Technology
Stoneridge Reports Second Quarter 2024 Results
Published
2 months agoon
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Q2 Operating Performance Significantly Outperforms Previously Provided Expectations Driven by Strong Margin Expansion
2024 Second Quarter Results
Sales of $237.1 millionGross profit of $53.7 million (22.7% of sales)Operating income of $3.4 million Adjusted operating income of $5.4 million (2.3% of sales)Adjusted EBITDA of $16.1 million (6.8% of sales)Earnings per share (“EPS”) of $0.10Adjusted EPS of $0.17
2024 Full-Year Guidance Update
Reducing full-year 2024 revenue midpoint guidance by $45 million to reflect updated FX rates (~$12 million impact), updated OEM production volumes (~$18 million impact) and potential volatility in non-OEM and customer demand-based products (~$15 million impact)Revenue guidance of $940 million – $970 million (midpoint of $955 million)Increasing gross margin midpoint guidance by 50 basis points to reflect continued material cost improvement and operational excellenceGross margin guidance of 22.75% – 23.0%Reducing adjusted operating margin and EBITDA margin expectations to reflect lower contribution from reduced revenue expectations, offset by improved gross margin performance and continued operating cost controlAdjusted operating margin guidance of ~2.75%Adjusted EBITDA guidance of $58 million – $64 million (adjusted EBITDA margin of 6.2% – 6.6%)Adjusted EPS guidance of $0.18 – $0.28 (midpoint of $0.23)
NOVI, Mich., July 31, 2024 /PRNewswire/ — Stoneridge, Inc. (NYSE: SRI) today announced financial results for the second quarter ended June 30, 2024, with sales of $237.1 million and earnings per share of $0.10. Adjusted EPS was $0.17.
For the second quarter of 2024, Stoneridge reported gross profit of $53.7 million (22.7% of sales), an increase of 250 basis points relative to the first quarter of 2024. Operating income of $3.4 million resulted in adjusted operating income of $5.4 million (2.3% of sales), an increase of 210 basis points relative to the first quarter of 2024. Adjusted EBITDA was $16.1 million (6.8% of sales), an increase of 410 basis points relative to the first quarter of 2024. Second quarter results were favorably impacted by non-operating foreign currency of approximately $2.3 million.
The exhibits attached hereto provide reconciliation detail on normalizing adjustments of non-GAAP financial measures used in this press release.
Jim Zizelman, president and chief executive officer, commented, “Our second quarter performance highlights our continued focus on improving the fundamentals of our business leading to significantly improved margins and significant outperformance relative to our prior expectations. This was primarily driven by continued material cost reductions, improved operational excellence, including reduced quality-related costs, and operating cost control as we continue to execute on the key initiatives we set at the beginning of the year. Our efforts to reduce material costs and control operating costs contributed to a 250 basis point improvement in gross margin and a 210 basis point improvement in adjusted operating margin over the first quarter. Including the benefit of non-operating FX income, adjusted EBITDA margin improved by 410 basis points over the first quarter to 6.8% of sales. We continue to improve the financial performance of the business while maintaining our robust approach to technology innovation and growth.”
Zizelman continued, “While we continue to drive operational performance improvement, we remain focused on flawless execution of the program launches that will drive strong growth going-forward. We are excited to announce that during the second quarter we began shipping our first MirrorEye OEM systems to Volvo for the launch of their FH Aero model in Europe. Similarly, our MirrorEye program with Peterbilt launched on Models 579 and 567 in North America in July. Both customers are focusing significant marketing efforts on MirrorEye as a differentiating product in the market. Initial customer feedback has been excellent. For example, Volvo recently announced one of their largest deals ever, in which they have received an order for 1,500 vehicles all of which will be equipped with MirrorEye to be delivered throughout 2024 and 2025. While we have experienced some volatility as new truck production and our programs ramp up, we expect volumes to continue to accelerate for the remainder of the year bringing take rates at least inline with our original expectations. We continue to expect MirrorEye to gain momentum in the second half of this year, as our first OEM program in Europe maintains its strong take rates and the two recently launched programs continue to ramp up in production.”
Zizelman concluded, “Our robust backlog continues to provide a strong foundation for our strategy focused on technologies and capabilities that will drive continued long-term growth. Last month, Volvo Bus announced they have selected Stoneridge to provide connected services and digital solutions using our artificial intelligence-based fuel advice system in a pilot program this year. This partnership is aligned with our ongoing focus on data services, software and AI to drive advanced system capabilities and expansion of our existing technology platforms and products to drive long-term profitable growth.”
Second Quarter in Review
Electronics sales of $153.5 million decreased by 6.4% relative to adjusted sales of the second quarter of 2023. This decrease was primarily driven by lower sales in both the European and North American commercial vehicle end markets and the impact of retroactive pricing recognized in the second quarter of 2023 of approximately $3.3 million. This is partially offset by higher sales in the European off-highway vehicle end market. Second quarter adjusted operating margin of 7.6% improved by 230 basis points relative to the adjusted operating margin of the second quarter of 2023, primarily due to lower direct material costs as a percentage of sales, as well as lower D&D and SG&A costs.
Control Devices sales of $80.9 million decreased by 13.1% relative to sales of the second quarter of 2023. This decrease was primarily due to lower sales in the North American passenger vehicle end market due to lower customer volumes and the expected wind-down of end-of-life programs as well as lower China automotive sales. Second quarter operating margin of 4.6% decreased by 130 basis points relative to the adjusted operating margin of the second quarter of 2023, primarily due to lower contribution from lower sales, partially offset by lower direct material costs as a percentage of sales and lower D&D costs.
Stoneridge Brazil sales of $11.8 million decreased by $3.1 million relative to sales in the second quarter of 2023. This decrease was primarily due to lower sales in local OEM products, tracking devices and monitoring service fees. Second quarter operating performance of approximately break-even decreased by approximately $0.9 million relative to the second quarter of 2023, primarily due to lower contribution from lower sales volumes partially offset by lower direct material costs.
Relative to the first quarter of 2024, Electronics adjusted sales of $153.5 million, decreased by $2.6 million, or 1.7%. This slight decrease was driven primarily by the unfavorable impact of foreign currency of approximately $2.2 million. Second quarter adjusted operating margin increased by 310 basis points relative to the first quarter of 2024, primarily due to material cost improvements, lower quality-related costs and lower engineering costs.
Relative to the first quarter of 2024, Control Devices sales increased by 3.7%. This increase was primarily due to higher sales in the North American passenger vehicle end market as well as higher commercial vehicle sales in China. Second quarter adjusted operating margin increased by 180 basis points relative to the first quarter of 2024, primarily due to benefits recognized from completed negotiations related to price and volume, improved operational execution and lower SG&A and D&D costs as a result of operating cost control efforts.
Relative to the first quarter of 2024, Stoneridge Brazil sales decreased by $0.4 million. This was primarily the result of the unfavorable foreign currency impact of approximately $0.6 million. Second quarter operating performance decreased by $0.2 million relative to the first quarter of 2024, primarily due to unfavorable foreign currency impact of approximately $0.2 million.
Cash and Debt Balances
As of June 30, 2024, Stoneridge had compliance net debt of $161.4 million resulting in a net debt to trailing twelve-month EBITDA compliance leverage ratio of 2.89x, an improvement of 0.24x compared to December 31, 2023.
The Company continues to focus on both operating performance and working capital improvement to drive cash performance, particularly related to inventory reduction. During the first half of the year, inventory balances declined by $9.0 million. The Company expects to continue to reduce inventory balances throughout the year. The Company expects a net debt to EBITDA ratio for compliance purposes of approximately 2.5x by the end of 2024.
2024 Outlook
The Company is updating its previously provided full-year 2024 guidance ranges including sales guidance of $940 million to $970 million, gross margin guidance of 22.75% to 23.0%, adjusted operating margin guidance of approximately 2.75%, adjusted earnings per share guidance of $0.18 to $0.28 and adjusted EBITDA guidance of $58 million to $64 million, or 6.2% to 6.6% of sales.
Matt Horvath, chief financial officer, commented, “We are updating our full-year 2024 revenue guidance to reflect updated foreign currency rates, updated OEM production volumes and current expectations for non-OEM and customer demand-based products. This results in a midpoint of $955 million for the year. Due primarily to our year-to-date performance, expectation of continued reduction in material costs and a continued focus on operational excellence, we are increasing our full-year gross margin expectations by 50 basis points. We are expecting improved gross margin and operating cost control to significantly offset the decremental impact of reduced revenue. As a result, we are reducing our adjusted EBITDA margin midpoint guidance by 30 basis points, or $61 million of adjusted EBITDA. This results in a 130 basis point margin improvement and 27% growth in adjusted EBITDA over 2023. Finally, we are reducing our full-year adjusted EPS guidance to a midpoint of $0.23 to reflect the lower contribution from reduced sales partially offset by improved operating performance.”
Horvath, concluded, “By continuing to focus on improving the fundamentals of our business, we drove significant margin expansion across our business in the second quarter. Additionally, we continue to focus on inventory reduction to improve our cash position and reduce our leverage profile. We expect to continue those efforts in the second half of the year to help drive financial performance. Stoneridge remains well positioned to outpace our underlying end market growth and drive significant earnings expansion going forward.”
Conference Call on the Web
A live Internet broadcast of Stoneridge’s conference call regarding 2024 second quarter results can be accessed at 9:00 a.m. Eastern Time on Thursday, August 1, 2024, at www.stoneridge.com, which will also offer a webcast replay.
About Stoneridge, Inc.
Stoneridge, Inc., headquartered in Novi, Michigan, is a global designer and manufacturer of highly engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Additional information about Stoneridge can be found at www.stoneridge.com.
Forward-Looking Statements
Statements in this press release contain “forward-looking statements” under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business, and (v) operational expectations. Forward-looking statements may be identified by the words “will,” “may,” “should,” “designed to,” “believes,” “plans,” “projects,” “intends,” “expects,” “estimates,” “anticipates,” “continue,” and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors:
the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output;fluctuations in the cost and availability of key materials and components (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary;global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries;our ability to achieve cost reductions that offset or exceed customer-mandated selling price reductions;the reduced purchases, loss or bankruptcy of a major customer or supplier;the costs and timing of business realignment, facility closures or similar actions;a significant change in automotive, commercial, off-highway or agricultural vehicle production;competitive market conditions and resulting effects on sales and pricing;foreign currency fluctuations and our ability to manage those impacts;customer acceptance of new products;our ability to successfully launch/produce products for awarded business;adverse changes in laws, government regulations or market conditions affecting our products, our suppliers, or our customers’ products;our ability to protect our intellectual property and successfully defend against assertions made against us;liabilities arising from warranty claims, product recall or field actions, product liability and legal proceedings to which we are or may become a party, or the impact of product recall or field actions on our customers;labor disruptions at our facilities, or at any of our significant customers or suppliers;business disruptions due to natural disasters or other disasters outside of our control;the amount of our indebtedness and the restrictive covenants contained in the agreements governing our indebtedness, including our revolving Credit Facility;capital availability or costs, including changes in interest rates;the failure to achieve the successful integration of any acquired company or business;risks related to a failure of our information technology systems and networks, and risks associated with current and emerging technology threats and damage from computer viruses, unauthorized access, cyber-attack and other similar disruptions; andthe items described in Part I, Item IA (“Risk Factors”) in our Form 10-K filed with the SEC.
The forward-looking statements contained herein represent our estimates only as of the date of this release and should not be relied upon as representing our estimates as of any subsequent date. While we may elect to update these forward-looking statements at some point in the future, we specifically disclaim any obligation to do so, whether to reflect actual results, changes in assumptions, changes in other factors affecting such forward-looking statements or otherwise.
Use of Non-GAAP Financial Information
This press release contains information about the Company’s financial results that is not presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Such non-GAAP financial measures are reconciled to their closest GAAP financial measures at the end of this press release. The provision of these non-GAAP financial measures for 2024 and 2023 is not intended to indicate that Stoneridge is explicitly or implicitly providing projections on those non-GAAP financial measures, and actual results for such measures are likely to vary from those presented. The reconciliations include all information reasonably available to the Company at the date of this press release and the adjustments that management can reasonably predict.
Management believes the non-GAAP financial measures used in this press release are useful to both management and investors in their analysis of the Company’s financial position and results of operations. In particular, management believes that adjusted sales, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income, adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash are useful measures in assessing the Company’s financial performance by excluding certain items that are not indicative of the Company’s core operating performance or that may obscure trends useful in evaluating the Company’s continuing operating activities. Management also believes that these measures are useful to both management and investors in their analysis of the Company’s results of operations and provide improved comparability between fiscal periods.
Adjusted sales, adjusted operating income and margin, adjusted income (loss) before tax, adjusted income tax expense (benefit), adjusted net income, adjusted EPS, EBITDA, adjusted EBITDA, adjusted net debt, adjusted debt and adjusted cash should not be considered in isolation or as a substitute for sales, operating income, income (loss) before tax, income tax expense (benefit), net income, EPS, debt, cash and cash equivalents, cash provided by operating activities or other income statement or cash flow statement data prepared in accordance with GAAP.
CONSOLIDATED BALANCE SHEETS
(in thousands)
June 30,
2024
December 31,
2023
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents
$ 42,112
$ 40,841
Accounts receivable, less reserves of $620 and $1,058, respectively
168,215
166,545
Inventories, net
178,749
187,758
Prepaid expenses and other current assets
32,882
34,246
Total current assets
421,958
429,390
Long-term assets:
Property, plant and equipment, net
103,061
110,126
Intangible assets, net
43,586
47,314
Goodwill
34,244
35,295
Operating lease right-of-use asset
8,722
10,795
Investments and other long-term assets, net
55,080
46,980
Total long-term assets
244,693
250,510
Total assets
$ 666,651
$ 679,900
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Current portion of debt
$ 2,064
$ 2,113
Accounts payable
108,085
111,925
Accrued expenses and other current liabilities
76,098
64,203
Total current liabilities
186,247
178,241
Long-term liabilities:
Revolving credit facility
187,417
189,346
Deferred income taxes
6,276
7,224
Operating lease long-term liability
5,814
7,684
Other long-term liabilities
10,446
9,688
Total long-term liabilities
209,953
213,942
Shareholders’ equity:
Preferred Shares, without par value, 5,000 shares authorized, none issued
—
—
Common Shares, without par value, 60,000 shares authorized, 28,966 and
28,966 shares issued and 27,679 and 27,549
shares outstanding at June 30, 2024 and December 31, 2023, respectively,
with no stated value
—
—
Additional paid-in capital
224,599
227,340
Common Shares held in treasury, 1,287 and 1,417 shares at June 30, 2024
and December 31, 2023, respectively, at cost
(39,066)
(43,344)
Retained earnings
193,169
196,509
Accumulated other comprehensive loss
(108,251)
(92,788)
Total shareholders’ equity
270,451
287,717
Total liabilities and shareholders’ equity
$ 666,651
$ 679,900
CONSOLIDATED STATEMENTS OF OPERATIONS
Three months ended
June 30,
Six months ended
June 30,
(in thousands, except per share data)
2024
2023
2024
2023
Net sales
$ 237,059
$ 266,814
$ 476,216
$ 508,139
Costs and expenses:
Cost of goods sold
183,319
206,326
374,119
404,849
Selling, general and administrative
31,876
33,491
62,299
63,354
Design and development
18,457
22,666
36,060
39,634
Operating income
3,407
4,331
3,738
302
Interest expense, net
3,801
3,120
7,435
5,866
Equity in loss of investee
52
329
329
500
Other (income) expense, net
(2,296)
2,387
(260)
3,535
Income (loss) before income taxes
1,850
(1,505)
(3,766)
(9,599)
(Benefit) provision for income taxes
(936)
1,487
(426)
779
Net income (loss)
$ 2,786
$ (2,992)
$ (3,340)
$ (10,378)
Income (loss) per share:
Basic
$ 0.10
$ (0.11)
$ (0.12)
$ (0.38)
Diluted
$ 0.10
$ (0.11)
$ (0.12)
$ (0.38)
Weighted-average shares outstanding:
Basic
27,611
27,452
27,570
27,400
Diluted
27,853
27,452
27,570
27,400
CONSOLIDATED STATEMENTS OF CASH FLOWS
Six months ended June 30, (in thousands)
2024
2023
OPERATING ACTIVITIES:
Net loss
$ (3,340)
$ (10,378)
Adjustments to reconcile net loss to net cash provided by (used for) operating activities:
Depreciation
13,054
13,161
Amortization, including accretion and write-off of deferred financing costs
4,440
4,004
Deferred income taxes
(7,004)
(3,782)
Loss of equity method investee
329
500
Loss (gain) on sale of fixed assets
258
(854)
Share-based compensation expense
2,207
1,271
Excess tax deficiency related to share-based compensation expense
238
66
Changes in operating assets and liabilities:
Accounts receivable, net
(6,094)
(28,100)
Inventories, net
3,438
(23,142)
Prepaid expenses and other assets
(1,038)
3,313
Accounts payable
(849)
27,069
Accrued expenses and other liabilities
12,123
12,184
Net cash provided by (used for) operating activities
17,762
(4,688)
INVESTING ACTIVITIES:
Capital expenditures, including intangibles
(12,920)
(18,025)
Proceeds from sale of fixed assets
222
1,729
Investment in venture capital fund, net
(260)
—
Net cash used for investing activities
(12,958)
(16,296)
FINANCING ACTIVITIES:
Revolving credit facility borrowings
57,000
42,000
Revolving credit facility payments
(58,000)
(38,068)
Proceeds from issuance of debt
17,677
16,402
Repayments of debt
(17,690)
(18,086)
Repurchase of Common Shares to satisfy employee tax withholding
(666)
(1,325)
Net cash (used for) provided by financing activities
(1,679)
923
Effect of exchange rate changes on cash and cash equivalents
(1,854)
(32)
Net change in cash and cash equivalents
1,271
(20,093)
Cash and cash equivalents at beginning of period
40,841
54,798
Cash and cash equivalents at end of period
$ 42,112
$ 34,705
Supplemental disclosure of cash flow information:
Cash paid for interest, net
$ 8,003
$ 5,622
Cash paid for income taxes, net
$ 4,372
$ 5,927
Regulation G Non-GAAP Financial Measure Reconciliations
Exhibit 1 – Reconciliation of Adjusted EPS
Reconciliation of Q2 2024 Adjusted EPS
(USD in millions, except EPS)
Q2 2024
Q2 2024 EPS
Net Income
$ 2.8
$ 0.10
Add: After-Tax Business Realignment Costs
1.9
0.07
Adjusted Net Income
$ 4.7
$ 0.17
Exhibit 2 – Reconciliation of Adjusted EBITDA
(USD in millions)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Income (Loss) Before Tax
$ (8.1)
$ (1.5)
$ 4.4
$ 3.2
$ (5.6)
$ 1.9
Interest expense, net
2.7
3.1
3.3
3.8
3.6
3.8
Depreciation and amortization
8.3
8.4
8.5
8.4
8.6
8.5
EBITDA
$ 3.0
$ 10.0
$ 16.2
$ 15.5
$ 6.6
$ 14.2
Add: Pre-Tax Business Realignment Costs
1.3
1.9
1.2
0.1
—
1.9
Less: Pre-Tax Gain on Disposal of Fixed Assets
(0.8)
—
—
—
—
—
Add: Pre-Tax Environmental Remediation Costs
0.1
—
—
—
—
—
Add: Pre-Tax Brazilian Indirect Tax Credits, Net
—
—
(0.5)
—
—
—
Adjusted EBITDA
$ 3.6
$ 11.9
$ 17.0
$ 15.6
$ 6.6
$ 16.1
Exhibit 3 – Reconciliation of Adjusted Operating Income
(USD in millions)
Q1 2024
Q2 2024
Operating Income
$ 0.3
$ 3.4
Add: Pre-Tax Business Realignment Costs
—
1.9
Adjusted Operating Income
$ 0.3
$ 5.4
Exhibit 4 – Segment Adjusted Operating Income
Reconciliation of Control Devices Adjusted Operating Income
(USD in millions)
Q2 2023
Q1 2024
Q2 2024
Control Devices Operating Income
$ 5.1
$ 2.2
$ 3.7
Add: Pre-Tax Business Realignment Costs
0.4
—
—
Control Devices Adjusted Operating Income
$ 5.5
$ 2.2
$ 3.7
Reconciliation of Electronics Adjusted Operating Income
(USD in millions)
Q2 2023
Q1 2024
Q2 2024
Electronics Operating Income
$ 7.4
$ 7.1
$ 9.8
Add: Pre-Tax Business Realignment Costs
1.3
—
1.9
Electronics Adjusted Operating Income
$ 8.8
$ 7.1
$ 11.7
Exhibit 5 – Reconciliation of Electronics Adjusted Sales
(USD in millions)
Q2 2023
Q1 2024
Q2 2024
Electronics Sales
$ 168.3
$ 156.1
$ 153.5
Less: Sales from Spot Purchases Recoveries
(4.4)
—
—
Electronics Adjusted Sales
$ 163.9
$ 156.1
$ 153.5
Exhibit 6 – Reconciliation of Adjusted Tax Rate
Reconciliation of Q2 2024 Adjusted Tax Rate
(USD in millions)
Q2 2024
Tax Rate
Income Before Tax
$ 1.9
Add: Pre-Tax Business Realignment Costs
1.9
Adjusted Income Before Tax
$ 3.8
Income Tax Benefit
(0.9)
(50.6) %
Add: Tax Impact from Pre-Tax Adjustments
–
Adjusted Income Tax Benefit on Adjusted Income Before Tax
$ (0.9)
(24.3) %
Exhibit 7 – Reconciliation of Compliance Leverage Ratio
Reconciliation of Adjusted EBITDA for Compliance Calculation
(USD in millions)
Q1 2023
Q2 2023
Q3 2023
Q4 2023
Q1 2024
Q2 2024
Income (Loss) Before Tax
$ (8.1)
$ (1.5)
$ 4.4
3.2
(5.6)
1.9
Interest Expense, net
2.7
3.1
3.3
3.8
3.6
3.8
Depreciation and Amortization
8.3
8.4
8.5
8.4
8.6
8.5
EBITDA
$ 3.0
$ 10.0
$ 16.2
$ 15.5
$ 6.6
$ 14.2
Compliance adjustments:
Add: Non-Cash Impairment Charges and Write-offs or Write Downs
—
—
—
—
0.2
—
Add: Adjustments from Foreign Currency Impact
1.4
3.1
0.4
(0.7)
2.2
(2.4)
Add: Extraordinary, Non-recurring or Unusual Items
0.2
—
0.5
—
—
—
Add: Cash Restructuring Charges
1.4
0.5
0.1
0.3
1.6
0.5
Add: Charges for Transactions, Amendments, and Refinances
—
—
—
0.3
—
—
Add: Adjustment to Autotech Fund II Investment
0.2
0.3
0.1
(0.1)
0.3
0.1
Adjusted EBITDA (Compliance)
$ 6.1
$ 13.9
$ 17.4
$ 15.3
$ 10.9
$ 12.3
Adjusted TTM EBITDA (Compliance)
$ 52.7
$ 57.5
$ 55.9
Reconciliation of Adjusted Cash for Compliance Calculation
(USD in millions)
Q4 2023
Q1 2024
Q2 2024
Total Cash and Cash Equivalents
$ 40.8
$ 48.4
$ 42.1
Less: 35% of Cash in Foreign Locations
(12.8)
(14.8)
(12.5)
Total Adjusted Cash (Compliance)
$ 28.0
$ 33.6
$ 29.6
Reconciliation of Adjusted Debt for Compliance Calculation
(USD in millions)
Q4 2023
Q1 2024
Q2 2024
Total Debt
$ 191.5
$ 196.5
$ 189.5
Outstanding Letters of Credit
1.6
1.6
1.6
Total Adjusted Debt (Compliance)
$ 193.0
$ 198.1
$ 191.1
Adjusted Net Debt (Compliance)
$ 165.0
$ 164.5
$ 161.4
Compliance Leverage Ratio (Net Debt / TTM EBITDA)
3.13x
2.86x
2.89x
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SOURCE Stoneridge, Inc.
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The list of medalists is now available. Visit https://worldskills.org/what/competitions/worldskills-lyon-2024/#results to discover the winners!
What’s next?
The impact of WorldSkills Lyon 2024 extends far beyond the event itself. As the competition unfolded, and millions of people followed it in person or through media, WorldSkills Lyon 2024 spotlighted the crucial role of vocational education in today’s world and in shaping our shared future. By celebrating excellence, the competition highlighted the incredible ability of youth to drive the change our world needs through their energy and dedication. The legacy of this event lies in every vocation it has sparked and every future career it has inspired. This 47th edition has once again shown the world that where there is skill, there is a way.
Media Contacts:
Alice Nahon
PR Officer
alice.nahon@publicis.com
Anne-Laure TRONC
Press Relation Manager
media@worldskillslyon2024.com
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View original content:https://www.prnewswire.co.uk/news-releases/worldskills-lyon-2024-talented-winners-long-lasting-legacy-302253405.html
Technology
LG NOVA EXPANDS EFFORTS TO DRIVE INNOVATION GROWTH THROUGH NEW PARTNER ALLIANCE PROGRAM
Published
1 min agoon
September 19, 2024By
New Program Connects LG, Strategic Partners and Startups to Ignite Collaboration and Development of Innovative Ideas for a Better Future
SANTA CLARA, Calif., Sept. 19, 2024 /PRNewswire/ — LG Electronics today announced the launch of the LG NOVA Partner Alliance Program – a platform that brings together corporate partners and startups for cross-industry collaborations, technology and business development, and commercial partnerships to catalyze the growth of innovations for the future.
Spearheaded by LG NOVA, LG Electronics’ North America Innovation Center, the Program extends the success of LG NOVA’s mission to co-create new ventures with startups to its corporate partners with the goal to encourage exponential growth of new innovations in the market by creating more pathways for innovative ideas to flourish at a greater rate.
Joining the Partner Alliance Program at launch are Fujitsu Research of America, Hyundai CRADLE, IBM, Mayo Clinic Innovation Exchange, Niantic and the West Virginia Department of Economic Development. These organizations have all signed on to work with LG NOVA and its extensive startup ecosystem to generate and explore new concepts; develop, test, and validate those concepts; and collaborate on innovative product solutions or even co-create new businesses. Additional partners will be added to the Partner Alliance Program in the coming months.
“The new Partner Alliance Program aligns with our core mission to collaborate and create an ecosystem for startups to thrive and ensure that the innovations today become the market-leading solutions of tomorrow,” said Dr. Sokwoo Rhee, corporate executive vice president for Innovation, LG Electronics and head of LG NOVA.
Kevin Chong, LG NOVA’s head of corporate and business development, said, “This program is a win-win for all parties, including LG, as we continue to explore new ideas for business co-creation. The growth of new ideas and cross-industry collaboration will help the markets move forward faster towards a better future that benefits all of us, businesses, people and the planet.”
In bringing on corporate partners to its Program, LG NOVA is helping to create more opportunities for startups to find quintessential industry partners that will help it reach commercial success at a larger level, Chong explained. For the corporate partners, finding innovative startups to work with will help them address new market opportunities, extend their businesses into new areas and better address the changing needs of their customers.
The Partner Alliance Program will leverage the resources of LG Electronics existing business units while also tapping into the pipeline of startups and resources available through the LG NOVA’s Mission for the Future initiative – a broad umbrella of programs designed around engaging with the entire innovation ecosystem to explore ideas on creating a better future through collaboration and tech innovations.
LG NOVA and the newly announced partners in the Partner Alliance Program plan to share more about their goals and vision for this program at the 2024 LG NOVA InnoFest, Sept. 25-26, at the Palace of Fine Arts in San Francisco, Calif.
LG NOVA’s annual InnoFest conference unites business leaders, innovators and investors to collaborate on solutions for a better future, this year, under the theme of “Lighting the Halo of Innovation,” inspiring attendees to focus on impactful co-creation and bold ideas. For more information about this year’s event visit https://innofest.lgnova.com/.
About LG NOVA
LG NOVA, the North America Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center’s mission is to fuel innovation for LG and its partners by establishing a community to create, nurture and grow businesses. Learn more about LG NOVA at www.lgnova.com.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $60-billion-plus global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is an 11-time ENERGY STAR® Partner of the Year. www.LG.com.
Media Contact:
LG Electronics USA
Linda Quach
+1 408 903 3045
linda.quach@lge.com
Partners & Quotes
Fujitsu Research of America
“We are excited to join LG NOVA in the Partner Alliance Program to explore new collaboration opportunities with them. LG NOVA approach to innovation and the Partner Alliance Program is a meaningful way for organizations from across different market sectors to come together and innovate,” said Takuto Komatsuki, Senior Director at Fujitsu Research of America.
About Fujitsu Research of America
Fujitsu Research of America is focused on developing cutting-edge technologies to solve digital transformation (DX) challenges faced by its customers. Its vision is to build a sustainable world through innovation and trusted partnerships. At Fujitsu Research of America (FRA), we have a myriad of very talented people working in a variety of areas – AI with transparency and ethics, social digital twin, web 3.0 technologies, quantum algorithms, and much more.
About Hyundai CRADLE
Hyundai CRADLE for Human-centered Mobility Innovation
Hyundai CRADLE is Hyundai Motor’s corporate venturing and open innovation business, which partners and invests extensively in prominent global startups to accelerate the development of advanced future automotive technologies. CRADLE identifies newly established startups that focus, amongst others, on ‘Disruptive Innovations.’
About IBM
IBM is a leading provider of global hybrid cloud and AI, and consulting expertise. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. More than 4,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and consulting deliver open and flexible options to our clients. All of this is backed by IBM’s long-standing commitment to trust, transparency, responsibility, inclusivity and service.
Visit www.ibm.com for more information.
Mayo Clinic Innovation Exchange
“We look forward to collaborating with the LG NOVA team to share our expertise in healthcare innovation and to explore new opportunities with startups seeking to improve patient care and health outcomes.” said Jennie Kung, Vice Chair of the Mayo Clinic Innovation Exchange.
About The Mayo Clinic Innovation Exchange
The Mayo Clinic Innovation Exchange is a dynamic platform designed to accelerate healthcare innovation and foster collaboration among the global healthcare community. Leveraging Mayo Clinic’s world-class expertise and resources, the Innovation Exchange bridges the gap between emerging technologies and clinical practice, research, and education to bring breakthrough innovations to market, all for one shared mission—to benefit patients.
Niantic
“We see a great opportunity for entirely new spatial experiences leveraging AI and our 3D map
technology, tools and services to come to the forefront in the near future. We’re glad to see the
LG NOVA Partner Alliance program launch, as it has the potential to lead us to greater
collaboration across the growing ecosystem,” said Maryam Sabour, Director of Business
Development and Strategic Partnerships Lead at Niantic.
About Niantic
Niantic’s global-scale augmented reality platform and digital map power spatial computing experiences in the real world. Incubated out of the Maps team at Google, Niantic first created Ingress and then Pokémon GO, a collaboration with The Pokémon Company, which has become a cultural phenomenon and hit game played by tens of millions of people each month. Niantic’s maps platform, which powers Pokémon GO, also supports the company’s other games and applications including Pikmin Bloom, Peridot, Monster Hunter Now and Niantic Scaniverse. Niantic’s mapping, AR and mixed reality platforms, tools and services are used by thousands of developers around the world.
West Virginia Department of Economic Development
“West Virginia’s Department of Economic Development is eager to collaborate with LG NOVA through the new Partner Alliance program,” said West Virginia Department of Economic Development Executive Director, Mike Graney. “We look forward to strengthening our relationship with LG and engaging with the businesses throughout West Virginia.”
About the West Virginia Department of Economic Development
There is no better place to build and grow a business in the Eastern United States than West Virginia. The West Virginia Department of Economic Development’s mission is to improve the quality of life for all West Virginians by strengthening our communities and expanding the state’s economy to create more and better jobs.
View original content to download multimedia:https://www.prnewswire.com/news-releases/lg-nova-expands-efforts-to-drive-innovation-growth-through-new-partner-alliance-program-302253233.html
SOURCE LG Electronics USA
Technology
Behr Paint Company Hosts First Student Design Competition
Published
1 min agoon
September 19, 2024By
Design students encouraged to enter for a chance to win $3,000, plus $1,000 for their design school
SANTA ANA, Calif., Sept. 19, 2024 /PRNewswire/ — Today, Behr Paint Company announces its first-ever BEHR® Student Design Competition in partnership with MattoBoard, a 3D virtual sampling platform for designers. The competition is open starting today, September 19, through November 10, 2024, for full-time or part-time emerging professional design students.*
Behr Paint invites design students to submit an original design plan for any commercial space such as hospitality, workplace, healthcare, multifamily and more. The design theme, “No Clear Boundaries,” draws inspiration from the BEHR 2025 Commercial Color Forecast, which celebrates the fluidity between designed environments that reflect the intersection of the past and future, digital and physical, and timeless and modern. Entrants must incorporate colors from the BEHR 2025 Commercial Color Forecast in their design along with BEHR’s 2025 Color of the Year, Rumors, a deep and timeless shade of ruby red.
The competition was created to champion emerging designers by providing specialized resources and opportunities to showcase and celebrate their talents. “As a judge of the BEHR Student Design Competition, I am excited to see how each student embraces color and design,” said Erika Woelfel, Vice President of Color & Creative Services at Behr Paint Company. “At Behr, we are committed to supporting the careers of the next generation of designers, and I look forward to seeing the students’ creativity shine through.”
The judging panel will also include Guy Adam Ailion, Architect and CEO / Co-Founder of MattoBoard; Kayla Kratz, Director of Color & Designer Segment at Behr Paint Company; and Amber Jones, Director of Architect & Designer Strategic Initiatives at Behr Paint Company.
The winner of the 2024 BEHR Student Design Competition will be awarded a $3,000 cash prize and $1,000 for their design school. The runner-up will receive a $1,500 cash prize, and the second runner-up will receive a $500 cash prize. All winners will also receive a 1-year MattoBoard Pro Subscription to continue using the platform for their design needs. Winners will be announced in December 2024 and will be featured on BEHR’s and MattoBoard’s social channels, blog, and email.
To learn more about the 2024 BEHR Student Design Competition and how to enter, visit www.behr.com/designcompetition.
*NO PURCHASE NECESSARY. PURCHASE WILL NOT IMPROVE OPPORTUNITY TO WIN.
INTERNET AND MATTOBOARD ACCOUNT REQUIRED. Trade contest offered in the 50 U.S. & U.S. Territories (“U.S.”) to full/part-time emerging Design students at U.S. eligible Institution (see Rules) who are legal U.S. res., 18+. Ends 11:59 P.M. PT 11/10/24. See Official Rules at: www.behr.com/designcompetition for entry, judging criteria and limitations. Void where prohibited. Sponsor: Behr Process LLC.
About Behr Paint Company
Founded in 1947, Behr Paint Company is one of the largest manufacturers of paints, primers, decorative finishes, stains, surface preparation and application products for do-it-yourselfers and professionals in the United States, Canada, and Mexico. The Santa Ana, Calif.-based company, and maker of BEHR®, KILZ® and WHIZZ® brands, are dedicated to meeting the project needs of DIYers, designers and professional paint contractors with an unwavering commitment to quality, innovation, and value. For more information, visit Behr.com. Professional paint contractors and designers can visit Behr.com/Pro to learn about products, color tools and services. Behr Paint Company is a subsidiary of Masco Corporation (NYSE: MAS).
Behr and the Behr logo are registered trademarks of Behr Process LLC.
About MattoBoard
MattoBoard is the first virtual sample library (VSamples©) and 3D moodboarding tool for interior designers. Designers can search, discover, curate and specify interior materials and products in real-time using light and shadow to examine texture and detail. Designers can download and share beautiful, photo-realistic boards and material spec sheets. MattoBoard’s mission is to bring a ‘touch and feel’ industry into the future by pioneering virtual sampling for designers and brands.
Media Contact: behrpro@mbooth.com
View original content to download multimedia:https://www.prnewswire.com/news-releases/behr-paint-company-hosts-first-student-design-competition-302252741.html
SOURCE Behr Paint Company
WorldSkills Lyon 2024: Talented Winners, Long-lasting Legacy
LG NOVA EXPANDS EFFORTS TO DRIVE INNOVATION GROWTH THROUGH NEW PARTNER ALLIANCE PROGRAM
Behr Paint Company Hosts First Student Design Competition
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