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0001290900FALSE00012909002025-05-062025-05-06


UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

Date of Report (Date of Earliest Event Reported): May 6, 2025
Commercial Vehicle Group, Inc.
(Exact name of registrant as specified in its charter)
Delaware 001-34365 41-1990662
(State or other jurisdiction (Commission (I.R.S. Employer
of incorporation) File Number) Identification No.)
7800 Walton Parkway, New Albany, Ohio
43054
(Address of principal executive offices) (Zip Code)
Registrant’s telephone number, including area code: 614-289-5360
Not Applicable
Former name or former address, if changed since last report

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 Securities registered pursuant to Section 12(b) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Common Stock, par value $0.01 per share CVGI The NASDAQ Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨




Item 2.02. Results of Operations and Financial Condition.

On May 6, 2025, Commercial Vehicle Group, Inc. (the “Company”) issued the press release attached hereto as Exhibit 99.1 announcing earnings for the first quarter ended March 31, 2025.

The information, including exhibit 99.1 hereto, the registrant furnished in this report is not deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section. Registration statements or other documents filed with the Securities and Exchange Commission shall not incorporate this information by reference, except as otherwise expressly stated in such filing.

Item 7.01. Regulation FD Disclosure.

The information set forth under Item 2.02 is incorporated into this Item 7.01 by reference.

Item 9.01. Financial Statements and Exhibits.

(d) Exhibit
 
Exhibit No.    Description
   
  
First quarter ended March 31, 2025 earnings press release dated May 6, 2025.









 




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
COMMERCIAL VEHICLE GROUP, INC.
May 6, 2025 By:
/s/ Andy Cheung
Name:
Chung Kin Cheung ("Andy Cheung")
Title: Chief Financial Officer
(Principal Financial Officer)

EX-99.1 2 cvgq12025earningsrelease.htm EX-99.1 Document

newsrelease-newversionx116.jpg
Exhibit 99.1

CVG REPORTS FIRST QUARTER 2025 RESULTS

First quarter sales of $170 million, EPS of $(0.09), Adjusted EBITDA of $5.8 million
Significantly improved free cash flow enables further debt paydown
Updates guidance for full year 2025


NEW ALBANY, OHIO (May 6, 2025) - CVG (NASDAQ: CVGI), a diversified industrial products and services company, today announced financial results for its first quarter ended March 31, 2025.

During the quarter, the Company completed a strategic reorganization of its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components. The results and comparisons presented below reflect continuing operations unless otherwise noted.

First Quarter 2025 Highlights (Results from Continuing Operations; compared with prior year, where comparisons are noted)
•Revenues of $169.8 million, down 12.7%, primarily due to softening in global Construction and Agriculture markets and North America Class 8 truck demand.
•Operating income of $1.4 million, adjusted operating income of $2.1 million, down compared to operating income of $4.5 million and adjusted operating income of $6.3 million. The decrease in operating income was driven primarily by lower sales volumes offset by reductions in SG&A expense.
•Net loss from continuing operations of $3.1 million, or $(0.09) per diluted share and adjusted net loss of $2.6 million, or $(0.08) per diluted share, compared to net income from continuing operations of $1.4 million, or $0.05 per diluted share and adjusted net income of $2.8 million, or $0.08 per diluted share.
•Adjusted EBITDA of $5.8 million, down 40.2%, with an adjusted EBITDA margin of 3.4%, down from 5.0%.
•Free cash flow of $11.2 million, up $17.7 million, due to better working capital management. Net debt decreased $11.7 million compared to the year end 2024 level.
•Gross margin expansion of 250 basis points versus Q4 2024 due to operational efficiency improvements and conclusion of one-time cost drivers from 2024.

James Ray, President and Chief Executive Officer, said, “Our first quarter results demonstrate sequential improvement in margins and free cash flow. Cash generation and debt paydown remain key priorities for CVG, as we look to build on our strong free cash performance in the first quarter through further margin improvement, working capital reduction, and reduced capital expenditures. We are beginning to see the benefits of efforts made in 2024, including strategic divestments of non-core business, to transform CVG. These divestitures, as well as our priority on improving operational efficiency, have allowed us to streamline operations, lower our cost structure, and drive cash generation to pay down debt. Despite industry-wide and global macroeconomic headwinds, we are prioritizing strong execution from the top down within CVG focused on cost mitigation, margin improvement, and operational efficiency.”
1



Mr. Ray continued, “The actions we took last year position us well for the future. Change management is always difficult, and I would personally like to thank the entire CVG team for their efforts throughout the process. I would like to thank Bob Griffin, our current Chairman, for his contributions to CVG’s strategic goals and priorities over the years. I am also excited to continue working with Bill Johnson, a current board member who is expected to become the Chairman of the Board following Mr. Griffin’s retirement, effective May 15, 2025. While we acknowledge the current macroeconomic uncertainties and geopolitical environment, the transformation undertaken in 2024 makes CVG a lower cost, more nimble company, better positioned to navigate these challenges. We are committed to execution, delivery, and driving operational efficiency, while managing the potential impact of trade policy.”

Andy Cheung, Chief Financial Officer, added, “We are encouraged by the quarter-over-quarter improvement in our financial performance, as we start to see the benefits of our strategic portfolio realignment and operational efficiency efforts. However, given the economic environment and policy concerns, we are adjusting our outlook to reflect current market conditions. Our focused portfolio, now more closely aligned with our customers through our re-segmentation, positions us for improved value capture as end markets recover.”

First Quarter Financial Results from Continuing Operations
(amounts in millions except per share data and percentages)
First Quarter
2025 2024 $ Change % Change
Revenues
$ 169.8  $ 194.6  $ (24.8) (12.7)%
Gross profit $ 17.8  $ 23.2  $ (5.4) (23.3)%
Gross margin 10.5  % 11.9  %
Adjusted gross profit 1
$ 18.3  $ 24.7  $ (6.4) (25.9)%
Adjusted gross margin 1
10.8  % 12.7  %
Operating income $ 1.4  $ 4.5  $ (3.1) (68.9)%
Operating margin 0.8  % 2.3  %
Adjusted operating income 1
$ 2.1  $ 6.3  $ (4.2) (66.7)%
Adjusted operating margin 1
1.2  % 3.2  %
Net income (loss) from continuing operations $ (3.1) $ 1.4  $ (4.5)
NM2
Adjusted net income (loss) from continuing operations 1
$ (2.6) $ 2.8  $ (5.4)
NM2
Earnings (loss) per share, diluted
$ (0.09) $ 0.05  $ (0.14)
NM2
Adjusted earnings (loss) per share, diluted 1
$ (0.08) $ 0.08  $ (0.16)
NM2
Adjusted EBITDA 1
$ 5.8  $ 9.7  $ (3.9) (40.2)%
Adjusted EBITDA margin 1
3.4  % 5.0  %
1 See Appendix A for GAAP to Non-GAAP reconciliation
2 Not meaningful

Consolidated Results from Continuing Operations

First Quarter 2025 Results
•First quarter 2025 revenues were $169.8 million, compared to $194.6 million in the prior year period, a decrease of 12.7%. The overall decrease in revenues was due to lower sales as a result of a softening in customer demand across all segments.
2


•Operating income in the first quarter 2025 was $1.4 million compared to $4.5 million in the prior year period. The decrease in operating income was attributable to the impact of lower sales volumes. First quarter 2025 adjusted operating income was $2.1 million, compared to $6.3 million in the prior year period.
•Interest associated with debt and other expenses was $2.5 million and $2.2 million for the first quarter 2025 and 2024, respectively.
•Net loss from continuing operations was $3.1 million, or $(0.09) per diluted share, for the first quarter 2025 compared to net income of $1.4 million, or $0.05 per diluted share, in the prior year period. First quarter 2025 adjusted net loss from continuing operations was $2.6 million, or $(0.08) per diluted share, compared to adjusted net income of $2.8 million, or $0.08 per diluted share.

On March 31, 2025, the Company had $32.4 million of outstanding borrowings on its U.S. revolving credit facility and no outstanding borrowings on its China credit facility, $20.2 million of cash and $102.5 million of availability from the credit facilities (subject to covenant limitations), resulting in total liquidity of $122.7 million.


First Quarter 2025 Segment Results

Global Seating Segment
•Revenues were $73.4 million compared to $80.8 million for the prior year period, a decrease of 9.1%, due to lower sales volume as a result of decreased customer demand.
•Operating income was $2.7 million, compared $2.8 million in the prior year period, a decrease of 2.9%, primarily attributable to lower sales volume and increased freight costs. First quarter 2025 adjusted operating income was $2.7 million compared to $2.8 million in the prior year period.

Global Electrical Systems Segment
•Revenues were $50.5 million compared to $58.7 million in the prior year period, a decrease of 14.1%, primarily as a result of decreased customer demand.
•Operating loss was $0.3 million compared to operating income of $0.4 million in the prior year period. The decrease in operating income was primarily attributable to lower sales volumes and unfavorable foreign exchange impacts. First quarter 2025 adjusted operating income was $0.2 million compared to $1.5 million in the prior year period.
Trim Systems and Components Segment
•Revenues were $45.9 million compared to $55.1 million in the prior year period, a decrease of 16.6%, primarily as a result of decreased customer demand.
•Operating income was $1.5 million compared to $4.2 million in the prior year period, a decrease of 63.5%. The decrease in operating income was primarily attributable to lower sales volume and increased freight costs. First quarter 2025 adjusted operating income was $1.6 million compared to $4.7 million in the prior year period.
3


Outlook

CVG updated the Company's outlook for the full year 2025, based on current market conditions:

Metric Prior 2025 Outlook ($ millions) 2025 Outlook ($ millions)
Net Sales $670 - $710 $660- $690
Adjusted EBITDA $25 - $30 $22 - $27
Free Cash Flow > $20

This outlook reflects, among others, current industry forecasts for North America Class 8 truck builds. According to ACT Research, 2025 North American Class 8 truck production levels are expected to be at 255,000 units. The 2024 actual Class 8 truck builds according to the ACT Research was 332,372 units.

Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025. However, we expect the contribution from new business wins outside of Construction and Agriculture end markets in Electrical Systems to soften this decline.

GAAP to Non-GAAP Reconciliation

A reconciliation of GAAP to non-GAAP financial measures referenced in this release is included as Appendix A to this release.

Conference Call

A conference call to discuss this press release is scheduled for Wednesday, May 7, 2025, at 8:30 a.m. ET. Management intends to reference the Q1 2025 Earnings Call Presentation during the conference call. To participate, dial (800) 549-8228 using conference code 57416. International participants dial (289) 819-1520 using conference code 57416.
This call is being webcast and can be accessed through the “Investors” section of CVG’s website at ir.cvgrp.com, where it will be archived for one year.

A telephonic replay of the conference call will be available for a period of two weeks following the call. To access the replay, dial (888) 660-6264 using access code 57416#.

Company Contact
Andy Cheung
Chief Financial Officer
CVG
IR@cvgrp.com

Investor Relations Contact
Ross Collins or Stephen Poe
Alpha IR Group
CVGI@alpha-ir.com

About CVG

CVG is a global provider of systems, assemblies and components to the global commercial vehicle market and the electric vehicle market. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries and communities we serve.
4


Information about the Company and its products is available on the internet at www.cvgrp.com.

Forward-Looking Statements

This press release contains forward-looking statements that are subject to risks and uncertainties. These statements often include words such as “believe”, “anticipate”, “plan”, “expect”, “intend”, “will”, “should”, “could”, “would”, “project”, “continue”, “likely”, and similar expressions. In particular, this press release may contain forward-looking statements about the Company’s expectations for future periods with respect to its plans to improve financial results, the future of the Company’s end markets, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction and agricultural equipment business, the Company’s prospects in the wire harness, and electric vehicle markets, the Company’s initiatives to address customer needs, organic growth, the Company’s strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment and the Company’s financial position or other financial information. These statements are based on certain assumptions that the Company has made in light of its experience as well as its perspective on historical trends, current conditions, expected future developments and other factors it believes are appropriate under the circumstances. Actual results may differ materially from the anticipated results because of certain risks and uncertainties, including those included in the Company’s filings with the SEC. There can be no assurance that statements made in this press release relating to future events will be achieved. The Company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results over time. All subsequent written and oral forward-looking statements attributable to the Company or persons acting on behalf of the Company are expressly qualified in their entirety by such cautionary statements.

Other Information

Throughout this document, certain numbers in the tables or elsewhere may not sum due to rounding. Rounding may have also impacted the presentation of certain year-on-year percentage changes.
###
5


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (1)
Three Months Ended March 31, 2025 and 2024
(Unaudited)
(Amounts in thousands, except per share amounts)
  Three Months Ended
  March 31, 2025 March 31, 2024
Revenues $ 169,795  $ 194,626 
Cost of revenues 152,002  171,462 
Gross profit 17,793  23,164 
Selling, general and administrative expenses 16,385  18,655 
Operating income 1,408  4,509 
Other (income) expense (72) 212 
Interest expense 2,503  2,186 
 Income (loss) before provision for income taxes (1,023) 2,111 
Provision for income taxes 2,116  665 
        Net income (loss) from continuing operations $ (3,139) $ 1,446 
Net income (loss) from discontinued operations (1,173) 1,493 
Net income (loss) (4,312) 2,939 
Basic earnings (loss) per share
Income (loss) from continuing operations $ (0.09) $ 0.05 
Income (loss) from discontinued operations $ (0.03) $ 0.04 
Diluted earnings (loss) per share
Income (loss) from continuing operations $ (0.09) $ 0.05 
Income (loss) from discontinued operations $ (0.03) $ 0.04 
Weighted average shares outstanding:
Basic 33,693  33,325 
Diluted 33,693  33,403 


(1) The operating results related to the cab structures business and Industrial Automation business have been reflected as discontinued operations in the Condensed Consolidated Statements of Operations for all periods presented.
6


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Amounts in thousands, except per share amounts)
ASSETS March 31, 2025 December 31, 2024
Current assets:
Cash $ 20,213  $ 26,630 
Accounts receivable, net 119,485  118,683 
Inventories 123,086  128,224 
Other current assets 30,667  29,763 
Total current assets 293,451  303,300 
Property, plant and equipment, net 68,684  68,861 
Intangible assets, net 3,781  3,918 
Deferred income taxes 11,381  11,084 
Other assets, net 42,526  37,410 
Total assets $ 419,823  $ 424,573 
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 85,556  $ 77,002 
Accrued liabilities and other 39,136  40,358 
Current portion of long-term debt and short-term debt 13,906  8,438 
Total current liabilities 138,598  125,798 
Long-term debt 103,494  127,062 
Pension and other post-retirement benefits 8,472  8,143 
Other long-term liabilities 32,603  27,978 
Total liabilities $ 283,167  $ 288,981 
Stockholders’ equity:
Preferred stock $ —  $ — 
Common stock 337  337 
Treasury stock (16,468) (16,468)
Additional paid-in capital 269,887  269,117 
Retained deficit (78,363) (74,051)
Accumulated other comprehensive loss (38,737) (43,343)
Total stockholders’ equity 136,656  135,592 
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 419,823  $ 424,573 

7


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
BUSINESS SEGMENT FINANCIAL INFORMATION
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31,
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
2025 2024 2025 2024 2025 2024 2025 2024 2025 2024
Revenues $ 73,408  $ 80,797  $ 50,453  $ 58,726  $ 45,934  $ 55,103  $ —  $ —  $ 169,795  $ 194,626 
Gross profit (loss) 9,091  10,846  3,990  4,825  4,712  7,600  —  (107) 17,793  23,164 
Selling, general & administrative expenses 6,378  8,051  4,306  4,382  3,177  3,400  2,524  2,822  16,385  18,655 
Operating income (loss) $ 2,713  $ 2,795  $ (316) $ 443  $ 1,535  $ 4,200  $ (2,524) $ (2,929) $ 1,408  $ 4,509 







8


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix A: Reconciliation of GAAP to Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands, except per share amounts and percentages)

Three Months Ended
March 31, 2025 March 31, 2024
Gross profit $ 17,793  $ 23,164 
Restructuring 530  1,583 
Adjusted gross profit $ 18,323  $ 24,747 
% of revenues 10.8  % 12.7  %
Three Months Ended
March 31, 2025 March 31, 2024
Operating income $ 1,408  $ 4,509 
Restructuring 702  1,777 
Adjusted operating income $ 2,110  $ 6,286 
% of revenues 1.2  % 3.2  %
Three Months Ended
March 31, 2025 March 31, 2024
Net income (loss) from continuing operations $ (3,139) $ 1,446 
Operating income adjustments 702  1,777 
Adjusted provision for income taxes1
(176) (444)
Adjusted net income (loss) from continuing operations $ (2,613) $ 2,779 
Diluted EPS $ (0.09) $ 0.05 
Adjustments to diluted EPS $ 0.01  $ 0.03 
Adjusted diluted EPS $ (0.08) $ 0.08 
1.Reported Tax Provision adjusted for tax effect of special charges at 25%
Three Months Ended
March 31, 2025 March 31, 2024
Net income (loss) from continuing operations $ (3,139) $ 1,446 
Interest expense 2,503  2,186 
Provision for income taxes 2,116  665 
Depreciation expense 3,438  3,431 
Amortization expense 141  183 
EBITDA $ 5,059  $ 7,911 
% of revenues 3.0  % 4.1  %
EBITDA adjustments
Restructuring $ 702  $ 1,777 
Adjusted EBITDA $ 5,761  $ 9,688 
% of revenues 3.4  % 5.0  %

9


Three Months Ended March 31, 2025
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 2,713  $ (316) $ 1,535  $ (2,524) $ 1,408 
Restructuring —  530  45  127  702 
Adjusted operating income (loss) $ 2,713  $ 214  $ 1,580  $ (2,397) $ 2,110 
% of revenues 3.7  % 0.4  % 3.4  % 1.2  %


Three Months Ended March 31, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 2,795  $ 443  $ 4,200  $ (2,929) $ 4,509 
Restructuring 45  1,091  470  171  $ 1,777 
Adjusted operating income (loss) $ 2,840  $ 1,534  $ 4,670  $ (2,758) $ 6,286 
% of revenues 3.5  % 2.6  % 8.5  % 3.2  %



The following tables present reconciliations of the captions within CVG's Condensed Consolidated Statements of Cash Flows to Free cash flow, attributable to continuing operations, discontinued operations, and total CVG for the three and three months ended March 31, 2025 and 2024.
Three Months Ended
March 31, 2025 March 31, 2024
CONTINUING OPERATIONS
Cash flows from operating activities $ 15,015  $ (4,832)
Purchases of property, plant and equipment (3,806) (4,837)
Proceeds from sale of business —  3,200 
Free cash flow from continuing operations $ 11,209  $ (6,469)
DISCONTINUED OPERATIONS
Cash flows from operating activities $ 157  $ 2,476 
Purchases of property, plant and equipment —  (222)
Free cash flow from discontinued operations $ 157  $ 2,254 
TOTAL COMPANY
Cash flows from operating activities $ 15,172  $ (2,356)
Purchases of property, plant and equipment (3,806) (5,059)
Proceeds from sale of business —  3,200 
Free cash flow $ 11,366  $ (4,215)





10


COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES
Appendix B: Supplemental Quarterly Reconciliation of GAAP to Non-GAAP Financial Measures
2024 and 2023 by Quarter
(Unaudited)
(Amounts in thousands)
Three Months Ended March 31, 2024
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 80,797  $ 58,726  $ 55,103  $ 194,626 
Cost of revenues 69,951  53,901  47,503  171,355 
Gross profit 10,846  4,825  7,600  23,271 
Selling, general & administrative expenses 8,051  4,382  3,400  15,833 
Operating income $ 2,795  $ 443  $ 4,200  $ 7,438 
Corporate and other unallocated costs 2,929 
Other (income) expense 212 
Interest expense 2,186 
Income before provision for income taxes $ 2,111 
Three Months Ended March 31, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 2,795  $ 443  $ 4,200  $ (2,929) $ 4,509 
Restructuring 45  1,091  470  171  1,777 
Adjusted operating income (loss) $ 2,840  $ 1,534  $ 4,670  $ (2,758) $ 6,286 

Three Months Ended June 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 82,404  $ 53,639  $ 57,622  $ 193,665 
Cost of revenues 71,770  49,655  51,672  173,097 
Gross profit 10,634  3,984  5,950  20,568 
Selling, general & administrative expenses 8,534  4,523  3,623  16,680 
Operating income (loss) $ 2,100  $ (539) $ 2,327  $ 3,888 
Corporate and other unallocated costs 2,824 
Other (income) expense 206 
Interest expense 2,417 
Loss before provision for income taxes $ (1,559)
Three Months Ended June 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 2,100  $ (539) $ 2,327  $ (2,824) $ 1,064 
Restructuring 762  1,379  1,634  —  3,775 
Adjusted operating income (loss) $ 2,862  $ 840  $ 3,961  $ (2,824) $ 4,839 


11


Three Months Ended September 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 76,643  $ 46,714  $ 48,415  $ 171,772 
Cost of revenues 68,834  43,721  42,706  155,261 
Gross profit 7,809  2,993  5,709  16,511 
Selling, general & administrative expenses 5,805  4,468  3,806  14,079 
Operating income (loss) $ 2,004  $ (1,475) $ 1,903  $ 2,432 
Corporate and other unallocated costs 3,492 
Other (income) expense (1,033)
Interest expense 2,371 
Loss before provision for income taxes $ (2,398)
Three Months Ended September 30, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 2,004  $ (1,475) $ 1,903  $ (3,492) $ (1,060)
Restructuring 778  1,275  2,164  —  4,217 
Gain on sale of fixed assets —  —  (3,544) —  (3,544)
Adjusted operating income (loss) $ 2,782  $ (200) $ 523  $ (3,492) $ (387)

Three Months Ended December 31, 2024
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 74,838  $ 44,049  $ 44,405  $ 163,292 
Cost of revenues 66,428  42,669  41,120  150,217 
Gross profit 8,410  1,380  3,285  13,075 
Selling, general & administrative expenses 7,735  4,369  3,413  15,517 
Operating income (loss) $ 675  $ (2,989) $ (128) $ (2,442)
Corporate and other unallocated costs 2,829 
Other (income) expense (1,585)
Interest expense 2,200 
Loss on extinguishment of debt 509 
Loss before provision for income taxes $ (6,395)

Three Months Ended December 31, 2024
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 675  $ (2,989) $ (128) $ (2,829) $ (5,271)
Restructuring (39) —  1,054  —  1,015 
Adjusted operating income (loss) $ 636  $ (2,989) $ 926  $ (2,829) $ (4,256)
12


Three Months Ended March 31, 2023
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 95,877  $ 58,534  $ 63,640  $ 218,051 
Cost of revenues 83,678  49,166  53,218  186,062 
Gross profit 12,199  9,368  10,422  31,989 
Selling, general & administrative expenses 8,038  4,225  4,124  16,387 
Operating income $ 4,161  $ 5,143  $ 6,298  $ 15,602 
Corporate and other unallocated costs 3,203 
Other (income) expense (203)
Interest expense 2,749 
Income before provision for income taxes $ 9,853 
Three Months Ended March 31, 2023
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 4,161  $ 5,143  $ 6,298  $ (3,203) $ 12,399 
Restructuring 82  —  —  90 
Adjusted operating income (loss) $ 4,243  $ 5,151  $ 6,298  $ (3,203) $ 12,489 

Three Months Ended June 30, 2023
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 89,807  $ 67,581  $ 63,412  $ 220,800 
Cost of revenues 76,961  55,814  52,407  185,182 
Gross profit 12,846  11,767  11,005  35,618 
Selling, general & administrative expenses 8,532  4,685  4,816  18,033 
Operating income $ 4,314  $ 7,082  $ 6,189  $ 17,585 
Corporate and other unallocated costs 3,099 
Other (income) expense 308 
Interest expense 2,672 
Income before provision for income taxes $ 11,506 

Three Months Ended June 30, 2023
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 4,314  $ 7,082  $ 6,189  $ (3,099) $ 14,486 
Restructuring 49  —  294  —  343 
Adjusted operating income (loss) $ 4,363  $ 7,082  $ 6,483  $ (3,099) $ 14,829 
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Three Months Ended September 30, 2023
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 85,220  $ 57,136  $ 60,541  $ 202,897 
Cost of revenues 74,861  48,222  50,396  173,479 
Gross profit 10,359  8,914  10,145  29,418 
Selling, general & administrative expenses 8,716  3,983  4,432  17,131 
Operating income $ 1,643  $ 4,931  $ 5,713  $ 12,287 
Corporate and other unallocated costs 3,367 
Other (income) expense 383 
Interest expense 2,489 
Income before provision for income taxes $ 6,048 
Three Months Ended September 30, 2023
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ 1,643  $ 4,931  $ 5,713  $ (3,367) $ 8,920 
Restructuring —  —  —  —  — 
Adjusted operating income (loss) $ 1,643  $ 4,931  $ 5,713  $ (3,367) $ 8,920 

Three Months Ended December 31, 2023
Global Seating Global Electrical Systems Trim Systems and Components Total
Revenues $ 77,786  $ 59,139  $ 56,796  $ 193,721 
Cost of revenues 69,873  49,543  49,890  169,306 
Gross profit 7,913  9,596  6,906  24,415 
Selling, general & administrative expenses 8,906  4,195  4,027  17,128 
Operating income (loss) $ (993) $ 5,401  $ 2,879  $ 7,287 
Corporate and other unallocated costs 3,219 
Other (income) expense 707 
Interest expense 2,338 
Income before provision for income taxes $ 1,023 
Three Months Ended December 31, 2023
Global Seating Global Electrical Systems Trim Systems and Components Corporate/Other Total
Operating income (loss) $ (993) $ 5,401  $ 2,879  $ (3,219) $ 4,068 
Restructuring —  —  385  982  1,367 
Adjusted operating income (loss) $ (993) $ 5,401  $ 3,264  $ (2,237) $ 5,435 

Use of Non-GAAP Measures

This earnings release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (“GAAP”). In general, the non-GAAP measures exclude items that (i) management believes reflect the Company’s multi-year corporate activities; or (ii) relate to activities or actions that may have occurred over multiple or in prior periods without predictable trends. Management uses these non-GAAP financial measures internally to evaluate the Company’s performance, engage in financial and operational planning and to determine incentive compensation.

Management provides these non-GAAP financial measures to investors as supplemental metrics to assist readers in assessing the effects of items and events on the Company’s financial and operating results and in comparing the Company’s performance to that of its competitors and to comparable reporting periods.
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The non-GAAP financial measures used by the Company may be calculated differently from, and therefore may not be comparable to, similarly titled measures used by other companies.

The non-GAAP financial measures disclosed by the Company should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP. The financial results calculated in accordance with GAAP and reconciliations to those financial statements set forth above should be carefully evaluated.
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