Gentherm Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Gentherm Inc. filed its Q1 2024 10-Q, detailing automotive segment operations and financial instruments.</b>

AI Summary

GENTHERM Inc (THRM) filed a Quarterly Report (10-Q) with the SEC on April 30, 2024. Gentherm Inc. filed a 10-Q report for the period ending March 31, 2024. The filing references 'Automotive Segments' and 'Electronics' as operational areas. Key financial instruments mentioned include 'Interest Rate Swap' and 'Revolving Credit Facility'. The company previously operated as 'Amerigon Inc.' before a name change on May 3, 1993. The report details restructuring activities, including 'Employee Separation Costs'.

Why It Matters

For investors and stakeholders tracking GENTHERM Inc, this filing contains several important signals. This filing provides investors with the latest financial performance and operational updates for Gentherm Inc. in Q1 2024. Understanding the company's financial instruments and restructuring activities is crucial for assessing its financial health and future outlook.

Risk Assessment

Risk Level: — GENTHERM Inc shows moderate risk based on this filing. The filing is a standard quarterly report (10-Q) with no immediate red flags, indicating routine disclosure.

Analyst Insight

Review the detailed financial statements and segment performance within the 10-Q to understand Gentherm's current operational and financial standing.

Key Numbers

• 2024-03-31 — Period End Date (Conformed Period of Report)
• 2024-04-30 — Filing Date (Filed as of Date)

Key Players & Entities

• GENTHERM Inc (company) — Filer
• AMERIGON INC (company) — Former company name
• 2024-03-31 (date) — Conformed period of report
• 2024-04-30 (date) — Filed as of date

FAQ

Industry Context

Gentherm Inc. operates within the automotive parts and accessories industry, a sector sensitive to vehicle production and consumer demand.

Regulatory Implications

The filing adheres to SEC regulations for quarterly reporting, ensuring transparency for investors regarding financial performance and material events.

What Investors Should Do

1. Analyze the financial statements for revenue trends and profitability in the automotive segments.
2. Examine any disclosed restructuring costs and their potential impact on future operations.
3. Review the notes to the financial statements for details on financial instruments and debt obligations.

Key Dates

• 2024-03-31: Period End Date — End of the reporting quarter for the 10-Q filing.
• 2024-04-30: Filing Date — Date the 10-Q report was officially filed with the SEC.

Glossary

10-Q

A quarterly report required by the U.S. Securities and Exchange Commission (SEC). (Provides investors with a timely update on the company's financial condition between annual reports.)

Automotive Segments

Refers to the parts of Gentherm's business that cater to the automotive industry. (Indicates the primary market focus and revenue drivers for the company.)

Interest Rate Swap

A financial derivative contract where two parties exchange interest rate payments. (Relevant for understanding the company's risk management strategies related to interest rate fluctuations.)

Year-Over-Year Comparison

This is the initial filing analyzed for the period ending March 31, 2024. Comparison to prior filings will be possible with subsequent reports.

Filing Documents

• thrm-20240331.htm (10-Q) — 1928KB
• thrm-ex10_1.htm (EX-10.1) — 40KB
• thrm-ex10_2.htm (EX-10.2) — 47KB
• thrm-ex31_1.htm (EX-31.1) — 13KB
• thrm-ex31_2.htm (EX-31.2) — 12KB
• thrm-ex32_1.htm (EX-32.1) — 6KB
• thrm-ex32_2.htm (EX-32.2) — 6KB
• img99452437_0.jpg (GRAPHIC) — 5KB
• 0000950170-24-050570.txt (&nbsp;) — 8858KB
• thrm-20240331.xsd (EX-101.SCH) — 1253KB
• thrm-20240331_htm.xml (XML) — 1693KB

Financial Information

Part I. Financial Information 3 Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 3 Consolidated Condensed Balance Sheets 3 Consolidated Condensed Statements of Income 4 Consolidated Condensed Statements of Comprehensive (Loss) Income 5 Consolidated Condensed Statements of Cash Flows 6 Consolidated Condensed Statements of Changes in Shareholders' Equity 7 Notes to Unaudited Consolidated Condensed Financial Statements 8 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 23 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 33 Item 4.

Controls and Procedures

Controls and Procedures 35

Other Information

Part II. Other Information 36 Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 36 Item 5. Other Information 36 Item 6. Exhibits 37

FINANCIA L INFORMATION

PART I. FINANCIA L INFORMATION

FINANC IAL STATEMENTS

ITEM 1. FINANC IAL STATEMENTS GENTHERM INCORPORATED CONSOLIDATED CONDEN SED BALANCE SHEETS (In thousands, except share data) (Unaudited) March 31, 2024 December 31, 2023 ASSETS Current Assets: Cash and cash equivalents $ 125,107 $ 149,673 Accounts receivable, net 265,149 253,579 Inventory: Raw materials 134,463 126,013 Work in process 18,611 15,704 Finished goods 66,510 64,175 Inventory, net 219,584 205,892 Other current assets 90,592 78,420 Total current assets 700,432 687,564 Property and equipment, net 241,798 245,234 Goodwill 102,194 104,073 Other intangible assets, net 63,165 66,482 Operating lease right-of-use assets 34,631 27,358 Deferred income tax assets 81,395 81,930 Other non-current assets 29,095 21,730 Total assets $ 1,252,710 $ 1,234,371 LIABILITIES AND SHAREHOLDERS' EQUITY Current Liabilities: Accounts payable $ 226,190 $ 215,827 Current lease liabilities 7,642 7,700 Current maturities of long-term debt 324 621 Other current liabilities 98,939 100,805 Total current liabilities 333,095 324,953 Long-term debt, less current maturities 222,173 222,217 Non-current lease liabilities 23,126 16,175 Pension benefit obligation 2,768 3,209 Other non-current liabilities 24,489 23,095 Total liabilities $ 605,651 $ 589,649 Shareholders' equity: Common Stock: No par value; 55,000,000 shares authorized 31,629,224 and 31,542,001 issued and outstanding at March 31, 2024 and December 31, 2023, respectively 53,269 50,503 Paid-in capital — — Accumulated other comprehensive loss ( 45,195 ) ( 30,160 ) Accumulated earnings 638,985 624,379 Total shareholders' equity 647,059 644,722 Total liabilities and shareholders' equity $ 1,252,710 $ 1,234,371 See accompanying notes to the consolidated condensed financial statements. 3 GENTHERM INCORP

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