Gentherm Inc · NASDAQ:THRM
Gentherm — Q1 2021 Earnings Presentation
12 slides from Gentherm's earnings presentation, Apr 29, 2021
Slide 1: Gentherm Reports 2021 First Quarter Results
Strong Automotive Revenue Significantly Outperformed Light Vehicle Production Secured $400 Million in New Automotive Awards Maintains 2021 Guidance NORTHVILLE, Michigan, April 29, 2021 /Global Newswire/ -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management
Slide 2: Gross margin, expenses and 2021 guidance
Gross margin rate in creased to 30.4 % in the current - year period, as c ompared with 2 8.9 % in the prior- year period . The 150 -basis point improvement over the prior-year period resulted from favorable foreign currency translation, fixed cost leverage from higher unit volume and labor productiv
Slide 3: Webcast replay, 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 at approximately two hours after the call until 11:59 pm Eastern Time on May 13, 2021. The replay can b
Slide 4: Forward-Looking Statements (continued)
liquidity, borrowing availability under the Company’s revolving credit facility, business operations , and stock price; ▪ the loss of any key suppliers, or any material delays in the supply chain of the Company or the OEMs and Tier 1s supplied by the Company, including resulting from a shortage of k
Slide 5: Forward-looking statements disclaimer of update obligation
Except as required by law, the Company expressly disclaims any obligation or undertaking to update any forward-looking statements to reflect any change in its expectations with regard thereto or any change in events, conditions or circumstances on which any such statement is based.
Slide 6: Consolidated Condensed Statements of Income
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2021 2020 Product revenues $ 288,535 $ 228,613 Cost of sales 200,866 162,546 Gross margin 87,669 66,067 Operating expenses: Net research and development ex
Slide 7: Revenue by Product Category and Reconciliation of Foreign Currency Translation Impact
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (In thousands) (Unaudited) Three Months Ended March 31, 2021 2020 % Change Climate Control Seat $ 109,173 $ 82,528 32.3 % Seat Heaters 76,721 64,532 18.9 % Steering Wheel Heaters 28,864 19,235
Slide 8: Reconciliation of Net Income to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended March 31, 2021 2020 Net income $ 32,909 $ 11,873 Add back: Depreciation and amortization 9,695 10,153 Income tax expense 7,565 5,406 Interest expense 1,039 Adjustments: Restructuring e
Slide 9: Use of Non-GAAP Financial Measures (continued)
we do and those calculations may not be comparable to our metrics. These non-GAAP measures have limitations as analytical tools, and when assessing the Company's operating performance or liquidity, investors should not consider these non-GAAP measures in isolation, or as a substitute for net income,
Slide 10: Adjusted Net Income and Adjusted Earnings Per Share
GENTHERM INCORPORATED ADJUSTED NET INCOME AND ADJUSTED EARNINGS PER SHARE (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2021 2020 Net income $ 32,909 $ 11,873 Non-cash purchase accounting impact 2,050 2,143 Restructuring expenses 3,766 Unrealized currency (gain) loss
Slide 11: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2021 December 31, 2020 ASSETS Current Assets: Cash and cash equivalents $ 170,955 $ 268,345 Accounts receivable, net 222,385 211,672 Inventory: Raw materials 74,549 68,362 Work in proc
Slide 12: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2021 2020 Operating Activities: Net income $ 32,909 $ 11,873 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9