Financial Performance - Full Year 2024 Net Sales were $1,267 million, a decrease of 8.5% from $1,385 million in 2023[7] - Fourth Quarter 2024 Net Sales were $310 million, slightly up from $309 million in the prior year period[15] - Full Year 2024 Value-Added Sales were $691 million, down from $747.6 million in 2023[4] - Full Year 2024 Net Loss was $78 million, compared to a Net Loss of $93 million in 2023[11] - Net sales for Q4 2024 were $310.3 million, a slight increase from $308.7 million in Q4 2023, while year-to-date (YTD) sales decreased to $1,267.3 million from $1,385.3 million in the previous year[36] - Value-Added Sales for Q4 2024 were $167.9 million, down from $174.3 million in Q4 2023, with YTD Value-Added Sales at $690.4 million compared to $720.9 million in 2023[43] - Net Income for Q4 2024 was a loss of $9.6 million, compared to a loss of $2.5 million in Q4 2023, with YTD Net Income at a loss of $78.2 million compared to a loss of $92.9 million in 2023[43] EBITDA and Cash Flow - Adjusted EBITDA for Full Year 2024 was $146 million, representing a 21% margin, consistent with the prior year[12] - Fourth Quarter 2024 Adjusted EBITDA was $35 million, or 21% of Value-Added Sales, up from $23 million in the prior year[20] - Adjusted EBITDA for Q4 2024 was $34.7 million, up from $23.1 million in Q4 2023, maintaining a 21% margin on value-added sales[36] - Unlevered Free Cash Flow for 2024 was $55 million, a decrease of $25 million compared to the prior year[14] - Free Cash Flow for Q4 2024 was $18.9 million, down from $25.8 million in Q4 2023, with YTD Free Cash Flow at $(14.7) million compared to $1.9 million in 2023[44] - Unlevered Free Cash Flow for Q4 2024 was $36.0 million, a decrease from $50.1 million in Q4 2023, while YTD Unlevered Free Cash Flow decreased to $55.4 million from $80.0 million in 2023[44] Debt and Assets - As of December 31, 2024, Total Debt was $520 million, down from $638 million in 2023[23] - Long-term debt decreased to $481.4 million as of December 31, 2024, from $610.6 million a year earlier, indicating a reduction in financial leverage[38] - Total assets decreased to $740.1 million as of December 31, 2024, down from $1,030.6 million a year earlier, primarily due to a reduction in cash and cash equivalents[38] - Cash and cash equivalents at the end of Q4 2024 were $40.1 million, a significant decline from $201.6 million at the end of Q4 2023[39] - Total Debt as of December 31, 2024, was $519.8 million, down from $637.5 million as of December 31, 2023[44] - Net Debt as of December 31, 2024, was $479.7 million, an increase from $435.9 million as of December 31, 2023[44] Future Outlook - The 2025 Outlook projects Net Sales between $1.30 billion and $1.40 billion[24] - The 2025 Outlook for Adjusted EBITDA is between $160 million and $180 million[24] - The company anticipates challenges in future growth due to rising costs of raw materials, labor, and energy, as well as supply chain disruptions[35] - The company has not provided specific guidance for 2025 but acknowledges the impact of external factors such as the Ukraine conflict on its operations[35][33] Operational Metrics - The company shipped 3,321 wheels in Q4 2024, down from 3,495 wheels in Q4 2023, with YTD shipments at 13,794 wheels compared to 14,562 wheels in 2023[43] - Gross profit for Q4 2024 was $29.1 million, significantly up from $14.8 million in Q4 2023, with YTD gross profit at $110.5 million compared to $115.7 million in YTD 2023[36] - The company experienced a net cash outflow from operating activities of $18.3 million for YTD 2024, compared to an inflow of $64.4 million in YTD 2023[39] Currency Effects - The company reported a currency effect on Value-Added Sales of $0.2 million in Q4 2024, with a total adjustment for foreign exchange resulting in $167.9 million in Value-Added Sales[43]

Financial Performance - Net loss for the three months ended September 30, 2024, was $24,753 thousand, compared to a loss of $86,317 thousand for the same period in 2023, representing a 71.3% improvement[4]. - Comprehensive loss for the nine months ended September 30, 2024, was $119,050 thousand, compared to a loss of $36,864 thousand for the same period in 2023, indicating a significant decline in performance[4]. - For the three months ended September 30, 2024, the net loss was $24,753 thousand, compared to a net loss of $86,317 thousand for the same period in 2023, indicating an improvement in performance[8]. - The company reported a net loss of $68,626 thousand for the nine months ended September 30, 2024, compared to a net loss of $90,431 thousand for the same period in 2023, showing a reduction in losses[9]. - Comprehensive loss for the three months ended September 30, 2024, was $46.3 million, compared to a loss of $104.4 million for the same period in 2023[4]. - Net income for the nine months ended September 30, 2024, was a loss of $68,626 thousand, an improvement from a loss of $90,431 thousand for the same period in 2023, representing a 24% reduction in losses[7]. - Net income attributable to common shareholders for the three months ended September 30, 2024 was a loss of $24.8 million, compared to a loss of $86.3 million for the same period in 2023[60]. Assets and Liabilities - Total current assets decreased to $322,608 thousand as of September 30, 2024, down from $459,929 thousand at December 31, 2023, reflecting a 29.8% reduction[5]. - Cash and cash equivalents dropped to $24,280 thousand at the end of the period, down from $201,606 thousand at the beginning of the period, a decline of 88.9%[5]. - Long-term debt decreased to $483,255 thousand as of September 30, 2024, from $610,632 thousand at December 31, 2023, a reduction of 20.8%[5]. - The total liabilities decreased from $1,030.6 million at the end of 2023 to $801.7 million as of September 30, 2024, a reduction of approximately 22.2%[5]. - The balance of retained earnings (deficit) at September 30, 2024, was $(279,227) thousand, compared to $(166,531) thousand at September 30, 2023, indicating a deeper deficit[10]. - The accumulated other comprehensive loss increased to $(72,715) thousand as of September 30, 2024, compared to $(22,291) thousand at December 31, 2023[5]. Cash Flow and Financing Activities - Net cash used in operating activities for the nine months ended September 30, 2024, was $7,857 thousand, compared to cash provided of $20,093 thousand for the same period in 2023[7]. - Cash flows from investing activities resulted in a net cash outflow of $20,985 thousand for the nine months ended September 30, 2024, compared to $33,930 thousand for the same period in 2023[7]. - Proceeds from the issuance of long-term debt amounted to $337,317 thousand during the nine months ended September 30, 2024[7]. - The company reported a significant loss on extinguishment of debt amounting to $13,052 thousand for the nine months ended September 30, 2024[7]. - The company reported cash paid for interest during the period was $46,507 thousand, up from $43,078 thousand in the previous year[7]. - The company recognized a $0.9 million loss on extinguishment of debt related to the redemption of €250 million Senior Notes during the three and nine months ended September 30, 2024[55]. Stock and Equity - The company issued 794,613 shares of common stock during the nine months ended September 30, 2024, contributing to an increase in common stock amount to $120,093 thousand[9]. - The total stockholders' equity at September 30, 2024, was $(231,849) thousand, a decrease from $(90,076) thousand at September 30, 2023[10]. - Preferred stock dividends paid-in-kind amounted to $3.4 million and $6.8 million for the three and nine months ended September 30, 2024, increasing the stated value of preferred stock to $156.8 million[57]. - The stated value of preferred stock increased to $156.8 million as of September 30, 2024, from $150.0 million as of December 31, 2023[57]. Operational Metrics - The company’s principal business involves the design and manufacture of aluminum wheels for OEMs in North America and Europe, with a diversified global customer base[13]. - North America segment net sales for the three months ended September 30, 2024, were $206,233 million, compared to $194,873 million in the same period of 2023, while Europe segment net sales decreased to $115,524 million from $128,204 million[31]. - Total sales for the nine months ended September 30, 2024, were $957 million, a decline of 11.06% compared to $1,076.646 million in the same period of 2023[32]. - The company recognized a net sales of $321.8 million for the three months ended September 30, 2024, a slight decrease of 0.1% compared to $323.1 million for the same period in 2023[31]. - North America sales for the nine months ended September 30, 2024, were $602.944 million, a decrease of 1.22% from $614.696 million in the same period of 2023[32]. - Europe sales for the nine months ended September 30, 2024, were $354.056 million, down 23.36% from $461.950 million in the same period of 2023[32]. Accounting and Compliance - The company is currently evaluating the effects of adopting new accounting standards related to segment reporting and income tax disclosures, which may impact future financial reporting[17]. - The company’s financial statements are prepared in accordance with U.S. GAAP and include all necessary adjustments for fair presentation[14]. - The effective income tax rate for the three months ended September 30, 2024 was (3.7)%, and for the nine months it was (53.6)%, primarily due to valuation allowances and a deferred tax charge of $17.8 million[61]. Restructuring and Workforce - The company expects to record a charge between $8.5 million to $10.5 million in Q4 2024 related to a restructuring plan aimed at aligning its cost structure with forecasted industry volumes[77]. - The company initiated a program in 2023 to reduce its global workforce, incurring restructuring charges of $0.1 million and $8.0 million for the three and nine months ended September 30, 2023[76]. - The company expects to continue implementing headcount reductions through early February 2025[77]. Derivative Instruments and Risk Management - The Company has entered into interest rate swaps to mitigate interest rate risk, exchanging floating for fixed-rate interest payments[21]. - The Company hedges a portion of its forecasted foreign currency exposure up to 48 months to mitigate risks associated with foreign currency exchange rates[20]. - The total derivative financial instruments amounted to $24,166 million as of September 30, 2024, up from $22,015 million on December 31, 2023[24]. - The notional amount of derivative financial instruments decreased to $655,929 million as of September 30, 2024, from $694,306 million on December 31, 2023[25].

Financial Performance - Net Sales for Q3 2024 were $322 million, a slight decrease from $323 million in Q3 2023[4] - Value-Added Sales for Q3 2024 were $171 million, down from $176 million in the prior year[2] - Adjusted EBITDA for Q3 2024 was $41 million, representing a 24% margin, up from $39 million and 22% margin YoY[8] - The Company reported a Net Loss of $25 million for Q3 2024, an improvement from a Net Loss of $86 million in Q3 2023[7] - Gross profit for Q3 2024 increased to $28.6 million, representing a gross margin of 8.9%, compared to $25.3 million and 7.8% in Q3 2023[24] - Basic and diluted earnings per share for Q3 2024 were both $(1.24), compared to $(3.42) in Q3 2023[27] - The company reported a net loss of $24.8 million in Q3 2024, an improvement from a net loss of $86.3 million in Q3 2023[24] - Free cash flow for Q3 2024 was $(9.4) million, worsening from $(3.4) million in Q3 2023, with YTD free cash flow at $(33.6) million compared to $(23.9) million in YTD 2023[30] Debt and Capital Structure - Total Debt as of September 30, 2024, was $521 million, reduced from $630 million a year earlier[11] - The Company successfully completed debt refinancing, attracting $520 million in new capital[2] - Net debt as of September 30, 2024, was $496.7 million, a decrease from $623.1 million on September 30, 2023, while total debt decreased to $521.0 million from $629.8 million[31] - The company raised $337.3 million through the issuance of long-term debt in Q3 2024[26] - Shareholders' equity deficit increased to $(231.8) million as of September 30, 2024, compared to $(85.9) million at the end of 2023[25] Sales and Production - Full-year 2024 Net Sales outlook is adjusted to $1.25 - $1.33 billion, reflecting lower aluminum costs and production volumes[12] - Net sales for Q3 2024 were $321.8 million, a slight decrease of 0.4% compared to $323.1 million in Q3 2023[24] - Net sales for Q3 2024 were $321.8 million, a slight decrease from $323.1 million in Q3 2023, while year-to-date (YTD) sales were $957.0 million compared to $1,076.6 million in the same period last year[29] - Value-added sales for Q3 2024 were $171.0 million, down from $176.0 million in Q3 2023, with YTD value-added sales at $523.5 million compared to $578.9 million in YTD 2023[29] - Wheels shipped in YTD 2024 totaled 1,047 thousand, down from 1,106 thousand in YTD 2023[29] Expenses and Cash Flow - Unlevered Free Cash Flow for Q3 2024 was $9 million, a decrease of $3 million compared to the prior year[10] - SG&A expenses increased to $24 million in Q3 2024, up from $17 million in the prior year, primarily due to refinancing costs[5] - The company experienced a net cash outflow from operating activities of $(3.3) million in Q3 2024, compared to a cash inflow of $8.9 million in Q3 2023[26] - Capital expenditures for Q3 2024 were $(6.1) million, down from $(7.7) million in Q3 2023[26] - Capital expenditures for YTD 2024 were $21.0 million, down from $29.5 million in YTD 2023[30] Asset Management - Total assets decreased to $801.7 million as of September 30, 2024, down from $1,030.6 million at the end of 2023[25] - Current liabilities increased to $219.5 million from $198.9 million at the end of 2023[25] Foreign Exchange Impact - The impact of foreign exchange on value-added sales was $(1.0) million in Q3 2024, with a total impact of $(17.2) million for the trailing twelve months[29] Other Impacts - The company experienced a deconsolidation impact of $(2.7) million in Q3 2023, with a total impact of $(32.3) million in YTD 2023[29]

Financial Data and Key Metrics - Net sales decreased to $319 million in Q2 2024, down from $373 million in the prior year period, primarily due to the normalization of aluminum costs and the deconsolidation of SPG [15] - Value-added sales decreased to $280 million in Q2 2024, compared to $200 million in the prior year period, with $19 million of the decline attributed to SPG deconsolidation and foreign exchange impacts [15] - Adjusted EBITDA was $40 million in Q2 2024, with a margin of 22% of value-added sales, down from $52 million and a 26% margin in the prior year period [16] - Unlevered free cash flow improved to $2 million in Q2 2024, up from a negative $17 million in the prior year period, driven by lower cash used in operating activities [19] Business Line Performance - The company successfully exited its German manufacturing operations (SPG) and is ramping up production in Poland, which is expected to result in annual savings of $23 million to $25 million and reduce capital expenditures by approximately $10 million annually [14] - The company secured a record $1.7 billion wheel program with Volvo, valued at $100 million, which includes premium aerodynamic and lightweighting technologies and is expected to launch in Q4 2025 [8] - The company received an A rating in R&D from Audi, reflecting its strong portfolio and industry-leading R&D capabilities [8] Market Performance - Industry production declined by 3% in Q2 2024, with key customer production declining by 5%, while the company's value-added sales adjusted for foreign exchange and deconsolidation increased by 1% [6][11] - North American OEM production increased, but this was offset by softer production among European OEMs, though the company's operations in both regions grew ahead of their respective markets [11] Strategic Direction and Industry Competition - The company has refocused its portfolio on winning products and transformed its manufacturing footprint to a best-in-class, competitively advantaged local footprint, positioning it for sustainable growth and profitability [4] - The company has successfully pivoted pricing dialogues with OEMs from one-time price recoveries to permanent price increases, reflecting 90% of inflation in its pricing agreements [22] - The company is in advanced discussions with lenders to retire its senior unsecured notes, which will strengthen its balance sheet and position it for long-term growth [6] Management Commentary on Operating Environment and Future Outlook - The industry continues to face a complex landscape shaped by volume volatility, key customer shutdowns, higher dealer inventories, unfavorable production mix, and increased inflation in Europe [10] - The company expects long-term industry recovery supported by pent-up demand tailwinds, with the U.S. fleet age remaining at an all-time high [11] - The company updated its full-year 2024 outlook, reducing net sales and value-added sales expectations due to lower aluminum pricing and declines in industry production volumes, while maintaining margins and focusing on cash flow [7][20] Other Important Information - The company successfully executed a cost-effective facility closure in Germany and transferred production to Poland, resulting in a significant increase in unlevered free cash flow due to reduced capital employed and higher earnings [14] - The company expects to complete the transfer of wheels from Germany to Poland by Q4 2024, with the full benefit of the $23 million to $25 million annual savings expected in 2025 [27] Q&A Session Summary Question: Pricing negotiations with OEMs - The company has successfully negotiated permanent price increases with OEMs to recover inflation, with 90% of inflation now reflected in pricing agreements [22] Question: Volvo program and future opportunities - The $1.7 billion Volvo program is a sign of the company's strong competitive position and is expected to lead to further opportunities with luxury manufacturers in Europe [23][24] Question: Unit shipment data by region - The company did not provide unit shipment data by region during the call but indicated it would be available in the queue [26] Question: Margin improvement in Europe - The company expects margins in Europe to approach those of North America by the end of 2024, with the full benefit of the $23 million to $25 million annual savings expected in 2025 [27] Question: Debt refinancing - The company is in advanced discussions to retire its senior unsecured notes but has not yet disclosed details of the new capital structure [32][34] Question: Inflation indexing in pricing - Most of the negotiated price increases are permanent and not indexed, with a small element in Europe indexed to energy costs due to volatility [30] Question: Volvo program details - The Volvo program is for a midsize SUV EV and is expected to run for three to five years [31] Question: Debt refinancing timing - The company expects to provide more details on the refinancing in the coming weeks but has not specified a timeline [35]

Financial Performance - Net income for the three months ended June 30, 2024, was a loss of $11,124 thousand, compared to a loss of $67 thousand for the same period in 2023[4] - Comprehensive loss for the six months ended June 30, 2024, was $72,722 thousand, compared to a comprehensive income of $67,523 thousand for the same period in 2023[4] - For the three months ended June 30, 2024, the net loss was $11,124 thousand, compared to a net loss of $67 thousand for the same period in 2023[8][10] - For the six months ended June 30, 2024, the net loss was $43.873 million compared to a loss of $4.114 million for the same period in 2023, indicating a significant decline in performance[7] - Basic earnings (loss) per share for the three months ended June 30, 2024, was $(0.75), a decrease from $(0.35) in the prior year[45] Assets and Liabilities - Total assets decreased to $953,802 thousand as of June 30, 2024, from $1,030,571 thousand as of December 31, 2023[5] - Current liabilities increased significantly to $441,840 thousand as of June 30, 2024, compared to $198,911 thousand as of December 31, 2023[6] - Total liabilities, mezzanine equity, and shareholders' equity (deficit) amounted to $953.802 million as of June 30, 2024, down from $1.030 billion at December 31, 2023[6] - The total shareholders' equity deficit was $176.446 million at June 30, 2024, compared to a deficit of $85.940 million at December 31, 2023[6] Cash Flow - Cash and cash equivalents at the end of the period were $172,262 thousand, down from $201,606 thousand at the beginning of the period[7] - Net cash used by operating activities for the six months ended June 30, 2024, was $(4,544) thousand, compared to $11,167 thousand for the same period in 2023[7] - Cash and cash equivalents decreased from $201.6 million as of December 31, 2023, to $172.3 million as of June 30, 2024[5] Receivables and Inventories - Accounts receivable increased to $79,016 thousand as of June 30, 2024, from $56,393 thousand as of December 31, 2023[5] - Customer receivables increased to $65,267 thousand as of June 30, 2024, up from $41,879 thousand on December 31, 2023, representing a change of $23,388 thousand[15] - The company’s inventories increased slightly from $144.6 million as of December 31, 2023, to $147.4 million as of June 30, 2024[5] Debt and Financing - As of June 30, 2024, the long-term debt amounted to $371.693 million, down from $610.632 million as of December 31, 2023[33] - The company has $51.6 million available in unused commitments under the Revolving Credit Facility as of June 30, 2024[37] - The company has initiated discussions to refinance its existing debt, including €250 million of 6.00% Senior Notes due June 15, 2025[35] - Debt maturities for the next five years total $627.308 million, with $236.734 million due in 2025[41] Stock and Equity - Common stock issued for the six months ended June 30, 2024, was 794,613 shares, while for the three months ended June 30, 2024, it was 285,901 shares[9][15] - The total number of shares outstanding increased from 28,600,152 as of April 1, 2024, to 28,886,053 as of June 30, 2024[8][9] - Preferred stock dividends for the three months ended June 30, 2024, were paid-in-kind, increasing the stated value of preferred stock by $3.4 million[40] Expenses - The company reported a depreciation and amortization expense of $43,834 thousand for the six months ended June 30, 2024[7] - Stock-based compensation for the three months ended June 30, 2024, was $2,158 thousand, while for the six months ended June 30, 2024, it was $2,742 thousand[8][9] - The company recognized stock compensation expense of $2,367 thousand for the three months ended June 30, 2024, compared to $2,203 thousand for the same period in 2023[53] Sales Performance - The Company reported North America net sales of $203.2 million for the three months ended June 30, 2024, a decrease of 2.4% from $208.2 million in the same period of 2023[27] - Europe net sales for the three months ended June 30, 2024, were $115.8 million, down 29.5% from $164.4 million in the prior year[27] - Total sales for the six months ended June 30, 2024, were $635,243 million, a decline of 15.7% compared to $753,569 million in the prior year[28] Derivatives and Risk Management - The Company hedges a portion of its forecasted foreign currency exposure up to 48 months to mitigate risks associated with foreign currency exchange rates[17] - The Company has entered into interest rate swaps to reduce interest rate volatility, as its borrowings are under variable rates[18] - The company is exposed to market risks including foreign currency exchange rates, interest rates, and commodity prices, and uses derivatives to mitigate these risks[16][19] Legal and Restructuring - A restructuring charge of $1.0 million was incurred during the three months ended June 30, 2024, related to the restructuring of the European business[58] - The company recognized a provision of $1.5 million for potential losses related to ongoing legal proceedings as of August 2023[56] Accounting and Compliance - The company is evaluating the effects of adopting new accounting standards related to segment reporting and income taxes, which are effective for fiscal years beginning after December 15, 2023[14] - The company will continue to assess the potential effects of the Pillar Two global minimum tax of 15% effective January 1, 2024, on its operations[46] - The company was in compliance with all covenants under the Credit Agreements as of June 30, 2024[39]

Financial Data and Key Metrics Changes - Net sales decreased to $316 million for the quarter compared to $381 million in the prior year period, primarily due to the normalization of aluminum costs and the deconsolidation of the German facility [42] - Adjusted EBITDA for the quarter decreased to $31 million compared to $45 million in the prior year period, with an adjusted EBITDA margin of 18% compared to 22% [19][42] - Unlevered free cash flow for the first quarter of 2024 was $8 million, a decrease of $26 million compared to the prior year period [20] Business Line Data and Key Metrics Changes - Value-added sales decreased to $172 million for the quarter compared to $203 million in the prior year period, reflecting the deconsolidation of the German operations and lower unit sales [42] - The transfer of wheel production from Germany to Poland is expected to yield an annualized EBITDA uplift of approximately $23 million to $25 million [36] Market Data and Key Metrics Changes - Industry production declined by 2% in the company's markets, while production at top customers declined by 8% due to launch delays and software issues [9][38] - The average age of car parks in the USA is at historical lows, which is expected to drive future growth [13] Company Strategy and Development Direction - The company successfully exited high-cost German operations and relocated production to Poland, enhancing profitability and establishing a low-cost manufacturing footprint [7][11] - The focus is on delivering value to OEM customers seeking localized supply chains, with expectations of improved earnings power and competitive positioning [33] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's position despite industry challenges, citing ongoing discussions with customers to recover costs associated with labor and energy inflation [12][22] - The company anticipates a stronger second half of 2024 as supply chain disruptions ease and new product launches occur [67] Other Important Information - The company maintained a net debt of $439 million, which is near historical lows, and is in compliance with all loan covenants [10][21] - The full-year 2024 financial outlook includes expected net sales in the range of $1.38 billion to $1.48 billion and value-added sales in the range of $720 million to $770 million [46] Q&A Session Summary Question: When will the financial results of the German facility start showing back up in the numbers? - The financial results of the German facility are permanently deconsolidated, and benefits from the transfer to Poland will start showing up in Q2 and stabilize in Q3 [25][64] Question: What is the expected cost to complete the transfer of production? - The expected cost to complete the transfer is between $20 million to $35 million, which will be reflected in cash flows but not in adjusted EBITDA [66][78] Question: What factors contributed to the production decline in Germany? - The decline was attributed to significant disruptions, particularly within the VW Group, and launch cadence issues, with Audi experiencing a 26% production drop [66] Question: What is the outlook for the second half of the year? - The company expects to see growth in the second half of the year as supply chain disruptions are resolved and new product launches are implemented [67]

Financial Performance - Net sales for Q1 2024 were $316,276, a decrease of 16.9% compared to $380,966 in Q1 2023[10] - Gross profit for Q1 2024 was $21,146, down 38.8% from $34,578 in Q1 2023[10] - Net loss for Q1 2024 increased to $32,749, compared to a net loss of $4,047 in Q1 2023, representing a significant decline[12] - Loss per share for Q1 2024 was $(1.52), compared to $(0.49) in Q1 2023, indicating a worsening financial position[10] - The company reported a comprehensive loss of $27,378 for Q1 2024, compared to a comprehensive income of $28,704 in Q1 2023[12] - Superior Industries reported a net loss of $32.7 million for the three months ended March 31, 2024, compared to a net loss of $4.0 million for the same period in 2023[17] - Consolidated net sales for the three months ended March 31, 2024, were $316.3 million, a decrease of 16.9% compared to $381.0 million in the same period of 2023[42] - Net loss for Q1 2024 was $32.7 million, or a loss of $1.52 per diluted share, compared to a loss of $4.0 million, or $0.49 per diluted share in Q1 2023[133] - Adjusted EBITDA for Q1 2024 was $30.8 million, a decrease of 32.2% from $45.5 million in Q1 2023[127] - Selling, general and administrative expenses increased to $20.8 million in Q1 2024, up $1.4 million from Q1 2023, mainly due to restructuring costs[129] Assets and Liabilities - Total current assets as of March 31, 2024, were $473,499, an increase from $459,929 at the end of 2023[14] - Total liabilities as of March 31, 2024, were $1,128,419, compared to $1,116,511 at the end of 2023, reflecting a slight increase[14] - Total assets as of March 31, 2024, were $1,005.5 million, down from $1,030.6 million as of December 31, 2023, reflecting a decrease of 2.4%[41] - Total shareholders' deficit increased to $122,907 as of March 31, 2024, from $85,940 at the end of 2023, indicating deteriorating equity[14] - The company reported long-term debt of $605.0 million as of March 31, 2024, slightly down from $610.6 million at the end of 2023[48] - The total debt liabilities as of March 31, 2024, amount to $630.2 million, with significant maturities due in 2025 totaling $238.6 million and in 2028 totaling $380.0 million[65] Cash Flow - Cash and cash equivalents decreased to $191,071 from $201,606 at the end of 2023, a decline of 5.8%[15] - Net cash provided by operating activities for Q1 2024 was $3,470, a significant drop from $38,738 in Q1 2023[15] - Net cash provided by operating activities decreased to $3.5 million for Q1 2024 from $38.7 million in Q1 2023, primarily due to a $28.7 million higher net loss[148] - Net cash used in investing activities was $6.6 million for Q1 2024, down from $15.6 million in Q1 2023, attributed to lower capital expenditures[149] Sales and Market Performance - North America net sales decreased to $10.3 million in Q1 2024 from $9.0 million in Q1 2023, while Europe sales decreased from $13.8 million to $11.6 million[42] - Net sales for North America decreased to $193,508 thousand in Q1 2024 from $211,618 thousand in Q1 2023, while Europe saw a decline from $169,348 thousand to $122,768 thousand[40] - North American net sales decreased by 8.6% to $193.5 million, while European net sales decreased by 27.5% to $122.8 million in Q1 2024[135][136] - Superior Industries reported a 6.1% year-over-year decline in unit shipments in Q1 2024, with a 17.4% decrease in Europe and a 2.5% increase in North America[117] - The company's sales to GM, Ford, VW Group, and Toyota accounted for 23%, 16%, 12%, and 10% of consolidated sales respectively for Q1 2024[112] Employment and Operations - The company employed approximately 6,800 full-time employees across seven manufacturing facilities in North America and Europe[18] - The company has a diversified global customer base, including North American, European, and Asian OEMs[18] - The company’s property, plant, and equipment, net, decreased to $386.3 million as of March 31, 2024, from $398.6 million at the end of 2023, a decline of 3.1%[44] Accounting and Compliance - The company is evaluating the impact of new accounting standards related to segment reporting and income taxes, effective for fiscal years beginning after December 15, 2023[23][25] - The effective income tax rate for the three months ended March 31, 2024, was (103.4)%, primarily due to valuation allowances and a tax charge impacting deferred tax assets related to tax restructuring of $17.8 million[77] Restructuring and Legal Matters - The Company incurred $9.1 million in restructuring costs in Q1 2024, primarily advisory fees[154] - The company recognized a provision of $1.5 million related to a potential loss from an ongoing legal dispute with its energy distributor[100] - The company is involved in various legal and environmental proceedings, but believes that all such matters are adequately provided for and would not materially adversely affect its financial position[95] Other Financial Metrics - The company reported stock-based compensation of $584,000 for the three months ended March 31, 2024[17] - Stock-based compensation expense for the three months ended March 31, 2024, was $1.7 million, up from $0.8 million in the same period of 2023[93] - The cumulative premium accretion for the redeemable preferred stock as of March 31, 2024, was $119.5 million, resulting in adjusted redeemable preferred stock balances of $255.0 million[72]

Financial Performance - Net Sales for Q1 2024 were $316.3 million, down 17% from $381.0 million in Q1 2023[3] - Value-Added Sales Adjusted for FX and Deconsolidation were $171 million, a decrease of 6% year-over-year from $182 million[5] - Adjusted EBITDA for Q1 2024 was $31 million, representing 18% of Value-Added Sales, compared to $46 million or 22% in Q1 2023[12] - The Company reported a Net Loss of $33 million, or Loss per Diluted Share of $1.52, compared to a Net Loss of $4 million or Loss per Diluted Share of $0.49 in Q1 2023[11] - Gross Profit for Q1 2024 was $21 million, down from $35 million in Q1 2023, attributed to restructuring costs and lower unit shipments[7] - The company reported a net loss of $32.7 million for Q1 2024, compared to a net loss of $4.0 million in Q1 2023, indicating a significant decline in profitability[29] - Net sales decreased to $316.3 million in Q1 2024 from $381.0 million in Q1 2023, reflecting a year-over-year decline of approximately 17.0%[31] - Value-added sales for Q1 2024 were $172.2 million, down from $202.7 million in Q1 2023, representing a decrease of about 15.0%[31] - Basic loss per share for Q1 2024 was $(1.52), compared to $(0.49) in Q1 2023, indicating a worsening of earnings per share[30] Cash Flow and Debt - Cash Flow Provided by Operating Activities was $4 million, down from $39 million in Q1 2023[13] - Cash flow provided by operating activities was $3.5 million in Q1 2024, a significant drop from $38.7 million in Q1 2023[32] - The company reported a free cash flow of $(7.5) million for Q1 2024, compared to $16.5 million in Q1 2023, highlighting a negative cash flow trend[32] - As of March 31, 2024, funded debt was $630 million, compared to $650 million a year earlier[14] - Total debt as of March 31, 2024, was $630.2 million, down from $649.8 million a year earlier, indicating a reduction in leverage[32] - The company's net debt increased to $439.1 million as of March 31, 2024, compared to $421.2 million in the same period last year, reflecting a rise in net indebtedness[32] - The company experienced a currency impact on net debt of $2.5 million, adjusting the net debt for foreign exchange fluctuations[32] Outlook - The full year 2024 Outlook projects Net Sales between $1.38 billion and $1.48 billion[15] - The Company expects to generate approximately $190 million of Adjusted EBITDA on unit sales of just over 15 million by the end of 2024[3] Expenses - SG&A expenses increased to $21 million in Q1 2024 from $19 million in the prior year, primarily due to restructuring costs[8] - The company shipped 3,623 wheels in Q1 2024, a decrease from 3,858 wheels shipped in Q1 2023, marking a decline of approximately 6.1%[31]

Part I [Business](index=5&type=section&id=Item%201.%20Business) Superior Industries manufactures aluminum wheels for OEMs in North America and Europe, with 94% of 2023 sales to key automotive customers - The company is a leading supplier of aluminum wheels, with **94% of its 2023 sales** directed to OEMs like BMW, Ford, GM, and Toyota. It operates **seven manufacturing facilities** in North America (Mexico) and Europe (Poland)[15](index=15&type=chunk)[23](index=23&type=chunk) Light-Vehicle Production (Units in thousands) | Region | 2023 | 2022 | 2021 | | :--- | :--- | :--- | :--- | | North America | 15,700 | 14,300 | 13,000 | | Western and Central Europe | 15,300 | 13,500 | 12,800 | Major Customer Sales as a Percentage of Consolidated Sales | Customer | 2023 % of Sales | 2023 Sales ($M) | 2022 % of Sales | 2022 Sales ($M) | | :--- | :--- | :--- | :--- | :--- | | GM | 21% | $288.6 | 26% | $431.3 | | Ford | 15% | $207.2 | 16% | $253.9 | | VW Group | 15% | $203.0 | 14% | $223.4 | | Toyota | 11% | $151.1 | 9% | $156.2 | - The company has set a goal to be carbon neutral by 2039 and reported a **12% reduction in its carbon footprint** and a **21% reduction in emissions per pound of aluminum shipped** versus 2020 levels[31](index=31&type=chunk) [Risk Factors](index=8&type=section&id=Item%201A.%20Risk%20Factors.) The company faces significant risks from automotive industry cyclicality, customer concentration, high leverage, and potential NYSE delisting - The automotive industry's cyclicality and volatility, driven by consumer confidence and economic conditions, directly affect the company's financial performance[39](index=39&type=chunk) - A limited number of customers (GM, Ford, VW Group, Toyota, Volvo, BMW) accounted for **76% of sales in 2023**, creating significant customer concentration risk[43](index=43&type=chunk) - The company has a highly leveraged capital structure and does not expect to generate sufficient cash to repay all its indebtedness by their maturity dates, necessitating refinancing. Key debt includes a **$396.0 million Term Loan Facility** and **€217.1 million in Senior Notes due 2025**[68](index=68&type=chunk)[69](index=69&type=chunk)[71](index=71&type=chunk) - The company is required to maintain a market capitalization of at least **$50 million** over 30 consecutive trading days to comply with NYSE listing standards, with failure potentially triggering preferred stockholder redemption rights[90](index=90&type=chunk)[91](index=91&type=chunk) [Unresolved Staff Comments](index=24&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments.) The company reports no unresolved staff comments - None[113](index=113&type=chunk) [Cybersecurity](index=24&type=section&id=Item%201C.%20Cybersecurity) The company's cybersecurity strategy focuses on cyber-resilience, utilizing the NIST framework to manage risks, with Board oversight and CIO management - The cybersecurity strategy is based on the NIST framework and focuses on resilience against threats, with a primary concern being **Business Email Compromise (BEC)**[114](index=114&type=chunk)[115](index=115&type=chunk)[116](index=116&type=chunk) - Governance is managed by the Board of Directors and the Audit Committee, with the Chief Information Officer (CIO) responsible for assessing and managing cybersecurity risk and providing regular updates[119](index=119&type=chunk)[121](index=121&type=chunk) [Properties](index=26&type=section&id=Item%202.%20Properties.) The company operates manufacturing facilities in Mexico and Poland, with headquarters in Michigan and Germany, owning manufacturing sites and leasing offices - Manufacturing facilities are located in Chihuahua, Mexico (**four facilities**) and Stalowa Wola, Poland (**three facilities**)[125](index=125&type=chunk)[126](index=126&type=chunk) - The company owns its manufacturing facilities and leases its worldwide headquarters in Michigan and European headquarters in Germany[125](index=125&type=chunk)[126](index=126&type=chunk) [Legal Proceedings](index=26&type=section&id=Item%203.%20Legal%20Proceedings.) The company faces a German anti-competitive conduct investigation and its German subsidiary, SPG, filed for insolvency proceedings in 2023 - A German subsidiary, Superior Industries Europe AG, is under investigation by the German Federal Cartel Office for suspected anti-competitive conduct, with an unpredictable outcome[130](index=130&type=chunk) - The company's wholly owned German subsidiary, Superior Industries Production Germany GmbH (SPG), filed for insolvency proceedings on August 31, 2023, which have since moved to ordinary proceedings (equivalent to Chapter 7 bankruptcy)[131](index=131&type=chunk) [Mine Safety Disclosures](index=26&type=section&id=Item%204.%20Mine%20Safety%20Disclosures.) Not applicable - Not applicable[132](index=132&type=chunk) [Information about Our Executive Officers](index=27&type=section&id=Item%204A.%20Information%20about%20Our%20Executive%20Officers.) This section provides biographical information for the company's executive officers, who are appointed annually by the Board of Directors Part II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=30&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity%2C%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities.) Superior's common stock is traded on the New York Stock Exchange (NYSE) under the symbol 'SUP', with approximately 296 holders of record as of March 1, 2024 - The company's common stock trades on the NYSE under the symbol '**SUP**'[139](index=139&type=chunk) [Reserved]](index=30&type=section&id=Item%206.%20%5BReserved%5D) This item is reserved [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=31&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations.) In 2023, net sales decreased to $1.39 billion, resulting in a $92.9 million net loss due to lower aluminum pass-throughs, unit declines, and a significant deconsolidation charge for its German subsidiary, SPG [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Net sales decreased by 15.5% to $1.385 billion in 2023, leading to a $92.9 million net loss, primarily due to lower aluminum pass-throughs, reduced unit shipments, and a $79.6 million loss from the SPG deconsolidation Fiscal Year Operating Results (in thousands, except per share) | Metric | 2023 | 2022 | | :--- | :--- | :--- | | Net sales | $1,385,283 | $1,639,902 | | Gross profit | $115,748 | $166,387 | | (Loss) income from operations | $(51,448) | $98,040 | | Net (loss) income | $(92,852) | $37,034 | | Diluted (loss) earnings per share | $(4.73) | $0.02 | | Adjusted EBITDA | $159,150 | $194,154 | | Unit shipments (thousands) | 14,562 | 15,592 | - Net sales decreased by **$254.6 million (15.5%)** primarily due to lower aluminum pass-throughs to customers (**$231.9 million**) and lower unit shipments (**$55.4 million**)[155](index=155&type=chunk) - A loss of **$79.6 million** was recognized on the deconsolidation of the German subsidiary, SPG, following its insolvency filing[161](index=161&type=chunk) - SG&A expenses increased by **$19.3 million**, mainly due to a **$14.8 million** provision for claims receivable from the SPG bankruptcy, **$10.5 million** in advisor fees for European business transformation, and **$2.8 million** in restructuring charges[160](index=160&type=chunk) [Segment Sales and (Loss) Income from Operations](index=36&type=section&id=Segment%20Sales%20and%20%28Loss%29%20Income%20from%20Operations) North America sales decreased by 15.8% with reduced operating income, while Europe recorded a $103.2 million operating loss due to the SPG deconsolidation and lower volumes Segment Performance (in thousands) | Segment | Net Sales 2023 | Net Sales 2022 | (Loss) Income from Operations 2023 | Income from Operations 2022 | | :--- | :--- | :--- | :--- | :--- | | North America | $794,386 | $943,713 | $51,791 | $71,772 | | Europe | $590,897 | $696,189 | $(103,239) | $26,268 | | **Total** | **$1,385,283** | **$1,639,902** | **$(51,448)** | **$98,040** | - The Europe segment's operating loss of **$129.5 million** year-over-year was primarily driven by the **$79.6 million** loss on deconsolidation of SPG, lower unit shipments, and advisor fees[168](index=168&type=chunk) [Financial Condition, Liquidity and Capital Resources](index=36&type=section&id=Financial%20Condition%2C%20Liquidity%20and%20Capital%20Resources) The company had $219.2 million in liquidity at year-end 2023, but faces significant refinancing risk due to debt maturities in 2025, including a $396.0 million Term Loan and $239.6 million in Senior Notes Cash Flow Summary (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $64,431 | $152,570 | | Net cash used in investing activities | $(45,607) | $(57,007) | | Net cash (used in) provided by financing activities | $(34,230) | $4,505 | - Total liquidity was **$219.2 million** at year-end 2023, consisting of **$164.1 million** in available cash and **$55.1 million** in unused revolving credit commitments[177](index=177&type=chunk) - The Term Loan Facility and Revolving Credit Facility maturities will accelerate to 91 days prior to June 15, 2025, if the Senior Notes are not refinanced, or 91 days prior to September 14, 2025, if the redeemable preferred stock is not redeemed or refinanced[174](index=174&type=chunk)[176](index=176&type=chunk) [NON-GAAP FINANCIAL MEASURES](index=40&type=section&id=NON-GAAP%20FINANCIAL%20MEASURES) Value Added Sales decreased by 3.9% on a constant currency basis to $740.3 million, and Adjusted EBITDA fell to $159.2 million in 2023, with the margin on Value Added Sales decreasing to 21.3% Reconciliation of Net Sales to Value Added Sales (in thousands) | Description | 2023 | 2022 | | :--- | :--- | :--- | | Net sales | $1,385,283 | $1,639,902 | | Less: aluminum, other costs, and OSP costs | (637,653) | (869,253) | | **Value added sales** | **$747,630** | **$770,649** | Reconciliation of Net Income to Adjusted EBITDA (in thousands) | Description | 2023 | 2022 | | :--- | :--- | :--- | | Net (loss) income | $(92,852) | $37,034 | | Adjustments (Interest, Taxes, D&A, etc.) | 252,002 | 157,120 | | **Adjusted EBITDA** | **$159,150** | **$194,154** | [Critical Accounting Estimates](index=41&type=section&id=Critical%20Accounting%20Estimates) Key accounting estimates include revenue recognition, asset impairment, retirement plans, and income taxes, with a notable 2023 release of a $24.8 million valuation allowance on U.S. deferred tax assets - Key accounting estimates include revenue recognition (variable consideration), impairment of long-lived assets, retirement plan assumptions, and income taxes[190](index=190&type=chunk) - A significant judgment in 2023 was the release of **$24.8 million** of the valuation allowance against U.S. net deferred tax assets, as sufficient positive evidence of future profitability became available[197](index=197&type=chunk)[327](index=327&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=44&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk.) As a smaller reporting company, Superior Industries is not required to provide the information for this item - The Company is not required to provide this information as it qualifies as a smaller reporting company[199](index=199&type=chunk) [Financial Statements and Supplementary Data](index=45&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data.) This section contains the company's audited consolidated financial statements for 2023 and 2022, including the auditor's report, core financial statements, and detailed notes [Report of Independent Registered Public Accounting Firm](index=46&type=section&id=Report%20of%20Independent%20Registered%20Public%20Accounting%20Firm) Deloitte & Touche LLP issued an unqualified opinion on the financial statements and internal controls, identifying the U.S. deferred tax asset valuation allowance release as a critical audit matter - The auditor issued an unqualified opinion, stating the financial statements are presented fairly and internal controls were effective[203](index=203&type=chunk)[215](index=215&type=chunk) - The critical audit matter identified was the release of the U.S. deferred tax asset valuation allowance, which required significant auditor judgment to evaluate management's assumptions about future taxable income[208](index=208&type=chunk)[209](index=209&type=chunk) [Consolidated Financial Statements](index=49&type=section&id=Consolidated%20Financial%20Statements) The consolidated financial statements show a **$92.9 million** net loss and **$25.9 million** comprehensive loss for 2023, with total assets of **$1.03 billion** and a shareholders' deficit of **$85.9 million** Key Financial Statement Balances (2023, in thousands) | Statement | Line Item | Amount | | :--- | :--- | :--- | | Income Statement | Net Loss | $(92,852) | | Balance Sheet | Total Assets | $1,030,571 | | Balance Sheet | Total Liabilities | $867,396 | | Balance Sheet | Total Shareholders' Deficit | $(85,940) | | Cash Flow | Net Cash from Operating Activities | $64,431 | [Notes to Consolidated Financial Statements](index=54&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Detailed notes cover the **$79.6 million** loss from SPG deconsolidation, terms of **€217.1 million** Senior Notes and **$396.0 million** Term Loan, **$300 million** redeemable preferred stock, and the **$24.8 million** deferred tax asset valuation allowance release - Note 22: The company deconsolidated its German subsidiary SPG on August 31, 2023, recognizing a loss of **$79.6 million**, which included a **$50.0 million** property, plant and equipment impairment charge[357](index=357&type=chunk)[358](index=358&type=chunk) - Note 10: Details the company's major debt instruments, including **€217.1 million** of 6.00% Senior Notes due June 2025 and a **$396.0 million** Term Loan Facility. The maturity of the Term Loan Facility is subject to acceleration if the Notes and preferred stock are not refinanced[294](index=294&type=chunk)[295](index=295&type=chunk)[300](index=300&type=chunk) - Note 12: The redeemable preferred stock has a redemption value of **$300 million** and can be redeemed by the holder on or after September 14, 2025, classified as mezzanine equity[316](index=316&type=chunk)[318](index=318&type=chunk) - Note 14: The company released **$24.8 million** of its valuation allowance against U.S. deferred tax assets due to improved financial results and projections[327](index=327&type=chunk) [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=89&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure.) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - None[362](index=362&type=chunk) [Controls and Procedures](index=89&type=section&id=Item%209A.%20Controls%20and%20Procedures.) Management concluded that both disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - Management concluded that both disclosure controls and procedures and internal control over financial reporting were effective as of December 31, 2023[364](index=364&type=chunk)[368](index=368&type=chunk) [Other Information](index=89&type=section&id=Item%209B.%20Other%20Information.) None - None[371](index=371&type=chunk) [Disclosure Regarding Foreign Jurisdictions That Prevent Inspections](index=89&type=section&id=Item%209C.%20Disclosure%20Regarding%20Foreign%20Jurisdictions%20That%20Prevent%20Inspections) Not applicable - Not applicable[372](index=372&type=chunk) Part III [Directors, Executive Officers and Corporate Governance](index=90&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance.) Information regarding directors, executive officers, and corporate governance is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[374](index=374&type=chunk) [Executive Compensation](index=90&type=section&id=Item%2011.%20Executive%20Compensation.) Information related to director and executive compensation is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[377](index=377&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=90&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters.) Information regarding security ownership of beneficial owners and management is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[378](index=378&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=90&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions%2C%20and%20Director%20Independence.) Information concerning related party transactions and director independence is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[379](index=379&type=chunk) [Principal Accountant Fees and Services](index=90&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services.) Information regarding fees paid to the principal accountant and services rendered is incorporated by reference from the 2024 Proxy Statement - Information is incorporated by reference from the 2024 Proxy Statement[380](index=380&type=chunk) Part IV [Exhibits, Financial Statement Schedules](index=91&type=section&id=Item%2015.%20Exhibits%2C%20Financial%20Statement%20Schedules) This section lists all documents filed as part of the Form 10-K report, including financial statements, schedules, and a comprehensive list of exhibits - This section provides an index of all financial statements, schedules, and exhibits filed with the report[382](index=382&type=chunk) Schedule II - Valuation and Qualifying Accounts (2023, in thousands) | Description | Beginning Balance | Additions (Charged to Costs) | Deductions | Ending Balance | | :--- | :--- | :--- | :--- | :--- | | Allowance for doubtful accounts receivable | $661 | $70 | $(13) | $718 | | Allowance on long term receivable | $0 | $14,779 | $0 | $14,779 | | Valuation allowances for deferred tax assets | $67,626 | $(6,880) | $(359) | $60,387 | [Form 10-K Summary](index=99&type=section&id=Item%2016.%20Form%2010-K%20Summary) None - None[396](index=396&type=chunk)

Superior Industries International, Inc. (NYSE:SUP) Q4 2023 Results Conference Call March 7, 2024 8:30 AM ET Company Participants Majdi Abulaban - President and CEO Tim Trenary - Executive Vice President and CFO Conference Call Participants Michael Ward - Freedom Capital Gary Prestopino - Barrington Research Mehmet Dere - Deutsche Bank Operator Welcome to the Superior Industries Full Year and Fourth Quarter 2023 Earnings Call. We are joined this morning by Majdi Abulaban, President and CEO; Tim Trenary, Exec ...