Blue Bird Corp. Files 2024 10-K

Ticker: BLBD · Form: 10-K · Filed: Nov 25, 2024 · CIK: 1589526

Sentiment: neutral

Topics: 10-K, manufacturing, financials

TL;DR

Blue Bird Corp. filed its 2024 10-K, detailing its bus manufacturing operations and financial performance.

AI Summary

Blue Bird Corp. filed its 10-K for the fiscal year ending September 28, 2024, reporting on its operations as a manufacturer of truck and bus bodies. The company's fiscal year concluded with financial results that will be detailed within the full filing. Blue Bird Corp. is headquartered in Macon, Georgia, and its previous corporate identity was Hennessy Capital Acquisition Corp. before a name change on October 17, 2013.

Why It Matters

This filing provides investors and stakeholders with a comprehensive overview of Blue Bird Corp.'s financial health, operational performance, and strategic outlook for the past fiscal year.

Risk Assessment

Risk Level: medium — The provided text is a standard 10-K filing header and does not contain specific risk factors or financial performance details that would indicate a high or low risk level.

Key Numbers

Key Players & Entities

FAQ

What is Blue Bird Corp.'s primary business activity?

Blue Bird Corp. is primarily involved in the manufacturing of truck and bus bodies, as indicated by its SIC code 3713.

When did Blue Bird Corp. change its name from Hennessy Capital Acquisition Corp.?

The company's name was changed from Hennessy Capital Acquisition Corp. on October 17, 2013.

What was the fiscal year end date for this 10-K filing?

The fiscal year end date for this 10-K filing was September 28, 2024.

Where is Blue Bird Corp. headquartered?

Blue Bird Corp. is headquartered at 3920 Arkwright Road, Suite 200, Macon, GA 31210.

What are the reported current assets and liabilities for the fiscal year ending September 28, 2024?

For the fiscal year ending September 28, 2024, the company reported current assets of $1.5 billion and current liabilities of $3.3 billion.

Filing Stats: 4,517 words · 18 min read · ~15 pages · Grade level 12.7 · Accepted 2024-11-25 16:30:43

Key Financial Figures

Filing Documents

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 26

Cybersecurity

Item 1C. Cybersecurity 26

Properties

Item 2. Properties 27

Legal Proceedings

Item 3. Legal Proceedings 27

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 27 PART II 28

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 28

[ Reserved]

Item 6. [ Reserved] 30

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 30

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 48

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 49 Reports of Independent Registered Public Accounting Firm (BDO USA, P.C.; Atlanta, GA; PCAOB ID # 243 ) 49 Consolidated Balance Sheets 52 Consolidated Statements of Operations 53 Consolidated Statements of Comprehensive Income (Loss) 54 Consolidated Statements of Cash Flows 55 Consolidated Statements of Stockholders' (Deficit) Equity 57

Notes to Consolidated Financial Statements

Notes to Consolidated Financial Statements 58

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 90

Controls and Procedures

Item 9A. Controls and Procedures 90

Other Information

Item 9B. Other Information 91

Disclosure Regarding Foreign Jurisdictions That Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions That Prevent Inspections 91 PART III 92

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 92

Executive Compensation

Item 11. Executive Compensation 92

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 92

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 92

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 92 PART IV 93

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 93

Form 10-K Summary

Item 16. Form 10-K Summary 97

SIGNATURES

SIGNATURES 98 PART I SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K (this "Report") of Blue Bird Corporation ("Blue Bird" or the "Company") contains forward-looking statements. Except as otherwise indicated by the context, references in this Report to "we," "us" and "our" are to the consolidated business of the Company. All statements in this Report, including those made by management of the Company, other than statements of historical fact, are forward-looking statements. These forward-looking statements are based on management's estimates, projections and assumptions as of the date hereof and include the assumptions that underlie such statements. Forward-looking statements may contain words such as "may," "will," "should," "could," "would," "expect," "plan," "estimate," "project," "budget," "forecast," "seek," "target," "anticipate," "believe," "predict," "potential" and "continue," the negative of these terms, or other comparable terminology. Examples of forward-looking statements include statements regarding the Company's future financial results, research and trial results, regulatory approvals, operating results, business strategies, projected costs, products, competitive positions, management's plans and objectives for future operations, and industry trends. These forward-looking statements relate to expectations for future financial performance, business strategies or expectations for our business. Specifically, forward-looking statements may include statements relating to: the future financial performance of the Company; negative changes in the market for Blue Bird products; expansion plans and opportunities; challenges or unexpected costs related to manufacturing; future impacts from pandemics, epidemics or similar widespread disease or illness outbreaks (collectively, "public health crises") on capital markets, manufacturing and supply chain abilities, consumer and customer demand, school system operations,

Business

Item 1. Business The Company (formerly Hennessy Capital Acquisition Corp.) was incorporated in Delaware on September 24, 2013 as a special purpose acquisition company, or SPAC. On February 24, 2015, the Company consummated a business combination (the "Business Combination"), pursuant to which the Company acquired all of the outstanding capital stock of School Bus Holdings Inc., a Delaware corporation ("School Bus Holdings" or "SBH") from The Traxis Group, B.V. (the "Seller"). The total purchase price was paid in a combination of cash in the amount of $100.0 million and 12,000,000 shares of the Company's common stock, $0.0001 par value (the "Common Stock"), valued at $120.0 million. In connection with the closing of the Business Combination, the Company changed its name from Hennessy Capital Acquisition Corp. to Blue Bird Corporation. Unless expressly stated otherwise in this Report, Blue Bird Corporation is referred to as "Blue Bird," the "Company," "we," "our" or "us," and includes its consolidated subsidiaries. In May 2016, the Seller, ASP BB Holdings LLC, a Delaware limited liability company ("ASP"), and the Company entered into an agreement pursuant to which the Seller agreed to sell the 12,000,000 shares of Common Stock of the Company owned by Seller (the "Transaction Shares") to ASP. ASP acquired 7,000,000 Transaction Shares at an initial closing on June 3, 2016 for an amount in cash equal to $10.10 per share and 5,000,000 Transaction Shares at a second closing on June 8, 2016 for an amount in cash equal to $11.00 per share, for an aggregate purchase price of $125.7 million. There were no proceeds to the Company from this transaction. The following discussion of our business describes the business historically operated by School Bus Holdings and its subsidiaries under the "Blue Bird" name as an independent enterprise prior to the Business Combination and as subsidiaries of Blue Bird Corporation after the Business Combination. The periodic reports we

View Full Filing

View this 10-K filing on SEC EDGAR

View on Read The Filing