NORTHVILLE, Mich., March 5, 2014 /PRNewswire/ -- Gentherm
(NASDAQ-GS:THRM), the global market leader and developer of
innovative thermal management technologies, today announced
financial results for the fourth quarter and year ended
December 31, 2013.
"We had solid growth in 2013 with a year-over-year increase in
revenues of 19 percent to a record $662
million and executed in all sectors of our business," said
President and CEO Daniel R.
Coker. "During the fourth quarter, revenues came in
higher than we expected due to strong automotive volumes,
especially in Asia. In
addition, we improved our gross margin for the year which returned
to the levels we expect, delivered record profits, expanded our
customer base and increased our global product offerings."
2013 Year-End Financial Highlights
For 2013, revenues increased 19 percent to $662.1 million from $555.0
million in the prior year. Revenue increases resulted
from continued adoption of the Company's Climate Control Seats™
(CCS™) which increased by 21 percent year over year to
approximately $277.3 million.
This increase was driven by new program launches since 2012,
including the Cadillac CTX and the newly redesigned Land Rover
Range Rover, and additional volume on programs launched during
2012, including the Nissan Pathfinder and Infiniti JX. The
Company experienced significant growth in every geographical region
in which it does business and had significant market penetration in
the automotive cable business, particularly in Europe.
Gentherm's European-based sales were 17 percent higher than the
prior year despite local economic weakness.
Foreign currency translation of the Company's Euro denominated
revenue for 2013, which was approximately €141.9 million compared
with €126.6 million during 2012, increased the US Dollar reported
revenue by approximately $6.0
million. The average US Dollar/Euro exchange rate for
2013 was 1.3282 compared with 1.2861 for 2012.
Net income attributable to common shareholders for 2013 was
$32.2 million, or $0.96 per basic share and $0.94 per diluted share, which included charges
of $2.4 million in fees, legal and
other expenses associated with the acquisition of additional W.E.T.
shares during the year and a $1.8
million charge related to the global reporting structure
reorganization during the 2013 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 $1.05 per basic share and
$1.03 per diluted share. Net
income attributable to common shareholders for the prior year was
$11.2 million, or $0.39 per basic and 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 2013 was 26.4
percent compared with 25.6 percent for 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 2013 was $81.5
million compared with Adjusted EBITDA of $69.5 million for the prior year 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 December 31, 2013, had total cash and cash
equivalents of $54.9 million, total
assets of $479.9 million,
shareholders' equity of $230.0
million and total debt of $82.3
million.
Fourth Quarter Financial Highlights
Revenues for the 2013 fourth quarter increased 23 percent to
$182.3 million from $148.2 million in the prior year's fourth
quarter.
Foreign currency translation of the Company's Euro denominated
revenue for the 2013 fourth quarter, which was approximately €35.8
million compared with €31.2 million during the prior year period,
benefited revenue results by approximately $2.1 million. The average US Dollar/Euro
exchange rate for the 2013 fourth quarter was 1.3694 compared with
1.3105 for the fourth quarter of 2012.
Net income attributable to common shareholders for the 2013
fourth quarter was $11.0 million, or
$0.31 per basic and diluted
share. Net income attributable to common shareholders for the
fourth quarter of 2012 was $2.6
million, or $0.09 per basic
and diluted share.
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 the 2013 fourth
quarter was 27.2 percent compared with 25.8 percent for the fourth
quarter of 2012.
Adjusted EBITDA for the 2013 fourth quarter was $25.6 million compared with Adjusted EBITDA of
$18.1 million for the prior year
period.
Revaluation of Derivatives and Foreign Currency Gains and
Losses
For the 2013 fourth quarter and full year, the Company recorded
foreign currency losses of $714,000
and $2.2 million, respectively.
A loss of $195,000 and a gain
of $1.0 million related to the
revaluation of derivative financial instruments were recorded for
the 2013 fourth quarter and full year, respectively, compared with
losses of $1.2 million and
$2.3 million for the prior year
periods.
Research and Development, Selling, General and Administrative
(SG&A) Expenses
Net research and development expenses for the 2013 fourth quarter
and full year were up $2.5 million
and $8.9 million to $12.9 million and $49.9
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,
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. The higher US Dollar/Euro exchange rate also
contributed to the increase.
SG&A expenses for the 2013 fourth quarter and full year,
which included the above mentioned $1.8
million in reorganization charges during the 2013 second
quarter, increased $465,000 and
$8.0 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 a new
electronics production facility in Shenzhen, China, 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 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 2014 revenue growth outlook remains strong. The
Company is expecting revenue for 2014 to increase 10 to 15 percent
over 2013 revenue, which was $662
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 1-877-941-4774
(or 1-480-629-9760). 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 nearly 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 associated with risks that sales may not 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,
2013 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 INCOME
|
(In thousands,
except per share data)
|
(Unaudited)
|
|
|
Three Months Ended
December 31,
|
|
Twelve Months
Ended
December 31,
|
|
|
2013
|
|
2012
|
|
2013
|
|
2012
|
Product
revenues
|
$
|
182,290
|
|
$
|
148,242
|
|
$
|
662,082
|
|
$
|
554,979
|
Cost of
sales
|
|
132,648
|
|
|
109,942
|
|
|
487,320
|
|
|
413,052
|
Gross
margin
|
|
49,642
|
|
|
38,300
|
|
|
174,762
|
|
|
141,927
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
Net research and
development expenses
|
|
12,911
|
|
|
10,384
|
|
|
49,873
|
|
|
40,950
|
Acquisition
transaction expenses
|
|
503
|
|
|
—
|
|
|
2,414
|
|
|
—
|
Selling, general and
administrative
|
|
19,412
|
|
|
18,947
|
|
|
72,895
|
|
|
64,919
|
Total operating
expenses
|
|
32,826
|
|
|
29,331
|
|
|
125,182
|
|
|
105,869
|
Operating
income
|
|
16,816
|
|
|
8,969
|
|
|
49,580
|
|
|
36,058
|
Interest
expense
|
|
(627)
|
|
|
(1,054)
|
|
|
(3,543)
|
|
|
(4,136)
|
Revaluation of
derivatives
|
|
(195)
|
|
|
(1,236)
|
|
|
1,006
|
|
|
(2,292)
|
Foreign currency gain
(loss)
|
|
(714)
|
|
|
(156)
|
|
|
(2,228)
|
|
|
2,201
|
Income (loss) from
equity investment
|
|
117
|
|
|
146
|
|
|
436
|
|
|
(82)
|
Other
income
|
|
288
|
|
|
64
|
|
|
979
|
|
|
923
|
Earnings before
income tax
|
|
15,685
|
|
|
6,733
|
|
|
46,230
|
|
|
32,672
|
Income tax
expense
|
|
4,754
|
|
|
1,027
|
|
|
11,097
|
|
|
8,351
|
Net income
|
|
10,931
|
|
|
5,706
|
|
|
35,133
|
|
|
24,321
|
(Gain) loss
attributable to non-controlling interest
|
|
27
|
|
|
(1,958)
|
|
|
(1,313)
|
|
|
(6,449)
|
Net income
attributable to Gentherm Incorporated
|
|
10,958
|
|
|
3,748
|
|
|
33,820
|
|
|
17,872
|
Convertible preferred
stock dividends
|
|
—
|
|
|
(1,190)
|
|
|
(1,622)
|
|
|
(6,711)
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income
attributable to common shareholders
|
$
|
10,958
|
|
$
|
2,558
|
|
$
|
32,198
|
|
$
|
11,161
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic earnings per
share
|
$
|
0.31
|
|
$
|
0.09
|
|
$
|
0.96
|
|
$
|
0.39
|
Diluted earnings per
share
|
$
|
0.31
|
|
$
|
0.09
|
|
$
|
0.94
|
|
$
|
0.39
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted average
number of shares – basic
|
|
34,814
|
|
|
29,717
|
|
|
33,653
|
|
|
28,353
|
Weighted average
number of shares – diluted
|
|
35,274
|
|
|
30,082
|
|
|
34,124
|
|
|
28,862
|
GENTHERM
INCORPORATED
|
RECONCILIATION OF
ADJUSTED EBITDA TO NET INCOME
|
(Unaudited, in
thousands)
|
|
|
Three Months
Ended
December
31,
|
Twelve Months Ended
December
31,
|
|
2013
|
2012
|
2013
|
2012
|
Net income
|
$
10,931
|
$
5,706
|
$
35,133
|
$
24,321
|
Add Back:
|
|
|
|
|
Income
tax expense
|
4,754
|
1,027
|
11,097
|
8,351
|
Interest
expense
|
627
|
1,054
|
3,543
|
4,136
|
Depreciation and amortization
|
7,611
|
7,660
|
30,441
|
29,595
|
Adjustments:
|
|
|
|
|
Acquisition transaction expense
|
503
|
–
|
2,414
|
–
|
Unrealized currency loss
|
1,002
|
1,437
|
2,131
|
3,350
|
Unrealized revaluation of derivatives
|
195
|
1,234
|
(3,219)
|
(248)
|
Adjusted
EBITDA
|
$
25,623
|
$
18,118
|
$
81,540
|
$
69,505
|
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
|
(Unaudited and in
thousands, except per share data)
|
|
|
|
|
|
|
|
Three
Months Ended
December
31,
|
Twelve Months Ended
December
31,
|
Future Full Year Periods
(estimated)
|
|
2013
|
2012
|
2013
|
2012
|
2014
|
2015
|
2016
|
Thereafter
|
|
|
|
|
|
|
|
|
|
Transaction
related current expenses
|
|
|
|
|
|
|
|
|
Acquisition
transaction expenses
|
$
503
|
$
–
|
$
2,414
|
$
–
|
$
–
|
$
–
|
$
–
|
$
–
|
Non-cash
purchase accounting impacts
|
|
|
|
|
|
|
|
|
Customer
relationships amortization
|
$
2,054
|
$
1,945
|
$
7,969
|
$
7,717
|
$
8,267
|
$
8,267
|
$
8,267
|
$
34,412
|
Technology
amortization
|
861
|
816
|
3,342
|
3,236
|
3,467
|
3,467
|
3,467
|
3,059
|
Product development
costs amortization
|
569
|
526
|
2,206
|
2,087
|
2,289
|
1,297
|
52
|
–
|
|
$
3,484
|
$
3,287
|
$
13,517
|
$
13,040
|
$
14,023
|
$
13,031
|
$
11,786
|
$
37,471
|
|
|
|
|
|
|
|
|
|
Tax effect
|
(1,002)
|
(761)
|
(4,068)
|
(3,020)
|
(3,248)
|
(3,018)
|
(2,730)
|
(8,678)
|
Net income
effect
|
2,985
|
2,526
|
11,863
|
10,020
|
10,775
|
10,013
|
9,056
|
28,793
|
Non-controlling
interest effect
|
–
|
(608)
|
(155)
|
(2,413)
|
–
|
–
|
–
|
–
|
Net income available
to shareholders effect
|
$
2,985
|
$
1,918
|
$
11,708
|
$
7,607
|
$
10,775
|
$
10,013
|
$
9,056
|
$
28,793
|
|
|
|
|
|
|
|
|
|
Earnings per share -
difference
|
|
|
|
|
|
|
|
|
Basic
|
$
0.09
|
$
0.06
|
$
0.35
|
$
0.27
|
|
|
|
|
Diluted
|
$
0.08
|
$
0.06
|
$
0.34
|
$
0.26
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series C Preferred
Stock dividend
|
$
–
|
$
1,190
|
$
1,622
|
$
6,711
|
$
–
|
$
–
|
$
–
|
$
–
|
|
|
|
|
|
|
|
|
|
Earnings per share -
difference
|
|
|
|
|
|
|
|
|
Basic
|
$
–
|
$
0.04
|
$
0.05
|
$
0.24
|
|
|
|
|
Diluted
|
$
–
|
$
0.04
|
$
0.05
|
$
0.23
|
|
|
|
|
GENTHERM
INCORPORATED
|
CONSOLIDATED
BALANCE SHEETS
|
(In thousands,
except share data)
|
|
|
December 31,
|
|
2013
|
|
2012
|
ASSETS
|
|
(Unaudited)
|
|
|
|
Current
Assets:
|
|
|
|
|
|
Cash & cash
equivalents
|
$
|
54,885
|
|
$
|
58,152
|
Accounts receivable,
less allowance of $1,807 and $2,474, respectively
|
|
118,283
|
|
|
102,261
|
Inventory
|
|
64,217
|
|
|
53,756
|
Derivative financial
instruments
|
|
67
|
|
|
160
|
Deferred income tax
assets
|
|
10,616
|
|
|
15,006
|
Prepaid expenses and
other assets
|
|
21,864
|
|
|
12,809
|
Total current
assets
|
|
269,932
|
|
|
242,144
|
Property and
equipment, net
|
|
79,234
|
|
|
55,010
|
Goodwill
|
|
25,809
|
|
|
24,729
|
Other intangible
assets, net of accumulated amortization of $44,474 and $28,575,
respectively
|
|
83,431
|
|
|
95,870
|
Deferred financing
costs
|
|
1,072
|
|
|
1,880
|
Deferred income tax
assets
|
|
5,054
|
|
|
5,361
|
Derivative financial
instruments
|
|
1,969
|
|
|
4,141
|
Other non-current
assets
|
|
13,373
|
|
|
10,062
|
Total
assets
|
$
|
479,874
|
|
$
|
439,197
|
LIABILITIES AND
SHAREHOLDERS' EQUITY
|
|
|
|
|
|
Current
Liabilities:
|
|
|
|
|
|
Accounts
payable
|
$
|
61,662
|
|
$
|
42,508
|
Accrued
liabilities
|
|
66,783
|
|
|
54,157
|
Current maturities of
long-term debt
|
|
21,439
|
|
|
17,218
|
Derivative financial
instruments
|
|
2,552
|
|
|
3,326
|
Deferred income tax
liabilities
|
|
710
|
|
|
—
|
Total current
liabilities
|
|
153,146
|
|
|
117,209
|
Pension benefit
obligation
|
|
6,868
|
|
|
5,009
|
Other
Liabilities
|
|
1,601
|
|
|
4,540
|
Long-term debt, less
current maturities
|
|
60,881
|
|
|
39,734
|
Derivative financial
instruments
|
|
9,358
|
|
|
13,245
|
Deferred tax
liabilities
|
|
17,975
|
|
|
21,828
|
Total
liabilities
|
|
249,829
|
|
|
201,565
|
Commitments and
contingencies
|
|
|
|
|
|
Series C Convertible
Preferred Stock
|
|
—
|
|
|
22,469
|
Shareholders'
equity:
|
|
|
|
|
|
Common
Stock:
|
|
|
|
|
|
No par value;
55,000,000 shares authorized, 34,929,334 and 29,818,225 issued and
outstanding at December 31, 2013 and 2012,
respectively
|
|
232,067
|
|
|
166,309
|
Paid-in
capital
|
|
(10,702)
|
|
|
24,120
|
Accumulated other
comprehensive income
|
|
(6,132)
|
|
|
(11,231)
|
Accumulated earnings
(deficit)
|
|
14,812
|
|
|
(17,383)
|
Total Gentherm
Incorporated shareholders' equity
|
|
230,045
|
|
|
161,815
|
Non-controlling
interest
|
|
—
|
|
|
53,348
|
Total shareholders'
equity
|
|
230,045
|
|
|
215,163
|
Total liabilities and
shareholders' equity
|
$
|
479,874
|
|
$
|
439,197
|
GENTHERM
INCORPORATED
|
CONSOLIDATED
STATEMENTS OF CASH FLOWS
|
(In
thousands)
|
|
|
Year Ended
December 31,
|
|
2013
|
|
2012
|
Operating
Activities:
|
|
(Unaudited)
|
|
|
|
Net income
|
$
|
35,133
|
|
$
|
24,321
|
Adjustments to
reconcile net income to cash provided by operating
activities:
|
|
|
|
|
|
Depreciation and
amortization
|
|
31,249
|
|
|
30,627
|
Deferred income tax
expense
|
|
1,355
|
|
|
789
|
(Gain) loss on
revaluation of derivatives
|
|
(2,678)
|
|
|
167
|
Stock
compensation
|
|
2,636
|
|
|
1,252
|
Loss on sale of
property, plant & equipment
|
|
106
|
|
|
555
|
Provision for
doubtful accounts
|
|
(705)
|
|
|
533
|
Defined benefit plan
expense
|
|
(659)
|
|
|
50
|
Excess tax benefit
from equity awards
|
|
(25)
|
|
|
(171)
|
(Gain) loss from
equity investment
|
|
(433)
|
|
|
82
|
Changes in operating
assets and liabilities:
|
|
|
|
|
|
Accounts
receivable
|
|
(13,828)
|
|
|
(18,367)
|
Inventory
|
|
(9,600)
|
|
|
(5,847)
|
Prepaid expenses and
other assets
|
|
(9,446)
|
|
|
(3,228)
|
Accounts
payable
|
|
18,255
|
|
|
1,788
|
Accrued
liabilities
|
|
10,486
|
|
|
4,314
|
Net cash provided by
operating activities
|
|
61,846
|
|
|
36,865
|
Investing
Activities:
|
|
|
|
|
|
Purchases of
derivative financial instruments
|
|
—
|
|
|
(7,787)
|
Purchase of
non-controlling interest
|
|
(48,774)
|
|
|
—
|
Loan to equity
investment
|
|
—
|
|
|
(590)
|
Cash invested in
corporate owned life insurance
|
|
(266)
|
|
|
(265)
|
Purchase of property
and equipment
|
|
(35,861)
|
|
|
(26,793)
|
Proceeds from the
sale of property and equipment
|
|
11
|
|
|
40
|
Net cash used in
investing activities
|
|
(84,890)
|
|
|
(35,395)
|
Financing
Activities:
|
|
|
|
|
|
Distribution paid to
non-controlling interest
|
|
(3)
|
|
|
(290)
|
Cash paid for
financing costs
|
|
—
|
|
|
(264)
|
Borrowing of
Debt
|
|
45,669
|
|
|
3,326
|
Repayments of
Debt
|
|
(24,496)
|
|
|
(22,953)
|
Proceeds from public
offering of common stock
|
|
—
|
|
|
75,532
|
Excess tax benefit
from equity awards
|
|
25
|
|
|
171
|
Proceeds from sale of
W.E.T. equity to non-controlling interest
|
|
—
|
|
|
1,921
|
Redemption of Series
C Preferred Stock
|
|
(8,446)
|
|
|
(23,340)
|
Series C Preferred
Stock Holders dividend
|
|
(696)
|
|
|
(2,400)
|
Proceeds from the
exercise of Common Stock options
|
|
4,801
|
|
|
774
|
Net cash provided by
financing activities
|
|
16,854
|
|
|
32,477
|
Foreign currency
effect on cash and cash equivalents
|
|
2,923
|
|
|
366
|
Net (decrease)
increase in cash and cash equivalents
|
|
(3,267)
|
|
|
34,313
|
Cash and cash
equivalents at beginning of period
|
|
58,152
|
|
|
23,839
|
Cash and cash
equivalents at end of period
|
$
|
54,885
|
|
$
|
58,152
|
Supplemental
disclosure of cash flow information:
|
|
|
|
|
|
Cash paid for
interest
|
$
|
2,653
|
|
$
|
3,545
|
Cash paid for
taxes
|
$
|
11,326
|
|
$
|
8,445
|
Supplemental
disclosure of non-cash transactions:
|
|
|
|
|
|
Issuance of Common
Stock to non-controlling interest
|
$
|
42,517
|
|
$
|
7,780
|
Issuance of Common
Stock for Series C Preferred Stock conversion
|
$
|
15,108
|
|
$
|
1,031
|
Common stock issued
to directors and employees
|
$
|
1,509
|
|
$
|
429
|
Capital
Lease
|
$
|
3,254
|
|
|
—
|
SOURCE Gentherm