Fourth Quarter and Recent
Highlights
- Net sales of $175.9 million; increase of $33.6 million, or
23.6%, compared to prior year comparable period
- Operating loss of $0.8 million, $32.9 million improvement
compared to prior year comparable period
- Net loss from continuing operations of $5.8 million; $26.2
million improvement compared to prior year comparable period
- Adjusted EBITDA(1) of $7.3 million; $23.8 million improvement
compared to prior year comparable period
- Entered into $225.0 million term loan, including $125.0 million
delayed draw facility; proceeds repaid existing term loan and will
repay outstanding convertible notes; reduced interest rate with
flexible financial covenants in support of Company's long-term
strategic initiatives
Full Year Highlights
- $39.1 million of cash generated from operating activities;
$107.6 million improvement over prior year
- Cash and availability(2) of $83.4 million; $38.5 million
improvement over prior year
- Net sales of $661.2 million; decrease of $29.2 million, or
4.2%, compared to prior year
- Operating loss of $6.9 million; $50.3 million improvement
compared to prior year
- Net loss from continuing operations of $37.5 million; $72.5
million improvement compared to prior year
- Adjusted EBITDA(1) of $26.4 million; $34.7 million improvement
compared to prior year
Horizon Global Corporation (NYSE: HZN), one of the world’s
leading manufacturers of branded towing and trailering equipment,
today reported fourth quarter and full year financial results for
2020.
“2020 was a transformational year for Horizon Global as
reflected by significant year-over-year improvements in
profitability and cash flow generation,” stated Terry Gohl, Horizon
Global’s President and Chief Executive Officer. “We entered 2020
with great momentum and high expectations for the turnaround of the
Company. While we immediately faced unprecedented macro-economic
challenges due to the global pandemic, the team maintained its
focus and ultimately delivered significant value to our
shareholders as well as all of our key stakeholders. To offset
commercial headwinds in early 2020, we accelerated the execution of
our operational improvement initiatives, including the operational
transformation of Mexico manufacturing and Americas distribution,
streamlining our Americas product portfolio and rationalizing our
Europe-Africa distribution footprint. This resulted in improved
productivity and throughput, which enabled us to deliver on
customer commitments and further solidified Horizon Global as the
supplier of choice during the second half of the year. Our strong
financial performance allowed us to opportunistically address our
full capital structure in early 2021, resulting in a new term loan
with a lower interest rate, flexible covenants and other favorable
terms that enable us to pursue our long-term strategic plan.”
2020 Fourth Quarter Segment
Results
Horizon Americas. Net sales increased $24.7 million, or
34.3%, to $96.8 million. The net sales increase was primarily
driven by a $13.3 million increase in the aftermarket sales
channel, as well as a $7.5 million combined increase in the retail
and e-commerce sales channels. Gross profit increased $15.6
million, due to higher net sales and operational improvements and
manufacturing efficiencies, including favorable manufacturing
costs, as well as lower scrap and inventory reserves. Horizon
Americas generated operating profit of $8.6 million, an increase of
$24.8 million compared to the prior year comparable period, driven
by the segment's favorable gross profit, coupled with $8.6 million
lower SG&A. Adjusted EBITDA(1) increased to $10.9 million for
the quarter, as compared to $(5.6) million for the prior year
comparable period.
Horizon Europe-Africa. Net sales increased $8.9 million,
or 12.6%, to $79.1 million. The net sales increase was primarily
driven by a $5.9 million combined increase in the automotive OEM
and automotive OES sales channels, as well as a $3.1 million
increase in the aftermarket sales channels. Gross profit increased
$9.2 million, due to higher net sales coupled with favorable
material input costs and labor efficiencies. Horizon Europe-Africa
generated an operating loss of $(2.4) million, an improvement of
$9.9 million compared to the prior year comparable period, driven
by the segment's favorable gross profit. Adjusted EBITDA(1)
increased to $2.5 million for the quarter, as compared to a loss of
$(5.9) million for the prior year comparable period.
Balance Sheet and Liquidity. Cash and Availability(2) was
$83.4 million, an increase of $38.5 million compared to the end of
the prior year comparable period. Working Capital(3) was $55.6
million, a reduction of $34.0 million compared to the end of the
prior year comparable period. Gross debt increased $25.2 million to
$266.1 million over the prior year comparable period, primarily
reflecting increased borrowings in the first two quarters of 2020
to strengthen liquidity in response to the COVID-19 pandemic.
Summary
Gohl commented, “Horizon Global’s 2020 performance is testament
to the hard work and dedication of each and every member of our
global team. We established a culture of continuous improvement and
we are not taking our foot off the gas in 2021. We will build on
our positive momentum and remain laser focused on our strategic
plan and operational excellence. With our current open order book,
brand recognition and customer confidence, we believe we are well
positioned to drive margin expansion, profitability improvement and
increased cash flow generation."
Conference
Horizon Global will host a conference call regarding fourth
quarter and full year 2020 earnings on Thursday, March 11, 2021 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 10152299.
The fourth quarter and full-year 2020 results and supplemental
materials, including a presentation in PDF format, will be
distributed before the market opens on March 11, 2021, 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 10152299. The telephone replay will be available
approximately two hours after the end of the call and continue
through March 25, 2021.
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 best in-class 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 4,000 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. These forward-looking statements can be
identified by the use of forward-looking words, such as “may,”
“could,” “should,” “estimate,” “project,” “forecast,” “intend,”
“expect,” “anticipate,” “believe,” “target,” “plan” or other
comparable words, or by discussions of strategy that may involve
risks and uncertainties. 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;
the Company’s ability to maintain compliance with the New York
Stock Exchange’s continued listing standards; the Company’s debt,
including the Company’s ability to comply with the applicable
financial covenants related thereto; liabilities and restrictions
imposed by the Company’s debt instruments; market demand;
competitive factors; supply constraints; material and energy costs;
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; the Company’s
ability to meet its covenants in the agreements governing its debt;
factors affecting the Company’s business that are outside of its
control, including natural disasters, pandemics, including the
current COVID-19 pandemic, accidents and governmental actions; and
other risks that are discussed in the Company’s most recent Annual
Report on Form 10-K, Quarterly Reports on Form 10-Q or Current
Reports on Form 8-K. The risks described herein 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 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.
(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".
Horizon Global
Corporation
Condensed Consolidated Balance
Sheets
(Dollars in thousands)
December 31,
2020
December 31,
2019
(unaudited)
Assets
Current assets:
Cash and cash equivalents
$
44,970
$
11,770
Restricted cash
5,720
—
Receivables, net
87,420
71,680
Inventories
115,320
136,650
Prepaid expenses and other current
assets
11,510
8,570
Total current assets
264,940
228,670
Property and equipment, net
74,090
75,830
Operating lease right-of-use assets
47,310
45,770
Goodwill
3,360
4,350
Other intangibles, net
58,230
60,120
Deferred income taxes
1,280
430
Other assets
7,280
5,870
Total assets
$
456,490
$
421,040
Liabilities and Shareholders'
Equity
Current liabilities:
Short-term borrowings and current
maturities, long-term debt
$
14,120
$
4,310
Accounts payable
99,520
78,450
Short-term operating lease liabilities
12,180
9,880
Accrued liabilities
59,100
48,850
Total current liabilities
184,920
141,490
Gross long-term debt
251,960
236,550
Unamortized debt issuance costs and
discount
(20,570
)
(31,500
)
Long-term debt
231,390
205,050
Deferred income taxes
3,130
4,040
Long-term operating lease liabilities
46,340
48,070
Other long-term liabilities
14,560
13,790
Total liabilities
480,340
412,440
Total Horizon Global shareholders'
(deficit) equity
(18,690
)
12,340
Noncontrolling interest
(5,160
)
(3,740
)
Total shareholders' (deficit) equity
(23,850
)
8,600
Total liabilities and shareholders'
equity
$
456,490
$
421,040
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,
2020
2019
2020
2019
Net sales
$
175,860
$
142,280
$
661,230
$
690,450
Cost of sales
(142,980
)
(134,210
)
(540,680
)
(594,220
)
Gross profit
32,880
8,070
120,550
96,230
Selling, general and administrative
expenses
(33,690
)
(41,040
)
(127,370
)
(154,180
)
Net (loss) gain on dispositions of
property and equipment
(10
)
(720
)
(90
)
780
Operating loss
(820
)
(33,690
)
(6,910
)
(57,170
)
Other income (expense), net
960
1,220
(470
)
(5,390
)
Interest expense
(7,710
)
(8,000
)
(31,680
)
(58,270
)
Loss from continuing operations before
income tax
(7,570
)
(40,470
)
(39,060
)
(120,830
)
Income tax benefit
1,750
8,490
1,580
10,820
Net loss from continuing operations
(5,820
)
(31,980
)
(37,480
)
(110,010
)
(Loss) income from discontinued
operations, net of income taxes
—
—
(500
)
189,520
Net (loss) income
(5,820
)
(31,980
)
(37,980
)
79,510
Less: Net loss attributable to
noncontrolling interest
(410
)
(400
)
(1,420
)
(1,240
)
Net (loss) income attributable to Horizon
Global
$
(5,410
)
$
(31,580
)
$
(36,560
)
$
80,750
Net (loss) income per share
attributable to Horizon Global:
Basic:
Continuing operations
$
(0.21
)
$
(1.24
)
$
(1.40
)
$
(4.30
)
Discontinued operations
—
—
(0.02
)
7.49
Total
$
(0.21
)
$
(1.24
)
$
(1.42
)
$
3.19
Diluted:
Continuing operations
$
(0.21
)
$
(1.24
)
$
(1.40
)
$
(4.30
)
Discontinued operations
—
—
(0.02
)
7.49
Total
$
(0.21
)
$
(1.24
)
$
(1.42
)
$
3.19
Weighted average common shares
outstanding:
Basic
26,157,634
25,387,388
25,797,529
25,297,576
Diluted
26,157,634
25,387,388
25,797,529
25,297,576
Horizon Global
Corporation
Consolidated Statements of
Cash Flows (unaudited)
(Dollars in thousands)
Twelve Months Ended
December 31,
2020
2019
Cash Flows from Operating
Activities:
Net (loss) income
$
(37,980
)
$
79,510
Less: Net (loss) income from discontinued
operations
(500
)
189,520
Net loss from continuing operations
(37,480
)
(110,010
)
Adjustments to reconcile net loss from
continuing operations to net cash provided by (used for) operating
activities:
Net loss (gain) on dispositions of
property and equipment
90
(780
)
Depreciation
16,290
15,940
Amortization of intangible assets
6,620
5,750
Write off of operating lease assets
—
10,780
Amortization of original issuance discount
and debt issuance costs
14,200
22,060
Deferred income taxes
(2,060
)
(7,280
)
Non-cash compensation expense
3,000
2,150
Paid-in-kind interest
8,120
9,720
(Increase) decrease in receivables
(12,230
)
19,290
Decrease in inventories
24,220
8,380
Increase in prepaid expenses and other
assets
(4,900
)
(2,990
)
Increase (decrease) in accounts payable
and accrued liabilities
24,590
(30,140
)
Other, net
(1,370
)
(11,350
)
Net cash provided by (used for) operating
activities for continuing operations
39,090
(68,480
)
Cash Flows from Investing
Activities:
Capital expenditures
(13,310
)
(9,720
)
Net proceeds from sale of business
—
214,570
Net proceeds from disposition of property
and equipment
90
1,620
Net cash (used for) provided by investing
activities for continuing operations
(13,220
)
206,470
Cash Flows from Financing
Activities:
Proceeds from borrowing on credit
facilities
7,220
13,450
Repayments of borrowings on credit
facilities
(4,800
)
(7,490
)
Proceeds from Revolving Credit Facility,
net of issuance costs
54,680
—
Repayments of borrowings on Revolving
Credit Facility
(32,760
)
—
Proceeds from ABL revolving debt, net of
issuance costs
8,000
79,790
Repayments of borrowings on ABL revolving
debt
(27,920
)
(123,240
)
Repayments of borrowings on First Lien
Term Loan, including transaction fees
—
(173,430
)
Proceeds from Second Lien Term Loan, net
of issuance costs
—
35,500
Proceeds from Paycheck Protection Program
Loan
8,670
—
Proceeds from issuance of Series A
Preferred Stock
—
5,340
Proceeds from issuance of Warrants
—
5,270
Other, net
(440
)
100
Net cash provided by (used for) financing
activities for continuing operations
12,650
(164,710
)
Discontinued Operations:
Net cash (used for) provided by
discontinued operating activities
(500
)
11,430
Net cash used for discontinued investing
activities
—
(1,120
)
Net cash provided by discontinued
financing activities
—
—
Net cash (used for) provided by
discontinued operations
(500
)
10,310
Effect of exchange rate changes on cash
and cash equivalents and restricted cash
900
530
Cash and Cash Equivalents and
Restricted Cash:
Increase (decrease) for the year
38,920
(15,880
)
At beginning of year
11,770
27,650
At end of year
$
50,690
$
11,770
Supplemental disclosure of cash flow
information:
Cash paid for interest
$
8,930
$
20,060
Cash paid for taxes, net of refunds
$
1,560
$
80
Appendix I
Horizon Global Corporation Company and
Business Segment Financial Information (Unaudited - dollars in
thousands)
The Company’s management utilizes Adjusted EBITDA(1) 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(1) 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(1) that is prepared
in accordance with U.S. GAAP. Adjusted EBITDA(1), 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 income (loss) to measure stand-alone segment
performance.
Adjusted EBITDA(1) is defined as net income 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, 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, board
transition support and non-cash unrealized foreign currency
remeasurement costs.
The following table summarizes Adjusted EBITDA(1) for our
operating segments for the three months ended December 31, 2020 and
2019:
Three Months Ended
December 31, 2020
Three Months Ended
December 31, 2019
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
$
(5,410
)
$
(31,580
)
$
26,170
Net loss attributable to noncontrolling
interest
(410
)
(400
)
(10
)
Net loss
$
(5,820
)
$
(31,980
)
$
26,160
Interest expense
7,710
8,000
(290
)
Income tax benefit
(1,750
)
(8,490
)
6,740
Depreciation and amortization
6,760
4,900
1,860
EBITDA
$
9,870
$
3,460
$
(6,430
)
$
6,900
$
(14,280
)
$
(7,920
)
$
(5,370
)
$
(27,570
)
$
34,470
Net loss attributable to noncontrolling
interest
—
410
—
410
—
400
—
400
10
Severance
—
(210
)
30
(180
)
—
1,320
430
1,750
(1,930
)
Restructuring, relocation and related
business disruption costs
150
160
270
580
8,390
220
(260
)
8,350
(7,770
)
Non-cash stock compensation
—
—
810
810
—
—
330
330
480
Loss on business divestitures and other
assets
460
—
—
460
790
—
—
790
(330
)
Board transition support
—
—
(170
)
(170
)
—
—
—
—
(170
)
Product liability and litigation
claims
—
—
—
—
—
1,710
—
1,710
(1,710
)
Debt issuance costs
—
60
30
90
—
—
(280
)
(280
)
370
Unrealized foreign currency remeasurement
costs
410
(1,410
)
(580
)
(1,580
)
(160
)
(1,390
)
(310
)
(1,860
)
280
Other
—
—
—
—
(310
)
(270
)
460
(120
)
120
Adjusted EBITDA
$
10,890
$
2,470
$
(6,040
)
$
7,320
$
(5,570
)
$
(5,930
)
$
(5,000
)
$
(16,500
)
$
23,820
The following table summarizes Adjusted EBITDA(1) for our
operating segments for the twelve months ended December 31, 2020
and 2019:
Twelve Months Ended
December 31, 2020
Twelve Months Ended
December 31, 2019
Variance
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Horizon Americas
Horizon Europe- Africa
Corporate
Consolidated
Consolidated
(dollars in thousands)
(dollars in thousands)
Net (loss) income attributable to
Horizon Global
$
(36,560
)
$
80,750
$
(117,310
)
Net loss attributable to noncontrolling
interest
(1,420
)
(1,240
)
(180
)
Net (loss) income
$
(37,980
)
$
79,510
$
(117,490
)
Interest expense
31,680
58,270
(26,590
)
Income tax benefit
(1,580
)
(10,820
)
9,240
Depreciation and amortization
22,910
21,690
1,220
EBITDA
$
34,030
$
6,610
$
(25,610
)
$
15,030
$
(4,320
)
$
(3,370
)
$
156,340
$
148,650
$
(133,620
)
Net loss attributable to noncontrolling
interest
—
1,420
—
1,420
—
1,240
—
1,240
180
Loss (income) from discontinued
operations, net of tax
—
—
500
500
—
—
(189,520
)
(189,520
)
190,020
Severance
530
(360
)
20
190
(200
)
1,330
2,050
3,180
(2,990
)
Restructuring, relocation and related
business disruption costs
1,700
170
740
2,610
9,500
(1,190
)
3,990
12,300
(9,690
)
Non-cash stock compensation
—
—
3,000
3,000
—
—
2,150
2,150
850
Loss (gain) on business divestitures and
other assets
1,480
(180
)
20
1,320
2,070
3,630
—
5,700
(4,380
)
Board transition support
—
—
(170
)
(170
)
—
—
1,450
1,450
(1,620
)
Product liability and litigation
claims
—
1,510
—
1,510
820
1,760
—
2,580
(1,070
)
Debt issuance costs
—
60
1,870
1,930
—
—
4,070
4,070
(2,140
)
Unrealized foreign currency remeasurement
costs
690
(550
)
(1,070
)
(930
)
—
(180
)
130
(50
)
(880
)
Other
—
—
—
—
560
(450
)
(170
)
(60
)
60
Adjusted EBITDA
$
38,430
$
8,680
$
(20,700
)
$
26,410
$
8,430
$
2,770
$
(19,510
)
$
(8,310
)
$
34,720
Segment Information
The following table summarizes financial information for our
operating segments for the three months ended December 31, 2020 and
2019:
Three Months Ended
December 31,
Change
2020
2019
$
%
(unaudited, dollars in
thousands)
Net Sales
Horizon Americas
$
96,750
$
72,050
$
24,700
34.3
%
Horizon Europe‑Africa
79,110
70,230
8,880
12.6
%
Total
$
175,860
$
142,280
$
33,580
23.6
%
Gross Profit
Horizon Americas
$
25,130
$
9,560
$
15,570
162.9
%
Horizon Europe‑Africa
7,750
(1,490
)
9,240
620.1
%
Total
$
32,880
$
8,070
$
24,810
307.4
%
Operating Profit (Loss)
Horizon Americas
$
8,620
$
(16,150
)
$
24,770
153.4
%
Horizon Europe‑Africa
(2,350
)
(12,220
)
9,870
80.8
%
Corporate
(7,090
)
(5,320
)
(1,770
)
(33.3
)%
Total
$
(820
)
$
(33,690
)
$
32,870
97.6
%
Adjusted EBITDA
Horizon Americas
$
10,890
$
(5,570
)
$
16,460
295.5
%
Horizon Europe-Africa
2,470
(5,930
)
8,400
141.7
%
Corporate
(6,040
)
(5,000
)
(1,040
)
(20.8
)%
Total
$
7,320
$
(16,500
)
$
23,820
144.4
%
The following table summarizes financial information for our
operating segments for the twelve months ended December 31, 2020
and 2019:
Twelve Months Ended
December 31,
Change
2020
2019
$
%
(unaudited, dollars in
thousands)
Net Sales
Horizon Americas
$
382,380
$
372,720
$
9,660
2.6
%
Horizon Europe‑Africa
278,850
317,730
(38,880
)
(12.2
)%
Total
$
661,230
$
690,450
$
(29,220
)
(4.2
)%
Gross Profit
Horizon Americas
$
95,850
$
71,640
$
24,210
33.8
%
Horizon Europe‑Africa
24,700
24,590
110
0.4
%
Total
$
120,550
$
96,230
$
24,320
25.3
%
Operating Profit (Loss)
Horizon Americas
$
27,950
$
(10,390
)
$
38,340
369.0
%
Horizon Europe‑Africa
(8,390
)
(12,100
)
3,710
30.7
%
Corporate
(26,470
)
(34,680
)
8,210
23.7
%
Total
$
(6,910
)
$
(57,170
)
$
50,260
87.9
%
Adjusted EBITDA
Horizon Americas
$
38,430
$
8,430
$
30,000
355.9
%
Horizon Europe-Africa
8,680
2,770
5,910
213.4
%
Corporate
(20,700
)
(19,510
)
(1,190
)
(6.1
)%
Total
$
26,410
$
(8,310
)
$
34,720
417.8
%
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 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, 2020
Twelve Months Ended
December 31, 2020
Horizon Americas
Horizon Europe‑
Africa
Consolidated
Horizon Americas
Horizon Europe‑
Africa
Consolidated
Revenue growth as reported
34.3
%
12.6
%
23.6
%
2.6
%
(12.2
)%
(4.2
)%
Less: currency impact
(0.6
)%
6.6
%
18.5
%
(0.4
)%
1.8
%
0.6
%
Revenue growth at constant currency
34.9
%
6.0
%
5.1
%
3.0
%
(14.0
)%
(4.8
)%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20210311005463/en/
Jeff Tryka, CFA Investor Relations, Lambert & Co. (616)
295-2509 jtryka@horizonglobal.com
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