Horizon Global Third Quarter 2017 Earnings Presentation · NYSE: HZN DRIVEN TO DELIVER Q3 2017 Earnings 3 Non-GAAP Financial Measures In this presentation, certain non-GAAP financial

1DRIVEN TO DELIVER Q1 2016 EarningsNYSE: HZN

Horizon GlobalThird Quarter 2017

Earnings Presentation

October 31, 2017


Safe Harbor Statement

Forward-Looking StatementsThis presentation may contain "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-lookingstatements contained herein speak only as of the date they are made and give our current expectations or forecasts of future events. These forward-looking statements can be identified by the use of forward-looking words, such as "may," "could," "should," "estimate," "project," "forecast," "intend,""expect," "anticipate," "believe," "target," "plan" or other comparable words, or by discussions of strategy that may involve risks and uncertainties.These forward-looking statements are subject to numerous assumptions, risks and uncertainties which could materially affect our business, financialcondition or future results including, but not limited to, risks and uncertainties with respect to: the Company's leverage; liabilities imposed by theCompany's debt instruments; market demand; competitive factors; supply constraints; material and energy costs; technology factors; litigation;government and regulatory actions; the Company's accounting policies; future trends; general economic and currency conditions; various conditionsspecific to the Company's business and industry; the spin-off from TriMas Corporation; risks inherent in the achievement of cost synergies and thetiming thereof in connection with the Westfalia acquisition, including whether the acquisition will be accretive; the Company's ability to promptlyand effectively integrate Westfalia; the performance and costs of integration of Westfalia; the timing and amount of repurchases of the Company’scommon stock, if any; and other risks that are discussed in the Company's most recent Annual Report on Form 10-K, Quarterly Reports on Form10-Q or Current Reports on Form 8-K. The risks described herein are not the only risks facing our Company. Additional risks and uncertainties notcurrently known to us or that we currently deemed to be immaterial also may materially adversely affect our business, financial position and resultsof operations or cash flows. We caution readers not to place undue reliance on such statements, which speak only as of the date hereof. We donot undertake any obligation to review or confirm analysts' expectations or estimates or to release publicly any revisions to any forward-lookingstatement to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events.


Non-GAAP Financial Measures

In this presentation, certain non-GAAP financial measures may be used. Except as otherwise disclosed herein, reconciliations of non-GAAP financialmeasures to the most directly comparable GAAP financial measure may be found at the end of this presentation. Additional information is availableat www.horizonglobal.com.(1) Refer to Appendix, "Company and Business Segment Financial Information", which details certain costs, expenses, other charges, and gains or income, collectively described as

''Special Items", that are included in the determination of operating profit under GAAP, but that management would not consider important in evaluating the quality of the Company'soperating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluating the Company's continuing activities. Accordingly, theCompany presents adjusted operating profit and adjusted corporate expenses excluding these Special Items to help investors evaluate our operating performance and trends in ourbusiness consistent with how management evaluates such performance and trends. Further, the Company presents adjusted operating profit excluding these Special Items, to provideinvestors with a better understanding of the Company's view of the third quarter results as compared to the Company's 2017 guidance and prior periods.

(2) We evaluate growth in our operations on both an as reported basis and a constant currency basis. The constant currency presentation, which is a non-GAAP measure, excludes theimpact of fluctuations in foreign currency exchange rates. We believe providing constant currency information provides valuable supplemental information regarding our growth,consistent with how we evaluate our performance. Constant currency revenue results are calculated by translating current period revenue in local currency using the prior period’scurrency conversion rate. This non-GAAP measure has limitations as an analytical tool and should not be considered in isolation or as a substitute for an analysis of our results asreported under GAAP. Our use of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies in the method of calculation anddifferences due to items subject to interpretation. See Appendix, "Constant Currency Reconciliation".

(3) Refer to Appendix, "Additional Information Regarding Special Items Impacting Reported GAAP Financial Measures", which details certain costs, expenses, other charges, and gainsor income, collectively described as ''Special Items'' that are included in the determination of net income and earnings per share under GAAP, but that management would not considerimportant in evaluating the quality of the Company's operating results as they are not indicative of the Company's core operating results or may obscure trends useful in evaluatingthe Company's continuing activities. Accordingly, the Company presents adjusted net income and adjusted diluted earnings per share excluding these Special Items to help investorsevaluate our operating performance and trends in our business consistent with how management evaluates such performance and trends.

(4) Refer to Appendix, "LTM Bank EBITDA as Defined in Credit Agreement", which reconciles net income to "Consolidated Bank EBITDA" as defined in our Credit Agreement dated June30, 2015, as amended, for all periods presented. We believe this reconciliation provides valuable supplemental information regarding our capital structure, consistent with how weevaluate our performance. Net leverage ratio is calculated by dividing "Total Consolidated Indebtedness" by "Consolidated Bank EBITDA". For the twelve month periods endedSeptember 30, 2017, June 30, 2017, and March 31, 2017, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with ourConvertible Notes at their face value of $125 million and excluding certain credit facilities as defined in our Credit Agreement, less unrestricted domestic cash and 65% of unrestrictedforeign cash. For the twelve month period ended December 31, 2016, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt",excluding certain credit facilities as defined in our Credit Agreement, less unrestricted domestic cash and 65% of unrestricted foreign cash. Domestic and foreign unrestricted cashincluded in the calculation were $6.3 million and $9.2 million, respectively, as of September 30, 2017, $10.6 million and $18.8 million, respectively, as of June 30, 2017, $5.2 millionand $16.3 million, respectively, as of March 31, 2017, and $30.0 million and $13.1 million, respectively, as of December 31, 2016. For the twelve month period ended September 30,2016, "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt" less unrestricted domestic cash of $27.7 million.

(5) The Company provides guidance for adjusted operating profit and adjusted diluted earnings per share, which exclude “Special Items”, that are included in the determination of operatingprofit and diluted earnings per share under GAAP. “Special Items” are certain costs, expenses, other charges, gains or income, that management would not consider important inevaluating the quality of the Company’s operating results as they are not indicative of the Company’s core operating results or may obscure trends useful in evaluating the Company’scontinuing activities. See Appendix, "2017 Guidance Reconciliation" for a reconciliation of the Company's 2017 guidance of adjusted operating profit and adjusted diluted earningsper share to the most comparable GAAP financial measure.

(6) "Working Capital" defined as "total current assets" excluding "cash and cash equivalents" and "deferred income taxes", less "total current liabilities" excluding "current maturities, long-term debt".

http://www.horizonglobal.com/


Horizon Global Third Quarter 2017

5DRIVEN TO DELIVER Q3 2017 EarningsNYSE: HZN 5


Business System

6


Trends and ResultsThird Quarter 2017

▪ Net sales increased 58.3% ▪ Adjusted operating profit(1) margin of 7.1% ▪ Pre-tax income increased 320.9%▪ Adjusted diluted earnings per share(3) of $0.38 ▪ Full-year adjusted diluted earnings per share(5) guidance reaffirmed

Third Quarter Review

Market Trends

▪ OE globalization trend continues; growth across all HZN regions▪ Trucks, CUVs and SUVs expanding market share as percentage of global SAAR▪ Overall U.S. retail sales expanded; post-hurricanes impact expected to continue▪ Aftermarket channel growth slowed; adjusting to e-commerce impact in this channel ▪ F/X impact putting cost pressure on goods imported from China ▪ Steel costs remain higher than prior year


Progress on Key Financial Priorities Third Quarter 2017

C O N S I S T E N T F O C U S / C O N S I S T E N T P R I O R I T I E S

▪ Westfalia integration on track todeliver synergies of €9.0M in 2017;completed €4.1M in Q3 2017 and€7.3M YTD

▪ Asia-Pacific adjusted operatingprofit(1) increased to $6.9M, or18.7% of net sales

▪ Americas margin headwind due todelay in steel cost recovery and IPprotection efforts

▪ Total net leverage ratio of 3.6x(4),down from Q2 2017

▪ $20.5M of cash on book, down$20.9M from Q3 2016 oninvestments in growth, synergiesand working capital

▪ Net sales up 58.3%, includingorganic growth in all three regions

▪ Continued success of Global OEstrategy; 11 new wins > $31.0M fullyear run-rate

▪ Third consecutive quarter ofdouble-digit organic growth in Asia-Pacific

▪ Double-digit e-commerce growth inAmericas

IMPROVE MARGINS IMPROVE CAPITALSTRUCTURE DRIVE SALES GROWTH

10% Less than 2x 3-5% Organic

‹#›DRIVEN TO DELIVER Q1 2016 EarningsNYSE: HZN 9DRIVEN TO DELIVER Q3 2017 EarningsNYSE: HZN

Initiative Objective Current Action/Result Project Realization

Westfalia IntegrationFully integrate Westfaliacompanies into oneEuropean organization

▪ Executing multiple synergy projectswhile managing growth

▪ €7.3M of synergies realized in first ninemonths and on track for €9M for 2017

Kansas City AreaDistribution Center

Improved customerservice at lower cost

▪ First customer shipment from KCdistribution center scheduled forNovember 2017

▪ Expected full-year run-rate benefit of$5.0 to $7.0M in 2019

Sourcing InitiativesOptimize supply basethrough increasedintegration

▪ Executing strategy to reduce supplybase by 20% by end of 2018

▪ Negotiating cost reductions in exchangefor increased volume

Product Innovation Increased product vitalitywhile expanding margins

▪ Product development and engineeringre-focused on new product launches for2018

▪ Industrial product in APAC increasingsales and margin

Horizon Business SystemOperational,organizational andcommercial excellence

▪ HBS rolled out globally to all facilities▪ Global KPIs focused on productivity and

efficiency efforts have been implemented▪ Continuous Improvement and Global

Quality Councils in place

Margin Dashboard


Westfalia YTD Achieved Synergies by Workstream

FacilityConsolidation

€0.1M

Sourcing &Supply Chain

€0.9M

Productivity€1.6M

Organization€2.9M

Commercial€1.8M

▪ Management team and organization isrenewed, aligned and focused on changemanagement

▪ Multiple project workstreams are alignedto deliver strategic cost savings

▪ Facility consolidation is underway ▪ Productivity is improving by location▪ Headcount reductions accelerated▪ Local supply chains being developed▪ Continuing to identify and plan execution

for 2018 synergies

A C Q U I S I T I O N S Y N E R G I E S W E L L U N D E R W A Y




Q3 2017 QTD Q3 2016 QTD VarianceNet Sales $240.1 $151.7 58.3%Operating Profit $13.3 $6.6 100.5%

Operating Profit Margin 5.5% 4.4% 110 bpsAdjusted Operating Profit(1) $17.0 $11.9 43.1%Adjusted Operating Profit(1) Margin 7.1% 7.8% (70) bps

Net Income attributable to Horizon Global $6.9 $0.4 FavorableAdjusted Net Income attributable to Horizon Global(3) $9.7 $5.7 70.2%

Diluted Earnings per Share attributable to Horizon Global $0.27 $0.02 FavorableAdjusted Diluted Earnings per Share attributable to Horizon Global(3) $0.38 $0.30 26.7%

Operating Cash Flow ($2.3) $27.5 (108.4%)Total Debt $279.2 $190.6 46.5%Net Leverage Ratio(4) (covenant 5.25x) 3.6x 2.7x

Third Quarter 2017

Quarter Highlights▪ Net sales growth across all three reportable segments▪ Adjusted operating profit(1) increased $5.1 million on higher volumes and operational improvements and

European synergy efforts▪ Operating cash flow reflects timing of sales within quarter and effects of inventory build▪ Total debt and net leverage ratio(4) reflect acquisition of Westfalia and subsequent recapitalization efforts

(Unaudited - dollars in millions, except per share amounts)


Horizon AmericasThird Quarter 2017

Q3 Results

Net Sales▪ Net sales increased 4.3% compared to Q3 2016

▪ OE increased $2.0M - higher volume on existing programs▪ E-commerce increased $1.2M - consumer preference▪ Aftermarket increased $1.0M - gains with warehouse distributors

Operating Profit▪ Adjusted operating profit(1) decreased to $11.7M

▪ Benefits of manufacturing facility consolidation offset by increased input costs,including freight and commodities

▪ Timing of price realization lagged impact of input costs▪ Higher legal costs protecting intellectual property

Focus▪ Commence operations at Kansas City distribution center ▪ Convert Reynosa paintline ▪ Capture synergies from single operating system▪ Accelerate innovative product introductions▪ Support customers in growing channels

(Unaudited - dollars in millions)

Adjusted Operating Profit(1)

Net Sales

Q3-16 Q3-17

$110.7 $115.5

Q3-16 Q3-17

$13.5$11.7

10.1%

12.2%

(13.5)%

4.3%


Horizon Europe-AfricaThird Quarter 2017

Q3 Results

Net Sales▪ Increase in net sales due to acquisition of Westfalia in Q4 2016

▪ OE channel volume increasing, with double-digit organic OE growth▪ Aftermarket channel sales remain weak in spite of improved fulfillment

Operating Profit▪ Adjusted operating profit(1) increased to $4.0M

▪ Realized €4.1M of Westfalia-related synergies ▪ Production continues to shift between locations to support customer demand

Focus▪ Integrate Westfalia to deliver committed synergies▪ Transition production from U.K. to Romania▪ Effectively launch new OE programs▪ Refine business model to gain share in aftermarket channel

Net Sales


Q3-16 Q3-17

$0.3

$4.0

Q3-16 Q3-17

$13.1

$87.9

4.5%

1.9%


Fav

573.9%


Horizon Asia-PacificThird Quarter 2017

Q3 Results

Net Sales▪ Net sales increased 27.2% in constant currency(2)

▪ $6.0M attributable to bolt-on acquisition▪ Growth experienced in all markets▪ Industrial channel grew $2.5M - new product and customer secured in Q4 2016

Operating Profit▪ Adjusted operating profit(1) margin up 530 basis points

▪ Industrial product launch leveraging existing infrastructure▪ HBS productivity-focused improvements▪ Realization of benefits from restructuring efforts in Thailand▪ Impact of bolt-on acquisition

Focus▪ Effectively launch new OE and Industrial programs▪ Identify and implement manufacturing productivity initiatives▪ Continue to integrate bolt-on acquisition▪ Develop and implement China commercial strategy



Net Sales

Q3-16 Q3-17

$27.9

$36.7

31.4%

Q3-16 Q3-17

$3.8

$6.9

18.7%

13.4%

82.9%


Cash & AvailabilityNet Leverage Ratio(4)Debt & Working Capital(6)

Q4-16 Q1-17 Q2-17 Q3-17

$349.9

$280.9 $280.9 $279.2

$60.5

$107.1 $107.0 $105.8

Q4-16 Q1-17 Q2-17 Q3-17

$79.5$66.9

$83.3$97.0

$50.2

$129.7

$30.2

$97.1 $39.6

$122.9

$20.5

$117.5

Q4-16 Q1-17 Q2-17 Q3-17

3.6

3.6

2.4 2.1 2.0

2.0

4.4

1.8

3.9

1.6

3.6

▪ Debt reflects pay down of Term B Loan and issuance of convertible notes▪ Net leverage ratio(4) of 3.6x at quarter-end, down from 3.9x at Q2▪ Cash & availability decreased over Q2 due to bolt-on acquisition completed in Q3

Capitalization


($69.0) 0.8 ($32.6)

Working Capital CashAvailability

F O C U S R E M A I N S O N L E V E R A G E L E S S T H A N 2 X

$0.0 (0.5) $25.8

UnsecuredSecured

($1.7) (0.3) ($5.4)




Long-Term Strategic Goals

STRATEGIC GOALS


2017 Guidance

F U L L Y E A R E P S G U I D A N C E R E A F F I R M E D

AdjustedOperating

Profit(5)

refined

RevenueGrowth

increased

AdjustedEPS(5)

unchanged

OperatingCash

unchanged

New: 38% to 41%Old: 30% to 35%

New: 20 to 70 bpsOld: 60 to 100 bps

$53M to $59M, up ≈50%

$40M to $50M

$1.04 to $1.14

Full Year

Revenue

AdjustedEPS(3)

Actual: $240MGuidance: $225M to $235M

Actual: $0.38 Guidance: $0.35 to $0.40

Q3

Revenuenew

AdjustedEPS(5)

new

$200M to $215M

($0.04) to $0.04

Q4

ü

ü


Wrap-up

Organic revenuegrowth across all

three regions

Margins expandedin Europe-Africaand Asia-Pacific;

Westfaliaexpected to

achieve €9M insynergies in 2017

Remain committedto achieving key

financial prioritiesand reaffirmed full

year EPSguidance

Focused ondelivering

shareholder valueand growing viaacquisition and

productinnovation

A L I G N E D T O D E L I V E R S H A R E H O L D E R V A L U E



‹#›DRIVENTO DELIVER Q1 2016EarningsNYSE: HZN

Q&A

‹#›DRIVENTO DELIVER Q1 2016EarningsNYSE: HZN

Appendix


Q3 2017 YTD Q3 2016 YTD VarianceNet Sales $697.0 $465.6 49.7%Operating Profit $36.9 $25.6 44.1%

Operating Profit Margin 5.3% 5.5% (20) bpsAdjusted Operating Profit(1) $46.7 $37.7 23.9%Adjusted Operating Profit(1) Margin 6.7% 8.1% (140) bps

Net Income attributable to Horizon Global $17.3 $9.9 74.7%Adjusted Net Income attributable to Horizon Global(3) $27.3 $20.1 35.8%

Diluted Earnings per Share attributable to Horizon Global $0.69 $0.54 27.8%Adjusted Diluted Earnings per Share attributable to Horizon Global(3) $1.08 $1.11 (2.7%)

Operating Cash Flow ($2.3) $27.5 (108.4%)Total Debt $279.2 $190.6 46.5%Net Leverage Ratio(4) (covenant 5.25x) 3.6x 2.7x

Third Quarter 2017 YTD

(Unaudited - dollars in millions, except per share amounts)

YTD Highlights▪ Net sales increased 49.1% on constant currency basis(2) inclusive of Westfalia results▪ Adjusted operating profit(1) increased on higher volumes▪ YoY adjusted operating profit(1) margin impacted by inclusion of Westfalia business and currency

fluctuation▪ Operating cash flow reflects inventory build in Americas and higher sales in the third quarter as

compared to the prior year▪ EPS impacted by 37.2% increase in diluted shares ▪ Total debt and net leverage ratio(4) reflect acquisition of Westfalia and subsequent recapitalization efforts


Condensed Consolidated Balance Sheets

(Dollars in thousands)September 30,

2017December 31,

2016(unaudited)

AssetsCurrent assets:

Cash and cash equivalents..................................................................... $ 20,470 $ 50,240Receivables, net...................................................................................... 112,360 77,570Inventories...........................................................................................................................

162,660 146,020Prepaid expenses and other current assets............................................ 10,200 12,160

Total current assets............................................................................ 305,690 285,990Property and equipment, net........................................................................ 110,830 93,760Goodwill....................................................................................................... 145,910 120,190Other intangibles, net................................................................................... 92,780 86,720Deferred income taxes................................................................................. 10,790 9,370Other assets................................................................................................. 10,810 17,340

Total assets........................................................................................ $ 676,810 $ 613,370

Liabilities and Shareholders' EquityCurrent liabilities:

Current maturities, long-term debt.......................................................... $ 9,510 $ 22,900Accounts payable.................................................................................... 111,380 111,450Accrued liabilities.................................................................................... 68,060 63,780

Total current liabilities......................................................................... 188,950 198,130Long-term debt............................................................................................. 269,710 327,040Deferred income taxes................................................................................. 31,730 25,730Other long-term liabilities............................................................................. 28,790 30,410

Total liabilities..................................................................................... 519,180 581,310Commitments and contingent liabilities........................................................ — —

Total Horizon Global shareholders' equity.......................................... 158,830 32,360Noncontrolling interest ................................................................................ (1,200) (300)

Total shareholders' equity .................................................................. 157,630 32,060Total liabilities and shareholders' equity............................................. $ 676,810 $ 613,370


Condensed Consolidated Statements of Income(Unaudited - dollars in thousands, except for per share amounts)

Three months endedSeptember 30,

Nine months endedSeptember 30,

2017 2016 2017 2016Net sales.................................................................................................... $ 240,120 $ 151,720 $ 696,990 $ 465,590Cost of sales.............................................................................................. (181,700) (109,210) (525,510) (339,760)

Gross profit............................................................................................ 58,420 42,510 171,480 125,830Selling, general and administrative expenses.................................. (44,800) (35,850) (134,280) (97,510)Impairments...................................................................................... — — — (2,240)Net loss on dispositions of property and equipment........................ (330) (30) (330) (520)

Operating profit .................................................................................... 13,290 6,630 36,870 25,560Other expense, net:

Interest expense................................................................................... (5,540) (4,100) (16,650) (12,600)Loss on extinguishment of debt................................................... — — (4,640) —Other expense, net.............................................................................. (1,310) (1,000) (2,560) (2,170)

Other expense, net......................................................................... (6,850) (5,100) (23,850) (14,770)Income before income tax benefit (expense) .................................. 6,440 1,530 13,020 10,790Income tax benefit (expense)........................................................... 120 (1,160) 3,350 (900)Net income ...................................................................................... 6,560 370 16,370 9,890Less: Net loss attributable to noncontrolling interest........................ (330) — (920) —Net income attributable to Horizon Global....................................... $ 6,890 $ 370 $ 17,290 $ 9,890

Net income per share attributable to Horizon Global:Basic......................................................................................................

..$ 0.28 $ 0.02 $ 0.70 $ 0.55

Diluted......................................................................................................

$ 0.27 $ 0.02 $ 0.69 $ 0.54Weighted average common shares outstanding:

Basic........................................................................................................

24,948,410 18,174,509 24,728,643 18,144,998Diluted....................................................................................................

..25,379,252 18,519,077 25,154,800 18,333,226


Condensed Consolidated Statements of Cash Flow(Unaudited - dollars in thousands) Nine months ended

September 30,

2017 2016Cash Flows from Operating Activities:Net income................................................................................................................................................................................................. $ 16,370 $ 9,890

Adjustments to reconcile net income to net cash provided by (used for) operating activities:

Net loss on dispositions of property and equipment.......................................................................................................................... 330 520

Depreciation...................................................................................................................................................................................... 10,280 7,490

Amortization of intangible assets....................................................................................................................................................... 7,660 5,480

Impairment of intangible assets......................................................................................................................................................... — 2,240

Amortization of original issuance discount and debt issuance costs................................................................................................. 5,090 1,390

Deferred income taxes...................................................................................................................................................................... 840 (1,500)

Loss on extinguishment of debt........................................................................................................................................................ 4,640 —

Non-cash compensation expense..................................................................................................................................................... 2,760 2,840

Amortization of purchase accounting inventory step-up................................................................................................................... 420 —

Increase in receivables...................................................................................................................................................................... (28,360) (8,260)

(Increase) decrease in inventories.................................................................................................................................................... (7,920) 19,920

(Increase) decrease in prepaid expenses and other assets.............................................................................................................. 3,490 (1,670)

Decrease in accounts payable and accrued liabilities....................................................................................................................... (17,440) (10,040)

Other, net........................................................................................................................................................................................... (480) (790)

Net cash provided by (used for) operating activities................................................................................................................. (2,320) 27,510

Cash Flows from Investing Activities:Capital expenditures.......................................................................................................................................................................... (20,270) (10,090)

Acquisition of businesses, net of cash acquired................................................................................................................................ (19,800) —

Net proceeds from disposition of property and equipment................................................................................................................ 1,080 240

Net cash used for investing activities........................................................................................................................................ (38,990) (9,850)

Cash Flows from Financing Activities:Proceeds from borrowings on credit facilities.................................................................................................................................... 36,970 40,160

Repayments of borrowings on credit facilities................................................................................................................................... (41,630) (39,030)

Repayments of borrowings on Term B Loan, inclusive of transaction costs...................................................................................... (187,820) (7,500)

Proceeds from ABL Revolving Debt.................................................................................................................................................. 114,500 105,230

Repayments of borrowings on ABL Revolving Debt.......................................................................................................................... (94,500) (98,430)

Proceeds from issuance of common stock, net of offering costs...................................................................................................... 79,920 —

Repurchase of common stock........................................................................................................................................................... (10,000) —

Proceeds from issuance of Convertible Notes, net of issuance costs............................................................................................... 121,130 —

Proceeds from issuance of Warrants, net of issuance costs............................................................................................................. 20,930 —

Payments on Convertible Note Hedges, inclusive of issuance costs................................................................................................ (29,680) —

Other, net.......................................................................................................................................................................................... (240) (230)

Net cash provided by financing activities.................................................................................................................................. 9,580 200

Effect of exchange rate changes on cash............................................................................................................................................. 1,960 40

Cash and Cash Equivalents:

Increase (decrease) for the period.................................................................................................................................................... (29,770) 17,900

At beginning of period....................................................................................................................................................................... 50,240 23,520

At end of period........................................................................................................................................................................ $ 20,470 $ 41,420

Supplemental disclosure of cash flow information:

Cash paid for interest................................................................................................................................................................ $ 10,090 $ 11,180


Condensed Consolidated Statements of Shareholders' Equity(Unaudited - dollars in thousands)

CommonStock

Paid-inCapital

TreasuryStock

RetainedEarnings

(AccumulatedDeficit)

AccumulatedOther

ComprehensiveIncome (Loss)

Total HorizonGlobal

Shareholders’Equity

NoncontrollingInterest

TotalShareholders’

EquityBalance at December 31, 2016................................... $ 210 $ 54,800 $ — $ (14,310) $ (8,340) $ 32,360 $ (300) $ 32,060

Net income (loss)........................................................ — — — 17,290 — 17,290 (920) 16,370

Other comprehensive income, net of tax..................... — — — — 15,670 15,670 20 15,690

Issuance of common stock, net of issuance costs...... 40 79,880 — — — 79,920 — 79,920

Repurchase of common stock..................................... — — (10,000) — — (10,000) — (10,000)

Shares surrendered upon vesting of employees'share based payment awards to cover taxobligations................................................................... — (240) — — — (240) — (240)

Non-cash compensation expense............................... — 2,760 — — — 2,760 — 2,760

Issuance of Warrants, net of issuance costs............... — 20,930 — — — 20,930 — 20,930

Initial equity component of the 2.75% ConvertibleSenior Notes due 2022, net of issuance costs andtax................................................................................ — 19,690 — — — 19,690 — 19,690

Convertible Note Hedges, net of issuance costs andtax................................................................................ — (19,550) — — — (19,550) — (19,550)

Balance at September 30, 2017.................................. $ 250 $ 158,270 $ (10,000) $ 2,980 $ 7,330 $ 158,830 $ (1,200) $ 157,630


Company and Business SegmentFinancial Information(Unaudited - dollars in thousands) Three months ended

September 30,Nine months ended

September 30,

2017 2016 2017 2016

Horizon Americas

Net sales.............................................................................................................................................. $ 115,460 $ 110,730 $ 351,400 $ 350,170

Operating profit.................................................................................................................................... $ 10,930 $ 12,910 $ 38,840 $ 35,630

Special Items to consider in evaluating operating profit:

Severance and business restructuring costs.................................................................................. $ 780 $ 580 $ 780 $ 4,910

Impairment of intangible assets...................................................................................................... $ — $ 50 $ — $ 2,330

Adjusted operating profit....................................................................................................................... $ 11,710 $ 13,540 $ 39,620 $ 42,870

Horizon Europe-Africa

Net sales.............................................................................................................................................. $ 87,950 $ 13,050 $ 253,070 $ 39,600

Operating profit.................................................................................................................................... $ 2,680 $ 210 $ 5,950 $ 600


Severance and business restructuring costs................................................................................ $ 1,290 $ 40 $ 4,020 $ 320

Acquisition and integration costs.................................................................................................. $ — $ — $ 270 $ —

Adjusted operating profit...................................................................................................................... $ 3,970 $ 250 $ 10,240 $ 920

Horizon Asia-Pacific

Net sales.............................................................................................................................................. $ 36,710 $ 27,940 $ 92,520 $ 75,820



Severance and business restructuring costs ................................................................................... $ — $ — $ 300 $ —

Acquisition and integration costs...................................................................................................... $ 980 $ — $ 1,000 $ —

Adjusted operating profit...................................................................................................................... $ 6,860 $ 3,750 $ 14,540 $ 8,830

Corporate Expenses

Operating loss...................................................................................................................................... $ (6,200) $ (10,240) $ (21,160) $ (19,500)

Special Items to consider in evaluating operating loss:

Acquisition costs........................................................................................................................... $ 120 $ 4,570 $ 2,700 $ 4,570

Severance and business restructuring costs............................................................................... $ 530 $ — $ 780 $ —

Adjusted operating loss........................................................................................................................... $ (5,550) $ (5,670) $ (17,680) $ (14,930)

Total Company

Net sales.............................................................................................................................................. $ 240,120 $ 151,720 $ 696,990 $ 465,590


Total Special Items to consider in evaluating operating profit.............................................................. $ 3,700 $ 5,240 $ 9,850 $ 12,130

Adjusted operating profit...................................................................................................................... $ 16,990 $ 11,870 $ 46,720 $ 37,690


Additional Information Regarding Special ItemsImpacting Reported GAAP Financial Measures

(Unaudited - dollars in thousands, except for per share amounts)



2017 2016 2017 2016Net income attributable to Horizon Global, as reported....................................... $ 6,890 $ 370 $ 17,290 $ 9,890Impact of Special Items to consider in evaluating quality of income:

Severance and business restructuring costs......................................................... 2,710 620 5,990 5,230Impairment of intangible assets............................................................................. — 50 — 2,330Acquisition and integration costs........................................................................... 1,250 4,580 4,120 4,580Loss on extinguishment of debt............................................................................. — — 4,640 —Tax impact of Special Items................................................................................... (1,180) 60 (4,740) (1,920)

Adjusted net income................................................................................................ $ 9,670 $ 5,680 $ 27,300 $ 20,110



2017 2016 2017 2016Diluted earnings per share attributable to Horizon Global, as reported............. $ 0.27 $ 0.02 $ 0.69 $ 0.54Impact of Special Items to consider in evaluating quality of EPS:

Severance and business restructuring costs......................................................... 0.11 0.03 0.24 0.29Impairment of intangible assets............................................................................. — — — 0.13Acquisition and integration costs........................................................................... 0.05 0.25 0.16 0.25Loss on extinguishment of debt............................................................................. — — 0.18 —Tax impact of Special Items................................................................................... (0.05) — (0.19) (0.10)

Adjusted diluted earnings per share...................................................................... $ 0.38 $ 0.30 $ 1.08 $ 1.11

Weighted-average shares outstanding, diluted, as reported............................... 25,379,252 18,519,077 25,154,800 18,333,226


Constant Currency Reconciliation

The following unaudited table reconciles revenue growth to constant currency revenue for the same measure:

We evaluate growth in our operations on both an as reported and a constant currency basis. The constant currencypresentation, which is a non-GAAP measure, excludes the impact of fluctuations in foreign currency exchange rates. Webelieve providing constant currency information provides valuable supplemental information regarding our growth, consistentwith how we evaluate our performance. Constant currency revenue results are calculated by translating current year revenuein local currency using the prior year's currency conversion rate. This non-GAAP measure has limitations as an analyticaltool and should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP. Ouruse of this term may vary from the use of similarly-titled measures by other issuers due to the potential inconsistencies inthe method of calculation and differences due to items subject to interpretation.

Three months endedSeptember 30, 2017

Nine months endedSeptember 30, 2017

HorizonAmericas

HorizonEurope‑Africa

HorizonAsia‑Pacific Consolidated

HorizonAmericas

HorizonEurope‑Africa

HorizonAsia‑Pacific Consolidated

Revenue growth as reported..... 4.3% 573.9% 31.4% 58.3% 0.4% 539.1 % 22.0% 49.7%Less: currency impact................ 0.1% 3.7% 4.2% 1.1% 0.2% (1.7)% 3.5% 0.6%Revenue growth at constantcurrency....................................... 4.2% 570.2% 27.2% 57.2% 0.2% 540.8 % 18.5% 49.1%

(Unaudited )


LTM Bank EBITDA as Defined in Credit Agreement – Third Quarter 2017 (Unaudited - dollars in thousands)

(A) Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. (B) Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate, commencing on or

after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate.(D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million for the Westfalia

Group acquisition.(E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period.(F) "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness.(G) "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes.(H) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as defined in our Credit

Agreement, less domestic cash of $6.3 million and 65% of foreign cash, or $9.2 million, as of September 30, 2017.

This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental informationregarding our capital structure, consistent with how we evaluate our performance. Less: Add:

Year Ended December 31, 2016



Twelve Months Ended September 30, 2017

Net income (loss) attributable to Horizon Global $ (12,360) $ 9,890 $ 17,290 $ (4,960)Bank stipulated adjustments:

Interest expense, net (as defined)................................................................................................. 20,080 12,600 16,650 24,130Income tax (benefit) expense........................................................................................................ (3,730) 900 (3,350) (7,980)Depreciation and amortization....................................................................................................... 18,220 12,970 17,940 23,190Extraordinary charges .................................................................................................................. 6,830 4,120 — 2,710Non-cash compensation expense(A).............................................................................................. 3,860 2,840 2,760 3,780Other non-cash expenses or losses.............................................................................................. 16,460 3,410 1,050 14,100Pro forma EBITDA of permitted acquisition................................................................................... 13,910 13,910 1,090 1,090Interest-equivalent costs associated with any Special Vendor Receivable Financing................... 1,200 940 960 1,220Debt extinguishment costs............................................................................................................ — — 4,640 4,640Items limited to 25% of consolidated EBITDA:

Non-recurring expense(B)............................................................................................................ 4,190 4,860 1,310 640Acquisition integration costs(C).................................................................................................... 4,290 — 8,230 12,520Synergies related to permitted acquisition(D).............................................................................. 12,500 — (8,330) 4,170EBITDA limitation for non-recurring expenses(E)........................................................................ (4,860) — 2,620 (2,240)

Consolidated Bank EBITDA, as defined $ 80,590 $ 66,440 $ 62,860 $ 77,010Total Secured Indebtedness (F)........................................................................................................................................................................................................................................... $ 153,330Total Unsecured Indebtedness(G) ...................................................................................................................................................................................................................................... 125,000Total Consolidated Indebtedness(H), as of September 30, 2017 $ 278,330

Secured net leverage ratio.............................................................................................................................................................................................................................................. 1.99 xUnsecured net leverage ratio.......................................................................................................................................................................................................................................... 1.62 x

Net leverage ratio 3.61 xCovenant requirement..................................................................................................................................................................................................................................................... 5.25 x


LTM Bank EBITDA as Defined in Credit Agreement – Second Quarter 2017 (Unaudited - dollars in thousands)

This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regardingour capital structure, consistent with how we evaluate our performance. Previously our June 30, 2017 net leverage ratio was calculated based upon the U.S. GAAP definition of debt with respectto our Convertible Notes. Based on discussion with our loan administrator, the leverage ratio below is presented on the basis of a U.S. GAAP exception outlined in the credit agreement.

Less: Add:Year Ended

December 31, 2016Six months ended

June 30, 2016Six months ended

June 30, 2017Twelve Months Ended

June 30, 2017Net income (loss) attributable to Horizon Global $ (12,360) $ 9,520 $ 10,400 $ (11,480)Bank stipulated adjustments:

Interest expense, net (as defined)................................................................................................. 20,080 8,500 11,110 22,690Income tax benefit......................................................................................................................... (3,730) (260) (3,230) (6,700)Depreciation and amortization....................................................................................................... 18,220 8,630 11,470 21,060Extraordinary charges .................................................................................................................. 6,830 — — 6,830Non-cash compensation expense(A).............................................................................................. 3,860 1,830 1,830 3,860Other non-cash expenses or losses.............................................................................................. 16,460 3,180 480 13,760Pro forma EBITDA of permitted acquisition................................................................................... 13,910 14,310 — (400)Interest-equivalent costs associated with any Special Vendor Receivable Financing................... 1,200 530 500 1,170Debt extinguishment costs............................................................................................................ — — 4,640 4,640Items limited to 25% of consolidated EBITDA:

Non-recurring expense(B)............................................................................................................ 4,190 4,250 — (60)Acquisition integration costs(C).................................................................................................... 4,290 — 5,580 9,870Synergies related to permitted acquisition(D).............................................................................. 12,500 — (3,570) 8,930EBITDA limitation for non-recurring expenses(E)........................................................................ (4,860) — (20) (4,880)

Consolidated Bank EBITDA, as defined $ 80,590 $ 50,490 $ 39,190 $ 69,290Total Secured Indebtedness (F)........................................................................................................................................................................................................................................... $ 142,520Total Unsecured Indebtedness(G) ...................................................................................................................................................................................................................................... 125,000Total Consolidated Indebtedness(H), as of June 30, 2017 $ 267,520



(A) Non-cash compensation expenses resulting from the grant of restricted shares of common stock and common stock options. (B) Under our credit agreement, costs and expenses related to cost savings projects, including restructuring and severance expenses, are not to exceed $5 million in any fiscal year and $20 million in aggregate,

commencing on or after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate.(D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million

for the Westfalia Group acquisition.(E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period.(F) "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness.(G) "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes.(H) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as

defined in our Credit Agreement, less domestic cash of $10.6 million and 65% of foreign cash, or $18.8 million, as of June 30, 2017.


LTM Bank EBITDA as Defined in Credit Agreement – First Quarter 2017 (Unaudited - dollars in thousands)

This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplemental information regardingour capital structure, consistent with how we evaluate our performance. Previously our June 30, 2017 net leverage ratio was calculated based upon the U.S. GAAP definition of debt with respectto our Convertible Notes. Based on discussion with our loan administrator, the leverage ratio below is presented on the basis of a U.S. GAAP exception outlined in the credit agreement.

Less: Add:Year Ended

December 31, 2016Three months ended

March 31, 2016Three months ended

March 31, 2017Twelve Months Ended

March 31, 2017Net income (loss) attributable to Horizon Global $ (12,360) $ 2,190 $ (9,860) $ (24,410)Bank stipulated adjustments:

Interest expense, net (as defined)................................................................................................. 20,080 4,270 5,890 21,700Income tax (benefit) expense........................................................................................................ (3,730) 740 (1,580) (6,050)Depreciation and amortization....................................................................................................... 18,220 4,370 5,800 19,650Extraordinary charges .................................................................................................................. 6,830 — — 6,830Non-cash compensation expense(A).............................................................................................. 3,860 860 930 3,930Other non-cash expenses or losses.............................................................................................. 16,460 310 180 16,330Pro forma EBITDA of permitted acquisition................................................................................... 13,910 7,030 — 6,880Interest-equivalent costs associated with any Special Vendor Receivable Financing................... 1,200 220 180 1,160Debt extinguishment costs............................................................................................................ — — 4,640 4,640Items limited to 25% of consolidated EBITDA:

Non-recurring expense(B)............................................................................................................ 4,190 370 — 3,820Acquisition integration costs(C).................................................................................................... 4,290 — 4,270 8,560Synergies related to permitted acquisition(D).............................................................................. 12,500 — (1,640) 10,860EBITDA limitation for non-recurring expenses(E)........................................................................ (4,860) — (5,710) (10,570)

Consolidated Bank EBITDA, as defined $ 80,590 $ 20,360 $ 3,100 $ 63,330Total Secured Indebtedness (F)........................................................................................................................................................................................................................................... $ 151,890Total Unsecured Indebtedness(G) ...................................................................................................................................................................................................................................... 125,000Total Consolidated Indebtedness(H), as of March 31, 2017 $ 276,890




commencing on or after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate.(D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5 million

for the Westfalia Group acquisition.(E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period.(F) "Total Secured Indebtedness" refers to Total Consolidated Indebtedness less Total Unsecured Indebtedness.(G) "Total Unsecured Indebtedness" refers to borrowings outstanding on our 2.75% Convertible Senior Notes.(H) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", with our Convertible Notes at their face value of $125 million and excluding certain facilities as

defined in our Credit Agreement, less domestic cash of $5.2 million and 65% of foreign cash, or $16.3 million, as of March 31, 2017.


LTM Bank EBITDA as Defined in Credit Agreement – Full Year 2016 (Unaudited - dollars in thousands)


commencing on or after January 1, 2015. (C) Under our credit agreement, costs and expenses related to the integration of the Westfalia Group acquisition, are not to exceed $10 million in any fiscal year and $30 million in aggregate.(D) Under our credit agreement, the add back for the amount of reasonably identifiable and factually supportable "run rate" cost savings, operating expense reductions, and other synergies cannot exceed $12.5

million for the Westfalia Group acquisition.(E) The amounts added to Consolidated Net Income pursuant to items in notes B-D shall not exceed 25% of Consolidated EBITDA, excluding these items, for such period.(F) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt", excluding certain facilities as defined in our Credit Agreement less domestic cash of $30.0

million and 65% of foreign cash, or $13.1 million, as of December 31, 2016.

This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplementalinformation regarding our capital structure, consistent with how we evaluate our performance.

Year Ended December 31, 2016

Net loss attributable to Horizon Global $ (12,360)

Interest expense, net (as defined)..................................................................................................................................................................................................................... 20,080

Income tax benefit............................................................................................................................................................................................................................................. (3,730)

Depreciation and amortization........................................................................................................................................................................................................................... 18,220

Extraordinary charges........................................................................................................................................................................................................................................ 6,830

Non-cash compensation expense(A).................................................................................................................................................................................................................. 3,860

Other non-cash expenses or losses.................................................................................................................................................................................................................. 16,460

Pro forma EBITDA of permitted acquisition....................................................................................................................................................................................................... 13,910

Interest-equivalent costs associated with any Specified Vendor Receivables Financing.................................................................................................................................. 1,200

Items limited to 25% of consolidated EBITDA:

Non-recurring expense(B)................................................................................................................................................................................................................................ 4,190

Acquisition integration costs(C)........................................................................................................................................................................................................................ 4,290

Synergies related to permitted acquisition(D)................................................................................................................................................................................................... 12,500

EBITDA limitation for non-recurring expenses(E)............................................................................................................................................................................................. (4,860)

Consolidated Bank EBITDA, as defined $ 80,590

Total Consolidated Indebtedness(F), as of December 31, 2016 $ 288,140

Consolidated Bank EBITDA (as defined)........................................................................................................................................................................................................... $ 80,590

Actual leverage ratio.......................................................................................................................................................................................................................................... 3.58 x

Covenant requirement....................................................................................................................................................................................................................................... 5.25 x


LTM Bank EBITDA as Defined in Credit Agreement – Third Quarter 2016 (Unaudited - dollars in thousands)


commencing on or after January 1, 2015. (C) "Total Consolidated Indebtedness" refers to the sum of "long-term debt" and "current maturities, long-term debt" less domestic cash of $27.7 million as of September 30, 2016.

This appendix reconciles net income to "Consolidated Bank EBITDA" as defined in our credit agreement. We believe this reconciliation provides valuable supplementalinformation regarding our capital structure, consistent with how we evaluate our performance.

Less: Add:

Year EndedDecember 31,

2015

Nine MonthsEnded

September 30,2015

Nine MonthsEnded

September 30,2016

Twelve MonthsEnded

September 30,2016

Net income attributable to Horizon Global $ 8,300 $ 10,030 $ 9,890 $ 8,160

Interest expense, net (as defined).................................................................................................................................... 8,810 4,590 12,600 16,820

Income tax (benefit) expense.......................................................................................................................................... (1,280) 30 900 (410)

Depreciation and amortization.......................................................................................................................................... 17,080 13,120 12,970 16,930

Extraordinary charges...................................................................................................................................................... — — 4,120 4,120

Non-cash compensation expense(A)................................................................................................................................. 2,530 1,750 2,840 3,620

Other non-cash expenses or losses................................................................................................................................. 11,350 11,150 3,410 3,610

Interest-equivalent costs associated with any Special Vendor Receivable Financing...................................................... 900 690 940 1,150

Items limited to 25% of consolidated EBITDA:

Non-recurring expense(B)............................................................................................................................................... 5,000 5,000 4,860 4,860

Consolidated Bank EBITDA, as defined $ 52,690 $ 46,360 $ 52,530 $ 58,860

Total Consolidated Indebtedness(C), as of September 30, 2016 $ 161,120

Consolidated Bank EBITDA (as defined).................................................................................................................................................................................................................................... $ 58,860

Actual leverage ratio................................................................................................................................................................................................................................................................... 2.74 x

Covenant requirement................................................................................................................................................................................................................................................................ 5.25 x


2017 Guidance Reconciliation

Year ending on December 31, 2017Year ended

December 31, 2016

Low End of Guidance High End of GuidanceRevenue ........................................................... $ 900,000 $ 915,000 $ 649,200

Operating Profit ................................................ $ 38,200 4.2% $ 44,200 4.8% $ 6,300 1.0%

Estimated Special Items ................................... 14,800 1.6% 14,800 1.6% 30,860 4.8%

Adjusted Operating Profit.................................. $ 53,000 5.9% $ 59,000 6.4% $ 37,160 5.7%

Basis Point Improvement................................... 20 bps 70 bps

The following reconciles the non-GAAP financial measures the Company provides guidance on to the most comparable GAAP measure. Per shareguidance provided below includes the impact of all common shares repurchased as part of the share repurchase program through October 31, 2017.The impact of any common shares repurchased subsequent to October 31, 2017 is not included and may impact the guidance provided below.

Full Year Year ending on December 31, 2017Low End of Guidance High End of Guidance

Diluted EPS ...................................................................................................... $ 0.50 $ 0.60Special Items (including tax impact) ................................................................. 0.54 0.54Adjusted Diluted EPS ....................................................................................... $ 1.04 $ 1.14

Estimated Diluted Weighted Average Common Shares Outstanding................ 25,300,000 25,300,000

Q4 Three months ending on December 31, 2017

Low End of Guidance High End of GuidanceDiluted EPS ...................................................................................................... $ (0.20) $ (0.12)

Special Items (including tax impact).................................................................. 0.16 0.16

Adjusted Diluted EPS ....................................................................................... $ (0.04) $ 0.04

Estimated Diluted Weighted Average Common Shares Outstanding............... 25,400,000 25,400,000

Documents

Horizon Global Third Quarter 2017 Earnings Presentation · NYSE: HZN DRIVEN TO DELIVER Q3 2017 Earnings 3 Non-GAAP Financial Measures In this presentation, certain non-GAAP financial