Le Lézard
Classified in: Transportation, Business
Subjects: ERN, ERP

Stoneridge Reports Fourth Quarter 2023 Results


Achieves Q4 Sequential EPS Improvement In Line with Prior Expectations

Establishes 2024 Midpoint Revenue Guidance of $1 Billion And Midpoint EBITDA of $67 Million (Midpoint EBITDA Margin Expansion Of 170 Basis Points vs. 2023)

Maintains 2027 Long-Term Target and Establishes 2028 Revenue Target of $1.35 - $1.55 Billion and EBITDA Margin Target of 12.0% - 14.0%

NOVI, Mich., Feb. 28, 2024 /PRNewswire/ -- 

2023 Fourth Quarter Results

2024 Full-Year Guidance

Stoneridge, Inc. (NYSE: SRI) today announced financial results for the fourth quarter ended December 31, 2023, with sales of $229.5 million and earnings per share of $0.11. Adjusted sales for the fourth quarter were $229.4 million and adjusted earnings per share were $0.12. This results in full-year sales of $975.8 million with a loss per share of $(0.19). Adjusted sales for the full-year were $961.2 million while adjusted loss per share was $(0.08). The exhibits attached hereto provide reconciliation detail on normalizing adjustments of non-GAAP financial measures used in this press release.

For the fourth quarter of 2023, Stoneridge reported gross profit of $45.5 million and adjusted gross profit of $45.7 million (19.9% of adjusted sales). Operating income was $6.0 million and adjusted operating income was $6.2 million (2.7% of adjusted sales). Adjusted EBITDA was $15.6 million (6.8% of adjusted sales),

For the full-year ended December 31 2023, Stoneridge reported gross profit of $201.3 million and adjusted gross profit of $202.1 million (21.0% of adjusted sales). Operating income was $12.8 million and adjusted operating income was $16.2 million (1.7% of adjusted sales). Adjusted EBITDA was $48.1 million (5.0% of adjusted sales) an increase of 150 basis points relative to the full-year 2022.

Jim Zizelman, president and chief executive officer, commented, "In the fourth quarter, we delivered on our previously provided EPS expectations driving sequential improvement from the third quarter. In 2023, we faced significant macroeconomic headwinds specifically related to the UAW strike, and the slower-than-expected rate of penetration for electric vehicles. That said, we delivered on the financial commitments we outlined at the beginning of the year, driven by the execution of our new program launches and the ramp-up of recently launched programs, continuous improvement in our manufacturing facilities and the execution of operating expense initiatives to both reduce cost and improve efficiency. Looking forward, we will continue to evaluate our cost structure and organization to ensure that we are optimizing cost and organizational capability. Finally, we remain focused on efficient cash generation and specifically, reducing our inventory to generate incremental cash as we continue to grow. As a result, we have set ourselves up for continued strong performance in 2024."

Zizelman continued, "We remain focused on executing our long-term growth strategy. By leveraging our drivetrain agnostic technologies and our products aligned with industry megatrends, we expect to drive outsized growth over the long-term. Contributing to this growth are our MirrorEye® and Smart 2 tachograph products, both of which launched on significant platforms this year and will continue to grow in both the OEM and aftermarket channels going forward. Earlier this week, we announced our next OEM MirrorEye programs will be launching with Volvo in Europe in mid-2024 and in North America in early 2025. Earlier this month, we announced the extension of our Federal Motor Carrier Safety Administration (FMCSA) exemption for an additional 5 years which will allow our US-based fleet partners to maximize on the safety and fuel economy benefits of MirrorEye. Today, we are announcing three additional fleet partnerships with PS Logistics, Stokes Trucking and Cargo Transporters. These fleets understand the significant safety and fuel economy benefits of MirrorEye and have committed to equipping all of their long-haul trucks with MirrorEye over time. Furthermore, our Smart 2 tachograph launched earlier this year providing significant growth opportunities aligned with regulatory changes and requirements over the next several years."

Zizelman concluded, "We have a strong backlog, products aligned with industry megatrends and drivetrain agnostic technologies that will allow us to continue to grow as market preferences and customer platforms continue to evolve. We continue to focus on operational improvements and material cost reductions to drive gross margin expansion while we leverage our existing cost structure to expand operating margin as we grow. While we made a significant amount of progress in 2023, we are expecting continued improvement in 2024. Stoneridge remains well positioned to outpace our underlying end market growth and drive significant earnings expansion going-forward."

Fourth Quarter in Review

Control Devices sales of $75.4 million decreased by 12.2% relative to the fourth quarter of 2022. This decrease was primarily due to lower sales in the North American passenger vehicle end market due in part to the UAW strike as well as reduced electric vehicle production volumes, partially offset by higher sales in China. Fourth quarter adjusted operating margin of 1.2% declined by 520 basis points relative to the fourth quarter of 2022, primarily due to unfavorable fixed cost leverage as a result of decreased sales as well as incremental costs incurred related to a distressed supplier.

Electronics adjusted sales of $146.8 million increased by 8.9% relative to the fourth quarter of 2022. This increase was primarily driven by higher customer production volumes and the launch of new programs and ramp-up of existing programs in the European and North American commercial vehicle end markets, along with  favorable foreign currency translation, partially offset by lower sales in the European and North American off-highway end markets. Fourth quarter adjusted operating margin of 7.5% improved by 380 basis points relative to the fourth quarter of 2022, primarily due to higher contribution from incremental sales, direct material cost improvements including the impact of price increases and lower D&D costs due to the timing of customer reimbursements.

Stoneridge Brazil sales of $13.9 million increased by 6.4% relative to sales in the fourth quarter of 2022. This increase was primarily due to favorable foreign currency translation and higher sales in local OEM products. Fourth quarter adjusted operating margin of 7.0% increased by approximately 100 basis points relative to the fourth quarter of 2022, primarily due to higher sales and lower material costs.

Cash and Debt Balances

As of December 31, 2023, Stoneridge had cash and cash equivalents balances totaling $40.8 million. Total debt as of December 31, 2023 was $191.5 million resulting in net debt of $150.6 million. Per the terms of our Credit Facility, the Company remains compliant with the required covenants and reported a net debt to trailing twelve-month EBITDA compliance ratio of 3.13x.

The Company continues to focus on operating performance and working capital improvement to drive cash performance, particularly related to inventory reduction. As a result, the Company expects a net debt to EBITDA ratio for compliance purposes of 2.0x - 2.5x by the end of 2024.

2024 Outlook

The Company is issuing guidance ranges for its full-year 2024 performance including sales guidance of $990 million to $1,010 million, gross margin guidance of 22.0% to 22.75%, operating margin guidance of 2.75% to 3.25%, earnings per share guidance of $0.30 to $0.40 and EBITDA guidance of $64 million to $70 million, or 6.5% to 6.9% of sales.

Matt Horvath, chief financial officer, commented, "Our midpoint revenue guidance of $1 billion results in approximately 4% growth relative to 2023, which outpaces our weighted-average OEM end markets which are expected to decline by 5%. We expect continued strong growth primarily due to the launch of MirrorEye with Peterbilt in North America and with Volvo in Europe mid-year. We expect that our Smart 2 tachograph platform will continue to grow in both OEM and aftermarket applications as regulations continue to drive adoption in Europe." 

Horvath continued, "We expect strong contribution margins on our growth as we continue to focus on operational improvement and material cost reduction actions to drive gross margin expansion. Similarly, the annualized impact of the cost actions taken last year in addition to our continued focus on an optimized structure from both a resources and cost perspective, are expected to drive operating leverage on continued growth. Driven primarily by our expected revenue growth, focus on gross margin improvement and leveraging our global footprint to maximize our capabilities and output, we expect EBITDA margin expansion of 150 to 190 basis points relative to 2023 resulting in EBITDA of $64 million to $70 million in 2024."

Horvath concluded, "Finally, we are reaffirming and advancing the long-term targets we outlined last year as we expect 2028 revenue of $1.45 billion and EBITDA margin of 13.0% at the midpoint of our long-term guided ranges. We remain focused on building a strong foundation for continued earnings expansion as we capitalize on our robust backlog and impressive portfolio of advanced technologies. Stoneridge remains well positioned to continue to outperform our underlying markets and drive margin expansion resulting in long-term shareholder value creation."

Conference Call on the Web

A live Internet broadcast of Stoneridge's conference call regarding 2023 fourth quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, February 29, 2024, at www.stoneridge.com, which will also offer a webcast replay.

About Stoneridge, Inc.

Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.

Forward-Looking Statements

Statements in this press release contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:

The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.

Use of Non-GAAP Financial Information

This press release contains information about the Company's financial results that is not presented in accordance with accounting principles generally accepted in the United States ("GAAP"). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2023 and 2022 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.

Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company's financial position and results of operations. In particular, management believes that adjusted sales, adjusted gross profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted tax expense, adjusted tax rate, adjusted net debt and adjusted cash are useful measures in assessing the Company's financial performance by excluding certain items that are not indicative of the Company's core operating performance or that may obscure trends useful in evaluating the Company's continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company's results of operations and provide improved comparability between fiscal periods.

Adjusted sales, adjusted gross profit and margin, adjusted operating income and margin, adjusted income (loss) before tax, adjusted net income (loss), adjusted earnings (loss) per share, adjusted EBITDA, adjusted EBITDA margin, adjusted tax expense, adjusted tax rate, adjusted net debt and adjusted cash should not be considered in isolation or as a substitute for sales, gross profit, operating income, income (loss) before tax, net income (loss), earnings (loss) per share, tax expense, tax rate, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.

 

CONSOLIDATED BALANCE SHEETS


December 31, (in thousands)


2023


2022






ASSETS





Current assets:





Cash and cash equivalents


$            40,841


$            54,798

Accounts receivable, less reserves of $1,058 and $962, respectively


166,545


158,155

Inventories, net


187,758


152,580

Prepaid expenses and other current assets


34,246


44,018

Total current assets


429,390


409,551

Long-term assets:





Property, plant and equipment, net


110,126


104,643

Intangible assets, net


47,314


45,508

Goodwill


35,295


34,225

Operating lease right-of-use asset


10,795


13,762

Investments and other long-term assets, net


46,980


44,416

Total long-term assets


250,510


242,554

Total assets


$         679,900


$         652,105






LIABILITIES AND SHAREHOLDERS' EQUITY





Current liabilities:





Current portion of debt


$              2,113


$              1,450

Accounts payable


111,925


110,202

Accrued expenses and other current liabilities


64,203


66,040

Total current liabilities


178,241


177,692

Long-term liabilities:





Revolving credit facility


189,346


167,802

Deferred income taxes


7,224


8,498

Operating lease long-term liability


7,684


10,594

Other long-term liabilities


9,688


6,577

Total long-term liabilities


213,942


193,471

Shareholders' equity:





Preferred Shares, without par value, 5,000 shares authorized, none issued


?


?

Common Shares, without par value, 60,000 shares authorized, 28,966 and 28,966

shares issued and 27,549 and 27,341 shares outstanding at December 31, 2023 and

December 31, 2022, respectively, with no stated value


?


?

Additional paid-in capital


227,340


232,758

Common Shares held in treasury, 1,417 and 1,625 shares at December 31, 2023 and

December 31, 2022, respectively, at cost


(43,344)


(50,366)

Retained earnings


196,509


201,692

Accumulated other comprehensive loss


(92,788)


(103,142)

Total shareholders' equity


287,717


280,942

Total liabilities and shareholders' equity


$         679,900


$         652,105

 

CONSOLIDATED STATEMENTS OF OPERATIONS


Year ended December 31, (in thousands, except per share data)


2023


2022


2021








Net sales


$         975,818


$         899,923


$         770,462

Costs and expenses:







Cost of goods sold


774,512


724,997


603,604

Selling, general and administrative


117,395


106,695


116,000

Gain on sale of Canton Facility, net


?


?


(30,718)

Design and development


71,075


65,296


66,165

Operating income


12,836


2,935


15,411

Interest expense, net


13,000


7,097


5,189

Equity in loss (earnings) of investee


522


823


(3,658)

Other expense, net


1,236


5,711


1,444

(Loss) income before income taxes


(1,922)


(10,696)


12,436

Provision for income taxes


3,261


3,360


9,030

Net (loss) income


$            (5,183)


$          (14,056)


$              3,406








(Loss) earnings per share:







Basic


$              (0.19)


$              (0.52)


$                0.13

Diluted


$              (0.19)


$              (0.52)


$                0.12








Weighted-average shares outstanding:







Basic


27,443


27,258


27,114

Diluted


27,443


27,258


27,416

 

CONSOLIDATED STATEMENTS OF CASH FLOWS


Year ended December 31, (in thousands)


2023


2022


2021








OPERATING ACTIVITIES:







Net (loss) income


$                (5,183)


$              (14,056)


$                 3,406

Adjustments to reconcile net income to net cash provided by (used for) operating activities:







Depreciation


26,749


26,720


27,823

Amortization, including accretion and write-off of deferred financing costs


8,132


8,055


6,648

Deferred income taxes


(4,038)


(5,110)


(511)

Loss (earnings) of equity method investee


522


823


(3,658)

Gain on sale of fixed assets


(860)


(241)


(165)

Share-based compensation expense


3,322


5,942


5,960

Excess tax deficiency (benefit) related to share-based compensation expense


230


543


(563)

Gain on sale of Canton Facility, net


?


?


(30,718)

Gain on disposal of business and joint venture, net


?


?


(2,942)

Change in fair value of earn-out contingent consideration


?


?


2,065

Changes in operating assets and liabilities:







Accounts receivable, net


(5,854)


(13,161)


(17,019)

Inventories, net


(31,563)


(20,127)


(51,270)

Prepaid expenses and other assets


16,625


(5,159)


(5,116)

Accounts payable


1,090


18,489


16,515

Accrued expenses and other liabilities


(4,226)


4,088


13,297

Net cash provided by (used for) operating activities


4,946


6,806


(36,248)








INVESTING ACTIVITIES:







Capital expenditures, including intangibles


(38,498)


(31,609)


(27,031)

Proceeds from sale of fixed assets


1,869


158


268

Proceeds from settlement of net investment hedges


?


3,820


?

Proceeds from disposal of business, net


?


?


1,837

Proceeds from disposal of joint venture, net


?


?


20,999

Proceeds from sale of Canton Facility, net


?


?


35,167

Investment in venture capital fund, net


(350)


(950)


(3,199)

Net cash (used for) provided by investing activities


(36,979)


(28,581)


28,041








FINANCING ACTIVITIES:







Revolving credit facility borrowings


117,369


21,562


91,913

Revolving credit facility payments


(96,568)


(18,000)


(64,000)

Proceeds from issuance of debt


35,757


38,940


45,753

Repayments of debt


(35,102)


(42,248)


(48,107)

Earn-out consideration cash payment


?


(6,276)


?

Other financing costs


(2,251)


(484)


(18)

Repurchase of Common Shares to satisfy employee tax withholding


(1,720)


(791)


(2,665)

Net cash provided by (used for)  financing activities


17,485


(7,297)


22,876








Effect of exchange rate changes on cash and cash equivalents


591


(1,677)


(3,041)

Net change in cash and cash equivalents


(13,957)


(30,749)


11,628

Cash and cash equivalents at beginning of period


54,798


85,547


73,919








Cash and cash equivalents at end of period


$               40,841


$               54,798


$               85,547








Supplemental disclosure of cash flow information:







Cash paid for interest


$               13,007


$                 7,293


$                 6,055

Cash paid for income taxes, net


$               10,302


$                 6,178


$               11,267

 

Regulation G Non-GAAP Financial Measure Reconciliations

 

Reconciliation to US GAAP

 

Exhibit 1 - Reconciliation of Adjusted EPS 


Reconciliation of Q4 2023 Adjusted EPS

(USD in millions, except EPS)

Q4 2023


Q4 2023 EPS

Net Income

$               3.0


$             0.11





Add: After-Tax Business Realignment Costs

0.1


?

Add: After-Tax Deferred Financing Fee Write Off

0.2


0.01

Adjusted Net Income

$               3.4


$             0.12



Reconciliation of Full-Year 2023 Adjusted EPS

(USD in millions, except EPS)

2023


2023 EPS

Net Loss

$             (5.2)


$           (0.19)





Add: After-Tax Business Realignment Costs

3.7


0.13

Add: After-Tax Brazilian Indirect Tax Credits, Net

(0.3)


(0.01)

Add: After-Tax Deferred Financing Fee Write Off

0.2


0.01

Less: After-Tax Gain on Disposal of Fixed Assets

(0.6)


(0.02)

Add: After-Tax Environmental Remediation Costs

0.1


?

Adjusted Net Loss

$             (2.1)


$           (0.08)

 

Exhibit 2 ? Reconciliation of Adjusted EBITDA


(USD in millions)

Q4 2022


2022


Q1 2023


Q2 2023


Q3 2023


Q4 2023


2023

Income (Loss) Before Tax

$       0.7


$   (10.7)


$     (8.1)


$     (1.5)


$      4.4


$      3.2


$       (1.9)















Interest expense, net

2.2


7.1


2.7


3.1


3.3


3.8


13.0

Depreciation and amortization

8.2


33.7


8.3


8.4


8.5


8.4


33.6

EBITDA

$     11.1


$     30.1


$       3.0


$     10.0


$    16.2


$    15.5


$      44.7















Add: Pre-Tax Business Realignment Costs

?


0.3


1.3


1.9


1.2


0.1


4.5

Less: Pre-Tax Gain on Disposal of Fixed Assets

?


?


(0.8)


?


?


?


(0.8)

Add: Pre-Tax Environmental Remediation Costs

?


?


0.1


?


?


?


0.1

Add: Pre-Tax Brazilian Indirect Tax Credits, Net

?


(0.6)


?


?


(0.5)


?


(0.5)

Adjusted EBITDA

$     11.1


$     29.8


$       3.6


$     11.9


$    17.0


$    15.6


$      48.1

 

Exhibit 3 ? Reconciliation of Adjusted Gross Profit


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Gross Profit

$         45.5


$      174.9


$         45.5


$      201.3









Add: Pre-Tax Business Realignment Costs

?


?


0.1


0.8

Adjusted Gross Profit

$         45.5


$      174.9


$         45.7


$      202.1

 

Exhibit 4 - Reconciliation of Adjusted Operating Income


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Operating Income

$       6.0


$       2.9


$       6.0


$     12.8









Add: Pre-Tax Business Realignment Costs

?


0.3


0.1


4.5

Less: Pre-Tax Gain on Disposal of Fixed Assets

?


?


?


(0.8)

Add: Pre-Tax Environmental Remediation Costs

?


?


?


0.1

Add: Pre-Tax Brazilian Indirect Tax Credits, Net

?


(0.6)


?


(0.5)

Adjusted Operating Income

$       6.0


$       2.7


$       6.2


$     16.2

 

Exhibit 5 ? Segment Adjusted Operating Income


Reconciliation of Control Devices Adjusted Operating Income


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Control Devices Operating Income

$       5.5


$     23.9


$       0.9


$     13.6









Less: Pre-Tax Gain on Disposal of Fixed Assets

?


?


?


(0.8)

Add: Pre-Tax Environmental Remediation Costs

?


?


?


0.1

Add: Pre-Tax Business Realignment Costs

?


?


?


0.5

Control Devices Adjusted Operating Income

$       5.5


$     23.9


$       0.9


$     13.4

 

Reconciliation of Electronics Adjusted Operating Income


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Electronics Operating Income

$       4.9


$       5.1


$     10.8


$     27.3









Add: Pre-Tax Business Realignment Costs

?


?


0.1


2.8

Electronics Adjusted Operating Income

$       4.9


$       5.1


$     11.0


$     30.2

 

Reconciliation of Stoneridge Brazil Adjusted Operating Income


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Stoneridge Brazil Operating Income

$       0.8


$       3.1


$       1.0


$       4.5









Add: Pre-Tax Brazilian Indirect Tax Credits, Net

?


(0.6)


?


(0.5)

Add: Pre-Tax Business Realignment Costs

?


0.1


?


?

Stoneridge Brazil Adjusted Operating Income

$       0.8


$       2.7


$       1.0


$       4.0

 

Exhibit 6 ? Reconciliation of Adjusted Sales


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Sales

$   231.2


$   899.9


$   229.5


$   975.8









Less: Sales from Spot Purchases Recoveries

(6.0)


(58.4)


(0.2)


(14.6)

Adjusted Sales

$   225.2


$   841.5


$   229.4


$   961.2

 

Exhibit 7 ? Reconciliation of Electronics Adjusted Sales


(USD in millions)

Q4 2022


2022


Q4 2023


2023

Electronics Sales

$   140.7


$   533.8


$   146.9


$   608.2









Less: Sales from Spot Purchases Recoveries

(6.0)


(58.4)


(0.2)


(14.6)

Electronics Adjusted Sales

$   134.8


$   475.4


$   146.8


$   593.6

 

Exhibit 8 ? Reconciliation of Adjusted Tax Rate


Reconciliation of Q4 2023 Adjusted Tax Rate

(USD in millions)

Q4 2023


Tax Rate

Income Before Tax

$             3.2







Add: Pre-Tax Business Realignment Costs

0.1



Add: Pre-Tax Deferred Financing Fee Write Off

0.3







Adjusted Income Before Tax

$             3.7







Income Tax Expense

0.2


6.6 %





Add: Tax Impact from Pre-Tax Adjustments

0.1







Adjusted Income Tax Expense

$             0.3


8.6 %



Reconciliation of Full-Year 2023 Adjusted Tax Rate

(USD in millions)

2023


Tax Rate

Loss Before Tax

$            (1.9)







Add: Pre-Tax Business Realignment Costs

4.5



Add: Pre-Tax Brazilian Indirect Tax Credits, Net

(0.5)



Add: Pre-Tax Deferred Financing Fee Write Off

0.3



Add: After-Tax Environmental Remediation Costs

0.1



Less: Pre-Tax Gain on Disposal of Fixed Assets

(0.8)







Adjusted Income Before Tax

$             1.8







Income Tax Expense

3.3


nm





Add: Tax Impact from Pre-Tax Adjustments

0.6







Adjusted Income Tax Expense

$             3.9


nm

 

Exhibit 9 ? Reconciliation of Compliance Leverage Ratio


Reconciliation of Adjusted EBITDA for Compliance Calculation

(USD in millions)



Q1 2023


Q2 2023


Q3 2023


Q4 2023

Income (Loss) Before Tax



$       (8.1)


$       (1.5)


$        4.4


3.2

Interest Expense, net



2.7


3.1


3.3


3.8

Depreciation and Amortization



8.3


8.4


8.5


8.4

EBITDA



$        3.0


$      10.0


$      16.2


$      15.5











Compliance adjustments:










Add: Adjustments from Foreign Currency Impact



1.4


3.1


0.4


(0.7)

Add: Extraordinary, Non-recurring or Unusual Items



0.2


?


0.5


?

Add: Cash Restructuring Charges



1.4


0.5


0.1


0.3

Add: Charges for Transactions, Amendments, and Refinances



?


?


?


0.3

Add: Adjustment to Autotech Investments



0.2


0.3


0.1


(0.1)

Adjusted EBITDA (Compliance)



$        6.1


$      13.9


$      17.4


$      15.3











Adjusted TTM EBITDA (Compliance)









$      52.7

 

Reconciliation of Adjusted Cash for Compliance Calculation

(USD in millions)


Q4 2023

Total Cash and Cash Equivalents


$      40.8




Less: 35% Cash Foreign Locations


(12.8)

Total Adjusted Cash (Compliance)


$      28.0

 

Reconciliation of Adjusted Debt for Compliance Calculation

(USD in millions)


Q4 2023

Total Debt


$   191.5




Outstanding Letters of Credit


1.6

Total Adjusted Debt (Compliance)


$   193.0




Adjusted Net Debt (Compliance)


$   165.0

Compliance Leverage Ratio (Net Debt / TTM EBITDA)


3.13x

 

SOURCE Stoneridge, Inc.


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