$BLBD
Blue Bird Corp

2024 Q1 Form 10-Q Financial Statement

#000158952624000026 Filed on February 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $345.9M $317.7M
YoY Change 23.28%
Cost Of Revenue $282.3M $254.1M
YoY Change -3.04%
Gross Profit $63.64M $63.56M
YoY Change -1544.17%
Gross Profit Margin 18.4% 20.01%
Selling, General & Admin $27.57M $25.60M
YoY Change 37.28%
% of Gross Profit 43.32% 40.28%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $3.637M $3.618M
YoY Change -8.66%
% of Gross Profit 5.72% 5.69%
Operating Expenses $27.57M $25.60M
YoY Change 37.28%
Operating Profit $36.07M $37.96M
YoY Change -264.66%
Interest Expense $2.812M $3.631M
YoY Change -170.03%
% of Operating Profit 7.8% 9.57%
Other Income/Expense, Net -$1.968M -$1.221M
YoY Change -266.8%
Pretax Income $32.34M $32.63M
YoY Change -218.35%
Income Tax $8.261M $8.446M
% Of Pretax Income 25.54% 25.88%
Net Earnings $26.02M $26.15M
YoY Change -213.23%
Net Earnings / Revenue 7.52% 8.23%
Basic Earnings Per Share $0.81 $0.81
Diluted Earnings Per Share $0.79 $0.81
COMMON SHARES
Basic Shares Outstanding 32.20M shares 32.17M shares
Diluted Shares Outstanding 33.07M shares 32.43M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $93.10M $77.30M
YoY Change 637.63%
Cash & Equivalents $93.10M $77.30M
Short-Term Investments
Other Short-Term Assets $19.50M $12.49M
YoY Change 47.12%
Inventory $145.4M $142.5M
Prepaid Expenses
Receivables $11.43M $11.11M
Other Receivables $0.00 $0.00
Total Short-Term Assets $269.4M $243.3M
YoY Change 39.47%
LONG-TERM ASSETS
Property, Plant & Equipment $94.49M $95.56M
YoY Change -5.01%
Goodwill $18.83M $18.83M
YoY Change 0.0%
Intangibles $44.49M $44.96M
YoY Change -5.22%
Long-Term Investments $25.95M $24.01M
YoY Change 125.23%
Other Assets $2.633M $2.723M
YoY Change 83.74%
Total Long-Term Assets $187.1M $187.9M
YoY Change -1.94%
TOTAL ASSETS
Total Short-Term Assets $269.4M $243.3M
Total Long-Term Assets $187.1M $187.9M
Total Assets $456.5M $431.3M
YoY Change 17.79%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $138.8M $113.9M
YoY Change 5.53%
Accrued Expenses $44.33M $39.06M
YoY Change 69.28%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $5.000M $5.000M
YoY Change -74.75%
Total Short-Term Liabilities $219.8M $187.8M
YoY Change 13.97%
LONG-TERM LIABILITIES
Long-Term Debt $92.32M $93.49M
YoY Change -28.3%
Other Long-Term Liabilities $8.317M $8.522M
YoY Change -23.27%
Total Long-Term Liabilities $130.9M $167.9M
YoY Change -16.04%
TOTAL LIABILITIES
Total Short-Term Liabilities $219.8M $187.8M
Total Long-Term Liabilities $130.9M $167.9M
Total Liabilities $350.7M $355.7M
YoY Change -2.48%
SHAREHOLDERS EQUITY
Retained Earnings -$3.527M -$29.55M
YoY Change -62.84%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $50.28M $50.28M
YoY Change 0.0%
Treasury Stock Shares
Shareholders Equity $105.8M $75.58M
YoY Change
Total Liabilities & Shareholders Equity $456.5M $431.3M
YoY Change 17.79%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income $26.02M $26.15M
YoY Change -213.23%
Depreciation, Depletion And Amortization $3.637M $3.618M
YoY Change -8.66%
Cash From Operating Activities $54.55M $217.0K
YoY Change -99.28%
INVESTING ACTIVITIES
Capital Expenditures $2.739M $2.904M
YoY Change -270.32%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$2.739M -$2.904M
YoY Change 70.32%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -36.02M $995.0K
YoY Change -102.24%
NET CHANGE
Cash From Operating Activities 54.55M $217.0K
Cash From Investing Activities -2.739M -$2.904M
Cash From Financing Activities -36.02M $995.0K
Net Change In Cash 15.80M -$1.692M
YoY Change -89.44%
FREE CASH FLOW
Cash From Operating Activities $54.55M $217.0K
Capital Expenditures $2.739M $2.904M
Free Cash Flow $51.82M -$2.687M
YoY Change -108.47%

Facts In Submission

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<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 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>
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2033000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-2492000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual Period Increase Decrease
StandardProductWarrantyAccrualPeriodIncreaseDecrease
-2423000 usd
CY2023Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15283000 usd
CY2022Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
15580000 usd
CY2023Q3 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
23123000 usd
CY2022Q3 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
18795000 usd
CY2023Q4 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
2998000 usd
CY2022Q4 us-gaap Extended Product Warranty Accrual Warranties Issued
ExtendedProductWarrantyAccrualWarrantiesIssued
2336000 usd
CY2023Q4 us-gaap Extended Product Warranty Accrual Preexisting Increase Decrease
ExtendedProductWarrantyAccrualPreexistingIncreaseDecrease
-2003000 usd
CY2022Q4 us-gaap Extended Product Warranty Accrual Preexisting Increase Decrease
ExtendedProductWarrantyAccrualPreexistingIncreaseDecrease
-1841000 usd
CY2023Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
24118000 usd
CY2022Q4 us-gaap Extended Product Warranty Accrual
ExtendedProductWarrantyAccrual
19290000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6400000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6900000 usd
CY2023Q4 blbd Funds Payable Us Infrastructure Investment And Jobs Act
FundsPayableUSInfrastructureInvestmentAndJobsAct
7100000 usd
CY2023Q4 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
4392000 usd
CY2023Q3 us-gaap Self Insurance Reserve Current
SelfInsuranceReserveCurrent
4475000 usd
CY2023Q4 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
2009000 usd
CY2023Q3 us-gaap Self Insurance Reserve Noncurrent
SelfInsuranceReserveNoncurrent
1771000 usd
CY2023Q4 us-gaap Self Insurance Reserve
SelfInsuranceReserve
6401000 usd
CY2023Q3 us-gaap Self Insurance Reserve
SelfInsuranceReserve
6246000 usd
CY2023Q4 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1484000 usd
CY2022Q4 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
1509000 usd
CY2023Q4 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1620000 usd
CY2022Q4 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
1630000 usd
CY2023Q4 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
172000 usd
CY2022Q4 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
299000 usd
CY2023Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
36000 usd
CY2022Q4 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
178000 usd
CY2023Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
172000 usd
CY2022Q4 us-gaap Other Comprehensive Income Loss Amortization Adjustment From Aoci Pension And Other Postretirement Benefit Plans For Net Prior Service Cost Credit Before Tax
OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax
299000 usd
CY2023Q4 us-gaap Amount Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss Before Tax
AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax
-136000 usd
CY2022Q4 us-gaap Amount Recognized In Net Periodic Benefit Cost And Other Comprehensive Income Loss Before Tax
AmountRecognizedInNetPeriodicBenefitCostAndOtherComprehensiveIncomeLossBeforeTax
-121000 usd
CY2023Q4 us-gaap Long Term Debt Current
LongTermDebtCurrent
5000000 usd
CY2023Q3 us-gaap Long Term Debt Current
LongTermDebtCurrent
19800000 usd
CY2023Q4 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
93486000 usd
CY2023Q3 us-gaap Long Term Debt Noncurrent
LongTermDebtNoncurrent
110544000 usd
CY2023Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
3600000 usd
CY2022Q4 us-gaap Interest Expense Debt
InterestExpenseDebt
4200000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3750000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
5000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
5000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
5000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
5000000 usd
CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
76250000 usd
CY2023Q4 us-gaap Debt Instrument Carrying Amount
DebtInstrumentCarryingAmount
100000000 usd
CY2023Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.259
CY2023Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2022Q4 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
CY2022Q4 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2023Q4 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2 segment
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
317660000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235732000 usd
CY2023Q4 us-gaap Gross Profit
GrossProfit
63558000 usd
CY2022Q4 us-gaap Gross Profit
GrossProfit
7457000 usd
CY2023Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
32634000 usd
CY2022Q4 us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-14344000 usd
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
317660000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235732000 usd
CY2023Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
317660000 usd
CY2022Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
235732000 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
26150000 usd
CY2022Q4 us-gaap Net Income Loss
NetIncomeLoss
-11294000 usd
CY2023Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32170779 shares
CY2022Q4 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
32026311 shares
CY2023Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
12419 shares
CY2022Q4 us-gaap Incremental Common Shares Attributable To Call Options And Warrants
IncrementalCommonSharesAttributableToCallOptionsAndWarrants
0 shares
CY2023Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32429127 shares
CY2022Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
32026311 shares
CY2023Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.81
CY2022Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.35
CY2023Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.81
CY2022Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.35
CY2023Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
200000 shares
CY2022Q4 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
800000 shares
CY2023Q2 us-gaap Sale Of Stock Price Per Share
SaleOfStockPricePerShare
25.10
CY2023Q4 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
10000000 usd
CY2023Q4 us-gaap Minority Interest In Joint Ventures
MinorityInterestInJointVentures
100000000 usd
CY2023Q4 blbd Joint Venture Maximum Commitment Amount
JointVentureMaximumCommitmentAmount
20000000 usd
CY2023Q4 us-gaap Payments To Acquire Interest In Joint Venture
PaymentsToAcquireInterestInJointVenture
10000000 usd
CY2023Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
7400000 usd
CY2023Q4 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
7400000 usd

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