Blue Bird (BLBD) 10-Q 9 Aug 23 2023 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Jul. 01, 2023	Aug. 04, 2023
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jul. 01, 2023
Document Transition Report	false
Entity File Number	001-36267
Entity Registrant Name	BLUE BIRD CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	46-3891989
Entity Address, Address Line One	3920 Arkwright Road
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	Macon
Entity Address, State or Province	GA
Entity Address, Postal Zip Code	31210
City Area Code	478
Local Phone Number	822-2801
Title of 12(b) Security	Common stock, $0.0001 par value
Trading Symbol	BLBD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		32,146,329
Entity Central Index Key	0001589526
Current Fiscal Year End Date	--09-30
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jul. 01, 2023	Oct. 01, 2022
Current assets
Cash and cash equivalents	$ 50,497	$ 10,479
Accounts receivable, net	11,429	12,534
Inventories	129,169	142,977
Other current assets	9,614	8,486
Total current assets	200,709	174,476
Restricted cash	238	0
Property, plant and equipment, net	96,091	100,608
Goodwill	18,825	18,825
Intangible assets, net	45,926	47,433
Equity investment in affiliate	14,826	10,659
Deferred tax assets	10,385	10,907
Finance lease right-of-use assets	1,209	1,736
Other assets	1,802	1,482
Total assets	390,011	366,126
Current liabilities
Accounts payable	136,185	107,937
Warranty	6,593	6,685
Accrued expenses	28,499	16,386
Deferred warranty income	7,769	7,205
Finance lease obligations	580	566
Other current liabilities	18,263	6,195
Current portion of long-term debt	19,800	19,800
Total current liabilities	217,689	164,774
Long-term liabilities
Revolving credit facility	0	20,000
Long-term debt	115,149	130,390
Warranty	8,784	9,285
Deferred warranty income	13,866	11,590
Deferred tax liabilities	215	0
Finance lease obligations	1,135	1,574
Other liabilities	8,181	11,107
Pension	14,548	16,024
Total long-term liabilities	161,878	199,970
Guarantees, commitments and contingencies (Note 6)
Stockholders' equity
Preferred stock, $0.0001 par value, 10,000,000 shares authorized, 0 shares outstanding at July 1, 2023 and October 1, 2022	0	0
Common stock, $0.0001 par value, 100,000,000 shares authorized, 32,121,607 and 32,024,911 shares outstanding at July 1, 2023 and October 1, 2022, respectively	3	3
Additional paid-in capital	176,290	173,103
Accumulated deficit	(74,318)	(79,512)
Accumulated other comprehensive loss	(41,249)	(41,930)
Treasury stock, at cost, 1,782,568 shares at July 1, 2023 and October 1, 2022	(50,282)	(50,282)
Total stockholders' equity	10,444	1,382
Total liabilities and stockholders' equity	$ 390,011	$ 366,126

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares	Jul. 01, 2023	Oct. 01, 2022
Statement of Financial Position [Abstract]
Preferred Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred Stock, Shares Authorized	10,000,000	10,000,000
Preferred Stock, Shares Outstanding	0	0
Common Stock, Par Value (in dollars per share)	$ 0.0001	$ 0.0001
Common Stock, Shares Authorized	100,000,000	100,000,000
Common Stock, Shares Outstanding	32,121,607	32,024,911
Treasury Stock, Common, Shares	1,782,568	1,782,568

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Statement [Abstract]
Net sales	$ 294,284	$ 206,083	$ 829,830	$ 542,965
Cost of goods sold	248,534	184,490	740,974	502,018
Gross profit	45,750	21,593	88,856	40,947
Operating expenses
Selling, general and administrative expenses	26,328	20,505	66,365	58,596
Operating profit (loss)	19,422	1,088	22,491	(17,649)
Interest expense	(4,507)	(3,908)	(13,895)	(9,481)
Interest income	246	0	258	0
Other (expense) income, net	(6,421)	735	(6,999)	2,215
Loss on debt modification	0	0	(537)	(561)
Income (loss) before income taxes	8,740	(2,085)	1,318	(25,476)
Income tax (expense) benefit	(1,884)	(2,860)	(292)	6,317
Equity in net income (loss) of non-consolidated affiliate	2,502	(1,490)	4,168	(3,505)
Net income (loss)	$ 9,358	$ (6,435)	$ 5,194	$ (22,664)
Earnings (loss) per share:
Basic weighted average shares outstanding	32,073,497	31,990,860	32,044,581	30,687,406
Diluted weighted average shares outstanding	32,598,938	31,990,860	32,335,381	30,687,406
Basic earnings per share (in dollars per share)	$ 0.29	$ (0.20)	$ 0.16	$ (0.74)
Diluted earnings per share (in dollars per share)	$ 0.29	$ (0.20)	$ 0.16	$ (0.74)

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 9,358	$ (6,435)	$ 5,194	$ (22,664)
Other comprehensive income, net of tax:
Net change in defined benefit pension plan	227	221	681	663
Total other comprehensive income	227	221	681	663
Comprehensive income (loss)	$ 9,585	$ (6,214)	$ 5,875	$ (22,001)

Condensed Consolidated Statem_3

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022
Cash flows from operating activities
Net income (loss)	$ 5,194	$ (22,664)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization expense	12,077	10,089
Non-cash interest expense	1,124	3,084
Share-based compensation expense	2,229	3,153
Equity in net (income) loss of non-consolidated affiliate	(4,168)	3,505
Loss on disposal of fixed assets	13	12
Impairment of fixed assets	0	1,354
Deferred income tax expense (benefit)	522	(6,293)
Amortization of deferred actuarial pension losses	896	872
Loss on debt modification	537	561
Changes in assets and liabilities:
Accounts receivable	1,105	(3,037)
Inventories	13,808	(91,519)
Other assets	(228)	80
Accounts payable	27,953	56,280
Accrued expenses, pension and other liabilities	23,069	(9,928)
Total adjustments	78,937	(31,787)
Total cash provided by (used in) operating activities	84,131	(54,451)
Cash flows from investing activities
Cash paid for fixed assets	(6,390)	(4,748)
Total cash used in investing activities	(6,390)	(4,748)
Cash flows from financing activities
Revolving credit facility borrowings	45,000	120,000
Revolving credit facility repayments	(65,000)	(105,000)
Term loan repayments	(14,850)	(11,138)
Principal payments on finance leases	(425)	(993)
Cash paid for debt costs	(3,272)	(2,468)
Sale of common stock	0	75,000
Accrue common stock issuance costs	0	(202)
Repurchase of common stock in connection with stock award exercises	(57)	(1,503)
Cash received from stock option exercises	1,119	303
Total cash (used in) provided by financing activities	(37,485)	73,999
Change in cash, cash equivalents, and restricted cash	40,256	14,800
Cash, cash equivalents, and restricted cash at beginning of period	10,479	11,709
Cash, cash equivalents, and restricted cash at end of period	50,735	26,509
Supplemental disclosures of cash flow information
Interest paid, net of interest received	12,202	10,408
Income tax (received) paid, net of tax refunds	(33)	48
Non-cash investing and financing activities:
Changes in accounts payable for capital additions to property, plant and equipment	745	1,718
Right-of-use assets obtained in exchange for operating lease obligations	$ 199	$ 0

Consolidated Statement of Stock

Consolidated Statement of Stockholders' Deficit Statement - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In-Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Treasury Stock
Beginning Balance (in shares) at Oct. 02, 2021		27,205,269				1,782,568
Beginning Balance at Oct. 02, 2021	$ (32,656)	$ 3	$ 96,170	$ (44,794)	$ (33,753)	$ (50,282)
Private Placement (in shares)		4,687,500
Private placement stock issuance costs	74,798	$ 74,798
Restricted stock activity (in shares)		82,505
Restricted stock activity	(1,484)		(1,484)
Stock option activity (in shares)		15,586
Stock option activity	284		284
Share-based compensation expense	3,046		3,046
Net income (loss)	(22,664)				(22,664)
Other comprehensive income, net of tax	663			663
Ending Balance (in shares) at Jul. 02, 2022		31,990,860				1,782,568
Ending Balance at Jul. 02, 2022	21,987	$ 3	172,814	(44,131)	(56,417)	$ (50,282)
Beginning Balance (in shares) at Apr. 02, 2022		31,990,860				1,782,568
Beginning Balance at Apr. 02, 2022	27,578	$ 3	172,191	(44,352)	(49,982)	$ (50,282)
Share-based compensation expense	623		623
Net income (loss)	(6,435)				(6,435)
Other comprehensive income, net of tax	221
Other comprehensive income, net of tax	221			221
Ending Balance (in shares) at Jul. 02, 2022		31,990,860				1,782,568
Ending Balance at Jul. 02, 2022	21,987	$ 3	172,814	(44,131)	(56,417)	$ (50,282)
Beginning Balance (in shares) at Oct. 01, 2022		32,024,911				1,782,568
Beginning Balance at Oct. 01, 2022	1,382	$ 3	173,103	(41,930)	(79,512)	$ (50,282)
Restricted stock activity (in shares)		35,927
Restricted stock activity	(57)		(57)
Stock option activity (in shares)		60,769
Stock option activity	1,119		1,119
Share-based compensation expense	2,125		2,125
Net income (loss)	5,194				5,194
Other comprehensive income, net of tax	681			681
Ending Balance (in shares) at Jul. 01, 2023		32,121,607				1,782,568
Ending Balance at Jul. 01, 2023	10,444	$ 3	176,290	(41,249)	(74,318)	$ (50,282)
Beginning Balance (in shares) at Apr. 01, 2023		32,036,149				1,782,568
Beginning Balance at Apr. 01, 2023	(1,118)	$ 3	174,313	(41,476)	(83,676)	$ (50,282)
Restricted stock activity (in shares)		28,771
Restricted stock activity	0		0
Stock option activity (in shares)		56,687
Stock option activity	1,053		1,053
Share-based compensation expense	924		924
Net income (loss)	9,358				9,358
Other comprehensive income, net of tax	227			227
Ending Balance (in shares) at Jul. 01, 2023		32,121,607				1,782,568
Ending Balance at Jul. 01, 2023	$ 10,444	$ 3	$ 176,290	$ (41,249)	$ (74,318)	$ (50,282)

Nature of Business and Basis of

Nature of Business and Basis of Presentation	9 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Business and Basis of Presentation	1. Nature of Business and Basis of Presentation Nature of Business Blue Bird Body Company ("BBBC"), a wholly-owned subsidiary of Blue Bird Corporation, was incorporated in 1958 and has manufactured, assembled and sold school buses to a variety of municipal, federal and commercial customers since 1927. The majority of BBBC’s sales are made to an independent dealer network, which in turn sells buses to ultimate end users. References in these notes to condensed consolidated financial statements to “Blue Bird,” the “Company,” “we,” “our,” or “us” relate to Blue Bird Corporation and its wholly-owned subsidiaries, unless the context specifically indicates otherwise. We are headquartered in Macon, Georgia. Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and Article 10 of Regulation S-X. The Company’s fiscal year ends on the Saturday closest to September 30 with its quarters consisting of thirteen weeks in most years. The fiscal years ending September 30, 2023 ("fiscal 2023") and ended October 1, 2022 ("fiscal 2022") consist or consisted of 52 weeks. The third quarters of fiscal 2023 and fiscal 2022 both included 13 weeks. The nine month periods in fiscal 2023 and 2022 both included 39 weeks. In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for any interim period are not necessarily indicative of the results that may be expected for the entire year. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet data as of October 1, 2022 was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes as of and for the fiscal year ended October 1, 2022 as set forth in the Company's fiscal 2022 Form 10-K filed with the Securities and Exchange Commission ("SEC") on December 12, 2022. Impacts of COVID-19 and Subsequent Supply Chain Constraints on our Business Towards the end of our second quarter of the fiscal year that ended October 3, 2020 ("fiscal 2020"), the novel coronavirus known as "COVID-19" spread throughout the world, resulting in a global pandemic. Countermeasures taken to address the COVID-19 pandemic included virtual and hybrid schooling in many jurisdictions throughout the United States of America ("U.S.") and Canada. The uncertainty of when and how schools would open materially affected demand for new buses and replacement/maintenance parts during the second half of fiscal 2020 and first half of the fiscal year that ended October 2, 2021 ("fiscal 2021"), significantly impacting our business and operations. Demand for school buses strengthened substantially during the second half of fiscal 2021 as COVID-19 vaccines were administered and many jurisdictions began preparing for a return to in-person learning environments for the new school year that began in mid-August to early September 2021. However, during this same period of time, the Company, and automotive industry as a whole, began experiencing significant supply chain constraints resulting from, among others, labor shortages; the lack of maintenance on, and acquisition of, capital assets by suppliers during the extended COVID-19 global lockdowns; significant increased demand for consumer products containing certain materials required for the production of vehicles, such as microchips, as consumers spent stimulus and other funds on items for their homes; etc. These supply chain disruptions had a significant adverse impact on our operations and results during the second half of fiscal 2021 and all of fiscal 2022 due to higher purchasing costs, including freight costs incurred to expedite receipt of critical components, increased manufacturing inefficiencies and our inability to complete the production of buses to fulfill sales orders. Towards the end of fiscal 2022 and continuing into fiscal 2023, there were slight improvements in the supply chain's ability to deliver the parts and components necessary to support our production operations, resulting in increased (i) manufacturing efficiencies and (ii) production of buses to fulfill sales orders during the first three quarters of fiscal 2023. However, the higher costs charged by suppliers to procure inventory that continued into fiscal 2023 had a significant adverse impact on our operations and results. Specifically, such cost increases outpaced the increases in sales prices that we charged for the buses that were sold during the first quarter of fiscal 2023, many of which were included in the backlog of fixed price sales orders originating in fiscal 2021 and the early months of fiscal 2022 that carried forward into fiscal 2023. During the second and third quarters of fiscal 2023, the buses that were sold were generally included in the backlog of fixed price sales orders originating more recently (i.e., the latter months of fiscal 2022 and in fiscal 2023), with the cumulative increases in sales prices we charged for those buses generally outpacing the higher costs we paid to procure inventory, resulting in gross profit during the quarters. While the gross margin on bus sales during the second quarter of fiscal 2023 lagged the historical gross margin reported prior to the COVID-19 pandemic, it returned to more normal historical levels during the third quarter of fiscal 2023. Additionally, Russian military forces launched a large-scale invasion of Ukraine on February 24, 2022, which further exacerbated global supply chain disruptions. While the Company has no assets or customers in either of these countries, this military conflict significantly impacted our financial results during the second half of fiscal 2022 and continuing into fiscal 2023, primarily in an indirect manner since the Company does not sell to customers located in, or source goods directly from, either country. Specifically, it has contributed to increased a) costs charged by suppliers for the purchase of inventory that is at least partially dependent on resources originating from either of the countries and b) freight costs, both of which negatively impacted the gross profit recognized on sales during the second half of fiscal 2022 and continuing into fiscal 2023. Significant uncertainty exists concerning the magnitude and duration of the pandemic and subsequent 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. Use of Estimates and Assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory; the allowance for doubtful accounts; potential impairment of long-lived assets, goodwill and intangible assets; and the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events, including the extent and duration of any COVID-19 outbreaks and continued supply chain constraints and their related economic impacts, and their effects cannot be predicted with certainty, and, accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company’s evaluations. Actual results could differ from the estimates that the Company has used.

Summary of Significant Accounti

Summary of Significant Accounting Policies and Recently Issued Accounting Standards	9 Months Ended
	Jul. 01, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies and Recently Issued Accounting Standards	2. Summary of Significant Accounting Policies and Recently Issued Accounting Standards The Company’s significant accounting policies are described in the Company’s fiscal 2022 Form 10-K, filed with the SEC on December 12, 2022. 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 July 1, 2023. Recently Issued Accounting Standards ASU 2020-04 On March 12, 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR (defined below), which was initially expected to occur on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. ASU 2021-01 On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of Accounting Standards Codification Topic ("ASC") 848, Reference Rate Reform , and clarifies some of its guidance as part of the FASB’s ongoing monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. ASU 2022-06 On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. The above amendments are effective for all entities from March 12, 2020 through December 31, 2024. An entity may elect to apply the amendments to contract modifications on a (i) full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or (ii) prospective basis from any date within an interim period that includes or is subsequent to March 12, 2020 through the date that the interim financial statements are issued or available to be issued. On March 5, 2021, the Intercontinental Exchange, Inc. ("ICE") Benchmark Administration ("IBA"), the administrator of the United States Dollar London Interbank Offering Rate ("LIBOR"), issued a statement, following the completion of a formal consultation process, reaffirming the preliminary announcement it made on November 30, 2020, to cease publication of (i) 1 week and 2 month LIBOR subsequent to December 31, 2021 and (ii) the overnight and 1, 3, 6 and 12 month LIBOR tenors subsequent to June 30, 2023. The IBA’s statement regarding such cessation dates primarily resulted from a majority of LIBOR panel banks communicating to the IBA that they would be unwilling to continue contributing to the relevant LIBOR settings after such dates. As a result, the IBA determined that it would be unable to publish the relevant LIBOR settings on a representative basis after such dates. The United Kingdom Financial Conduct Authority ("FCA"), which regulates the IBA, confirmed that, based on information it received from LIBOR panel banks, it did not expect that any LIBOR settings would become unrepresentative before the announced cessation dates summarized above. With the maturity of the interest rate collar on September 30, 2022 and execution of the Fifth Amended Credit Agreement (defined below) on September 2, 2022, which, among other things, changed one of the market interest rate indices that the Company can elect to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (“SOFR”) and became effective at the end of the applicable interest period for any LIBOR borrowings outstanding on the fifth amendment effective date, the Company no longer has any contracts that reference LIBOR. The change in interest rate indices from LIBOR to SOFR occurred at the end of December 2022 when the LIBOR interest rate on outstanding borrowings on the fifth amendment effective date matured. At that time, the Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the condensed consolidated financial statements.

Supplemental Financial Informat

Supplemental Financial Information	9 Months Ended
	Jul. 01, 2023
Condensed Financial Information [Abstract]
Supplemental Financial Information	3. Supplemental Financial Information Inventories The following table presents the components of inventories at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 Raw materials $ 83,775 $ 106,070 Work in process 40,430 35,398 Finished goods 4,964 1,509 Total inventories $ 129,169 $ 142,977 Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the applicable Condensed Consolidated Balance Sheets that sum to the total of such amounts reported on the Condensed Consolidated Statements of Cash Flows: (in thousands of dollars) July 1, 2023 July 2, 2022 Cash and cash equivalents $ 50,497 $ 26,509 Restricted cash 238 — Total cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 50,735 $ 26,509 Amounts included in restricted cash represent those required by a contractual agreement with a financial institution to serve as collateral against outstanding balances pertaining to the Company's corporate credit card program. Product Warranties The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Balance at beginning of period $ 15,554 $ 16,985 $ 15,970 $ 18,550 Add current period accruals 2,291 1,894 6,756 5,181 Current period reductions of accrual (2,468) (2,735) (7,349) (7,587) Balance at end of period $ 15,377 $ 16,144 $ 15,377 $ 16,144 Extended Warranties The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Balance at beginning of period $ 20,081 $ 18,414 $ 18,795 $ 20,144 Add current period deferred income 3,507 1,908 8,599 4,268 Current period recognition of income (1,953) (2,184) (5,759) (6,274) Balance at end of period $ 21,635 $ 18,138 $ 21,635 $ 18,138 The outstanding balance of deferred warranty income in the table above is considered a "contract liability," and represents a performance obligation of the Company that we satisfy over the term of the arrangement but for which we have been paid in full at the time the warranty was sold. We expect to recognize $2.1 million of the outstanding contract liability during the remainder of fiscal 2023, $7.2 million in fiscal 2024, and the remaining balance thereafter. Other Current Liabilities The balance in other current liabilities as of July 1, 2023 includes approximately $13.2 million of funds awarded by the U.S. Environmental Protection Agency in administering the U.S. Infrastructure Investment and Jobs Act ("IIJA") that was signed into law in mid-November 2021. The IIJA allocates federal funds to help local school jurisdictions purchase zero and low emission school buses over a five year period. The Company expects to recognize the vast majority of this amount as revenue during the fourth quarter of fiscal 2023 and first quarter of fiscal 2024 as the underlying buses are produced and delivered. Self-Insurance The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 Current portion $ 4,012 $ 3,996 Long-term portion 1,879 1,794 Total accrued self-insurance $ 5,891 $ 5,790 The current and long-term portions of the accrued self-insurance liability are reflected in accrued expenses and other liabilities, respectively, on the Condensed Consolidated Balance Sheets. Shipping and Handling Revenues Shipping and handling revenues were $4.6 million and $4.2 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $13.1 million and $11.1 million for the nine months ended July 1, 2023 and July 2, 2022, respectively. The related cost of goods sold was $4.0 million and $3.7 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $11.7 million and $9.9 million for the nine months ended July 1, 2023 and July 2, 2022, respectively. Pension Expense Components of net periodic pension benefit expense (income) were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest cost $ 1,509 $ 1,092 $ 4,527 $ 3,276 Expected return on plan assets (1,630) (2,122) (4,890) (6,366) Amortization of prior loss 299 291 897 873 Net periodic benefit expense (income) $ 178 $ (739) $ 534 $ (2,217) Amortization of prior loss, recognized in other comprehensive income (299) (291) (897) (873) Total recognized in net periodic pension benefit expense (income) and other comprehensive income $ (121) $ (1,030) $ (363) $ (3,090)

Debt

Debt	9 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Debt	4. Debt On November 21, 2022, BBBC (as "Borrower") executed a sixth amendment to the Credit Agreement, dated as of December 12, 2016 ("Credit Agreement"); as amended by the first amendment to the Credit Agreement, dated as of September 13, 2018 (the "First Amended Credit Agreement"), the second amendment to the Credit Agreement, dated as of May 7, 2020 (the "Second Amended Credit Agreement"), the third amendment to the Credit Agreement, dated as of December 4, 2020 (the "Third Amended Credit Agreement"); the fourth amendment to the Credit Agreement, dated as of November 24, 2021 (the "Fourth Amended Credit Agreement:); the fifth amendment and limited waiver to the Credit Agreement, dated as of September 2, 2022 (the "Fifth Amended Credit Agreement"); and as further amended by the sixth amendment (the "Sixth Amended Credit Agreement" and collectively, the "Amended Credit Agreement"). The Sixth Amended Credit Agreement, among other things, extends the maturity date for both the term loan and revolving credit facilities from September 13, 2023 to December 31, 2024. The total revolving credit facility commitment is reduced to an aggregate principal amount of $90.0 million, of which $80.0 million is available for Borrower to draw, with the remaining $10.0 million subject to written approval from the lenders, which, once obtained, will be irrevocable. There was no change in the term loan facility commitment; however, the Sixth Amended Credit Agreement requires principal repayments approximating $5.0 million on a quarterly basis through September 30, 2024, with the remaining balance due upon maturity. There were $151.6 million of term loan borrowings outstanding on the sixth amendment effective date. The Sixth Amended Credit Agreement also provides for temporary amendments to certain financial performance covenants during the period from the third amendment effective date, December 4, 2020, through and including April 1, 2023 (the “Amended Limited Availability Period:), which will terminate on the date on which the Company’s Total Net Leverage Ratio ("TNLR"), defined as the ratio of (a) consolidated net debt to (b) consolidated EBITDA, for the two fiscal quarters most recently ended is each less than 4.00x and no default or event of default has occurred and is continuing. However, the Amended Limited Availability Period can re-occur upon a default or event of default or if the TNLR for the immediately preceding fiscal quarter is equal to or greater than 4.00x. The minimum consolidated EBITDA that the Company is required to maintain during the Amended Limited Availability Period is updated as set forth in the table below (in millions): Period Minimum Consolidated EBITDA Fiscal quarter ending July 1, 2023 $50.0 Fiscal quarter ending September 30, 2023 $60.0 For purposes of complying with the above minimum consolidated EBITDA covenant, the Company’s consolidated EBITDA for the (i) two fiscal quarter period ending July 1, 2023 is multiplied by 2 and (ii) three fiscal quarter period ending September 30, 2023 is multiplied by 4/3. The minimum liquidity (in the form of undrawn availability under the revolving credit facility and unrestricted cash and cash equivalents) that the Company is required to maintain at the end of each fiscal month during the Amended Limited Availability Period is amended as set forth in the table below (in millions): Period Minimum Liquidity Sixth amendment effective date through December 30, 2023 $30.0 Additionally, the financial performance covenant requiring that school bus units manufactured by the Company (“Units”) not fall below certain pre-set thresholds on a three month trailing basis (“Units Covenant”) is amended for Units to be calculated at the end of each applicable fiscal month on a cumulative basis, with the minimum cumulative threshold that the Company is required to maintain during the Amended Limited Availability Period amended as set forth in the table below. The Units Covenant is triggered only if the Company’s liquidity for the most-recently ended fiscal month is less than $50.0 million during the Amended Limited Availability Period: Period Minimum Units Manufactured Period from October 2, 2022 and ending October 29, 2022 450 Period from October 2, 2022 and ending November 26, 2022 900 Period from October 2, 2022 and ending December 31, 2022 1,400 Period from October 2, 2022 and ending January 28, 2023 1,900 Period from October 2, 2022 and ending February 25, 2023 2,400 Period from October 2, 2022 and ending April 1, 2023 3,000 The Company is not required to comply with a maximum TNLR financial maintenance covenant for any fiscal quarters from the sixth amendment effective date through September 30, 2023, with the maximum threshold amended thereafter as follows : Period Maximum Total Fiscal quarter ending December 30, 2023 through the fiscal quarter ending March 30, 2024 4.00:1.00 Fiscal quarter ending June 29, 2024 and thereafter 3.50:1.00 The pricing grid in the Amended Credit Agreement, which is based on the TNLR, is applicable to both term loan and revolving borrowings and is determined in accordance with the amended pricing matrix set forth below: Level Total Net Leverage Ratio ABR Loans SOFR Loans I Less than 2.00x 0.75% 1.75% II Greater than or equal to 2.00x and less than 2.50x 1.00% 2.00% III Greater than or equal to 2.50x and less than 3.00x 1.25% 2.25% IV Greater than or equal to 3.00x and less than 3.25x 1.50% 2.50% V Greater than or equal to 3.25x and less than 3.50x 1.75% 2.75% VI Greater than or equal to 3.50x and less than 4.00x 2.00% 3.00% VII Greater than or equal to 4.00x and less than 4.50x 2.75% 3.75% VIII Greater than or equal to 4.50x and less than 5.00x 3.75% 4.75% IX Greater than 5.00x 4.75% 5.75% Further, the pricing margins for levels VII though IX above are each increased (x) by 0.25% if the aggregate revolving borrowings are equal to or greater than $50.0 million and less than or equal to $80.0 million and (y) by 0.50% if the aggregate revolving borrowings are greater than $80.0 million. On the sixth amendment effective date, the interest rate was set at SOFR plus 5.75% and will be adjusted, as applicable, for future fiscal quarters in accordance with the amended pricing grid set forth above. Finally, the Company is required to deliver to the administrative agent, on a quarterly basis, a projected consolidated balance sheet and consolidated statements of projected operations and cash flows containing the next four fiscal quarters. The Company incurred approximately $3.3 million in lender fees and other issuance costs relating to the sixth amendment. Of such total, approximately $1.2 million and $1.5 million was capitalized within other assets and long-term debt (as a contra-balance), respectively, on the Condensed Consolidated Balance Sheets and will be amortized as an adjustment to interest expense on a straight-line basis and utilizing the effective interest method, respectively, until maturity of the Amended Credit Agreement. The remaining approximate $0.5 million was recorded to loss on debt modification on the Condensed Consolidated Statements of Operations. Term debt consisted of the following at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 2023 term loan, net of deferred financing costs of $1,801 and $1,410, respectively $ 134,949 $ 150,190 Less: current portion of long-term debt 19,800 19,800 Long-term debt, net of current portion $ 115,149 $ 130,390 Term loans are recognized on the Condensed Consolidated Balance Sheets at the unpaid principal balance, and are not subject to fair value measurement; however, given the variable rates on the loans, the Company estimates that the unpaid principal balance approximates fair value. If measured at fair value in the financial statements, the term loans would be classified as Level 2 in the fair value hierarchy. At July 1, 2023 and October 1, 2022, $136.8 million and $151.6 million, respectively, were outstanding on the term loans. At July 1, 2023 and October 1, 2022, the stated interest rates on the term loans were 11.1% and 7.9%, respectively. At July 1, 2023 and October 1, 2022, the weighted-average annual effective interest rates for the term loans were 11.6% and 8.0%, respectively, which includes amortization of the deferred financing costs and interest relating to the interest rate collar, as applicable. At July 1, 2023, $6.3 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 $83.7 million on the revolving line of credit. Interest expense on all indebtedness was $4.5 million and $3.9 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $13.9 million and $9.5 million for the nine months ended July 1, 2023 and July 2, 2022, respectively. The schedule of remaining principal payments through maturity for the term loans is as follows: (in thousands of dollars) Fiscal Year Principal Payments 2023 $ 4,950 2024 19,800 2025 112,000 Total remaining principal payments $ 136,750

Income Taxes

Income Taxes	9 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	5. Income Taxes Income tax provisions for interim periods are based on estimated annual income tax rates, adjusted to reflect the effects of any significant infrequent or unusual items that are required to be discretely recognized within the current interim period. The effective tax rates in the periods presented are largely based upon the annual forecasted pre-tax earnings mix and allocation of certain expenses in various taxing jurisdictions where the Company conducts its business, primarily in the U.S. 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. Three Months The effective tax rate for the three months ended July 1, 2023 was 21.6%, which aligned with the statutory federal income tax rate of 21% and is comprised of normal tax rate items, including impacts from state taxes, federal and state tax credits (net of valuation allowances) and permanent differences, which were partially offset by the impact of discrete period items during the quarter. The effective tax rate for the three months ended July 2, 2022 was (137.2)%, which differed from the statutory federal income tax rate of 21%. In addition, the amount recorded represents income tax expense in a three month period in which the Company recorded loss before income taxes. This unusual relationship exists as the amount recorded was necessary to adjust the income tax benefit for the nine months ended July 2, 2022, discussed below, to reflect the Company's revised estimated annual income tax rate, including the effects of discrete period tax items. Nine Months The effective tax rate for the nine months ended July 1, 2023 was 22.2%, which aligned with the statutory federal tax rate of 21% and is comprised of normal tax rate items, including impacts from state taxes, federal and state tax credits (net of valuation allowances) and permanent differences, which were partially offset by the impact of discrete period items during the period. The effective tax rate for the nine months ended July 2, 2022 was 24.8% and differed from the statutory federal income tax rate of 21%. The difference is mainly due to normal tax rate items, including impacts from state taxes and federal and state tax credits (net of valuation allowances), which were partially offset by discrete period tax expense resulting from net non-deductible compensation expenses and other tax adjustments.

Guarantees, Commitments and Con

Guarantees, Commitments and Contingencies	9 Months Ended
	Jul. 01, 2023
Commitments and Contingencies Disclosure [Abstract]
Guarantees, Commitments and Contingencies	6. Guarantees, Commitments and Contingencies Litigation At July 1, 2023, 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. Environmental

Segment Information

Segment Information	9 Months Ended
	Jul. 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 Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Bus (1) $ 270,282 $ 186,631 $ 757,003 $ 487,552 Parts (1) 24,002 19,452 72,827 55,413 Segment net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965 (1) Parts segment revenue includes $1.7 million and $0.7 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $4.1 million and $2.6 million for the nine months ended July 1, 2023 and July 2, 2022, respectively, related to the inter-segment sale of parts that was eliminated by the Bus segment upon consolidation. Gross profit Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Bus $ 34,176 $ 13,632 $ 53,544 $ 19,290 Parts 11,574 7,961 35,312 21,657 Segment gross profit $ 45,750 $ 21,593 $ 88,856 $ 40,947 The following table is a reconciliation of segment gross profit to consolidated income (loss) before income taxes for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Segment gross profit $ 45,750 $ 21,593 $ 88,856 $ 40,947 Adjustments: Selling, general and administrative expenses (26,328) (20,505) (66,365) (58,596) Interest expense (4,507) (3,908) (13,895) (9,481) Interest income 246 — 258 — Other (expense) income, net (6,421) 735 (6,999) 2,215 Loss on debt modification — — (537) (561) Income (loss) before income taxes $ 8,740 $ (2,085) $ 1,318 $ (25,476) Sales are attributable to geographic areas based on customer location and were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 United States $ 282,908 $ 193,571 $ 751,730 $ 488,363 Canada 9,801 12,009 72,556 50,506 Rest of world 1,575 503 5,544 4,096 Total net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965

Revenue

Revenue	9 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Revenue from Contract with Customer	8. Revenue The following table disaggregates revenue by product category for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Diesel buses $ 87,318 $ 79,355 $ 248,607 $ 221,669 Alternative power buses (1) 172,234 96,897 475,449 237,267 Other (2) 11,326 10,952 34,821 30,320 Parts 23,406 18,879 70,953 53,709 Net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965 (1) Includes buses sold with any power source other than diesel (e.g., gasoline, propane, compressed natural gas ("CNG") or electric). (2) Includes shipping and handling revenue, extended warranty income, surcharges and chassis and bus shell sales.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Earnings Per Share	9. Earnings (Loss) Per Share The following table presents the earnings (loss) per share computation for the periods presented: Three Months Ended Nine Months Ended (in thousands except for share data) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Numerator: Net income (loss) $ 9,358 $ (6,435) $ 5,194 $ (22,664) Denominator: Weighted-average common shares outstanding 32,073,497 31,990,860 32,044,581 30,687,406 Weighted-average dilutive securities, restricted stock 407,015 — 286,989 — Weighted-average dilutive securities, stock options 118,426 — 3,811 — Weighted-average shares and dilutive potential common shares (1) 32,598,938 31,990,860 32,335,381 30,687,406 Earnings (loss) per share: Basic earnings (loss) per share $ 0.29 $ (0.20) $ 0.16 $ (0.74) Diluted earnings (loss) per share $ 0.29 $ (0.20) $ 0.16 $ (0.74) (1) Potentially dilutive securities representing 0.1 million and 0.6 million shares of common stock were excluded from the computation of diluted earnings per share for the three month periods ending July 1, 2023 and July 2, 2022, respectively, and potentially dilutive securities representing 0.5 million and 0.4 million shares of common stock were excluded from the computation of diluted earnings per share for the nine months ending July 1, 2023 and July 2, 2022, respectively, as their effect would have been antidilutive.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Accumulated Other Comprehensive Loss	10. Accumulated Other Comprehensive Loss The following table provides information on changes in accumulated other comprehensive loss ("AOCL") for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) Defined Benefit Pension Plan Total AOCL Defined Benefit Pension Plan Total AOCL July 1, 2023 Beginning Balance $ (41,476) $ (41,476) $ (41,930) $ (41,930) Amounts reclassified and included in earnings 299 299 897 897 Total before taxes 299 299 897 897 Income taxes (72) (72) (216) (216) Ending Balance July 1, 2023 $ (41,249) $ (41,249) $ (41,249) $ (41,249) July 2, 2022 Beginning Balance $ (44,352) $ (44,352) $ (44,794) $ (44,794) Amounts reclassified and included in earnings 291 291 873 873 Total before taxes 291 291 873 873 Income taxes (70) (70) (210) (210) Ending Balance July 2, 2022 $ (44,131) $ (44,131) $ (44,131) $ (44,131)

Stockholder Transaction Costs

Stockholder Transaction Costs	9 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Stockholder Transaction Costs	On June 7, 2023, the Company entered into an underwriting agreement with BofA Securities, Inc. and Barclays Capital Inc., as representatives of the several underwriters and American Securities LLC, Coliseum Capital Partners, L.P., and Blackwell Partners LLC – Series A ("Selling Stockholders"), pursuant to which the Selling Stockholders agreed to sell 5,175,000 shares of common stock, including the sale of 675,000 shares pursuant to the underwriters’ exercise of their over-allotment option, at a purchase price of $20.00 per share (“Offering”). The Offering was conducted pursuant to a prospectus supplement, dated June 7, 2023, to the prospectus, dated December 22, 2021, included in the Company’s registration statement on Form S-3 (File No. 333-261858) that was initially filed with the SEC on December 23, 2021. The Offering closed on June 12, 2023. Although the Company did not sell any shares or receive any proceeds from the Offering, it was required to pay certain expenses in connection with the Offering that totaled approximately $5.6 million and $6.3 million for the three and nine month periods ending July 1, 2023, respectively, with no similar expense recorded during the same periods of fiscal 2022. The $6.3 million of expense is included within other (expense) income, net on the Condensed Consolidated Statements of Operations for the three and nine month periods ending July 1, 2023, although approximately $0.7 million of such expense was initially recorded within selling, general and administrative expenses during the second quarter of fiscal 2023 and reclassified to other (expense) income, net, during the third quarter of fiscal 2023.

Nature of Business and Basis _2

Nature of Business and Basis of Presentation (Policies)	9 Months Ended
	Jul. 01, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant inter-company transactions and accounts have been eliminated in consolidation. The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial reporting and Article 10 of Regulation S-X. The Company’s fiscal year ends on the Saturday closest to September 30 with its quarters consisting of thirteen weeks in most years. The fiscal years ending September 30, 2023 ("fiscal 2023") and ended October 1, 2022 ("fiscal 2022") consist or consisted of 52 weeks. The third quarters of fiscal 2023 and fiscal 2022 both included 13 weeks. The nine month periods in fiscal 2023 and 2022 both included 39 weeks. In the opinion of management, all adjustments considered necessary for a fair presentation of financial results have been made. Such adjustments consist of only those of a normal recurring nature. Operating results for any interim period are not necessarily indicative of the results that may be expected for the entire year. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The Condensed Consolidated Balance Sheet data as of October 1, 2022 was derived from the Company’s audited financial statements but does not include all disclosures required by U.S. GAAP. For additional information, including the Company’s significant accounting policies, refer to the consolidated financial statements and related footnotes as of and for the fiscal year ended October 1, 2022 as set forth in the Company's fiscal 2022 Form 10-K filed with the Securities and Exchange Commission ("SEC") on December 12, 2022.
Use of Estimates and Assumptions	Use of Estimates and Assumptions The preparation of financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions. At the date of the financial statements, these estimates and assumptions affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities, and during the reporting period, these estimates and assumptions affect the reported amounts of revenues and expenses. For example, significant management judgments are required in determining excess, obsolete, or unsalable inventory; the allowance for doubtful accounts; potential impairment of long-lived assets, goodwill and intangible assets; and the accounting for self-insurance reserves, warranty reserves, pension obligations, income taxes, environmental liabilities and contingencies. Future events, including the extent and duration of any COVID-19 outbreaks and continued supply chain constraints and their related economic impacts, and their effects cannot be predicted with certainty, and, accordingly, the Company’s accounting estimates require the exercise of judgment. The accounting estimates used in the preparation of the Company’s condensed consolidated financial statements may change as new events occur, as more experience is acquired, as additional information is obtained and as the Company’s operating environment changes. The Company evaluates and updates its assumptions and estimates on an ongoing basis and may employ outside experts to assist in the Company’s evaluations. Actual results could differ from the estimates that the Company has used.
Recently Issued Accounting Standards and Recently Adopted Accounting Standards	Recently Issued Accounting Standards ASU 2020-04 On March 12, 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting , providing temporary guidance to ease the potential burden in accounting for reference rate reform primarily resulting from the discontinuation of LIBOR (defined below), which was initially expected to occur on December 31, 2021. The amendments in ASU 2020-04 are elective and apply to all entities that have contracts, hedging relationships, and other transactions that reference LIBOR or another reference rate expected to be discontinued. ASU 2021-01 On January 7, 2021, the FASB issued ASU 2021-01, Reference Rate Reform (Topic 848): Scope , which refines the scope of Accounting Standards Codification Topic ("ASC") 848, Reference Rate Reform , and clarifies some of its guidance as part of the FASB’s ongoing monitoring of global reference rate reform activities. The ASU permits entities to elect certain optional expedients and exceptions when accounting for derivative contracts and certain hedging relationships affected by changes in the interest rates used for discounting cash flows, computing variation margin settlements, and calculating price alignment interest in connection with reference rate reform activities under way in global financial markets. ASU 2022-06 On December 21, 2022, the FASB issued ASU 2022-06, Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848 , which defers the sunset date of ASC 848 from December 31, 2022 to December 31, 2024, after which entities will no longer be permitted to apply the relief in ASC 848. The above amendments are effective for all entities from March 12, 2020 through December 31, 2024. An entity may elect to apply the amendments to contract modifications on a (i) full retrospective basis as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020 or (ii) prospective basis from any date within an interim period that includes or is subsequent to March 12, 2020 through the date that the interim financial statements are issued or available to be issued. On March 5, 2021, the Intercontinental Exchange, Inc. ("ICE") Benchmark Administration ("IBA"), the administrator of the United States Dollar London Interbank Offering Rate ("LIBOR"), issued a statement, following the completion of a formal consultation process, reaffirming the preliminary announcement it made on November 30, 2020, to cease publication of (i) 1 week and 2 month LIBOR subsequent to December 31, 2021 and (ii) the overnight and 1, 3, 6 and 12 month LIBOR tenors subsequent to June 30, 2023. The IBA’s statement regarding such cessation dates primarily resulted from a majority of LIBOR panel banks communicating to the IBA that they would be unwilling to continue contributing to the relevant LIBOR settings after such dates. As a result, the IBA determined that it would be unable to publish the relevant LIBOR settings on a representative basis after such dates. The United Kingdom Financial Conduct Authority ("FCA"), which regulates the IBA, confirmed that, based on information it received from LIBOR panel banks, it did not expect that any LIBOR settings would become unrepresentative before the announced cessation dates summarized above. With the maturity of the interest rate collar on September 30, 2022 and execution of the Fifth Amended Credit Agreement (defined below) on September 2, 2022, which, among other things, changed one of the market interest rate indices that the Company can elect to accrue interest on outstanding borrowings from LIBOR to the Secured Overnight Financing Rate as administered by the Federal Reserve Bank of New York (“SOFR”) and became effective at the end of the applicable interest period for any LIBOR borrowings outstanding on the fifth amendment effective date, the Company no longer has any contracts that reference LIBOR. The change in interest rate indices from LIBOR to SOFR occurred at the end of December 2022 when the LIBOR interest rate on outstanding borrowings on the fifth amendment effective date matured. At that time, the Company adjusted the effective interest rate on outstanding borrowings on a prospective basis, which did not have a material impact on the condensed consolidated financial statements.

Supplemental Financial Inform_2

Supplemental Financial Information (Tables)	9 Months Ended
	Jul. 01, 2023
Condensed Financial Information [Abstract]
Inventories	The following table presents the components of inventories at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 Raw materials $ 83,775 $ 106,070 Work in process 40,430 35,398 Finished goods 4,964 1,509 Total inventories $ 129,169 $ 142,977
Restricted Cash	The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported on the applicable Condensed Consolidated Balance Sheets that sum to the total of such amounts reported on the Condensed Consolidated Statements of Cash Flows: (in thousands of dollars) July 1, 2023 July 2, 2022 Cash and cash equivalents $ 50,497 $ 26,509 Restricted cash 238 — Total cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Statements of Cash Flows $ 50,735 $ 26,509
Product Warranties	The following table reflects activity in accrued warranty cost (current and long-term portions combined) for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Balance at beginning of period $ 15,554 $ 16,985 $ 15,970 $ 18,550 Add current period accruals 2,291 1,894 6,756 5,181 Current period reductions of accrual (2,468) (2,735) (7,349) (7,587) Balance at end of period $ 15,377 $ 16,144 $ 15,377 $ 16,144 Extended Warranties The following table reflects activity in deferred warranty income (current and long-term portions combined), for the sale of extended warranties of two Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Balance at beginning of period $ 20,081 $ 18,414 $ 18,795 $ 20,144 Add current period deferred income 3,507 1,908 8,599 4,268 Current period recognition of income (1,953) (2,184) (5,759) (6,274) Balance at end of period $ 21,635 $ 18,138 $ 21,635 $ 18,138
Self-Insurance	The following table reflects our total accrued self-insurance liability, comprised of workers' compensation and health insurance related claims, at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 Current portion $ 4,012 $ 3,996 Long-term portion 1,879 1,794 Total accrued self-insurance $ 5,891 $ 5,790
Pension Expense	Components of net periodic pension benefit expense (income) were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Interest cost $ 1,509 $ 1,092 $ 4,527 $ 3,276 Expected return on plan assets (1,630) (2,122) (4,890) (6,366) Amortization of prior loss 299 291 897 873 Net periodic benefit expense (income) $ 178 $ (739) $ 534 $ (2,217) Amortization of prior loss, recognized in other comprehensive income (299) (291) (897) (873) Total recognized in net periodic pension benefit expense (income) and other comprehensive income $ (121) $ (1,030) $ (363) $ (3,090)

Debt (Tables)

Debt (Tables)	9 Months Ended
	Jul. 01, 2023
Debt Disclosure [Abstract]
Schedule of Debt Covenant Requirements	The minimum consolidated EBITDA that the Company is required to maintain during the Amended Limited Availability Period is updated as set forth in the table below (in millions): Period Minimum Consolidated EBITDA Fiscal quarter ending July 1, 2023 $50.0 Fiscal quarter ending September 30, 2023 $60.0 The minimum liquidity (in the form of undrawn availability under the revolving credit facility and unrestricted cash and cash equivalents) that the Company is required to maintain at the end of each fiscal month during the Amended Limited Availability Period is amended as set forth in the table below (in millions): Period Minimum Liquidity Sixth amendment effective date through December 30, 2023 $30.0 Additionally, the financial performance covenant requiring that school bus units manufactured by the Company (“Units”) not fall below certain pre-set thresholds on a three month trailing basis (“Units Covenant”) is amended for Units to be calculated at the end of each applicable fiscal month on a cumulative basis, with the minimum cumulative threshold that the Company is required to maintain during the Amended Limited Availability Period amended as set forth in the table below. The Units Covenant is triggered only if the Company’s liquidity for the most-recently ended fiscal month is less than $50.0 million during the Amended Limited Availability Period: Period Minimum Units Manufactured Period from October 2, 2022 and ending October 29, 2022 450 Period from October 2, 2022 and ending November 26, 2022 900 Period from October 2, 2022 and ending December 31, 2022 1,400 Period from October 2, 2022 and ending January 28, 2023 1,900 Period from October 2, 2022 and ending February 25, 2023 2,400 Period from October 2, 2022 and ending April 1, 2023 3,000 The pricing grid in the Amended Credit Agreement, which is based on the TNLR, is applicable to both term loan and revolving borrowings and is determined in accordance with the amended pricing matrix set forth below: Level Total Net Leverage Ratio ABR Loans SOFR Loans I Less than 2.00x 0.75% 1.75% II Greater than or equal to 2.00x and less than 2.50x 1.00% 2.00% III Greater than or equal to 2.50x and less than 3.00x 1.25% 2.25% IV Greater than or equal to 3.00x and less than 3.25x 1.50% 2.50% V Greater than or equal to 3.25x and less than 3.50x 1.75% 2.75% VI Greater than or equal to 3.50x and less than 4.00x 2.00% 3.00% VII Greater than or equal to 4.00x and less than 4.50x 2.75% 3.75% VIII Greater than or equal to 4.50x and less than 5.00x 3.75% 4.75% IX Greater than 5.00x 4.75% 5.75%
Schedule of Term Debt Instruments	Term debt consisted of the following at the dates indicated: (in thousands of dollars) July 1, 2023 October 1, 2022 2023 term loan, net of deferred financing costs of $1,801 and $1,410, respectively $ 134,949 $ 150,190 Less: current portion of long-term debt 19,800 19,800 Long-term debt, net of current portion $ 115,149 $ 130,390
Schedule of Maturities of Long-term Debt	The schedule of remaining principal payments through maturity for the term loans is as follows: (in thousands of dollars) Fiscal Year Principal Payments 2023 $ 4,950 2024 19,800 2025 112,000 Total remaining principal payments $ 136,750

Segment Information (Tables)

Segment Information (Tables)	9 Months Ended
	Jul. 01, 2023
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	: Net sales Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Bus (1) $ 270,282 $ 186,631 $ 757,003 $ 487,552 Parts (1) 24,002 19,452 72,827 55,413 Segment net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965 (1) Parts segment revenue includes $1.7 million and $0.7 million for the three months ended July 1, 2023 and July 2, 2022, respectively, and $4.1 million and $2.6 million for the nine months ended July 1, 2023 and July 2, 2022, respectively, related to the inter-segment sale of parts that was eliminated by the Bus segment upon consolidation. Gross profit Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Bus $ 34,176 $ 13,632 $ 53,544 $ 19,290 Parts 11,574 7,961 35,312 21,657 Segment gross profit $ 45,750 $ 21,593 $ 88,856 $ 40,947
Reconciliation of Operating Profit (Loss) from Segments to Consolidated	The following table is a reconciliation of segment gross profit to consolidated income (loss) before income taxes for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Segment gross profit $ 45,750 $ 21,593 $ 88,856 $ 40,947 Adjustments: Selling, general and administrative expenses (26,328) (20,505) (66,365) (58,596) Interest expense (4,507) (3,908) (13,895) (9,481) Interest income 246 — 258 — Other (expense) income, net (6,421) 735 (6,999) 2,215 Loss on debt modification — — (537) (561) Income (loss) before income taxes $ 8,740 $ (2,085) $ 1,318 $ (25,476)
Revenue from External Customers by Geographic Areas	Sales are attributable to geographic areas based on customer location and were as follows for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 United States $ 282,908 $ 193,571 $ 751,730 $ 488,363 Canada 9,801 12,009 72,556 50,506 Rest of world 1,575 503 5,544 4,096 Total net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965

Revenue (Tables)

Revenue (Tables)	9 Months Ended
	Jul. 01, 2023
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table disaggregates revenue by product category for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Diesel buses $ 87,318 $ 79,355 $ 248,607 $ 221,669 Alternative power buses (1) 172,234 96,897 475,449 237,267 Other (2) 11,326 10,952 34,821 30,320 Parts 23,406 18,879 70,953 53,709 Net sales $ 294,284 $ 206,083 $ 829,830 $ 542,965 (1) Includes buses sold with any power source other than diesel (e.g., gasoline, propane, compressed natural gas ("CNG") or electric).

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Jul. 01, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table presents the earnings (loss) per share computation for the periods presented: Three Months Ended Nine Months Ended (in thousands except for share data) July 1, 2023 July 2, 2022 July 1, 2023 July 2, 2022 Numerator: Net income (loss) $ 9,358 $ (6,435) $ 5,194 $ (22,664) Denominator: Weighted-average common shares outstanding 32,073,497 31,990,860 32,044,581 30,687,406 Weighted-average dilutive securities, restricted stock 407,015 — 286,989 — Weighted-average dilutive securities, stock options 118,426 — 3,811 — Weighted-average shares and dilutive potential common shares (1) 32,598,938 31,990,860 32,335,381 30,687,406 Earnings (loss) per share: Basic earnings (loss) per share $ 0.29 $ (0.20) $ 0.16 $ (0.74) Diluted earnings (loss) per share $ 0.29 $ (0.20) $ 0.16 $ (0.74) (1) Potentially dilutive securities representing 0.1 million and 0.6 million shares of common stock were excluded from the computation of diluted earnings per share for the three month periods ending July 1, 2023 and July 2, 2022, respectively, and potentially dilutive securities representing 0.5 million and 0.4 million shares of common stock were excluded from the computation of diluted earnings per share for the nine months ending July 1, 2023 and July 2, 2022, respectively, as their effect would have been antidilutive.

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Jul. 01, 2023
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table provides information on changes in accumulated other comprehensive loss ("AOCL") for the periods presented: Three Months Ended Nine Months Ended (in thousands of dollars) Defined Benefit Pension Plan Total AOCL Defined Benefit Pension Plan Total AOCL July 1, 2023 Beginning Balance $ (41,476) $ (41,476) $ (41,930) $ (41,930) Amounts reclassified and included in earnings 299 299 897 897 Total before taxes 299 299 897 897 Income taxes (72) (72) (216) (216) Ending Balance July 1, 2023 $ (41,249) $ (41,249) $ (41,249) $ (41,249) July 2, 2022 Beginning Balance $ (44,352) $ (44,352) $ (44,794) $ (44,794) Amounts reclassified and included in earnings 291 291 873 873 Total before taxes 291 291 873 873 Income taxes (70) (70) (210) (210) Ending Balance July 2, 2022 $ (44,131) $ (44,131) $ (44,131) $ (44,131)

Supplemental Financial Inform_3

Supplemental Financial Information - Inventories (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Oct. 01, 2022
Condensed Financial Information [Abstract]
Raw materials	$ 83,775	$ 106,070
Work in process	40,430	35,398
Finished goods	4,964	1,509
Total inventories	$ 129,169	$ 142,977

Supplemental Financial Inform_4

Supplemental Financial Information - Restricted Cash (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Oct. 01, 2022	Jul. 02, 2022	Oct. 02, 2021
Condensed Financial Information Disclosure [Abstract]
Cash and cash equivalents	$ 50,497	$ 10,479	$ 26,509
Restricted cash	238	0	0
Total cash, cash equivalents, and restricted cash reported on the Condensed Consolidated Statements of Cash Flows	$ 50,735	$ 10,479	$ 26,509	$ 11,709

Supplemental Financial Inform_5

Supplemental Financial Information - Product Warranty Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 15,554	$ 16,985	$ 15,970	$ 18,550
Add current period accruals	2,291	1,894	6,756	5,181
Current period reductions of accrual	(2,468)	(2,735)	(7,349)	(7,587)
Balance at end of period	$ 15,377	$ 16,144	$ 15,377	$ 16,144

Supplemental Financial Inform_6

Supplemental Financial Information - Extended Warranty Income (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Movement in Extended Product Warranty Accrual [Roll Forward]
Balance at beginning of period	$ 20,081	$ 18,414	$ 18,795	$ 20,144
Add current period deferred income	3,507	1,908	8,599	4,268
Current period recognition of income	(1,953)	(2,184)	(5,759)	(6,274)
Balance at end of period	$ 21,635	$ 18,138	$ 21,635	$ 18,138

Supplemental Financial Inform_7

Supplemental Financial Information Remaining Performance Obligation (Details) $ in Millions	Jul. 01, 2023 USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-04-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 2.1
Revenue, performance obligation, (in years)	9 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-10-02
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]
Revenue, remaining performance obligation	$ 7.2
Revenue, performance obligation, (in years)	1 year

Supplemental Financial Inform_8

Supplemental Financial Information - Self Insurance (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Oct. 01, 2022
Condensed Financial Information [Abstract]
Current portion	$ 4,012	$ 3,996
Long-term portion	1,879	1,794
Total accrued self-insurance	$ 5,891	$ 5,790

Supplemental Financial Inform_9

Supplemental Financial Information - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Product Warranty Liability [Line Items]
IIJA funds	$ 13,200		$ 13,200
Shipping and handling revenues	294,284	$ 206,083	$ 829,830	$ 542,965
Minimum
Product Warranty Liability [Line Items]
Extended product warranty, period			2 years
Maximum
Product Warranty Liability [Line Items]
Extended product warranty, period			5 years
Shipping and Handling
Product Warranty Liability [Line Items]
Shipping and handling revenues	4,600	4,200	$ 13,100	11,100
Shipping and handling cost of goods sold	$ 4,000	$ 3,700	$ 11,700	$ 9,900

Supplemental Financial Infor_10

Supplemental Financial Information - Pension Expense (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Condensed Financial Information [Abstract]
Interest cost	$ 1,509	$ 1,092	$ 4,527	$ 3,276
Expected return on plan assets	(1,630)	(2,122)	(4,890)	(6,366)
Amortization of prior loss	299	291	897	873
Net periodic benefit expense (income)	178	(739)	534	(2,217)
Amortization of prior loss, recognized in other comprehensive income	(299)	(291)	(897)	(873)
Total recognized in net periodic pension benefit expense (income) and other comprehensive income	$ (121)	$ (1,030)	$ (363)	$ (3,090)

Debt - Narrative (Details)

Debt - Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Nov. 21, 2022	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022	Oct. 01, 2022	Nov. 24, 2021
Debt Instrument [Line Items]
Interest expense		$ 4,500,000	$ 3,900,000	$ 13,900,000	$ 9,500,000
Sixth Amendment to Credit Agreement | Limited Availability Period One
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Increase				0.25%
Sixth Amendment to Credit Agreement | Limited Availability Period Two
Debt Instrument [Line Items]
Debt Instrument, Basis Spread on Variable Rate, Increase				0.50%
Senior Term Loan | Senior Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		$ 136,800,000		$ 136,800,000		$ 151,600,000
Stated interest rate (as a percent)		11.10%		11.10%		7.90%
Weighted average effective interest rate (as a percent)		11.60%		11.60%		8%
Revolving Credit Facility | Sixth Amendment to Credit Agreement
Debt Instrument [Line Items]
Remaining borrowing capacity	$ 10,000,000
Maximum borrowing capacity	90,000,000
Line of Credit Facility, Current Borrowing Capacity	80,000,000
Debt Instrument, Covenant, Maximum Borrowing Capacity to Trigger Stated Rate	50,000,000
Debt Instrument, Minimum Borrowing Capacity to Trigger Stated Rate	80,000,000
Debt Instrument, Covenant, Maximum Borrowing Capacity to Trigger Stated Rate, Scenario 2	80,000,000
Term Loan | Sixth Amendment to Credit Agreement
Debt Instrument [Line Items]
Debt Instrument, Periodic Payment, Principal	5,000,000
Debt Instrument, Face Amount	$ 151,600,000
Term Loan | Sixth Amendment to Credit Agreement | Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)				5.75%
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement
Debt Instrument [Line Items]
Lender fees and other issuance costs							$ 3,300,000
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Gain (Loss) o Extinguishment of Debt
Debt Instrument [Line Items]
Lender fees and other issuance costs							500,000
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Other Noncurrent Assets
Debt Instrument [Line Items]
Lender fees and other issuance costs							1,200,000
Revolving Credit Facility | Line of Credit | Third Amendment to the Credit Agreement | Senior Notes, Noncurrent
Debt Instrument [Line Items]
Lender fees and other issuance costs							$ 1,500,000
Revolving Credit Facility | Line of Credit | Senior Revolving Credit Facility
Debt Instrument [Line Items]
Long-term line of credit		$ 0		$ 0
Letters of Credit | Line of Credit | Senior Revolving Credit Facility
Debt Instrument [Line Items]
Remaining borrowing capacity		83,700,000		83,700,000
Letters of credit, amount outstanding		$ 6,300,000		$ 6,300,000

Debt - Schedule of Long-term De

Debt - Schedule of Long-term Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Oct. 01, 2022
Debt Instrument [Line Items]
Current portion of long-term debt	$ 19,800	$ 19,800
Long-term debt	115,149	130,390
Senior Term Loan | 2023 Term Loan
Debt Instrument [Line Items]
Total debt	134,949	150,190
Deferred financing costs	$ 1,801	$ 1,410

Debt - Maturity Schedule (Detai

Debt - Maturity Schedule (Details) $ in Thousands	Jul. 01, 2023 USD ($)
Long-term Debt, Fiscal Year Maturity
2023	$ 4,950
2024	19,800
2025	112,000
Total debt	$ 136,750

Debt - Schedule of Debt Covenan

Debt - Schedule of Debt Covenant Requirements (Details) - Line of Credit - Sixth Amendment to Credit Agreement	Nov. 21, 2022 USD ($) leverageRatio
Limited Availability Period One
Debt Instrument [Line Items]
Debt Instrument, Covenant, EBITDA, Minimum	$ 50
Debt Instrument, Covenant, Liquidity, Minimum	30
Debt Instrument, Covenant, Units Manufactured, Minimum	$ 450
Net leverage ratio | leverageRatio	4
Limited Availability Period Two
Debt Instrument [Line Items]
Debt Instrument, Covenant, EBITDA, Minimum	$ 60
Debt Instrument, Covenant, Units Manufactured, Minimum	900
Limited Availability Period Three
Debt Instrument [Line Items]
Debt Instrument, Covenant, Units Manufactured, Minimum	1,400
Limited Availability Period Four
Debt Instrument [Line Items]
Debt Instrument, Covenant, Units Manufactured, Minimum	1,900
Limited Availability Period Five
Debt Instrument [Line Items]
Debt Instrument, Covenant, Units Manufactured, Minimum	2,400
Limited Availability Period Six
Debt Instrument [Line Items]
Debt Instrument, Covenant, Units Manufactured, Minimum	$ 3,000

Debt - Covenants (Details)

Debt - Covenants (Details)	Nov. 21, 2022 leverageRatio
Line of Credit [Member] | Sixth Amendment to Credit Agreement | Limited Availability Period One
Debt Instrument [Line Items]
Net leverage ratio	4
Less than 2.00x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	0.75%
Less than 2.00x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 2.00x and less than 2.50x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1%
Greater than or equal to 2.00x and less than 2.50x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
Greater than or equal to 2.50x and less than 3.00x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.25%
Greater than or equal to 2.50x and less than 3.00x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.25%
Greater than or equal to 3.00x and less than 3.25x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.50%
Greater than or equal to 3.00x and less than 3.25x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.50%
Greater than or equal to 3.25x and less than 3.50x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	1.75%
Greater than or equal to 3.25x and less than 3.50x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Greater than or equal to 3.50x and less than 4.00x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2%
Greater than or equal to 3.50x and less than 4.00x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3%
Greater than or equal to 4.00x and less than 4.50x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	2.75%
Greater than or equal to 4.00x and less than 4.50x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.75%
Greater than or equal to 4.50x and less than 5.00x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	3.75%
Greater than or equal to 4.50x and less than 5.00x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.75%
Greater than 5.00x | Term Loan | Credit Agreement | ABR Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	4.75%
Greater than 5.00x | Term Loan | Credit Agreement | Eurodollar Loans
Debt Instrument [Line Items]
Basis spread on variable rate (as a percent)	5.75%

Income Taxes (Details)

Income Taxes (Details)	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Income Tax Disclosure [Abstract]
Effective tax rate (as a percent)	21.60%	(137.20%)	22.20%	24.80%
Statutory Federal income tax rate (as a percent)	21%	21%	21%	21%

Segment Information (Details)

Segment Information (Details) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023 USD ($)	Jul. 02, 2022 USD ($)	Jul. 01, 2023 USD ($) segment	Jul. 02, 2022 USD ($)
Segment Reporting Information [Line Items]
Number of Operating Segments | segment			2
Net sales	$ 294,284	$ 206,083	$ 829,830	$ 542,965
Gross profit	45,750	21,593	88,856	40,947
United States
Segment Reporting Information [Line Items]
Net sales	282,908	193,571	751,730	488,363
Canada
Segment Reporting Information [Line Items]
Net sales	9,801	12,009	72,556	50,506
Rest of world
Segment Reporting Information [Line Items]
Net sales	1,575	503	5,544	4,096
Operating Segments
Segment Reporting Information [Line Items]
Gross profit	45,750	21,593	88,856	40,947
Operating Segments | Bus
Segment Reporting Information [Line Items]
Net sales	270,282	186,631	757,003	487,552
Gross profit	34,176	13,632	53,544	19,290
Operating Segments | Parts
Segment Reporting Information [Line Items]
Net sales	24,002	19,452	72,827	55,413
Gross profit	11,574	7,961	35,312	21,657
Intersegment Eliminations | Parts
Segment Reporting Information [Line Items]
Net sales	$ 1,700	$ 700	$ 4,100	$ 2,600

Segment Information - Reconcili

Segment Information - Reconciliation of Segment Gross Profit (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment gross profit	$ 45,750	$ 21,593	$ 88,856	$ 40,947
Selling, general and administrative expenses	(26,328)	(20,505)	(66,365)	(58,596)
Interest expense	(4,507)	(3,908)	(13,895)	(9,481)
Interest income	246	0	258	0
Other (expense) income, net	(6,421)	735	(6,999)	2,215
Loss on debt modification	0	0	(537)	(561)
Income (loss) before income taxes	8,740	(2,085)	1,318	(25,476)
Operating Segments
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Segment gross profit	45,750	21,593	88,856	40,947
Segment Reconciling Items
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Selling, general and administrative expenses	(26,328)	(20,505)	(66,365)	(58,596)
Interest expense	(4,507)	(3,908)	(13,895)	(9,481)
Interest income	246	0	258	0
Other (expense) income, net	(6,421)	735	(6,999)	2,215
Loss on debt modification	$ 0	$ 0	$ (537)	$ (561)

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 294,284	$ 206,083	$ 829,830	$ 542,965
Diesel buses
Disaggregation of Revenue [Line Items]
Net sales	87,318	79,355	248,607	221,669
Alternative fuel buses
Disaggregation of Revenue [Line Items]
Net sales	172,234	96,897	475,449	237,267
Other
Disaggregation of Revenue [Line Items]
Net sales	11,326	10,952	34,821	30,320
Parts
Disaggregation of Revenue [Line Items]
Net sales	$ 23,406	$ 18,879	$ 70,953	$ 53,709

Earnings Per Share - Summary of

Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 9,358	$ (6,435)	$ 5,194	$ (22,664)
Weighted-average common shares outstanding	32,073,497	31,990,860	32,044,581	30,687,406
Weighted-average shares and dilutive potential common shares	32,598,938	31,990,860	32,335,381	30,687,406
Basic earnings per share (in dollars per share)	$ 0.29	$ (0.20)	$ 0.16	$ (0.74)
Diluted earnings per share (in dollars per share)	$ 0.29	$ (0.20)	$ 0.16	$ (0.74)
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average dilutive securities	407,015	0	286,989	0
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted-average dilutive securities	118,426	0	3,811	0

Earnings Per Share - Narrative

Earnings Per Share - Narrative (Details) - shares shares in Millions	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
Earnings Per Share [Abstract]
Anti-dilutive securities excluded from computation of earnings per share (in shares)	0.1	0.6	0.5	0.4

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Jul. 01, 2023	Jul. 02, 2022	Jul. 01, 2023	Jul. 02, 2022
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance			$ 1,382
Ending Balance	$ 10,444		10,444
Defined Benefit Pension Plan
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(41,476)	$ (44,352)	(41,930)	$ (44,794)
Amounts reclassified and included in earnings	299	291	897	873
Total before taxes	299	291	897	873
Income taxes	(72)	(70)	(216)	(210)
Ending Balance	(41,249)	(44,131)	(41,249)	(44,131)
AOCI Attributable to Parent
AOCI Attributable to Parent, Net of Tax [Roll Forward]
Beginning Balance	(41,476)	(44,352)	(41,930)	(44,794)
Amounts reclassified and included in earnings	299	291	897	873
Total before taxes	299	291	897	873
Income taxes	(72)	(70)	(216)	(210)
Ending Balance	$ (41,249)	$ (44,131)	$ (41,249)	$ (44,131)

Stockholder Transaction Costs (

Stockholder Transaction Costs (Details) - USD ($) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Jun. 07, 2023	Jul. 01, 2023	Apr. 01, 2023	Jul. 01, 2023	Jul. 02, 2022
Subsidiary, Sale of Stock [Line Items]
Common stock sold, price per share (in USD per share)	$ 20
Accrue common stock issuance costs				$ 0	$ 202
Selling, General and Administrative Expenses
Subsidiary, Sale of Stock [Line Items]
Accrue common stock issuance costs			$ 700
Private Placement
Subsidiary, Sale of Stock [Line Items]
Common stock sold (in shares)	5,175,000
Accrue common stock issuance costs		$ 5,600		6,300
Private Placement | Other Nonoperating Income (Expense)
Subsidiary, Sale of Stock [Line Items]
Accrue common stock issuance costs		$ 6,300		$ 6,300
Over-Allotment Option
Subsidiary, Sale of Stock [Line Items]
Common stock sold (in shares)	675,000