EV Production Scaling and Financial Overview
Adj. EBITDA Reconciliation
BLUE BIRD
Reconciliation of Net Income (Loss) to Adjusted EBITDA
Three Months Ended
Nine Months Ended
(in thousands of dollars)
Net income (loss)
July 1, 2023
July 2, 2022
S
9,358
$
(6,435)
$
July 1, 2023
5,194
$
July 2, 2022
(22,664)
Adjustments:
Interest expense, net (1)
4,353
3,976
13,923
9,696
Income tax expense (benefit)
1,884
2,860
292
(6,317)
Depreciation, amortization, and disposals (2)
5,481
3,642
13,477
10,787
Operational transformation initiatives
196
4,065
1,133
5,651
Share-based compensation expense
941
667
2,229
3,153
Product redesign initiatives
-
15
-
549
Stockholder transaction costs
5,509
6,252
Loss on debt modification
537
561
Other
293
2
574
285
Adjusted EBITDA
$
28,015
$
8,792
$
43,611
$
1,701
Adjusted EBITDA Margin (percentage of net
sales)
9.5 %
4.3 %
5.3 %
0.3 %
(1) Includes $0.1 million for both three months ended July 1, 2023 and July 2, 2022, and $0.3 million and $0.2 million for the
nine months ended July 1, 2023 and July 2, 2022, respectively, 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 $0.5 million and $0.2 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $1.3
million and $0.6 million for the nine months ended July 1, 2023 and July 2, 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.
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