horizongloballogoa091a.jpg
FOR IMMEDIATE RELEASE
CONTACT:
Jeff Tryka, CFA
Investor Relations, Lambert & Co.
(616) 295-2509
jtryka@horizonglobal.com

HORIZON GLOBAL REPORTS FINANCIAL RESULTS FOR THE FOURTH QUARTER AND FULL YEAR 2020

Fourth Quarter and Recent Highlights

Net sales of $175.9 million; increase of $33.6 million, or 23.6%, compared to prior year comparable period
Operating loss of $0.8 million, $32.9 million improvement compared to prior year comparable period
Net loss from continuing operations of $5.8 million; $26.2 million improvement compared to prior year comparable period
Adjusted EBITDA(1) of $7.3 million; $23.8 million improvement compared to prior year comparable period
Entered into $225.0 million term loan, including $125.0 million delayed draw facility; proceeds repaid existing term loan and will repay outstanding convertible notes; reduced interest rate with flexible financial covenants in support of Company's long-term strategic initiatives

Full Year Highlights

$39.1 million of cash generated from operating activities; $107.6 million improvement over prior year
Cash and availability(2) of $83.4 million; $38.5 million improvement over prior year
Net sales of $661.2 million; decrease of $29.2 million, or 4.2%, compared to prior year
Operating loss of $6.9 million; $50.3 million improvement compared to prior year
Net loss from continuing operations of $37.5 million; $72.5 million improvement compared to prior year
Adjusted EBITDA(1) of $26.4 million; $34.7 million improvement compared to prior year

Plymouth, Michigan, March 11, 2021
— Horizon Global Corporation (NYSE: HZN), one of the world’s leading manufacturers of branded towing and trailering equipment, today reported fourth quarter and full year financial results for 2020.

“2020 was a transformational year for Horizon Global as reflected by significant year-over-year improvements in profitability and cash flow generation,” stated Terry Gohl, Horizon Global’s President and Chief Executive Officer. “We entered 2020 with great momentum and high expectations for the turnaround of the Company. While we immediately faced unprecedented macro-economic challenges due to the global pandemic, the team maintained its focus and ultimately delivered significant value to our shareholders as well as all of our key stakeholders. To offset commercial headwinds in early 2020, we accelerated the execution of our operational improvement initiatives, including the operational transformation of Mexico manufacturing and Americas distribution, streamlining our Americas product portfolio and rationalizing our Europe-Africa distribution footprint. This resulted in improved productivity and throughput, which enabled us to deliver on customer commitments and further solidified Horizon Global as the supplier of choice during the second half of the year. Our strong financial performance allowed us to opportunistically address our full capital structure in early 2021, resulting in a new term loan with a lower interest rate, flexible covenants and other favorable terms that enable us to pursue our long-term strategic plan.”
2020 Fourth Quarter Segment Results
Horizon Americas. Net sales increased $24.7 million, or 34.3%, to $96.8 million. The net sales increase was primarily driven by a $13.3 million increase in the aftermarket sales channel, as well as a $7.5 million combined increase in the retail and e-commerce sales channels. Gross profit increased $15.6 million, due to higher net sales
1

The following information was filed by Horizon Global Corp (HZN) on Thursday, March 11, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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