13 unchanged sentences
Performance Graph
−Removed: The following performance graph and related information is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Securities Exchange Act of 1934, as amended, or to the liabilities of Section 18 of the Securities Exchange Act of 1934, as amended, and will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, as amended, except to the extent the Company specifically incorporates it by reference into such a filing:
+Added: The following performance graph and related information is not deemed to be “soliciting material” or to be “filed” with the SEC or subject to Regulation 14A or 14C under the Exchange Act, or to the liabilities of Section 18 of the Exchange Act, and will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent the Company specifically incorporates it by reference into such a filing.
The SEC requires the Company to include a line graph presentation comparing cumulative five year common stock returns with a broad-based stock index and either a nationally recognized industry index or an index of peer companies selected by the Company.
The Company has chosen to use the Russell 3000 Index as the broad-based index.
−Removed: The following stock performance graph compares the total stockholder return of an investment of $100 in cash from September 28, 2019 through September 28, 2024.
+Added: The following stock performance graph compares the total stockholder return of an investment of $100 in cash from October 3, 2020 through September 27, 2025.
Cumulative Total Return
−Removed: September 28,
2020 October 2,
2021 October 1,
−Removed: 2021 October 1,
2022 September 30,
2023 September 28,
+Added: 2024 September 27,
Blue Bird Corporation 100 177 69 177 402 481
8 unchanged sentences
Rev Group Inc.
−Removed: The Shyft Group, Inc.
Thor Industries Inc.
Wabash National Corp
−Removed: Other than Lion Electric Company, Blue Bird is the only publicly traded school bus company.
+Added: Other than Lion Electric Company, which had its common stock delisted from the New York and Toronto Stock Exchanges during the early months of calendar year 2025, Blue Bird was and is the only publicly traded school bus company.
As such, our peer group is not constructed on a line-of-business basis.
Given our business model and brand recognition, we believe that the specialty vehicle OEMs and branded industrial companies that we have selected represent the most comparable publicly traded companies to Blue Bird.
−Removed: While Lion Electric Company is within Blue Bird's peer group, it is not included in the chart above as it has only been publicly traded since May 2021.
+Added: While Lion Electric Company was included within Blue Bird's peer group, it is not included in the chart above given that its common stock was publicly traded only from May 2021 to February 2025.
Additionally, NFI Group Inc.
2 unchanged sentences
assumes investing $100 U.S.
−Removed: Dollars to acquire shares on September 28, 2019.
+Added: Dollars to acquire shares on October 3, 2020.
The value of such shares at each of the above dates is then translated from Canadian Dollars to U.S.
2 unchanged sentences
On January 31, 2024, the Board of Directors of the Company authorized and approved a share repurchase program for up to $60 million of outstanding shares of the Company’s common stock over a period of 24 months, expiring January 31, 2026.
−Removed: 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: The Board of Directors also authorized the Company to enter into written trading plans pursuant to Rule 10b5-1 under the Securities Exchange Act of 1934, as amended.
+Added: On August 5, 2025, the Board of Directors of the Company authorized and approved a second share repurchase program for up to $100 million of
+Added: outstanding shares of the Company’s common stock, expiring January 1, 2028.
+Added: Under both share repurchase programs, 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 Exchange Act.
+Added: The Board of Directors also authorized the Company to enter into written trading plans pursuant to Rule 10b5-1 under the Exchange Act.
Adopting a trading plan that satisfies the conditions of Rule 10b5-1 allows a company to repurchase its shares at times when it might otherwise be prevented from doing so due to self-imposed trading blackout periods or pursuant to insider trading laws.
3 unchanged sentences
Repurchases under this program are expected to be funded from one or a combination of existing cash balances, future free cash flow, or indebtedness.
−Removed: Share repurchase activity under the share repurchase program, on a trade date basis, for each month in the quarter ended September 28, 2024, was as follows:
+Added: Share repurchase activity under the share repurchase programs, on a trade date basis, for each fiscal month in the quarter ended September 27, 2025, was as follows:
Period by fiscal month Total number of shares repurchased
3 unchanged sentences
June 29 - July 26, 2025 3,302 $ 42.02 3,302 $ 10.9
−Removed: — $ — — $ 60.0
July 27 - August 23, 2025 8,684 43.01 8,684 110.6
−Removed: 20,000 48.86 20,000 59.0
August 24 - September 27, 2025 401 55.03 401 110.5
−Removed: 181,818 49.29 181,818 50.1
Total 12,387 12,387
2 unchanged sentences
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.