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MPAA Motorcar Parts and Associates Inc

5.93
0.00 (0.00%)
Pre Market
Last Updated: 14:26:47
Delayed by 15 minutes
Share Name Share Symbol Market Type
Motorcar Parts and Associates Inc NASDAQ:MPAA NASDAQ Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 5.93 5.95 5.97 2,024 14:26:47

Form 8-K - Current report

09/11/2023 12:59pm

Edgar (US Regulatory)



UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

Form 8-K
 
CURRENT REPORT Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 9, 2023
 
MOTORCAR PARTS OF AMERICA, INC.
(Exact name of registrant as specified in its charter)
 
New York
  001-33861
 
11-2153962
         
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No.)

2929 California Street, Torrance, CA
 
90503
graphic
 
graphic
(Address of principal executive offices)
 
(Zip Code)
 
Registrant’s telephone number, including area code: (310) 212-7910

N/A
(Former name, former address and former fiscal year, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 

Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)
 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
 
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
 
Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
MPAA
The Nasdaq Global Select Market
 


Item 2.02.
Results of Operations and Financial Condition
 
On November 9, 2023, Motorcar Parts of America, Inc. (the "Company") issued a press release announcing its earnings for the fiscal quarter ended September 30, 2023 which is being furnished as Exhibit 99.1. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.


Item 9.01.
Financial Statements and Exhibits.
 
The following exhibit is furnished with this Current Report pursuant to Item 2.02:
 
(d)
Exhibits
 
Exhibit No.
Description
   
Press Release, dated November 9, 2023
   
104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
 
graphic

SIGNATURES
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
MOTORCAR PARTS OF AMERICA, INC.
   
Date: November 9, 2023
/s/ David Lee
 
David Lee
 
Chief Financial Officer

 


Exhibit 99.1

NEWS RELEASE

CONTACT:
Gary S. Maier
Vice President, Corporate Communications & IR
(310) 972-5124


MOTORCAR PARTS OF AMERICA REPORTS RECORD RESULTS FOR FISCAL SECOND QUARTER AND SIX MONTHS

- Record Gross Profit and Strong Cash Flow Generation –

LOS ANGELES, CA – November 9, 2023 – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported record sales for its fiscal 2024 second quarter and six-month period ended September 30, 2023, with record gross profit and strong cash flow from operating activities.

Net sales for the fiscal 2024 second quarter increased 14.0 percent to a record $196.6 million from $172.5 million in the prior year.

Net loss for the fiscal 2024 second quarter improved to $2.0 million, or $0.10 per share, from a net loss of $6.5 million, or $0.34 per share, a year ago.  The company noted that the net loss for the fiscal 2024 second quarter was impacted by $8.7 million, or $0.44 per share, of non-cash items, as detailed in Exhibit 1.

Interest expense for the fiscal second quarter increased by $6.1 million, or $0.23 per share, to $15.4 million from $9.3 million a year ago, primarily due to higher market rates.

 Gross profit for the fiscal 2024 second quarter increased 55.2 percent to a record $41.1 million from $26.5 million a year earlier.  Gross margin for the fiscal 2024 second quarter was 20.9 percent compared with 15.4 percent a year earlier.  Gross margin for the fiscal 2024 second quarter was impacted by $4.7 million, or 2.4 percent, of non-cash items, and $3.2 million, or 1.6 percent, of cash items, as detailed in Exhibit 3

The company generated approximately $15 million of cash from operating activities during the quarter.  During this period, the company intentionally deferred collecting approximately $15 million of receivables offered through its customer supply chain vendor finance programs, which resulted in lowering cash flow by that amount, and interest expense savings of approximately $1 million. This enabled the company to defer interest expenses until price increases for interest rates are fully recognized.

(more)

Motorcar Parts of America, Inc.
2-2-2
Additionally, the company used its liquidity to pay down the $11.25 million balance of its term loan.  Interest rates on the term loan were approximately two percentage points higher than rates offered by the company’s customers’ supply chain vendor finance programs.

“Demand for critical non-discretionary automotive parts is strong and we remain focused on leveraging our leadership position.  As sales volume increases, particularly within certain of our emerging brake-related product categories, we expect to realize even further improvement in operational efficiencies. We remain optimistic about achieving our year-over-year financial targets and look forward to a strong second half,” said Selwyn Joffe, chairman, president, and chief executive officer.

Six-Month Results

Net sales for the fiscal 2024 six-month period increased 5.9 percent to a record $356.3 million from $336.5 million.

Net loss for the fiscal 2024 six-month period improved to $3.4 million, or $0.17 per share, from a net loss of $6.7 million, or $0.35 per share, a year ago.  The company noted that the net loss for the six months was impacted by $9.1 million, or $0.47 per share, of non-cash items, as detailed in
Exhibit 2.

Interest expense increased by $10.9 million, or $0.42 per share, for the six months to $27.1 million from $16.2 million a year ago, primarily due to higher market rates.

Gross profit for the fiscal 2024 six-month period increased 19.2 percent to a record $67.7 million from $56.8 million a year earlier.  Gross margin for the fiscal 2024 six-month period was 19.0 percent compared with 16.9 percent a year earlier.  Gross margin for the fiscal 2024 six-month period was impacted by $8.1 million, or 2.3 percent, of non-cash items, and $5.2 million, or 1.5 percent, of cash items, as detailed in Exhibit 4.

Considerations for Fiscal 2024 Second Half


Sales volume is continuing to gain momentum.

o
Ordering activity strong.

o
Industry fundamentals continue to drive product demand.

Margin improvement.

o
Enhanced by multiple rounds of price increases.

o
Improving overhead absorption as brake-related business gains further momentum.

o
Improving operational efficiencies through volume increases.

Enhanced cash flow from working capital initiatives.

Use of Non-GAAP Measure

(more)

Motorcar Parts of America, Inc.
3-3-3
This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure.

Earnings Conference Call and Webcast

Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations. The call will be open to all interested investors either through a live audio webcast at www.motorcarparts.com or live by calling (888) 440-5584 (domestic) or (646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on November 9, 2023 through 8:59 p.m. Pacific time on November 16, 2023 by calling (800) 770-2030 (domestic) or (647) 362-9199 (international) and using access code: 1545314.

About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.
 
(more)

Motorcar Parts of America, Inc.
4-4-4
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2023 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
 
# # #

(Financial tables follow)

(more)

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)

   
Three Months Ended
   
Six Months Ended
 
   
September 30,
   
September 30,
 
   
2023
   
2022
   
2023
   
2022
 
                         
                         
Net sales
 
$
196,639,000
   
$
172,543,000
   
$
356,344,000
   
$
336,528,000
 
Cost of goods sold
   
155,491,000
     
146,027,000
     
288,629,000
     
279,710,000
 
Gross profit
   
41,148,000
     
26,516,000
     
67,715,000
     
56,818,000
 
Operating expenses:
                               
General and administrative
   
14,325,000
     
14,846,000
     
26,927,000
     
28,480,000
 
Sales and marketing
   
5,688,000
     
6,066,000
     
11,107,000
     
11,608,000
 
Research and development
   
2,438,000
     
2,670,000
     
4,813,000
     
5,783,000
 
Foreign exchange impact of lease liabilities and forward contracts
   
4,760,000
     
1,082,000
     
490,000
     
1,760,000
 
Total operating expenses
   
27,211,000
     
24,664,000
     
43,337,000
     
47,631,000
 
Operating income
   
13,937,000
     
1,852,000
     
24,378,000
     
9,187,000
 
Other expenses:
                               
Interest expense, net
   
15,383,000
     
9,283,000
     
27,103,000
     
16,204,000
 
Change in fair value of compound net derivative liability
   
390,000
     
-
     
530,000
     
-
 
Loss on extinguishment of debt
   
168,000
     
-
     
168,000
     
-
 
Total other expenses
   
15,941,000
     
9,283,000
     
27,801,000
     
16,204,000
 
Loss before income tax benefit
   
(2,004,000
)
   
(7,431,000
)
   
(3,423,000
)
   
(7,017,000
)
Income tax benefit
   
(46,000
)
   
(914,000
)
   
(55,000
)
   
(325,000
)
                                 
Net loss
 
$
(1,958,000
)
 
$
(6,517,000
)
 
$
(3,368,000
)
 
$
(6,692,000
)
                                 
Basic net loss per share
 
$
(0.10
)
 
$
(0.34
)
 
$
(0.17
)
 
$
(0.35
)
                                 
Diluted net loss per share
 
$
(0.10
)
 
$
(0.34
)
 
$
(0.17
)
 
$
(0.35
)
                                 
Weighted average number of shares outstanding:
                               
                                 
Basic
   
19,599,162
     
19,272,557
     
19,554,142
     
19,197,181
 
                                 
Diluted
   
19,599,162
     
19,272,557
     
19,554,142
     
19,197,181
 


MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

   
September 30, 2023
   
March 31, 2023
 
ASSETS
 
(Unaudited)
       
Current assets:
           
Cash and cash equivalents
 
$
10,293,000
   
$
11,596,000
 
Short-term investments
   
2,036,000
     
2,011,000
 
Accounts receivable — net
   
161,120,000
     
119,868,000
 
Inventory
   
366,405,000
     
356,254,000
 
Contract assets
   
29,946,000
     
25,443,000
 
Prepaid expenses and other current assets
   
18,415,000
     
22,306,000
 
Total current assets
   
588,215,000
     
537,478,000
 
Plant and equipment — net
   
41,368,000
     
46,052,000
 
Operating lease assets
   
84,881,000
     
87,619,000
 
Long-term deferred income taxes
   
32,206,000
     
32,625,000
 
Long-term contract assets
   
313,613,000
     
318,381,000
 
Goodwill and intangible assets — net
   
4,721,000
     
5,348,000
 
Other assets
   
1,768,000
     
1,062,000
 
TOTAL ASSETS
 
$
1,066,772,000
   
$
1,028,565,000
 
LIABILITIES AND SHAREHOLDERS'  EQUITY
               
Current liabilities:
               
Accounts payable and accrued liabilities
 
$
162,879,000
   
$
141,766,000
 
Customer finished goods returns accrual
   
29,956,000
     
37,984,000
 
Contract liabilities
   
53,368,000
     
40,340,000
 
Revolving loan
   
165,000,000
     
145,200,000
 
Other current liabilities
   
5,032,000
     
4,871,000
 
Operating lease liabilities
   
8,737,000
     
8,767,000
 
Current portion of term loan
   
-
     
3,664,000
 
Total current liabilities
   
424,972,000
     
382,592,000
 
Term loan, less current portion
   
-
     
9,279,000
 
Convertible notes, related party
   
31,819,000
     
30,994,000
 
Long-term contract liabilities
   
198,086,000
     
193,606,000
 
Long-term deferred income taxes
   
73,000
     
718,000
 
Long-term operating lease liabilities
   
75,698,000
     
79,318,000
 
Other liabilities
   
10,988,000
     
11,583,000
 
Total liabilities
   
741,636,000
     
708,090,000
 
Commitments and contingencies
               
Shareholders' equity:
               
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued
   
-
     
-
 
Series A junior participating preferred stock; par value $.01 per share,
               
20,000 shares authorized; none issued
   
-
     
-
 
Common stock; par value $.01 per share, 50,000,000 shares authorized;
               
19,599,195 and 19,494,615 shares issued and outstanding at September 30, 2023 and
               
March 31, 2023, respectively
   
196,000
     
195,000
 
Additional paid-in capital
   
234,399,000
     
231,836,000
 
Retained earnings
   
85,379,000
     
88,747,000
 
Accumulated other comprehensive income (loss)
   
5,162,000
     
(303,000
)
Total shareholders' equity
   
325,136,000
     
320,475,000
 
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
 
$
1,066,772,000
   
$
1,028,565,000
 


Additional Information and Non-GAAP Financial Measures

 To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company has included the following additional information and non-GAAP financial measures for the three and six months ended September 30, 2023 and 2022. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business.
 
The company believes this information helps provide a more complete understanding of the company's results of operations and the factors and trends affecting the company's business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.

The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items.


Items Impacting Net Income for the Three Months Ended September 30, 2023 and 2022
Exhibit 1

   
Three Months Ended September 30,
 
   
2023
   
2022
 
   

$    
Per Share
   

$    
Per Share
 
GAAP net loss
 
$
(1,958,000
)
 
$
(0.10
)
 
$
(6,517,000
)
 
$
(0.34
)
                                 
Non-cash items impacting net loss
                               
Core and finished goods premium amortization
 
$
2,707,000
   
$
0.14
   
$
3,064,000
   
$
0.16
 
Revaluation - cores on customers' shelves
   
1,995,000
     
0.10
     
1,269,000
     
0.07
 
Share-based compensation expenses
   
1,533,000
     
0.08
     
1,251,000
     
0.06
 
Foreign exchange impact of lease liabilities and forward contracts
   
4,760,000
     
0.24
     
1,082,000
     
0.06
 
Change in fair value of compound net derivative liability and loss on extinguishment of debt
   
558,000
     
0.03
     
-
     
-
 
Tax effect (a)
   
(2,888,000
)
   
(0.15
)
   
(1,667,000
)
   
(0.09
)
Total non-cash items impacting net loss
 
$
8,665,000
   
$
0.44
   
$
4,999,000
   
$
0.26
 
                                 
Cash items impacting net loss
                               
Supply chain disruptions and related costs (b)
 
$
3,199,000
   
$
0.16
   
$
4,220,000
   
$
0.22
 
New product line start-up costs and transition expenses, and severance (c)
   
349,000
     
0.02
     
921,000
     
0.05
 
Tax effect (a)
   
(887,000
)
   
(0.05
)
   
(1,285,000
)
   
(0.07
)
Total cash items impacting net loss
 
$
2,661,000
   
$
0.14
   
$
3,856,000
   
$
0.20
 

(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the three-months ended September 30, 2023, consists of 3,199,000 impacting gross profit.
For the three-months ended September 30, 2022, consists of of $3,654,000 impacting gross profit and $566,000 included in operating expenses.
(c) For the three-months ended September 30, 2023, consists of $349,000 included in operating expenses.
For the three-months ended September 30, 2022, consists of $921,000 included in operating expenses.


Items Impacting Net Income for the Six Months Ended September 30, 2023 and 2022
Exhibit 2

   
Six Months Ended September 30,
 
   
2023
   
2022
 
   

$
   
Per Share
   

$    
Per Share
 
GAAP net loss
 
$
(3,368,000
)
 
$
(0.17
)
 
$
(6,692,000
)
 
$
(0.35
)
                                 
Non-cash items impacting net loss
                               
Core and finished goods premium amortization
 
$
5,364,000
   
$
0.27
   
$
6,108,000
   
$
0.32
 
Revaluation - cores on customers' shelves
   
2,773,000
     
0.14
     
1,841,000
     
0.10
 
Share-based compensation expenses
   
2,843,000
     
0.15
     
2,500,000
     
0.13
 
Foreign exchange impact of lease liabilities and forward contracts
   
490,000
     
0.03
     
1,760,000
     
0.09
 
Change in fair value of compound net derivative liability and loss on extinguishment of debt
   
698,000
     
0.04
     
-
     
-
 
Tax effect (a)
   
(3,042,000
)
   
(0.16
)
   
(3,052,000
)
   
(0.16
)
Total non-cash items impacting net loss
 
$
9,126,000
   
$
0.47
   
$
9,157,000
   
$
0.48
 
                                 
Cash items impacting net loss
                               
Supply chain disruptions and related costs (b)
 
$
5,183,000
   
$
0.27
   
$
7,314,000
   
$
0.38
 
New product line start-up costs and transition expenses, and severance (c)
   
684,000
     
0.03
     
1,539,000
     
0.08
 
Tax effect (a)
   
(1,467,000
)
   
(0.08
)
   
(2,213,000
)
   
(0.12
)
Total cash items impacting net loss
 
$
4,400,000
   
$
0.23
   
$
6,640,000
   
$
0.35
 

(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the six-months ended September 30, 2023, consists of $5,183,000 impacting gross profit.
For the six-months ended September 30, 2022, consists of $6,202,000 impacting gross profit and $1,112,000 included in operating expenses.
(c) For the six-months ended September 30, 2023, consists of $684,000 included in operating expenses.
For the six-months ended September 30, 2022, consists of $1,539,000 included in operating expenses.


Items Impacting Gross Profit for the Three Months Ended September 30, 2023 and 2022
Exhibit 3

   
Three Months Ended September 30,
 
   
2023
   
2022
 
   

$    
Gross Margin
   

$    
Gross Margin
 
GAAP gross profit
 
$
41,148,000
     
20.9
%
 
$
26,516,000
     
15.4
%
                                 
Non-cash items impacting gross profit
                               
Core and finished goods premium amortization
 
$
2,707,000
     
1.4
%
 
$
3,064,000
     
1.8
%
Revaluation - cores on customers' shelves
   
1,995,000
     
1.0
%
   
1,269,000
     
0.7
%
Total non-cash items impacting gross profit
 
$
4,702,000
     
2.4
%
 
$
4,333,000
     
2.5
%
                                 
Cash items impacting gross profit
                               
Supply chain disruptions and related costs
 
$
3,199,000
     
1.6
%
 
$
3,654,000
     
2.1
%
Total cash items impacting gross profit
 
$
3,199,000
     
1.6
%
 
$
3,654,000
     
2.1
%


Items Impacting Gross Profit for the Six Months Ended September 30, 2023 and 2022
Exhibit 4

   
Six Months Ended September 30,
 
   
2023
   
2022
 
   

$    
Gross Margin
   

$    
Gross Margin
 
GAAP gross profit
 
$
67,715,000
     
19.0
%
 
$
56,818,000
     
16.9
%
                                 
Non-cash items impacting gross profit
                               
Core and finished goods premium amortization
 
$
5,364,000
     
1.5
%
 
$
6,108,000
     
1.8
%
Revaluation - cores on customers' shelves
   
2,773,000
     
0.8
%
   
1,841,000
     
0.5
%
Total non-cash items impacting gross profit
 
$
8,137,000
     
2.3
%
 
$
7,949,000
     
2.4
%
                                 
Cash items impacting gross profit
                               
Supply chain disruptions and related costs
 
$
5,183,000
     
1.5
%
 
$
6,202,000
     
1.8
%
Total cash items impacting gross profit
 
$
5,183,000
     
1.5
%
 
$
6,202,000
     
1.8
%


Items Impacting EBITDA for the Three and Six Months Ended September 30, 2023 and 2022
Exhibit 5

   
Three Months Ended September 30,
   
Six Months Ended September 30,
 
   
2023
   
2022
   
2023
   
2022
 
GAAP net loss
 
$
(1,958,000
)
 
$
(6,517,000
)
 
$
(3,368,000
)
 
$
(6,692,000
)
Interest expense, net
   
15,383,000
     
9,283,000
     
27,103,000
     
16,204,000
 
Income tax benefit
   
(46,000
)
   
(914,000
)
   
(55,000
)
   
(325,000
)
Depreciation and amortization
   
2,933,000
     
3,090,000
     
5,966,000
     
6,214,000
 
EBITDA
 
$
16,312,000
   
$
4,942,000
   
$
29,646,000
   
$
15,401,000
 
                                 
Non-cash items impacting EBITDA
                               
Core and finished goods premium amortization
 
$
2,707,000
   
$
3,064,000
   
$
5,364,000
   
$
6,108,000
 
Revaluation - cores on customers' shelves
   
1,995,000
     
1,269,000
     
2,773,000
     
1,841,000
 
Share-based compensation expenses
   
1,533,000
     
1,251,000
     
2,843,000
     
2,500,000
 
Foreign exchange impact of lease liabilities and forward contracts
   
4,760,000
     
1,082,000
     
490,000
     
1,760,000
 
Change in fair value of compound net derivative liability and loss on extinguishment of debt
   
558,000
     
-
     
698,000
     
-
 
Total non-cash items impacting EBITDA
 
$
11,553,000
   
$
6,666,000
   
$
12,168,000
   
$
12,209,000
 
                                 
Cash items impacting EBITDA
                               
Supply chain disruptions and related costs
 
$
3,199,000
   
$
4,220,000
   
$
5,183,000
   
$
7,314,000
 
New product line start-up costs and transition expenses, and severance
   
349,000
     
921,000
     
684,000
     
1,539,000
 
Total cash items impacting EBITDA
 
$
3,548,000
   
$
5,141,000
   
$
5,867,000
   
$
8,853,000
 



v3.23.3
Document and Entity Information
Nov. 09, 2023
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Nov. 09, 2023
Entity File Number 001-33861
Entity Registrant Name MOTORCAR PARTS OF AMERICA, INC.
Entity Central Index Key 0000918251
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 11-2153962
Entity Address, Address Line One 2929 California Street
Entity Address, City or Town Torrance
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90503
City Area Code 310
Local Phone Number 212-7910
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MPAA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false

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