XML 23 R14.htm IDEA: XBRL DOCUMENT v3.23.1
Segment Information
 6 Months Ended
Apr. 01, 2023
Segment Reporting [Abstract]  
Segment Information
7. Segment Information

We manage our business in two operating segments: (i) the Bus segment, which includes the manufacturing and assembly of buses to be sold to a variety of customers across the U.S., Canada and in certain limited international markets; and (ii) the Parts segment, which consists primarily of the purchase of parts from third parties to be sold to dealers within the Company’s network and certain large fleet customers. Management evaluates the segments based primarily upon revenues and gross profit, which are reflected in the tables below for the periods presented:

Net sales
Three Months EndedSix Months Ended
(in thousands of dollars)April 1, 2023April 2, 2022April 1, 2023April 2, 2022
Bus (1)$273,472 $188,484 $486,721 $300,921 
Parts (1)26,342 19,175 48,825 35,961 
Segment net sales$299,814 $207,659 $535,546 $336,882 
(1) Parts segment revenue includes $1.3 million and $1.1 million for the three months ended April 1, 2023 and April 2, 2022, respectively, and $2.4 million and $1.9 million for the six months ended April 1, 2023 and April 2, 2022, respectively, related to the inter-segment sale of parts that was eliminated by the Bus segment upon consolidation.
Gross profit (loss)
Three Months EndedSix Months Ended
(in thousands of dollars)April 1, 2023April 2, 2022April 1, 2023April 2, 2022
Bus$23,099 $(3,984)$19,368 $5,658 
Parts12,550 7,141 23,738 13,696 
Segment gross profit$35,649 $3,157 $43,106 $19,354 

The following table is a reconciliation of segment gross profit to consolidated income (loss) before income taxes for the periods presented:
Three Months EndedSix Months Ended
(in thousands of dollars)April 1, 2023April 2, 2022April 1, 2023April 2, 2022
Segment gross profit$35,649 $3,157 $43,106 $19,354 
Adjustments:
Selling, general and administrative expenses(23,205)(19,858)(40,037)(38,091)
Interest expense(5,192)(2,491)(9,388)(5,573)
Interest income12 — 12 — 
Other (expense) income, net(342)744 (578)1,480 
Loss on debt modification— — (537)(561)
Income (loss) before income taxes$6,922 $(18,448)$(7,422)$(23,391)

Sales are attributable to geographic areas based on customer location and were as follows for the periods presented:
Three Months EndedSix Months Ended
(in thousands of dollars)April 1, 2023April 2, 2022April 1, 2023April 2, 2022
United States$264,281 $194,245 $468,822 $294,792 
Canada32,234 12,193 62,755 38,497 
Rest of world3,299 1,221 3,969 3,593 
Total net sales$299,814 $207,659 $535,546 $336,882