Sign In  |  Register  |  About Corte Madera  |  Contact Us

Corte Madera, CA
September 01, 2020 10:27am
7-Day Forecast | Traffic
  • Search Hotels in Corte Madera

  • CHECK-IN:
  • CHECK-OUT:
  • ROOMS:

Horizon Global Reports Financial Results for Second Quarter 2021

Second Quarter Highlights

  • Net sales of $222.1 million
    • $101.6 million increase compared to second quarter of 2020
    • $29.4 million increase compared to second quarter of 2019
  • Gross profit of $47.3 million
    • $29.2 million improvement over second quarter of 2020
    • $11.0 million improvement over second quarter of 2019
  • Gross profit margin(4) increased to 21.3% from 15.0% and 18.8% in second quarter of 2020 and second quarter of 2019, respectively
  • Operating profit of $11.3 million
    • $19.3 million improvement over second quarter of 2020
    • $8.7 million improvement over second quarter of 2019
  • Net income from continuing operations of $1.0 million
    • $17.7 million improvement over second quarter of 2020
    • $12.1 million improvement over second quarter of 2019
  • Adjusted EBITDA(1) of $18.0 million
    • $18.0 million improvement over second quarter of 2020
    • $5.7 million improvement over second quarter of 2019

Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today reported financial results for the second quarter of 2021.

“The positive momentum from the back half of 2020 and Q1 2021 continued into Q2 2021 as we once again realized significant profitability improvement across the business,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “Given the impact of the global pandemic in 2020, we are comparing our Q2 2021 results against both Q2 2020 and Q2 2019. The Company has come a long way in two years, and we expect this positive momentum to continue into future periods.

Gohl continued “Our strong financial results for Q2 2021 reflect the solid foundation we have built since we launched our turnaround plan in late 2019. We now have the talent, business processes and manufacturing and distribution capabilities to support profitable growth on an accelerated timetable. During the quarter, the team demonstrated extraordinary resilience as we encountered major macroeconomic headwinds relating to material costs, supply chain and logistics. While we dealt with these headwinds on a daily or even hourly basis, we did not lose focus of our strategic plan as we continued to identify and execute business improvement initiatives to improve our operational and financial performance.”

2021 Second Quarter Segment Results

Horizon Americas. Net sales increased $19.4 million, or 17.8%, to $128.4 million when compared to the second quarter of 2019. The net sales increase was primarily driven by an $11.7 million increase in the aftermarket sales channel and a $5.3 million increase in the e-commerce sales channel. Horizon Americas generated an operating profit of $16.8 million, an improvement of $7.3 million compared to the second quarter of 2019, primarily driven by higher sales volumes, favorable sales mix, product price increases and operating efficiencies from the implementation of operational improvement initiatives. Adjusted EBITDA(1) increased to $18.5 million for the quarter, as compared to $12.1 million for the second quarter of 2019.

Horizon Europe-Africa. Net sales increased $10.0 million, or 12.0%, to $93.7 million when compared to the second quarter of 2019. The net sales increase was primarily driven by a $6.1 million increase in the aftermarket sales channel and a $2.3 million combined increase in the automotive OEM and automotive OES sales channels. Horizon Europe-Africa generated an operating profit of $1.2 million, a reduction of $(0.3) million compared to the second quarter of 2019. Adjusted EBITDA(1) increased to $5.1 million for the quarter, as compared to $4.4 million for the second quarter of 2019, primarily driven by higher sales volumes and favorable sales mix, partially offset by higher selling, general and administrative (SG&A) expenses and other support costs.

Balance Sheet and Liquidity. Cash and Availability(2) was $62.0 million, a reduction of $21.4 million compared to December 31, 2020, and an increase of $26.3 million compared to June 30, 2019. Working Capital(3) was $101.0 million, an increase of $45.4 million compared to December 31, 2020, primarily reflecting higher net sales during the quarter as well as an increase in inventory levels reflecting seasonal build in order to meet the demand of the Company’s traditional peak selling season and recent macroeconomic factors driving rising costs of raw materials, constraints on shipping container availability and port congestion. Working Capital(3) improved by $13.7 million compared to June 30, 2019. Gross debt increased $30.0 million to $296.0 million compared to December 31, 2020, primarily reflecting additional borrowings on the Company’s ABL as well as proceeds from the term loan refinancing completed during the first quarter of 2021.

Summary

Gohl commented, “I want to thank the team for its resiliency and support as the business has transformed since late 2019. Of course, the job is not done. We have the foundation in place to accelerate our strategic plan and set our targets on double-digit margins. We believe this is possible through continuous operational improvement initiatives in the Americas, the realization of significant improvement opportunities in Europe-Africa and continuing to serve as the supplier of choice to our customers in our core geographies. We believe our roadmap to double-digit margins is achievable and will generate both near- and long-term value for our employees, customers and shareholders.”

Conference Call Details

Horizon Global will host a conference call regarding second quarter 2021 earnings on Tuesday, August 3, 2021 at 8:30 a.m. Eastern Time. The conference call will be hosted by Horizon Global's President and Chief Executive Officer, Terry Gohl, and Dennis Richardville, Horizon Global’s Chief Financial Officer. Participants on the call are asked to register five to ten minutes prior to the scheduled start time by dialing (844) 825-9786 and from outside the U.S. at (412) 902-4185. Please ask to join the Horizon Global call.

The second quarter 2021 results and supplemental materials, including a presentation in PDF format, will be distributed before the market opens on August 3, 2021 and will be available on the Company’s website at www.horizonglobal.com prior to the start of the call. The conference call will be webcast simultaneously and in its entirety through the Horizon Global website. Shareholders, media representatives and others may participate in the webcast by registering through the investor relations section on the Company’s website.

A replay of the call will be available on Horizon Global’s website or by phone by dialing (877) 344-7529 and from outside the U.S. at (412) 317-0088. Please use the conference identification number 10155616. The telephone replay will be available approximately two hours after the end of the call and continue through August 17, 2021.

About Horizon Global

Headquartered in Plymouth, MI, Horizon Global is the #1 designer, manufacturer and distributor of a wide variety of high-quality, custom-engineered towing, trailering, cargo management and other related accessory products in North America and Europe. The Company serves OEMs, retailers, dealer networks and the end consumer as the category leader in the automotive, leisure and agricultural market segments. Horizon provides its customers with outstanding products and services that reflect the Company's commitment to market leadership, innovation and operational excellence. The Company’s mission is to utilize forward-thinking technology to develop and deliver best in-class products for our customers, engage with our employees and realize value creation for our shareholders.

Horizon Global is home to some of the world’s most recognized brands in the towing and trailering industry, including: Draw-Tite, Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has approximately 4,350 employees.

For more information, please visit www.horizonglobal.com.

Forward-Looking Statements

This release contains “forward-looking statements” as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. Forward-looking statements speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financial condition or future results including, but not limited to, risks and uncertainties with respect to: the impact of the COVID-19 pandemic on the Company’s business, results of operations, financial condition and liquidity, including, without limitation, supply chain and logistics issues; liabilities and restrictions imposed by the Company’s debt instruments, including the Company’s ability to comply with the applicable financial covenants related thereto; market demand; competitive factors; supply constraints and shipping disruptions; material, logistics and energy costs, including the increased material costs resulting from the COVID-19 pandemic; technology factors; litigation; government and regulatory actions including the impact of any tariffs, quotas, or surcharges; the Company’s accounting policies; future trends; general economic and currency conditions; various conditions specific to the Company’s business and industry; the success of the Company’s action plan, including the actual amount of savings and timing thereof; the success of the Company’s business improvement initiatives in Europe-Africa, including the amount of savings and timing thereof; the Company’s exposure to product liability claims from customers and end users, and the costs associated therewith; factors affecting the Company’s business that are outside of its control, including natural disasters, pandemics, including the current COVID-19 pandemic, accidents and governmental actions; and other risks that are discussed in Part I, Item 1A, “Risk Factors.” in the Company’s Annual Report on Form 10-K for the twelve months ended December 31, 2020. The risks described in the Company’s Annual Report on Form 10-K are not the only risks facing our Company. Additional risks and uncertainties not currently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and results of operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We do not undertake any obligation to review or confirm analysts’ expectations or estimates or to release publicly any revisions to any forward-looking statement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.

(1)

Please refer to “Company and Business Segment Financial Information” which details certain costs, expense, other charges, that are included in the determination of net income attributable to Horizon Global under GAAP, but that management would not consider important in evaluating the quality of the Company’s operating results. The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP.

(2)

"Cash and Availability" refers to “cash and cash equivalents” and amounts of cash accessible but undrawn from credit facilities.

(3)

“Working Capital” defined as "total current assets" excluding "cash, cash equivalents and restricted cash", less "total current liabilities" excluding "current maturities, long-term debt" and "short-term operating lease liabilities".

(4)

“Gross Profit Margin” refers to “gross profit” as a percentage of “net sales”.

Horizon Global Corporation

Condensed Consolidated Balance Sheets

(dollars in thousands)

 

 

June 30,

2021

 

December 31,

2020

 

 

(unaudited)

 

 

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

24,680

 

 

$

44,970

 

Restricted cash

 

5,510

 

 

5,720

 

Receivables, net

 

116,240

 

 

87,420

 

Inventories

 

144,360

 

 

115,320

 

Prepaid expenses and other current assets

 

12,100

 

 

11,510

 

Total current assets

 

302,890

 

 

264,940

 

Property and equipment, net

 

73,520

 

 

74,090

 

Operating lease right-of-use assets

 

40,400

 

 

47,310

 

Goodwill

 

 

 

3,360

 

Other intangibles, net

 

54,890

 

 

58,230

 

Deferred income taxes

 

1,280

 

 

1,280

 

Other assets

 

6,410

 

 

7,280

 

Total assets

 

$

479,390

 

 

$

456,490

 

Liabilities and Shareholders' Equity

 

 

 

 

Current liabilities:

 

 

 

 

Short-term borrowings and current maturities, long-term debt

 

$

11,990

 

 

$

14,120

 

Accounts payable

 

111,940

 

 

99,520

 

Short-term operating lease liabilities

 

11,130

 

 

12,180

 

Accrued liabilities

 

59,750

 

 

59,100

 

Total current liabilities

 

194,810

 

 

184,920

 

Gross long-term debt

 

284,040

 

 

251,960

 

Unamortized debt issuance costs and discount

 

(31,460

)

 

(20,570

)

Long-term debt

 

252,580

 

 

231,390

 

Deferred income taxes

 

4,080

 

 

3,130

 

Long-term operating lease liabilities

 

39,410

 

 

46,340

 

Other long-term liabilities

 

11,000

 

 

14,560

 

Total liabilities

 

501,880

 

 

480,340

 

Total Horizon Global shareholders' deficit

 

(16,660

)

 

(18,690

)

Noncontrolling interest

 

(5,830

)

 

(5,160

)

Total shareholders' deficit

 

(22,490

)

 

(23,850

)

Total liabilities and shareholders' equity

 

$

479,390

 

 

$

456,490

 

Horizon Global Corporation

Condensed Consolidated Statements of Operations

(unaudited - dollars in thousands, except share and per share data)

 

 

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2021

 

2020

 

2021

 

2020

Net sales

 

$

222,120

 

 

$

120,490

 

 

$

421,310

 

 

$

283,740

 

Cost of sales

 

(174,830

)

 

(102,440

)

 

(333,460

)

 

(239,440

)

Gross profit

 

47,290

 

 

18,050

 

 

87,850

 

 

44,300

 

Selling, general and administrative expenses

 

(35,960

)

 

(26,020

)

 

(69,740

)

 

(58,950

)

Operating profit (loss)

 

11,330

 

 

(7,970

)

 

18,110

 

 

(14,650

)

Other expense, net

 

(1,990

)

 

(450

)

 

(4,220

)

 

(2,120

)

Loss on debt extinguishment

 

 

 

 

 

(11,650

)

 

 

Interest expense

 

(6,980

)

 

(8,220

)

 

(14,030

)

 

(16,410

)

Income (loss) from continuing operations before income tax

 

2,360

 

 

(16,640

)

 

(11,790

)

 

(33,180

)

Income tax expense

 

(1,400

)

 

(80

)

 

(2,400

)

 

(70

)

Net income (loss) from continuing operations

 

960

 

 

(16,720

)

 

(14,190

)

 

(33,250

)

Loss from discontinued operations, net of income tax

 

 

 

 

 

 

 

(500

)

Net income (loss)

 

960

 

 

(16,720

)

 

(14,190

)

 

(33,750

)

Less: Net loss attributable to noncontrolling interest

 

(330

)

 

(380

)

 

(670

)

 

(670

)

Net income (loss) attributable to Horizon Global

 

$

1,290

 

 

$

(16,340

)

 

$

(13,520

)

 

$

(33,080

)

Net income (loss) per share attributable to Horizon Global:

 

 

 

 

 

 

 

 

Basic:

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.05

 

 

$

(0.64

)

 

$

(0.50

)

 

$

(1.28

)

Discontinued operations

 

 

 

 

 

 

 

(0.02

)

Total

 

$

0.05

 

 

$

(0.64

)

 

$

(0.50

)

 

$

(1.30

)

Diluted:

 

 

 

 

 

 

 

 

Continuing operations

 

$

0.04

 

 

$

(0.64

)

 

$

(0.50

)

 

$

(1.28

)

Discontinued operations

 

 

 

 

 

 

 

(0.02

)

Total

 

$

0.04

 

 

$

(0.64

)

 

$

(0.50

)

 

$

(1.30

)

Weighted average common shares outstanding:

 

 

 

 

 

 

 

 

Basic

 

27,022,652

 

 

25,618,793

 

 

26,883,818

 

 

25,509,794

 

Diluted

 

32,747,203

 

 

25,618,793

 

 

26,883,818

 

 

25,509,794

 

Horizon Global Corporation

Condensed Consolidated Statements of Cash Flows

(unaudited - dollars in thousands)

 

 

Six Months Ended June 30,

 

 

2021

 

2020

Cash Flows from Operating Activities:

 

 

 

 

Net loss

 

$

(14,190

)

 

$

(33,750

)

Less: Net loss from discontinued operations

 

 

 

(500

)

Net loss from continuing operations

 

(14,190

)

 

(33,250

)

 

 

 

 

 

Adjustments to reconcile net loss from continuing operations to net cash (used for) provided by operating activities:

 

 

 

 

Depreciation

 

7,750

 

 

7,100

 

Amortization of intangible assets

 

2,970

 

 

3,430

 

Loss on debt extinguishment

 

11,650

 

 

 

Amortization of original issuance discount and debt issuance costs

 

5,400

 

 

8,100

 

Deferred income taxes

 

1,120

 

 

10

 

Non-cash compensation expense

 

1,710

 

 

1,320

 

Paid-in-kind interest

 

650

 

 

3,660

 

Increase in receivables

 

(30,630

)

 

(16,780

)

(Increase) decrease in inventories

 

(31,350

)

 

19,270

 

Increase in prepaid expenses and other assets

 

(440

)

 

(2,890

)

Increase in accounts payable and accrued liabilities

 

15,960

 

 

13,460

 

Other, net

 

1,780

 

 

1,470

 

Net cash (used for) provided by operating activities for continuing operations

 

(27,620

)

 

4,900

 

Cash Flows from Investing Activities:

 

 

 

 

Capital expenditures

 

(9,940

)

 

(5,450

)

Other, net

 

10

 

 

70

 

Net cash used for investing activities for continuing operations

 

(9,930

)

 

(5,380

)

Cash Flows from Financing Activities:

 

 

 

 

Proceeds from borrowings on credit facilities

 

2,190

 

 

6,290

 

Repayments of borrowings on credit facilities

 

(1,300

)

 

(1,210

)

Proceeds from Senior Term Loan, net of issuance costs

 

75,300

 

 

 

Repayments of borrowings on Replacement Term Loan, including transaction fees

 

(94,940

)

 

 

Proceeds from Revolving Credit Facility, net of issuance costs

 

20,000

 

 

54,680

 

Repayments of borrowings on Revolving Credit Facility

 

 

 

(19,180

)

Proceeds from ABL revolving debt, net of issuance costs

 

 

 

8,000

 

Repayments of borrowings on ABL revolving debt

 

 

 

(27,920

)

Proceeds from Paycheck Protection Program Loan

 

 

 

8,670

 

Proceeds from issuance of common stock warrants

 

16,300

 

 

 

Proceeds from exercise of common stock warrants

 

420

 

 

 

Other, net

 

(640

)

 

(10

)

Net cash provided by financing activities for continuing operations

 

17,330

 

 

29,320

 

Discontinued Operations:

 

 

 

 

Net cash used for discontinued operations

 

 

 

(500

)

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

(280

)

 

(110

)

Cash, Cash Equivalents and Restricted Cash:

 

 

 

 

(Decrease) increase for the period

 

(20,500

)

 

28,230

 

At beginning of period

 

50,690

 

 

11,770

 

At end of period

 

$

30,190

 

 

$

40,000

 

Supplemental disclosure of cash flow information:

 

 

 

 

Cash paid for interest

 

$

10,860

 

 

$

4,370

 

Cash paid for taxes, net of refunds

 

$

1,430

 

 

$

440

 

Appendix I

Horizon Global Corporation

Company and Business Segment Financial Information

(Unaudited - dollars in thousands)

The Company’s management utilizes Adjusted EBITDA as the key measure of company and segment performance and for planning and forecasting purposes, as management believes this measure is most reflective of the operational profitability or loss of the Company and its operating segments and provides management and investors with information to evaluate the operating performance of its business and is representative of its performance used to measure certain of its financial covenants. Adjusted EBITDA should not be considered a substitute for results prepared in accordance with U.S. GAAP and should not be considered an alternative to net income attributable to Horizon Global, which is the most directly comparable financial measure to Adjusted EBITDA that is prepared in accordance with U.S. GAAP. Adjusted EBITDA, as determined and measured by Horizon Global, should also not be compared to similarly titled measures reported by other companies. The Company also uses operating income (loss) to measure stand-alone segment performance.

Adjusted EBITDA is defined as net income (loss) attributable to Horizon Global before interest expense, income taxes, depreciation and amortization, and before certain items, as applicable, such as severance, restructuring, relocation and related business disruption costs, gains (losses) on debt extinguishment, impairment of goodwill and other intangibles, non-cash stock compensation, certain product liability and litigation claims, acquisition and integration costs, gains (losses) on business divestitures and other assets, debt issuance costs, board transition support and non-cash unrealized foreign currency remeasurement costs.

The following table summarizes Adjusted EBITDA for our operating segments for the three months ended June 30, 2021 and 2020:

 

 

Three Months Ended June 30, 2021

 

Three Months Ended June 30, 2020

 

Variance

 

 

Horizon

Americas

 

Horizon

Europe-

Africa

 

Corporate

 

Consolidated

 

Horizon

Americas

 

Horizon

Europe-

Africa

 

Corporate

 

Consolidated

 

Consolidated

 

 

(dollars in thousands)

 

(dollars in thousands)

Net income (loss) attributable to Horizon Global

 

 

 

 

 

 

$

1,290

 

 

 

 

 

 

 

 

$

(16,340

)

 

$

17,630

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

(330

)

 

 

 

 

 

 

 

(380

)

 

50

 

Net income (loss)

 

 

 

 

 

 

 

$

960

 

 

 

 

 

 

 

 

$

(16,720

)

 

$

17,680

 

Interest expense

 

 

 

 

 

 

 

6,980

 

 

 

 

 

 

 

 

8,220

 

 

(1,240

)

Income tax expense

 

 

 

 

 

 

 

1,400

 

 

 

 

 

 

 

 

80

 

 

1,320

 

Depreciation and amortization

 

 

 

 

 

 

 

5,220

 

 

 

 

 

 

 

 

5,470

 

 

(250

)

EBITDA

 

$

15,980

 

$

5,040

 

 

$

(6,460

)

 

$

14,560

 

 

$

5,350

 

 

$

(3,250

)

 

$

(5,050

)

 

$

(2,950

)

 

$

17,510

 

Net loss attributable to noncontrolling interest

 

 

330

 

 

 

 

330

 

 

 

 

380

 

 

 

 

380

 

 

(50

)

Restructuring, relocation and related business disruption costs

 

20

 

90

 

 

(40

)

 

70

 

 

410

 

 

30

 

 

210

 

 

650

 

 

(580

)

Non-cash stock compensation

 

 

 

 

850

 

 

850

 

 

 

 

 

 

900

 

 

900

 

 

(50

)

Loss (gain) on business divestitures and other assets

 

2,480

 

(10

)

 

 

 

2,470

 

 

240

 

 

 

 

40

 

 

280

 

 

2,190

 

Debt issuance costs

 

 

 

 

190

 

 

190

 

 

 

 

 

 

560

 

 

560

 

 

(370

)

Unrealized foreign currency remeasurement costs

 

 

(340

)

 

(110

)

 

(450

)

 

(100

)

 

690

 

 

(370

)

 

220

 

 

(670

)

Adjusted EBITDA

 

$

18,480

 

$

5,110

 

 

$

(5,570

)

 

$

18,020

 

 

$

5,900

 

 

$

(2,150

)

 

$

(3,710

)

 

$

40

 

 

$

17,980

 

The following table summarizes Adjusted EBITDA for our operating segments for the three months ended June 30, 2021 and 2019:

 

 

Three Months Ended June 30, 2021

 

Three Months Ended June 30, 2019

 

Variance

 

 

Horizon

Americas

 

Horizon

Europe-

Africa

 

Corporate

 

Consolidated

 

Horizon

Americas

 

Horizon

Europe-

Africa

 

Corporate

 

Consolidated

 

Consolidated

 

 

(dollars in thousands)

 

(dollars in thousands)

Net income (loss) attributable to Horizon Global

 

 

 

 

 

 

 

$

1,290

 

 

 

 

 

 

 

 

$

(8,080

)

 

$

9,370

 

Net loss attributable to noncontrolling interest

 

 

 

 

 

 

 

(330

)

 

 

 

 

 

 

 

(60

)

 

(270

)

Net income (loss)

 

 

 

 

 

 

 

$

960

 

 

 

 

 

 

 

 

$

(8,140

)

 

$

9,100

 

Interest expense

 

 

 

 

 

 

 

6,980

 

 

 

 

 

 

 

 

15,320

 

 

(8,340

)

Income tax expense (benefit)

 

 

 

 

 

 

 

1,400

 

 

 

 

 

 

 

 

(1,040

)

 

2,440

 

Depreciation and amortization

 

 

 

 

 

 

 

5,220

 

 

 

 

 

 

 

 

5,310

 

 

(90

)

EBITDA

 

$

15,980

 

$

5,040

 

 

$

(6,460

)

 

$

14,560

 

 

$

11,220

 

 

$

5,220

 

 

$

(4,990

)

 

$

11,450

 

 

$

3,110

 

Net loss attributable to noncontrolling interest

 

 

330

 

 

 

 

330

 

 

 

 

60

 

 

 

 

60

 

 

270

 

Income from discontinued operations, net of tax

 

 

 

 

 

 

 

 

 

 

 

 

(2,990

)

 

(2,990

)

 

2,990

 

Severance

 

 

 

 

 

 

 

 

(270

)

 

20

 

 

 

 

(250

)

 

250

 

Restructuring, relocation and related business disruption costs

 

20

 

90

 

 

(40

)

 

70

 

 

540

 

 

(10

)

 

 

 

530

 

 

(460

)

Non-cash stock compensation

 

 

 

 

850

 

 

850

 

 

 

 

 

 

600

 

 

600

 

 

250

 

Loss (gain) on business divestitures and other assets

 

2,480

 

(10

)

 

 

 

2,470

 

 

430

 

 

 

 

1,320

 

 

1,750

 

 

720

 

Board transition support

 

 

 

 

 

 

 

 

 

 

 

 

760

 

 

760

 

 

(760

)

Debt issuance costs

 

 

 

 

190

 

 

190

 

 

 

 

 

 

1,300

 

 

1,300

 

 

(1,110

)

Unrealized foreign currency remeasurement costs

 

 

(340

)

 

(110

)

 

(450

)

 

150

 

 

(680

)

 

(190

)

 

(720

)

 

270

 

Other

 

 

 

 

 

 

 

 

(10

)

 

(200

)

 

 

 

(210

)

 

210

 

Adjusted EBITDA

 

$

18,480

 

$

5,110

 

 

$

(5,570

)

 

$

18,020

 

 

$

12,060

 

 

$

4,410

 

 

$

(4,190

)

 

$

12,280

 

 

$

5,740

 

Segment Information

The following table summarizes financial information for our operating segments for the three months ended June 30, 2021 and 2020:

 

 

Three Months Ended

June 30,

 

Change

 

 

2021

 

2020

 

$

 

%

 

 

(dollars in thousands)

Net Sales

 

 

 

 

 

 

 

 

Horizon Americas

 

$

128,380

 

 

$

74,120

 

 

$

54,260

 

 

73.2

%

Horizon Europe-Africa

 

93,740

 

 

46,370

 

 

47,370

 

 

102.2

%

Total

 

$

222,120

 

 

$

120,490

 

 

$

101,630

 

 

84.3

%

Gross Profit

 

 

 

 

 

 

 

 

Horizon Americas

 

$

35,080

 

 

$

18,140

 

 

$

16,940

 

 

93.4

%

Horizon Europe-Africa

 

12,210

 

 

(90

)

 

12,300

 

 

13,666.7

%

Total

 

$

47,290

 

 

$

18,050

 

 

$

29,240

 

 

162.0

%

Operating Profit (Loss)

 

 

 

 

 

 

 

 

Horizon Americas

 

$

16,760

 

 

$

3,430

 

 

$

13,330

 

 

388.6

%

Horizon Europe-Africa

 

1,240

 

 

(5,970

)

 

7,210

 

 

120.8

%

Corporate

 

(6,670

)

 

(5,430

)

 

(1,240

)

 

(22.8

%)

Total

 

$

11,330

 

 

$

(7,970

)

 

$

19,300

 

 

242.2

%

Adjusted EBITDA

 

 

 

 

 

 

 

 

Horizon Americas

 

$

18,480

 

 

$

5,900

 

 

$

12,580

 

 

213.2

%

Horizon Europe-Africa

 

5,110

 

 

(2,150

)

 

7,260

 

 

337.7

%

Corporate

 

(5,570

)

 

(3,710

)

 

(1,860

)

 

(50.1

%)

Total

 

$

18,020

 

 

$

40

 

 

$

17,980

 

 

44,950.0

%

 

Appendix II

Horizon Global Corporation

Reconciliation of Reported Revenue Growth

to Constant Currency Basis

(Unaudited)

We evaluate growth in our operations on both an as reported and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth, consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current year revenue in local currency using the prior year's currency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation and differences due to items subject to interpretation.

 

 

Three Months Ended

June 30, 2021

 

 

Horizon

Americas

 

Horizon

Europe-Africa

 

Consolidated

Revenue growth as reported

 

73.2

%

 

102.2

%

 

84.3

%

Less: currency impact

 

%

 

17.0

%

 

6.5

%

Revenue growth at constant currency

 

73.2

%

 

85.1

%

 

77.8

%

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
 
 
Copyright © 2010-2020 CorteMadera.com & California Media Partners, LLC. All rights reserved.