Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Bank of America Merrill Lynch 2016 Leveraged Finance Conference
16 slides from Commercial Vehicle's conference presentation, Nov 28, 2016
Slide 1: Bank of America Merrill Lynch 2016 Leveraged Finance Conference
Commercial Vehicle Group, Inc. Bank of America Merrill Lynch 2016 Leveraged Finance Conference November 29, 2016 Patrick Miller President and CEO Tim Trenary Chief Financial Officer Terry Hammett Treasurer and VP Investor Relations
Slide 2: Forward Looking Statement
Forward Looking Statement This presentation contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as "believe," "expect," "anticipate," "intend," "plan," "estimate," or similar expressions. In particular, this press release may con
Slide 3: Global Presence
22 Facilities 9 Countries 2015 sales $825M NASDAQ CVGI Global Presence pg | 1 North America 11 facilities Europe 5 facilities Asia Pacific 6 Facilities
Slide 4: Products
Products Seats & Seating Systems Cabs and Sleeper BoxesWiper Systems, Mirrors & Controls Wire Harnesses & Controls Interior Trim pg | 3
Slide 5: 2015 Sales: $825 Million
$825 Million 2015 Sales pg | 4 78% 12% 10% Region N. America EMEA APAC 49% 18% 4% 1% 16% 12% End Market OEM Truck OEM Construction OEM Bus OEM Agriculture Aftermarket Other 41% 22% 19% 11% 7% Product Seats Trim Wire Harnesses Structures Wipers/Motors 20% 18% 11%8% 7% 6% 30% Customer Volvo Daimler Pa
Slide 6: 2015 Business Segment Sales
2015 Business Segment Sales¹ 70% 15% 6% 2% 7% Global Truck and Bus $565 Million MD/HD Truck OEM Aftermarket/OES Bus OEMs Construction OEMs Other 52% 16% 14% 5% 3% 3% 7% Global Construction and Agriculture $272 Million Construction Aftermarket/OES Auto Truck Agriculture Military Other pg | 5 1. Befor
Slide 7: Strategies to Improve the Core
Strategies to Improve the Core Operational Improvement Margin Impact 18% Fewer Sales pg | 6 Restructuring Update Executive leadership realigned Major changes announced – on target for completion by the end of 2017 Supply Chain - Leveraging globally, increasing standardization, and localizing
Slide 8: Targets for Growth
pg | 7 Targets for Growth New off-road seating product lines Construction and Ag seats debut in Nov 2016. Includes light duty equipment applications Global Ag market Wire harness, interior trim, and seats. Potential addressable market ~ $900M Wire harnesses – Europe and North America Winning in new
Slide 9: Financial Update
FINANCIAL UPDATE
Slide 10: Financial Results
(Dollars in millions) 2016 2015 Sales 153.6 202.7 Reflects end markets Gross Profit 18.9 27.9 Margin 12.3 % 13.8 % SG&A 14.1 17.6 Down $3.5 million Operating Income 4.5 9.9 Margin 2.9 % 4.9 % Adjusted Operating Income 6.0 10.3 Margin 3.9 % 5.1 % Good margin protection N.A. Class 8 Production (000's)
Slide 11: Business Segments
Business Segments¹ pg | 10 1. Before intercompany sales eliminations See appendix for reconciliation of GAAP to non-GAAP financial measures (Dollars in millions) Global Truck & Bus Global Construction & Agriculture Sales 96.0 59.4 Gross Profit 10.8 8.5 Margin 11.2 % 14.4 % SG&A 5.3 4.6 Operating Inc
Slide 12: Capital Structure
See appendix for reconciliation of GAAP to non-GAAP financial measures Capital Structure pg | 11 Capital Allocation: 1.) liquidity 2.) growth 3.) de-leverage 4.) return capital to shareholders (Dollars in millions) 2013 2014 2015 LTM Q3 2016 Principal Balance 235 Debt 250 250 235 235 Interest 7.875%
Slide 13: GAAP to Non-GAAP Reconciliation Appendix
GAAP to Non-GAAP Reconciliation APPENDIX
Slide 14: Adjusted Operating Income Reconciliation
GAAP to Non-GAAP Reconciliation Adjusted Operating Income Reconciliation pg | 13 2015 2016 (Dollars in millions) YTD Q3 YTD Q3 Sales 640.6 512.2 Cost of Sales 554.2 443.2 Gross Profit 86.4 69.0 SG&A 52.7 46.5 Amortization 1.0 1.0 Operating Income 32.7 21.5 Margin 5.1 % 4.2 % Special Items: Restructu
Slide 15: EBITDA Reconciliation
EBITDA Reconciliation GAAP to Non-GAAP Reconciliation pg | 14 Q4 Q1 Q2 Q3 LTM (Dollars in millions) 2013 2014 2015 2015 2016 2016 2016 Q3 2016 Net Income (12.5) 7.6 7.1 (2.3) 2.6 2.7 1.1 4.1 Interest 21.1 20.7 21.4 5.9 4.9 4.9 5.0 20.6 Income Tax (2.3) 5.1 9.8 1.7 1.2 0.8 (1.5) 2.1 Depreciation 19.0
Slide 16: Business Segment Adjusted Operating Income Reconciliation
GAAP to Non-GAAP Reconciliation Business Segment Adjusted Operating Income Reconciliation pg | 15 Three Months Ended September 30, 2016 (Dollars in millions) Global Truck & Bus Global Construction & Agriculture Operating Income 5.1 3.9 Special Items Restructuring 1.4 0.2 Adjusted Operating Income 6.
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