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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Horizon Global Corporation | NYSE:HZN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 1.76 | 0 | 01:00:00 |
(Mark One)
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Quarterly Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Quarterly Period Ended June 30, 2017
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or
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Transition Report Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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For the Transition Period from
to
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Delaware
(State or other jurisdiction of
incorporation or organization)
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47-3574483
(IRS Employer
Identification No.)
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Large accelerated filer
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Accelerated filer
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Non-accelerated filer
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Smaller reporting company
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Emerging growth company
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(Do not check if a
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June 30,
2017 |
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December 31,
2016 |
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(unaudited)
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Assets
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Current assets:
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Cash and cash equivalents
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$
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39,570
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$
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50,240
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Receivables, net of reserves of approximately $4.1 million and $3.8 million at June 30, 2017 and December 31, 2016, respectively
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121,600
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77,570
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Inventories
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156,620
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146,020
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Prepaid expenses and other current assets
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13,680
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12,160
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Total current assets
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331,470
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285,990
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Property and equipment, net
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104,550
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93,760
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Goodwill
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134,380
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120,190
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Other intangibles, net
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85,770
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86,720
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Deferred income taxes
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9,270
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9,370
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Other assets
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10,060
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17,340
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Total assets
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$
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675,500
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$
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613,370
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Liabilities and Shareholders' Equity
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Current liabilities:
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Current maturities, long-term debt
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$
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11,720
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$
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22,900
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Accounts payable
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121,240
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111,450
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Accrued liabilities
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63,640
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63,780
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Total current liabilities
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196,600
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198,130
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Long-term debt
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269,170
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327,040
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Deferred income taxes
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29,390
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25,730
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Other long-term liabilities
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29,510
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30,410
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Total liabilities
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524,670
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581,310
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Commitments and contingent liabilities
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—
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—
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Shareholders' equity:
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Preferred stock, $0.01 par: Authorized 100,000,000 shares;
Issued and outstanding: None |
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—
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—
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Common stock, $0.01 par: Authorized 400,000,000 shares;
Issued and outstanding: 25,011,541 shares at June 30, 2017 and 20,899,959 shares at December 31, 2016 |
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250
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210
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Paid-in capital
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157,330
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54,800
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Treasury stock, at cost: 570,365 shares at June 30, 2017 and no shares at December 31, 2016
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(8,360
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)
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—
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Accumulated deficit
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(3,910
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)
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(14,310
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)
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Accumulated other comprehensive income (loss)
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6,400
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(8,340
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)
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Total Horizon Global shareholders' equity
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151,710
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32,360
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Noncontrolling interest
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(880
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)
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(300
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)
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Total shareholders' equity
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150,830
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32,060
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Total liabilities and shareholders' equity
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$
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675,500
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$
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613,370
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Three months ended
June 30, |
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Six months ended
June 30, |
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2017
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2016
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2017
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2016
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Net sales
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$
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253,590
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$
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167,760
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$
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456,870
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$
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313,870
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Cost of sales
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(185,920
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)
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(122,050
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)
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(343,810
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)
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(230,550
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)
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Gross profit
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67,670
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45,710
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113,060
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83,320
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Selling, general and administrative expenses
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(43,360
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)
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(31,970
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)
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(89,480
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)
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(61,660
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)
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Impairments
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—
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(2,240
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)
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—
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(2,240
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)
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Net loss on dispositions of property and equipment
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(70
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)
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(380
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)
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—
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(490
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)
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Operating profit
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24,240
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11,120
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23,580
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18,930
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Other expense, net:
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Interest expense
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(5,220
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)
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(4,230
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)
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(11,110
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)
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(8,500
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)
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Loss on extinguishment of debt
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—
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—
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(4,640
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)
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—
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Other expense, net
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(700
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)
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(560
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)
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(1,250
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)
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(1,170
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)
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Other expense, net
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(5,920
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)
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(4,790
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)
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(17,000
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)
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(9,670
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)
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Income before income tax benefit
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18,320
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6,330
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6,580
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9,260
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Income tax benefit
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1,650
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1,000
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3,230
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260
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Net income
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19,970
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7,330
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9,810
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9,520
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Less: Net loss attributable to noncontrolling interest
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(290
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)
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—
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(590
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)
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—
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||||
Net income attributable to Horizon Global
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$
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20,260
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$
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7,330
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$
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10,400
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$
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9,520
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Net income per share attributable to Horizon Global:
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Basic
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$
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0.80
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$
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0.40
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$
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0.42
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$
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0.53
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Diluted
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$
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0.79
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$
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0.40
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$
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0.42
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$
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0.52
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Weighted average common shares outstanding:
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||||||||
Basic
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25,385,395
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18,162,451
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24,616,939
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18,130,081
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Diluted
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25,743,077
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18,319,068
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25,044,653
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18,260,246
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Three months ended
June 30, |
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Six months ended
June 30, |
||||||||||||
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2017
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2016
|
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2017
|
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2016
|
||||||||
Net income
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$
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19,970
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$
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7,330
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$
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9,810
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$
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9,520
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Other comprehensive income (loss), net of tax:
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||||||||
Foreign currency translation
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5,780
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(1,730
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)
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13,500
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300
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|
||||
Derivative instruments (Note 7)
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270
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|
460
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1,250
|
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400
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|
||||
Total other comprehensive income (loss)
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6,050
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(1,270
|
)
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14,750
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|
700
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|
||||
Total comprehensive income
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26,020
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|
|
6,060
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24,560
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|
10,220
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||||
Less: Comprehensive loss attributable to noncontrolling interest
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(280
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)
|
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—
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(580
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)
|
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—
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||||
Comprehensive income attributable to Horizon Global
|
|
$
|
26,300
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|
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$
|
6,060
|
|
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$
|
25,140
|
|
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$
|
10,220
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Six months ended
June 30, |
||||||
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2017
|
|
2016
|
||||
Cash Flows from Operating Activities:
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|
||||
Net income
|
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$
|
9,810
|
|
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$
|
9,520
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Adjustments to reconcile net income to net cash provided by (used for) operating activities:
|
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|
||||
Net loss on dispositions of property and equipment
|
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—
|
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|
490
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|
||
Depreciation
|
|
6,510
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|
|
4,990
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|
||
Amortization of intangible assets
|
|
4,960
|
|
|
3,640
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|
||
Impairment of intangible assets
|
|
—
|
|
|
2,240
|
|
||
Amortization of original issuance discount and debt issuance costs
|
|
3,240
|
|
|
930
|
|
||
Deferred income taxes
|
|
970
|
|
|
(370
|
)
|
||
Loss on extinguishment of debt
|
|
4,640
|
|
|
—
|
|
||
Non-cash compensation expense
|
|
1,830
|
|
|
1,830
|
|
||
Increase in receivables
|
|
(40,380
|
)
|
|
(23,870
|
)
|
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(Increase) decrease in inventories
|
|
(5,570
|
)
|
|
12,540
|
|
||
(Increase) decrease in prepaid expenses and other assets
|
|
970
|
|
|
(1,580
|
)
|
||
Decrease in accounts payable and accrued liabilities
|
|
(1,460
|
)
|
|
(2,680
|
)
|
||
Other, net
|
|
(110
|
)
|
|
(270
|
)
|
||
Net cash provided by (used for) operating activities
|
|
(14,590
|
)
|
|
7,410
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|
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Cash Flows from Investing Activities:
|
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|
|
|
||||
Capital expenditures
|
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(13,340
|
)
|
|
(6,670
|
)
|
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Net proceeds from disposition of property and equipment
|
|
940
|
|
|
240
|
|
||
Net cash used for investing activities
|
|
(12,400
|
)
|
|
(6,430
|
)
|
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Cash Flows from Financing Activities:
|
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||||
Proceeds from borrowings on credit facilities
|
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220
|
|
|
39,160
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|
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Repayments of borrowings on credit facilities
|
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(2,890
|
)
|
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(37,280
|
)
|
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Repayments of borrowings on Term B Loan, inclusive of transaction costs
|
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(185,800
|
)
|
|
(5,000
|
)
|
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Proceeds from ABL Revolving Debt
|
|
82,400
|
|
|
81,930
|
|
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Repayments of borrowings on ABL Revolving Debt
|
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(62,400
|
)
|
|
(71,930
|
)
|
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Proceeds from issuance of common stock, net of offering costs
|
|
79,920
|
|
|
—
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|
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Repurchase of common stock
|
|
(8,360
|
)
|
|
—
|
|
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Proceeds from issuance of Convertible Notes, net of issuance costs
|
|
120,950
|
|
|
—
|
|
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Proceeds from issuance of Warrants, net of issuance costs
|
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20,930
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|
|
—
|
|
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Payments on Convertible Note Hedges, inclusive of issuance costs
|
|
(29,680
|
)
|
|
—
|
|
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Other, net
|
|
(240
|
)
|
|
(260
|
)
|
||
Net cash provided by financing activities
|
|
15,050
|
|
|
6,620
|
|
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Effect of exchange rate changes on cash
|
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1,270
|
|
|
(80
|
)
|
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Cash and Cash Equivalents:
|
|
|
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|
||||
Increase (decrease) for the period
|
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(10,670
|
)
|
|
7,520
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|
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At beginning of period
|
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50,240
|
|
|
23,520
|
|
||
At end of period
|
|
$
|
39,570
|
|
|
$
|
31,040
|
|
Supplemental disclosure of cash flow information:
|
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|
||||
Cash paid for interest
|
|
$
|
7,220
|
|
|
$
|
7,510
|
|
|
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Common
Stock |
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Paid-in
Capital |
|
Treasury Stock
|
|
Accumulated Deficit
|
|
Accumulated
Other Comprehensive Income (Loss) |
|
Total Horizon Global Shareholders’ Equity
|
|
Noncontrolling Interest
|
|
Total Shareholders’ Equity
|
||||||||||||||||
Balance at December 31, 2016
|
|
$
|
210
|
|
|
$
|
54,800
|
|
|
$
|
—
|
|
|
$
|
(14,310
|
)
|
|
$
|
(8,340
|
)
|
|
$
|
32,360
|
|
|
$
|
(300
|
)
|
|
$
|
32,060
|
|
Net income (loss)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10,400
|
|
|
—
|
|
|
10,400
|
|
|
(590
|
)
|
|
9,810
|
|
||||||||
Other comprehensive income, net of tax
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14,740
|
|
|
14,740
|
|
|
10
|
|
|
14,750
|
|
||||||||
Issuance of common stock, net of issuance costs
|
|
40
|
|
|
79,880
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
79,920
|
|
|
—
|
|
|
79,920
|
|
||||||||
Repurchase of common stock
|
|
—
|
|
|
—
|
|
|
(8,360
|
)
|
|
—
|
|
|
—
|
|
|
(8,360
|
)
|
|
—
|
|
|
(8,360
|
)
|
||||||||
Shares surrendered upon vesting of employees' share based payment awards to cover tax obligations
|
|
—
|
|
|
(240
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(240
|
)
|
|
—
|
|
|
(240
|
)
|
||||||||
Non-cash compensation expense
|
|
—
|
|
|
1,830
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,830
|
|
|
—
|
|
|
1,830
|
|
||||||||
Issuance of Warrants, net of issuance costs
|
|
—
|
|
|
20,930
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
20,930
|
|
|
—
|
|
|
20,930
|
|
||||||||
Initial equity component of the 2.75% Convertible Senior Notes due 2022, net of issuance costs and tax
|
|
—
|
|
|
19,680
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
19,680
|
|
|
—
|
|
|
19,680
|
|
||||||||
Convertible Note Hedges, net of issuance costs and tax
|
|
—
|
|
|
(19,550
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(19,550
|
)
|
|
—
|
|
|
(19,550
|
)
|
||||||||
Balance at June 30, 2017
|
|
$
|
250
|
|
|
$
|
157,330
|
|
|
$
|
(8,360
|
)
|
|
$
|
(3,910
|
)
|
|
$
|
6,400
|
|
|
$
|
151,710
|
|
|
$
|
(880
|
)
|
|
$
|
150,830
|
|
|
|
Horizon Americas
|
|
Horizon
Asia-Pacific |
|
Horizon Europe-Africa
|
|
Total
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Balance at December 31, 2016
|
|
$
|
5,370
|
|
|
$
|
—
|
|
|
$
|
114,820
|
|
|
$
|
120,190
|
|
Foreign currency translation and other
|
|
(90
|
)
|
|
—
|
|
|
14,280
|
|
|
14,190
|
|
||||
Balance at June 30, 2017
|
|
$
|
5,280
|
|
|
$
|
—
|
|
|
$
|
129,100
|
|
|
$
|
134,380
|
|
|
|
June 30, 2017
|
|
December 31, 2016
|
||||||||||||
Intangible Category by Useful Life
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
|
Gross Carrying Amount
|
|
Accumulated Amortization
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Finite-lived intangible assets:
|
|
|
|
|
|
|
|
|
||||||||
Customer relationships, 5 – 12 years
|
|
$
|
68,330
|
|
|
$
|
(30,520
|
)
|
|
$
|
66,000
|
|
|
$
|
(28,440
|
)
|
Customer relationships, 15 – 25 years
|
|
105,380
|
|
|
(87,080
|
)
|
|
104,690
|
|
|
(84,120
|
)
|
||||
Total customer relationships
|
|
173,710
|
|
|
(117,600
|
)
|
|
170,690
|
|
|
(112,560
|
)
|
||||
Technology and other, 3 – 15 years
|
|
19,220
|
|
|
(15,470
|
)
|
|
18,410
|
|
|
(14,560
|
)
|
||||
Trademark/Trade names, <1 year
|
|
150
|
|
|
(150
|
)
|
|
150
|
|
|
(150
|
)
|
||||
Total finite-lived intangible assets
|
|
193,080
|
|
|
(133,220
|
)
|
|
189,250
|
|
|
(127,270
|
)
|
||||
Trademark/Trade names, indefinite-lived
|
|
25,910
|
|
|
—
|
|
|
24,740
|
|
|
—
|
|
||||
Total other intangible assets
|
|
$
|
218,990
|
|
|
$
|
(133,220
|
)
|
|
$
|
213,990
|
|
|
$
|
(127,270
|
)
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Technology and other, included in cost of sales
|
|
$
|
140
|
|
|
$
|
40
|
|
|
$
|
360
|
|
|
$
|
70
|
|
Customer relationships & Trademark/Trade names, included in selling, general and administrative expenses
|
|
2,250
|
|
|
1,810
|
|
|
4,600
|
|
|
3,570
|
|
||||
Total amortization expense
|
|
$
|
2,390
|
|
|
$
|
1,850
|
|
|
$
|
4,960
|
|
|
$
|
3,640
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(dollars in thousands)
|
||||||
Finished goods
|
|
$
|
93,840
|
|
|
$
|
89,410
|
|
Work in process
|
|
17,620
|
|
|
16,270
|
|
||
Raw materials
|
|
45,160
|
|
|
40,340
|
|
||
Total inventories
|
|
$
|
156,620
|
|
|
$
|
146,020
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(dollars in thousands)
|
||||||
Land and land improvements
|
|
$
|
440
|
|
|
$
|
520
|
|
Buildings
|
|
23,240
|
|
|
20,120
|
|
||
Machinery and equipment
|
|
151,600
|
|
|
138,470
|
|
||
|
|
175,280
|
|
|
159,110
|
|
||
Less: Accumulated depreciation
|
|
70,730
|
|
|
65,350
|
|
||
Property and equipment, net
|
|
$
|
104,550
|
|
|
$
|
93,760
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Depreciation expense, included in cost of sales
|
|
$
|
2,980
|
|
|
$
|
2,070
|
|
|
$
|
5,890
|
|
|
$
|
4,250
|
|
Depreciation expense, included in selling, general and administrative expense
|
|
300
|
|
|
340
|
|
|
620
|
|
|
740
|
|
||||
Total depreciation expense
|
|
$
|
3,280
|
|
|
$
|
2,410
|
|
|
$
|
6,510
|
|
|
$
|
4,990
|
|
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
(dollars in thousands)
|
||||||
ABL Facility
|
|
$
|
20,000
|
|
|
$
|
—
|
|
Term B Loan
|
|
153,500
|
|
|
337,000
|
|
||
Convertible Notes
|
|
125,000
|
|
|
—
|
|
||
Bank facilities, capital leases and other long-term debt
|
|
20,660
|
|
|
21,660
|
|
||
|
|
319,160
|
|
|
358,660
|
|
||
Less:
|
|
|
|
|
||||
Unamortized debt issuance costs and original issuance discount on Term B Loan
|
|
5,730
|
|
|
8,720
|
|
||
Unamortized debt issuance costs and discount on the Convertible Notes
|
|
32,540
|
|
|
—
|
|
||
Current maturities, long-term debt
|
|
11,720
|
|
|
22,900
|
|
||
Long-term debt
|
|
$
|
269,170
|
|
|
$
|
327,040
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Contractual interest coupon on convertible debt
|
|
$
|
870
|
|
|
$
|
—
|
|
|
$
|
1,430
|
|
|
$
|
—
|
|
Amortization of debt issuance costs
|
|
$
|
130
|
|
|
$
|
—
|
|
|
$
|
220
|
|
|
$
|
—
|
|
Amortization of "equity discount" related to debt
|
|
$
|
1,190
|
|
|
$
|
—
|
|
|
$
|
1,990
|
|
|
$
|
—
|
|
|
|
|
|
Asset / (Liability) Derivatives
|
||||||
|
|
Balance Sheet Caption
|
|
June 30,
2017 |
|
December 31,
2016 |
||||
|
|
|
|
(dollars in thousands)
|
||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
$
|
950
|
|
|
$
|
670
|
|
Foreign currency forward contracts
|
|
Accrued liabilities
|
|
(40
|
)
|
|
(760
|
)
|
||
Cross currency swap
|
|
Other assets
|
|
—
|
|
|
5,720
|
|
||
Cross currency swap
|
|
Other long-term liabilities
|
|
(3,330
|
)
|
|
—
|
|
||
Total derivatives designated as hedging instruments
|
|
|
|
(2,420
|
)
|
|
5,630
|
|
||
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
||||
Foreign currency forward contracts
|
|
Prepaid expenses and other current assets
|
|
210
|
|
|
—
|
|
||
Foreign currency forward contracts
|
|
Accrued liabilities
|
|
(120
|
)
|
|
(130
|
)
|
||
Total derivatives de-designated as hedging instruments
|
|
|
|
90
|
|
|
(130
|
)
|
||
Total derivatives
|
|
|
|
$
|
(2,330
|
)
|
|
$
|
5,500
|
|
|
Amount of Gain (Loss) Recognized in
AOCI on Derivatives (Effective Portion, net of tax) |
|
|
|
Amount of Loss Reclassified
from AOCI into Earnings |
||||||||||||||||||||
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
|||||||||||||||||||
|
As of
June 30, 2017 |
|
As of December 31, 2016
|
|
Location of Loss Reclassified from AOCI into Earnings (Effective Portion)
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||||||
|
(dollars in thousands)
|
|
|
|
(dollars in thousands)
|
||||||||||||||||||||
Derivatives instruments
|
|||||||||||||||||||||||||
Foreign currency forward contracts
|
$
|
920
|
|
|
$
|
(320
|
)
|
|
Cost of sales
|
|
$
|
400
|
|
|
$
|
(360
|
)
|
|
$
|
260
|
|
|
$
|
(760
|
)
|
Cross currency swap
|
$
|
(600
|
)
|
|
$
|
(610
|
)
|
|
Other expense, net
|
|
$
|
(8,270
|
)
|
|
$
|
—
|
|
|
$
|
(9,750
|
)
|
|
$
|
—
|
|
|
|
Frequency
|
|
Asset / (Liability)
|
|
Quoted Prices in Active Markets for Identical Assets
(Level 1) |
|
Significant Other Observable Inputs
(Level 2) |
|
Significant Unobservable Inputs
(Level 3) |
||||||||
|
|
|
|
(dollars in thousands)
|
||||||||||||||
June 30, 2017
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
Recurring
|
|
$
|
1,000
|
|
|
$
|
—
|
|
|
$
|
1,000
|
|
|
$
|
—
|
|
Cross currency swap
|
|
Recurring
|
|
$
|
(3,330
|
)
|
|
$
|
—
|
|
|
$
|
(3,330
|
)
|
|
$
|
—
|
|
December 31, 2016
|
|
|
|
|
|
|
|
|
|
|
||||||||
Foreign currency forward contracts
|
|
Recurring
|
|
$
|
(220
|
)
|
|
$
|
—
|
|
|
$
|
(220
|
)
|
|
$
|
—
|
|
Cross currency swap
|
|
Recurring
|
|
$
|
5,720
|
|
|
$
|
—
|
|
|
$
|
5,720
|
|
|
$
|
—
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||||
Horizon Americas
|
|
$
|
138,110
|
|
|
$
|
128,820
|
|
|
$
|
235,940
|
|
|
$
|
239,440
|
|
Horizon Europe-Africa
|
|
86,580
|
|
|
13,840
|
|
|
165,120
|
|
|
26,550
|
|
||||
Horizon Asia-Pacific
|
|
28,900
|
|
|
25,100
|
|
|
55,810
|
|
|
47,880
|
|
||||
Total
|
|
$
|
253,590
|
|
|
$
|
167,760
|
|
|
$
|
456,870
|
|
|
$
|
313,870
|
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
||||||||
Horizon Americas
|
|
$
|
22,750
|
|
|
$
|
12,700
|
|
|
$
|
27,910
|
|
|
$
|
22,720
|
|
Horizon Europe-Africa
|
|
3,610
|
|
|
80
|
|
|
3,270
|
|
|
390
|
|
||||
Horizon Asia-Pacific
|
|
4,290
|
|
|
2,850
|
|
|
7,360
|
|
|
5,080
|
|
||||
Corporate
|
|
(6,410
|
)
|
|
(4,510
|
)
|
|
(14,960
|
)
|
|
(9,260
|
)
|
||||
Total
|
|
$
|
24,240
|
|
|
$
|
11,120
|
|
|
$
|
23,580
|
|
|
$
|
18,930
|
|
|
|
Number of
Stock Options |
|
Weighted Average Exercise Price
|
|
Average Remaining Contractual Life (Years)
|
|
Aggregate Intrinsic Value
|
|||||
Outstanding at December 31, 2016
|
|
347,585
|
|
|
$
|
10.37
|
|
|
|
|
|
||
Granted
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Exercised
|
|
(3,638
|
)
|
|
10.40
|
|
|
|
|
|
|||
Canceled, forfeited
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Expired
|
|
—
|
|
|
—
|
|
|
|
|
|
|||
Outstanding at June 30, 2017
|
|
343,947
|
|
|
$
|
10.37
|
|
|
8.3
|
|
$
|
1,370,915
|
|
|
|
Number of Restricted Shares
|
|
Weighted Average Grant Date Fair Value
|
|||
Outstanding at December 31, 2016
|
|
557,563
|
|
|
$
|
11.89
|
|
Granted
|
|
145,730
|
|
|
18.35
|
|
|
Vested
|
|
(112,376
|
)
|
|
12.77
|
|
|
Canceled, forfeited
|
|
—
|
|
|
—
|
|
|
Outstanding at June 30, 2017
|
|
590,917
|
|
|
$
|
13.32
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||||||
|
|
(dollars in thousands, except for per share amounts)
|
||||||||||||||
Numerator:
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to Horizon Global
|
|
$
|
20,260
|
|
|
$
|
7,330
|
|
|
$
|
10,400
|
|
|
$
|
9,520
|
|
Denominator:
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding, basic
|
|
25,385,395
|
|
|
18,162,451
|
|
|
24,616,939
|
|
|
18,130,081
|
|
||||
Dilutive effect of stock-based awards
|
|
357,682
|
|
|
156,617
|
|
|
427,714
|
|
|
130,165
|
|
||||
Weighted average shares outstanding, diluted
|
|
25,743,077
|
|
|
18,319,068
|
|
|
25,044,653
|
|
|
18,260,246
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Basic earnings per share attributable to Horizon Global
|
|
$
|
0.80
|
|
|
$
|
0.40
|
|
|
$
|
0.42
|
|
|
$
|
0.53
|
|
Diluted earnings per share attributable to Horizon Global
|
|
$
|
0.79
|
|
|
$
|
0.40
|
|
|
$
|
0.42
|
|
|
$
|
0.52
|
|
|
|
Three months ended
June 30, |
|
Six months ended
June 30, |
||||||||
|
|
2017
|
|
2016
|
|
2017
|
|
2016
|
||||
Number of options
|
|
—
|
|
|
298,576
|
|
|
—
|
|
|
310,521
|
|
Exercise price of options
|
|
—
|
|
|
$10.08 - $11.02
|
|
|
—
|
|
|
$9.20 - $11.29
|
|
Restricted stock units
|
|
145,730
|
|
|
71,132
|
|
|
98,227
|
|
|
47,243
|
|
Convertible Notes
|
|
5,005,000
|
|
|
—
|
|
|
4,120,138
|
|
|
—
|
|
Warrants
|
|
5,005,000
|
|
|
—
|
|
|
4,120,138
|
|
|
—
|
|
|
|
Derivative Instruments
|
|
Foreign Currency Translation
|
|
Total
|
||||||
|
|
(dollars in thousands)
|
||||||||||
Balance at December 31, 2016
|
|
$
|
(930
|
)
|
|
$
|
(7,410
|
)
|
|
$
|
(8,340
|
)
|
Net unrealized gains (losses) arising during the period
(a)
|
|
(4,820
|
)
|
|
13,490
|
|
|
8,670
|
|
|||
Less: Net realized losses reclassified to net income
(b)
|
|
(6,070
|
)
|
|
—
|
|
|
(6,070
|
)
|
|||
Net current-period change
|
|
1,250
|
|
|
13,490
|
|
|
14,740
|
|
|||
Balance at June 30, 2017
|
|
$
|
320
|
|
|
$
|
6,080
|
|
|
$
|
6,400
|
|
|
|
Derivative Instruments
|
|
Foreign Currency Translation
|
|
Total
|
||||||
|
|
(dollars in thousands)
|
||||||||||
Balance at December 31, 2015
|
|
$
|
(710
|
)
|
|
$
|
3,180
|
|
|
$
|
2,470
|
|
Net unrealized gains (losses) arising during the period
|
|
(330
|
)
|
|
300
|
|
|
(30
|
)
|
|||
Less: Net realized losses reclassified to net income
(a)
|
|
(730
|
)
|
|
—
|
|
|
(730
|
)
|
|||
Net current-period change
|
|
400
|
|
|
300
|
|
|
700
|
|
|||
Balance at June 30, 2016
|
|
$
|
(310
|
)
|
|
$
|
3,480
|
|
|
$
|
3,170
|
|
|
|
Three months ended June 30,
|
||||||||||||
|
|
2017
|
|
As a Percentage
of Net Sales
|
|
2016
|
|
As a Percentage
of Net Sales
|
||||||
|
|
(dollars in thousands)
|
||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
138,110
|
|
|
54.5
|
%
|
|
$
|
128,820
|
|
|
76.8
|
%
|
Horizon Europe-Africa
|
|
86,580
|
|
|
34.1
|
%
|
|
13,840
|
|
|
8.2
|
%
|
||
Horizon Asia-Pacific
|
|
28,900
|
|
|
11.4
|
%
|
|
25,100
|
|
|
15.0
|
%
|
||
Total
|
|
$
|
253,590
|
|
|
100.0
|
%
|
|
$
|
167,760
|
|
|
100.0
|
%
|
Gross Profit
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
44,870
|
|
|
32.5
|
%
|
|
$
|
38,120
|
|
|
29.6
|
%
|
Horizon Europe-Africa
|
|
15,140
|
|
|
17.5
|
%
|
|
2,370
|
|
|
17.1
|
%
|
||
Horizon Asia-Pacific
|
|
7,660
|
|
|
26.5
|
%
|
|
5,220
|
|
|
20.8
|
%
|
||
Total
|
|
$
|
67,670
|
|
|
26.7
|
%
|
|
$
|
45,710
|
|
|
27.2
|
%
|
Selling, General and Administrative Expenses
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
22,090
|
|
|
16.0
|
%
|
|
$
|
23,050
|
|
|
17.9
|
%
|
Horizon Europe-Africa
|
|
11,480
|
|
|
13.3
|
%
|
|
2,030
|
|
|
14.7
|
%
|
||
Horizon Asia-Pacific
|
|
3,380
|
|
|
11.7
|
%
|
|
2,380
|
|
|
9.5
|
%
|
||
Corporate
|
|
6,410
|
|
|
N/A
|
|
|
4,510
|
|
|
N/A
|
|
||
Total
|
|
$
|
43,360
|
|
|
17.1
|
%
|
|
$
|
31,970
|
|
|
19.1
|
%
|
Net Loss on Disposition of Property and Equipment
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
(40
|
)
|
|
—
|
%
|
|
$
|
(130
|
)
|
|
(0.1
|
%)
|
Horizon Europe-Africa
|
|
(20
|
)
|
|
—
|
%
|
|
(210
|
)
|
|
(1.5
|
%)
|
||
Horizon Asia-Pacific
|
|
—
|
|
|
—
|
%
|
|
(40
|
)
|
|
(0.2
|
%)
|
||
Corporate
|
|
(10
|
)
|
|
N/A
|
|
|
—
|
|
|
N/A
|
|
||
Total
|
|
$
|
(70
|
)
|
|
—
|
%
|
|
$
|
(380
|
)
|
|
(0.2
|
%)
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
22,750
|
|
|
16.5
|
%
|
|
$
|
12,700
|
|
|
9.9
|
%
|
Horizon Europe-Africa
|
|
3,610
|
|
|
4.2
|
%
|
|
80
|
|
|
0.6
|
%
|
||
Horizon Asia-Pacific
|
|
4,290
|
|
|
14.8
|
%
|
|
2,850
|
|
|
11.4
|
%
|
||
Corporate
|
|
(6,410
|
)
|
|
N/A
|
|
|
(4,510
|
)
|
|
N/A
|
|
||
Total
|
|
$
|
24,240
|
|
|
9.6
|
%
|
|
$
|
11,120
|
|
|
6.6
|
%
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
2,750
|
|
|
2.0
|
%
|
|
$
|
2,750
|
|
|
2.1
|
%
|
Horizon Europe-Africa
|
|
1,920
|
|
|
2.2
|
%
|
|
490
|
|
|
3.5
|
%
|
||
Horizon Asia-Pacific
|
|
940
|
|
|
3.3
|
%
|
|
1,020
|
|
|
4.1
|
%
|
||
Corporate
|
|
60
|
|
|
N/A
|
|
|
—
|
|
|
N/A
|
|
||
Total
|
|
$
|
5,670
|
|
|
2.2
|
%
|
|
$
|
4,260
|
|
|
2.5
|
%
|
|
|
Six months ended June 30,
|
||||||||||||
|
|
2017
|
|
As a Percentage
of Net Sales |
|
2016
|
|
As a Percentage
of Net Sales |
||||||
|
|
(dollars in thousands)
|
||||||||||||
Net Sales
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
235,940
|
|
|
51.7
|
%
|
|
$
|
239,440
|
|
|
76.2
|
%
|
Horizon Europe-Africa
|
|
165,120
|
|
|
36.1
|
%
|
|
26,550
|
|
|
8.5
|
%
|
||
Horizon Asia-Pacific
|
|
55,810
|
|
|
12.2
|
%
|
|
47,880
|
|
|
15.3
|
%
|
||
Total
|
|
$
|
456,870
|
|
|
100.0
|
%
|
|
$
|
313,870
|
|
|
100.0
|
%
|
Gross Profit
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
71,550
|
|
|
30.3
|
%
|
|
$
|
68,700
|
|
|
28.7
|
%
|
Horizon Europe-Africa
|
|
27,700
|
|
|
16.8
|
%
|
|
4,420
|
|
|
16.6
|
%
|
||
Horizon Asia-Pacific
|
|
13,810
|
|
|
24.7
|
%
|
|
10,200
|
|
|
21.3
|
%
|
||
Total
|
|
$
|
113,060
|
|
|
24.7
|
%
|
|
$
|
83,320
|
|
|
26.5
|
%
|
Selling, General and Administrative Expenses
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
43,590
|
|
|
18.5
|
%
|
|
$
|
43,500
|
|
|
18.2
|
%
|
Horizon Europe-Africa
|
|
24,480
|
|
|
14.8
|
%
|
|
3,800
|
|
|
14.3
|
%
|
||
Horizon Asia-Pacific
|
|
6,450
|
|
|
11.6
|
%
|
|
5,100
|
|
|
10.7
|
%
|
||
Corporate
|
|
14,960
|
|
|
N/A
|
|
|
9,260
|
|
|
N/A
|
|
||
Total
|
|
$
|
89,480
|
|
|
19.6
|
%
|
|
$
|
61,660
|
|
|
19.6
|
%
|
Net Gain (Loss) on Disposition of Property and Equipment
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
(40
|
)
|
|
—
|
%
|
|
$
|
(240
|
)
|
|
(0.1
|
%)
|
Horizon Europe-Africa
|
|
50
|
|
|
—
|
%
|
|
(230
|
)
|
|
(0.9
|
%)
|
||
Horizon Asia-Pacific
|
|
—
|
|
|
—
|
%
|
|
(20
|
)
|
|
—
|
%
|
||
Corporate
|
|
(10
|
)
|
|
N/A
|
|
|
—
|
|
|
N/A
|
|
||
Total
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
(490
|
)
|
|
(0.2
|
%)
|
Operating Profit (Loss)
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
27,910
|
|
|
11.8
|
%
|
|
$
|
22,720
|
|
|
9.5
|
%
|
Horizon Europe-Africa
|
|
3,270
|
|
|
2.0
|
%
|
|
390
|
|
|
1.5
|
%
|
||
Horizon Asia-Pacific
|
|
7,360
|
|
|
13.2
|
%
|
|
5,080
|
|
|
10.6
|
%
|
||
Corporate
|
|
(14,960
|
)
|
|
N/A
|
|
|
(9,260
|
)
|
|
N/A
|
|
||
Total
|
|
$
|
23,580
|
|
|
5.2
|
%
|
|
$
|
18,930
|
|
|
6.0
|
%
|
Depreciation and Amortization
|
|
|
|
|
|
|
|
|
||||||
Horizon Americas
|
|
$
|
5,390
|
|
|
2.3
|
%
|
|
$
|
5,670
|
|
|
2.4
|
%
|
Horizon Europe-Africa
|
|
4,050
|
|
|
2.5
|
%
|
|
930
|
|
|
3.5
|
%
|
||
Horizon Asia-Pacific
|
|
1,900
|
|
|
3.4
|
%
|
|
2,010
|
|
|
4.2
|
%
|
||
Corporate
|
|
130
|
|
|
N/A
|
|
|
20
|
|
|
N/A
|
|
||
Total
|
|
$
|
11,470
|
|
|
2.5
|
%
|
|
$
|
8,630
|
|
|
2.7
|
%
|
|
|
|
|
Less:
|
|
Add:
|
|
|
||||||||
|
|
Year Ended December 31, 2016
|
|
Six Months Ended June 30, 2016
|
|
Six Months Ended June 30, 2017
|
|
Twelve Months Ended
June 30, 2017 |
||||||||
|
|
(dollars in thousands)
|
||||||||||||||
Net income (loss) attributable to Horizon Global
|
|
$
|
(12,360
|
)
|
|
$
|
9,520
|
|
|
$
|
10,400
|
|
|
$
|
(11,480
|
)
|
Bank stipulated adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Interest expense, net (as defined)
|
|
20,080
|
|
|
8,500
|
|
|
11,110
|
|
|
22,690
|
|
||||
Income tax benefit
|
|
(3,730
|
)
|
|
(260
|
)
|
|
(3,230
|
)
|
|
(6,700
|
)
|
||||
Depreciation and amortization
|
|
18,220
|
|
|
8,630
|
|
|
11,470
|
|
|
21,060
|
|
||||
Extraordinary charges
|
|
6,830
|
|
|
—
|
|
|
—
|
|
|
6,830
|
|
||||
Non-cash compensation expense
(a)
|
|
3,860
|
|
|
1,830
|
|
|
1,830
|
|
|
3,860
|
|
||||
Other non-cash expenses or losses
|
|
16,460
|
|
|
3,180
|
|
|
480
|
|
|
13,760
|
|
||||
Pro forma EBITDA of permitted acquisition
|
|
13,910
|
|
|
14,310
|
|
|
—
|
|
|
(400
|
)
|
||||
Interest-equivalent costs associated with any Specified Vendor Receivables Financing
|
|
1,200
|
|
|
530
|
|
|
500
|
|
|
1,170
|
|
||||
Debt extinguishment costs
|
|
—
|
|
|
—
|
|
|
4,640
|
|
|
4,640
|
|
||||
Items limited to 25% of consolidated EBITDA:
|
|
|
|
|
|
|
|
|
|
|||||||
Non-recurring expenses
(b)
|
|
4,190
|
|
|
4,250
|
|
|
—
|
|
|
(60
|
)
|
||||
Acquisition integration costs
(c)
|
|
4,290
|
|
|
—
|
|
|
5,580
|
|
|
9,870
|
|
||||
Synergies related to permitted acquisition
(d)
|
|
12,500
|
|
|
—
|
|
|
(3,570
|
)
|
|
8,930
|
|
||||
EBITDA limitation for non-recurring expenses
(e)
|
|
(4,860
|
)
|
|
—
|
|
|
(20
|
)
|
|
(4,880
|
)
|
||||
Consolidated Bank EBITDA, as defined
|
|
$
|
80,590
|
|
|
$
|
50,490
|
|
|
$
|
39,190
|
|
|
$
|
69,290
|
|
|
|
June 30, 2017
|
||
|
|
(dollars in thousands)
|
||
Total Consolidated Indebtedness, as defined
|
|
$
|
234,980
|
|
Consolidated Bank EBITDA, as defined
|
|
69,290
|
|
|
Actual leverage ratio
|
|
3.39
|
x
|
|
Covenant requirement
|
|
5.25
|
x
|
(a)
|
Non-cash compensation expenses resulting from the grant of restricted units of common stock and common stock options.
|
(b)
|
Under our credit agreement, cost and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or after January 1, 2015.
|
(c)
|
Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition are not to exceed $10 million in any fiscal year and $30 million in aggregate.
|
(d)
|
Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable “run rate” cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia Group acquisition.
|
(e)
|
The amounts added to Consolidated Net Income pursuant to items in notes (b)-(d) shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period.
|
▪
|
An emerging growth company is exempt from any requirement that may be adopted by the Public Company Accounting Oversight Board regarding mandatory audit firm rotation or a supplement to the auditor’s report providing additional information about the audit and financial statements, commonly known as an “auditor discussion and analysis.”
|
▪
|
An emerging growth company is not required to hold a nonbinding advisory stockholder vote on executive compensation or any golden parachute payments not previously approved by stockholders.
|
▪
|
An emerging growth company is not required to comply with the requirement of auditor attestation of management’s assessment of internal control over financial reporting, which is required for other public reporting companies by Section 404 of the Sarbanes-Oxley Act.
|
▪
|
An emerging growth company is eligible for reduced disclosure obligations regarding executive compensation in its periodic and annual reports, including without limitation exemption from the requirement to provide a compensation discussion and analysis describing compensation practices and procedures.
|
▪
|
A company that is an emerging growth company is eligible for reduced financial statement disclosure in registration statements, which must include two years of audited financial statements rather than the three years of audited financial statements that are required for other public reporting companies.
|
Period
|
|
Total Number of Shares Purchased
|
|
Average Price Paid per Share
|
|
Total Number of Shares Purchased as Part of Publicly Announces Plans or Programs
|
|
Maximum Number of Shares that May Yet be Purchased Under the Plans or Programs
(a)
|
|||||
April 1 - 30, 2017
|
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
1,500,000
|
|
May 1 - 31, 2017
|
|
400,789
|
|
|
14.67
|
|
|
400,789
|
|
|
1,099,211
|
|
|
June 1 - 30, 2017
|
|
169,576
|
|
|
14.57
|
|
|
169,576
|
|
|
929,635
|
|
|
Total
|
|
570,365
|
|
|
$
|
14.64
|
|
|
570,365
|
|
|
|
3.1(b)
|
Amended and Restated Certificate of Incorporation of Horizon Global Corporation.
|
3.2(a)
|
Amended and Restated By-laws of Horizon Global Corporation.
|
31.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(a)
|
|
Incorporated by reference to the Exhibits filed with our Registration Statement on Form S-1/A filed on June 11, 2015 (Reg. No. 333-203138).
|
(b)
|
|
Incorporated by reference to the Exhibits filed with our Quarterly Report on Form 10-Q filed on August 11, 2015 (File No. 001-37427).
|
|
|
HORIZON GLOBAL CORPORATION (Registrant)
|
||
|
|
|
|
|
|
|
|
|
/s/ DAVID G. RICE
|
|
|
|
|
|
Date:
|
August 1, 2017
|
By:
|
|
David G. Rice
Chief Financial Officer
|
3.1(b)
|
Amended and Restated Certificate of Incorporation of Horizon Global Corporation.
|
3.2(a)
|
Amended and Restated By-laws of Horizon Global Corporation.
|
31.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
31.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
|
32.1
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
32.2
|
Certification pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
|
101.INS
|
XBRL Instance Document.
|
101.SCH
|
XBRL Taxonomy Extension Schema Document.
|
101.CAL
|
XBRL Taxonomy Extension Calculation Linkbase Document.
|
101.DEF
|
XBRL Taxonomy Extension Definition Linkbase Document.
|
101.LAB
|
XBRL Taxonomy Extension Label Linkbase Document.
|
101.PRE
|
XBRL Taxonomy Extension Presentation Linkbase Document.
|
(a)
|
|
Incorporated by reference to the Exhibits filed with our Registration Statement on Form S-1/A filed on June 11, 2015 (Reg. No. 333-203138).
|
(b)
|
|
Incorporated by reference to the Exhibits filed with our Quarterly Report on Form 10-Q filed on August 11, 2015 (File No. 001-37427).
|
1 Year Horizon Global Chart |
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