Gentherm Inc · NASDAQ:THRM
Gentherm — Q4 2021 Earnings Presentation
13 slides from Gentherm's earnings presentation, Feb 17, 2022
Slide 1: Gentherm Reports 2021 Fourth Quarter and Full Year Results
Increased Net Income 57% in Full Year 2021 Despite Continued Challenging Environment Record Annual Automotive Revenue, Adjusted EBITDA, Cash Flow from Operations and Free Cash Flow Establishes 2022 Guidance NORTHVILLE, Michigan, February 17, 2022 /Global Newswire/ -- Gentherm (NASDAQ:THRM), a global
Slide 2: 2021 Fourth Quarter Financial Review
2021 Fourth Quarter Financial Review Product revenues of $248.2 million decreased $40.7 million, or 14.1%, in the fourth quarter of 2021 compared with the prior-year period. Excluding the impact of foreign currency translation, product revenues decreased 13.0% year over year. Gentherm Medical revenu
Slide 3: 2021 Full Year Financial Review and Segment Results
In the Automotive segment, 2021 full-year revenue was $1,004.6 million, a 15.5% increase compared to the prior year. Revenue increased in all product categories except Electronics. Adjusting for foreign currency translation, organic Automotive revenue increased 13.0% year over year. According to IHS
Slide 4: Conference Call
Conference Call As previously announced, Gentherm will conduct a conference call today at 8:00 AM Eastern Time to review these results. The dial-in number for the call is 1-877-407-4018 (callers in the U.S.) or +1-201-689-8471 (callers outside this U.S.). The passcode for the live call is 13726317.
Slide 5: Forward-Looking Statements: Risk Factors
▪ the COVID-19 pandemic and its direct and indirect adverse impacts on the automobile and medical industries and global economy, which had, and are likely to continue to have, an adverse effect on, among other things, the Company’s results of operations, financial condition, cash flows, liquidity, b
Slide 6: Forward-Looking Statements: Risk Factors (continued)
▪ the Company’s ability to protect its intellectual property in certain jurisdictions; ▪ the Company’s ability to effectively implement ongoing restructuring and other cost-savings measures or realize the full amount of estimated savings; ▪ compliance with, and increased costs related to, domestic a
Slide 7: Consolidated Statements of Income
GENTHERM INCORPORATED CONSOLIDATED STATEMENTS OF INCOME (In thousands, except per share data) (Unaudited) Three Months Ended December 31, Year Ended December 31, 2021 2020 2021 2020 Product revenues $ 248,226 $ 288,884 $ 1,046,150 $ 913,098 Cost of sales 180,864 196,187 742,519 644,994 Gross margin
Slide 8: Revenue by Product Category and Reconciliation of Foreign Currency Translation Impact
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (Unaudited, in thousands) Three Months Ended December 31, Year Ended December 31, 2021 2020 % Change 2021 2020 % Change Climate Control Seat (CCS) $ 96,423 $ 113,085 (14.7 )% $ 393,816 $ 342,5
Slide 9: Reconciliation of Net Income to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET INCOME TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended Year Ended December 31, December 31, 2021 2020 2021 2020 Net income $ 20,048 $ 33,993 $ 93,434 $ 59,690 Add back: Income tax expense 2,459 6,652 20,418 21,866 Interest expense, net 1,1
Slide 10: Use of Non-GAAP Financial Measures (continued)
not modify the presentation of our non-GAAP financial measures in the future, and any such modification may be material. Other companies in our industry may define and calculate these non-GAAP financial measures differently than we do and those calculations may not be comparable to our metrics. Thes
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 Year Ended December 31, December 31, 2021 2020 2021 2020 Net income $ 20,048 $ 33,993 $ 93,434 $ 59,690 Restructuring expenses 2,351 3,857 5,803 Unrealized c
Slide 12: Consolidated Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED BALANCE SHEETS (In thousands, except share data) (Unaudited) December 31, 2021 2020 ASSETS Current Assets: Cash and cash equivalents $ 190,606 $ 268,345 Accounts receivable, net 182,987 211,672 Inventory, net 159,477 122,401 Other current assets 32,775 41,188 Total
Slide 13: Consolidated Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Year Ended December 31, 2021 2020 Operating Activities: Net income $ 93,434 $ 59,690 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 38,780 41,114 De