Slide 1: Q3 2024 Results
Q3 2024 Results October 31, 2024 stoneridge.com © 2024
Slide 2: Forward-Looking Statements
Q3 2024 Results Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or implied by the statements. Important f
Slide 3: Non-GAAP Financial Measures
Q3 2024 Results Non-GAAP Financial Measures Q3 2024 Q3 2024 This presentation contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP Reported Adjusted financial measures
Slide 4: Overview of Achievements
Q3 2024 Results Overview of Achievements • Announced MirrorEye availability on Daimler Truck North America’s (DTNA) new fifth generation Freightliner Cascadia, which begins series production in mid-2025 • MirrorEye is now standard equipment on certain DAF long-haul trucks and the Volvo FH Aero • As
Slide 5: Financial Summary
Q3 2024 Results Financial Q2 2024 vs. Q3 2024 Summary 250 200 $237.1 $213.8 Sales Third quarter performance significantly impacted by 150 reduced customer production volumes and non- Q2 2024 Q3 2024 operating expenses $53.7 $44.6 Adjusted 22.7% Q3 2024 Key Performance Drivers Gross 20.9% • Sales dec
Slide 6: Leak Detection Module First Business Award
Q3 2024 Results Leak Detection Module First Business Award First program awarded for Leak Detection Module in Control Devices on hybrid vehicle platform - situated for growth amid global hybrid vehicle expansion Leak Detection Module (LDM) Award • New program award with a major Chinese OEM on an all
Slide 7: MirrorEye OEM Update
Q3 2024 Results MirrorEye OEM Update • DAF’s Digital Vision system is now standard equipment on certain DAF long- haul trucks and continues to be optional for most of their other class 8 MirrorEye OEM launches continue – becoming standard vehicles equipment on multiple OEMs and vehicle platforms • E
Slide 8: MirrorEye Retrofit & Bus Update
Q3 2024 Results MirrorEye Retrofit & Bus Update Continued expansion of fleet and bus market opportunities in both North America and Europe Retrofit Update Bus Update • Announced new MirrorEye fleet partnership with DB Schenker, a global • Dutch bus manufacturer, VDL Bus & Coach announced an order of
Slide 9: Financial Update
Financial Update stoneridge.com © 2024
Slide 10: Q3 2024 Financial Highlights
Q3 2024 Results Q3 2024 Financial Highlights Q3 2024 Q3 2024 Reported Adjusted Third quarter performance significantly impacted by reduced customer production volumes $213.8 million - Key Performance Drivers Sales • Production volume headwinds across each of our primary end-markets Gross Profit $44.
Slide 11: Q3 Financial Results EBITDA Walk
Q3 2024 Results Q3 Financial Results EBITDA Walk Third quarter EBITDA significantly impacted by macroeconomic factors Non-Operating and FX Impact Q3 2024 EBITDA Walk vs. Prior Expectations • Total non-operating impact of $0.4 million vs. prior expectations ~$5M ~$16.8M • Non-cash equity loss on Auto
Slide 12: Control Devices Performance
Q3 2024 Results Control Devices $’s in USD Millions Q2 2024 vs Q3 2024 Performance $80.9 Continued focus on operational excellence and $74.3 operating cost control to offset production volume Sales headwinds Q2 2024 Q3 2024 Q3 2024 Financial Results • Lower sales vs. Q2 2024 due to lower production
Slide 13: Electronics Performance
Q3 2024 Results Electronics $’s in USD Millions Q2 2024 vs Q3 2024 Performance $153.5 $135.7 Q3 impacted by revenue headwinds Sales Q3 2024 Financial Results • Q3 sales declined by 11.6% vs Q2 due to continued macroeconomic pressures impacting the commercial vehicle and off-highway end markets in Q2
Slide 14: Stoneridge Brazil Performance
Q3 2024 Results Stoneridge Brazil $’s in USD Millions Q2 2024 vs Q3 2024 Performance $13.6 Positive Q3 performance driven by higher sales in the $11.8 OEM and aftermarket end markets Sales +15.0% Q3 2024 Financial Results Q2 2024 Q3 2024 • Q3 sales growth of $1.8 million, or 15%, vs. Q2 2024, primar
Slide 15: 2024 Full-Year Guidance Update
Q3 2024 Results 2024 Full-Year $’s in USD Millions Full-Year 2024 Revenue Guidance Walk Guidance Update $940M $895M - $905M Revenue Guidance Drivers ~($34M) ~$0 - ($10M) • Expectations for non-OEM and option-based products aligned with the low-end of Weighted-Average the previously provided range en
Slide 16: Capital Structure & Cash Performance
Q3 2024 Results Capital Structure & YTD Net Change in Cash vs. Prior Period Cash Performance $13.3 Continued focus on cash performance expected to improve working capital +$31.3M Cash Performance Update ($18.0) • Year-to-date cash performance improved $31.3 million vs. the same period in 2023 primar
Slide 17: Summary
Q3 2024 Results Summary Q3 Summary • Announced significant momentum in MirrorEye applications including OEM program launches, several OEMs making MirrorEye standard equipment on certain platforms and the continued expansion of MirrorEye fleet and bus partnerships • Announced first award for Leak Det
Slide 18: Appendix Materials
Appendix Materials stoneridge.com © 2024
Slide 19: Balance Sheets
September 30, December 31, (in thousands) 2024 2023 (Unaudited) ASSETS Appendix Current assets: Cash and cash equivalents $ 54,138 $ 40,841 Accounts receivable, less reserves of $845 and $1,058, respectively 158,529 166,545 Inventories, net 176,445 187,758 Prepaid expenses and other current assets 2
Slide 20: Income Statement
Appendix Income (in thousands, except per share data) Three months ended 2024 September 30, 2023 Nine months ended 2024 September 30, 2023 Statement Net sales Costs and expenses: $ 213,831 $ 238,164 $ 690,047 $ 746,303 Cost of goods sold 169,340 185,689 543,459 590,538 Selling, general and administr
Slide 21: Statements of Cash Flows
Nine months ended September 30, (in thousands) 2024 2023 OPERATING ACTIVITIES: Appendix Net loss $ (10,410) $ (8,207) Adjustments to reconcile net loss to net cash provided by (used for) operating activities: Depreciation 19,695 19,800 Amortization, including accretion and write-off of deferred fina
Slide 22: Segment Reporting
Three months ended Nine months ended September 30, September 30, 2024 2023 2024 2023 Net Sales: Appendix Control Devices $ 73,129 $ 89,344 $ 230,186 $ 267,406 Inter-segment sales 1,160 733 2,946 2,437 Control Devices net sales 74,289 90,077 233,132 269,843 Electronics 127,483 134,652 422,777 435,565
Slide 23: Reconciliations to US GAAP
Reconciliations to US GAAP stoneridge.com © 2024
Slide 24: US GAAP Reconciliations
US GAAP Reconciliations US GAAP Reconciliations This document contains information about Stoneridge's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest G
Slide 25: Reconciliation of Q3 2024 Adjusted EPS
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Q3 2024 Adjusted EPS (USD in millions, except EPS) Q3 2024 Q3 2024 EPS Net Loss $ (7.1) $ (0.26) Add: After-Tax Business Realignment Costs 0.2 0.01 Add: After-Tax Environmental Remediation Costs 0.1 0.00 Adjusted Net Loss $ (6.7) $ (0
Slide 26: Adjusted Gross Profit and Operating Income Reconciliation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Gross Profit (USD in millions) Q2 2024 Q3 2024 Gross Profit $ 53.7 $ 44.5 Add: Pre-Tax Business Realignment Costs — 0.1 Adjusted Gross Profit $ 53.7 $ 44.6 Reconciliation of Adjusted Operating Income (USD in millions) Q2 2024
Slide 27: Reconciliation of Adjusted EBITDA
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted EBITDA (USD in millions) Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Income (Loss) Before Tax $ 4.4 $ 3.2 $ (5.6) $ 1.9 $ (3.7) Interest expense, net 3.3 3.8 3.6 3.8 3.6 Depreciation and amortization 8.5 8.4 8.6 8.5 8.8 EBITDA $
Slide 28: Segment Adjusted Operating Income Reconciliation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Control Devices Adjusted Operating Income (USD in millions) Q2 2024 Q3 2024 Control Devices Operating Income $ 3.7 $ 2.1 Add: Pre-Tax Environmental Remediation Costs — 0.2 Control Devices Adjusted Operating Income $ 3.7 $ 2.3 Reconcil
Slide 29: Reconciliation of Q3 2024 Adjusted Tax Rate
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Q3 2024 Adjusted Tax Rate (USD in millions) Q3 2024 Tax Rate Loss Before Tax $ (3.7) Add: Pre-Tax Business Realignment Costs 0.3 Add: Pre-Tax Environmental Remediation Costs 0.2 Adjusted Loss Before Tax $ (3.2) Income Tax Expense 3.4
Slide 30: Adjusted EBITDA for Compliance Calculation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted EBITDA for Compliance Calculation (USD in millions) Q2 2023 Q3 2023 Q4 2023 Q1 2024 Q2 2024 Q3 2024 Income (Loss) Before Tax $ (1.5) $ 4.4 $ 3.2 (5.6) $ 1.9 $ (3.7) Interest Expense, net 3.1 3.3 3.8 3.6 3.8 3.6 Depreciation a
Slide 31: Adjusted Cash and Debt for Compliance Calculation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Cash for Compliance Calculation (USD in millions) Q1 2024 Q2 2024 Q3 2024 Total Cash and Cash Equivalents $ 48.4 $ 42.1 $ 54.1 Less: 35% of Cash in Foreign Locations (14.8) (12.5) (15.1) Total Adjusted Cash (Compliance) $ 33.
Slide 32: stoneridge.com Stoneridge @StoneridgeInc
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