Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Sidoti Virtual Microcap Conference (May 2021)
26 slides from Commercial Vehicle's conference presentation, May 20, 2021
Slide 1: Sidoti Virtual Microcap Conference
Sidoti Virtual Microcap Conference May 20, 2021 W E F I N D A WAY
Slide 2: Forward-Looking Statements and Non-GAAP Financial Measures
Forward-Looking Statements and Non-GAAP Financial Measures These slides contains 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”, “c
Slide 3: Presented by Chris Bohnert
Presented by Chris Bohnert Chief Financial Officer and Investor Relations Sidoti Presentation | 3
Slide 4: Strategic Realignment - Q1 Update
Strategic Realignment - Q1 Update Progress on Growing Earnings and Diversifying Sales Mix Launched New Expanded in Warehouse Expanded in Electric Reduced End Market Approach to Gain New Automation Vehicles Concentration Customers Sales up 22% over prior Announced partnership with Majority of Q1 awar
Slide 5: First Quarter 2021 Sales Breakdown $245.1 Million
First Quarter 2021 Sales Breakdown $245.1 Million Asia Pacific 11% All Other 17% North American OEM Truck Europe Aftermarket / 36% 17% Service End 12% North Geographies Markets America 72% Warehouse Automation 17% OEM Construction Equipment 18% North American Truck Warehouse Automation OEM Construct
Slide 6: Warehouse Automation - Benefitting from Strong Industry Investment, New Capacity and Wins
Warehouse Automation - The Company is Benefitting from Strong Industry Investment, New Capacity and Wins Warehouse Automation CVG Sales Profile (000s) in millions 22% Quarter over $50 Quarter 41.9 Growth $40 34.4 $30 $20 10.8 12.1 8.0 $10 1.4 $0 2019 Q4 2020 Q1 2020 Q2 2020 Q3 2020 Q4 2021 Q1 Market
Slide 7: Electric Vehicle and Last Mile Progress
Electric Vehicle and Last Mile Progress • Value Proposition Resonating • Speed, agility & knowledge: Digital development and production • High and low voltage system and product design • Integrated development teams • Designing and delivering prototype products for field trials and testing • Multipl
Slide 8: Q1 Annualized Net New Business Awards $100 Million
Q1 Annualized Net New Business Awards $100 Million All Other 8% Rec & Specialty Vehicle 9% Electric Vehicle Q1 21 Truck 71% Awards 7% Construction 6% • Electric Vehicle wins with new market entrants are longer cycle awards that ramp to anticipated volumes through 2026 • New products with recreation
Slide 9: CVG Consolidated Results 1Q 2021 vs. 1Q 2020
FINANCIAL UPDATE – Q1 2021 CVG Consolidated Results 1Q 2021 vs. 1Q 2020 In millions Revenues Q1 Gross Profit Adj. Operating Income Adjusted EBITDA 2021 $245.1 $31.1 $15.8 $21.1 Gross Margin: 12.7% Operating Margin: 6.5% EBITDA Margin: 8.6% Better / Revenues Gross Profit Adj. Operating Income Adjuste
Slide 10: Electrical Systems Segment 1Q 2021 vs. 1Q 2020
FINANCIAL UPDATE – Q1 2021 Electrical Systems Segment 1Q 2021 vs. 1Q 2020 In millions Revenues Adj. Operating Income Q1 Gross Profit 2021 $162.2 $20.3 $15.1 Gross Margin: 12.5% Operating Margin: 9.3% Better / Revenues Gross Profit Adj. Operating Income (Worse) Compared to $50.1 $9.3 $8.8 Q1 2020 • S
Slide 11: Global Seating Segment 1Q 2021 vs. 1Q 2020
FINANCIAL UPDATE – Q1 2021 Global Seating Segment 1Q 2021 vs. 1Q 2020 In millions Revenues Adj. Operating Income Q1 Gross Profit 2021 $91.1 $10.9 $5.5 Gross Margin: 12.0% Operating Margin: 6.1% Better / Revenues Gross Profit Adj. Operating Income (Worse) Compared to $15.1 $1.5 $1.0 Q1 2020 • Increas
Slide 12: Refinancing of Senior Secured Notes into $275M Senior Secured Credit Facility
FINANCIAL UPDATE – Q1 2021 Refinancing of Senior Secured Notes into $275M Senior Secured Credit Facility Significant Financial Flexibility Old Facilities New Facilities • Ability to do acquisitions Interest Rates based on Total • Accordion feature with incremental lender commitments In Millions Size
Slide 13: Business Transformation Scorecard
Business Transformation Scorecard Stop the bleeding caused by COVID disruption Establish a winning culture, put in place a good plan, give team a chance to win Put in new management team, reallocate resources against opportunities Disproportionally pursue entrepreneurial breakout opportunities Put i
Slide 14: Thank you
Thank you Sidoti Presentation | 14
Slide 15: Supplemental Information
Supplemental Information Sidoti Presentation | 15
Slide 16: Market Outlook for North America Trucks
Market Outlook for North America Trucks North America Class 8 Quarterly Build* North America Class 8 Annual Build* 100,000 400,000 90,000 350,000 92,707 89,926 92,707 359,808 80,000 85,001 84,467 80,301 300,000 327,426 70,000 303,003 67,401 70,301 250,000 60,000 50,000 200,000 231,712 214,250 40,000
Slide 17: Use Of Non-GAAP Financial Measures
Use Of Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year c
Slide 18: CVG Consolidated Results 1Q 2021 vs. 1Q 2020
CVG Consolidated Results 1Q 2021 vs. 1Q 2020 (In millions except for share information) Q1 2021 Q1 2020 Revenue 245.1 187.1 Gross Profit 31.1 20.3 Gross Margin 12.7% 10.9% Selling, General & Administrative Expense 14.9 17.1 Amortization Expense 0.9 0.9 Operating Income 15.4 (26.5) Operating Margin 6
Slide 19: Electrical Systems Segment 1Q 2021 vs. 1Q 2020
Electrical Systems Segment 1Q 2021 vs. 1Q 2020 (In millions) Q1 2021 Q1 2020 Revenue 162.2 112.1 Gross Profit 20.3 10.9 Gross Margin 12.5% 9.8% Selling, General & Administrative Expense 4.7 4.0 Amortization Expense 0.7 0.7 Operating Income 14.9 (17.1) Operating Margin 9.2% -15.3% Adjusted Operating
Slide 20: Global Seating Segment 1Q 2021 vs. 1Q 2020
Global Seating Segment 1Q 2021 vs. 1Q 2020 (In millions) Q1 2021 Q1 2020 Revenue 91.1 76.0 Gross Profit 10.9 9.4 Gross Margin 12.0% 12.3% Selling, General & Administrative Expense 5.2 4.8 Amortization Expense 0.1 0.1 Operating Income 5.5 (0.4) Operating Margin 6.1% -0.5% Adjusted Operating Income 5.
Slide 21: CVG Consolidated Balance Sheet
CVG Consolidated Balance Sheet March 31, December 31, in millions 2021 2020 ASSETS Cash 38.2 50.5 Accounts receivable, net 186.0 151.1 Inventory, net 109.0 91.2 Other current assets 22.0 17.7 Q1 2021 Highlights Total current assets 355.2 310.5 Property, plant and equipment, net Intangible Assets 59.
Slide 22: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures (In millions) Q1 2021 Q1 2020 Operating Income/(Loss) $ 15.4 $ (26.5) Deferred Consideration Purchase Accounting 0.2 - Restructuring - 0.2 Investigation 0.2 2.4 CEO Transition - 2.2 Impairment - 28.8 Adjusted Operating Income/(Loss) 15.8 7.1 % of
Slide 23: Reconciliation of GAAP to Non-GAAP Segment Information
Reconciliation of GAAP to Non-GAAP Segment Information For the Three Months Ended March 31, 2021 Electrical Global Corporate Total (in millions) Systems Seating Operating Income/(Loss) $ 14.9 $ 5.5 $ (5.0) $ 15.4 Deferred Consideration Purchase Accounting 0.2 - - 0.2 Restructuring - - - 0.0 Investig
Slide 24: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q1 2020 Q2 2020 Q3 2020 Q4 2020 Q1 2021 Cash Flow from Operations $ 10.3 $ 10.1 $ 10.4 $ 3.6 $ (15.4) Capital Expenditures 1 (3.4) (1.0) (1.0) (1.0) (1.7) Free Cash Flow 6.9 9.1 9.4 2.6 (13.7) 1: Net of proceeds from disposal/sal
Slide 25: Reconciliation of GAAP to Non-GAAP Financial Measures – Adjusted EBITDA
Reconciliation of GAAP to NON-GAAP Financial Measures – Adjusted EBITDA (in millions) Q1 2020 Q2 2020 Q3 2020 Q4 2020 2021Q1 Net income $ (24.6) $ (12.5) $ 4.2 $ (4.1) $ 8.5 Interest 4.6 5.3 5.5 5.2 5.0 Provision / (Benefit) for Income Taxes (7.3) (3.1) (1.0) 3.9 2.5 Depreciation 3.8 3.7 3.8 3.8 3.8
Slide 26: Reconciliation of GAAP to Non-GAAP Financial Measures – Diluted EPS
Reconciliation of GAAP to NON-GAAP Financial Measures – Diluted EPS Three Months Ended (in millions except for share information) March 31, 2021 March 31, 2020 Net Income/(Loss) $ 8.5 $ (24.6) Operating income (loss) adjustments 0.4 33.6 1 Adjusted (benefit) provision for income taxes (0.1) (8.4) Ad
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