Blue Bird Corporation · NASDAQ:BLBD
Blue Bird — Q2 2025 Earnings Presentation
29 slides from Blue Bird's earnings presentation, May 7, 2025
Slide 1: FY2025 Second Quarter Results
BLUE BIRD CORPORATION (NASDAQ: BLBD) FY2025 Second Quarter Results Earnings Conference Call May 7, 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
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 Q2 Takeaways
Key FY2025 Q2 Takeaways Beat Q2 Guidance on All Metrics; Maintaining Full Year Guidance Robust Demand, Increasing Order Share and Continuing Strong Backlog Continued Plant Operational Performance with Greater Stability Strong Pricing Being Maintained, and Competitive within Market EV Backlog Increas
Slide 7: FY2025 Q2 Financial Results and Key Business Highlights
FY2025 Q2 Financial Results and Key Business Highlights FY2025 Q2 Results Managing QUARTERLY HIGHLIGHTS BUSINESS HIGHLIGHTS Margin-Neutral Tariff Strategy UNITS NET Alt. Power sales SOLD SALES Strong mix of 57% 2,295 $359M ~$770M Backlog of 4.9k Units1 EPA Funds 1,100+ EVs +41 vs.’24 +$13M vs.’24 fl
Slide 8: Blue Bird Commercial Chassis - NTEA Work Truck Debut
Blue Bird Commercial Chassis - NTEA Work Truck Debut Product Debut ▪ Best-in-Class Offering & Features: ✓ Electric ✓ Propane ✓ 55° Wheel Cut ✓ Front Axle Clearance ✓ Galvanized Frame Rails ✓ Class 5-6 Chassis ▪ Tremendous response to the product ▪ Immediate interest in both propane and EV from multi
Slide 9: Financial Results
FINANCIAL RESULTS Razvan Radulescu CFO 9
Slide 10: FY2025 Q2 and YTD Financial Results
FY2025 Q2 and YTD Financial Results FY2025 Q2 Results FY2025 H1 Results QUARTERLY HIGHLIGHTS FIRST HALF HIGHLIGHTS UNITS NET UNITS NET SOLD SALES SOLD SALES 2,295 $359M 4,425 $673M +41 vs.’24 +$13M vs.’24 +42 vs.’24 +$9M vs.’24 Adjusted Adjusted Adjusted Adjusted EBITDA FCF EBITDA FCF $49M $19M $95M
Slide 11: Income Statement
Income Statement ($ Millions) FY2025-Q2 FY2024-Q2 B/(W) Unit Volume 2,295 2,254 41 Backlog Units 4,889 5,904 (1,015) Net Revenue $358.9 $345.9 $13.0 Bus Rev./Unit ($000's) $145.0 $141.1 $3.9 / 2.8% Gross Margin 19.7% 18.4% 1.3 ppts Adj. EBITDA1 $49.2 $45.8 $3.4 Adj. EBITDA Margin1 13.7% 13.2% 0.5 pp
Slide 12: FY24-Q2 to FY25-Q2 Adj. EBITDA Walk
FY24-Q2 to FY25-Q2 Adj. EBITDA Walk ($ Millions) Unit Volumes +3.4 FY24-Q2 2,254 8.5 FY25-Q2 2,295 Delta +41 (0.5) (0.8) 49.2 45.8 (3.8) USW Labor Costs Lower t/o EV Volumes Net Pricing, offset by Revenues SG&A and FY24-Q2 210 FY25-Q2 265 Higher EV Mix Better Efficiency from Labor Costs Delta +55 Wa
Slide 13: Balance Sheet and Cash Flow
Balance Sheet and Cash Flow ($ Millions) FY2025-Q2 FY2024-Q2 B/(W) Cash $130.7 $93.1 $37.6 Debt $(92.7) $(97.3) $4.6 Liquidity $274.0 $236.4 $37.6 Operating Cash Flow $27.8 $54.6 $(26.8) Adj. Free Cash Flow1 $18.7 $53.7 $(35.0) Trade Working Capital2 $12.9 $22.1 $(9.2) Very strong core Operating Cas
Slide 14: Tariffs Countermeasures Initiated by Blue Bird
Tariffs Countermeasures Initiated by Blue Bird Tariffs introduced since Feb ‘25 Exposure on Blue Bird products Mitigation and Pricing actions • China: 145% (20%+20%+34%+71%) ➢ Accelera EV, Cummins Diesel • Blue Bird implemented a tariff 2% price increase on all units • Canada: 25%, USMCA exempt ➢ Fo
Slide 15: FY2025 Quarterly Guidance – Previous Earnings Call
FY2025 Quarterly Guidance – PREVIOUS Earnings Call Rev. $314 ~$350 ~$375 ~$400 $1,400 - $1,500 $M 200 1 ✓ Growing EV sales, and Revenue per QTR ~$400M in Q4 Adj. EBITDA 185 - 215 ✓ Approx. 1,000 EV sold and in backlog ✓ Growing Adj. EBITDA in the $45M - $60M range ✓ Consistent levels of ~14% Adj. EB
Slide 16: FY2025 Quarterly Guidance – Updated and Confirmed
FY2025 Quarterly Guidance – UPDATED and CONFIRMED Rev. $314 $359 ~$375 ~$400 $1,425 - $1,475 $M ✓ Growing EV sales, and Revenue per QTR to ~$400M in Q4 200 Adj. EBITDA 1 ✓ Approx. 1,100 EV sold and in backlog, tariff EV volume risk for Q4 190 - 210 ✓ Growing Adj. EBITDA in the $45M - $60M range ✓ Co
Slide 17: FY2025 Full Year Guidance – Confirm $200M and ~14% Margin
FY2025 Full Year Guidance – Confirm $200M and ~14% Margin Tailwinds FY25 Scenarios Headwinds Downside Guidance Upside • Strong ICE demand Supply / EPA EV • Tariffs (mainly EV) • Stable Gross Margins Units 9,100 9,300 9,500 • Supply chain t/o EV Units ~800 ~900 ~1,000 • Propane/Gas exclusive • Labor
Slide 18: FY2025 Full Year Guidance – Confirm $200M and ~14% Margin
FY2025 Full Year Guidance – Confirm $200M and ~14% Margin FY2024 FY2025 FY2025 FY2025 B/(W) $ Millions Actuals Guidance February May Vs. Prior Year Guidance Guidance Net Revenue $1,347 $1,400 - $1,500 $1,400 - $1,500 $1,425 - $1,475 $78 - $128 Adj. EBITDA1 $183 $190 - $210 $185 - $215 $190 - $210 $7
Slide 19: We Reconfirm Our Mid Term Outlook at 14% EBITDA
We Reconfirm Our Mid Term Outlook at 14% EBITDA Revenue $M Diesel Gas/Propane EV QTR Full YR 2024 2025 Outlook Outlook Rev. Units Actual Updated Mid Term Long Term (2028+) $M 2,466 Guidance 12,000+ 2,500 2,254 2,151 2,295 400 12,000 11,000 3,000 2,129 2,130 10,000 2,000 10,000 9,000 9,300 2,500 $350
Slide 20: Outlook
OUTLOOK John Wyskiel President & CEO 20
Slide 21: The Blue Bird Value System
The Blue Bird Value System Leader in Safety Best Great Products Service & Features Sustained Profitable Growth 8% 14% 15%+ EBITDA Margin Highest Competitive Quality & Cost Durability Alt Power Leader The Blue Bird Value System, it’s about results, and how we get there 21
Slide 22: 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 36.4 35.8 31.4 Revenue 8%+ = ~$1.45 Billion 29.6 30.5 29.3 26.4 25.7 ~6% CAGR Adj. EBITDA 9% = ~$200 Million Adj. EBITDA 40 bps = ~14% Margin EV Bookings 28%
Slide 23: 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 ▪ We delivered record Quarterly Sales and Adjusted EBITDA of $359M / $49M ▪ Maintaining guidance for the year, despite the challenging tariff environment ▪ Demonstrated and proven res
Slide 24: Q&A
Q&A 24
Slide 25: Appendix
APPENDIX 25
Slide 26: Adj. EBITDA Reconciliation
Adj. EBITDA Reconciliation 26
Slide 27: Free Cash Flow Reconciliation
Free Cash Flow Reconciliation 27
Slide 28: Adjusted EPS Reconciliation
Adjusted EPS Reconciliation 28
Slide 29: End
End 29