Thermon Group Holdings Files 2024 10-K

TL;DR

Thermon Group Holdings filed its 2024 10-K. Full financials and biz ops details inside.

AI Summary

Thermon Group Holdings, Inc. filed its 2024 10-K report, detailing its fiscal year ending March 31, 2024. The company, headquartered in Austin, Texas, operates in the electrical industrial apparatus sector. The filing provides comprehensive financial information and business operations for the period.

Why It Matters

This 10-K filing provides investors and stakeholders with a detailed overview of Thermon's financial performance and strategic positioning for the fiscal year 2024.

Risk Assessment

Risk Level: low — This is a standard annual financial filing with no immediate red flags.

Key Players & Entities

• Thermon Group Holdings, Inc. (company) — Filer of the 10-K
• 0001489096-24-000099 (other) — Accession Number for the filing
• 20240331 (date) — Fiscal Year End Date
• Austin, TX (location) — Company Headquarters and Mailing Address

FAQ

Key Financial Figures

• $0.001 — ange on which registered Common Stock, $0.001 par value per share THR New York Stock
• $27.47 — 9,854,349 based on the closing price of $27.47 as reported on the New York Stock Excha

Filing Documents

• thr-20240331.htm (10-K) — 2139KB
• insidertradingpolicy.htm (EX-10.20) — 48KB
• tghexhibit21133124.htm (EX-21.1) — 18KB
• tghexhibit23133124.htm (EX-23.1) — 3KB
• tghexhibit31133124.htm (EX-31.1) — 11KB
• tghexhibit31233124.htm (EX-31.2) — 12KB
• tghexhibit32133124.htm (EX-32.1) — 6KB
• tghexhibit32233124.htm (EX-32.2) — 6KB
• policyonrecoupmentofincent.htm (EX-97.1) — 20KB
• thr-20240331_g1.jpg (GRAPHIC) — 125KB
• 0001489096-24-000099.txt ( ) — 13112KB
• thr-20240331.xsd (EX-101.SCH) — 85KB
• thr-20240331_cal.xml (EX-101.CAL) — 140KB
• thr-20240331_def.xml (EX-101.DEF) — 396KB
• thr-20240331_lab.xml (EX-101.LAB) — 1046KB
• thr-20240331_pre.xml (EX-101.PRE) — 741KB
• thr-20240331_htm.xml (XML) — 2131KB

RISK FACTORS

ITEM 1A RISK FACTORS 10

UNRESOLVED STAFF COMMENTS

ITEM 1B UNRESOLVED STAFF COMMENTS 21

CYBERSECURITY

ITEM 1C CYBERSECURITY 21

PROPERTIES

ITEM 2 PROPERTIES 22

LEGAL PROCEEDINGS

ITEM 3 LEGAL PROCEEDINGS 22

MINE SAFETY DISCLOSURES

ITEM 4 MINE SAFETY DISCLOSURES 22 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 23

SELECTED FINANCIAL DATA

ITEM 6 SELECTED FINANCIAL DATA 25

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 25

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

ITEM 7A QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK 34

FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

ITEM 8 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA 37

CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE

ITEM 9 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE 79

CONTROLS AND PROCEDURES

ITEM 9A CONTROLS AND PROCEDURES 80

OTHER INFORMATION

ITEM 9B OTHER INFORMATION 80

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS

ITEM 9C DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS 80 PART III

DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE

ITEM 10 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE 81

EXECUTIVE COMPENSATION

ITEM 11 EXECUTIVE COMPENSATION 82

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 83

CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE

ITEM 13 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS, AND DIRECTOR INDEPENDENCE 83

PRINCIPAL ACCOUNTANT FEES AND SERVICES

ITEM 14 PRINCIPAL ACCOUNTANT FEES AND SERVICES 83 PART IV

EXHIBITS AND FINANCIAL STATEMENT SCHEDULES

ITEM 15 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES 84

FORM 10-K SUMMARY

ITEM 16 FORM 10-K SUMMARY 86

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K ("this annual report") includes forward-looking statements within the meaning of the U.S. federal securities laws in addition to historical information. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are included throughout this annual report, including in the sections entitled "Risk Factors," "Management's Discussion and Analysis of Financial Condition and Results of Operations" and "Business" and include, without limitation, statements regarding our industry, business strategy, plans, goals and expectations concerning our market position, future operations, margins, profitability, capital expenditures, liquidity and capital resources and other financial and operating information. When used in this discussion, the words "anticipate," "assume," "believe," "budget," "continue," "contemplate," "could," "should," "estimate," "expect," "intend," "may," "plan," "possible," "potential," "predict," "project," "will," "would," "future" and similar terms and phrases are intended to identify forward-looking statements in this annual report. Forward-looking statements reflect our current expectations regarding future events, results or outcomes. These expectations may or may not be realized. Some of these expectations may be based upon assumptions, data or judgments that prove to be incorrect. In addition, our business and operations involve numerous risks and uncertainties, many of which are beyond our control, which could result in our expectations not being realized or otherwise materially affect our financial condition, results of operations and cash flows. The statements include but are not limited to statements regarding: (i) our plans to strategically pursue emerging growth opportunities in diverse regions and across industry sectors; (ii) our plans to secure more new facility project bid

BUSINESS

ITEM 1. BUSINESS Business Overview We are one of the largest providers of highly engineered industrial process heating solutions for process industries. For almost 70 years, we have served a diverse base of thousands of customers around the world in attractive and growing markets, including general industrial, chemical and petrochemical, oil, gas, power generation, commercial, food and beverage, energy transition/decarbonization, rail and transit, and other, which we refer to as our "key end markets." We offer a full suite of products (heating units, electrode and gas-fired boilers, heating cables, industrial heating blankets and related products, temporary power solutions and tubing bundles), services (engineering, installation and maintenance services) and software (design optimization and wireless and network control systems) required to deliver comprehensive solutions to some of the world's largest and most complex projects. With a legacy of innovation and continued investment in research and development, Thermon has established itself as a technology leader in hazardous or classified areas, and we are committed to developing sustainable solutions for our customers. We serve our customers through a global network of sales and service professionals and distributors in more than 30 countries and through our 11 manufacturing facilities on two continents. These global capabilities and longstanding relationships with some of the largest multinational oil, gas, chemical processing, power and engineering, procurement and construction ("EPC") companies in the world have enabled us to diversify our revenue streams and opportunistically access high-growth markets worldwide. Thermon, Inc., our principal operating subsidiary in the U.S., was founded as a partnership in October 1954 and later incorporated in Texas in 1960. At that time, our primary product was a thermally conductive heat transfer compound invented by our founder, Richard Burdick. Under Mr. Burdick's leade

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