Gentherm, Inc. (NASDAQ:THRM) Q2 2022 Earnings Conference Call August 2, 2022 8:00 AM ET
Company Participants
Yijing Brentano - SVP, Strategy, Corporate Development & IR
Phillip Eyler - President, CEO & Director
Matteo Anversa - EVP, Finance, CFO & Treasurer
Conference Call Participants
Luke Junk - Robert W. Baird & Co.
Matthew Koranda - ROTH Capital Partners
Operator
Greetings, and welcome to Gentherm Inc. 2022 Second Quarter Results Conference Call. [Operator Instructions]. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Yijing Brentano, SVP of IR, Strategy and Corporate Development. Please go ahead.
Yijing Brentano
Thank you, and good morning, everyone, and thanks for joining us today. Gentherm's earnings results were released earlier this morning, and a copy of the release is available at gentherm.com. Additionally, a webcast replay of today's call will be available later today on the Investor Relations section of Gentherm's website.
During this call, we may make forward-looking statements within the meaning of federal securities laws. Statements reflect our current views with respect to future events and financial performance, and actual results may differ materially. We undertake no obligation to update them, except as required by law. Please see Gentherm's earnings release and its SEC filings, including the latest 10-K and subsequent reports for discussions of our risk factors and other risks and uncertainties underlying such forward-looking statements.
During the call, we may discuss non-GAAP financial measures as defined by SEC Regulation G. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release or investor presentation.
On the call with me today are Phil Eyler, President and Chief Executive Officer; and Matteo Anversa, Chief Financial Officer. During their comments, Phil and Matteo will be referring to a presentation deck that we have made available on our website at gentherm.com/events.
After their prepared remarks, we will be pleased to take your questions. Now I'd like to turn the call over to Phil.
Phillip Eyler
Thank you, Yijing. Good morning everyone and thank you for joining us today. The second quarter presented one of the toughest operating environments for the Automotive industry as well as for Gentherm. We faced the highest inflation in 40 years in the United States; lingering COVID shutdowns especially in China; continued military conflict in Europe; and semiconductor shortages and other supply chain challenges. I am proud of the Gentherm team for the ongoing progress in stringent cost management and negotiating appropriate cost recoveries from customers while maximizing performance towards customer needs. We outperformed actual light vehicle production in our key markets by approximately 600 basis points in Automotive, and we achieved 9% growth in Medical as customer demand for our products continues to grow. I'm also pleased to share that we recently closed 2 transactions that will expand Gentherm's value proposition in both Automotive and Medical.