Stoneridge Inc. Files 2023 Annual Report on Form 10-K

TL;DR

**Stoneridge Inc. has filed its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.**

AI Summary

STONERIDGE INC (SRI) filed a Annual Report (10-K) with the SEC on March 1, 2024. Stoneridge Inc. reported its 2023 fiscal year results in a 10-K filing dated March 1, 2024. The filing covers the period ending December 31, 2023. The company's principal business address is 39675 MacKenzie Drive, Suite 400, Novi, MI 48377. Stoneridge Inc. is classified under SIC code 3714 for Motor Vehicle Parts & Accessories. The filing was made with the SEC under the 1934 Act, with SEC file number 001-13337.

Why It Matters

For investors and stakeholders tracking STONERIDGE INC, this filing contains several important signals. The 10-K filing provides a comprehensive overview of Stoneridge Inc.'s financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's value and future prospects. This filing is a mandatory disclosure for publicly traded companies like Stoneridge Inc., offering transparency into their financial statements, risk factors, and management's discussion and analysis, enabling informed investment decisions.

Risk Assessment

Risk Level: — STONERIDGE INC shows moderate risk based on this filing. The filing is a standard 10-K annual report, which is a routine disclosure for public companies and does not contain immediate, significant new information that would alter the company's risk profile.

Analyst Insight

Investors should review the detailed financial statements and risk factors within the 10-K to understand Stoneridge Inc.'s performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Period covered by the 10-K filing.)
• 20240301 — Filing Date (Date the 10-K was filed with the SEC.)
• 3714 — SIC Code (Industry classification for Motor Vehicle Parts & Accessories.)
• 001-13337 — SEC File Number (SEC file number for Stoneridge Inc.)

Key Players & Entities

• STONERIDGE INC (company) — Filer
• 39675 MACKENZIE DRIVE (address) — Business Address
• NOVI (location) — Business Address City
• MI (location) — Business Address State
• 48377 (zip_code) — Business Address Zip
• 2484899300 (phone_number) — Business Phone
• 20231231 (date) — Fiscal Year End
• 20240301 (date) — Filing Date

FAQ

Risk Factors

• Business Operations [medium — operational]: The company is engaged in the manufacturing and sale of electronic and mechanical components for the automotive and commercial vehicle industry.
• Financial Position [medium — financial]: The 10-K details the company's financial statements, including assets, liabilities, and equity, for the fiscal year ended December 31, 2023.
• Compliance with Regulations [low — regulatory]: As a public company, Stoneridge Inc. must comply with various SEC regulations and accounting standards.

Industry Context

Stoneridge Inc. operates in the automotive parts and accessories industry, a sector characterized by technological advancements, global supply chains, and evolving regulatory landscapes.

Regulatory Implications

The company is subject to SEC regulations governing financial reporting and disclosure, as well as industry-specific regulations related to automotive safety and emissions.

What Investors Should Do

1. Review Stoneridge Inc.'s detailed financial statements for the fiscal year ended December 31, 2023.
2. Analyze the risk factors section to understand potential challenges and uncertainties facing the company.
3. Assess management's discussion and analysis for insights into the company's strategy and performance drivers.

Key Dates

• 2023-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K.
• 2024-03-01: Filing Date — Date the 10-K was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-K filing for the fiscal year 2023, following previous filings for prior years.

Key Financial Figures

• $18.85 — rted on the New York Stock Exchange was $18.85 per share. As of June 30, 2023, the num

Filing Documents

• sri-20231231.htm (10-K) — 2180KB
• sri-20231231xexx211.htm (EX-21.1) — 16KB
• sri-20231231xexx231.htm (EX-23.1) — 6KB
• sri-20231231xexx311.htm (EX-31.1) — 9KB
• sri-20231231xexx312.htm (EX-31.2) — 9KB
• sri-20231231xexx321.htm (EX-32.1) — 4KB
• sri-20231231xexx322.htm (EX-32.2) — 4KB
• sri-20231231xexx971recover.htm (EX-97.1) — 35KB
• image_0a.jpg (GRAPHIC) — 77KB
• sri-20231231_g1.jpg (GRAPHIC) — 55KB
• sri-20231231_g2.jpg (GRAPHIC) — 89KB
• 0001043337-24-000007.txt ( ) — 12244KB
• sri-20231231.xsd (EX-101.SCH) — 66KB
• sri-20231231_cal.xml (EX-101.CAL) — 106KB
• sri-20231231_def.xml (EX-101.DEF) — 350KB
• sri-20231231_lab.xml (EX-101.LAB) — 976KB
• sri-20231231_pre.xml (EX-101.PRE) — 657KB
• sri-20231231_htm.xml (XML) — 2043KB

Business

Business 1 Information about our Executive Officers of the Company 5 Item 1A.

Risk Factors

Risk Factors 6 Item 1B. Unresolved Staff Comments 13 Item 1C. Cybersecurity 13 Item 2.

Properties

Properties 15 Item 3.

Legal Proceedings

Legal Proceedings 15 Item 4. Mine Safety Disclosure 15 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 16 Item 6. [Reserved] 17 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 18 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 31 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 32 Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure 69 Item 9A.

Controls and Procedures

Controls and Procedures 69 Item 9B. Other Information 70 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III Item 10. Directors, Executive Officers and Corporate Governance 71 Item 11.

Executive Compensation

Executive Compensation 71 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 71 Item 13. Certain Relationships and Related Transactions, and Director Independence 71 Item 14. Principal Accounting Fees and Services 71 PART IV Item 15. Exhibits, Financial Statement Schedule 72 Item 16. Form 10-K Summary 75

Signatures

Signatures 76 i Table of Contents

Forward-Looking Statements

Forward-Looking Statements Portions of this report on Form 10-K contain "forward-looking statements" under the Private Securities Litigation Reform Act of 1995. These statements appear in a number of places in this report and may include statements regarding the intent, belief or current expectations of the Company, with respect to, among other things, our (i) future product and facility expansion, (ii) acquisition strategy, (iii) investments and new product development, (iv) growth opportunities related to awarded business and (v) operational expectations. Forward-looking statements may be identified by the words "will," "may," "should," "designed to," "believes," "plans," "projects," "intends," "expects," "estimates," "anticipates," "continue," and similar words and expressions. The forward-looking statements are subject to risks and uncertainties that could cause actual events or results to differ materially from those expressed in or implied by the statements. Important factors that could cause actual results to differ materially from those in the forward-looking statements include, among other factors: the ability of our suppliers to supply us with parts and components at competitive prices on a timely basis, including the impact of potential tariffs and trade considerations on their operations and output; fluctuations in the cost and availability of key materials (including semiconductors, printed circuit boards, resin, aluminum, steel and copper) and components and our ability to offset cost increases through negotiated price increases with our customers or other cost reduction actions, as necessary; global economic trends, competition and geopolitical risks, including impacts from ongoing or potential global conflicts and any related sanctions and other measures, or an escalation of sanctions, tariffs or other trade tensions between the U.S. and other countries; our ability to achieve cost reductions that offset or exceed customer-mandated selling price

Business

Item 1. Business. Overview Founded in 1965, Stoneridge, Inc. (the "Company") is a global designer and manufacturer of highly engineered electrical and electronic systems, components and modules for the automotive, commercial, off-highway and agricultural vehicle markets. Our products and systems are critical elements in the management of systems to improve overall vehicle performance, convenience and monitoring in areas such as safety and security, intelligence, efficiency and emissions. Our worldwide footprint is primarily comprised of 21 locations in 11 countries and enables us to supply global automotive, commercial, off-highway, agricultural and other vehicle markets. Our custom-engineered products and systems are used to activate equipment and accessories, monitor and display vehicle performance and control, distribute electrical power and signals and provide vehicle safety, security and convenience. Our product offerings consist of actuators, sensors, switches and connectors, driver information systems, vision and safety systems, connectivity and compliance products, electronic control units, vehicle tracking devices and monitoring services, vehicle security alarms and convenience accessories, in-vehicle audio and infotainment devices and telematics solutions. We supply the majority of our products, predominantly on a sole-source basis, to many of the world's leading automotive and commercial vehicle original equipment manufacturers ("OEMs") and select non-vehicle OEMs, as well as certain automotive and commercial vehicle Tier 1 suppliers. Our customers are increasingly utilizing electronic technology to comply with more stringent regulations (particularly emissions and safety) and to meet end-user demand for improved vehicle performance and greater convenience. As a result of this trend, per-vehicle electronic content has been increasing. Our technology and our partnership-oriented approach to product design and development enables us to develop next-gener

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