Dorman Products, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Dorman Products, Inc. has filed its annual 10-K report for the fiscal year ended December 31, 2023.</b>

AI Summary

Dorman Products, Inc. (DORM) filed a Annual Report (10-K) with the SEC on February 28, 2024. Dorman Products, Inc. filed its 2023 Form 10-K on February 28, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business is in the Motor Vehicle Parts & Accessories sector (SIC 3714). Dorman Products, Inc. is incorporated in Pennsylvania (PA). The company's principal executive offices are located at 3400 E Walnut St, Colmar, PA 18915.

Why It Matters

For investors and stakeholders tracking Dorman Products, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Dorman Products' financial performance, operational activities, and risk factors for the 2023 fiscal year, which is crucial for investors to assess the company's health and future prospects. As a key player in the automotive aftermarket, Dorman Products' annual report offers insights into industry trends, competitive landscape, and the company's strategic positioning within the motor vehicle parts and accessories market.

Risk Assessment

Risk Level: medium — Dorman Products, Inc. shows moderate risk based on this filing. The company operates in the automotive aftermarket, which is subject to economic fluctuations and competitive pressures, as indicated by its SIC code and business description.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to understand Dorman Products' performance and potential challenges in the automotive aftermarket.

Key Numbers

• 2023-12-31 — Fiscal Year End (Conformed period of report)
• 2024-02-28 — Filed As Of Date (Date the report was filed)
• 3714 — SIC Code (Standard Industrial Classification for Motor Vehicle Parts & Accessories)
• PA — State of Incorporation (Pennsylvania)

Key Players & Entities

• Dorman Products, Inc. (company) — Filer name
• 2023 (date) — Fiscal year end
• 2024-02-28 (date) — Filing date
• 3714 (industry_code) — Standard Industrial Classification
• PA (location) — State of incorporation
• 3400 E Walnut St, Colmar, PA 18915 (address) — Business address
• 2159971800 (phone) — Business phone
• R & B INC (company) — Former company name

FAQ

Industry Context

Dorman Products operates within the automotive aftermarket industry, supplying replacement parts for vehicles. This sector is influenced by vehicle age, repair trends, and consumer spending on vehicle maintenance.

Regulatory Implications

As a publicly traded company, Dorman Products is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Analyze the financial statements within the 10-K for revenue, net income, and cash flow trends.
2. Review the 'Risk Factors' section to understand potential challenges and their impact on the company.
3. Examine management's discussion and analysis (MD&A) for insights into operational performance and strategic outlook.

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K.
• 2024-02-28: Filing Date — Date Dorman Products, Inc. filed its 10-K report.

Year-Over-Year Comparison

This is the initial filing analyzed for the fiscal year 2023. Previous filings would provide comparative data.

Key Financial Figures

• $0.01 — nge on which registered: Common Stock, $0.01 Par Value DORM The NASDAQ Stock Market
• $135.1 billion — ojected industry sales of approximately $135.1 billion in 2023, according to information deriv
• $21.9 billion — ojected industry sales of approximately $21.9 billion in 2023, according to information deriv
• $8.0 billion — ojected industry sales of approximately $8.0 billion in 2023, according to information deriv

Filing Documents

• dorm-20231231.htm (10-K) — 1579KB
• exhibit10415-amendedformof.htm (EX-10.4 15) — 37KB
• exhibit10416-amendedformof.htm (EX-10.4 16) — 46KB
• exhibit10417-amendedformof.htm (EX-10.4 17) — 26KB
• exhibit10418-amendedformof.htm (EX-10.4 18) — 36KB
• exhbit19-insidertradingpol.htm (EX-19) — 87KB
• exhibit21subsidiaries.htm (EX-21) — 5KB
• exhibit23consent.htm (EX-23) — 2KB
• dorm-20231231xex311.htm (EX-31.1) — 9KB
• dorm-20231231xex312.htm (EX-31.2) — 9KB
• dorm-20231231xex32.htm (EX-32) — 6KB
• dorm-20231231_g1.jpg (GRAPHIC) — 15KB
• dorm-20231231_g2.jpg (GRAPHIC) — 120KB
• dorm-20231231_g3.jpg (GRAPHIC) — 412KB
• 0000868780-24-000011.txt (&nbsp;) — 10374KB
• dorm-20231231.xsd (EX-101.SCH) — 63KB
• dorm-20231231_cal.xml (EX-101.CAL) — 99KB
• dorm-20231231_def.xml (EX-101.DEF) — 283KB
• dorm-20231231_lab.xml (EX-101.LAB) — 836KB
• dorm-20231231_pre.xml (EX-101.PRE) — 546KB
• dorm-20231231_htm.xml (XML) — 1322KB

Business

Business 2 ITEM 1A.

Risk Factors

Risk Factors 9 ITEM 1B. Unresolved Staff Comments 23

Cybersecurity

ITEM 1C. Cybersecurity 23 ITEM 2.

Properties

Properties 25 ITEM 3.

Legal Proceedings

Legal Proceedings 26 ITEM 4. Mine Safety Disclosures 26 ITEM 4.1 Information about Our Executive Officers 26 PART II ITEM 5. Market for Registrant's Common Equity, Related Shareholder Matters and Issuer Purchases of Equity Securities 29 ITEM 6. [Reserved] 30 ITEM 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 31 ITEM 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 40 ITEM 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 41 ITEM 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 70 ITEM 9A.

Controls and Procedures

Controls and Procedures 70 ITEM 9B. Other Information 73 ITEM 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 73 PART III ITEM 10. Directors, Executive Officers and Corporate Governance 74 ITEM 11.

Executive Compensation

Executive Compensation 74 ITEM 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Shareholder Matters 74 ITEM 13. Certain Relationships and Related Transactions, and Director Independence 75 ITEM 14. Principal Accounting Fees and Services 75 PART IV ITEM 15. Exhibits and Financial Statement Schedules 76 ITEM 16. Form 10-K Summary 76 Effective October 4, 2022, the Board of Directors of Dorman Products, Inc. approved a change in Dorman's fiscal year end from the last Saturday in December of each year to December 31 of each year, to commence with the fiscal year ending on December 31, 2022. References to Refers to the year ended Fiscal 2021 December 25, 2021 Fiscal 2022 December 31, 2022 Fiscal 2023 December 31, 2023 As used herein, unless the context otherwise requires, "Dorman," "the Company," "we," "us," or "our" refers to Dorman Products, Inc. and its subsidiaries. This Annual Report on Form 10-K contains the registered and unregistered trademarks or service marks that are the property of Dorman Products, Inc. and/or its affiliates. This Annual Report on Form 10-K also may contain additional trade names, trademarks or service marks belonging to other companies. We do not intend our use or display of other parties' trademarks, trade names or service marks to imply, and such use or display should not be construed to imply, a relationship with, or endorsement or sponsorship of us by these parties. Certain statements in this document constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including statements related to net sales, diluted earnings per share, gross profit, gross margin, selling, general and administrative expenses, income tax expense, income before income taxes, net income, cash and cash equivalents, indebtedness, liquidity, the Company's share repurchase program, the Company's outlook, the Company's growth opportunitie

Business

ITEM 1. Business. General We are one of the leading suppliers of replacement and upgrade parts in the motor vehicle aftermarket industry, serving passenger cars, light-, medium-, and heavy-duty trucks, as well as specialty vehicles, including utility terrain vehicles (UTVs) and all-terrain vehicles (ATVs). As of December 31, 2023, we marketed approximately 133,000 distinct parts compared to approximately 129,000 as of December 31, 2022, many of which we designed and engineered. This number excludes private label stock keeping units and other variations in how we market, package and distribute our products, includes distinct parts of acquired companies and reflects distinct parts that have been discontinued at the end of their lifecycle. Our products are sold under our various brand names, under our customers' private label brands or in bulk. We are one of the leading aftermarket suppliers of parts that were traditionally available to professional installers and consumers only from original equipment manufacturers (OEMs) or salvage yards. These parts include, among other parts, leaf springs, intake manifolds, exhaust manifolds, window regulators, radiator fan assemblies, tire pressure monitor sensors, exhaust gas recirculation (EGR) coolers, UTV windshields, and complex electronics modules. For fiscal 2023, approximately 78% of our products were sold under brands that we own, and the remainder of our products were sold for resale under customers' private labels, other brands or in bulk. We generate most of our net sales from customers in North America, primarily in the United States. Our products are sold primarily through aftermarket retailers, including through their on-line platforms; dealers; national, regional and local wholesale distributors and specialty markets; and salvage yards. We also distribute aftermarket parts outside the United States, with sales primarily into Canada and Mexico, and to a lesser extent, Europe, the Middle East and Australia. The Mo

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View this 10-K filing on SEC EDGAR