SRI - Earnings call transcript Q3 2020

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Operator

Ladies and gentlemen, thank you for standing by and welcome to Stoneridge Third Quarter 2020 Conference Call. At this time, all participants lines are in a listen-only mode. Later, we will conduct a question-and-answer session and instructions will follow at that time. [Operator Instructions] I would like to hand the conference over to your speaker today, Matt Horvath, Executive Director, Investor Relations and Corporate Strategy.

You may begin.

Matt Horvath

Phil. Thanks everyone. morning Good us our joining quarter to for third discuss results. Thanks in filed and on SEC stoneridge.com under accompanying release with and our Investors Presentations. Webcasts presentation at posted The is was the section and yesterday website the evening

are on Chief President our and DeGaynor, me Officer. Officer; Joining Jon Bob Executive and our call today's Krakowiak, Financial Chief

certain be forward-looking may we I begin, today need Before to statements inform you that statements.

or concerning plans. are not historical nature our Forward-looking future include information results statements that statements and in include

Although such that reasonable statements may and that we you are assumptions, actual and risks upon believe based are statements to should results these understand materially. uncertainties differ subject

filed and the to information be XX-Q, found Forward-Looking such factors cause been and could our Statements. differ the Commission Exchange uncertainties with Additional heading Securities under may results actual in about has that which

directly call, today's of will call remarks, to referring non-GAAP With you non-GAAP financial we to Please to that Jon reconciliation certain call I their to most questions. be GAAP will appendix measures Jon. formal to these a turn the measures. During Bob and for comparable financial up ask measures. then your will have the the After see single also I open follow would that, question a up. over keep finished we the

Jon DeGaynor

good Matt, everyone. morning Thanks and

want period. this for during we we every know and get started, and crisis be dedication employees to continue in the that and to the minute global of health we the decision to make. many, fact health to situation put families we this Before for of our safety been that Stoneridge the at their I has want a will to recognize employees our and thank midst to a challenging their and continue take have I of I forefront

Let on me X. Page begin

result as broad During strong our line of markets. end quarter, a the we experienced global growth top across the third recovery

the and material our costs direct gross efficient on increased labor margin focus costs to through as improving continue production facilities. ramp-up We across reduced volume of global

our margin during cost improved to incremental the leverage are margin contribution revenue fixed structure over an XX% to operating and quarter. adjusted to capture We relative gross able first the quarter and on of

decline quarter, to that of and the revenue be production will primarily fourth in offset strength commercial slightly due quarter fourth typical volumes. the in continue vehicle We to partially impacts by continued the expect seasonality

Additionally, continued Bob call. for later guidance fourth in we primary expectations margin quarter will performance fourth in provide as as strong drivers quarter, detail the regarding fourth expect the our quarter. well the our additional the of

$XX net Our remained strong, quarter. million has liquidity by debt third reduced over during the

As our a cash $XX on to reduction we current in production reduce million. result on revolving able expect management, efficient the cash quarter. net stable credit and continued we generation of are in debt Based inventory our quarter, the forecast, a facility by fourth focus our

Our our products. portfolio transformation focus on exciting new continues simultaneously with

example our soot business on For is track. exit the of

a with switches facility. lease exit As last tenant to completed of Canton, we Massachusetts divestiture the the business year, facilitated S&P for building. recently on premium negotiations our and of We outlined connectors the our a

a year. third-party of half are evaluate the for brokers with working divestiture targeting first building, We are the we next to which for

XXXX the prepare quarter discuss our continue for MirrorEye and will later progress I progress our detail to launches and we retrofit pre-wire first call. in expectations and quarter, the make OEM in During XXXX. the additional with applications our in MirrorEye for in

QX due quarter points platforms impact up global in Due in production X current Sales primarily revenue light financial for to to Control approximately third points each XX% Despite at providing sales markets, of guidance XX% in Control quarter. million Electronic of X% in over normalized quarter margin respectively commercial during forecasts. the volumes greatest quarter. to this in second exceeded is Brazil sales from and basis throughout in The margin CUV Stoneridge there were more ongoing impact Devices some quarter continued as based Brazil – the revenue. than sales, as first metrics just key lower up $XX.X market Finally, production quarter-to-quarter. up This XXX the expectations IHS relative over at where we heavily quarter production, are XXXX million. summarizes XX to $XX This of quarter million operating was was in impact by truck, outlook operating the significant SUV demand. for our LMC back approximately global well increased to just remainder virus segments, meet are the our basis lessen we quite adjusted a the continued than doubled ramp still million. was and in the growth continued we by $X American second morning XXXX although and as Page of weighted. third Devices our the by million $XXX Despite approximately for or regarding additional revenue more where due not to the increased as uncertainty the on evident in revenue the to still $XXX increased conditions markets. adjusted ramp the to gross to the to less North pent-up extent outlined improved call XX.X% to COVID-XX, by our particularly and an QX lesser vehicle the by approximately to ramp

comparison on incremental above than expected Our historical second better quarter, is and adjusted margin to the and the outlined quarter call. during contribution XX% revenue contribution our second which in margin exceeded

North and most has quarter. We information continue strong outlines our in continuous for average Slide OEM efficient crisis, by growth end for market the on relative America that improvement LMC weighted to financial in end remain the a forecasts suggest as focus markets. IHS to quarter which offset X in approximately Europe. third and the Current market quarter response to is recent will performance production in during the production moderation global resulted fourth flat

IHS continued that our expect XXXX. end led growth our and be end markets in markets approximately is commercial will forecasting as Looking expected by vehicle followed be XXXX, markets is American to where grow That recovery to car compared the are growth forward growth we where to XX.X% North weighted average LMC passenger approximately market XX% XX% expected and American by to by XX%. North is to

product Turning expect of forecasted discontinued at the end least to growth X, we expect revenue in across XXXX. in our to top growth $XXX sensor in will we for to XX% over line continue that recovery the strong markets contribute Adjusted to global XXXX revenue. Page million lines, soot

as and that Additionally, systems the continued ramp for will retrofit incremental up the launched of the MirrorEye global our driver programs information drive as launch park-by-wire recently we our our expect well a launches program, of first two pre-wire large annualization revenue MirrorEye and of year. OEM programs the

we budgeting on annual third other that incremental a be our of good are for quarter based on be it Although expectations performance we third our margin this In cost expect a words, will expected and would process, in comparison early a revenue. consider as as contribution in basis outlook, reasonable representation XXXX year quarter to use the performance structure to the XXXX. expect in point we of current

expect provide quarter environment, as XXXX our on early to particularly We relates to it COVID-XX global the to business detailed monitor next guidance call continue year. and fourth

Turning X. Page to

roll-out our three quarter As of of with discussed approach call, quarter, MirrorEye we third part our with our standard number second expanded the completed of units trial the are These fleet we fleet on during expansions installations a many that of partners. partners.

time option delivered quarter. allows and straight to pre-wire this the ready from retrofit the process and to be MirrorEye as complexity the of and reduces in This transition. Truck it option vehicles America in to at is Additionally, the factory the launched of Daimler for trucks retrofit. end the signals support technology significant pre-wire OEM This in North wired install

term not we one order being with number yet by subsequent initial was visibility our into of that only presents. MirrorEye, long-term pre-wire that significant undergone orders is have the pre-wire fleets their and Although fleets with but beginning partners that specific not that building of This have the trucks our benefits MirrorEye to with fleet we market from that about we with. overall option, not proposition evaluation made suggests understand the coming periods understand partners value the understand trucks long-time do significant ordered the a do

that the pre-wire MirrorEye be During of continue continue understood. the to expect as the trained orders DTNA system, quarter, and benefits dealers will ramp we we MirrorEye up the to on benefits

not network up Looking to XXXX at retrofit the balance continue to quarter. fleet broader as market. the all XXXX, every Remember inside fleets as into orders we our from expect and ramp with order trucks well DTNA both of existing

come pre-wire beginning in in linearly. lumps rather may the the than So of orders option,

to look delivered the partners with We are trucks the forward fleets the with coming supporting and are pleased in our initial existing and new months. interest applications in brand as retrofit new pre-wire

retrofit options applications fleet OEMs in million no working through matter more platforms MirrorEye, expect XXXX. either that retrofit available or ensure pre-wire Additionally, access in pure are we are a provide multiple $XX with to sales pre-wire truck on other we to approximately to prefers. in applications which Overall,

As we and programs. pre-wire OEM we on expand applications, retrofit focused installations simultaneously are our existing support

in and system our are launches America of for We the preparing XXXX. initial Europe OEM two in both North

their strong believe ensure fleet development the of driver on North and XXXX. including to with of between solutions and with region partners beginning approach significant solve are the revenue number as fuel quoted working. in and We safety, to system path our our retention to America. the providing in The of to as to efforts, provides the focused penetration our previously apply the we MirrorEye fastest each supporting Europe. remain marketing path OEM The exciting fleet through partners OEM their develop well launch to $XX they rates from as XXXX both OEM work MirrorEye efficient which platforms of to fleets North and installed the systems can both each systems system has and we We refinement of market we to partners and XX% method ensuring America Simultaneously, specific the market. We their as XX%, best of are on learnings on are each $X we million expect their new development efficiency in be we most that million the challenges. increase activities platform in and various trucks in Europe working our penetration synergies

to the execution demonstrated strong X. as back in In production strong incremental and Page our markets third global we volumes up quarter, recognized end ramps summary, margin. Turning during contribution

well as efficiently balance two to on opportunities focused during and maintain strong as third our OEM first the manage sheet our and a MirrorEye programs. We retrofit remain We cash quarter. continue pre-wire

forward stable with we the expect remainder performance. year, of to remain revenue Looking continued fourth strong to quarter the the relatively in margin

production launches remain on and at Looking of financial executing beyond it line our resulting for excess to over program soot drive and improved the business. strong growth growth. turn to stable adjusted I'll XX% in forecasts drive We detail. expected to discuss priorities our are long-term more revenue in that, new XXXX, sensor discontinued committed of to strategic $XXX performance financial the top and million improving results continuously in With business profitable to least Bob

Bob Krakowiak

Jon. Thanks,

the third Slide of income operating the increase adjusted was approximately quarter or call. in improved expectations the XX% exceeded to XX.X%, or sales, second of X.X% in over which the quarter resulting of of sales doubled to the in to Electronics adjusted Adjusted margin our $X.X quarter in an the X.X% quarter XX.X%. relative second resulted operating operating in sales sales. of contribution $XX.X million of Devices second of sales income during during $XX.X quarter. contribution $XXX.X to $XXX Control by adjusted margin operating than resulting million, million, almost margin quarter XX. Electronics earnings million. an third of third million in increased versus million quarter incremental Sales XX% adjusted Turning income resulting while $X.X XX.X% more were

to by of X% increased $XXX,XXX adjusted $XX.X improved sales the Brazil XX% or operating income in Stoneridge Finally, million, quarter while sales.

only by $X.XX negative the direct adjusted declined all improvement $X.XX drivers which on earnings of $X.XX. XX, per XXXX of continued Based we in additional XXXX specifically, points which midpoint $X.XX of is of share and to stable pandemic, our are in the in we the there Although not the in adjusted million second sales between XX.X% metrics market of impacted of expenses a relatively provide on regarding the I on earnings to negative results fourth providing of sales, relative full-year are fourth and negative first the our relative the to resulting current key this quarter million. our but in between million morning the current call. basis remainder product sales of quarter, conditions. estimated revenue expecting the specific will ongoing costs Page $XXX on third quarter, year and per metrics, key share quarter QX highlights guiding later $XXX modestly in in to guidance from financial segments In mix this uncertainty full $XXX our market It expecting more of forecasts production view are for and material by the based impact was only conditions, More to we summarizes XX pandemic. quarter. the for the operating detail to in detail. guidance summary,

period, relative to to third XX labor quarter over due points declined to and SG&A up include production efficient relative D&D increased by facilities, leverage declined first the basis first During XX quarter by year. our driven expenses, points the costs. Adjusted the focus million declined of points operating ramp $X.X on the the primarily our on and of and which XX quarter basis by fixed by this basis same direct overhead

continue the production quarter. and on We ramp facilities the shutdowns the to after global operational during focus up efficient our second of improvement

relative at sales specific versus Devices. the margin of nearly the in outlined were and XXX approximately points. production metrics, in operating this an a third points efforts, in quarter second pre-pandemic As to driven QX, third by quarter key financial particularly the of Page basis metrics ramp in and result was improvement The of each North XXX% levels Devices XX CUV increase quarter. improved margin to our slide, resulting the in primarily XX facilities sales financial on platforms. Control customer million, of ups increase key gross Control summarizes in basis our SUV, America, $XXX.X light-truck, of improvement

third During the second to back our up quarter, customers lockdowns pent-up demand the as after quarter. production during the we volumes ramped meet nationwide saw OEM production increased

improvement sales, percentage we versus quarter increased second as a material direct significantly to as as addition a In of labor margin the sales. overhead and through saw costs significant gross well lower lower

operating adjusted an resulted or This of XX.X% quarter Our million of relative the income for to quarter. $XX.X of performance resulted sales. XX.X% the in margin contribution second in adjusted

and that adjusted versus second want Given sales quarter period, is comparable increased the an similar I approximately QX income operating unusual to basis points point X.X that on by XXX levels. out

typical primarily we sales up – Control look a XX both expect driven in commercial sales a due $XX.X financial was America by holiday of XXXX, to which to production the Control to environment to in normalized to well increase production. third production specific more decline quarter, quarter more the vacation normalized fourth seasonality offset European slight key XX% we the for North to as our As third around Europe shutdowns. Devices quarter in by as seasonality quarter volumes summarizes and due an metrics, due traditional Devices vehicle Control Devices. were compared of second approximately million, ramp Page

the addition to second QX XX% during the fixed an to to on by This reducing the component segment. and margin by In and of XX contribution adjusted leverage quarter, points costs points declined relative to costs as to in for relative basis QX quarter. continued relative material decline quarter. contributed first to incremental the overhead basis XXX cost electronic of material the incremental benefit focused we cost sales Direct over

of revenue Looking expect I the forward, continued Devices. in referenced just to Control offset decline some fourth the quarter during growth we

to on continue large will efficient ramp quarter the the management, some cost up expect to engineering additional continue we we costs in we focus While programs fourth in XXXX. launch as with that support

of benefit SG&A we certain some wage quarter certain incremental expenses. the reinstatement Additionally, and as result to operating expect relative as costs the normalization third well of the as of a

The XX%. retrofit of the roll-out OEM metrics, to XXXX, first in growth continued a margin beyond was Page material in by approximately increased applications global $X.X systems. we challenges XXXX Stoneridge offset expect to our the sales based substantial MirrorEye resulted which in expenses quarter. increase expect approximately of we as specific the launch growth MirrorEye stable Brazil. our costs. percentage despite two million QX, to the or to by increased Compared sales product quarter, approximately of incremental in $XX.X cluster declining million, the a relative operating fixed almost XX of second Electronics and leading launch to and conditions. instrument XX%. driven summarizes platform. partially Brazil's margin Operating overhead by on XX% Looking revenue our declined fourth key up by of revenue an XX% doubled approximately large second macroeconomic during to revenue the pre-wire cost drive operating quarter sales. second as XXXX Stoneridge continued the This market current of driving financial Brazil, quarter income Gross and of Despite margin and in ramped operating moderate in relative leverage, by quarter, declines

Starting would to major the color expected performance fourth I drivers guidance of to the some our quarter Slide our Turning with provide to relative and revenue. on third additional quarter. XX, like

holiday As has lower been quarter, in to shutdowns. Control be case Devices fourth revenue will we in that due prior during the years, the expect part

meet they the as second the nationwide ramp increased pent-up we year result stabilization of saw we the in the passenger our back addition, third American fourth customers More production revenue volumes. quarter. quarter production a supported as the are third we car specifically, North after in in relative In reduced to up demand OEM of quarter, the to volumes this expecting as lockdowns production

more contrast, in growth revenue to Electronics expecting outpace global due normalized of Control vehicle commercial production. the will a We QX. environment we are continued Devices In expect ramp-up

third as in quarter Electronics Brazil. expect the we European a may the expect relative that offset versus traditional during result growth revenue Additionally, quarter the growth Control in not we the holiday in Devices reduction third the in quarter. of the Overall, fully

the in As an Electronics to from Control a operating quarter Devices result, shift on have expected performance. during will unfavorable we impact a mix

our previously, is our discussed above margin XX%, which contribution we margin As exceeded contribution historical range. third

well in programs. as benefit and outlook quarter, strong During a improved some end an as annual the of reinstated markets, third our wage performance of result as we our

expect impact summer of production and the Additionally, quarter next incremental relative in the the European we to in the of quarter. normalization drive holiday QX third cost expenses

Finally, we some expect XXXX. we in launches of additional engineering continue the support program expenses as to large

result, end additional fourth range expected to relative of to $X additional quarter the trough be the the expenses Despite to expect a high $X QX. the second in D&D As expenses expect of XX% in at expenses million our to the quarter, of these margin fourth and we an SG&A million quarter. relative of XX% contribution during we historical

Finally, are the guiding factors, and these expense we negative and earnings our we Considering of the quarter are quarter, based for tax expecting fourth guidance revenue midpoint quarter. share $X.XX $X.XX to the million. $XXX during to expected fourth earnings on revenue additional per adjusted

in net month of debt XX, approximately Page XX decreased million times the $XX.X debt to in million adjusted $XX.X X.X quarter, during Turning EBITDA. approximately or net QX, resulting by trailing

over the approximately approximately of million and balance $XX.X of liquidity. resulting commitments As of cash $XXX we end undrawn million had $XXX million in quarter, a of the of

drove Our burn third offset quarter, the manage significant the cash volume over $XX in approximately quarter, resulting up which million in quarter. in of ramp the generation a second cash during ability production during operating to performance strong the

during balance by cash on strong of to million result credit quarter. performance, were a we the the $XX able our facility As reduce

remains cash net during we XXXX strong as the debt fourth flow expect Our outlook quarter. stable

sheet. We available will and continue right-size actions balance leverage capital. manage cash position necessary ensure Stoneridge any effectively with structure, well-positioned to significant take to our relatively and our a remains low cost strong

our closing, to expectations. during range historical contribution that that drove improvements I and that our an outperformed reiterate with XX, third pleased we want margin drove to Slide quarter in outlined we exceeded Moving previously the the are adjusted

the expect the work driving will that items year advantage Stoneridge committed value strong our our stable drive I of financial focus the performance and as We performance. for that, call the the is remainder remains questions. to focus open continued of on to forefront of strategic control and at up under of for we all initiatives. externalities shareholder With

Operator

[Operator you. of the comes Instructions] line Inc. Your from Thank from Stephens, first Justin question Long

Your line is open. now

George Sellers

Justin congrats morning. This good and taking Long. for Hey, is the for the on George Sellers on question quarter. Thanks

Jon DeGaynor

George. Thanks

Bob Krakowiak

Good you. morning, Thank George.

George Sellers

So, party aren't much end XXXX. in looks markets it looking your at market said is of outgrow going And you're on third up of for how revenue dependent like still it achievable? markets is by the assumes, If current your that it guidance, performance? outgrowth your some as the about reason, different to way, end that end X.X% outgrowth X.X% forecasts,

Jon DeGaynor

piece let Bob So George, let I'll me give first answer and the detail. some additional

happen As in was both and year about this many talked preparation would launches XXXX the into times, in the we and of that next significant year year. – talked we've always end of script for about a

of small the But outsized of of So, the to two MirrorEye information growth programs, market. and drive annualization well to is OEM the launch the the we that about those directly programs, give in system of really launches, – all our the that with still as series the years. launches as why will last the launch other and we IHS driving But the tied a growth driver end park-by-wire excited number, our program, we that's have our just base you we've two LMC data. been we're revenue markets, organic the the are

Bob Krakowiak

for much so question. Thanks George. the Yes,

this in number we're revenue at our – through So, our planning getting arms process. we point time, at around next for the going of this year. time year, are our we're And

region around product extent or could, obviously the then, it we the our at X.X% is looking run with some market by in feel comfortable you year the looking own at basically now, LMC run we regions, puts number correct, a next sales you by over for around and can and growth like analysis out that just X.X% really feel what in that, George, run making you basically to market good things But IHS sensitivities, projections. the right that are. you with Obviously is the your to give, So current at respect a mix given projections, change the minimum. you're your takes can right potential the – the and the own and you sensitivities volume. based can that now And current judgments way figure information on

George Sellers

Got you.

Okay, thanks that’s why think the net next helpful. XXX% cash conversion into the headed is you any a should And then And free if… business approximate year, when there of the about of profile income? flow reason not

Bob Krakowiak

so nothing – – no, a little bit. Jon about There that's is there it talked is nothing

So in do comment and Jon but planning next the really early performance final on is to the for is year, performance. about, we're have fundamentally But plan look, about a nothing the our work in flow the obviously We that, going mix of there really early of year's that and the made this year, feel business. the – third through we're cash about – points the generation and process. still still proxy quarter next some the we're performance different some for we comfortable the next good initial

George Sellers

Got you.

share buyback are Okay, you outlook, going and how thinking then your about with forward? activity combined

Bob Krakowiak

We've all the the we a as And the really of not business. constantly capital investing changed our it's the George, at company. hasn't pandemic. just result we talked – about uses going options share between of as a repurchase do were to in evaluate the that things and M&A, and

we’re a of not we new years company. we on were about continue business that aggressive how anything didn't cutting to actions our our this three So across grow pro-rata kind sacrifice just investing. that we very costs. – cut business, of path and sure did do meticulous the to to We we But grow need took we some record costs to lot to SG&A and to got wins go have to we the the also of – continue make we this make of went investments also

George Sellers

lastly one OEM more you Okay, if MirrorEye new to anticipating term? the are in great. then sneak And could related I contracts any near in,

Jon DeGaynor

and to quarter, we talk basis. this about regular in a I we, we're that anticipate we we quarter, very have OEM which but that product system our mean, to continue to the we our quality way the Nothing and in of opportunities the have, to the the we're George, are optimistic. in customers, partners fourth customers forthcoming responding OEM very excited the on our

George Sellers

Okay, you for the time. all great. Thank

Bob Krakowiak

Thank you, George.

Jon DeGaynor

George. thanks Sure, Thanks questions. the for

Operator

the Your next Barrington question from of Gary Prestopino Research. comes from line

line Your now open. is

Gary Prestopino

you're I does was being everyone. around number things on and even it where good question one, around way change – of it any in then like what's Hey here. dependent Europe going these revolves Yes, QX? in kind mean, morning ago? – on were some that countries the in in kind things down – what revolves how for in of weeks looking the lockdowns three of my a and United some States changes all well, of Number point, with at in with going they particular pandemic this and that, is

Jon DeGaynor

question. your the – we things. of seeing and Typically restaurants press lockdowns is, so it's we're And if now for also it's with the right that's will, thanks those Gary, and one, changes the in very sort very Yes, bars, location-specific. you what and service first, focused, stuff

run no their change abilities changed to changing it to where we've production. hasn't point, changed run our it's seen regions customers’ plants, our our is COVID hottest ability where hasn’t that most, at the in the plants. in So Even this the

seeing really or on the way So right a sort we're that things. those – is areas, increase focused bars, the is are out is that, what of that congregation goods. manufacturing of as And restaurants on there it's we believe in long we're as yes, not And go. there cases. It's case, what focused been putting to been production

Gary Prestopino

what of at you've seeing programs force telephonically. Zoom looking this than you're would and up your the terms nobody better beyond assume the to or aggressively idea, obviously marketing would nobody I'm sales an in expected have via then things is talking But point? now, And signed doing got or get really given you Okay. dramatically stalled other, each are trying just they're the traveling. about, that I is pipeline have is situation? how

Jon DeGaynor

So, we're we meet via Where not are going. everything doing us, with will customers Zoom.

Gary Prestopino

Okay.

Jon DeGaynor

out us. far they'll It's being meet with as gone some so at customers where me

know know, also their customers, We certain for doors multiple that they closed weeks. you

execute certain we we on technology most launches customers, that opportunities there to meet we tremendous interfaces that number a continue our the continue we we to So sourcing regardless do. continue delayed. continue continuing and and do customers, But do and told talk things were pandemic, to of to And programs and of to and to delight that. we're our shows, importantly, our and are certain them we decisions have customers, to the we technology with would reviews

of is. so, feel And pretty about good pipeline where we the opportunities

Gary Prestopino

Okay, thank you.

Operator

DeGaynor. [Operator Instructions] I I’m time. like to back showing will at this questions turn no Jon now the to further conference

Jon DeGaynor

thank profitable and Company and continuing through Yes, financial strong assure management strong control to let efficiently performance. in to business, for shareholder continue today's our you effectively team value respond focused manage and available we the committed I drive can you that all operational me our participation In results, your call. is drive will of to that variables deployment can and impact new resources. This closing, to

success Thank We you day. that continued actions all beyond. our a good are confident in and have result and will XXXX for

Operator

wonderful participating. day. have this you gentlemen, Thank a call. And concludes and today’s conference Ladies for

disconnect. all may You

Stoneridge (SRI) 31 Oct 202020 Q3 Earnings call transcript