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

TL;DR

<b>NN Inc. has filed its 2023 Form 10-K detailing its financial performance and business operations.</b>

AI Summary

NN INC (NNBR) filed a Annual Report (10-K) with the SEC on March 12, 2024. NN Inc. filed its 2023 Form 10-K on March 12, 2024, reporting on its fiscal year ended December 31, 2023. The filing covers the company's financial performance and business operations for the fiscal year 2023. NN Inc. is classified under SIC code 3540 (Metalworking Machinery & Equipment). The company's principal executive offices are located at 6210 Ardrey Kell Road, Suite 120, Charlotte, NC 28277. The filing includes detailed financial statements and disclosures for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking NN INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of NN Inc.'s financial health, operational performance, and strategic positioning for the fiscal year 2023, which is crucial for investors to assess the company's current standing and future prospects. The detailed financial data and risk factors disclosed in this report are essential for stakeholders to understand the company's market position, potential challenges, and investment risks within the Metalworking Machinery & Equipment sector.

Risk Assessment

Risk Level: medium — NN INC shows moderate risk based on this filing. The company operates in the Metalworking Machinery & Equipment sector, which can be subject to cyclical demand and competitive pressures, as indicated by its SIC code and the nature of its business.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess NN Inc.'s performance and outlook in the machinery sector.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-12 — Filing Date (Date of submission)
• 3540 — SIC Code (Industry classification)
• 980-264-4300 — Business Phone (Contact number)

Key Players & Entities

• NN INC (company) — Filer name
• NNBR (company) — Ticker symbol
• 2023-12-31 (date) — Fiscal year end
• 2024-03-12 (date) — Filing date
• 6210 ARDREY KELL ROAD (address) — Business address
• Charlotte (location) — Business address city
• NC (location) — Business address state
• 28277 (postal_code) — Business address zip

FAQ

Industry Context

NN Inc. operates within the Metalworking Machinery & Equipment industry, a sector characterized by industrial production and capital goods manufacturing.

Regulatory Implications

As a publicly traded company, NN Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC), including the annual filing of Form 10-K.

What Investors Should Do

1. Review the full 10-K filing for detailed financial statements and management discussion.
2. Analyze the risk factors section to understand potential challenges and uncertainties.
3. Compare NN Inc.'s performance metrics with industry benchmarks and prior year results.

Key Dates

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

Year-Over-Year Comparison

This filing represents the annual 10-K for the fiscal year ended December 31, 2023, providing a comprehensive update compared to previous filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 NNBR The Nasdaq Stock Market LLC Secu
• $2.39 — Nasdaq Stock Market LLC on that date of $2.39. Solely for purposes of making this cal

Filing Documents

• nnbr-20231231.htm (10-K) — 1874KB
• exhibit1031rsuaward.htm (EX-10.31) — 62KB
• exhibit1032psuaward.htm (EX-10.32) — 74KB
• exhibit2112023-q4.htm (EX-21.1) — 27KB
• exhibit2312023-q4.htm (EX-23.1) — 2KB
• exhibit3112023-q4.htm (EX-31.1) — 10KB
• exhibit3122023-q4.htm (EX-31.2) — 10KB
• exhibit3212023-q4.htm (EX-32.1) — 4KB
• exhibit3222023-q4.htm (EX-32.2) — 4KB
• exhibit971recoupmentpolicy.htm (EX-97.1) — 46KB
• nnbr-20231231_g1.jpg (GRAPHIC) — 10KB
• nnbr-20231231_g2.jpg (GRAPHIC) — 82KB
• 0000918541-24-000020.txt (&nbsp;) — 11893KB
• nnbr-20231231.xsd (EX-101.SCH) — 63KB
• nnbr-20231231_cal.xml (EX-101.CAL) — 138KB
• nnbr-20231231_def.xml (EX-101.DEF) — 465KB
• nnbr-20231231_lab.xml (EX-101.LAB) — 1005KB
• nnbr-20231231_pre.xml (EX-101.PRE) — 755KB
• nnbr-20231231_htm.xml (XML) — 1760KB

Business

Business 5 Item 1A.

Risk Factors

Risk Factors 10 Item 1B. Unresolved Staff Comments 19 Item 1C. Cybersecurity 19 Item 2.

Properties

Properties 20 Item 3.

Legal Proceedings

Legal Proceedings 20 Item 4. Mine Safety Disclosures 20 Part II 21 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities 21 Item 6. Reserved 22 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operation s 23 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 29 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 30 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 62 Item 9A.

Controls and Procedures

Controls and Procedures 60 Item 9B. Other Information 60 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 85 Part III 61 Item 10. Directors, Executive Officers, and Corporate Governance 61 Item 11.

Executive Compensation

Executive Compensation 61 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 61 Item 13. Certain Relationships and Related Transactions, and Director Independence 61 Item 14. Principal Accountant Fees and Services 61 Part IV 62 Item 15. Exhibits and Financial Statement Schedules 62 Item 16. Form 10-K Summary 65

SIGNATURES

SIGNATURES 66 3 Table of Contents Note Regarding Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report") contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are intended to be covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and include this statement for purposes of complying with these safe harbor provisions. These statements may discuss goals, intentions and expectations as to future trends, plans, events, results of operations or financial condition, or state other information relating to NN, Inc. (the "Company"), based on current beliefs of management as well as assumptions made by, and information currently available to, management. Forward-looking statements generally will be accompanied by words such as "anticipate," "believe," "could," "estimate," "expect," "forecast," "guidance," "intend," "may," "possible," "potential," "predict," "project" or other similar words, phrases or expressions. Forward-looking statements involve a number of risks and uncertainties that are outside of management's control and that may cause actual results to be materially different from such forward-looking statements. Such factors include, among others, general economic conditions and economic conditions in the industrial sector; the impacts of pandemics, epidemics, disease outbreaks and other public health crises on our financial condition, business operations and liquidity; competitive influences; risks that current customers will commence or increase captive production; risks of capacity underutilization; quality issues; material changes in the costs and availability of raw materials; economic, social, political and geopolitical instability, military conflict, currency fluctuation, and other risks of doing business outside of the United States;

Business

Item 1. Business Introduction NN, Inc., a Delaware corporation, is a diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies for a variety of end markets on a global basis. As used in this Annual Report, the terms the "Company," "we," "our," or "us" refer to NN, Inc., and its subsidiaries. As of December 31, 2023, we had 27 facilities in North America, South America, Europe, and China. Our enterprise and management structure is designed to accelerate growth and further balance our portfolio by aligning our strategic assets and businesses. Our businesses are organized into the Mobile Solutions and Power Solutions groups and are based principally on the end markets they serve. Business Segments and Products Mobile Solutions Mobile Solutions is focused on growth in the automotive, general industrial, and medical end markets. We have developed an expertise in manufacturing highly complex, tight tolerance, system critical components. Our technical capabilities can be utilized in numerous applications including for use in battery electric, hybrid electric, and internal combustion engine vehicles. The group currently manufactures components on a high-volume basis for use in power steering, braking, transmissions, and gasoline fuel system applications, along with components utilized in heating, ventilation and air conditioning and diesel injection and diesel emissions treatment applications. This expertise has been gained through investment in technical capabilities, processes and systems, and allows us to provide skilled program management and product launch capabilities. Power Solutions Power Solutions is focused on growth in the electrical, general industrial, automotive, and medical end markets. Within this group we combine materials science expertise with advanced engineering and production capabilities to design and