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May 31, 2021
VOXX Q1 2022 Earnings Report
Reported strong top-line growth with all business segments up year-over-year, generating positive net income and Adjusted EBITDA compared to losses in the prior year's fiscal first quarter.
Key Takeaways
VOXX International Corporation reported a significant increase in net sales for Q1 2022, with all business segments showing year-over-year growth. The company also achieved positive net income and Adjusted EBITDA, marking improvements compared to the losses experienced in the same quarter of the previous year.
Fiscal 2022 first quarter net sales increased $65.1 million or 90.4% year-over-year.
Fiscal 2022 first quarter operating loss of $0.4 million, a $7.7 million year-over-year improvement.
Fiscal 2022 net income attributable to VOXX of $2.7 million, an $11.0 million year-over improvement.
Fiscal 2022 Adjusted EBITDA of $8.3 million, an $11.5 million year-over-year improvement.
VOXX
VOXX
VOXX Revenue by Segment
Revenue by Segment
Automotive Electronics Revenue
CapyFin.comConsumer Electronics Revenue
CapyFin.comBiometrics Revenue
CapyFin.com Forward Guidance
The company expects higher supply chain costs and shipping delays to impact the fiscal second quarter, and they still anticipate growth, but less than initially anticipated. They instituted price increases to offset the cost of doing business and they will start to realize the positive impact in their fiscal 2022 second quarter, and more so in the second half of the year. The company believes they’ve taken the right steps to ensure they have the inventory on hand to meet customer demand in their all-important fiscal third quarter and their positive outlook for the second half of the year has not changed.
Positive Outlook
- Reached an agreement to acquire Onkyo’s Home Entertainment A/V business.
- Set up a joint venture with Sharp to close the Onkyo transaction.
- Signed a new licensing agreement with Pioneer Corporation.
- Won smaller automotive OEM awards with Nissan and Volvo.
- Advised by Stellantis that they should receive awards for a newly designed in-vehicle entertainment system and displays shortly.
Challenges Ahead
- Expect higher supply chain costs and shipping delays to impact the fiscal second quarter.
- Growth is anticipated, but less than initially anticipated for the fiscal second quarter.
- COVID-19 pandemic could exacerbate risks and uncertainties.
- Global semiconductor shortages.
- Foreign currency fluctuations.
Revenue & Expenses
Visualization of income flow from segment revenue to net income