CVG (NASDAQ: CVGI), a diversified industrial products and services
company, today announced financial results for its second quarter
ended June 30, 2023.
Second Quarter
2023 Highlights (Compared with
prior year, where comparisons are noted)
- Revenues of $262.2
million, up 4.5% primarily driven by strong price realization.
- Operating income of
$15.9 million, up 156.0%; adjusted operating income of $16.7
million, up 106.2%. Improved operating income was driven primarily
by improved pricing and cost management.
- Net income of $10.1
million, or $0.30 per diluted share. Adjusted net income of $10.7
million, or $0.32 per diluted share.
- Adjusted EBITDA of
$20.8 million, up 67.7% with an adjusted EBITDA margin of 7.9%,
tracking further towards the Company's long-term profitability
target.
- Net new business
wins year-to-date are $124 million. The majority of the new
business awards continue to be in the Electrical Systems
segment.
- Our cost reduction
program continues to deliver cost savings through process
improvements, footprint changes and organizational
streamlining.
Robert C. Griffin, Chairman of the Board and
Interim President and Chief Executive Officer, said, "CVG delivered
solid second quarter results and we continued to execute well on
our long-term strategy. The team’s efforts to drive the Company’s
strategic plan are delivering improved financial results,
highlighted by strong improvements in revenue, operating income,
adjusted EBITDA and free cash flow during the quarter.
Additionally, I am pleased to report that our Electrical Systems
plant expansions are on track and the Aldama, Mexico plant is open
and ramping up production. We remain on track to deliver record
revenues in 2023 and continue to expect our full year Adjusted
EBITDA margins to show significant expansion versus last year,
based on the current vehicle production outlook for the second half
of the year. We also believe we continue to be on track to deliver
our 2027 targets of $1.5 billion in revenue and 9% EBITDA
margin.”
Mr. Griffin concluded, “I would like to thank
our team of employees who helped us improve CVG this quarter and
continue to execute our strategy of growing and diversifying our
revenue, optimizing our cost structure through process automation
and cost reduction, and increasing our margins to become a bigger,
more profitable company.”
Andy Cheung, Chief Financial Officer, added,
“The continued execution of our strategy is delivering improved
financial results for CVG. Our focus on winning new
business, improved price realization and cost reduction has allowed
us to continue to improve our margins and profit.
Additionally, we remain heavily focused on optimizing working
capital, increasing cash flows, and paying down our debt.”
Second Quarter Financial
Results(amounts in millions except per share data and
percentages)
|
Second Quarter |
|
|
|
|
|
2023 |
|
2022 |
|
$ Change |
|
% Change |
Revenues |
$ |
262.2 |
|
|
$ |
250.8 |
|
|
$ |
11.4 |
|
4.5 |
% |
Gross profit |
$ |
38.4 |
|
|
$ |
21.9 |
|
|
$ |
16.5 |
|
75.3 |
% |
Gross margin |
|
14.6 |
% |
|
|
8.7 |
% |
|
|
|
|
Adjusted gross profit1 |
$ |
39.1 |
|
|
$ |
23.3 |
|
|
$ |
15.8 |
|
67.8 |
% |
Adjusted gross margin1 |
|
14.9 |
% |
|
|
9.3 |
% |
|
|
|
|
Operating income |
$ |
15.9 |
|
|
$ |
6.2 |
|
|
$ |
9.7 |
|
156.5 |
% |
Operating margin |
|
6.1 |
% |
|
|
2.5 |
% |
|
|
|
|
Adjusted operating income1 |
$ |
16.7 |
|
|
$ |
8.1 |
|
|
$ |
8.6 |
|
106.2 |
% |
Adjusted operating margin1 |
|
6.4 |
% |
|
|
3.2 |
% |
|
|
|
|
Net income |
$ |
10.1 |
|
|
$ |
2.5 |
|
|
$ |
7.6 |
|
304.0 |
% |
Adjusted net income1 |
$ |
10.7 |
|
|
$ |
4.3 |
|
|
$ |
6.4 |
|
148.8 |
% |
Earnings per share, diluted |
$ |
0.30 |
|
|
$ |
0.08 |
|
|
$ |
0.22 |
|
275.0 |
% |
Adjusted earnings per share, diluted1 |
$ |
0.32 |
|
|
$ |
0.13 |
|
|
$ |
0.19 |
|
146.2 |
% |
Adjusted EBITDA1 |
$ |
20.8 |
|
|
$ |
12.4 |
|
|
$ |
8.4 |
|
67.7 |
% |
Adjusted EBITDA margin1 |
|
7.9 |
% |
|
|
4.9 |
% |
|
|
|
|
1See Appendix A for GAAP to Non-GAAP reconciliation |
|
|
|
|
Consolidated Results
Second Quarter 2023 Results
- Second quarter 2023
revenues were $262.2 million, compared to $250.8 million in the
prior year period, an increase of 4.5%. The increase in revenues
was primarily driven by increased pricing and volume from new
Electrical Systems business, partially offset by lower volumes in
the Industrial Automation segment. Foreign currency translation
also favorably impacted second quarter 2023 revenues by $0.7
million, or 0.3%.
- Operating income in
the second quarter 2023 was $15.9 million compared to $6.2 million
in the prior year period. The increase in operating income was
attributable to higher margins, partially offset by higher
SG&A. The second quarter 2023 adjusted operating income was
$16.7 million, excluding special charges.
- Interest associated
with debt and other expenses was $2.8 million and $2.1 million for
the second quarter 2023 and 2022, respectively.
- Net income was
$10.1 million, or $0.30 per diluted share, for the second quarter
2023 compared to net income of $2.5 million, or $0.08 per diluted
share, in the prior year period.
At June 30, 2023, the Company had $9.0
million of outstanding borrowings on its U.S. revolving credit
facility and $4.1 million outstanding on its China credit
facility, $42.4 million of cash and $148.1
million of availability from the credit facilities, resulting
in total liquidity of $190.5 million.
Second Quarter 2023 Segment
Results
Vehicle Solutions Segment
- Revenues were
$152.7 million compared to $142.8 million for the prior year
period, an increase of 7.0%, primarily resulting from increased
pricing.
- Operating income
was $14.1 million, compared to $1.5 million in the prior year
period, an increase of 836.7%, primarily attributable to price
increases with customers and cost reduction initiatives. Adjusted
operating income was $14.5 million.
Electrical Systems
Segment
- Revenues were $63.6
million compared to $47.3 million in the prior year period, an
increase of 34.4%, primarily resulting from increased sales volume
and pricing.
- Operating income
was $7.7 million compared to $5.9 million in the prior year period,
an increase of 28.9%. The increase in operating income was
primarily attributable to increased sales volume and pricing.
Aftermarket & Accessories
Segment
- Revenues were $36.8
million compared to $32.2 million in the prior year period, an
increase 14.5%, primarily resulting from increased pricing.
- Operating income
was $5.5 million compared to $1.1 million in the prior year period,
an increase of 388.2%. The increase in operating income was
primarily attributable to increased pricing and cost
reduction.
Industrial Automation
Segment
- Revenues were $9.0
million compared to $28.5 million in the prior year period, a
decrease of 68.4%, primarily due to decreased customer demand which
is expected to continue in the third quarter.
- Operating loss was
$2.1 million compared to operating income of $1.3 million in the
prior year period. The decrease in operating income was primarily
attributable to volume reduction and an inventory charge of $1.6
million. Adjusted operating loss was $1.7 million.
2023 Demand Outlook
According to ACT Research, 2023 North American
Class 8 truck production levels are expected to be at 339,000 units
and Class 5-7 production levels are expected to be at 258,000
units. Estimates from FTR for 2023 are 325,000 units, slightly
lower than ACT Research for Class 8 truck builds. The 2022 actual
Class 8 truck builds according to the ACT Research was 315,128
units.
The global commercial and automotive vehicle
wire harness market is growing at approximately 4.5%. The global
electric truck market expected to grow approximately 15% CAGR.
According to Interact Analysis, the Global
Off-Highway vehicle market is expected to increase approximately 4%
to 6.2 million units in 2023 from 5.9 million units in 2022. Beyond
2023, the Off-Highway vehicle market is expected to grow in the
4-5% range. We expect our legacy business growth rates to be in
line with this outlook.
Industry forecasts are expecting at least 4%
growth in 2023 for North American aftermarket truck parts.
Compounded annual growth of at least 4% is forecasted for
2023-2027.
GAAP to Non-GAAP
Reconciliation
A reconciliation of GAAP to non-GAAP financial
measures referenced in this release is included as Appendix A to
this release.
Conference Call
A conference call to discuss this press release
is scheduled for Wednesday, August 2, 2023, at 10:00 a.m. ET.
Management intends to reference the Q2 2023 Earnings Call
Presentation during the conference call. To participate, dial (888)
259-6580 using conference code 34051647. International participants
dial (416) 764-8624 using conference code 34051647.
This call is being webcast and can be accessed
through the “Investors” section of CVG’s website at ir.cvgrp.com,
where it will be archived for one year.
A telephonic replay of the conference call will be
available for a period of two weeks following the call. To access
the replay, dial (877) 674-7070 using access code 051647 and
international callers can dial (416) 764-8692 using access code
051647.
Company ContactAndy CheungChief
Financial OfficerCVGIR@cvgrp.com
Investor Relations ContactRoss
Collins or Stephen PoeAlpha IR GroupCVGI@alpha-ir.com
About CVG
At CVG, we deliver real solutions to complex
design, engineering and manufacturing problems while creating
positive change for our customers, industries and communities we
serve. Information about the Company and its products is available
on the internet at www.cvgrp.com.
Forward-Looking Statements
This press release contains forward-looking
statements that are subject to risks and uncertainties. These
statements often include words such as “believe”, “anticipate”,
“plan”, “expect”, “intend”, “will”, “should”, “could”, “would”,
“project”, “continue”, “likely”, and similar expressions. In
particular, this press release may contain forward-looking
statements about the Company’s expectations for future periods with
respect to its plans to improve financial results, the future of
the Company’s end markets, changes in the Class 8 and Class 5-7
North America truck build rates, performance of the global
construction equipment business, the Company’s prospects in the
wire harness, warehouse automation and electric vehicle markets,
the Company’s initiatives to address customer needs, organic
growth, the Company’s strategic plans and plans to focus on certain
segments, competition faced by the Company, volatility in and
disruption to the global economic environment and the Company’s
financial position or other financial information. These statements
are based on certain assumptions that the Company has made in light
of its experience as well as its perspective on historical trends,
current conditions, expected future developments and other factors
it believes are appropriate under the circumstances. Actual results
may differ materially from the anticipated results because of
certain risks and uncertainties, including those included in the
Company’s filings with the SEC. There can be no assurance that
statements made in this press release relating to future events
will be achieved. The Company undertakes no obligation to update or
revise forward-looking statements to reflect changed assumptions,
the occurrence of unanticipated events or changes to future
operating results over time. All subsequent written and oral
forward-looking statements attributable to the Company or persons
acting on behalf of the Company are expressly qualified in their
entirety by such cautionary statements.
COMMERCIAL
VEHICLE GROUP, INC. AND SUBSIDIARIES |
CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS |
Three Months
and Six Months Ended June 30, 2023 and 2022 |
(Unaudited) |
(Amounts in
thousands, except per share amounts) |
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Revenues |
$ |
262,194 |
|
$ |
250,849 |
|
|
$ |
524,903 |
|
$ |
495,223 |
Cost of revenues |
|
223,793 |
|
|
228,970 |
|
|
|
451,293 |
|
|
447,961 |
Gross profit |
|
38,401 |
|
|
21,879 |
|
|
|
73,610 |
|
|
47,262 |
Selling, general and administrative expenses |
|
22,457 |
|
|
15,652 |
|
|
|
43,022 |
|
|
32,651 |
Operating income |
|
15,944 |
|
|
6,227 |
|
|
|
30,588 |
|
|
14,611 |
Other (income) expense |
|
307 |
|
|
(167 |
) |
|
|
105 |
|
|
874 |
Interest expense |
|
2,804 |
|
|
2,118 |
|
|
|
5,694 |
|
|
4,079 |
Loss on extinguishment of debt |
|
— |
|
|
921 |
|
|
|
— |
|
|
921 |
Income before provision for income taxes |
|
12,833 |
|
|
3,355 |
|
|
|
24,789 |
|
|
8,737 |
Provision for income taxes |
|
2,693 |
|
|
870 |
|
|
|
5,949 |
|
|
2,270 |
Net income |
$ |
10,140 |
|
$ |
2,485 |
|
|
$ |
18,840 |
|
$ |
6,467 |
Earnings per Common Share: |
|
|
|
|
|
|
|
Basic |
$ |
0.31 |
|
$ |
0.08 |
|
|
$ |
0.57 |
|
$ |
0.20 |
Diluted |
$ |
0.30 |
|
$ |
0.08 |
|
|
$ |
0.57 |
|
$ |
0.20 |
Weighted average shares outstanding: |
|
|
|
|
|
|
|
Basic |
|
33,051 |
|
|
32,237 |
|
|
|
32,960 |
|
|
32,152 |
Diluted |
|
33,429 |
|
|
33,039 |
|
|
|
33,312 |
|
|
33,009 |
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIES |
CONDENSED CONSOLIDATED BALANCE SHEETS |
(Unaudited) |
(Amounts in thousands, except per share
amounts) |
|
ASSETS |
June 30, 2023 |
|
December 31, 2022 |
Current assets: |
|
|
|
Cash |
$ |
42,441 |
|
|
$ |
31,825 |
|
Accounts receivable, net |
|
173,461 |
|
|
|
152,626 |
|
Inventories |
|
131,695 |
|
|
|
142,542 |
|
Other current assets |
|
22,180 |
|
|
|
12,582 |
|
Total current assets |
|
369,777 |
|
|
|
339,575 |
|
Property, plant and equipment, net |
|
70,371 |
|
|
|
67,805 |
|
Intangible assets, net |
|
12,924 |
|
|
|
14,620 |
|
Deferred income taxes |
|
11,004 |
|
|
|
12,275 |
|
Other assets, net |
|
36,414 |
|
|
|
35,993 |
|
Total assets |
$ |
500,490 |
|
|
$ |
470,268 |
|
LIABILITIES AND STOCKHOLDERS' EQUITY |
|
|
|
Current liabilities: |
|
|
|
Accounts payable |
$ |
106,310 |
|
|
$ |
122,091 |
|
Accrued liabilities and other |
|
54,680 |
|
|
|
42,809 |
|
Current portion of long-term debt and short-term debt |
|
17,260 |
|
|
|
10,938 |
|
Total current liabilities |
|
178,250 |
|
|
|
175,838 |
|
Long-term debt |
|
143,943 |
|
|
|
141,499 |
|
Pension and other post-retirement benefits |
|
8,780 |
|
|
|
8,428 |
|
Other long-term liabilities |
|
25,757 |
|
|
|
24,463 |
|
Total liabilities |
$ |
356,730 |
|
|
$ |
350,228 |
|
Stockholders’ equity: |
|
|
|
Preferred stock |
$ |
— |
|
|
$ |
— |
|
Common stock |
|
330 |
|
|
|
328 |
|
Treasury stock |
|
(15,302 |
) |
|
|
(14,514 |
) |
Additional paid-in capital |
|
262,897 |
|
|
|
261,371 |
|
Retained deficit |
|
(76,755 |
) |
|
|
(95,595 |
) |
Accumulated other comprehensive loss |
|
(27,410 |
) |
|
|
(31,550 |
) |
Total stockholders’ equity |
|
143,760 |
|
|
|
120,040 |
|
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY |
$ |
500,490 |
|
|
$ |
470,268 |
|
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIES |
BUSINESS SEGMENT FINANCIAL INFORMATION |
(Unaudited) |
(Amounts in thousands) |
|
|
Three Months Ended June 30, |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
$ |
152,730 |
|
$ |
142,785 |
|
$ |
63,625 |
|
$ |
47,345 |
|
$ |
36,829 |
|
$ |
32,172 |
|
$ |
9,010 |
|
|
$ |
28,547 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
262,194 |
|
$ |
250,849 |
Gross profit |
|
20,904 |
|
|
8,912 |
|
|
10,345 |
|
|
7,245 |
|
|
7,788 |
|
|
2,867 |
|
|
(636 |
) |
|
|
2,855 |
|
|
— |
|
|
|
— |
|
|
|
38,401 |
|
|
21,879 |
Selling, general & administrative expenses |
|
6,769 |
|
|
7,403 |
|
|
2,686 |
|
|
1,303 |
|
|
2,262 |
|
|
1,735 |
|
|
1,425 |
|
|
|
1,547 |
|
|
9,315 |
|
|
|
3,664 |
|
|
|
22,457 |
|
|
15,652 |
Operating income (loss) |
$ |
14,135 |
|
$ |
1,509 |
|
$ |
7,659 |
|
$ |
5,942 |
|
$ |
5,526 |
|
$ |
1,132 |
|
$ |
(2,061 |
) |
|
$ |
1,308 |
|
$ |
(9,315 |
) |
|
$ |
(3,664 |
) |
|
$ |
15,944 |
|
$ |
6,227 |
|
Six Months Ended June 30, |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
Revenues |
$ |
313,315 |
|
$ |
282,941 |
|
$ |
118,373 |
|
$ |
87,222 |
|
$ |
74,458 |
|
$ |
62,387 |
|
$ |
18,757 |
|
|
$ |
62,673 |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
524,903 |
|
$ |
495,223 |
Gross profit |
|
40,374 |
|
|
21,817 |
|
|
18,643 |
|
|
10,647 |
|
|
15,015 |
|
|
6,952 |
|
|
(422 |
) |
|
|
7,846 |
|
|
— |
|
|
|
— |
|
|
|
73,610 |
|
|
47,262 |
Selling, general & administrative expenses |
|
12,847 |
|
|
13,990 |
|
|
4,914 |
|
|
2,942 |
|
|
3,913 |
|
|
3,199 |
|
|
2,501 |
|
|
|
2,871 |
|
|
18,847 |
|
|
|
9,649 |
|
|
|
43,022 |
|
|
32,651 |
Operating income (loss) |
$ |
27,527 |
|
$ |
7,827 |
|
$ |
13,729 |
|
$ |
7,705 |
|
$ |
11,102 |
|
$ |
3,753 |
|
$ |
(2,923 |
) |
|
$ |
4,975 |
|
$ |
(18,847 |
) |
|
$ |
(9,649 |
) |
|
$ |
30,588 |
|
$ |
14,611 |
COMMERCIAL VEHICLE GROUP, INC. AND
SUBSIDIARIES |
Appendix A: Reconciliation of GAAP to Non-GAAP Financial
Measures |
(Unaudited) |
(Amounts in thousands, except per share amounts and
percentages) |
|
|
|
|
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Gross profit |
$ |
38,401 |
|
|
$ |
21,879 |
|
|
$ |
73,610 |
|
|
$ |
47,262 |
|
Restructuring |
|
683 |
|
|
|
1,455 |
|
|
|
1,373 |
|
|
|
2,349 |
|
Adjusted gross profit |
$ |
39,084 |
|
|
$ |
23,334 |
|
|
$ |
74,983 |
|
|
$ |
49,611 |
|
% of revenues |
|
14.9 |
% |
|
|
9.3 |
% |
|
|
14.3 |
% |
|
|
10.0 |
% |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Operating income (loss) |
$ |
15,944 |
|
|
$ |
6,227 |
|
|
$ |
30,588 |
|
|
$ |
14,611 |
|
Restructuring |
|
718 |
|
|
|
1,751 |
|
|
|
1,431 |
|
|
|
2,740 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
238 |
|
Total operating income adjustments |
|
718 |
|
|
|
1,870 |
|
|
|
1,431 |
|
|
|
2,978 |
|
Adjusted operating income |
$ |
16,662 |
|
|
$ |
8,097 |
|
|
$ |
32,019 |
|
|
$ |
17,589 |
|
% of revenues |
|
6.4 |
% |
|
|
3.2 |
% |
|
|
6.1 |
% |
|
|
3.6 |
% |
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Net income |
$ |
10,140 |
|
|
$ |
2,485 |
|
|
$ |
18,840 |
|
|
$ |
6,467 |
|
Operating income adjustments |
|
718 |
|
|
|
1,870 |
|
|
|
1,431 |
|
|
|
2,978 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
921 |
|
|
|
— |
|
|
|
921 |
|
Hryvnia fair value adjustments on forward exchange contracts |
|
— |
|
|
|
(424 |
) |
|
|
— |
|
|
|
251 |
|
Adjusted provision for income taxes1 |
|
(180 |
) |
|
|
(592 |
) |
|
|
(358 |
) |
|
|
(1,038 |
) |
Adjusted net income |
$ |
10,678 |
|
|
$ |
4,260 |
|
|
$ |
19,913 |
|
|
$ |
9,579 |
|
|
|
|
|
|
|
|
|
Diluted EPS |
$ |
0.30 |
|
|
$ |
0.08 |
|
|
$ |
0.57 |
|
|
$ |
0.20 |
|
Adjustments to diluted EPS |
$ |
0.02 |
|
|
$ |
0.05 |
|
|
$ |
0.03 |
|
|
$ |
0.09 |
|
Adjusted diluted EPS |
$ |
0.32 |
|
|
$ |
0.13 |
|
|
$ |
0.60 |
|
|
$ |
0.29 |
|
-
Reported Tax Provision adjusted for tax effect of special charges
at 25%
|
Three Months Ended |
|
Six Months Ended |
|
June 30, 2023 |
|
June 30, 2022 |
|
June 30, 2023 |
|
June 30, 2022 |
Net income |
$ |
10,140 |
|
|
$ |
2,485 |
|
|
$ |
18,840 |
|
|
$ |
6,467 |
|
Interest expense |
|
2,804 |
|
|
|
2,118 |
|
|
|
5,694 |
|
|
|
4,079 |
|
Provision for income taxes |
|
2,693 |
|
|
|
870 |
|
|
|
5,949 |
|
|
|
2,270 |
|
Depreciation expense |
|
3,547 |
|
|
|
3,719 |
|
|
|
6,977 |
|
|
|
7,294 |
|
Amortization expense |
|
864 |
|
|
|
855 |
|
|
|
1,696 |
|
|
|
1,712 |
|
EBITDA |
$ |
20,048 |
|
|
$ |
10,047 |
|
|
$ |
39,156 |
|
|
$ |
21,822 |
|
% of revenues |
|
7.6 |
% |
|
|
4.0 |
% |
|
|
7.5 |
% |
|
|
4.4 |
% |
|
|
|
|
|
|
|
|
EBITDA adjustments |
|
|
|
|
|
|
|
Restructuring |
$ |
718 |
|
|
$ |
1,751 |
|
|
$ |
1,431 |
|
|
$ |
2,740 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
238 |
|
Loss on extinguishment of debt |
|
— |
|
|
|
921 |
|
|
|
— |
|
|
|
921 |
|
Hryvnia fair value adjustments on forward exchange contracts |
|
— |
|
|
|
(424 |
) |
|
|
— |
|
|
|
251 |
|
Adjusted EBITDA |
$ |
20,766 |
|
|
$ |
12,414 |
|
|
$ |
40,587 |
|
|
$ |
25,972 |
|
% of revenues |
|
7.9 |
% |
|
|
4.9 |
% |
|
|
7.7 |
% |
|
|
5.2 |
% |
|
Three Months Ended June 30, 2023 |
|
VehicleSolutions |
|
ElectricalSystems |
|
AftermarketandAccessories |
|
IndustrialAutomation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
14,135 |
|
|
$ |
7,659 |
|
|
$ |
5,526 |
|
|
$ |
(2,061 |
) |
|
$ |
(9,315 |
) |
|
$ |
15,944 |
|
Restructuring |
|
340 |
|
|
|
— |
|
|
|
— |
|
|
|
378 |
|
|
|
— |
|
|
|
718 |
|
Adjusted operating income (loss) |
$ |
14,475 |
|
|
$ |
7,659 |
|
|
$ |
5,526 |
|
|
$ |
(1,683 |
) |
|
$ |
(9,315 |
) |
|
$ |
16,662 |
|
% of revenues |
|
9.5 |
% |
|
|
12.0 |
% |
|
|
15.0 |
% |
|
|
(18.7 |
)% |
|
|
|
|
6.4 |
% |
|
Six Months Ended June 30, 2023 |
|
VehicleSolutions |
|
ElectricalSystems |
|
AftermarketandAccessories |
|
IndustrialAutomation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
27,527 |
|
|
$ |
13,729 |
|
|
$ |
11,102 |
|
|
$ |
(2,923 |
) |
|
$ |
(18,847 |
) |
|
$ |
30,588 |
|
Restructuring |
|
423 |
|
|
|
8 |
|
|
|
— |
|
|
|
1,000 |
|
|
|
— |
|
|
|
1,431 |
|
Adjusted operating income (loss) |
$ |
27,950 |
|
|
$ |
13,737 |
|
|
$ |
11,102 |
|
|
$ |
(1,923 |
) |
|
$ |
(18,847 |
) |
|
$ |
32,019 |
|
% of revenues |
|
8.9 |
% |
|
|
11.6 |
% |
|
|
14.9 |
% |
|
|
(10.3 |
)% |
|
|
|
|
6.1 |
% |
|
Three Months Ended June 30, 2022 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
1,509 |
|
|
$ |
5,942 |
|
|
$ |
1,132 |
|
|
$ |
1,308 |
|
|
$ |
(3,664 |
) |
|
$ |
6,227 |
|
Restructuring |
|
— |
|
|
|
571 |
|
|
|
560 |
|
|
|
314 |
|
|
|
306 |
|
|
$ |
1,751 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
119 |
|
|
|
— |
|
|
|
119 |
|
Adjusted operating income (loss) |
$ |
1,509 |
|
|
$ |
6,513 |
|
|
$ |
1,692 |
|
|
$ |
1,741 |
|
|
$ |
(3,358 |
) |
|
$ |
8,097 |
|
% of revenues |
|
1.1 |
% |
|
|
13.8 |
% |
|
|
5.3 |
% |
|
|
6.1 |
% |
|
|
|
|
3.2 |
% |
|
Six Months Ended June 30, 2022 |
|
Vehicle Solutions |
|
Electrical Systems |
|
Aftermarket and Accessories |
|
Industrial Automation |
|
Corporate/Other |
|
Total |
Operating income (loss) |
$ |
7,827 |
|
|
$ |
7,705 |
|
|
$ |
3,753 |
|
|
$ |
4,975 |
|
|
$ |
(9,649 |
) |
|
$ |
14,611 |
|
Restructuring |
|
204 |
|
|
|
571 |
|
|
|
995 |
|
|
|
664 |
|
|
|
306 |
|
|
|
2,740 |
|
Deferred consideration purchase accounting |
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
238 |
|
|
|
— |
|
|
|
238 |
|
Adjusted operating income (loss) |
$ |
8,031 |
|
|
$ |
8,276 |
|
|
$ |
4,748 |
|
|
$ |
5,877 |
|
|
$ |
(9,343 |
) |
|
$ |
17,589 |
|
% of revenues |
|
2.8 |
% |
|
|
9.5 |
% |
|
|
7.6 |
% |
|
|
9.4 |
% |
|
|
|
|
3.6 |
% |
Use of Non-GAAP Measures
This earnings release contains financial
measures that are not calculated in accordance with U.S. generally
accepted accounting principles (“GAAP”). In general, the non-GAAP
measures exclude items that (i) management believes reflect the
Company’s multi-year corporate activities; or (ii) relate to
activities or actions that may have occurred over multiple or in
prior periods without predictable trends. Management uses these
non-GAAP financial measures internally to evaluate the Company’s
performance, engage in financial and operational planning and to
determine incentive compensation.
Management provides these non-GAAP financial
measures to investors as supplemental metrics to assist readers in
assessing the effects of items and events on the Company’s
financial and operating results and in comparing the Company’s
performance to that of its competitors and to comparable reporting
periods. The non-GAAP financial measures used by the Company may be
calculated differently from, and therefore may not be comparable
to, similarly titled measures used by other companies.
The non-GAAP financial measures disclosed by the
Company should not be considered a substitute for, or superior to,
financial measures calculated in accordance with GAAP. The
financial results calculated in accordance with GAAP and
reconciliations to those financial statements set forth above
should be carefully evaluated.
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