10-Q Filing

GENTHERM INC CIK: 903129 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-017813`
Period End Date	20220331
Filing Date	20220504
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	thrm-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 74 Income Statement 36 Cash Flow Statement 56 Stockholders Equity 18 Comprehensive Income 12

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`	$177.92M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$190.61M	USD	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	33.13M	shares	Point-in-time
Common Stock, shares issued	`CommonStockSharesIssued`	33.01M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$182.99M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	33.13M	shares	Point-in-time
Accounts receivable, net	`AccountsReceivableNetCurrent`	$207.35M	USD	Point-in-time
Common Stock, shares outstanding	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$111.62M	USD	Point-in-time
Raw materials	`InventoryRawMaterialsNetOfReserves`	$96.43M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$10.99M	USD	Point-in-time
Work in process	`InventoryWorkInProcessNetOfReserves`	$9.49M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$53.56M	USD	Point-in-time
Finished goods	`InventoryFinishedGoodsNetOfReserves`	$53.56M	USD	Point-in-time
Inventory, net	`InventoryNet`	$159.48M	USD	Point-in-time
Inventory, net	`InventoryNet`	$176.17M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$41.03M	USD	Point-in-time
Other current assets	`OtherAssetsCurrent`	$32.77M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$565.85M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$602.47M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$155.27M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$152.29M	USD	Point-in-time
Goodwill	`Goodwill`	$66.03M	USD	Point-in-time
Goodwill	`Goodwill`	$64.98M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$34.98M	USD	Point-in-time
Other intangible assets, net	`FiniteLivedIntangibleAssetsNet`	$37.55M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$27.45M	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$24.39M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$69.63M	USD	Point-in-time
Deferred income tax assets	`DeferredIncomeTaxAssetsNet`	$69.42M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$16.62M	USD	Point-in-time
Other non-current assets	`OtherAssetsNoncurrent`	$15.53M	USD	Point-in-time
Total assets	`Assets`	$967.11M	USD	Point-in-time
Total assets	`Assets`	$935.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$122.73M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$156.24M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.92M	USD	Point-in-time
Current lease liabilities	`OperatingLeaseLiabilityCurrent`	$5.67M	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`	$79.04M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$82.19M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$213.09M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$243.70M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$36.25M	USD	Point-in-time
Long-term debt, less current maturities	`LongTermDebtAndCapitalLeaseObligations`	$36.25M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$19.98M	USD	Point-in-time
Non-current lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$19.79M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$6.36M	USD	Point-in-time
Pension benefit obligation	`DefinedBenefitPensionPlanLiabilitiesNoncurrent`	$6.83M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilities`	$5.04M	USD	Point-in-time
Other non-current liabilities	`OtherLiabilities`	$5.58M	USD	Point-in-time
Total liabilities	`Liabilities`	$281.54M	USD	Point-in-time
Total liabilities	`Liabilities`	$311.33M	USD	Point-in-time
No par value; 55,000,000 shares authorized 33,127,531 and 33,008,185 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$117.83M	USD	Point-in-time
No par value; 55,000,000 shares authorized 33,127,531 and 33,008,185 issued and outstanding at March 31, 2022 and December 31, 2021, respectively	`CommonStockValue`	$118.65M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$5.87M	USD	Point-in-time
Paid-in capital	`AdditionalPaidInCapitalCommonStockNetOfAdjustments`	$5.72M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-45.73M	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 other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-36.92M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$566.22M	USD	Point-in-time
Accumulated earnings	`RetainedEarningsAccumulatedDeficit`	$577.96M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$612.76M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$586.33M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$655.79M	USD	Point-in-time
Total shareholders equity	`StockholdersEquity`	$653.81M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$967.11M	USD	Point-in-time
Total liabilities and shareholders equity	`LiabilitiesAndStockholdersEquity`	$935.34M	USD	Point-in-time

Income Statement 36 line items

Line Item	Tag	Value	Unit	Period
Product revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$267.66M	USD	1 Quarter
Product revenues	`RevenueFromContractWithCustomerExcludingAssessedTax`	$288.54M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$200.87M	USD	1 Quarter
Cost of sales	`CostOfGoodsAndServicesSold`	$203.54M	USD	1 Quarter
Gross margin	`GrossProfit`	$87.67M	USD	1 Quarter
Gross margin	`GrossProfit`	$64.11M	USD	1 Quarter
Net research and development expenses	`ResearchAndDevelopmentExpense`	$20.43M	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`	$29.31M	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$791.00K	USD	1 Quarter
Restructuring expenses	`RestructuringCharges`	$181.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$46.92M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$49.92M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$14.19M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$40.75M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-569.00K	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNet`	$-1.04M	USD	1 Quarter
Foreign currency gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$2.22M	USD	1 Quarter
Foreign currency gain	`ForeignCurrencyTransactionGainLossBeforeTax`	$773.00K	USD	1 Quarter
Other income (loss)	`OtherNonoperatingIncomeExpense`	$-9.00K	USD	1 Quarter
Other income (loss)	`OtherNonoperatingIncomeExpense`	$204.00K	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$16.04M	USD	1 Quarter
Earnings before income tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$40.47M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$7.57M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$4.29M	USD	1 Quarter
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Net income	`ProfitLoss`	$11.75M	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`	$0.35	USD	1 Quarter
Diluted earnings per share	`EarningsPerShareDiluted`	$0.99	USD	1 Quarter
Weighted average number of shares basic	`WeightedAverageNumberOfSharesOutstandingBasic`	33.03M	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`	33.38M	shares	1 Quarter

Cash Flow Statement 56 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Net income	`ProfitLoss`	$11.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.58M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$9.85M	USD	1 Quarter
Deferred income taxes	`DeferredTaxExpenseBenefit`	$-778.00K	USD	1 Quarter
Deferred income taxes	`DeferredTaxExpenseBenefit`	$105.00K	USD	1 Quarter
Non-cash stock based compensation	`ShareBasedCompensation`	$4.46M	USD	1 Quarter
Non-cash stock based compensation	`ShareBasedCompensation`	$2.28M	USD	1 Quarter
Loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-242.00K	USD	1 Quarter
Loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-107.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$-103.00K	USD	1 Quarter
Other	`OtherOperatingActivitiesCashFlowStatement`	$256.00K	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$13.93M	USD	1 Quarter
Accounts receivable, net	`IncreaseDecreaseInAccountsReceivable`	$25.79M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$18.12M	USD	1 Quarter
Inventory	`IncreaseDecreaseInInventories`	$11.55M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$-3.24M	USD	1 Quarter
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$10.72M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.11M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$34.10M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.68M	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-3.35M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$39.67M	USD	1 Quarter
Net cash (used in) provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-684.00K	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.91M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$5.66M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$52.00K	USD	1 Quarter
Cost of technology investments	`PaymentsToAcquireInterestInJointVenture`	$200.00K	USD	1 Quarter
Cost of technology investments	`PaymentsToAcquireInterestInJointVenture`	$350.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.10M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-5.96M	USD	1 Quarter
Repayments of debt	`RepaymentsOfLongTermDebt`	$130.00M	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$569.00K	USD	1 Quarter
Proceeds from the exercise of Common Stock options	`ProceedsFromStockOptionsExercised`	$5.98M	USD	1 Quarter
Taxes withheld and paid on employees' share-based payment awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$4.32M	USD	1 Quarter
Taxes withheld and paid on employees' share-based payment awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$1.53M	USD	1 Quarter
Acquisition contingent consideration payment	`PaymentForContingentConsiderationLiabilityFinancingActivities`	$68.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-3.75M	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-125.62M	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-2.30M	USD	1 Quarter
Foreign currency effect	`EffectOfExchangeRateOnCashAndCashEquivalentsContinuingOperations`	$-1.34M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-12.69M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-97.39M	USD	1 Quarter
Cash and cash equivalents at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$177.92M	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`	$190.61M	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`	$177.92M	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`	$190.61M	USD	Point-in-time
Cash and cash equivalents at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$268.35M	USD	Point-in-time
Cash paid for taxes	`IncomeTaxesPaidNet`	$3.27M	USD	1 Quarter
Cash paid for taxes	`IncomeTaxesPaidNet`	$2.56M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$844.00K	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$421.00K	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Beginning Balance	`StockholdersEquity`	$612.76M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$586.33M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$655.79M	USD	Point-in-time
Beginning Balance	`StockholdersEquity`	$653.81M	USD	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	33.13M	shares	Point-in-time
Beginning Balance (in shares)	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Net income	`ProfitLoss`	$11.75M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-13.67M	USD	1 Quarter
Other comprehensive loss	`OtherComprehensiveIncomeLossNetOfTax`	$-8.81M	USD	1 Quarter
Stock compensation, net	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$-960.00K	USD	1 Quarter
Stock compensation, net	`AdjustmentsToAdditionalPaidInCapitalShareBasedCompensationStockOptionsRequisiteServicePeriodRecognition`	$7.19M	USD	1 Quarter
Ending Balance	`StockholdersEquity`	$612.76M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$586.33M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$655.79M	USD	Point-in-time
Ending Balance	`StockholdersEquity`	$653.81M	USD	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	33.13M	shares	Point-in-time
Ending Balance (in shares)	`CommonStockSharesOutstanding`	33.01M	shares	Point-in-time

Comprehensive Income 12 line items

Line Item	Tag	Value	Unit	Period
Net income	`ProfitLoss`	$32.91M	USD	1 Quarter
Net income	`ProfitLoss`	$11.75M	USD	1 Quarter
Pension benefit obligations	`OtherComprehensiveIncomeLossPensionAndOtherPostretirementBenefitPlansAdjustmentBeforeTax`	$-29.00K	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$13.15M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTranslationAdjustmentTax`	$9.29M	USD	1 Quarter
Unrealized gain (loss) on foreign currency derivative securities, net of tax	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTax`	$464.00K	USD	1 Quarter
Unrealized gain (loss) on foreign currency derivative securities, net of tax	`OtherComprehensiveIncomeLossDerivativeExcludedComponentIncreaseDecreaseAfterAdjustmentsAndTax`	$-522.00K	USD	1 Quarter
Unrealized loss on commodity derivative securities, net of tax	`OtherComprehensiveIncomeUnrealizedGainLossOnCommodityDerivativeSecuritiesNetOfTax`	$5.00K	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-13.67M	USD	1 Quarter
Other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTax`	$-8.81M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$2.94M	USD	1 Quarter
Comprehensive income	`ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest`	$19.23M	USD	1 Quarter

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