Positioned for Strong Recovery in FY2023 & Beyond
Adj. EBITDA Reconciliation
Reconciliation of Net Income to Adjusted EBITDA
BLUE BIRD
(in thousands of dollars)
Net loss
Adjustments:
Interest expense, net (1)
Income tax benefit
Depreciation, amortization, and disposals (2)
Operational transformation initiatives
Share-based compensation expense
Product redesign initiatives
Restructuring charges
Costs directly attributed to the COVID-19 pandemic (3)
Loss on debt modification
Adjusted EBITDA
Adjusted EBITDA Margin (percentage of net sales)
Three Months Ended
December 31, 2022
(11,294)
$
S
January 1, 2022
(4.082)
4.289
3.157
(2,981)
3,815
(1,762)
3.523
800
1
589
1.673
253
246
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537
561
S
(4,245)
S
3.599
(1.8)%
2.8 %
(1) Includes $0.1 million for both fiscal periods, representing interest expense on 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 $0.2 million for the three months ended December 31, 2022 and January 1, 2022, 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.
(3) Primarily represents costs incurred for third party cleaning services and personal protective equipment for our employees in
response to the COVID-19 pandemic.
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