Executing strategic priorities to drive
long-term, profitable growth
Full Year 2023 Financial Highlights:
- Net Sales decreased 16% YoY to $1,385M (up 2% before giving
effect to lower cost of aluminum and Deconsolidation of
Subsidiary1)
- Value-Added Sales Adjusted for FX and Deconsolidation1 of
Subsidiary of $740M flat YoY
- Net Loss of $93M ($80M non-cash charge for Deconsolidation
of Subsidiary and $23M of restructuring charges)
- Adjusted EBITDA1 decreased to $159M
- Cash Flow Provided by Operating Activities declined to
$64M
- Unlevered Free Cash Flow1 of $80M
- Content per Wheel1 of $50.84, up 3% YoY
Fourth Quarter 2023 Financial Highlights:
- Net Sales decreased 23% YoY to $309M (decreased 4% before
giving effect to lower cost of aluminum and Deconsolidation of
Subsidiary1)
- Value-Added Sales Adjusted for FX and Deconsolidation1 of
Subsidiary decreased 14% YoY to $165M
- Net Loss of $2M ($7M of restructuring charges)
- Adjusted EBITDA1 decreased to $23M
- Cash Flow Provided by Operating Activities of $44M
- Unlevered Free Cash Flow1 of $50M
Superior Industries International, Inc. (“Superior” or the
“Company”) (NYSE:SUP) today reported financial results for the
fourth quarter and full year ended December 31, 2023.
($ in millions)
Three Months
Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net Sales North America
$
179.7
$
216.5
$
794.4
$
943.7
Europe
128.9
185.6
590.9
696.2
Global
$
308.6
$
402.1
$
1,385.3
$
1,639.9
Value-Added Sales (1) North America
$
93.3
$
106.8
$
403.7
$
393.5
Europe
75.4
111.3
343.9
377.1
Global
$
168.7
$
218.0
$
747.6
$
770.6
1 See “Non-GAAP Financial Measures” below
for a definition and reconciliation to the most comparable GAAP
measure.
“Our teams demonstrated incredible resilience in 2023 as we
navigated a challenging operating environment that significantly
weighed on our financial results. Despite these near-term
headwinds, including softness in the European aftermarket, the
impact of the UAW strikes, declines in production amongst key
customers in the second half of the year, and the impact of the
strategic action initiated in Europe to transform our European
business, we remained focused on optimizing our business. The
transformation of our European operations will improve our cost
structure as we shift production to a lower-cost region. Further,
we continue to capture demand for our differentiated portfolio,
delivering another year of growth in content per wheel,” commented
Majdi Abulaban, President and Chief Executive Officer of
Superior.
“We will continue to optimize our business and expect to exit
2024 with a significantly elevated competitive position and
improved earnings power, also having addressed underperforming
parts of our portfolio, thereby optimizing the profitable
utilization of our manufacturing capacity. Further, we are
accelerating our focus on addressing the Company’s capital
structure. These actions, when taken together with our
competitively advantaged manufacturing footprint and premium wheel
know-how, will put Superior on track to profitable growth, margin
expansion and strengthened cash generation well into the future,”
Mr. Abulaban continued. “We look forward to delivering sustainable
growth and long-term value for our shareholders in the year
ahead.”
Full Year 2023 Results
Net Sales for 2023 were $1,385 million, compared to Net Sales of
$1,640 million in 2022. The decrease was primarily due to lower
aluminum prices and therefore lower pass through of aluminum cost
to OEM customers, lower unit sales, the deconsolidation of the
financial results of our manufacturing facility in Germany, SPG,
and lower recovery of cost inflation from customers, partially
offset by favorable product mix and favorable foreign exchange.
Value-Added Sales, a Non-GAAP financial measure, were $748 million
for 2023, compared to $771 million in the prior year. The decrease
was primarily due to lower unit sales, the deconsolidation of SPG
and lower recovery of cost inflation from customers, partially
offset by favorable product mix and favorable foreign exchange.
Content per Wheel, a Non-GAAP financial measure, was $50.84, up 3%
compared to the prior year due to the ongoing shift to larger
wheels with more complex finishes. See “Non-GAAP Financial
Measures” below and the reconciliation of consolidated Net Sales to
Value-Added Sales and Value-Added Sales Adjusted for Foreign
Exchange in this press release.
Gross Profit for 2023 was $116 million, compared to $166 million
in the prior year due to lower unit sales, restructuring costs
associated with the transformation of our European business and
lower recovery of cost inflation from customers.
Selling, General, and Administrative (“SG&A”) expenses for
2023 were $88 million, compared to $68 million in the prior year.
The increase in SG&A expenses is primarily due to restructuring
costs associated with the transformation of our European business
and a valuation allowance on claims receivable from the SPG
estate.
Loss from Operations was $51 million in 2023, compared to Income
from Operations of $98 million in 2022. The Loss from Operations is
primarily due to the $80 million loss on deconsolidation of SPG,
restructuring costs associated with the transformation of our
business in Europe, as well as lower unit sales and lower recovery
of cost inflation from customers.
Income Tax Benefit for 2023 was $24 million, compared to an
Income Tax Provision of $14 million in the prior year.
For 2023, the Company reported a Net Loss of $93 million, or
Loss per Diluted Share of $4.73. This compares to Net Income of $37
million, or Earnings per Diluted Share of $0.02, in 2022. See
“Earnings per Share Calculation” in this press release.
Adjusted EBITDA, a Non-GAAP financial measure, was $159 million,
or 21% of Value-Added Sales, in 2023, which compares to $194
million, or 25% of Value-Added Sales, in 2022. The decrease in
Adjusted EBITDA was primarily due to lower unit sales and lower
recovery of cost inflation from customers compared to the prior
period. See “Non-GAAP Financial Measures” below and the
reconciliation of Net Income to Adjusted EBITDA in this press
release.
The Company reported Cash Flow Provided by Operating Activities
of $64 million for the full year 2023, compared to Cash Flow
Provided by Operating Activities of $153 million in 2022. Unlevered
Free Cash Flow, a Non-GAAP financial measure, for the full year
2023 was $80 million, a decrease of $52 million compared to the
prior period. For the full year, Free Cash Flow, a Non-GAAP
financial measure, was $2 million, compared to Free Cash Flow of
$80 million in the prior year period. See “Non-GAAP Financial
Measures” below and the reconciliation of Cash Flow Provided by
Operating Activities to Free Cash Flow and Unlevered Free Cash Flow
in this press release.
Fourth Quarter Results
Net Sales for the fourth quarter of 2023 were $309 million,
compared to Net Sales of $402 million in the prior year period. The
decline is primarily due to lower pass through of aluminum costs to
OEM customers, lower unit sales, the deconsolidation of the
financial results of SPG, and lower recovery of cost inflation from
customers, partially offset by favorable product mix and favorable
foreign exchange. Value-Added Sales, a Non-GAAP financial measure,
was $169 million for the fourth quarter of 2023, compared to $218
million in the prior year period. Value-Added Sales decreased
primarily due to lower unit sales, the deconsolidation of SPG and
lower recovery of cost inflation from customers, partially offset
by favorable product mix and favorable foreign exchange. Content
per Wheel, a Non-GAAP financial measure, was $47.10, down 20%
compared to the prior year quarter due primarily to lower recovery
of cost inflation from customers. See “Non-GAAP Financial Measures”
below and the reconciliation of consolidated Net Sales to
Value-Added Sales and Value-Added Sales Adjusted for Foreign
Exchange in this press release.
Gross Profit for the fourth quarter of 2023 was $15 million,
compared to $55 million in the prior year period. The decrease was
primarily due to lower unit sales, restructuring costs associated
with the transformation of our European business, and lower
recovery of cost inflation from customers. The fourth quarter of
2023 was also adversely affected by various manufacturing and other
inefficiencies associated with the transformation of our European
business and the UAW strikes.
SG&A expenses for the fourth quarter of 2023 were $34
million, compared to $19 million in the prior year period. The
increase in SG&A expenses is primarily due to restructuring
costs associated with the transformation of our European business
and a valuation allowance on claims receivable from the SPG
estate.
Loss from Operations for the fourth quarter of 2023 was $19
million, compared to Income from Operations of $36 million in the
prior year period. The Loss from Operations is primarily due to
restructuring costs associated with the transformation of our
European business, lower unit sales, lower recovery of cost
inflation from customers, a valuation allowance on claims
receivable from the SPG estate, and various manufacturing and other
inefficiencies associated with the transformation of our European
business and the UAW strikes.
Income Tax Benefit for the fourth quarter of 2023 was $33
million, compared to an Income Tax Provision of $3 million in the
fourth quarter of 2022.
For the fourth quarter of 2023, the Company reported a Net Loss
of $2 million, or Loss per Diluted Share of $0.44. This compares to
Net Income of $17 million, and Earnings per Diluted Share of $0.25
in the fourth quarter of 2022. See “Earnings per Share Calculation”
in this press release.
Adjusted EBITDA, a Non-GAAP financial measure, was $23 million
for the fourth quarter of 2023, or 14% of Value-Added Sales, which
compares to $58 million, or 26% of Value-Added Sales, in the prior
year period. The decrease in Adjusted EBITDA is primarily due to
lower recovery of cost inflation from customers and lower unit
sales. See “Non-GAAP Financial Measures” below and the
reconciliation of Net Income to Adjusted EBITDA in this press
release.
The Company reported Cash Flow Provided by Operating Activities
of $44 million in the fourth quarter of 2023, compared to $78
million in the fourth quarter of 2022. Unlevered Free Cash Flow, a
Non-GAAP financial measure, was $50 million for the fourth quarter
of 2023, a decrease of $30 million compared to the fourth quarter
of 2022. Free Cash Flow, a Non-GAAP financial measure, was $26
million compared to Free Cash Flow of $63 million in the prior year
period. The decline in Cash Flow Provided by Operating Activities
and Unlevered Free Cash Flow was primarily driven by lower
profitability. See “Non-GAAP Financial Measures” below and the
reconciliation of Cash Provided by Operating Activities to Free
Cash Flow and Unlevered Free Cash Flow in this press release.
Financial Position
As of December 31, 2023, Superior had funded debt of $638
million and Net Debt, a Non-GAAP financial measure, of $436
million, compared to funded debt of $647 million and Net Debt of
$434 million as of December 31, 2022. See “Non-GAAP Financial
Measures” below and the reconciliation of funded debt to Net Debt
in this press release.
2024 Outlook
Superior’s full year 2024 Outlook is as follows:
FY 2024
Outlook
Net Sales
$1.38 - $1.48 billion
Value-Added Sales
$720 - $770 million
Adjusted EBITDA
$155 - $175 million
Unlevered Free Cash Flow
$110 - $130 million
Capital Expenditures
~$50 million
We expect the first quarter of 2024 to be difficult as we wind
up the transfer of wheels from SPG to our manufacturing facilities
in Poland. Also impacting guidance for the early part of 2024 is
labor and energy inflation, which we intend to recover from
customers. Furthermore, costs associated with the reorganization of
the European administrative support and certain other functions,
and the reorganization of aftermarket sales, administration, and
logistics post the completion of the transfer of wheels to Poland
is impacting expected performance for the early part of 2024.
The strategic action initiated in Europe to transform our
European business is expected to be very value accretive to the
Company. The full year effect of making the wheels in Poland at
very significantly lower cost is not fully reflected in the 2024
Outlook. Also not fully reflected in the 2024 Outlook is the full
year effect of the reorganization of the European administrative
support and certain other functions, the full year effect of the
reorganization of aftermarket sales, administration, and logistics,
and the full year effect of the improvement in fixed cost
absorption in the Polish manufacturing facilities post the wheel
transfer. Accordingly, we expect Superior to exit 2024 as a
business generating approximately $190 million of Adjusted EBITDA
on unit sales of just over 15 million. We expect the improved
earnings power of Superior having completed the transformation of
the North American operations and post the completion of the Europe
Transformation to drive significant improvement in sales and
earnings well into the future; more specifically, Value-Added Sales
of $890 million, Adjusted EBITDA of $240 million and Unlevered Free
Cash Flow of $150 million in the year 2027.
Value-Added Sales, Adjusted EBITDA, and Unlevered Free Cash Flow
are Non-GAAP measures, as defined below. In reliance on the safe
harbor provided under section 10(e) of Regulation S-K, Superior has
not quantitatively reconciled from Net Income (the most comparable
GAAP measure) to Adjusted EBITDA, Net Sales (the most comparable
GAAP measure) to Value-Added Sales, nor Unlevered Free Cash Flow to
Cash Flow Provided by Operating Activities presented in the 2024
Outlook, as Superior is unable to quantify certain amounts included
in Net Income, Net Sales and Cash Flow Provided by Operating
Activities without unreasonable efforts and due to the inherent
uncertainty regarding such variables. Superior also believes that
such reconciliation would imply a degree of precision that could
potentially be confusing or misleading to investors. However, the
magnitude of these amounts may be significant.
Conference Call
Superior will host a conference call beginning at 8:30 AM ET on
Thursday, March 7, 2024. The conference call may be accessed by
dialing +1 786 697 3501 for participants in the U.S. or 866 580
3963 for participants outside the U.S. using the required
conference ID 030724 when prompted by the operator. The live
conference call can also be accessed by logging into the Company’s
website at www.supind.com or by clicking this link: earnings call
webcast. A replay of the webcast will be available on the Company’s
website immediately following the conclusion of the call.
During the conference call, the Company's management plans to
review operating results and discuss financial and operating
matters. In addition, management may disclose material information
in response to questions posed by participants during the call.
About Superior Industries
Superior is one of the world’s leading aluminum wheel suppliers.
Superior’s team collaborates with customers to design, engineer,
and manufacture a wide variety of innovative and high-quality
products utilizing the latest light weighting and finishing
technologies. Superior serves the European aftermarket with the
brands ATS®, RIAL®, ALUTEC®, and ANZIO®. Headquartered in
Southfield, Michigan, Superior is listed on the New York Stock
Exchange. For more information, please visit www.supind.com.
Non-GAAP Financial Measures
In addition to the results reported in accordance with GAAP
included throughout this earnings release, this release refers to
the following non-GAAP measures:
“Adjusted EBITDA,” defined as earnings before interest income
and expense, income taxes, depreciation, amortization,
restructuring charges and other closure costs and impairments of
long-lived assets and investments, changes in fair value of
redeemable preferred stock embedded derivative, acquisition and
integration, certain hiring and separation related costs, proxy
contest fees, gains associated with early debt extinguishment and
accounts receivable factoring fees. “Net Sales Adjusted for Change
in Cost of Aluminum and Deconsolidation of Subsidiary” defined as
Net Sales less the change from cost of aluminum and deconsolidation
of subsidiary. “Value-Added Sales,” defined as Net Sales less the
value of aluminum and other costs, as well as outsourced service
provider (“OSP”) costs that are included in Net Sales. “Value-Added
Sales Adjusted for FX," which is also referred to as “Value-Added
Sales Adjusted for Foreign Exchange,” defined as Value-Added Sales
adjusted for the impact of foreign exchange translation.
“Value-Added Sales Adjusted for FX and Deconsolidation,” which is
also referred to as “Value-Added Sales Adjusted for Foreign
Exchange and Deconsolidation,” defined as Value-Added Sales
adjusted for the impact of foreign exchange translation and the
impact of deconsolidating SPG. “Content per Wheel,” defined as
Value-Added Sales Adjusted for Foreign Exchange on a per unit
(wheel) shipment basis. “Free Cash Flow,” defined as Cash Flow
Provided by Operating Activities less Cash used in Investing
Activities less non-debt components of financing activities.
“Unlevered Free Cash Flow,” defined as Cash Flow Provided by
Operating Activities less Capital Expenditures plus Cash Interest
Paid. “Net Debt,” defined as total funded debt less cash and cash
equivalents.
For reconciliations of these Non-GAAP measures to the most
directly comparable GAAP measure, see the attached supplemental
data pages. Management believes these Non-GAAP measures are useful
to management and may be useful to investors in their analysis of
Superior’s financial position and results of operations. Further,
management uses these Non-GAAP financial measures for planning and
forecasting purposes. This Non-GAAP financial information is
provided as additional information for investors and is not in
accordance with or an alternative to GAAP and may be different from
similar measures used by other companies.
Forward-Looking Statements
This press release contains statements that are forward-looking
statements within the meaning of the Private Securities Litigation
Reform Act of 1995. Forward-looking statements include all
statements that do not relate solely to historical or current facts
and can generally be identified by the use of future dates or words
such as “assumes,”, “may,” “should,” “could,” “will,” “expects,”
“expected,” “seeks to,” “anticipates,” “plans,” “believes,”
“estimates,” “foresee,” “intends,” “Outlook,” “guidance,”
“predicts,” “projects,” “projecting,” “potential,” “targeting,”
“will likely result,” or “continue,” or the negative of such terms
and other comparable terminology. These statements also include,
but are not limited to, the 2024 Outlook included herein, the
impact of COVID-19 and the resulting supply chain disruptions,
increased energy costs, semiconductor shortages, rising interest
rates, the Russian military invasion of Ukraine and the United Auto
Workers strikes on our future growth and earnings. These statements
include our belief regarding general automotive industry market
conditions and growth rates, as well as domestic and international
economic conditions. These statements are not guarantees of future
performance and involve risks, uncertainties, and assumptions that
are difficult to predict. Therefore, actual outcomes and results
may differ materially from what is expressed or forecasted in such
forward-looking statements due to numerous factors, risks, and
uncertainties discussed in Superior's Securities and Exchange
Commission filings and reports.
New risks and uncertainties arise from time to time, and it is
impossible for us to predict these events or how they may affect
Superior. It should be remembered that the price of the ordinary
shares and any income from them can go down as well as up. Superior
disclaims any intention or obligation to update or revise any
forward-looking statements, whether as a result of new information,
future events and/or otherwise, except as may be required by
law.
SUPERIOR INDUSTRIES INTERNATIONAL, INC. Condensed
Consolidated Statements of Income (Loss) (Unaudited)
(Dollars in Millions, Except Per Share Amounts)
Three Months
Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net Sales
$
308.6
$
402.1
$
1,385.3
$
1,639.9
Cost of Sales
293.8
347.3
1,269.5
1,473.5
Gross Profit
$
14.8
$
54.8
$
115.7
$
166.4
SG&A Expenses
34.3
18.6
87.6
68.3
Loss on Deconsolidation of Subsidiary
-
-
79.6
-
(Loss) Income From Operations
$
(19.4
)
$
36.2
$
(51.4
)
$
98.0
Interest Expense, net
(15.1
)
(15.6
)
(62.1
)
(46.3
)
Other Expense, net
(0.6
)
(0.9
)
(3.2
)
(0.6
)
(Loss) Income Before Income Taxes
$
(35.1
)
$
19.7
$
(116.8
)
$
51.1
Income Tax Benefit (Provision)
32.7
(3.2
)
23.9
(14.1
)
Net (Loss) Income
$
(2.4
)
$
16.5
$
(92.9
)
$
37.0
(Loss) Earnings Per Share: Basic
$
(0.44
)
$
0.26
$
(4.73
)
$
0.02
Diluted
$
(0.44
)
$
0.25
$
(4.73
)
$
0.02
Weighted Average and Equivalent SharesOutstanding for EPS
(in Thousands): Basic
28,091
27,016
27,882
26,839
Diluted
28,091
28,262
27,882
27,590
SUPERIOR INDUSTRIES INTERNATIONAL, INC. Condensed
Consolidated Balance Sheets (Unaudited) (Dollars in
Millions) 12/31/2023 12/31/2022 Current
Assets
$
459.9
$
508.9
Property, Plant and Equipment, net
398.6
474.0
Intangibles and Other Assets
131.5
132.3
Derivative financial instruments
40.5
18.5
Total Assets
$
1,030.6
$
1,133.7
Current Liabilities
$
198.9
$
251.3
Long-Term Liabilities
668.4
683.8
Redeemable Preferred Shares
248.2
222.8
European Non-controlling Redeemable Equity
0.9
1.1
Shareholders’ Deficit
(85.9
)
(25.3
)
Total Liabilities and Shareholders’ Deficit
$
1,030.6
$
1,133.7
SUPERIOR INDUSTRIES INTERNATIONAL, INC. Consolidated
Statements of Cash Flows (Unaudited) (Dollars in
Millions)
Three Months
Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net (Loss) Income
$
(2.4
)
$
16.5
$
(92.9
)
$
37.0
Depreciation and Amortization
23.1
22.1
93.0
91.2
Income tax, Non-cash Changes
(36.6
)
(12.9
)
(27.3
)
(9.3
)
Stock-based Compensation
3.2
3.1
7.5
9.7
Amortization of Debt Issuance Costs
1.2
5.0
4.8
8.7
Loss on Deconsolidation of Subsidiary
-
-
79.6
-
Other Non-cash Items
7.8
1.3
3.1
(0.5
)
Changes in Operating Assets and Liabilities: Accounts Receivable
56.8
67.6
18.9
10.2
Inventories
21.3
25.8
13.1
(11.3
)
Other Assets and Liabilities
(9.0
)
(5.2
)
3.6
(3.3
)
Accounts Payable
(22.5
)
(59.1
)
(27.6
)
5.1
Income Taxes
1.5
14.0
(11.4
)
15.1
Cash Flow Provided By Operating Activities
$
44.3
$
78.1
$
64.4
$
152.6
Capital Expenditures
(11.7
)
(11.4
)
(41.2
)
(57.2
)
Deconsolidation of Subsidiary Cash
-
-
(4.4
)
-
Proceeds from Sale of Property, Plant and Equipment
-
-
-
0.2
Net Cash Used In Investing Activities
$
(11.7
)
$
(11.4
)
$
(45.6
)
$
(57.0
)
Proceeds from the Issuance of Long-term Debt
-
388.0
-
388.0
Debt Repayment
(2.4
)
(350.8
)
(16.4
)
(354.4
)
Cash Dividends
(6.8
)
(3.4
)
(13.6
)
(13.6
)
Financing Costs Paid and Other
(0.1
)
(12.6
)
(0.2
)
(12.6
)
Payments Related to Tax Withholdings for Stock-Based Compensation
-
-
(3.3
)
(1.8
)
Finance Lease Payments
(0.2
)
(0.3
)
(0.7
)
(1.1
)
Cash Flow (Used In) Provided By Financing Activities
$
(9.5
)
$
20.9
$
(34.2
)
$
4.5
Effect of Exchange Rate on Cash
1.9
3.6
4.0
(0.5
)
Net Change in Cash
$
25.1
$
91.2
$
(11.4
)
$
99.5
Cash - Beginning
176.5
121.8
213.0
113.5
Cash - Ending
$
201.6
$
213.0
$
201.6
$
213.0
SUPERIOR INDUSTRIES INTERNATIONAL, INC. Earnings Per
Share Calculation (Unaudited) (Dollars and Outstanding
Shares in Millions, Except Per Share Amounts)
Three Months
Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Basic EPS Calculation(1) Net (Loss) Income
$
(2.4
)
$
16.5
$
(92.9
)
$
37.0
Less: Accretion of Preferred Stock
(6.6
)
(5.9
)
(25.5
)
(22.9
)
Less: Redeemable Preferred Stock Dividends
(3.4
)
(3.4
)
(13.5
)
(13.6
)
Numerator
$
(12.4
)
$
7.2
$
(131.9
)
$
0.5
Denominator: Weighted Avg. Shares Outstanding
28.1
27.0
27.9
26.8
Basic (Loss) Earnings Per Share
$
(0.44
)
$
0.26
$
(4.73
)
$
0.02
Diluted EPS
Calculation(1) Net (Loss)
Income
$
(2.4
)
$
16.5
$
(92.9
)
$
37.0
Less: Accretion of Preferred Stock
(6.6
)
(5.9
)
(25.5
)
(22.9
)
Less: Redeemable Preferred Stock Dividends
(3.4
)
(3.4
)
(13.5
)
(13.6
)
Numerator
$
(12.4
)
$
7.2
$
(131.9
)
$
0.5
Weighted Avg. Shares Outstanding-Basic
28.1
27.0
27.9
26.8
Dilutive Stock Options and Restricted Stock Units
-
1.2
-
0.8
Denominator: Weighted Avg. Shares Outstanding
28.1
28.3
27.9
27.6
Diluted (Loss) Earnings Per Share
$
(0.44
)
$
0.25
$
(4.73
)
$
0.02
(1) Basic earnings per share is computed by dividing net
income (loss), after deducting preferred dividends and accretion
and European non-controlling redeemable equity dividends, by the
weighted average number of common shares outstanding. For purposes
of calculating diluted earnings per share, the weighted average
shares outstanding includes the dilutive effect of outstanding
stock options and time and performance based restricted stock units
under the treasury stock method. The redeemable preferred shares
are not included in the diluted earnings per share because the
conversion would be anti-dilutive for the periods ended December
31, 2023 and 2022.
SUPERIOR INDUSTRIES INTERNATIONAL, INC.
Non-GAAP Financial Measures (Unaudited) (Dollars in
Millions and Units in Thousands, Except Per Wheel)
Value-Added Sales; Value-Added Sales
Adjusted for Foreign Exchange; and Content per Wheel (1)
Three Months Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net Sales
$
308.6
$
402.1
$
1,385.3
$
1,639.9
Less: Aluminum, Other Costs, and Outside Service Provider Costs
(139.9
)
(184.1
)
(637.7
)
(869.3
)
Value-Added Sales (1)
$
168.7
$
218.0
$
747.6
$
770.6
Currency Impact on Current Period Value-Added Sales
(4.1
)
-
(7.3
)
-
Value-Added Sales Adjusted for Foreign Exchange (1)
$
164.6
$
218.0
$
740.3
$
770.6
Deconsolidation Impact
-
(25.6
)
-
(31.9
)
Value-Added Sales Adjusted for Foreign Exchange &
Deconsolidation (1)
$
164.6
$
192.4
$
740.3
$
738.7
Wheels Shipped
3,495
3,727
14,562
15,592
Content per Wheel (1)
$
47.10
$
58.49
$
50.84
$
49.42
Adjusted EBITDA (1) Three Months Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net (Loss) Income
$
(2.4
)
$
16.5
$
(92.9
)
$
37.0
Adjusting Items: - Interest Expense, net
15.1
15.6
62.1
46.3
- Income Tax (Benefit) Provision
(32.7
)
3.2
(23.9
)
14.1
- Depreciation
18.2
17.5
73.5
70.2
- Amortization
4.8
4.6
19.5
20.9
- Loss on Deconsolidation of Subsidiary
-
-
79.6
-
- Restructuring and Other
22.0
(0.9
)
40.4
3.1
- Change in Fair Value of Preferred Derivative
(3.4
)
-
(3.4
)
-
- Factoring Fees
1.4
1.0
4.2
2.4
$
25.4
$
41.0
$
252.0
$
157.0
Adjusted EBITDA (1)
$
23.1
$
57.5
$
159.2
$
194.2
(1) Value-Added sales and Adjusted EBITDA are non-GAAP
financial measures; see definitions and the appendix for
reconciliations to the most comparable GAAP measures.
Free Cash Flow (1) Three Months Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Cash Flow Provided By Operating Activities
$
44.3
$
78.1
$
64.4
$
152.6
Net Cash Used In Investing Activities
(11.7
)
(11.4
)
(45.6
)
(57.0
)
Cash Payments for Non-debt Financing Activities
(6.8
)
(3.4
)
(16.9
)
(15.4
)
Free Cash Flow (1)
$
25.8
$
63.3
$
1.9
$
80.2
Unlevered Free Cash Flow
(1)
Three Months
Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Cash Flow Provided By Operating Activities
$
44.3
$
78.1
$
64.4
$
152.6
Capital Expenditures
(11.7
)
(11.4
)
(41.2
)
(57.2
)
Cash Interest Paid
17.6
13.7
56.8
36.7
Unlevered Free Cash Flow (1)
$
50.2
$
80.4
$
80.0
$
132.1
Net Debt (1)
(3) 12/31/2023 12/31/2022 Long Term
Debt (Less Current Portion)
$
632.2
$
641.5
Short Term Debt
5.3
5.9
Total Debt
637.5
647.4
Less: Cash and Cash Equivalents
(201.6
)
(213.0
)
Net Debt (1)
435.9
434.4
Currency Impact on Current Period Net Debt (2)
(7.2
)
-
Net Debt Adjusted for Foreign Exchange (1)
$
428.7
$
434.4
(1)
Net Debt, Net Debt Adjusted for Foreign Exchange, Free Cash Flow
and Unlevered Free Cash Flow are non-GAAP financial measures; see
page 6 for definitions and the appendix for reconciliations to the
most comparable GAAP measures.
(2)
Exchange rate adjustment to state 2023 net debt at 2022 currency
levels
(3)
Excluding Debt Issuance Cost
Net Sales
Adjusted for the Impact of the Change in the Cost of Aluminum and
SPG Deconsolidation (1)
Three Months Twelve Months
4Q 2023
4Q 2022
YTD 2023
YTD 2022
Net Sales
$
308.6
$
402.1
$
1,385.3
$
1,639.9
Change in Cost of Aluminum
-
(44.0
)
-
(231.9
)
SPG Deconsolidation
-
(37.9
)
-
(49.6
)
Net Sales Adjusted for the Impact of the Change in the Cost of
Aluminum and SPG Deconsolidation (1)
$
308.6
$
320.2
$
1,385.3
$
1,358.4
(1) Net Sales Adjusted for the Impact of the Change in the
Cost of Aluminum and SPG Deconsolidation is a non-GAAP financial
measure.
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Superior Investor Relations (248) 234-7104
Investor.Relations@supind.com
Superior Industries (NYSE:SUP)
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Superior Industries (NYSE:SUP)
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