(State or other jurisdiction | (Commission | (I.R.S. Employer | ||||||||||||
of incorporation) | File Number) | Identification No.) |
(Address of principal executive offices) | (Zip Code) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||
Emerging growth company | |||||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | ¨ |
Exhibit No. | Description | |||||||
Fourth quarter and year ended December 31, 2022 earnings press release dated March 6, 2023. | ||||||||
COMMERCIAL VEHICLE GROUP, INC. | ||||||||||||||||||||
March 6, 2023 | By: | /s/ Andy Cheung | ||||||||||||||||||
Name: | Chung Kin Cheung ("Andy Cheung") | |||||||||||||||||||
Title: | Chief Financial Officer (Principal Financial Officer) |
Fourth Quarter | |||||||||||||||||
2022 | 2021 | Change | |||||||||||||||
Revenues | $ | 234.9 | $ | 228.9 | 2.6 | % | |||||||||||
Gross profit | $ | 12.4 | $ | 23.4 | (47.0) | % | |||||||||||
Gross margin | 5.3 | % | 10.2 | % | |||||||||||||
Adjusted gross profit 1 | $ | 23.9 | $ | 24.5 | (2.4) | % | |||||||||||
Adjusted gross margin 1 | 10.2 | % | 10.7 | % | |||||||||||||
Operating income (loss) | $ | (4.0) | $ | 6.5 | NM 2 | ||||||||||||
Operating margin | (1.7) | % | 2.8 | % | |||||||||||||
Adjusted operating income 1 | $ | 8.4 | $ | 8.5 | (1.2) | % | |||||||||||
Adjusted operating margin 1 | 3.6 | % | 3.7 | % | |||||||||||||
Net income (loss) | $ | (32.0) | $ | 2.6 | NM 2 | ||||||||||||
Adjusted net income (loss) 1 | $ | 1.4 | $ | 4.1 | (65.9) | % | |||||||||||
Earnings (loss) per share, diluted | $ | (0.98) | $ | 0.08 | NM 2 | ||||||||||||
Adjusted earnings (loss) per share, diluted 1 | $ | 0.04 | $ | 0.13 | (69.2) | % | |||||||||||
Adjusted EBITDA 1 | $ | 13.3 | $ | 12.9 | 3.1 | % | |||||||||||
Adjusted EBITDA margin 1 | 5.7 | % | 5.6 | % | |||||||||||||
1 See Appendix A for GAAP to Non-GAAP reconciliation | |||||||||||||||||
2 Not meaningful |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
Revenues | $ | 234,918 | $ | 228,905 | $ | 981,553 | $ | 971,578 | |||||||||||||||
Cost of revenues | 222,517 | 205,551 | 895,048 | 852,591 | |||||||||||||||||||
Gross profit | 12,401 | 23,354 | 86,505 | 118,987 | |||||||||||||||||||
Selling, general and administrative expenses | 16,406 | 16,877 | 66,361 | 69,406 | |||||||||||||||||||
Operating income (loss) | (4,005) | 6,477 | 20,144 | 49,581 | |||||||||||||||||||
Other (income) expense | 7,665 | 249 | 10,463 | (878) | |||||||||||||||||||
Interest expense | 2,935 | 1,690 | 9,827 | 11,179 | |||||||||||||||||||
Loss on extinguishment of debt | — | — | 921 | 7,155 | |||||||||||||||||||
Income (loss) before provision for income taxes | (14,605) | 4,538 | (1,067) | 32,125 | |||||||||||||||||||
Provision (benefit) for income taxes | 17,384 | 1,902 | 20,904 | 8,393 | |||||||||||||||||||
Net income (loss) | $ | (31,989) | $ | 2,636 | $ | (21,971) | $ | 23,732 | |||||||||||||||
Earnings (loss) per common share | |||||||||||||||||||||||
Basic | $ | (0.98) | $ | 0.08 | $ | (0.68) | $ | 0.75 | |||||||||||||||
Diluted | $ | (0.98) | $ | 0.08 | $ | (0.68) | $ | 0.72 | |||||||||||||||
Weighted average shares outstanding | |||||||||||||||||||||||
Basic | 32,567 | 31,705 | 32,334 | 31,501 | |||||||||||||||||||
Diluted | 32,567 | 32,753 | 32,334 | 32,790 | |||||||||||||||||||
ASSETS | 2022 | 2021 | |||||||||
Current Assets: | |||||||||||
Cash | $ | 31,825 | $ | 34,958 | |||||||
Accounts receivable, net | 152,626 | 174,472 | |||||||||
Inventories | 142,542 | 141,045 | |||||||||
Other current assets | 12,582 | 20,201 | |||||||||
Total current assets | 339,575 | 370,676 | |||||||||
Property, plant and equipment, net | 67,805 | 63,126 | |||||||||
Operating lease right-of-use asset, net | 26,372 | 26,116 | |||||||||
Intangible assets, net | 14,620 | 18,283 | |||||||||
Deferred income taxes, net | 12,275 | 24,108 | |||||||||
Other assets | 9,621 | 5,384 | |||||||||
TOTAL ASSETS | $ | 470,268 | $ | 507,693 | |||||||
LIABILITIES AND STOCKHOLDERS’ EQUITY | |||||||||||
Current Liabilities: | |||||||||||
Accounts payable | $ | 122,091 | $ | 101,915 | |||||||
Current operating lease liabilities | 7,421 | 9,048 | |||||||||
Accrued liabilities and other | 35,388 | 41,792 | |||||||||
Current portion of long-term debt | 10,938 | 9,375 | |||||||||
Total current liabilities | 175,838 | 162,130 | |||||||||
Long-term debt | 141,499 | 185,581 | |||||||||
Long-term operating lease liabilities | 19,422 | 18,519 | |||||||||
Pension and other post-retirement liabilities | 8,428 | 9,905 | |||||||||
Other long-term liabilities | 5,041 | 4,905 | |||||||||
Total liabilities | 350,228 | 381,040 | |||||||||
Stockholders’ equity: | |||||||||||
Preferred stock | — | — | |||||||||
Common stock | 328 | 321 | |||||||||
Treasury stock, at cost | (14,514) | (13,172) | |||||||||
Additional paid-in capital | 261,371 | 255,566 | |||||||||
Retained deficit | (95,595) | (73,624) | |||||||||
Accumulated other comprehensive loss | (31,550) | (42,438) | |||||||||
Total stockholders’ equity | 120,040 | 126,653 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ | 470,268 | $ | 507,693 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate / Other | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 142,765 | $ | 126,428 | $ | 47,054 | $ | 38,229 | $ | 34,141 | $ | 26,714 | $ | 10,958 | $ | 37,534 | $ | — | $ | — | $ | 234,918 | $ | 228,905 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 10,322 | 11,694 | 7,136 | 3,229 | 5,494 | 3,375 | (10,551) | 5,056 | — | — | 12,401 | 23,354 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 6,661 | 6,690 | 1,778 | 1,567 | 2,289 | 1,481 | 1,322 | 1,907 | 4,356 | 5,232 | 16,406 | 16,877 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 3,661 | $ | 5,004 | $ | 5,358 | $ | 1,662 | $ | 3,205 | $ | 1,894 | $ | (11,873) | $ | 3,149 | $ | (4,356) | $ | (5,232) | $ | (4,005) | $ | 6,477 |
Twelve Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket and Accessories | Industrial Automation | Corporate / Other | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | $ | 579,731 | $ | 498,913 | $ | 180,404 | $ | 168,971 | $ | 133,671 | $ | 115,782 | $ | 87,747 | $ | 187,912 | $ | — | $ | — | $ | 981,553 | $ | 971,578 | ||||||||||||||||||||||||||||||||||||||||||||||||||
Gross profit | 45,979 | 50,608 | 23,993 | 20,773 | 18,836 | 17,980 | (2,303) | 29,669 | — | (43) | 86,505 | 118,987 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Selling, general & administrative expenses | 24,930 | 26,959 | 5,775 | 6,213 | 6,925 | 5,889 | 5,564 | 6,106 | 23,167 | 24,239 | 66,361 | 69,406 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating income (loss) | $ | 21,049 | $ | 23,649 | $ | 18,218 | $ | 14,560 | $ | 11,911 | $ | 12,091 | $ | (7,867) | $ | 23,563 | $ | (23,167) | $ | (24,282) | $ | 20,144 | $ | 49,581 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Gross profit | $ | 12,401 | $ | 23,354 | $ | 86,505 | $ | 118,987 | |||||||||||||||
Inventory adjustment | 10,421 | — | 10,421 | — | |||||||||||||||||||
Restructuring | 1,077 | 1,186 | 4,035 | 1,186 | |||||||||||||||||||
Adjusted gross profit | $ | 23,899 | $ | 24,540 | $ | 100,961 | $ | 120,173 | |||||||||||||||
% of revenues | 10.2 | % | 10.7 | % | 10.3 | % | 12.4 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Operating income (loss) | $ | (4,005) | $ | 6,477 | $ | 20,144 | $ | 49,581 | |||||||||||||||
Restructuring | 1,978 | 1,895 | 5,365 | 1,895 | |||||||||||||||||||
Inventory adjustment | 10,421 | — | 10,421 | — | |||||||||||||||||||
Deferred consideration purchase accounting | — | 121 | 341 | 609 | |||||||||||||||||||
Investigation | — | — | — | 394 | |||||||||||||||||||
Executive transition | — | — | 329 | 683 | |||||||||||||||||||
Total operating income adjustments | 12,399 | 12,399 | 2,016 | 16,456 | 3,581 | ||||||||||||||||||
Adjusted operating income (loss) | $ | 8,394 | $ | 8,493 | $ | 36,600 | $ | 53,162 | |||||||||||||||
% of revenues | 3.6 | % | 3.7 | % | 3.7 | % | 5.5 | % |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net income (loss) | $ | (31,989) | $ | 2,636 | $ | (21,971) | $ | 23,732 | |||||||||||||||
Pre-tax adjusting items: | |||||||||||||||||||||||
Operating income (loss) adjustments | 12,399 | 2,016 | 16,456 | 3,581 | |||||||||||||||||||
Hryvnia fair value adjustments on forward exchange contracts | (134) | — | (36) | — | |||||||||||||||||||
Loss on Early Extinguishment of Debt | — | — | 921 | 7,155 | |||||||||||||||||||
Other adjusting items: | |||||||||||||||||||||||
Pension settlement | 8,086 | — | 9,202 | — | |||||||||||||||||||
Pension settlement - tax adjustment | 1,462 | — | 1,462 | — | |||||||||||||||||||
Tax Valuation Allowance | 14,666 | — | 14,666 | — | |||||||||||||||||||
Adjusted (benefit) provision for income taxes1 | (3,066) | (504) | (4,335) | (2,684) | |||||||||||||||||||
Adjusted net income (loss) | $ | 1,424 | $ | 4,148 | $ | 16,365 | $ | 31,784 | |||||||||||||||
Diluted EPS | $ | (0.98) | $ | 0.08 | $ | (0.68) | $ | 0.72 | |||||||||||||||
Adjustments to diluted EPS | $ | 1.02 | $ | 0.05 | $ | 1.19 | $ | 0.25 | |||||||||||||||
Adjusted diluted EPS | $ | 0.04 | $ | 0.13 | $ | 0.51 | $ | 0.97 |
Three Months Ended | Twelve Months Ended | ||||||||||||||||||||||
December 31, 2022 | December 31, 2021 | December 31, 2022 | December 31, 2021 | ||||||||||||||||||||
Net income (loss) | $ | (31,989) | $ | 2,636 | $ | (21,971) | $ | 23,732 | |||||||||||||||
Interest expense | 2,935 | 1,690 | 9,827 | 11,179 | |||||||||||||||||||
Provision (benefit) for income taxes | 17,384 | 1,902 | 20,904 | 8,393 | |||||||||||||||||||
Depreciation expense | 3,727 | 3,758 | 14,770 | 15,059 | |||||||||||||||||||
Amortization expense | 848 | 858 | 3,411 | 3,436 | |||||||||||||||||||
EBITDA | $ | (7,095) | $ | 10,844 | $ | 26,941 | $ | 61,799 | |||||||||||||||
% of revenues | (3.0) | % | 4.7 | % | 2.7 | % | 6.4 | % | |||||||||||||||
EBITDA adjustments | |||||||||||||||||||||||
Restructuring | 1,978 | 1,895 | 5,365 | 1,895 | |||||||||||||||||||
Inventory adjustment | 10,421 | — | 10,421 | — | |||||||||||||||||||
Pension settlement | 8,086 | — | 9,202 | — | |||||||||||||||||||
Deferred consideration purchase accounting | — | 121 | 341 | 609 | |||||||||||||||||||
Hryvnia fair value adjustments on forward exchange contracts | (134) | — | (36) | — | |||||||||||||||||||
Investigation | — | — | — | 394 | |||||||||||||||||||
Executive transition | — | — | 329 | 683 | |||||||||||||||||||
Loss on Early Extinguishment of Debt | — | — | 921 | 7,155 | |||||||||||||||||||
Adjusted EBITDA | $ | 13,256 | $ | 12,860 | $ | 53,484 | $ | 72,535 | |||||||||||||||
% of revenues | 5.7 | % | 5.6 | % | 5.4 | % | 7.5 | % |
Three Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate / Other | Total | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 3,661 | $ | 5,358 | $ | 3,205 | $ | (11,873) | $ | (4,356) | $ | (4,005) | |||||||||||||||||||||||
Restructuring | 481 | 103 | 469 | 925 | — | 1,978 | |||||||||||||||||||||||||||||
Inventory adjustment | — | — | — | 10,421 | — | 10,421 | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 4,142 | $ | 5,461 | $ | 3,674 | $ | (527) | $ | (4,356) | $ | 8,394 | |||||||||||||||||||||||
% of revenues | 2.9 | % | 11.6 | % | 10.8 | % | (4.8) | % | 3.6 | % |
Twelve Months Ended December 31, 2022 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate / Other | Total | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 21,049 | $ | 18,218 | $ | 11,911 | $ | (7,867) | $ | (23,167) | $ | 20,144 | |||||||||||||||||||||||
Restructuring | 751 | 674 | 1,909 | 1,725 | 306 | 5,365 | |||||||||||||||||||||||||||||
Inventory adjustment | — | — | — | 10,421 | — | 10,421 | |||||||||||||||||||||||||||||
Deferred consideration purchase accounting | — | — | — | 341 | — | 341 | |||||||||||||||||||||||||||||
Executive transition | — | — | — | — | 329 | 329 | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 21,800 | $ | 18,892 | $ | 13,820 | $ | 4,620 | $ | (22,532) | $ | 36,600 | |||||||||||||||||||||||
% of revenues | 3.8 | % | 10.5 | % | 10.3 | % | 5.3 | % | 3.7 | % |
Three Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate / Other | Total | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 5,004 | $ | 1,662 | $ | 1,894 | $ | 3,149 | $ | (5,232) | $ | 6,477 | |||||||||||||||||||||||
Restructuring | 459 | 1,025 | — | 364 | 47 | 1,895 | |||||||||||||||||||||||||||||
Deferred consideration purchase accounting | — | — | — | 121 | — | 121 | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 5,463 | $ | 2,687 | $ | 1,894 | $ | 3,634 | $ | — | $ | (5,185) | $ | 8,493 | |||||||||||||||||||||
% of revenues | 4.3 | % | 7.0 | % | 7.1 | % | 9.7 | % | 3.7 | % |
Twelve Months Ended December 31, 2021 | |||||||||||||||||||||||||||||||||||
Vehicle Solutions | Electrical Systems | Aftermarket & Accessories | Industrial Automation | Corporate / Other | Total | ||||||||||||||||||||||||||||||
Operating income (loss) | $ | 23,649 | $ | 14,560 | $ | 12,091 | $ | 23,563 | $ | (24,282) | $ | 49,581 | |||||||||||||||||||||||
Restructuring | 459 | 1,025 | — | 364 | 47 | 1,895 | |||||||||||||||||||||||||||||
Deferred consideration purchase accounting | — | — | — | 609 | — | 609 | |||||||||||||||||||||||||||||
Investigation | — | — | — | — | 394 | 394 | |||||||||||||||||||||||||||||
Executive transition | — | — | — | — | 683 | 683 | |||||||||||||||||||||||||||||
Adjusted operating income (loss) | $ | 24,108 | $ | 15,585 | $ | 12,091 | $ | 24,536 | $ | — | $ | (23,158) | $ | 53,162 | |||||||||||||||||||||
% of revenues | 4.8 | % | 9.2 | % | 10.4 | % | 13.1 | % | 5.5 | % |
Cover |
Mar. 06, 2023 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Document Period End Date | Mar. 06, 2023 |
Entity Registrant Name | Commercial Vehicle Group, Inc. |
Entity Incorporation, State or Country Code | DE |
Entity File Number | 001-34365 |
Entity Tax Identification Number | 41-1990662 |
Entity Address, Address Line One | 7800 Walton Parkway |
Entity Address, City or Town | New Albany |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 43054 |
City Area Code | 614 |
Local Phone Number | 289-5360 |
Written Communications | false |
Soliciting Material | false |
Pre-commencement Tender Offer | false |
Pre-commencement Issuer Tender Offer | false |
Title of 12(b) Security | Common Stock, par value $0.01 per share |
Trading Symbol | CVGI |
Security Exchange Name | NASDAQ |
Entity Emerging Growth Company | false |
Entity Central Index Key | 0001290900 |
Amendment Flag | false |
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