NOVI, Mich., Feb. 28, 2022 /PRNewswire/ --
Fourth-Quarter 2021 Results
- Loss per diluted share ("EPS") of ($0.23)
- Adjusted loss per share of ($0.24)
- Sales of $203.7
million
- Adjusted sales of $184.7
million
- Gross profit of $41.9
million
- Adjusted gross profit of $42.0
million (22.7% of adjusted sales)
- Operating loss of ($4.4)
million
- Adjusted operating loss of ($7.0)
million ((3.8%) of adjusted sales)
- Adjusted EBITDA of $2.4
million (1.3% of adjusted sales)
Full-Year 2021 Results
- Earnings per share of $0.12
- Adjusted loss per share of ($0.59)
- Sales of $770.5
million
- Gross profit of $166.9
million
- Adjusted gross profit of $168.4
million (22.4% of adjusted sales)
- Operating profit of $15.4
million
- Adjusted operating loss of ($12.2)
million ((1.6%) of adjusted sales)
- Adjusted EBITDA of $23.7
million (3.2% of adjusted sales)
2022 Guidance
- Adjusted EPS of ($0.15) -
$0.10
- Adjusted sales of $860 -
$900 million
- Adjusted gross margin of 21.5% - 22.5%
- Adjusted operating margin of 0.75% - 1.75%
- Adjusted EBITDA margin of 5.0% - 6.0% ($43 million - $54
million)
- Tax expense of $2.5 million to
$4.5 million
Stoneridge, Inc. (NYSE: SRI) today announced financial results
for the fourth quarter and full-year ended December 31, 2021, with fourth quarter sales of
$203.7 million and a loss per share
of ($0.23) and full-year sales of
$770.5 million and EPS of
$0.12. Adjusted sales for the
fourth quarter and full year were $184.7
million and $750.5 million
respectively. Adjusted loss per share was ($0.24) for the fourth quarter ended December 31, 2021 and adjusted loss per share was
($0.59) for the full-year 2021.
The exhibits attached hereto provide reconciliation detail on
the normalizing adjustments.For the fourth quarter ended
December 31, 2021, Stoneridge
reported gross profit of $41.9
million and adjusted gross profit of $42.0 million (22.7% of adjusted sales).
Fourth quarter 2021 operating loss was ($4.4) million and adjusted operating loss was
($7.0) million ((3.8%) of adjusted
sales). Fourth quarter 2021 adjusted EBITDA was $2.4 million (1.3% of adjusted sales).
For the full-year ended December 31,
2021, Stoneridge reported gross profit of $166.9 million and adjusted gross profit of
$168.4 million (22.4% of adjusted
sales). 2021 operating profit was $15.4 million and adjusted operating loss was
($12.2) million ((1.6)% of adjusted
sales). 2021 adjusted EBITDA was $23.7
million (3.2% of adjusted sales).
Jon DeGaynor, president and chief
executive officer, commented, "Although 2021 presented a number of
challenges outside of our control, we were able to effectively
navigate an incredibly volatile operating environment while
continuing to execute on our long-term strategy. In the fourth
quarter, we were able to offset approximately 78% of our supply
chain related costs through recovery of current and historical
costs. We continue to work with our customers to preserve our
gross margin through price increases aligned with current market
conditions and are executing on initiatives to reduce supply chain
related costs."
DeGaynor continued, "Our long-term strategy is focused on
long-term, profitable growth. We are updating our long-term
revenue and EBITDA margin targets to $1.25
billion and 14% respectively by 2026. This implies
growth of more than 4x our underlying markets and is supported by
our backlog that grew to $3.4 billion
in 2021, which represents a 13% increase over the previous year due
to new program awards and the continued expansion of existing
programs. We will continue to focus our resources on the
areas of largest opportunity for the Company and drive value for
our shareholders while navigating current market
conditions."
DeGaynor concluded, "One of the largest drivers of opportunity
going forward is our MirrorEye platform. Our first OEM
MirrorEye program launched early this year with DAF on its award
winning XG platform and has seen strong market demand.
Current customer forecasts are suggesting at least 35% take-rates
as production ramps-up on the new vehicle, which are double the
originally quoted take-rates. We expect that take-rates will
continue to increase over time both with this OEM and on future
launches."
Fourth Quarter in Review
Control Devices' fourth
quarter 2021 adjusted sales excluding the divested soot sensor
product line totaled $78.6 million, a
decrease of $6.3 million, or (7.3%),
relative to the third quarter of 2021, primarily driven by reduced
customer production schedules. Control Devices adjusted gross
margin increased compared to the third quarter of 2021 as a result
of reduced material and overhead expenses. The segment's adjusted
operating income increased relative to the third quarter as a
result of higher gross profit, resulting in an adjusted operating
margin of 5.2%.
Electronics' fourth quarter adjusted sales totaled $96.5 million, an increase of $12.6 million, or 15.0%, relative to the third
quarter of 2021 primarily as a result of successful program
launches and strong market demand. Electronics adjusted gross
margin increased due to increased sales, aided by favorable product
mix, cost improvements in electronic components and fixed overhead
leverage on incremental sales compared to the third quarter of
2021. The segment's adjusted operating loss decreased relative to
the third quarter as a result of higher gross margins, slightly
offset by higher D&D expenses as a percentage of sales,
resulting in an adjusted operating margin of (4.9%).
Stoneridge Brazil's fourth quarter sales totaled $14.0 million, a decrease of $2.5 million, or 15.1% relative to the third
quarter. Stoneridge Brazil's adjusted gross margin declined due to
lower sales coupled with the increase in direct material costs due
to global supply chain disruptions and increased material costs.
The segment's adjusted operating income decreased relative to the
third quarter as a result of decreased adjusted gross margin and
higher D&D expenses as a percentage of sales, resulting in an
adjusted operating margin of 2.5%.
Cash and Debt Balances
During the quarter, the Company
increased net debt by approximately $2.1
million relative to the prior quarter. As of December 31, 2021, Stoneridge had cash and cash
equivalent balances totaling $85.5 million. Total net debt as of
December 31, 2021 was $83.7 million. Total debt less cash and cash
equivalents yields a current net debt to trailing-twelve-month
adjusted EBITDA ratio of approximately 3.5x.
The Company also announced that the current Credit Facility was
amended in the first quarter of 2022 to provide relief on existing
coverage ratios and to allow the Company the flexibility to
continue to invest in the business to drive and support future
growth. The amendment, which extends through the first quarter of
2023, raises the Company's net debt to EBITDA leverage compliance
ratio to 4.0x in the fourth quarter of 2021, waives the leverage
ratio for the first three quarters of 2022 and modifies the fourth
quarter of 2022 to include a 4.75x leverage ratio. The
amendment concludes after the first quarter of 2023, when the
leverage ratio requirement returns to 3.5x.
The Company expects that the net debt to EBITDA ratio will
return to a more normalized level by the end of 2022 and is
targeting a leverage ratio under 2.0x by the end of the year.
2022 Outlook
The Company announced 2022 adjusted sales
guidance of $860 - $900 million. Further, the Company announced
guidance for 2022 adjusted gross margin of 21.5% - 22.5%, adjusted
operating margin of 0.75% - 1.75% and adjusted EBITDA of
$43 million - $54 million or 5.0% - 6.0% of adjusted
sales.
Matt Horvath, chief financial
officer, commented, "Our midpoint revenue guidance of $880 million implies approximately 17% growth
relative to 2021 or approximately 2x our weighted average end
markets. While we expect continued incremental supply chain
related costs, particularly related to material cost increases, we
expect to continue to offset a significant portion of these costs
in 2022 as we negotiate price increases with our customers.
Similarly, we continue to execute on initiatives to reduce supply
chain related costs. As we move into 2022, we remain focused
on efficient cash management and in particular, reduced inventory
balances, to help return our leverage ratios to more normalized
rates by the end of the year."
The Company also announced adjusted earnings per share guidance
of ($0.15) - $0.10 and an expected tax expense of $2.5 million - $4.5
million.
Horvath continued, "With respect to adjusted earnings per share,
we are expecting continued strong incremental contribution on
revenue, which will be partially offset by wage and incentive
normalization relative to 2021 when incentive targets were not
achieved. Additionally, we expect the Company's price and
cost initiatives to be able to offset a significant portion of
incremental material costs and contractual annual
price-downs. This results in adjusted EPS guidance of
($0.15) to $0.10 for 2022."
Horvath concluded, "Moving forward, we expect that the impact of
new program launches will drive significant growth, and we have
updated our long-term targeted revenue to reflect a compound annual
growth rate of approximately 9% through 2026, resulting in targeted
2023 revenue of approximately $1
billion and 2026 revenue of $1.25
billion. This is supported by a $3.4 billion backlog1 which grew 13%
relative to 2020. Driven by strong contribution margins on
incremental revenue, continuous improvement activities in our
manufacturing facilities, leverage on our existing cost structure
and a continued focus on a more cost-effective global engineering
footprint, we are targeting an EBITDA margin of 14% by
2026."
Conference Call on the Web
A live Internet broadcast
of Stoneridge's conference call regarding 2021 fourth quarter and
full-year results can be accessed at 9:00
a.m. Eastern Time on Tuesday, March 1, 2022, at
www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered
in Novi, Michigan, is an
independent designer and manufacturer of highly engineered
electrical and electronic components, modules and systems
principally for the automotive, commercial, off-highway, motorcycle
and agricultural vehicle markets. Additional information
about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this release
contain "forward-looking statements" under the Private Securities
Litigation Reform Act of 1995. These statements appear in a number
of places in this report and may include statements regarding the
intent, belief or current expectations of the Company, with respect
to, among other things, our (I) future product and facility
expansion, (ii) acquisition strategy, (iii) investments and new
product development, (iv) growth opportunities related to awarded
business, and (v) operational expectations. Forward-looking
statements may be identified by the words "will," "may," "should,"
"designed to," "believes," "plans," "projects," "intends,"
"expects," "estimates," "anticipates," "continue," and similar
words and expressions. The forward-looking statements are
subject to risks and uncertainties that could cause actual events
or results to differ materially from those expressed in or implied
by the statements. Important factors that could cause actual
results to differ materially from those in the forward-looking
statements include, among other factors:
- the ability of our suppliers to supply us with parts and
components at competitive prices on a timely basis, including the
impact of potential tariffs and trade considerations on their
operations and output;
- our ability to achieve cost reductions that offset or exceed
customer-mandated selling price reductions;
- the impact of COVID-19, or other future pandemics, on the
global economy, and on our customers, suppliers, employees,
business and cash flows;
- the reduced purchases, loss or bankruptcy of a major customer
or supplier;
- the costs and timing of business realignment, facility closures
or similar actions;
- a significant change in automotive, commercial, off-highway or
agricultural vehicle production;
- competitive market conditions and resulting effects on sales
and pricing;
- our ability to manage foreign currency fluctuations;
- customer acceptance of new products;
- our ability to successfully launch/produce products for awarded
business;
- adverse changes in laws, government regulations or market
conditions, including tariffs, affecting our products or our
customers' products;
- our ability to protect our intellectual property and
successfully defend against assertions made against us;
- liabilities arising from warranty claims, product recall or
field actions, product liability and legal proceedings to which we
are or may become a party, or the impact of product recall or field
actions on our customers;
- labor disruptions at our facilities or at any of our
significant customers or suppliers;
- business disruption due to natural disasters or other disasters
outside of our control;
- fluctuations in the cost and availability of key materials
(including semiconductors, printed circuit boards, resin, aluminum,
steel and copper) and components and our ability to offset cost
increases;
- the amount of our indebtedness and the restrictive covenants
contained in the agreements governing our indebtedness, including
our revolving credit facility;
- capital availability or costs, including changes in interest
rates or market perceptions;
- the failure to achieve the successful integration of any
acquired company or business;
- risks related to a failure of our information technology
systems and networks, and risks associated with current and
emerging technology threats and damage from computer viruses,
unauthorized access, cyber-attack and other similar disruptions;
and
- the items described in Part I, Item IA ("Risk Factors") of our
10-K filed with the SEC.
The forward-looking statements contained herein represent our
estimates only as of the date of this release and should not be
relied upon as representing our estimates as of any subsequent
date. While we may elect to update these forward-looking
statements at some point in the future, we specifically disclaim
any obligation to do so, whether to reflect actual results, changes
in assumptions, changes in other factors affecting such
forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This
press release contains information about the Company's financial
results which is not presented in accordance with accounting
principles generally accepted in the
United States ("GAAP"). Such non-GAAP financial measures are
reconciled to their closest GAAP financial measures at the end of
this press release. The provision of these non-GAAP financial
measures for 2021 and 2020 is not intended to indicate that
Stoneridge is explicitly or implicitly providing projections on
those non-GAAP financial measures, and actual results for such
measures are likely to vary from those presented. The
reconciliations include all information reasonably available to the
Company at the date of this press release and the adjustments that
management can reasonably predict.
Management believes the non-GAAP financial measures used in this
press release are useful to both management and investors in their
analysis of the Company's financial position and results of
operations. In particular, management believes that adjusted
sales, adjusted gross profit and margin, adjusted operating income
(loss) and margin, adjusted net income (loss), adjusted earnings
(loss) per share, EBITDA, EBITDA margin, adjusted EBITDA ratio,
adjusted EBITDA, adjusted EBITDA margin, net debt, adjusted income
(loss) before tax, adjusted income tax benefit and adjusted tax
rate are useful measures in assessing the Company's financial
performance by excluding certain items that are not indicative of
the Company's core operating performance or that may obscure trends
useful in evaluating the Company's continuing operating
activities. Management also believes that these measures are
useful to both management and investors in their analysis of the
Company's results of operations and provide improved comparability
between fiscal periods.
Adjusted sales, adjusted gross profit and margin, adjusted
operating income (loss) and margin, adjusted net income (loss),
adjusted earnings (loss) per share, EBITDA, EBITDA margin, adjusted
EBITDA ratio, adjusted EBITDA, adjusted EBITDA margin, net debt,
adjusted income (loss) before tax benefit (loss) and adjusted tax
rate should not be considered in isolation or as a substitute for
gross profit, operating income (loss), net income (loss), earnings
(loss) per share, debt, income (loss) before tax, income tax
benefit or tax rate, cash provided by operating activities or other
income statement or cash flow statement data prepared in accordance
with GAAP.
1
|
The Company defines
backlog as the estimated cumulative awarded sales for the next five
years (or "estimated sourced future sales").
|
CONSOLIDATED
STATEMENTS OF OPERATIONS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, (in thousands, except per share data)
|
|
|
2021
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
|
|
$
|
770,462
|
|
$
|
648,006
|
|
$
|
834,289
|
Costs and
expenses:
|
|
|
|
|
|
|
|
|
|
|
Cost of goods
sold
|
|
|
|
603,604
|
|
|
493,810
|
|
|
620,556
|
Selling, general and
administrative
|
|
|
|
116,000
|
|
|
112,474
|
|
|
123,853
|
Gain on sale of
Canton Facility, net
|
|
|
|
(30,718)
|
|
|
-
|
|
|
-
|
Gain on disposal of
Non-core Product, net
|
|
|
|
-
|
|
|
-
|
|
|
(33,599)
|
Design and
development
|
|
|
|
66,165
|
|
|
49,386
|
|
|
52,198
|
Operating income
(loss)
|
|
|
|
15,411
|
|
|
(7,664)
|
|
|
71,281
|
Interest expense,
net
|
|
|
|
5,189
|
|
|
6,124
|
|
|
4,324
|
Equity in earnings of
investee
|
|
|
|
(3,658)
|
|
|
(1,536)
|
|
|
(1,578)
|
Other expense
(income), net
|
|
|
|
1,444
|
|
|
(1,528)
|
|
|
142
|
Income (loss) before
income taxes
|
|
|
|
12,436
|
|
|
(10,724)
|
|
|
68,393
|
Provision (benefit)
for income taxes
|
|
|
|
9,030
|
|
|
(2,774)
|
|
|
8,102
|
Net income
(loss)
|
|
|
|
3,406
|
|
|
(7,950)
|
|
|
60,291
|
|
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
$
|
0.13
|
|
$
|
(0.29)
|
|
$
|
2.17
|
Diluted
|
|
|
$
|
0.12
|
|
$
|
(0.29)
|
|
$
|
2.13
|
|
|
|
|
|
|
|
|
|
|
|
Weighted-average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
Basic
|
|
|
|
27,114
|
|
|
27,025
|
|
|
27,792
|
Diluted
|
|
|
|
27,416
|
|
|
27,025
|
|
|
28,270
|
|
|
|
|
|
|
|
|
|
|
|
CONSOLIDATED
BALANCE SHEETS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, (in
thousands)
|
|
2021
|
|
2020
|
|
|
|
|
|
|
|
ASSETS
|
|
|
|
|
|
|
Current
assets:
|
|
|
|
|
|
|
Cash and cash
equivalents
|
|
$
|
85,547
|
|
$
|
73,919
|
Accounts receivable,
less reserves of $1,443 and $817, respectively
|
|
|
150,388
|
|
|
136,745
|
Inventories,
net
|
|
|
138,115
|
|
|
90,548
|
Prepaid expenses and
other current assets
|
|
|
36,774
|
|
|
33,452
|
Total current
assets
|
|
|
410,824
|
|
|
334,664
|
Long-term
assets:
|
|
|
|
|
|
|
Property, plant and
equipment, net
|
|
|
107,901
|
|
|
119,324
|
Intangible assets,
net
|
|
|
49,863
|
|
|
55,394
|
Goodwill
|
|
|
36,387
|
|
|
39,104
|
Operating lease
right-of-use asset
|
|
|
18,343
|
|
|
18,944
|
Investments and other
long-term assets, net
|
|
|
42,081
|
|
|
53,978
|
Total long-term
assets
|
|
|
254,575
|
|
|
286,744
|
Total
assets
|
|
$
|
665,399
|
|
$
|
621,408
|
|
|
|
|
|
|
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
|
|
Current portion of
debt
|
|
$
|
5,248
|
|
$
|
7,673
|
Accounts
payable
|
|
|
97,679
|
|
|
86,103
|
Accrued expenses and
other current liabilities
|
|
|
70,139
|
|
|
52,272
|
Total current
liabilities
|
|
|
173,066
|
|
|
146,048
|
Long-term
liabilities:
|
|
|
|
|
|
|
Revolving credit
facility
|
|
|
163,957
|
|
|
136,000
|
Deferred income
taxes
|
|
|
10,706
|
|
|
12,935
|
Operating lease
long-term liability
|
|
|
14,912
|
|
|
15,434
|
Other long-term
liabilities
|
|
|
6,808
|
|
|
14,357
|
Total long-term
liabilities
|
|
|
196,383
|
|
|
178,726
|
Shareholders'
equity:
|
|
|
|
|
|
|
Preferred Shares,
without par value, 5,000 shares authorized, none issued
|
|
|
-
|
|
|
-
|
Common Shares,
without par value, 60,000 shares authorized, 28,966 and 28,966
shares issued and 27,191 and 27,006 shares
outstanding at June 30, 2021 and December 31, 2020, respectively,
with no stated value
|
|
|
-
|
|
|
-
|
Additional paid-in
capital
|
|
|
232,490
|
|
|
234,409
|
Common Shares held in
treasury, 1,775 and 1,960 shares at June 30, 2021 and December 31,
2020, respectively, at cost
|
|
|
(55,264)
|
|
|
(60,482)
|
Retained
earnings
|
|
|
215,748
|
|
|
212,342
|
Accumulated other
comprehensive loss
|
|
|
(97,024)
|
|
|
(89,635)
|
Total shareholders'
equity
|
|
|
295,950
|
|
|
296,634
|
Total liabilities and
shareholders' equity
|
|
$
|
665,399
|
|
$
|
621,408
|
|
|
|
|
|
|
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year ended
December 31, (in thousands)
|
|
2021
|
|
2020
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
OPERATING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Net income
(loss)
|
|
$
|
3,406
|
|
$
|
(7,950)
|
|
$
|
60,291
|
Adjustments to
reconcile net income to net cash provided by (used for) operating
activities:
|
|
|
|
|
|
|
|
|
|
Depreciation
|
|
|
27,823
|
|
|
27,309
|
|
|
24,904
|
Amortization, including accretion and write-off of deferred
financing costs
|
|
|
6,648
|
|
|
5,926
|
|
|
6,579
|
Deferred
income taxes
|
|
|
(511)
|
|
|
(7,953)
|
|
|
5,586
|
Earnings
of equity method investee
|
|
|
(3,658)
|
|
|
(1,536)
|
|
|
(1,578)
|
(Gain)
loss on sale of fixed assets
|
|
|
(165)
|
|
|
185
|
|
|
(98)
|
Share-based compensation expense
|
|
|
5,960
|
|
|
5,888
|
|
|
6,191
|
Excess
tax benefit related to share-based compensation expense
|
|
|
(563)
|
|
|
(46)
|
|
|
(1,289)
|
Gain on
sale of Canton Facility, net
|
|
|
(30,718)
|
|
|
-
|
|
|
-
|
Gain on
disposal of business and joint venture, net
|
|
|
(2,942)
|
|
|
-
|
|
|
-
|
Gain on
disposal of Non-core Products, net
|
|
|
-
|
|
|
-
|
|
|
(33,599)
|
Property, plant and equipment impairment charge
|
|
|
-
|
|
|
2,349
|
|
|
-
|
Change
in fair value of earn-out contingent consideration
|
|
|
2,065
|
|
|
(3,196)
|
|
|
2,308
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
|
|
|
|
Accounts
receivable, net
|
|
|
(17,019)
|
|
|
4,164
|
|
|
(1,353)
|
Inventories, net
|
|
|
(51,270)
|
|
|
4,000
|
|
|
(15,653)
|
Prepaid
expenses and other assets
|
|
|
(5,116)
|
|
|
1,342
|
|
|
(8,898)
|
Accounts
payable
|
|
|
16,515
|
|
|
3,642
|
|
|
(6,980)
|
Accrued
expenses and other liabilities
|
|
|
13,297
|
|
|
(5,483)
|
|
|
(11,906)
|
Net cash (used for)
provided by operating activities
|
|
|
(36,248)
|
|
|
28,641
|
|
|
24,505
|
|
|
|
|
|
|
|
|
|
|
INVESTING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Capital expenditures,
including intangibles
|
|
|
(27,031)
|
|
|
(32,462)
|
|
|
(39,467)
|
Proceeds from sale of
fixed assets
|
|
|
268
|
|
|
127
|
|
|
382
|
Proceeds from
disposal of business, net
|
|
|
1,837
|
|
|
-
|
|
|
34,386
|
Proceeds from
disposal of joint venture, net
|
|
|
20,999
|
|
|
-
|
|
|
-
|
Proceeds from sale of
Canton Facility, net
|
|
|
35,167
|
|
|
-
|
|
|
-
|
Investment in venture
capital fund, net
|
|
|
(3,199)
|
|
|
(1,550)
|
|
|
(1,600)
|
Net cash provided by
(used for) investing activities
|
|
|
28,041
|
|
|
(33,885)
|
|
|
(6,299)
|
|
|
|
|
|
|
|
|
|
|
FINANCING
ACTIVITIES:
|
|
|
|
|
|
|
|
|
|
Revolving credit
facility borrowings
|
|
|
91,913
|
|
|
71,500
|
|
|
112,000
|
Revolving credit
facility payments
|
|
|
(64,000)
|
|
|
(61,500)
|
|
|
(82,000)
|
Proceeds from
issuance of debt
|
|
|
45,753
|
|
|
41,104
|
|
|
2,208
|
Repayments of
debt
|
|
|
(48,125)
|
|
|
(37,823)
|
|
|
(2,953)
|
Earn-out
consideration cash payment
|
|
|
-
|
|
|
-
|
|
|
(3,394)
|
Common Share
repurchase program
|
|
|
-
|
|
|
(4,995)
|
|
|
(50,000)
|
Repurchase of Common
Shares to satisfy employee tax withholding
|
|
|
(2,665)
|
|
|
(1,773)
|
|
|
(4,119)
|
Net cash provided by
(used for) financing activities
|
|
|
22,876
|
|
|
6,513
|
|
|
(28,258)
|
|
|
|
|
|
|
|
|
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
|
|
(3,041)
|
|
|
3,247
|
|
|
(1,637)
|
Net change in cash
and cash equivalents
|
|
|
11,628
|
|
|
4,516
|
|
|
(11,689)
|
Cash and cash
equivalents at beginning of period
|
|
|
73,919
|
|
|
69,403
|
|
|
81,092
|
|
|
|
|
|
|
|
|
|
|
Cash and cash
equivalents at end of period
|
|
$
|
85,547
|
|
$
|
73,919
|
|
$
|
69,403
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
|
|
|
|
Cash
paid for interest
|
|
$
|
6,055
|
|
$
|
5,620
|
|
$
|
4,401
|
Cash
paid for income taxes, net
|
|
$
|
11,267
|
|
$
|
(254)
|
|
$
|
12,222
|
|
|
|
|
|
|
|
|
|
|
Supplemental
disclosure of non-cash activities:
|
|
|
|
|
|
|
|
|
|
Adoption
of ASU 2019-12 (Note 2)
|
|
$
|
-
|
|
$
|
13,750
|
|
$
|
-
|
|
|
|
|
|
|
|
|
|
|
|
*Refer to Note 2 of
the Form 10-K as of December 31, 2020
|
Regulation G
Non-GAAP Financial Measure Reconciliations
|
|
|
|
|
|
Reconciliation to
US GAAP
|
|
|
|
|
|
Exhibit 1 -
Adjusted EPS
|
|
|
|
|
|
Reconciliation of
Q4 2021 Adjusted EPS
|
(USD in
millions)
|
Q4
2021
|
Q4 2021
EPS
|
Net
Income
|
$
(6.2)
|
$
(0.23)
|
|
|
|
Add: Post-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
0.6
|
0.02
|
Less: Post-Tax TSA
and Monetary Correction (Stoneridge Brazil)
|
(1.9)
|
(0.07)
|
Add: Post-Tax Loss
from Disposal of MSIL Joint Venture
|
1.3
|
0.05
|
Add: Post-Tax
Restructuring Costs
|
0.0
|
0.00
|
Add: Post-Tax
Business Realignment Costs
|
0.0
|
0.00
|
Less: Post-Tax Gain
from Disposal of Soot Sensor Business
|
(0.4)
|
(0.02)
|
Add: Post-Tax Sale of
Soot Sensor Product Inventory
|
0.1
|
0.00
|
Adjusted Net
Income
|
$
(6.5)
|
$
(0.24)
|
|
|
|
|
|
|
|
|
|
Reconciliation of
2021 Adjusted EPS
|
(USD in
millions)
|
2021
|
2021
EPS
|
Net
Income
|
$
3.4
|
$
0.12
|
|
|
|
Add: Post-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
2.1
|
0.08
|
Less: Post-Tax TSA
and Monetary Correction (Stoneridge Brazil)
|
(1.9)
|
(0.07)
|
Add: Post-Tax Loss
from Disposal of MSIL Joint Venture
|
1.3
|
0.05
|
Add: Post-Tax
Restructuring Costs
|
2.1
|
0.08
|
Less: Post-Tax Gain
on Sale of Canton Facility
|
(24.1)
|
(0.88)
|
Add: Post-Tax
Business Realignment Costs
|
1.2
|
0.04
|
Add: Post-Tax
Brazilian Indirect Tax Impairment
|
0.4
|
0.02
|
Less: Post-Tax Gain
from Disposal of Soot Sensor Business
|
(0.4)
|
(0.01)
|
Less: Post-Tax Sale
of Soot Sensor Product Inventory
|
0.1
|
0.00
|
Adjusted Net
Income
|
$
(15.9)
|
$
(0.59)
|
|
|
|
Exhibit 2 –
Adjusted Operating Income (Loss) by
Segment
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Control Devices Adjusted Operating Income (Loss)
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Control Devices
Operating Income (Loss)
|
$
7.3
|
$
(9.7)
|
$
12.5
|
$
12.0
|
$
22.1
|
$
10.2
|
$
37.1
|
$
2.9
|
$
4.8
|
$
54.9
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax
Restructuring Costs
|
2.2
|
3.0
|
0.5
|
0.6
|
6.4
|
1.4
|
0.3
|
0.6
|
0.1
|
2.3
|
Less: Pre-Tax Gain on
Sale of Canton Facility
|
-
|
-
|
-
|
-
|
-
|
-
|
(30.7)
|
-
|
-
|
(30.7)
|
Less: Pre-Tax Gain
from Disposal of Soot Sensor Business
|
-
|
-
|
-
|
-
|
-
|
(0.7)
|
-
|
-
|
(0.4)
|
(1.1)
|
Add: Pre-Tax Business
Realignment Costs
|
0.4
|
1.0
|
0.3
|
0.1
|
1.8
|
0.2
|
-
|
-
|
-
|
0.2
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
-
|
-
|
-
|
-
|
-
|
(0.1)
|
-
|
-
|
0.1
|
(0.0)
|
Add: Pre-Tax
Environmental Remediation Costs
|
-
|
-
|
-
|
-
|
-
|
0.4
|
-
|
-
|
-
|
0.4
|
Control Devices
Adjusted Operating Income (Loss)
|
$
9.9
|
$
(5.6)
|
$
13.3
|
$
12.6
|
$
30.2
|
$
11.3
|
$
6.6
|
$
3.5
|
$
4.5
|
$
26.0
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Electronics Adjusted Operating Income (Loss)
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Electronics
Operating Income (Loss)
|
$
2.9
|
$
(11.0)
|
$
0.6
|
$
3.9
|
$
(3.7)
|
$
(0.9)
|
$
(1.8)
|
$
(5.1)
|
$
(4.7)
|
$
(12.5)
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax
Restructuring Costs
|
0.0
|
1.6
|
0.6
|
0.2
|
2.4
|
0.2
|
0.0
|
0.1
|
0.0
|
0.4
|
Add: Pre-Tax Business
Realignment Costs
|
-
|
1.3
|
0.1
|
0.3
|
1.7
|
0.0
|
(0.0)
|
(0.0)
|
0.0
|
(0.0)
|
Electronics
Adjusted Operating Income (Loss)
|
$
2.9
|
$
(8.1)
|
$
1.3
|
$
4.3
|
$
0.4
|
$
(0.7)
|
$
(1.8)
|
$
(5.0)
|
$
(4.7)
|
$
(12.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Stoneridge Brazil Adjusted Operating Income (Loss)
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Stoneridge Brazil
Operating Income (Loss)
|
$
0.9
|
$
(0.9)
|
$
3.4
|
$
0.3
|
$
3.8
|
$
(0.0)
|
$
(0.7)
|
$
0.9
|
$
0.9
|
$
1.0
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
(0.6)
|
0.4
|
(2.8)
|
(0.2)
|
(3.2)
|
0.1
|
1.1
|
0.2
|
0.6
|
2.1
|
Less: Pre-Tax TSA and
Monetary Correction (Stoneridge Brazil)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1.1)
|
(1.1)
|
Add: Pre-Tax Business
Realignment Costs
|
0.2
|
-
|
0.0
|
0.1
|
0.2
|
-
|
0.1
|
-
|
-
|
0.1
|
Add: Pre-Tax
Brazilian Indirect Tax Impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
0.6
|
-
|
-
|
0.6
|
Stoneridge Brazil
Adjusted Operating Income (Loss)
|
$
0.4
|
$
(0.5)
|
$
0.6
|
$
0.3
|
$
0.8
|
$
0.0
|
$
1.1
|
$
1.1
|
$
0.3
|
$
2.6
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 3 –
Adjusted Operating Income (Loss)
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Operating Income (Loss)
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Operating Income
(Loss)
|
$
3.7
|
$
(26.8)
|
$
9.8
|
$
5.7
|
$
(7.7)
|
$
2.1
|
$
26.7
|
$
(8.9)
|
$
(4.4)
|
$
15.4
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
(0.6)
|
0.4
|
(2.8)
|
(0.2)
|
(3.2)
|
0.1
|
1.1
|
0.2
|
0.6
|
2.1
|
Less: Pre-Tax TSA and
Monetary Correction (Stoneridge Brazil)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1.1)
|
(1.1)
|
Less: Pre-Tax Gain
from Disposal of MSIL Joint Venture
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1.8)
|
(1.8)
|
Add: Pre-Tax Loss in
Autotech Fund Investment
|
0.0
|
0.1
|
(0.3)
|
0.2
|
-
|
-
|
-
|
-
|
-
|
-
|
Add: Pre-Tax
Restructuring Costs
|
2.2
|
4.6
|
1.1
|
0.8
|
8.8
|
1.6
|
0.3
|
0.7
|
0.1
|
2.7
|
Less: Pre-Tax Gain on
Sale of Canton Facility
|
-
|
-
|
-
|
-
|
-
|
-
|
(30.7)
|
-
|
-
|
(30.7)
|
Add: Pre-Tax
Share-Based Comp Accelerated Vesting
|
0.1
|
0.0
|
-
|
-
|
0.1
|
-
|
-
|
-
|
-
|
-
|
Add: Pre-Tax Business
Realignment Costs
|
0.6
|
2.6
|
0.4
|
0.4
|
4.0
|
0.2
|
0.1
|
1.1
|
0.0
|
1.4
|
Add: Pre-Tax
Brazilian Indirect Tax Impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
0.6
|
-
|
-
|
0.6
|
Less: Pre-Tax Gain
from Disposal of Soot Sensor Business
|
-
|
-
|
-
|
-
|
-
|
(0.7)
|
-
|
-
|
(0.4)
|
(1.1)
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
-
|
-
|
-
|
-
|
-
|
(0.1)
|
-
|
-
|
0.1
|
(0.0)
|
Add: Pre-Tax
Environmental Remediation Costs
|
-
|
-
|
-
|
-
|
-
|
0.4
|
-
|
-
|
-
|
0.4
|
Adjusted Operating
Income (Loss)
|
$
6.0
|
$
(19.1)
|
$
8.2
|
$
7.0
|
$
2.1
|
$
3.6
|
$
(1.9)
|
$
(6.9)
|
$
(7.0)
|
$
(12.2)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 4 –
Adjusted EBITDA
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted EBITDA
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Income (Loss)
Before Tax
|
$
4.7
|
$
(28.5)
|
$
8.5
|
$
4.5
|
$
(10.7)
|
$
0.5
|
$
25.6
|
$
(9.8)
|
$
(3.9)
|
$
12.4
|
Interest expense,
net
|
1.1
|
1.3
|
1.9
|
1.8
|
6.1
|
1.8
|
1.9
|
1.4
|
0.1
|
5.2
|
Depreciation and
amortization
|
8.0
|
7.8
|
8.0
|
8.9
|
32.7
|
8.4
|
8.5
|
8.2
|
8.7
|
33.9
|
EBITDA
|
$
13.8
|
$
(19.4)
|
$
18.5
|
$
15.2
|
$
28.1
|
$
10.8
|
$
36.0
|
$
(0.2)
|
$
5.0
|
$
51.5
|
Add: Pre-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
(0.6)
|
0.4
|
(2.8)
|
(0.2)
|
(3.2)
|
0.1
|
1.1
|
0.2
|
0.6
|
2.1
|
Less: Pre-Tax TSA and
Monetary Correction (Stoneridge Brazil)
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1.1)
|
(1.1)
|
Less: Pre-Tax Gain
from Disposal of MSIL Joint Venture
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(1.8)
|
(1.8)
|
Add: Pre-Tax Loss in
Autotech Fund Investment
|
0.0
|
0.1
|
(0.3)
|
0.2
|
-
|
-
|
-
|
-
|
-
|
-
|
Add: Pre-Tax
Restructuring Costs
|
2.2
|
4.5
|
0.8
|
0.5
|
8.0
|
1.4
|
0.3
|
0.7
|
0.1
|
2.5
|
Less: Pre-Tax Gain on
Sale of Canton Facility
|
-
|
-
|
-
|
-
|
-
|
-
|
(30.7)
|
-
|
-
|
(30.7)
|
Add: Pre-Tax
Share-Based Comp Accelerated Vesting
|
0.1
|
0.0
|
-
|
-
|
0.1
|
-
|
-
|
-
|
-
|
-
|
Add: Pre-Tax Business
Realignment Costs
|
0.6
|
2.6
|
0.4
|
0.4
|
4.0
|
0.2
|
0.1
|
1.1
|
0.0
|
1.4
|
Add: Pre-Tax
Brazilian Indirect Tax Impairment
|
-
|
-
|
-
|
-
|
-
|
-
|
0.6
|
-
|
-
|
0.6
|
Less: Pre-Tax Gain
from Disposal of Soot Sensor Business
|
-
|
-
|
-
|
-
|
-
|
(0.7)
|
-
|
-
|
(0.4)
|
(1.1)
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
-
|
-
|
-
|
-
|
-
|
(0.1)
|
-
|
-
|
0.1
|
(0.0)
|
Add: Pre-Tax
Environmental Remediation Costs
|
-
|
-
|
-
|
-
|
-
|
0.4
|
-
|
-
|
-
|
0.4
|
Adjusted
EBITDA
|
$
16.1
|
$
(11.8)
|
$
16.5
|
$
16.2
|
$
37.0
|
$
12.1
|
$
7.4
|
$
1.8
|
$
2.4
|
$
23.7
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 5 –
Adjusted Gross Profit
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Gross Profit
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Gross
Profit
|
$
45.4
|
$
13.3
|
$
46.0
|
$
49.6
|
$
154.2
|
$
46.1
|
$
42.8
|
$
36.0
|
$
41.9
|
$
166.9
|
|
|
|
|
|
|
|
|
|
|
|
Add: Pre-Tax
Restructuring Costs
|
1.5
|
0.2
|
0.6
|
0.3
|
2.6
|
0.6
|
0.3
|
0.6
|
0.1
|
1.6
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
-
|
-
|
-
|
-
|
-
|
(0.1)
|
-
|
-
|
-
|
(0.1)
|
Add: Pre-Tax Business
Realignment Costs
|
0.1
|
0.9
|
0.1
|
0.1
|
1.2
|
-
|
0.0
|
0.0
|
0.0
|
0.0
|
Adjusted Gross
Profit
|
$
46.9
|
$
14.4
|
$
46.7
|
$
50.0
|
$
158.0
|
$
46.7
|
$
43.1
|
$
36.6
|
$
42.0
|
$
168.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 6 –
Adjusted Sales
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Adjusted Sales
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Sales
|
$
183.0
|
$
99.5
|
$
175.8
|
$
189.7
|
$
648.0
|
$
193.8
|
$
191.3
|
$
181.7
|
$
203.7
|
$
770.5
|
|
|
|
|
|
|
|
|
|
|
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
-
|
-
|
-
|
-
|
-
|
(1.0)
|
-
|
-
|
(1.3)
|
(2.3)
|
Less: Pre-Tax Sales
from Spot Purchase Recovery
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(17.6)
|
(17.6)
|
Adjusted
Sales
|
$
183.0
|
$
99.5
|
$
175.8
|
$
189.7
|
$
648.0
|
$
192.8
|
$
191.3
|
$
181.7
|
$
184.7
|
$
750.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 7 –
Control Devices Adjusted Sales
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Control Devices Adjusted Sales Excluding Disposed Soot Sensor
Business
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Control Devices
Adjusted Sales
|
$
98.2
|
$
48.6
|
$
100.9
|
$
100.4
|
$
348.1
|
$
100.6
|
$
86.7
|
$
88.0
|
$
81.6
|
$
357.0
|
|
|
|
|
|
|
|
|
|
|
|
Less: Pre-Tax Sales
from Disposed Soot Sensor Business
|
(2.4)
|
(1.4)
|
(2.6)
|
(2.5)
|
(8.8)
|
(4.0)
|
(2.3)
|
(3.2)
|
(3.1)
|
(12.6)
|
Control Devices
Adjusted Sales Excluding Disposed Soot Sensor
Business
|
$
95.8
|
$
47.2
|
$
98.3
|
$
97.9
|
$
339.2
|
$
96.6
|
$
84.4
|
$
84.8
|
$
78.6
|
$
344.4
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 8 –
Electronics Adjusted Sales
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
Electronics Adjusted Sales
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Electronics
Sales
|
$
79.8
|
$
47.6
|
$
70.4
|
$
84.1
|
$
281.8
|
$
88.7
|
$
97.3
|
$
83.9
|
$
114.1
|
$
384.1
|
|
|
|
|
|
|
|
|
|
|
|
Less: Pre-Tax Sales
from Spot Purchase Recovery
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
-
|
(17.6)
|
(17.6)
|
Electronics
Adjusted Sales
|
$
79.8
|
$
47.6
|
$
70.4
|
$
84.1
|
$
281.8
|
$
88.7
|
$
97.3
|
$
83.9
|
$
96.5
|
$
366.5
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 9 –
Control Devices Adjusted Operating Income (Loss) Excluding Disposed
Soot Sensor Business
|
|
|
|
|
|
|
|
|
Reconciliation of
Control Devices Adjusted Operating Income (Loss) Excluding Disposed
Soot Sensor Business
|
(USD in
millions)
|
Q1
2020
|
Q2
2020
|
Q3
2020
|
Q4
2020
|
2020
|
Q1
2021
|
Q2
2021
|
Q3
2021
|
Q4
2021
|
2021
|
Control Devices
Adjusted Operating Income (Loss)
|
$
9.9
|
$
(5.6)
|
$
13.3
|
$
12.6
|
$
30.2
|
$
11.3
|
$
6.6
|
$
3.5
|
$
4.5
|
$
26.0
|
|
|
|
|
|
|
|
|
|
|
|
Less: Pre-Tax
Operating Income (Loss) from Disposed Soot Sensor
Business
|
0.0
|
(0.1)
|
(0.5)
|
(0.5)
|
(1.1)
|
(0.5)
|
(0.7)
|
(0.5)
|
(0.4)
|
(2.1)
|
Control Devices
Adjusted Operating Income (Loss) Excluding Disposed Soot Sensor
Business
|
$
9.9
|
$
(5.7)
|
$
12.7
|
$
12.2
|
$
29.1
|
$
10.8
|
$
6.0
|
$
3.0
|
$
4.1
|
$
23.9
|
|
|
|
|
|
|
|
|
|
|
|
Exhibit 10 –
Adjusted Tax Rate
|
|
|
Reconciliation of
Adjusted Tax Rate
|
(USD in
millions)
|
Q4
2021
|
2021
|
Income (Loss)
Before Tax
|
$
(3.9)
|
$
12.4
|
|
|
|
Add: Pre-Tax Change
in Fair Value of Earn-Out (Stoneridge Brazil)
|
0.6
|
2.1
|
Less: Pre-Tax TSA and
Monetary Correction (Stoneridge Brazil)
|
(2.3)
|
(2.3)
|
Less: Pre-Tax Gain
from Disposal of MSIL Joint Venture
|
(1.8)
|
(1.8)
|
Add: Pre-Tax
Restructuring Costs
|
0.1
|
2.1
|
Less: Pre-Tax Gain on
Sale of Canton Facility
|
-
|
(30.7)
|
Add: Pre-Tax Business
Realignment Costs
|
0.0
|
1.5
|
Add: Pre-Tax
Brazilian Indirect Tax Impairment
|
-
|
0.6
|
Less: Pre-Tax Gain
from Disposal of Soot Sensor Business
|
(0.4)
|
(0.4)
|
Less: Pre-Tax Sale of
Soot Sensor Product Inventory
|
0.1
|
0.1
|
Adjusted Income
(Loss) Before Tax
|
$
(7.6)
|
$
(16.3)
|
|
|
|
Income Tax Expense
(Benefit)
|
$
2.3
|
$
9.0
|
|
|
|
Less: Tax Impact from
Pre-Tax Adjustments
|
$
(3.4)
|
$
(9.5)
|
|
|
|
Adjusted Income
Tax Expense (Benefit)
|
$
(1.1)
|
$
(0.5)
|
|
|
|
Adjusted Tax
Rate
|
15.0%
|
2.8%
|
|
|
|
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SOURCE Stoneridge, Inc.