Slides
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I D E A S
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Designing and developing innovative solutions for the Aftermarket Large Total Addressable Market across each segment Positioned to succeed as new technologies and vehicle platforms evolve and emerge Global engineering, supply chain, and manufacturing excellence Strong financial profile with above industry growth and performance
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• Net Sales growth outpaced the sector growth rate over same period • Target organic growth of roughly 2x automobile aftermarket industry rate • Introduced hundreds of new products to the aftermarket every month • FY22 and FY23 SG&A impacted by interest rate changes on factoring costs • Pricing initiatives implemented to help offset inflationary costs • Margins improved in FY23/24 as inflation abated
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• Acquired Dayton Parts in August 2021 and combined with legacy Dorman heavy duty business to form the Heavy Duty segment • Challenging market in 2023/24 due to freight recession and soft trucking capacity demand following very strong 2022 post-COVID • Margins impacted by high-cost inventory due to rapid inflation and unfavorable FX in 2023 and deleverage of fixed costs on lower volume in 2024. Pricing actions and cost saving initiatives implemented helped mitigate impacts in both years. • Growth investments made in SG&A to drive future new product growth and better position business for eventual market rebound
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• SuperATV was acquired in October 2022 • Integration completed • 2023 represents first full year of operations • Approximately half of net sales are non-discretionary (including repair parts and utility accessories) • Introduction of parts for new machines and a focus on non-discretionary parts contributed to growth • Increased penetration of dealer network, particularly in west region (area of under-representation), a priority growth initiative
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2022 53rd Week 2022 Adjusted $ in thousands, except EPS Net Sales Light Duty 1,425,892$ (16,834)$ 1,409,058$ Heavy Duty 258,215 (2,365) 255,850 Specialty Vehicle 49,642 — ' 49,642 Consolidated 1,733,749$ (19,199)$ 1,714,550$ Adjusted Operating Income Light Duty 169,579$ (2,786)$ 166,793$ Heavy Duty 29,738 (473) 29,265 Specialty Vehicle 8,537 — ' 8,537 Consolidated 207,854$ (3,259)$ 204,595$ Adjusted Operating Margin Light Duty 11.9% 11.8% Heavy Duty 11.5% 11.4% Specialty Vehicle 17.2% 17.2% Consolidated 12.0% 11.9% Adjusted Diluted EPS Consolidated 4.76$ (0.08)$ 4.68$ Twelve Months Ended December 31
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12/28/19* 12/26/20* 12/25/21* 12/31/22* 12/31/23* 12/31/24* Diluted earnings per share (GAAP) 2.56$ 3.30$ 4.12$ 3.85$ 4.10$ 6.14$ Pretax acquisition-related intangible assets amortization 0.08 0.10 0.20 0.45 0.69 0.73 Pretax acquisition-related transaction and other costs 0.04 0.14 0.47 0.72 0.49 0.08 Capitalized debt issuance fee write-off — ' — ' — ' 0.00 — ' — ' Executive transition services expense — ' — ' — ' — ' 0.06 — ' Fair value adjustment to contingent consideration — ' — ' — ' — ' (0.65) — ' Pretax reduction in workforce costs — ' — ' — ' — ' — ' 0.16 Pretax gain on equity method investment — ' (0.08) — ' — ' — ' — ' Noncash impairment related to equity method investment — ' 0.06 — ' — ' — ' — ' Discrete tax adjustment for state tax matters — ' — ' — ' — ' — ' 0.26 Tax benefit for reversal of deferred tax liability for equity method investment — ' (0.03) — ' — ' — ' — ' Tax adjustment (related to above items) (0.03) (0.06) (0.14) (0.27) (0.15) (0.24) Adjusted diluted earnings per share (Non-GAAP) $ 2.65 $ 3.45 $ 4.64 $ 4.76 $ 4.54 $ 7.13 *Amounts may not add due to rounding Twelve Months Ended
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($ in thousands) 12/28/19 % of Sales* 12/26/20 % of Sales* 12/25/21 % of Sales* 12/31/22 % of Sales* 12/31/23 % of Sales* 12/31/24 % of Sales* Income from operations (GAAP) 105,828$ 10.7% 133,373$ 12.2% 171,551$ 12.8% 171,048$ 9.9% 214,760$ 11.1% 292,909$ 14.6% Pretax acquisition-related intangible assets amortization 2,502 0.3% 3,205 0.3% 6,340 0.5% 14,070 0.8% 21,817 1.1% 22,476 1.1% Pretax acquisition-related transaction and other costs 1,426 0.1% 4,527 0.4% 15,072 1.1% 22,736 1.3% 15,373 0.8% 2,621 0.1% Executive transition services expense — ' — ' — ' — ' — ' — ' — ' — ' 1,801 0.1% — ' — ' Pretax noncash impairment related to equity method investment — ' — ' 2,080 0.2% — ' — ' — ' — ' — ' — ' — ' — ' Fair value adjustment to contingent consideration — ' — ' — ' — ' — ' — ' — ' — ' (20,469) -1.1% — ' — ' Pretax reduction in workforce costs — ' — ' — ' — ' — ' — ' — ' — ' — ' — ' 4,973 0.2% Adjusted operating income (Non- GAAP) 109,756$ 11.1% 143,185$ 13.1% 192,963$ 14.3% 207,854$ 12.0% 233,282$ 12.1% 322,979$ 16.1% Net sales 991,329$ 1,092,748$ 1,345,249$ 1,733,749$ 1,929,788$ 2,009,197$ *Amounts may not add due to rounding Twelve Months Ended
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($ in thousands) 12/25/21 12/31/24 Net income (GAAP) $ 131,532 $ 190,004 Pretax acquisition-related intangible assets amortization 6,340 22,476 Pretax acquisition-related transaction and other costs 15,072 2,621 Pretax reduction in workforce costs — ' 4,973 Discrete tax adjustment for state tax matters — ' 8,088 Tax adjustment (related to above items) (4,589) (7,465) Adjusted net income (Non-GAAP) $ 148,355 $ 220,697 EBITDA addbacks: Provision for income taxes 42,823 65,626 Interest expense, net 2,162 39,727 Depreciation and accretion 28,853 34,224 Adjusted EBITDA (Non-GAAP) $ 222,193 $ 360,274 Twelve Months Ended
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