Q1 2021 Superior Industries International Inc Earnings Call

May 5, 2021

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Good day and welcome to the Superior industries first quarter 2021 earnings teleconference. Today's conference is being recorded at this time I would like to turn the conference over to Mr. Clinton and Stinks. Sir. Please go ahead.

Thank you good morning, everyone and welcome to low first quarter 2021 earnings call. During our discussion today, we will be referring to our earnings presentation, which along with the earnings release is available on the Investor Relations section of Superior's website.

I'm joined on the call by Mafia, Blah, Blah, and our President and Chief Executive Officer, and Tim Trenary, Executive Vice President and Chief Financial Officer.

Before I turn the call over to Marty I would like I would like to remind everyone that any forward looking statements contained in this presentation or commented on today are subject to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995. Please refer to slide two of this presentation for the full safe.

<unk> statement and to the company's SEC filings, including the company's current annual report on form 10-K for a more complete discussion of forward looking statements and risk factors.

We will also be discussing various non-GAAP measures today.

These non-GAAP measures exclude the impact of certain items and therefore are not calculated in accordance with U S. GAAP reconciliations of these measures to the most directly comparable U S. GAAP measure can be found in the appendix of this presentation with that I'll turn the call over to Marty to provide that portfolio and business update.

Thanks, Glenn and good morning, everyone. Thank you for joining our call and thank you for your long standing partnership and support of superior.

Before I start today, a few words with perspective from my time.

We are very pleased with the results, we will share with you today and as I.

And the last earnings call. We are very excited to have a business built for profitable growth and the industry recovers.

Our first quarter results are actually a testament to what we have established for ourselves.

With that I will start on slide five with the highlights from the quarter.

For the first quarter, we have again delivered strong performance.

Liver and growth above market, expanding profitability and achieving solid cash generation.

And our teams continue to execute against our value creation roadmap capitalizing on secular trends with our portfolio of innovative technologies.

And as Oems and adopting strategies to advance electrification.

Two reduction and vehicle differentiation, we realized a 17% increase and value added sales and deliver 39% growth and EBITDA and solid cash from operations.

Further we delivered on a favorable product mix as well driven by our disciplined portfolio strategy and strong execution, despite supply chain disruptions affecting our customers.

During the first quarter. We also benefited from an OEM mix shift towards premium vehicles, as Oems and manage through supply chain constraints.

And we will provide more detail on that and a moment.

We are confident that we have positioned superior for consistent growth above the market and the high single digit range.

For the foreseeable future.

Highlighting our product positioning actually is the fact that 19 inch and greater wheels and this and.

And this quarter represented over 43% of our shipments compared to less than 30% and 2019.

I will discuss some other portfolio drivers and Alere slide that I think you will find interesting.

These results underscore our operational capabilities and our portfolio strength and <unk>.

Combination of which has positioned superior for continued profitable growth and wallet.

And to the future.

Moving on to slide six we remain committed to executing our strategy to deliver shareholder value.

But when I first introduced this strategy, we would actually squarely focused on stabilizing the business.

And once we completed that we moved rapidly into driving operational excellence and across the business.

And which has been tremendously successful.

This discipline resulted in improved gross margins specifically in our North American operations expanded EBITDA margins globally, and and accelerated dry to realize synergies across the entire company, especially between our two regions North America and Europe.

This improved profitability translated into enhanced cash flow generation and.

And a stronger financial position.

And in addition to improving margins and cash flow, we are well positioned to drive consistent profitable growth as you have witnessed over the last several quarters.

We continue to develop our portfolio, bringing new sophisticated technologies to market, enabling us to secure additional new business wins and further expand our customer base.

And we continue to make progress along this road map our results clearly demonstrate that our strategies working creating incremental shareholder value with each step.

On slide seven showcases and major achievement from executing this strategy I described on the price line.

Driving efficiencies and enhancing profitability.

Year over year, and EBITDA margin of our North American operations expanded more than 500 basis points.

And despite facing stiff headwinds, including the temporary shutdown of our Mexican facilities and February due to power outage.

Supply chain constraints and volatile customer demand.

We look forward to maintaining this trend of margin expansion as the year continues.

And driving our strength and portfolio and continued execution of our operational excellence and a set of initiatives.

Moving onto slide eight.

And we have said many times, we are and a unique position to address the attractive secular trends and we believe will support growth for years to come.

Oems have clear mandates towards electrification fuel efficiency and aerodynamics as well as consumer preference for larger diameter wheels with premium content.

And previous efforts to maintain his leadership from a technology perspective has driven both significant content increases and growth over market.

More specifically looking at the key trend we have seen our wheel utilizing these technologies significantly grow as a percentage of our portfolio.

Importantly, our customers recognize the value of these technologies are putting us up charges between 15% and.

And at times actually more than 50% compared to a base level wheels.

These technologies have also created a significant competitive advantage over some of our competitors and many premium customer demand these capabilities to do business with them.

And as we continue to innovate and develop our portfolio of premium technologies, we expect to further solidify our leadership position and capture long term growth.

With that and moving on to slide nine I am pleased to say superior has been named as a finalist for the prestigious pace Award for our Pvt technology, which offers and environmentally friendly highly durable alternative to growth.

In addition, this technology offers and average mass reduction of over 10 pounds per vehicle.

Which improves vehicle efficiency and reduces total emissions.

It is a proven technology that was launched on the flow.

<unk> 15 last year and actually <unk> poor Global Excellence Award.

We are honored to be in the final group considered for the pace Award and see this as a testament to the outstanding work of our teams further underscoring the innovative market leading technology, we offer our customers.

Moving onto slide 10 here you see some of the exciting product and customer first we launched and the first quarter, both in North America and in Europe.

And North America, we launched content on the VW Atlas, the Dodge Ram and the Nissan Micra.

The Atlas launch actually is our first with Volkswagen from North America, consistent with our strategy to grow with European Oems in this region and leveraging the relationship we have with BW and Europe.

And the Dodge Ram launch is the first platform, which features our matte finish technology.

And Europe, we launched content on the Vogel, <unk>, <unk> and <unk> and land Rover defender.

And the range Rover sport the.

And the latter of which marked our first 23 inch wheel using our flow forming lightweight and technology.

Before I turn over the call to Tim Let me quickly discuss the current industry environment on slide 11.

The IHS forecast, which had been reduced over the last eight weeks.

Still showing significant improvements for light vehicle production in 2021 versus last year.

Having said that the recoveries from 2019 levels is still underway.

And as a reminder, we have taken a conservative market recovery outlook and our last guidance. So effectively IHS guidance has now closed the gap to our original outlook.

Our underlying market assumptions of our full year outlook remain intact we.

We remain confident that the industry recovery will continue for some time to come.

However, we are currently monitoring the ongoing semiconductor shortages and other supply chain challenges, which may result, and highly volatile customer demand throughout the year.

We are also following continued COVID-19 restrictions that are primarily impacting the European end market.

With this in mind, we are maintaining our full year guidance for the full year, we anticipate delivering adjusted EBITDA in the range of $160 million to $180 million and cash flow from operations in the range of $110 million to $130 million.

Our focus will continue to be an enhanced profitability and driving cash generation.

In closing I am very pleased with our strong results and the first quarter and I am confident that our growth over market momentum and enhanced margins will continue to support EBITDA growth and cash generation.

The enhanced cash position and additional financial flexibility stemming from the recent extension of our revolving credit facility.

And will enable us to invest more and the business.

Continue to deleverage, our company and deliver enhanced value to shareholders to shareholders.

I would like to thank our entire team for their hard work and.

And I also would like to compliment our outstanding leadership team and executing on our strategic plan to drive these results.

With that I will turn the call over to Tim Tim.

Thank you Marsha and good morning, everyone.

The first quarter of 2021 was another quarter of outstanding financial performance for superior.

And another quarter of sequential growth above market for the company.

As reflected on slide 13 value added sales adjusted for FX increased 17% and the first quarter compared to the prior year period.

This represents 19% growth over market.

Superior growth over market continues to be driven by the company's sale of larger diameter wheels with premium content.

This shift and product mix was boosted in the first quarter as our customers generally preserved and limited supplies of semiconductors for their more profitable vehicles for larger and premium vehicles, and therefore shifted production accordingly.

As vehicles are disproportionately equipped with larger diameter wheels with premium content and.

In addition, favorable foreign exchange enhanced value added sales and the quarter.

On slide 14 Youll.

You will find the regional breakdown of unit shipments net sales and value added sales for the quarter compared to the prior year period.

Wheel unit shipments and the first quarter were $4 5 million, a 5% increase compared to the prior year period.

All of this increase and unit shipments was in North America, and as much as Europe shipments were essentially flat year over year.

Net sales increased to $358 million for the quarter compared to $301 million in the prior year period. This 19% increase reflects the increase and value added sales favorable foreign exchange and the rising cost of aluminum.

Value added sales increased to 207 million <unk>.

Compared to $170 million and the prior year period, a 22% increase before adjustment for foreign exchange.

And then in the first quarter, we reported net income of $13 million or diluted earnings per share of <unk> <unk>.

Compared to a net loss of $190 million or a loss of $7 84 per diluted share in the prior year period.

This was largely the result of a non recurring non cash impairment charge of goodwill and other.

Other indefinite lived intangibles related to the acquisition of our European operations and 2017.

Net income and the first quarter of 2021 includes a <unk> 8 million tax provision, which differs from the statutory rate primarily due to valuation allowances the release of and uncertain tax position and the mix of earnings among tax tax jurisdictions.

Slide 16 is a bridge of adjusted EBITDA from the first quarter of 2020 to the first quarter of 2021.

Adjusted EBITDA increased to $55 million for the quarter compared to $40 million and the prior year period.

This almost 40% increase was primarily driven by favorable product mix.

A stronger euro and improvement and operational performance, partially offset by the timing of customer recovery.

Rising aluminum prices and a cold weather precipitated power outage and Mexico, all four of our Mexican facilities were idled for six days and this past February.

First quarter cash flow as described on slide 17.

Cash flow from operating activities was $18 million compared to $31 million and the prior year period.

The decrease was primarily driven by increased working capital to support higher sales, partially offset by growth and earnings and lower cash taxes.

Cash used in investing activities decreased to $11 million compared to $14 million and the prior year period the.

The difference reflects the timing of capital expenditures, not a change and our capital and investment strategy cash.

Cash used by financing activities was 4 million compared to cash provided by financing activities of 189 million and the first quarter of 2020.

And this change was primarily due to drawdowns on the revolving credit facilities in Europe, and North America, and 2020 due to the uncertainty associated with the emerging pandemic and proceeds from and a European equipment loan and 2020.

We paid $3 million and preferred dividends during the quarter.

Drew $2 million on the European equipment loans and made payments on funded debt of $1 million.

Taken together, and we generated $3 million and free cash flow in the quarter.

The Companys capital structure is outlined on slide 18.

Funded debt was $630 million at quarter end cash on hand $154 million.

Net debt was therefore $477 million $14 million less and the prior quarter and $65 million less and the prior year period.

Free cash flow remains a key objective of superior.

As of March 31, 2021 liquidity, including cash and available amounts under our committed revolving credit facilities was $379 million.

Yes.

The company's debt maturity profile as depicted on slide 19 on.

On may 3rd we amended and extended the U S revolving credit facility.

The new commitment of $132 5 million with a step down to 107 $5 million and May 2022 will.

It will mature in October 2023, two and a half years from now.

We believe this facility is more than adequate considering the increased earnings power of the company and our enhanced cash position.

Furthermore, we are in discussions with our European banking partners regarding the extension of the European revolver and more to come on that soon.

And there are no near term maturities of funded debt the term loan matures in 2024, and the senior notes and 2025, we are in compliance with all loan covenants.

Significant liquidity is available to the company and the form of cash and available amounts under the revolving credit facilities.

Leveraging the balance sheet remains a top priority for superior.

Our full year 2021 outlook can be found on slide 20.

Notwithstanding superior outstanding financial performance from the first quarter, we do not intend to change 2021 guidance at this time, given the uncertainties associated with possible OEM supply chain disruption, especially the availability of semiconductors and the possible associated impact on our customers' vehicle production schedules.

Furthermore, COVID-19 continues to be disruptive and Europe.

Having said that we remain confident and our ability to continue to generate profitable growth as we execute our strategic priorities.

With respect to industry production volumes, we continue to expect a recovery to pre COVID-19 levels over time, and believe will unit shipments will be and the range of $16 nine to $17 $7 million this year net.

Net sales will be and a range of $1 three to $1 37 billion and.

And value added sales will be and the range of $740 to $780 million, resulting in adjusted EBITDA of $160 million to $180 million.

This sales outlook assumes industry production recovery in 2021, and the mid teen percentage range across our global footprint and.

And increase in aluminum prices.

And our continuing shift to larger diameter wheels and premium content.

This guidance includes an estimate of the impact and the semiconductor shortage on the industry and therefore, our sales and the previously described temporary shutdown of our Mexican operations as a result of the power outage and February.

With respect to cash flow from operations, we expect to be and the one early $10 million to $130 million range for the year.

Finally capital expenditures should approximate $75 million.

Portion of which is carried over from 2020 our.

A significant portion of this spend is for investments and our wheel, finishing capabilities as we continue to develop our capabilities and advance our portfolio of wheel products.

That concludes our prepared remarks modesty.

And you want to open and close.

For closing remarks later alright.

Great.

Thank you Tim and Marcy.

Let's go ahead with the Q&A session. Please Katy. Please go ahead. Thank you Sir if you would like to ask a question. Please signal by pressing star one on your telephone keypad.

You are using a speaker phone. Please make sure your mute function is turned off to allow your signal to reach our equipment.

Again, Please press star one to ask a question, we'll pause for just a moment to allow everyone an opportunity to signal for questions.

Thank you our first question will come from Gary <unk> with Barrington Research.

Hey, good morning, everyone.

Oil and gas.

Couple of questions here.

Number one.

Are you continuing to see and the early stages of Q2 here.

The Oems favoring production.

More of their high end models versus their lower and models due to the chip constraints.

Yes, Gary.

And obviously all of the Oems and hence they have come up with them with their earnings reports.

Have stated and same with us that they continue to face challenges with microchip choices shortages and actually in Q2 is continuing that momentum and recovery, possibly Gary and the second half, but it remains to be seen.

So with limited resources limited supply.

And it goes without saying they continue to stay focused on the platforms that offer the highest profitability and the highest content and.

And we expect that to continue although Q2 would demonstrate even more and more pressure on that front, but the allocation to higher contented vehicles will continue.

Okay. So thats why I was trying to get at is the cadence I think you answered the question the cadence of what to expect going forward.

And at least if it goes along the predictions of what the Oems are saying is Q2 is going to be somewhat challenged but theyre thinking that Q3 and Q4. Some of this will let up is that kind of the way youre looking at it.

Yes that is.

Correct and Thats really what IHS is signal.

The Plaza a lot of the recovery and into the second half if downgraded Q2 and upgraded second half, which is consistent with what we're hearing from customers.

Okay, and then just another couple of questions here.

19 inch wheels, or greater where they had about 40% and Q4 and terms of your units.

And they increased 43%.

And that's about right and that's about right. Okay, so 40% to 43% Okay. Good and then.

In terms of.

Between your European operations, and North American operations have you close that gap.

On adjusted EBITDA margins I think there was a big gap there at one time is it close to.

To the point, where its equilibrium line doors or.

Could you maybe.

Give us some direction there.

Gary It's sorry, it's Tim.

By and large as a consequence of the actions that were taken shortly after March day arrived at the company or specifically structural cost changes step changes, if you will and the cost structure in and.

In Mexico, including the shifting of the Fayetteville operations down to Mexico that step change is by and large resulted in and margins as between Europe, and North America, which are which are now very very similar so that's a long answer to your question. The short answer is yes. The GAAP is closed.

Okay.

And you.

Thank you. Our next question comes from Mike Ward with benchmark.

Good morning, everyone.

Sorry, Mike.

So I'm not sure if I got this right. So you see all these stories and and you see the videos online about some of these vehicles like it forward and particular that are largely produced sitting and parking lots.

And we'll bottom.

But maybe missing one chip so they haven't been day to get buy forward.

How does that work with you are you getting the revenue are they paying and cash is considered a sale.

No no it's absolutely considered the sales the short answer.

And talking to you.

Waiting for chips. It is a sale right. It is a share.

Okay now does that create a backlash.

You guys get pretty consistent schedules and I know, they're doing their best to allocate the chips to the most important vehicles and things like that and I think the rule of thumb is basically when you get these 30 60 90 day type schedules from the vehicle manufacturers. The 30 day schedules are pretty much 99, 100% in line is that where the pressure is coming and youre getting cutbacks from <unk>.

Last minute or are they just given your cautious.

Build schedules going out 60 to 90 days more longer term.

Okay.

Mike I would tell you.

Testament to the execution of this team and Im on the call every week every day with the team and they try to manage through volatility. So your statement and a firewall this correct stability, but our schedule change almost almost on a daily basis and are pleased that right and haynesville.

Our team I mean, the growth over market story of 19%, Mike and Jeff.

It's true.

Energy, taking hold and we said we want to be and premium vehicles. We said, we wanted to do even with larger wheels electrification on the marquee lightweight and I would like leading volume Mike is.

Twice, what it was just 12 months ago.

So the strategy is taking hold but on top of it is a team that is responding to customers and Ah and an unbelievable way too to shift their mix to satisfy their their production needs and that has manifested itself and these growth numbers will share with you.

Yes, because in the past that would have been hugely disruptive to performance yes.

Yes.

Any insight you can give on what's going on in Europe.

It looks like the economies are reopening are you seeing that reflected.

Guessing that.

Particularly as the market has a lot more shut down and that first quarter that we're going to see some pretty substantial type increases as we get into Q2 Q3 Q are you seeing that reflected in your orders from the from your customers.

Yes.

Overall, Mike the recovery in Europe was always viewed as one that will be slower than that.

North America, Europe is not going to reach 2019 levels for sometimes and we came into the year, knowing that North America will be stronger than Europe and it continues to be now surprisingly if you look at Q1, the European market was down 1% year on year, while North America was down four 5%.

For us our story and Q1 <unk>.

And with that actually North America was up 27% and revenue and and.

Our our revenue and Europe was up 7% both regions and operating from our standpoint that significantly growth above market.

Outlook is continues to be.

And the year Youll see North America at 20% and IHS has got Europe at 14%, we think it may still be and the 10% range.

But we are seeing we are seeing the recovery hold as we expected before before we issued our earnings call.

Listen I really appreciate the feedback and thank you.

Youre welcome.

Thank you again as a reminder, please press star one to join the queue.

Our next question comes from Richard Stealen with Deutsche Bank.

Yes. Thank you very much and I just had two questions. The first is.

A little similar to some of the other comments about the cadence here in terms of your guidance obviously.

Obviously, the adjusted EBITDA in quarter, one was great and represents sort of one third of the full year guidance at the midpoint and.

And I recognize that you have to sort of qualify this and either.

Conservative or reflecting the concerns regarding the slowdown and I.

I guess, if I look at Q2 last year adjusted EBITDA was in fact and negative $4 million. So.

Barring a disastrous our production from your customers in terms of the slowdowns I would assume that even.

Q2 could still beat last year, which was significantly impacted by Q2 so.

First question is really how much of this underperformance is and your and your guidance for adjusted EBITDA for the year concentrated in the second quarter.

And then the second question is really related to.

Your refinancing I guess with the improvement in net leverage you mentioned that youre talking to the banks about the European revolver, you've obviously made progress and the U S. Any thoughts on the bond refi prospects and what actions you might be with respect to the preferred in conjunction with that thank you.

Okay, Richard it's Tim. Thank you for your questions first of all with respect to the guidance.

Let me just start by saying just to be clear that we do not anticipate any sort of.

And our performance in Q2 of this year to be any any anywhere near that of last year I mean last year was.

It was an anomaly. So no we did not we still expect to perform really fairly well and Q2 here's how.

I think about.

The remainder of this year and the guidance and by the way.

And it's just impossible to know for sure. So we're just acting out of an abundance of caution caution and I and I think being.

Service and not change and our guidance up here's how I think about it by quarter.

And the first quarter, notwithstanding notwithstanding all the difficulties.

Customers had with supply chain and.

And we had to some extent with respect to our operations in Mexico and the power outage.

All of that sort of GAAP.

Covered up if you will by those this mix shift this favorable mix shift in Q1, and and frankly, our company's ability to manage that the operator's ability to manage that effectively and therefore, the company's ability to convert on those sales and that's what gave rise to this 40% improvement and EBITDA and 330.

Basis points.

Better margin now in Q2, and Q3 again, nobody knows for sure and depending on who you want to believe it looks like Q2 from the standpoint of OEM production schedule and difficulties will be will be the worst quarter. It's already started a little bit here in North America, we're seeing it in the and the.

<unk> closures with many of our customers and and.

And the call offs on the production, but there is reason to believe that that may subside in Q3, okay. So.

A little rough going here in Q2, perhaps especially in North America, and nothing nothing nothing like last year, but just some lower production levels and perhaps some cited and Q3 now.

What may happen in Q4 is that to the extent the.

Assemblers, the Oems had to throttle that production in Q2, and perhaps Q3 and because inventories are low and we will be maybe even lower after this we may see a supercharge and if you will of volumes in Q4. So.

What I've just laid out here is a scenario that frankly, if it if it.

If it comes to pass could result in a year for our company, which is which is much better than the guidance that we have out there right now so.

Roundabout way of saying is the fact that we haven't changed our guidance is just out of an abundance of caution because of the uncertainty not.

Notwithstanding this scenario I guess laid out which would really be quite favorable for the company.

Scott in terms of thank you.

Okay and in terms of our.

Our our capital structure.

Climb and who is here with me today is our treasurer and he is in conversations with our European banking partners. As you May know we have a 60.

Million Euro.

Facility over there and.

Listen climate and I'm, just going to let you given firsthand knowledge on where youre at with that thank you Tim.

Yes, so in regard to the European revolver.

We have initiated discussions.

And.

I think I'll leave it with we expect that to close out successfully and the near future.

And I don't want to put a specific date on that and then the broader question you asked about the bond refinance.

And for US it's actually the broader question is about the overall capital structure.

And clearly we are and also and discussions with our banking partners about this topic, we have been it obviously <unk> is a continuous dialogue we are way off the specialty 11th markets being very supportive.

Adding step that.

You actually decided to bond plus because this is not just the bond and it's the overall cap structure. So.

Yeah.

And your point is valid but.

It's going to take us.

Also a moment to actually gather all the different bits and pieces together and move forward.

Okay, great. Thank you so much.

Thank you.

And thank you. Our next question comes from James <unk> with Credit Suisse.

Hi, and thank you congratulations on your results.

And just following on from your last question. When you think about your capital structure and way plays you can optimize it.

Yes.

Are you thinking about that.

Strong results gives you clearly more optionality.

Are you thinking about.

Maybe moving some debt up the capital structure moving towards.

More and more senior.

Our senior secured pipe type structure.

Yes, and that'd be my first question and thank you.

James It's Tim.

First of all I think it's a further a little bit on Clemens point here. There is no immediate need to make any dramatic changes to the company's capital structure.

We did as you know adjusted.

The revolver here in North America, and we intend to do the same with with <unk>.

Europe.

Having said that to your point.

But this company is all about at this point ever since <unk> assembled his team here is about improving financial performance of the company.

And therefore the.

The free cash flow that results from that and from that day.

The deleveraging of the balance sheet, which.

And this company has had a fair degree of success and doing.

Through driving EBITDA performance, notwithstanding the pandemic last year, but especially with respect to management of working capital and the balance sheet. So what we've been about is is improving performance and.

Increasing free cash flow and therefore deleveraging the balance sheet and what that will do if we pay attention to that and at the leveraged finance markets stay strong and Theres every reason to believe that they will we'll put ourselves and are positioned to to make any appropriate changes long term changes to the capital structure at the appropriate time.

Makes sense. Thank you.

Second question is what was it.

And with fostering bounce.

At the end of the quarter.

The factoring balance if I recall correctly, it was $106 million.

And our standing with Steven and outstanding receivable sector.

Yeah.

Great. Thank you for growth.

Thank you thank you Jim.

Thank you. This concludes today's Q&A I would now like to turn the call back over to Martin for closing remarks.

Thank you.

And in closing we are excited about the momentum we have created by executing our portfolio of technologies and establishing a high performance culture that Tim referred to.

Have a business built for profitable growth as the industry recovers.

While challenges persist and the markets. We have proven that we can manage through a very volatile operating environment and respond in a way that protects all of our stakeholders and deliver tangible value to our shareholders.

I wish you the best and I. Thank you for joining US today. This concludes our call.

Thank you ladies and gentlemen. This concludes today's teleconference. You may now disconnect.

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Good day and welcome to the Superior Industries first quarter 2021 earnings Teleconference. Today's conference is being recorded at this time I would now like to turn the conference over to Ms.

Clinton and stinks, Sir Please go ahead.

Thank you good morning, everyone and welcome to our first quarter 2021 earnings call. During our discussion today, we will be referring to our earnings presentation, which along with the earnings release is available on the Investor Relations section of Superior's website.

I'm joined on the call by modestly and Boulevard, our President and Chief Executive Officer, and Tim Trenary, Our executive Vice President and Chief Financial Officer.

Before I turn the call over to Marty I would like and I would like to remind everyone that any forward looking statements contained in this presentation or commented on today are subject to the safe Harbor provisions of the private Securities Litigation Reform Act of 1995. Please refer to slide two of this presentation for the full safe.

<unk> statement and to the company's SEC filings, including the company's current annual report on form 10-K for a more complete discussion of forward looking statements and risk factors.

We will also be discussing various non-GAAP net us today.

These non-GAAP measures exclude the impact of certain items and therefore are not calculated in accordance with U S. GAAP income.

Conciliations of these measures to the most directly comparable U S. GAAP measure can be found in the appendix of this presentation with that I will turn the call over to <unk> to provide the portfolio and business update.

Thanks, Glen and his and good morning, everyone. Thank you for joining our call and thank you for your long standing partnership and support of superior.

Before I start today, a few words with perspective from my side.

We are very pleased with the results we will share with you today and as I stated in the last earnings call. We are very excited to have a business built for profitable growth and the industry recovers.

Our first quarter results are actually a testament to what we have established for ourselves.

With that I will start on slide five with the highlights for the quarter.

For the first quarter, we have again delivered strong performance.

Liver and growth above market, expanding profitability and achieving solid cash generation.

Our teams continue to execute against our value creation roadmap capitalizing on secular trends with our portfolio of innovative technologies.

As Oems are adopting strategies to advance and electrification.

And two reduction and vehicle differentiation, we realized a 17% increase and value added sales and deliver 39% growth and EBITDA and solid cash from operations.

Further we delivered on a favorable product mix as well driven by our disciplined portfolio strategy and strong execution, despite supply chain disruptions affecting our customers.

During the first quarter. We also benefited from an OEM mix shift towards premium vehicles as Oems manage through supply chain constraints.

And we will provide more detail on that and a moment.

We are confident that we have positioned superior for consistent growth above market and the high single digit range for the foreseeable future.

Highlighting our private positioning actually is the fact that 19 inch and greater wheels and this and.

And this quarter represented over 43% of our shipments compared to less than 30% and 2019.

I will discuss some other portfolio drivers and Alere slides that I think you will find interesting.

These results underscore our operational capabilities and our portfolio strength.

The combination of which has positioned superior for continued profitable growth well into the future.

Moving on to slide six we remain committed to executing our strategy to deliver shareholder value.

And when I first introduced this strategy, we would actually squarely focused on stabilizing the business.

And once we completed that we moved rapidly into driving operational excellence across the business.

Which has been tremendously successful.

This discipline resulted in improved gross margin, specifically and our North American operations expanded EBITDA margins globally, and and accelerated dry to realize synergies across the entire company, especially between our two regions North America and Europe.

This improved profitability translated into enhanced cash flow generation and.

And a stronger financial position.

And in addition to improving margins and cash flow, we are well positioned to drive consistent profitable growth as you have witnessed over the last several quarters.

We continue to develop our portfolio, bringing new sophisticated technologies to market, enabling us to secure additional new business wins and further expand our customer base.

As we continue to make progress along this roadmap our results clearly demonstrate that our strategy is working creating incremental shareholder value with each step.

On slide seven showcases and major achievement from executing this strategy I described on the price line.

Driving efficiencies and enhancing profitability.

Year over year, the EBIT margin of our North American operations expanded more than 500 basis points.

And despite facing stiff headwinds, including the temporary shutdown of our Mexican facilities and February due to power outage.

Supply chain constraints and volatile customer demand.

We look forward to maintaining this trend of margin expansion as the year continues.

Driving our strength and portfolio and continued execution of our operational excellence initiatives.

Turning on to slide eight.

And we have said many times, we are in a unique position to address the attractive secular trends and we believe will support growth for years to come.

Oems have clear mandates towards electrification fuel efficiency and aerodynamics as well as consumer preference for larger diameter wheels with premium content.

The previous efforts to maintain his leadership from a technology perspective has driven both significant content increases and growth over market.

More specifically looking at the key trend we have seen a real utilizing these technologies significantly grow as a percentage of our portfolio.

Importantly, our customers recognize the value of these technologies affording us up charges between 15% and at times actually more than 50% compared to a base level wheels.

These technologies have also created a significant competitive advantage over some of our competitors and many premium customer demand these capabilities to do business with them.

And as we continue to innovate and develop our portfolio of premium technologies, we expect to further solidify our leadership position and capture long term growth.

With that and moving on to slide nine I am pleased to say superior has been named as a finalist for the prestigious pace Award for our <unk> technology, which offers and environmentally friendly highly durable alternative to growth.

And in addition, this technology offers and average mass reduction of over 10 pounds per vehicle.

Which improves vehicle efficiency and reduces total emissions.

It is a proven technology that was launched on the Ford F 150 last year and actually <unk>, Florida Global Excellence Award.

We are honored to be and the final group considered for the pace Award and see this as a testament to the outstanding work of our teams further underscoring the innovative market leading technology, we offer our customers.

Moving on to slide 10.

And you see some of the exciting product and customer first we launched and the first quarter, both in North America and in Europe.

And North America, we launched content on the VW Atlas, the Dodge Ram and the Nissan Micra.

And the Dodge Ram launch is the first platform, which features our matte finish technology.

In Europe, we launched content on the Volvo <unk> 60, and <unk> 40, and the land Rover defender.

And the range Rover sport.

The latter of which marked our first 23 inch wheel using our flow forming lightweight and technology.

Before I turn over the call to Tim Let me quickly discuss the current industry environment on slide 11.

The IHS forecasts, which have been introduced over the last eight weeks.

Still showing significant improvement with light vehicle production in 2021 versus last year.

Having said that the recoveries from 2019 levels is still underway.

As a reminder, we have taken a conservative market recovery outlook and our last guidance. So effectively IHS guidance has now closed the gap to our original outlook.

Our underlying market assumptions, our full year outlook remain intact, we remain.

Confidence that the industries company will continue for some time to come.

However, we are currently monitoring the ongoing semiconductor shortages and other supply chain challenges, which may result, and highly volatile and customer demand throughout the year.

We are also following continued COVID-19 restrictions that are primarily affecting net European end market.

With this and mines, we are maintaining our full year guidance for the full year, we anticipate delivering adjusted EBITDA and the range of $160 million to $180 million and cash flow from operations in the range of $110 million to $130 million.

Our focus will continue to be an enhanced profitability and driving cash generation.

The enhanced cash position and additional financial flexibility stemming from the recent extension of our revolving credit facility.

And will enable us to invest more and the business.

Continue to deleverage, our company and deliver enhanced value to shareholders to shareholders.

I would like to thank our entire team for their hard work and.

And I also would like to compliment our outstanding leadership team and executing on our strategic plan to drive these results.

With that I will turn the call over to Tim Tim.

Thank you Marsha and good morning, everyone.

The first quarter of 2021 was another quarter of outstanding financial performance for superior and.

And another quarter of sequential growth above market for the company.

As reflected on slide 13 value added sales adjusted for FX increased 17% and the first quarter compared to the prior year period.

This represents 19% growth over market superior growth over market continues to be driven by the company's sale of larger diameter wheels with premium content.

This shift and product mix was boosted in the first quarter as our customers generally preserved and limited supplies of semiconductors and more profitable vehicles.

The larger and premium vehicles, and therefore shifted production accordingly.

These vehicles are disproportionately equipped with larger diameter wheels with premium content.

In addition, favorable foreign exchange enhanced value added sales and the quarter.

On slide 14.

You'll find the original breakdown of unit shipments net sales and value added sales for the quarter compared to the prior year period.

<unk> unit shipments and the first quarter were $4 5 million, a 5% increase compared to the prior year period.

All of this increase and unit shipments was in North America, and as much as Europe shipments were essentially flat year over year.

Net sales increased to $358 million for the quarter compared to 301 million in the prior year period.

And this 19% increase reflects the increase and value added sales.

Favorable foreign exchange and the rising cost of aluminum.

Value added sales increased to 207 million <unk>.

Compared to $170 million and the prior year period, a 22% increase before adjustment for foreign exchange.

And the first quarter, we reported net income of $13 million or diluted earnings per share of <unk> <unk>.

Compared to a net loss of $190 million or a loss of $7 84 per diluted share and the prior year period.

This was largely the result of a nonrecurring non cash impairment charge of goodwill and other.

Other indefinite lived intangibles related to the acquisition of our European operations and 2017.

Slide 16 is a bridge of adjusted EBITDA from the first quarter of 2020 to the first quarter of 2021.

Adjusted EBITDA increased to $55 million for the quarter compared to $40 million and the prior year period.

This almost 40% increase was primarily driven by favorable product mix, a stronger euro and improvement and operational performance, partially offset by the timing of customer recoveries.

And aluminum prices and a cold weather, a precipitated power outage and Mexico, all four of our Mexican facilities were idled for six days and this past February.

First quarter cash flow as described on slide 17.

Cash flow from operating activities was $18 million compared with $31 million and the prior year period.

The decrease was primarily driven by increased working capital to support higher sales, partially offset by growth and earnings and lower cash taxes.

Cash used in investing activities decreased to $11 million compared to $14 million and the prior year period.

The difference reflects the timing of capital expenditures, not a change and our capital and investment strategy cash.

Cash used by financing activities was 4 million compared to cash provided by financing activities of $189 million and the first quarter of 2020.

This change was primarily due to draw downs under revolving credit facilities in Europe, and North America, and 2020 due to the uncertainty associated with the emerging pandemic and proceeds from and a European equipment loan and 2020.

We paid $3 million and preferred dividends during the quarter.

Drew $2 million on the European equipment loans and made payments on funded debt of $1 million taken.

Taken together, and we generated $3 million and free cash flow in the quarter.

Yeah.

The company's capital structure is outlined on slide 18.

Funded debt was $630 million at quarter end cash on hand $154 million.

Net debt was therefore $477 million $14 million less than the prior quarter and $65 million less and the prior year period.

Free cash flow remains a key objective of superior.

As of March 31, 2021 liquidity, including cash and available amounts under our committed revolving credit facilities was $379 million.

Yes.

The company's debt maturity profile as depicted on slide 19.

And on May 3rd, we amended and extended the U S revolving credit facility.

The new commitment of $132 5 million with a step down to 107 $5 million and May 2022 will mature in October 2023, two and a half years from now.

We believe this facility is more than adequate considering the increased earnings power of the company and our enhanced cash position.

Furthermore, we are in discussions with our European banking partners regarding the extension of the European revolver more to come on that soon.

There are no near term maturities of funded debt the term loan matures in 2024, and the senior notes and 2025, we are in compliance with all loan covenants.

And that liquidity is available to the company and the form of cash and available amounts under the revolving credit facilities.

Deleveraging the balance sheet remains a top priority for superior.

Our full year 2021 outlook can be found on slide 20.

Notwithstanding superior as outstanding financial performance and the first quarter, we do not intend to change 2021 guidance at this time, given the uncertainties associated with possible OEM supply chain disruption, especially the availability of semiconductors and the possible associated impact on our customers' vehicle production schedules.

Furthermore, COVID-19 continues to be disruptive and Europe, having.

Having said that we remain confident and our ability to continue to generate profitable growth as we execute our strategic priorities.

Net sales will be and the range of $1 three to $1 37 billion.

And value added sales will be and the range of $740 to $780 million, resulting in an adjusted EBITDA of $160 million to $180 million.

Net sales outlook assumes industry production recovery in 2021, and the mid teen percentage range across our global footprint.

And increase in aluminum prices.

And our continuing shift to larger diameter wheels and premium content.

This guidance includes an estimate of the impact from the semiconductor shortage on the industry and therefore, our sales and the previously described temporary shutdown of our Mexican operations as a result of the power outage and February.

With respect to cash flow from operations, we expect to be and the $110 million to $130 million range for the year.

Finally capital expenditures should approximate $75 million.

A portion of which is carried over from 2020 our.

And a significant portion of this spend is for investments and our wheel, finishing capabilities as we continue to develop our capabilities and advance our portfolio of wheel products.

That concludes our prepared remarks Marty.

You want to open and close.

And the closing remarks later alright.

Thank you Tim MRC.

Let's go ahead with the Q&A session. Please Katy. Please go ahead. Thank you Sir if you would like to ask a question. Please signal by pressing star one on your telephone keypad.

You are using a speaker phone. Please make sure your mute function is turned off to allow your signal to reach our equipment.

Again, Please press star one to ask a question, we'll pause for just a moment to allow everyone an opportunity to signal for questions.

Thank you our first question will come from Gary <unk> with Barrington Research.

Hey, good morning, everyone.

Oil and gas.

Couple of questions here.

Number one.

Are you continuing to see and the early stages of Q2 here.

And the Oems favoring production.

More of their high end models versus their lower and models due to the chip constraints.

Yes, Gary.

And obviously all of the Oems as they have come up with them with their earnings reports.

Have stated and same with us that they continue to face challenges with microchip churches shortages and actually Q2 is continuing that momentum and recovery, possibly Gary and the second half, but it remains to be seen.

And with limited resources limited supply.

It goes without saying they continue to stay focused on the platforms that offer the highest profitability and the highest content and.

And we expect that to continue although Q2 with demonstrate even more more pressure on that front, but the allocation to higher contented vehicles will continue.

Okay. So thats why I was trying to get at is the cadence I think you answered the question the cadence of what to expect going forward.

At least if it goes along the predictions of what the Oems are saying is Q2 is going to be.

Be somewhat challenged but theyre thinking that Q3 and Q4. Some of this will lead up is that kind of the way youre looking at it.

Yes that is.

Correct and Thats really what IHS is signal.

And the Plaza and a lot of the recovery and into the second half if downgraded Q2 and upgraded second half, which is consistent with what we're hearing from customers.

Okay, and then just another couple of questions here.

19 inch wheels, or greater where they had about 40% and Q4 and terms of your units.

And then increased to 43%.

And that's about right and so alright, okay, so 40% to $2, 43%, Okay. Good and then.

In terms of.

Between your European operations, and the North American operations have you close that gap.

And adjusted EBITDA margins I think there was a big gap there at one time is it close to the point, where its equilibrium line doors or.

Could you maybe.

Give us some direction there.

Gary It's sorry, it's Tim.

By and large as a consequence of the actions that were taken shortly after March <unk> arrived at the company or specifically structural cost changes step changes, if you will and the cost structure in and.

Mexico, including the shifting of the Fayetteville operations down in Mexico that step change has by and large resulted in.

And margins as between Europe, and North America, which are which are now very very similar so that's a long answer to your question. The short answer is yes. The GAAP is closed.

Okay.

Thank you. Our next question comes from Mike Ward with benchmark.

Good morning, everyone.

Yes.

And.

So I'm wondering if I got this right. So you see all these stories and and Youll see the videos online about some of these vehicles like it forward and particular that are largely produced hitting and parking lots and I think we'll bottom.

And maybe missing one chip so they haven't been day to get buy forward.

How does that work with you are you getting the revenue or are they paying you and cash is it considered a sale.

No it's absolutely considered the sale the short answer.

And just talk from vehicle weight.

Waiting for chips, it as a sale right.

It is a share okay now does that create a backlash.

You guys get pretty consistent schedules and I know they are doing their best to allocate the chips to the most important vehicles and things like that and I think the rule of thumb is basically when you get these 30 60 90 day type schedules from the vehicle manufacturers. The 30 day schedules are pretty much 99, 100% in line is that where the pressure is coming you're getting cut backs.

Last minute or are they just given your cautious.

Build schedules going out 60 to 90 days more longer term.

Yes.

Mike I would tell you.

Testament to the execution of this team and Im on the calls every week, sometimes every day with the team and they try to manage through volatility. So your statement and higher royalties correct stability, but casual change almost almost on a daily basis and all is that right.

Our team.

Net growth over market story of 19%, Mike and Jeff.

Our market strategy, taking hold and we said we want to be and premium vehicles. We said we wanted to.

Larger wheels and.

Electrification on the marquee light weighting.

Lightweight and volume Mike is is twice what it was just 12 months ago.

So the strategy is taking hold but on top of it is a team that is responding to customers and are in an unbelievable way too to shift their mix to satisfy their net production needs and.

And that has manifested itself and these growth numbers will share with you.

Because in the past that would have been hugely disruptive to performance, yes, yes, yes.

Any insight you can give on what's going on in Europe.

It looks like the economies are reopening are you seeing that reflected.

And getting that.

And particularly as the market has a lot of more shutdown and that first quarter that we're going to see some pretty substantial type increases as we get into Q2 Q3 Q are you seeing that reflected in your orders from the from your customers.

Yes.

Overall, Mike the recovery in Europe was always viewed as one that will be slower than Donald.

Our story and Q1 is consistent with that actually North America was up 27% and revenue and and.

Our our revenue and Europe was up 7% both regions and operating from our standpoint that significantly growth above market.

Outlook is continues to be.

And the year Youll see North America at 20% and IHS has got Europe at 14%, we think it may still be and the 10% range.

But we are seeing we are seeing the recovery hold as we expected before.

We issued our earnings call.

Listen I really appreciate the feedback and thank you.

Youre welcome.

Thank you again as a reminder, please press star one to join the queue.

Our next question comes from Richard and Steven with Deutsche Bank.

Yes. Thank you very much I just had two questions. The first is.

A little similar to some of the other comments about the cadence here in terms of your guidance obviously the.

Adjusted EBITDA in quarter, one was great and represents sort of one third of the full year guidance at the midpoint and.

And I recognize that you could sort of qualify this either.

Conservative or reflecting the concerns regarding the slowdown.

I guess, if I look at Q2 last year adjusted EBITDA was in fact and negative 4 million. So.

Barring a.

Disastrous our production from your customers in terms of the slowdowns I would assume that even.

Q2 could still beat last year, which was significantly impacted by Q2, so yes the.

First question is really how much of this underperformance and.

And your guidance for adjusted EBITDA for the year concentrated in the second quarter.

And then the second question is really related to.

Youre refinancing I guess with the improvement in net leverage you mentioned that you are talking to the banks about the European revolver, and you've obviously made progress and the U S. Any thoughts on the bond refi prospects and what actions you might be with respect to the preferred in conjunction with that thank you.

Okay, Richard it's Tim. Thank you for your questions first of all with respect to the guidance.

Let me just start by saying just to be clear that we do not anticipate any sort of.

And our performance in Q2 of this year to be any any anywhere near that of last year. I mean last year was it was an anomaly. So no. We do not we still expect to perform really fairly well and Q2, here's how I think about.

The remainder of this year and the guidance and by the way.

And it's just impossible to know for sure. So we're just acting out of an abundance of caution caution and I and I think the.

And being conservative and not changing our guidance up here's how I think about it by quarter.

And the first quarter, notwithstanding notwithstanding all the difficulties.

Customers had with supply chain and.

And we had to some extent with respect to our operations in Mexico and the power outage.

All of that sort of GAAP.

Covered up if you will by this mix shift this favorable mix shift in Q1, and and frankly, our company's ability to manage that the operator's ability to manage that effectively and therefore, the company's ability to convert on those sales and that's what gave rise to this 40% improvement and EBITDA and 330.

And basis points.

<unk> closures with many of our customers and and and.

And the call offs on the production but.

And there's reason to believe that that may subside in Q3, okay. So.

A little rough going here in Q2, perhaps especially in North America, and nothing nothing nothing like last year, but just some lower production levels and perhaps some site and Q3 now.

And what May happen in Q4 is that to the extent the assemblers.

Assemblers, the Oems and he had to throttle back production in Q2, and perhaps Q3 and because inventories are low and will be maybe even lower after this we may see a supercharge and if you will of volumes in Q4. So.

What I've just laid out here is a scenario that frankly, if it if it.

If it comes to pass could result in a year for our company, which is which is much better than the guidance that we have out there right now so.

Roundabout way of saying is the fact that we haven't changed our guidance is just out of an abundance of caution because of the uncertainty not.

Notwithstanding the scenario I, just laid out which would really be quite favorable for the company.

Got it and turn thank you.

Okay and in terms of our.

Our our capital structure.

Clemens who is here with me today is our treasurer and he is in conversations with our European banking partners. As you May know we have a 60.

Million Euro.

Facility over there and.

Listen climate and I'm, just going to let you given firsthand knowledge on where youre at with that thank you Tim.

Yes, so in regard to the European revolver.

We have initiated discussions.

And.

I think I'll EBIT, we expect that to closeout successfully and the near future.

I don't want to put a specific date on that and then the broader question you asked about the bond refinance.

And for US it's actually the broader question is about the overall capital structure.

And clearly we are and also and discussions with our banking partners about this topic, we have been it obviously as it is a continuous dialogue we are way off the specialty 11th markets being very supportive.

Adding set that.

You actually decided to bond for US. This is not just the bond and it's the overall cap structure. So.

I think your point is valid but.

And it's going to take us also.

And also a moment to actually got all the different bits and pieces together and move forward.

Okay, great. Thank you so much.

Thank you.

And thank you. Our next question comes from James <unk> with Credit Suisse.

Hi, and thank you congratulations on your results.

Just following on from your last question when you think about your capital structure and wait.

Please you can optimize it.

Yes.

Are you thinking about that.

Strong results gives you clearly more optionality.

Are you thinking about.

Maybe moving some debt up the capital structure moving towards.

More and more senior.

Our senior secured type type structure.

Yes, and that would be my first question and thank you.

James It's Tim.

First of all I think it's a further a little bit on Clemens point here. There is no immediate need to make any dramatic changes to the company's capital structure.

We did as you know adjusted.

The revolver here in North America, and we intend to do the same with with <unk>.

Europe.

Having said that to your point.

But this company is all about at this point ever since <unk> assembled his team here is about improving financial performance of the company.

And and therefore the.

The free cash flow that results from that and from that day.

The deleveraging of the balance sheet, which.

And this company has had a fair degree of success and doing.

Through driving EBITDA performance and notwithstanding the pandemic last year, but especially with respect to management of working capital and the balance sheet. So what we've been about is is improving performance and.

Increasing free cash flow and therefore deleveraging the balance sheet and what that will do if we pay attention to that and if the leveraged finance markets stay strong and there is every reason to believe that they will we'll put ourselves and our position to make any appropriate changes long term changes to the capital structure at the appropriate time.

Makes sense. Thank you and then.

Second question is what was the factoring balance.

At the end of the quarter.

Factoring balance if I recall correctly, it was $106 million.

And our standing receivable and outstanding receivable effect.

Yeah.

Great. Thank you before from me.

Thank you. Thank you James.

Thank you. This concludes today's Q&A I would now like to turn the call back over to Martin for closing remarks.

Thank you.

And in closing we are excited about the momentum we have created by executing our portfolio of technologies and establishing and high performance culture that Tim referred to.

We have a business built for profitable growth as the industry recovers.

I wish you the best and I. Thank you for joining US today. This concludes our call.

Thank you ladies and gentlemen. This concludes today's teleconference. You may now disconnect.

Q1 2021 Superior Industries International Inc Earnings Call

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