Gentherm Inc · NASDAQ:THRM
Gentherm — Q2 2020 Earnings Presentation
10 slides from Gentherm's earnings presentation, Aug 4, 2020
Slide 1: Gentherm Reports 2020 Second Quarter Results
Reduced Operating Expenses by 30% from the Prior-year Period Strong Cash Flow Generation in the First Half of 2020 Despite Unprecedented Market Challenges Total Liquidity of $369 Million at Quarter End NORTHVILLE, Michigan, August 4, 2020 /Global Newswire/ - Gentherm (NASDAQ:THRM), the global market
Slide 2: Second quarter financial review: margins, expenses and EPS
The 14.3% revenue decrease in Industrial resulted from the divestiture of Global Power Technologies (“GPT”), which was sold on October 1, 2019. The decrease was partially offset by year-over-year growth of 18.2% in Gentherm Medical, primarily due to increased demand for our Blanketrol® solutions , i
Slide 3: Webcast details, contacts and About Gentherm
A live webcast and one-year archived replay of the call can be accessed on the Events page of the Investor section of Gentherm's website at www.gentherm.com . A telephonic replay will be available approximately 2 hours after the call until 11:59 pm Eastern Time on August 18, 2020. The replay can be
Slide 4: Forward-looking statements (continued)
borrowing availability to be, and it may continue to be for at least the next 12 months, substantially less than the full amount of revolving credit facility; the Company’s failure to be in compliance with covenants under the revolving credit facility due to COVID-19 or otherwise could result in an
Slide 5: Consolidated Condensed Statements of (Loss) Income
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF (LOSS) INCOME (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Product revenues $ 136,061 $ 243,326 $ 364,674 $ 501,247 Cost of sales 109,326 170,612 271,872 353,226
Slide 6: Revenue by Product Category
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY (Unaudited, in thousands) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 % Change 2020 2019 % Change Climate Control Seats (CCS) $ 49,879 $ 88,437 (43.6 )% $ 132,407 $ 182,791 (27.6 )% Seat Heaters 33,342 73,628 (54.7 )% 97,874 147,5
Slide 7: Reconciliation of Net (Loss) Income to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET (LOSS) INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Net (loss) income $ (10,322 ) $ 2,751 $ 1,551 $ 11,165 Add back: Income tax expense 5,548 5,611 12,443 Interest expense 1,
Slide 8: Acquisition Transaction Expenses, Purchase Accounting Impacts and Other Effects
GENTHERM INCORPORATED ACQUISITION TRANSACTION EXPENSES, PURCHASE ACCOUNTING IMPACTS AND OTHER EFFECTS (In thousands, except per share data) (Unaudited) Three Months Ended Six Months Ended June 30, June 30, 2020 2019 2020 2019 Transaction related current expenses Acquisition transaction expenses $ —
Slide 9: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2020 December 31, 2019 ASSETS Current Assets: Cash and cash equivalents $ 209,170 $ 50,443 Restricted cash 2,505 2,505 Accounts receivable, less allowance of $1,800 and $1,193, respecti
Slide 10: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2020 2019 Operating Activities: Net income $ 1,551 $ 11,165 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 20,48