finance lease obligations |
|
6 |
|
|
|
987 |
|
Other liabilities |
|
8,757 |
|
|
|
7,955 |
|
Pension |
|
1,994 |
|
|
|
2,404 |
|
Total long-term liabilities |
$ |
133,213 |
|
|
$ |
148,148 |
|
Guarantees, commitments and contingencies |
|
|
|
||||
Stockholders' equity |
|
|
|
||||
Preferred stock, |
$ |
— |
|
|
$ |
— |
|
Common stock, |
|
3 |
|
|
|
3 |
|
Additional paid-in capital |
|
193,869 |
|
|
|
177,861 |
|
Retained earnings (accumulated deficit) |
|
25,184 |
|
|
|
(55,700 |
) |
Accumulated other comprehensive loss |
|
(31,491 |
) |
|
|
(31,884 |
) |
Treasury stock, at cost, 1,782,568 shares at June 29, 2024 and September 30, 2023 |
|
(50,282 |
) |
|
|
(50,282 |
) |
Total stockholders' equity |
$ |
137,283 |
|
|
$ |
39,998 |
|
Total liabilities and stockholders' equity |
$ |
468,070 |
|
|
$ |
417,766 |
|
BLUE BIRD CORPORATION AND SUBSIDIARIES
|
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(in thousands of dollars except for share data) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||||||
Net sales |
$ |
333,367 |
|
|
$ |
294,284 |
|
|
$ |
996,942 |
|
|
$ |
829,830 |
|
Cost of goods sold |
|
264,014 |
|
|
|
248,534 |
|
|
|
800,392 |
|
|
|
740,974 |
|
Gross profit |
$ |
69,353 |
|
|
$ |
45,750 |
|
|
$ |
196,550 |
|
|
$ |
88,856 |
|
Operating expenses |
|
|
|
|
|
|
|
||||||||
Selling, general and administrative expenses |
|
29,625 |
|
|
|
26,328 |
|
|
|
82,798 |
|
|
|
66,365 |
|
Operating profit |
$ |
39,728 |
|
|
$ |
19,422 |
|
|
$ |
113,752 |
|
|
$ |
22,491 |
|
Interest expense |
|
(2,107 |
) |
|
|
(4,507 |
) |
|
|
(8,550 |
) |
|
|
(13,895 |
) |
Interest income |
|
990 |
|
|
|
246 |
|
|
|
3,132 |
|
|
|
258 |
|
Other expense, net |
|
(2,729 |
) |
|
|
(6,421 |
) |
|
|
(5,918 |
) |
|
|
(6,999 |
) |
Loss on debt refinancing or modification |
|
— |
|
|
|
— |
|
|
|
(1,558 |
) |
|
|
(537 |
) |
Income before income taxes |
$ |
35,882 |
|
|
$ |
8,740 |
|
|
$ |
100,858 |
|
|
$ |
1,318 |
|
Income tax expense |
|
(9,938 |
) |
|
|
(1,884 |
) |
|
|
(26,645 |
) |
|
|
(292 |
) |
Equity in net income of non-consolidated affiliate |
|
2,767 |
|
|
|
2,502 |
|
|
|
6,671 |
|
|
|
4,168 |
|
Net income |
$ |
28,711 |
|
|
$ |
9,358 |
|
|
$ |
80,884 |
|
|
$ |
5,194 |
|
|
|
|
|
|
|
|
|
||||||||
Earnings per share: |
|
|
|
|
|
|
|
||||||||
Basic weighted average shares outstanding |
|
32,305,396 |
|
|
|
32,073,497 |
|
|
|
32,238,805 |
|
|
|
32,044,581 |
|
Diluted weighted average shares outstanding |
|
33,653,447 |
|
|
|
32,598,938 |
|
|
|
33,222,354 |
|
|
|
32,335,381 |
|
Basic earnings per share |
$ |
0.89 |
|
|
$ |
0.29 |
|
|
$ |
2.51 |
|
|
$ |
0.16 |
|
Diluted earnings per share |
$ |
0.85 |
|
|
$ |
0.29 |
|
|
$ |
2.43 |
|
|
$ |
0.16 |
|
BLUE BIRD CORPORATION AND SUBSIDIARIES
|
|||||||
|
Nine Months Ended |
||||||
(in thousands of dollars) |
June 29, 2024 |
|
July 1, 2023 |
||||
Cash flows from operating activities |
|
|
|
||||
Net income |
$ |
80,884 |
|
|
$ |
5,194 |
|
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
||||
Depreciation and amortization expense |
|
10,913 |
|
|
|
12,077 |
|
Non-cash interest expense |
|
305 |
|
|
|
1,124 |
|
Share-based compensation expense |
|
7,017 |
|
|
|
2,229 |
|
Equity in net income of non-consolidated affiliate |
|
(6,671 |
) |
|
|
(4,168 |
) |
Dividend from equity investment in affiliate |
|
2,991 |
|
|
|
— |
|
Loss on disposal of fixed assets |
|
33 |
|
|
|
13 |
|
Deferred income tax expense |
|
4,165 |
|
|
|
522 |
|
Amortization of deferred actuarial pension losses |
|
516 |
|
|
|
896 |
|
Loss on debt refinancing or modification |
|
1,558 |
|
|
|
537 |
|
Changes in assets and liabilities: |
|
|
|
||||
Accounts receivable |
|
(21,432 |
) |
|
|
1,105 |
|
Inventories |
|
(9,251 |
) |
|
|
13,808 |
|
Other assets |
|
680 |
|
|
|
(228 |
) |
Accounts payable |
|
(9,961 |
) |
|
|
27,953 |
|
Accrued expenses, pension and other liabilities |
|
(5,987 |
) |
|
|
23,069 |
|
Total adjustments |
$ |
(25,124 |
) |
|
$ |
78,937 |
|
Total cash provided by operating activities |
$ |
55,760 |
|
|
$ |
84,131 |
|
Cash flows from investing activities |
|
|
|
||||
Cash paid for fixed assets |
$ |
(10,137 |
) |
|
$ |
(6,390 |
) |
Total cash used in investing activities |
$ |
(10,137 |
) |
|
$ |
(6,390 |
) |
Cash flows from financing activities |
|
|
|
||||
Revolving credit facility borrowings |
$ |
36,220 |
|
|
$ |
45,000 |
|
Revolving credit facility repayments |
|
(36,220 |
) |
|
|
(65,000 |
) |
Term loan borrowings - new credit agreement |
|
100,000 |
|
|
|
— |
|
Term loan repayments |
|
(134,300 |
) |
|
|
(14,850 |
) |
Principal payments on finance leases |
|
(440 |
) |
|
|
(425 |
) |
Cash paid for debt costs |
|
(3,128 |
) |
|
|
(3,272 |
) |
Repurchase of common stock in connection with stock award exercises |
|
(301 |
) |
|
|
(57 |
) |
Cash received from stock option exercises |
|
1,974 |
|
|
|
1,119 |
|
Total cash used in financing activities |
$ |
(36,195 |
) |
|
$ |
(37,485 |
) |
Change in cash, cash equivalents, and restricted cash |
|
9,428 |
|
|
|
40,256 |
|
Cash, cash equivalents, and restricted cash at beginning of period |
|
78,988 |
|
|
|
10,479 |
|
Cash, cash equivalents, and restricted cash at end of period |
$ |
88,416 |
|
|
$ |
50,735 |
|
|
|
|
|
||||
Supplemental disclosures of cash flow information |
|
|
|
||||
Cash paid or received during the period: |
|
|
|
||||
Interest paid, net of interest received |
$ |
4,725 |
|
|
$ |
12,202 |
|
Income tax paid (received), net of tax refunds |
|
18,856 |
|
|
|
(33 |
) |
Non-cash investing and financing activities: |
|
|
|
||||
Changes in accounts payable for capital additions to property, plant and equipment |
$ |
2,336 |
|
|
$ |
745 |
|
Right-of-use assets obtained in exchange for operating lease obligations |
|
1,682 |
|
|
|
199 |
|
Warrants issued for equity investment in affiliate |
|
7,416 |
|
|
|
— |
|
Reconciliation of Net Income to Adjusted EBITDA |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(in thousands of dollars) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||||||
Net income |
$ |
28,711 |
|
|
$ |
9,358 |
|
|
$ |
80,884 |
|
|
$ |
5,194 |
|
Adjustments: |
|
|
|
|
|
|
|
||||||||
Interest expense, net (1) |
|
1,214 |
|
|
|
4,353 |
|
|
|
5,729 |
|
|
|
13,923 |
|
Income tax expense |
|
9,938 |
|
|
|
1,884 |
|
|
|
26,645 |
|
|
|
292 |
|
Depreciation, amortization, and disposals (2) |
|
4,055 |
|
|
|
5,481 |
|
|
|
12,253 |
|
|
|
13,477 |
|
Operational transformation initiatives |
|
— |
|
|
|
196 |
|
|
|
— |
|
|
|
1,133 |
|
Share-based compensation expense |
|
2,474 |
|
|
|
941 |
|
|
|
7,017 |
|
|
|
2,229 |
|
Stockholder transaction costs |
|
— |
|
|
|
5,509 |
|
|
|
3,154 |
|
|
|
6,252 |
|
Loss on debt refinancing or modification |
|
— |
|
|
|
— |
|
|
|
1,558 |
|
|
|
537 |
|
Other |
|
2 |
|
|
|
293 |
|
|
|
(81 |
) |
|
|
574 |
|
Subtotal (Adjusted EBITDA as previously presented) |
$ |
46,394 |
|
|
$ |
28,015 |
|
|
$ |
137,159 |
|
|
$ |
43,611 |
|
Micro Bird Holdings, Inc. total interest expense, net; income tax expense or benefit; depreciation expense and amortization expense |
|
1,852 |
|
|
|
1,650 |
|
|
|
4,442 |
|
|
|
3,606 |
|
Adjusted EBITDA |
$ |
48,246 |
|
|
$ |
29,665 |
|
|
$ |
141,601 |
|
|
$ |
47,217 |
|
Adjusted EBITDA margin (percentage of net sales) |
|
14.5 |
% |
|
|
10.1 |
% |
|
|
14.2 |
% |
|
|
5.7 |
% |
___________________ | |
(1) |
Includes |
(2) |
Includes |
Reconciliation of Free Cash Flow to Adjusted Free Cash Flow |
|||||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||||||
(in thousands of dollars) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||||||
Net cash provided by operating activities |
$ |
989 |
|
|
$ |
39,415 |
|
|
$ |
55,760 |
|
|
$ |
84,131 |
|
Cash paid for fixed assets |
|
(4,494 |
) |
|
|
(2,650 |
) |
|
|
(10,137 |
) |
|
|
(6,390 |
) |
Free cash flow |
$ |
(3,505 |
) |
|
$ |
36,765 |
|
|
$ |
45,623 |
|
|
$ |
77,741 |
|
Cash paid for operational transformation initiatives |
|
— |
|
|
|
196 |
|
|
|
— |
|
|
|
1,133 |
|
Cash paid for stockholder transaction costs |
|
— |
|
|
|
5,509 |
|
|
|
3,154 |
|
|
|
6,252 |
|
Cash paid for other items |
|
2 |
|
|
|
293 |
|
|
|
(81 |
) |
|
|
574 |
|
Adjusted free cash flow |
|
(3,503 |
) |
|
|
42,763 |
|
|
|
48,696 |
|
|
|
85,700 |
|
Reconciliation of Net Income to Adjusted Net Income |
||||||||||||
|
Three Months Ended |
|
Nine Months Ended |
|||||||||
(in thousands of dollars) |
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
|||||
Net income |
$ |
28,711 |
|
$ |
9,358 |
|
$ |
80,884 |
|
|
$ |
5,194 |
Adjustments, net of tax benefit or expense (1) |
|
|
|
|
|
|
|
|||||
Operational transformation initiatives |
|
— |
|
|
145 |
|
|
— |
|
|
|
838 |
Share-based compensation expense |
|
1,831 |
|
|
696 |
|
|
5,193 |
|
|
|
1,649 |
Stockholder transaction costs |
|
— |
|
|
4,077 |
|
|
2,334 |
|
|
|
4,626 |
Loss on debt modification |
|
— |
|
|
— |
|
|
1,153 |
|
|
|
397 |
Other |
|
1 |
|
|
217 |
|
|
(60 |
) |
|
|
425 |
Adjusted net income, non-GAAP |
$ |
30,543 |
|
$ |
14,493 |
|
|
89,504 |
|
|
|
13,129 |
___________________ | |
(1) |
Amounts are net of estimated tax rates of |
Reconciliation of Diluted EPS to Adjusted Diluted EPS |
|||||||||||
|
Three Months Ended |
|
Nine Months Ended |
||||||||
|
June 29, 2024 |
|
July 1, 2023 |
|
June 29, 2024 |
|
July 1, 2023 |
||||
Diluted earnings per share |
$ |
0.85 |
|
$ |
0.29 |
|
$ |
2.43 |
|
$ |
0.16 |
One-time charge adjustments, net of tax benefit or expense |
|
0.06 |
|
|
0.15 |
|
|
0.26 |
|
|
0.25 |
Adjusted diluted earnings per share, non-GAAP |
$ |
0.91 |
|
$ |
0.44 |
|
$ |
2.69 |
|
$ |
0.41 |
Adjusted weighted average dilutive shares outstanding |
|
33,653,447 |
|
|
32,598,938 |
|
|
33,222,354 |
|
|
32,335,381 |
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807911595/en/
Mark Benfield
Investor Relations
(478) 822-2315
Mark.Benfield@blue-bird.com
Source: Blue Bird Corporation
FAQ
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