Commercial Vehicle Group, Inc. · NASDAQ:CVGI
Commercial Vehicle — Gabelli 46th Annual Automotive Symposium (October 2022)
22 slides from Commercial Vehicle's conference presentation, Oct 31, 2022
Slide 1: Auto Symposium
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Slide 2: Forward Looking Statements and Non-GAAP Financial Measures
Forward Looking Statements and Non-GAAP Financial Measures CVG These slides contain forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”,
Slide 3: CVG Snapshot and Value Proposition
CVG Snapshot and Value Proposition OUR Make the world a better place through our products and actions MISSION YOUNG ENTREPRENEURIAL COMPANY + Founded 2000 + 2021 Revenue: $972 million GLOBAL TIER 1 SUPPLIER + We compete globally with our business model and have >1,000 customers + We are service and
Slide 4: CVG — Focused on Vehicles and Automation
CVG — Focused on Vehicles and Automation Secular Growth Across the Business Units from Electric Vehicle Penetration CVG On Track for our Electrical Systems Business to Become our Largest Business Unit Electrical Systems Seating Structures Aftermarket
Slide 5: CVG Investment Highlights
CVG Investment Highlights New management team is self-funding a secular growth transformation, and it is working very well. Have become a global leader in the Electric Vehicle market in a relatively short amount of time. We are designing and delivering the complete electrical system backbone of the
Slide 6: Run a Focused and Great Business
Run a Focused and Great Business + Make money or get out * Control cost structure and make in-house what we should. * Lower our costs by getting better and smarter, lean down SG&A Increase Profits, Increase Free Cash Flow, Self-Fund Secular Growth Transformation Win New Targeted Business Secular gro
Slide 7: • • • 2020 2021 2022 2023 2024 2025 2026 • • • •
• • 400 300 • 200 100 0 2020 2021 2022 2023 2024 2025 2026 • • • • • •
Slide 8: Total FC Sq Ft (Million) Product Sales Projected Product Sales Actual
800.0 $500,000 $450,000 700.0 $400,000 600.0 $350,000 500.0 $300,000 400.0 $250,000 $200,000 300.0 $150,000 200.0 $100,000 100.0 $50,000 - $- 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Total FC Sq Ft (Million) Product Sales Projected Product Sales
Slide 9: EV Market Development is Full Pace, and CVG is an Early Pioneer
EV Market Development is Full Pace, and CVG is an Early Pioneer in Delivering the Complete Electrical System Electric Vehicle Systems * Custom designed high and low voltage electrical systems. * Custom designed high and low voltage distribution boxes for vehicle optimization. * Awarded full system d
Slide 10: Electrical Systems vs All Other 2023-2025
400 300 200 100 0 2023 2024 2025 Electrical Systems All other
Slide 11: Long-Term Financial Goals
Long-Term Financial Goals CuUG Stable, Higher Profits () ‘| Achieve profit and ROIC stability in company’s core businesses, and overall. Double revenue and increase adjusted operating income margin to 8.5% through business mix shift Aggressively grow in global Electric Vehicle and electric systems m
Slide 12: Second Half 2022 Outlook
Second Half 2022 Outlook On track for sequential income, EPS and free cash flow improvement during Q3 and Q4 - grinding it out - overcoming inflation, supply chains, labor shortages, pricing, margin compression, with consistent price-ups or exits Commercial vehicle businesses improving in profitabil
Slide 13: Financial Review Second Quarter 2022
Financial Review second Quarter 2022
Slide 14: Q2 2022 Highlights
Q2 2022 Highlights FINANCIAL HIGHLIGHTS an % NET SALES ADJUSTED EBITDA $250.8 $12.4 MILLION MILLION ég, < ADJUSTED OPERATING INCOME | DILUTED ADJ. EPS $8.1 $0.13 MILLION Note: US GAAP net income attributable to Commercial Vehicle Group, Inc. was $2.5M for Q2 FY22. GAAP diluted earnings per share was
Slide 15: Second Quarter Results
Second Quarter Results GAAP Measures Three Months Ended June 30 NON-GAAP Measures ees Months ($ in millions except for share information) 2022 2021 ($in millions except for share information) 2022 2021 Revenue $250.8 $257.9 Adjusted EBITDA $12.4 $216 Operating Income 6.2 16.3 Adjusted EBITDA Margin
Slide 16: Appendix
Appendix
Slide 17: Non-GAAP Financial Measures
Non-GAAP Financial Measures This earnings presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporat
Slide 18: Reconciliation of GAAP to Non-GAAP Financial Measures
Reconciliation of GAAP to Non-GAAP Financial Measures Operating Income 6.2 16.3 Deferred Consideration Purchase Accounting 041 04 Restructuring 18 - Investigation - 0.2 Adjusted Operating Income 81 16.6 % of Revenues 3.2% 6.5% Net Income/(Loss) 2.5 5.1 Interest Expense 24 28 Provision (benefit) for
Slide 19: Reconciliation of GAAP to Non-GAAP Financial Measures — Adjusted EBITDA
Reconciliation of GAAP to Non-GAAP Financial Measures — Adjusted EBITDA {in millions) Net income/(Loss) 4.2 8.5 5.1 75 2.6 4.0 2.5 Interest 5.5 5.0 2.8 1.6 17 2.0 21 Provision / (Benefit) for Income Taxes (1.0) 3.9 2.5 15 24 1.9 14 0.9 Depreciation 3.8 3.8 3.8 3.8 3.7 3.8 3.5 3.7 Amortization 0.9 0.
Slide 20: Reconciliation of GAAP to Non-GAAP Financial Measures — Diluted EPS
Reconciliation of GAAP to Non-GAAP Financial Measures — Diluted EPS (in mill Q2 2022 Net income/(Loss) 2.5 51 Operating income (loss) adjustments 1.9 0.3 Hryvnia fair value adjustments on forward exchange contracts (0.4) - Loss on extinguishment of debt 0.9 7.2 Adjusted (benefit) provision for incom
Slide 21: Segment GAAP to Non GAAP QTD
Segment GAAP to Non GAAP QTD For the Three Months Ended June 30, 20. Vehicle Warehouse Electrical Aftermarket & (in millions) Solutions Automation Systems Accessories Corporate Total Operating Income/(Loss) 1.5 1.3 5.9 11 (3.6) 6.2 Deferred consideration purchase accounting - 0.1 - - - 0.1 Restructu
Slide 22: Reconciliation of GAAP to Non-GAAP Cash Flow Information
Reconciliation of GAAP to Non-GAAP Cash Flow Information (in millions) Q3 2020 Q4 2020 Q1 2021 Q2 2021 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Cash Flow from Operations $ 104 $ 36 $ (15.4) $ (9.4) $ 39 $ (89) $ (214) $ 16.9 Capital Expenditures! (1.0) (1.0) (1.7) (5.2) (4.5) (6.2) (3.6) (5.0) Free Cash Flow
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