VOXX International

Driving innovation for over 60 years

(NASDAQ: VOXX)

Disclaimer

Except for historical information contained herein, statements made in this release constitute forward-looking statements and thus may involve certain risks and uncertainties. All forward-looking statements made in this release are based on currently available information and the Company assumes no responsibility to update any such forward-looking statements. The following factors, among others, may cause actual results to differ materially from the results suggested in the forward- looking statements. The factors include, but are not limited to the: risk factors described in the Company's annual report on Form 10-K for the fiscal year ended February 28, 2022, and other filings made by the Company from time to time with the SEC. The factors described in such SEC filings include, without limitation: the impact of the COVID-19 outbreak on the Company's results of operations, global supply shortages and logistics costs and delays; cybersecurity risks; risks that may result from changes in the Company's business operations; our ability to keep pace with technological advances; significant competition in the automotive electronics, consumer electronics and biometrics businesses; our relationships with key suppliers and customers; quality and consumer acceptance of newly introduced products; market volatility; non-availability of product; excess inventory; price and product competition; new product introductions; foreign currency fluctuations; and restrictive debt covenants. Many of the foregoing risks and uncertainties are, and will be, exacerbated by the COVID-19 pandemic, the War in the Ukraine and any worsening of the global business and economic environment as a result. The Company assumes no obligation and does not intend to update these forward-looking statements.

Non-GAAP Measures

EBITDA and Adjusted EBITDA are not financial measures recognized by GAAP. EBITDA represents net (loss) income attributable to VOXX International Corporation, computed in accordance with GAAP, before interest expense and bank charges, taxes, and depreciation and amortization. Adjusted EBITDA represents EBITDA adjusted for stock-based compensation expense, foreign currency losses (gains), restructuring expenses, acquisition costs, certain non-routine legal and professional fees, and awards. Depreciation, amortization, stock-based compensation, and foreign currency losses (gains) are non-cash items.

We present EBITDA and Adjusted EBITDA in our Form 10-Q because we consider them to be useful and appropriate supplemental measures of our performance. Adjusted EBITDA helps us to evaluate our performance without the effects of certain GAAP calculations that may not have a direct cash impact on our current operating performance. In addition, the exclusion of certain costs or gains relating to certain events allows for a more meaningful comparison of our results from period-to-period. These non-GAAP measures, as we define them, are not necessarily comparable to similarly entitled measures of other companies and may not be an appropriate measure for performance relative to other companies. EBITDA and Adjusted EBITDA should not be assessed in isolation from, are not intended to represent, and should not be considered to be more meaningful measures than, or alternatives to, measures of operating performance as determined in accordance with GAAP.

About VOXX International

G l o b a l m a n u f a c t u r e r a n d d i s t r i b u t o r o f

l i f e s t y l e p r o d u c t s t o c o n s u m e r s w o r l d w i d e

  • Leading market positions in premium audio, rear-seat entertainment, automotive vehicle access and security, and more
  • Diversified portfolio with over 35 trusted brands
  • Customers include many of the world's largest automotive OEMs, aftermarket car dealers and leading global and specialty retailers
  • Strong manufacturing/engineering capabilities
  • Significant opportunities for expansion

3

A Look Back at Our History

Our Founding

Automotive aftermarket

Founded in 1965

  • Began with car audio
  • Grew in automotive aftermarket
  • Established CE offerings
  • Became #1 provider of CDMA handsets in North America
  • Surpassed $1 billion in sales

Growth Through Acquisition

  • Entrance into automotive OEM
  • Continued growth in the automotive aftermarket
  • Built strong accessories offering
  • Invested in new technologies
  • Expanded footprint and customer base globally

Transformation of VOXX

  • Created Premium Audio Company
  • Joint venture with Sharp, acquisition of Onkyo, agreement with Pioneer
  • Alliance with Amazon for Fire TV
  • Acquisitions of DEI and VSM/Rostra
  • Significant long-term awards in place

OUR FUTURE

Leading market positions in Automotive, Consumer and Biometrics - value creation

4

1960-2000

2001-2020

2021 and beyond…..

Historical Financials

($'s in millions)

Total Net Sales (FY16-FY20)

($'s in millions)

Total Net Sales (FY20-FY22)

$550.0

$530.2

$514.5

$507.1

$700.0

$635.9

$500.0

$600.0

$563.6

$446.8

$450.0

$400.0

$394.9

$500.0

$400.0

$394.9

$350.0

$300.0

FY17

FY18

FY19

FY20

$300.0

FY21

FY22

FY16

FY20

Fiscal 2016 and Fiscal 2017 net sales were adjusted in the Fiscal 2018 Form 10-K to account for the divestiture of Hirschmann Car Communication GmbH on August 31, 2017.

FY16 - FY18:

Premium Audio up / Automotive down

FY20 - FY22:

COVID-19/global supply chain challenges

Premium Audio expansion

FY19 - FY20:

Realignment of the business segments

New Automotive programs awarded

Operations/facilities consolidated

Strategic acquisitions

5

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Disclaimer

VOXX International Corporation published this content on 12 October 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 12 October 2022 13:41:04 UTC.