0001140361-24-006561.txt : 20240209 0001140361-24-006561.hdr.sgml : 20240209 20240209075822 ACCESSION NUMBER: 0001140361-24-006561 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 19 CONFORMED PERIOD OF REPORT: 20240209 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20240209 DATE AS OF CHANGE: 20240209 FILER: COMPANY DATA: COMPANY CONFORMED NAME: MOTORCAR PARTS OF AMERICA INC CENTRAL INDEX KEY: 0000918251 STANDARD INDUSTRIAL CLASSIFICATION: MOTOR VEHICLE PARTS & ACCESSORIES [3714] ORGANIZATION NAME: 04 Manufacturing IRS NUMBER: 112153962 STATE OF INCORPORATION: NY FISCAL YEAR END: 0331 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33861 FILM NUMBER: 24611215 BUSINESS ADDRESS: STREET 1: 2929 CALIFORNIA STREET CITY: TORRANCE STATE: CA ZIP: 90503 BUSINESS PHONE: 3109724015 MAIL ADDRESS: STREET 1: 2929 CALIFORNIA STREET CITY: TORRANCE STATE: CA ZIP: 90503 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS AMERICA INC DATE OF NAME CHANGE: 20100614 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS AMERICA INC DATE OF NAME CHANGE: 20040112 FORMER COMPANY: FORMER CONFORMED NAME: MOTORCAR PARTS & ACCESSORIES INC DATE OF NAME CHANGE: 19940128 8-K 1 ef20020660_8k.htm 8-K
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

graphic
Form 8-K

CURRENT REPORT Pursuant to Section 13 or 15(d) of the  Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 9, 2024
 
MOTORCAR PARTS OF AMERICA INC
(Exact name of registrant as specified in its charter)

New York
   001-33861  
11-2153962

 
 
(State or other jurisdiction of incorporation)    (Commission File Number)   (IRS Employer Identification No.)

2929 California Street, Torrance, CA
 90503



(Address of principal executive offices) 

 (Zip Code)

graphicgraphicgraphic
graphic
Registrant’s telephone number, including area code: (310) 212-7910

N/A
(Former name, former address and former fiscal year, if changed since last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐
Soliciting material pursuant to Rule l4a-12 under the Exchange Act (17 CFR 240.l4a-12)

☐
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (17 CFR §230.405) or Rule 12b-2 of the Securities Exchange Act of 1934 (17 CFR §240.12b-2). Emerging growth company ☐
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Securities registered pursuant to Section 12(b) of the Act:
 
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, par value $0.01 per share
 MPAA
The Nasdaq Global Select Market
 
Item 2.02.
Results of Operations and Financial Condition
 
On February 9, 2024, Motorcar Parts of America, Inc. (the "Company") issued a press release announcing its earnings for the fiscal quarter ended December 31, 2023 which is being furnished as Exhibit 99.1. The information contained herein and in the accompanying exhibit shall not be incorporated by reference into any filing of the Company, whether made before or after the date hereof, regardless of any general incorporation language in such filing, unless expressly incorporated by specific reference to such filing. The information in this report, including the exhibit hereto, shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liabilities of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended.

Item 9.01.
Financial Statements and Exhibits.
 
The following exhibit is furnished with this Current Report pursuant to Item 2.02:
 
(d)
Exhibits

Exhibit No.
 Description


 99.1 Press Release, dated February 9, 2024
   
 104
Cover Page Interactive Data File (embedded within the Inline XBRL document).
             
SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
MOTORCAR PARTS OF AMERICA, INC.


Date: February 9, 2024
/s/ David Lee

David Lee

Chief Financial Officer

 
 EX-99.1 2 ef20020660_ex99-1.htm EXHIBIT 99.1
Exhibit 99.1


NEWS RELEASE


CONTACT:
Gary S. Maier
Vice President, Corporate Communications & IR
(310) 972-5124

MOTORCAR PARTS OF AMERICA REPORTS RESULTS FOR FISCAL THIRD QUARTER
AND NINE MONTHS
- Record Sales for Nine Months; Operating Income Up Sharply; Strong Cash Flow –
LOS ANGELES, CA – February 9, 2024 – Motorcar Parts of America, Inc. (Nasdaq: MPAA) today reported results for its fiscal 2024 third quarter and nine-months ended December 31, 2023 -- reflecting a strong increase in net sales, operating income and cash flow from operating activities.
Key highlights for the fiscal third quarter.

•
Net sales increased 13.2 percent to $171.9 million.


•
Gross margin improved by 3.7 percentage points.


•
Gross profit increased 43.1 percent to $30.0 million.


•
Operating income increased 170.1 percent to $9.5 million.


•
The company generated cash of approximately $53.6 million.

Net sales for the fiscal 2024 third quarter increased 13.2 percent to $171.9 million from $151.8 million in the prior year.

Gross profit for the fiscal 2024 third quarter increased 43.1 percent to $30.0 million from $21.0 million a year earlier.  Gross margin for the fiscal 2024 third quarter was 17.5 percent compared with 13.8 percent a year earlier.  Gross margin for the fiscal 2024 third quarter was impacted by $4.4 million, or 2.6 percent, of non-cash items, and $1.6 million, or 0.9 percent, of cash items, as detailed in Exhibit 3. 

Operating income for the fiscal 2024 third quarter increased 170.1 percent to $9.5 million from $3.5 million in the prior year.
(more)
Motorcar Parts of America, Inc.
2-2-2
Interest expense for the fiscal third quarter increased by $6.8 million, or $0.26 per share, to $18.3 million from $11.5 million a year ago -- primarily due to higher market interest rates and higher utilization of the accounts receivable discount programs offered by customers due to higher net sales.

Due primarily to $40.4 million, or $2.06 per share, of non-cash items, including a $37.5 million U.S. federal and state deferred tax asset valuation allowance under U.S. GAAP, or $1.91 per share, net loss for the fiscal 2024 third quarter was $47.2 million, or $2.40 per share, compared with net income of $1.0 million, or $0.05 per diluted share, a year ago.  The valuation allowance does not impact any operating metrics.  The non-cash items discussed above, and cash items of $1.4 million, or $0.07 per share, are detailed in Exhibit 1.
 
The company generated approximately $53.6 million of cash from operating activities during the quarter and approximately $48.4 million of cash from operating activities for the nine-month period.  During the nine-month period, the company reduced net bank debt by $43.7 million to $102.8 million from $146.5 million.

“Our year-to-date results reflect significant progress in achieving three major initiatives: increasing cash flow from profits and neutralizing working capital, and increasing sales and profitability, despite some unexpected softness throughout the industry in November and December. Our brake-related product categories continue to gain momentum, and we expect to realize ongoing improvements in operational efficiencies as volume further increases.  Finally, we remain focused on executing our strategic plans and leveraging our leadership position,” said Selwyn Joffe, chairman, president, and chief executive officer.
Nine-Month Results

Net sales for the fiscal 2024 nine-month period increased 8.2 percent to a record $528.2 million from $488.3 million.

Gross profit for the fiscal 2024 nine-month period increased 25.6 percent to $97.8 million from $77.8 million a year earlier.  Gross margin for the fiscal 2024 nine-month period was 18.5 percent compared with 15.9 percent a year earlier.  Gross margin for the fiscal 2024 nine-month period was impacted by $12.6 million, or 2.4 percent, of non-cash items, and $6.7 million, or 1.3 percent, of cash items, as detailed in Exhibit 4.

Operating income for the fiscal 2024 nine-month period increased 166.7 percent to $33.9 million from $12.7 million in the prior year.
(more)
Motorcar Parts of America, Inc.
3-3-3
Interest expense increased by $17.7 million, or $0.68 per share, for the nine months to $45.4 million from $27.7 million a year ago, primarily due to higher market interest rates and higher utilization of the accounts receivable discount programs due to higher net sales, as noted above.

Due primarily to $49.5 million, or $2.53 per share, of non-cash items, including a $37.5 million U.S. federal and state deferred tax asset valuation allowance under U.S. GAAP, or $1.91 per share, noted above, net loss for the fiscal 2024 nine-month period was $50.6 million, or $2.58 per share, compared with a net loss of $5.7 million, or $0.29 per share, a year ago.  The valuation allowance does not impact any operating metrics.  The non-cash items discussed above, and cash items of $5.8 million, or $0.30 per share, are detailed in Exhibit 2.
 
Further Considerations

•
Sales volume continuing to gain momentum.

o
Ordering activity expected to benefit from current extreme weather conditions.

o
Industry fundamentals continue to drive product demand.

•
Margin improvement.

o
Enhanced by multiple rounds of price increases.

o
Improving overhead absorption as brake-related business gains further momentum.

o
Improving operational efficiencies through volume increases.

•
Enhanced cash flow from working capital initiatives.

Use of Non-GAAP Measure
This press release includes the following non-GAAP measure – EBITDA, which is not a measure of financial performance under GAAP and should not be considered as an alternative to net income as a measure of financial performance. The company believes this non-GAAP measure, when considered together with the corresponding GAAP measures, provides useful information to investors and management regarding financial and business trends relating to the company’s results of operations. However, this non-GAAP measure has significant limitations in that it does not reflect all the costs and other items associated with the operation of the company’s business as determined in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies. Therefore, investors should consider non-GAAP measures in addition to, and not as a substitute for, or superior to, measures of financial performance in accordance with GAAP. For a definition and reconciliation of EBITDA to net income, its corresponding GAAP measure, see the financial tables included in this press release. Also, refer to our Form 8-K to which this release is attached, and other filings we make with the SEC, for further information regarding this measure.
Earnings Conference Call and Webcast
Selwyn Joffe, chairman, president and chief executive officer, and David Lee, chief financial officer, will host an investor conference call today at 10:00 a.m. Pacific time to discuss the company’s financial results and operations. The call will be open to all interested investors either through a live audio webcast at www.motorcarparts.com or live by calling (888) 440-5584 (domestic) or
(646) 960-0457 (international). For those who are not available to listen to the live broadcast, the call will be archived on Motorcar Parts of America’s website www.motorcarparts.com. A telephone playback of the conference call will also be available from approximately 1:00 p.m. Pacific time on February 9, 2024 through 8:59 p.m. Pacific time on February 16, 2024 by calling (800) 770-2030 (domestic) or (647) 362-9199 (international) and using access code: 1545314.
(more)
Motorcar Parts of America, Inc.
4-4-4
About Motorcar Parts of America, Inc.

Motorcar Parts of America, Inc. is a remanufacturer, manufacturer, and distributor of automotive aftermarket parts -- including alternators, starters, wheel bearings and hub assemblies, brake calipers, brake pads, brake rotors, brake master cylinders, brake power boosters, turbochargers, and diagnostic testing equipment utilized in imported and domestic passenger vehicles, light trucks, and heavy-duty applications. Its products are sold to automotive retail outlets and the professional repair market throughout the United States, Canada, and Mexico, with facilities located in California, New York, Mexico, Malaysia, China and India, and administrative offices located in California, Tennessee, Mexico, Singapore, Malaysia, and Canada. In addition, the company’s electrical vehicle subsidiary designs and manufactures testing solutions for performance, endurance, and production of multiple components in the electric power train – providing simulation, emulation, and production applications for the electrification of both automotive and aerospace industries, including electric vehicle charging systems. Additional information is available at www.motorcarparts.com.
 
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for certain forward-looking statements. The statements contained in this press release that are not historical facts are forward-looking statements based on the company’s current expectations and beliefs concerning future developments and their potential effects on the company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond the control of the company) and are subject to change based upon various factors. Reference is also made to the Risk Factors set forth in the company’s Form 10-K Annual Report filed with the Securities and Exchange Commission (SEC) in June 2023 and in its Forms 10-Q filed with the SEC for additional risks and uncertainties facing the company. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as the result of new information, future events or otherwise.
 
# # #
 
(Financial tables follow)
(more)
MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
(Unaudited)
   
Three Months Ended
    
Nine Months Ended
  
   
December 31,
    
December 31,
  
   
2023
    
2022
    
2023
    
2022
  
                         
                         
Net sales
  
$
171,862,000
    
$
151,819,000
    
$
528,206,000
    
$
488,347,000
  
Cost of goods sold
    
141,819,000
      
130,826,000
      
430,448,000
      
410,536,000
  
Gross profit
    
30,043,000
      
20,993,000
      
97,758,000
      
77,811,000
  
Operating expenses:
                                
General and administrative
    
15,198,000
      
13,599,000
      
42,125,000
      
42,079,000
  
Sales and marketing
    
5,931,000
      
5,634,000
      
17,038,000
      
17,242,000
  
Research and development
    
2,539,000
      
2,547,000
      
7,352,000
      
8,330,000
  
Foreign exchange impact of lease liabilities and forward contracts
    
(3,149,000
)
    
(4,313,000
)
    
(2,659,000
)
    
(2,553,000
)
Total operating expenses
    
20,519,000
      
17,467,000
      
63,856,000
      
65,098,000
  
Operating income
    
9,524,000
      
3,526,000
      
33,902,000
      
12,713,000
  
Other expenses:
                                
Interest expense, net
    
18,297,000
      
11,471,000
      
45,400,000
      
27,675,000
  
Change in fair value of compound net derivative liability
    
1,160,000
      
-
      
1,690,000
      
-
  
Loss on extinguishment of debt
    
-
      
-
      
168,000
      
-
  
Total other expenses
    
19,457,000
      
11,471,000
      
47,258,000
      
27,675,000
  
Loss before income tax expense (benefit)
    
(9,933,000
)
    
(7,945,000
)
    
(13,356,000
)
    
(14,962,000
)
Income tax expense (benefit)
    
37,281,000
      
(8,971,000
)
    
37,226,000
      
(9,296,000
)

                               
Net (loss) income
  
$
(47,214,000
)
  
$
1,026,000
    
$
(50,582,000
)
  
$
(5,666,000
)
                                 
Basic net (loss) income per share
  
$
(2.40
)
  
$
0.05
    
$
(2.58
)
  
$
(0.29
)
                                 
Diluted net (loss) income per share
  
$
(2.40
)
  
$
0.05
    
$
(2.58
)
  
$
(0.29
)

                               
Weighted average number of shares outstanding:
                                
                                 
Basic
    
19,634,306
      
19,474,871
      
19,580,960
      
19,383,531
  

                               
Diluted
    
19,634,306
      
19,634,153
      
19,580,960
      
19,383,531
  

MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES
Consolidated Balance Sheets

 
December 31, 2023
    
March 31, 2023
  
ASSETS
  
(Unaudited)
        
Current assets:
            
Cash and cash equivalents
  
$
12,155,000
    
$
11,596,000
  
Short-term investments
    
2,206,000
      
2,011,000
  
Accounts receivable — net
    
93,008,000
      
119,868,000
  
Inventory
    
393,777,000
      
356,254,000
  
Contract assets
    
25,236,000
      
25,443,000
  
Prepaid expenses and other current assets
    
17,978,000
      
22,306,000
  
Total current assets
    
544,360,000
      
537,478,000
  
Plant and equipment — net
    
39,644,000
      
46,052,000
  
Operating lease assets
    
85,187,000
      
87,619,000
  
Long-term deferred income taxes
    
2,447,000
      
32,625,000
  
Long-term contract assets
    
318,323,000
      
318,381,000
  
Goodwill and intangible assets — net
    
4,461,000
      
5,348,000
  
Other assets
    
1,511,000
      
1,062,000
  
TOTAL ASSETS
  
$
995,933,000
    
$
1,028,565,000
  
LIABILITIES AND SHAREHOLDERS'  EQUITY
                
Current liabilities:
                
Accounts payable and accrued liabilities
  
$
178,881,000
    
$
141,766,000
  
Customer finished goods returns accrual
    
37,883,000
      
37,984,000
  
Contract liabilities
    
43,848,000
      
40,340,000
  
Revolving loan
    
115,000,000
      
145,200,000
  
Other current liabilities
    
5,369,000
      
4,871,000
  
Operating lease liabilities
    
8,564,000
      
8,767,000
  
Current portion of term loan
    
-
      
3,664,000
  
Total current liabilities
    
389,545,000
      
382,592,000
  
Term loan, less current portion
    
-
      
9,279,000
  
Convertible notes, related party
    
33,226,000
      
30,994,000
  
Long-term contract liabilities
    
206,590,000
      
193,606,000
  
Long-term deferred income taxes
    
74,000
      
718,000
  
Long-term operating lease liabilities
    
73,725,000
      
79,318,000
  
Other liabilities
    
11,021,000
      
11,583,000
  
Total liabilities
    
714,181,000
      
708,090,000
  
Commitments and contingencies
                
Shareholders' equity:
                
Preferred stock; par value $.01 per share, 5,000,000 shares authorized; none issued
    
-
      
-
  
Series A junior participating preferred stock; par value $.01 per share, 20,000 shares authorized; none issued
    
-
      
-
  
Common stock; par value $.01 per share, 50,000,000 shares authorized; 19,662,380 and
19,494,615 shares issued and outstanding at December 31, 2023 and March 31, 2023, respectively
    
197,000
      
195,000
  
Additional paid-in capital
    
235,823,000
      
231,836,000
  
Retained earnings
    
38,165,000
      
88,747,000
  
Accumulated other comprehensive income (loss)
    
7,567,000
      
(303,000
)
Total shareholders' equity
    
281,752,000
      
320,475,000
  
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY
  
$
995,933,000
    
$
1,028,565,000
  

Additional Information and Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with U.S. generally accepted accounting principles ("GAAP"), the company has included the following additional information and non-GAAP financial measures for the three and nine months ended December 31, 2023 and 2022. Among other things, the company uses such additional information and non-GAAP adjusted financial measures in addition to and together with corresponding GAAP measures to help analyze the performance of its business.
 
The company believes this information helps provide a more complete understanding of the company's results of operations and the factors and trends affecting the company's business. However, this information should be considered as a supplement to, and not as a substitute for, or superior to, information contained in the company’s financial statements prepared in accordance with GAAP. In addition, the company’s non-GAAP measures may be calculated differently and are therefore not comparable to similar measures by other companies.
The company defines EBITDA as earnings before interest, taxes, depreciation, and amortization. A reconciliation of EBITDA to net income is provided below along with information regarding such items.
Items Impacting Net Income for the Three Months Ended December 31, 2023 and 2022          Exhibit 1

 
Three Months Ended December 31,
  

 
2023
    
2022
  

 

$
   
Per Share
    
$
   
Per Share
  
GAAP net (loss) income
  
$
(47,214,000
)
  
$
(2.40
)
  
$
1,026,000
    
$
0.05
  

                               
Non-cash items impacting net (loss) income
                                
Core and finished goods premium amortization
  
$
2,838,000
    
$
0.14
    
$
3,075,000
    
$
0.16
  
Revaluation - cores on customers' shelves
    
1,607,000
      
0.08
      
863,000
      
0.04
  
Share-based compensation expenses
    
1,425,000
      
0.07
      
1,021,000
      
0.05
  
Foreign exchange impact of lease liabilities and forward contracts
    
(3,149,000
)
    
(0.16
)
    
(4,313,000
)
    
(0.22
)
Change in fair value of compound net derivative liability
    
1,160,000
      
0.06
      
-
      
-
  
Tax effect (a)
    
(970,000
)
    
(0.05
)
    
(162,000
)
    
(0.01
)
Tax valuation allowance
    
37,461,000
      
1.91
      
-
      
-
  
Total non-cash items impacting net (loss) income
  
$
40,372,000
    
$
2.06
    
$
484,000
    
$
0.02
  

                               
Cash items impacting net (loss) income
                                
Supply chain disruptions and related costs (b)
  
$
1,555,000
    
$
0.08
    
$
2,649,000
    
$
0.13
  
New product line start-up costs and transition expenses, and severance (c)
    
296,000
      
0.02
      
1,103,000
      
0.06
  
Tax effect (a)
    
(463,000
)
    
(0.02
)
    
(938,000
)
    
(0.05
)
Total cash items impacting net (loss) income
  
$
1,388,000
    
$
0.07
    
$
2,814,000
    
$
0.14
  

(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the three-months ended December 31, 2023, consists of $1,555,000 impacting gross profit.
For the three-months ended December 31, 2022, consists of $2,370,000 impacting gross profit and $279,000 included in operating expenses.
(c) For the three-months ended December 31, 2023, consists of $296,000 included in operating expenses.
For the three-months ended December 31, 2022, consists of $1,103,000 included in operating expenses.
Items Impacting Net Income for the Nine Months Ended December 31, 2023 and 2022          Exhibit 2
   
Nine Months Ended December 31,
  
   
2023
    
2022
  
   

$
   
Per Share
    

$
   
Per Share
  
GAAP net loss
  
$
(50,582,000
)
  
$
(2.58
)
  
$
(5,666,000
)
  
$
(0.29
)

                               
Non-cash items impacting net loss
                                
Core and finished goods premium amortization
  
$
8,202,000
    
$
0.42
    
$
9,183,000
    
$
0.47
  
Revaluation - cores on customers' shelves
    
4,380,000
      
0.22
      
2,704,000
      
0.14
  
Share-based compensation expenses
    
4,268,000
      
0.22
      
3,521,000
      
0.18
  
Foreign exchange impact of lease liabilities and forward contracts
    
(2,659,000
)
    
(0.14
)
    
(2,553,000
)
    
(0.13
)
Change in fair value of compound net derivative liability and loss on extinguishment of debt
    
1,858,000
      
0.09
      
-
      
-
  
Tax effect (a)
    
(4,012,000
)
    
(0.20
)
    
(3,214,000
)
    
(0.17
)
Tax valuation allowance
    
37,461,000
      
1.91
      
-
      
-
  
Total non-cash items impacting net loss
  
$
49,498,000
    
$
2.53
    
$
9,641,000
    
$
0.50
  
                                 
Cash items impacting net loss
                                
Supply chain disruptions and related costs (b)
  
$
6,738,000
    
$
0.34
    
$
9,963,000
    
$
0.51
  
New product line start-up costs and transition expenses, and severance (c)
    
980,000
      
0.05
      
2,642,000
      
0.14
  
Tax effect (a)
    
(1,930,000
)
    
(0.10
)
    
(3,151,000
)
    
(0.16
)
Total cash items impacting net loss
  
$
5,788,000
    
$
0.30
    
$
9,454,000
    
$
0.49
  

(a) Tax effect is calculated by applying an income tax rate of 25.0% to items listed above; this rate may differ from the period's actual income tax rate.
(b) For the nine-months ended December 31, 2023, consists of $6,738,000 impacting gross profit.
For the nine-months ended December 31, 2022, consists of $8,572,000 impacting gross profit and $1,391,000 included in operating expenses.
(c) For the nine-months ended December 31, 2023, consists of $980,000 included in operating expenses.
For the nine-months ended December 31, 2022, consists of $2,642,000 included in operating expenses.
Items Impacting Gross Profit for the Three Months Ended December 31, 2023 and 2022          Exhibit 3

 
Three Months Ended December 31,
  

 
2023
    
2022
  

 
$
   
Gross
Margin
    
$
   
Gross
Margin
  
GAAP gross profit
  
$
30,043,000
      
17.5
%
  
$
20,993,000
      
13.8
%

                               
Non-cash items impacting gross profit
                                
Core and finished goods premium amortization
  
$
2,838,000
      
1.7
%
  
$
3,075,000
      
2.0
%
Revaluation - cores on customers' shelves
    
1,607,000
      
0.9
%
    
863,000
      
0.6
%
Total non-cash items impacting gross profit
  
$
4,445,000
      
2.6
%
  
$
3,938,000
      
2.6
%

                               
Cash items impacting gross profit
                                
Supply chain disruptions and related costs
  
$
1,555,000
      
0.9
%
  
$
2,370,000
      
1.6
%
Total cash items impacting gross profit
  
$
1,555,000
      
0.9
%
  
$
2,370,000
      
1.6
%

Items Impacting Gross Profit for the Nine Months Ended December 31, 2023 and 2022          Exhibit 4
   
Nine Months Ended December 31,
  
   
2023
    
2022
  
    

$
   
Gross
Margin
    

$
   
Gross
Margin
  
GAAP gross profit
  
$
97,758,000
      
18.5
%
  
$
77,811,000
      
15.9
%
                                 
Non-cash items impacting gross profit
                                
Core and finished goods premium amortization
  
$
8,202,000
      
1.6
%
  
$
9,183,000
      
1.9
%
Revaluation - cores on customers' shelves
    
4,380,000
      
0.8
%
    
2,704,000
      
0.6
%
Total non-cash items impacting gross profit
  
$
12,582,000
      
2.4
%
  
$
11,887,000
      
2.4
%
                                 
Cash items impacting gross profit
                                
Supply chain disruptions and related costs
  
$
6,738,000
      
1.3
%
  
$
8,572,000
      
1.8
%
Total cash items impacting gross profit
  
$
6,738,000
      
1.3
%
  
$
8,572,000
      
1.8
%

Items Impacting EBITDA for the Three and Nine Months Ended December 31, 2023 and 2022          Exhibit 5

 
Three Months Ended December 31,
    
Nine Months Ended December 31,
  

 
2023
    
2022
    
2023
    
2022
  
GAAP net (loss) income
  
$
(47,214,000
)
  
$
1,026,000
    
$
(50,582,000
)
  
$
(5,666,000
)
Interest expense, net
    
18,297,000
      
11,471,000
      
45,400,000
      
27,675,000
  
Income tax expense (benefit)
    
37,281,000
      
(8,971,000
)
    
37,226,000
      
(9,296,000
)
Depreciation and amortization
    
2,878,000
      
3,108,000
      
8,844,000
      
9,322,000
  
EBITDA
  
$
11,242,000
    
$
6,634,000
    
$
40,888,000
    
$
22,035,000
  
                                 
Non-cash items impacting EBITDA
                                
Core and finished goods premium amortization
  
$
2,838,000
    
$
3,075,000
    
$
8,202,000
    
$
9,183,000
  
Revaluation - cores on customers' shelves
    
1,607,000
      
863,000
      
4,380,000
      
2,704,000
  
Share-based compensation expenses
    
1,425,000
      
1,021,000
      
4,268,000
      
3,521,000
  
Foreign exchange impact of lease liabilities and forward contracts
    
(3,149,000
)
    
(4,313,000
)
    
(2,659,000
)
    
(2,553,000
)
Change in fair value of compound net derivative liability and loss on extinguishment of debt
    
1,160,000
      
-
      
1,858,000
      
-
  
Total non-cash items impacting EBITDA
  
$
3,881,000
    
$
646,000
    
$
16,049,000
    
$
12,855,000
  
 
                                
Cash items impacting EBITDA
                                
Supply chain disruptions and related costs
  
$
1,555,000
    
$
2,649,000
    
$
6,738,000
    
$
9,963,000
  
New product line start-up costs and transition expenses, and severance
    
296,000
      
1,103,000
      
980,000
      
2,642,000
  
Total cash items impacting EBITDA
  
$
1,851,000
    
$
3,752,000
    
$
7,718,000
    
$
12,605,000
  


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Document and Entity Information
Feb. 09, 2024
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Feb. 09, 2024
Entity File Number 001-33861
Entity Registrant Name MOTORCAR PARTS OF AMERICA INC
Entity Central Index Key 0000918251
Entity Incorporation, State or Country Code NY
Entity Tax Identification Number 11-2153962
Entity Address, Address Line One 2929 California Street
Entity Address, City or Town Torrance
Entity Address, State or Province CA
Entity Address, Postal Zip Code 90503
City Area Code 310
Local Phone Number 212-7910
Title of 12(b) Security Common Stock, par value $0.01 per share
Trading Symbol MPAA
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
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