VOXX International Corporation Reports its Fiscal 2023 Fourth Quarter and Year-End Financial Results
Commenting on the Company's results and business outlook, Pat Lavelle, Chief Executive Officer stated, "While we had a lot of positive developments and continued to win new business and expand globally, Fiscal 2023 was certainly a challenging year. From inflation, fears of recessions across the globe, the retail environment and ongoing supply chain constraints, we faced a myriad of roadblocks this year and our results came in lower than expected. We're anticipating continued softness in the global economy and at retail, though chip availability has improved which should positively impact our Automotive business. We continued to grow the Onkyo and Pioneer business and have plans to expand our footprint globally this year. Additionally, our Biometrics segment should show considerable improvement with new accounts awarded and several projects underway."
Mr. Lavelle continued, "Given the near-term market outlook, we continue to lower expenses and manage our capital prudently. We're optimistic for a rebound domestically as we move further into the year and with fewer supply chain disruptions. Our view of the opportunities within each of our segments has not changed and we remain bullish on our future prospects when there is a return to a more normalized operating environment."
Fiscal 2023 and Fiscal 2022 Fourth Quarter Comparisons
Net sales in the Fiscal 2023 fourth quarter ended February 28, 2023, were
- Automotive Electronics segment net sales in the Fiscal 2023 fourth quarter were
$49.5 million $50.6 million $1.1 million 2.2% . For the same comparable periods, OEM product sales were$21.9 million $6.7 million $27.6 million $7.9 million U.S. economy. - Consumer Electronics segment net sales in the Fiscal 2023 fourth quarter were
$86.7 million $113.1 million $26.4 million 23.4% . For the same comparable periods, Premium Audio product sales were$61.9 million $29.5 million $24.8 million $3.0 million Germany . - Biometrics segment net sales in the Fiscal 2023 fourth quarter were
$0.4 million $0.1 million $0.3 million
The gross margin in the Fiscal 2023 fourth quarter was
- Automotive Electronics segment gross margin of
25.4% as compared to20.1% . The year-over-year improvement of 530 basis points was primarily driven by steps the Company has taken to address ongoing chip constraints, which positively impacted gross margin for the comparable periods. More normalized OEM production also had a positive benefit on the Company's gross margin, and the Company also experienced higher gross margins related to its aftermarket offering. - Consumer Electronics segment gross margin of
25.3% as compared to29.8% . The year-over-year decline of 450 basis points was primarily driven by higher supply chain costs and surcharges, lower sales of premium home theater speaker products and, an increase in sales to discount channel customers inEurope . This was partially offset by mitigation steps the Company has taken through pricing adjustments and other sourcing strategies. - Biometrics segment gross margin of
39.8% as compared to negative gross margin in the comparable year-ago period.
Total operating expenses in the Fiscal 2023 fourth quarter were
For the same comparable periods:
- Selling expenses of
$11.4 million $1.9 million 14.5% , driven by lower commissions and salesmen salaries, and a decline in website and credit card expenses, partially offset by higher advertising and trade show expenses, among other factors. - General and administrative expenses of
$20.1 million $0.7 million 3.8% primarily due to lower executive compensation and a decline in office expenses, partially offset by higher restructuring-related expenses which are not present in the prior year period, among other factors. - Engineering and technical support expenses of
$7.6 million $0.1 million 1.2% , primarily due to lower direct labor expenses, partially offset by higher research and development expenses in support of various programs within the Company's business segments. - Acquisition costs declined by
$0.4 million - Goodwill impairment and intangible asset impairment charges of
$7.4 million $1.3 million
The Company reported an operating loss in the Fiscal 2023 fourth quarter of
Total other income, net, in the Fiscal 2023 fourth quarter was
Net loss attributable to VOXX International Corporation in the Fiscal 2023 fourth quarter was
The Company reported an Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA") loss in the Fiscal 2023 fourth quarter of
Fiscal 2023 and Fiscal 2022 Year-End Comparisons
Net sales in the Fiscal 2023 twelve-month period ended February 28, 2023 ("Fiscal 2023"), were
- Automotive Electronics segment net sales in Fiscal 2023 were
$174.8 million $200.6 million $25.8 million 12.9% . For the same comparable periods, OEM product sales were$73.0 million $65.0 million $8.0 million 12.2% , and aftermarket product sales were$101.8 million $135.6 million $33.7 million 24.9% . - Consumer Electronics segment net sales in Fiscal 2023 were
$357.8 million $433.9 million $76.2 million 17.6% . For the same comparable periods, Premium Audio product sales were$274.5 million $344.0 million $69.4 million 20.2% , and Other Consumer Electronics product sales were$83.2 million $89.9 million $6.7 million 7.5% . - Biometrics segment net sales in Fiscal 2023 were
$1.0 million $0.9 million 18.6% .
The gross margin in Fiscal 2023 was
- Automotive Electronics segment gross margin was
24.3% as compared to23.6% , up 70 basis points. - Consumer Electronics segment gross margin of
25.5% as compared to28.0% , down 250 basis points. - Biometrics segment gross margins of
34.2% as compared to gross margin of21.0% .
Total operating expenses in both Fiscal 2023 and Fiscal 2022 were
- Selling expenses of
$47.0 million $3.5 million 7.0% . - General and administrative expenses of
$74.5 million $1.4 million 1.9% . - Engineering and technical support expenses of
$31.5 million - Acquisition costs decreased by approximately
$3.6 million - Goodwill impairment and intangible asset impairment charges of
$7.4 million $1.3 million
The Company reported an operating loss in Fiscal 2023 of
Total other expense, net, in Fiscal 2023, was
- Interest and bank charges of
$4.6 million $2.1 million - Equity in income of equity investees of
$7.0 million $0.9 million - Interim arbitration award of
$3.9 million $39.4 million - Other, net was a loss of
$2.1 million $3.7 million
Net loss attributable to VOXX International Corporation in Fiscal 2023 was
EBITDA in Fiscal 2023 was a loss of
Balance Sheet Update
As of February 28, 2023, the Company had cash and cash equivalents of
Conference Call Information
The Company will be hosting its conference call and webcast on Tuesday, May 16, 2023 at 10:00 a.m. ET.
- To attend the webcast: https://edge.media-server.com/mmc/p/qn7zhgsa
- To access by phone: https://register.vevent.com/register/BI7fba4ed5195f4b03a92fe475cf346a10
Participants are requested to register a day in advance or at a minimum 15 minutes before the start of the call. Those wishing to ask questions following management's remarks should use the dial-in numbers provided.
- A replay of the webcast will be available approximately two hours after the call and archived under "Events and Presentations" in the Investor Relations section of the Company's website at https://investors.voxxintl.com/events-and-presentations
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, foreign currency losses (gains), life insurance proceeds, non-recurring gains, acquisition costs, certain non-recurring legal and professional fees, settlements and awards, non-recurring severance expense, restructuring-related expenses, and impairment charges. Depreciation, amortization, stock-based compensation, foreign currency losses (gains), and impairment charges are non-cash items.
We present EBITDA and Adjusted EBITDA in our 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 "Risk Factors" section of the Company's Annual Report on Form 10-K for the fiscal year ended February 28, 2023, 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 we file with the SEC. The factors described in such SEC filings include, without limitation: impacts related to the COVID-19 pandemic, global supply shortages and logistics costs and delays; global economic trends; cybersecurity risks; risks that may result from changes in the Company's business operations; operational execution by our businesses; changes in law, regulation or policy that may affect our businesses; our ability to increase margins through implementation of operational improvements, restructuring and other cost reduction methods; 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 War in the Ukraine and any worsening of the global business and economic environment as a result.
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, 2023 and February 28, 2022 (In thousands, except share data) | ||||||||
February 28, | February 28, | |||||||
Assets | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 6,134 | $ | 27,788 | ||||
Accounts receivable, net | 82,753 | 105,625 | ||||||
Inventory, net | 175,129 | 174,922 | ||||||
Receivables from vendors | 112 | 363 | ||||||
Prepaid expenses and other current assets | 19,817 | 21,340 | ||||||
Income tax receivable | 1,076 | 734 | ||||||
Total current assets | 285,021 | 330,772 | ||||||
Investment securities | 1,053 | 1,231 | ||||||
Equity investments | 22,018 | 21,348 | ||||||
Property, plant and equipment, net | 47,044 | 49,794 | ||||||
Operating lease, right of use assets | 3,632 | 4,464 | ||||||
Goodwill | 65,308 | 74,320 | ||||||
Intangible assets, net | 90,437 | 101,450 | ||||||
Deferred income tax assets | 1,218 | 40 | ||||||
Other assets | 3,720 | 3,245 | ||||||
Total assets | $ | 519,451 | $ | 586,664 | ||||
Liabilities, Redeemable Equity, Redeemable Non-Controlling Interest, and Stockholders' Equity | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 35,099 | $ | 76,665 | ||||
Accrued expenses and other current liabilities | 41,856 | 53,974 | ||||||
Income taxes payable | 2,276 | 2,714 | ||||||
Accrued sales incentives | 21,778 | 23,755 | ||||||
Contingent consideration, current | 4,500 | 685 | ||||||
Interim arbitration award payable | 43,388 | 39,444 | ||||||
Contract liabilities, current | 3,990 | 4,373 | ||||||
Current portion of long-term debt | 500 | 2,406 | ||||||
Total current liabilities | 153,387 | 204,016 | ||||||
Long-term debt, net of debt issuance costs | 37,513 | 9,786 | ||||||
Finance lease liabilities, less current portion | 63 | 78 | ||||||
Operating lease liabilities, less current portion | 2,509 | 3,298 | ||||||
Deferred compensation | 1,053 | 1,231 | ||||||
Contingent consideration, less current portion | — | 5,750 | ||||||
Deferred income tax liabilities | 4,855 | 5,300 | ||||||
Other tax liabilities | 966 | 1,083 | ||||||
Prepaid ownership interest in EyeLock LLC due to GalvanEyes LLC | 7,317 | 2,451 | ||||||
Other long-term liabilities | 2,947 | 3,508 | ||||||
Total liabilities | 210,610 | 236,501 | ||||||
Commitments and contingencies | ||||||||
Redeemable equity | 4,018 | 3,550 | ||||||
Redeemable non-controlling interest | 232 | 511 | ||||||
Stockholders' equity: | ||||||||
Preferred stock: | ||||||||
No shares issued or outstanding | — | — | ||||||
Common stock: | ||||||||
Class A, 21,167,527 and 21,614,629 shares outstanding at February 28, 2023 and February 28, 2022, respectively | 246 | 245 | ||||||
Class B Convertible, | 22 | 22 | ||||||
Paid-in capital | 296,577 | 300,453 | ||||||
Retained earnings | 97,997 | 126,573 | ||||||
Accumulated other comprehensive loss | (18,680) | (17,503) | ||||||
Less: Treasury stock, at cost, 3,370,657 and 2,862,218 shares of Class A Common Stock at February 28, 2023 and February 28, 2022, respectively | (30,285) | (25,138) | ||||||
Less: Redeemable equity | (4,018) | (3,550) | ||||||
Total VOXX International Corporation stockholders' equity | 341,859 | 381,102 | ||||||
Non-controlling interest | (37,268) | (35,000) | ||||||
Total stockholders' equity | 304,591 | 346,102 | ||||||
Total liabilities, redeemable equity, redeemable non-controlling interest, and stockholders' equity | $ | 519,451 | $ | 586,664 | ||||
VOXX International Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income Years Ended February 28, 2023, February 28, 2022, and February 28, 2021 (In thousands, except share and per share data) | ||||||||||||
Year Ended | Year Ended | Year Ended | ||||||||||
February 28, | February 28, | February 28, | ||||||||||
Net sales | $ | 534,014 | $ | 635,920 | $ | 563,605 | ||||||
Cost of sales | 399,715 | 466,442 | 405,058 | |||||||||
Gross profit | 134,299 | 169,478 | 158,547 | |||||||||
Operating expenses: | ||||||||||||
Selling | 46,967 | 50,507 | 43,786 | |||||||||
General and administrative | 74,508 | 75,955 | 69,798 | |||||||||
Engineering and technical support | 31,464 | 31,540 | 20,897 | |||||||||
Acquisition costs | (36) | 3,552 | 287 | |||||||||
Goodwill impairment charge | 7,373 | - | - | |||||||||
Intangible asset impairment charges | 1,300 | - | 1,300 | |||||||||
Total operating expenses | 161,576 | 161,554 | 136,068 | |||||||||
Operating (loss) income | (27,277) | 7,924 | 22,479 | |||||||||
Other (expense) income: | ||||||||||||
Interest and bank charges | (4,643) | (2,532) | (2,979) | |||||||||
Equity in income of equity investee | 6,969 | 7,890 | 7,350 | |||||||||
Interim arbitration award | (3,944) | (39,444) | - | |||||||||
Investment gain | - | - | 42 | |||||||||
Other, net | (2,055) | 323 | 746 | |||||||||
Total other (expense) income, net | (3,673) | (33,763) | 5,159 | |||||||||
(Loss) income before income taxes | (30,950) | (25,839) | 27,638 | |||||||||
Income tax (benefit) expense | (39) | 1,626 | 4,272 | |||||||||
Net (loss) income | $ | (30,911) | $ | (27,465) | $ | 23,366 | ||||||
Less: net loss attributable to non-controlling interest | (2,335) | (5,132) | (3,401) | |||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (28,576) | $ | (22,333) | $ | 26,767 | ||||||
Other comprehensive (loss) income: | ||||||||||||
Foreign currency translation adjustments | (1,876) | (3,317) | 4,365 | |||||||||
Derivatives designated for hedging, net of tax | 309 | 633 | (305) | |||||||||
Pension plan adjustments, net of tax | 390 | 158 | 18 | |||||||||
Other comprehensive (loss) income, net of tax | (1,177) | (2,526) | 4,078 | |||||||||
Comprehensive (loss) income attributable to VOXX International Corporation | $ | (29,753) | $ | (24,859) | $ | 30,845 | ||||||
Net (loss) income per common share attributable to VOXX International Corporation - basic | $ | (1.17) | $ | (0.92) | $ | 1.11 | ||||||
Net (loss) income per common share attributable to VOXX International Corporation - diluted | $ | (1.17) | $ | (0.92) | $ | 1.09 | ||||||
Weighted-average common shares outstanding (basic) | 24,325,938 | 24,287,179 | 24,201,221 | |||||||||
Weighted-average common shares outstanding (diluted) | 24,325,938 | 24,287,179 | 24,650,106 | |||||||||
Reconciliation of GAAP Net (Loss) Income Attributable to VOXX International Corporation to EBITDA and Adjusted EBITDA | ||||||||||||
Fiscal | Fiscal | Fiscal | ||||||||||
2023 | 2022 | 2021 | ||||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (28,576) | $ | (22,333) | $ | 26,767 | ||||||
Adjustments: | ||||||||||||
Interest expense and bank charges (1) | 3,847 | 1,825 | 2,404 | |||||||||
Depreciation and amortization (1) | 12,451 | 12,053 | 10,907 | |||||||||
Income tax (benefit) expense (1) | (21) | 1,626 | 4,272 | |||||||||
EBITDA | (12,299) | (6,829) | 44,350 | |||||||||
Adjustments: | ||||||||||||
Stock-based compensation | 609 | 907 | 1,749 | |||||||||
Foreign currency losses (1) | 3,615 | 635 | 862 | |||||||||
Life insurance proceeds | - | - | (420) | |||||||||
Investment gain | - | - | (42) | |||||||||
Acquisition costs | (36) | 3,552 | 287 | |||||||||
Non-routine legal fees | 2,452 | 1,912 | - | |||||||||
Interim arbitration award | 3,944 | 39,444 | - | |||||||||
Severance expense (2) | 864 | - | - | |||||||||
Gain on sale of tradename | (97) | - | - | |||||||||
Professional fees related to distribution agreement with GalvanEyes LLC | - | 325 | - | |||||||||
Restructuring-related expenses | 870 | - | - | |||||||||
Goodwill impairment charge | 7,373 | - | - | |||||||||
Intangible asset impairment charges | 1,300 | - | 1,300 | |||||||||
Adjusted EBITDA | $ | 8,595 | $ | 39,946 | $ | 48,086 | ||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, income tax expense (benefit), and foreign currency losses (gains) added back to Net (loss) income attributable to VOXX International Corporation have been adjusted in order to exclude the minority interest portion of these expenses attributable to EyeLock LLC and Onkyo, as applicable. |
(2) | Includes severance expenses for employee terminations resulting from non-recurring events, such as the departure of Section 16(b) officers of the Company. |
VOXX International Corporation and Subsidiaries Consolidated Statements of Operations and Comprehensive (Loss) Income Three Months Ended February 28, 2023, February 28, 2022 and February 28, 2021 (In thousands, except share and per share data) | |||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | |||||||||
February 28, | February 28, | February 28, | |||||||||
Net sales | $ | 136,522 | $ | 163,880
| $ | 162,521 | |||||
Cost of sales | 101,856 | 119,987 | 120,153 | ||||||||
Gross profit | 34,666 | 43,893 | 42,368 | ||||||||
Operating expenses: | |||||||||||
Selling | 11,404 | 13,338 | 12,810 | ||||||||
General and administrative | 20,073 | 19,346 | 18,417 | ||||||||
Engineering and technical support | 7,620 | 7,716 | 5,955 | ||||||||
Acquisition costs | (172) | 273 | - | ||||||||
Goodwill impairment charge | 7,373 | - | - | ||||||||
Intangible asset impairment charges | 1,300 | - | 1,300 | ||||||||
Total operating expenses | 47,598 | 40,673 | 38,482 | ||||||||
Operating (loss) income | (12,932) | 3,220 | 3,886 | ||||||||
Other (expense) income: | |||||||||||
Interest and bank charges | (1,542) | (692) | (699) | ||||||||
Equity in income of equity investee | 1,596 | 926 | 2,844 | ||||||||
Interim arbitration award | (986) | - | - | ||||||||
Other, net | 1,114 | (352) | (7) | ||||||||
Total other income (expense), net | 182 | (118) | 2,138 | ||||||||
(Loss) income from before income taxes | (12,750) | 3,102 | 6,024 | ||||||||
Income tax expense (benefit) | 5,749 | 2,000 | (2,452) | ||||||||
Net (loss) income | $ | (18,499) | $ | 1,102 | $ | 8,476 | |||||
Less: net income (loss) attributable to non-controlling interest | 755 | (1,659) | (972) | ||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (19,254) | $ | 2,761 | $ | 9,448 | |||||
Other comprehensive income (loss): | |||||||||||
Foreign currency translation adjustments | 789 | (520) | 757 | ||||||||
Derivatives designated for hedging, net of tax | 45 | 167 | 209 | ||||||||
Pension Plan adjustments, net of tax | 337 | 99 | 103 | ||||||||
Other comprehensive income (loss), net of tax | 1,171 | (254) | 1,069 | ||||||||
Comprehensive (loss) income attributable to VOXX International Corporation | $ | (18,083) | $ | 2,507 | $ | 10,517 | |||||
Net (loss) income per common share attributable to VOXX International Corporation – basic | $ | (0.80) | $ | 0.11 | $ | 0.39 | |||||
Net (loss) income per common share attributable to VOXX International Corporation - diluted | $ | (0.80) | $ | 0.11 | $ | 0.38 | |||||
Weighted-average common shares outstanding (basic) | 24,073,542 | 24,311,912 | 24,206,248 | ||||||||
Weighted-average common shares outstanding (diluted) | 24,073,542 | 24,044,833 | 24,993,408 | ||||||||
Reconciliation of GAAP Net Income Attributable to VOXX International Corporation to EBITDA and Adjusted EBITDA
| ||||||||||||
Three Months Ended | Three Months Ended | Three Months Ended | ||||||||||
February 28, 2023 | February 28, 2022 | February 28, 2021 | ||||||||||
Net (loss) income attributable to VOXX International Corporation | $ | (19,254) | $ | 2,761 | $ | 9,448 | ||||||
Adjustments: | ||||||||||||
Interest expense and bank charges (1) | 1,347 | 468 | 497 | |||||||||
Depreciation and amortization (1) | 3,045 | 3,162 | 2,779 | |||||||||
Income tax expense (benefit) | 5,767 | 2,000 | (2,452) | |||||||||
EBITDA | (9,095) | 8,391 | 10,272 | |||||||||
Adjustments: | ||||||||||||
Stock-based compensation | 202 | 213 | 295 | |||||||||
Foreign currency (gains) losses | (252) | 367 | 417 | |||||||||
Acquisition costs | (172) | 273 | - | |||||||||
Non-routine legal fees | 1,566 | 443 | - | |||||||||
Interim arbitration award | 986 | - | - | |||||||||
Severance expense (2) | 864 | - | - | |||||||||
Gain on sale of tradename | (97) | - | - | |||||||||
Restructuring-related expenses | 338 | - | - | |||||||||
Goodwill impairment charge | 7,373 | - | - | |||||||||
Intangible asset impairment charges | 1,300 | - | 1,300 | |||||||||
Adjusted EBITDA | $ | 3,013 | $ | 9,687 | $ | 12,284 | ||||||
(1) | For purposes of calculating Adjusted EBITDA for the Company, interest expense and bank charges, depreciation and amortization, income tax expense (benefit), and foreign currency losses (gains) added back to Net (loss) income attributable to VOXX International Corporation have been adjusted in order to exclude the minority interest portion of these expenses attributable to EyeLock LLC and Onkyo, as applicable. |
(2) | Includes severance expenses for employee terminations resulting from non-recurring events, such as the departure of Section 16(b) officers of the Company. |
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SOURCE VOXX International Corporation
