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| 8-K - 8-K INVESTOR PRESENTATION UPDATE - CORE MOLDING TECHNOLOGIES INC | a8-kinvestorpresentationup.htm |
CREATIVE • RELIABLE • COMPOSITES
INVESTOR PRESENTATION
SEPTEMBER 2017
FORWARD LOOKING STATEMENTS
AND NON-GAAP FINANCIAL MEASURERS
This presentation, our remarks, and answers to questions contain historical information and forward-looking statements within the
meaning of the federal securities laws. As a general matter, forward-looking statements are those focused upon future plans,
objectives or performance as opposed to historical items and include statements of anticipated events or trends and expectations and
beliefs relating to matters not historical in nature. Such forward-looking statements involve known and unknown risks and are subject
to uncertainties and factors relating to our operations and business environment, all of which are difficult to predict and many of
which are beyond our control. These uncertainties and factors could cause our actual results to differ materially from those matters
expressed in or implied by such forward-looking statements. We do not undertake any obligation to update any forward-looking
statements to reflect the impact of circumstances or events that may arise after the date of such forward-looking statements. We
believe that the following factors, among others, could affect our future performance and cause actual results to differ materially
from those expressed or implied by forward-looking statements made in this presentation: business conditions in the plastics,
transportation, marine and commercial product industries (including slowdown in demand for truck production); federal and state
regulations (including engine emission regulations); general economic, social and political environments in the countries in which we
operate; safety and security conditions in Mexico; dependence upon certain major customers as the primary source of our sales
revenues; our efforts to expand our customer base; the ability to develop new and innovative products and to diversify markets,
materials and processes and increase operational enhancements; the actions of competitors, customers, and suppliers; failure of our
suppliers to perform their obligations; the availability of raw materials; inflationary pressures; new technologies; regulatory matters;
labor relations; our loss or inability to attract and retain key personnel; the ability to successfully identify, evaluate and manage
potential acquisitions and to benefit from and properly integrate any completed acquisitions; federal, state and local environmental
laws and regulations; the availability of capital; our ability to provide on-time delivery to customers, which may require additional
shipping expenses to ensure on-time delivery or otherwise result in late fees; risk of cancellation or rescheduling of orders;
management’s decision to pursue new products or businesses which involve additional costs, risks or capital expenditures; and other
risks identified from time-to-time in our public documents on file with the Securities and Exchange Commission (“SEC”), including
those described in our Annual Report on Form 10-K for the year ended December 31, 2016 as well as our other filings with the SEC.
This presentation, our remarks, and answers to questions include references to earnings before interest, taxes, depreciation and
amortization (“EBITDA”) and free cash flow (“FCF”), which are non-GAAP financial measures. EBITDA is reconciled to net income and
FCF is reconciled to operating cash flow, their most directly comparable GAAP measures, in the financial table included in the
Appendix to this presentation. We believe that this additional information and the reconciliation we provide may be useful to help
evaluate our operations. This information supplements our results as reported in accordance with GAAP and should not be viewed in
isolation from, or as a substitute for, our GAAP-results.
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 2
COMPANY OVERVIEW
• NYSE American: CMT
• Headquarters: Columbus, OH
• Over 1M square feet of manufacturing
space in the US & Mexico
• Incorporated: 1996
• Employees: ~ 1,250
• Market cap*: $157.4M
• Shares outstanding: 7.9M
• TTM (6/30/17) revenues of $174.5M,
EBITDA of $16.9M**, and net income of
$6.9M
• TTM P/E* of 22.5x
• P/BV* of 1.52x
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 3
Leading manufacturer of
specialized plastic products
• Compound and molded fiber
reinforced plastics (FRP)
• Industry-leading range of
production processes
• Supply 2,000,000 parts and
assemblies per year
• Leading market share in
heavy-duty truck market (1)
• High quality blue-chip customer
base
(1) Based on management’s estimates and other quantitative
and qualitative factors
*As of 8/28/17
**Non-GAAP; see appendix
STRONG FINANCIAL METRICS AND
GROWTH POTENTIAL
INCREASED PRODUCT REVENUE expected beginning in 2018
as a result of anticipated rebound in truck market
NEW PROGRAMS expected to provide incremental revenues
beginning in 2018 and 2019
Improved operational effectiveness through ongoing
CONTINUOUS IMPROVEMENT activities
RECORD LEVEL of cash on hand available for future
investments
Continue to evaluate acquisition opportunities to
BROADENED PRODUCT OFFERING & MARKETS
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 4
COMPOSITES - A LARGE AND
GROWING INDUSTRY IN THE US
FORECAST TO
GROW AT
4.9% CAGR
THROUGH 2022
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 5
KEY INDUSTRY TRENDS:
• Growth being driven by:
1. PERFORMANCE DEMANDS
2. COST REDUCTION
3. LIGHTWEIGHTING
$8.0B
INDUSTRY /
3.7%
Growth in
2016
EXPECTED TO
REACH
$10.6B
IN 2022
Source: Lucintel
US Composite Materials Demand Forecast ($ Billion)
0
2
4
6
8
10
12
2016 2022
Sh
ip
m
e
n
ts
(
$B
)
U.S. Composite Materials Market Forecast
by Application Segments
Other
Consumer Goods
Electrical & Electronics
Construction
Pipe & Tank
Aerospace
Wind Energy
Marine
Transportation
$8 B
$10.6 B
4.9% CAGR
MARKETS WE SERVE
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 6
TRUCK
Manufacturers of heavy- and medium-duty trucks and
buses built on truck platforms
MARINE
Applications related to boating and personal watercraft
AUTOMOTIVE
Manufacturers of light passenger vehicles and their
Tier 1 and Tier 2 suppliers
AG & CONSTRUCTION EQUIPMENT
Manufacturers of heavy and light equipment that
supports earth or soil changes and improvements
INDUSTRIAL
Products used in industrial settings such as
factories and commercial buildings
PRODUCT REVENUE
BY MARKET
2016
Heavy
Duty
Truck
[VALUE]
Medium
Duty
Truck
[VALUE]
Truck
(OEM
Service)
[VALUE]
Marine
[VALUE]
Auto
[VALUE]
Other
[VALUE]
Truck
68%
Marine
19%
Auto
9%
Other
4%
HIGH QUALITY, LONG-TERM
CUSTOMER BASE
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 7
Largest industry concentration reduced from 91% to 68%
Largest customer concentration reduced from 45% to 27%
YEARS OF SERVICE
20 YEARS
20 YEARS
18 YEARS
16 YEARS
16 YEARS
Navist
ar
[VALU
E]
PACC
AR
[VALU
E]
Volvo
[VALU
E]
Yama
ha
[VALU
E]
Other
[VALU
E]
Navist
ar
[VALU
E]
PACCA
R
[VALU
E]
Volvo
[VALU
E]
Yamah
a
[VALU
E]
Other
[VALU
E]
2011 2016
Truck
[VALU
E]
Marine
[VALU
E]
Auto
[VALU
E]
Other
[VALU
E]
2011 2016
MULTI-YEAR VISIBILITY ON TRUCK
PROGRAMS
• Time of award to production typically 1-3 years with
tooling completed during this period
• Once launched, production on a program lasts 5-20
years with service extending many years thereafter
• Programs are generally sole-sourced to one supplier
due to cost of tooling
• OEMs may make product modifications during the
program lifecycle to meet new requirements
• OEMs generally do not seek other companies to re-
quote existing programs during the program lifecycle
• Program continuity is based primarily on quality,
delivery and overall dependability
• When an OEM launches a re-designed truck, the older
model typically is still produced for several years
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 8
LONG-TERM VISIBILITY
OF TRUCK PROGRAMS
• Most of Core’s major
programs extend for
many years
• Time, expense and
risk associated with
switching suppliers is
substantial
A DOMINANT SUPPLIER TO TRUCK
MARKET
• 35% market share for heavy duty truck (1)
• 7 truck brand customers
• Multiple models with each customer
• Long-standing customer relationships
• Major programs extend for multiple years
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 9
Navistar
[VALUE]
Volvo
[VALUE]
PACCAR
[VALUE]
Daimler
[VALUE]
2016
Truck Sales
(1) Based on management’s estimates and other quantitative and qualitative factors
10 Models 5 Models 13 Models 8 Models
FAVORABLE HEAVY TRUCK
MARKET DYNAMICS
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 10
FOUR LARGE OEMS
All are Core customers
CYCLICAL INDUSTRY- BUILDS
HAVE HISTORICALLY
INCREASED EACH CYCLE
5-7 year business cycles
LONG MODEL LIFE CYCLES
5-20 years
STEADY REPLACEMENT
DEMAND
Fleets operate vehicles ~6
years before sending to
secondary market
KEY INDUSTRY TRENDS
• Key drivers for market growth include:
1. Overall economic environment
2. Levels of truck-based freight and capacity
3. Access to and cost of capital
4. Trucker profitability and productivity
• Government regulations often drive product
design changes and can impact demand
• Short-term industry corrections can be the
result of swings in demand and
OEM/Distributor inventory levels
50
100
150
200
250
300
350
08 09 10 11 12 13 14 15 16 17E 18E 19E 20E
N.A. Class 8 Truck Production
(000 units)
Source: ACT Research Co., August 2017
MANAGEMENT TEAM EXPERIENCED IN
NAVIGATING THE CYCLICAL TRUCK MARKET
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 11
• Experienced management team with deep understanding of truck
cyclicality
• Demonstrated capability of managing through truck cycles
• Industry diversification has lessened dependence on Class 8 unit
production
• Operating costs predominantly variable, allowing management
flexibility to scale expenses with revenue during cycles
PROFITABLE EVERY YEAR OF THE LAST CYCLE
0
50
100
150
200
0
100
200
300
400
500
1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
P
ro
d
u
ct
R
ev
en
u
e
($
milli
o
n
s)
Cla
ss
8
Uni
ts
P
ro
d
u
ce
d
(0
0
0
)
Class 8 Unit Production Core Product Revenues
Source: ACT Research Co.
Last Cycle = Nine Years
Average Over Last Cycle*
Gross
Margin
EBITDA**
ROIC
16.7% 10.6% 11.5%
*See appendix
**Non-GAAP; See appendix
CUSTOM MANUFACTURER OF
MOLDED PLASTIC PARTS
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 12
Part / Tooling /
Material Design
Tooling Program
Management /
Launch
Material
Manufacturing
Part
Manufacturing
(Molding, etc.)
Coating / Priming
Assembly
Line Sequencing /
Shipping
PRODUCT EXPERTISE
• Core manufactures large molded
parts for original equipment
manufacturers (OEMs)
• We specialize in combining
multiple moldings and
hardware to produce
complex assemblies
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 13
Sleeper
roofs
Air deflectors
Visors
Hoods
Fender extensions
Cab trim
Bus hoods
and fenders
Watercraft
decks & hulls
Battery
covers
Underbody
shields
Antenna
radomes
Industrial
fan blades
Utility
carts
PROCESS EXPERTISE
• A full range of composite processes to meet individual
customer needs, production volume requirements
and cost objectives
• Assemblies with components individually customized
by process
• Core develops and manufactures custom formulations
and specialized materials for demanding applications
• Investment in machinery and equipment creates
barrier to entry
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 14
Composite Process Offerings
SMC DLFT
RTM/V
RTM
HLU/S
U
RIM Other
VOLUME HIGH LOW
Hand Lay-Up Spray-Up
Resin Transfer
Molding
Reaction
Injection Molding
Compression
Molding
(SMC / DLFT)
MATERIALS EXPERTISE
• Skilled at developing custom materials to meet
specific customer performance requirements
• Fully-resourced with on-staff materials scientists and
external cooperative development partnerships
• Lightweighting sheet molding compound (SMC)
formulations demanded by the transportation
industry
• Specialized materials for high strength, UV and
chemical exposure applications
• Custom development of both thermoset (high
temperature) and thermoplastic (high recyclability)
resin configurations
• Completion of second SMC line in 2014 approximately
doubled SMC production capacity
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 15
COMPREHENSIVE SUITE
OF LIGHTWEIGHTING SMC
FORMULATIONS
• Featherlite®
• FeatherliteXL®
• Airilite®
• Econolite®
• Mirilite®
• Hydrilite®
STRATEGICALLY LOCATED FACILITIES
WITH ABILITY TO GROW
• Proximity to current customers
• Well situated to reach targeted
customers in our growth markets
• Production cost benefit from
Mexico-based operations
• High barriers to entry
• Double-digit average return on
invested capital
Core plants
Automotive customer plants
Construction and Ag Equipment customer plants
Truck customer plants
Marine customer plants
OVER 1 MILLION SQUARE FEET OF
MANUFACTURING SPACE IN NORTH
AMERICA
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 16
Recent Successful Acquisition:
• Acquired CPI Binani on
3/20/15 for $15 million
• Adds existing programs with
industry-leading customers in
marine, automotive,
packaging, and other
industries
• Expands thermoplastics
capabilities with addition of
direct long-fiber
thermoplastics (D-LFT)
products
• First year full year EPS
accretion of $0.18
DISCIPLINED ACQUISITION STRATEGY
KEY CRITERIA:
• Focus on large, non-commodity
polymer parts
• Diversification into new markets and
customers, reducing concentration
risk and effect of truck cycles
• Expansion of materials and process
capabilities, increasing customer
solution offerings
• Geographic expansion with facilities in
close proximity to the OE
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 17
FINANCIAL HIGHLIGHTS
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 18
Historical Net Sales (in millions) Historical EPS*
2016 Results Commentary:
$1.11
$0.92
$1.28
$1.58
$0.97
$-
$0.20
$0.40
$0.60
$0.80
$1.00
$1.20
$1.40
$1.60
$1.80
2012 2013 2014 2015 2016
$162.5
$144.1
$175.2
$199.1
$174.9
$0.0
$50.0
$100.0
$150.0
$200.0
$250.0
2012 2013 2014 2015 2016
• Delivered nearly a dollar per share in earnings despite sales decline due to
heavy duty truck market downturn
• Completed over $28 million of new and replacement tooling projects
• Consistent profitability and disciplined capital management resulted in the
addition of $19 million to cash balance over the course of the year
*Fully diluted shares
CONSISTENT PROFITABILITY
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 19
Historical Gross Margins Historical EBITDA* Margins
Recent Results Commentary:
• Solid gross margin for 2016 despite decline in product sales
• Operating costs predominantly variable, allowing management to scale expenses with
revenue
• Leverage of fixed and SG&A cost resulted in EBITDA of 10.2%
15.9% 16.4%
17.2% 18.2%
16.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
2012 2013 2014 2015 2016
10.5% 10.4%
11.2%
12.3%
10.2%
0.0%
5.0%
10.0%
15.0%
20.0%
2012 2013 2014 2015 2016
Average Gross Margin – 16.7% Average EBITDA Margin – 10.9%
* Non-GAAP; See appendix
SIGNIFICANT INVESTMENT IN
INFRASTRUCTURE
• Over $37 million of capital additions
over past five years
• Significant infrastructure in place to
support future business
• Required infrastructure for the
business creates a barrier to entry
• Sustaining capex over past five years
of approximately 1% of revenues
• Earnings reinvested in business
provides for future growth
• Efficient use of PP&E has resulted in
average ROIC* of 11.3% per year over
past 5 years
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 20
12.8%
10%
12.8% 13.6%
7.3%
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
12.0%
14.0%
16.0%
2012 2013 2014 2015 2016
*ROIC = NOPAT / Average Invested Capital
Return on Invested Capital
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
2012 2013 2014 2015 2016
Capital Additions (in millions)
Capacity Program Sustaining
STRONG FINANCIAL POSITION
Conservative Balance Sheet
Five Year Total FCF = $40.3 million
Debt to Equity Ratio of 10%
Access to Capital Markets
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 21
• Pursue additional tuck-in and more
transformative acquisitions
• Reinvest in existing operations
• Initiated $.05 / share quarterly dividend in
August 2017
Financial Flexibility to:
$6.5
$(2.4) $0.1
$12.9
$23.2
($4.0)
$0.0
$4.0
$8.0
$12.0
$16.0
$20.0
$24.0
$28.0
2012 2013 2014 2015 2016
Free Cash Flow*
*Non-GAAP; See appendix
$58.0 $67.4
$76.1
$88.7 $96.8
$9.5 $5.7
$5.2
$13.5 $9.8
0%
5%
10%
15%
20%
$0.0
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
2012 2013 2014 2015 2016
Shareholders' Equity Total Debt D/E Ratio
Shareholders’ Equity/Total Debt
(in
Mill
io
n
s)
(in
Mill
io
n
s)
ROBUST LONG-TERM GROWTH
OUTLOOK
• Truck builds expected to rebound after pause in
2016 to more than 298k class 8 units by 2020(1)
• Increasing presence in non-truck markets
• Composite industry growing faster than overall
economy
• Securing business with new and existing
customers
• Strategic M&A opportunities
• Continued efforts to grow the business by
expanding our markets, increasing our customer
base and adding new materials and processes
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 22
INCREASING PRESENCE
IN NON-TRUCK
MARKETS
8%
32%
increase in 2016
non-truck sales
vs. 2015
of 2016 sales
were non-truck
vs. 22% in 2015
(1) Based on ACT Research Co. August 2017 report
LONG TERM STRATEGIC OBJECTIVES
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 23
• Continue diversification of industry and customer base to reduce
effect of truck cycles
• Increase process and material offerings in order to provide
customers with a broad range of solutions
• Best in class operations and customer service to provide customers
with the highest quality dependable service at a competitive price
• Complete strategic acquisitions that diversify industry concentration
and broaden process and material offerings
• Organic growth from further penetration of existing customer base
Diversified manufacturer of organic polymer parts with an emphasis on serving OEMs
INVESTMENT HIGHLIGHTS
• Extensive process expertise in large & growing industry
• A dominant supplier in principal end market
• Multi-year programs and high barriers to entry
• Wide range of service offerings providing customers with multiple
alternatives
• Multiple pathways to growth resulting from end market
diversification and M&A opportunities
• Solid financial position with minimal leverage and ample liquidity
• Highly qualified and experienced management
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 24
CONTACT
Company Representative
Core Molding Technologies
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 25
Corporate Offices
Core Molding Technologies
800 Manor Park Drive
Columbus, OH 43228
Investor Relations Advisors
The Equity Group Inc.
Fred Buonocore, CFA
Senior Vice President
212-836-9607
fbuonocore@equityny.com
John Zimmer
Chief Financial Officer
614-870-5604
jzimmer@coremt.com
Kevin Towle
Associate
212-836-9620
ktowle@equityny.com
APPENDIX
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 26
MANAGEMENT TEAM
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 27
Kevin Barnett – President & CEO – 20 Years with Core Molding Technologies
• Joined Core in 1997 as CFO, Vice President, Secretary and Treasurer
• Held Vice President Columbus Operations, Vice President Business Development and Group Vice President roles from 2002 to 2006
• January 2007: appointed President, CEO and a director
• Previously worked for Medex Inc., a publicly held manufacturer and marketer of injection molded products used for medical and
surgical applications and with Deloitte & Touche LLP
John Zimmer – CFO, Vice President, Treasurer and Secretary – 4 Years with Core
• CFO, Vice President, Treasurer and Secretary of the Company since November 2013
• Previously CFO at: U.S. Collections, Inc., Parex Group USA, Inc., a division of Parex Group, a $1 billion manufacturer of construction
materials, and The Upper Deck Company, LLC
• Prior: Vice President of Finance for Cardinal Health Pyxis Products; senior management roles with SubmitOrder, Inc., Cardinal
Health and Deloitte & Touche
Robert Price – Vice President of Operations – <1 Year with Core
• Joined the Company in December 2016
• Previous Director of North American Operations & Material Planning for AGM Automotive
• Held multiple Vice President roles in production, engineering, quality and safety at GKN Sinter Metals
Terrence O’Donovan – Vice President of Marketing & Sales – 8 Years with Core
• Vice President of Marketing & Sales of the Company since January 2009
• Previously employed by Q3 Industries in Columbus, Ohio, where he held the positions of VP of Sales and Marketing serving the
OEM commercial vehicle, automotive, and general industrial markets, and as the Chief Operating Officer
• Held operations and management positions at Hawk Corporation, The Auld Company and The Timken Company
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 28
The Company believes that supplementing its financial statements prepared in accordance with United States generally accepted accounting principles
(“GAAP) with certain non-GAAP financial measures, as defined by the Securities and Exchange Commission (the “SEC”), provides a more comprehensive
understanding of the Company’s results of operations. Such measures include EBITDA, which should not be considered an alternative to GAAP financial
measures, but instead should be read in conjunction with the GAAP financial measures. Readers are urged to review and consider carefully the various
disclosures made by the Company in its Form 10-K and its other SEC filings, which advise interested parties of certain factors that affect the Company’s
business.
LAST TRUCK CYCLE FINANCIAL METRICS
($000's) 2007 2008 2009 2010 2011 2012 2013 2014 2015
Revenue $122.7 $116.7 $83.3 $100.3 $143.3 $162.5 $144.1 $175.2 $199.1
Gross Margin 13.8% 18.2% 13.7% 16.3% 20.8% 15.9% 16.4% 17.2% 18.2%
EBITDA Margin 7.3% 10.9% 7.6% 10.3% 14.6% 10.5% 10.4% 11.2% 12.3%
ROIC* 9.4% 16.8% 3.8% 5.7% 18.4% 12.8% 10.0% 12.8% 13.6%
*ROIC = NOPAT / Average Invested Capital
EBITDA RECONCILIATION
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 29
($000's) Twelve Months Ended
12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13
12/31/14 12/31/15 12/31/16
TTM
6/30/2017
Net Income $3,726 $5,643 $1,108 $2,433 $10,526
$8,190
$6,866
$9,634
$12,050
$7,411 $6,909
Interest expense, net 175 689 951 1,342 696
334
214
122
330 298 261
Income tax expense 1,668 2,857 427 2,643 5,722
3,966
3,034
4,891
6,118 3,836 3,375
Depreciation and
amortization 3,410 3,545 3,856 3,949 3,942
4,523
4,878
5,023
6,041 6,283 6,347
EBITDA 8,979 12,734 6,342 10,367 20,886
17,013
14,992
19,670
24,539 17,828 16,891
The Company believes that supplementing its financial statements prepared in accordance with United States generally accepted accounting principles
(“GAAP) with certain non-GAAP financial measures, as defined by the Securities and Exchange Commission (the “SEC”), provides a more comprehensive
understanding of the Company’s results of operations. Such measures include EBITDA, which should not be considered an alternative to GAAP financial
measures, but instead should be read in conjunction with the GAAP financial measures. Readers are urged to review and consider carefully the various
disclosures made by the Company in its Form 10-K and its other SEC filings, which advise interested parties of certain factors that affect the Company’s
business.
FREE CASH FLOWS RECONCILIATION
CORE MOLDING TECHNOLOGIES, INC. INVESTOR PRESENTATION // 30
($000's) Twelve Months Ended
12/31/12 12/31/13 12/31/14 12/31/15 12/31/16
Operating Cash Flow $14,798 $6,917 $10,827 $18,615 $26,069
(-) Purchase of property, plant
and equipment (8,258) (9,332) (10,679) (5,683) (2,863)
Free Cash Flows 6,540 (2,415) 148 12,932 23,206
The Company believes that supplementing its financial statements prepared in accordance with United States generally accepted accounting principles
(“GAAP) with certain non-GAAP financial measures, as defined by the Securities and Exchange Commission (the “SEC”), provides a more comprehensive
understanding of the Company’s results of operations. Such measures include FCF, which should not be considered an alternative to GAAP financial
measures, but instead should be read in conjunction with the GAAP financial measures. Readers are urged to review and consider carefully the various
disclosures made by the Company in its Form 10-K and its other SEC filings, which advise interested parties of certain factors that affect the Company’s
business.