THRM - Earnings call transcript Q2 2022

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Operator

Greetings, and welcome to Gentherm Inc. 2022 Second Quarter Results Conference Call. [Operator Instructions].

As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Yijing Brentano, SVP of IR, Strategy and Corporate Development. ahead. go Please

Yijing Brentano

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

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

them, law. risks update other filings, Please Gentherm's actual earnings Statements of and materially. make events except latest subsequent views discussions and the current with factors undertake and to SEC future its we During within to uncertainties see meaning our as our this may required risk call, differ of for reflect the reports underlying financial results performance, by no release such obligation and and including XX-K statements We statements. forward-looking federal may securities laws. respect and forward-looking

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

today with Chief Chief Anversa, and Officer; the Executive call President Eyler, Matteo are Officer. Phil and Financial On me

prepared pleased During website we deck gentherm.com/events. we on have available be Phil our Matteo to be remarks, take their to your that a made After will and their referring comments, presentation at will questions.

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

Phillip Eyler

you, Yijing. Thank Good morning you for everyone us today. thank joining and

Medical the environments United stringent We management the customer shutdowns maximizing for the customers of of operating the in transactions Automotive recoveries COVID as cost the that Automotive chain supply well production to and and Medical. and ongoing proud negotiating also expand and needs. toughest we and years for while in the products our achieved one customer Gentherm progress am highest the markets Europe; appropriate value global seating in continues continued light pneumatic our the makes comfort to in faced industry. in Automotive, closed Alfmeier's Gentherm. demand especially conflict by grow. actual we presented shortages will and share basis towards Gentherm inflation as X% I other proposition lingering X XXX military semiconductor We points largest for as team Gentherm's quarter performance cost for growth second in key outperformed for I'm in vehicle approximately thermal from recently The automotive that supplier The States; of challenges. business of Automotive acquisition China; in industry in both pleased XX

access large the family. from markets, colleagues In Dacheng patient addition, Medical's to Medical like to growing through innovative the to and and Alfmeier Dacheng's including devices. Gentherm private rapidly label temperature acquisition the expands opportunities welcome complementary of Dacheng management I'd Gentherm and

to launched vehicle XX automotive Great and Wall, the vehicles the including of XX Automotive on represented of second program Alfa OEMs, Acura, and one In recent turning across highlights solutions in Slide Honda Now, Mercedes-Benz. our highest quarter, we X. launches Audi, on the number Romeo, years. different BMW, Cadillac, This

quarter, ICE BMW Rover Ranger CCS the Romeo and our for launched In Cadillac to added We electric new China, Series. continue X Alfa the first achieved solution LYRIQ also In EV solutions and reduction the solution proprietary plug-in we BMW hybrid to more and enables second the Ford were while on simultaneously This ports cell solution our launched Everest, connecting Tonale, weight utilizes important CCS functionality for CX-XX momentum mechanical structuring lowering design milestone flexibility, thin foil vehicles. Battery both China; and our Luxury innovative the process costs. cell Solutions, Performance connecting an on that Range Mazda in see and XX Sport.

In competitive friendly alternatives. than environmentally more is unique addition, our manufacturing process

gas greenhouse that the estimates an with reduction conducted emissions when structuring the Institute chemically mechanical Fraunhoffer recently solution. study independent etched over the fact, comparing In in an process XX%

for are be excellence. top our to by In addition, supplier our team's the North and American commitment consecutive as a solutions developing honored to quality dedication year. Honda third commitment and This operational the and to proud innovative we recognition reflects

strategy take Now Since on see our a prior in this strong. opportunities expressed team for we X, global launching announcement have for OEM algorithm the to support from validation customers our will strong The global to increasing an is consumption to announce Alfmeier passenger XPao awards our The gain the time company of our crossover the ClimateSense vehicle for a second thermal XXXX physiology. acquisition coming award temperatures, XPeng Wall, using were in can Dodge a coming electric significantly efficiency. new platform on and from Dragon the including congratulate program next-generation comfort. software-driven million expand This beyond and the XX the be resoundingly see from EV second Cherokee, in received all Slide and across also on electric These part quarter, Gentherm Murano, and extreme EV, for energy received version on steering comfort, largest thermal Challenger, as recently heater including well pipeline battery the We well Jeep while X on in we that wins and best-in-class where pro to wheel critical combined and from based to that range Salon important of WEY, Buick, award models Passport, which a included enabled. like of a the in Wall Toyota awards In we Great to OEMs health, Charger, EV new from remains as a CCS won XX in Mecha microclimate value global to continues Camry, a acquisition, the secured popular our Honda the crossover by excitement $XXX as I'm X EV. closing. I'd proposition interest from of Great pleased also long-term from we're Pickup models multiple providing wellness multiple of Volkswagen, new platform forma quarter, Alfmeier detection further basis, the OEMs, secured Nissan is SUV of Sequoia the and winning you quarter, X second and awards making with models Tundra OEM. million this second manufacturers. hands-on a follow-on global power in quarter Ford, $XXX as reducing this award. one progress of ClimateSense our

leading Tier thermal solutions. second competition, as CCS and won seat provider manufacturer, conquest seat a awards Importantly, we validating independent the in of the from quarter, strong position large the X displacing several heat our

cable Also a team pneumatic manufacturers. was global the expansion for models. lines, on to the value cell Alfmeier electric to a pleased continue quarter, to regional significant EV EV-based by product a our in in in-car semi-truck award and we business high-voltage cable the second a one comfort including also vehicle award I'm vehicle our follow-on BMW with We applications. second vehicle won Cable won that hydrogen create electric transform quarter. for high-voltage a of Porsche largest award electric for fuel Alfmeier volume awarded share significant a several new the

integrated secured for Volkswagen Mercedes-Benz IDX We're EQE has iX, and few. supplier for addition customer, BMW, of In EV name the efficient to customer EQS in an teams offer Alfmeier OEMs the a excited which iXX platforms, high-value and EV and platforms wellness leveraging most highest-performing more choice vehicles relationships, their combined long-time the is capabilities. manner, solutions position the to sees the pneumatic their and integrate to important European compelling solutions to electric across this the complementary a as space including comfort and designs. Gentherm for compact especially technologies, demand and opportunity that comfort

positioned significantly electric bring Gentherm vehicles market. increase content is innovative our in well continue we expand to as per to As to the customers, solutions vehicle

we provides acquisition Dacheng customers. Medical Gentherm this announced Slide a for let's Medical, Now, States we including the patient markets, United international devices. Brazil. access of and strong existing we and approvals Dacheng's in This with including have numerous the a through regulatory manufacturer label management Earlier high-growth and products our to is an private countries, Medical, discussion of supplier acquisition turn enhanced and management innovative to temperature for patient Dacheng complementary many business. that have developer solutions relationship of a opportunities closed Chinese over temperature X for China, morning, Dacheng developed many whom years.

highlights the quarter. some for grew year-over-year. Medical second share me ex-FX let revenue X% Now,

conjunction the provides with Program. During the countries. quarter, Nations Air in Bank warming Filtered Nations Flo patient Gentherm and delivered United systems World Warm to Program The Development developing aid humanitarian United the to Development

Christi Wichita, solid product, Ascension our for also Kansas. demand Francis from large to We a St. Blanketrol, award winning continue Via Center in Medical see flagship

Now let me summarize.

like to new pressure points, adjusting turn continuing and around pneumatic world a pro secured deliver in operations our the supply customers. reflect light Automotive, environment for quarter markets the we impact our is production operating our team industry key disruptions facing. minimize while would extremely results our our Our challenging actual I inflationary by In for and vehicle for outperformed chain of $XXX that, over to diligently global on business and results, the Matteo, we from the to With basis of to the more comfort. to awards Q&A. of global call the up million color largest wrap basis a on XXX back the I'll come I'll automakers before approximately forma and as supplier for little thermal financial thank

Matteo Anversa

Phil. you, Thank

the on that quarter turn most me items Let focus significantly results. and impacted second Slide to our X

the by in North production of Korea. markets revenue X% So line, compares year, $XXX light translation, Europe, as last just our foreign light our the approximately results the Phil shortages for and year X% as overall Automotive XXX negatively revenues mentioned, with for vehicle supply points. a comparing Automotive of were achieved the second product for period. if corresponding X% quarter, compared the same well a segment, this organic the by quarter to increased by FX, product we Automotive chain And period by translation, foreign revenue outpaced in X%, the product year. and production revenue with to China. key COVID of exchange the all the were outbreak impact Japan by by Adjusting the basis as China, to And lines decreased volume million, prior revenue product to X%. compared When adjust actual our in prior currency vehicle Automotive Starting decline America, impacted decrease revenues increased unfavorable

thermal year-over-year growth X% to board Automotive Cables Ford. the decreased X% products the sales more new due provide lower Bosch. year-over-year several Wheel Heaters volume little primarily due production OEMs to sales decreased year-over-year, on FAW, of by we product Steering including Now, of Tesla doubled let and to Nissan the shipment the Electronics of start and me several increased portfolio to customer lower heated impact. with production decreased rationalize revenue holds with to to of and due than Model XX% higher revenues primarily cupholders. improve models, and Heaters to higher XX% due CCS X% Automotive programs, low-margin BMW. interiors with revenue increased revenues as with continue revenues volume BPS color our line, increased more Seat a excluding cell new to product revenue Toyota. strategic to especially Asian X% non-automotive such Y. customers due as on due FX connecting revenue profitability. the launches due Other

segment, higher driven and Medical Treo X%, by of X% products. to Warm revenue UV the ex-FX, increased Moving Air by sales

as year These offset depreciation compares form gross partially point Won exchange, chain material primarily costs was higher with driven gross freight lower the of to associated this the margin, impact to period. annual to by of margin and price for The by recoveries ago to second rate the costs dollar. XXX customers. next disruptions, in the basis and to mitigate impact of the foreign inflation premium the decrease and and of spot was due compared the the from cost negotiated wages, quarter the well XX% Euro primarily buys, reductions supply incurred in freight Turning negative and as primarily the XX%, Korean were

quarter were to level compared amount were included prior $X.X was operating Moving of both in approximately adjust The higher second expenses, second million quarter If this quarter declined we the Performance mitigate as of and R&D SG&A, and the restructuring expenses, the $X.X last to semiconductor when by Solutions. invest as the last in merit period. from year And per which $X.XX of primarily million of operating EBITDA the redesign year. share ClimateSense expenses the second the diluted current execute compares as per from due and $X.XX quarter in restructuring to quarter earnings $XX.X by share high in to of year $XX we million in to year. million on expenses program finally, in million and launches, well Adjusted to X% up Battery year and of million $XX.X acquisition year's last prior $XX.X continue of year-over-year the approximately acquisition compared increase million, second approximately share was higher for in adjusted shortages per electronics The expenses the incurred expenses. million periods, impact $XX.X quarter these $XX.X we driven increase to period. project-related implement of

income the to quarter quarter than the earnings. impact unfavorable higher XX%, foreign second rate intangible in the approximately rate primarily tax on due our was effective XX%, prior global of low-tax Our of

down as the the of flow, -X.XX. as million the FX. million, capital from hand June million agreement. a net due of working cash was end Moving The March. XX, net negative to result, Balance million was ratio completed June quarter the credit maturity well end sequential the of on through And Sheet $XXX result decrease the On a X, XXXX. $XX was We $XX we the credit million $XXX $XXX higher at to the Slide debt. the cash the closed refinancing temporary as at our free cash cash gross position approximately as quarter of on primarily exceeded position the of leverage extended We agreement of our in our

capacity on increases available total covenants. and $XXX million consolidated we line million was of as of Based XX, from adjusted June EBITDA the facility new our to $XXX million on flexibility the the on addition, had liquidity greater XX-month borrowing provides June ended availability of million. trailing approximately In our XX $XXX $XXX credit, our and remaining

existing X be closed through and transactions. revolver to balance these below revolving million, was after our we and to funding Phil As $XXX transactions cash and expect a Dacheng target of Alfmeier were the combination credit ratio earlier, facility. in X leverage X.X funded we and these the July our transactions, our mentioned drawdown of net the recently of approximately continue The

as completed Slide me Alfmeier which Dacheng completed acquisition let turn includes of for of guidance, the the of XXXX XX. X of Now, X Medical to acquisition July August our as and

as negotiating operating due volume year result actions to said, in first the for margin environment and Our have to the billion, as the pricing a of from our year higher half to range XXXX original expect We performance been continue in second extremely revenues earlier. and the of half mentioned positive both expectation compared FX improvement IHS we the a forecast. less Adjusting and optimistic XXX as the levels, rate impact, in remains at for light We somewhat pressure versus the approximately organic EBITDA to our expect production XXXX, an at XXXX the the to of FX which the range approximately grow to current to vehicle margin X%. basis of relevant low guidance of of in we acquisition rate in growth XXXX year-over-year midpoint the be $X.XX in assuming now is below the $X.XX adjusted revenue That product be of challenging in markets impact we our to implies the XX% rate customers. billion single-digit is of expect an with expect that now for EBITDA well XX%. our points latest adjusted

ongoing inflation the second as chain lowering as quarter a acquisition rate impact. supply fluctuations are FX as the result expected to adjusted primarily continued the of headwinds, well We performance due and demand margin customer the semiconductor EBITDA continuation shortages, higher guidance disruptions, of

improvements midpoint we planned actions including from recoveries mitigate to and level in customers, points to hiring compared first strong to EBITDA We XXXX cost an increases, guidance, appropriate the XXX basis. of organic At well as rate our productivity half these controls. the margin by price spending of are second aggressive the on as half challenges, taking basis improve expect

of earnings the from million the revenue due assumes acquisitions. to XX% in X rate guidance margin to high approximately and tax EBITDA the geographic mix now to expect single-digit our acquisition. XX% We range updated Alfmeier Our of $XXX the and rate be

We in continue expenditures range million. $XX be of to million to capital to the $XX expect

this spending for amount Alfmeier. However, now forecasted the includes

with not in supply XXXX. even yet return path let to deliver once of our this experienced disruption high to program we stabilized, previous along enable And us will are unprecedented management success ask teens rate Fit see providing environment. for we a Growth team to production chain EBITDA Phil margin to While The for and me guidance our that, in summarize. XXXX, forecasted the do the growth with volume

Phillip Eyler

you, Matteo. Thank

challenging on on hand, that extremely demonstrated Let continued focused our of a quarter me hand one other an strong but strategy. the execution summarize reflected environment, growth

disruptions, shortages expected of second XXXX, shortages outlook the our challenges Although remainder had chain the indicates year. continued for current in ease supply supply including of we the chain half semiconductor to semiconductor the and

are to EBITDA to is our for through our evidenced the ClimateSense expanding session. $XXX difficult growth the by award, our on new with In begin high million expected at acquisitions, against business continued operator the I'll to team aggressive productivity spite near-term rate This and Q&A While in above-market our the continue, plan of turn growth. the long-term laser a second back to securing management. that, strategic challenges, closing X executing electric map. are level and road With winning vehicles our teens we focused is strategic on margin product executing call market and portfolio very high awards, to unprecedented return cost customers, price negotiations our headwinds conditions

Operator

Instructions]. [Operator

Our of from line Luke is the from Junk first question Baird.

Luke Junk

us might you be help perspective remarks on the the quarter, and more as that you to was this both in chip your this Just Phil. items sequential that and the hoping margin what mentioned as lockdown-related well see impact understand discrete impacts had spot gross morning, the that in better China prepared I'd And of Matteo here? have, commentary qualitative walk in could to interested the terms you quarter start especially market in from any in what I coming

Matteo Anversa

morning, Good Luke.

just start walking by give the maybe sequential the me through let happened and you So I quarter, what year-over-year for the perspective. then in margin gross

the these XXX higher the accounted rate the lost to XXX overall, by XXX for so partially positive gross some margin chain basis from deterioration XXX saw points And of that the driven was year-over-year. spot particularly X's. by the we the -- offset into we the the you particularly that premium the the thanks Material releases had including supply the continued freight of which the the face North a in here, -- and Dollar bps wage margin to the And Asia price that freight, so Euro was coming compared XXX OEMs I'm Korean lanes, regular And to due of are buys, the disruptions. recoveries from bps; So of about point cost that recovery then negative cost are seeing in was America. FX, productivity, some and Tier the in volatility freight were as those come particularly U.S. customers. of as we inflation bps. well to continued the about and about quarter, Won premium impact this seeing basis we

higher materials higher less the the accounted taking actually And look this call so couple for would if was say, seen which XX disruptions much for key have recoveries. currencies quarter you deterioration as it the transitory about that as overall, here sequentially, a net accounted you really, chain versus of I side, negative. this happened widely look X And is what FX have we second XX here: expected. we first margin, was the all the we supply points particularly quarter, expected would what at you gross bps pretty basis mentioned, the about what on So XXX I just in impacts I I'm at When the where had are forecasted. a of impact, bps. inflation, of than

first the So walk second that's quarter versus sequential kind of how quarter. the you

Phillip Eyler

revenue then, percentage the about from normal on China expected $XX the lost from margin. And so China, side, course, million of Luke, of fallout

Luke Junk

level gross this Okay. a to of I And would half with bottom maybe then Or levers? this second that bottom? versus just would margins, for looking of is in we fact, importantly, look as price one is, your Phil, that you least margins confidence margin but you staying prepared is the said as seem remarks see your in risks margin, the course. the guidance half, question potential in the differently, now mentioned the here, first know which speak 'XX, what follow-up at item. Can if to signal from more but forward, include

Phillip Eyler

do Yes. from I the or corner, this caveat a of see quarter you kind we always that mean as will, there's from this if turning QX.

on we a started that in is into pricing, better half. setting move our be lot think obviously, to watch to when a of before the others recovery, -- half watch good we recovery. or now, clarity to on said, to of out definitely based We've as good to was some COVID it's going different hoped stabilization heading we the unforeseen waited worst-case that where had all maybe previous our et getting issued we supply approach to we than any some create aggressively are cetera, there And the a But stabilization or demand. customers year. chain impacts have into much customers on we well see working scenario are seeing very closely for from market path actually we But inflationary We turn headed actually recessionary freight we're customers. recovery support back with the until pressures guidance. because addressing many Unfortunately, not our as a I pretty everything -- taken we're on second

feeling expected that process And think in to course, we than going then, get second quarter increase revenue I but that half. that's good there, And improvement. us more add momentum still the on back X going or it's a to gives half. a the to to that of a in So about expect take nice steady do be some

Luke Junk

And sneak one then if could I more. in

wanted just the ClimateSense ask I award. on Lastly, to

whether just other customer learnings your this awards First, your with at you with were development contract award existing continue what just maybe second, would as you then say whether customers? can with customer? as new this the a pursue importantly, or is you And to clarify

Phillip Eyler

Sure. That's with and you platform several implementation, really really really that's adaptable and Yes, follow-on a is last won But We in we're on it if number we've award award to award more the the been was to won think original help to for that go we executing to some over of I flexible us. it. customers, that excited create From Obviously, adaptable it's, us. ClimateSense learning flexible of approach nimble to the the very, we much models. we tried execution. off with for new allow very to back we had the focused we're- quarters, heavily be a couldn't we different levels a addressing and how requirements and the Obviously, with. scalable, investing customer as future standpoint, one, customers. have being ClimateSense that about those more And and you it's second program. going paid secondly, first going And be in implement our discussions for to us

Operator

the from ROTH of comes question next Our Capital. Matt Koranda with line

Matthew Koranda

about maybe outlook, midpoint strip revenue and out $XX of out Just on EBITDA. if million for the out $XX it on the the took million I guidance you looks organic core acquisition, like

margin to detail. you wanted bit assumptions could if see just little the more in I a assumptions So and discuss revenue

Automotive So margin you due clarify how the that? out take that the revised and production organic second much guide therefore, versus the lower to Maybe revenue with on assumption can is front, of guidance? And just the half flow to the out? it's FX, of just then of a coming expectations products, lower if have in the margins lower incremental is margin we decremental all discuss

Matteo Anversa

let So Matt, me.

other Euro So FX, to first which we came guidance right, thought has the nothing obviously function are the a than back and what side, of in compared this to situation our worse And revenue a we rest on prior year. in all, in improve just major the not Won, Korean the little which April. the is expecting changed really than of of the the

is the of margin In we talking EBITDA would side, it's what X%. I'm And look margin midpoint first half -- at the terms half, basically, so X transactions, of about excluding if implies margin about end guidance organically right say I the and you of EBITDA a the second the I'm XX%. -- the now at of our

really of really, look at You incremental side. XXX margin sequentially you the if improvement basically have basis things. on point volume. the And drivers that, a one, X Number we have

of So been the with second negotiations as And the And be customers of to repeat as half first FX. about the part that well revenue impact having at higher we second XX% second we you productivity have are than question? price expecting excluding item then positive are can the the to half, XX% your is we factories. the counting the on

Matthew Koranda

for the factor to the benefits When of of follow-up rate? those when X start think elements customer to the actually start you covered I would the remind negotiations flow P&L? we through on though, that that. Yes. you Actually, Thank into us a you the the margin can question.

Matteo Anversa

Yes.

expecting actually combination to impact So And we we positive our negotiation. basis is improvement an annual quarter, us. quarter. a are on some started the positive the of a as the business. to the X%, generated the impact well rest the the second between company. XXX initial as if see points half. And of always recoveries some Actually, drag in is But price the second cost the which for of then basis XXX of benefits overall, of and will the price margin Matt, price, on second X.X% of kick unusual for you in that's price be overall we -- already Generally, in of the those

Phillip Eyler

flow But a the to to and into not we're see even say, more early recoveries in half. journey. it second I it's starting It's expect we second will Matt, the it innings, going it's help half, the heading would and then through rise, -- mean I of like more see now in we're be done XXXX. to

Matthew Koranda

a then environment, discuss more any I Okay. Because appetite speak if the like dig on -- Is quite And maybe acquisition, generalized like just and rate new I just does look you picked sense run the a out that like it guys you seems for you that, the generally trying appreciate get Great. organic it to activity what it's to for picked way at would Alfmeier break in about the into could OEMs, programs there then it to cited? versus guys. maybe up bit. has bookings ClimateSense. I'm before of contributed environment up. the we sort if

Phillip Eyler

Yes. Yes.

OEMs If overall organic it about out about seen no increasing awards organically out, vehicle somewhat million you semiconductor still it from the in in activity, definitely the first, given break constrained talking Gentherm million of $XXX still that, new Alfmeier handling coming and still environment, And then We've quarter. market. $XXX about side was just quite definitely are delays. the the some doubt environment busy shortages.

a quite So is bit lot improvement. EV more a the side. we awards -- Where of overall, but are on seeing

lieu a least at lot in some decisions to there are maybe a tends is ICE more and OEMs -- the that. bit shifting delaying there attention little our So perception of

there. the kind Alfmeier, our in -- side, of of favor announcement acquisition. others our of balance the executed we was that Alfmeier tipped impressive EV Alfmeier awards manufacturer of the in and those wins, by as On a are large out indications a while BMW, some certainly after few with And some really called

not of Alfmeier are combination. we've really Gentherm As with a more supply. see just customers gotten but that mentioned that with Alfmeier looking opportunities, just that we customers our lot customers, certainly are existing feedback I have And currently resounding forward, customers not about before, importantly, does excited that

be we'll lot emphasis So growth in front. of that a putting our activities in

Matthew Koranda

likely -- Okay. it Helpful beyond sort this follow-on. Phil. have? on customer new one additional to before realizing the color, an then just ClimateSense hard see And question with awards a from the new customer you a we see additional is awards just existing speak guess, answer was you. that this we with ClimateSense but are award, potential maybe, I OEM? lastly more of award Thank to to And follow-on the of entirely maybe it

Phillip Eyler

always first in that we areas of One ClimateSense. sequential project a of focus is go-to-market. X X -- that I've said get the order Well, there for strong are so importance execution

grow OEMs, Secondly, on And that that prove and with I customer what SUV was way customer popular better with that. ClimateSense performance them certainly winning follow-on course, of one validation EV to second a win with more think a the was of because awards and the proposition of than value new then, with work the to with OEM winning But into to you going that first feeds if other to help validation see customers which the continue harder to to continue and we an will. projects all win think us. nut momentum. with on And development is good crack, is that this the I

next, exist. So we're efforts to it's going our me be hard opportunities for which to we say those one focusing is but where think

Operator

to Mr. like now queue, Phillip in for questions the [Operator would Eyler closing there are Instructions]. I to call turn back the remarks. Since no

Phillip Eyler

Great. on the for significant of and that have the very our joining overcome call work to faced global strategy. deliver today. Thank proud hard and talented say you, commitment to we I'm of the headwinds Gentherm I our industry everyone, team

us I've long-term forward generation. As no customer deliver and operational improve and and extremely innovative our have innovation appreciate the we will your the remain talent Gentherm. the of the shareholder position both doubt apprised global We and these Gentherm's expertise, well look progress. interest with you and and past, significant to X cash about support I shared further keeping uniting transactions that advantages very to competitive value. focused of Dacheng on consistently execution, Alfmeier I'm complementary in base flow excited

Operator

conference today. concludes our for This

line. may disconnect You your now

Yijing Brentano	SVP, Strategy, Corporate Development & IR
Phillip Eyler	President, CEO & Director
Matteo Anversa	EVP, Finance, CFO & Treasurer
Luke Junk	Robert W. Baird & Co.
Matthew Koranda	ROTH Capital Partners

Gentherm (THRM) 3 Aug 222022 Q2 Earnings call transcript