On this page of StockholderLetter.com we present the latest annual shareholder letter from Blue Bird Corp — ticker symbol BLBD. Reading current and past BLBD letters to shareholders can bring important insights into the investment thesis.
Your Children   s Safety
is Our Business
2024 Annual Report
Legacy of
Leadership,
Innovation and
Customer Focus.
Since its founding in 1927, Blue Bird has been recognized as a
technology leader and innovator of school buses, setting industry
standards with innovative design and manufacturing capabilities. With
a singular focus on safety, reliability and durability, Blue Bird offers
a complete line of buses, from Type A and C to Type D in a variety of
options, configurations and power train choices.
Today, Blue Bird is transforming the student transportation industry
through cleaner-energy solutions. Blue Bird is the proven leader in
low- and zero-emission school buses with more than 25,000 propane,
natural gas and electric-powered buses currently in operation.
Blue Bird has 2,560 employees, with manufacturing facilities based in
Georgia and Quebec, and an extensive network of Dealers and Parts &
Service facilities throughout North America.
2024 Dealer
Network
AK
BC
NL
AB
SK
MB
WA
OR
MT
CA
UT
AZ
SD
NE
CO
NM
Blue Bird 2024 Annual Report
MN
VT
NH
WI
NY
MI
IA
PA
IN OH
WV
KS
MO
VA
KY
NC
TN
OK
SC
AR
MS
AL GA
TX
LA
HI
Blue Bird by the
Numbers
NB
ME NS
ND
ID
WY
NV
QC
ON
IL
MA
RI
CT
NJ
DE
DC
FL
2,000+
550K+
electric, zero-emission
buses sold
school buses built since we
started in 1927
25K+
180K
propane, natural gas and
electric-powered buses sold
school buses on the road today
1
Financial Highlights
Bus Unit Sales
Net Sales
Adjusted EBITDA
Adjusted Free Cash Flow
(in Millions)
(in Millions)
(in Millions)
Adjusted EBITDA
$121
$183
1,347
9,000
$99
$(62)
$(23)
   22
$(1)
14%
$88
$(15)
8%
$34
   21
   20
   21
   22
-2%
6%
5%
800
684
$55
   22
1,133
6,822
   21
879
6,679
8,514
8,878
Adjusted EBITDA Margin
   20
   23
UNITS SOLD
   24
   20
   21
   22
   23
   24
   20
   24
   23
   24
NET SALES
9,000
$1,347M
+486 vs.   23
+$214M vs.   23
ADJUSTED EBITDA
2
   23
ADJUSTED FCF
$183M
$99M
+$95M vs.   23
$(22)M vs.   23
Leader in Safety
Great Service
Sustained
Profitable Growth
Best Products &
Features
8% 14% 15%+
EBITDA Margin
Competitive Cost
Highest Quality &
Durability
Alt Power Leader
Blue Bird 2024 Annual Report
3
 • shareholder letter icon 1/28/2025 Letter Continued (Full PDF)
 • stockholder letter icon More "Auto Manufacturers" Category Stockholder Letters
 • Benford's Law Stocks icon BLBD Benford's Law Stock Score = 77


BLBD Shareholder/Stockholder Letter Transcript:

Your Children   s Safety
is Our Business
2024 Annual Report

Legacy of
Leadership,
Innovation and
Customer Focus.
Since its founding in 1927, Blue Bird has been recognized as a
technology leader and innovator of school buses, setting industry
standards with innovative design and manufacturing capabilities. With
a singular focus on safety, reliability and durability, Blue Bird offers
a complete line of buses, from Type A and C to Type D in a variety of
options, configurations and power train choices.
Today, Blue Bird is transforming the student transportation industry
through cleaner-energy solutions. Blue Bird is the proven leader in
low- and zero-emission school buses with more than 25,000 propane,
natural gas and electric-powered buses currently in operation.
Blue Bird has 2,560 employees, with manufacturing facilities based in
Georgia and Quebec, and an extensive network of Dealers and Parts &
Service facilities throughout North America.

2024 Dealer
Network
AK
BC
NL
AB
SK
MB
WA
OR
MT
CA
UT
AZ
SD
NE
CO
NM
Blue Bird 2024 Annual Report
MN
VT
NH
WI
NY
MI
IA
PA
IN OH
WV
KS
MO
VA
KY
NC
TN
OK
SC
AR
MS
AL GA
TX
LA
HI
Blue Bird by the
Numbers
NB
ME NS
ND
ID
WY
NV
QC
ON
IL
MA
RI
CT
NJ
DE
DC
FL
2,000+
550K+
electric, zero-emission
buses sold
school buses built since we
started in 1927
25K+
180K
propane, natural gas and
electric-powered buses sold
school buses on the road today
1

Financial Highlights
Bus Unit Sales
Net Sales
Adjusted EBITDA
Adjusted Free Cash Flow
(in Millions)
(in Millions)
(in Millions)
Adjusted EBITDA
$121
$183
1,347
9,000
$99
$(62)
$(23)
   22
$(1)
14%
$88
$(15)
8%
$34
   21
   20
   21
   22
-2%
6%
5%
800
684
$55
   22
1,133
6,822
   21
879
6,679
8,514
8,878
Adjusted EBITDA Margin
   20
   23
UNITS SOLD
   24
   20
   21
   22
   23
   24
   20
   24
   23
   24
NET SALES
9,000
$1,347M
+486 vs.   23
+$214M vs.   23
ADJUSTED EBITDA
2
   23
ADJUSTED FCF
$183M
$99M
+$95M vs.   23
$(22)M vs.   23

Leader in Safety
Great Service
Sustained
Profitable Growth
Best Products &
Features
8% 14% 15%+
EBITDA Margin
Competitive Cost
Highest Quality &
Durability
Alt Power Leader
Blue Bird 2024 Annual Report
3



shareholder letter icon 1/28/2025 Letter Continued (Full PDF)
 

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