Motorcar Parts of America Files Q3 2024 10-Q
Ticker: MPAA · Form: 10-Q · Filed: Feb 10, 2025 · CIK: 918251
Sentiment: neutral
Topics: 10-Q, financials, automotive
TL;DR
MPAA filed its 10-Q for Dec 31, 2024. Check financials.
AI Summary
Motorcar Parts of America, Inc. filed its 10-Q for the period ending December 31, 2024. The company, incorporated in New York, is based in Torrance, California. This report details its financial performance and operational status for the quarter.
Why It Matters
This filing provides investors and analysts with the latest financial data for Motorcar Parts of America, Inc., crucial for understanding the company's performance and future outlook.
Risk Assessment
Risk Level: low — This is a standard quarterly financial filing with no immediate red flags or significant new information presented in the header.
Key Numbers
- 001-33861 — SEC File Number (Identifies the company's filing history with the SEC.)
- 11-2153962 — IRS Number (Employer Identification Number for tax purposes.)
Key Players & Entities
- MOTORCAR PARTS OF AMERICA INC (company) — Registrant
- 20241231 (date) — Period of Report
- 20250210 (date) — Filing Date
- New York (location) — State of Incorporation
- Torrance, California (location) — Business Address
FAQ
What is the exact period covered by this 10-Q filing?
This 10-Q filing is for the quarterly period ended December 31, 2024.
What is the company's official name as per the filing?
The exact name of the registrant is MOTORCAR PARTS OF AMERICA, INC.
In which state was Motorcar Parts of America, Inc. incorporated?
The company was incorporated in New York.
What is the business address of the company?
The business address is 2929 California Street, Torrance, California.
What is the SEC file number for Motorcar Parts of America, Inc.?
The Commission File No. is 001-33861.
Filing Stats: 4,321 words · 17 min read · ~14 pages · Grade level 18.5 · Accepted 2025-02-10 16:01:29
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share MPAA The Nasdaq Global Sele
Filing Documents
- mpaa-20241231.htm (10-Q) — 1628KB
- ef20039013_ex31-1.htm (EX-31.1) — 7KB
- ef20039013_ex31-2.htm (EX-31.2) — 7KB
- ef20039013_ex31-3.htm (EX-31.3) — 7KB
- ef20039013_ex32-1.htm (EX-32.1) — 8KB
- 0001140361-25-003730.txt ( ) — 8916KB
- mpaa-20241231.xsd (EX-101.SCH) — 74KB
- mpaa-20241231_def.xml (EX-101.DEF) — 328KB
- mpaa-20241231_lab.xml (EX-101.LAB) — 631KB
- mpaa-20241231_pre.xml (EX-101.PRE) — 345KB
- mpaa-20241231_cal.xml (EX-101.CAL) — 78KB
- mpaa-20241231_htm.xml (XML) — 1581KB
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements 4
Item 1. Financial Statements 4 Condensed Consolidated Balance Sheets 4 Condensed Consolidated Statements of Operations 5 Condensed Consolidated Statements of Comprehensive Loss 6 Condensed Consolidated Statements of Shareholders' Equity 7 Condensed Consolidated Statements of Cash Flows 8 Notes to Condensed Consolidated Financial Statements 9
Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 26
Quantitative and Qualitative Disclosures About Market Risk 36
Item 3. Quantitative and Qualitative Disclosures About Market Risk 36
Controls and Procedures 36
Item 4. Controls and Procedures 36
— OTHER INFORMATION
PART II — OTHER INFORMATION
Legal Proceedings 38
Item 1. Legal Proceedings 38
Risk Factors 38
Item 1A. Risk Factors 38
Unregistered Sales of Equity Securities and Use of Proceeds 38
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 38
Defaults Upon Senior Securities 38
Item 3. Defaults Upon Senior Securities 38
Other Information 38
Item 5. Other Information 38
Exhibits 39
Item 6. Exhibits 39 SIGNATURES 42 2 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 Remanufacture
— FINANCIAL INFORMATION
PART I — FINANCIAL INFORMATION
Financial Statements
Item 1. Financial Statements MOTORCAR PARTS OF AMERICA, INC. AND SUBSIDIARIES Condensed Consolidated Balance Sheets December 31, 2024 March 31, 2024 ASSETS (Unaudited) Current assets: Cash and cash equivalents $ 10,810,000 $ 13,974,000 Short-term investments 1,909,000 1,837,000 Accounts receivable — net 82,040,000 96,296,000 Inventory — net 367,028,000 397,328,000 Contract assets 22,213,000 27,139,000 Prepaid expenses and other current assets 20,304,000 23,885,000 Total current assets 504,304,000 560,459,000 Plant and equipment — net 30,954,000 38,338,000 Operating lease assets 67,552,000 83,973,000 Long-term deferred income taxes 5,664,000 2,976,000 Long-term contract assets 334,424,000 320,282,000 Goodwill and intangible assets — net 3,846,000 4,274,000 Other assets 2,764,000 1,700,000 TOTAL ASSETS $ 949,508,000 $ 1,012,002,000 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 158,113,000 $ 185,182,000 Customer finished goods returns accrual 40,732,000 38,312,000 Contract liabilities 36,239,000 37,591,000 Revolving loan 94,802,000 128,000,000 Other current liabilities 9,417,000 7,021,000 Operating lease liabilities 9,308,000 8,319,000 Total current liabilities 348,611,000 404,425,000 Convertible notes, related party 32,377,000 30,776,000 Long-term contract liabilities 231,962,000 212,068,000 Long-term deferred income taxes 524,000 511,000 Long-term operating lease liabilities 66,833,000 72,240,000 Other liabilities 6,530,000 6,872,000 Total liabilities 686,837,000 726,892,000 Commitments and contingencies Shareholders' equity: Preferred stock; par value $ .01 per share, 5,000,000 shares authorized; none issued - - Series A junior participating preferred stock; par value $ .01 per share, 20,000 shares authorized; none issued - - Common stock; par value $ .01 per share, 50,000,000 shares authorized; 19,583,711 and 19,66