Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Q2 2022 Earnings Presentation
20 slides from Commercial Vehicle's earnings presentation, Aug 5, 2022
Slide 1: Earnings Presentation Q2 2022
Earnings Presentation Harold Bevis — President & Chief Executive Officer Chris Bohnert - Chief Financial Officer 1 Q2- 2022 August 5, 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: 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 $2.5M for Q2 FY22. GAAP diluted earnings per sh
Slide 4: Second Half 2022 Poised for Improvement
Second Half 2022 Poised for Improvement v Substantially renegotiated pricing with majority of customers. Y Continued execution of restructuring plan -— vertical integration, regionalization, targeted headcount reduction. ¥ ChinaCOVID lockdownis currently lifted at our Shanghai plant. v Ukraine and C
Slide 5: • • 2020 2021 2022 2023 2024 2025 2026 • 00 80 60 40
400 • 300 200 • 100 0 2020 2021 2022 2023 2024 2025 2026 • 100 80 60 40 20 0 Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4 • • • • • •
Slide 6: Electric Vehicle Systems
Electric Vehicle Systems • Custom designed high and low voltage electrical systems. • Custom designed high and low voltage distribution boxes for vehicle optimization. Wire harness distribution on EV truck frame Distribution box
Slide 7: Warehouse Automation Electrical Systems All other
Warehouse Automation Electrical Systems All other 400 300 200 100 0 2022 2023 2024 2025 • •
Slide 8: Core Business
Core Business Optimization * Improve pricing strategy and contractual agreements. * High impact vertical integration. * Cost reduction program. Win New Business Grow Earnings. Improve revenue mix. Incurring startup costs for future growth. CVG p fs Wb yy | — Debt Pay Down & Improve Free Cash Flow *
Slide 9: ESG at CVG
ESG at CVG Environment Create positive impact on the environment by reducing carbon emissions and waste. + Partnering with the U.S. Department of Energy’s Better Plants Program to boost efficiency. + Developing additional metrics to track global emissions progress. Social Increase diversity and ensu
Slide 10: 2021 2025-2027 2021 2025-2027
2021 2025-2027 2021 2025-2027
Slide 11: Financial Review Q2-2022
Financial Review 02-2022 August 5, 2022
Slide 12: Second Quarter Results
Second Quarter Results GAAP Measures Three Months Ended June30 NON-GAAP Measures cried hone ag ($ 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 13: Q2-2022
Q2—- 2022 August 5, 2022
Slide 14: Appendix Q2-2022
Appendix a2-2022 August 5, 2022
Slide 15: 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 16: 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 17: 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 18: 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 19: 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 20: 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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