NORTHVILLE, Mich., Oct. 31, 2013 /PRNewswire/ -- Gentherm
(NASDAQ-GS:THRM), the global market leader and developer of
innovative thermal management technologies, today announced
financial results for the third quarter and nine months ended
September 30, 2013.
"We broke $170 million in revenues
for this year's third quarter, which is an all-time quarterly
record for the Company, and we generated strong gross margins,"
said President and CEO Daniel R.
Coker. "These results were driven by solid growth in
all of our major business units, which are continuing to exhibit
greater strength than the overall automotive market. We see
excellent future opportunities for Gentherm, not only in terms of
growth and increased market shares, but also for improved operating
and cost efficiencies as we go forward."
Third Quarter Financial Highlights
Revenues for the 2013 third quarter increased 21 percent to
$171.2 million from $141.1 million in the prior year's third
quarter. Revenues for the Company's Climate Control Seats™
(CCS™) segment, which represents the historical Gentherm business,
increased 11 percent, while revenues for W.E.T. grew by 25 percent
compared with the prior year period.
Higher CCS revenues were due to new program launches, including
the Cadillac CTX and the North American variant of the Hyundai
Sonata, and additional volume on programs launched during last
year's third quarter, including the redesigned Land Rover Range
Rover, Nissan Pathfinder and Infiniti JX. Production volumes
on existing vehicle platforms were higher in North America, but lower in Japan. The
weakness in Japan primarily
reflected certain mature vehicle programs that are expected to be
refreshed in the coming months.
W.E.T. revenue increases resulted from strong automotive volumes
in North America and Asia and continued market penetration in the
automotive cable business. In addition, European-based sales
were 12 percent higher than the prior year despite local economic
weakness, partly due to the market penetration of the cable
business. Included in these amounts are W.E.T.'s climate
controlled seat products that include heated and cooled as well as
heated and ventilated seats which grew by 33 percent to
approximately $36.0 million during
the third quarter.
Foreign currency translation of the Company's Euro denominated
revenue for this year's third quarter, which was approximately
€35.7 million compared with €31.9 million during the prior year
period, benefited revenue results by approximately $2.6 million. The average US Dollar/Euro
exchange rate for the 2013 third quarter was 1.3244 compared with
1.2514 for the third quarter of 2012.
Net income attributable to common shareholders for the 2013
third quarter was $8.5 million, or
$0.25 per basic and $0.24 per diluted share, which included
$326,000 in fees, legal and other
expenses associated with the acquisition of additional W.E.T.
shares during this year's second quarter and subsequent squeeze-out
procedures during the third quarter of this year. There were
also $1.6 million of foreign currency
exchange losses recorded in the quarter.
Adjusting for the impact of the W.E.T. acquisition transaction
expenses, Gentherm would have reported net income attributable to
common shareholders of $0.25 per
basic and diluted share. Net income attributable to common
shareholders for the third quarter of 2012 was $2.5 million, or $0.08 per basic and diluted share, which included
$421,000 of foreign currency exchange
losses.
Further non-cash purchase accounting impacts associated with the
W.E.T. acquisition are detailed in the Acquisition Transaction
Expenses, W.E.T. Purchase Accounting Impacts and Other Effects
table accompanying the release.
Gross margin as a percentage of revenue for this year's third
quarter was 26.8 percent compared with 26.1 percent for the third
quarter of 2012. This increase was due to a favorable change
in product mix and greater coverage of fixed manufacturing costs at
the higher volume levels.
Adjusted EBITDA for the 2013 third quarter was $21.3 million compared with Adjusted EBITDA of
$18.5 million for the prior year
period reflecting the charges discussed previously. Adjusted
EBITDA (which is a non-GAAP measure) is provided to help
shareholders understand Gentherm's results of operations due to the
acquisition of W.E.T. This non-GAAP financial measure should
be viewed in addition to, and not as an alternative for, Gentherm's
reported results prepared in accordance with GAAP.
The Company's balance sheet as of September 30, 2013, had total cash and cash
equivalents of $36 million, total
assets of $457.9 million,
shareholders' equity of $215.6
million and total debt of $87.4
million.
Year-to-Date Summary
For the first nine months of 2013, revenues increased 18 percent to
$479.8 million from $406.7 million in the prior year
period.
Foreign currency translation of the Company's Euro denominated
revenue for the first nine months of 2013, which was approximately
€106.1 million compared with €95.5 million during the prior year
period, increased the US Dollar reported revenue by approximately
$3.7 million. The average US
Dollar/Euro exchange rate for the first nine months of this year
was 1.3172 compared with 1.2820 for the first nine months of the
prior year.
Net income attributable to common shareholders for the first
nine months of 2013 was $21.2
million, or $0.64 per basic
share and $0.63 per diluted share,
which included $1.9 million in fees,
legal and other expenses associated with the acquisition of
additional W.E.T. shares during the period and a $1.8 million charge related to the global
reporting structure reorganization during this year's second
quarter.
Adjusting for the impact of the W.E.T. acquisition transaction
expenses and the $1.8 million charge
related to the global reporting structure reorganization, Gentherm
would have reported net income attributable to common shareholders
of $0.71 per basic share and diluted
share. Net income attributable to common shareholders for the
prior year period was $8.6 million,
or $0.31 per basic share and
$0.30 per diluted share.
Further non-cash purchase accounting impacts associated with the
W.E.T. acquisition are detailed in the Acquisition Transaction
Expenses, W.E.T. Purchase Accounting Impacts and Other Effects
table accompanying the release.
Gross margin as a percentage of revenue for first nine months of
2013 was 26.1 percent compared with 25.5 percent for the first nine
months of 2012.
Adjusted EBITDA for the first nine months of 2013 was
$55.9 million compared with Adjusted
EBITDA of $51.7 million for the prior
year period.
Revaluation of Derivatives
For the third quarter and first nine months of this year, the
Company recorded foreign currency losses of $1.6 million and $1.5
million, respectively. Gains related to the revaluation of
derivative financial instruments of $217,000 and $1.2
million for the third quarter and first nine months of this
year, respectively, compared with losses of $993,000 and $1.1
million for the prior year periods partially offset the 2013
third quarter and nine-month foreign currency amounts.
Research and Development, Selling, General and Administrative
(SG&A) Expenses
Net research and development expenses for this year's third quarter
and first nine months were up $2.5
million and $6.4 million to
$12.7 million and $37.0 million, respectively, reflecting
additional resources, including personnel, focused on application
engineering for new production programs on existing products,
development of new products, start-up costs for a new electronics
production facility in Shenzhen,
China, and a program to develop the next generation of seat
comfort products using the best ideas and designs of the combined
Gentherm and W.E.T. systems. New product development includes
automotive heated and cooled storage devices, automotive interior
thermal management devices, medical thermal management devices,
battery thermal management devices and other potential
products.
SG&A expenses for the third quarter and first nine months of
2013, which included the above mentioned $1.8 million in reorganization charges during the
2013 second quarter, increased $1.8
million and $7.5 million,
respectively, when compared to the prior year periods.
Included are higher legal, audit and travel costs, as well as
wages and benefits costs resulting from new employee hiring and
merit increases. The additional employees are primarily
related to establishing the new electronics production facility,
increasing sales and marketing efforts aimed at supporting the
Company's current product development strategy and the ongoing
integration process between historical Gentherm and W.E.T.
Gentherm also incurred approximately $550,000 in incremental audit and accounting
expenses driven by Sarbanes-Oxley compliance implementation for
W.E.T. which began during the first and second quarter of
2012. Gentherm believes that its selling, general and
administrative costs will level off as the Company works through
the integration process and implements the cost reduction
initiatives enabled by this integration over the next three
years.
Guidance
Barring unforeseen economic turbulence, including worsening of the
European market or unfavorable fluctuations of the Euro exchange
rate, the 2013 revenue growth outlook remains strong. The
Company expects that fourth quarter revenue will be slightly lower
sequentially from the third quarter, but still represent a
significant increase from the prior year fourth quarter. That
would set the full year growth rate at 17 percent over 2012
revenues of $555 million.
Conference Call
As previously announced, Gentherm is conducting a conference call
today to be broadcast live over the Internet at 11:30 AM Eastern Time to review these financial
results. The dial-in number for the call is 1-888-846-5003
(or 1-480-629-9856). The live webcast and archived replay of
the call can be accessed in the Events page of the Investor section
of Gentherm's website at www.gentherm.com.
About Gentherm
Gentherm (NASDAQ-GS:THRM) is a global
developer and marketer of innovative thermal management
technologies for a broad range of heating and cooling and
temperature control applications. Automotive products include
actively heated and cooled seat systems and cup holders, heated and
ventilated seat systems, thermal storage bins, heated automotive
interior systems (including heated seats, steering wheels, armrests
and other components), cable systems and other electronic
devices. The Company's advanced technology team is developing
more efficient materials for thermoelectric and systems for waste
heat recovery and electrical power generation for the automotive
market that may have far-reaching applications for consumer
products as well as industrial and technology markets.
Gentherm has more than 7,500 employees in facilities in the U.S.,
Germany, Mexico, China, Canada, Japan, England, Korea, Malta, Hungary and the Ukraine. For more
information, go to www.gentherm.com.
Except for historical information contained herein,
statements in this release are forward-looking statements that are
made pursuant to the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995. These statements
include statements regarding future sales, products, opportunities,
markets, expenses and profits. Forward-looking statements
involve known and unknown risks and uncertainties which may cause
the Company's actual results in future periods to differ materially
from forecasted results. Those risks include, but are not
limited to, risks that sales may not significantly increase,
additional financing requirements may not be available, new
competitors may arise and adverse conditions in the industry in
which the Company operates may negatively affect its results.
Those and other risks are described in the Company's annual
report on Form 10-K for the year ended December 31, 2012 and subsequent reports filed
with the Securities and Exchange Commission (SEC), copies of which
are available from the SEC or may be obtained from the Company.
Except as required by law, the Company assumes no obligation
to update the forward-looking statements, which are made as of the
date hereof, even if new information becomes available in the
future.
Contact:
|
Allen &
Caron Inc
|
|
Jill Bertotti
(investors)
|
|
jill@allencaron.com
|
|
Len Hall
(media)
|
|
len@allencaron.com
|
|
(949)
474-4300
|
TABLES FOLLOW
GENTHERM
INCORPORATED
CONSOLIDATED
CONDENSED STATEMENTS OF OPERATIONS
(In thousands,
except per share data)
(Unaudited)
|
|
|
|
|
|
Three Months Ended
September 30,
|
|
Nine Months
Ended
September 30,
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Product
revenues
|
$
|
171,182
|
|
$
|
141,058
|
|
$
|
479,792
|
|
$
|
406,737
|
Cost of
sales
|
|
125,265
|
|
|
104,203
|
|
|
354,672
|
|
|
303,110
|
Gross
margin
|
|
45,917
|
|
|
36,855
|
|
|
125,120
|
|
|
103,627
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Net research and
development expenses
|
|
12,718
|
|
|
10,257
|
|
|
36,962
|
|
|
30,566
|
Acquisition
transaction expenses
|
|
326
|
|
|
—
|
|
|
1,911
|
|
|
—
|
Selling, general and
administrative
|
|
18,319
|
|
|
16,560
|
|
|
53,483
|
|
|
45,972
|
Total operating
expenses
|
|
31,363
|
|
|
26,817
|
|
|
92,356
|
|
|
76,538
|
Operating
income
|
|
14,554
|
|
|
10,038
|
|
|
32,764
|
|
|
27,089
|
Interest
expense
|
|
(1,062)
|
|
|
(898)
|
|
|
(2,916)
|
|
|
(3,082)
|
Revaluation of
derivatives
|
|
217
|
|
|
(993)
|
|
|
1,201
|
|
|
(1,056)
|
Foreign currency gain
(loss)
|
|
(1,612)
|
|
|
(421)
|
|
|
(1,514)
|
|
|
2,357
|
Income (loss) from
equity investment
|
|
77
|
|
|
3
|
|
|
319
|
|
|
(228)
|
Other
income
|
|
191
|
|
|
310
|
|
|
691
|
|
|
859
|
Earnings before
income tax
|
|
12,365
|
|
|
8,039
|
|
|
30,545
|
|
|
25,939
|
Income tax
expense
|
|
3,600
|
|
|
2,366
|
|
|
6,343
|
|
|
7,324
|
Net income
|
|
8,765
|
|
|
5,673
|
|
|
24,202
|
|
|
18,615
|
Gain attributable to
non-controlling interest
|
|
(63)
|
|
|
(1,672)
|
|
|
(1,340)
|
|
|
(4,491)
|
Net income
attributable to Gentherm Incorporated
|
|
8,702
|
|
|
4,001
|
|
|
22,862
|
|
|
14,124
|
Convertible preferred
stock dividends
|
|
(159)
|
|
|
(1,516)
|
|
|
(1,622)
|
|
|
(5,521)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders
|
$
|
8,543
|
|
$
|
2,485
|
|
$
|
21,240
|
|
$
|
8,603
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.25
|
|
$
|
0.08
|
|
$
|
0.64
|
|
$
|
0.31
|
Diluted earnings per
share
|
$
|
0.24
|
|
$
|
0.08
|
|
$
|
0.63
|
|
$
|
0.30
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares – basic
|
|
34,447
|
|
|
29,619
|
|
|
33,261
|
|
|
28,177
|
Weighted average
number of shares – diluted
|
|
34,886
|
|
|
30,003
|
|
|
33,584
|
|
|
28,676
|
GENTHERM
INCORPORATED
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME
(Unaudited, in
thousands)
|
|
|
|
|
Three Months
Ended
September
30,
|
Nine Months
Ended
September
30,
|
|
2013
|
2012
|
2013
|
2012
|
Net income
|
$
8,765
|
$
5,673
|
$
24,202
|
$
18,615
|
Add Back:
|
|
|
|
|
Income
tax expense
|
3,600
|
2,366
|
6,343
|
7,324
|
Interest
expense
|
1,062
|
898
|
2,916
|
3,082
|
Depreciation and amortization
|
7,572
|
7,280
|
22,830
|
22,265
|
Adjustments:
|
|
|
|
|
Acquisition transaction expense
|
326
|
–
|
1,911
|
–
|
Unrealized currency loss
|
1,206
|
2,505
|
1,129
|
1,913
|
Unrealized revaluation of derivatives
|
(1,274)
|
(252)
|
(3,414)
|
(1,482)
|
Adjusted
EBITDA
|
$
21,257
|
$
18,470
|
$
55,917
|
$
51,717
|
Use of Non-GAAP Financial Measures
In evaluating its
business, Gentherm considers and uses Adjusted EBITDA as a
supplemental measure of its operating performance. The
Company defines Adjusted EBITDA as earnings before interest, taxes,
depreciation and amortization, and deferred financing cost
amortization, less transaction expenses, debt retirement expenses,
unrealized currency gain or loss and unrealized revaluation of
derivatives. Management believes that Adjusted EBITDA is a
meaningful measure of liquidity and the Company's ability to
service debt because it provides a measure of cash available for
such purposes. Management provides an Adjusted EBITDA measure so
that investors will have the same financial information that
management uses with the belief that it will assist investors in
properly assessing the Company's performance on a
period-over-period basis.
The term Adjusted EBITDA is not defined under GAAP, and is not a
measure of operating income, operating performance or liquidity
presented in accordance with GAAP. Adjusted EBITDA has
limitations as an analytical tool, and when assessing the Company's
operating performance, investors should not consider Adjusted
EBITDA in isolation, or as a substitute for net income or other
consolidated income statement data prepared in accordance with
GAAP. Gentherm compensates for these limitations by relying
primarily on its GAAP results and using Adjusted EBITDA only
supplementally.
GENTHERM
INCORPORATED
|
ACQUISITION
TRANSACTION EXPENSES, W.E.T. PURCHASE ACCOUNTING IMPACTS AND OTHER
EFFECTS
|
(In thousands, except
per share data)
|
|
|
|
|
|
|
Three
Months Ended
September
30,
|
Nine Months Ended
September
30,
|
Future Full Year Periods
(estimated)
|
|
2013
|
2012
|
2013
|
2012
|
2013
|
2014
|
2015
|
Thereafter
|
|
|
|
|
|
|
|
|
|
Transaction
related current expenses
|
|
|
|
|
|
|
|
|
Acquisition
transaction expenses
|
$
326
|
$
–
|
$
1,911
|
$
–
|
$
1,911
|
$
–
|
$
–
|
$
–
|
Non-cash
purchase accounting impacts
|
|
|
|
|
|
|
|
|
Customer
relationships amortization
|
$
1,987
|
$
1,924
|
$
5,927
|
$
5,771
|
$
8,105
|
$
8,105
|
$
8,105
|
$
41,805
|
Technology
amortization
|
833
|
807
|
2,486
|
2,420
|
3,399
|
3,399
|
3,399
|
6,397
|
Product development
costs amortization
|
550
|
520
|
1,641
|
1,561
|
2,244
|
2,244
|
1,271
|
51
|
|
$
3,370
|
$
3,251
|
$
10,054
|
$
9,752
|
$
13,748
|
$
13,748
|
$
12,775
|
$
48,253
|
|
|
|
|
|
|
|
|
|
Tax effect
|
(907)
|
(753)
|
(3,071)
|
(2,259)
|
(3,926)
|
(3,184)
|
(2,959)
|
(11,175)
|
Net income
effect
|
2,789
|
2,498
|
8,894
|
7,493
|
11,733
|
10,564
|
9,816
|
37,078
|
Non-controlling
interest effect
|
(26)
|
(602)
|
(155)
|
(1,805)
|
(397)
|
(63)
|
(59)
|
(222)
|
Net income available
to shareholders effect
|
$
2,763
|
$
1,896
|
$
8,739
|
$
5,688
|
$
11,336
|
$
10,501
|
$
9,757
|
$
36,856
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - difference
|
|
|
|
|
|
|
|
|
Basic
|
$
0.08
|
$
0.06
|
$
0.26
|
$
0.20
|
|
|
|
|
Diluted
|
$
0.08
|
$
0.06
|
$
0.26
|
$
0.20
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred
Stock dividend
|
$
159
|
$
1,516
|
$
1,622
|
$
5,521
|
$
1,622
|
$
–
|
$
–
|
$
–
|
|
|
|
|
|
|
|
|
|
Earnings (loss) per
share - difference
|
|
|
|
|
|
|
|
|
Basic
|
$
0.00
|
$
0.05
|
$
0.05
|
$
0.20
|
|
|
|
|
Diluted
|
$
0.00
|
$
0.05
|
$
0.05
|
$
0.19
|
|
|
|
|
GENTHERM
INCORPORATED
CONSOLIDATED
CONDENSED BALANCE SHEETS
(In thousands,
except share data)
|
|
|
|
|
|
September
30,
2013
|
|
December 31,
2012
|
|
(unaudited)
|
|
|
ASSETS
|
|
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash & cash
equivalents
|
$
|
36,003
|
|
$
|
58,152
|
Accounts receivable,
less allowance of $2,878 and $2,474, respectively
|
|
122,330
|
|
|
102,261
|
Inventory:
|
|
|
|
|
|
Raw
Materials
|
|
35,388
|
|
|
28,279
|
Work in
process
|
|
2,720
|
|
|
2,461
|
Finished
goods
|
|
24,698
|
|
|
23,016
|
Inventory,
net
|
|
62,806
|
|
|
53,756
|
Derivative financial
instruments
|
|
292
|
|
|
160
|
Deferred income tax
assets
|
|
14,389
|
|
|
15,006
|
Prepaid expenses and
other assets
|
|
15,222
|
|
|
12,809
|
Total current
assets
|
|
251,042
|
|
|
242,144
|
Property and
equipment, net
|
|
73,608
|
|
|
55,010
|
Goodwill
|
|
25,300
|
|
|
24,729
|
Other intangible
assets
|
|
85,827
|
|
|
95,870
|
Deferred financing
costs
|
|
1,246
|
|
|
1,880
|
Deferred income tax
assets
|
|
7,772
|
|
|
5,361
|
Derivative financial
instruments
|
|
2,403
|
|
|
4,141
|
Other non-current
assets
|
|
10,701
|
|
|
10,062
|
Total
assets
|
$
|
457,899
|
|
$
|
439,197
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
55,176
|
|
$
|
42,508
|
Accrued
liabilities
|
|
57,696
|
|
|
54,157
|
Current maturities of
long-term debt
|
|
22,164
|
|
|
17,218
|
Derivative financial
instruments
|
|
2,652
|
|
|
3,326
|
Total current
liabilities
|
|
137,688
|
|
|
117,209
|
Pension benefit
obligation
|
|
4,961
|
|
|
5,009
|
Other
liabilities
|
|
2,836
|
|
|
4,540
|
Long-term debt, less
current maturities
|
|
65,270
|
|
|
39,734
|
Derivative financial
instruments
|
|
9,553
|
|
|
13,245
|
Deferred income tax
liabilities
|
|
21,945
|
|
|
21,828
|
Total
liabilities
|
|
242,253
|
|
|
201,565
|
Series C Convertible
Preferred Stock
|
|
—
|
|
|
22,469
|
Shareholders'
equity:
|
|
|
|
|
|
Common
Stock:
|
|
|
|
|
|
No par value;
55,000,000 shares authorized, 34,689,569 and 29,818,225 issued and
outstanding at September 30, 2013 and December 31, 2012,
respectively
|
|
229,021
|
|
|
166,309
|
Paid-in
capital
|
|
(10,013)
|
|
|
24,120
|
Accumulated other
comprehensive income (expense)
|
|
3,855
|
|
|
(11,231)
|
Accumulated
deficit
|
|
(8,408)
|
|
|
(17,383)
|
Total Gentherm
Incorporated shareholders' equity
|
|
214,455
|
|
|
161,815
|
Non-controlling
interest
|
|
1,191
|
|
|
53,348
|
Total shareholders'
equity
|
|
215,646
|
|
|
215,163
|
Total liabilities and
shareholders' equity
|
$
|
457,899
|
|
$
|
439,197
|
GENTHERM
INCORPORATED
CONSOLIDATED
CONDENSED STATEMENTS OF CASH FLOWS
(In
thousands)
(Unaudited)
|
|
|
|
Nine Months
Ended
September 30,
|
|
2013
|
|
2012
|
Operating
Activities:
|
|
|
|
|
|
Net income
|
$
|
24,202
|
|
$
|
18,615
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
23,467
|
|
|
22,737
|
Deferred tax
provision
|
|
(1,138)
|
|
|
2,134
|
Stock
compensation
|
|
1,861
|
|
|
911
|
Defined benefit plan
expense
|
|
(159)
|
|
|
(303)
|
Provision of doubtful
accounts
|
|
369
|
|
|
(305)
|
Gain on revaluation
of financial derivatives
|
|
(2,859)
|
|
|
(1,064)
|
Loss (gain) on equity
investment
|
|
(318)
|
|
|
228
|
Loss on sale of
property, plant and equipment
|
|
48
|
|
|
53
|
Excess tax benefit
from equity awards
|
|
(1,317)
|
|
|
(1,577)
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(19,606)
|
|
|
(16,728)
|
Inventory
|
|
(8,824)
|
|
|
(4,250)
|
Prepaid expenses and
other assets
|
|
(2,458)
|
|
|
(7,264)
|
Accounts
payable
|
|
11,250
|
|
|
4,622
|
Accrued
liabilities
|
|
4,099
|
|
|
10,715
|
Net cash provided by
operating activities
|
|
28,617
|
|
|
28,524
|
Investing
Activities:
|
|
|
|
|
|
Purchase of
non-controlling interest
|
|
(46,835)
|
|
|
—
|
Purchase of
derivative financial instruments
|
|
—
|
|
|
(7,787)
|
Proceeds from the
sale of property, plant and equipment
|
|
7
|
|
|
20
|
Purchase of property
and equipment
|
|
(30,016)
|
|
|
(15,344)
|
Loan to equity
investment
|
|
—
|
|
|
(590)
|
Cash invested in
corporate owned life insurance
|
|
(266)
|
|
|
(265)
|
Patent
costs
|
|
—
|
|
|
(1,744)
|
Net cash used in
investing activities
|
|
(77,110)
|
|
|
(25,710)
|
Financing
Activities:
|
|
|
|
|
|
Borrowing of
debt
|
|
48,923
|
|
|
3,286
|
Repayments of
debt
|
|
(18,966)
|
|
|
(19,149)
|
Distributions paid to
non-controlling interests
|
|
(3)
|
|
|
(290)
|
Proceeds from public
offering of common stock
|
|
—
|
|
|
75,487
|
Excess tax benefit
from equity awards
|
|
1,317
|
|
|
1,577
|
Cash paid to Series C
Preferred Stock Holders
|
|
(9,142)
|
|
|
(17,340)
|
Proceeds from sale of
W.E.T. equity to non-controlling interest
|
|
—
|
|
|
1,921
|
Proceeds from the
exercise of Common Stock options
|
|
2,901
|
|
|
733
|
Net cash provided by
financing activities
|
|
25,030
|
|
|
46,225
|
Foreign currency
effect
|
|
1,314
|
|
|
(599)
|
Net increase
(decrease) in cash and cash equivalents
|
|
(22,149)
|
|
|
48,440
|
Cash and cash
equivalents at beginning of period
|
|
58,152
|
|
|
23,839
|
Cash and cash
equivalents at end of period
|
$
|
36,003
|
|
$
|
72,279
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
Cash paid for
taxes
|
$
|
7,174
|
|
$
|
5,678
|
Cash paid for
interest
|
$
|
2,249
|
|
$
|
2,787
|
Supplemental
disclosure of non-cash transactions:
|
|
|
|
|
|
Common stock issued
to Board of Directors and employees
|
$
|
1,028
|
|
$
|
314
|
Issuance of common
stock to non-controlling interest
|
$
|
42,517
|
|
$
|
—
|
Issuance of common
stock for Series C Preferred Stock conversion
|
$
|
15,508
|
|
$
|
—
|
SOURCE Gentherm