Slide 1: 2024 First Quarter Results
2024 First Quarter Results April 30, 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 earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), Adjusted EBITDA margin, adj
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: ClimateSense Recognized at 2024 Pace Awards
ClimateSense® Recognized at 2024 Pace Awards Innovation Partnership Award with General Motors Proprietary © Gentherm 2024 4
Slide 5: Automotive Highlights
Automotive Highlights 27 Vehicle launches with 13 OEMs Grand Opening of the Extended Advanced Engineering Lab in Hyderabad, India Multiple CCS® Launches • BMW 5-Series • Subaru Forester • Chevrolet Traverse • Volkswagen Magotan • GMC Acadia • BEV with large EV Manufacturer • Honda Prologue • Li Auto
Slide 6: Automotive New Business Awards $530M
Automotive New Business Awards $530M in awards in 1Q, a 1Q record Conquest high-end lumbar and massage award for General Motors’ next generation truck platform 17 Steering Wheel Heater awards across 9 Multiple CCS® Awards from: OEMs including hands-on-detection enabled Ford | General Motors | Great
Slide 7: Medical Highlights
Medical Highlights Strengthening our partnership with US Med-Equip for Blanketrol® equipment, consumable product and field services for the US market 21 New major hospital account Revenues from Astopad® grew 36% expansion in China including globally Sanxia Hospital at the Chongqing Medical Universit
Slide 8: Expansive Climate and Comfort Awards
Expansive Climate and Comfort Awards ClimateSense® Software Multifunction ECU Heated Surface CCS® Vent CCS® Vent PCS™ Massage PCS™ Massage CCS® Heat CCS® Heat PCS™ Lumbar Support PCS™ Lumbar Support General Motors: Truck platform including BMW: X Series SUVs including: X5 ∙ X6 ∙ X7 ∙ iX5 ∙ iX6 ∙ iX7
Slide 9: Strong revenue growth relative to market
Strong revenue growth relative to market Relevant Market Light Vehicle Production Volume¹ THRM Revenue² (in Millions) (Dollars in Millions) 90.00 1,600 80.00 1,400 70.00 1,200 CAGR 2020-2024 60.00 1,000 Light Vehicle Production¹: 50.00 800 3.9% 40.00 THRM Revenue²: 600 30.00 14.1% 400 20.00 10.00 20
Slide 10: Select Income Statement Data
Select Income Statement Data Three Months Ended March 31 (Dollars in thousands, except per share data) 2024 2023 Product Revenues $ 356,015 $ 363,625 Automotive 344,638 352,692 Medical 11,377 10,933 Gross Margin 88,753 81,130 Gross Margin % 24.9% 22.3% Operating Expenses 70,704 63,456 Operating Inco
Slide 11: Select Balance Sheet Data
Select Balance Sheet Data (Dollars in thousands) March 31, 2024 December 31, 2023 Cash and Cash Equivalents $ 125,107 $ 149,673 Total Assets 1,252,710 1,234,371 Debt 222,497 222,838 Current 324 621 Non-Current 222,173 222,217 Revolving LOC Availability 278,000 278,000 Total Liquidity 403,107 427,673
Slide 12: 2024 Guidance
2024 Guidance 2024 E Product Revenue (1)(2) $1.5B – $1.6B Adjusted EBITDA Margin (1)(2) 12.5% – 13.5% Adjusted Effective Tax Rate 26% – 29% Capital Expenditures $65M – $75M (1) Based on the current forecast of customer orders and light vehicle production in the Company’s key markets declining at a l
Slide 13: Appendix
Appendix Proprietary © Gentherm 2024
Slide 14: Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation of Adjusted EBITDA and Adjusted EBITDA Margin Three Months Ended March 31 (Dollars in thousands) 2024 2023 Net Income $ 14,785 $ 7,963 Add Back: Income Tax Expense 3,542 3,728 Interest Expense, net 3,244 4,144 Depreciation and Amortization 13,580 13,445 Adjustments: Restructuring Expe
Slide 15: Reconciliation of Adjusted EPS
Reconciliation of Adjusted EPS Three Months Ended March 31 2024 2023 Diluted EPS - As Reported $ 0.47 $ 0.24 Acquisition and Integration Expenses – 0.05 Non-Cash Purchase Accounting Impacts 0.05 0.06 Unrealized Currency (Gain) Loss (0.06) 0.18 Restructuring Expenses 0.23 0.04 Non-Automotive Electron