Gentherm Inc · NASDAQ:THRM
Gentherm — Q1 2023 Earnings Presentation
12 slides from Gentherm's earnings presentation, Apr 27, 2023
Slide 1: 2023 First Quarter Results
2023 First Quarter Results April 27, 2023 Proprietary © Gentherm 2023
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 by Gentherm Incorporated (the “Company”) pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All stat
Slide 3: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures* In addition to the results reported herein in accordance with GAAP, the Company has provided here or may discuss on the related conference call Adjusted Operating Expense, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free Cash Flow, Net Debt, organic rev
Slide 4: Automotive Highlights
Automotive Highlights 17 Vehicle launches with 9 OEMs Multiple CCS® Launches Cadillac XT3, Chevrolet Colorado, Silverado EV, Hyundai Genesis G80, Lincoln Nautilus, Great Wall Mecha Dragon EV, WEY Blue Mountain Additional thermal content with several OEMs – foundation for scalable ClimateSense® Deliv
Slide 5: New Automotive Business Awards
New Automotive Business Awards $480M in awards in 1Q Multiple CCS® Awards from: BYD | GM | Great Wall | Honda | Subaru 16 Combined thermal comfort, lumbar Steering Wheel Heater awards across and massage full system award with 10 OEMs including hands-on-detection Jaguar Land Rover enabled heater awar
Slide 6: Medical Highlights
Medical Highlights 13% Revenue up 13 percent year over year excluding the impact of foreign currency translation 35 new major hospital Replaced competitor products account expansion in China at University of Cincinnati Medical Center Double digit revenue growth Proprietary © Gentherm 2023 6
Slide 7: Select Income Statement Data
Select Income Statement Data Three Months Ended March 31, (Dollars in thousands, except per share data) Pro forma 2023 2022 2022 (1) Product Revenues $363,625 $267,657 $333,756 Automotive 352,692 257,864 323,963 Medical 10,933 9,793 Gross Margin 81,130 64,113 Gross Margin % 22.3% 24.0% Operating Exp
Slide 8: Select Balance Sheet Data
Select Balance Sheet Data (Dollars in thousands) March 31, 2023 December 31, 2022 Cash and Cash Equivalents $166,630 $153,891 Total Assets 1,268,746 1,239,300 Debt 234,554 235,096 Current 1,996 2,443 Non-Current 232,558 232,653 Revolving LOC Availability 266,444 264,904 Total Liquidity 433,074 418,7
Slide 9: 2023 Guidance
2023 Guidance 2022 A 2022 Pro forma(4) 2023 E Product Revenue (1)(2) $1.2B $1.3B $1.45B - $1.55B Adjusted EBITDA Margin (1)(2)(3) 11.4% 10.4% 11.5% – 13.5% Effective Tax Rate 36% 28% - 32% Capital Expenditures $40M $46M $60M - $70M (1) Based on the current forecast of customer orders, inflation and
Slide 10: Appendix
Appendix Proprietary © Gentherm 2023
Slide 11: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended March 31, (Dollars in thousands) 2023 2022 Net Income $7,963 $11,747 Add Back: Income Tax Expense 3,728 4,295 Interest Expense, net 4,144 569 Depreciation and Amortization 13,445 9,487 Adjustments: Restructuring Expenses
Slide 12: Reconciliation of Adjusted EPS
Reconciliation of Adjusted EPS Three Months Ended March 31, 2023 2022 Diluted EPS - As Reported $0.24 $0.35 Acquisition and Integration Expenses 0.05 0.10 Non-Cash Purchase Accounting Impacts 0.06 0.05 Unrealized Currency Loss (Gain) 0.18 (0.07) Restructuring Expenses 0.04 0.01 Non-Automotive Electr