Commercial Vehicle Group, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Commercial Vehicle Group, Inc. (CVGI) has submitted its annual 10-K filing for the fiscal year ended December 31, 2023.</b>

AI Summary

Commercial Vehicle Group, Inc. (CVGI) filed a Annual Report (10-K) with the SEC on March 14, 2024. Commercial Vehicle Group, Inc. (CVGI) filed its 2023 Form 10-K on March 14, 2024. The filing covers the fiscal year ending December 31, 2023. The company is incorporated in Delaware and headquartered in New Albany, Ohio. The SIC code for the company is 3714 (Motor Vehicle Parts & Accessories). The filing number with the SEC is 001-34365.

Why It Matters

For investors and stakeholders tracking Commercial Vehicle Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of CVGI's financial performance, operations, and risk factors for the fiscal year 2023, which is crucial for investors to assess the company's health and future prospects. The detailed financial statements and disclosures within the 10-K allow stakeholders to understand the company's revenue, expenses, assets, liabilities, and cash flows, enabling informed investment decisions.

Risk Assessment

Risk Level: low — Commercial Vehicle Group, Inc. shows low risk based on this filing. The provided text is a header and does not contain financial performance data or operational details that would indicate a specific risk level.

Analyst Insight

Review the full 10-K filing for detailed financial statements, management discussion, and risk factors to make an informed investment decision.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-03-14 — Filing Date (Filed as of date)
• 001-34365 — SEC File Number (SEC file number)
• 3714 — SIC Code (Standard Industrial Classification)

Key Players & Entities

• Commercial Vehicle Group, Inc. (company) — Filer name
• CVGI (company) — Ticker symbol
• 2024-03-14 (date) — Filing date
• 2023-12-31 (date) — Fiscal year end
• New Albany, OH (location) — Business address city and state
• 3714 (other) — Standard Industrial Classification code
• 001-34365 (other) — SEC file number

FAQ

Industry Context

Commercial Vehicle Group, Inc. operates within the motor vehicle parts and accessories industry.

Regulatory Implications

The filing is a standard 10-K report under the Securities Exchange Act of 1934.

What Investors Should Do

1. Review the full 10-K for detailed financial performance data.
2. Analyze the company's operational segments and revenue streams.
3. Assess the identified risk factors and their potential impact on the business.

Key Dates

• 2024-03-14: 10-K Filing — Submission of the annual report for fiscal year 2023.

Year-Over-Year Comparison

This is the initial filing information provided, and a comparison to a previous filing is not possible with the given data.

Filing Documents

• cvgi-20231231.htm (10-K) — 2227KB
• exhibt1015cic-andycheung.htm (EX-10.15) — 381KB
• exhibit211q42023.htm (EX-21.1) — 22KB
• exhibit231q42023.htm (EX-23.1) — 3KB
• exhibit311q42023.htm (EX-31.1) — 9KB
• exhibit312q42023.htm (EX-31.2) — 9KB
• exhibit321q42023.htm (EX-32.1) — 4KB
• exhibit322q42023.htm (EX-32.2) — 4KB
• exhibit971clawbackpolicyap.htm (EX-97.1) — 25KB
• cvgi-20231231_g1.jpg (GRAPHIC) — 198KB
• cvgi-20231231_g2.jpg (GRAPHIC) — 38KB
• cvgi-20231231_g3.jpg (GRAPHIC) — 101KB
• image_0.jpg (GRAPHIC) — 22KB
• image_1.jpg (GRAPHIC) — 6KB
• 0001628280-24-011213.txt (&nbsp;) — 14043KB
• cvgi-20231231.xsd (EX-101.SCH) — 77KB
• cvgi-20231231_cal.xml (EX-101.CAL) — 174KB
• cvgi-20231231_def.xml (EX-101.DEF) — 429KB
• cvgi-20231231_lab.xml (EX-101.LAB) — 882KB
• cvgi-20231231_pre.xml (EX-101.PRE) — 712KB
• cvgi-20231231_htm.xml (XML) — 2464KB

Risk Factors

Item 1A. Risk Factors 8

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 18 Item 1C C ybersecurity 18

Properties

Item 2. Properties 19

Legal Proceedings

Item 3. Legal Proceedings 19

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20 PART II

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 22

[Reserved]

Item 6. [Reserved] 23

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 24

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 32

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 33

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 65

Controls and Procedures

Item 9A. Controls and Procedures 65

Other Information

Item 9B. Other Information 68

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 68 PART III

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 69

Executive Compensation

Item 11. Executive Compensation 72

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73

Certain Relationships, Related Transactions and Director Independence

Item 13. Certain Relationships, Related Transactions and Director Independence 73

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 73 PART IV

Exhibits

Item 15. Exhibits 74

Form 10-K Summary

Item 16. Form 10-K Summary 77

SIGNATURES

SIGNATURES 78 i Table of Contents CERTAIN DEFINITIONS All references in this Annual Report on Form 10-K to the "Company", "Commercial Vehicle Group", "CVG", "we", "us", and "our" refer to Commercial Vehicle Group, Inc. and its consolidated subsidiaries (unless the context otherwise requires). FORWARD-LOOKING INFORMATION This Annual Report on Form 10-K contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and Section 27A of the Securities Act of 1933, as amended. For this purpose, any statements contained herein that are not statements of historical fact, including without limitation, certain statements under "Item 1 - Business" and "Item 7 - Management's Discussion and Analysis of Financial Condition and Results of Operations" and located elsewhere herein regarding industry outlook, the Company's expectations for future periods with respect to its plans to improve financial results, and the future of the Company's end markets may be deemed to be forward-looking statements. We are subject to risks and uncertainties that may cause actual results to differ materially from those suggested by the forward-looking statements in this report. Factors that could cause or contribute to such differences include, but are not limited to global supply chain constraints, changes in the Class 8 and Class 5-7 North America truck build rates, performance of the global construction equipment business, the Company's prospects in the electrical systems, industrial automation and electric vehicle markets, the Company's initiatives to address customer needs, organic growth, the Company's strategic plans and plans to focus on certain segments, competition faced by the Company, volatility in and disruption to the global economic environment, including inflation and labor shortages, financial covenant compliance, anticipated effects of acquisitions, production of new products, plans for capital expenditures and our

Business

Item 1. Business COMPANY OVERVIEW Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the global commercial vehicle market, the electric vehicle market, and the industrial automation markets. We deliver real solutions to complex design, engineering and manufacturing problems while creating positive change for our customers, industries, and communities we serve. References herein to the "Company", "CVG", "we", "our", or "us" refer to Commercial Vehicle Group, Inc. and its subsidiaries. We have manufacturing operations in the United States, Mexico, China, United Kingdom, Czech Republic, Ukraine, Morocco, Thailand, India and Australia. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. We primarily manufacture customized products to meet the requirements of our customer. We believe our products are used by a majority of the North American Commercial Truck manufacturers, many construction vehicle original equipment manufacturers ("OEMs"), parts and service dealers, distributors, as well as top e-commerce retailers. Our Long-term Strategy Refer to Item 7, Management's Discussion and Analysis of Financial Condition and Results of Operations. SEGMENTS Our segments offer various products which are sold into many end user markets such as internal combustion commercial vehicles, electric vehicles, construction equipment, power sports, industrial automation and military. Certain of our facilities manufacture and sell products through multiple business segments. The products produced by each of our segments are more specifically described below. The Vehicle Solutions segment designs, manufactures and sells the following products: Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segme

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View this 10-K filing on SEC EDGAR