Gentherm Inc · NASDAQ:THRM
Gentherm — Q1 2020 Earnings Presentation
11 slides from Gentherm's earnings presentation, May 7, 2020
Slide 1: Gentherm Reports 2020 First Quarter Results
Significantly Improved Net Cash from Operating Activities Strong Total Liquidity of $450 Million at Quarter End Maintained Gross Margin Rate at Similar Levels Despite Market Challenges NORTHVILLE, Michigan, May 7, 2020 /Global Newswire/ -- Gentherm (NASDAQ:THRM), the global market leader and develop
Slide 2: Automotive and Industrial revenue, margin and expense discussion
Automotive revenues decline d 1 0.7 % year over year. The revenue increase in Steering Wheel Heat ers and B attery T hermal M anagement (BTM) was more than offset by revenue dec rease s in all other product categories . Adjusting for foreign currency translation, organic Automotive revenues de c rea
Slide 3: COVID-19 Actions
COVID-19 Actions “We are incredibly proud of the agility, flexibility and dedication demonstrated by our team in these challenging times,” said Eyler. “I want to thank our more than 11,000 global employees for their strong execution, which has allowed us to keep successfully delivering on our commit
Slide 4: Forward-looking statements
COVID-19 and its direct and indirect adverse impacts on the automobile and medical industries and global economy has, and will continue to have, an adverse effect on, among other things, the Company’s financial condition, business operations and stock price; future borrowing availability under the C
Slide 5: Forward-looking statements (continued)
could harm the Company’s operations; free trade agreements may be altered or additional tariffs may be implemented; customers may not accept pass-through of tariff costs; the Company may be unable to protect its intellectual property in certain jurisdictions; there may be manufacturing or design def
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, 2020 2019 Product revenues $ 228,613 $ 257,921 Cost of sales 162,546 182,614 Gross margin 66,067 75,307 Operating expenses: Net research and development ex
Slide 7: Revenue by Product Category
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY (Unaudited, in thousands) Three Months Ended March 31, 2020 2019 % Diff Climate Control Seats (CCS) $ 82,528 $ 94,354 (12.5 )% Seat Heaters 64,532 73,920 (12.7 )% Automotive Cables 22,140 23,749 (6.8 )% Steering Wheel Heaters 19,235 16,970 13.3 % Bat
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, 2020 2019 Net income $ 11,873 $ 8,414 Add back: Income tax expense 5,406 6,895 Interest expense 1,368 Depreciation and amortization 10,153 10,980 Adjustments: Restructuring e
Slide 9: Acquisition Transaction Expenses, Purchase Accounting Impacts and Other Effects
GENTHERM INCORPORATED ACQUISITION TRANSACTION EXPENSES, PURCHASE ACCOUNTING IMPACTS AND OTHER EFFECTS (In thousands, except per share data) (Unaudited) Three Months Ended March 31, Future Full Year Periods (estimated) 2020 2019 2020 2021 2022 2023 Thereafter Transaction related current expenses Acqu
Slide 10: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2020 December 31, 2019 ASSETS Current Assets: Cash and cash equivalents $ 222,939 $ 50,443 Restricted cash 2,505 2,505 Accounts receivable, less allowance of $1,639 and $1,193, respect
Slide 11: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2020 2019 Operating Activities: Net income $ 11,873 $ 8,414 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 10