Gentherm Inc · NASDAQ:THRM
Gentherm — Q3 2020 Earnings Presentation
12 slides from Gentherm's earnings presentation, Oct 29, 2020
Slide 1: Gentherm Reports 2020 Third Quarter Results
Record Quarterly Automotive Revenue Achieved Highest Quarterly Gross Margin and Gross Margin Rate in Three Years Strong Quarterly Net Income Growth and Record Quarterly Adjusted EBITDA NORTHVILLE, Michigan, October 29, 2020 /Global Newswire/ - Gentherm (NASDAQ:THRM), a global market leader of innova
Slide 2: Third Quarter Financial Review and Guidance
year growth of 17.3% in Gentherm Medical, primarily due to increased demand for Stihler resistive blood warming products, Hemotherm ® cardiovascular heater / cooler systems and the Blanketrol® solutions. See the “Revenue by Product Category” table included below for additional detail. The gross marg
Slide 3: Webcast, 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 approximately two hours after the call until 11:59 pm Eastern Time on November 12, 2020. The replay can
Slide 4: Forward-Looking Statements (continued)
revolving credit facility; the Company’s failure to be in compliance with covenants under its debt agreements due to COVID-19 or otherwise could result in an event of default thereunder, and if the lenders thereunder do not agree to amend or waive, the amounts outstanding under its debt agreements m
Slide 5: Consolidated Condensed Statements of Income
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Product revenues $ 259,540 $ 240,056 $ 624,214 $ 741,303 Cost of sales 176,935 165,364 448,807 518,
Slide 6: Revenue by Product Category
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY (Unaudited, in thousands) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 % Change 2020 2019 % Change Climate Control Seats (CCS) $ 97,058 $ 88,133 10.1 % $ 229,465 $ 270,924 (15.3 )% Seat Heaters 73,471 71,030 3.4 % 171,34
Slide 7: Reconciliation of Net Income to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Nine Months Ended September 30, September 30, 2020 2019 2020 2019 Net income $ 24,146 $ 15,887 $ 25,697 $ 27,052 Add back: Income tax expense 9,603 6,771 15,214 19,214 Interest expense
Slide 8: depreciation and amortization, tax expense, and/or interest expense, some or all of which management
depreciation and amortization, tax expense, and/or interest expense, some or all of which management has not quantified for the future periods.
Slide 9: 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 Nine Months Ended Sept 30, Sept 30, 2020 2019 2020 2019 Net income $ 24,146 $ 15,887 $ 25,697 $ 27,052 Restructuring expenses 8,664 3,452 11,809 Gain on sale
Slide 10: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) September 30, 2020 December 31, 2019 ASSETS Current Assets: Cash and cash equivalents $ 226,533 $ 50,443 Restricted cash 2,506 2,505 Accounts receivable, net 193,249 159,710 Inventory: Raw mater
Slide 11: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Nine Months Ended September 30, 2020 2019 Operating Activities: Net income $ 25,697 $ 27,052 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortizatio
Slide 12: Gentherm
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