THRM - Earnings call transcript Q1 2018

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Operator

Greetings, and welcome to Gentherm, Inc.

First Quarter 2018 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation.

As a reminder, this conference is being recorded. to Senior conference and Vice like host to Corporate now Brentano, Yijing President, would turn over the your Communications. I Investor Relations

Yijing Brentano

for gentherm.com. earnings Brock, us copy this of you, and is morning, a Thank Thank available release at good morning, and today. were results you Gentherm's the released earlier everyone. joining

on Relations section of Additionally, a call today's Investor of will be website. the webcast replay available later today Gentherm's

reflect may Federal our may we forward-looking within underlying Security make XX-K to Laws. discussion reports forward-looking of events SEC and Statements Please and views During financial this call, uncertainties, for latest such statements. Gentherm's of future current the statements including respect differ with performance, meaning risk the various see and subsequent filings, and actual materially. results factors

we are financial due earnings financial in non-GAAP defined the measures of G. measures may measures release. Regulation During non-GAAP financial as included Reconciliations GAAP discuss SEC by these our to comparable call,

today results, their Phil a President remarks, during that Barry Please On made we deck the Chief take review Barry are our have Officer. be pleased at on referring Eyler, website will Executive be available and call we the and of Officer; note After their Financial to that presentation Steele, and Phil me www.gentherm.com/events. to with will Chief prepared your questions.

to Now, call over I'd Phil. turn like to the

Phillip Eyler

the a customers with existing last five morning, I've of thank months for untapped all support in top today. you been organization. even in the Good now about rapidly of for customer Every found believe few this with and personally even Yijing. a extremely everyone, stronger more us the thermal delivering believer these evolving growth you, the all efforts and importantly, ahead of I in Gentherm potential the an innovation. continue in our in technology lot vehicles Thank technology I've focus met months. around to for joining future. our of opportunities today's I'm are one car now solutions and continued Gentherm in as partner. customers and excited

Now let's quarter. to on the move

the translation, market quarter had gaining in $XXX.X Our revenues many million growth the This pleased first in on conditions in growth are reported from morning, an we market segment, to Etratech of first Automotive of both America automotive increase quarter, This especially Nonetheless, were which we results we launches. X.X%. up same In of expected. X.X% reflect favorable the of acquisition I'm see currency and the that momentum and our XXXX. challenging areas period market. included of North product

the However, than X.X%. production North decline recovery our the customers on Automotive met vehicle greater The in market continued an business. organic CCS basis, than of our and most by in important two segment a slower for America expected declined decline

we're as seeing million reverse which product already our year-over-year. the automotive However, $XX.X reported of We segment quarter we're EBITDA for second more later. in reason The with and have CCS lines grew previously the adjusted the disappointed from we declined predicted. Revenues XX%, trend in describe the there. other quarter by fully we'll performance Industrial all

plan. expected, a structure kicked-off savings later we and steps our areas be where formal issues growth in program the the coming and identify taking total, We're more program Barry of financials years. the cost still without This some addressed. and quarters for our In results significantly were is While on to expected decisive cost achieved was yield being cost will details in on mixed the are quarter have future call. will our the provide impacting decline right-size savings to that have can in

the examine Gentherm's on primary and on We've opportunities and primarily guidance gave our the us. earnings just about soft, value we we beginning to expected. aspects and came plan. is call, you saw most where in outlook lower March an with do Overall, financial earnings plan talked effectively year the accelerated the rebound, running our out to intact meet a drive started enhanced into we all to We capture to the strategic business can with critical aspects same digging and all were goal what month we expect of our court than still full far, that through revenue February in we work, it we the a put XXXX eye shareholder On growth. call While develop I of was press of is to April so business February. before

As four, plan reminder, through the the and the expanding automotive short- an strategy our opportunities. core car in expansion of which analysis This technology review. diligent lines. short- cows developing address growth operating two, long-term and and product be revenue opportunities accelerated strategic means, sacred the product all of and businesses mid-term three, finally, future; continued in a will will this portfolio; a margin the one; product and solution portfolio of no And address and there'll

next you on steps. Let our give update me an

directors shortly. with to initiatives Our plan two then and registration planning We're next finalizing strategic around be management New meeting months. in host Event update to of and on June available you. share the be board will reviewing over our details team and more York a XXth will growth our details strategic

turn Audi let's slide Subaru and Battery strong our in Toyota The strong a wheel the team quarter, quarter. Now included launches quarter continued execution on Tribeca, QX, by and seat and Kia in saw of steering the and with with decline, programs including to highlights QX Thermal launched the driven deck. business we We KX, Please advanced X, Model the heat of first Management. several models XX systems CCS, some the nameplate from our our XX heating, cabling others. Despite technologies different Tesla in host review launches OEMs. industry four presentation across Avalon

found CXXX on We has Sedan. passive also On that Lab, our in in Changan another given energy Gentherm with ventilation successfully actively cooled confirmed potential with vent greater launched National our a our study NREL, U.S. their the heat OEM, systems. a exciting CCS savings has first CCS note, Renewable Energy program than Chinese

Some is might markets. growing with and the Gentherm could already suite central of versions feature. reduction allowable benefit the of for carbon China seating to approximately solutions, On carbon basis, both the cooled credit and that emissions on as seats. General Gentherm's engine vehicle the the cooled adoption savings CCS the study vent our asking can Environmental Protection amount COX CCS actively only COX systems To $XX greater regulatory actively same doubles confirmed from of the all this the Motors heat credits than market believe $XXX. through much per know provider Europe put reducing request HVAC recognize for as in CCS will cooled Agency systems has such submitted increasing OEMs drive the to in because you heat of the same much agencies recent of products. emissions this actively U.S. and in those thermoelectric qualify load to to benefit thermoelectric solution more and in recognize cooled the in CCS apply technologies CCS actively The full this compared actively we cooled vent as the this carbon in discussion start-stop active for that in the in vehicles. as to reduction them on off-cycle also the increase of perspective, as a for We're credits

KC-X. that EQ S-Class unique help difficult solve systems. launch system the the the the of of to on Geely announcement industry's with one AX the R&D capabilities. We're first programs, pleased very is Battery for Thermal a industry-first Management, our and in our the lithium-ion air the launched XX-volt footprint Audi to of AG lithium-ion and of expertise Daimler thermal has the two Moving you relied testament Gentherm on hope thermoelectric we global Also, boost. and Mercedes morning This solution manufacturing also year XX-volt Mercedes thermal model saw BTM our in cooling management, battery BTM challenges I batteries Gentherm's latest this S-Class to

over miles electric business systems, are industry technologies. battery-related of sales other well-positioned years, to BTM vehicles in our transition and grow to coming the to up the global hybrid With new and in we vehicles XX-volt being XX% of forecast an XXXX

discuss received past I have global the realigned also strengthen we've organization quarter, that the you accountability. with platform our and over awards our customer to we share focus I Before of want sales to culture

We have created business a key account with customer structure units.

technology continue to our exclusive and increasing fuel invited help will of OEMs I showcasing believe us automotive expanded are to days this growth. number engineering Our at sales teams being an capabilities.

also Now, slide winning can continuing of X, that track record you new see our on we're where to business. strong

$XXX than of received million new customers. a XX record was for The We first quarter terms awards program different more us. awards in in quarter across

for in XX% greater approximately More giving us the importantly, were awards even CCS of turnaround. CCS those revenue confidence

quarters, XX% last have us. the we five to over opportunities CCS Over available of won the

proud lines During wins longstanding controlled conquest earned next with heated XX-plus for and in Gentherm thermal additional strategic exclusive we for Motors to thermal systems. vehicle of the electronics comfort additional further worldwide. an business including award been from trust a GM's seats, have and partnership won awards customer our General strengthening global of Motors. the has General seat portfolio quarter, extensive an of generation climate awarded seats Gentherm been we're comfort has

Jaguar awards multiple and premium on other won Lincoln E-PACE including MKC. seat In RDX, the addition, we and climate Acura controlled platforms

Importantly, Genesis winning per for heating vehicle, ON. we're Hyundai increasing additional awards and rear and seat cooling Kia the also content including

This movement with as functions potentially and the column Intelligent We also pedal as Memory climate won and in Seat features Module. well both seat sophisticated brake uses software-driven memory a control and such positioning. follow-on for features other proprietary to Position algorithms our position seat Ford steering as award System technology

offers a this in is savings of industry. strategic to smaller unique package, in automotive Depending per a less Our estimated savings features compared modules on market substantial in seat today, lighter architecture and giving the the between weight with the system and $XX seat, cost in the a $XX advantage. electrical system platform, present us differentiator and the terms

and of strongly acquisition supported credibility the follow-on in us the further Importantly, Etratech electronics which gave award. software,

content consolidate one ECU more ability modules to software for add us our increased to for with solutions value into vehicle. per innovative and Our more multiple customers potential bring positions

from growth Thermal to continued business I'm applications our Geely. awards Cooling in follow-on Air for two Battery Management China, see existing with Finally, pleased in

on business turn for chambers discussion synergies of for seeing and with Sub-Zero, Now industrial among testing a chamber and we're increasing slide let's the to segment. In to our hospitals devices. Industrial Cincinnati medical X sales medical

technical management to see from improve market. opportunities growing increase we body to expertise our our thermal Also, Automotive our continue market. resulting leverage and addition, business the of of this In I patient the sizable products significant in penetration opportunities knowledge to to see thermophysiology in

quarter. the for in during Now specialty the including Mayo United we to a me business ultra-low centers around secured We States. In one let for some States. from of hospitals the temperature the a in accomplishments from rated the of freezers prominent world hospital DNA Airframe the the freezers Clinic, sales chamber review Storage the manufacturer contract research business this grew and United multiple number

addition with a Network large In chamber pump In to and for heart hospitals area. Pittsburgh modality dual we Blanketrol XX our capability testing Integrated we medical, Delivery Life of delivered award won LivaNova/Tandem a System leveraged in controllers. the a III

Finally management markets. our international increased Middle distributor. we're also in from patient We've orders momentum gaining received Eastern thermal

of oil on required reduction. market slide element to Last our offshore Areas. by systems us. new TEG for for Thermoelectric completed Certifications line. project opportunities I enhance a aggressive operations. major opportunity talked The quarter history based largest the is critical TEG Power reducing methane received methane Classified pipeline official This model We're the driven sustain product changes. updating SXXXX; We a and Technologies the for gas development is seeing This and turning increasing core Global Generator which an Quad GPT key differentiator in Now in regulatory in SXXXX will about X. for

Offshore In the globally penetrate continue in addition, our quarter. received markets to India and in we ONGC new from first order

view that many confidence important are at results results I the mentioned Gentherm's that were my of of shareholders. potential. mixed, remarks, progress to my but certainly haven't in we I to my team and I for give areas deliver the as there're quarter the So, well-positioned summary, changed significant as beginning positive of

competitive that with unique we I'm be ability will Our remain. talented our potential team, sustainable this solutions demonstrate produce that to technologies, to our able and confident innovative along Gentherm you. to advantages

little questions. a quarter ask of me the give let we'll on and Now, Barry you then results to be Barry? to more ready take color the your

Barry G. Steele

Thank you, Phil.

when of and which translation by million compared prior in during Adjusting important and importantly, which over of automotive automotive impacts, revenues volumes generates This If other segment at volumes that the impact about higher of production vent changes X.X%. vehicle our are and customers customers. look markets about $XXX.X are for certain decrease seats, in in Motors, priced product our reflects significantly that were America X, climate you revenues the increase currency quarter the of revenues nearly X% revenues, that with Hyundai X.X% was with This North CCS more related were solution product CCS, these X% America first million product to product for on product XXXX slide Automotive especially two see the and million. top declined year. the revenues two $XX.X prior of our however, for most of year during programs American down because On our automotive comparison increased off control this important General basis, heat during its American our North both tough in disproportionately of is largest According you'll by the Underlying increase the CCS XX% lower weak production Even market both by market million the Etratech effect or in the by which a first a organically and sales, of production, to of automotive acquisition. and X.X% year Industrial. account nearly to taking lower. revenue quarter our GM customers. shift prior to impacted products. $XX.X a our first Etratech pro-forma prior included of before production XX% growth, quarter, along half These was X.X% represents North down grew revenues. was totaling Automotive down approximately concentrated Korea. $X.X is the production Automotive in favorable into a represents a acquisition-related X.X% to a of X.X% market vehicle both IHS, the technology The our $XX.X to of million in benefit decrease segment year of Hyundai our North offset quarter

Automotive by the price decreased X% decreases, In annual incentives customer addition $X.X of segment or our about production-related million approximately to revenue. revenue

quarters, coming this will we As that believe look forward the to we reverse. trend

quarter, as produce and the second increase see GM continuing second for For we North from the to resulting during quarter, year-over-year in the increase the quarter X.X%. year to downward lower first comp, by America, sequentially while first XXXX production tough by be example, both compared automotive sequentially higher to the to to prior for on And Hyundai over volumes in to second is quarter. the Also basis, expect a reverse, we CCS we continue are decrease the due expect while quarter year-over-year X.X% expected in rate. trend and they expected a CCS the run sequential a in to

market-related segment, our lower decline. heater New revenues, were offset that blood program timing at primarily for and large related Hemotherm expected projects of are the product, effects our custom of In sales second help scheduled to lower GPT. half to launches cooler year the the Industrial

Industrial were and Product whereas within early You several $X.X higher launch during XXXX, timing costs shift main improvements, in of at may the quarter, shipped than in gross a price Hemotherm of Automotive Automotive. timing of customer The quarter. was no Battery large revenues product XXXX. first was the issues projects three this XX.X% automotive mix as which revenue CSV first of mix, competitors. product. are CCS represents margins GPT is of unfavorable mainly cost our these the first well new product business an This sales at compared lower part issue of due the due recall Management due margin custom Thermal one The period which XXXX's fact the that experiencing normal related the for to quarter have decline for lower shipped of to gross quarter decreases the decrease programs. only sales causes significant was as to the a that the from in to as a XX%, Also, during for our regulatory million during we benefit

$X.X cost As by price only the raw the partially about decreases I quarter. were in mentioned and quarter. earlier, customer reductions million during was our production annual offset our This during material

mainly this However, is a timing issue.

quarter. quarter. launched expect We will business balance of a fourth production million impacted end unfavorably fixed the to launch $XX timing at of by million million expenses of first for volumes In the XXXX that but this higher end margin. $X.X gross the XXXX, Battery in new difference line product was which costs stage, expected the its out end rate $XX and year. was ramp to XXXX The by much based Management is reflect Thermal run the This early expenses thermoelectric temporary the to our only

$X million of increase increased $X.X recently research Our higher coming remaining XX%. from for expenses activities me, million acquired by products and additional $X.X expenses is development amount covering operating Etratech. This million technologies. to operating currency translation excuse or wide and and increases, a due in includes spending of variety mainly The

our XX% is the transactions rate mainly discrete that guidance, statutory related quarter. rate. the earnings intercompany items the quarter due for than shifted Our our recorded to effective tax having non-recurring was lower in This XX% to first to tax weighting lower jurisdictions of

XX% the tax continue to for balance expect We year. the of approximately rate an

final impacts on as tax higher various X depending percentage However, including U.S. that or factors points reform. amount the the calculations much of could be lower as for

plan seasonal represents normal revolving our sheet balance in cash from to of coming million million cash million of to the further stands total compared adding due the quarter This cash at now as is the credit first $XX.X slide capital the more pay million, payments result undrawn to revenues decreased quarter related debt offset which quarter our of Increases year. timing first a installment as revolver. mainly well repatriation in Turning our line of $XXX.X $XX repayment, by to are our We million. mainly throughout of approximately our tax on the our the $X during liquidity X, the fourth $XXX and the of million our to reform. possible After as capital make increases now operations. to $XXX on when Total credit. revolving availability the the down line U.S. to that a cash is working expenditures

summarized our Now let's discuss guidance, which is XX. slide on

saw year are we you press which a the objectives As guidance you we we we today's And over soft, February release, in set for initially heard year. provided begin can earnings to we call bit back that operator let's are XXXX Q&A starting off our Operator? our the on the on call. With that, the session. turn Phil deliver say, despite initially confident reaffirming year as the year-end full in the to

Operator

you, be sir. this At a Thank question-and-answer time, session. conducting will we

Van Please FBR. Our first of Riley B. Christopher question go comes Horn today from ahead.

Dan Drawbaugh

on taking for is Thanks our This questions. Dan morning. the Good Chris. line for Drawbaugh

Barry G. Steele

Dan. Sure,

Dan Drawbaugh

start on on a Thermal sounds Battery good announcement like to Management That Mercedes just So of – win. that and congratulations the opportunity.

you in programs assumed last quarter have ramping your $XX that million the you customers? Do customer in in you're assuming that $XX up. I you that? you to that or million had think And customers to is XXXX. second had to what end $XX additional to if I'm mentioned business mishear what two million know million just can curious that run any didn't additional shared you. I at think a of share as by rate I you $XX

Barry G. Steele

question, launching all thermoelectric to million Dan, be technologies for Management of million S-Class is we're Thermal it's mentioned. to your only only Yeah. on on technology, that customers $XX first $XX Well, pinnacle of obviously excited. the To Battery answer is to kind we've two thanks. this the but related and the very our

have North the America one announced Daimler second is OEM, So yet. one which not we obviously the is and

the a work So that ton of expand market. that know very the technology to on we're point reached comfortable with where there's line, going doesn't since right it's product include we've – especially that a on you now now

right those be it's So else customers. Everything now two will just upside.

Dan Drawbaugh

cost may little of said Terrific. impact on at opportunities. then about Okay. bit could mentioned, you. be you've obviously in and we savings? And And Can be might you I cost should think targeting Thank the share looking that the you then the long-term have areas some quarters. some the magnitude you some coming be there more you those a savings with

Barry G. Steele

you're in So I a costs we'll any to year. where formal in this a it the details share year the put would evaluating the in of of behind kind be got opportunities. pretty business. the still the terms some seeing in disciplined the stages. cost unlikely but and reduce more I be think, we're tracking to significant program start that details in We've It'll impact expect in effective structure that behind magnitude, to We're identifying line-by-line to obviously the measures and of session. those it's coming place we've see June basically during program early specific significant the strategy in and ready

until So we'll hold then. off

Dan Drawbaugh

Okay. of basis. Thank growth me. last And about Etratech, Fair enough. a year-over-year question pro forma revenue on then XX% from you.

this they're whether significant you're to about beyond whether strong. that I'm year can in is launch certain boosting demand that, XXXX, something exposed that's going particular you thinking business? if assumptions You know Can program it pretty on that if share or for any that a share or be you in high that's one there seems might wondering

Barry G. Steele

business. when combine Barry this Well businesses, that find lot in credibility is we have more talking, we a what we that is that, two the

growth significant see, look So we're the future, We rate. combined things, we winning on but a basis. into do as continued

this go forces credibility a anomaly growth an more as from we see joined We continued forward just our to table scale the and standpoint, to bring we – customers. as really particularly isn't a our lot a to this quarter. So for just offer

Dan Drawbaugh

our taking questions. for Thanks Great. Okay.

Operator

comes of Please The Dyer Craig-Hallum. ahead. next question go from Steve

Steven L. Dyer

of questions like guess, at sounds on to question. just I are low Thanks of kind watermark we're morning. obviously there. Good nearing would declining you. more maybe CCS. is product for Couple been from – taking a attribute a it's a perspective. you mix that my or that It Thank –

You've guess, headwind of of orders new the any around vent? at end or couple we color a quarter, for of this maybe Are just in much that was that heat-cooled good how sort versus had that years. of I the heat

Barry G. Steele

Yeah. Sure.

based So Steve coming this a on quarter. wins, obviously bottom; roll basically, market. I of And new we the penetration as in lot past do already pretty the out and rates we're to there a the A QX sequentially that over see also awards continue think be of to going higher we'll steady add from seeing tick-up that's programs and growth in this new and time. on out to

course, current the lot phase of a launch it's and but of question, of When takes the to second time vent. it a news go is, upswing. active decline quarter, the pretty of the I programs, think it some comes mix split to we're heat we're through during even out wins on your these great Of the the and between

Steven L. Dyer

Got $XX an that, there yet? OEM BTM it that $XX part in part just I doesn't that's OEM is unnamed or shifting run of And it is – that Great. okay. over guess from second of to then million million rate sort of Thanks. anything to

Barry G. Steele

far. so announced we've that OEMs two the only It's

active And customers in the We for demonstration We're the doing haven't very our sales announced team we're projects. electrification busy industry given technology. of Obviously, trends other interest. discussions and with with on working seeing in with lot this the is potential the world and any several around customers wins. a XX-volts,

are awarded is to grow So but currently to the continue obviously, the our we've expectation only that, programs. quoted numbers

Phillip Eyler

first it's the quarter, just the in first customer. Steve,

the year. second customer later The launch in will

Steven L. Dyer

Okay. guys. Got it. Thank you,

Barry G. Steele

Steve. Thanks,

Operator

from question of Koranda next Partners. Matt comes Capital ahead. go ROTH Please Our

Matt Koranda

morning. Hey Good guys.

Barry G. Steele

Good morning, Matt.

Matt Koranda

the was of business? $XXX awards, terms net new business replacement In of essentially versus million how that new in much

Phillip Eyler

have don't of complete on that, two. the to breakdown be a but you, with honest blend the I it's

Matt Koranda

Okay.

Phillip Eyler

as new record involved and Given there's awards to the customers significant it's that obviously see we continue fact new with in well. that a quarter, business

Matt Koranda

Got unit it. still the know negative in in CCS, mix a And in or basis. this out positive territory this the quarter quarter? factor headwinds terms guys that the it quarter? I drove was you And Were of last pricing negative then it on were as of shipment quarter shipments called remaining and also unit positive shipments just the shipments

Barry G. Steele

shipments but the was, but I lower, the Matt, the well, have on amount don't CCS. down saw we on it the and specifics were definitely definitely what

On volumes the were on actually a every was the on mainly basis. currency-adjusted Automotive, quarter was within And other that hit. positive this up. a other was a products It basis, CCS product just year-over-year

Matt Koranda

just how alluded we Okay. the interpret...? CCS launch of and the make Is guess I visibility end it, you wanted expect essentially year. Got should the you sequential the year, in through that confidence to you're have that And quarter it. comes revenue that from of QX terms programs I the that launching of products to in on but I you sure for understand, remainder each growth in

Phillip Eyler

reliable QX line Good production for of we have QX of Yeah. the good because orders question. obviously and sight that relatively we we're already quarter. have into remainder the are

the of mentioned, rest and market the a is just there. up kind And in QX. of We're that combination year, you as launches. of So tick production in new that's the seeing known

So line yes, in we're the more seeing pretty continue year, XXXX, excited even about going. it's launches of that rise direction kind and to the with through

Matt Koranda

anticipate what's you if give go would they mean, that process through? more from then of more little awards the could prepared And application detail Got for them? to you to significant the remarks. sort have vehicle active the get I credits that in mentioned it. you approval, a on when they GM And bit able Okay. on be

Phillip Eyler

NREL the the our Well, customers customers. that I large given think a giving world. of creating number of interest already around by one, fact the most to bottom-line presentations is, study, supported the it's We're lot

number months years And a that they at good be EPA. In retroactive get that specifically. is OEM the credits. And in timing, news can point terms to through the see final the time, approval go with of it'll would of take many to the the savings customers able

the for incentive OEMs to of that. lot a obviously there's So do

Matt Koranda

Got it.

Okay.

here. gears margins shifting for moment gross a Just to

to I think is hitting buckets, as prepared potentially way quarter you remarks, quantify you this of a of out, three sort buckets three called there the relative this maybe lighter in was call watermark how your also which much quarter into largest? I Barry, but low well. the on costs mentioned or margin launch the different basis particular sort fed know gross that a guys out even of

Barry G. Steele

important up the downs we for that Again, the most as The timing cost. our was annual make price can the we through year. pricing versus get

the Thermal mix is is launch management. important for costs and the smallest most second The Battery

Matt Koranda

helpful. Okay. guys And improvement on which decent your then of the going lastly, know see some implies guidance margin remainder you Very the to you're I think I for year. EBITDA reiterated

we of three coming the or What's for gross line improvement sort So reductions on comprising here? we the looking SG&A of majority next sort of quarters over from in should the should additional last margin the quarters? be over improvement the that couple the count of

Phillip Eyler

Matt, primarily the higher revenue.

We our cover have SG&A rates. to fixed R&D and spend including cost

I ways but improve to by we be able the in future And should the operating of to we'll kick-in in cost have efforts margin and small so the course, some the of margin, revenue the start year, higher think. when the end EBITDA reduction

Matt Koranda

the I'll Got guys. offline. it. Thanks. rest take All of mine right

Operator

to turn There further questions Eyler I'd time. at for like call back over Phil no remarks. are this closing to the

Phillip Eyler

and good focused for we're our Thank ahead I'm drive shareholder in you making ability earnings you quarters joining for call the We revenue and you. everyone you. seeing of our our today. accelerated refining in to in really significant we growth. value towards confident improvement. innovation to I on cost many look Thank forward and years June. progress Thank execution, strategy feel remain and

Operator

Thank for you today's your concludes participation. conference call. This

You may disconnect your now lines.

Gentherm (THRM) 26 Apr 182018 Q1 Earnings call transcript