v3.25.2
Segment Information
 9 Months Ended
Jun. 28, 2025
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 EndedNine Months Ended
(in thousands of dollars)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Bus (1)$372,240 $308,037 $993,099 $919,433 
Parts (1)25,771 25,330 77,635 77,509 
Segment net sales$398,011 $333,367 $1,070,734 $996,942 
(1)    Parts segment revenue includes $1.6 million and $2.6 million for the three months ended June 28, 2025 and June 29, 2024, respectively, and $5.4 million and $6.9 million for the nine months ended June 28, 2025 and June 29, 2024, respectively, related to inter-segment sales of parts that was eliminated by the Bus segment upon consolidation.
Gross profit
Three Months EndedNine Months Ended
(in thousands of dollars)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Bus$73,211 $56,545 $178,017 $157,428 
Parts12,717 12,808 39,082 39,122 
Segment gross profit$85,928 $69,353 $217,099 $196,550 

The following table is a reconciliation of segment gross profit to consolidated income before income taxes for the periods presented:
Three Months EndedNine Months Ended
(in thousands of dollars)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
Segment gross profit$85,928 $69,353 $217,099 $196,550 
Adjustments:
Selling, general and administrative expenses(35,859)(29,625)(100,277)(82,798)
Interest expense(1,738)(2,107)(5,466)(8,550)
Interest income1,483 990 4,309 3,132 
Other (expense) income, net
(580)(2,729)2,780 (5,918)
Loss on debt refinancing
— — — (1,558)
Income before income taxes
$49,234 $35,882 $118,445 $100,858 

Sales are attributable to geographic areas based on customer location and were as follows for the periods presented:
Three Months EndedNine Months Ended
(in thousands of dollars)June 28, 2025June 29, 2024June 28, 2025June 29, 2024
U.S.
$352,715 $291,374 $939,946 $910,489 
Canada45,022 41,804 129,096 85,981 
Rest of world274 189 1,692 472 
Total net sales$398,011 $333,367 $1,070,734 $996,942