Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Sidoti Micro-Cap Conference 2022
21 slides from Commercial Vehicle's conference presentation, Aug 17, 2022
Slide 1: Sidoti Micro-Cap Conference
Sidoti Micro-Cap Conference Chris Bohnert - Chief Financial Officer August 17, 2022
Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures CVG These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, ‘anticipate’, “plan”, “expect”, “intend”, “will’, “should”, “could”, “would”, “project”,
Slide 3: CVG Overview
CVG Overview OUR MISSION $972, million 2021 SALES $73 million 2021 ADJ EBITDA CVG Find real solutions to complex design, engineering and manufacturing problems while creating positive change for the customers, industries and communities we serve. = : : cts z 30 va ocus on electric = , New vehicles,
Slide 4: Our Business
Our Business Industrial Automation Seating and Suspension Bastram’ KAB/Seating STRATOS =Manionat IS Electrical Systems Plastics ADVANCTEK Cab Structures o] [ CVG
Slide 5: Investment Highlights: New Management Team Driving Transformation
Investment Highlights CVG 1 New Management Team Driving Transformation 2 — Strategic Reorganization On-Going 3 7 4 Becoming an Emerging Leader in Electrification Systems ~ = Expanding into High Growth End Markets Approximately $2 Billion of Lifetime Revenue Secured 6 Capital Allocation to Drive Valu
Slide 6: Value Creation Initiatives
Ider Val Core Business Optimization * Improve pricing strategy and contractual agreements. * High impact vertical integration. * Cost reduction program. Win New Business Grow Earnings. Improve revenue mix. Incurring startup costs for future growth. CVG p fs Wb yy | — Debt Pay Down & Improve Free Cas
Slide 7: • • 2020 2021 2022 2023 2024 2025 2026 • 00 80 60 40
400 300 • 200 100 • 0 2020 2021 2022 2023 2024 2025 2026 • 100 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • • • • • • • •
Slide 8: Highly Configurable Electrical Applications
Highly Configurable Electrical Applications CVG Electric Vehicle Systems £ * Custom designed high and low voltage ~ _—- - electrical systems. Pan] _ oT le — Aviation & Aerospace * Custom designed high and low voltage Heetievenicles distribution boxes for vehicle - N optimization ue. NUMEROUS * Award
Slide 9: Warehouse Automation Electrical Systems All other
Warehouse Automation Electrical Systems All other 400 300 200 100 0 2022 2023 2024 2025 • •
Slide 10: 2021 vs 2025-2027
2021 2025-2027 2021 2025-2027
Slide 11: Second Half 2022 Poised for Improvement
Second Half 2022 Poised for Improvement Substantially renegotiated pricing with majority of customers. Continued execution of restructuring plan- vertical integration, regionalization, targeted headcount reduction. China COVID lockdownis currently lifted at our Shanghai plant. Ukraine and Czech Repu
Slide 12: Financial Review Second Quarter 2022
Financial Review second Quarter 2022
Slide 13: Q2 2022 Highlights
Q2 2022 Highlights FINANCIAL HIGHLIGHTS ant NET SALES $250.8 MILI + LION S ©) ADJUSTED OPERATINGINCOME $ 8.1 MILLION % ADJUSTED EBITDA $12.4 MILLION $ <— DILUTED ADJ. EPS $0.13 Note: US GAAP net income attributable to Commercial Vehicle Group, Inc. was $2.5M for Q2 FY22. GAAP diluted earnings per sh
Slide 14: Second Quarter Results
Second Quarter Results GAAP Measures Three Months Ended June30 NON-GAAP Measures cried hone ag ($ in millions except for share information) 2022 2021 ($inmillions except for share information) 2022 2021 Revenue $250.8 $257.9 Adjusted EBITDA $12.4 $216 Operating Income 6.2 16.3 Adjusted EBITDA Margin
Slide 15: Appendix
Appendix
Slide 16: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted acounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company's multi-year corporate
Slide 17: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Operating Income 6.2 16.3 Deferred Consideration Purchase Accounting 01 01 Restructuring 18 - Investigation - 0.2 Adjusted Operating Income 8.1 16.6 % of Revenues 3.2% 6.5% Net Income/(Loss) 25 5.1 Interest Expense 24 28 Provision (benefit) forin
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Measures — Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Financial Measures — Adjusted EBITDA (in millions) Net income/(Loss) 4.2 8.5 5.1 75 2.6 4.0 2.5 Interest 5.5 . 5.0 28 1.6 17 2.0 21 Provision / (Benefit) for Income Taxes (1.0) 5. 25 15 24 19 14 0.9 Depreciation 3.8 . 3.8 3.8 37 3.8 3.5 3.7 Amortization 0.9 . 0.9 0
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures — Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures — Diluted EPS Net income/(Loss) 2.5 51 Operating income (loss) adjustments 1.9 0.3 Hryvnia fair value adjustments on forward exchange contracts (0.4) - Loss on extinguishment of debt 0.9 7.2 Adjusted (benefit) provision for income taxes! (0.6) 1.
Slide 20: Segment GAAP to Non GAAP QTD
Segment GAAP to Non GAAP QTD For the Three Months Ended June 30, Vehicle Warehouse Electrical Aftermarket & (in millions) Solutions Automation Systems Accessories Corporate Total Operating Income/(Loss) 15 1.3 5.9 11 (3.6) 6.2 Deferred consideration purchase accounting - 0.1 - - - 0.1 Restructuring
Slide 21: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q3 2020 Q4 2020 Q12021 Q2 2021 Q3 2021 Q4 2021 Q12022 Q2 2022 Cash Flow from Operations $ 104 $ 36 $ (154) $ (94) $ 39 $ (89) $ (214) $ 169 Capital Expenditures! (1.0) (1.0) (1.7) (5.2) (4.5) (6.2) (3.6) (5.0) Free Cash Flow 9.4
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