Slide 1: Fiscal 2024 First Quarter Financial Results
FISCAL 2024 FIRST QUARTER FINANCIAL RESULTS September 7, 2023
Slide 2: Forward-Looking Statements
Forward-Looking Statements This presentation contains forward-looking statements within the meaning of the Private Securities • Impact from production delays or cancelled orders; Litigation Reform Act of 1995 that reflect, when made, our current views with respect to current • Investment in programs
Slide 3: Non-GAAP Financial Measures
Non-GAAP Financial Measures To supplement the company's financial statements presented in accordance with generally accepted accounting principles in the United States (“GAAP”), Methode uses Adjusted Net Income, Adjusted Earnings Per Share, Adjusted Income from Operations, Adjusted Selling and Admin
Slide 4: FY24 Q1 Highlights
FY24 Q1 Highlights Quarterly Performance Electric Vehicle Activity Sales of $290M 22% of Consolidated Sales Sales of $21M from Nordic Lights $30M+ in EV Program Awards Lighting Solutions Franchise Growth FY24 EV Sales Dependent on Take Rates & Roll Offs Business Activity Balance Sheet & Cash Flow Op
Slide 5: Select Business Awards
FY24 Q1 Select Business Awards Electric Vehicles • Battery Disconnect Unit for U.S. Auto OEM • Busbar Assembly for U.S. Auto OEM $33M* • Ground Strap Assembly for U.S. Auto OEM • High/Low Voltage EMC Filter for European Auto OEM Other • Cargo Lamp Assembly for U.S. Auto OEM $37M* • Torque Sensor for
Slide 6: Summary
Summary FY24 Q1 Sales Continue to be Solid, Including EV Nordic Lights Integration Progressing Program Award Pipeline Healthy Heavy Focus on Improving Operational Efficiency and Executing New Program Launches FY24-25 Sales Guidance Program Roll-offs and Market Headwinds in Commercial Vehic
Slide 7: Financial Results
QAETHODE ELECTRONICS Financial Results
Slide 8: Net Sales & Income from Operations
FY24 Q1 Net Sales & Income from Operations Net Sales Income from Adjusted Income ($M) Operations from Operations* ($M) ($M) 2.6% $289.7 (82.6%) (75.7%) $282.4 $21.8 $21.8 $3.8 $5.3 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 + Nordic Lights − Operational Inefficiencies Excludes: + Commercial Veh
Slide 9: Earnings Per Share & EBITDA
FY24 Q1 Earnings Per Share & EBITDA Diluted Earnings Adjusted Diluted EBITDA* Adjusted EBITDA* per Share Earnings per Share* ($M) ($M) ($) ($) (96.6%) (89.7%) (53.4%) (49.5%) $0.58 $0.58 $38.2 $38.2 $17.8 $19.3 $0.06 $0.02 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 − Operational
Slide 10: Balance Sheet
FY24 Q1 Balance Sheet Debt Cash and Cash Net Debt* ($M) Equivalents ($M) ($M) $32.2 $339.0 $41.3 $306.8 ($9.1) $157.0 $147.9 $191.1 $149.8 FY23 Q4 FY24 Q1 FY23 Q4 FY24 Q1 FY23 Q4 FY24 Q1 * See Appendix for reconciliation to GAAP 10 Debt Increase Mainly Driven by Working Capital Investments
Slide 11: Free Cash Flow
FY24 Q1 Free Cash Flow Net Cash Provided by Capital Free Cash Flow* Operating Activities Expenditure ($M) ($M) ($M) $4.2 ($18.3) ($22.5) $12.7 $9.6 $13.8 $3.1 -$5.6 FY23 Q1 FY24 Q1 -$19.4 FY23 Q1 FY24 Q1 FY23 Q1 FY24 Q1 * See Appendix for reconciliation to GAAP 11 Lower Free Cash Flow Mainly Due to
Slide 12: Guidance
Guidance Fiscal 2024 Q2 Guidance • Net sales range of $285 - $295 million • Diluted earnings per share range of $0.08 - $0.13 • Adjusted diluted earnings per share range of $0.12 - $0.17 • Adjusted diluted EPS excludes $0.04 for expected costs related to the discontinuation of Dabir Surfaces Fiscal
Slide 13: Thank You
AETHODE ELECTRONICS Thank You
Slide 14: Appendix: Reconciliation of Non-GAAP Measures
Appendix METHODE ELECTRONICS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (Unaudited) (in millions) Three Months Ended July 29, 2023 July 30, 2022 EBITDA: Net income $ 0.9 $ 21.5 Income tax expense 0.1 4.4 Interest expense, net 2.8 — Amortization of intangibles 5.7 4.7 Depreciation 8.3
Slide 15: Appendix: Reconciliation of Non-GAAP Financial Measures
Appendix METHODE ELECTRONICS, INC. AND SUBSIDIARIES RECONCILIATION OF NON-GAAP MEASURES (Unaudited) (in millions, except per share data) Reconciliation of Non-GAAP Financial Measures for the Three Months Ended July 29, 2023 Purchase accounting adjustments U.S. GAAP Acquisition related to Restructuri