Fourth Quarter
Highlights
- Net sales of $164.3 million
- $11.6 million decrease from fourth quarter of 2020
- Gross profit of $16.0 million
- $16.9 million decrease from fourth quarter of 2020
- Gross profit margin(4) decreased to 9.7% from 18.7% in the
fourth quarter of 2020
- Net loss from continuing operations of $16.2 million
- $10.3 million deterioration from fourth quarter of 2020
- Adjusted EBITDA(1) of $(8.0) million
- $15.3 million decrease from fourth quarter of 2020
Full Year Highlights
- Net sales of $782.1 million
- $120.9 million increase compared to prior year
- Gross profit of $142.6 million
- $22.0 million increase compared to prior year
- Gross profit margin(4) remained constant at 18.2% compared to
prior year
- Net loss from continuing operations of $33.1 million
- $4.4 million increase compared to prior year
- Adjusted EBITDA(1) of $35.7 million
- $9.3 million increase compared to prior year
Horizon Global Corporation (NYSE: HZN), one of the leading
manufacturers of branded towing and trailering equipment, today
reported fourth quarter and full year financial results for
2021.
“Our Q4 and full year 2021 financial performance is consistent
with the preliminary results communicated in mid-February,” stated
Terry Gohl, Horizon Global’s President and Chief Executive Officer.
“Our net sales during Q4 2021 were significantly impacted by
macroeconomic headwinds, including supply chain, logistics and
material constraints, which resulted in approximately $31.0 million
of delayed sales as we exited the quarter. In addition, increased
steel and freight costs, up approximately 145% and 209%,
respectively, in the Americas, and operational inefficiencies
relating to last minute OEM production changes drove lower gross
profit and Adjusted EBITDA levels.”
Gohl continued, “While our pricing actions to recover material
economics are largely complete, implementation of pricing generally
lags one to two quarters and, as a result, will be recognized in
2022. The previously mentioned macroeconomic headwinds, coupled
with a strategic build of high-volume SKUs ahead of the 2022
selling season, drove a substantial increase in inventories at
year-end. Inventories are expected to return to more normalized
levels as we reduce purchases in 2022 and, importantly, deliver
against both our Americas year-end open order book of $57.1 million
and expected demand during the 2022 selling season.”
2021 Fourth Quarter Segment
Results
Horizon Americas. Net sales increased $5.6 million, or
5.8%, to $102.4 million when compared to the fourth quarter of
2020. The net sales increase was primarily driven by a $6.0 million
combined increase in the retail and industrial sales channels.
Gross profit decreased $6.7 million, driven by unfavorable cost
performance, primarily attributable to unfavorable material, supply
chain and other manufacturing input costs, partially offset by
related customer price increases, associated with global
macroeconomic factors. Adjusted EBITDA(1) decreased to $3.5 million
for the quarter, as compared to $10.9 million for the fourth
quarter of 2020, driven primarily by the unfavorable gross
profit.
Horizon Europe-Africa. Net sales decreased $17.2 million,
or 21.7%, to $61.9 million when compared to the fourth quarter of
2020. The net sales decrease was primarily driven by a $12.5
million decrease in the automotive OEM sales channel, as well as a
$5.5 million combined decrease in the automotive OES and
aftermarket sales channels. Gross profit decreased $10.2 million,
due to lower net sales, coupled with unfavorable material, supply
chain and other manufacturing input costs associated with global
macroeconomic factors, which were not able to be fully recovered
via commercial pricing recoveries. Adjusted EBITDA(1) declined to
$(7.0) million for the quarter, as compared to $2.5 million for the
fourth quarter of 2020, driven by the unfavorable gross profit.
Balance Sheet and Liquidity. Cash and Availability(2) was
$39.2 million, a reduction of $44.2 million compared to December
31, 2020. Working Capital(3) was $108.8 million, an increase of
$53.2 million compared to December 31, 2020, primarily driven by
increased inventory levels. The increased inventory was
attributable to global macroeconomic factors, including increased
commodity and logistics costs, and supply chain and material
constraints. Gross debt increased $34.8 million to $300.9 million
compared to December 31, 2020, primarily reflecting additional
borrowings on the Company's ABL, due to additional working capital
needs.
Summary
Gohl commented, “Horizon Global’s 2021 performance did not meet
our expectations. This performance was driven by an extremely
challenging back half of the year as supply chain, logistics and
material constraints throttled our net sales levels and drove
significantly higher input costs. These constraints will not
disappear overnight, but we view them as relatively short-term and
believe we are positioned to deliver strong financial results as
2022 progresses. Our inventory position will allow us to address
our open order book and continued heightened demand. Expected lower
steel costs and the implementation of a multi-port strategy should
result in lower input costs during 2022. Further, commercial
pricing recovery recognized throughout 2022 should further bolster
gross profit levels."
Gohl closed, "I’d like to take this opportunity to thank the
global team for their continued dedication throughout unprecedented
circumstances. The foundation of our business is solid and we
remain focused on creating long-term value for shareholders.”
Conference
Horizon Global will host a conference call regarding fourth
quarter and full year 2021 earnings on Thursday, March 10, 2022 at
8:30 a.m. Eastern Time. The conference call will be hosted by
Horizon Global's President and Chief Executive Officer, Terry Gohl,
and Dennis Richardville, Chief Financial Officer. Participants on
the call are asked to register five to ten minutes prior to the
scheduled start time by dialing (844) 825-9786 and from outside the
U.S. at (412) 902-4185. Please use the conference identification
number 10155642.
The fourth quarter and full-year 2021 results and supplemental
materials, including a presentation in PDF format, will be
distributed before the market opens on March 10, 2022, and will be
available on the Company’s website at www.horizonglobal.com prior
to the start of the call.
The conference call will be webcast simultaneously and in its
entirety through the Horizon Global website. Shareholders, media
representatives and others may participate in the webcast by
registering through the investor relations section on the Company’s
website.
A replay of the call will be available on Horizon Global’s
website or by phone by dialing (877) 344-7529 and from outside the
U.S. at (412) 317-0088. Please use the conference identification
number 10155642. The telephone replay will be available
approximately two hours after the end of the call and continue
through March 24, 2022.
About Horizon Global
Headquartered in Plymouth, MI, Horizon Global is the #1
designer, manufacturer and distributor of a wide variety of
high-quality, custom-engineered towing, trailering, cargo
management and other related accessory products in North America
and Europe. The Company serves OEMs, retailers, dealer networks and
the end consumer as the category leader in the automotive, leisure
and agricultural market segments. Horizon provides its customers
with outstanding products and services that reflect the Company's
commitment to market leadership, innovation and operational
excellence. The Company’s mission is to utilize forward-thinking
technology to develop and deliver premium products for our
customers, engage with our employees and realize value creation for
our shareholders.
Horizon Global is home to some of the world’s most recognized
brands in the towing and trailering industry, including: Draw-Tite,
Reese, Westfalia, BULLDOG, Fulton and Tekonsha. Horizon Global has
approximately 3,800 employees.
For more information, please visit www.horizonglobal.com.
Forward-Looking
Statements
This release contains “forward-looking statements” as defined in
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements contained herein speak only as of the
date they are made and give our current expectations or forecasts
of future events. Forward-looking statements speak only as of the
date they are made and give our current expectations or forecasts
of future events. These forward-looking statements are subject to
numerous assumptions, risks and uncertainties which could
materially affect our business, financial condition or future
results including, but not limited to, risks and uncertainties with
respect to: the impact of the COVID-19 pandemic on the Company’s
business, results of operations, financial condition and liquidity,
including, without limitation, supply chain and logistics issues
and inflationary pressures; liabilities and restrictions imposed by
the Company’s debt instruments, including the Company’s ability to
comply with the applicable financial covenants related thereto;
market demand; competitive factors; supply constraints and shipping
disruptions; material, logistics and energy costs, including the
increased material costs resulting from the COVID-19 pandemic;
inflation and deflation rates; technology factors; litigation;
government and regulatory actions including the impact of any
tariffs, quotas, or surcharges; the Company’s accounting policies;
future trends; general economic and currency conditions; various
conditions specific to the Company’s business and industry; the
success of the Company’s action plan, including the actual amount
of savings and timing thereof; the success of the Company’s
business improvement initiatives in Europe-Africa, including the
amount of savings and timing thereof; the Company’s exposure to
product liability claims from customers and end users, and the
costs associated therewith; factors affecting the Company’s
business that are outside of its control, including the impact of
the conflict between Russia and Ukraine, natural disasters,
pandemics, including the current COVID-19 pandemic, accidents and
governmental actions; and other risks that are discussed in Part I,
Item 1A, “Risk Factors.” in the Company’s Annual Report on Form
10-K for the twelve months ended December 31, 2021. The risks
described in the Company’s Annual Report on Form 10-K are not the
only risks facing our Company. Additional risks and uncertainties
not currently known to us or that we currently deemed to be
immaterial also may materially adversely affect our business,
financial position and results of operations or cash flows. We
caution readers not to place undue reliance on such statements,
which speak only as of the date hereof. We do not undertake any
obligation to review or confirm analysts’ expectations or estimates
or to release publicly any revisions to any forward-looking
statement to reflect events or circumstances after the date hereof
or to reflect the occurrence of unanticipated events.
(1)
Please refer to “Company and Business
Segment Financial Information” which details certain costs,
expense, other charges, that are included in the determination of
net income attributable to Horizon Global under U.S. GAAP, but that
management would not consider important in evaluating the quality
of the Company’s operating results. The Company’s management
utilizes Adjusted EBITDA as the key measure of company and segment
performance and for planning and forecasting purposes, as
management believes this measure is most reflective of the
operational profitability or loss of the Company and its operating
segments and provides management and investors with information to
evaluate the operating performance of its business and is
representative of its performance used to measure certain of its
financial covenants. Adjusted EBITDA should not be considered a
substitute for results prepared in accordance with U.S. GAAP and
should not be considered an alternative to net income attributable
to Horizon Global, which is the most directly comparable financial
measure to Adjusted EBITDA that is prepared in accordance with U.S.
GAAP. Adjusted EBITDA, as determined and measured by Horizon
Global, should also not be compared to similarly titled measures
reported by other companies.
(2)
"Cash and Availability" refers to “cash
and cash equivalents” and amounts of cash accessible but undrawn
from credit facilities.
(3)
“Working Capital” defined as "total
current assets" excluding "cash, cash equivalents and restricted
cash", less "total current liabilities" excluding "current
maturities, long-term debt" and "short-term operating lease
liabilities".
(4)
“Gross Profit Margin” refers to “gross
profit” as a percentage of “net sales”.
Horizon Global
Corporation
Condensed Consolidated Balance
Sheets
(Dollars in thousands)
December 31,
2021
December 31,
2020
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
11,780
$
44,970
Restricted cash
5,490
5,720
Receivables, net
80,720
87,420
Inventories
162,830
115,320
Prepaid expenses and other current
assets
12,340
11,510
Total current assets
273,160
264,940
Property and equipment, net
71,610
74,090
Operating lease right-of-use assets
37,810
47,310
Goodwill
—
3,360
Other intangibles, net
48,910
58,230
Deferred income taxes
1,750
1,280
Other assets
5,680
7,280
Total assets
$
438,920
$
456,490
Liabilities and Shareholders'
Equity
Current liabilities:
Short-term borrowings and current
maturities, long-term debt
$
3,780
$
14,120
Accounts payable
102,190
99,520
Short-term operating lease liabilities
11,010
12,180
Accrued liabilities
44,870
59,100
Total current liabilities
161,850
184,920
Gross long-term debt
297,070
251,960
Unamortized debt issuance costs and
discount
(26,520
)
(20,570
)
Long-term debt
270,550
231,390
Deferred income taxes
1,920
3,130
Long-term operating lease liabilities
35,930
46,340
Other long-term liabilities
8,920
14,560
Total liabilities
479,170
480,340
Total Horizon Global shareholders'
deficit
(33,690
)
(18,690
)
Noncontrolling interest
(6,560
)
(5,160
)
Total shareholders' deficit
(40,250
)
(23,850
)
Total liabilities and shareholders'
equity
$
438,920
$
456,490
Horizon Global
Corporation
Consolidated Statements of
Operations (unaudited)
(Dollars in thousands, except
per share amounts)
Three Months Ended December
31,
Twelve Months Ended December
31,
2021
2020
2021
2020
Net sales
$
164,270
$
175,860
$
782,120
$
661,230
Cost of sales
(148,300
)
(142,980
)
(639,540
)
(540,680
)
Gross profit
15,970
32,880
142,580
120,550
Selling, general and administrative
expenses
(33,190
)
(33,700
)
(135,360
)
(127,460
)
Operating (loss) profit
(17,220
)
(820
)
7,220
(6,910
)
Interest expense
(6,970
)
(7,710
)
(27,970
)
(31,680
)
Loss on debt extinguishment of Replacement
Term Loan
—
—
(11,650
)
—
Gain on debt extinguishment of Paycheck
Protection Program Loan
7,530
—
7,530
—
Other (expense) income, net
(2,470
)
960
(8,410
)
(470
)
Loss from continuing operations before
income tax
(19,130
)
(7,570
)
(33,280
)
(39,060
)
Income tax benefit
2,970
1,750
160
1,580
Net loss from continuing operations
(16,160
)
(5,820
)
(33,120
)
(37,480
)
Loss from discontinued operations, net of
income tax
—
—
—
(500
)
Net loss
(16,160
)
(5,820
)
(33,120
)
(37,980
)
Less: Net loss attributable to
noncontrolling interest
(430
)
(410
)
(1,400
)
(1,420
)
Net loss attributable to Horizon
Global
$
(15,730
)
$
(5,410
)
$
(31,720
)
$
(36,560
)
Net loss per share attributable to
Horizon Global:
Basic:
Continuing operations
$
(0.58
)
$
(0.21
)
$
(1.17
)
$
(1.40
)
Discontinued operations
—
—
—
(0.02
)
Total
$
(0.58
)
$
(0.21
)
$
(1.17
)
$
(1.42
)
Diluted:
Continuing operations
$
(0.58
)
$
(0.21
)
$
(1.17
)
$
(1.40
)
Discontinued operations
—
—
—
(0.02
)
Total
$
(0.58
)
$
(0.21
)
$
(1.17
)
$
(1.42
)
Weighted average common shares
outstanding:
Basic
27,286,647
26,157,634
27,086,876
25,797,529
Diluted
27,286,647
26,157,634
27,086,876
25,797,529
Horizon Global
Corporation
Consolidated Statements of
Cash Flows (unaudited)
(Dollars in thousands)
Twelve Months Ended December
31,
2021
2020
Cash Flows from Operating
Activities:
Net loss
$
(33,120
)
$
(37,980
)
Less: Net loss from discontinued
operations
—
(500
)
Net loss from continuing operations
(33,120
)
(37,480
)
Adjustments to reconcile net loss from
continuing operations to net cash (used for) provided by operating
activities:
Depreciation
14,680
16,290
Amortization of intangible assets
7,320
6,620
Loss on debt extinguishment of Replacement
Term Loan
11,650
—
Gain on debt extinguishment of Paycheck
Protection Program Loan
(7,530
)
—
Amortization of original issuance discount
and debt issuance costs
10,630
14,200
Deferred income taxes
(1,670
)
(2,060
)
Non-cash compensation expense
3,520
3,000
Paid-in-kind interest
650
8,120
Decrease (increase) in receivables
2,090
(12,230
)
(Increase) decrease in inventories
(52,300
)
24,220
Increase in prepaid expenses and other
assets
(650
)
(4,900
)
(Decrease) increase in accounts payable
and accrued liabilities
(5,170
)
24,590
Other, net
7,200
(1,280
)
Net cash (used for) provided by operating
activities from continuing operations
(42,700
)
39,090
Cash Flows from Investing
Activities:
Capital expenditures
(20,460
)
(13,310
)
Other, net
20
90
Net cash used for investing activities
from continuing operations
(20,440
)
(13,220
)
Cash Flows from Financing
Activities:
Proceeds from borrowing on credit
facilities
3,090
7,220
Repayments of borrowings on credit
facilities
(3,030
)
(4,800
)
Proceeds from Senior Term Loan, net of
issuance costs
75,300
—
Repayments of borrowings on Replacement
Term Loan, including transaction fees
(94,940
)
—
Proceeds from Revolving Credit Facility,
net of issuance costs
45,820
54,680
Repayments of borrowings on Revolving
Credit Facility
(12,000
)
(32,760
)
Proceeds from ABL revolving debt, net of
issuance costs
—
8,000
Repayments of borrowings on ABL revolving
debt
—
(27,920
)
Proceeds from Paycheck Protection Program
Loan
—
8,670
Proceeds from issuance of common stock
warrants
16,300
—
Proceeds from exercise of common stock
warrants
420
—
Other, net
(650
)
(440
)
Net cash provided by financing activities
from continuing operations
30,310
12,650
Discontinued Operations:
Net cash used for discontinued
operations
—
(500
)
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
(590
)
900
Cash and Cash Equivalents and
Restricted Cash:
(Decrease) increase for the year
(33,420
)
38,920
At beginning of year
50,690
11,770
At end of year
$
17,270
$
50,690
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
19,620
$
8,930
Cash paid for taxes, net of refunds
$
2,550
$
1,560
Appendix I
Horizon Global
Corporation
Company and Business Segment
Financial Information
(Unaudited - dollars in
thousands)
The Company’s management utilizes Adjusted
EBITDA as the key measure of company and segment performance and
for planning and forecasting purposes, as management believes this
measure is most reflective of the operational profitability or loss
of the Company and its operating segments and provides management
and investors with information to evaluate the operating
performance of its business and is representative of its
performance used to measure certain of its financial covenants.
Adjusted EBITDA should not be considered a substitute for results
prepared in accordance with U.S. GAAP and should not be considered
an alternative to net income attributable to Horizon Global, which
is the most directly comparable financial measure to Adjusted
EBITDA that is prepared in accordance with U.S. GAAP. Adjusted
EBITDA, as determined and measured by Horizon Global, should also
not be compared to similarly titled measures reported by other
companies. The Company also uses operating profit (loss) to measure
stand-alone segment performance.
Adjusted EBITDA is defined as net income
(loss) attributable to Horizon Global before interest expense,
income taxes, depreciation and amortization, and before certain
items, as applicable, such as severance, restructuring, relocation
and related business disruption costs, gains (losses) on
extinguishment of debt, impairment of goodwill and other
intangibles, non-cash stock compensation, certain product liability
and litigation claims, acquisition and integration costs, gains
(losses) on business divestitures and other assets, debt issuance
costs, board transition support and non-cash unrealized foreign
currency remeasurement costs.
The following table summarizes The
following table summarizes Adjusted EBITDA for our operating
segments for the three months ended December 31, 2021 and 2020:
Three months ended
December 31, 2021
Three months ended
December 31, 2020
Variance
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Consolidated
(dollars in thousands)
(dollars in thousands)
Net loss attributable to Horizon
Global
$
(15,730
)
$
(5,410
)
$
(10,320
)
Net loss attributable to noncontrolling
interest
(430
)
(410
)
(20
)
Net loss
$
(16,160
)
$
(5,820
)
$
(10,340
)
Interest expense
6,970
7,710
(740
)
Income tax benefit
(2,970
)
(1,750
)
(1,220
)
Depreciation and amortization
6,070
6,760
(690
)
EBITDA
$
2,810
$
(9,410
)
$
510
$
(6,090
)
$
9,870
$
3,460
$
(6,430
)
$
6,900
$
(12,990
)
Net loss attributable to noncontrolling
interest
—
430
—
430
—
410
—
410
20
Severance
—
—
—
—
—
(210
)
30
(180
)
180
Restructuring, relocation and related
business disruption costs
60
30
1,090
1,180
150
160
270
580
600
Non-cash stock compensation
—
—
930
930
—
—
810
810
120
Loss on business divestitures and other
assets
430
1,310
180
1,920
460
—
—
460
1,460
Board transition support
—
—
—
—
—
—
(170
)
(170
)
170
Debt issuance costs
—
50
50
100
—
60
30
90
10
Gain on extinguishment of debt
—
—
(7,530
)
(7,530
)
—
—
—
—
(7,530
)
Unrealized foreign currency remeasurement
costs
160
640
280
1,080
410
(1,410
)
(580
)
(1,580
)
2,660
Adjusted EBITDA
$
3,460
$
(6,950
)
$
(4,490
)
$
(7,980
)
$
10,890
$
2,470
$
(6,040
)
$
7,320
$
(15,300
)
The following table summarizes Adjusted
EBITDA for our operating segments for the twelve months ended
December 31, 2021 and 2020:
Twelve Months Ended
December 31, 2021
Twelve Months Ended
December 31, 2020
Variance
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Consolidated
(dollars in thousands)
(dollars in thousands)
Net loss attributable to Horizon
Global
$
(31,720
)
$
(36,560
)
$
4,840
Net loss attributable to noncontrolling
interest
(1,400
)
(1,420
)
20
Net loss
$
(33,120
)
$
(37,980
)
$
4,860
Interest expense
27,970
31,680
(3,710
)
Income tax benefit
(160
)
(1,580
)
1,420
Depreciation and amortization
22,000
22,910
(910
)
EBITDA
$
46,040
$
1,450
$
(30,800
)
$
16,690
$
34,030
$
6,610
$
(25,610
)
$
15,030
$
1,660
Net loss attributable to noncontrolling
interest
—
1,400
—
1,400
—
1,420
—
1,420
(20
)
Loss from discontinued operations, net of
income tax
—
—
—
—
—
—
500
500
(500
)
Severance
50
—
—
50
530
(360
)
20
190
(140
)
Restructuring, relocation and related
business disruption costs
(720
)
80
1,060
420
1,700
170
740
2,610
(2,190
)
Loss on extinguishment of debt
—
—
11,650
11,650
—
—
—
—
11,650
Non-cash stock compensation
—
—
3,520
3,520
—
—
3,000
3,000
520
Loss (gain) on business divestitures and
other assets
3,450
1,310
190
4,950
1,480
(180
)
20
1,320
3,630
Board transition support
—
—
—
—
—
—
(170
)
(170
)
170
Product liability and litigation
claims
—
—
—
—
—
1,510
—
1,510
(1,510
)
Debt issuance costs
—
120
340
460
—
60
1,870
1,930
(1,470
)
Gain on extinguishment of debt
—
—
(7,530
)
(7,530
)
—
—
—
—
(7,530
)
Unrealized foreign currency remeasurement
costs
420
2,540
1,100
4,060
690
(550
)
(1,070
)
(930
)
4,990
Adjusted EBITDA
$
49,240
$
6,900
$
(20,470
)
$
35,670
$
38,430
$
8,680
$
(20,700
)
$
26,410
$
9,260
Segment Information
The following table summarizes financial
information for our operating segments for the three months ended
December 31, 2021 and 2020:
Three Months Ended December
31,
Change
2021
2020
$
%
(unaudited, dollars in
thousands)
Net Sales
Horizon Americas
$
102,350
$
96,750
$
5,600
5.8
%
Horizon Europe-Africa
61,920
79,110
(17,190
)
(21.7
) %
Total
$
164,270
$
175,860
$
(11,590
)
(6.6
) %
Gross Profit
Horizon Americas
$
18,460
$
25,130
$
(6,670
)
(26.5
) %
Horizon Europe-Africa
(2,490
)
7,750
(10,240
)
(132.1
) %
Total
$
15,970
$
32,880
$
(16,910
)
(51.4
) %
Operating Profit (Loss)
Horizon Americas
$
1,580
$
8,620
$
(7,040
)
(81.7
) %
Horizon Europe-Africa
(13,080
)
(2,350
)
(10,730
)
(456.6
) %
Corporate
(5,720
)
(7,090
)
1,370
19.3
%
Total
$
(17,220
)
$
(820
)
$
(16,400
)
(2,000.0
) %
Adjusted EBITDA
Horizon Americas
$
3,460
$
10,890
$
(7,430
)
(68.2
) %
Horizon Europe-Africa
(6,950
)
2,470
(9,420
)
(381.4
) %
Corporate
(4,490
)
(6,040
)
1,550
25.7
%
Total
$
(7,980
)
$
7,320
$
(15,300
)
(209.0
) %
The following table summarizes financial
information for our operating segments for the twelve months ended
December 31, 2021 and 2020:
Twelve Months Ended December
31,
Change
2021
2020
$
%
(unaudited, dollars in
thousands)
Net Sales
Horizon Americas
$
456,410
$
382,380
$
74,030
19.4
%
Horizon Europe-Africa
325,710
278,850
46,860
16.8
%
Total
$
782,120
$
661,230
$
120,890
18.3
%
Gross Profit
Horizon Americas
$
112,120
$
95,850
$
16,270
17.0
%
Horizon Europe-Africa
30,460
24,700
5,760
23.3
%
Total
$
142,580
$
120,550
$
22,030
18.3
%
Operating Profit (Loss)
Horizon Americas
$
42,580
$
27,950
$
14,630
52.3
%
Horizon Europe-Africa
(10,530
)
(8,390
)
(2,140
)
(25.5
) %
Corporate
(24,830
)
(26,470
)
1,640
6.2
%
Total
$
7,220
$
(6,910
)
$
14,130
204.5
%
Adjusted EBITDA
Horizon Americas
$
49,240
$
38,430
$
10,810
28.1
%
Horizon Europe-Africa
6,900
8,680
(1,780
)
(20.5
) %
Corporate
(20,470
)
(20,700
)
230
1.1
%
Total
$
35,670
$
26,410
$
9,260
35.1
%
Appendix II
Horizon Global
Corporation
Reconciliation of Reported
Revenue Growth
to Constant Currency
Basis
(Unaudited)
We evaluate growth in our operations on
both an as reported and a constant currency basis. The constant
currency presentation, which is a non-GAAP measure, excludes the
impact of fluctuations in foreign currency exchange rates. We
believe providing constant currency information provides valuable
supplemental information regarding our growth, consistent with how
we evaluate our performance. Constant currency revenue results are
calculated by translating current year revenue in local currency
using the prior year's currency conversion rate. This non-GAAP
measure has limitations as an analytical tool and should not be
considered in isolation or as a substitute for an analysis of our
results as reported under U.S. GAAP. Our use of this term may vary
from the use of similarly-titled measures by other issuers due to
the potential inconsistencies in the method of calculation and
differences due to items subject to interpretation.
Three Months Ended
December 31, 2021
Twelve Months Ended
December 31, 2021
Horizon Americas
Horizon Europe- Africa
Consolidated
Horizon Americas
Horizon Europe- Africa
Consolidated
Revenue growth as reported
5.8
%
(21.7
) %
(6.6
) %
19.4
%
16.8
%
18.3
%
Less: currency impact
—
%
(0.8
) %
(0.4
) %
(0.1
) %
5.5
%
2.3
%
Revenue growth at constant currency
5.8
%
(20.9
) %
(6.2
) %
19.5
%
11.3
%
16.0
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220310005087/en/
Jeff Tryka, CFA Investor Relations, Lambert & Co. (616)
295-2509 jtryka@horizonglobal.com
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