Motorcar Parts of America Files 2024 10-K
Ticker: MPAA · Form: 10-K · Filed: Jun 11, 2024 · CIK: 918251
Sentiment: neutral
Topics: 10-K, annual-report, automotive
TL;DR
MPA filed its 2024 10-K. Full financials and outlook inside.
AI Summary
Motorcar Parts of America Inc. filed its 10-K for the fiscal year ending March 31, 2024. The company, headquartered in Torrance, CA, operates in the motor vehicle parts and accessories industry. Key financial details and operational aspects are presented in this comprehensive annual report.
Why It Matters
This filing provides investors and stakeholders with a detailed overview of the company's financial performance, strategic initiatives, and risk factors for the past fiscal year.
Risk Assessment
Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.
Key Numbers
- 0331 2024 — Fiscal Year End (Reporting period for the 10-K)
Key Players & Entities
- MOTORCAR PARTS OF AMERICA INC (company) — Filer
- 20240331 (date) — Fiscal Year End
- 20240611 (date) — Filing Date
- Torrance, CA (location) — Business Address
- 3109724015 (phone_number) — Business Phone
FAQ
What is the primary business of Motorcar Parts of America Inc.?
Motorcar Parts of America Inc. operates in the MOTOR VEHICLE PARTS & ACCESSORIES industry, as indicated by SIC code 3714.
When did Motorcar Parts of America Inc. file its 10-K report?
The 10-K report was filed on June 11, 2024.
What is the fiscal year end for this filing?
The fiscal year end for this filing is March 31, 2024.
Where is Motorcar Parts of America Inc. headquartered?
The company's business address is located at 2929 California Street, Torrance, CA 90503.
What is the SEC file number for this filing?
The SEC file number for this 10-K filing is 001-33861.
Filing Stats: 4,396 words · 18 min read · ~15 pages · Grade level 14.6 · Accepted 2024-06-11 16:02:22
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share MPAA The Nasdaq Global Se
- $130 billion — Today and Tomorrow" . We operate in the $130 billion non-discretionary automotive aftermarke
- $11 billion — years. In addition, we operate in the $11 billion-plus rapidly emerging global market for
- $700 million — round the world. We also operate in the $700 million market for medium and heavy-duty automo
Filing Documents
- ef20026278_10k.htm (10-K) — 2816KB
- ef20026278_ex21-1.htm (EX-21.1) — 3KB
- ef20026278_ex23-1.htm (EX-23.1) — 7KB
- ef20026278_ex31-1.htm (EX-31.1) — 6KB
- ef20026278_ex31-2.htm (EX-31.2) — 6KB
- ef20026278_ex31-3.htm (EX-31.3) — 7KB
- ef20026278_ex32-1.htm (EX-32.1) — 9KB
- image3.jpg (GRAPHIC) — 158KB
- 0001140361-24-029700.txt ( ) — 14849KB
- mpaa-20240331.xsd (EX-101.SCH) — 101KB
- mpaa-20240331_cal.xml (EX-101.CAL) — 158KB
- mpaa-20240331_def.xml (EX-101.DEF) — 427KB
- mpaa-20240331_lab.xml (EX-101.LAB) — 1345KB
- mpaa-20240331_pre.xml (EX-101.PRE) — 775KB
- ef20026278_10k_htm.xml (XML) — 2701KB
Business
Item 1. Business 5
Risk Factors
Item 1A. Risk Factors 12
Unresolved Staff Comments
Item 1B. Unresolved Staff Comments 21
Cybersecurity
Item 1C. Cybersecurity 21
Properties
Item 2. Properties 23
Legal Proceedings
Item 3. Legal Proceedings 23
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 23 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 24
Selected Financial Data
Item 6. Selected Financial Data 26
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 27
Quantitative and Qualitative Disclosures About Market Risk
Item 7A. Quantitative and Qualitative Disclosures About Market Risk 44
Financial Statements and Supplementary Data
Item 8. Financial Statements and Supplementary Data 45
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure
Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 45
Controls and Procedures
Item 9A. Controls and Procedures 45
Other Information
Item 9B. Other Information 46
Disclosure Regarding Foreign Jurisdictions that Prevent Inspections
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 46 PART III
Directors, Executive Officers and Corporate Governance
Item 10. Directors, Executive Officers and Corporate Governance 47
Executive Compensation
Item 11. Executive Compensation 47
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 47
Certain Relationships and Related Transactions, and Director Independence
Item 13. Certain Relationships and Related Transactions, and Director Independence 47
Principal Accountant Fees and Services
Item 14. Principal Accountant Fees and Services 47 PART IV
Exhibits, Financial Statement Schedule
Item 15. Exhibits, Financial Statement Schedule 48
Form 10-K Summary
Item 16. Form 10-K Summary 54
SIGNATURES
SIGNATURES 55 Table of Contents MOTORCAR PARTS OF AMERICA, INC. GLOSSARY The following terms are frequently used in the text of this report and have the meanings indicated below. "Used Core" — An automobile part which has previously been used in the operation of a vehicle. Generally, the Used Core is an original equipment ("OE") automobile part installed by the vehicle manufacturer and subsequently removed for replacement. Used Cores contain salvageable parts, which are an important raw material in the remanufacturing process. We obtain most Used Cores by providing credits to our customers for Used Cores returned to us under our core exchange programs. Our customers receive these Used Cores from consumers who deliver a Used Core to obtain credit from our customers upon the purchase of a newly remanufactured automobile part. When sufficient Used Cores are not available from our customers, we purchase Used Cores from core brokers, who are in the business of buying and selling Used Cores. The Used Cores purchased from core brokers or returned to us by our customers under the core exchange programs, and which have been physically received by us, are part of our raw material and work-in-process inventory. Used Cores returned by consumers to our customers but not yet returned to us are classified as contract assets until we physically receive these Used Cores. "Remanufactured Core" — The Used Core underlying an automobile part that has gone through the remanufacturing process and through that process has become part of a newly remanufactured automobile part. The remanufacturing process takes a Used Core, breaks it down into its component parts, replaces those components that cannot be reused and reassembles the salvageable components of the Used Core and additional new components into a remanufactured automobile part. Remanufactured Cores held for sale at our customer locations are included in long-term contract assets. The Remanufactured Core portion of stock ad
Business
Business General We are a leading supplier of automotive aftermarket non-discretionary replacement parts and test solutions and diagnostic equipment -- building upon industry leading technology to be "The Global Leader for Parts and Solutions that Move Our World Today and Tomorrow" . We operate in the $130 billion non-discretionary automotive aftermarket for replacement hard parts in North America. Our hard parts products include light-duty rotating electrical products, wheel hub products, brake-related products, and turbochargers. In addition, we sell test solutions and diagnostic equipment, which were added with our acquisitions of D&V Electronics Ltd. in July 2017 and Mechanical Power Conversion, LLC in December 2018 and heavy-duty rotating electrical products, which were added with our January 2019 acquisition of Dixie Electric, Ltd. The automotive aftermarket is divided into two markets. The first is the do-it-yourself ("DIY") market, which is generally serviced by the large retail chain outlets and on-line resellers. Consumers who purchase parts from the DIY market generally install parts into their vehicles themselves. In most cases, this is a less expensive alternative than having the repair performed by a professional installer. The second is the professional installer market, commonly known as the do-it-for-me ("DIFM") market. Traditional warehouse distributors, dealer networks, and commercial divisions of retail chains service this market. Generally, the consumer in this market is a professional parts installer. Our products are distributed to both the DIY and DIFM markets. The distinction between these two markets has become less defined over the years, as retail outlets leverage their distribution strength and store locations to attract customers. D emand for replacement parts generally increases with the age of vehicles and miles driven, which provides favorable opportunities for sales of our products. The current population of light-duty vehicles