VOXX International Corporation Reports its Fiscal 2022 Fourth Quarter and Year-End Financial Results
VOXX International Corporation reported a 12.8% year-over-year increase in net sales for Fiscal 2022, totaling $635.9 million. Growth was seen across all segments: Automotive Electronics by 22.4%, Consumer Electronics by 9.0%, and Biometrics by 5.5%. Despite facing global supply chain disruptions, the company completed the Onkyo Home Entertainment acquisition, forming new joint ventures and licensing agreements. VOXX anticipates further growth, particularly with new OEM awards from Ford valued over $200 million through 2027.
- Fiscal 2022 net sales increased by 12.8% to $635.9 million.
- Automotive Electronics segment saw a 22.4% increase in sales.
- New OEM programs with Ford and Osh Kosh valued at over $245 million.
- Adjusted EBITDA of $39.3 million in Fiscal 2022.
- Net loss attributable to VOXX of $(22.3) million in Fiscal 2022.
- Total other income decreased significantly to a loss of $(33.8) million.
- Operating income declined from $22.5 million to $7.9 million.
Fiscal 2022 Highlights
- Total net sales of
$635.9 million , a year-over-year increase of12.8% . - All business segments reported year-over-year growth with Automotive Electronics up
22.4% , Consumer Electronics up9.0% and Biometrics up5.5% . - Onkyo Home Entertainment acquisition completed in Q3 of Fiscal 2022; joint venture with Sharp Corporation formed; licensing and distribution agreement with Pioneer Corporation established.
- New, multi-year OEM awards received across multiple product categories.
Fiscal 2023 Updates
- New OEM programs with Ford awarded for rear-seat entertainment systems, bringing total estimated value of Ford awards to over
$200 million through calendar year 2027. - New OEM program awarded by Osh Kosh Defense in support of the U.S. Postal Service Fleet Modernization Initiative; multi-year program with initial award estimated at approximately
$45.0 million . - Company anticipates growth and bottom-line improvements in Fiscal 2023.
ORLANDO, Fla., May 16, 2022 /PRNewswire/ -- VOXX International Corporation (NASDAQ: VOXX), a leading manufacturer and distributor of automotive and consumer technologies for the global markets, today announced its financial results for its Fiscal 2022 fourth quarter and year ended February 28, 2022.
Commenting on the Company's results and business outlook, Pat Lavelle, President and Chief Executive Officer stated, "We experienced one of the most challenging years in our history due to global supply chain disruptions, and still delivered revenue growth of close to
Lavelle continued, "Chip shortages and the ongoing impact to OEM production remains the #1 obstacle near-term. With that said, the opportunities to drive both top- and bottom-line growth throughout our business has never been stronger as we look out over the next few years. We will remain diligent in our capital allocation plans, while continuing to invest in innovation to expand market share and our reach."
Fiscal 2022 and Fiscal 2021 Fourth Quarter Comparisons
Net sales in the Fiscal 2022 fourth quarter ended February 28, 2022, were
- Automotive Electronics segment net sales in the Fiscal 2022 fourth quarter were
$50.6 million as compared to$52.5 million in the comparable year-ago period, a decrease of$1.9 million or3.7% . For the same comparable periods, OEM product sales were$15.2 million as compared to$13.7 million , and aftermarket product sales were$35.4 million as compared to$38.8 million . The Company continued to be impacted by industrywide chip and part shortages, resulting in lower aftermarket product sales and delays in OEM customer production, despite the increase in OEM product sales. - Consumer Electronics segment net sales in the Fiscal 2022 fourth quarter were
$113.1 million as compared to$109.7 million in the comparable year-ago period, an increase of$3.4 million or3.1% . For the same comparable periods. Premium Audio product sales were$91.4 million as compared to$83.4 million , and other CE product sales were$21.7 million as compared to$26.3 million . Driving the year-over-year growth were higher sales within the 11 Trading Company subsidiary ("11TC"), which increased by$20.2 million for the comparable fourth quarter periods, partially offset by the impact of industrywide supply chain constraints and chip shortages. - Biometrics segment net sales in both the Fiscal 2022 and Fiscal 2021 fourth quarters were
$0.1 million .
The gross margin in the Fiscal 2022 fourth quarter was
- Automotive Electronics segment gross margin of
20.1% as compared to26.2% , a decrease of 610 basis points. The year-over-year decline was primarily related to higher supply chain costs, slower moving inventory, as well as higher costs related to new OEM rear-seat entertainment programs. The Company has worked to mitigate this impact and imposed additional price increases in the Fiscal 2022 fourth quarter to offset the higher costs in future periods. - Consumer Electronics segment gross margin of
29.8% as compared to26.2% , an increase of 360 basis points. The primary drivers for the year-over-year increase are higher sales within 11TC, which includes the addition of Onkyo products and other brands distributed through 11TC, as well as the positive impact from price increases that were instituted throughout Fiscal 2022. - Biometrics segment gross margins were negative in both the Fiscal 2022 and Fiscal 2021 fourth quarter periods, though the gross profit impact for the comparable periods was an increase of
$0.2 million .
Total operating expenses in the Fiscal 2022 fourth quarter were
- Selling expenses of
$13.3 million increased by$0.5 million , primarily related to higher salary, advertising, marketing, and travel and entertainment expenses, partially offset by a decrease in website fees related to e-commerce initiatives, and a modest decrease in commissions based on higher sales. - General and administrative expenses of
$19.3 million increased by$0.9 million . The Company incurred higher depreciation and amortization expenses and office expenses in the Fiscal 2022 fourth quarter period. - Engineering and technical support expenses of
$7.7 million increased by$1.8 million when comparing the periods ended February 28, 2022 and February 28, 2021. The year-over-year increase was primarily due to an increase in engineering labor expenses related to the Onkyo acquisition. - Intangible asset impairment charges declined by
$1.3 million , as the Company incurred an impairment charge related to one of its trademarks in the Consumer Electronics segment of$1.3 million in Fiscal 2021.
Operating income in the Fiscal 2022 fourth quarter was
Total other income, net, in the Fiscal 2022 fourth quarter was a loss of
Net income attributable to VOXX International Corporation in the Fiscal 2022 fourth quarter was
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") in the Fiscal 2022 fourth quarter was
Fiscal 2022 and Fiscal 2021 Year-End Comparisons
Net sales in the Fiscal 2022 year ended February 28, 2022, were
- Automotive Electronics segment net sales in Fiscal 2022 were
$200.6 million as compared to$163.9 million in the comparable year-ago period, an increase of$36.7 million or22.4% . For the same comparable periods, OEM product sales were$65.0 million as compared to$46.2 million , an increase of$18.8 million or40.8% , and aftermarket product sales were$135.6 million as compared to$117.7 million , an increase of$17.8 million or15.2% . Driving the year-over-year increase were higher sales of aftermarket security products related to the Company's DEI subsidiary and higher sales of rear-seat entertainment systems due to the start of new programs with Stellantis, Ford and Nissan, which were not present in the prior year. Industrywide chip and part shortages, along with global supply chain constraints adversely impacted sales for both the Fiscal 2022 and Fiscal 2021 periods. - Consumer Electronics segment net sales in Fiscal 2022 were
$433.9 million as compared to$398.3 million in the comparable Fiscal 2021 period, an increase of$35.7 million or9.0% . For the same comparable periods, Premium Audio product sales were$344.0 million as compared to$299.9 million , an increase of$44.1 million or14.7% . Other Consumer Electronics product sales were$89.9 million as compared to$98.4 million , a decrease of$8.4 million or8.6% . Driving the year-over-year increase was a$45.7 million increase in sales within the 11TC subsidiary, higher sales of wireless accessory products, and higher premium audio product and accessory sales in Europe. Industrywide chip and part shortages, along with global supply chain constraints adversely impacted sales for both the Fiscal 2022 and Fiscal 2021 periods. - Biometrics segment net sales in Fiscal 2022 were
$0.9 million as compared to$0.8 million in the comparable Fiscal 2021 period.
The gross margin in Fiscal 2022 was
- Automotive Electronics segment gross margin of
23.6% as compared to24.0% , a decline of 40 basis points. The year-over-year decline was primarily related to the increased cost of materials and shipping, higher tariffs included in cost of goods sold and lower gross margin associated with certain new OEM rear-seat entertainment programs. This was partially offset by higher margins in certain aftermarket categories and lower fulfilment sales of satellite radio products for the comparable period. - Consumer Electronics segment gross margin of
28.0% as compared to29.8% , a decline of 180 basis points. The year-over-year decline was primarily related to higher container costs and surcharges, partially offset by higher sales within the 11TC, among other factors. - Biometrics segment gross margins of
21.0% as compared to negative gross margin of22.8% . In the Fiscal 2021 period, the Company incurred higher tooling and effective repair costs, as well as inventory obsolescence charges for certain products.
Total operating expenses in Fiscal 2022 were
- Selling expenses of
$50.5 million increased by$6.7 million , primarily as a result of higher salary and payroll expenses related to higher headcount, the absence of COVID-19 related furloughs that were present in Fiscal 2021, and higher advertising and web fees, among other factors, partially offset by lower trade show expenses. - General and administrative expenses of
$76.0 increased by$6.2 million , primarily due to a$3.1 million increase in professional fees, higher office and occupancy expenses due to costs related to the new Onkyo subsidiary, a full year of DEI subsidiary expenses, and higher depreciation and amortization expenses, among other factors. This was partially offset by lower salary and related payroll expenses. - Engineering and technical support expenses of
$31.5 million increased by$10.6 million , primarily due to an increase in direct labor and related payroll tax expense as a result of additional headcount related to the Onkyo and DEI subsidiaries, higher reimbursement of engineering labor expense in the prior year, and an increase in research and development expense in support of new programs and products. - Acquisition costs of
$3.6 million increased by$3.3 million , primarily due to consulting and due diligence fees for the asset purchase agreement signed with Onkyo Home Entertainment Corporation and the joint venture created with Sharp Corporation. In the prior Fiscal 2021 period, acquisition costs incurred related to the Company's VSHC and DEI acquisitions, completed in January 2020 and July 2020, respectively. - Intangible asset impairment charges declined by
$1.3 million , as the Company incurred an impairment charge related to one of its trademarks in the Consumer Electronics segment of$1.3 million in Fiscal 2021.
Operating income in Fiscal 2022 was
Total other income, net, in Fiscal 2022 was a loss of
Net loss attributable to VOXX International Corporation in Fiscal 2022 was
Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") in Fiscal 2022 was a loss of
Seaguard Electronics LLC
On March 3, 2022, the Arbitrator issued a Partial Final Award on Bifurcated Issue in in favor of Seaguard Electronics LLC in the amount of
At February 28, 2022, the Company has recorded a charge of
Balance Sheet Update
As of February 28, 2022, the Company had cash and cash equivalents of
Conference Call Information
VOXX International Corporation will be hosting its conference call and webcast on Tuesday, May 17, 2022 at 10:00 a.m. Eastern. Interested parties can participate by visiting www.voxxintl.com and clicking on the webcast in the Investor Relations section or via teleconference using the information below.
- Toll-free number: 877-303-9079 / International number: 970-315-0461 / Conference ID: 4898372
A webcast and teleconference replay will be available approximately one hour after the completion of the call.
Replay Information
- Replay number: 855-859-2056 / International replay number: 404-537-3406 / Conference ID: 4898372
Non-GAAP Measures
EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net (loss) income, 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, life insurance proceeds, certain non-recurring legal and professional fees, settlements and awards, non-recurring gains, acquisition costs, and impairment charges. Depreciation, amortization, stock-based compensation, and impairment charges are non-cash items.
We present EBITDA and Adjusted EBITDA in this Form 10-K 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 that occurred during the periods presented 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 International Corporation VOXX International Corporation (NASDAQ: VOXX) has grown into a leader in Automotive Electronics and Consumer Electronics, with emerging Biometrics technology to capitalize on the increased need for advanced security. Over the past several decades, with a portfolio of approximately 35 trusted brands, VOXX has built market-leading positions in in-vehicle entertainment, automotive security, reception products, 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.
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. The factors include, but are not limited to the: risk factors described in the Company's annual report on Form 10-K for the fiscal year ended February 28, 2022, and other filings made by the Company from time to time with the SEC.
The factors described in such SEC filings include, without limitation: the impact of the COVID-19 outbreak on the Company's results of operations, global supply shortages and logistics costs and delays; cybersecurity risks; risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic, the War in the Ukraine and any worsening of the global business and economic environment as a result. The Company assumes no obligation and does not intend to update these forward-looking statements.
Investor Relations Contact:
Glenn Wiener, GW Communications (for VOXX)
Email: gwiener@GWCco.com
-- Tables to Follow -
VOXX International Corporation and Subsidiaries Consolidated Balance Sheets February 28, 2022 and February 28, 2021 (In thousands, except share data) | ||||||||
February 28, 2022 | February 28, 2021 | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 27,788 | $ | 59,404 | ||||
Accounts receivable, net | 105,625 | 106,165 | ||||||
Inventory, net | 174,922 | 130,793 | ||||||
Receivables from vendors | 363 | 277 | ||||||
Prepaid expenses and other current assets | 21,340 | 22,266 | ||||||
Income tax receivable | 734 | 434 | ||||||
Total current assets | 330,772 | 319,339 | ||||||
Investment securities | 1,231 | 1,777 | ||||||
Equity investments | 21,348 | 23,267 | ||||||
Property, plant and equipment, net | 49,794 | 52,026 | ||||||
Operating lease, right of use asset | 4,464 | 4,572 | ||||||
Goodwill | 74,320 | 58,311 | ||||||
Intangible assets, net | 101,450 | 90,104 | ||||||
Deferred income tax assets | 40 | 99 | ||||||
Other assets | 3,245 | 1,323 | ||||||
Total assets | $ | 586,664 | $ | 550,818 | ||||
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 76,665 | $ | 61,826 | ||||
Accrued expenses and other current liabilities | 54,659 | 53,392 | ||||||
Income taxes payable | 2,714 | 1,587 | ||||||
Accrued sales incentives | 23,755 | 25,313 | ||||||
Interim arbitration award payable | 39,444 | — | ||||||
Contract liabilities, current | 4,373 | 4,178 | ||||||
Current portion of long-term debt | 2,406 | 500 | ||||||
Total current liabilities | 204,016 | 146,796 | ||||||
Long-term debt, net of debt issuance costs | 9,786 | 5,962 | ||||||
Finance lease liabilities, less current portion | 78 | 302 | ||||||
Operating lease liabilities, less current portion | 3,298 | 3,582 | ||||||
Deferred compensation | 1,231 | 1,777 | ||||||
Contingent consideration, less current portion | 5,750 | — | ||||||
Deferred income tax liabilities | 5,300 | 6,645 | ||||||
Other tax liabilities | 1,083 | 1,170 | ||||||
Other long-term liabilities | 5,959 | 5,255 | ||||||
Total liabilities | 236,501 | 171,489 | ||||||
Commitments and contingencies (Note 15) | ||||||||
Redeemable equity (Note 1(u)) | 3,550 | 3,260 | ||||||
Redeemable non-controlling interest (Note 2) | 511 | - | ||||||
Stockholders' equity: | ||||||||
Preferred stock: | ||||||||
No shares issued or outstanding (Note 9) | — | — | ||||||
Common stock: | ||||||||
Class A, $.01 par value; 60,000,000 shares authorized, 24,476,847and 24,416,194 shares issued | 245 | 245 | ||||||
Class B Convertible, $.01 par value, 10,000,000 shares authorized, 2,260,954 shares issued and | 22 | 22 | ||||||
Paid-in capital | 300,453 | 300,402 | ||||||
Retained earnings | 126,573 | 148,906 | ||||||
Accumulated other comprehensive loss | (17,503) | (14,977) | ||||||
Less: Treasury stock, at cost, 2,862,218 and 2,749,218 shares of Class A Common Stock at February | (25,138) | (23,918) | ||||||
Less: Redeemable equity | (3,550) | (3,260) | ||||||
Total VOXX International Corporation stockholders' equity | 381,102 | 407,420 | ||||||
Non-controlling interest | (35,000) | (31,351) | ||||||
Total stockholders' equity | 346,102 | 376,069 | ||||||
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity | $ | 586,664 | $ | 550,818 | ||||
VOXX International Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income Years Ended February 28, 2022, February 28, 2021, and February 29, 2020 (In thousands, except share and per share data) | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
February 28, 2022 | February 28, 2021 | February 29, 2020 | ||||||||||
Net sales | $ | 635,920 | $ | 563,605 | $ | 394,889 | ||||||
Cost of sales | 466,442 | 405,058 | 285,113 | |||||||||
Gross profit | 169,478 | 158,547 | 109,776 | |||||||||
Operating expenses: | ||||||||||||
Selling | 50,507 | 43,786 | 39,319 | |||||||||
General and administrative | 75,955 | 69,798 | 68,873 | |||||||||
Engineering and technical support | 31,540 | 20,897 | 21,602 | |||||||||
Acquisition costs | 3,552 | 287 | 55 | |||||||||
Intangible asset impairment charges (Note 1(k)) | — | 1,300 | 30,230 | |||||||||
Total operating expenses | 161,554 | 136,068 | 160,079 | |||||||||
Operating income (loss) | 7,924 | 22,479 | (50,303) | |||||||||
Other (expense) income: | ||||||||||||
Interest and bank charges | (2,532) | (2,979) | (2,975) | |||||||||
Equity in income of equity investee | 7,890 | 7,350 | 5,174 | |||||||||
Interim arbitration award (Note 15) | (39,444) | — | — | |||||||||
Gain on sale of real property (Note 11) | — | — | 4,057 | |||||||||
Investment gain (Note 1(f)) | — | 42 | 775 | |||||||||
Other, net | 323 | 746 | 2,332 | |||||||||
Total other (expense) income, net | (33,763) | 5,159 | 9,363 | |||||||||
(Loss) income before income taxes | (25,839) | 27,638 | (40,940) | |||||||||
Income tax expense | 1,626 | 4,272 | 882 | |||||||||
Net (loss) income | $ | (27,465) | $ | 23,366 | $ | (41,822) | ||||||
Less: net loss attributable to non-controlling interest | (5,132) | (3,401) | (15,379) | |||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (22,333) | $ | 26,767 | $ | (26,443) | ||||||
Other comprehensive (loss) income: | ||||||||||||
Foreign currency translation adjustments | (3,317) | 4,365 | (1,517) | |||||||||
Derivatives designated for hedging, net of tax | 633 | (305) | (505) | |||||||||
Pension plan adjustments, net of tax | 158 | 18 | (89) | |||||||||
Other comprehensive (loss) income, net of tax | (2,526) | 4,078 | (2,111) | |||||||||
Comprehensive (loss) income attributable to VOXX International Corporation | $ | (24,859) | $ | 30,845 | $ | (28,554) | ||||||
Net (loss) income per common share attributable to VOXX International | $ | (0.92) | $ | 1.11 | $ | (1.08) | ||||||
Net (loss) income per common share attributable to VOXX International | $ | (0.92) | $ | 1.09 | $ | (1.08) | ||||||
Weighted-average common shares outstanding (basic) | 24,287,179 | 24,201,221 | 24,394,663 | |||||||||
Weighted-average common shares outstanding (diluted) | 24,287,179 | 24,650,106 | 24,394,663 | |||||||||
VOXX International Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income Three Months Ended February 28, 2022, February 28, 2021 and February 29, 2020 (In thousands, except share and per share data) | |||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||
February 28, | February 28, | February 29, | |||||||||
Net sales | $ | 163,880 | $ | 162,521
| $ | 101,077 | |||||
Cost of sales | 119,987 | 120,153 | 72,543 | ||||||||
Gross profit | 43,893 | 42,368 | 28,534 | ||||||||
Operating expenses: | |||||||||||
Selling | 13,338 | 12,810 | 10,574 | ||||||||
General and administrative | 19,346 | 18,417 | 17,032 | ||||||||
Engineering and technical support | 7,716 | 5,955 | 5,701 | ||||||||
Acquisition costs | 273 | - | - | ||||||||
Intangible asset impairment charges | - | 1,300 | 30,230 | ||||||||
Total operating expenses | 40,673 | 38,482 | 63,537 | ||||||||
Operating income (loss) | 3,220 | 3,886 | (35,003) | ||||||||
Other (expense) income: | |||||||||||
Interest and bank charges | (692) | (699) | (782) | ||||||||
Equity in income of equity investee | 926 | 2,844 | 1,502 | ||||||||
Other, net | (352) | (7) | 322 | ||||||||
Total other (expense) income, net | (118) | 2,138 | 1,042 | ||||||||
Income (loss) from before income taxes | 3,102 | 6,024 | (33,961) | ||||||||
Income tax expense (benefit) | 2,000 | (2,452) | (308) | ||||||||
Net income (loss) | $ | 1,102 | $ | 8,476 | $ | (33,653) | |||||
Less: net loss attributable to non-controlling interest | (1,659) | (972) | (11,858) | ||||||||
Net income (loss) attributable to VOXX International Corporation | $ | 2,761 | $ | 9,448 | $ | (21,795) | |||||
Other comprehensive (loss) income: | |||||||||||
Foreign currency translation adjustments | (520) | 757 | (196) | ||||||||
Derivatives designated for hedging, net of tax | 167 | 209 | (234) | ||||||||
Pension Plan adjustments, net of tax | 99 | 103 | (114) | ||||||||
Other comprehensive (loss) income, net of tax | (254) | 1,069 | (544) | ||||||||
Comprehensive income (loss) attributable to VOXX International Corporation | $ | 2,507 | $ | 10,517 | $ | (22,339) | |||||
Net income (loss) per common share attributable to VOXX International | $ | 0.11 | $ | 0.39 | $ | (0.90) | |||||
Net income (loss) per common share attributable to VOXX International | $ | 0.11 | $ | 0.38 | $ | (0.90) | |||||
Weighted-average common shares outstanding (basic) | 24,311,912 | 24,206,248 | 24,141,506 | ||||||||
Weighted-average common shares outstanding (diluted) | 25,044,833 | 24,993,408 | 24,141,506 | ||||||||
Reconciliation of GAAP Net (Loss) Income Attributable to VOXX International Corporation to EBITDA and Adjusted EBITDA | ||||||||||||
Fiscal | Fiscal | Fiscal | ||||||||||
2022 | 2021 | 2020 | ||||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (22,333) | $ | 26,767 | $ | (26,443) | ||||||
Adjustments: | ||||||||||||
Interest expense and bank charges (1) | 1,825 | 2,404 | 2,476 | |||||||||
Depreciation and amortization (1) | 12,053 | 10,907 | 11,175 | |||||||||
Income tax expense | 1,626 | 4,272 | 882 | |||||||||
EBITDA | (6,829) | 44,350 | (11,910) | |||||||||
Adjustments: | ||||||||||||
Stock-based compensation | 907 | 1,749 | 2,282 | |||||||||
Life insurance proceeds | — | (420) | (1,000) | |||||||||
Gain on sale of real property | — | — | (4,057) | |||||||||
Settlement of Hirschmann working capital | — | — | 804 | |||||||||
Investment gain | — | (42) | (775) | |||||||||
Acquisition costs | 3,552 | 287 | 55 | |||||||||
Non-routine legal fees | 1,912 | — | — | |||||||||
Interim arbitration award | 39,444 | — | — | |||||||||
Professional fees related to distribution agreement with GalvanEyes LLC | 325 | — | — | |||||||||
Intangible asset impairment charges (1) | — | 1,300 | 19,543 | |||||||||
Adjusted EBITDA | $ | 39,311 | $ | 47,224 | $ | 4,942 | ||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense, bank charges, depreciation and amortization, and intangible asset impairment charges added back to net (loss) income have been adjusted in order to exclude the minority interest portion of these expenses attributable to EyeLock LLC and Onkyo. |
Reconciliation of GAAP Net Income Attributable to VOXX International Corporation to EBITDA and Adjusted EBITDA | ||||||||||||
Three | Three | Three | ||||||||||
February | February | February | ||||||||||
Net income (loss) attributable to VOXX International Corporation | $ | 2,761 | $ | 9,448 | $ | (21,795) | ||||||
Adjustments: | ||||||||||||
Interest expense and bank charges (1) | 468 | 497 | 649 | |||||||||
Depreciation and amortization (1) | 3,162 | 2,779 | 3,074 | |||||||||
Income tax expense (benefit) | 2,000 | (2,452) | (308) | |||||||||
EBITDA | 8,391 | 10,272 | (18,380) | |||||||||
Adjustments: | ||||||||||||
Stock-based compensation | 213 | 295 | 466 | |||||||||
Acquisition costs | 273 | - | - | |||||||||
Non-routine legal fees | 443 | - | - | |||||||||
Intangible asset impairment charges (1) | - | 1,300 | 19,543 | |||||||||
Adjusted EBITDA | $ | 9,320 | $ | 11,867 | $ | 1,629 | ||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense, bank charges, depreciation and amortization expense, and intangible asset impairment charges added back to net income (loss) have been adjusted in order to exclude the minority interest portion of these expenses attributable to EyeLock LLC and Onkyo. |
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SOURCE VOXX International Corporation
FAQ
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