Stoneridge, Inc. · NYSE:SRI

Stoneridge — Q4 2024 Earnings Presentation

38 slides from Stoneridge's earnings presentation, Feb 27, 2025

Slide 2: Non-GAAP Financial Measures
Full-Year & Q4 2024 Results Non-GAAP Q4 Q4 Full-Year Full-Year Financial Measures Reported Adjusted / Non-GAAP Reported Adjusted / Non-GAAP This presentation contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted i
Slide 3: Forward-Looking Statements
Full-Year & Q4 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 these statement
Slide 4: 2024 Overview of Achievements
Full-Year & Q4 2024 Results 2024 Overview of Achievements Full Year 2024 Results • Outperformed weighted-average OEM end markets by 490 basis points* Sales Adjusted • MirrorEye revenue increased 22% year-over-year driven by new program launches and Gross Margin the continued ramp-up of previously la
Slide 5: Financial Summary
Full-Year & Q4 2024 Results Full-year 2023 vs. 2024 Financial Adjusted $961.2 $908.3 Summary Sales FY 2023 FY 2024 490 basis point sales outperformance vs. market and 150 basis point $202.1 $189.8 improvement in material and direct labor costs Adjusted 21.0% 20.9% Gross Full-Year 2024 Key Drivers Pr
Slide 6: MirrorEye Update
Full-Year & Q4 2024 Results MirrorEye Update Expecting significant MirrorEye revenue growth in 2025 and beyond Awarded OEM Programs through additional OEM program launches and expanding take-rates 2025 Targeted Expanding with Existing Programs Take Rate Estimated Peak Take • Full-year 2024 MirrorEye
Slide 7: Connected Trailer Suite of Products Launching in 2025
Full-Year & Q4 2024 Results Connected Trailer Suite of Products Launching in 2025 Connected Trailer Opportunities • Enabled by our proprietary technology enabling the industry first hard-wired connection between the tractor and the trailer through secondary display • Utilizing the traditional tracto
Slide 9: Q4 Performance Drivers
Full-Year & Q4 2024 Results Q4 Performance Drivers Q4 Adjusted EBITDA Drivers vs. Expectations $’s in USD Millions $2.1 $11.1 Q4 adjusted EBITDA reflects one-time quality-related items and incremental engineering costs $3.1 • Fourth quarter sales of $218.2 million were relatively in line with prior
Slide 10: Control Devices Performance
Full-Year & Q4 2024 Results Control Devices Performance Continued focus on material cost improvements led to 250 bps of operating 2023 vs 2024 margin improvement in 2024 $’s in USD Millions 2024 Financial Results $345.3 • Full-year sales declined by ~(14)% vs. 2023 primarily due to lower production
Slide 11: Electronics Performance
Full-Year & Q4 2024 Results Electronics 2023 vs 2024 Performance $’s in USD Millions Expecting revenue growth and margin expansion in 2025 driven by $593.6 $594.7 continued growth in MirrorEye programs 2024 Financial Results Sales** • 2024 Sales outperformed weighted-average OEM end markets by 16.3%
Slide 12: Stoneridge Brazil Performance
Full-Year & Q4 2024 Results Stoneridge Brazil $’s in USD Millions 2023 vs 2024 Performance $57.2 Expecting revenue growth and margin expansion in 2025. Focus remains on growth in local OEM business and engineering $50.1 capabilities to support global business. Sales 2024 Financial Results 2023 2024
Slide 13: Capital Structure Update
Full-Year & Q4 2024 Results Capital Structure Ending Inventory Balances Free Cash Flow Update $36.4M ~$25M +$55.5M Significant improvement in cash performance in 2024 $187.8 – expecting similar performance in 2025 $23.8 $25 $151.3 Amended credit facility creates ample liquidity for 2025 $126 Capital
Slide 14: 2025 Full-Year Guidance
Full-Year & Q4 2024 Results 2025 Full-Year Guidance 2025 2025 Mid-point Guidance 2025 Full-Year Guidance Guidance Range (vs. 2024 Adjusted) • Midpoint sales of $875 million • OEM volumes expected to decline by (3.8)% $860 million - $890 million $(33.3) million Sales • Significant MirrorEye growth •
Slide 15: 2025 Guidance Detail Revenue & EBITDA
Full-Year & Q4 2024 Results 2025 Revenue Guidance Walk 2025 Guidance Detail $908M $860M - $890M Revenue & EBITDA ($37M) ($41M) $54M ($9M) 2025 Revenue Guidance Drivers • 2025 market expectations aligned with current customer forecasts and market conditions - lower expectations than IHS production fo
Slide 16: Long-Term Targets
Full-Year & Q4 2024 Results Long-Term Revenue Targets Long-Term $1.3B-$1.45B Targets $860M-$890M ~$53M $50M+ $975M+ MirrorEye OEM Aftermarket / Off-highway / Control Devices 7.4% - 9.8% Based on OEM Connected Content & Revenue Growth 5-year weighted avg Trailer Market Growth market growth CAGR*** •
Slide 17: Summary
Full-Year & Q4 2024 Results Summary 2024 Summary Driving Long-Term Shareholder Value • Outperformed weighted average OEM end markets by 490 basis • Strong portfolio of technologies and systems driving growth points driven by 22% growth in MirrorEye and 83% growth in SMART throughout the business 2 t
Slide 19: Balance Sheets
December 31, (in thousands) 2024 2023 ASSETS Appendix Current assets: Cash and cash equivalents $ 71,832 $ 40,841 Accounts receivable, less reserves of $1,060 and $1,058, respectively 137,766 166,545 Inventories, net 151,337 187,758 Prepaid expenses and other current assets 26,579 34,246 Total curre
Slide 20: Income Statement
Appendix Year ended December 31, (in thousands, except per share data) 2024 2023 2022 Income Net sales $ 908,295 $ 975,818 $ 899,923 Statement Costs and expenses: Cost of goods sold Selling, general and administrative 719,042 117,460 774,512 117,395 724,997 106,695 Gain on sale of Canton Facility, n
Slide 21: Statements of Cash Flows
Year ended December 31, (in thousands) 2024 2023 2022 OPERATING ACTIVITIES: Net loss $ (16,524) $ (5,183) $ (14,056) Appendix Adjustments to reconcile net income to net cash provided by (used for) operating activities: Depreciation 26,140 26,749 26,720 Amortization, including accretion and write-off
Slide 22: Segment Reporting
December 31, 2024 2023 2022 Net Sales: Control Devices $ 292,606 $ 342,065 $ 342,596 Inter-segment sales 3,677 3,195 2,719 Appendix Control Devices net sales 296,283 345,260 345,315 Electronics 566,040 576,539 505,097 Inter-segment sales 28,664 31,621 28,709 Electronics net sales 594,704 608,160 533
Slide 23: Segment Reporting
December 31, 2024 2023 2022 Appendix Operating (Loss) Income: Control Devices $ 6,178 $ 13,582 $ 23,917 Electronics 25,561 27,309 5,128 Segment Stoneridge Brazil Unallocated Corporate (A) 982 (33,102) 4,454 (32,509) 3,150 (29,260) Reporting Total operating (loss) income $ (381) $ 12,836 $ 2,935 Depr
Slide 25: 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 26: Reconciliation of Adjusted EPS
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Q4 2024 Adjusted EPS (USD in millions, except EPS) Q4 2024 Q4 2024 EPS Net Loss $ (6.1) $ (0.22) Add: After-Tax Business Realignment Costs 0.3 0.01 Add: After-Tax Impact of Valuation Allowance 0.8 0.03 Adjusted Net Loss $ (5.0) $ (0.1
Slide 27: Reconciliation of Adjusted Gross Profit
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Gross Profit (USD in millions) Q4 2023 2023 Q4 2024 2024 Gross Profit $ 45.5 $ 201.3 $ 42.7 $ 189.3 Add: Pre-Tax Business Realignment Costs 0.1 0.8 0.4 0.5 Adjusted Gross Profit $ 45.7 $ 202.1 $ 43.1 $ 189.8 stoneridge.com 27
Slide 28: Reconciliation of Adjusted Operating Income (Loss)
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Operating Income (Loss) (USD in millions) Q4 2023 2023 Q4 2024 2024 Operating Income (Loss) $ 6.0 $ 12.8 $ (4.4) $ (0.4) Add: Pre-Tax Business Realignment Costs 0.1 4.5 0.4 2.6 Less: Pre-Tax Gain on Disposal of Fixed Assets —
Slide 29: Reconciliation of Adjusted EBITDA
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted EBITDA (USD in millions) Q4 2023 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 2024 Income (Loss) Before Tax $ 3.2 $ (1.9) $ (5.6) $ 1.9 $ (3.7) $ (6.2) $ (13.6) Interest expense, net 3.8 13.0 3.6 3.8 3.6 3.4 14.4 Depreciation and amo
Slide 30: Control Devices and Electronics Adjusted Operating Income
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Control Devices Adjusted Operating Income (Loss) (USD in millions) Q4 2023 2023 Q4 2024 2024 Control Devices Operating Income (Loss) $ 0.9 $ 13.6 $ (1.8) $ 6.2 Less: Pre-Tax Gain on Disposal of Fixed Assets — (0.8) — — Add: Pre-Tax En
Slide 31: Stoneridge Brazil Adjusted Operating Income
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Stoneridge Brazil Adjusted Operating Income (USD in millions) Q4 2023 2023 Q4 2024 2024 Stoneridge Brazil Operating Income $ 1.0 $ 4.5 $ 0.1 $ 1.0 Add: Pre-Tax Brazilian Indirect Tax Credits, Net — (0.5) — — Stoneridge Brazil Adjusted
Slide 32: Reconciliation of Adjusted Sales
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Sales (USD in millions) Q4 2023 2023 Q4 2024 2024 Sales $ 229.5 $ 975.8 $ 218.2 $ 908.3 Less: Sales from Spot Purchases Recoveries (0.2) (14.6) — — Adjusted Sales $ 229.4 $ 961.2 $ 218.2 $ 908.3 Reconciliation of Electronics
Slide 33: Q4 2024 Adjusted Tax Rate
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Q4 2024 Adjusted Tax Rate (USD in millions) Q4 2024 Tax Rate Loss Before Tax $ (6.2) Add: Pre-Tax Business Realignment Costs 0.4 Adjusted Loss Before Tax $ (5.7) Income Tax Benefit $ (0.1) 1.0 % Add: Tax Impact from Pre-Tax Adjustment
Slide 34: Full-Year 2024 Adjusted Tax Rate
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Full-Year 2024 Adjusted Tax Rate (USD in millions) 2024 Tax Rate Loss Before Tax $ (13.6) Add: Pre-Tax Business Realignment Costs 2.6 Add: Pre-Tax Environmental Remediation Costs 0.2 Adjusted Loss Before Tax $ (10.8) Income Tax Expens
Slide 35: Reconciliation of Free Cash Flow
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Free Cash Flow (USD in millions) 2023 2024 Cash Flow from Operating Activities $ 4.9 $ 47.7 Capital Expenditures, including Intangibles (38.5) (24.3) Proceeds from Sale of Fixed Assets 1.9 0.4 Free Cash Flow $ (31.7) $ 23.8 stoneridge
Slide 36: Adjusted EBITDA for Compliance Calculation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted EBITDA for Compliance Calculation (USD in millions) Q4 2023 Q1 2024 Q2 2024 Q3 2024 Q4 2024 Income (Loss) Before Tax $ 3.2 (5.6) $ 1.9 $ (3.7) $ (6.2) Interest Expense, net 3.8 3.6 3.8 3.6 3.4 Depreciation and Amortization 8.
Slide 37: Adjusted Cash and Debt for Compliance Calculation
US GAAP Reconciliations US GAAP Reconciliations Reconciliation of Adjusted Cash for Compliance Calculation (USD in millions) Q3 2024 Q4 2024 Total Cash and Cash Equivalents $ 54.1 $ 71.8 Less: 35% of Cash in Foreign Locations (15.1) (16.5) Total Adjusted Cash (Compliance) $ 39.0 $ 55.3 Reconciliatio

Stoneridge — Q4 2024 Earnings Presentation on 6ix

Stoneridge — Q4 2024 Earnings Presentation

Slide 1: Full-Year & Q4 2024 Results

Slide 2: Non-GAAP Financial Measures

Slide 3: Forward-Looking Statements

Slide 4: 2024 Overview of Achievements

Slide 5: Financial Summary

Slide 6: MirrorEye Update

Slide 7: Connected Trailer Suite of Products Launching in 2025

Slide 8: Financial Update

Slide 9: Q4 Performance Drivers

Slide 10: Control Devices Performance

Slide 11: Electronics Performance

Slide 12: Stoneridge Brazil Performance

Slide 13: Capital Structure Update

Slide 14: 2025 Full-Year Guidance

Slide 15: 2025 Guidance Detail Revenue & EBITDA

Slide 16: Long-Term Targets

Slide 17: Summary

Slide 18: Appendix Materials

Slide 19: Balance Sheets

Slide 20: Income Statement

Slide 21: Statements of Cash Flows

Slide 22: Segment Reporting

Slide 23: Segment Reporting

Slide 24: Reconciliations to US GAAP

Slide 25: US GAAP Reconciliations

Slide 26: Reconciliation of Adjusted EPS

Slide 27: Reconciliation of Adjusted Gross Profit

Slide 28: Reconciliation of Adjusted Operating Income (Loss)

Slide 29: Reconciliation of Adjusted EBITDA

Slide 30: Control Devices and Electronics Adjusted Operating Income

Slide 31: Stoneridge Brazil Adjusted Operating Income

Slide 32: Reconciliation of Adjusted Sales

Slide 33: Q4 2024 Adjusted Tax Rate

Slide 34: Full-Year 2024 Adjusted Tax Rate

Slide 35: Reconciliation of Free Cash Flow

Slide 36: Adjusted EBITDA for Compliance Calculation

Slide 37: Adjusted Cash and Debt for Compliance Calculation

Slide 38: stoneridge.com Stoneridge @StoneridgeInc