0001290900FALSE00012909002024-03-042024-03-04


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): March 4, 2024
Commercial Vehicle Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware001-3436541-1990662
(State or other jurisdiction(Commission(I.R.S. Employer
of incorporation)File Number)Identification No.)
7800 Walton Parkway, New Albany, Ohio
43054
(Address of principal executive offices)(Zip Code)
Registrant’s telephone number, including area code: 614-289-5360
Not Applicable
Former name or former address, 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 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))

 Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, par value $0.01 per shareCVGIThe NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ¨



Item 2.02. Results of Operations and Financial Condition.

On March 4, 2024, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the fourth quarter and year ended December 31, 2023.

The information, including exhibit 99.1 hereto, the registrant furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit
 
Exhibit No.  Description
  
  
Fourth quarter and year ended December 31, 2023 earnings press release dated March 4, 2024.









 



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.
 
COMMERCIAL VEHICLE GROUP, INC.
March 4, 2024By:
/s/ Andy Cheung
Name:
Chung Kin Cheung ("Andy Cheung")
Title:Chief Financial Officer
(Principal Financial Officer)



newsrelease-newversionx116.jpg
Exhibit 99.1

CVG REPORTS FOURTH QUARTER AND FULL YEAR 2023 RESULTS

Fourth quarter sales of $223 million, record annual sales of $995 million
Full year adjusted EBITDA margins increased by 140 bps to 6.8%
Provides outlook and guidance for full year 2024


NEW ALBANY, OHIO (March 4, 2024) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its fourth quarter and full year ended December 31, 2023.

Fourth Quarter 2023 Highlights (Compared with prior-year period, where comparisons are noted)
•Revenue of $223.1 million, down 5.0% due primarily to the impacts of a strike-related labor stoppage at a customer facility and reduced demand across Vehicle Solutions, Industrial Automation and Aftermarket segments; however, Electrical Systems segment continues to show strong growth with 19.4% increased revenue.
•Operating income of $5.0 million, up $9.0 million; adjusted operating income of $6.6 million, down $1.8 million. Lower adjusted operating income was driven primarily by lower volumes and increased SG&A.
•Net income of $23.3 million, or $0.70 per diluted share, compared to net loss of $32.0, or $(0.98) per diluted share; adjusted net income of $2.9 million, or $0.09 per diluted share, versus $1.4 million, or $0.04 per diluted share.
•Adjusted EBITDA of $10.3 million, down $2.9 million, with an adjusted EBITDA margin of 4.6%, down from 5.7%.

Full Year 2023 Highlights (Compared with prior-year period, where comparisons are noted)
•Revenue of $994.7 million, driven by pricing and the contribution of new business wins in Electrical Systems, offset by lower sales volume in Industrial Automation, Vehicle Solutions, and Aftermarket segments.
•New business wins in excess of $150 million when fully ramped; these wins were concentrated in our Electrical Systems segment.
•Operating income of $48.1 million, up $27.9 million, and adjusted operating income of $51.1 million, up $14.5 million. The increase in operating income was due to improved pricing and business mix.
•Full-year 2023 debt paydown was $10.9 million, and net debt declined to $103.7 million; leverage ratio declined to 1.5x from 2.2x.

James Ray, President and Chief Executive Officer, said, “We are pleased with our 2023 results as CVG continued winning new business, particularly in Electrical Systems, and made progress on the Company’s transformation plan, driving record annual sales and improved profitability for the year. As we look to fiscal 2024, we are focused on enhancing operational efficiency and quality standards, growing our Electrical Systems segment to be our largest business, as well as facilitating cross-
1

functional collaboration among our various business segments to strengthen our core Vehicle Solutions business and cultivating stronger customer relationships.”

Mr. Ray concluded, “As the new CEO, I am grateful for the hard work of our talented global teams that help drive improvements in our business every day, and I am looking forward to a strong fiscal 2024.”

Andy Cheung, Chief Financial Officer, added, “We delivered another year of record revenue driven by continued price realization and new business wins, despite softer fourth quarter revenues which were impacted by, among other things, a UAW labor strike at one customer facility. Our strong performance resulted in free cash flow of $19 million in 2023, which has helped us further pay down debt and reduce our net leverage to 1.5x. During the quarter, we initiated several restructuring actions to better align our resources with investments in growth product lines, which we expect will further enhance profitability across our underlying core businesses. Despite industry forecasts for a lower Class 8 truck build in 2024, we expect our financial performance in 2024 to be more resilient as we continue our diversification strategy reflecting primarily the success in growing our Electrical Systems business.”


Financial Results
(amounts in millions except per share data and percentages)
Fourth Quarter
20232022Change
Revenues$223.1 $234.9 (5.0)%
Gross profit$26.2 $12.4 111.3 %
Gross margin11.7 %5.3 %
Adjusted gross profit 1
$26.0 $23.9 8.8 %
Adjusted gross margin 1
11.7 %10.2 %
Operating income (loss)$5.0 $(4.0)
NM 2
Operating margin2.2 %(1.7)%
Adjusted operating income 1
$6.6 $8.4 (21.4)%
Adjusted operating margin 1
2.9 %3.6 %
Net income (loss)$23.3 $(32.0)
NM 2
Adjusted net income (loss) 1
$2.9 $1.4 107.1 %
Earnings (loss) per share, diluted$0.70 $(0.98)
NM 2
Adjusted earnings (loss) per share, diluted 1
$0.09 $0.04 125.0 %
Adjusted EBITDA 1
$10.3 $13.3 (22.6)%
Adjusted EBITDA margin 1
4.6 %5.7 %
1 See Appendix A for GAAP to Non-GAAP reconciliation
2 Not meaningful

Consolidated Results

Fourth Quarter 2023 Results
•Fourth quarter 2023 revenues were $223.1 million compared to $234.9 million in the prior year period, a decline of 5.0%. The decrease in revenues is due primarily to the impact of a strike at a customer facility, previous year benefit from a post-COVID backlog in Asia-Pacific, and reduced demand in Vehicle Solutions, Aftermarket, and Industrial Automation segments, which more than offset an increase in Electrical Systems revenue. Foreign currency translation favorably impacted fourth quarter 2023 revenues by $1.8 million, or by 0.7%.
•Operating income for the fourth quarter 2023 was $5.0 million compared to operating loss of $4.0 million in the prior year period. Foreign currency translation also favorably impacted
2

fourth quarter 2023 operating income by $0.7 million. Excluding special costs, the fourth quarter of 2023 adjusted operating income was $6.6 million, down 21.4%. The decline in adjusted operating income was driven primarily by lower volumes, strike impact, and higher SG&A.
•Interest expense was $2.4 million and $2.9 million for the fourth quarter ended December 31, 2023 and 2022, respectively. The decrease in interest expense was due to lower average debt balances, partially offset by higher interest rates on variable debt.
•Net income was $23.3 million, or $0.70 per diluted share, for the fourth quarter 2023 compared to net loss of $32.0 million, or $(0.98) per diluted share, in the prior year period.

At December 31, 2023, the Company had no outstanding borrowings on its revolving credit facility, $37.8 million of cash and $160.1 million availability from revolving credit facilities, resulting in total liquidity of $197.9 million.

Segment Results

Fourth Quarter 2023 Results (Compared with prior-year period, where comparisons are noted)

Vehicle Solutions Segment
•Revenues were $128.4 million, a decrease of 10.1% primarily resulting from lower volumes and the impact of a strike at a customer facility during the quarter.
•Operating income for the fourth quarter 2023 was $3.6 million, a decrease of 1.8%. Excluding special costs, the fourth quarter of 2023 adjusted operating income was $4.0 million, a decrease of 3.9%, as compared to the fourth quarter 2022, primarily due to the impact of lower sales volumes partially offset by pricing improvement and cost controls.

Electrical Systems Segment
•Revenues were $56.2 million, an increase of 19.4%, primarily resulting from increased pricing and sales volume.
•Operating income was $6.7 million, an increase of 25.0% primarily attributable to pricing and volume leverage.

Aftermarket and Accessories Segment
•Revenues were $31.4 million, a decrease of 8.1%, primarily resulting from decreased sales volume.
•Operating income was $3.4 million, an increase of 7.3%. Excluding special costs, the fourth quarter of 2023 adjusted operating income decreased 6.4%, as compared to the fourth quarter 2022, primarily due to the lower sales volume, partially offset by increased pricing.

Industrial Automation Segment
•Revenues were $7.1 million, a decrease of 35.0%, due to lower sales volume from decreased customer demand.
•Operating income was $0.9 million, compared to operating loss of $11.9 million in the prior year. Fourth quarter of 2023 adjusted operating income increased to $0.3 million, compared to an adjusted operating loss of $0.5 million in the fourth quarter 2022, primarily due to cost controls.
3





Outlook

CVG is providing the following outlook for the full year 2024:

Metric2024 Outlook ($ millions)
Net Sales$915 - $1,015
Adjusted EBITDA$60 - $73

This outlook reflects, among others, current industry forecasts for North American Class 8 truck builds. According to ACT Research, 2024 North American Class 8 truck production levels are expected to be at 285,000 units. The 2023 actual Class 8 truck builds according to the ACT Research was 340,140 units.

We expect to benefit from growth in Electrical Systems, partially offsetting the projected 16% decline in Class 8 truck builds.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Tuesday, March 5, 2024, at 10:00 a.m. ET. Management intends to reference the Q4 2023 Earnings Call Presentation posted on our website during the conference call. To participate, dial (888) 259-6580 using conference code 88986985. International participants dial (416) 764-8624 using conference code 88986985.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at www.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (877) 674-7070 using access code 986985 and international callers can dial (416) 764-8692 using access code 986985.

Company Contact

Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact

Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

4

About CVG

At CVG we deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, global supply chain constraints, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company’s prospects in the wire harness, industrial automation and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including inflation and labor shortages and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.



###
5

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
Three and Twelve Months Ended December 31, 2023 and 2022
(Unaudited)
(Amounts in thousands, except per share amounts)
 Three Months Ended Twelve Months Ended
 2023202220232022
Revenues$223,089 $234,918 $994,679 $981,553 
Cost of revenues196,900 222,517 860,956 895,048 
Gross profit26,189 12,401 133,723 86,505 
Selling, general and administrative expenses21,165 16,406 85,663 66,361 
Operating income5,024 (4,005)48,060 20,144 
Other (income) expense707 7,665 1,195 10,463 
Interest expense2,383 2,935 10,691 9,827 
Loss on extinguishment of debt— — — 921 
Income (loss) before provision for income taxes1,934 (14,605)36,174 (1,067)
Provision (benefit) for income taxes(21,347)17,384 (13,237)20,904 
Net income (loss)$23,281 $(31,989)$49,411 $(21,971)
Earnings (loss) per common share
Basic$0.70 $(0.98)$1.50 $(0.68)
Diluted$0.70 $(0.98)$1.47 $(0.68)
Weighted average shares outstanding
Basic33,132 32,567 33,040 32,334 
Diluted33,443 32,567 33,581 32,334 



6

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
December 31, 2023 and 2022  
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETS20232022
Current Assets:
Cash$37,848 $31,825 
Accounts receivable, net 133,949 152,626 
Inventories128,082 142,542 
Other current assets27,863 12,582 
Total current assets327,742 339,575 
Property, plant and equipment, net 73,468 67,805 
Operating lease right-of-use asset, net31,165 26,372 
Intangible assets, net 11,222 14,620 
Deferred income taxes, net33,568 12,275 
Other assets6,049 9,621 
TOTAL ASSETS$483,214 $470,268 
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts payable$77,314 $122,091 
Current operating lease liabilities7,502 7,421 
Accrued liabilities and other45,060 35,388 
Current portion of long-term debt15,313 10,938 
Total current liabilities145,189 175,838 
Long-term debt126,201 141,499 
Long-term operating lease liabilities24,417 19,422 
Pension and other post-retirement liabilities9,196 8,428 
Other long-term liabilities5,279 5,041 
Total liabilities310,282 350,228 
Stockholders’ equity:
Preferred stock
— — 
Common stock
333 328 
Treasury stock, at cost(16,150)(14,514)
Additional paid-in capital265,217 261,371 
Retained deficit(46,184)(95,595)
Accumulated other comprehensive loss(30,284)(31,550)
Total stockholders’ equity172,932 120,040 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY$483,214 $470,268 

7

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
Three and Twelve Months Ended December 31, 2023 and 2022
(Unaudited)
(Amounts in thousands)
Three Months Ended
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate / OtherTotal
202320222023202220232022202320222023202220232022
Revenues$128,411 $142,765 $56,188 $47,054 $31,367 $34,141 $7,123 $10,958 $— $— $223,089 $234,918 
Gross profit10,095 10,322 8,873 7,136 5,566 5,494 1,655 (10,551)— — 26,189 12,401 
Selling, general & administrative expenses 6,501 6,661 2,176 1,778 2,127 2,289 804 1,322 9,557 4,356 21,165 16,406 
Operating income (loss)$3,594 $3,661 $6,697 $5,358 $3,439 $3,205 $851 $(11,873)$(9,557)$(4,356)$5,024 $(4,005)

Twelve Months Ended
Vehicle SolutionsElectrical SystemsAftermarket and AccessoriesIndustrial AutomationCorporate / OtherTotal
202320222023202220232022202320222023202220232022
Revenues$587,119 $579,731 $228,424 $180,404 $140,236 $133,671 $38,900 $87,747 $— $— $994,679 $981,553 
Gross profit68,129 45,979 35,397 23,993 27,187 18,836 3,010 (2,303)— — 133,723 86,505 
Selling, general & administrative expenses 26,109 24,930 9,107 5,775 8,144 6,925 4,392 5,564 37,911 23,167 85,663 66,361 
Operating income (loss)$42,020 $21,049 $26,290 $18,218 $19,043 $11,911 $(1,382)$(7,867)$(37,911)$(23,167)$48,060 $20,144 
8

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures
Three and Twelve Months Ended December 31, 2023 and 2022
(Unaudited)
(Amounts in thousands, except per share amounts and percentages)
Three Months Ended Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Gross profit$26,189 $12,401 $133,723 $86,505 
Inventory adjustment— 10,421 — 10,421 
Restructuring(198)1,077 1,245 4,035 
Adjusted gross profit$25,991 $23,899 $134,968 $100,961 
% of revenues11.7 %10.2 %13.6 %10.3 %
Three Months Ended Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Operating income (loss)$5,024 $(4,005)$48,060 $20,144 
Restructuring785 1,978 2,286 5,365 
Inventory adjustment— 10,421 — 10,421 
Deferred consideration purchase accounting— — — 341 
Executive transition770 — 770 329 
Total operating income adjustments1,555 1,555 12,399 3,056 16,456 
Adjusted operating income (loss)$6,579 $8,394 $51,116 $36,600 
% of revenues2.9 %3.6 %5.1 %3.7 %
Three Months Ended Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Net income (loss)$23,281 $(31,989)$49,411 $(21,971)
Pre-tax adjusting items:
Operating income (loss) adjustments1,555 12,399 3,056 16,456 
Hryvnia fair value adjustments on forward exchange contracts— (134)— (36)
Loss on early extinguishment of debt— — — 921 
Other adjusting items:
Non-cash pension settlement— 8,086 — 9,202 
Pension settlement - tax adjustment— 1,462 — 1,462 
Tax Valuation Allowance(21,521)14,666 (21,521)14,666 
Adjusted (benefit) provision for income taxes1
(389)(3,066)(764)(4,335)
Adjusted net income (loss)$2,926 $1,424 $30,182 $16,365 
Diluted EPS$0.70 $(0.98)$1.47 $(0.68)
Adjustments to diluted EPS$(0.61)$1.02 $(0.57)$1.19 
Adjusted diluted EPS$0.09 $0.04 $0.90 $0.51 
1.Reported Tax (Benefit) Provision adjusted for tax effect of at 25% of pre-tax adjusting items.
9

Three Months Ended Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Net income (loss)$23,281 $(31,989)$49,411 $(21,971)
Interest expense2,383 2,935 10,691 9,827 
Provision (benefit) for income taxes(21,347)17,384 (13,237)20,904 
Depreciation expense3,625 3,727 14,240 14,770 
Amortization expense847 848 3,390 3,411 
EBITDA$8,789 $(7,095)$64,495 $26,941 
% of revenues3.9 %(3.0)%6.5 %2.7 %
EBITDA adjustments
Restructuring785 1,978 2,286 5,365 
Inventory adjustment— 10,421 — 10,421 
Pension settlement— 8,086 — 9,202 
Deferred consideration purchase accounting— — — 341 
Hryvnia fair value adjustments on forward exchange contracts— (134)— (36)
Executive transition770 — 770 329 
Loss on early extinguishment of debt— — — 921 
Adjusted EBITDA$10,344 $13,256 $67,551 $53,484 
% of revenues4.6 %5.7 %6.8 %5.4 %




10

COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix B: Segment Reconciliation of GAAP to Non-GAAP Financial Measures
Three and Twelve Months Ended December 31, 2023 and 2022
(Unaudited)
(Amounts in thousands, except percentages)
Three Months Ended December 31, 2023
Vehicle SolutionsElectric SystemsAftermarketIndustrial AutomationCorporateTotal
Operating income (loss)$3,594 $6,697 $3,439 $851 $(9,557)$5,024 
Restructuring386 — — (584)983 785 
Executive transition— — — — 770 770 
Adjusted operating income (loss)$3,980 $6,697 $— $3,439 $— $267 $(7,804)$6,579 
% of revenues3.1 %11.9 %11.0 %3.7 %2.9 %
Twelve Months Ended December 31, 2023
Vehicle SolutionsElectric SystemsAftermarketIndustrial AutomationCorporateTotal
Operating income (loss)$42,020 $26,290 $19,043 $(1,382)$(37,911)$48,060 
Restructuring809 8 — 486 983 2,286 
Executive transition— — — — 770 770 
Adjusted operating income (loss)$42,829 $26,298 $19,043 $(896)$(36,158)$51,116 
% of revenues7.3 %11.5 %13.6 %(2.3)%5.1 %
Three Months Ended December 31, 2022
Vehicle SolutionsElectric SystemsAftermarketIndustrial AutomationCorporateTotal
Operating income (loss)$3,661 $5,358 $3,205 $(11,873)$(4,356)$(4,005)
Restructuring481 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 revenues2.9 %11.6 %10.8 %(4.8)%3.6 %
Twelve Months Ended December 31, 2022
Vehicle SolutionsElectric SystemsAftermarketIndustrial AutomationCorporateTotal
Operating income (loss)$21,049 $18,218 $11,911 $(7,867)$(23,167)$20,144 
Restructuring751 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 revenues3.8 %10.5 %10.3 %5.3 %3.7 %

Three Months Ended Twelve Months Ended
December 31, 2023December 31, 2022December 31, 2023December 31, 2022
Cash flow from operating activities$8,286 $35,153 $38,276 $68,947 
Purchases of property, plant and equipment(4,500)(7,169)(19,696)(19,710)
Free cash flow$3,786 $27,984 $18,580 $49,237 


11

December 31, 2023December 31, 2022
Current portion of long-term debt$15,313 $10,938 
Long-term debt126,201 141,499 
Less Cash
$37,848 $31,825 
Total net debt
$103,666 $120,612 
Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.

Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods. The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.


12
v3.24.0.1
Cover
Mar. 04, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Mar. 04, 2024
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
Commercial Vehicle (NASDAQ:CVGI)
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