VOXX International Announces Filing of Quarterly Report on Form 10-Q and Results for Fiscal 2025 Third Quarter; Company also Announces Merger Regulatory Approvals
VOXX International (NASDAQ: VOXX) has filed its delayed Fiscal 2025 Q3 report and announced merger regulatory approvals. The company reported significant financial declines, with total net sales dropping 22.2% to $105.2 million compared to $135.3 million in the previous year. The quarter saw substantial non-cash charges, including $28.2 million in goodwill and $16.1 million in intangible asset impairment charges.
Key financial metrics include a gross margin decline to 21.2% from 26.9%, and a net loss of $44.0 million compared to a net income of $1.9 million in the prior year. The company's cash position decreased to $6.3 million from $11.0 million, while total debt reduced to $18.8 million from $73.3 million.
Regarding the proposed merger with Gentex, the company received antitrust clearance as the HSR Act waiting period expired and obtained approval from the German Federal Cartel Office. The merger remains subject to stockholder approval and other customary closing conditions.
VOXX International (NASDAQ: VOXX) ha presentato il suo rapporto trimestrale Q3 per l'anno fiscale 2025 con un ritardo e ha annunciato l'approvazione regolatoria per la fusione. L'azienda ha registrato significative difficoltà finanziarie, con vendite nette totali in calo del 22,2%, scendendo a 105,2 milioni di dollari rispetto ai 135,3 milioni dell'anno precedente. Nel trimestre ci sono stati sostanziali oneri non monetari, tra cui 28,2 milioni di dollari in svalutazione del goodwill e 16,1 milioni di dollari in oneri per la svalutazione degli attivi intangibili.
I principali indicatori finanziari includono un calo del margine lordo al 21,2% rispetto al 26,9%, e una perdita netta di 44,0 milioni di dollari rispetto a un utile netto di 1,9 milioni di dollari nell'anno precedente. La posizione di liquidità dell'azienda è diminuita a 6,3 milioni di dollari rispetto agli 11,0 milioni precedenti, mentre il debito totale è sceso a 18,8 milioni di dollari rispetto ai 73,3 milioni di dollari.
Per quanto riguarda la fusione proposta con Gentex, l'azienda ha ricevuto l'approvazione antitrust poiché il periodo di attesa dell'HSR Act è scaduto e ha ottenuto l'approvazione dall'Ufficio Federale Tedesco per il Cartello. La fusione rimane soggetta all'approvazione degli azionisti e ad altre condizioni di chiusura abituali.
VOXX International (NASDAQ: VOXX) ha presentado su informe trimestral Q3 del ejercicio fiscal 2025 con retraso y ha anunciado las aprobaciones regulatorias para la fusión. La compañía reportó descensos financieros significativos, con ventas netas totales cayendo un 22.2% a 105.2 millones de dólares en comparación con 135.3 millones del año anterior. En el trimestre se observaron cargas no monetarias sustanciales, incluyendo 28.2 millones en deterioro de goodwill y 16.1 millones en deterioro de activos intangibles.
Los principales indicadores financieros incluyen una disminución del margen bruto al 21.2% desde el 26.9%, y una pérdida neta de 44.0 millones en comparación con una ganancia neta de 1.9 millones en el año anterior. La posición de caja de la compañía disminuyó a 6.3 millones de dólares desde 11.0 millones, mientras que la deuda total se redujo a 18.8 millones de dólares desde 73.3 millones.
En cuanto a la fusión propuesta con Gentex, la compañía recibió la autorización antimonopolio ya que el período de espera de la Ley HSR expiró y obtuvo la aprobación de la Oficina Federal Alemana del Cartel. La fusión sigue sujeta a la aprobación de los accionistas y otras condiciones habituales de cierre.
VOXX International (NASDAQ: VOXX)는 2025 회계연도 Q3 보고서를 지연하여 제출했으며, 인수합병에 대한 규제 승인을 발표했습니다. 회사는 총 순매출이 22.2% 감소한 1억 520만 달러에 불과하다고 보고했습니다. 지난해 1억 3천530만 달러와 비교됩니다. 이번 분기에는 2천820만 달러의 자산 손상 및 1천610만 달러의 무형 자산 손상으로 상당한 비현금 비용이 발생했습니다.
주요 재무 지표로는 총 이익률이 26.9%에서 21.2%로 감소했으며, 4천400만 달러의 순손실을 기록했습니다. 지난해에는 190만 달러의 순이익이 있었습니다. 회사의 현금 보유액은 1100만 달러에서 630만 달러로 감소했으며, 총 부채는 7330만 달러에서 1880만 달러로 줄어들었습니다.
젠텍스와의 제안된 인수합병에 관해서는 HSR 법의 대기 기간이 만료되어 반독점 승인을 받았으며, 독일 연방 카르텔 사무소로부터 승인을 받았습니다. 이 인수합병은 주주 승인 및 기타 통상적인 종료 조건에 따라 여전히 진행 중입니다.
VOXX International (NASDAQ: VOXX) a déposé son rapport trimestriel Q3 pour l'exercice fiscal 2025 avec un retard et a annoncé les approbations réglementaires de fusion. L'entreprise a enregistré des baisses financières significatives, avec des ventes nettes totales en baisse de 22,2 % à 105,2 millions de dollars par rapport à 135,3 millions de dollars l'année précédente. Le trimestre a vu des charges non monétaires substantielles, y compris 28,2 millions de dollars en dépréciation de goodwill et 16,1 millions de dollars en charges pour dépréciation des actifs incorporels.
Les principaux indicateurs financiers incluent une baisse de la marge brute à 21,2 % contre 26,9 %, et une perte nette de 44,0 millions de dollars par rapport à un bénéfice net de 1,9 million de dollars l'année précédente. La position de liquidités de l'entreprise a diminué à 6,3 millions de dollars contre 11,0 millions de dollars, tandis que la dette totale a été réduite à 18,8 millions de dollars contre 73,3 millions de dollars.
Concernant la fusion proposée avec Gentex, l'entreprise a reçu une autorisation antitrust, le délai d'attente de la loi HSR étant expiré, et a obtenu l'approbation de l'Office fédéral allemand des cartels. La fusion reste soumise à l'approbation des actionnaires et à d'autres conditions de clôture habituelles.
VOXX International (NASDAQ: VOXX) hat seinen verspäteten Q3-Bericht für das Geschäftsjahr 2025 eingereicht und die Genehmigungen für die Fusion durch die Regulierungsbehörden bekannt gegeben. Das Unternehmen meldete einen signifikanten finanziellen Rückgang, mit einem Rückgang der Nettoumsätze um 22,2% auf 105,2 Millionen Dollar im Vergleich zu 135,3 Millionen Dollar im Vorjahr. Im Quartal gab es erhebliche nicht zahlungswirksame Aufwendungen, darunter 28,2 Millionen Dollar an Goodwill-Abschreibungen und 16,1 Millionen Dollar an Wertminderungen von immateriellen Vermögenswerten.
Wesentliche Finanzkennzahlen umfassen einen Rückgang der Bruttomarge auf 21,2% von 26,9%, sowie einen Nettoverlust von 44,0 Millionen Dollar im Vergleich zu einem Nettogewinn von 1,9 Millionen Dollar im Vorjahr. Die Zahlungsmittelposition des Unternehmens fiel auf 6,3 Millionen Dollar von 11,0 Millionen Dollar, während die Gesamtverschuldung auf 18,8 Millionen Dollar von 73,3 Millionen Dollar gesenkt wurde.
Was die vorgeschlagene Fusion mit Gentex betrifft, erhielt das Unternehmen die Genehmigung des Antimonopolamtes, da die Wartefrist des HSR-Gesetzes abgelaufen ist, und erhielt die Genehmigung vom Bundeskartellamt. Die Fusion steht weiterhin unter dem Vorbehalt der Genehmigung durch die Aktionäre und anderer üblicher Abschlussbedingungen.
- Significant debt reduction from $73.3M to $18.8M
- Operating expenses (excluding impairment charges) decreased by 5.2% YoY
- Received key merger regulatory approvals from US and German authorities
- Net sales declined 22.2% to $105.2M YoY
- Gross margin dropped 570 basis points to 21.2%
- Net loss of $44.0M compared to prior year's net income of $1.9M
- Non-cash impairment charges of $44.3M
- Cash position decreased to $6.3M from $11.0M
- Adjusted EBITDA loss of $4.7M vs. positive $8.0M prior year
Insights
VOXX International's Q3 FY2025 financial results paint a concerning picture, marked by significant operational challenges and strategic developments. The 22.2% revenue decline to
The bright spot in this report is the significant debt reduction, with total debt decreasing by
The 570 basis point decline in gross margin to
The clearance of major regulatory hurdles for the Gentex-VOXX merger marks a important milestone in the transaction's progression. The expiration of the HSR waiting period and German Competition Act approval effectively eliminates the primary antitrust concerns that could have derailed the deal. These approvals typically represent the most challenging regulatory requirements for cross-border automotive technology mergers.
The remaining conditions - stockholder approval and absence of legal prohibitions - are standard closing requirements that typically pose lower execution risk. The company's decision to forego the earnings call signals confidence in the merger's progression and suggests management's focus has shifted toward deal completion rather than standalone operations.
The substantial asset impairments recorded this quarter, while negative for current earnings, may actually streamline the merger integration process by cleaning up the balance sheet ahead of the transaction close. This approach often facilitates a smoother transition and clearer valuation framework for the combined entity.
As previously reported, the Company was unable to timely file the Form 10-Q for its 2025 fiscal third quarter. The delay was primarily related to the Company's entry into an Agreement and Plan of Merger with Gentex Corporation ("Gentex") on December 17, 2025, which caused the Company, in conjunction with its triggering events review, to test its goodwill, other intangible assets and other long-lived assets for impairment, thereby delaying its ability to timely file. On January 28, 2025, the Company received a letter from the Nasdaq Listing Qualifications Department of the Nasdaq Stock Market ("Nasdaq") stating that because the Company had not yet filed the Form 10-Q, the Company was not in compliance with Nasdaq Listing Rule 5250(c)(1), which requires listed companies to timely file all required periodic financial reports with the SEC. Based upon today's filing of the Form 10-Q, the Company expects to receive notification from Nasdaq that it has regained compliance with Rule 5250(c)(1).
Fiscal 2025 and Fiscal 2024 Third Quarter Comparisons
As contained in the Form 10-Q, the Company's Fiscal 2025 third quarter compared with the Fiscal 2024 third quarter as follows:
- Total net sales of
$105.2 million $135.3 million $30.1 million 22.2% , with declines in both the Automotive Electronics and Consumer Electronics segments as a result of economic, retail and OEM manufacturing conditions, along with asset sales during Fiscal 2025. - Gross margin of
21.2% compared to26.9% , down 570 basis points, driven by$7.0 million - Total operating expenses of
$76.6 million $42.5 million $44.3 million $28.2 million $16.1 million $32.3 million $1.8 million 5.2% from the prior fiscal year quarter. - Net loss attributable to VOXX International Corporation of
$44.0 million $1.9 million - Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") loss of
$40.8 million $6.5 million $4.7 million $8.0 million
Fiscal 2025 and Fiscal 2024 Nine-Month Comparisons
As contained in the Company's Form 10-Q, the Company's nine-month period ended November 30, 2025 compared to the corresponding prior year period as follows:
- Total net sales of
$289.3 million $360.8 million $71.5 million 19.8% , with declines both in the Automotive Electronics and Consumer Electronics segments. - Gross margin of
24.3% compared to25.6% , down 130 basis points, including the impact of inventory write-downs taken in Fiscal 2025 third quarter. - Total operating expenses of
$140.9 million $30.7 million $44.3 million $96.6 million $13.6 million 12.3% . - Total other income, net of
$13.1 million $5.9 million - Net loss attributable to VOXX International Corporation of
$50.8 million $19.9 million - Earnings before Interest, Taxes, Depreciation and Amortization ("EBITDA") loss of
$37.5 million $6.5 million $10.4 million $3.0 million
Selected Balance Sheet Data
As of November 30, 2024, the Company had cash and cash equivalents of
Given the Company's proposed merger transaction with Gentex, the Company is not hosting a conference call to discuss its Fiscal 2025 third quarter financial results.
Proposed Gentex Transaction – Anti-Trust Clearance
The Company today announced that the waiting period with respect to the proposed merger transaction with Gentex under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended (the "HSR Act"), expired at 11:59 p.m. Eastern Time on February 3, 2025. Additionally, on January 27, 2025, a letter was received from the German Federal Cartel Office advising that the proposed merger does not meet the prohibition conditions under the German Competition Act, and the merger may be implemented. The expiration of the HSR Act waiting period and clearance under the German Competition Act satisfy certain conditions to the closing of the merger. The proposed merger remains subject to other customary closing conditions, including approval by the Company's stockholders and the absence of any legal prohibitions against the merger by a governmental authority of competent jurisdiction.
Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net loss attributable to VOXX International Corporation and Subsidiaries, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, gains on the sale of certain assets and businesses, foreign currency gains and losses, restructuring expenses, goodwill and intangible asset impairment charges, certain non-routine and non-recurring fees, and awards. Depreciation, amortization, stock-based compensation, foreign currency gains and losses, and goodwill and intangible asset impairment charges are non-cash items.
We present EBITDA and Adjusted EBITDA in our Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.
About VOXX
VOXX International (NASDAQ: VOXX) has grown into a worldwide leader in the Automotive Electronics and Consumer Electronics industries. Over the past several decades, VOXX has built market-leading positions in in-vehicle entertainment and automotive security, as well as in a number of premium audio market segments, and more. VOXX is a global company, with an extensive distribution network that includes power retailers, mass merchandisers, 12-volt specialists and many of the world's leading automotive manufacturers. For additional information, please visit our website at www.voxxintl.com.
No Offer or Solicitation
This press release does not constitute an offer to sell or the solicitation of an offer to buy the securities of the Company or the solicitation of any vote or approval, nor shall there be any offer, solicitation or sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offer of securities shall be made in
Additional Information Regarding the Merger and Where to Find It
This press release relates to the proposed merger involving the Company, Gentex and Instrument Merger Sub, Inc., a wholly-owned subsidiary of Gentex, whereby Merger Sub shall be merged with and into the Company (the "proposed merger"), with the Company as the surviving corporation. The proposed merger will be submitted to the stockholders of the Company for their consideration at a special meeting of the stockholders. In connection therewith, the Company intends to file relevant materials with the
This press release may be deemed to be solicitation material in respect of the proposed merger contemplated by the Merger Agreement.
Certain Information Regarding Participants in the Solicitation
The Company, Gentex and certain of their directors, executive officers and employees may, under the rules of the SEC, be deemed to be participants in the solicitation of proxies in connection with the proposed merger. Information regarding the directors and executive officers of the Company, Gentex and Merger Sub is contained in the Company's preliminary proxy statement related to the proposed Merger, as filed with the SEC on January 27, 2025, and the Schedule 13E-3 as filed with the SEC on January 27, 2025 by the Company, Gentex and Merger Sub. A description of the direct or indirect interests, by security holdings or otherwise of the Company's directors and executive officers and Gentex are also included in the preliminary proxy statement, Schedule 13E-3 and other relevant documents filed with the SEC regarding the proposed merger. Free copies of these materials may be obtained as described in the preceding section.
Safe Harbor Statement
Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward-looking statements: (i) the possibility that Nasdaq will not consider the Company in compliance with Listing Rule 5250(c)(1) irrespective of the Company's filing of the Form 10-Q, (ii) the risk that the proposed merger may not be completed in a timely manner or at all, which may adversely affect the Company's business and the price of its shares of Class A Common Stock, (iii) other factors described under Risk Factors in our most recent Form 10-K and other filings made by the Company from time to time with the SEC, as such descriptions may be updated or amended in any future reports the Company files with the SEC.
Investor Relations Contact:
Glenn Wiener, President & CEO
GW Communications (for VOXX)
Email: gwiener@gwcco.com
- Tables to Follow -
VOXX International Corporation and Subsidiaries Consolidated Balance Sheets (In thousands, except share and per share data) | ||||||||
November 30, | February 29, | |||||||
(unaudited) | ||||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,349 | $ | 10,986 | ||||
Accounts receivable, net of allowances of respectively | 79,686 | 71,066 | ||||||
Inventory | 96,416 | 128,471 | ||||||
Receivables from vendors | 129 | 1,192 | ||||||
Due from Established | 100 | - | ||||||
Due from GalvanEyes LLC, current | - | 1,238 | ||||||
Prepaid expenses and other current assets | 14,533 | 20,820 | ||||||
Income tax receivable | 4,933 | 2,095 | ||||||
Total current assets | 202,146 | 235,868 | ||||||
Investment securities | 414 | 828 | ||||||
Equity investments | 22,428 | 21,380 | ||||||
Property, plant and equipment, net | 32,937 | 45,070 | ||||||
Operating lease, right of use assets | 5,067 | 2,577 | ||||||
Goodwill | 35,385 | 63,931 | ||||||
Intangible assets, net | 38,483 | 68,766 | ||||||
Due from GalvanEyes LLC, less current portion | - | 1,340 | ||||||
Deferred income tax assets | 58 | 1,452 | ||||||
Other assets | 1,908 | 2,794 | ||||||
Total assets | $ | 338,826 | $ | 444,006 | ||||
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 40,961 | $ | 35,076 | ||||
Accrued expenses and other current liabilities | 38,815 | 38,238 | ||||||
Income taxes payable | 1,510 | 1,123 | ||||||
Accrued sales incentives | 21,069 | 18,236 | ||||||
Contract liabilities, current | 3,043 | 3,810 | ||||||
Current portion of long-term debt | 3,837 | 500 | ||||||
Total current liabilities | 109,235 | 96,983 | ||||||
Long-term debt, net of debt issuance costs | 14,478 | 71,881 | ||||||
Finance lease liabilities, less current portion | 399 | 644 | ||||||
Operating lease liabilities, less current portion | 3,728 | 1,884 | ||||||
Deferred compensation | 414 | 828 | ||||||
Deferred income tax liabilities | 2,470 | 2,690 | ||||||
Other tax liabilities | 719 | 809 | ||||||
Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC | - | 9,817 | ||||||
Other long-term liabilities | 2,828 | 2,170 | ||||||
Total liabilities | 134,271 | 187,706 | ||||||
Commitments and contingencies | ||||||||
Redeemable equity: Class A, February 29, 2024, respectively | 4,218 | 4,110 | ||||||
Redeemable non-controlling interest | (9,019) | (3,203) | ||||||
Stockholders' equity: | ||||||||
Preferred stock: | ||||||||
No shares issued or outstanding | - | - | ||||||
Common stock: | ||||||||
Class A, and 19,649,703 and 19,698,562 shares outstanding at November 30, 2024 and February 29, 2024, respectively | 240 | 240 | ||||||
Class B Convertible, outstanding at both November 30, 2024 and February 29, 2024 | 22 | 22 | ||||||
Paid-in capital | 296,137 | 293,272 | ||||||
Retained earnings | 7,449 | 58,272 | ||||||
Accumulated other comprehensive loss | (17,760) | (17,366) | ||||||
Less: Treasury stock, at cost, 4,351,183 and 4,287,041 shares of Class A Common Stock at November 30, 2024 and February 29, 2024, respectively | (39,821) | (39,573) | ||||||
Total VOXX International Corporation stockholders' equity | 246,267 | 294,867 | ||||||
Non-controlling interest | (36,911) | (39,474) | ||||||
Total stockholders' equity | 209,356 | 255,393 | ||||||
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity | $ | 338,826 | $ | 444,006 | ||||
VOXX International Corporation and Subsidiaries Unaudited Consolidated Statements of Operations and Comprehensive (Loss) Income (In thousands, except share and per share data) | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net sales | $ | 105,175 | $ | 135,260 | $ | 289,324 | $ | 360,828 | ||||||||
Cost of sales | 82,830 | 98,918 | 218,878 | 268,281 | ||||||||||||
Gross profit | 22,345 | 36,342 | 70,446 | 92,547 | ||||||||||||
Operating expenses: | ||||||||||||||||
Selling | 7,638 | 10,967 | 25,076 | 32,154 | ||||||||||||
General and administrative | 16,294 | 15,944 | 48,528 | 52,621 | ||||||||||||
Engineering and technical support | 8,316 | 7,063 | 20,660 | 23,257 | ||||||||||||
Goodwill impairment charges | 28,171 | - | 28,171 | - | ||||||||||||
Intangible asset impairment charges | 16,093 | - | 16,093 | - | ||||||||||||
Restructuring expenses | 49 | 101 | 2,378 | 2,168 | ||||||||||||
Total operating expenses | 76,561 | 34,075 | 140,906 | 110,200 | ||||||||||||
Operating (loss) income | (54,216) | 2,267 | (70,460) | (17,653) | ||||||||||||
Other income (expense): | ||||||||||||||||
Interest and bank charges | (1,355) | (1,892) | (5,466) | (5,011) | ||||||||||||
Equity in income of equity investees | 382 | 1,101 | 933 | 3,958 | ||||||||||||
Gain on sale of business | - | - | 8,300 | - | ||||||||||||
Gain on sale of assets | 7,299 | - | 9,453 | - | ||||||||||||
Final arbitration award | - | (752) | - | (3,350) | ||||||||||||
Other, net | (2,084) | 156 | (113) | (1,497) | ||||||||||||
Total other income (expense), net | 4,242 | (1,387) | 13,107 | (5,900) | ||||||||||||
(Loss) Income before income taxes | (49,974) | 880 | (57,353) | (23,553) | ||||||||||||
Income tax (benefit) expense | (513) | 97 | 493 | (54) | ||||||||||||
Net (loss) income | (49,461) | 783 | (57,846) | (23,499) | ||||||||||||
Less: net loss attributable to non-controlling interest | (5,495) | (1,129) | (7,023) | (3,609) | ||||||||||||
Net (loss) income attributable to VOXX International Corporation and Subsidiaries | $ | (43,966) | $ | 1,912 | $ | (50,823) | $ | (19,890) | ||||||||
Other comprehensive (loss) income: | ||||||||||||||||
Foreign currency translation adjustments | (1,037) | 279 | (779) | 1,337 | ||||||||||||
Derivatives designated for hedging | 477 | (29) | 374 | (55) | ||||||||||||
Pension plan adjustments | 19 | (1) | 11 | (7) | ||||||||||||
Other comprehensive (loss) income, net of tax | (541) | 249 | (394) | 1,275 | ||||||||||||
Comprehensive (loss) income attributable to VOXX International Corporation and Subsidiaries | $ | (44,507) | $ | 2,161 | $ | (51,217) | $ | (18,615) | ||||||||
(Loss) Income per share - basic: Attributable to VOXX International Corporation and Subsidiaries | $ | (1.90) | $ | 0.08 | $ | (2.20) | $ | (0.85) | ||||||||
(Loss) Income per share - diluted: Attributable to VOXX International Corporation and Subsidiaries | $ | (1.90) | $ | 0.08 | $ | (2.20) | $ | (0.85) | ||||||||
Weighted-average common shares outstanding (basic) | 23,160,541 | 23,270,834 | 23,141,960 | 23,510,578 | ||||||||||||
Weighted-average common shares outstanding (diluted) | 23,160,541 | 23,467,022 | 23,141,960 | 23,510,578 | ||||||||||||
Reconciliation of GAAP Net (Loss) Income Attributable to VOXX International Corporation to EBITDA and Adjusted EBITDA | ||||||||||||||||
Three months ended | Nine months ended | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net (loss) income attributable to VOXX International Corporation and Subsidiaries | $ | (43,966) | $ | 1,912 | $ | (50,823) | $ | (19,890) | ||||||||
Adjustments: | ||||||||||||||||
Interest expense and bank charges (1) | 1,144 | 1,688 | 4,825 | 4,405 | ||||||||||||
Depreciation and amortization (1) | 2,569 | 2,808 | 8,024 | 9,003 | ||||||||||||
Income tax (benefit) expense | (513) | 97 | 493 | (54) | ||||||||||||
EBITDA | (40,766) | 6,505 | (37,481) | (6,536) | ||||||||||||
Stock-based compensation | 262 | 177 | 820 | 643 | ||||||||||||
Gain on sale of tradename | - | - | - | (450) | ||||||||||||
Gain on sale of business | - | - | (8,300) | - | ||||||||||||
Gain on sale of assets | (7,299) | - | (9,453) | - | ||||||||||||
Foreign currency losses (1) | 2,413 | 144 | 1,058 | 2,320 | ||||||||||||
Restructuring expenses | 49 | 101 | 2,378 | 2,168 | ||||||||||||
Goodwill impairment charges (1) | 24,985 | - | 24,985 | - | ||||||||||||
Intangible asset impairment charges (1) | 14,411 | - | 14,411 | - | ||||||||||||
Non-recurring ERP implementation costs | - | - | 55 | - | ||||||||||||
Gain on termination of interest rate swap | (47) | - | (47) | - | ||||||||||||
Non-recurring due diligence fees | 1,112 | - | 1,112 | - | ||||||||||||
Non-routine legal fees | 191 | 318 | 66 | 1,549 | ||||||||||||
Final arbitration award | - | 752 | - | 3,350 | ||||||||||||
Adjusted EBITDA | $ | (4,689) | $ | 7,997 | $ | (10,396) | $ | 3,044 | ||||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, foreign currency gains and losses, and goodwill and intangible asset impairment charges have been adjusted in order to exclude the non-controlling interest portion of these expenses attributable to EyeLock LLC and Onkyo Technology KK, as appropriate. |
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SOURCE VOXX International Corporation
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