Dorman Products, Inc. · NASDAQ:DORM
Dorman Products — Q1 2024 Earnings Presentation
18 slides from Dorman Products's earnings presentation, May 7, 2024
Slide 1: Dorman Products, Inc. Q1 2024 Earnings Presentation
DORMAN PRODUCTS, INC. Q1 2024 EARNINGS PRESENTATION MAY 7, 2024
Slide 2: Forward-Looking Statements; Non-GAAP Financial Measures
Forward-Looking Statements Non-GAAP Financial Measures
Slide 3: Q1 2024 key highlights
1 2 3 4 5 1 –See reconciliations of non-GAAP amounts later in this presentation.
Slide 4: Light Duty, Heavy Duty, Specialty Vehicle
Light Duty Heavy Duty Specialty Vehicle • • • • • • • • • • • • •
Slide 5: New to the Aftermarket Innovation Engine
New to the • Aftermarket • 19,000+ Innovation Engine • Broad and • ~30% Technical Product • Capabilities • • Nimble Operations Provide Speed to • Market • Effective • Across Segments • and Channels • 1 – At December 31, 2023. 2 – Adjusted to include Dayton Parts and SuperATV performance for periods
Slide 6: Light Duty, Heavy Duty, Specialty Vehicle, Electronics
LIGHT DUTY HEAVY DUTY SPECIALTY VEHICLE ELECTRONICS • • • • • • • • • • • • • • • • 6
Slide 7: Net Sales, Adj. Operating Income, Adj. Diluted EPS
Net Sales1 Adj. Operating Income1 Adj. Diluted EPS1 80 30 25 60 20 40 15 10 20 5 0 0 • • • • • • • • • • • 1 – Dollar amounts in millions. See reconciliations of non-GAAP amounts in appendix of this presentation.
Slide 8: Net Sales & Segment Profit %
Net Sales1 & Segment Profit % • 360 30 350 • 25 340 330 20 320 • 15 310 300 10 • 290 5 280 270 0 1 – Dollar amounts in millions.
Slide 9: Net Sales & Segment Profit %
Net Sales1 & Segment Profit % • 70 18 16 • 60 14 12 50 10 • 40 8 6 30 4 2 • 20 0 10 -2 -4 • 0 -6 1 – Dollar amounts in millions.
Slide 10: Net Sales & Segment Profit %
Net Sales1 & Segment Profit % • 35 • 30 25 20 15 10 5 0 • 1 – Dollar amounts in millions.
Slide 11: Free Cash Flow
Free Cash Flow1 • • • • • 1 – Dollar amounts in millions.
Slide 12: Net Leverage and Liquidity
Net Leverage Liquidity Revolving Credit Facility $81 Term Loan $481 Total Revolver Commitment $600 Less: Cash and Cash Equivalents ($34) Less: Revolver Draw Outstanding 2 ($82) Net Debt $528 Available Revolver Capacity $518 LTM Consolidated EBITDA1 $328 Cash and Cash Equivalents $34 Total Net Levera
Slide 13: 2024 Guidance
• • • 1 – See reconciliations of non-GAAP amounts in appendix of this presentation.
Slide 14: Appendix – Non-GAAP Reconciliations
Appendix – Non-GAAP Reconciliations
Slide 15: Reconciliation of Adjusted Gross Profit and Adjusted SG&A
Reconciliation of Adjusted Gross Profit and Adjusted SG&A Adjusted Gross Profit: Three Months Ended ($ in thousands) 3/30/24 % of Sales* 4/1/23 % of Sales* Gross profit (GAAP) $ 181,446 38.7% $ 144,477 31.0% Pretax acquisition-related transaction and other costs 8 0.0% 6,829 1.5% Adjusted gross prof
Slide 16: Reconciliation of Adjusted Operating Income
Reconciliation of Adjusted Operating Income Three Months Ended ($ in thousands) 3/30/24 % of Sales 4/1/23 % of Sales Income from operations (GAAP) $ 54,438 11.6% $ 18,114 3.9% Pretax acquisition-related intangible assets amortization 5,484 1.2% 5,433 1.2% Pretax acquisition-related transaction and o
Slide 17: Reconciliation of Adjusted Diluted EPS
Reconciliation of Adjusted Diluted EPS Three Months Ended ($ in thousands, except per share amounts) 3/30/24 4/1/23 Net income (GAAP) $ 32,828 $ 5,683 Pretax acquisition-related intangible assets amortization 5,484 5,433 Pretax acquisition-related transaction and other costs 483 8,549 Pretax executi
Slide 18: Reconciliation of Adjusted Diluted EPS - Guidance
Reconciliation of Adjusted Diluted EPS - Guidance Year Ending 12/31/2024 Low End High End Diluted earnings per share (GAAP) $ 4.71 $ 5.01 Pretax acquisition-related intangible assets amortization 0.70 0.70 Pretax acquisition transaction and other costs 0.05 0.05 Pretax reduction in workforce costs 0