10-Q Filing

GENTHERM INC CIK: 903129 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-022273`
Period End Date	20210331
Filing Date	20210430
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	thrm-10q_20210331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 36 Cash Flow Statement 61 Stockholders Equity 19 Comprehensive Income 10

Balance Sheet 74 line items

Line Item	Tag	Value	Unit	Period
Common Stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, par value	`CommonStockNoParValue`	-	USD	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	55.00M	shares	Point-in-time
Common Stock, shares authorized	`CommonStockSharesAuthorized`	55.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$268.35M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	33.11M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	32.92M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$170.96M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	32.92M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$222.38M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	33.11M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$211.67M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$74.55M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$68.36M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$8.25M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$8.42M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$45.79M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$49.09M	USD	Point-in-time
Inventory, net	`InventoryNet`	$122.40M	USD	Point-in-time
Inventory, net	`InventoryNet`	$132.06M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$39.07M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$41.19M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$564.47M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$643.61M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$151.44M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$152.58M	USD	Point-in-time
Goodwill	`Goodwill`	$68.02M	USD	Point-in-time
Goodwill	`Goodwill`	$66.29M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$46.42M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$42.86M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$30.64M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$27.20M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$71.98M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$73.91M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$7.65M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$8.21M	USD	Point-in-time
Total assets	`Assets`	$932.45M	USD	Point-in-time
Total assets	`Assets`	$1.02B	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$116.04M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$132.83M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$6.03M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$6.17M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.50M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtAndCapitalLeaseObligationsCurrent`	$2.50M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$81.41M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$81.25M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$222.75M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$205.98M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$189.93M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$59.32M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$24.23M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$22.35M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$8.16M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$7.61M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilities`	$7.66M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilities`	$8.19M	USD	Point-in-time
Total liabilities	`Liabilities`	$436.51M	USD	Point-in-time
Total liabilities	`Liabilities`	$319.70M	USD	Point-in-time
No par value; 55,000,000 shares authorized 33,110,644 and 32,921,341 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$129.60M	USD	Point-in-time
No par value; 55,000,000 shares authorized 33,110,644 and 32,921,341 issued and outstanding at March 31, 2021 and December 31, 2020, respectively	`CommonStockValue`	$121.07M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$6.12M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$7.46M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-42.44M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-54.93M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-28.66M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-14.98M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$472.78M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$505.69M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$612.76M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$472.65M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$470.38M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$586.33M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$1.02B	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$932.45M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Product revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$288.54M	USD	1 Quarter
Product revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$228.61M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$200.87M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$162.55M	USD	1 Quarter
Gross margin	`GrossProfit`	$66.07M	USD	1 Quarter
Gross margin	`GrossProfit`	$87.67M	USD	1 Quarter
Net research and development expenses	`ResearchAndDevelopmentExpense`	$17.76M	USD	1 Quarter
Net research and development expenses	`ResearchAndDevelopmentExpense`	$17.60M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$28.53M	USD	1 Quarter
Selling, general and administrative expenses	`SellingGeneralAndAdministrativeExpense`	$25.84M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$791.00K	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$3.77M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$47.37M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$46.92M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$18.70M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$40.75M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.04M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-748.00K	USD	1 Quarter
Foreign currency gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$-938.00K	USD	1 Quarter
Foreign currency gain (loss)	`ForeignCurrencyTransactionGainLossBeforeTax`	$773.00K	USD	1 Quarter
Other (loss) income	`OtherNonoperatingIncomeExpense`	$264.00K	USD	1 Quarter
Other (loss) income	`OtherNonoperatingIncomeExpense`	$-9.00K	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.47M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$17.28M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.57M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.41M	USD	1 Quarter
Net income	`ProfitLoss`	$11.87M	USD	1 Quarter
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$1.00	USD	1 Quarter
Basic earnings per share	`EarningsPerShareBasic`	$0.36	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.36	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.99	USD	1 Quarter
Weighted average number of shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.69M	shares	1 Quarter
Weighted average number of shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	32.95M	shares	1 Quarter
Weighted average number of shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	33.39M	shares	1 Quarter
Weighted average number of shares diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.87M	shares	1 Quarter

Cash Flow Statement 61 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$11.87M	USD	1 Quarter
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$10.41M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.85M	USD	1 Quarter
Deferred income taxes	`DeferredTaxExpenseBenefit`	$721.00K	USD	1 Quarter
Deferred income taxes	`DeferredTaxExpenseBenefit`	$105.00K	USD	1 Quarter
Non-cash stock based compensation	`ShareBasedCompensation`	$2.74M	USD	1 Quarter
Non-cash stock based compensation	`ShareBasedCompensation`	$1.94M	USD	1 Quarter
Change in defined benefit pension plans	`PensionAndOtherPostretirementBenefitExpense`	$85.00K	USD	1 Quarter
Change in defined benefit pension plans	`PensionAndOtherPostretirementBenefitExpense`	$-477.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-119.00K	USD	1 Quarter
Loss on sale of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-242.00K	USD	1 Quarter
Operating lease expense	`OperatingLeaseExpense`	$1.65M	USD	1 Quarter
Operating lease expense	`OperatingLeaseExpense`	$2.58M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$2.04M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$13.93M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$404.00K	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$11.55M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$4.80M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-555.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.11M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.54M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.67M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-1.47M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$29.42M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$39.67M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.23M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.91M	USD	1 Quarter
Acquisition of intangible assets	`PaymentsToAcquireIntangibleAssets`	$3.14M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$34.00K	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Other	`PaymentsForProceedsFromOtherInvestingActivities`	$200.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-6.34M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.10M	USD	1 Quarter
Borrowing of debt	`ProceedsFromIssuanceOfLongTermDebt`	$169.55M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$16.11M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$130.00M	USD	1 Quarter
Cash paid for the repurchase of Common Stock	`PaymentsForRepurchaseOfCommonStock`	$9.09M	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$5.90M	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$5.98M	USD	1 Quarter
Cash paid for the cancellation of restricted stock	`PaymentsForCancellationOfRestrictedStock`	$1.53M	USD	1 Quarter
Cash paid for the cancellation of restricted stock	`PaymentsForCancellationOfRestrictedStock`	$404.00K	USD	1 Quarter
Acquisition contingent consideration payment	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$68.00K	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$149.84M	USD	1 Quarter
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-125.62M	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-426.00K	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.34M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-97.39M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$172.50M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.95M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$170.96M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$225.44M	USD	Point-in-time
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$268.35M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$52.95M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$170.96M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$225.44M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$268.35M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$2.56M	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$3.52M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$844.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$537.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$612.76M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$472.65M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$470.38M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$586.33M	USD	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	32.92M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	33.11M	shares	Point-in-time
Net income	`ProfitLoss`	$11.87M	USD	1 Quarter
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-12.49M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-13.67M	USD	1 Quarter
Stock compensation, net	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$7.44M	USD	1 Quarter
Stock compensation, net	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$7.19M	USD	1 Quarter
Stock repurchase	`StockRepurchasedDuringPeriodValue`	$9.09M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$612.76M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$472.65M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$470.38M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$586.33M	USD	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	32.92M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	33.11M	shares	Point-in-time

Comprehensive Income 10 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$11.87M	USD	1 Quarter
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$8.74M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$13.15M	USD	1 Quarter
Unrealized loss on foreign currency derivative securities, net of tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$522.00K	USD	1 Quarter
Unrealized loss on foreign currency derivative securities, net of tax	`OtherComprehensiveIncomeLossDerivativesQualifyingAsHedgesTax`	$3.75M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-12.49M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-13.67M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$-617.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$19.23M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.