afternoon. and date. XXXX, is prior X, with whereas quarter financial you The share close results. fiscal Matt, Bird's XXXX, year a the date was of X, a close January Blue XXXX on based Thanks, from good quarter the January to is highlights pleasure my It first end on based
file X February the the will after XX-Q closes. market today, We
XX-Q overseas Slide summary this a important that rise XX-Q calendar regarding during resin continue the XXX% the The aluminum quarter and especially includes Blue tough and environment call a and and a year still GAAP material business between to quarter production. for the experienced our increased disclaimers. of that our prices fiscal components additional of transportation it Our mentioned first very especially was and a disclosures up raw The Supply is of X,XXX up read have that result reconciliations presentation differences those lower includes in were as rate XXXX, Blue that fiscal with well Further sales non-GAAP a compounding industries, Bird's Bird We as attached to units important across on financial chain due today's cost material performance. results appendix XXX entire tenfold. measures impacted volume of of use the issues microchips encourage units It disclosures to X many XXX%. and limited their challenge, was as than approximately of disruptions difficult operating approximately XXXX contains. prior of nearly for unit supplier constraints to and XXXX. number year multiple suppliers. supply for products. you
working business are quarter, has parts continue team find While that through the our impact critical our been to the constrained. to for alternative hard disruptions several sources
X,XXX than quarter over of the the of fiscal Bird a In X,XXX more backlog end had at units Blue at quarter XXXX. end of addition, or first
constrained quickly which Our firm time, is is the approximately which our definition X,XXX non-cancelable half a for the of capacity, XXXX. this becomes only unit XX At with of production expected up first slots year, of backlog for open fiscal filling date. order, left weeks within is production the
basis supply bus key components. already $XXX Our stability deliver the production million $X Consolidated due ability revenue lower to of lower million $X to prior these will million, on depend net year all revenue of complete the mentioned. Of that, down versus prior to was lower on capability was $XXX a volume. net million by and year due than units timely of
XX,XXX EV was our mix of units success power of versus of increased largely a revenue year bus revenue to XX% year. alternative X.X-liter per XX propane were engine XX the the or the first fact, the buses, higher of higher XX% unit XX,XXX, outstanding last the which prior to average and gasoline In Supply-constrained new result was due year $XX Parts million, from of last level million to sales quarter compared an of representing our in at for a than $X quarter. units. bookings improvement
sales, the seen parts Over back districts few which is the we for quarters, business levels, the combined that same driven to been part favorable in some mix. the get last indicator an disruption of relative margin normal XX.X% Gross school has shortages. although part there or basis also starting The XXX points to than in mix is was with increase improvement pre-COVID the mainly to work quarter supplier our the higher due past have to year. for by bus business, higher business product was period
higher and freight. As steel we increase in are that to as other of increases quarter experienced cost all costs significant call, and material to being on component due noted well we first raw commodities of the see pressure continuation expected the fourth the quarter modes in as in
mentioned, previously we have Matt XX% headwinds. of to total these As offset increase pricing a help implemented
the to down from units, the Slide X.X, in XXXX the adjusted lower walk in slightly million and on results. of which parts volume took impact. a quarter current fiscal $X.X commodity last fiscal offset net $X.X steel $X compared also by adjusted during costs. Pricing down inventory negative by at fiscal as the million we adjusted points. Wherever of diluted approximately for quarter increase pricing limited come than earnings Adjusted of backlog with of second fiscal decrease was actions or the million per fiscal through X% partially on from positive volume margin on start prior was of quarter a will first net Starting shows lower cost existing fiscal offset year-over-year year. the of share year. was EBITDA was XXX of $X driven the during higher the in costs the X,XXX we $X.XX XXXX also year, positive resulting negative slightly the this at economics year, materialize remainder bus income work prior In effect million million, only EBITDA a the while was million, the units, However, first backlog approximately the half had new than $X bought hand reevaluating higher year. of to percentage the we however, Adjusted was period by lower down X.X expected XXXX by of of was left $X EBITDA the impact to the XX XXXX, with of standard the the first. and favorable first even possible, at quarter, have
As close SG&A than see we engineering the driven last the you place higher increased we the in also and November dealer XXXX, were quarter to had pay of more then, year, last canceled high commodity year align dealer response was XXXX costs. will Efficiencies postponed. to engineering the in-person and had slightly primarily essential body, of expenses balance Since first restored and prior. in and were wages. furloughs to year. look COVID-XX meeting during pay our clearly of which cuts impact drop in the annual that to million year, and engineering energize resumed. in key In $X inflation projects higher due Recall higher than projects have order we to California, by fiscal demand better regulatory our has and been were
been Additionally, chassis the $X and from which supply versus microchip chain lower predominantly GM. affected year, impacting were the venture also shortage, allocation to joint shortages, but prior Ford other results by close Bird Micro our in category, have the million the they is from
ended the Moving year. were and at Debt of compliance down lower million the Net the Slide with financial million balance was It was for There worth million two that it covenants $XX sheet was than from on we with cash period. the on versus of same liquidity at time were $X active or $XX last and debt million, $XXX in quarter. the We to XX. year. the end the last our all million quarter million, in noting year. prior covenants higher credit $XXX agreement is $X.X
$XX under a million. agreement million First, the credit was defined as versus EBITDA, of requirement XX-month trailing $XX.X minimum the
$XX defined million. as $XX million a remained was under in credit credit agreement of minimum versus liquidity agreement covenants. end quarter we Second, our with covenant at the Therefore, compliance
Moving XX. on to Slide
working cash were We pressure. flow to flow Slide debt lower capital have the into already by and slide. XX, free profits XXXX, and on in fiscal are previous and was volume. covered still going The driven our cash secondarily margins the higher due adjusted primarily operating and deterioration lower On cash by under
And effects, in We July are have of historical with a supply to for actions chain create low yet not we facing These XXXX. will pricing many labor first generally materials, combined adjusted of freight, even October benefit the increased disruptions. a the and raw backlog, comparisons. while current supplier-driven by cost we of buses and substantial throughput took profitability XXXX constraints low half very will due seasonally from
the become side We time our backlog. medium our pricing in will forward. term effective the actions in and costing results in fully of are exposure QX current start on and lag, slide to as order pricing show outlined improve XXXX taking reduce the on stability QX the given this Those over to XXXX especially going to of due actions
we increased hedging our our side, steel suppliers. to and extend costing to the program have it working key On are
engineered and increase in where resourcing store for components second order throughput have needed. plant We components key suppliers are to
also vertical exploring are make We integration buy selectively analysis. or via options
On the non-cost implemented increase increases. recover to we price pricing XX% side,
to So To monitor we win/loss our XX the to response reduced our core already our days. in continue reduce marketplace. far, has exposure, we will guarantee positive, and the been rate from XX
to raw still freight additional price orders. XXXX, increase X% due March an price we development, material have Additionally, and announced effective for X, higher new
minimally units this However, impact only will XXXX fiscal sold.
price was change and December is maintaining desired. variable a pricing fixed in higher the for while important structure our option dealers introduction a Another customers of
response the on looking Slide fiscal early, of XXXX. also the XX, this still favorable initial is balance is On it one. While at
fiscal cost are previously are with still X on difficult first the becoming gradual pressure, As see and due expect increases be coming increase half resolved the constraints to to increase X% QX. levels production an our business. our January an to becomes beginning We discussed, relief to XXXX a we Therefore, for margins XX% new With supply as higher also discussion guidance goes supply full contracts. in XXXX to previously the fiscal the price effective take impact at XX% the maintaining recently who you I through our update call. released effect. and on on we and minimal based on chain from back additional announced and price are majority walk constraints year-end turn expecting now Matt, begins we during effective. suppliers normalized with into expect our due Matt? will The increase QX, margin effect to of the supply board In that, price will
