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VOXX
🇺🇸 NASDAQ:VOXX
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•
Feb 28, 2021

VOXX Q4 2021 Earnings Report

Reported an increase in net sales, gross profit, operating and net income, and both EBITDA and Adjusted EBITDA.

Key Takeaways

VOXX International Corporation reported a strong fourth quarter and fiscal year, marked by significant increases in net sales, gross profit, operating and net income, and both EBITDA and Adjusted EBITDA when comparing the fiscal fourth quarter periods. The company's balance sheet remains strong, with a substantial increase in cash position year-over-year.

Net sales in Q4 2021 increased by $61.4 million, or 60.8%, to $162.5 million compared to $101.1 million in Q4 2020.

Operating income in Q4 2021 was $3.9 million, a $38.9 million increase from the operating loss of $35.0 million in Q4 2020.

Net income attributable to VOXX International Corporation in Q4 2021 was $9.4 million, a $31.2 million improvement from the net loss of $21.8 million in Q4 2020.

Adjusted EBITDA in Q4 2021 increased by $10.2 million to $11.9 million compared to $1.6 million in Q4 2020.

Total Revenue
$163M
Previous year: $101M
+60.8%
EPS
$0.43
Previous year: $0.35
+22.9%
Gross Profit
$42.4M
Previous year: $28.5M
+48.5%
Cash and Equivalents
$59.4M
Previous year: $37.4M
+58.7%
Free Cash Flow
$39.8M
Previous year: $22.2M
+79.8%
Total Assets
$551M
Previous year: $442M
+24.7%

VOXX

VOXX

VOXX Revenue by Segment

Forward Guidance

VOXX International anticipates growth in Fiscal 2022 and expects strong bottom-line performance, driven by automotive awards, premium audio opportunities, and improvements in the Biometrics segment through strategic alliances.

Positive Outlook

  • Poised for growth in Fiscal 2022 with anticipated strong bottom-line performance.
  • Excellent position to continue growth trend due to the volume of automotive awards received and expected future awards.
  • Premium audio offering and expanded distribution should result in new opportunities.
  • Biometrics segment should show improvements given awards, projects in the testing phase, and new strategic alliance with GalvanEyes Partners.
  • Strong cash position and balance sheet with access to capital, continuing to look for strategic transactions to drive profitability and enhance shareholder value.

Challenges Ahead

  • Potential major downturns in the economy could impact customer base.
  • Changes in the economy could impact customer base.
  • No specific financial targets were provided.
  • Uncertainty regarding the timing and impact of new automotive awards.
  • Dependence on strategic transactions to drive profitability and enhance shareholder value.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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