Group 1 - Commercial Vehicle Group (CVGI) reported a quarterly loss of $0.08 per share, better than the Zacks Consensus Estimate of a loss of $0.15, and compared to earnings of $0.13 per share a year ago, representing an earnings surprise of 46.67% [1] - The company posted revenues of $169.8 million for the quarter ended March 2025, surpassing the Zacks Consensus Estimate by 3.85%, but down from year-ago revenues of $232.07 million [2] - The stock has lost approximately 63.3% since the beginning of the year, while the S&P 500 has declined by 3.9% [3] Group 2 - The earnings outlook for Commercial Vehicle Group is mixed, with the current consensus EPS estimate for the coming quarter at -$0.05 on revenues of $168.22 million, and -$0.08 on revenues of $674.75 million for the current fiscal year [7] - The Zacks Industry Rank for Automotive - Original Equipment is currently in the bottom 26% of over 250 Zacks industries, indicating potential challenges for the stock's performance [8]

Financial Performance - Consolidated revenues decreased by 12.8% to $169.8 million for the three months ended March 31, 2025, compared to $194.6 million in the same period of 2024[110]. - Gross profit fell by 23.2% to $17.8 million, with a gross profit margin of 10.5% in Q1 2025, down from 11.9% in Q1 2024[110][112]. - Net loss from continuing operations was $3.1 million for Q1 2025, compared to net income of $1.4 million in Q1 2024, reflecting a decrease of $4.6 million[110][116]. - The Global Seating Segment reported revenues of $73.4 million, a decrease of 9.1% from $80.8 million in Q1 2024, primarily due to decreased customer demand[117]. - The Global Electrical Systems Segment experienced a revenue decline of 14.1%, with revenues of $50.5 million compared to $58.7 million in the prior year[121]. - The Trim Systems and Components Segment saw revenues drop by 16.6% to $45.9 million, attributed to decreased customer demand[126]. Expenses and Cash Flow - Selling, general and administrative expenses decreased by 12.2% to $16.4 million in Q1 2025, down from $18.7 million in Q1 2024[110][113]. - Net cash provided by operating activities was $15.2 million for Q1 2025, a significant improvement compared to net cash used of $2.4 million in Q1 2024[132]. - Net cash used in investing activities was $3.8 million, an increase from $1.9 million for the same period in 2024, primarily due to $3.2 million proceeds from the sale of the FinishTEK business in Q1 2024[133]. - Net cash used in financing activities for the three months ended March 31, 2025, was $18.1 million, compared to net cash provided of $14.2 million in the same period of 2024, mainly due to partial repayment of the revolving credit facility[134]. Capital and Future Outlook - Capital expenditures for 2025 are expected to be in the range of $10 million to $15 million[133]. - The company anticipates future growth in the wire harness, warehouse automation, and electric vehicle markets, along with plans to improve financial results and address customer needs[138]. - The company is focused on strategic plans that include organic growth and potential acquisitions to enhance market position[138]. Market and Risk Factors - The company is navigating external factors such as geopolitical dynamics and fluctuating foreign exchange rates, which may impact costs and pricing strategies[109]. - The company acknowledges that various economic and competitive factors could cause actual results to differ materially from forward-looking statements made[139]. - There have been no material changes in the company's exposure to market risk as of March 31, 2025, compared to disclosures in the 2024 Form 10-K[140]. - As of March 31, 2025, there have been no material changes to the company's critical accounting estimates from those disclosed in the 2024 Form 10-K[137].

Financial Performance - First quarter 2025 revenues were $169.8 million, a decrease of 12.7% compared to $194.6 million in the prior year[5] - Net loss from continuing operations was $3.1 million, or $(0.09) per diluted share, compared to net income of $1.4 million, or $0.05 per diluted share in the prior year[11] - Adjusted EBITDA for the first quarter was $5.8 million, down 40.2% from $9.7 million in the prior year, with an adjusted EBITDA margin of 3.4%[3] - Operating income for the first quarter was $1.4 million, down 68.9% from $4.5 million in the prior year[5] - The company reported a decrease in adjusted operating income to $2.1 million from $6.3 million in the prior year[5] - Revenues for the three months ended March 31, 2025, were $169.8 million, a decrease of 12.7% compared to $194.6 million for the same period in 2024[24] - Gross profit for the same period was $17.8 million, down 23.3% from $23.2 million year-over-year[24] - Adjusted gross profit was $18.3 million, representing 10.8% of revenues, down from 12.7% in the prior year[31] - The company reported an EBITDA of $5.1 million, which is 3.0% of revenues, down from 4.1% in the same quarter of 2024[31] Cash Flow and Outlook - Free cash flow improved to $11.2 million, an increase of $17.7 million due to better working capital management[3] - The company updated its full year 2025 outlook for net sales to a range of $660 million to $690 million, and adjusted EBITDA to a range of $22 million to $27 million[13] Market Trends and Projections - The North American Class 8 truck production levels are expected to be 255,000 units in 2025, down from 332,372 units in 2024[13] - Construction and Agriculture end markets are projected to decline approximately 5-15% in 2025, but new business wins in Electrical Systems are expected to soften this decline[14] Balance Sheet and Liabilities - Total assets decreased to $419.8 million as of March 31, 2025, from $424.6 million at the end of 2024[26] - Current liabilities increased to $138.6 million, up from $125.8 million at the end of the previous year[26] Historical Comparisons - Total revenues for the three months ended March 31, 2024, were $194,626 million, a decrease from $218,051 million in the same period of 2023, representing a decline of approximately 10.7%[35] - Gross profit for the three months ended June 30, 2024, was $20,568 million, down from $35,618 million in the same period of 2023, indicating a decrease of about 42.3%[35] - Adjusted operating income for the three months ended September 30, 2024, was a loss of $387 million, compared to an adjusted operating income of $12,489 million in the same period of 2023, reflecting a significant decline[36] - Operating income for the three months ended December 31, 2024, was a loss of $2,442 million, compared to a profit of $15,602 million in the same period of 2023, showing a substantial decrease[36] - The company incurred restructuring costs of $1,777 million for the three months ended March 31, 2024, compared to $90 million in the same period of 2023, indicating a significant increase in restructuring efforts[35] Expenses and Interest - Selling, general & administrative expenses for the three months ended June 30, 2024, were $16,680 million, up from $18,033 million in the same period of 2023, showing a slight decrease of about 7.5%[35] - Interest expense for the three months ended September 30, 2024, was $2,371 million, compared to $2,672 million in the same period of 2023, indicating a reduction of approximately 11.3%[36] - The company reported a loss before provision for income taxes of $6,395 million for the three months ended December 31, 2024, compared to a profit of $9,853 million in the same period of 2023, marking a significant downturn[36] Segment Performance - Revenues for the Global Seating segment for the three months ended March 31, 2024, were $80,797 million, down from $95,877 million in the same period of 2023, a decline of approximately 15.7%[35] - The company’s total cost of revenues for the three months ended June 30, 2024, was $173,097 million, compared to $185,182 million in the same period of 2023, reflecting a decrease of about 6.5%[35] Non-GAAP Measures - The company emphasizes the use of non-GAAP measures to provide supplemental metrics for assessing financial performance[40] - Non-GAAP financial measures are used internally for performance evaluation and may differ from similar measures used by other companies[42]

Core Viewpoint - CVG reported a challenging first quarter for 2025, with a significant decline in revenues and net loss, but improved free cash flow and operational efficiency initiatives are underway to address these challenges [1][4][5]. Financial Performance - First quarter revenues were $169.8 million, down 12.7% from $194.6 million in the prior year, primarily due to softening demand in global construction and agriculture markets, as well as decreased North American Class 8 truck demand [5][10]. - Operating income decreased to $1.4 million from $4.5 million year-over-year, with adjusted operating income at $2.1 million compared to $6.3 million [5][10]. - The net loss from continuing operations was $3.1 million, or $(0.09) per diluted share, compared to a net income of $1.4 million, or $0.05 per diluted share, in the prior year [5][10]. - Adjusted EBITDA was $5.8 million, down 40.2% from $9.7 million, with an adjusted EBITDA margin of 3.4%, down from 5.0% [5][10]. Cash Flow and Debt Management - Free cash flow improved to $11.2 million, an increase of $17.7 million, attributed to better working capital management [5][10]. - Net debt decreased by $11.7 million compared to the end of 2024, indicating progress in debt paydown [5][10]. Strategic Initiatives - The company completed a strategic reorganization into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components, aiming to enhance operational efficiency [2][4]. - Management emphasized the importance of cash generation and debt reduction as key priorities, alongside ongoing efforts to improve margins and reduce capital expenditures [4][5]. Outlook - CVG updated its full-year 2025 guidance, projecting net sales between $660 million and $690 million, down from the previous outlook of $670 million to $710 million [14]. - Adjusted EBITDA is now expected to be between $22 million and $27 million, revised from $25 million to $30 million [14]. - The company anticipates a decline of approximately 5-15% in construction and agriculture end markets for 2025, but expects new business contributions in Electrical Systems to mitigate this decline [15].

Group 1 - Commercial Vehicle Group (CVG) will hold its quarterly conference call on May 7, 2025, at 8:30 a.m. ET to discuss first quarter 2025 financial results [1] - A press release and presentation will be issued prior to the conference call [1] - The conference call will be accessible via a toll-free number for participants and will also be webcasted on CVG's website [2] Group 2 - A telephonic replay of the conference call will be available until May 21, 2025, with specific access codes for toll-free and international callers [3] - CVG focuses on delivering solutions to complex design, engineering, and manufacturing problems while positively impacting customers and communities [4] - Additional information about CVG and its products can be found on the company's website [4]

Core Points - Robert C. Griffin will retire from the Board of Directors of Commercial Vehicle Group, Inc. effective May 15, 2025, and will not stand for re-election at the 2025 annual meeting of stockholders [1][2] - Griffin has been a Director since 2005 and is currently the Chairman of the Board; his retirement is not due to any disagreements with the Company or its management [2] - William C. Johnson is expected to succeed Griffin as Chairman of the Board following his retirement [2] - Michael Nauman, Chairman of the Nominating, Governance and Sustainability Committee, expressed gratitude for Griffin's contributions and leadership during his tenure [3] - Griffin stated it has been a privilege to serve the shareholders of CVG for 20 years and expressed his best wishes for the Company's future success [3]

Financial Performance - For the year ended December 31, 2024, the company recorded revenues of $723.4 million, a decrease of 13.4% compared to $835.5 million in 2023[248]. - The gross profit for 2024 was $73.1 million, down from $121.1 million in 2023, reflecting a gross margin of 10.1%[248]. - The company reported a net loss of $27.9 million for 2024, compared to a net income of $49.4 million in 2023[248]. - Operating income for 2024 was a loss of $0.8 million, a significant decline from an operating income of $39.9 million in 2023[248]. - The company recorded a loss from continuing operations of $35.7 million in 2024, compared to a profit of $43.6 million in 2023[248]. - Comprehensive loss for 2024 totaled $40,926 thousand, contrasting with a comprehensive income of $50,677 thousand in 2023[251]. - Net income for 2024 was a loss of $27,867 thousand, compared to a profit of $49,411 thousand in 2023, indicating a significant decline in profitability[259]. - The company reported a pre-tax loss of $8,241 million for 2024, a decrease from a pre-tax income of $28,430 million in 2023[331]. - Basic earnings per share from continuing operations for 2024 was $(1.07), a decline from $1.32 in 2023[375]. - The company reported a total other comprehensive loss of $(13.059) million for the year ended December 31, 2024, compared to a total other comprehensive income of $1.266 million for 2023[378]. Assets and Liabilities - Total assets decreased from $483,214 thousand in 2023 to $424,573 thousand in 2024, reflecting a reduction of approximately 12.1%[254]. - Current assets fell from $327,742 thousand in 2023 to $303,300 thousand in 2024, a decrease of about 7.4%[254]. - Cash reserves decreased from $37,848 thousand in 2023 to $26,630 thousand in 2024, representing a decline of approximately 29.5%[254]. - Total liabilities decreased from $310,282 thousand in 2023 to $288,981 thousand in 2024, a decline of approximately 6.9%[254]. - Stockholders' equity decreased from $172,932 thousand in 2023 to $135,592 thousand in 2024, reflecting a decrease of about 21.6%[254]. - The carrying amount of long-term debt obligations was $135,500 million in 2024, with a fair value of $134,863 million, compared to a carrying amount of $141,514 million and a fair value of $139,213 million in 2023[325]. Cash Flow and Investments - Cash flows from operating activities resulted in a net cash outflow of $33,452,000 in 2024, down from an inflow of $38,276,000 in 2023[259]. - The company reported a net cash inflow from investing activities of $30,896,000 in 2024, a turnaround from a cash outflow of $19,696,000 in 2023[259]. - The company had outstanding letters of credit of $1.1 million under the Revolving Credit Facility as of December 31, 2024[303]. - The company divested its cab structures business and Industrial Automation segment, which are classified as discontinued operations, impacting the overall financial results[264]. Debt and Interest - Interest expense for 2024 was $9.2 million, slightly lower than $10.2 million in 2023[248]. - The company had total long-term debt of $127.1 million as of December 31, 2024, compared to $126.2 million in 2023[295]. - The term loan facility was reduced to $85 million and the revolving credit facility commitments were decreased to $125 million as of December 19, 2024[301]. - The company recognized a loss on extinguishment of debt of $0.5 million due to the fourth amendment of the credit agreement[302]. - Cash payments for interest for the twelve months ended December 31, 2024, were $11.7 million, a decrease from $12.8 million in 2023[312]. Foreign Currency and Inflation - The company is exposed to foreign currency risks, with significant revenues derived from operations outside the U.S., affecting the translation of financial results into U.S. Dollars[230]. - Inflation impacts the company through increased material costs and labor, with limited ability to pass these costs onto customers due to competitive market conditions[233]. - The effect of currency exchange rate changes resulted in a cash outflow of $1,540,000 in 2024, contrasting with a cash inflow of $172,000 in 2023[259]. Restructuring and Operations - The company incurred a loss of $2,454 million on foreign exchange contracts designated as hedging instruments in 2024, contrasting with a gain of $5,339 million in 2023[323]. - The company incurred $10.8 million in restructuring expenses during the year ended December 31, 2024, primarily for workforce reductions ($8.4 million) and facility exit costs ($2.4 million)[381]. - The restructuring program approved during the quarter ended December 31, 2023, included workforce reductions and footprint optimization across segments[379]. Taxation - The provision for income taxes for 2024 was $27,493 million, compared to a benefit of $(15,203) million in 2023[331]. - The company recorded a valuation allowance of $26.6 million in 2024 primarily related to U.S. deferred tax assets due to a cumulative three-year loss position[333]. - The total net deferred tax asset was $10.76 million, a decrease from $33.29 million in 2023[332]. Segment Performance - The company has three reportable segments for 2024: Vehicle Solutions, Electrical Systems, and Aftermarket & Accessories, following the divestiture of the cab structure business[392]. - Revenue from Vehicle Solutions for the twelve months ended December 31, 2024, was $404.2 million, down from $470.3 million in 2023, representing a decline of 14.1%[294]. - The Vehicle Solutions segment generated revenues of $404,164 million in 2024, a decrease of 13.9% from $469,962 million in 2023[396]. - Revenues from the Industrial Automation segment were $16,468 million in 2024, down from $38,900 million in 2023[406].

Financial Data and Key Metrics Changes - Consolidated fourth quarter 2024 revenue was $163.3 million, down from $193.7 million in the prior year, primarily due to lower sales from softening customer demand in Vehicle Solutions and Electrical Systems segments [18][22] - Adjusted EBITDA for the fourth quarter was $0.9 million, compared to $8.3 million in the prior year, with adjusted EBITDA margins decreasing to 0.6% from 4.3% [19][23] - The net loss for the quarter was $35 million, or a loss of $1.04 per diluted share, compared to a net income of $22.6 million, or $0.67 per diluted share in the prior year [20][21] - Full year consolidated revenue was $723.4 million, down from $835.5 million in the prior year, with adjusted EBITDA of $23.2 million compared to $54.6 million in the prior year [22][23] Business Line Data and Key Metrics Changes - Electrical Systems segment revenues were $40.3 million, a decrease of 28% year-over-year, with an adjusted operating loss of $1.7 million [28] - Vehicle Solutions segment revenues were $91.4 million, down 15% year-over-year, with adjusted operating income of $2.8 million [30] - Aftermarket segment revenues increased by 4% to $31.6 million, with adjusted operating income of $3.1 million, although full year revenues were down 5% [32] Market Data and Key Metrics Changes - The Class 8 heavy truck market is expected to see a 5% decline in year-over-year volumes, with a forecasted 14% decline in the first half of 2025 [35][36] - The construction equipment market is anticipated to decline by 5% to 10% due to higher interest rates and weaker housing starts [36] - Agriculture markets are also facing a 5% to 10% decline, driven by higher interest rates and lower commodity prices [37] Company Strategy and Development Direction - The company has focused on improving its cost structure and diversifying end markets, including divesting non-core businesses to enhance operational focus [7][10] - A new organizational structure was announced, creating three operating segments: Global Electrical Systems, Global Seating and Trim Systems, and Components [14][15] - The company aims to achieve $15 million to $20 million in cost savings in 2025, with expectations for margin expansion and improved operational efficiency [11][39] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 was a challenging year financially but emphasized that strategic actions taken will position the company for future growth [10][44] - The company expects to return to positive free cash flow in 2025, focusing on working capital management and inventory reduction [27][40] - Management remains optimistic about market recovery in 2026, driven by underlying secular trends and replacement needs [38][44] Other Important Information - The company eliminated approximately 1,300 positions, or roughly 17% of its headcount, in response to market conditions [8] - The company received covenant relief on its debt, providing additional flexibility for near-term financial management [73] Q&A Session Summary Question: Details on new business wins - Management noted that most new business wins were booked through Q3, with Q4 typically seeing slower sourcing cycles [49] - Confidence in 2025 is based on a larger funnel of opportunities and expected new program launches [52] Question: Performance in Class 8 and construction markets - Management indicated that performance is in line with expectations, despite some softness towards the end of the quarter [57] Question: Capturing expense savings in guidance - Management expects to capture most of the $15 million to $20 million in expense savings primarily in Q2 and beyond [62] Question: Production facility operations - The company is shifting production to new facilities while managing existing ones, with plans to grow into these facilities as market conditions improve [70] Question: Concerns about financial performance and urgency - Management acknowledged the tough environment and emphasized ongoing cost structure adjustments and a focus on generating free cash flow [110][115] Question: Gross margin and new business expectations - Management is focused on improving gross margins and expects significant improvements as operational efficiencies are realized [117][126]

Financial Data and Key Metrics Changes - Consolidated fourth quarter 2024 revenue was $163.3 million, down from $193.7 million in the prior year, primarily due to lower sales from softening customer demand in Vehicle Solutions and Electrical Systems segments [15][18] - Adjusted EBITDA for the fourth quarter was $0.9 million, compared to $8.3 million in the prior year, with adjusted EBITDA margins decreasing to 0.6% from 4.3% [15] - Net loss for the quarter was $35 million, or a loss of $1.04 per diluted share, compared to a net income of $22.6 million, or $0.67 per diluted share in the prior year [15] - Full year consolidated revenue was $723.4 million, down from $835.5 million, with adjusted EBITDA of $23.2 million compared to $54.6 million in the prior year [18] Business Line Data and Key Metrics Changes - Electrical Systems segment revenues were $40.3 million, a decrease of 28% year-over-year, with an adjusted operating loss of $1.7 million [22] - Vehicle Solutions segment revenues were $91.4 million, down 15% year-over-year, with adjusted operating income of $2.8 million, a decrease of $1.2 million compared to the prior year [23] - Aftermarket segment revenues increased by 4% to $31.6 million, with adjusted operating income of $3.1 million, a slight decrease compared to the prior year [24] Market Data and Key Metrics Changes - The Class 8 heavy truck market is expected to see a 5% decline in year-over-year volumes for 2025, with a forecasted rebound in 2026 [26] - The construction equipment market is anticipated to decline by 5% to 10% due to higher interest rates and weaker housing starts [27] - Agriculture end markets are facing a similar decline of 5% to 10% year-over-year, driven by lower commodity prices [27] Company Strategy and Development Direction - The company has focused on improving its cost structure and diversifying end markets by divesting non-core businesses, including the sale of several facilities and businesses throughout 2024 [5][6] - A new organizational structure was announced, creating three operating segments: Global Electrical Systems, Global Seating and Trim Systems, and Components, aimed at enhancing operational focus and efficiency [11][12] - The company expects to achieve $15 million to $20 million in cost savings in 2025, driven by restructuring efforts and operational improvements [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged that 2024 was a challenging year financially but emphasized that strategic actions taken will position the company for future growth as end markets recover [11] - The company anticipates improved operational performance in 2025, despite continued softness in end markets, and expects to return to positive free cash flow [29][30] - Management remains optimistic about the long-term growth potential in the electrical systems segment, particularly with the increasing electrification of vehicles [31] Other Important Information - The company eliminated approximately 1,300 positions, or roughly 17% of its headcount, as part of its restructuring efforts [6] - Free cash flow from continuing operations for the fourth quarter was $0.8 million, down from $4.3 million in the prior year [16] - The net leverage ratio at year-end stood at 4.7x trailing twelve-month adjusted EBITDA from continuing operations [18] Q&A Session Summary Question: Details on new business wins - Management noted that the majority of new business wins were booked through Q3, with Q4 typically seeing slower sourcing cycles [36][39] - Confidence in new program ramps for 2025 is based on a larger funnel of opportunities and expected new business contributions [40][41] Question: Performance in Class 8 and construction markets - Management indicated that performance is in line with market expectations, with a strong outlook for Q2 and beyond [46][47] Question: Capturing cost savings in guidance - Management expects to capture most of the anticipated $15 million to $20 million in cost savings primarily in Q2 and beyond [55] Question: Production facility operations - The company is running new facilities in tandem with existing ones, with plans to shift production as market conditions improve [58][60] Question: SG&A and urgency for financial performance - Management is focused on reducing SG&A costs and improving cash flow, with ongoing efforts to streamline operations [99][100]

Financial Performance - Full Year 2024 revenue was $723.4 million, a decrease of 13.4% compared to the previous year, primarily due to a global softening in customer demand [5]. - Fourth Quarter 2024 revenue was $163.3 million, down 15.7% from $193.7 million in the prior year period, attributed to lower sales in Vehicle Solutions and Electrical Systems segments [10]. - Net loss from continuing operations for Q4 2024 was $35.0 million, or $(1.04) per diluted share, compared to net income of $22.6 million, or $0.67 per diluted share in the prior year [10]. - Adjusted EBITDA for Q4 2024 was $0.9 million, down 89.2% from $8.3 million in Q4 2023, with an adjusted EBITDA margin of 0.6% [8]. - Adjusted EBITDA for the twelve months ended December 31, 2024, was $23,204 thousand, down from $54,632 thousand in the previous year, indicating a decrease of 57.5% [33]. - Adjusted operating income for the twelve months ended December 31, 2024, was $6,482 thousand, down from $41,673 thousand in 2023, a decrease of 84.4% [36]. - Free cash flow from continuing operations for Q4 2024 was $798 thousand, a decrease from $4,330 thousand in Q4 2023 [38]. - The company reported a diluted EPS of $(1.04) for Q4 2024, compared to $0.67 in Q4 2023 [31]. - Adjusted diluted EPS for Q4 2024 was $(0.15), a decline from $(0.01) in Q3 2024 [42]. Business Outlook - The company anticipates 2025 net sales to be between $670 million and $710 million, reflecting expected stabilization in key end markets [13]. - New business wins are projected to exceed $97 million when fully ramped, primarily in the Electrical Systems segment [7]. - Construction and Agriculture end markets are expected to decline by approximately 5-10% in 2025, but new business wins are expected to mitigate this decline [14]. Organizational Changes - The company closed the sale of its Industrial Automation business on October 30, 2024, allowing a focus on core segments [5]. - A new organizational structure will be implemented effective January 1, 2025, aimed at enhancing alignment with customers and end markets [15]. Liquidity and Assets - The company had total liquidity of $111.0 million at the end of Q4 2024, with $50.5 million in outstanding borrowings on its revolving credit facility [10]. - Total current assets decreased to $303.300 million in 2024 from $327.742 million in 2023, a decline of 7.4% [27]. - Total liabilities decreased to $288.981 million in 2024 from $310.282 million in 2023, a reduction of 6.9% [27]. - The total stockholders' equity decreased to $135.592 million in 2024 from $172.932 million in 2023, a decline of 21.5% [27]. Operational Performance - Gross profit for Q4 2024 was $13.075 million, down 46.4% from $24.377 million in Q4 2023 [25]. - Operating loss for Q4 2024 was $(5.271) million, compared to an operating income of $4.068 million in Q4 2023 [25]. - Adjusted gross profit for Q4 2024 was $13.643 million, representing 8.4% of revenues, compared to 12.8% in Q4 2023 [31]. - Adjusted operating loss for Q4 2024 was $(4.256) million, with an adjusted operating income of $5.435 million in Q4 2023 [31]. - Operating income (loss) for the Aftermarket and Accessories segment in Q4 2024 was $3,161 thousand, while the Electric Systems segment reported a loss of $(1,685) thousand [36]. - Cash flows from operating activities for total company in Q4 2024 were $(26,617) thousand, compared to $8,286 thousand in Q4 2023 [38]. - The company recorded a loss on early extinguishment of debt amounting to $509 thousand in Q4 2024 [42]. - The company reported a restructuring expense of $10,784 thousand for the twelve months ended December 31, 2024, compared to $1,800 thousand in the previous year [36]. - The company experienced a restructuring expense of $1,777 million for the three months ended March 31, 2024, impacting overall financial performance [43]. Historical Performance - Revenues for Q4 2024 were $163.292 million, a decrease of 15.7% compared to $193.721 million in Q4 2023 [25]. - Total revenues for Q4 2024 were $163,292 thousand, compared to $171,772 thousand in Q3 2024, reflecting a decline of 4.3% [41]. - Net income from continuing operations for Q4 2024 was $(34,998) million, compared to $22,571 million in Q4 2023, representing a significant decline [33]. - Net income from continuing operations for the three months ended March 31, 2024, was $1,446 million, a significant decrease compared to a net loss of $34,998 million for the three months ended December 31, 2024 [43]. - Total revenues for the three months ended March 31, 2023, were $218,051 million, with the Vehicles Solutions segment contributing $126,671 million, the Electrical Systems segment $54,749 million, and Aftermarket and Accessories $36,631 million [44]. - Gross profit for the three months ended June 30, 2023, was $35,517 million, with an adjusted gross profit of $35,823 million [44]. - Operating income for the three months ended March 31, 2023, was $12,399 million, while adjusted operating income was $12,489 million [44]. - Interest expense for the three months ended March 31, 2023, was $2,749 million, with a provision for income taxes of $2,706 million [45]. - EBITDA for the three months ended March 31, 2023, was $15,969 million, accounting for 7.3% of revenues, while adjusted EBITDA was $16,059 million, or 7.4% of revenues [45]. - The company reported a diluted EPS of $0.22 for the three months ended March 31, 2023, with an adjusted diluted EPS of $0.22 [44].