METHODE ELECTRONICS, INC.

(MEI)
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Delayed Nyse  -  04:00 2022-08-12 pm EDT
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08/10TRANSCRIPT : Methode Electronics, Inc. Presents at JPMorgan Automotive Conference 2022, Aug-10-2022 04:30 PM
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08/03Methode Electronics to Present at the 2022 J.P. Morgan Automotive Conference
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Methode Electronics : Fiscal 2022 Fourth Quarter Earnings Conference Call Presentation

06/23/2022 | 07:15am EDT

FISCAL 2022

FOURTH QUARTER & FULL YEAR FINANCIAL RESULTS

June 23, 2022

Forward-Looking Statements

This presentation contains certain forward-looking statements, which reflect management's expectations regarding future events and operating performance and speak only as of the date hereof. These forward- looking statements are subject to the safe harbor protection provided under the securities laws.

Methode undertakes no duty to update any forward-looking statement to conform the statement to actual results or changes in Methode's expectations on a quarterly basis or otherwise. The forward- looking statements in this presentation involve a number of risks and uncertainties. The factors that could cause actual results to differ materially from our expectations are detailed in Methode's filings with the Securities and Exchange Commission, such as our annual and quarterly reports. Such factors may include, without limitation, the following: 1) Dependence on our supply chain, including semiconductor suppliers; 2) Impact from pandemics, such as the COVID-19 pandemic; 3) Dependence on the automotive and commercial vehicle industries; 4) Impact from inflation; 5) Dependence on a small number of large customers, including one large automotive customer; 6) Dependence on the availability and price of materials; 7) Risks related to conducting global operations; 8) Ability to withstand pricing pressures, including price reductions; 9) Currency fluctuations; 10) Timing and magnitude of costs associated with restructuring activities; 11) Failure to attract and retain qualified personnel; 12) Recognition of goodwill and other intangible asset impairment charges; 13) Timing, quality and cost of new program launches; 14) International trade disputes resulting in tariffs and our ability to mitigate tariffs; 15) Adjustments to compensation expense for performance-based awards; 16) Investment in programs prior to the recognition of revenue; 17) Ability to compete effectively; 18) Impact from production delays or cancelled orders; 19) Ability to withstand business interruptions; 20) Ability to keep pace with rapid technological changes; 21) Breaches to our information technology systems; 22) Ability to avoid design or manufacturing defects; 23) Ability to manage our debt levels and any restrictions thereunder; 24) Income tax rate fluctuations; 25) Ability to protect our intellectual property; 26) Ability to successfully benefit from acquisitions and divestitures; 27) Impact from climate change and related regulations; 28) Judgments related to accounting for tax positions; and 29) Costs associated with environmental, health and safety regulations.

2

Non-GAAP Financial Measures

To supplement the company's financial statements presented in accordance with generally accepted accounting principles in the United States ("GAAP"), Methode uses certain non-GAAP financial measures, such as EBITDA, Net Debt, and Free Cash Flow. Reconciliation to the nearest GAAP measures of all non-GAAP measures included in this presentation can be found in the appendix. Management believes EBITDA is useful to investors as it is a measure that is commonly used by other companies in our industry and provides a comparison for investors to the company's performance versus its competitors. Management believes Net Debt is a meaningful measure to investors because management assesses the company's leverage position after considering available cash that could be used to repay outstanding debt. Management believes Free Cash Flow is a meaningful measure to investors because management reviews cash flows generated from operations after taking into consideration capital expenditures, which are both necessary to maintain the company's asset base and which are expected to generate future cash flows from operations. Methode's definitions of these non-GAAP measures may differ from similarly titled measures used by others. These non-GAAP measures should be considered supplemental to, and not a substitute for, financial information prepared in accordance with GAAP.

3

FY22 Q4 Highlights

Quarterly Performance

Electric Vehicle Activity

Sales of $289 Million, Including $7M in Cost Recovery

17% of Q4 Consolidated Sales

North American and European Auto Headwinds

Impacted by China COVID-19 Lockdowns

COVID-19 Lockdowns in China

Expecting 20% in FY23

Business Activity

Balance Sheet & Cash Flow

Material Cost Inflation and Unfavorable Product Mix

Continued Debt Reduction

Program Awards over $100 Million

Free Cash Flow of $34 Million

EV Programs ~90% of Awards

$100 Million Share Buyback Authorization Increase

4

FY22 Q4 Select Business Awards

Electric Vehicles

Battery Busbar Assembly for European Auto OEM

Battery Busbar Assembly for U.S Auto OEM

Stop Lamp Assembly for U.S Auto OEM

Battery Current Sensor for U.S Auto OEM

$90M*

Puddle Lamp Assembly for U.S Auto OEM

Side Repeater Assembly for U.S. Auto OEM

Overhead Console Assembly for Asian Auto OEM

Brake Switch Assembly for Asian Auto OEM

Brake Switch Assembly for Asian Auto OEM

Other

Torque Sensor for Asian e-Bike Powertrain OEM

$10M*

Vehicle Control Module for U.S. Motor Sports OEM

Busbar Assembly for a U.S. Data Center Supplier

5

Over $100M in Awards with ~90% in EV Applications

*Expected annual sales at full production

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Methode Electronics Inc. published this content on 23 June 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 23 June 2022 11:14:10 UTC.


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Financials (USD)
Sales 2023 1 181 M - -
Net income 2023 107 M - -
Net Debt 2023 18,4 M - -
P/E ratio 2023 15,0x
Yield 2023 -
Capitalization 1 577 M 1 577 M -
EV / Sales 2023 1,35x
EV / Sales 2024 1,23x
Nbr of Employees 7 000
Free-Float 92,3%
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Donald W. Duda President, Chief Executive Officer & Director
Ronald L. G. Tsoumas Chief Financial Officer & VP-Corporate Finance
Walter J. Aspatore Chairman
Joseph Elias Khoury Chief Operating Officer
Andrea Jean Barry Chief Human Resources & Administrative Officer
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