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    Blue Bird Reports Fiscal 2025 Second Quarter Results; Beats Second Quarter Guidance With Record Result; Reaffirms 2025 Guidance and Long-Term Outlook

    5/7/25 4:01:00 PM ET
    $BLBD
    Construction/Ag Equipment/Trucks
    Consumer Discretionary
    Get the next $BLBD alert in real time by email

    Net Sales of $359M and GAAP Net Income of $26M

    Adj. EBITDA of $49M with 14% Margin and 2,295 Buses Sold

    FY2025 Adj. EBITDA Guidance Reaffirmed at $200M or 14% of Revenue

    Blue Bird Corporation ("Blue Bird") (NASDAQ:BLBD), the leader in electric and low-emission school buses, announced today its fiscal 2025 second quarter results.

    Highlights

    (in millions except Unit Sales and EPS data)

     

    Three Months Ended

    March 29, 2025

     

    B/(W) Prior

    Year

     

    Six Months Ended

    March 29, 2025

     

    B/(W) Prior

    Year

    Unit Sales

     

     

    2,295

     

     

    41

     

     

    4,425

     

     

    42

    GAAP Measures:

     

     

     

     

     

     

     

     

    Revenue

     

    $

    358.9

     

    $

    12.9

     

    $

    672.7

     

    $

    9.1

    Net Income

     

    $

    26.0

     

    $

    —

     

    $

    54.8

     

    $

    2.6

    Diluted EPS

     

    $

    0.79

     

    $

    —

     

    $

    1.65

     

    $

    0.06

    Non-GAAP Measures1:

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    49.2

     

    $

    3.5

     

    $

    95.0

     

    $

    1.6

    Adjusted Net Income

     

    $

    31.5

     

    $

    2.3

     

    $

    62.1

     

    $

    3.2

    Adjusted Diluted EPS

     

    $

    0.96

     

    $

    0.07

     

    $

    1.87

     

    $

    0.07

    1 Reconciliation to relevant GAAP metrics shown below

    "I am incredibly proud of our team in delivering another outstanding result, achieving a new all-time quarterly record revenue and profit," said John Wyskiel, President & 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 approximately 4,900 units in our order backlog at the end of the second quarter. Unit sales were slightly above the same period as last year, and revenue was up by $12.9M, driven by product mix and pricing. We delivered an exceptional 14% Adj. EBITDA margin for Q2 2025. With 88% of our second quarter unit sales mix comprised of internal combustion engine (ICE) buses, this result demonstrates the very strong earnings power of our core business.

    "In our push to expand our leadership in alternative-powered school buses, we delivered a record 265 electric-powered buses this quarter. As of the end of the quarter, we have more than 1,100 EV buses either sold or in our firm order backlog, which supports our EV sales target for 2025.

    "Based on our strong Q2 performance, we've maintained our full-year financial guidance for Adjusted EBITDA at $200 million, with a 14% margin. This will be an all-time full-year record for Blue Bird, and we look forward to sustained profitable growth in the coming years."

    FY2025 Guidance and Long-Term Outlook Reaffirmed

    "We are very pleased with the second quarter results, with our highest ever quarterly revenue and Adj. EBITDA" said Razvan Radulescu, CFO of Blue Bird Corporation. "Our business is in a very strong position and we continue to deliver ahead of the plan we have been messaging. We are reaffirming our full-year 2025 guidance for Net Revenue to $1.4-1.5 Billion, Adj. EBITDA to $190-210 million and Adj. Free Cash Flow to $60-80 million. Additionally, we are confirming our long-term profit outlook towards an Adjusted EBITDA margin of 15%+ on ~$2 billion in revenue."

    Fiscal 2025 Second Quarter Results

    Net Sales

    Net sales were $358.9 million for the second quarter of fiscal 2025, an increase of $12.9 million, or 3.7%, compared to $345.9 million for the second quarter of fiscal 2024. The increase in net sales is primarily due to a small increase in Bus unit bookings as well as Bus customer and product mix changes that were partially offset by a small decrease in Parts sales.

    Bus sales increased $14.8 million, or 4.6%, reflecting a 1.8% increase in unit bookings and a 2.8% increase in average sales price per unit. In the second quarter of fiscal 2025, 2,295 units booked compared to 2,254 units booked for the same period in fiscal 2024. The small increase in unit price for the second quarter of fiscal 2025 compared to the same period in fiscal 2024 was primarily due to customer and product mix changes.

    Parts sales decreased $1.8 million, or 6.5%, for the second quarter of fiscal 2025 compared to the second quarter of fiscal 2024. This decrease is primarily attributed to slight variations due to product and channel mix.

    Gross Profit

    Second quarter gross profit of $70.9 million represented an increase of $7.2 million from the second quarter of last year. The increase was primarily driven by the $12.9 million increase in net sales, discussed above, and partially offset by a corresponding increase of $5.7 million in cost of goods sold.

    Net Income

    Net income was $26.0 million for the second quarter of fiscal 2025, the same as from the second quarter of last year. Among other smaller fluctuations, the $7.2 million increase in gross profit, discussed above, was offset by an increase of $9.6 million in selling, general and administrative expenses, primarily due to an increase in a) share-based compensation expense recorded in the second quarter of fiscal 2025 relating to the retirement of our former President and Chief Executive Officer and b) labor costs.

    Adjusted Net Income

    Adjusted net income of $31.5 million represented an increase of $2.3 million from the second quarter of last year. The increase was primarily driven by a tax effected increase of $3.7 million in share-based compensation expense, largely relating to the retirement of our former President and Chief Executive Officer, and partially offset by a tax effected $1.4 million in stockholder transaction costs that was present in the second quarter of last year, with no such expense in the current year.

    Adjusted EBITDA

    Adjusted EBITDA was $49.2 million, which was an increase of $3.5 million compared with the second quarter of fiscal 2024. The increase primarily relates to the $4.9 million increase in share-based compensation expense and $1.9 million decrease in stockholder transaction costs, both discussed above.

    Year-to-Date Fiscal 2025 Results

    Net Sales

    Net sales were $672.7 million for the six months ended March 29, 2025, an increase of $9.1 million, or 1.4%, compared to $663.6 million for the six months ended March 30, 2024. The increase in net sales is primarily due to a small increase in Bus unit bookings as well as Bus customer and product mix changes that were partially offset by a small decrease in Parts sales.

    Bus sales increased $9.5 million, or 1.5%, reflecting a 1.0% increase in units booked and a 0.6% increase in average sales price per unit. 4,425 units booked in the six months ended March 29, 2025 compared with 4,383 units booked during the same period in fiscal 2024. The small increase in unit price for the first six months of fiscal 2025 compared to the same period in fiscal 2024 was primarily due to customer and product mix changes.

    Parts sales decreased $0.3 million, or 0.6%, for the six months ended March 29, 2025 compared to the six months ended March 30, 2024. This small decrease is primarily attributed to slight variations due to product and channel mix.

    Gross Profit

    Fiscal year-to-date gross profit was $131.2 million, an increase of $4.0 million from the same period in the prior year. The increase was primarily driven by the $9.1 million increase in net sales, discussed above, and partially offset by a corresponding increase of $5.2 million in cost of goods sold.

    Net Income

    Net income was $54.8 million for the six months ended March 29, 2025, a $2.6 million increase from the same period in the prior year. The increase in net income was primarily driven by the $4.0 million increase in gross profit, discussed above.

    Adjusted Net Income

    Adjusted net income was $62.1 million for the six months ended March 29, 2025, an increase of $3.2 million compared to the same period in the prior year. This is primarily due to the $2.6 million increase in net income, discussed above.

    Adjusted EBITDA

    Adjusted EBITDA was $95.0 million for the six months ended March 29, 2025, an increase of $1.6 million compared to the same period in the prior year. This is primarily due to the $2.6 million increase in net income, discussed above.

    Conference Call Details

    Blue Bird will discuss its second quarter 2025 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. The access code is 942442.

    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 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 as well as certain charges such as (i) transaction related costs or (ii) discrete expenses related to major cost cutting and/or operational transformation initiatives. While certain of the charges that are added back in the Adjusted EBITDA calculation, such as transaction related costs and major cost cutting and/or operational transformation 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)

     

    March 29, 2025

     

    September 28, 2024

    Assets

     

     

     

     

    Current assets

     

     

     

     

    Cash and cash equivalents

     

    $

    130,749

     

     

    $

    127,687

     

    Accounts receivable, net

     

     

    15,786

     

     

     

    59,099

     

    Inventories

     

     

    163,832

     

     

     

    127,798

     

    Other current assets

     

     

    18,052

     

     

     

    8,795

     

    Total current assets

     

    $

    328,419

     

     

    $

    323,379

     

    Property, plant and equipment, net

     

    $

    104,022

     

     

    $

    97,322

     

    Goodwill

     

     

    18,825

     

     

     

    18,825

     

    Intangible assets, net

     

     

    42,620

     

     

     

    43,554

     

    Equity investment in affiliates

     

     

    35,967

     

     

     

    32,089

     

    Deferred tax assets

     

     

    5,075

     

     

     

    2,399

     

    Finance lease right-of-use assets

     

     

    78

     

     

     

    332

     

    Pension

     

     

    6,563

     

     

     

    4,649

     

    Other assets

     

     

    2,129

     

     

     

    2,345

     

    Total assets

     

    $

    543,698

     

     

    $

    524,894

     

    Liabilities and Stockholders' Equity

     

     

     

     

    Current liabilities

     

     

     

     

    Accounts payable

     

    $

    153,730

     

     

    $

    143,156

     

    Warranty

     

     

    7,164

     

     

     

    7,166

     

    Accrued expenses

     

     

    42,454

     

     

     

    55,775

     

    Deferred warranty income

     

     

    10,281

     

     

     

    9,421

     

    Finance lease obligations

     

     

    377

     

     

     

    975

     

    Other current liabilities

     

     

    7,640

     

     

     

    14,480

     

    Current portion of long-term debt

     

     

    5,000

     

     

     

    5,000

     

    Total current liabilities

     

    $

    226,646

     

     

    $

    235,973

     

    Long-term liabilities

     

     

     

     

    Revolving credit facility

     

    $

    —

     

     

    $

    —

     

    Long-term debt

     

     

    87,661

     

     

     

    89,994

     

    Warranty

     

     

    9,181

     

     

     

    9,013

     

    Deferred warranty income

     

     

    20,167

     

     

     

    18,541

     

    Deferred tax liabilities

     

     

    1,530

     

     

     

    2,783

     

    Finance lease obligations

     

     

    —

     

     

     

    6

     

    Other liabilities

     

     

    8,121

     

     

     

    9,020

     

    Total long-term liabilities

     

    $

    126,660

     

     

    $

    129,357

     

    Guarantees, commitments and contingencies

     

     

     

     

    Stockholders' equity

     

     

     

     

    Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares outstanding at March 29, 2025 and September 28, 2024

     

    $

    —

     

     

    $

    —

     

    Common stock, $0.0001 par value, 100,000,000 shares authorized, 31,674,003 and 32,268,022 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively

     

     

    3

     

     

     

    3

     

    Additional paid-in capital

     

     

    191,985

     

     

     

    185,977

     

    Retained earnings

     

     

    24,715

     

     

     

    —

     

    Accumulated other comprehensive loss

     

     

    (26,311

    )

     

     

    (26,416

    )

    Total stockholders' equity

     

    $

    190,392

     

     

    $

    159,564

     

    Total liabilities and stockholders' equity

     

    $

    543,698

     

     

    $

    524,894

     

    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)

     

    March 29, 2025

     

    March 30, 2024

     

    March 29, 2025

     

    March 30, 2024

    Net sales

     

    $

    358,851

     

     

    $

    345,915

     

     

    $

    672,723

     

     

    $

    663,575

     

    Cost of goods sold

     

     

    287,997

     

     

     

    282,276

     

     

     

    541,552

     

     

     

    536,378

     

    Gross profit

     

    $

    70,854

     

     

    $

    63,639

     

     

    $

    131,171

     

     

    $

    127,197

     

    Operating expenses

     

     

     

     

     

     

     

     

    Selling, general and administrative expenses

     

     

    37,143

     

     

     

    27,571

     

     

     

    64,418

     

     

     

    53,173

     

    Operating profit

     

    $

    33,711

     

     

    $

    36,068

     

     

    $

    66,753

     

     

    $

    74,024

     

    Interest expense

     

     

    (1,813

    )

     

     

    (2,812

    )

     

     

    (3,728

    )

     

     

    (6,443

    )

    Interest income

     

     

    1,258

     

     

     

    1,054

     

     

     

    2,826

     

     

     

    2,142

     

    Other income (expense), net

     

     

    444

     

     

     

    (1,968

    )

     

     

    3,360

     

     

     

    (3,189

    )

    Loss on debt refinancing

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    (1,558

    )

    Income before income taxes

     

    $

    33,600

     

     

    $

    32,342

     

     

    $

    69,211

     

     

    $

    64,976

     

    Income tax expense

     

     

    (9,129

    )

     

     

    (8,261

    )

     

     

    (17,822

    )

     

     

    (16,707

    )

    Equity in net income of non-consolidated affiliates

     

     

    1,575

     

     

     

    1,942

     

     

     

    3,379

     

     

     

    3,904

     

    Net income

     

    $

    26,046

     

     

    $

    26,023

     

     

    $

    54,768

     

     

    $

    52,173

     

     

     

     

     

     

     

     

     

     

    Earnings per share:

     

     

     

     

     

     

     

     

    Basic weighted average shares outstanding

     

     

    31,917,407

     

     

     

    32,240,458

     

     

     

    32,072,354

     

     

     

    32,205,657

     

    Diluted weighted average shares outstanding

     

     

    32,885,993

     

     

     

    33,074,592

     

     

     

    33,152,066

     

     

     

    32,828,339

     

    Basic earnings per share

     

    $

    0.82

     

     

    $

    0.81

     

     

    $

    1.71

     

     

    $

    1.62

     

    Diluted earnings per share

     

    $

    0.79

     

     

    $

    0.79

     

     

    $

    1.65

     

     

    $

    1.59

     

    BLUE BIRD CORPORATION AND SUBSIDIARIES

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Unaudited)

     

     

     

    Six Months Ended

    (in thousands of dollars)

     

    March 29, 2025

     

    March 30, 2024

    Cash flows from operating activities

     

     

     

     

    Net income

     

    $

    54,768

     

     

    $

    52,173

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

     

    Depreciation and amortization expense

     

     

    7,710

     

     

     

    7,255

     

    Non-cash interest expense

     

     

    167

     

     

     

    219

     

    Share-based compensation expense

     

     

    9,940

     

     

     

    4,543

     

    Equity in net income of non-consolidated affiliates

     

     

    (3,379

    )

     

     

    (3,904

    )

    Dividend from equity investment in affiliates

     

     

    —

     

     

     

    2,991

     

    Loss on disposal of fixed assets

     

     

    285

     

     

     

    25

     

    Deferred income tax (benefit) expense

     

     

    (3,962

    )

     

     

    1,825

     

    Amortization of deferred actuarial pension losses

     

     

    139

     

     

     

    344

     

    Loss on debt refinancing

     

     

    —

     

     

     

    1,558

     

    Changes in assets and liabilities:

     

     

     

     

    Accounts receivable

     

     

    43,313

     

     

     

    1,149

     

    Inventories

     

     

    (36,034

    )

     

     

    (10,115

    )

    Other assets

     

     

    (10,955

    )

     

     

    (10,016

    )

    Accounts payable

     

     

    9,929

     

     

     

    2,298

     

    Accrued expenses, pension and other liabilities

     

     

    (17,741

    )

     

     

    4,426

     

    Total adjustments

     

    $

    (588

    )

     

    $

    2,598

     

    Total cash provided by operating activities

     

    $

    54,180

     

     

    $

    54,771

     

    Cash flows from investing activities

     

     

     

     

    Cash paid for fixed assets

     

    $

    (13,616

    )

     

    $

    (5,643

    )

    Equity investment in affiliates

     

     

    (500

    )

     

     

    —

     

    Total cash used in investing activities

     

    $

    (14,116

    )

     

    $

    (5,643

    )

    Cash flows from financing activities

     

     

     

     

    Revolving credit facility borrowings

     

    $

    —

     

     

    $

    36,220

     

    Revolving credit facility repayments

     

     

    —

     

     

     

    (36,220

    )

    Term loan borrowings

     

     

    —

     

     

     

    100,000

     

    Term loan repayments

     

     

    (2,500

    )

     

     

    (133,050

    )

    Principal payments on finance leases

     

     

    (604

    )

     

     

    (292

    )

    Cash paid for debt costs

     

     

    —

     

     

     

    (3,128

    )

    Repurchase of common stock in connection with repurchase program

     

     

    (30,053

    )

     

     

    —

     

    Repurchase of common stock in connection with stock award exercises

     

     

    (4,412

    )

     

     

    (301

    )

    Cash received from stock option exercises

     

     

    567

     

     

     

    1,751

     

    Total cash used in financing activities

     

    $

    (37,002

    )

     

    $

    (35,020

    )

    Change in cash and cash equivalents

     

     

    3,062

     

     

     

    14,108

     

    Cash and cash equivalents at beginning of period

     

     

    127,687

     

     

     

    78,988

     

    Cash and cash equivalents at end of period

     

    $

    130,749

     

     

    $

    93,096

     

    Reconciliation of Net Income to Adjusted EBITDA

     

     

     

    Three Months Ended

     

    Six Months Ended

    (in thousands of dollars)

     

    March 29, 2025

     

    March 30, 2024

     

    March 29, 2025

     

    March 30, 2024

    Net income

     

    $

    26,046

     

     

    $

    26,023

     

     

    $

    54,768

     

     

    $

    52,173

     

    Adjustments:

     

     

     

     

     

     

     

     

    Interest expense, net (1)

     

     

    633

     

     

     

    1,860

     

     

     

    1,066

     

     

     

    4,515

     

    Income tax expense

     

     

    9,129

     

     

     

    8,261

     

     

     

    17,822

     

     

     

    16,707

     

    Depreciation, amortization, and disposals (2)

     

     

    4,251

     

     

     

    3,988

     

     

     

    8,494

     

     

     

    8,198

     

    Share-based compensation expense

     

     

    7,434

     

     

     

    2,492

     

     

     

    9,940

     

     

     

    4,543

     

    Stockholder transaction costs

     

     

    —

     

     

     

    1,933

     

     

     

    —

     

     

     

    3,154

     

    Loss on debt refinancing

     

     

    —

     

     

     

    —

     

     

     

    —

     

     

     

    1,558

     

    Micro Bird Holdings, Inc. total interest expense, net; income tax expense or benefit; depreciation expense and amortization expense

     

     

    1,713

     

     

     

    1,195

     

     

     

    1,156

     

     

     

    1,395

     

    Other

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

     

     

    (83

    )

    Adjusted EBITDA

     

    $

    49,206

     

     

    $

    45,751

     

     

    $

    94,959

     

     

    $

    93,355

     

    Adjusted EBITDA margin (percentage of net sales)

     

     

    13.7

    %

     

     

    13.2

    %

     

     

    14.1

    %

     

     

    14.1

    %

    (1)

     

    Includes $0.1 million for both the three months ended March 29, 2025 and March 30, 2024, and $0.2 million for both the six months ended March 29, 2025 and March 30, 2024, 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 $0.3 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and $0.8 million and  $0.9 million for the six months ended March 29, 2025 and March 30, 2024, 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)

     

    March 29, 2025

     

    March 30, 2024

     

    March 29, 2025

     

    March 30, 2024

    Net cash provided by operating activities

     

    $

    27,770

     

     

    $

    54,554

     

     

    $

    54,180

     

     

    $

    54,771

     

    Cash paid for fixed assets

     

     

    (9,022

    )

     

     

    (2,739

    )

     

     

    (13,616

    )

     

     

    (5,643

    )

    Free cash flow

     

    $

    18,748

     

     

    $

    51,815

     

     

    $

    40,564

     

     

    $

    49,128

     

    Cash paid for stockholder transaction costs

     

     

    —

     

     

     

    1,933

     

     

     

    —

     

     

     

    3,154

     

    Cash paid for other items

     

     

    —

     

     

     

    (1

    )

     

     

    —

     

     

     

    (83

    )

    Adjusted free cash flow

     

     

    18,748

     

     

     

    53,747

     

     

     

    40,564

     

     

     

    52,199

     

    Reconciliation of Net Income to Adjusted Net Income

     

     

     

    Three Months Ended

     

    Six Months Ended

    (in thousands of dollars)

     

    March 29, 2025

     

    March 30, 2024

     

    March 29, 2025

     

    March 30, 2024

    Net income

     

    $

    26,046

     

    $

    26,023

     

     

    $

    54,768

     

    $

    52,173

     

    Adjustments, net of tax benefit or expense (1)

     

     

     

     

     

     

     

     

    Share-based compensation expense

     

     

    5,501

     

     

    1,844

     

     

     

    7,356

     

     

    3,362

     

    Stockholder transaction costs

     

     

    —

     

     

    1,430

     

     

     

    —

     

     

    2,334

     

    Loss on debt refinancing

     

     

    —

     

     

    —

     

     

     

    —

     

     

    1,153

     

    Other

     

     

    —

     

     

    (1

    )

     

     

    —

     

     

    (61

    )

    Adjusted net income, non-GAAP

     

    $

    31,547

     

    $

    29,296

     

     

     

    62,124

     

     

    58,961

     

     

    (1)

     

    Amounts are net of estimated tax rates of 26%.

    Reconciliation of Diluted EPS to Adjusted Diluted EPS

     

     

     

    Three Months Ended

     

    Six Months Ended

     

     

    March 29, 2025

     

    March 30, 2024

     

    March 29, 2025

     

    March 30, 2024

    Diluted earnings per share

     

    $

    0.79

     

    $

    0.79

     

    $

    1.65

     

    $

    1.59

    One-time charge adjustments, net of tax benefit or expense

     

     

    0.17

     

     

    0.10

     

     

    0.22

     

     

    0.21

    Adjusted diluted earnings per share, non-GAAP

     

    $

    0.96

     

    $

    0.89

     

    $

    1.87

     

    $

    1.80

    Adjusted weighted average dilutive shares outstanding

     

     

    32,885,993

     

     

    33,074,592

     

     

    33,152,066

     

     

    32,828,339

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20250507180732/en/

    Mark Benfield

    Investor Relations

    (478) 822-2315

    [email protected]

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