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 UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     .

Commission file number: 1-6615

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

 

Delaware

95-2594729

(State or Other Jurisdiction of

Incorporation or Organization)

(I.R.S. Employer

Identification No.)

 

 

26600 Telegraph Road, Suite 400

 

Southfield, Michigan

48033

(Address of Principal Executive Offices)

(Zip Code)

Registrant’s Telephone Number, Including Area Code: (248) 352-7300

 

 

Securities registered pursuant to Section 12(b) of the Act:

 

 

 

 

 

 

Title of Each Class

 

Trading Symbol

 

Name of Each Exchange on Which Registered

Common Stock, $0.01 par value

 

SUP

 

New York Stock Exchange

 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large Accelerated Filer

Accelerated Filer

 

Non-Accelerated Filer

Smaller Reporting Company

 

 

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.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

Number of shares of common stock outstanding as of July 30, 2021: 26,107,462

 

 


 

 

TABLE OF CONTENTS

 

 

 

 

 

 

Page

PART I

-

FINANCIAL INFORMATION

 

 

 

 

 

 

 

 

 

Item 1

 

Financial Statements (Unaudited)

 

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Income (Loss)

1

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Comprehensive Income (Loss)

2

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Balance Sheets

3

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Cash Flows

4

 

 

 

 

 

 

 

 

 

 

Condensed Consolidated Statements of Shareholders’ Equity (Deficit)

5

 

 

 

 

 

 

 

 

 

 

Notes to Condensed Consolidated Financial Statements

7

 

 

 

 

 

 

 

 

Item 2

-

Management’s Discussion and Analysis of Financial Condition and Results of Operations

26

 

 

 

 

 

 

 

 

Item 3

-

Quantitative and Qualitative Disclosures About Market Risk

37

 

 

 

 

 

 

 

 

Item 4

-

Controls and Procedures

37

 

 

 

 

PART II

-

OTHER INFORMATION

38

 

 

 

 

 

 

 

 

Item 1

-

Legal Proceedings

38

 

 

 

 

 

 

 

 

Item 1A

-

Risk Factors

38

 

 

 

 

 

 

 

 

Item 2

-

Unregistered Sales of Equity Securities and Use of Proceeds

38

 

 

 

 

 

 

 

 

Item 5

-

Other Information

38

 

 

 

 

 

 

 

 

Item 6

-

Exhibits

39

 

 

 

 

 

 

Signatures

40

 

 


 

 

 

PART I

FINANCIAL INFORMATION

Item 1. Financial Statements

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Dollars in thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2021

 

 

June 30,

2020

 

 

June 30,

2021

 

 

June 30,

2020

 

NET SALES

 

$

347,464

 

 

$

144,835

 

 

$

705,660

 

 

$

445,947

 

Cost of sales

 

 

314,844

 

 

 

167,676

 

 

 

630,000

 

 

 

445,627

 

GROSS PROFIT (LOSS)

 

 

32,620

 

 

 

(22,841

)

 

 

75,660

 

 

 

320

 

Selling, general and administrative expenses

 

 

17,100

 

 

 

11,276

 

 

 

34,421

 

 

 

23,811

 

Impairment of goodwill and indefinite-lived intangibles

 

 

 

 

 

 

 

 

 

 

 

193,641

 

INCOME (LOSS) FROM OPERATIONS

 

 

15,520

 

 

 

(34,117

)

 

 

41,239

 

 

 

(217,132

)

Interest expense, net

 

 

(10,486

)

 

 

(12,184

)

 

 

(20,759

)

 

 

(24,034

)

Other (expense) income, net

 

 

(2,420

)

 

 

(670

)

 

 

(3,934

)

 

 

653

 

INCOME (LOSS) BEFORE INCOME TAXES

 

 

2,614

 

 

 

(46,971

)

 

 

16,546

 

 

 

(240,513

)

Income tax (provision) benefit

 

 

(919

)

 

 

3,753

 

 

 

(1,729

)

 

 

7,213

 

NET INCOME (LOSS)

 

$

1,695

 

 

$

(43,218

)

 

$

14,817

 

 

$

(233,300

)

LOSS PER SHARE – BASIC

 

$

(0.26

)

 

$

(2.00

)

 

$

(0.07

)

 

$

(9.81

)

LOSS PER SHARE – DILUTED

 

$

(0.26

)

 

$

(2.00

)

 

$

(0.07

)

 

$

(9.81

)

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.


1


 

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

2021

 

 

June 30,

2020

 

 

June 30,

2021

 

 

June 30,

2020

 

Net income (loss)

 

$

1,695

 

 

$

(43,218

)

 

$

14,817

 

 

$

(233,300

)

Other comprehensive income (loss), net of tax:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation gain (loss)

 

 

8,410

 

 

 

9,443

 

 

 

(7,268

)

 

 

(26,090

)

Change in unrecognized gains (losses) on derivative instruments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivatives

 

 

17,165

 

 

 

19,673

 

 

 

8,025

 

 

 

(38,752

)

Tax (provision) benefit

 

 

(1,718

)

 

 

(4,375

)

 

 

(1,040

)

 

 

8,753

 

Change in unrecognized gains (losses) on derivative instruments, net of tax

 

 

15,447

 

 

 

15,298

 

 

 

6,985

 

 

 

(29,999

)

Defined benefit pension plan:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gains on pension obligation, net of amortization

 

 

97

 

 

 

72

 

 

 

194

 

 

 

144

 

Tax benefit (provision)

 

 

21

 

 

 

(13

)

 

 

 

 

 

(30

)

Pension changes, net of tax

 

 

118

 

 

 

59

 

 

 

194

 

 

 

114

 

Other comprehensive income (loss), net of tax

 

 

23,975

 

 

 

24,800

 

 

 

(89

)

 

 

(55,975

)

Comprehensive income (loss)

 

$

25,670

 

 

$

(18,418

)

 

$

14,728

 

 

$

(289,275

)

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.

2


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Dollars in thousands)

(Unaudited)

 

 

 

June 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

149,171

 

 

$

152,423

 

Accounts receivable, net

 

 

85,065

 

 

 

48,995

 

Inventories, net

 

 

197,990

 

 

 

154,980

 

Income taxes receivable

 

 

5,334

 

 

 

4,957

 

Other current assets

 

 

24,586

 

 

 

22,301

 

Total current assets

 

 

462,146

 

 

 

383,656

 

Property, plant and equipment, net

 

 

503,086

 

 

 

522,124

 

Deferred income tax assets, net

 

 

27,940

 

 

 

30,860

 

Goodwill

 

 

 

 

 

 

Intangibles, net

 

 

93,942

 

 

 

110,796

 

Other non-current assets

 

 

61,241

 

 

 

61,889

 

Total assets

 

$

1,148,355

 

 

$

1,109,325

 

LIABILITIES, MEZZANINE EQUITY AND SHAREHOLDERS’ EQUITY (DEFICIT)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

190,386

 

 

$

151,839

 

Short-term debt

 

 

6,545

 

 

 

6,112

 

Accrued expenses

 

 

75,567

 

 

 

71,079

 

Income taxes payable

 

 

1,408

 

 

 

2,107

 

Total current liabilities

 

 

273,906

 

 

 

231,137

 

Long-term debt (less current portion)

 

 

617,212

 

 

 

625,492

 

Non-current income tax liabilities

 

 

7,682

 

 

 

7,635

 

Deferred income tax liabilities, net

 

 

4,680

 

 

 

9,104

 

Other non-current liabilities

 

 

74,476

 

 

 

76,426

 

Commitments and contingent liabilities (Note 17)

 

 

 

 

 

 

 

 

Mezzanine equity:

 

 

 

 

 

 

 

 

Preferred stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 1,000,000 shares

 

 

 

 

 

 

 

 

Issued and outstanding – 150,000 shares outstanding at

   June 30, 2021 and December 31, 2020

 

 

189,364

 

 

 

179,387

 

European non-controlling redeemable equity

 

 

1,590

 

 

 

1,666

 

Shareholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.01 par value

 

 

 

 

 

 

 

 

Authorized - 100,000,000 shares

 

 

 

 

 

 

 

 

Issued and outstanding – 26,107,462 and 25,591,930 shares at

   June 30, 2021 and December 31, 2020

 

 

98,236

 

 

 

95,247

 

Accumulated other comprehensive loss

 

 

(99,535

)

 

 

(99,446

)

Retained earnings

 

 

(19,256

)

 

 

(17,323

)

Total shareholders’ equity (deficit)

 

 

(20,555

)

 

 

(21,522

)

Total liabilities, mezzanine equity and shareholders’ equity (deficit)

 

$

1,148,355

 

 

$

1,109,325

 

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.

3


 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)

 

 

Six Months Ended

 

 

 

June 30,

2021

 

 

June 30,

2020

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income (loss)

 

$

14,817

 

 

$

(233,300

)

Adjustments to reconcile net loss to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

50,970

 

 

 

48,316

 

Income tax, non-cash changes

 

 

(2,927

)

 

 

(13,975

)

Impairment of goodwill and indefinite-lived intangibles

 

 

 

 

 

193,641

 

Stock-based compensation

 

 

4,331

 

 

 

210

 

Amortization of debt issuance costs

 

 

2,731

 

 

 

2,261

 

Other non-cash items

 

 

(3,928

)

 

 

(2,456

)

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(37,231

)

 

 

9,839

 

Inventories

 

 

(46,139

)

 

 

17,053

 

Other assets and liabilities

 

 

15,894

 

 

 

1,186

 

Accounts payable

 

 

34,402

 

 

 

(31,276

)

Income taxes

 

 

(987

)

 

 

1,366

 

NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES

 

 

31,933

 

 

 

(7,135

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Additions to property, plant, and equipment

 

 

(20,551

)

 

 

(22,761

)

NET CASH USED IN INVESTING ACTIVITIES

 

 

(20,551

)

 

 

(22,761

)

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from issuance of long-term debt

 

 

1,658

 

 

 

11,690

 

Repayments of debt

 

 

(2,129

)

 

 

(24,066

)

Proceeds from borrowings on revolving credit facility

 

 

 

 

 

213,825

 

Repayments of borrowings on revolving credit facility

 

 

 

 

 

(106,992

)

Cash dividends paid

 

 

(6,736

)

 

 

(6,767

)

Financing costs paid and other

 

 

(4,307

)

 

 

(4,938

)

Payments related to tax withholdings for stock-based compensation

 

 

(1,342

)

 

 

 

Finance lease payments

 

 

(645

)

 

 

(547

)

NET CASH (USED IN) PROVIDED BY FINANCING ACTIVITIES

 

 

(13,501

)

 

 

82,205

 

Effect of exchange rate changes on cash

 

 

(1,133

)

 

 

496

 

Net (decrease) increase in cash and cash equivalents

 

 

(3,252

)

 

 

52,805

 

Cash and cash equivalents at the beginning of the period

 

 

152,423

 

 

 

77,927

 

Cash and cash equivalents at the end of the period

 

$

149,171

 

 

$

130,732

 

 

The accompanying unaudited notes are an integral part of these condensed consolidated financial statements.


4


 

 

SUPERIOR INDUSTRIES INTERNATIONAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (DEFICIT)

(Dollars in thousands)

(Unaudited)

 

For the six months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Accumulated Other Comprehensive (Loss)

Income

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Unrecognized

Gains (Losses)

on Derivative

Instruments

 

 

Pension

Obligations

 

 

Cumulative

Translation

Adjustment

 

 

Retained

Earnings

 

 

Total

 

 

BALANCE AT DECEMBER 31, 2019

 

 

25,128,158

 

 

$

93,331

 

 

$

9,951

 

 

$

(5,571

)

 

$

(104,458

)

 

$

258,437

 

 

$

251,690

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(233,300

)

 

 

(233,300

)

 

Change in unrecognized gains/losses on

   derivative instruments, net of tax

 

 

 

 

 

 

 

 

(29,999

)

 

 

 

 

 

 

 

 

 

 

 

(29,999

)

 

Change in defined benefit plans, net of taxes

 

 

 

 

 

 

 

 

 

 

 

114

 

 

 

 

 

 

 

 

 

114

 

 

Net foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,090

)

 

 

 

 

 

(26,090

)

 

Common stock issued, net of shares withheld

   for employee taxes

 

 

463,772

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

210

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

210

 

 

Redeemable preferred 9% dividend

    and accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(15,755

)

 

 

(15,755

)

 

European non-controlling redeemable

    equity dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(46

)

 

 

(46

)

 

BALANCE AT JUNE 30, 2020

 

 

25,591,930

 

 

$

93,541

 

 

$

(20,048

)

 

$

(5,457

)

 

$

(130,548

)

 

$

9,336

 

 

$

(53,176

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For the three months ended June 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Accumulated Other Comprehensive (Loss)

Income

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Unrecognized

Gains (Losses)

on Derivative

Instruments

 

 

Pension

Obligations

 

 

Cumulative

Translation

Adjustment

 

 

Retained

Earnings

 

 

Total

 

 

BALANCE AT MARCH 31, 2020

 

 

25,474,477

 

 

$

92,678

 

 

$

(35,346

)

 

$

(5,516

)

 

$

(139,991

)

 

$

60,485

 

 

$

(27,690

)

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(43,218

)

 

 

(43,218

)

 

Change in unrecognized gains/losses on

   derivative instruments, net of tax

 

 

 

 

 

 

 

 

15,298

 

 

 

 

 

 

 

 

 

 

 

 

15,298

 

 

Change in defined benefit plans, net of taxes

 

 

 

 

 

 

 

 

 

 

 

59

 

 

 

 

 

 

 

 

 

59

 

 

Net foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9,443

 

 

 

 

 

 

9,443

 

 

Common stock issued, net of shares withheld

   for employee taxes

 

 

117,453

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

863

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

863

 

 

Redeemable preferred 9% dividend

    and accretion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,905

)

 

 

(7,905

)

 

European non-controlling redeemable equity

   dividend

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26

)

 

 

(26

)

 

BALANCE AT JUNE 30, 2020

 

 

25,591,930

 

 

$

93,541

 

 

$

(20,048

)

 

$

(5,457

)

 

$

(130,548

)

 

$

9,336

 

 

$

(53,176

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

5


 

 

For the six months ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Accumulated Other Comprehensive (Loss)

Income

 

 

 

 

 

 

 

 

 

 

 

 

Number of

Shares

 

 

Amount

 

 

Unrecognized

Gains (Losses)

on Derivative

Instruments

 

 

Pension

Obligations

 

 

Cumulative

Translation

Adjustment

 

 

Retained

Earnings

 

 

Total

 

 

BALANCE AT DECEMBER 31, 2020

 

 

25,591,930

 

 

$

95,247

 

 

$

(1,738

)

 

$

(7,447

)

 

$

(90,261

)

 

$

(17,323

)

 

$

(21,522

)

 

Net income

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14,817

 

 

 

14,817

 

 

Change in unrecognized gains/losses on

   derivative instruments, net of tax

 

 

 

 

 

 

 

 

6,985

 

 

 

 

 

 

 

 

 

 

 

 

6,985

 

 

Change in defined benefit plans, net of taxes

 

 

 

 

 

 

 

 

 

 

 

194

 

 

 

 

 

 

 

 

 

194

 

 

Net foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,268

)

 

 

 

 

 

(7,268

)

 

Common stock issued, net of shares withheld

   for employee taxes

 

 

515,532

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation