Gates Industrial Corp plc Files 2024 10-K Report

TL;DR

Gates Industrial Corp plc filed its 2024 10-K, check financials for the year ending Dec 28, 2024.

AI Summary

Gates Industrial Corp plc filed its 2024 10-K report on February 6, 2025, detailing its financial performance for the fiscal year ending December 28, 2024. The filing covers standard financial statements and disclosures required by the SEC for publicly traded companies. Key financial data and operational details for the period are presented within this comprehensive annual report.

Why It Matters

This 10-K filing provides investors and analysts with a detailed overview of Gates Industrial Corp plc's financial health, operational performance, and strategic outlook for the fiscal year 2024, enabling informed investment decisions.

Risk Assessment

Risk Level: low — This is a standard annual financial filing (10-K) and does not inherently present new risks beyond those typically associated with publicly traded companies.

Key Numbers

• 20241228 — Fiscal Year End (The report covers the financial performance up to this date.)
• 20250206 — Filing Date (The date the 10-K was officially submitted to the SEC.)

Key Players & Entities

• Gates Industrial Corp plc (company) — Filer of the 10-K report
• 20241228 (date) — Fiscal year end date
• 20250206 (date) — Filing date of the 10-K
• 0001718512-25-000013 (other) — Accession number for the filing

FAQ

Key Financial Figures

• $0.01 — e on which registered Ordinary Shares, $0.01 par value per share GTES New York Stock
• $3,408.2 million — akdowns of our Fiscal 2024 net sales of $3,408.2 million. 5 Table of Contents Our History

Filing Documents

• gtes-20241228.htm (10-K) — 3090KB
• a41-cleanxexhibit4_1.htm (EX-4.1) — 61KB
• a1012-cleanxgatesxamendmen.htm (EX-10.12) — 87KB
• a1013-cleanxgatesxamendmen.htm (EX-10.13) — 74KB
• a1041-cleanxgatesxexecutiv.htm (EX-10.41) — 146KB
• a191-cleanx9dsecuritiestra.htm (EX-19.1) — 123KB
• gtes-exhibit211xq42024.htm (EX-21.1) — 54KB
• gtes-exhibit231xq42024.htm (EX-23.1) — 2KB
• gtes-exhibit311xq42024.htm (EX-31.1) — 9KB
• gtes-exhibit312xq42024.htm (EX-31.2) — 9KB
• gtes-exhibit321xq42024.htm (EX-32.1) — 7KB
• exhibit991-section13rdiscl.htm (EX-99.1) — 11KB
• gtes-20241228_g1.jpg (GRAPHIC) — 56KB
• 0001718512-25-000013.txt ( ) — 19271KB
• gtes-20241228.xsd (EX-101.SCH) — 101KB
• gtes-20241228_cal.xml (EX-101.CAL) — 179KB
• gtes-20241228_def.xml (EX-101.DEF) — 630KB
• gtes-20241228_lab.xml (EX-101.LAB) — 1310KB
• gtes-20241228_pre.xml (EX-101.PRE) — 1025KB
• gtes-20241228_htm.xml (XML) — 3581KB

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 28

Cybersecurity

Item 1C. Cybersecurity 28

Properties

Item 2. Properties 29

Legal Proceedings

Item 3. Legal Proceedings 30

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 30 Part II 31

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 31

[Reserved]

Item 6. [Reserved] 31

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 32

Quantitative and Qualitative Disclosures about Market Risk

Item 7A. Quantitative and Qualitative Disclosures about Market Risk 47

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 50

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 50

Controls and Procedures

Item 9A. Controls and Procedures 51

Other Information

Item 9B. Other Information 51

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 51 Part III 52

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 52

Executive Compensation

Item 11. Executive Compensation 52

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 52

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 52

Principal Accountant Fees and Services

Item 14. Principal Accountant Fees and Services 52 Part IV 53

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 53

Form 10-K Summary

Item 16. Form 10-K Summary 56

Signatures

Signatures 57 3 Table of Contents

Forward-looking Statements

Forward-looking Statements This Annual Report on Form 10-K for the fiscal year ended December 28, 2024 (this "annual report" or "report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act") and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act") that reflect our current estimates and expectations with respect to, among other things, our future operations and financial performance. Forward-looking statements include all statements that are not historical facts. In some cases, you can identify these forward-looking statements by the use of words such as "outlook," "believes," "expects," "potential," "continues," "may," "will," "should," "could," "seeks," "predicts," "intends," "trends," "plans," "estimates," "anticipates" or the negative version of these words or other comparable words. You should not place undue reliance on these forward-looking statements. Although such statements are based on management's current estimates and expectations and/or currently available competitive, financial, and economic data, forward-looking statements are inherently uncertain and are subject to risks and uncertainties that could cause our actual results to differ materially from what may be inferred from such statements. Factors that could cause or contribute to such differences include those described under "Part I - Item 1A. Risk Factors" of this annual report. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements included in this annual report and in our other periodic filings with the Securities and Exchange Commission (the "SEC"). Gates Industrial Corporation plc undertakes no obligation to update or supplement any forward-looking statements as a result of new information, future events or otherwise, except as required by law. Website Disclosure We use our website (www.gates.com) as a channel

Business

Item 1. Business We are a global manufacturer of innovative, highly engineered power transmission and fluid power solutions. We offer a broad portfolio of products to diverse replacement channel customers, and to original equipment manufacturers ("OEM") as specified components, with the majority of our revenue coming from replacement channels. Our products are used in applications across numerous end markets, including automotive replacement, automotive OEM, diversified industrial, industrial off-highway, industrial on-highway, energy and resources, and personal mobility. Our net sales have historically been, and remain, highly correlated with industrial activity and utilization, and not with any single end market given the diversification of our business and high exposure to replacement markets. We sell our products globally under the Gates brand, which is recognized by distributors, equipment manufacturers, installers and end users as a premium brand for quality and technological innovation; this reputation has been built over more than 110 years since Gates' founding in 1911. Within the diverse end markets we serve, our highly engineered products are often critical components in applications for which the cost of downtime is high relative to the cost of our products, resulting in the willingness of end users to pay a premium for superior performance and availability. These applications subject our products to normal wear and tear, resulting in natural, and often preventative, replacement cycles that drive high-margin, recurring revenue. Our product portfolio represents one of the broadest ranges of power transmission and fluid power products in the markets we serve, and we maintain long-standing relationships with a diversified group of well-known customers throughout the world. As a leading designer, manufacturer and marketer of highly engineered, mission-critical products, we have become an industry leader across most of our end markets and the regions in whi

View Full Filing

View this 10-K filing on SEC EDGAR