2 unchanged sentences
CONDENSED CONSOLIDATED BALANCE SHEETS
−Removed: (in thousands of dollars, except for share data) March 29, 2025 September 28, 2024
+Added: (in thousands of dollars, except for share data) June 28, 2025 September 28, 2024
Current assets
34 unchanged sentences
Stockholders' equity
−Removed: Preferred stock, $ 0.0001 par value, 10,000,000 shares authorized, 0 shares outstanding at March 29, 2025 and September 28, 2024
−Removed: Common stock, $ 0.0001 par value, 100,000,000 shares authorized, 31,674,003 and 32,268,022 shares issued and outstanding at March 29, 2025 and September 28, 2024, respectively
+Added: Preferred stock, $ 0.0001 par value, 10,000,000 shares authorized, 0 shares outstanding at June 28, 2025 and September 28, 2024
+Added: Common stock, $ 0.0001 par value, 100,000,000 shares authorized, 31,480,251 and 32,268,022 shares issued and outstanding at June 28, 2025 and September 28, 2024, respectively
Additional paid-in capital 195,872 185,977
6 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars except for share data) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars except for share data) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Net sales $ 398,011 $ 333,367 $ 1,070,734 $ 996,942
7 unchanged sentences
Interest income 1,483 990 4,309 3,132
−Removed: Other income (expense), net
+Added: Other (expense) income, net
( 580 ) ( 2,729 ) 2,780 ( 5,918 )
5 unchanged sentences
( 12,375 ) ( 9,938 ) ( 30,197 ) ( 26,645 )
−Removed: Equity in net income of non-consolidated affiliates
+Added: Equity in net (loss) income of non-consolidated affiliates
( 404 ) 2,767 2,975 6,671
10 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
$ 36,455 $ 28,711 $ 91,223 $ 80,884
7 unchanged sentences
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
−Removed: Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024
+Added: Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024
Cash flows from operating activities
40 unchanged sentences
$ 173,066 $ 88,416
−Removed: Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024
+Added: Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024
Supplemental disclosures of cash flow information
5 unchanged sentences
Income tax paid, net of tax refunds
+Added: 43,594 18,856
Non-cash investing and financing activities:
9 unchanged sentences
Shares Amount Total Stockholders' Equity
−Removed: Balance, December 28, 2024 32,111,078 $ 3 $ 187,379 — $ — $ ( 26,363 ) $ 18,686 — $ — $ 179,705
−Removed: Restricted stock activity 111,432 — ( 2,966 ) — — — — — — ( 2,966 )
+Added: Balance, March 29, 2025 31,674,003 $ 3 $ 191,985 — $ — $ ( 26,311 ) $ 24,715 — $ — $ 190,392
Stock option activity 51,497 — 916 — — — — — — 916
4 unchanged sentences
Other comprehensive income, net of tax — — — — — 53 — — — 53
+Added: Balance, June 28, 2025 31,480,251 $ 3 $ 195,872 — $ — $ ( 26,258 ) $ 52,230 — $ — $ 221,847
Balance, March 30, 2024 32,299,065 $ 3 $ 191,216 — $ — $ ( 31,622 ) $ ( 3,527 ) 1,782,568 $ ( 50,282 ) $ 105,788
−Removed: Balance, December 30, 2023 32,198,592 $ 3 $ 187,159 — $ — $ ( 31,753 ) $ ( 29,550 ) 1,782,568 $ ( 50,282 ) $ 75,577
+Added: Restricted stock activity 18,896 — — — — — — — — —
Stock option activity 13,200 — 223 — — — — — — 223
2 unchanged sentences
Other comprehensive income, net of tax — — — — — 131 — — — 131
−Removed: Balance, March 30, 2024 32,299,065 $ 3 $ 191,216 — $ — $ ( 31,622 ) $ ( 3,527 ) 1,782,568 $ ( 50,282 ) $ 105,788
−Removed: Six Months Ended
+Added: Balance, June 29, 2024 32,331,161 $ 3 $ 193,869 — $ — $ ( 31,491 ) $ 25,184 1,782,568 $ ( 50,282 ) $ 137,283
+Added: Nine Months Ended
(in thousands of dollars, except for share data) Common Stock Convertible Preferred Stock Treasury Stock
8 unchanged sentences
Other comprehensive income, net of tax — — — — — 158 — — — 158
−Removed: Balance, March 29, 2025 31,674,003 $ 3 $ 191,985 — $ — $ ( 26,311 ) $ 24,715 — $ — $ 190,392
+Added: Balance, June 28, 2025 31,480,251 $ 3 $ 195,872 — $ — $ ( 26,258 ) $ 52,230 — $ — $ 221,847
Balance, September 30, 2023 32,165,225 $ 3 $ 177,861 $ ( 31,884 ) $ ( 55,700 ) 1,782,568 $ ( 50,282 ) $ 39,998
6 unchanged sentences
Other comprehensive income, net of tax — — — — — 393 — — — 393
−Removed: Balance, March 30, 2024 32,299,065 $ 3 $ 191,216 — $ — $ ( 31,622 ) $ ( 3,527 ) 1,782,568 $ ( 50,282 ) $ 105,788
+Added: Balance, June 29, 2024 32,331,161 $ 3 $ 193,869 — $ — $ ( 31,491 ) $ 25,184 1,782,568 $ ( 50,282 ) $ 137,283
The accompanying notes are an integral part of these consolidated financial statements.
14 unchanged sentences
The fiscal years ending September 27, 2025 ("fiscal 2025") and ended September 28, 2024 ("fiscal 2024") consist or consisted of 52 weeks.
−Removed: The second quarters of fiscal 2025 and fiscal 2024 both included 13 weeks.
−Removed: The six month periods in fiscal 2025 and 2024 both included 26 weeks.
+Added: The third quarters of fiscal 2025 and fiscal 2024 both included 13 weeks.
+Added: The nine month periods in fiscal 2025 and 2024 both included 39 weeks.
In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made.
6 unchanged sentences
Impacts of Supply Chain Constraints on Our Business
−Removed: The global automotive industry supply chain constraints that arose subsequent to the novel coronavirus pandemic known as "COVID-19" and that were further exacerbated by additional stress resulting from Russia’s invasion of Ukraine in February 2022 continued to impact our business and operations during the second quarters of fiscal 2024 and 2025.
+Added: The global automotive industry supply chain constraints that arose subsequent to the novel coronavirus pandemic known as "COVID-19" and that were further exacerbated by additional stress resulting from Russia’s invasion of Ukraine in February 2022 continued to impact our business and operations during the third quarters of fiscal 2024 and 2025.
Specifically, they continued to result in higher purchasing costs, including freight costs incurred to deliver critical components, to procure the raw materials inventory needed to produce buses to fulfill sales orders.
Additionally, there were still occasional shortages of certain critical components that limited the number and/or mix of school buses that we could produce and sell.
−Removed: Nonetheless, ongoing improvements in manufacturing operations that have resulted in the consistent production of buses, when coupled with periodic pricing actions taken to ensure that the increased sales prices charged for buses keep pace with increased costs to procure inventory to produce buses, have resulted in the Company reporting gross profit and gross margin in the second quarters of fiscal 2025 and 2024 that exceeded those reported in pre-pandemic fiscal years.
+Added: Nonetheless, ongoing improvements in manufacturing operations that have resulted in the consistent production of buses, when coupled with periodic pricing actions taken to ensure that the increased sales prices charged for buses keep pace with increased costs to procure inventory to produce buses, have resulted in the Company reporting gross profit and gross margin in the third quarters of fiscal 2025 and 2024 that exceeded those reported in pre-pandemic fiscal years.
Significant uncertainty still exists concerning the magnitude and duration of the ongoing supply chain constraints and accordingly, precludes any prediction as to the ultimate severity of the adverse impacts on our business, financial condition, results of operations, and liquidity.
13 unchanged sentences
Summary of Significant Accounting Policies and Recently Issued Accounting Standards
−Removed: The Company’s significant accounting policies are described in the Company’s fiscal 2024 Form 10-K, filed with the SEC on November 25, 2024.
−Removed: Our senior management has reviewed these significant accounting policies and related disclosures and determined that there were no significant changes in our critical accounting policies in the six months ended March 29, 2025.
+Added: The Company’s significant accounting policies are described in the consolidated financial statements included in the Company’s fiscal 2024 Form 10-K, filed with the SEC on November 25, 2024.
+Added: Our senior management has reviewed these significant accounting policies and related disclosures and determined that there were no significant changes in our critical accounting policies in the nine months ended June 28, 2025.
Recently Issued Accounting Standards
17 unchanged sentences
The following table presents the components of inventories at the dates indicated:
−Removed: (in thousands of dollars) March 29, 2025 September 28, 2024
+Added: (in thousands of dollars) June 28, 2025 September 28, 2024
Raw materials $ 80,486 $ 83,027
4 unchanged sentences
The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Balance at beginning of period $ 16,345 $ 15,476 $ 16,179 $ 15,434
4 unchanged sentences
The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two to five years , for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Balance at beginning of period $ 30,448 $ 25,563 $ 27,962 $ 23,123
6 unchanged sentences
The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated:
−Removed: (in thousands of dollars) March 29, 2025 September 28, 2024
+Added: (in thousands of dollars) June 28, 2025 September 28, 2024
Current portion $ 4,981 $ 5,008
3 unchanged sentences
Shipping and Handling Revenues
−Removed: Shipping and handling revenues were $ 5.2 million and $ 5.0 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and $ 10.3 million and $ 9.7 million for the six months ended March 29, 2025 and March 30, 2024, respectively.
−Removed: The related cost of goods sold was $ 4.7 million and $ 4.4 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and $ 9.3 million and $ 8.7 million for the six months ended March 29, 2025 and March 30, 2024, respectively.
+Added: Shipping and handling revenues were $ 6.9 million and $ 5.9 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ 17.2 million and $ 15.6 million for the nine months ended June 28, 2025 and June 29, 2024, respectively.
+Added: The related cost of goods sold was $ 6.1 million and $ 5.5 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ 15.4 million and $ 14.2 million for the nine months ended June 28, 2025 and June 29, 2024, respectively.
Pension (Income) Expense
Components of net periodic pension benefit (income) expense were as follows for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Interest cost $ 1,312 $ 1,484 $ 3,936 $ 4,452
7 unchanged sentences
Term loan borrowings consisted of the following at the dates indicated:
−Removed: (in thousands of dollars) March 29, 2025 September 28, 2024
+Added: (in thousands of dollars) June 28, 2025 September 28, 2024
Term loan borrowings, net of deferred financing costs of $ 1,007 and $ 1,256 , respectively
5 unchanged sentences
If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy.
−Removed: At March 29, 2025 and September 28, 2024, $ 93.8 million and $ 96.3 million, respectively, were outstanding on the term loans.
−Removed: At March 29, 2025 and September 28, 2024, the stated interest rates on the term loans were 6.2 % and 6.9 %, respectively.
−Removed: At March 29, 2025 and September 28, 2024, the weighted-average annual effective interest rates for the term loans were 6.7 % and 8.2 %, respectively, which include amortization of the deferred financing costs.
−Removed: At March 29, 2025, $ 6.7 million of letters of credit were outstanding, which reduces the availability on the revolving line of credit.
+Added: At June 28, 2025 and September 28, 2024, $ 92.5 million and $ 96.3 million, respectively, were outstanding on the term loans.
+Added: At June 28, 2025 and September 28, 2024, the stated interest rates on the term loans were 6.1 % and 6.9 %, respectively.
+Added: At June 28, 2025 and September 28, 2024, the weighted-average annual effective interest rates for the term loans were 6.6 % and 8.2 %, respectively, which include amortization of the deferred financing costs.
+Added: At June 28, 2025, $ 8.3 million of letters of credit were outstanding, which reduces the availability on the revolving line of credit.
There were no borrowings outstanding on the Revolving Credit Facility;
therefore, the Company would have been able to borrow $ 141.7 million on the revolving line of credit.
−Removed: Interest expense on all indebtedness was $ 1.8 million and $ 2.8 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and $ 3.7 million and $ 6.4 million for the six months ended March 29, 2025 and March 30, 2024, respectively.
+Added: Interest expense on all indebtedness was $ 1.7 million and $ 2.1 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ 5.5 million and $ 8.6 million for the nine months ended June 28, 2025 and June 29, 2024, respectively.
The schedule of remaining principal payments through maturity for the term loans is as follows:
5 unchanged sentences
In periods where our pre-tax income approximates or is equal to break-even, the effective tax rates for quarter-to-date and full-year periods may not be meaningful due to discrete period items.
−Removed: The effective tax rate for the three months ended March 29, 2025 was 27.2 % and differed from the statutory federal income tax rate of 21 %.
−Removed: The increase was primarily due to the impacts from state taxes and certain permanent items on the federal rate, which were partially offset by the impacts from federal and state tax credits (net of valuation allowances) and discrete period items during the quarter.
−Removed: The effective tax rate for the three months ended March 30, 2024 was 25.5 % and differed from the statutory federal income tax rate of 21 %.
+Added: The effective tax rate for the three months ended June 28, 2025 was 25.1 % and differed from the statutory federal income tax rate of 21 %.
The increase was primarily due to the impacts from state taxes and certain permanent items on the federal rate, which were partially offset by the impacts from federal and state tax credits (net of valuation allowances) and discrete period items during the quarter.
−Removed: The effective tax rate for the six months ended March 29, 2025 was 25.8 % and differed from the statutory federal income tax rate of 21 %.
+Added: The effective tax rate for the three months ended June 29, 2024 was 27.7 % and differed from the statutory federal income tax rate of 21 %.
The increase was primarily due to the impacts from state taxes and certain permanent items on the federal rate, which were partially offset by the impacts from federal and state tax credits (net of valuation allowances) and discrete period items during the quarter.
−Removed: The effective tax rate for the six months ended March 30, 2024 was 25.7 % and differed from the statutory federal income tax rate of 21 %.
+Added: The effective tax rate for the nine months ended June 28, 2025 was 25.5 % and differed from the statutory federal income tax rate of 21 %.
The increase was primarily due to the impacts from state taxes and certain permanent items on the federal rate, which were partially offset by the impacts from federal and state tax credits (net of valuation allowances) and discrete period items during the period.
+Added: The effective tax rate for the nine months ended June 29, 2024 was 26.4 % and differed from the statutory federal income tax rate of 21 %.
+Added: The increase was primarily due to the impacts from state taxes and certain permanent items on the federal rate, which were partially offset by the impacts from federal and state tax credits (net of valuation allowances) and discrete period items during the period.
Guarantees, Commitments and Contingencies
−Removed: At March 29, 2025, the Company had a number of product liability and other cases pending.
+Added: At June 28, 2025, the Company had a number of product liability and other cases pending.
Management believes that, considering the Company’s insurance coverage and its intention to vigorously defend its positions, the ultimate resolution of these matters will not have a material adverse effect on the Company’s financial statements.
9 unchanged sentences
Management evaluates the segments based primarily upon revenues and gross profit, which are reflected in the tables below for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Bus (1) $ 372,240 $ 308,037 $ 993,099 $ 919,433
1 unchanged sentence
Segment net sales $ 398,011 $ 333,367 $ 1,070,734 $ 996,942
−Removed: (1) Parts segment revenue includes $ 1.9 million and $ 2.7 million for the three months ended March 29, 2025 and March 30, 2024, respectively, and $ 3.8 million and $ 4.3 million for the six months ended March 29, 2025 and March 30, 2024, respectively, related to inter-segment sales of parts that was eliminated by the Bus segment upon consolidation.
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: (1) Parts segment revenue includes $ 1.6 million and $ 2.6 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $ 5.4 million and $ 6.9 million for the nine months ended June 28, 2025 and June 29, 2024, respectively, related to inter-segment sales of parts that was eliminated by the Bus segment upon consolidation.
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Bus $ 73,211 $ 56,545 $ 178,017 $ 157,428
2 unchanged sentences
The following table is a reconciliation of segment gross profit to consolidated income before income taxes for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Segment gross profit $ 85,928 $ 69,353 $ 217,099 $ 196,550
2 unchanged sentences
Interest income 1,483 990 4,309 3,132
−Removed: Other income (expense), net
+Added: Other (expense) income, net
( 580 ) ( 2,729 ) 2,780 ( 5,918 )
4 unchanged sentences
Sales are attributable to geographic areas based on customer location and were as follows for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
$ 352,715 $ 291,374 $ 939,946 $ 910,489
3 unchanged sentences
The following table disaggregates revenue by product category for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands of dollars) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands of dollars) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
Diesel buses $ 125,872 $ 109,797 $ 367,855 $ 318,239
7 unchanged sentences
The following table presents the earnings per share computation for the periods presented:
−Removed: Three Months Ended Six Months Ended
−Removed: (in thousands except for share data) March 29, 2025 March 30, 2024 March 29, 2025 March 30, 2024
+Added: Three Months Ended Nine Months Ended
+Added: (in thousands except for share data) June 28, 2025 June 29, 2024 June 28, 2025 June 29, 2024
$ 36,455 $ 28,711 $ 91,223 $ 80,884
10 unchanged sentences
$ 1.12 $ 0.85 $ 2.76 $ 2.43
−Removed: (1) Potentially dilutive securities representing 0.1 million and approximately zero shares of common stock were excluded from the computation of diluted earnings per share for the three months ending March 29, 2025 and March 30, 2024, respectively, and potentially dilutive securities representing approximately zero shares of common stock were excluded from the computation of diluted earnings per share for each of the six months ending March 29, 2025 and March 30, 2024, as their effect would have been antidilutive.
+Added: (1) There were no potentially dilutive securities excluded from the computation of diluted earnings per share for the each of three months and nine months ended June 28, 2025 and June 29, 2024, respectively, because their effect was antidilutive.
Accumulated Other Comprehensive Loss
The following table provides information on changes in accumulated other comprehensive loss ("AOCL") for the periods presented:
−Removed: Three Months Ended Six Months Ended
+Added: Three Months Ended Nine Months Ended
(in thousands of dollars) Defined Benefit Pension Plan Total AOCL Defined Benefit Pension Plan Total AOCL
−Removed: March 29, 2025
+Added: June 28, 2025
Beginning Balance $ ( 26,311 ) $ ( 26,311 ) $ ( 26,416 ) $ ( 26,416 )
2 unchanged sentences
Income taxes ( 17 ) ( 17 ) ( 51 ) ( 51 )
−Removed: Ending Balance March 29, 2025 $ ( 26,311 ) $ ( 26,311 ) $ ( 26,311 ) $ ( 26,311 )
−Removed: March 30, 2024
+Added: Ending Balance June 28, 2025 $ ( 26,258 ) $ ( 26,258 ) $ ( 26,258 ) $ ( 26,258 )
+Added: June 29, 2024
Beginning Balance $ ( 31,622 ) $ ( 31,622 ) $ ( 31,884 ) $ ( 31,884 )
2 unchanged sentences
Income taxes ( 41 ) ( 41 ) ( 123 ) ( 123 )
−Removed: Ending Balance March 30, 2024 $ ( 31,622 ) $ ( 31,622 ) $ ( 31,622 ) $ ( 31,622 )
+Added: Ending Balance June 29, 2024 $ ( 31,491 ) $ ( 31,491 ) $ ( 31,491 ) $ ( 31,491 )
Stockholder Transaction Costs
5 unchanged sentences
The December Offering closed on December 19, 2023 and the February Offering closed on February 21, 2024.
−Removed: Although the Company did not sell any shares or receive any proceeds from the Offerings, it was required to pay certain expenses in connection with the Offerings that totaled approximately $ 1.9 million and $ 3.2 million for the three and six months ended March 30, 2024, respectively.
−Removed: The $ 1.9 million and $ 3.2 million of expense is included within other income (expense), net on the Condensed Consolidated Statements of Operations for the three and six months ended March 30, 2024, respectively.
−Removed: No such expense was incurred in the six months ended March 29, 2025.
+Added: Although the Company did not sell any shares or receive any proceeds from the Offerings, it was required to pay certain expenses in connection with the Offerings that totaled approximately $ 3.2 million for the nine months ended June 29, 2024.
+Added: The $ 3.2 million of expense is included within other (expense) income, net on the Condensed Consolidated Statements of Operations for the nine months ended June 29, 2024.
+Added: No such expense was incurred in the nine months ended June 28, 2025.
Equity Investment in Affiliates
4 unchanged sentences
("Micro Bird"), our unconsolidated Canadian joint venture that produces Blue Bird Micro Bird by Girardin Type A buses in Drummondville, Quebec.
−Removed: In recognizing the Company’s 50 % portion of Micro Bird's net income or loss, the Company recorded equity in net income of non-consolidated affiliates on the Condensed Consolidated Statements of Operations totaling $ 2.0 million for each of the three months
−Removed: ended March 29, 2025 and March 30, 2024, and $ 4.1 million and $ 3.9 million for the six months ended March 29, 2025 and March 30, 2024, respectively.
+Added: In recognizing the Company’s 50 % portion of Micro Bird's net income or loss, the Company recorded equity in net (loss) income of non-consolidated affiliates on the Condensed Consolidated Statements of Operations totaling approximately zero and $ 2.8 million for
+Added: the three months ended June 28, 2025 and June 29, 2024, respectively, and $ 4.1 million and $ 6.7 million for the nine months ended June 28, 2025 and June 29, 2024, respectively.
In December 2023, Micro Bird paid dividends to all common stockholders, with the Company's proportionate share totaling $ 3.0 million, gross of required withholding taxes.
The dividend was recorded as a reduction in the balance of equity investment in affiliates on the Condensed Consolidated Balance Sheets and is presented as a cash inflow in the operating section of the Condensed Consolidated Statements of Cash Flows.
−Removed: No dividends were paid in the six months ended March 29, 2025.
−Removed: At March 29, 2025 and September 28, 2024, the carrying value of the Company's investment in Micro Bird included within equity investment in affiliates on the Condensed Consolidated Balance Sheets was $ 28.5 million and $ 24.4 million, respectively.
+Added: No dividends were paid in the nine months ended June 28, 2025.
+Added: At June 28, 2025 and September 28, 2024, the carrying value of the Company's investment in Micro Bird included within equity investment in affiliates on the Condensed Consolidated Balance Sheets was $ 28.5 million and $ 24.4 million, respectively.
Clean Bus Solutions, LLC
1 unchanged sentence
The service is offered to qualified customers of the Company by providing them with turnkey electrification solutions, including a wide product range consisting of, among others, electric school buses, financing of electric buses and supporting charging infrastructure, project planning and management, and fleet optimization.
−Removed: During the six months ended March 29, 2025, the Company made a $ 0.5 million cash contribution to CBS, and during the six months ended March 30, 2024, the Company recorded the $ 7.4 million fair value of warrants it issued to the joint venture partner as its initial investment in CBS, both of which increased the balance of equity investment in affiliates on the Condensed Consolidated Balance Sheets.
−Removed: In recognizing the Company’s 50 % portion of CBS' net income or loss, the Company recorded $( 0.4 ) million and $( 0.7 ) million (losses) in equity in net income of non-consolidated affiliates on the Condensed Consolidated Statements of Operations for the three and six months ended March 29, 2025, respectively, while no amount was recorded in the six months ended March 30, 2024.
+Added: During the three and nine months ended June 28, 2025, the Company made $ 0.4 million and $ 0.9 million of cash contributions to CBS, respectively, and during the nine months ended June 29, 2024, the Company recorded the $ 7.4 million fair value of warrants it issued to the joint venture partner as its initial investment in CBS, both of which increased the balance of equity investment in affiliates on the Condensed Consolidated Balance Sheets.
+Added: In recognizing the Company’s 50 % portion of CBS' net income or loss, the Company recorded $( 0.4 ) million and $( 1.1 ) million in equity in net (loss) income of non-consolidated affiliates on the Condensed Consolidated Statements of Operations for the three and nine months ended June 28, 2025, respectively, while no amount was recorded in the nine months ended June 29, 2024.
CBS paid no dividends in any period.
−Removed: At March 29, 2025 and September 28, 2024, the carrying value of the Company's investment in CBS included within equity investment in affiliates on the Condensed Consolidated Balance Sheets was $ 7.5 million and $ 7.7 million, respectively.
+Added: At June 28, 2025 and September 28, 2024, the carrying value of the Company's investment in CBS included within equity investment in affiliates on the Condensed Consolidated Balance Sheets was $ 7.4 million and $ 7.7 million, respectively.
Stockholders’ Equity
2 unchanged sentences
Under the share repurchase program, the Company may repurchase shares through open market purchases, privately negotiated transactions, accelerated share repurchase transactions, block purchases or otherwise in accordance with applicable federal securities laws, including Rule 10b-18 of the Securities Exchange Act of 1934, as amended.
−Removed: During the three and six months ended March 29, 2025, the Company repurchased 559,352 and 802,802 shares of its common stock, respectively, for $ 20.0 million and $ 30.1 million, respectively, pursuant to the share repurchase plan.
+Added: During the three and nine months ended June 28, 2025, the Company repurchased 245,249 and 1,048,051 shares of its common stock, respectively, for $ 8.9 million and $ 39.0 million, respectively, pursuant to the share repurchase plan.
The Company constructively retired these shares immediately after repurchase, with the $ 8.9 million and $ 39.0 million amount paid in excess of the $ 0.0001 par value of each share recorded as a reduction in retained earnings.
−Removed: No such repurchases were made during the six months ended March 30, 2024.
−Removed: The total remaining authorization for future common stock repurchases under the Company's share repurchase program was $ 20.0 million as of March 29, 2025.
+Added: No such repurchases were made during the nine months ended June 29, 2024.
+Added: The total remaining authorization for future common stock repurchases under the Company's share repurchase program was $ 11.1 million as of June 28, 2025.
+Added: Subsequent Events
+Added: On July 4, 2025, Public Law No.
+Added: 119-21, the One Big Beautiful Bill Act ("Act"), was signed into law.
+Added: The Act includes comprehensive legislation addressing budget and spending matters that is intended, among others, to reduce taxes;
+Added: reduce or increase spending, as applicable, for certain federal programs;
+Added: increase the statutory debt limit and otherwise address certain agencies and programs throughout the federal government.
+Added: The Act permanently extends, with modifications, certain tax provisions that were enacted as part of the Tax Cut and Jobs Act ("TCJA") that became effective on January 1, 2018, but that were set to change or expire at the end of 2025.
+Added: The Act also features certain modified and new tax relief measures for businesses.
+Added: Additionally, it includes various revenue-raising measures, including
+Added: changes to certain Inflation Reduction Act ("IRA") clean energy tax credits and various limits on business tax deductions, that are intended to offset part of the cost of the new legislation.
+Added: The provisions of Accounting Standards Codification Topic 740, Income Taxes ("ASC 740"), require that the effects of changes in tax laws and rates be recognized in the period in which the new legislation is enacted, which represents the date that it is signed into law.
+Added: Since the enactment date of the Act occurred subsequent to the June 28, 2025 Condensed Consolidated Balance Sheet date, the Company is required to recognize the impact of the Act on its accounting for income taxes in its fourth quarter of fiscal 2025.
+Added: Given the recent enactment date, when coupled with the comprehensive nature of the Act and the fact that the Treasury Department will be developing additional interpretive guidance to consider and apply to comply with certain provisions included within the Act, the Company is evaluating the potential impact on its accounting for income taxes.
+Added: Accordingly, the Company is currently unable to provide an estimate of the potential impact of the Act on its fiscal 2025 consolidated financial statements.
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.