$BLBD
Blue Bird Corp

2023 Q3 Form 10-Q Financial Statement

#000158952623000103 Filed on August 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q3
Revenue $294.3M
YoY Change 42.8%
Cost Of Revenue $248.5M
YoY Change 34.71%
Gross Profit $45.75M
YoY Change 111.87%
Gross Profit Margin 15.55%
Selling, General & Admin $26.33M
YoY Change 28.4%
% of Gross Profit 57.55%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.009M
YoY Change 46.85%
% of Gross Profit 10.95%
Operating Expenses $26.33M
YoY Change 28.4%
Operating Profit $19.42M
YoY Change 1685.11%
Interest Expense $4.507M
YoY Change 15.33%
% of Operating Profit 23.21%
Other Income/Expense, Net -$6.421M
YoY Change -973.61%
Pretax Income $8.740M
YoY Change -519.18%
Income Tax $1.884M
% Of Pretax Income 21.56%
Net Earnings $9.358M
YoY Change -245.42%
Net Earnings / Revenue 3.18%
Basic Earnings Per Share $0.29
Diluted Earnings Per Share $0.29
COMMON SHARES
Basic Shares Outstanding 32.07M shares
Diluted Shares Outstanding 32.60M shares

Balance Sheet

Concept 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $50.50M
YoY Change 90.49%
Cash & Equivalents $50.50M
Short-Term Investments
Other Short-Term Assets $9.614M
YoY Change -2.9%
Inventory $129.2M
Prepaid Expenses
Receivables $11.43M
Other Receivables $0.00
Total Short-Term Assets $200.7M
YoY Change -24.58%
LONG-TERM ASSETS
Property, Plant & Equipment $96.09M
YoY Change -5.91%
Goodwill $18.83M
YoY Change 0.0%
Intangibles $45.93M
YoY Change -4.19%
Long-Term Investments $14.83M
YoY Change 31.06%
Other Assets $1.802M
YoY Change 2.1%
Total Long-Term Assets $189.3M
YoY Change -3.92%
TOTAL ASSETS
Total Short-Term Assets $200.7M
Total Long-Term Assets $189.3M
Total Assets $390.0M
YoY Change -15.8%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $136.2M
YoY Change 4.83%
Accrued Expenses $35.09M
YoY Change 39.76%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $19.80M
YoY Change 6.66%
Total Short-Term Liabilities $217.7M
YoY Change 16.58%
LONG-TERM LIABILITIES
Long-Term Debt $115.1M
YoY Change -14.73%
Other Long-Term Liabilities $8.181M
YoY Change -31.14%
Total Long-Term Liabilities $161.9M
YoY Change -36.38%
TOTAL LIABILITIES
Total Short-Term Liabilities $217.7M
Total Long-Term Liabilities $161.9M
Total Liabilities $379.6M
YoY Change -13.97%
SHAREHOLDERS EQUITY
Retained Earnings -$74.32M
YoY Change 31.73%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.28M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $10.44M
YoY Change
Total Liabilities & Shareholders Equity $390.0M
YoY Change -15.8%

Cashflow Statement

Concept 2023 Q3
OPERATING ACTIVITIES
Net Income $9.358M
YoY Change -245.42%
Depreciation, Depletion And Amortization $5.009M
YoY Change 46.85%
Cash From Operating Activities $39.42M
YoY Change -191.58%
INVESTING ACTIVITIES
Capital Expenditures $2.650M
YoY Change -308.66%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.650M
YoY Change 108.66%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -4.041M
YoY Change -107.22%
NET CHANGE
Cash From Operating Activities 39.42M
Cash From Investing Activities -2.650M
Cash From Financing Activities -4.041M
Net Change In Cash 32.72M
YoY Change 181.09%
FREE CASH FLOW
Cash From Operating Activities $39.42M
Capital Expenditures $2.650M
Free Cash Flow $36.77M
YoY Change -188.02%

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us-gaap Use Of Estimates
UseOfEstimates
<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Use of Estimates and Assumptions </span></div><div><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory; the allowance for doubtful accounts; potential impairment of long-lived assets, goodwill and intangible assets; and the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events, including the extent and duration of any COVID-19 outbreaks and continued supply chain constraints and their related economic impacts, and their effects cannot be predicted with certainty, and, accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company’s evaluations. Actual results could differ from the estimates that the Company has used.</span></div>
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
106070000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
35398000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
1509000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
142977000 usd
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
26509000 usd
CY2022Q3 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
0 usd
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
26509000 usd
CY2023Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7200000 usd
CY2023Q3 blbd Other Liabilities Current Federal Funds From Infrastructure Investment And Jobs Act
OtherLiabilitiesCurrentFederalFundsFromInfrastructureInvestmentAndJobsAct
13200000 usd
CY2023Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
4012000 usd
CY2022Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
3996000 usd
CY2023Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
1879000 usd
CY2022Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
1794000 usd
CY2023Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5891000 usd
CY2022Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
5790000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
19800000 usd
CY2022Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
19800000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
115149000 usd
CY2022Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
130390000 usd
CY2023Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
4500000 usd
CY2022Q3 us-gaap Interest Expense Debt
InterestExpenseDebt
3900000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
13900000 usd
us-gaap Interest Expense Debt
InterestExpenseDebt
9500000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
4950000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
19800000 usd
CY2023Q3 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
112000000 usd
CY2023Q3 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
136750000 usd
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.216
CY2023Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-1.372
CY2022Q3 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.222
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.248
us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
294284000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206083000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
829830000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542965000 usd
CY2023Q3 us-gaap Gross Profit
GrossProfit
45750000 usd
CY2022Q3 us-gaap Gross Profit
GrossProfit
21593000 usd
us-gaap Gross Profit
GrossProfit
88856000 usd
us-gaap Gross Profit
GrossProfit
40947000 usd
CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
8740000 usd
CY2022Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2085000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
1318000 usd
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-25476000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
294284000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206083000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
829830000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542965000 usd
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
294284000 usd
CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
206083000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
829830000 usd
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
542965000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
9358000 usd
CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
-6435000 usd
us-gaap Net Income Loss
NetIncomeLoss
5194000 usd
us-gaap Net Income Loss
NetIncomeLoss
-22664000 usd
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32073497 shares
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
31990860 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32044581 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
30687406 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32598938 shares
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
31990860 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32335381 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
30687406 shares
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.29
CY2022Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.20
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.16
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.74
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.29
CY2022Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.20
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.16
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.74
CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
100000 shares
CY2022Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
600000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
500000 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
400000 shares
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
20.00

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