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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.04 | 0.64% | 6.29 | 4.20 | 7.30 | 6.33 | 6.14 | 6.20 | 28,634 | 05:00:04 |
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![]() ![]() ![]() (State or other jurisdiction of incorporation)
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(Commission File Number)
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(IRS Employer Identification No.)
|
|
|
|
(Address of principal executive offices)
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(Zip Code)
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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)
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
|
Trading Symbol(s)
|
Name of each exchange on which registered
|
Item 2.02. |
Results of Operations and Financial Condition
|
Item 9.01. |
Financial Statements and Exhibits.
|
(d)
|
Exhibits
|
Exhibit No.
|
Description
|
|
Press Release, dated June 11, 2024
|
||
104
|
Cover Page Interactive Data File (embedded within the Inline XBRL document).
|
MOTORCAR PARTS OF AMERICA, INC.
|
|
Date: June 11, 2024
|
/s/ David Lee
|
David Lee
|
|
Chief Financial Officer
|
• |
Net sales increased 5.1 percent to $717.7 million.
|
• |
Gross profit increased 16.3 percent to $132.6 million.
|
• |
Gross margin increased 1.8 percentage points to 18.5 percent.
|
• |
Operating income increased 26.5 percent to $46.1 million.
|
• |
The company generated cash from operations of approximately $39.2 million.
|
• |
Sales volume improving:
|
o |
Ordering activity has gained momentum.
|
o |
Industry fundamentals are improving and will 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.
|
• |
Strong cash flow outlook.
|
|
Three Months Ended March 31,
|
Year Ended March 31,
|
||||||||||||||
|
2024
|
2023
|
2024
|
2023
|
||||||||||||
|
(Unaudited)
|
|||||||||||||||
|
||||||||||||||||
Net sales
|
$
|
189,478,000
|
$
|
194,727,000
|
$
|
717,684,000
|
$
|
683,074,000
|
||||||||
Cost of goods sold
|
154,685,000
|
158,576,000
|
585,133,000
|
569,112,000
|
||||||||||||
Gross profit
|
34,793,000
|
36,151,000
|
132,551,000
|
113,962,000
|
||||||||||||
Operating expenses:
|
||||||||||||||||
General and administrative
|
15,644,000
|
12,677,000
|
57,769,000
|
54,756,000
|
||||||||||||
Sales and marketing
|
5,443,000
|
4,487,000
|
22,481,000
|
21,729,000
|
||||||||||||
Research and development
|
2,643,000
|
1,992,000
|
9,995,000
|
10,322,000
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(1,155,000
|
)
|
(6,738,000
|
)
|
(3,814,000
|
)
|
(9,291,000
|
)
|
||||||||
Total operating expenses
|
22,575,000
|
12,418,000
|
86,431,000
|
77,516,000
|
||||||||||||
Operating income
|
12,218,000
|
23,733,000
|
46,120,000
|
36,446,000
|
||||||||||||
Other expenses:
|
||||||||||||||||
Interest expense, net
|
14,640,000
|
11,880,000
|
60,040,000
|
39,555,000
|
||||||||||||
Change in fair value of compound net derivative liability
|
(2,710,000
|
)
|
-
|
(1,020,000
|
)
|
-
|
||||||||||
Loss on extinguishment of debt
|
-
|
-
|
168,000
|
-
|
||||||||||||
Total other expenses
|
11,930,000
|
11,880,000
|
59,188,000
|
39,555,000
|
||||||||||||
Income (loss) before income tax (benefit) expense
|
288,000
|
11,853,000
|
(13,068,000
|
)
|
(3,109,000
|
)
|
||||||||||
Income tax (benefit) expense
|
(1,050,000
|
)
|
10,394,000
|
36,176,000
|
1,098,000
|
|||||||||||
|
||||||||||||||||
Net income (loss)
|
$
|
1,338,000
|
$
|
1,459,000
|
$
|
(49,244,000
|
)
|
$
|
(4,207,000
|
)
|
||||||
|
||||||||||||||||
Basic net income (loss) per share
|
$
|
0.07
|
$
|
0.07
|
$
|
(2.51
|
)
|
$
|
(0.22
|
)
|
||||||
|
||||||||||||||||
Diluted net income (loss) per share
|
$
|
(0.03
|
)
|
$
|
0.07
|
$
|
(2.51
|
)
|
$
|
(0.22
|
)
|
|||||
Weighted average number of shares outstanding:
|
||||||||||||||||
Basic
|
19,662,380
|
19,492,962
|
19,601,204
|
19,340,246
|
||||||||||||
Diluted
|
22,085,292
|
19,603,394
|
19,601,204
|
19,340,246
|
March 31, 2024
|
March 31, 2023
|
|||||||
ASSETS
|
||||||||
Current assets:
|
||||||||
Cash and cash equivalents
|
$
|
13,974,000
|
$
|
11,596,000
|
||||
Short-term investments
|
1,837,000
|
2,011,000
|
||||||
Accounts receivable — net
|
96,296,000
|
119,868,000
|
||||||
Inventory — net
|
377,040,000
|
339,675,000
|
||||||
Inventory unreturned
|
20,288,000
|
16,579,000
|
||||||
Contract assets
|
27,139,000
|
25,443,000
|
||||||
Income tax receivable
|
5,683,000
|
2,156,000
|
||||||
Prepaid expenses and other current assets
|
18,202,000
|
20,150,000
|
||||||
Total current assets
|
560,459,000
|
537,478,000
|
||||||
Plant and equipment — net
|
38,338,000
|
46,052,000
|
||||||
Operating lease assets
|
83,973,000
|
87,619,000
|
||||||
Deferred income taxes
|
2,976,000
|
32,625,000
|
||||||
Long-term contract assets
|
320,282,000
|
318,381,000
|
||||||
Goodwill
|
3,205,000
|
3,205,000
|
||||||
Intangible assets — net
|
1,069,000
|
2,143,000
|
||||||
Other assets
|
1,700,000
|
1,062,000
|
||||||
TOTAL ASSETS
|
$
|
1,012,002,000
|
$
|
1,028,565,000
|
||||
LIABILITIES AND SHAREHOLDERS' EQUITY
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$
|
154,977,000
|
$
|
119,437,000
|
||||
Accrued liabilities
|
30,205,000
|
22,329,000
|
||||||
Customer finished goods returns accrual
|
38,312,000
|
37,984,000
|
||||||
Contract liabilities
|
37,591,000
|
40,340,000
|
||||||
Revolving loan
|
128,000,000
|
145,200,000
|
||||||
Other current liabilities
|
7,021,000
|
4,871,000
|
||||||
Operating lease liabilities
|
8,319,000
|
8,767,000
|
||||||
Current portion of term loan
|
-
|
3,664,000
|
||||||
Total current liabilities
|
404,425,000
|
382,592,000
|
||||||
Term loan, less current portion
|
-
|
9,279,000
|
||||||
Convertible notes, related party
|
30,776,000
|
30,994,000
|
||||||
Contract liabilities, less current portion
|
212,068,000
|
193,606,000
|
||||||
Deferred income taxes
|
511,000
|
718,000
|
||||||
Operating lease liabilities, less current portion
|
72,240,000
|
79,318,000
|
||||||
Other liabilities
|
6,872,000
|
11,583,000
|
||||||
Total liabilities
|
726,892,000
|
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; 19,662,380 and 19,494,615 shares issued and outstanding at March 31,
2024 and 2023, respectively
|
197,000 | 195,000 | ||||||
Additional paid-in capital
|
236,255,000
|
231,836,000
|
||||||
Retained earnings
|
39,503,000
|
88,747,000
|
||||||
Accumulated other comprehensive income (loss)
|
9,155,000
|
(303,000
|
)
|
|||||
Total shareholders' equity
|
285,110,000
|
320,475,000
|
||||||
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
|
$
|
1,012,002,000
|
$
|
1,028,565,000
|
Three Months Ended March 31,
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||
$ |
Per Share
|
$ |
Per Share
|
|||||||||||||
GAAP net income
|
$
|
1,338,000
|
$
|
(0.03
|
)
|
$
|
1,459,000
|
$
|
0.07
|
|||||||
Non-cash items impacting net income
|
||||||||||||||||
Core and finished goods premium amortization
|
$
|
2,761,000
|
$
|
0.13
|
$
|
2,608,000
|
$
|
0.13
|
||||||||
Revaluation - cores on customers' shelves
|
973,000
|
0.04
|
1,032,000
|
0.05
|
||||||||||||
Share-based compensation expenses
|
432,000
|
0.02
|
1,164,000
|
0.06
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(1,155,000
|
)
|
(0.05
|
)
|
(6,738,000
|
)
|
(0.34
|
)
|
||||||||
Change in fair value of compound net derivative liability
|
(2,710,000
|
)
|
(0.12
|
)
|
-
|
-
|
||||||||||
Tax effect (a)
|
(75,000
|
)
|
(0.00
|
)
|
484,000
|
0.02
|
||||||||||
Tax valuation allowance
|
548,000
|
0.02
|
-
|
-
|
||||||||||||
Total non-cash items impacting net income
|
$
|
774,000
|
$
|
0.04
|
$
|
(1,450,000
|
)
|
$
|
(0.07
|
)
|
||||||
Cash items impacting net income
|
||||||||||||||||
Supply chain disruptions and related costs (b)
|
$
|
734,000
|
$
|
0.03
|
$
|
2,951,000
|
$
|
0.15
|
||||||||
New product line start-up costs and transition expenses, and severance (c)
|
840,000
|
0.04
|
923,000
|
0.05
|
||||||||||||
Employee retention credit (d)
|
-
|
-
|
(5,104,000
|
)
|
(0.26
|
)
|
||||||||||
Tax effect (a)
|
(394,000
|
)
|
(0.02
|
)
|
308,000
|
0.02
|
||||||||||
Total cash items impacting net income
|
$
|
1,180,000
|
$
|
0.05
|
$
|
(922,000
|
)
|
$
|
(0.05
|
)
|
Twelve Months Ended March 31,
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||
$ |
Per Share
|
$ |
Per Share
|
|||||||||||||
GAAP net loss
|
$
|
(49,244,000
|
)
|
$
|
(2.51
|
)
|
$
|
(4,207,000
|
)
|
$
|
(0.22
|
)
|
||||
Non-cash items impacting net loss
|
||||||||||||||||
Core and finished goods premium amortization
|
$
|
10,963,000
|
$
|
0.56
|
$
|
11,791,000
|
$
|
0.61
|
||||||||
Revaluation - cores on customers' shelves
|
5,353,000
|
0.27
|
3,736,000
|
0.19
|
||||||||||||
Share-based compensation expenses
|
4,700,000
|
0.24
|
4,685,000
|
0.24
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(3,814,000
|
)
|
(0.19
|
)
|
(9,291,000
|
)
|
(0.48
|
)
|
||||||||
Change in fair value of compound net derivative liability and loss on
extinguishment of debt
|
(852,000
|
)
|
(0.04
|
)
|
-
|
-
|
||||||||||
Tax effect (a)
|
(4,088,000
|
)
|
(0.21
|
)
|
(2,730,000
|
)
|
(0.14
|
)
|
||||||||
Tax valuation allowance
|
38,009,000
|
1.94
|
-
|
-
|
||||||||||||
Total non-cash items impacting net loss
|
$
|
50,271,000
|
$
|
2.56
|
$
|
8,191,000
|
$
|
0.42
|
||||||||
Cash items impacting net loss
|
||||||||||||||||
Supply chain disruptions and related costs (b)
|
$
|
7,472,000
|
$
|
0.38
|
$
|
12,914,000
|
$
|
0.67
|
||||||||
New product line start-up costs and transition expenses, and severance (c)
|
1,820,000
|
0.09
|
3,565,000
|
0.18
|
||||||||||||
Employee retention credit (d)
|
-
|
-
|
(5,104,000
|
)
|
(0.26
|
)
|
||||||||||
Tax effect (a)
|
(2,323,000
|
)
|
(0.12
|
)
|
(2,844,000
|
)
|
(0.15
|
)
|
||||||||
Total cash items impacting net loss
|
$
|
6,969,000
|
$
|
0.36
|
$
|
8,531,000
|
$
|
0.44
|
Three Months Ended March 31,
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||
$
|
Gross
Margin
|
$ |
Gross
Margin
|
|||||||||||||
GAAP gross profit
|
$
|
34,793,000
|
18.4
|
%
|
$
|
36,151,000
|
18.6
|
%
|
||||||||
Non-cash items impacting gross profit
|
||||||||||||||||
Core and finished goods premium amortization
|
$
|
2,761,000
|
1.5
|
%
|
$
|
2,608,000
|
1.3
|
%
|
||||||||
Revaluation - cores on customers' shelves
|
973,000
|
0.5
|
%
|
1,032,000
|
0.5
|
%
|
||||||||||
Total non-cash items impacting gross profit
|
$
|
3,734,000
|
2.0
|
%
|
$
|
3,640,000
|
1.9
|
%
|
||||||||
Cash items impacting gross profit
|
||||||||||||||||
Supply chain disruptions and related costs
|
$
|
734,000
|
0.4
|
%
|
$
|
2,913,000
|
1.5
|
%
|
||||||||
Employee retention credit
|
-
|
-
|
(2,034,000
|
)
|
-1.0
|
%
|
||||||||||
Total cash items impacting gross profit
|
$
|
734,000
|
0.4
|
%
|
$
|
879,000
|
0.5
|
%
|
Twelve Months Ended March 31,
|
||||||||||||||||
2024
|
2023
|
|||||||||||||||
$ |
Gross
Margin
|
$ |
Gross
Margin
|
|||||||||||||
GAAP gross profit
|
$
|
132,551,000
|
18.5
|
%
|
$
|
113,962,000
|
16.7
|
%
|
||||||||
Non-cash items impacting gross profit
|
||||||||||||||||
Core and finished goods premium amortization
|
$
|
10,963,000
|
1.5
|
%
|
$
|
11,791,000
|
1.7
|
%
|
||||||||
Revaluation - cores on customers' shelves
|
5,353,000
|
0.7
|
%
|
3,736,000
|
0.5
|
%
|
||||||||||
Total non-cash items impacting gross profit
|
$
|
16,316,000
|
2.3
|
%
|
$
|
15,527,000
|
2.3
|
%
|
||||||||
Cash items impacting gross profit
|
||||||||||||||||
Supply chain disruptions and related costs
|
$
|
7,472,000
|
1.0
|
%
|
$
|
11,485,000
|
1.7
|
%
|
||||||||
Employee retention credit
|
-
|
-
|
(2,034,000
|
)
|
-0.3
|
%
|
||||||||||
Total cash items impacting gross profit
|
$
|
7,472,000
|
1.0
|
%
|
$
|
9,451,000
|
1.4
|
%
|
Three Months Ended March 31,
|
Twelve Months Ended March 31,
|
|||||||||||||||
2024
|
2023
|
2024
|
2023
|
|||||||||||||
GAAP net income (loss)
|
$
|
1,338,000
|
$
|
1,459,000
|
$
|
(49,244,000
|
)
|
$
|
(4,207,000
|
)
|
||||||
Interest expense, net
|
14,640,000
|
11,880,000
|
60,040,000
|
39,555,000
|
||||||||||||
Income tax expense (benefit)
|
(1,050,000
|
)
|
10,394,000
|
36,176,000
|
1,098,000
|
|||||||||||
Depreciation and amortization
|
2,775,000
|
3,122,000
|
11,619,000
|
12,444,000
|
||||||||||||
EBITDA
|
$
|
17,703,000
|
$
|
26,855,000
|
$
|
58,591,000
|
$
|
48,890,000
|
||||||||
Non-cash items impacting EBITDA
|
||||||||||||||||
Core and finished goods premium amortization
|
$
|
2,761,000
|
$
|
2,608,000
|
$
|
10,963,000
|
$
|
11,791,000
|
||||||||
Revaluation - cores on customers' shelves
|
973,000
|
1,032,000
|
5,353,000
|
3,736,000
|
||||||||||||
Share-based compensation expenses
|
432,000
|
1,164,000
|
4,700,000
|
4,685,000
|
||||||||||||
Foreign exchange impact of lease liabilities and forward contracts
|
(1,155,000
|
)
|
(6,738,000
|
)
|
(3,814,000
|
)
|
(9,291,000
|
)
|
||||||||
Change in fair value of compound net derivative liability and loss on
extinguishment of debt
|
(2,710,000
|
)
|
-
|
(852,000
|
)
|
-
|
||||||||||
Total non-cash items impacting EBITDA
|
$
|
301,000
|
$
|
(1,934,000
|
)
|
$
|
16,350,000
|
$
|
10,921,000
|
|||||||
Cash items impacting EBITDA
|
||||||||||||||||
Supply chain disruptions and related costs
|
$
|
734,000
|
$
|
2,951,000
|
$
|
7,472,000
|
$
|
12,914,000
|
||||||||
New product line start-up costs and transition expenses, and severance
|
840,000
|
923,000
|
1,820,000
|
3,565,000
|
||||||||||||
Employee retention credit
|
-
|
(5,104,000
|
)
|
-
|
(5,104,000
|
)
|
||||||||||
Total cash items impacting EBITDA
|
$
|
1,574,000
|
$
|
(1,230,000
|
)
|
$
|
9,292,000
|
$
|
11,375,000
|
Document and Entity Information |
Jun. 11, 2024 |
---|---|
Cover [Abstract] | |
Document Type | 8-K |
Amendment Flag | false |
Document Period End Date | Jun. 11, 2024 |
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 |
1 Year Motorcar Parts and Assoc... Chart |
1 Month Motorcar Parts and Assoc... Chart |
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