Slide 1: Gentherm Reports 2021 Second Quarter Results
Automotive Revenue Significantly Outperformed Light Vehicle Production Secured $400 Million in New Automotive Awards Updates 2021 Guidance NORTHVILLE, Michigan, July 29, 2021 /Global Newswire/ -- Gentherm (NASDAQ:THRM), a global market leader and developer of innovative thermal management technologi
Slide 2: Medical revenue, margins, expenses and updated 2021 guidance
Gentherm Medical revenue declined 6.6 % year over year, primarily as a result of the COVID-driven higher Blanketrol ® sales in the prior-year period . See the “Revenues by Product Category” table included below for additional detail. Gross margin rate increased to 29.8% in the current-year period, a
Slide 3: 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 the U.S.). The passcode for the live call is 13721112. A
Slide 4: Forward-looking statements: risks and uncertainties
uncertainties and other factors that may cause actual results or performance to differ materially from that described in or indicated by the forward-looking statements, including: ▪ the COVID-19 pandemic and its direct and indirect adverse impacts on the automobile and medical industries, global sup
Slide 5: Forward-looking statements: risks and cautionary notes
▪ the Company’s ability to effectively implement ongoing restructuring and other cost-savings measures or realize the full amount of estimated savings; and ▪ compliance with, and increased costs related to, domestic and international regulations. The foregoing risks should be read in conjunction wit
Slide 6: Consolidated Condensed Statements of Income (Loss)
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF INCOME (LOSS) (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Product revenues $ 266,005 $ 136,061 $ 554,540 $ 364,674 Cost of sales 186,792 109,326 387,658 271,872
Slide 7: Revenue by Product Category and Reconciliation of Foreign Currency Translation Impact
GENTHERM INCORPORATED REVENUE BY PRODUCT CATEGORY AND RECONCILIATION OF FOREIGN CURRENCY TRANSLATION IMPACT (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 % Change 2021 2020 % Change Climate Control Seat $ 98,229 $ 49,879 96.9 % $ 207,402 $ 132,407 56.6 %
Slide 8: Reconciliation of Net Income (Loss) to Adjusted EBITDA
GENTHERM INCORPORATED RECONCILIATION OF NET INCOME (LOSS) TO ADJUSTED EBITDA (In thousands) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ 24,791 $ (10,322 ) $ 57,700 $ 1,551 Add back: Depreciation and amortization 9,628 9,847 19,323 20,000
Slide 9: Use of Non-GAAP Financial Measures
that our future results will be unaffected by unusual or non-recurring items. There also can be no assurance that we will 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
Slide 10: Adjusted Net Income (Loss) and Adjusted Earnings per Share
GENTHERM INCORPORATED ADJUSTED NET INCOME (LOSS) AND ADJUSTED EARNINGS PER SHARE (In thousands, except per share data) (Unaudited) Three Months Ended June 30, Six Months Ended June 30, 2021 2020 2021 2020 Net income (loss) $ 24,791 $ (10,322 ) $ 57,700 $ 1,551 Non-cash purchase accounting impact 2,0
Slide 11: Consolidated Condensed Balance Sheets
GENTHERM INCORPORATED CONSOLIDATED CONDENSED BALANCE SHEETS (In thousands, except share data) (Unaudited) June 30, 2021 December 31, 2020 ASSETS Current Assets: Cash and cash equivalents $ 186,863 $ 268,345 Accounts receivable, net 198,225 211,672 Inventory: Raw materials 80,208 68,362 Work in proce
Slide 12: Consolidated Condensed Statements of Cash Flows
GENTHERM INCORPORATED CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS (In thousands) (Unaudited) Six Months Ended June 30, 2021 2020 Operating Activities: Net income $ 57,700 $ 1,551 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 19,57