Superior Reports Full Year and Fourth Quarter 2023 Financial Results
- None.
- Net Sales decreased by 16% YoY to $1,385M for full year 2023
- Net Loss of $93M reported for full year 2023
- Adjusted EBITDA decreased to $159M
- Cash Flow Provided by Operating Activities declined to $64M
- Challenges in the European aftermarket and UAW strikes affected financial results
Insights
The reported financial results for Superior Industries International, Inc. indicate a challenging fiscal year, with a 16% year-over-year decrease in net sales and a net loss of $93 million. The company cites several factors contributing to this performance, including lower aluminum costs, the deconsolidation of a subsidiary and a decrease in unit sales. The decline in cash flow from operating activities, from $153 million in 2022 to $64 million in 2023 and the drop in Adjusted EBITDA from 25% to 21% of Value-Added Sales are particularly concerning as they reflect a weakened operating efficiency and profitability.
From an investment standpoint, the company's restructuring efforts and strategic focus on optimizing its business may be seen as steps towards improving future performance. However, the short-term impact of these changes has been negative, as evidenced by the significant restructuring charges. The company's outlook for 2024 suggests a recovery in Adjusted EBITDA and Unlevered Free Cash Flow, but it is essential to note that these projections are not guaranteed and depend on the successful execution of the company's strategic initiatives.
The automotive industry is experiencing a shift towards larger wheels with more complex finishes, as indicated by the increase in Content per Wheel. Superior's ability to grow in this metric by 3% year-over-year suggests that its product portfolio is well-aligned with market trends. However, despite this positive aspect, the overall decrease in unit sales and the impact of external factors such as the UAW strikes and softness in the European aftermarket highlight the volatility and challenges within the automotive sector.
It is also important to consider the competitive landscape and the company's ability to pass through cost inflations to customers. The report mentions difficulties in recovering these costs, which could impact margins. The strategic actions in Europe aimed at transforming business operations are critical to observe, as they may lead to a more competitive cost structure and potentially improve the company's position in the market. The anticipated benefits from the production shift to Poland will be an area of interest for stakeholders, as cost advantages could drive future profitability.
The broader economic context, including labor and energy inflation, has a direct impact on companies like Superior. The company's efforts to recover these increased costs from customers will be an important determinant of its financial health. Additionally, the mention of favorable foreign exchange conditions suggests that currency fluctuations may have provided some buffer against the negative financial outcomes. However, the reliance on such external factors can be a double-edged sword, as future adverse currency movements could exacerbate financial challenges.
The company's financial position, with a slight reduction in funded debt from $647 million to $638 million, indicates a stable leverage situation. Still, the net debt remains high at $436 million. The ability to manage this debt amidst the operational changes and market conditions will be crucial for the company's long-term sustainability. Investors and stakeholders will need to weigh the potential benefits of the restructuring and strategic shifts against the risks associated with the current economic environment and the company's financial commitments.
Executing strategic priorities to drive long-term, profitable growth
Full Year 2023 Financial Highlights:
-
Net Sales decreased
16% YoY to$1,385M 2% before giving effect to lower cost of aluminum and Deconsolidation of Subsidiary1) -
Value-Added Sales Adjusted for FX and Deconsolidation1 of Subsidiary of
$740M -
Net Loss of
$93M $80M $23M -
Adjusted EBITDA1 decreased to
$159M -
Cash Flow Provided by Operating Activities declined to
$64M -
Unlevered Free Cash Flow1 of
$80M -
Content per Wheel1 of
$50.84 3% YoY
Fourth Quarter 2023 Financial Highlights:
-
Net Sales decreased
23% YoY to$309M 4% before giving effect to lower cost of aluminum and Deconsolidation of Subsidiary1) -
Value-Added Sales Adjusted for FX and Deconsolidation1 of Subsidiary decreased
14% YoY to$165M -
Net Loss of
$2M $7M -
Adjusted EBITDA1 decreased to
$23M -
Cash Flow Provided by Operating Activities of
$44M -
Unlevered Free Cash Flow1 of
$50M
| ($ in millions) | |||||||||||
Three Months |
Twelve Months |
||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||
| Net Sales | |||||||||||
$ |
179.7 |
$ |
216.5 |
$ |
794.4 |
$ |
943.7 |
||||
|
128.9 |
|
185.6 |
|
590.9 |
|
696.2 |
||||
| Global | $ |
308.6 |
$ |
402.1 |
$ |
1,385.3 |
$ |
1,639.9 |
|||
| Value-Added Sales (1) | |||||||||||
$ |
93.3 |
$ |
106.8 |
$ |
403.7 |
$ |
393.5 |
||||
|
75.4 |
|
111.3 |
|
343.9 |
|
377.1 |
||||
| Global | $ |
168.7 |
$ |
218.0 |
$ |
747.6 |
$ |
770.6 |
|||
1 See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure. |
|||||||||||
“Our teams demonstrated incredible resilience in 2023 as we navigated a challenging operating environment that significantly weighed on our financial results. Despite these near-term headwinds, including softness in the European aftermarket, the impact of the UAW strikes, declines in production amongst key customers in the second half of the year, and the impact of the strategic action initiated in
“We will continue to optimize our business and expect to exit 2024 with a significantly elevated competitive position and improved earnings power, also having addressed underperforming parts of our portfolio, thereby optimizing the profitable utilization of our manufacturing capacity. Further, we are accelerating our focus on addressing the Company’s capital structure. These actions, when taken together with our competitively advantaged manufacturing footprint and premium wheel know-how, will put Superior on track to profitable growth, margin expansion and strengthened cash generation well into the future,” Mr. Abulaban continued. “We look forward to delivering sustainable growth and long-term value for our shareholders in the year ahead.”
Full Year 2023 Results
Net Sales for 2023 were
Gross Profit for 2023 was
Selling, General, and Administrative (“SG&A”) expenses for 2023 were
Loss from Operations was
Income Tax Benefit for 2023 was
For 2023, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Provided by Operating Activities of
Fourth Quarter Results
Net Sales for the fourth quarter of 2023 were
Gross Profit for the fourth quarter of 2023 was
SG&A expenses for the fourth quarter of 2023 were
Loss from Operations for the fourth quarter of 2023 was
Income Tax Benefit for the fourth quarter of 2023 was
For the fourth quarter of 2023, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Provided by Operating Activities of
Financial Position
As of December 31, 2023, Superior had funded debt of
2024 Outlook
Superior’s full year 2024 Outlook is as follows:
FY 2024 Outlook |
|||
| Net Sales |
|
||
| Value-Added Sales |
|
||
| Adjusted EBITDA |
|
||
| Unlevered Free Cash Flow |
|
||
| Capital Expenditures |
|
||
We expect the first quarter of 2024 to be difficult as we wind up the transfer of wheels from SPG to our manufacturing facilities in
The strategic action initiated in
Value-Added Sales, Adjusted EBITDA, and Unlevered Free Cash Flow are Non-GAAP measures, as defined below. In reliance on the safe harbor provided under section 10(e) of Regulation S-K, Superior has not quantitatively reconciled from Net Income (the most comparable GAAP measure) to Adjusted EBITDA, Net Sales (the most comparable GAAP measure) to Value-Added Sales, nor Unlevered Free Cash Flow to Cash Flow Provided by Operating Activities presented in the 2024 Outlook, as Superior is unable to quantify certain amounts included in Net Income, Net Sales and Cash Flow Provided by Operating Activities without unreasonable efforts and due to the inherent uncertainty regarding such variables. Superior also believes that such reconciliation would imply a degree of precision that could potentially be confusing or misleading to investors. However, the magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at 8:30 AM ET on Thursday, March 7, 2024. The conference call may be accessed by dialing +1 786 697 3501 for participants in the
During the conference call, the Company's management plans to review operating results and discuss financial and operating matters. In addition, management may disclose material information in response to questions posed by participants during the call.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers. Superior’s team collaborates with customers to design, engineer, and manufacture a wide variety of innovative and high-quality products utilizing the latest light weighting and finishing technologies. Superior serves the European aftermarket with the brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP included throughout this earnings release, this release refers to the following non-GAAP measures:
“Adjusted EBITDA,” defined as earnings before interest income and expense, income taxes, depreciation, amortization, restructuring charges and other closure costs and impairments of long-lived assets and investments, changes in fair value of redeemable preferred stock embedded derivative, acquisition and integration, certain hiring and separation related costs, proxy contest fees, gains associated with early debt extinguishment and accounts receivable factoring fees. “Net Sales Adjusted for Change in Cost of Aluminum and Deconsolidation of Subsidiary” defined as Net Sales less the change from cost of aluminum and deconsolidation of subsidiary. “Value-Added Sales,” defined as Net Sales less the value of aluminum and other costs, as well as outsourced service provider (“OSP”) costs that are included in Net Sales. “Value-Added Sales Adjusted for FX," which is also referred to as “Value-Added Sales Adjusted for Foreign Exchange,” defined as Value-Added Sales adjusted for the impact of foreign exchange translation. “Value-Added Sales Adjusted for FX and Deconsolidation,” which is also referred to as “Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation,” defined as Value-Added Sales adjusted for the impact of foreign exchange translation and the impact of deconsolidating SPG. “Content per Wheel,” defined as Value-Added Sales Adjusted for Foreign Exchange on a per unit (wheel) shipment basis. “Free Cash Flow,” defined as Cash Flow Provided by Operating Activities less Cash used in Investing Activities less non-debt components of financing activities. “Unlevered Free Cash Flow,” defined as Cash Flow Provided by Operating Activities less Capital Expenditures plus Cash Interest Paid. “Net Debt,” defined as total funded debt less cash and cash equivalents.
For reconciliations of these Non-GAAP measures to the most directly comparable GAAP measure, see the attached supplemental data pages. Management believes these Non-GAAP measures are useful to management and may be useful to investors in their analysis of Superior’s financial position and results of operations. Further, management uses these Non-GAAP financial measures for planning and forecasting purposes. This Non-GAAP financial information is provided as additional information for investors and is not in accordance with or an alternative to GAAP and may be different from similar measures used by other companies.
Forward-Looking Statements
This press release contains statements that are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that do not relate solely to historical or current facts and can generally be identified by the use of future dates or words such as “assumes,”, “may,” “should,” “could,” “will,” “expects,” “expected,” “seeks to,” “anticipates,” “plans,” “believes,” “estimates,” “foresee,” “intends,” “Outlook,” “guidance,” “predicts,” “projects,” “projecting,” “potential,” “targeting,” “will likely result,” or “continue,” or the negative of such terms and other comparable terminology. These statements also include, but are not limited to, the 2024 Outlook included herein, the impact of COVID-19 and the resulting supply chain disruptions, increased energy costs, semiconductor shortages, rising interest rates, the Russian military invasion of
New risks and uncertainties arise from time to time, and it is impossible for us to predict these events or how they may affect Superior. It should be remembered that the price of the ordinary shares and any income from them can go down as well as up. Superior disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events and/or otherwise, except as may be required by law.
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Condensed Consolidated Statements of Income (Loss) (Unaudited) | |||||||||||||||
| (Dollars in Millions, Except Per Share Amounts) | |||||||||||||||
Three Months |
Twelve Months |
||||||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||||||
| Net Sales | $ |
308.6 |
|
$ |
402.1 |
|
$ |
1,385.3 |
|
$ |
1,639.9 |
|
|||
| Cost of Sales |
|
293.8 |
|
|
347.3 |
|
|
1,269.5 |
|
|
1,473.5 |
|
|||
| Gross Profit | $ |
14.8 |
|
$ |
54.8 |
|
$ |
115.7 |
|
$ |
166.4 |
|
|||
| SG&A Expenses |
|
34.3 |
|
|
18.6 |
|
|
87.6 |
|
|
68.3 |
|
|||
| Loss on Deconsolidation of Subsidiary |
|
- |
|
|
- |
|
|
79.6 |
|
|
- |
|
|||
| (Loss) Income From Operations | $ |
(19.4 |
) |
$ |
36.2 |
|
$ |
(51.4 |
) |
$ |
98.0 |
|
|||
| Interest Expense, net |
|
(15.1 |
) |
|
(15.6 |
) |
|
(62.1 |
) |
|
(46.3 |
) |
|||
| Other Expense, net |
|
(0.6 |
) |
|
(0.9 |
) |
|
(3.2 |
) |
|
(0.6 |
) |
|||
| (Loss) Income Before Income Taxes | $ |
(35.1 |
) |
$ |
19.7 |
|
$ |
(116.8 |
) |
$ |
51.1 |
|
|||
| Income Tax Benefit (Provision) |
|
32.7 |
|
|
(3.2 |
) |
|
23.9 |
|
|
(14.1 |
) |
|||
| Net (Loss) Income | $ |
(2.4 |
) |
$ |
16.5 |
|
$ |
(92.9 |
) |
$ |
37.0 |
|
|||
| (Loss) Earnings Per Share: | |||||||||||||||
| Basic | $ |
(0.44 |
) |
$ |
0.26 |
|
$ |
(4.73 |
) |
$ |
0.02 |
|
|||
| Diluted | $ |
(0.44 |
) |
$ |
0.25 |
|
$ |
(4.73 |
) |
$ |
0.02 |
|
|||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
|||||||||||||||
| Basic |
|
28,091 |
|
|
27,016 |
|
|
27,882 |
|
|
26,839 |
|
|||
| Diluted |
|
28,091 |
|
|
28,262 |
|
|
27,882 |
|
|
27,590 |
|
|||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | |||||||||||
| (Dollars in Millions) | |||||||||||
| 12/31/2023 | 12/31/2022 | ||||||||||
| Current Assets | $ |
459.9 |
|
$ |
508.9 |
|
|||||
| Property, Plant and Equipment, net |
|
398.6 |
|
|
474.0 |
|
|||||
| Intangibles and Other Assets |
|
131.5 |
|
|
132.3 |
|
|||||
| Derivative financial instruments |
|
40.5 |
|
|
18.5 |
|
|||||
| Total Assets | $ |
1,030.6 |
|
$ |
1,133.7 |
|
|||||
| Current Liabilities | $ |
198.9 |
|
$ |
251.3 |
|
|||||
| Long-Term Liabilities |
|
668.4 |
|
|
683.8 |
|
|||||
| Redeemable Preferred Shares |
|
248.2 |
|
|
222.8 |
|
|||||
| European Non-controlling Redeemable Equity |
|
0.9 |
|
|
1.1 |
|
|||||
| Shareholders’ Deficit |
|
(85.9 |
) |
|
(25.3 |
) |
|||||
| Total Liabilities and Shareholders’ Deficit | $ |
1,030.6 |
|
$ |
1,133.7 |
|
|||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
| (Dollars in Millions) | |||||||||||||||
Three Months |
Twelve Months |
||||||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||||||
| Net (Loss) Income | $ |
(2.4 |
) |
$ |
16.5 |
|
$ |
(92.9 |
) |
$ |
37.0 |
|
|||
| Depreciation and Amortization |
|
23.1 |
|
|
22.1 |
|
|
93.0 |
|
|
91.2 |
|
|||
| Income tax, Non-cash Changes |
|
(36.6 |
) |
|
(12.9 |
) |
|
(27.3 |
) |
|
(9.3 |
) |
|||
| Stock-based Compensation |
|
3.2 |
|
|
3.1 |
|
|
7.5 |
|
|
9.7 |
|
|||
| Amortization of Debt Issuance Costs |
|
1.2 |
|
|
5.0 |
|
|
4.8 |
|
|
8.7 |
|
|||
| Loss on Deconsolidation of Subsidiary |
|
- |
|
|
- |
|
|
79.6 |
|
|
- |
|
|||
| Other Non-cash Items |
|
7.8 |
|
|
1.3 |
|
|
3.1 |
|
|
(0.5 |
) |
|||
| Changes in Operating Assets and Liabilities: | |||||||||||||||
| Accounts Receivable |
|
56.8 |
|
|
67.6 |
|
|
18.9 |
|
|
10.2 |
|
|||
| Inventories |
|
21.3 |
|
|
25.8 |
|
|
13.1 |
|
|
(11.3 |
) |
|||
| Other Assets and Liabilities |
|
(9.0 |
) |
|
(5.2 |
) |
|
3.6 |
|
|
(3.3 |
) |
|||
| Accounts Payable |
|
(22.5 |
) |
|
(59.1 |
) |
|
(27.6 |
) |
|
5.1 |
|
|||
| Income Taxes |
|
1.5 |
|
|
14.0 |
|
|
(11.4 |
) |
|
15.1 |
|
|||
| Cash Flow Provided By Operating Activities | $ |
44.3 |
|
$ |
78.1 |
|
$ |
64.4 |
|
$ |
152.6 |
|
|||
| Capital Expenditures |
|
(11.7 |
) |
|
(11.4 |
) |
|
(41.2 |
) |
|
(57.2 |
) |
|||
| Deconsolidation of Subsidiary Cash |
|
- |
|
|
- |
|
|
(4.4 |
) |
|
- |
|
|||
| Proceeds from Sale of Property, Plant and Equipment |
|
- |
|
|
- |
|
|
- |
|
|
0.2 |
|
|||
| Net Cash Used In Investing Activities | $ |
(11.7 |
) |
$ |
(11.4 |
) |
$ |
(45.6 |
) |
$ |
(57.0 |
) |
|||
| Proceeds from the Issuance of Long-term Debt |
|
- |
|
|
388.0 |
|
|
- |
|
|
388.0 |
|
|||
| Debt Repayment |
|
(2.4 |
) |
|
(350.8 |
) |
|
(16.4 |
) |
|
(354.4 |
) |
|||
| Cash Dividends |
|
(6.8 |
) |
|
(3.4 |
) |
|
(13.6 |
) |
|
(13.6 |
) |
|||
| Financing Costs Paid and Other |
|
(0.1 |
) |
|
(12.6 |
) |
|
(0.2 |
) |
|
(12.6 |
) |
|||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
- |
|
|
(3.3 |
) |
|
(1.8 |
) |
|||
| Finance Lease Payments |
|
(0.2 |
) |
|
(0.3 |
) |
|
(0.7 |
) |
|
(1.1 |
) |
|||
| Cash Flow (Used In) Provided By Financing Activities | $ |
(9.5 |
) |
$ |
20.9 |
|
$ |
(34.2 |
) |
$ |
4.5 |
|
|||
| Effect of Exchange Rate on Cash |
|
1.9 |
|
|
3.6 |
|
|
4.0 |
|
|
(0.5 |
) |
|||
| Net Change in Cash | $ |
25.1 |
|
$ |
91.2 |
|
$ |
(11.4 |
) |
$ |
99.5 |
|
|||
| Cash - Beginning |
|
176.5 |
|
|
121.8 |
|
|
213.0 |
|
|
113.5 |
|
|||
| Cash - Ending | $ |
201.6 |
|
$ |
213.0 |
|
$ |
201.6 |
|
$ |
213.0 |
|
|||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||
| (Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
Three Months |
|
Twelve Months |
|||||||||||||
4Q 2023 |
|
4Q 2022 |
YTD 2023 |
|
YTD 2022 |
||||||||||
| Basic EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(2.4 |
) |
$ |
16.5 |
|
$ |
(92.9 |
) |
$ |
37.0 |
|
|||
| Less: Accretion of Preferred Stock |
|
(6.6 |
) |
|
(5.9 |
) |
|
(25.5 |
) |
|
(22.9 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.5 |
) |
|
(13.6 |
) |
|||
| Numerator | $ |
(12.4 |
) |
$ |
7.2 |
|
$ |
(131.9 |
) |
$ |
0.5 |
|
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
28.1 |
|
|
27.0 |
|
|
27.9 |
|
|
26.8 |
|
|||
| Basic (Loss) Earnings Per Share | $ |
(0.44 |
) |
$ |
0.26 |
|
$ |
(4.73 |
) |
$ |
0.02 |
|
|||
| Diluted EPS Calculation(1) | |||||||||||||||
| Net (Loss) Income | $ |
(2.4 |
) |
$ |
16.5 |
|
$ |
(92.9 |
) |
$ |
37.0 |
|
|||
| Less: Accretion of Preferred Stock |
|
(6.6 |
) |
|
(5.9 |
) |
|
(25.5 |
) |
|
(22.9 |
) |
|||
| Less: Redeemable Preferred Stock Dividends |
|
(3.4 |
) |
|
(3.4 |
) |
|
(13.5 |
) |
|
(13.6 |
) |
|||
| Numerator | $ |
(12.4 |
) |
$ |
7.2 |
|
$ |
(131.9 |
) |
$ |
0.5 |
|
|||
| Weighted Avg. Shares Outstanding-Basic |
|
28.1 |
|
|
27.0 |
|
|
27.9 |
|
|
26.8 |
|
|||
| Dilutive Stock Options and Restricted Stock Units |
|
- |
|
|
1.2 |
|
|
- |
|
|
0.8 |
|
|||
| Denominator: Weighted Avg. Shares Outstanding |
|
28.1 |
|
|
28.3 |
|
|
27.9 |
|
|
27.6 |
|
|||
| Diluted (Loss) Earnings Per Share | $ |
(0.44 |
) |
$ |
0.25 |
|
$ |
(4.73 |
) |
$ |
0.02 |
|
|||
| (1) Basic earnings per share is computed by dividing net income (loss), after deducting preferred dividends and accretion and European non-controlling redeemable equity dividends, by the weighted average number of common shares outstanding. For purposes of calculating diluted earnings per share, the weighted average shares outstanding includes the dilutive effect of outstanding stock options and time and performance based restricted stock units under the treasury stock method. The redeemable preferred shares are not included in the diluted earnings per share because the conversion would be anti-dilutive for the periods ended December 31, 2023 and 2022. | |||||||||||||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Non-GAAP Financial Measures (Unaudited) | |||||||||||||||
| (Dollars in Millions and Units in Thousands, Except Per Wheel) | |||||||||||||||
| Value-Added Sales; Value-Added Sales Adjusted for Foreign Exchange; and Content per Wheel (1) | Three Months | Twelve Months | |||||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||||||
| Net Sales | $ |
308.6 |
|
$ |
402.1 |
|
$ |
1,385.3 |
|
$ |
1,639.9 |
|
|||
| Less: Aluminum, Other Costs, and Outside Service Provider Costs |
|
(139.9 |
) |
|
(184.1 |
) |
|
(637.7 |
) |
|
(869.3 |
) |
|||
| Value-Added Sales (1) | $ |
168.7 |
|
$ |
218.0 |
|
$ |
747.6 |
|
$ |
770.6 |
|
|||
| Currency Impact on Current Period Value-Added Sales |
|
(4.1 |
) |
|
- |
|
|
(7.3 |
) |
|
- |
|
|||
| Value-Added Sales Adjusted for Foreign Exchange (1) | $ |
164.6 |
|
$ |
218.0 |
|
$ |
740.3 |
|
$ |
770.6 |
|
|||
| Deconsolidation Impact |
|
- |
|
|
(25.6 |
) |
|
- |
|
|
(31.9 |
) |
|||
| Value-Added Sales Adjusted for Foreign Exchange & Deconsolidation (1) | $ |
164.6 |
|
$ |
192.4 |
|
$ |
740.3 |
|
$ |
738.7 |
|
|||
| Wheels Shipped |
|
3,495 |
|
|
3,727 |
|
|
14,562 |
|
|
15,592 |
|
|||
| Content per Wheel (1) | $ |
47.10 |
|
$ |
58.49 |
|
$ |
50.84 |
|
$ |
49.42 |
|
|||
| Adjusted EBITDA (1) | Three Months | Twelve Months | |||||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||||||
| Net (Loss) Income | $ |
(2.4 |
) |
$ |
16.5 |
|
$ |
(92.9 |
) |
$ |
37.0 |
||||
| Adjusting Items: | |||||||||||||||
| - Interest Expense, net |
|
15.1 |
|
|
15.6 |
|
|
62.1 |
|
|
46.3 |
||||
| - Income Tax (Benefit) Provision |
|
(32.7 |
) |
|
3.2 |
|
|
(23.9 |
) |
|
14.1 |
||||
| - Depreciation |
|
18.2 |
|
|
17.5 |
|
|
73.5 |
|
|
70.2 |
||||
| - Amortization |
|
4.8 |
|
|
4.6 |
|
|
19.5 |
|
|
20.9 |
||||
| - Loss on Deconsolidation of Subsidiary |
|
- |
|
|
- |
|
|
79.6 |
|
|
- |
||||
| - Restructuring and Other |
|
22.0 |
|
|
(0.9 |
) |
|
40.4 |
|
|
3.1 |
||||
| - Change in Fair Value of Preferred Derivative |
|
(3.4 |
) |
|
- |
|
|
(3.4 |
) |
|
- |
||||
| - Factoring Fees |
|
1.4 |
|
|
1.0 |
|
|
4.2 |
|
|
2.4 |
||||
$ |
25.4 |
|
$ |
41.0 |
|
$ |
252.0 |
|
$ |
157.0 |
|||||
| Adjusted EBITDA (1) | $ |
23.1 |
|
$ |
57.5 |
|
$ |
159.2 |
|
$ |
194.2 |
||||
| (1) Value-Added sales and Adjusted EBITDA are non-GAAP financial measures; see definitions and the appendix for reconciliations to the most comparable GAAP measures. | |||||||||||||||
| Free Cash Flow (1) | Three Months | Twelve Months | ||||||||||||||
4Q 2023 |
|
4Q 2022 |
|
YTD 2023 |
|
YTD 2022 |
||||||||||
| Cash Flow Provided By Operating Activities | $ |
44.3 |
|
$ |
78.1 |
|
$ |
64.4 |
|
$ |
152.6 |
|
||||
| Net Cash Used In Investing Activities |
|
(11.7 |
) |
|
(11.4 |
) |
|
(45.6 |
) |
|
(57.0 |
) |
||||
| Cash Payments for Non-debt Financing Activities |
|
(6.8 |
) |
|
(3.4 |
) |
|
(16.9 |
) |
|
(15.4 |
) |
||||
| Free Cash Flow (1) | $ |
25.8 |
|
$ |
63.3 |
|
$ |
1.9 |
|
$ |
80.2 |
|
||||
| Unlevered Free Cash Flow (1) | Three Months |
|
Twelve Months |
|||||||||||||
4Q 2023 |
|
4Q 2022 |
|
YTD 2023 |
|
YTD 2022 |
||||||||||
| Cash Flow Provided By Operating Activities | $ |
44.3 |
|
$ |
78.1 |
|
$ |
64.4 |
|
$ |
152.6 |
|
||||
| Capital Expenditures |
|
(11.7 |
) |
|
(11.4 |
) |
|
(41.2 |
) |
|
(57.2 |
) |
||||
| Cash Interest Paid |
|
17.6 |
|
|
13.7 |
|
|
56.8 |
|
|
36.7 |
|
||||
| Unlevered Free Cash Flow (1) | $ |
50.2 |
|
$ |
80.4 |
|
$ |
80.0 |
|
$ |
132.1 |
|
||||
| Net Debt (1) (3) | 12/31/2023 | 12/31/2022 | ||||||||||
| Long Term Debt (Less Current Portion) | $ |
632.2 |
|
$ |
641.5 |
|
||||||
| Short Term Debt |
|
5.3 |
|
|
5.9 |
|
||||||
| Total Debt |
|
637.5 |
|
|
647.4 |
|
||||||
| Less: Cash and Cash Equivalents |
|
(201.6 |
) |
|
(213.0 |
) |
||||||
| Net Debt (1) |
|
435.9 |
|
|
434.4 |
|
||||||
| Currency Impact on Current Period Net Debt (2) |
|
(7.2 |
) |
|
- |
|
||||||
| Net Debt Adjusted for Foreign Exchange (1) | $ |
428.7 |
|
$ |
434.4 |
|
||||||
(1) |
Net Debt, Net Debt Adjusted for Foreign Exchange, Free Cash Flow and Unlevered Free Cash Flow are non-GAAP financial measures; see page 6 for definitions and the appendix for reconciliations to the most comparable GAAP measures. | |||||||
(2) |
Exchange rate adjustment to state 2023 net debt at 2022 currency levels | |||||||
(3) |
Excluding Debt Issuance Cost | |||||||
| Net Sales Adjusted for the Impact of the Change in the Cost of Aluminum and SPG Deconsolidation (1) | |||||||||||||
| Three Months | Twelve Months | ||||||||||||
4Q 2023 |
4Q 2022 |
YTD 2023 |
YTD 2022 |
||||||||||
| Net Sales | $ |
308.6 |
$ |
402.1 |
|
$ |
1,385.3 |
$ |
1,639.9 |
|
|||
| Change in Cost of Aluminum |
|
- |
|
(44.0 |
) |
|
- |
|
(231.9 |
) |
|||
| SPG Deconsolidation |
|
- |
|
(37.9 |
) |
|
- |
|
(49.6 |
) |
|||
| Net Sales Adjusted for the Impact of the Change in the Cost of Aluminum and SPG Deconsolidation (1) | $ |
308.6 |
$ |
320.2 |
|
$ |
1,385.3 |
$ |
1,358.4 |
|
|||
| (1) Net Sales Adjusted for the Impact of the Change in the Cost of Aluminum and SPG Deconsolidation is a non-GAAP financial measure. | |||||||||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20240307463463/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source: Superior Industries International, Inc.
FAQ
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