Gentherm Inc · NASDAQ:THRM
Gentherm — Q1 2020 Earnings Presentation
16 slides from Gentherm's earnings presentation, May 7, 2020
Slide 1: 2020 First Quarter Results
2020 First Quarter Results Gentherm, Inc. May 7, 2020 Exhibit 99.2
Slide 2: Forward-Looking Statement
Forward-Looking Statement Except for historical information contained herein, statements in this presentation are forward-looking statements that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Genthe
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures* In addition to the results reported in accordance with GAAP throughout this presentation, the Company has provided information regarding Adjusted EBITDA, Adjusted EPS and free cash flow, each a non-GAAP financial measure. The Company defines Adjusted EBITDA as ear
Slide 4: COVID-19 Actions Added Financial Flexibility
COVID-19 Actions Added Financial Flexibility to safeguard against uncertainties Health and safety of our team remains top priority Additional $169 million draw down under revolving credit facility Reprioritize capital expenditures Reduce discretionary operating expenses Defer employee compensation I
Slide 5: Manufacturing Plant Status
Manufacturing Plant Status Implemented safe work practices across global manufacturing footprint Facility Status Prilep, North Macedonia Vynohradiv, Ukraine Pilisszentivan, Hungary Stuttgart, Germany Facility Status Acuna, Mexico Celaya, Mexico Del Rio, TX, USA Burlington, Canada Cincinnati, OH, USA
Slide 6: 1Q 2020 Highlights
1Q 2020 Highlights Delivered solid financial results despite challenging environment Continued to outperform the automotive market Record quarterly revenue in Medical Disciplined expense management Significantly improved net cash provided by operating activities Strong balance sheet with total liqui
Slide 7: Automotive 1Q 2020 Highlights
Automotive 1Q 2020 Highlights Continue to outperform the Automotive market 39 Vehicle launches with 19 OEMs Multiple CCS® product launches Buick EncoreChangan PSA DS9 Hyundai Kona Kia Sorento SAIC RX7 Roewe Proprietary PHEV battery heating technology extended to second platform, Jeep Compass with LG
Slide 8: Automotive Awards
Automotive Awards Strong win rate for new awards from global OEMs continues $120M in awards in 1Q across 5 OEMs Multiple CCS® awards FordHyundai KiaRivian Strategic CCS Award for Hyundai Genesis EV platforms First Electronic Air-Cooling award for Infotainment Display and Head-Up Display with Mercede
Slide 9: Medical 1Q 2020 Highlights
Medical 1Q 2020 Highlights Well positioned to continue to grow the Medical business Record quarterly revenue, up 48% year-over-year, up 27% excluding the benefit from the acquisition of Stihler Substantial increase in Blanketrol® equipment and consumables shipments across U.S. and Europe to support
Slide 10: Summary
Summary Positioned to emerge as an even stronger company Executed against strategic plan Focused growth Divested non-core businesses Realigned cost structure Bringing innovative solutions to market Remain highly focused on strong execution Capabilities to pivot resources to meet immediate customer n
Slide 11: Selected Income Statement Data
Selected Income Statement Data 2020 2019 Product Revenues $ 228,613 $ 257,921 Gross Margin 66,067 75,307 Gross Margin % 28.9% 29.2% Operating Expenses 47,366 53,462 Operating Income 18,701 21,845 Adjusted EBITDA 32,711 35,194 Adjusted EBITDA % 14.3% 13.6% Diluted EPS - As Adjusted 0.51 0.55 Three Mo
Slide 12: Selected Balance Sheet Data
Selected Balance Sheet Data March 31, 2020 December 31, 2019 Cash and Cash Equivalents $ 222,939 $ 50,443 Restricted Cash 2,505 2,505 Total Assets 893,370 727,386 Debt 234,167 80,624 Current 2,500 2,500 Non-Current 231,667 78,124 Revolving LOC Availability 226,743 392,325 Total Liquidity 449,682 442
Slide 13: Gentherm
((l)) GENTHERM
Slide 14: Reconciliation of Net Income to Adjusted EBITDA
2020 2019 Net Income $ 11,873 $ 8,414 Add Back: Income tax expense 5,406 6,895 Interest expense 748 1,368 Depreciation and amortization 10,153 10,980 Adjustments: Restructuring expenses 3,766 1,914 Impairment loss and gain on sale of business − 5,514 Acquisition transaction expense − 38 Unrealized c
Slide 15: Reconciliation of Adjusted EPS
Reconciliation of Adjusted EPS 2020 2019 Diluted EPS - As Reported $ 0.36 $ 0.25 Acquisition Transaction Expenses − − Non-cash Purchase Accounting Impacts 0.07 0.07 Unrealized Currency Loss (gain) 0.02 (0.03) Restructuring Expenses 0.11 0.06 Impairment Loss and Gain on Sale of Business − 0.16 CFO Tr
Slide 16: Gentherm - Technology to the next degree
(()))) GENTHERM Technology to the next degree™