Stoneridge Reports Fourth Quarter and Full-Year 2022 Results
Stoneridge, Inc. (SRI) announced its 2022 fourth quarter results with sales of $231.2 million and earnings per diluted share (EPS) of $0.01. For 2023, the company established a midpoint revenue guidance of $975 million, reflecting a 16% growth from 2022, alongside an expected EBITDA margin expansion of 210 basis points. The long-term revenue target is set between $1.3 billion and $1.5 billion by 2027. Despite macroeconomic challenges, Stoneridge aims for improved operational efficiencies and significant growth in its MirrorEye technology. The adjusted EPS guidance for 2023 is projected between $(0.10) and $0.10. The company has a $3.6 billion backlog, indicating robust future prospects.
- 2023 midpoint revenue guidance of $975 million indicating 15.9% growth vs. 2022.
- Establishes long-term revenue target of $1.3 billion to $1.5 billion by 2027.
- $3.6 billion backlog representing a 6% year-over-year growth.
- Expected EBITDA margin expansion of 180 to 240 basis points in 2023.
- Successfully negotiated price increases to offset rising material and labor costs.
- Full-year loss per share of $(0.52) for 2022.
- Adjusted EPS guidance for 2023 of $(0.10) to $0.10, indicating potential challenges.
- Increased labor costs and interest expense expected to pressure earnings.
ESTABLISHES 2023 MIDPOINT REVENUE GUIDANCE OF
ESTABLISHES 2027 REVENUE TARGET OF
2022 Fourth Quarter Results
- Sales of
$231.2 million - Adjusted sales of
$225.2 million 5.2% growth over Q3 2022) - Gross profit of
$45.5 million 19.7% of sales,20.2% of adjusted sales) - Operating income of
$6.0 million 2.6% of sales,2.7% of adjusted sales) - EBITDA of
$11.1 million 4.9% of adjusted sales) - Earnings per diluted share ("EPS") of
$0.01 - Results include
$3.7 million $0.10 - EPS of
$0.11
2023 Guidance
- Adjusted EPS of
$(0.10) $0.10 - Adjusted sales of
$960.0 $990.0 - Adjusted gross margin of
20.5% -21.25% - Adjusted operating margin of
1.5% -2.25% - Adjusted EBITDA margin of
5.3% -5.9% ($50.9 $58.4 million - Tax expense of
$4.5 $5.5 million
2027 Targets
- Sales target of
$1.3 $1.5 billion - Backlog growth of
6% year-over-year from$3.4 billion $3.6 billion - EBITDA margin target of
11.5% -13.5% ($175.0 million
Fourth quarter results included a
Sales were adjusted to normalize the impact of electronic component spot buys recovered from customers of
For the fourth quarter of 2022, Stoneridge reported gross profit of
For the full year of 2022, Stoneridge reported gross profit of
Zizelman continued, "Despite continued macroeconomic challenges in 2022, we believe we successfully managed the volatility and set ourselves up for stronger performance in 2023. We negotiated significant price increases with our customers to offset material and labor cost headwinds we continued our focus on cost management and operational efficiencies that will contribute to improved operating performance in 2023."
Fourth Quarter in Review
Control Devices sales totaled
Control Devices sales decreased by
Electronics adjusted sales totaled
Relative to the third quarter of 2022, Electronics adjusted sales increased
Stoneridge Brazil sales were
Relative to the third quarter of 2022, Stoneridge Brazil sales decreased by
Cash and Debt Balances
As of
On
The Company continues to focus on operating performance and working capital improvement to drive cash performance. As a result, the Company expects that the net debt to EBITDA ratio will return to a more normalized level by the end of 2023 and is targeting a long-term net debt to EBITDA leverage ratio under 2.5x.
2023 and Future Outlook
Zizelman commented, "MirrorEye has continued to accelerate and will start to deliver significant results for the Company during 2023. Despite a continued challenging macroeconomic environment, over the past several years we invested tens of millions of dollars to develop MirrorEye, a truly industry-changing technology. Our first OEM MirrorEye program continues to outperform original expectations with a take-rate of approximately
Zizelman added, "In Control Devices we continue to focus on growing our core product portfolio, particularly in our global actuation business, to align with industry megatrends supporting our target of being
The Company announced 2023 adjusted sales guidance of
The Company also announced adjusted earnings per share guidance of
Horvath continued, "With respect to adjusted earnings per share, we are expecting incremental contribution on revenue growth inline with our historical average of
Horvath concluded, "Moving forward, we expect the impact of new program launches and expansion of existing programs to drive significant growth. We have updated our long-term revenue target to
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2022 fourth quarter and full-year results can be accessed at
About
Forward-Looking Statements
Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
- the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;
- fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;
- global economic trends, competition and geopolitical risks, including impacts from the ongoing conflict between
Russia andUkraine and the related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between theU.S. andChina or other countries; - our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the global economy, and on our customers, suppliers, employees, business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer or supplier;
- the costs and timing of business realignment, facility closures or similar actions;
- a significant change in automotive, commercial, off-highway or agricultural vehicle production;
- competitive market conditions and resulting effects on sales and pricing;
- foreign currency fluctuations and our ability to manage those impacts;
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded business;
- adverse changes in laws, government regulations or market conditions, including tariffs, affecting our products or our customers' products;
- our ability to protect our intellectual property and successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;
- labor disruptions at our facilities or at any of our significant customers or suppliers;
- business disruptions due to natural disasters or other disasters outside of our control;
- the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;
- capital availability or costs, including changes in interest rates or market perceptions;
- the failure to achieve the successful integration of any acquired company or business;
- risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; and
- the items described in Part I, Item IA ("Risk Factors") of our 10-K filed with the
SEC .
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted income before tax, adjusted income tax expense and adjusted tax rate are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted gross income and margin, adjusted operating income (loss) and margin, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted income before tax and adjusted tax rate should not be considered in isolation or as a substitute for sales, gross profit, operating income (loss), net income (loss), earnings per share, income before tax, income tax expense, tax rate, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
CONDENSED CONSOLIDATED BALANCE SHEETS | ||||
2022 | 2021 | |||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 54,798 | $ 85,547 | ||
Accounts receivable, less reserves of | 158,155 | 150,388 | ||
Inventories, net | 152,580 | 138,115 | ||
Prepaid expenses and other current assets | 44,018 | 36,774 | ||
Total current assets | 409,551 | 410,824 | ||
Long-term assets: | ||||
Property, plant and equipment, net | 104,643 | 107,901 | ||
Intangible assets, net | 45,508 | 49,863 | ||
34,225 | 36,387 | |||
Operating lease right-of-use asset | 13,762 | 18,343 | ||
Investments and other long-term assets, net | 44,416 | 42,081 | ||
Total long-term assets | 242,554 | 254,575 | ||
Total assets | $ 652,105 | $ 665,399 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Current portion of debt | $ 1,450 | $ 5,248 | ||
Accounts payable | 110,202 | 97,679 | ||
Accrued expenses and other current liabilities | 66,040 | 70,139 | ||
Total current liabilities | 177,692 | 173,066 | ||
Long-term liabilities: | ||||
Revolving credit facility | 167,802 | 163,957 | ||
Deferred income taxes | 8,498 | 10,706 | ||
Operating lease long-term liability | 10,594 | 14,912 | ||
Other long-term liabilities | 6,577 | 6,808 | ||
Total long-term liabilities | 193,471 | 196,383 | ||
Shareholders' equity: | ||||
Preferred Shares, without par value, 5,000 shares authorized, none issued | - | - | ||
Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966 | - | - | ||
Additional paid-in capital | 232,758 | 232,490 | ||
Common Shares held in treasury, 1,625 and 1,775 shares at December | (50,366) | (55,264) | ||
Retained earnings | 201,692 | 215,748 | ||
Accumulated other comprehensive loss | (103,142) | (97,024) | ||
Total shareholders' equity | 280,942 | 295,950 | ||
Total liabilities and shareholders' equity | $ 652,105 | $ 665,399 | ||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||
Year ended | 2022 | 2021 | 2020 | |||
Net sales | 899,923 | 770,462 | 648,006 | |||
Costs and expenses: | ||||||
Cost of goods sold | 724,997 | 603,604 | 493,810 | |||
Selling, general and administrative | 106,695 | 116,000 | 112,474 | |||
Gain on sale of Canton Facility, net | — | (30,718) | — | |||
Design and development | 65,296 | 66,165 | 49,386 | |||
Operating income (loss) | 2,935 | 15,411 | (7,664) | |||
Interest expense, net | 7,097 | 5,189 | 6,124 | |||
Equity in loss (earnings) of investee | 823 | (3,658) | (1,536) | |||
Other expense (income), net | 5,711 | 1,444 | (1,528) | |||
(Loss) income before income taxes | (10,696) | 12,436 | (10,724) | |||
Provision (benefit) for income taxes | 3,360 | 9,030 | (2,774) | |||
Net (loss) income | (14,056) | 3,406 | (7,950) | |||
(Loss) earnings per share: | ||||||
Basic | $ (0.52) | $ 0.13 | $ (0.29) | |||
Diluted | $ (0.52) | $ 0.12 | $ (0.29) | |||
Weighted-average shares outstanding: | ||||||
Basic | 27,258 | 27,114 | 27,025 | |||
Diluted | 27,258 | 27,416 | 27,025 | |||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||||
Year ended | 2022 | 2021 | 2020 | |||
OPERATING ACTIVITIES: | ||||||
Net (loss) income | $ (14,056) | $ 3,406 | $ (7,950) | |||
Adjustments to reconcile net income to net cash provided by (used for) | ||||||
Depreciation | 26,687 | 27,823 | 27,309 | |||
Amortization, including accretion and write-off of deferred financing costs | 8,055 | 6,648 | 5,926 | |||
Deferred income taxes | (5,110) | (511) | (7,953) | |||
Loss (earnings) of equity method investee | 823 | (3,658) | (1,536) | |||
(Gain) loss on sale of fixed assets | (241) | (165) | 185 | |||
Share-based compensation expense | 5,942 | 5,960 | 5,888 | |||
Excess tax deficiency (benefit) related to share-based compensation | 543 | (563) | (46) | |||
Gain on sale of Canton Facility, net | — | (30,718) | — | |||
Gain on disposal of business and joint venture, net | — | (2,942) | — | |||
Property, plant and equipment impairment charge | 33 | — | 2,349 | |||
Change in fair value of earn-out contingent consideration | — | 2,065 | (3,196) | |||
Changes in operating assets and liabilities: | ||||||
Accounts receivable, net | (13,161) | (17,019) | 4,164 | |||
Inventories, net | (20,127) | (51,270) | 4,000 | |||
Prepaid expenses and other assets | (5,159) | (5,116) | 1,342 | |||
Accounts payable | 18,489 | 16,515 | 3,642 | |||
Accrued expenses and other liabilities | 4,088 | 13,297 | (5,483) | |||
Net cash provided by (used for) operating activities | 6,806 | (36,248) | 28,641 | |||
INVESTING ACTIVITIES: | ||||||
Capital expenditures, including intangibles | (31,609) | (27,031) | (32,462) | |||
Proceeds from sale of fixed assets | 158 | 268 | 127 | |||
Proceeds from settlement of net investment hedges | 3,820 | - | — | |||
Proceeds from disposal of business, net | — | 1,837 | — | |||
Proceeds from disposal of joint venture, net | — | 20,999 | — | |||
Proceeds from sale of Canton Facility, net | — | 35,167 | — | |||
Investment in venture capital fund, net | (950) | (3,199) | (1,550) | |||
Net cash (used for) provided by investing activities | (28,581) | 28,041 | (33,885) | |||
FINANCING ACTIVITIES: | ||||||
Revolving credit facility borrowings | 21,562 | 91,913 | 71,500 | |||
Revolving credit facility payments | (18,000) | (64,000) | (61,500) | |||
Proceeds from issuance of debt | 38,940 | 45,753 | 41,104 | |||
Repayments of debt | (42,732) | (48,125) | (37,823) | |||
Earn-out consideration cash payment | (6,276) | — | — | |||
Common Share repurchase program | — | — | (4,995) | |||
Repurchase of Common Shares to satisfy employee tax withholding | (791) | (2,665) | (1,773) | |||
Net cash (used for) provided by financing activities | (7,297) | 22,876 | 6,513 | |||
Effect of exchange rate changes on cash and cash equivalents | (1,677) | (3,041) | 3,247 | |||
Net change in cash and cash equivalents | (30,749) | 11,628 | 4,516 | |||
Cash and cash equivalents at beginning of period | 85,547 | 73,919 | 69,403 | |||
Cash and cash equivalents at end of period | $ 54,798 | $ 85,547 | $ 73,919 | |||
Supplemental disclosure of cash flow information: | ||||||
Cash paid for interest | $ 7,293 | $ 6,055 | $ 5,620 | |||
Cash paid for income taxes, net | $ 6,178 | $ 11,267 | $ (254) | |||
Supplemental disclosure of non-cash activities: | ||||||
Adoption of ASU 2019-12 (Note 2) | $ — | $ — | $ 13,750 | |||
Regulation G Non-GAAP Financial Measure Reconciliations
Reconciliation to US GAAP
Exhibit 1 - Adjusted EPS
| |||
Reconciliation of 2022 Adjusted EPS | |||
(USD in millions) | 2022 | 2022 EPS | |
Net Loss | $ (14.1) | $ (0.52) | |
Add: After-Tax Write-off of Deferred Financing Fees | 0.4 | 0.01 | |
Add: After-Tax Brazilian Indirect Tax Credits, net | (0.6) | (0.02) | |
Add: After-Tax Business Realignment Costs | 0.2 | 0.01 | |
Adjusted Net Loss | $ (14.1) | $ (0.52) | |
Exhibit 2 – Reconciliation of Adjusted EBITDA | |||||||||||||
(USD in millions) | Q4 | 2021 | Q1 | Q2 | Q3 | Q4 | 2022 | ||||||
Income (Loss) Before Tax | $ (3.9) | $ 12.4 | $ (6.2) | $ (6.9) | $ 1.7 | $ 0.7 | $ (10.7) | ||||||
Interest expense, net | 0.1 | 5.2 | 1.8 | 1.2 | 1.8 | 2.2 | 7.1 | ||||||
Depreciation and amortization | 8.7 | 33.9 | 8.7 | 8.5 | 8.3 | 8.2 | 33.7 | ||||||
EBITDA | $ 5.0 | $ 51.5 | $ 4.3 | $ 2.8 | $ 11.8 | $ 11.1 | $ 30.1 | ||||||
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 0.6 | 2.1 | — | — | — | — | — | ||||||
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil) | (1.1) | (1.1) | — | — | — | — | — | ||||||
Less: | (1.8) | (1.8) | — | — | — | — | — | ||||||
Add: Pre-Tax Restructuring Costs | 0.1 | 2.5 | — | — | — | — | — | ||||||
Less: | — | (30.7) | — | — | — | — | — | ||||||
Add: Pre-Tax Business Realignment Costs | 0.0 | 1.4 | 0.0 | — | 0.3 | — | 0.3 | ||||||
Add: Pre-Tax Brazilian Indirect Tax Credits, Net | — | 0.6 | — | (0.6) | — | — | (0.6) | ||||||
Less: | (0.4) | (1.1) | — | — | — | — | — | ||||||
Less: | 0.1 | 0.0 | — | — | — | — | — | ||||||
Add: Pre-Tax Environmental Remediation Costs | — | 0.4 | — | — | — | — | — | ||||||
Adjusted EBITDA | $ 2.4 | $ 23.7 | $ 4.3 | $ 2.3 | $ 12.1 | $ 11.1 | $ 29.8 | ||||||
Exhibit 3 – Adjusted Gross Profit | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Gross Profit | $ 41.9 | $ 166.9 | $ 49.4 | $ 45.5 | $ 174.9 | ||||
Add: Pre-Tax Restructuring Costs | 0.1 | 1.6 | — | — | — | ||||
Less: | — | (0.1) | — | — | — | ||||
Adjusted Gross Profit | $ 42.0 | $ 168.4 | $ 49.4 | $ 45.5 | $ 174.9 | ||||
Exhibit 4 - Adjusted Operating Income | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Operating Income (Loss) | $ (4.4) | $ 15.4 | $ 5.9 | $ 6.0 | $ 2.9 | ||||
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 0.6 | 2.1 | — | — | — | ||||
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil) | (1.1) | (1.1) | — | — | — | ||||
Less: | (1.8) | (1.8) | — | — | — | ||||
Add: Pre-Tax Restructuring Costs | 0.1 | 2.7 | — | — | — | ||||
Less: | — | (30.7) | — | — | — | ||||
Add: Pre-Tax Business Realignment Costs | 0.0 | 1.4 | 0.3 | — | 0.3 | ||||
Add: Pre-Tax Brazilian Indirect Tax Credits, Net | — | 0.6 | — | — | (0.6) | ||||
Less: | (0.4) | (1.1) | — | — | — | ||||
Add: | 0.1 | 0.0 | — | — | — | ||||
Add: Pre-Tax Environmental Remediation Costs | — | 0.4 | — | — | — | ||||
Adjusted Operating Income (Loss) | $ (7.0) | $ (12.2) | $ 6.1 | $ 6.0 | $ 2.7 | ||||
Exhibit 5 – Segment Adjusted Operating Income | |||||||||
Reconciliation of Control Devices Adjusted Operating Income | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Control Devices Operating Income | $ 4.8 | $ 54.9 | $ 7.5 | $ 5.5 | $ 23.9 | ||||
Add: Pre-Tax Restructuring Costs | 0.1 | 2.3 | — | — | — | ||||
Less: | — | (30.7) | — | — | — | ||||
Less: | (0.4) | (1.1) | — | — | — | ||||
Add: Pre-Tax Business Realignment Costs | — | 0.2 | — | — | — | ||||
Less: | 0.1 | 0.0 | — | — | — | ||||
Add: Pre-Tax Environmental Remediation Costs | — | 0.4 | — | — | — | ||||
Control Devices Adjusted Operating Income | $ 4.5 | $ 26.0 | $ 7.5 | $ 5.5 | $ 23.9 | ||||
Reconciliation of Electronics Adjusted Operating Income (Loss) | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Electronics Operating Income (Loss) | $ (4.7) | $ (12.5) | $ 5.4 | $ 4.9 | $ 5.1 | ||||
Add: Pre-Tax Restructuring Costs | — | 0.3 | — | — | — | ||||
Add: Pre-Tax Business Realignment Costs | — | 0.0 | — | — | — | ||||
Electronics Adjusted Operating Income (Loss) | $ (4.7) | $ (12.2) | $ 5.4 | $ 4.9 | $ 5.1 | ||||
Reconciliation of Stoneridge Brazil Adjusted Operating Income | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Stoneridge Brazil Operating Income (Loss) | $ 0.9 | $ 1.0 | $ 0.9 | $ 0.8 | $ 3.1 | ||||
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil) | 0.6 | 2.1 | — | — | — | ||||
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil) | (1.1) | (1.1) | — | — | — | ||||
Add: Pre-Tax Business Realignment Costs | — | 0.1 | 0.1 | — | 0.1 | ||||
Add: Pre-Tax Brazilian Indirect Tax Credits, Net | — | 0.6 | — | — | (0.6) | ||||
Stoneridge Brazil Adjusted Operating Income | $ 0.3 | $ 2.6 | $ 1.0 | $ 0.8 | $ 2.7 | ||||
Exhibit 6 – Reconciliation of Adjusted Sales | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Sales | $ 203.7 | $ 770.5 | $ 226.8 | $ 231.2 | $ 899.9 | ||||
Less: | (1.3) | (2.3) | — | — | — | ||||
Less: Sales from Spot Purchase Recoveries | $ (17.6) | $ (17.6) | $ (12.8) | $ (6.0) | $ (58.4) | ||||
Adjusted Sales | $ 184.7 | $ 750.5 | $ 214.0 | $ 225.2 | $ 841.5 | ||||
Exhibit 7 – Reconciliation of Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business | |||||||||
Reconciliation of Control Devices Adjusted Sales | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Control Devices Sales | $ 82.9 | $ 359.3 | $ 89.4 | $ 85.9 | $ 345.3 | ||||
Less: | (1.3) | (2.3) | — | — | — | ||||
Control Devices Adjusted Sales | $ 81.6 | $ 357.0 | $ 89.4 | $ 85.9 | $ 345.3 | ||||
Reconciliation of Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Control Devices Sales | $ 81.6 | $ 357.0 | $ 89.4 | $ 85.9 | $ 345.3 | ||||
Less: Sales from Disposed Soot Sensor Business | (1.8) | (10.3) | — | — | — | ||||
Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business | $ 79.9 | $ 346.7 | $ 89.4 | $ 85.9 | $ 345.3 | ||||
Exhibit 8 – Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Control Devices Adjusted Operating Income | $ 4.5 | $ 26.0 | $ 7.5 | $ 5.5 | $ 23.9 | ||||
Less: Pre-Tax Operating Gain from Disposed Soot Sensor Business | (0.5) | (2.1) | — | — | — | ||||
Control Devices Adjusted Operating Income Excluding Disposed Soot Sensor Business | $ 4.0 | $ 23.9 | $ 7.5 | $ 5.5 | $ 23.9 | ||||
Exhibit 9 – Reconciliation of Electronics Adjusted Sales | |||||||||
(USD in millions) | Q4 2021 | 2021 | Q3 2022 | Q4 2022 | 2022 | ||||
Electronics Sales | $ 114.1 | $ 384.1 | $ 130.0 | $ 140.7 | $ 533.8 | ||||
Less: Sales from Spot Purchase Recoveries | (17.6) | (17.6) | (12.8) | (6.0) | (58.4) | ||||
Electronics Adjusted Sales | $ 96.5 | $ 366.5 | $ 117.2 | $ 134.8 | $ 475.4 | ||||
Exhibit 10 – Adjusted Tax Rate | |||
Reconciliation of 2022 Adjusted Tax Rate | |||
(USD in millions) | 2022 | Tax Rate | |
Loss Before Tax | $ (10.7) | ||
Add: Pre-Tax Write-off of Deferred Financing Fees | 0.4 | ||
Add: Pre-Tax Brazilian Indirect Tax Credits, net | (0.8) | ||
Add: Pre-Tax Business Realignment Costs | 0.3 | ||
Adjusted Loss Before Tax | $ (10.8) | ||
Income Tax Expense | 3.4 | (31.4) % | |
Add: Tax Impact from Pre-Tax Adjustments | (0.1) | ||
Adjusted Income Tax Expense | $ 3.3 | (30.8) % | |
Exhibit 11 – Adjusted Results Excluding Prior Quarter Correction | |||||||||
Reconciliation of Adjusted EPS Excluding Prior Quarter Correction | |||||||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | 2022 | |||||
Adjusted EPS | $ (0.27) | $ (0.29) | $ 0.03 | $ 0.01 | $ (0.52) | ||||
Add: Reclassified non-operating net gain related to net investment hedge | — | (0.10) | — | 0.10 | — | ||||
Adjusted EPS Ex. Prior Quarter Correction | $ (0.27) | $ (0.39) | $ 0.03 | $ 0.11 | $ (0.52) | ||||
Reconciliation of Adjusted EBITDA Excluding Prior Quarter Correction | |||||||||
Q1 2022 | Q2 2022 | Q3 2022 | Q4 2022 | 2022 | |||||
Adjusted EBITDA | $ 4.3 | $ 2.3 | $ 12.1 | $ 11.1 | $ 29.8 | ||||
Add: Reclassified non-operating net gain related to net investment hedge | — | (3.7) | — | 3.7 | — | ||||
Adjusted EBITDA Ex. Prior Quarter Correction | $ 4.3 | $ (1.4) | $ 12.1 | $ 14.8 | $ 29.8 | ||||
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