Slide 1: Gentherm Reports 2022 First Quarter Results
Automotive Revenue in Line with Light Vehicle Production Despite Significant Supply Chain Headwind Maintains 2022 Guidance NORTHVILLE, Michigan, May 4, 2022 /Global Newswire/ -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management technologies, today announce
Slide 2: Medical revenue, gross margin, expenses and Adjusted EBITDA
Gentherm Medical revenue increased 6.9% year over year. Adjusting for foreign currency translation, Medical revenue increased 8.7% primarily as a result of higher Blanketrol® sales globally. See the “Revenues by Product Category” table included below for additional detail. Gross margin rate decrease
Slide 3: Guidance assumptions, conference call and About Gentherm
In maintaining the revenue and Adjusted EBITDA guidance, the Company has assumed semiconductor supply chain pressures start to ease in the second half and that it recovers a portion of the additional costs related to semiconductor shortages and inflation from customers. While the Company is maintain
Slide 4: Forward-looking statements: Alfmeier acquisition risks
risks relating to the Company’s proposed acquisition of Alfmeier (the “Acquisition”), including: that the closing conditions to the proposed Acquisition may not be satisfied or waived, including that a governmental entity may prohibit, delay or refuse to grant required antitrust approval; the occurr
Slide 5: Forward-looking statements: risk factors
▪ the Company’s ability to obtain additional financing by accessing the capital markets, which may not be available on acceptable terms or at all; ▪ the macroeconomic environment, including its impact on the automotive industry, which is cyclical; ▪ any significant declines in automobile production;
Slide 6: Business outlook and forward-looking statement disclaimer
business outlook discussed in this release does not include the potential impact of the announced Alfmeier acquisition or any other business combinations, acquisitions, divestitures, strategic investments and other significant transactions that may be completed after the date hereof, each of which m
Slide 7: Consolidated Condensed Statements of Income
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended March 31, 2022 2021 Product revenues $ 267,657 $ 288,535 Cost of sales 203,544 200,866 Gross margin 64,113 87,669 Operating expenses: Net research and development ex
Slide 8: Revenue by Product Category and Foreign Currency Translation Impact
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (In thousands) (Unaudited) Three Months Ended March 31, 2022 2021 % Change Climate Control Seat $ 102,734 $ 109,173 (5.9 )% Seat Heaters 68,896 76,721 (10.2 )% Steering Wheel Heaters 28,736 28
Slide 9: Reconciliation of Net Income to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Net income $ 11,747 $ 32,909 Add back: Depreciation and amortization 9,487 9,695 Income tax expense 4,295 7,565 Interest expense 1,039 Adjustments: Restructuring ex
Slide 10: Use of non-GAAP financial measures
evaluating our non-GAAP financial measures, you should be aware that in the future we may incur revenues, expenses , and cash and non-cash obligations that are the same as or similar to some of the adjustments in our presentation of non-GAAP financial measures. Our presentation of non-GAAP financial
Slide 11: 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 March 31, 2022 2021 Net income $ 11,747 $ 32,909 Non-cash purchase accounting impact 1,835 2,050 Restructuring expenses Unrealized currency gain (2,316 ) (29
Slide 12: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2022 December 31, 2021 ASSETS Current Assets: Cash and cash equivalents $ 177,917 $ 190,606 Accounts receivable, net 207,351 182,987 Inventory: Raw materials 111,621 96,426 Work in pro
Slide 13: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Three Months Ended March 31, 2022 2021 Operating Activities: Net income $ 11,747 $ 32,909 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9