Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Q3 FY2025 Earnings Presentation
27 slides from Blue Bird's earnings presentation, Aug 6, 2025
Slide 1: FY2025 Third Quarter Results Earnings Conference Call
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2025 Third Quarter Results Earnings Conference Call August 6, 2025
Slide 2: Agenda
Agenda Introductions & Mark Benfield Forward-Looking Statements Executive Director, Investor Relations Key Results and Highlights John Wyskiel President & CEO Financial Results Razvan Radulescu CFO Outlook John Wyskiel President & CEO Q&A Group This presentation includes forward-looking statements,
Slide 3: Important Disclaimers: Forward Looking Statements
Important Disclaimers Forward Looking Statements This presentation 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,
Slide 4: Important Disclaimers: Non-GAAP Financial Measures
Important Disclaimers Non-GAAP Financial Measures This presentation may include 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.” Additional information
Slide 5: Key Results & Highlights
KEY RESULTS & HIGHLIGHTS John Wyskiel President & CEO 5
Slide 6: Key FY2025 Q3 Takeaways
Key FY2025 Q3 Takeaways Beat Q3 Guidance on All Metrics; Increasing Full Year Profit Guidance Industry Backlog Reduced Due to Current Volatility Associated with Tariffs Continued Plant Operational Performance; Working Long Term Manufacturing Strategy Strong Focus On Pricing Action; Favorable Trend i
Slide 7: FY2025 Q3 Financial Results and Key Business Highlights
FY2025 Q3 Financial Results and Key Business Highlights FY2025 Q3 Results Managing QUARTERLY HIGHLIGHTS Margin-Neutral BUSINESS HIGHLIGHTS Tariff Strategy UNITS NET Alt. Power sales SOLD SALES Strong mix of 61% New 2,467 $398M ~$618M Backlog of 3.9k Units1 Plant Launched 1,200 EVs +316 vs.’24 +$65M
Slide 8: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 8
Slide 9: FY2025 Q3 and YTD Financial Results
FY2025 Q3 and YTD Financial Results FY2025 Q3 Results FY2025 Q3 YTD Results QUARTERLY HIGHLIGHTS UNITS NET UNITS NET YTD HIGHLIGHTS SOLD SALES SOLD SALES 2,467 $398M 6,892 $1,071M +316 vs.’24 +$65M vs.’24 +358 vs.’24 +$74M vs.’24 Adjusted Adjusted Adjusted Adjusted EBITDA FCF EBITDA FCF $58M $52M $1
Slide 10: Income Statement
Income Statement ($ Millions) FY2025-Q3 FY2024-Q3 B/(W) Unit Volume 2,467 2,151 316 Backlog Units 3,900 5,218 (1,318) Net Revenue $398.0 $333.4 $64.6 Bus Rev./Unit ($000's) $150.9 $143.2 $7.7 Gross Margin 21.6% 20.8% 80 bps Adj. EBITDA1 $58.5 $48.2 $10.3 Adj. EBITDA Margin1 14.7% 14.5% 20 bps Adj. N
Slide 11: FY24-Q3 to FY25-Q3 Adj. EBITDA Walk
FY24-Q3 to FY25-Q3 Adj. EBITDA Walk ($ Millions) Unit Volumes +10.3 FY24-Q3 2,151 2.4 0.0 FY25-Q3 2,467 14.3 Delta +316 58.5 USW Labor Costs Flat Parts Gross Profit (6.4) t/o EV Volumes 48.2 offset by SG&A and FY24-Q3 204 Better Efficiency FY25-Q3 271 Net Pricing, Labor Costs and Quality Delta +67 H
Slide 12: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($ Millions) FY2025-Q3 FY2024-Q3 B/(W) Cash $173.1 $88.4 $84.7 Debt $(91.5) $(96.1) $4.6 Liquidity $314.8 $231.7 $83.1 Operating Cash Flow $56.9 $1.0 $55.9 Adj. Free Cash Flow1 $52.3 $(3.5) $55.8 Trade Working Capital2 $4.8 $(34.0) $38.8 Very strong Operating Cash Flow in
Slide 13: Capital Allocation – New $100M Share Repurchase Program
Capital Allocation – New $100M Share Repurchase Program Sources of Cash 2026-2027 Uses of Cash Manufacturing Expansion ~$150M Cash Flow from Operations Growth R&D Expenditures <$50M (incl. Tax, Interest, ∆WoC; excl. R&D) ~$300M CAPEX (incl. maintenance) <$50M Small M&A <$50M Total Funds Shareholders
Slide 14: FY2025 Quarterly Guidance – Q3 Earnings Call
FY2025 Quarterly Guidance – Q3 Earnings Call Rev. $314 $359 $398 ~$380 ~$1,450 $M 210 1 ✓ Growing EV and Revenue per QTR to ~$400M in Q3 Adj. EBITDA ✓ Growing Adj. EBITDA in the $45M - $60M range 205 - 215 ✓ YTD Consistent levels of ~14% Adj. EBITDA We beat FY25-Q1 We beat FY25-Q2 Best Guidance on G
Slide 15: FY2025 Full Year Guidance – Raised to $210M and ~14.5% Margin
FY2025 Full Year Guidance – Raised to $210M and ~14.5% Margin FY2024 FY2025 FY2025 FY2025 FY2025 B/(W) $ Millions Actuals Guidance February May Aug Vs. Prior Year Guidance Guidance Guidance Net Revenue $1,347 $1,400 - $1,400 - $1,425 - ~$1,450 ~$103 $1,500 $1,500 $1,475 Adj. EBITDA1 $183 $190 - $210
Slide 16: FY2026 Preliminary Guidance and Scenarios
FY2026 Preliminary Guidance and Scenarios Tailwinds FY26 Scenarios Headwinds Downside Prel. Guidance Upside • Strong demand EV/Tariffs • Tariffs / Inflation Units* 9,250 9,500 9,750 • Stable Pricing t/o EV Units 500 750 1,000 • Labor Costs (USW) • Chassis (in H2) Revenue $M $1,450 $1,500 $1,550 • Ma
Slide 17: We are Raising Our Long Term Outlook to 16%+ EBITDA
We are Raising Our Long Term Outlook to 16%+ EBITDA Revenue $M Diesel EV QTR Full YR 2024 2025 2026 Outlook Outlook Rev. Units Chassis Gas/Propane Actual Updated Prelim. Mid Term Long Term (’29-’30) $M 2,466 2,467 Guidance Guidance 2,500 2,254 2,295 450 15,000 13,500 3,000 2,151 2,130 12,000 10,500
Slide 18: Outlook
OUTLOOK John Wyskiel President & CEO 18
Slide 19: The Blue Bird Value System
The Blue Bird Value System Leader in Safety Best Great Products Service & Features Sustained Profitable Growth 8% 14.5% 16%+ EBITDA Margin Highest Competitive Quality & Cost Durability Alt Power Leader The Blue Bird Value System, it’s about results, and how we get there 19
Slide 20: Record Profit Outlook in FY2025 & Beyond
Record Profit Outlook in FY2025 & Beyond NA School Bus Industry Thousands Bookings 3%+ = ~9,300 units Class 6-7* 39.5 41.7 38.9 37.7 36.8 36.1 35.8 34.6 31.4 Revenue 8%+ = ~$1.45 Billion 29.6 30.5 29.3 26.4 25.7 ~6% CAGR Adj. EBITDA 15% = ~$210 Million Adj. EBITDA 90 bps = ~14.5% Margin EV Bookings
Slide 21: Wrap Up – Key Messages From John Wyskiel
Wrap Up – Key Messages From John Wyskiel ▪ An almost century old company, an iconic brand and a great American story ▪ Managing the volatility well, taking action to provide stability to customers ▪ Delivered record Quarterly Sales and Adjusted EBITDA of $398M / $58M ▪ Increased guidance for the yea
Slide 22: Q&A
Q&A 22
Slide 23: Appendix
APPENDIX 23
Slide 24: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 24
Slide 25: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 25
Slide 26: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 26
Slide 27: End
End 27