Slide 1: Full-Year & Q4 2023 Results
stoneridge.com © 2024 Full-Year & Q4 2023 Results February 29, 2024 Exhibit 99.2
Slide 2: Non-GAAP Financial Measures
stoneridge.com © 2024 Full-Year & Q4 2023 Results 2 Non-GAAP Financial Measures This presentation contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measur
Slide 3: Forward-Looking Statements
stoneridge.com © 2024 Full-Year & Q4 2023 Results 3 Forward-Looking Statements Statements in this presentation that are not historical facts are forward-looking statements, which involve risks and uncertainties that could cause actual events or results to differ materially from those expressed or im
Slide 4: Overview of Achievements
stoneridge.com © 2024 Full-Year & Q4 2023 Results • Announced Volvo MirrorEye OEM programs launching in Europe mid-year 2024 and in North America in early 2025 • Announced 5-Year extension of FMCSA exemption for MirrorEye US applications • Midpoint 2024 revenue guidance of $1.0 billion (~4% revenue
Slide 5: Full-Year 2023 Financial Summary
5stoneridge.com © 2024 Full-Year & Q4 2023 Results Adjusted Sales Adjusted Gross Profit Adjusted Operating Income Adjusted EBITDA Full-year 2022 vs. 2023 +14.2% +20 bps +140 bps +150 bps Full-Year 2023 Key Drivers • Revenue growth primarily driven by end market growth and the launch and ramp-up of n
Slide 6: MirrorEye Updates
stoneridge.com © 2024 Full-Year & Q4 2023 Results 6 MirrorEye® Updates MirrorEye sales expected to be ~$100 million in 2024 vs. $54 million in 2023 OEM Updates • Announced our next MirrorEye OEM programs will be launching with Volvo • Launching mid-year 2024 on the FH Aero model in Europe with an ex
Slide 7: 5-year backlog remains strong
7stoneridge.com © 2024 Full-Year & Q4 2023 Results 5-year backlog remains strong Backlog Awarded Business 2024-2028 Backlog Drivers • Stoneridge Electronics backlog grew by ~5% vs. prior year • Total 2025-2027 backlog increased by ~4% vs. prior year • Large business awards are based on customer plat
Slide 8: Long-Term Targets
8stoneridge.com © 2024 Full-Year & Q4 2023 Results Long-Term EBITDA Targets Long-Term Revenue Targets ~10% CAGR* ~630 bps* • Maintaining previously provided 2027 long-term targets • Targeting ~10% 5-year revenue CAGR* (5x+ market growth**) supported by existing backlog, growing aftermarket business
Slide 9: 2024 Priorities to Drive Shareholder Value
stoneridge.com © 2024 Full-Year & Q4 2023 Results 9 2024 Priorities to Drive Shareholder Value Driving sustainable long-term growth and margin expansion Key Priorities* • 2-3x Market Growth – Focused on leveraging drivetrain agnostic technologies and leveraging products aligned with industry megatre
Slide 10: Summary
10stoneridge.com © 2024 Full-Year & Q4 2023 Results Summary • Strong revenue growth and earnings expansion versus prior year • Gross margin improving as price increases and manufacturing initiatives beginning to impact run-rate • Executed targeted structural cost reductions, including the centraliza
Slide 11: Financial Update
stoneridge.com © 2024 Financial Update
Slide 12: 2023 Financial Highlights
12stoneridge.com © 2024 Full-Year & Q4 2023 Results Q4 adjusted EPS performance in line with previous expectations 2023 Financial Highlights Q4 Reported Q4 Adjusted Full-Year Reported Full-Year Adjusted $961.2 million$975.8 million$229.4 million$229.5 million Sales $202.1 million 21.0% $201.3 millio
Slide 13: Q4 Adjusted EPS Performance
13stoneridge.com © 2024 Full-Year & Q4 2023 Results Q4 adjusted EPS was in line with previous expectations Q4 Adjusted EPS Performance Drivers Operating Performance Drivers • Slightly lower sales versus previous expectations primarily attributable to lower production volumes for electric vehicles •
Slide 14: Control Devices Performance
14stoneridge.com © 2024 Full-Year & Q4 2023 Results Sales Adjusted Operating Income $345.3 $345.3 FY 2022 FY 2023 $23.9 $13.4 FY 2022 FY 2023 $1.4 $5.5 $5.6 $0.9 Q1 2023 Q2 2023 Q3 2023 Q4 2023 Control Devices Performance 2023 Quarterly Performance 2022 vs 2023 2023 Financial Results • Full-year sal
Slide 15: Electronics Performance
15stoneridge.com © 2024 Full-Year & Q4 2023 Results Electronics Performance Adjusted Sales Adjusted Operating Income 2023 Quarterly Performance 2022 vs 2023 2023 Financial Results • Full-year 2023 sales growth of 24.9% primarily due to higher customer production volumes vs. 2022 and new program laun
Slide 16: Stoneridge Brazil Performance
16stoneridge.com © 2024 Full-Year & Q4 2023 Results Stoneridge Brazil Performance Sales Adjusted Operating Income 2023 Quarterly Performance 2022 vs 2023 2023 Financial Results • Full-year 2023 sales growth of 9.5% vs. 2022 primarily due to higher local OEM sales and favorable FX translation of $1.8
Slide 17: Capital Structure Update
17stoneridge.com © 2024 Full-Year & Q4 2023 Results $25.2 $28.0 $162.3 $165.0 Q3 2023 Q4 2023 Q1 2024 End of 2024 Target Total Adjusted Cash (Compliance) Total Net Debt (Compliance) Capital Structure Update Continued focus on cash performance expected to improve working capital and reduce net debt a
Slide 18: 2024 Full-Year Guidance
Full-Year & Q4 2023 Results stoneridge.com © 2024 2024 Full-Year Guidance Revenue expected to continue to outperform our underlying end markets based on Stoneridge specific growth drivers. Growth of ~4% vs. weighted-average OEM end market decline of ~5%. Expecting operating margin expansion of ~130
Slide 19: 2024 Guidance: Revenue
19stoneridge.com © 2024 Full-Year & Q4 2023 Results Expecting 2024 midpoint revenue growth of ~4%, outperforming our underlying weighted-average OEM end markets, which are expected to decline by ~5% 2024 Guidance Revenue 2024 Revenue Guidance Drivers • Weighted-average underlying OEM end markets are
Slide 20: 2024 Guidance: EBITDA
20stoneridge.com © 2024 Full-Year & Q4 2023 Results 2024 EBITDA guidance based on expected strong contribution margin on revenue growth and initiatives targeting gross margin improvement 2024 Guidance EBITDA 2024 EPS Guidance Drivers • Contribution margin on incremental revenue expected to be 25% -
Slide 21: Summary
21stoneridge.com © 2024 Full-Year & Q4 2023 Results Summary • Control Devices – Focused on margin expansion through reduced material costs and improved manufacturing performance. Driving growth through continued investment in drivetrain agnostic technologies. • Electronics – Expecting continued sign
Slide 22: Appendix Materials
stoneridge.com © 2024 Appendix Materials
Slide 23: Production Forecast Outlook
stoneridge.com © 2024 Appendix 23 NORTH AMERICA 28.4% OF 2023 SALES CHINA 3.2% OF 2023 SALES PASSENGER CAR FORECAST (Millions of Units) NORTH AMERICA 20.0% OF 2023 SALES EUROPE 28.3% OF 2023 SALES COMMERCIAL VEHICLE FORECAST* (Thousands of Units) 9.7% 0.6%Y/Y Growth 10.0% 2.4% 8.1% -7.6%Y/Y Growth 1
Slide 24: 2023 Adjusted Revenue by Region, End Market, Customer
stoneridge.com © 2024 Appendix 24 17% 15% 9% 8%6%4% 3% 38% PACCAR Tra ton Vo lvo Daimler Trucks Ford Motor Company Amer ican Ax le Genera l Motors Other Customers 51% 29% 2% 18% Commerc ia l Vehic le L ight Trucks / SUV / CUV Passenger Car Of f -h ighway / Af termarket / Other 2023 Adjusted Revenue
Slide 25: Balance Sheets
stoneridge.com © 2024 Appendix 25 Balance Sheets 20222023December 31, (in thousands) ASSETS Current assets: $ 54,798$ 40,841Cash and cash equivalents 158,155166,545Accounts receivable, less reserves of $1,058 and $962, respectively 152,580187,758Inventories, net 44,01834,246Prepaid expenses and othe
Slide 26: Income Statement
stoneridge.com © 2024 Appendix 26 Income Statement 202120222023Year ended December 31, (in thousands, except per share data) $ 770,462$ 899,923$ 975,818Net sales Costs and expenses: 603,604724,997774,512Cost of goods sold 116,000106,695117,395Selling, general and administrative (30,718)——Gain on sal
Slide 27: Statements of Cash Flows
stoneridge.com © 2024 Appendix 27 Statements of Cash Flows 202120222023Year ended December 31, (in thousands) OPERATING ACTIVITIES: $ 3,406$ (14,056)$ (5,183)Net (loss) income Adjustments to reconcile net income to net cash provided by (used for) operating activities: 27,82326,72026,749Depreciation
Slide 28: Segment Reporting
stoneridge.com © 2024 Appendix 28 Segment Reporting (A) Unallocated Corporate expenses include, among other items, accounting/finance, human resources, information technology and legal costs as well as share-based compensation. (B) These amounts represent depreciation and amortization on a property,
Slide 29: Reconciliations to US GAAP
stoneridge.com © 2024 Reconciliations to US GAAP
Slide 30: US GAAP Reconciliations
stoneridge.com © 2024 US GAAP Reconciliations US GAAP Reconciliations 30 This document contains information about Stoneridge's financial results which is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reco
Slide 31: Reconciliation of Adjusted EPS
stoneridge.com © 2024 US GAAP Reconciliations 31 US GAAP Reconciliations Reconciliation of Q4 2023 Adjusted EPS Q4 2023 EPSQ4 2023(USD in millions, except EPS) $ 0.11$ 3.0Net Income —0.1Add: After-Tax Business Realignment Costs 0.010.2Add: After-Tax Deferred Financing Fee Write Off $ 0.12$ 3.4Adjust
Slide 32: Reconciliation of Adjusted Gross Profit
stoneridge.com © 2024 US GAAP Reconciliations 32 US GAAP Reconciliations Reconciliation of Adjusted Gross Profit 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 201.3$ 45.5$ 52.5$ 60.5$ 42.8$ 174.9Gross Profit 0.80.1—0.50.2—Add: Pre-Tax Business Realignment Costs $ 202.1$ 45.7$ 52.5$ 60.9$ 4
Slide 33: Reconciliation of Adjusted Operating Income (Loss)
stoneridge.com © 2024 US GAAP Reconciliations 33 US GAAP Reconciliations Reconciliation of Adjusted Operating Income (Loss) 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 12.8$ 6.0$ 6.5$ 4.3$ (4.0)$ 2.9Operating Income (Loss) 4.50.11.21.91.30.3Add: Pre-Tax Business Realignment Costs (0.8)——
Slide 34: Reconciliation of Adjusted EBITDA
stoneridge.com © 2024 US GAAP Reconciliations 34 US GAAP Reconciliations Reconciliation of Adjusted EBITDA 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ (1.9)$ 3.2$ 4.4$ (1.5)$ (8.1)$ (10.7)Income (Loss) Before Tax 13.03.83.33.12.77.1Interest expense, net 33.68.48.58.48.333.7Depreciation a
Slide 35: Control Devices and Electronics Adjusted Operating Income
stoneridge.com © 2024 US GAAP Reconciliations 35 US GAAP Reconciliations Reconciliation of Control Devices Adjusted Operating Income 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 13.6$ 0.9$ 5.5$ 5.1$ 2.1$ 23.9Control Devices Operating Income (0.8)———(0.8)—Less: Pre-Tax Gain on Disposal of
Slide 36: Stoneridge Brazil Adjusted Operating Income
stoneridge.com © 2024 US GAAP Reconciliations 36 US GAAP Reconciliations Reconciliation of Stoneridge Brazil Adjusted Operating Income 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 4.5$ 1.0$ 1.2$ 0.9$ 1.3$ 3.1Stoneridge Brazil Operating Income (0.5)—(0.5)——(0.6)Add: Pre-Tax Brazilian Indir
Slide 37: Reconciliation of Adjusted Sales
stoneridge.com © 2024 US GAAP Reconciliations 37 US GAAP Reconciliations Reconciliation of Adjusted Sales 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 975.8$ 229.5$ 238.2$ 266.8$ 241.3$ 899.9Sales (14.6)(0.2)(0.9)(4.4)(9.1)(58.4)Less: Sales from Spot Purchases Recoveries $ 961.2$ 229.4$ 2
Slide 38: Reconciliation of Electronics Adjusted Sales
stoneridge.com © 2024 US GAAP Reconciliations 38 US GAAP Reconciliations Reconciliation of Electronics Adjusted Sales 2023Q4 2023Q3 2023Q2 2023Q1 20232022(USD in millions) $ 608.2$ 146.9$ 143.3$ 168.3$ 149.6$ 533.8Electronics Sales (14.6)(0.2)(0.9)(4.4)(9.1)(58.4)Less: Sales from Spot Purchases Reco
Slide 39: Reconciliation of Q4 Adjusted Tax Rate
stoneridge.com © 2024 US GAAP Reconciliations 39 US GAAP Reconciliations Reconciliation of Q4 Adjusted Tax Rate Tax RateQ4 2023(USD in millions) $ 3.2Income Before Tax 0.1Add: Pre-Tax Business Realignment Costs 0.3Add: Pre-Tax Deferred Financing Fee Write Off $ 3.7Adjusted Income Before Tax 6.6 %0.2
Slide 40: Reconciliation of Full-Year 2023 Adjusted Tax Rate
stoneridge.com © 2024 US GAAP Reconciliations 40 US GAAP Reconciliations Reconciliation of Full-Year 2023 Adjusted Tax Rate Tax Rate2023(USD in millions) $ (1.9)Loss Before Tax 4.5Add: Pre-Tax Business Realignment Costs (0.5)Add: Pre-Tax Brazilian Indirect Tax Credits, Net 0.3Add: Pre-Tax Deferred F
Slide 41: Adjusted EBITDA for Compliance Calculation
stoneridge.com © 2024 US GAAP Reconciliations 41 US GAAP Reconciliations Reconciliation of Adjusted EBITDA for Compliance Calculation Q4 2023Q3 2023Q2 2023Q1 2023Q4 2022(USD in millions) $ 3.2$ 4.4$ (1.5)$ (8.1)$ 0.7Income (Loss) Before Tax 3.83.33.12.72.2Interest Expense, net 8.48.58.48.38.2Depreci
Slide 42: Adjusted Cash and Debt for Compliance Calculation
stoneridge.com © 2024 US GAAP Reconciliations 42 US GAAP Reconciliations Reconciliation of Adjusted Cash for Compliance Calculation Q4 2023Q3 2023(USD in millions) $ 40.8$ 36.8Total Cash and Cash Equivalents (12.8)(11.5)Less: 35% Cash Foreign Locations $ 28.0$ 25.2Total Adjusted Cash (Compliance) Re
Slide 43: Stoneridge
stoneridge.com © 2024 Stoneridge @StoneridgeInc StoneridgeGlobal 43