0001140361-23-029426.txt : 20230613 0001140361-23-029426.hdr.sgml : 20230613 20230613075836 ACCESSION NUMBER: 0001140361-23-029426 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230613 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230613 DATE AS OF CHANGE: 20230613 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOTORCAR PARTS OF AMERICA INC CENTRAL INDEX KEY: 0000918251 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] IRS NUMBER: 112153962 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33861 FILM NUMBER: 231010253 BUSINESS ADDRESS: STREET 1: 2929 CALIFORNIA STREET CITY: TORRANCE STATE: CA ZIP: 90503 BUSINESS PHONE: 3109724015 MAIL ADDRESS: STREET 1: 2929 CALIFORNIA STREET CITY: TORRANCE STATE: CA ZIP: 90503 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS AMERICA INC DATE OF NAME CHANGE: 20100614 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS AMERICA INC DATE OF NAME CHANGE: 20040112 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS & ACCESSORIES INC DATE OF NAME CHANGE: 19940128 8-K 1 brhc20054255_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

Form 8-K
 
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 13, 2023
 
MOTORCAR PARTS OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
 
New York
  
001-33861
  
11-2153962

 

 

(State or other jurisdiction of incorporation)
  
(Commission File Number)
  
(IRS Employer Identification No.)

2929 California Street, Torrance, CA
  
90503

 

(Address of principal executive offices)
  
(Zip Code)
 
Registrant’s telephone number, including area code: (310) 212-7910

N/A
(Former name, former address and former fiscal year, if changed since last report.)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
☐
Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-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))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). 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. ☐

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
MPAA
The Nasdaq Global Select Market
 
Item 2.02.
Results of Operations and Financial Condition
 
On June 13, 2023, Motorcar Parts of America, Inc. (the "Company") issued a press release announcing its earnings for the fiscal quarter and year ended March 31, 2023 which is being furnished as Exhibit 99.1. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.
 
Item 9.01.
Financial Statements and Exhibits.

The following exhibit is furnished with this Current Report pursuant to Item 2.02:
 
(d)
Exhibits
 
Exhibit No.
Description
   
Press Release, dated June 13, 2023
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MOTORCAR PARTS OF AMERICA, INC.
   
Date: June 13, 2023
/s/ David Lee

David Lee

Chief Financial Officer


EX-99.1 2 brhc20054255_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1



NEWS RELEASE

CONTACT:
Gary S. Maier
Vice President, Corporate Communications & IR
(310) 972-5124


MOTORCAR PARTS OF AMERICA REPORTS RECORD SALES FOR FISCAL 2023 FOURTH QUARTER AND YEAR

- Provides Fiscal 2024 Guidance; Margin Improvement and Free Cash Generation Expected to Gain Momentum as Fiscal Year Evolves–

LOS ANGELES, CA – June 13, 2023 – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2023 fourth quarter and year ended March 31, 2023, reflecting record sales and solid demand across multiple categories -- including the company’s rotating electrical and emerging brake-related products.

Fiscal 2023 Fourth Quarter Results

Net sales for the fiscal 2023 fourth quarter increased 18.8 percent to a record $194.7 million from $163.9 million in the prior year.

Fiscal fourth quarter results benefited from increasing product demand for the spring and summer seasons and recently implemented price increases.

Net income for the fiscal 2023 fourth quarter was $1.5 million, or $0.07 per diluted share, compared with a net loss of $322,000, or $0.02 per share, a year ago.

Fiscal fourth quarter results were impacted by an income tax expense of $10.4 million, or an effective rate of 87.7 percent.

Interest expense increased by $7.8 million, or $0.30 per diluted share, to $11.9 million from $4.0 million a year ago.  The increase in interest expense was mainly due to higher market rates -- primarily related to customer vendor financing programs, representing $4.9 million of the increase.  The company expects to realize meaningful annualized price increases throughout the new fiscal year, which will contribute to net income enhancement.
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Motorcar Parts of America, Inc.
2-2-2
Non-cash items, as detailed in Exhibit 1, benefited results by approximately $1.5 million, or $0.07 per diluted share.  Net cash items, including an employee retention credit, partially offset by transitory costs related to supply chain disruptions, benefited results by $922,000, or $0.05 per diluted share, also detailed in Exhibit 1. Results for the quarter were also impacted byinflationary costs not fully absorbed by price increases.

Fiscal 2023 fourth quarter results included a $5.1 million employee retention credit (ERC) related to expenses incurred during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.

Prior-year net loss of $322,000, or $0.02 per share, was impacted by approximately $1.9 million, or $0.10 per share, of non-cash items as detailed in Exhibit 1. The company also was impacted by approximately $3.2 million, or $0.17 per share, of other costs, including transitory costs related to supply chain disruptions for the prior year.

Gross profit for the fiscal 2023 fourth quarter increased by 40.3 percent to $36.2 million from $25.8 million a year earlier. Gross profit as a percentage of net sales for the fiscal 2023 fourth quarter was 18.6 percent compared with 15.7 percent a year earlier. Gross margin for the fiscal 2023 fourth quarter benefited from price increases. Gross margin for the fiscal 2023 fourth quarter was impacted by inflationary costs not fully absorbed by price increases, and higher per unit costs resulting from less absorption of overhead costs as the company manages inventory levels, and changes in product mix.  In addition to the above items, gross margin for the fiscal 2023 fourth quarter was impacted by $3.6 million, or 1.9 percent, of non-cash items, and $879,000, or 0.5 percent, by the transitory supply chain disruptions, partially offset by an employee retention credit, as detailed in Exhibit 3. 

Gross margin improvement is expected to be enhanced as the full benefit of certain price increases is realized, and by higher sales volume and further anticipated operational efficiencies. A portion of the most recent price increases was realized late in the fiscal fourth quarter, with the balance taking effect in the fiscal 2024 first half.

“Fiscal 2023 record sales benefited from the strength of our products and excellent customer relationships, enhanced by being a critical supplier of non-discretionary automotive parts. We expect our position will gain further momentum with favorable industry data indicating that consumers are continuing to defer new car purchases, with the average vehicle age at a new record high of 12.5 years. In addition, as fiscal 2024 evolves, we expect to realize incremental operational efficiencies and increasing sales volume, particularly from our emerging brake-related product lines, as well as benefits from rational pricing increases across the board to help offset inflation and higher interest rates,” said Selwyn Joffe, chairman, president, and chief executive officer.
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Motorcar Parts of America, Inc.
3-3-3
“Despite headwinds during the year, we remain optimistic about our business. We have built a solid foundation for growth and profitability, as evidenced by our guidance for fiscal 2024 discussed below and expect improving margins and cash flow supported by multiple product line offerings,” Joffe said.

Twelve-Month Results

Net sales for fiscal 2023 increased 5.0 percent to a record $683.1 million from $650.3 million in the prior year.  Prior-year net sales were positively impacted by $13.3 million in core revenue due to a realignment of inventory at customer distribution centers with sales benefits evolving as product mix changes.

Sales benefited from increasing product demand for the spring and summer seasons and recently implemented price increases.

Net loss for fiscal 2023 was $4.2 million, or $0.22 per share, compared with net income of $7.4 million, or $0.38 per diluted share, a year ago.  Fiscal 2023 results included a $5.1 million employee retention credit, as referenced in the fiscal 2023 fourth quarter discussion above.

Interest expense increased by $24.0 million, or $0.93 per share, to $39.6 million from $15.6 million a year ago.  The increase in interest expense was mainly due to higher market rates -- primarily related to customer vendor financing programs, representing approximately $17.2 million of the increase.

Non-cash items, as detailed in Exhibit 2, impacted results by approximately $8.2 million, or $0.42 per share.  Other impacts to results, including transitory costs related to supply chain disruptions, partially offset by an employee retention credit, were approximately $8.5 million, or $0.44 per share, also detailed in Exhibit 2.  Net loss for fiscal 2023 was impacted by various other items discussed above for the quarter.

Gross profit for fiscal 2023 was $114.0 million compared with $117.9 million a year earlier. Gross profit as a percentage of net sales for fiscal 2023 was 16.7 percent compared with 18.1 percent a year earlier. Gross margin for fiscal 2023 was impacted by $15.5 million, or 2.3 percent, of non-cash items, and $9.5 million, or 1.4 percent, by the transitory supply chain disruptions, partially offset by an employee retention credit, as detailed in Exhibit 4. In addition, gross margin for fiscal 2023 was also impacted by various items discussed above for the quarter.  Gross margin improvement is expected to be enhanced as the full benefit of certain price increases is realized, and by higher sales volume and further operational efficiencies.

Considerations for Fiscal 2024

•
No customer or share losses in Fiscal 2023.
•
Ordering activity has resumed related to previous delays by a certain customer.
•
New brake-related business is now gaining momentum following certain customer change-over delays.
•
Better absorption of overhead costs with greater production and purchasing volume from increasing orders; and new business activity, with margin improvement expected to benefit.
•
Management is working with customers to address the impact of a sharply higher interest rate environment and customer vendor financing program costs.
•
Easing of supply chain challenges.
•
Capital expenditures requirements have greatly reduced as the build out in Mexico is now completed.
•
Recent strategic $32 million convertible note complements management’s ongoing goals and objectives, while enhancing the company’s working capital to support building sustainable shareholder value.
 
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Motorcar Parts of America, Inc.
4-4-4
Fiscal 2024 Guidance
Motorcar Parts of America expects net sales for its fiscal year ending March 31, 2024 to be between $720 million to $740 million, representing between 5.4 percent and 8.3 percent year-over-year growth. Operating income is expected to be between $60 million and $65 million, before the non-cash foreign exchange impact of lease liabilities and forward contracts, the non-cash impact of revaluation of cores on customers’ shelves, and supply chain disruptions. The company estimates other non-cash items will be approximately $16 million, including core and finished goods premium amortization and share-based compensation, and cash expenses will be approximately $2 million for special EV-related research and development expenses impacting operating income. The company estimates depreciation and amortization will be approximately $12 million.

Use of Non-GAAP Measure

This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure.
Earnings Conference Call and Webcast
Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations. The call will be open to all interested investors either through a live audio webcast at www.motorcarparts.com or live by calling (888) 440-5584 (domestic) or (646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on June 13, 2023 through 8:59 p.m. Pacific time on June 20, 2023 by calling (800) 770-2030 (domestic) or (647) 362-9199 (international) and using access code: 1545314.
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Motorcar Parts of America, Inc.
5-5-5
About Motorcar Parts of America, Inc.
Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.
 
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2023 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
 
# # #
 
(Financial tables follow)
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MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
   
Three Months Ended March 31,
    
Year Ended March 31,
  
   
2023
    
2022
    
2023
    
2022
  
   
(Unaudited)
              
                         
Net sales
  
$
194,727,000
    
$
163,916,000
    
$
683,074,000
    
$
650,308,000
  
Cost of goods sold
    
158,576,000
      
138,148,000
      
569,112,000
      
532,443,000
  
Gross profit
    
36,151,000
      
25,768,000
      
113,962,000
      
117,865,000
  
Operating expenses:
                                
General and administrative
    
12,677,000
      
15,943,000
      
54,756,000
      
57,499,000
  
Sales and marketing
    
4,487,000
      
5,671,000
      
21,729,000
      
22,833,000
  
Research and development
    
1,992,000
      
2,871,000
      
10,322,000
      
10,502,000
  
Foreign exchange impact of lease liabilities and forward contracts
    
(6,738,000
)
    
(3,442,000
)
    
(9,291,000
)
    
(1,673,000
)
Total operating expenses
    
12,418,000
      
21,043,000
      
77,516,000
      
89,161,000
  
Operating income
    
23,733,000
      
4,725,000
      
36,446,000
      
28,704,000
  
Interest expense, net
    
11,880,000
      
4,045,000
      
39,555,000
      
15,555,000
  
Income (loss) before income tax expense
    
11,853,000
      
680,000
      
(3,109,000
)
    
13,149,000
  
Income tax expense
    
10,394,000
      
1,002,000
      
1,098,000
      
5,788,000
  
                                 
Net income (loss)
  
$
1,459,000
    
$
(322,000
)
  
$
(4,207,000
)
  
$
7,361,000
  
Basic net income (loss) per share
  
$
0.07
    
$
(0.02
)
  
$
(0.22
)
  
$
0.38
  
Diluted net income (loss) per share
  
$
0.07
    
$
(0.02
)
  
$
(0.22
)
  
$
0.38
  
Weighted average number of shares outstanding:
                                
Basic
    
19,492,962
      
19,104,198
      
19,340,246
      
19,119,727
  
Diluted
    
19,603,394
      
19,104,198
      
19,340,246
      
19,559,646
  

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
   
March 31, 2023
    
March 31, 2022
  
ASSETS
            
Current assets:
            
 Cash and cash equivalents
  
$
11,596,000
    
$
23,016,000
  
 Short-term investments
    
2,011,000
      
2,202,000
  
 Accounts receivable — net
    
119,868,000
      
85,075,000
  
 Inventory — net
    
339,675,000
      
370,503,000
  
 Inventory unreturned
    
16,579,000
      
15,001,000
  
 Contract assets
    
25,443,000
      
27,500,000
  
 Income tax receivable
    
2,156,000
      
301,000
  
 Prepaid expenses and other current assets
    
20,150,000
      
13,387,000
  
 Total current assets
    
537,478,000
      
536,985,000
  
 Plant and equipment — net
    
46,052,000
      
51,062,000
  
 Operating lease assets
    
87,619,000
      
81,997,000
  
 Deferred income taxes
    
32,625,000
      
26,982,000
  
 Long-term contract assets
    
318,381,000
      
310,255,000
  
 Goodwill
    
3,205,000
      
3,205,000
  
 Intangible assets — net
    
2,143,000
      
3,799,000
  
 Other assets
    
1,062,000
      
1,413,000
  
 TOTAL ASSETS
  
$
1,028,565,000
    
$
1,015,698,000
  
LIABILITIES AND SHAREHOLDERS'  EQUITY
                
 Current liabilities:
                
 Accounts payable
  
$
119,437,000
    
$
147,469,000
  
 Accrued liabilities
    
22,329,000
      
20,966,000
  
 Customer finished goods returns accrual
    
37,984,000
      
38,086,000
  
 Contract liabilities
    
40,340,000
      
42,496,000
  
 Revolving loan
    
145,200,000
      
155,000,000
  
 Other current liabilities
    
4,871,000
      
11,930,000
  
 Operating lease liabilities
    
8,767,000
      
6,788,000
  
 Current portion of term loan
    
3,664,000
      
3,670,000
  
 Total current liabilities
    
382,592,000
      
426,405,000
  
 Term loan, less current portion
    
9,279,000
      
13,024,000
  
 Convertible notes, related party
    
30,994,000
      
-
  
 Contract liabilities, less current portion
    
193,606,000
      
172,764,000
  
 Deferred income taxes
    
718,000
      
126,000
  
 Operating lease liabilities, less current portion
    
79,318,000
      
80,803,000
  
 Other liabilities
    
11,583,000
      
7,313,000
  
 Total liabilities
    
708,090,000
      
700,435,000
  
 Commitments and contingencies
                
 Shareholders' equity:
                
 Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued
    
-
      
-
  
 Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued
     -
       -
  
 Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,494,615 and 19,104,751 shares issued and outstanding at March 31, 2023 and 2022, respectively
     195,000       191,000  
 Additional paid-in capital
    
231,836,000
      
227,184,000
  
 Retained earnings
    
88,747,000
      
92,954,000
  
 Accumulated other comprehensive loss
    
(303,000
)
    
(5,066,000
)
 Total shareholders' equity
    
320,475,000
      
315,263,000
  
 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  
$
1,028,565,000
    
$
1,015,698,000
  

Additional Information and Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company has included the following additional information and non-GAAP financial measures for the three and twelve months ended March 31, 2023 and 2022. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business. 
 
The company believes this information helps provide a more complete understanding of the company's results of operations and the factors and trends affecting the company's business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.

The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items.
Items Impacting Net Income for the Three Months Ended March 31, 2023 and 2022
 Exhibit 1

   
Three Months Ended March 31,
  
   
2023
    
2022
  
   
$
    
Per Share
    
$
    
Per Share
  
GAAP net income (loss)
  
$
1,459,000
    
$
0.07
    
$
(322,000
)
  
$
(0.02
)
                                 
Non-cash items impacting net income (loss)
                                
Core and finished goods premium amortization
  
$
2,608,000
    
$
0.13
    
$
2,947,000
    
$
0.15
  
Revaluation - cores on customers' shelves
    
1,032,000
      
0.05
      
1,154,000
      
0.06
  
Share-based compensation expenses and earn-out accruals
    
1,164,000
      
0.06
      
1,830,000
      
0.10
  
Foreign exchange impact of lease liabilities and forward contracts
    
(6,738,000
)
    
(0.34
)
    
(3,442,000
)
    
(0.18
)
Tax effect (a)
    
484,000
      
0.02
      
(622,000
)
    
(0.03
)
Total non-cash items impacting net income (loss)
  
$
(1,450,000
)
  
$
(0.07
)
  
$
1,867,000
    
$
0.10
  
                                 
Cash items impacting net income (loss)
                                
Supply chain disruptions and related costs (b)
  
$
2,951,000
    
$
0.15
    
$
3,938,000
    
$
0.21
  
New product line start-up costs and transition expenses, and severance (c)
    
923,000
      
0.05
      
358,000
      
0.02
  
Employee retention credit (d)
    
(5,104,000
)
    
(0.26
)
    
-
      
-
  
Tax effect (a)
    
308,000
      
0.02
      
(1,074,000
)
    
(0.06
)
Total cash items impacting net income (loss)
  
$
(922,000
)
  
$
(0.05
)
  
$
3,222,000
    
$
0.17
  
                                 
(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the three-months ended March 31, 2023, consists of $2,913,000 impacting gross profit and $38,000 included in operating expenses.
For the three-months ended March 31, 2022, consists of of $3,337,000 impacting gross profit and $601,000 included in operating expenses.
(c) For the three-months ended March 31, 2023, consists of $923,000 included in operating expenses.
For the three-months ended March 31, 2022, consists of $358,000 included in operating expenses.
(d) For the three-months ended March 31, 2023, consists of ($2,034,000) impacting gross profit and ($3,070,000) included in operating expenses.

Note:  Results for the twelve months ended March 31, 2023 include a $5.1 million, employee retention credit (ERC).  The ERC was reimbursement for prior incurred expenses during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.
Items Impacting Net Income for the Twelve Months Ended March 31, 2023 and 2022
 Exhibit 2

   
Twelve Months Ended March 31,
  
   
2023
    
2022
  
   
$
    
Per Share
    
$
    
Per Share
  
GAAP net (loss) income
  
$
(4,207,000
)
  
$
(0.22
)
  
$
7,361,000
    
$
0.38
  
                                 
Non-cash items impacting net (loss) income
                                
Core and finished goods premium amortization
  
$
11,791,000
    
$
0.61
    
$
11,960,000
    
$
0.61
  
Revaluation - cores on customers' shelves
    
3,736,000
      
0.19
      
4,671,000
      
0.24
  
Share-based compensation expenses and earn-out accruals
    
4,685,000
      
0.24
      
7,384,000
      
0.38
  
Foreign exchange impact of lease liabilities and forward contracts
    
(9,291,000
)
    
(0.48
)
    
(1,673,000
)
    
(0.09
)
Tax effect (a)
    
(2,730,000
)
    
(0.14
)
    
(5,586,000
)
    
(0.29
)
Total non-cash items impacting net (loss) income
  
$
8,191,000
    
$
0.42
    
$
16,756,000
    
$
0.86
  
                                 
Cash items impacting net (loss) income
                                
Supply chain disruptions and related costs (b)
  
$
12,914,000
    
$
0.67
    
$
20,195,000
    
$
1.03
  
New product line start-up costs and transition expenses, and severance (c)
    
3,565,000
      
0.18
      
3,425,000
      
0.18
  
Employee retention credit (d)
    
(5,104,000
)
    
(0.26
)
    
-
      
-
  
Gain due to realignment of inventory at customer distribution centers
    
-
      
-
      
(4,862,000
)
    
(0.25
)
Tax effect (a)
    
(2,844,000
)
    
(0.15
)
    
(4,690,000
)
    
(0.24
)
Total cash items impacting net (loss) income
  
$
8,531,000
    
$
0.44
    
$
14,068,000
    
$
0.72
  
                                 
(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the twelve-months ended March 31, 2023, consists of $11,485,000 impacting gross profit and $1,429,000 included in operating expenses.
For the twelve-months ended March 31, 2022, consists of $17,894,000 impacting gross profit and $2,301,000 included in operating expenses.
(c) For the twelve-months ended March 31, 2023, consists of $3,565,000 included in operating expenses.
For the twelve-months ended March 31, 2022, consists of $2,744,000 included in cost of goods sold and $681,000 included in operating expenses.
(d) For the twelve-months ended March 31, 2023, consists of ($2,034,000) impacting gross profit and ($3,070,000) included in operating expenses.

Note:  Results for the twelve months ended March 31, 2023 include a $5.1 million, employee retention credit (ERC).  The ERC was reimbursement for prior incurred expenses during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.
Items Impacting Gross Profit for the Three Months Ended March 31, 2023 and 2022
 Exhibit 3

   
Three Months Ended March 31,
        
   
2023
    
2022
  
   
$
    
Gross Margin
    
$
    
Gross Margin
  
GAAP gross profit
  
$
36,151,000
      
18.6
%
  
$
25,768,000
      
15.7
%
                                 
Non-cash items impacting gross profit
                                
Core and finished goods premium amortization
  
$
2,608,000
      
1.3
%
  
$
2,947,000
      
1.8
%
Revaluation - cores on customers' shelves
    
1,032,000
      
0.5
%
    
1,154,000
      
0.7
%
Total non-cash items impacting gross profit
  
$
3,640,000
      
1.9
%
  
$
4,101,000
      
2.5
%
                                 
Cash items impacting gross profit
                                
Supply chain disruptions and related costs
  
$
2,913,000
      
1.5
%
  
$
3,337,000
      
2.0
%
Employee retention credit
    
(2,034,000
)
    
-1.0
%
    
-
      
-
  
Total cash items impacting gross profit
  
$
879,000
      
0.5
%
  
$
3,337,000
      
2.0
%

Note:  Results for the three months ended March 31, 2023 include a $5.1 million, employee retention credit (ERC), including a $2.0 million impact to cost of goods sold and a $3.1 million impact to operating expenses.  The ERC was reimbursement for prior incurred expenses during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.

Items Impacting Gross Profit for the Twelve Months Ended March 31, 2023 and 2022
 Exhibit 4

   
Twelve Months Ended March 31,
  
   
2023
    
2022
  
   
$
    
Gross Margin
    
$
    
Gross Margin
  
GAAP gross profit
  
$
113,962,000
      
16.7
%
  
$
117,865,000
      
18.1
%
                                 
Non-cash items impacting gross profit
                                
Core and finished goods premium amortization
  
$
11,791,000
      
1.7
%
  
$
11,960,000
      
1.8
%
Revaluation - cores on customers' shelves
    
3,736,000
      
0.5
%
    
4,671,000
      
0.7
%
Total non-cash items impacting gross profit
  
$
15,527,000
      
2.3
%
  
$
16,631,000
      
2.6
%
                                 
Cash items impacting gross profit
                                
Supply chain disruptions and related costs
  
$
11,485,000
      
1.7
%
  
$
17,894,000
      
2.8
%
New product line start-up costs and transition expenses
    
-
      
-
      
2,744,000
      
0.4
%
Employee retention credit
    
(2,034,000
)
    
-0.3
%
    
-
      
-
  
Gain due to realignment of inventory at customer distribution centers (a)
    
-
      
-
      
(4,862,000
)
    
-0.4
%
Total cash items impacting gross profit
  
$
9,451,000
      
1.4
%
  
$
15,776,000
      
2.8
%

(a) gross margin reflecting impact to net sales and cost of goods sold

Note:  Results for the twelve months ended March 31, 2023 include a $5.1 million, employee retention credit (ERC), including a $2.0 million impact to cost of goods sold and a $3.1 million impact to operating expenses.  The ERC was reimbursement for prior incurred expenses during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.
Items Impacting EBITDA for the Three and Twelve Months Ended March 31, 2023 and 2022
 Exhibit 5

   
Three Months Ended March 31,
    
Twelve Months Ended March 31,
  
   
2023
    
2022
    
2023
    
2022
  
GAAP net  income (loss)
  
$
1,459,000
    
$
(322,000
)
  
$
(4,207,000
)
  
$
7,361,000
  
Interest expense, net
    
11,880,000
      
4,045,000
      
39,555,000
      
15,555,000
  
Income tax (benefit) expense
    
10,394,000
      
1,002,000
      
1,098,000
      
5,788,000
  
Depreciation and amortization
    
3,122,000
      
3,295,000
      
12,444,000
      
12,886,000
  
EBITDA
  
$
26,855,000
    
$
8,020,000
    
$
48,890,000
    
$
41,590,000
  
                                 
Non-cash items impacting EBITDA
                                
Core and finished goods premium amortization
  
$
2,608,000
    
$
2,947,000
    
$
11,791,000
    
$
11,960,000
  
Revaluation - cores on customers' shelves
    
1,032,000
      
1,154,000
      
3,736,000
      
4,671,000
  
Share-based compensation expenses and earn-out accruals
    
1,164,000
      
1,830,000
      
4,685,000
      
7,384,000
  
Foreign exchange impact of lease liabilities and forward contracts
    
(6,738,000
)
    
(3,442,000
)
    
(9,291,000
)
    
(1,673,000
)
Total non-cash items impacting EBITDA
  
$
(1,934,000
)
  
$
2,489,000
    
$
10,921,000
    
$
22,342,000
  
                                 
Cash items impacting EBITDA
                                
Supply chain disruptions and related costs
  
$
2,951,000
    
$
3,938,000
    
$
12,914,000
    
$
20,195,000
  
New product line start-up costs and transition expenses, and severance (a)
    
923,000
      
358,000
      
3,565,000
      
3,194,000
  
Employee retention credit
    
(5,104,000
)
    
-
      
(5,104,000
)
    
-
  
Gain due to realignment of inventory at customer distribution centers
    
-
      
-
      
-
      
(4,862,000
)
Total cash items impacting EBITDA
  
$
(1,230,000
)
  
$
4,296,000
    
$
11,375,000
    
$
18,527,000
  

(a) Excludes depreciation, which is included in the depreciation and amortization line item.

Note:  Results for the three and twelve months ended March 31, 2023 include a $5.1 million, employee retention credit (ERC).  The ERC was reimbursement for prior incurred expenses during the COVID-19 pandemic. Subsequent to the pandemic, cost-reduction initiatives related to employee-related expenses were implemented, along with other ongoing strategic opportunities to reduce costs -- resulting in approximately $5 million annual run-rate expense reductions, going forward.
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Document and Entity Information
Jun. 13, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Jun. 13, 2023
Entity File Number 001-33861
Entity Registrant Name MOTORCAR PARTS OF AMERICA, INC
Entity Central Index Key 0000918251
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 11-2153962
Entity Address, Address Line One 2929 California Street
Entity Address, City or Town Torrance
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90503
City Area Code 310
Local Phone Number 212-7910
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MPAA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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