Superior Reports Third Quarter 2024 Financial Results
Successfully completed debt refinancing
Continued margin expansion in challenging operating environment
Third Quarter 2024 Financial Highlights:
-
Net Sales of
$322M -
Value-Added Sales1 of
$171M -
Net Loss of
$25M -
Adjusted EBITDA1 of
$41M 24% margin2 and up 200 bps YoY -
Cash Flow Used by Operating Activities of
$3M -
Unlevered Free Cash Flow1 of
$9M
| ($ in millions) | |||||||||||
| Three Months | Nine Months | ||||||||||
3Q 2024 |
3Q 2023 |
YTD 2024 | YTD 2023 | ||||||||
| Net Sales | |||||||||||
$ |
206.2 |
$ |
194.9 |
$ |
602.9 |
$ |
614.7 |
||||
|
115.5 |
|
128.2 |
|
354.1 |
|
462.0 |
||||
| Global | $ |
321.8 |
$ |
323.1 |
$ |
957.0 |
$ |
1,076.6 |
|||
| Value-Added Sales (1) | |||||||||||
$ |
104.7 |
$ |
100.1 |
$ |
313.5 |
$ |
310.3 |
||||
|
66.3 |
|
75.9 |
|
210.0 |
|
268.6 |
||||
| Global | $ |
171.0 |
$ |
176.0 |
$ |
523.5 |
$ |
578.9 |
|||
1 See “Non-GAAP Financial Measures” below for a definition and reconciliation to the most comparable GAAP measure. |
2 Adjusted EBITDA as % of Value-Added Sales1 |
“Our teams executed in a challenging production environment to deliver margin expansion and Adjusted EBITDA growth this quarter. In addition, we successfully completed our debt refinancing, attracting
“We are adjusting our full-year outlook as production amongst key customers has softened more than expected in the second half of the year. Amidst these headwinds, we are working to align costs with the current production environment,” Mr. Abulaban continued. “That said, we are gaining momentum with global customers through our differentiated portfolio and low-cost production footprint and remain well-positioned to generate long-term value for all stakeholders.”
Third Quarter 2024 Results
Net Sales for the third quarter of 2024 were
Gross Profit for the third quarter of 2024 was
Selling, General, and Administrative (“SG&A”) expenses for the third quarter of 2024 were
Income from Operations was
A Loss on Extinguishment of Debt for the third quarter of 2024 of
Income Tax Provision for the third quarter of 2024 was
For the third quarter of 2024, the Company reported a Net Loss of
Adjusted EBITDA, a Non-GAAP financial measure, was
The Company reported Cash Flow Used by Operating Activities of
Unlevered Free Cash Flow, a Non-GAAP financial measure, for the third quarter 2024 was
Financial Position
As of September 30, 2024, Superior had Total 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 | |||
Superior is updating its Outlook to reflect the remainder of the full year 2024. Net Sales estimates have been lowered due to lower aluminum costs and lower anticipated production volumes by OEMs. Value-Added Sales estimates have been lowered due to lower anticipated production volumes by OEMs. Adjusted EBITDA estimates also have been lowered due to lower anticipated production volumes by OEMs. Unlevered Free Cash Flow estimates have been lowered to reflect the updated Adjusted EBITDA estimate, and to reflect a focus on balancing the maximization of Unlevered Free Cash Flow with the liquidity requirements for the new term loan to enable financial flexibility. As the Company successfully continues to lower the capital intensity of the business and continues to invest strategically in the business, Superior has reduced its expectations for full year capital expenditures.
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 Cash Flow Provided by Operating Activities (the most comparable GAAP measure) to Unlevered Free Cash Flow 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, November 7, 2024. The conference call may be accessed by dialing +1 800 715 9871 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 embedded debt derivative liability, acquisition and integration, certain hiring and separation related costs, proxy contest fees, gains and losses associated with early debt extinguishment and accounts receivable factoring fees. “Adjusted EBITDA Margin” defined as Adjusted EBITDA as a percentage of Value-Added Sales. “Value-Added Sales,” defined as Net Sales less the value of aluminum outsourced service provider 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 of Interest Income and Debt Refinancing Fees. “Net Debt,” defined as total debt excluding debt issuance costs 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 increase in the cost of raw materials, labor and energy, supply chain disruptions, material shortages, higher interest rates, and 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 | Nine Months | |||||||||||||||
|
3Q 2024 |
|
|
3Q 2023 |
|
YTD 2024 | YTD 2023 | |||||||||
| Net Sales | $ |
321.8 |
|
$ |
323.1 |
|
$ |
957.0 |
|
$ |
1,076.6 |
|
||||
| Cost of Sales |
|
293.1 |
|
|
297.8 |
|
|
875.6 |
|
|
975.7 |
|
||||
| Gross Profit | $ |
28.6 |
|
$ |
25.3 |
|
$ |
81.4 |
|
$ |
100.9 |
|
||||
| SG&A Expenses |
|
23.9 |
|
|
16.9 |
|
|
66.1 |
|
|
53.3 |
|
||||
| Loss on deconsolidation of subsidiary |
|
- |
|
|
79.6 |
|
|
- |
|
|
79.6 |
|
||||
| Income (Loss) From Operations | $ |
4.7 |
|
$ |
(71.2 |
) |
$ |
15.3 |
|
$ |
(32.0 |
) |
||||
| Interest Expense, net |
|
(17.9 |
) |
|
(15.7 |
) |
|
(49.6 |
) |
|
(47.1 |
) |
||||
| Loss on extinguishment of debt |
|
(13.1 |
) |
|
- |
|
|
(13.1 |
) |
|
- |
|
||||
| Other Expense, net |
|
2.3 |
|
|
0.2 |
|
|
2.6 |
|
|
(2.6 |
) |
||||
| Income (Loss) Before Income Taxes | $ |
(23.9 |
) |
$ |
(86.7 |
) |
$ |
(44.7 |
) |
$ |
(81.7 |
) |
||||
| Income Tax Provision |
|
(0.9 |
) |
|
0.4 |
|
|
(23.9 |
) |
|
(8.7 |
) |
||||
| Net Income (Loss) | $ |
(24.8 |
) |
$ |
(86.3 |
) |
$ |
(68.6 |
) |
$ |
(90.4 |
) |
||||
| Earnings (Loss) Per Share: | ||||||||||||||||
| Basic | $ |
(1.24 |
) |
$ |
(3.42 |
) |
$ |
(3.50 |
) |
$ |
(4.29 |
) |
||||
| Diluted | $ |
(1.24 |
) |
$ |
(3.42 |
) |
$ |
(3.50 |
) |
$ |
(4.29 |
) |
||||
| Weighted Average and Equivalent Shares Outstanding for EPS (in Thousands): |
||||||||||||||||
| Basic |
|
28,886 |
|
|
28,091 |
|
|
28,625 |
|
|
27,812 |
|
||||
| Diluted |
|
28,886 |
|
|
28,091 |
|
|
28,625 |
|
|
27,812 |
|
||||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | ||||||||
| Condensed Consolidated Balance Sheets (Unaudited) | ||||||||
| (Dollars in Millions) | ||||||||
| 9/30/2024 | 12/31/2023 | |||||||
| Current Assets | $ |
322.6 |
|
$ |
459.9 |
|
||
| Property, Plant and Equipment, net |
|
355.7 |
|
|
398.6 |
|
||
| Intangibles and Other Assets |
|
101.3 |
|
|
131.5 |
|
||
| Derivative Financial Instruments |
|
22.0 |
|
|
40.5 |
|
||
| Total Assets | $ |
801.7 |
|
$ |
1,030.6 |
|
||
| Current Liabilities | $ |
219.5 |
|
$ |
198.9 |
|
||
| Long-Term Liabilities |
|
537.0 |
|
|
668.4 |
|
||
| Redeemable Preferred Shares |
|
276.5 |
|
|
248.2 |
|
||
| European Non-controlling Redeemable Equity |
|
0.5 |
|
|
0.9 |
|
||
| Shareholders’ Equity (Deficit) |
|
(231.8 |
) |
|
(85.9 |
) |
||
| Total Liabilities and Shareholders’ Equity (Deficit) | $ |
801.7 |
|
$ |
1,030.6 |
|
||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Consolidated Statements of Cash Flows (Unaudited) | |||||||||||||||
| (Dollars in Millions) | |||||||||||||||
| Three Months | Nine Months | ||||||||||||||
|
3Q 2024 |
|
|
3Q 2023 |
|
YTD 2024 | YTD 2023 | ||||||||
| Net Income (Loss) | $ |
(24.8 |
) |
$ |
(86.3 |
) |
$ |
(68.6 |
) |
$ |
(90.4 |
) |
|||
| Depreciation and Amortization |
|
21.7 |
|
|
23.6 |
|
|
65.5 |
|
|
69.9 |
|
|||
| Income tax, Non-cash Changes |
|
(2.4 |
) |
|
(2.1 |
) |
|
16.3 |
|
|
9.3 |
|
|||
| Stock-based Compensation |
|
2.0 |
|
|
1.4 |
|
|
6.1 |
|
|
4.4 |
|
|||
| Amortization of Debt Issuance Costs |
|
1.6 |
|
|
1.2 |
|
|
4.0 |
|
|
3.6 |
|
|||
| Loss on Deconsolidation of Subsidiary |
|
- |
|
|
79.6 |
|
|
- |
|
|
79.6 |
|
|||
| Loss on Extinguishment of Debt |
|
13.1 |
|
|
- |
|
|
13.1 |
|
|
- |
|
|||
| Other Non-cash Items |
|
(6.1 |
) |
|
(4.7 |
) |
|
(9.0 |
) |
|
(4.7 |
) |
|||
| Changes in Operating Assets and Liabilities: | |||||||||||||||
| Accounts Receivable |
|
(25.8 |
) |
|
(13.1 |
) |
|
(54.4 |
) |
|
(38.0 |
) |
|||
| Inventories |
|
3.6 |
|
|
(9.6 |
) |
|
(2.7 |
) |
|
(8.2 |
) |
|||
| Other Assets and Liabilities |
|
8.2 |
|
|
11.9 |
|
|
6.3 |
|
|
12.7 |
|
|||
| Accounts Payable |
|
5.2 |
|
|
7.7 |
|
|
21.4 |
|
|
(5.1 |
) |
|||
| Income Taxes |
|
0.4 |
|
|
(0.6 |
) |
|
(5.7 |
) |
|
(12.9 |
) |
|||
| Net Cash Provided (Used) By Operating Activities | $ |
(3.3 |
) |
$ |
8.9 |
|
$ |
(7.9 |
) |
$ |
20.1 |
|
|||
| Capital Expenditures |
|
(6.1 |
) |
|
(7.7 |
) |
|
(21.0 |
) |
|
(29.5 |
) |
|||
| Deconsolidation of Subsidiary Cash |
|
- |
|
|
(4.4 |
) |
|
- |
|
|
(4.4 |
) |
|||
| Net Cash Provided (Used) By Investing Activities | $ |
(6.1 |
) |
$ |
(12.2 |
) |
$ |
(21.0 |
) |
$ |
(33.9 |
) |
|||
| Proceeds from the Issuance of Long-term Debt |
|
337.3 |
|
|
- |
|
|
337.3 |
|
|
- |
|
|||
| Repayments of Debt |
|
(463.5 |
) |
|
(1.6 |
) |
|
(466.3 |
) |
|
(14.0 |
) |
|||
| Proceeds from Borrowings on Revolving Credit Facility |
|
28.0 |
|
|
- |
|
|
28.0 |
|
|
- |
|
|||
| Repayments of Borrowings on Revolving Credit Facility |
|
(28.0 |
) |
|
- |
|
|
(28.0 |
) |
|
- |
|
|||
| Cash Dividends Paid |
|
- |
|
|
(0.1 |
) |
|
(3.4 |
) |
|
(6.8 |
) |
|||
| Financing Costs Paid and Other |
|
(8.7 |
) |
|
(0.1 |
) |
|
(9.0 |
) |
|
(0.1 |
) |
|||
| Redemption Premium Paid on Term Loan Repayment |
|
(3.7 |
) |
|
- |
|
|
(3.7 |
) |
|
- |
|
|||
| Payments Related to Tax Withholdings for Stock-Based Compensation |
|
- |
|
|
- |
|
|
(1.3 |
) |
|
(3.3 |
) |
|||
| Finance Lease Payments |
|
(0.2 |
) |
|
- |
|
|
(0.5 |
) |
|
(0.6 |
) |
|||
| Net Cash Flow Provided (Used) By Financing Activities | $ |
(138.7 |
) |
$ |
(1.8 |
) |
$ |
(146.8 |
) |
$ |
(24.8 |
) |
|||
| Effect of Exchange Rate on Cash |
|
0.2 |
|
|
0.4 |
|
|
(1.7 |
) |
|
2.1 |
|
|||
| Net Change in Cash | $ |
(148.0 |
) |
$ |
(4.6 |
) |
$ |
(177.3 |
) |
$ |
(36.5 |
) |
|||
| Cash - Beginning |
|
172.3 |
|
|
181.1 |
|
|
201.6 |
|
|
213.0 |
|
|||
| Cash - Ending | $ |
24.3 |
|
$ |
176.5 |
|
$ |
24.3 |
|
$ |
176.5 |
|
|||
| SUPERIOR INDUSTRIES INTERNATIONAL, INC. | |||||||||||||||
| Earnings Per Share Calculation (Unaudited) | |||||||||||||||
| (Dollars and Outstanding Shares in Millions, Except Per Share Amounts) | |||||||||||||||
| Three Months | Nine Months | ||||||||||||||
|
3Q 2024 |
|
|
3Q 2023 |
|
YTD 2024 | YTD 2023 | ||||||||
| Net Income (Loss) Attributable to Common Shareholders | $ |
(24.8 |
) |
$ |
(86.3 |
) |
$ |
(68.6 |
) |
$ |
(90.4 |
) |
|||
| Redeemable Preferred Stock Dividends and Accretion |
|
(11.1 |
) |
|
(9.9 |
) |
|
(31.6 |
) |
|
(28.9 |
) |
|||
| Basic Numerator | $ |
(35.9 |
) |
$ |
(96.2 |
) |
$ |
(100.2 |
) |
$ |
(119.2 |
) |
|||
| Weighted Avg. Shares Outstanding - Basic |
|
28.9 |
|
|
28.1 |
|
|
28.6 |
|
|
27.8 |
|
|||
| Dilutive Effect of Common Share Equivalents |
|
- |
|
|
- |
|
|
- |
|
|
- |
|
|||
| Weighted Avg. Shares Outstanding - Diluted |
|
28.9 |
|
|
28.1 |
|
|
28.6 |
|
|
27.8 |
|
|||
| Basic Earnings (Loss) Per Share(1) | $ |
(1.24 |
) |
$ |
(3.42 |
) |
$ |
(3.50 |
) |
$ |
(4.29 |
) |
|||
| Diluted Earnings (Loss) Per Share(1) | $ |
(1.24 |
) |
$ |
(3.42 |
) |
$ |
(3.50 |
) |
$ |
(4.29 |
) |
|||
| (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 September 30, 2024 and 2023. | |||||||||||||||
| 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 Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation, and Content per Wheel (1) | SPG (2) | ||||||||||||||||||||||||||||||
| Three Months | Nine Months | Trailing Twelve Months | Twelve Months | Three Months | |||||||||||||||||||||||||||
|
3Q 2024 |
|
|
|
3Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
|
3Q 2024 |
|
|
|
3Q 2023 |
|
|
YTD 2019 |
|
|
3Q 2023 |
|
|||||||
| Net Sales | $ |
321.8 |
|
$ |
323.1 |
|
$ |
957.0 |
|
$ |
1,076.6 |
|
$ |
1,265.7 |
|
$ |
1,478.7 |
|
$ |
1,372.5 |
|
$ |
15.3 |
|
|||||||
| Less: Aluminum, and Outside Service Provider Costs |
|
(150.7 |
) |
|
(147.1 |
) |
|
(433.5 |
) |
|
(497.7 |
) |
|
(573.5 |
) |
|
(681.8 |
) |
|
(617.2 |
) |
|
(12.6 |
) |
|||||||
| Value-Added Sales (1) | $ |
171.0 |
|
$ |
176.0 |
|
$ |
523.5 |
|
$ |
578.9 |
|
$ |
692.2 |
|
$ |
796.9 |
|
$ |
755.3 |
|
$ |
2.7 |
|
|||||||
| Currency Impact on Current Period Value-Added Sales |
|
(1.0 |
) |
|
- |
|
|
(1.0 |
) |
|
- |
|
|
(17.2 |
) |
|
- |
|
|
(31.9 |
) |
||||||||||
| Value-Added Sales Adjusted for Foreign Exchange (1) | $ |
170.0 |
|
$ |
176.0 |
|
$ |
522.5 |
|
$ |
578.9 |
|
$ |
675.0 |
|
$ |
796.9 |
|
$ |
723.4 |
|
||||||||||
| Deconsolidation Impact |
|
- |
|
|
(2.7 |
) |
|
- |
|
|
(32.3 |
) |
|||||||||||||||||||
| Value-Added Sales Adjusted for Foreign Exchange and Deconsolidation (1) | $ |
170.0 |
|
$ |
173.3 |
|
$ |
522.5 |
|
$ |
546.6 |
|
|||||||||||||||||||
| Wheels Shipped |
|
3,381 |
|
|
3,428 |
|
|
10,473 |
|
|
11,067 |
|
|
13,968 |
|
|
14,794 |
|
|
19,246 |
|
||||||||||
| Content per Wheel (1) (3) | $ |
50.29 |
|
$ |
51.34 |
|
$ |
49.89 |
|
$ |
52.31 |
|
$ |
48.33 |
|
$ |
53.87 |
|
$ |
37.59 |
|
||||||||||
| SPG (2) | |||||||||||||||||||
| Adjusted EBITDA (1) | Three Months | Nine Months | Three Months | ||||||||||||||||
|
3Q 2024 |
|
|
|
3Q 2023 |
|
|
YTD 2024 |
|
YTD 2023 |
|
|
3Q 2023 |
|
|||||
| Net Income (Loss) | $ |
(24.8 |
) |
$ |
(86.3 |
) |
$ |
(68.6 |
) |
$ |
(90.4 |
) |
$ |
(9.7 |
) |
||||
| Adjusting Items: | |||||||||||||||||||
| - Interest Expense, net |
|
17.9 |
|
|
15.7 |
|
|
49.6 |
|
|
47.1 |
|
|
0.4 |
|
||||
| - Income Tax Provision (Benefit) |
|
0.9 |
|
|
-0.4 |
|
|
23.9 |
|
|
8.7 |
|
|
0.9 |
|
||||
| - Depreciation |
|
16.8 |
|
|
18.7 |
|
|
50.9 |
|
|
55.3 |
|
|
1.3 |
|
||||
| - Amortization |
|
4.9 |
|
|
4.9 |
|
|
14.7 |
|
|
14.6 |
|
|
- |
|
||||
| - Factoring Fees |
|
1.9 |
|
|
0.8 |
|
|
4.2 |
|
|
2.8 |
|
|
- |
|
||||
| - Loss on Extinguishment of Debt and Other Refinancing Costs |
|
17.3 |
|
|
0 |
|
|
18.8 |
|
|
0 |
|
|
- |
|
||||
| - Loss on Deconsolidation of Subsidiary |
|
- |
|
|
79.6 |
|
|
- |
|
|
79.6 |
|
|
- |
|
||||
| - Restructuring and Restructuring Related Costs |
|
6.2 |
|
|
5.6 |
|
|
18.5 |
|
|
18.4 |
|
|
- |
|
||||
| - Change in Fair Value of Embedded Debt Derivative Liability |
|
(0.3 |
) |
|
- |
|
|
(0.3 |
) |
|
- |
|
|
- |
|
||||
$ |
65.6 |
|
$ |
124.9 |
|
$ |
180.3 |
|
$ |
226.5 |
|
$ |
2.6 |
|
|||||
| Adjusted EBITDA (1) | $ |
40.8 |
|
$ |
38.6 |
|
$ |
111.6 |
|
$ |
136.1 |
|
$ |
(7.0 |
) |
||||
| (1) Value-Added Sales, Value Added Sales Adjusted for Foreign Exchange, and Adjusted EBITDA are non-GAAP financial measures; see page 4 for definitions. | |||||||||||||||||||
| (2) Amounts relate to SPG stand-alone operating results for the three months ended September 30, 2023. | |||||||||||||||||||
| (3) Content per wheel is stated in currency rates prevailing in the corresponding periods of 2023. | |||||||||||||||||||
| Free Cash Flow (1) | Three Months | Nine Months | ||||||||||||||
|
3Q 2024 |
|
|
3Q 2023 |
|
YTD 2024 | YTD 2023 | |||||||||
| Net Cash Provided (Used) By Operating Activities | $ |
(3.3 |
) |
$ |
8.9 |
|
$ |
(7.9 |
) |
$ |
20.1 |
|
||||
| Net Cash Provided (Used) By Investing Activities |
|
(6.1 |
) |
|
(12.2 |
) |
|
(21.0 |
) |
|
(33.9 |
) |
||||
| Cash Payments for Non-debt Financing Activities |
|
- |
|
|
(0.1 |
) |
|
(4.7 |
) |
|
(10.1 |
) |
||||
| Free Cash Flow (1) | $ |
(9.4 |
) |
$ |
(3.4 |
) |
$ |
(33.6 |
) |
$ |
(23.9 |
) |
||||
| Unlevered Free Cash Flow (1) | Three Months | Nine Months | ||||||||||||||
|
3Q 2024 |
|
|
3Q 2023 |
|
YTD 2024 | YTD 2023 | |||||||||
| Net Cash Provided (Used) By Operating Activities | $ |
(3.3 |
) |
$ |
8.9 |
|
$ |
(7.9 |
) |
$ |
20.1 |
|
||||
| Capital Expenditures |
|
(6.1 |
) |
|
(7.7 |
) |
|
(21.0 |
) |
|
(29.5 |
) |
||||
| Refinancing Costs |
|
4.2 |
|
|
- |
|
|
5.7 |
|
|
- |
|
||||
| Cash Interest Paid, Net of Interest Income |
|
14.0 |
|
|
11.1 |
|
|
42.6 |
|
|
39.3 |
|
||||
| Unlevered Free Cash Flow (1) | $ |
8.8 |
|
$ |
12.3 |
|
$ |
19.4 |
|
$ |
29.9 |
|
||||
| Net Debt (1) (2) | 9/30/2024 | 9/30/2023 | |||||
| Long Term Debt (Less Current Portion) | $ |
515.2 |
|
$ |
623.1 |
|
|
| Short Term Debt |
|
5.8 |
|
|
6.7 |
|
|
| Total Debt |
|
521.0 |
|
|
629.8 |
|
|
| Less: Cash and Cash Equivalents |
|
(24.3 |
) |
|
(176.5 |
) |
|
| Net Debt (1) |
|
496.7 |
|
|
453.3 |
|
|
| (1) Net Debt, Free Cash Flow, and Unlevered Free Cash Flow are non-GAAP financial measures; see page 4 for definitions. | |||||||
| (2) Excluding Debt Issuance Cost | |||||||
View source version on businesswire.com: https://www.businesswire.com/news/home/20241107668613/en/
Superior Investor Relations
(248) 234-7104
Investor.Relations@supind.com
Source: Superior Industries International, Inc.
