Blue Bird(BLBD) - 2025 Q4 - Annual Results

Financial Performance - Net sales for fiscal 2025 reached $1,480.1 million, an increase of $132.9 million or 9.9% compared to fiscal 2024[13] - Adjusted EBITDA for fiscal 2025 was $221.3 million, reflecting an increase of $38.4 million compared to the prior year, with a margin of 15%[19] - Net income for fiscal 2025 was $127.7 million, an increase of $22.2 million from the previous year[17] - Adjusted net income for fiscal 2025 was $144.1 million, up $28.8 million compared to fiscal 2024[18] - Gross profit for fiscal 2025 was $303.5 million, an increase of $47.4 million from the prior year[16] - For Q4 fiscal 2025, net sales were $409.4 million, up $59.2 million or 16.9% from Q4 fiscal 2024[6] - Net income for the twelve months ended September 27, 2025, was $127.720 million, an increase of 20.9% from $105.547 million in 2024[38] - Adjusted EBITDA for the twelve months ended September 27, 2025, reached $221,336,000, up 21% from $182,909,000 in the previous year, with an adjusted EBITDA margin of 15.0%[42] Sales and Production - The company sold 9,409 buses in fiscal 2025, an increase of 409 units or 4.5% from the previous year[14] - The company delivered a record 901 electric-powered buses in fiscal 2025, with a backlog of approximately 680 EV buses[4] - The average sales price per bus increased by 6.0% in fiscal 2025, contributing to the overall revenue growth[14] - Net sales for the three months ended September 27, 2025, were $409.365 million, an increase of 16.8% compared to $350.212 million for the same period in 2024[38] Earnings and Cash Flow - Basic earnings per share for the three months ended September 27, 2025, were $1.15, up from $0.76 in the same period of 2024, marking a 51.3% increase[38] - Adjusted diluted earnings per share for the twelve months ended September 27, 2025, was $4.38, compared to $3.46 in the previous year, marking a 27% increase[49] - Free cash flow for the three months ended September 27, 2025, was $60,461,000, representing a 20% increase from $50,226,000 in the same quarter of 2024[45] - Net cash provided by operating activities for the twelve months ended September 27, 2025, was $176,214,000, significantly higher than $111,112,000 in the previous year[45] Assets and Liabilities - Total current assets increased to $411.628 million as of September 27, 2025, from $323.379 million a year earlier, reflecting a growth of 27.3%[36] - Total liabilities increased to $369.840 million as of September 27, 2025, compared to $365.330 million in 2024, indicating a rise of 1.4%[36] - Cash and cash equivalents at the end of the fiscal year were $229.313 million, up from $127.687 million in 2024, representing an increase of 79.5%[40] Guidance and Future Outlook - The company reaffirmed its 2026 revenue guidance at approximately $1.5 billion and adjusted EBITDA guidance of $220 million[5] Other Financial Metrics - Operating profit for the three months ended September 27, 2025, was $50.344 million, compared to $25.579 million for the same period in 2024, representing a growth of 96.9%[38] - The company reported a Clean Bus Solutions impairment of $7,394,000 for the three months ended September 27, 2025[42] - Share-based compensation expense for the twelve months ended September 27, 2025, totaled $14,785,000, compared to $8,609,000 in the previous year[42] - Interest expense for the three months ended September 27, 2025, was $(74,000), a decrease from $1,118,000 in the same period of 2024[42]