Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Deutsche Bank Leveraged Finance Conference 2016
16 slides from Commercial Vehicle's conference presentation, Sep 26, 2016
Slide 1: Commercial Vehicle Group, Inc. - Deutsche Bank Leveraged Finance Conference
Commercial Vehicle Group, Inc. Deutsche Bank Leveraged Finance Conference September 27, 2016 Patrick Miller President and CEO Tim Trenary Chief Financial Officer Terry Hammett Treasurer and VP Investor Relations
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. In particular, this press release may con
Slide 3: Global Presence
$825M 2015 Sales 22 Facilities 9 Countries Global Presence pg | 2 North America 11 facilities Europe 5 facilities Asia-Pacific 6 facilities
Slide 4: Products
Products Seats & Seating Systems Cabs and Sleeper BoxesWiper Systems, Mirrors & Controls Wire Harnesses & Controls Interior Trim pg | 3
Slide 5: 2015 Sales Breakdown
$825 Million 2015 Sales pg | 4 78% 12% 10% Region N. America EMEA APAC 49% 18% 4% 1% 16% 12% End Market OEM Truck OEM Construction OEM Bus OEM Agriculture Aftermarket Other 41% 22% 19% 11% 7% Product Seats Trim Wire Harnesses Structures Wipers/Motors 20% 18% 11%8% 7% 6% 30% Customer Volvo Daimler Pa
Slide 6: 2015 Business Segment Sales
2015 Business Segment Sales¹ 70% 15% 6% 2% 7% Global Truck and Bus $565 Million MD/HD Truck OEM Aftermarket/OES Bus OEMs Construction OEMs Other 5… 16% 14% 5% 3% 3% 7% Global Construction and Agriculture $272 Million Construction Aftermarket/OES Auto Truck Agriculture Military Other pg | 5 1. Before
Slide 7: Strategies to Improve the Core
Strategies to Improve the Core Operational Improvement Margin Impact 18% Fewer Sales pg | 6 Optimizing North American capacity utilization and facility footprint Changes are announced and underway – complete by the end of 2017 Leveraging global buy, increasing standardization, and localizing s
Slide 8: Winning next generation business
Winning next generation business Launching seat, trim, and/or cab structures for most major North American Truck OEMs in 2017 and 2018 Landed next gen global off-road seat programs Enhancing off-road equipment seating product line Two phase product development for large and medium equipmen
Slide 9: Financial Update
FINANCIAL UPDATE
Slide 10: Financial Results - ACT outlook for truck production
Financial Results pg | 9 ACT outlook for medium and heavy duty truck production (000’s)* Class 8 Class 5-7 * Source: ACT Research See appendix for reconciliation of GAAP to non-GAAP financial measures
Slide 11: Business Segments
Business Segments¹ pg | 10 (Dollars in millions) Global Truck & Bus Global Construction & Agriculture Sales 112.1 68.5 Gross Profit 14.4 10.3 Margin 12.9 % 15.0 % SG&A 5.6 4.8 Operating Income 8.5 5.5 Margin 7.6 % 8.0 % Adjusted Operating Income 8.8 5.7 Margin 7.9 % 8.3 % Three Months Ended June 30,
Slide 12: Capital Structure
(Millions) 2013 2014 2015 LTM Q2 2016 Principal $ 235 Debt $ 250 $ 250 $ 235 $ 235 Interest 7.875% Cash 73 70 92 124 Due April 2019 Net Debt $ 177 $ 180 $ 143 $ 111 April 2016 Redemption 102% Post April 2016 Redemption7 100% EBITDA $ 27 $ 52 $ 56 $ 49 Leverage: Debt / EBITDA 9.3 X 4.8 X 4.2 X 4.8 X
Slide 13: GAAP to Non-GAAP Reconciliation - Appendix
GAAP to Non-GAAP Reconciliation APPENDIX
Slide 14: Adjusted Operating Income Reconciliation
GAAP to Non-GAAP Reconciliation Adjusted Operating Income Reconciliation pg | 13 2016 (Dollars in millions) Q2 FY Q2 Sales 217.6 825.3 178.2 Cost of Sales 188.1 714.5 153.9 Gross Profit 29.5 110.8 24.3 SG&A 17.6 71.5 15.6 Amortization 0.3 1.3 0.3 Operating Income 11.6 38.0 8.4 Margin 5.3 % 4.6 % 4.7
Slide 15: EBITDA Reconciliation
EBITDA Reconciliation GAAP to Non-GAAP Reconciliation pg | 14 (Dollars in millions) 2013 2014 2015 LTM Q2 2016 Operating Income 6.4 33.7 38.0 32.2 Depreciation 19.0 16.7 16.4 16.0 Amortization 1.6 1.5 1.3 1.3 EBITDA 27.0 51.9 55.7 49.5
Slide 16: Business Segment Adjusted Operating Income Reconciliation
GAAP to Non-GAAP Reconciliation Business Segment Adjusted Operating Income Reconciliation pg | 15 Three Months Ended June 30, 2016 (Dollars in millions) Global Truck & Bus Global Construction & Agriculture Operating Income 8.5 5.5 Special Items Restructuring 0.3 0.2 Adjusted Operating Income 8.8 5.7
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