12. Revenue

The following table disaggregates revenue by product category for the periods presented:
Fiscal Years Ended
(in thousands)202520242023
Diesel buses$523,371 $461,222 $341,969 
Alternative powered buses (1)798,415 726,083 648,900 
Other (2)58,072 58,074 46,246 
Parts100,241 101,775 95,678 
Net sales$1,480,099 $1,347,154 $1,132,793 
(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, chassis, and bus shell sales.

Historical Timeline

Fiscal YearFiled
2025Nov 24, 2025Showing above
2024Nov 25, 2024
2023Dec 11, 2023
2022Dec 12, 2022
2021Dec 15, 2021
2020Dec 17, 2020
2019Dec 12, 2019

About Revenue Disclosures

Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.

Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.