STRATTEC SECURITY CORP Files 2024 10-K

TL;DR

STRATTEC filed its 2024 10-K. Full year financials and biz details out.

AI Summary

STRATTEC SECURITY CORP filed its 2024 10-K report, detailing its fiscal year ending June 30, 2024. The company, based in Milwaukee, WI, operates in the motor vehicle parts and accessories sector. Key financial data and operational details for the period are presented in this comprehensive filing.

Why It Matters

This 10-K filing provides investors and analysts with a detailed overview of STRATTEC SECURITY CORP's financial health, operational performance, and strategic outlook for the fiscal year ending June 30, 2024.

Risk Assessment

Risk Level: medium — 10-K filings are standard disclosures for public companies, but the specific risks and financial performance detailed within can vary significantly.

Key Numbers

• FY 2024 — Fiscal Year End (The report covers the fiscal year ending June 30, 2024.)

Key Players & Entities

• STRATTEC SECURITY CORP (company) — Filer of the 10-K report
• 20240630 (date) — Conformed period of report
• 20240905 (date) — Filed as of date
• 3333 WEST GOOD HOPE ROAD, MILWAUKEE, WI 53209 (address) — Company business and mailing address
• 4142473333 (phone_number) — Company business phone number

FAQ

Key Financial Figures

• $135.9 million — financial statements. ASdM represented $135.9 million and $121.9 million of our consolidated
• $121.9 million — ts. ASdM represented $135.9 million and $121.9 million of our consolidated net sales in our fi
• $130.3 million — s ending 2024 and 2023, SPA represented $130.3 million and $114.1 million, respectively, of ou
• $114.1 m — 023, SPA represented $130.3 million and $114.1 million, respectively, of our consolidate
• $18,500,000 — LC to WITTE for a net purchase price of $18,500,000 which also included STRATTEC acquiring

Filing Documents

• strt-20240630.htm (10-K) — 2763KB
• strt-ex23_1.htm (EX-23.1) — 2KB
• strt-ex31_1.htm (EX-31.1) — 11KB
• strt-ex31_2.htm (EX-31.2) — 11KB
• strt-ex32.htm (EX-32) — 12KB
• img93661504_0.jpg (GRAPHIC) — 32KB
• img93661504_1.jpg (GRAPHIC) — 14KB
• 0000950170-24-104109.txt ( ) — 15007KB
• strt-20240630.xsd (EX-101.SCH) — 2048KB
• strt-20240630_htm.xml (XML) — 3483KB

BUSINESS

BUSINESS 2 Item 1A.

RISK FACTORS

RISK FACTORS 10 Item 1B. UNRESOLVED STAFF COMMENTS 16 ITEM 1C. CYBERSECURITY 16 Item 2.

PROPERTIES

PROPERTIES 16 Item 3.

LEGAL PROCEEDINGS

LEGAL PROCEEDINGS 17 Item 4. MINE SAFETY DISCLOSURES 17 PART II 18 Item 5. MARKET FOR THE REGISTRANT'S COMMON EQUITY, RELATED STOCKHOLDER MATTERS AND ISSUER PURCHASES OF EQUITY SECURITIES 18 Item 6. [RESERVED] 18 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 19 Item 7A.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 26 Item 8.

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 27 Item 9. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 55 Item 9A.

CONTROLS AND PROCEDURES

CONTROLS AND PROCEDURES 55 Item 9B. OTHER INFORMATION 58 Item 9C. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 58 PART III 59 Item 10. DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 59 Item 11.

EXECUTIVE COMPENSATION

EXECUTIVE COMPENSATION 59 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 59 Item 13. CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 59 Item 14. PRINCIPAL ACCOUNTANT FEES AND SERVICES 59 PART IV 60 Item 15. EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 60 ITEM 16. FORM 10-K SUMMARY 62

SIGNATURES

SIGNATURES 63 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS A number of the matters and subject areas discussed in this Form 10-K as well as in portions of the Company's Proxy Statement, dated September 20, 2024, which is incorporated herein by reference, contain "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements may be identified by the use of forward-looking words or phrases such as "anticipate," "believe," "would," "expect," "intend," "may," "planned," "potential," "should," "will" and "could," or the negative of these terms or words of similar meaning. These statements include expected future financial results, product offerings, global expansion, liquidity needs, financing ability, planned capital expenditures, management's or the Company's expectations and beliefs, and similar matters discussed, or otherwise incorporated herein by reference, in this Form 10-K. The discussions of such matters and subject areas are qualified by the inherent risks and uncertainties surrounding future expectations generally, and also may materially differ from the Company's actual future experience. The Company's business, operations and financial performance are subject to certain risks and uncertainties, which could result in material differences in actual results from the Company's current expectations. These risks and uncertainties include, but are not limited to, general economic conditions, in particular relating to the automotive industry, consumer demand for the Company's and its customers' products, competitive and technological developments, customer purchasing actions, changes in warranty provisions and customers' product recall policies, work stoppages at the Company or at the location of its key customers as a result of labor disputes, foreign currency fluctuations, uncertainties stemming from U.S. trade policies, tariffs and reactions to same from foreign countries, delays and restrict

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View this 10-K filing on SEC EDGAR