Stoneridge Reports Third Quarter 2024 Results
Stoneridge (NYSE: SRI) reported Q3 2024 financial results with sales of $213.8 million, gross profit of $44.5 million, and adjusted EBITDA of $9.2 million. The company reported a loss per share of $(0.26) and adjusted EPS of $(0.24). Notably, MirrorEye will become standard equipment on several European truck platforms and will launch with Daimler Truck North America in mid-2025. The company updated its 2024 guidance, projecting revenue of $895-905 million, adjusted EBITDA of $42-44 million, and adjusted EPS of $(0.35)-$(0.40), reflecting reduced market expectations across end markets.
Stoneridge (NYSE: SRI) ha riportato i risultati finanziari del terzo trimestre del 2024 con vendite di 213,8 milioni di dollari, un utile lordo di 44,5 milioni di dollari e un EBITDA rettificato di 9,2 milioni di dollari. L'azienda ha registrato una perdita per azione di $(0,26) e un utile per azione rettificato di $(0,24). In particolare, MirrorEye diventerà attrezzatura standard su diverse piattaforme di camion europee e verrà lanciata con Daimler Truck North America a metà del 2025. L'azienda ha aggiornato le sue previsioni per il 2024, prevedendo ricavi tra 895-905 milioni di dollari, un EBITDA rettificato di 42-44 milioni di dollari e un utile per azione rettificato di $(0,35)-$(0,40), riflettendo una riduzione delle aspettative di mercato in tutti i settori.
Stoneridge (NYSE: SRI) informó los resultados financieros del tercer trimestre de 2024 con ventas de $213.8 millones, una ganancia bruta de $44.5 millones y un EBITDA ajustado de $9.2 millones. La compañía reportó una pérdida por acción de $(0.26) y un EPS ajustado de $(0.24). Cabe destacar que MirrorEye se convertirá en equipo estándar en varias plataformas de camiones europeos y se lanzará con Daimler Truck North America a mediados de 2025. La compañía actualizó su guía para 2024, proyectando ingresos de $895-905 millones, un EBITDA ajustado de $42-44 millones y un EPS ajustado de $(0.35)-$(0.40), reflejando expectativas de mercado reducidas en todos los sectores finales.
Stoneridge (NYSE: SRI)는 2024년 3분기 재무 결과를 발표했으며 매출은 2억 1,380만 달러, 총 이익은 4,450만 달러, 조정된 EBITDA는 920만 달러로 보고했습니다. 이 회사는 주당 손실이 $(0.26)이고 조정된 주당 순이익이 $(0.24)이라고 발표했습니다. 특히, MirrorEye는 여러 유럽 트럭 플랫폼의 표준 장비가 될 것이며, 2025년 중반에 Daimler Truck North America와 함께 출시될 예정입니다. 이 회사는 2024년 전망을 업데이트하여 8억 9,500만-9억 5백만 달러의 매출과 4,200만-4,400만 달러의 조정 EBITDA, $(0.35)-$(0.40)의 조정된 주당 순이익을 예상하고 있으며, 이는 모든 최종 시장에 걸쳐 시장 예상치가 줄어들고 있음을 반영합니다.
Stoneridge (NYSE: SRI) a annoncé les résultats financiers du troisième trimestre 2024, avec des ventes de 213,8 millions de dollars, un bénéfice brut de 44,5 millions de dollars et un EBITDA ajusté de 9,2 millions de dollars. La société a signalé une perte par action de $(0,26) et un BPA ajusté de $(0,24). Il est à noter que MirrorEye deviendra un équipement standard sur plusieurs plateformes de camions européens et sera lancé avec Daimler Truck North America à la mi-2025. La société a mis à jour ses prévisions pour 2024, projetant des revenus de 895-905 millions de dollars, un EBITDA ajusté de 42-44 millions de dollars et un BPA ajusté de $(0,35)-$(0,40), ce qui reflète une réduction des attentes du marché dans tous les segments finaux.
Stoneridge (NYSE: SRI) hat die Finanzergebnisse für das dritte Quartal 2024 veröffentlicht, mit einem Umsatz von 213,8 Millionen Dollar, einem Bruttogewinn von 44,5 Millionen Dollar und einem bereinigten EBITDA von 9,2 Millionen Dollar. Das Unternehmen meldete einen Verlust pro Aktie von $(0,26) und ein bereinigtes Ergebnis pro Aktie von $(0,24). Besonders erwähnenswert ist, dass MirrorEye zum Standardequipment auf mehreren europäischen Lkw-Plattformen wird und Mitte 2025 mit Daimler Truck North America eingeführt wird. Das Unternehmen hat seine Prognose für 2024 aktualisiert und prognostiziert einen Umsatz von 895-905 Millionen Dollar, ein bereinigtes EBITDA von 42-44 Millionen Dollar und ein bereinigtes Ergebnis pro Aktie von $(0,35)-$(0,40), was die reduzierten Markterwartungen in allen Endmärkten widerspiegelt.
- Year-to-date cash performance improved by $31.3 million compared to 2023
- Inventory reduction of $11.3 million year-to-date
- MirrorEye adoption expanding with major OEMs including Daimler, DAF, and Volvo
- New strategic award for Leak Detection Module technology with Chinese OEM
- Q3 sales decreased 4.7% in Electronics and 17.5% in Control Devices segments
- Operating margin declined by 330 basis points in Electronics and 320 basis points in Control Devices
- Reduced 2024 guidance due to significant production volume reductions (~3.6%) across end markets
- Adjusted EBITDA margin guidance lowered to ~4.7% for 2024
Insights
The Q3 results and guidance update reveal significant challenges.
While cash management improved with
The automotive supplier market faces significant headwinds across multiple segments. Stoneridge's Electronics segment saw a
MirrorEye Becomes Standard Equipment on Several European Truck Platforms
MirrorEye OEM Programs to Launch with Daimler Truck North America and a European Brand
Year-to-Date Cash Performance Improved
2024 Third Quarter Results
- Sales of
$213.8 million - Gross profit of
$44.5 million - Adjusted gross profit of
($44.6 million 20.9% of sales) - Operating income of
$0.3 million - Adjusted operating income of
($0.7 million 0.3% of sales) - Adjusted EBITDA of
($9.2 million 4.3% of sales)- Adjusted EBITDA was unfavorably impacted by
related to operating FX and non-operating expenses vs. prior expectations$2.6 million
- Adjusted EBITDA was unfavorably impacted by
- Income tax expense of
$3.4 million - Adjusted income tax expense of
$3.5 million - Loss per share ("EPS") of
$(0.26) - Adjusted EPS of
$(0.24) - Year-to-date cash performance of
improved$13.3 million vs. the same period in 2023$31.3 million - Year-to-date inventory reduction of
$11.3 million
- Year-to-date inventory reduction of
2024 Full-Year Guidance Update
- Revenue guidance of
-$895 million (midpoint of$905 million )$900 million - Reflecting current market conditions resulting in significant production volume reductions across our weighted-average end markets of ~(3.6)% vs. prior guidance
- Updating full-year 2024 guidance to reflect reduced revenue expectations
- Adjusted Gross Margin ~
21.5% - Adjusted Operating Margin ~
1.0% - Adjusted EBITDA of
to$42 million million (adjusted EBITDA margin of ~$44 4.7% ) - Adjusted EPS of
-$(0.35) considering a full-year adjusted income tax expense of$(0.40) -$4.0 million $4.5 million
- Adjusted Gross Margin ~
Jim Zizelman, president and chief executive officer, commented, "During the third quarter, our focus remained on improving the fundamentals of our business. Our efforts to improve operational efficiency resulted in reduced quality-related costs while reductions to operating expenses helped to offset some of the significant market-related challenges we faced. That said, like many of our peers, third quarter performance was significantly impacted by continued pressure across all of our major end markets resulting in reduced customer production. We will continue to improve fundamental financial performance through operational excellence and a focus on controllable costs."
Zizelman continued, "While we continue to drive operational performance improvement, we remain focused on our key growth initiatives, including new business awards and the flawless execution of the program launches that will drive growth going-forward. We continue to build momentum with MirrorEye in both our OEM and fleet channels. Earlier this week, we announced MirrorEye will be available on Daimler Truck North America's new fifth generation Freightliner Cascadia truck, which begins series production in mid-2025. We also announced that MirrorEye will be launching with an additional European brand, as part of an extension of a previously launched global OEM MirrorEye program, in the fourth quarter of this year. MirrorEye will be offered as standard equipment on several of this brands' models as well as an option on their other truck models. Similarly, our other European OEM customers, DAF and Volvo, have now made their respective camera monitor systems standard on several key truck platforms. The standardization of MirrorEye with several OEM customers across several key truck platforms shows the strong momentum we are creating for the product. Additionally, we continue to expand our retrofit applications with new partnerships with DB Schenker in
Zizelman concluded, "While we expect continued challenges across our end markets for the remainder of the year and into 2025, we continue to focus on the variables that we can control as we respond efficiently and effectively to macroeconomic headwinds that are prevalent across our industry. We remain confident that our efforts to fundamentally improve business performance and our continued focus on key growth initiatives will drive long-term profitable growth for our shareholders."
Third Quarter in Review
Electronics sales of
Control Devices sales of
Stoneridge Brazil sales of
Relative to the second quarter of 2024, Electronics sales decreased by
Relative to the second quarter of 2024, Control Devices sales decreased by
Relative to the second quarter of 2024, Stoneridge Brazil sales increased by
.Cash and Debt Balances
As of September 30, 2024, Stoneridge had cash and cash equivalents totaling
For compliance purposes, adjusted net debt was
The Company continues to focus on both operating performance and working capital improvement to drive cash performance, particularly related to inventory reduction. The Company expects to remain in compliance with all covenant requirements.
2024 Outlook
The Company is updating its previously provided full-year 2024 guidance ranges including sales guidance of
Matt Horvath, chief financial officer, commented, "We are updating our full-year 2024 revenue guidance to reflect industry-wide macroeconomic headwinds that are resulting in reduced production expectations for the majority of our customers across our end markets. Overall, our weighted average end markets are expected to decline by
Horvath continued, "Our updated revenue guidance results in a midpoint of
Horvath, concluded, "By continuing to focus on improving the fundamentals of our business, controlling the variables within our control and responding efficiently and effectively to macroeconomic headwinds, we expect to drive performance improvement throughout the business. Additionally, we continue to focus on inventory reduction to improve our cash position and reduce our leverage profile. Stoneridge remains well positioned to outpace our underlying end market growth and drive significant earnings expansion going forward."
Conference Call on the Web
A live Internet broadcast of Stoneridge's conference call regarding 2024 third quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, October 31, 2024, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in
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 and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) 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 ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the
U.S. and other countries; - our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;
- 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 affecting our products, our suppliers, 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;
- 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") in our Form 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 profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash 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 profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense, adjusted net income (loss), adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash should not be considered in isolation or as a substitute for sales, gross profit, operating income, income (loss) before tax, income tax expense, net income (loss), EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
CONSOLIDATED BALANCE SHEETS | ||||
(in thousands) | September 30, | December 31, | ||
(Unaudited) | ||||
ASSETS | ||||
Current assets: | ||||
Cash and cash equivalents | $ 54,138 | $ 40,841 | ||
Accounts receivable, less reserves of | 158,529 | 166,545 | ||
Inventories, net | 176,445 | 187,758 | ||
Prepaid expenses and other current assets | 25,301 | 34,246 | ||
Total current assets | 414,413 | 429,390 | ||
Long-term assets: | ||||
Property, plant and equipment, net | 103,450 | 110,126 | ||
Intangible assets, net | 44,206 | 47,314 | ||
Goodwill | 35,593 | 35,295 | ||
Operating lease right-of-use asset | 10,758 | 10,795 | ||
Investments and other long-term assets, net | 54,103 | 46,980 | ||
Total long-term assets | 248,110 | 250,510 | ||
Total assets | $ 662,523 | $ 679,900 | ||
LIABILITIES AND SHAREHOLDERS' EQUITY | ||||
Current liabilities: | ||||
Current portion of debt | $ — | $ 2,113 | ||
Accounts payable | 98,130 | 111,925 | ||
Accrued expenses and other current liabilities | 71,761 | 64,203 | ||
Total current liabilities | 169,891 | 178,241 | ||
Long-term liabilities: | ||||
Revolving credit facility | 196,322 | 189,346 | ||
Deferred income taxes | 6,344 | 7,224 | ||
Operating lease long-term liability | 7,219 | 7,684 | ||
Other long-term liabilities | 11,397 | 9,688 | ||
Total long-term liabilities | 221,282 | 213,942 | ||
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 | 224,944 | 227,340 | ||
Common Shares held in treasury, 1,277 and 1,417 shares at September 30, 2024 and | (38,641) | (43,344) | ||
Retained earnings | 186,099 | 196,509 | ||
Accumulated other comprehensive loss | (101,052) | (92,788) | ||
Total shareholders' equity | 271,350 | 287,717 | ||
Total liabilities and shareholders' equity | $ 662,523 | $ 679,900 |
CONSOLIDATED STATEMENTS OF OPERATIONS | ||||||||
Three months ended | Nine months ended | |||||||
(in thousands, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||
Net sales | $ 213,831 | $ 238,164 | $ 690,047 | $ 746,303 | ||||
Costs and expenses: | ||||||||
Cost of goods sold | 169,340 | 185,689 | 543,459 | 590,538 | ||||
Selling, general and administrative | 26,533 | 28,111 | 88,832 | 91,465 | ||||
Design and development | 17,643 | 17,852 | 53,703 | 57,486 | ||||
Operating income | 315 | 6,512 | 4,053 | 6,814 | ||||
Interest expense, net | 3,604 | 3,313 | 11,039 | 9,179 | ||||
Equity in loss of investee | 752 | 141 | 1,081 | 641 | ||||
Other (income) expense, net | (384) | (1,383) | (644) | 2,152 | ||||
(Loss) income before income taxes | (3,657) | 4,441 | (7,423) | (5,158) | ||||
Provision for income taxes | 3,413 | 2,270 | 2,987 | 3,049 | ||||
Net (loss) income | $ (7,070) | $ 2,171 | $ (10,410) | $ (8,207) | ||||
(Loss) earnings per share: | ||||||||
Basic | $ (0.26) | $ 0.08 | $ (0.38) | $ (0.30) | ||||
Diluted | $ (0.26) | $ 0.08 | $ (0.38) | $ (0.30) | ||||
Weighted-average shares outstanding: | ||||||||
Basic | 27,618 | 27,484 | 27,586 | 27,428 | ||||
Diluted | 27,618 | 27,734 | 27,586 | 27,428 |
CONSOLIDATED STATEMENTS OF CASH FLOWS | ||||
Nine months ended September 30, (in thousands) | 2024 | 2023 | ||
OPERATING ACTIVITIES: | ||||
Net loss | $ (10,410) | $ (8,207) | ||
Adjustments to reconcile net loss to net cash provided by (used for) operating activities: | ||||
Depreciation | 19,695 | 19,800 | ||
Amortization, including accretion and write-off of deferred financing costs | 6,812 | 6,077 | ||
Deferred income taxes | (6,339) | (2,732) | ||
Loss of equity method investee | 1,081 | 641 | ||
Loss (gain) on sale of fixed assets | 257 | (861) | ||
Share-based compensation expense | 3,092 | 2,272 | ||
Excess tax deficiency related to share-based compensation expense | 263 | 74 | ||
Changes in operating assets and liabilities: | ||||
Accounts receivable, net | 6,042 | (21,335) | ||
Inventories, net | 9,694 | (33,651) | ||
Prepaid expenses and other assets | 4,949 | 7,473 | ||
Accounts payable | (13,127) | 23,322 | ||
Accrued expenses and other liabilities | 6,508 | 1,459 | ||
Net cash provided by (used for) operating activities | 28,517 | (5,668) | ||
INVESTING ACTIVITIES: | ||||
Capital expenditures, including intangibles | (19,049) | (28,584) | ||
Proceeds from sale of fixed assets | 312 | 1,841 | ||
Investment in venture capital fund, net | (260) | (200) | ||
Net cash used for investing activities | (18,997) | (26,943) | ||
FINANCING ACTIVITIES: | ||||
Revolving credit facility borrowings | 98,000 | 81,365 | ||
Revolving credit facility payments | (91,000) | (64,568) | ||
Proceeds from issuance of debt | 24,277 | 27,579 | ||
Repayments of debt | (26,364) | (27,145) | ||
Repurchase of Common Shares to satisfy employee tax withholding | (780) | (1,697) | ||
Net cash provided by financing activities | 4,133 | 15,534 | ||
Effect of exchange rate changes on cash and cash equivalents | (356) | (963) | ||
Net change in cash and cash equivalents | 13,297 | (18,040) | ||
Cash and cash equivalents at beginning of period | 40,841 | 54,798 | ||
Cash and cash equivalents at end of period | $ 54,138 | $ 36,758 | ||
Supplemental disclosure of cash flow information: | ||||
Cash paid for interest, net | $ 11,892 | $ 9,248 | ||
Cash paid for income taxes, net | $ 8,429 | $ 8,453 |
Regulation G Non-GAAP Financial Measure Reconciliations | |||
Exhibit 1 - Reconciliation of Adjusted EPS | |||
Reconciliation of Q3 2024 Adjusted EPS | |||
(USD in millions, except EPS) | Q3 2024 | Q3 2024 EPS | |
Net Loss | $ (7.1) | $ (0.26) | |
Add: After-Tax Business Realignment Costs | 0.2 | 0.01 | |
Add: After-Tax Environmental Remediation Costs | 0.1 | 0.00 | |
Adjusted Net Loss | $ (6.7) | $ (0.24) |
Exhibit 2 – Reconciliation of Adjusted EBITDA | ||||||||||
(USD in millions) | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | |||||
Income (Loss) Before Tax | $ 4.4 | $ 3.2 | $ (5.6) | $ 1.9 | $ (3.7) | |||||
Interest expense, net | 3.3 | 3.8 | 3.6 | 3.8 | 3.6 | |||||
Depreciation and amortization | 8.5 | 8.4 | 8.6 | 8.5 | 8.8 | |||||
EBITDA | $ 16.2 | $ 15.5 | $ 6.6 | $ 14.2 | $ 8.8 | |||||
Add: Pre-Tax Business Realignment Costs | 1.2 | 0.1 | — | 1.9 | 0.3 | |||||
Add: Pre-Tax Environmental Remediation | — | — | — | — | 0.2 | |||||
Add: Pre-Tax Brazilian Indirect Tax Credits, | (0.5) | — | — | — | — | |||||
Adjusted EBITDA | $ 17.0 | $ 15.6 | $ 6.6 | $ 16.1 | $ 9.2 |
Exhibit 3 – Reconciliation of Adjusted Gross Profit | |||
(USD in millions) | Q2 2024 | Q3 2024 | |
Gross Profit | $ 53.7 | $ 44.5 | |
Add: Pre-Tax Business Realignment Costs | — | 0.1 | |
Adjusted Gross Profit | $ 53.7 | $ 44.6 |
Exhibit 4 - Reconciliation of Adjusted Operating Income | |||
(USD in millions) | Q2 2024 | Q3 2024 | |
Operating Income | $ 3.4 | $ 0.3 | |
Add: Pre-Tax Business Realignment Costs | 1.9 | 0.3 | |
Add: Pre-Tax Environmental Remediation Costs | — | 0.2 | |
Adjusted Operating Income | $ 5.4 | $ 0.7 |
Exhibit 5 – Segment Adjusted Operating Income | |||||
Reconciliation of Control Devices Adjusted Operating Income | |||||
(USD in millions) | Q3 2023 | Q2 2024 | Q3 2024 | ||
Control Devices Operating Income | $ 5.5 | $ 3.7 | $ 2.1 | ||
Add: Pre-Tax Environmental Remediation Costs | — | — | 0.2 | ||
Add: Pre-Tax Business Realignment Costs | 0.1 | — | — | ||
Control Devices Adjusted Operating Income | $ 5.6 | $ 3.7 | $ 2.3 | ||
Reconciliation of Electronics Adjusted Operating Income | |||||
(USD in millions) | Q3 2023 | Q2 2024 | Q3 2024 | ||
Electronics Operating Income | $ 7.6 | $ 9.8 | $ 3.5 | ||
Add: Pre-Tax Business Realignment Costs | 1.1 | 1.9 | 0.3 | ||
Electronics Adjusted Operating Income | $ 8.7 | $ 11.7 | $ 3.8 | ||
Reconciliation of Stoneridge Brazil Adjusted Operating Income (Loss) | |||||
(USD in millions) | Q3 2023 | Q2 2024 | Q3 2024 | ||
Stoneridge Brazil Operating Income (Loss) | $ 1.2 | $ (0.0) | $ 0.7 | ||
Add: Pre-Tax Brazilian Indirect Tax Credits, Net | (0.5) | — | — | ||
Stoneridge Brazil Adjusted Operating Income (Loss) | $ 0.8 | $ (0.0) | $ 0.7 |
Exhibit 6 – Reconciliation of Adjusted Sales | |||||
(USD in millions) | Q3 2023 | Q2 2024 | Q3 2024 | ||
Sales | $ 238.2 | $ 237.1 | $ 213.8 | ||
Less: Sales from Spot Purchases Recoveries | (0.9) | — | — | ||
Adjusted Sales | $ 237.2 | $ 237.1 | $ 213.8 |
Exhibit 7 – Reconciliation of Electronics Adjusted Sales | |||||
(USD in millions) | Q3 2023 | Q2 2024 | Q3 2024 | ||
Electronics Sales | $ 143.3 | $ 153.5 | $ 135.7 | ||
Less: Sales from Spot Purchases Recoveries | (0.9) | — | — | ||
Electronics Adjusted Sales | $ 142.4 | $ 153.5 | $ 135.7 |
Exhibit 8 – Reconciliation of Adjusted Tax Rate | |||
Reconciliation of Q3 2024 Adjusted Tax Rate | |||
(USD in millions) | Q3 2024 | Tax Rate | |
Loss Before Tax | $ (3.7) | ||
Add: Pre-Tax Business Realignment Costs | 0.3 | ||
Add: Pre-Tax Environmental Remediation Costs | 0.2 | ||
Adjusted Loss Before Tax | $ (3.2) | ||
Income Tax Expense | 3.4 | (93.3) % | |
Add: Tax Impact from Pre-Tax Adjustments | 0.1 | ||
Adjusted Income Tax Expense on Adjusted Loss Before Tax | $ 3.5 | nm |
Exhibit 9 – Reconciliation of Compliance Leverage Ratio UPDATED | |||||||||
Reconciliation of Adjusted EBITDA for Compliance Calculation | |||||||||
(USD in millions) | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | |||||
Income (Loss) Before Tax | $ 3.2 | (5.6) | $ 1.9 | $ (3.7) | |||||
Interest Expense, net | 3.8 | 3.6 | 3.8 | 3.6 | |||||
Depreciation and Amortization | 8.4 | 8.6 | 8.5 | 8.8 | |||||
EBITDA | $ 15.5 | $ 6.6 | $ 14.2 | $ 8.8 | |||||
Compliance adjustments: | |||||||||
Add: Non-Cash Impairment Charges and | 0.1 | 0.1 | — | — | |||||
Add: Adjustments from Foreign Currency | (0.7) | 2.2 | (2.4) | (0.6) | |||||
Add: Extraordinary, Non-recurring or Unusual | — | — | — | — | |||||
Add: Cash Restructuring Charges | 0.3 | 1.6 | 0.5 | 0.7 | |||||
Add: Charges for Transactions, | 0.3 | — | — | — | |||||
Add: Adjustment to Autotech Fund II | (0.1) | 0.3 | 0.1 | 0.8 | |||||
Add: Accrual-based Expenses | 5.5 | 8.2 | 7.1 | 1.3 | |||||
Less: Cash Payments for Accrual-based | (3.1) | (3.2) | (3.7) | (3.3) | |||||
Adjusted EBITDA (Compliance) | $ 17.7 | $ 15.8 | $ 15.8 | $ 7.6 | |||||
Adjusted TTM EBITDA (Compliance) | $ 68.5 | $ 56.8 | |||||||
Reconciliation of Adjusted Cash for Compliance Calculation | |||||||||
(USD in millions) | Q3 2024 | ||||||||
Total Cash and Cash Equivalents | $ 54.1 | ||||||||
Less: | (15.1) | ||||||||
Total Adjusted Cash (Compliance) | $ 39.0 | ||||||||
Reconciliation of Adjusted Debt for Compliance Calculation | |||||||||
(USD in millions) | Q3 2024 | ||||||||
Total Debt | $ 196.3 | ||||||||
Outstanding Letters of Credit | 1.6 | ||||||||
Total Adjusted Debt (Compliance) | $ 197.9 | ||||||||
Adjusted Net Debt (Compliance) | $ 158.9 | ||||||||
Compliance Leverage Ratio (Net Debt / TTM EBITDA) | 2.79x |
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SOURCE Stoneridge, Inc.
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