Dorman Products, Inc. · NASDAQ:DORM
Dorman Products — Q1 2025 Earnings Presentation
18 slides from Dorman Products's earnings presentation, May 6, 2025
Slide 1: Dorman Products, Inc. Q1 2025 Earnings Presentation
‘DORMAN PRODUCTS, INC. Q1 2025 EARNINGS PRESENTATION MAY 6, 2025
Slide 2: Forward-Looking Statements & Non-GAAP Financial Measures
| Forward-Looking Statements & Non-GAAP Financial Measures FORWARD-LOOKING STATEMENTS This presentation contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. All statements, other than statements of historical facts, may be forward-looking
Slide 3: Q1 2025 Highlights
O1 2025 Highlights Net Sales of $508 million up 8.3% over Q1 2024 Adjusted Operating Margin of 17.0% 310 bps improvement over Q1 2024 Adjusted Diluted EPS of $2.02 a 54% increase over Q1 2024 Free Cash Flow of $40 million, repaid $20 million of debt and repurchased $12 million of common stock Strong
Slide 4: Purpose-Built Resilience to Tariff Challenges
| Purpose-Built Resilience to Tariff Challenges Diversified Supply Chain - We're asset-light and, and our geographically diverse supply chain features redundancy, flexibility, and resiliency to benefit our customers. Supplier Relationships We are a strategic customer, often one of the largest, for o
Slide 5: Segment Observations
| Sesame Observations Macro trends remained strong through Q1'25, with vehicle miles traveled increasing year-over-year Strong customer demand in the quarter, with high-single digit POS New products drove continued above- market performance Non-discretionary parts expected to perform well through a
Slide 6: Q1 2025 Performance Highlights
'Q1 2025 Performance Highlights $508 $469 —— BD 86 $65 170% _ D202 $1.31 13.9% Ql- 24 Q1-25 Ql-24 Q1-25 Ql-24 Ql-25 Adjusted 01% [ll Adjusted O1$ | Top-line growth driven by strong customer Adjusted Operating Income growth driven by Adjusted Diluted EPS growth driven by strong demand continuing in t
Slide 7: Light Duty Segment Quarterly Financials
Light Duty Segment Quarterly Financials Strong top-line growth, driven by increased customer demand _ @Q~, and positive macro trends $409 POS was strong in the first quarter, increasing high-single digits compared to the same period in 2024 New products drove outperformance compared to broader 16.1%
Slide 8: Heavy Duty Segment Quarterly Financials
eavy Duty Segment Quarterly Financials Ql- 24 Operating Margin Ql-25 Wl Net Sales Freight demand fluctuations and trucking overcapacity continued to impact the heavy-duty aftermarket Early signs of stabilization seen in Q4'24 continued during Q1'25, but implementation of tariffs created uncertainty
Slide 9: Specialty Vehicle Segment Quarterly Financials
| Sysactieiy Vehicle Segment Quarterly Financials Softened consumer sentiment from Q4'24 to Q1'25 led to decrease in net sales compared to prior year period Operating Margin impacted by lower sales and deleverage of fixed expenses 10.2% acquisitions to expand product and brand portfolio, including a
Slide 10: Free Cash Flow
lerée Cash Flow Solid cash flow generation driven by strong earnings D> growth, partially offset by an investment in inventory $41 Cash utilization during the quarter: Invested $11 million in capital expenditures Repaid $20 million in debt Repurchased $12 million of common stock Strong cash generati
Slide 11: Leverage & Liquidity
| Leverage & Liquidity Strong Balance Sheet and Liquidity Position Net Leverage Liquidity Revolving Credit Facility $0 Term Loan $463 Total Revolver Commitment $600 Less: Cash and Cash Equivalents ($61) Less: Revolver Draw Outstanding? ($1) Net Debt $402 Available Revolver Capacity $599 LTM Consolid
Slide 12: 2025 Guidance Reaffirmed
2025 Guidance Reaffirmed Net Sales change vs. previous year 3% - 5% Diluted EPS $7.00 - $7.30 Change vs. previous year 14% -19% Adjusted Diluted EPS $7.55 - $7.85 Change vs. previous year 6% - 10% Guidance excludes any impact from U.S. tariffs enacted or proposed in 2025 or potential retaliatory mea
Slide 13: Appendix — Non-GAAP Reconciliations
' “Appendix — Non-GAAP Reconciliations
Slide 14: Reconciliation of Adjusted Gross Margin
[ Reconciliation of Adjusted Gross Margin 14 ($ in thousands) Gross profit (GAAP) Pretax acquisition-related transaction and other costs Adjusted gross profit (Non-GAAP) *Amounts may not add due to rounding Three Months Ended % of % of 3/29/25 Sales* 3/30/24 Sales* $207,708 40.9% $181,446 38.7% _ -
Slide 15: Reconciliation of Adjusted SG&A
[ Reconciliation of Adjusted SG&A 15 ($ in thousands) SG&A expenses (GAAP) Pretax acquisition-related intangible assets amortization Pretax acquisition-related transaction and other costs Pretax reduction in workforce costs Adjusted SG&A expenses (Non-GAAP) *Amounts may not add due to rounding Three
Slide 16: Reconciliation of Adjusted Operating Income
[ Reconciliation of Adjusted Operating Income 16 ($ in thousands) Income from operations (GAAP) Pretax acquisition-related intangible assets amortization Pretax acquisition-related transaction and other costs Pretax reduction in workforce costs Adjusted operating income (Non-GAAP) Three Months Ended
Slide 17: Reconciliation of Adjusted Diluted EPS
[ Reconciliation of Adjusted Diluted EPS Three Months Ended (in thousands, except per share amounts) 3/29/25 3/30/24 Net income (GAAP) $57,505 $32,828 Pretax acquisition-related intangible assets amortization 5,471 5,484 Pretax acquisition-related transaction and other costs 492 483 Pretax reduction
Slide 18: Reconciliation of Adjusted Diluted EPS - Guidance
| Reconciliation of Adjusted Diluted EPS - Guidance 18 Diluted earnings per share (GAAP) Pretax acquisition-related intangible assets amortization Pretax acquisition transaction and other costs Tax adjustment (related to above items) Adjusted diluted earnings per share (Non-GAAP) Weighted average di