Exhibit 2 – Adjusted Operating Income (Loss) by Segment
Reconciliation of Control Devices Adjusted Operating Income (Loss)
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Control Devices Operating Income (Loss)
$ 7.3
$ (9.7)
$ 12.5
$ 12.0
$ 22.1
$ 10.2
$ 37.1
$ 2.9
$ 4.8
$ 54.9
Add: Pre-Tax Restructuring Costs
2.2
3.0
0.5
0.6
6.4
1.4
0.3
0.6
0.1
2.3
Less: Pre-Tax Gain on Sale of Canton Facility
–
–
–
–
–
–
(30.7)
–
–
(30.7)
Less: Pre-Tax Gain from Disposal of Soot Sensor Business
–
–
–
–
–
(0.7)
–
–
(0.4)
(1.1)
Add: Pre-Tax Business Realignment Costs
0.4
1.0
0.3
0.1
1.8
0.2
–
–
–
0.2
Less: Pre-Tax Sale of Soot Sensor Product Inventory
–
–
–
–
–
(0.1)
–
–
0.1
(0.0)
Add: Pre-Tax Environmental Remediation Costs
–
–
–
–
–
0.4
–
–
–
0.4
Control Devices Adjusted Operating Income (Loss)
$ 9.9
$ (5.6)
$ 13.3
$ 12.6
$ 30.2
$ 11.3
$ 6.6
$ 3.5
$ 4.5
$ 26.0
Reconciliation of Electronics Adjusted Operating Income (Loss)
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Electronics Operating Income (Loss)
$ 2.9
$ (11.0)
$ 0.6
$ 3.9
$ (3.7)
$ (0.9)
$ (1.8)
$ (5.1)
$ (4.7)
$ (12.5)
Add: Pre-Tax Restructuring Costs
0.0
1.6
0.6
0.2
2.4
0.2
0.0
0.1
0.0
0.4
Add: Pre-Tax Business Realignment Costs
–
1.3
0.1
0.3
1.7
0.0
(0.0)
(0.0)
0.0
(0.0)
Electronics Adjusted Operating Income (Loss)
$ 2.9
$ (8.1)
$ 1.3
$ 4.3
$ 0.4
$ (0.7)
$ (1.8)
$ (5.0)
$ (4.7)
$ (12.2)
Reconciliation of Stoneridge Brazil Adjusted Operating Income (Loss)
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Stoneridge Brazil Operating Income (Loss)
$ 0.9
$ (0.9)
$ 3.4
$ 0.3
$ 3.8
$ (0.0)
$ (0.7)
$ 0.9
$ 0.9
$ 1.0
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)
(0.6)
0.4
(2.8)
(0.2)
(3.2)
0.1
1.1
0.2
0.6
2.1
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil)
–
–
–
–
–
–
–
–
(1.1)
(1.1)
Add: Pre-Tax Business Realignment Costs
0.2
–
0.0
0.1
0.2
–
0.1
–
–
0.1
Add: Pre-Tax Brazilian Indirect Tax Impairment
–
–
–
–
–
–
0.6
–
–
0.6
Stoneridge Brazil Adjusted Operating Income (Loss)
$ 0.4
$ (0.5)
$ 0.6
$ 0.3
$ 0.8
$ 0.0
$ 1.1
$ 1.1
$ 0.3
$ 2.6
Exhibit 3 – Adjusted Operating Income (Loss)
Reconciliation of Adjusted Operating Income (Loss)
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Operating Income (Loss)
$ 3.7
$ (26.8)
$ 9.8
$ 5.7
$ (7.7)
$ 2.1
$ 26.7
$ (8.9)
$ (4.4)
$ 15.4
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)
(0.6)
0.4
(2.8)
(0.2)
(3.2)
0.1
1.1
0.2
0.6
2.1
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil)
–
–
–
–
–
–
–
–
(1.1)
(1.1)
Less: Pre-Tax Gain from Disposal of MSIL Joint Venture
–
–
–
–
–
–
–
–
(1.8)
(1.8)
Add: Pre-Tax Loss in Autotech Fund Investment
0.0
0.1
(0.3)
0.2
–
–
–
–
–
–
Add: Pre-Tax Restructuring Costs
2.2
4.6
1.1
0.8
8.8
1.6
0.3
0.7
0.1
2.7
Less: Pre-Tax Gain on Sale of Canton Facility
–
–
–
–
–
–
(30.7)
–
–
(30.7)
Add: Pre-Tax Share-Based Comp Accelerated Vesting
0.1
0.0
–
–
0.1
–
–
–
–
–
Add: Pre-Tax Business Realignment Costs
0.6
2.6
0.4
0.4
4.0
0.2
0.1
1.1
0.0
1.4
Add: Pre-Tax Brazilian Indirect Tax Impairment
–
–
–
–
–
–
0.6
–
–
0.6
Less: Pre-Tax Gain from Disposal of Soot Sensor Business
–
–
–
–
–
(0.7)
–
–
(0.4)
(1.1)
Less: Pre-Tax Sale of Soot Sensor Product Inventory
–
–
–
–
–
(0.1)
–
–
0.1
(0.0)
Add: Pre-Tax Environmental Remediation Costs
–
–
–
–
–
0.4
–
–
–
0.4
Adjusted Operating Income (Loss)
$ 6.0
$ (19.1)
$ 8.2
$ 7.0
$ 2.1
$ 3.6
$ (1.9)
$ (6.9)
$ (7.0)
$ (12.2)
Exhibit 4 – Adjusted EBITDA
Reconciliation of Adjusted EBITDA
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Income (Loss) Before Tax
$ 4.7
$ (28.5)
$ 8.5
$ 4.5
$ (10.7)
$ 0.5
$ 25.6
$ (9.8)
$ (3.9)
$ 12.4
Interest expense, net
1.1
1.3
1.9
1.8
6.1
1.8
1.9
1.4
0.1
5.2
Depreciation and amortization
8.0
7.8
8.0
8.9
32.7
8.4
8.5
8.2
8.7
33.9
EBITDA
$ 13.8
$ (19.4)
$ 18.5
$ 15.2
$ 28.1
$ 10.8
$ 36.0
$ (0.2)
$ 5.0
$ 51.5
Add: Pre-Tax Change in Fair Value of Earn-Out (Stoneridge Brazil)
(0.6)
0.4
(2.8)
(0.2)
(3.2)
0.1
1.1
0.2
0.6
2.1
Less: Pre-Tax TSA and Monetary Correction (Stoneridge Brazil)
–
–
–
–
–
–
–
–
(1.1)
(1.1)
Less: Pre-Tax Gain from Disposal of MSIL Joint Venture
–
–
–
–
–
–
–
–
(1.8)
(1.8)
Add: Pre-Tax Loss in Autotech Fund Investment
0.0
0.1
(0.3)
0.2
–
–
–
–
–
–
Add: Pre-Tax Restructuring Costs
2.2
4.5
0.8
0.5
8.0
1.4
0.3
0.7
0.1
2.5
Less: Pre-Tax Gain on Sale of Canton Facility
–
–
–
–
–
–
(30.7)
–
–
(30.7)
Add: Pre-Tax Share-Based Comp Accelerated Vesting
0.1
0.0
–
–
0.1
–
–
–
–
–
Add: Pre-Tax Business Realignment Costs
0.6
2.6
0.4
0.4
4.0
0.2
0.1
1.1
0.0
1.4
Add: Pre-Tax Brazilian Indirect Tax Impairment
–
–
–
–
–
–
0.6
–
–
0.6
Less: Pre-Tax Gain from Disposal of Soot Sensor Business
–
–
–
–
–
(0.7)
–
–
(0.4)
(1.1)
Less: Pre-Tax Sale of Soot Sensor Product Inventory
–
–
–
–
–
(0.1)
–
–
0.1
(0.0)
Add: Pre-Tax Environmental Remediation Costs
–
–
–
–
–
0.4
–
–
–
0.4
Adjusted EBITDA
$ 16.1
$ (11.8)
$ 16.5
$ 16.2
$ 37.0
$ 12.1
$ 7.4
$ 1.8
$ 2.4
$ 23.7
Exhibit 5 – Adjusted Gross Profit
Reconciliation of Adjusted Gross Profit
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Gross Profit
$ 45.4
$ 13.3
$ 46.0
$ 49.6
$ 154.2
$ 46.1
$ 42.8
$ 36.0
$ 41.9
$ 166.9
Add: Pre-Tax Restructuring Costs
1.5
0.2
0.6
0.3
2.6
0.6
0.3
0.6
0.1
1.6
Less: Pre-Tax Sale of Soot Sensor Product Inventory
–
–
–
–
–
(0.1)
–
–
–
(0.1)
Add: Pre-Tax Business Realignment Costs
0.1
0.9
0.1
0.1
1.2
–
0.0
0.0
0.0
0.0
Adjusted Gross Profit
$ 46.9
$ 14.4
$ 46.7
$ 50.0
$ 158.0
$ 46.7
$ 43.1
$ 36.6
$ 42.0
$ 168.4
Exhibit 6 – Adjusted Sales
Reconciliation of Adjusted Sales
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Sales
$ 183.0
$ 99.5
$ 175.8
$ 189.7
$ 648.0
$ 193.8
$ 191.3
$ 181.7
$ 203.7
$ 770.5
Less: Pre-Tax Sale of Soot Sensor Product Inventory
–
–
–
–
–
(1.0)
–
–
(1.3)
(2.3)
Less: Pre-Tax Sales from Spot Purchase Recovery
–
–
–
–
–
–
–
–
(17.6)
(17.6)
Adjusted Sales
$ 183.0
$ 99.5
$ 175.8
$ 189.7
$ 648.0
$ 192.8
$ 191.3
$ 181.7
$ 184.7
$ 750.5
Exhibit 7 – Control Devices Adjusted Sales
Reconciliation of Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Control Devices Adjusted Sales
$ 98.2
$ 48.6
$ 100.9
$ 100.4
$ 348.1
$ 100.6
$ 86.7
$ 88.0
$ 81.6
$ 357.0
Less: Pre-Tax Sales from Disposed Soot Sensor Business
(2.4)
(1.4)
(2.6)
(2.5)
(8.8)
(4.0)
(2.3)
(3.2)
(3.1)
(12.6)
Control Devices Adjusted Sales Excluding Disposed Soot Sensor Business
$ 95.8
$ 47.2
$ 98.3
$ 97.9
$ 339.2
$ 96.6
$ 84.4
$ 84.8
$ 78.6
$ 344.4
Exhibit 8 – Electronics Adjusted Sales
Reconciliation of Electronics Adjusted Sales
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Electronics Sales
$ 79.8
$ 47.6
$ 70.4
$ 84.1
$ 281.8
$ 88.7
$ 97.3
$ 83.9
$ 114.1
$ 384.1
Less: Pre-Tax Sales from Spot Purchase Recovery
–
–
–
–
–
–
–
–
(17.6)
(17.6)
Electronics Adjusted Sales
$ 79.8
$ 47.6
$ 70.4
$ 84.1
$ 281.8
$ 88.7
$ 97.3
$ 83.9
$ 96.5
$ 366.5
Exhibit 9 – Control Devices Adjusted Operating Income (Loss) Excluding Disposed Soot Sensor Business
Reconciliation of Control Devices Adjusted Operating Income (Loss) Excluding Disposed Soot Sensor Business
(USD in millions)
Q1 2020
Q2 2020
Q3 2020
Q4 2020
2020
Q1 2021
Q2 2021
Q3 2021
Q4 2021
2021
Control Devices Adjusted Operating Income (Loss)
$ 9.9
$ (5.6)
$ 13.3
$ 12.6
$ 30.2
$ 11.3
$ 6.6
$ 3.5
$ 4.5
$ 26.0
Less: Pre-Tax Operating Income (Loss) from Disposed Soot Sensor Business
0.0
(0.1)
(0.5)
(0.5)
(1.1)
(0.5)
(0.7)
(0.5)
(0.4)
(2.1)
Control Devices Adjusted Operating Income (Loss) Excluding Disposed Soot Sensor Business
$ 9.9
$ (5.7)
$ 12.7
$ 12.2
$ 29.1
$ 10.8
$ 6.0
$ 3.0
$ 4.1
$ 23.9