Slide 1: 2023 Fourth Quarter and Full Year Results
2023 Fourth Quarter Results & F u l l Ye a r R e s u l t s February 21, 2024 Proprietary © Gentherm 2024
Slide 2: Use of Non-GAAP Financial Measures
Use of Non-GAAP Financial Measures* In addition to the results reported herein in accordance with GAAP, the Company has provided here or may discuss on the related conference call Adjusted Operating Expense, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted EPS, Free Cash Flow, Net Debt, organic rev
Slide 3: Forward-Looking Statement
Forward-Looking Statement Except for historical information contained herein, statements in this presentation are forward-looking statements that are made by Gentherm Incorporated (the “Company”) pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. All stat
Slide 4: 2023 Highlights
2023 Highlights Record $2.6B in Automotive Record company revenue new business awards Record company Adjusted Generated $120M of cash flow EBITDA from operations and repurchased $90M of shares Strong execution led to record results despite challenging environment Proprietary © Gentherm 2024 4
Slide 5: Winning at Record Pace
Winning at Record Pace Expanding core thermal Growing market share in pneumatic Leading supplier of combined systems CCS® expanding globally, including fast Won conquest pneumatic lumbar and Won customer programs with growing domestic Chinese OEMs; massage awards with 8 OEMs globally combined therma
Slide 6: Industry Leading Innovations
Industry Leading Innovations ClimateSense® WellSense™ ComfortScale™ • Best-in-class software controlled • Combines thermal, lumbar and massage • Modular and scalable hardware thermal comfort • Proprietary software driven wellness and • Easy to integrate across OEMs and • Enhances energy efficiency a
Slide 7: Automotive Highlights
Automotive Highlights 21 Vehicle launches with 13 OEMs Multiple CCS® Launches Toyota Tacoma Ford Ranger Mazda CX-90 BEV Truck with large EV Manufacturer ClimateSense® named a finalist for the 2023 Automotive News PACE Award Record Automotive revenues in 2023 including record annual revenues for Clim
Slide 8: New Automotive Business Awards
New Automotive Business Awards $900M Multiple CCS® Awards from: in awards in 4Q General Motors | Great Wall | HKMC | Nissan | Rivian 8 Steering Wheel Heater awards across 7 CCS® and multifunction electronic control OEMs including hands-on-detection unit awards for General Motors’ next enabled heater
Slide 9: Medical Highlights
Medical Highlights 15% Strong revenue growth as a result of higher Blanketrol ® sales 26 New major hospital account Awarded Blanketrol ® lll system expansion in China upgrades throughout Health Trust Performance Group member hospitals Double digit revenue growth leveraging large partnerships, distri
Slide 10: Select Income Statement Data
Select Income Statement Data Three Months Ended December 31 Twelve Months Ended December 31 (Dollars in thousands, Pro forma except per share data) 2023 2022 2023 2022 2022 (1) Product Revenues $ 366,933 $ 343,322 $ 1,469,076 $ 1,204,656 $ 1,348,295 Automotive 353,945 332,046 1,422,952 1,161,616 1,3
Slide 11: Select Balance Sheet Data
Select Balance Sheet Data (Dollars in thousands) December 31, 2023 December 31, 2022 Cash and Cash Equivalents $ 149,673 $ 153,891 Total Assets 1,234,371 1,239,300 Debt 222,838 235,096 Current 621 2,443 Non-Current 222,217 232,653 Revolving LOC Availability 278,000 264,904 Total Liquidity 427,673 41
Slide 12: 2024 Guidance and 2026 Outlook
2024 Guidance and 2026 Outlook 2024 E 2026 E Product Revenue (1)(2) $1.5B – $1.6B $1.9B – $2.0B Adjusted EBITDA Margin (1)(2) 12.5% – 13.5% ~ 16% Adjusted Effective Tax Rate 26% – 29% Capital Expenditures $65M – $75M (1) Based on the current forecast of customer orders and light vehicle production i
Slide 13: 2024 Priorities
2024 Priorities 03 Lead the industry with new Execute on Fit-for-Growth 2.0 Deliver industry leading Automotive Business Awards and initiatives to expand margin proprietary innovations such as execute on unprecedented award ClimateSense®, WellSenseTM and backlog ComfortScaleTM Laser focused on key
Slide 14: Why Gentherm
Why Gentherm 01 02 03 Pure play leader in thermal Global automotive market is Unique, innovative, Consistent execution against management and pneumatic large with rapidly growing energy efficient and software strategic plan with financial comfort penetration of thermal and driven solutions key to
Slide 15: Appendix
Appendix Proprietary © Gentherm 2024
Slide 16: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended December 31 Twelve Months Ended December 31 (Dollars in thousands) 2023 2022 2023 2022 Net Income (Loss) $ 18,087 $ (4,205) $ 40,343 $ 24,441 Add Back: Income Tax (Benefit) Expense (867) (57) 14,611 13,941 Interest Expen
Slide 17: Reconciliation of Adjusted EPS
Reconciliation of Adjusted EPS Three Months Ended December 31 Twelve Months Ended December 31 2023 2022 2023 2022 Diluted EPS - As Reported $ 0.56 $ (0.13) $ 1.22 $ 0.73 Acquisition and Integration Expenses 0.02 0.13 0.16 0.68 Non-Cash Purchase Accounting Impacts 0.05 0.10 0.22 0.29 Unrealized Curre