American Vanguard Corp 8-K, filed Aug 9, 2022
American Vanguard Corp (AVD)
About this 8-K
American Vanguard Corp filed this 8-K on August 9, 2022.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d)
OF THE SECURITIES EXCHANGE ACT OF 1934
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Item 7.01 Regulation FD Disclosure
During the earnings call of American Vanguard Corporation (the “Company”) to be held on August 9, 2022, the Company is disclosing what may be considered material nonpublic information regarding the forecast for EBITDA during full year 2022. Such information is contained in the excerpt from the management presentation of that Meeting set forth in Exhibit 99.1, which is incorporated herein by reference.
The information contained in this Current Report on Form 8-K, including the Exhibits linked hereto, is being furnished under Items 7.01 and 9.01 and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
| Exhibit 99.1 | Excerpt from Management Presentation of the earnings call of the Company held on August 9, 2022. | |
| Exhibit 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) | |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, American Vanguard Corporation has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| AMERICAN VANGUARD CORPORATION | ||||||
| Date: August 9, 2022 | By: | /s/ Timothy J. Donnelly | ||||
| Timothy J. Donnelly | ||||||
| Chief Administrative Officer, General Counsel & Secretary | ||||||
2Q22 Earnings Call August 9, 2022 Exhibit 99.1
2022 Performance Target Net Income . . .. . . . . . . . 60 - 70% Increase Revenue Growth . . . . . . . . 8% - 11% Gross Profit Margin . . . . . . 38-40% Operating Expenses . . . . . . OPEX as % of Sales (31-33%) Interest Expense . . . . . . . . . Similar to 2021 Tax Rate . . . . . . . . . .. . . . . . . Mid 20% Range (Expected Full Year) Debt-to-EBITDA Target . . . <1.0X without Acquisitions <2.5X with Acquisitions +104% +19% 41% 32% $1,170 vs $1,959 1.33X 30% (Down 40%) 1st Half EBITDA*. . . . . . . . . . . . . 24-28% Increase +40% *Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, non-cash stock compensation and proxy contest activities
Adjusted EBITDA History *Adjusted EBITDA includes earnings before interest, taxes, depreciation, amortization, non-cash stock compensation and proxy contest activities