Company Quick10K Filing
Gentherm
Price40.75 EPS1
Shares33 P/E50
MCap1,362 P/FCF16
Net Debt52 EBIT46
TEV1,414 TEV/EBIT31
TTM 2019-09-30, in MM, except price, ratios
10-Q 2020-09-30 Filed 2020-10-30
10-Q 2020-06-30 Filed 2020-08-04
10-Q 2020-03-31 Filed 2020-05-07
10-K 2019-12-31 Filed 2020-02-20
10-Q 2019-09-30 Filed 2019-10-30
10-Q 2019-06-30 Filed 2019-07-26
10-Q 2019-03-31 Filed 2019-05-01
10-K 2018-12-31 Filed 2019-02-26
10-Q 2018-09-30 Filed 2018-11-01
10-Q 2018-06-30 Filed 2018-07-31
10-Q 2018-03-31 Filed 2018-04-27
10-K 2017-12-31 Filed 2018-02-23
10-Q 2017-09-30 Filed 2017-10-30
10-Q 2017-06-30 Filed 2017-07-31
10-Q 2017-03-31 Filed 2017-05-01
10-K 2016-12-31 Filed 2017-02-23
10-Q 2016-09-30 Filed 2016-10-28
10-Q 2016-06-30 Filed 2016-07-29
10-Q 2016-03-31 Filed 2016-04-29
10-K 2015-12-31 Filed 2016-02-25
10-Q 2015-09-30 Filed 2015-10-30
10-Q 2015-06-30 Filed 2015-07-31
10-Q 2015-03-31 Filed 2015-05-01
10-K 2014-12-31 Filed 2015-03-02
10-Q 2014-09-30 Filed 2014-11-10
10-Q 2014-06-30 Filed 2014-08-05
10-Q 2014-03-31 Filed 2014-05-09
10-K 2013-12-31 Filed 2014-03-11
10-Q 2013-09-30 Filed 2013-11-05
10-Q 2013-06-30 Filed 2013-08-05
10-Q 2013-03-31 Filed 2013-05-09
10-K 2012-12-31 Filed 2013-03-15
10-Q 2012-09-30 Filed 2012-11-05
10-Q 2012-06-30 Filed 2012-08-06
10-Q 2012-03-31 Filed 2012-05-08
10-K 2011-12-31 Filed 2012-03-15
10-Q 2011-09-30 Filed 2011-11-09
10-Q 2011-06-30 Filed 2011-08-09
10-Q 2011-03-31 Filed 2011-05-02
10-K 2010-12-31 Filed 2011-02-17
10-Q 2010-09-30 Filed 2010-10-28
10-Q 2010-06-30 Filed 2010-08-06
10-Q 2010-03-31 Filed 2010-04-30
10-K 2009-12-31 Filed 2010-02-19
8-K 2020-10-29
8-K 2020-10-29
8-K 2020-09-30
8-K 2020-08-04
8-K 2020-06-23
8-K 2020-06-22
8-K 2020-05-21
8-K 2020-05-07
8-K 2020-04-21
8-K 2020-04-02
8-K 2020-03-19
8-K 2020-02-19
8-K 2020-01-27
8-K 2020-01-14
8-K 2019-10-29
8-K 2019-10-28
8-K 2019-09-23
8-K 2019-07-25
8-K 2019-07-05
8-K 2019-06-27
8-K 2019-05-31
8-K 2019-05-16
8-K 2019-05-06
8-K 2019-04-30
8-K 2019-03-04
8-K 2019-02-21
8-K 2018-12-31
8-K 2018-12-11
8-K 2018-12-07
8-K 2018-10-25
8-K 2018-08-01
8-K 2018-07-26
8-K 2018-06-25
8-K 2018-06-11
8-K 2018-05-18
8-K 2018-04-26
8-K 2018-04-24
8-K 2018-03-05
8-K 2018-02-20
8-K 2018-02-12

THRM 10Q Quarterly Report

Part I. Financial Information
Item 1. Financial Statements
Note 1 - Overview
Note 2 - New Accounting Pronouncements
Note 3 - Acquisitions and Divestitures
Note 4 - Restructuring
Note 5 - Earnings per Share
Note 6 - Segment Reporting
Note 7 - Revenue Recognition
Note 8 - Income Taxes
Note 9 - Details of Certain Balance Sheet Components
Note 10 - Goodwill and Other Intangibles
Note 11 - Debt
Note 12 - Leases
Note 13 - Financial Instruments
Note 14 - Fair Value Measurements
Note 15 - Equity
Note 16 - Reclassifications Out of Accumulated Other Comprehensive Loss
Note 17 - Commitments and Contingencies
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.1 thrm-ex311_15.htm
EX-31.2 thrm-ex312_12.htm
EX-32.1 thrm-ex321_14.htm
EX-32.2 thrm-ex322_6.htm

Gentherm Earnings 2020-09-30

Balance SheetIncome StatementCash Flow
1.00.80.60.40.20.02012201420172020
Assets, Equity
0.30.20.10.1-0.0-0.12012201420172020
Rev, G Profit, Net Income
0.10.10.0-0.0-0.1-0.12012201420172020
Ops, Inv, Fin

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

(Mark One)

  QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended September 30, 2020

OR

 

  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from             to             .

Commission File Number: 0-21810

 

GENTHERM INCORPORATED

(Exact name of registrant as specified in its charter)

 

 

Michigan

 

95-4318554

(State or other jurisdiction of

incorporation or organization)

 

(I.R.S. Employer

Identification No.)

21680 Haggerty Road, Northville, MI

 

48167

(Address of principal executive offices)

 

(Zip Code)

Registrant’s telephone number, including area code: (248504-0500

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading Symbol

Name of each exchange on which registered

Common Stock, no par value

THRM

Nasdaq

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

  

Accelerated filer

Non-accelerated filer

  

Smaller reporting company

Emerging growth company

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

At October 26, 2020, there were 32,690,280 issued and outstanding shares of Common Stock of the registrant.

 

 

 

 


 

GENTHERM INCORPORATED

TABLE OF CONTENTS

 

 

 

 

 

 

 

Part I. Financial Information

  

3

 

 

Item 1.

 

 

Financial Statements (Unaudited)

 

3

 

 

 

 

Consolidated Condensed Balance Sheets

 

3

 

 

 

 

Consolidated Condensed Statements of Income

 

4

 

 

 

 

Consolidated Condensed Statements of Comprehensive 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

 

27

 

Item 3.

 

 

Quantitative and Qualitative Disclosures About Market Risk

 

42

 

Item 4.

 

 

Controls and Procedures

 

43

 

Part II. Other Information

  

44

 

 

Item 1.

 

Legal Proceedings

 

44

 

 

Item 1A.

 

Risk Factors

 

44

 

 

Item 2.

 

Unregistered Sales of Equity Securities and Use of Proceeds

 

47

 

 

Item 6.

 

Exhibits

 

48

 

Signatures

  

49

 

 

 

2


 

PART I. FINANCIAL INFORMATION

ITEM 1.

FINANCIAL STATEMENTS

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED BALANCE SHEETS

(In thousands, except share data)

(Unaudited)

 

 

 

September 30, 2020

 

 

December 31, 2019

 

ASSETS

 

 

 

 

 

 

 

 

Current Assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

226,533

 

 

$

50,443

 

Restricted cash

 

 

2,506

 

 

 

2,505

 

Accounts receivable, net

 

 

193,249

 

 

 

159,710

 

Inventory:

 

 

 

 

 

 

 

 

Raw materials

 

 

62,970

 

 

 

61,323

 

Work in process

 

 

7,708

 

 

 

7,444

 

Finished goods

 

 

43,958

 

 

 

49,712

 

Inventory, net

 

 

114,636

 

 

 

118,479

 

Other current assets

 

 

37,988

 

 

 

42,726

 

Total current assets

 

 

574,912

 

 

 

373,863

 

Property and equipment, net

 

 

150,801

 

 

 

160,605

 

Goodwill

 

 

66,266

 

 

 

64,572

 

Other intangible assets, net

 

 

47,429

 

 

 

49,783

 

Operating lease right-of-use assets

 

 

18,844

 

 

 

11,587

 

Deferred income tax assets

 

 

55,641

 

 

 

57,650

 

Other non-current assets

 

 

7,554

 

 

 

9,326

 

Total assets

 

$

921,447

 

 

$

727,386

 

LIABILITIES AND SHAREHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current Liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

108,452

 

 

$

83,035

 

Current lease liabilities

 

 

5,206

 

 

 

4,586

 

Current maturities of long-term debt

 

 

2,500

 

 

 

2,500

 

Other current liabilities

 

 

74,443

 

 

 

66,583

 

Total current liabilities

 

 

190,601

 

 

 

156,704

 

Long-term debt, less current maturities

 

 

193,061

 

 

 

78,124

 

Non-current lease liabilities

 

 

15,046

 

 

 

6,751

 

Pension benefit obligation

 

 

7,864

 

 

 

8,057

 

Other non-current liabilities

 

 

3,079

 

 

 

5,100

 

Total liabilities

 

$

409,651

 

 

$

254,736

 

Shareholders’ equity:

 

 

 

 

 

 

 

 

Common Stock:

 

 

 

 

 

 

 

 

No par value; 55,000,000 shares authorized 32,680,013 and 32,674,354 issued and outstanding at September 30, 2020 and December 31, 2019, respectively

 

 

107,055

 

 

 

102,507

 

Paid-in capital

 

 

9,798

 

 

 

10,852

 

Accumulated other comprehensive loss

 

 

(32,486

)

 

 

(42,441

)

Accumulated earnings

 

 

427,429

 

 

 

401,732

 

Total shareholders’ equity

 

 

511,796

 

 

 

472,650

 

Total liabilities and shareholders’ equity

 

$

921,447

 

 

$

727,386

 

See accompanying notes to the consolidated condensed financial statements.

 

 

3


 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF INCOME

(In thousands, except per share data)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Product revenues

 

$

259,540

 

 

$

240,056

 

 

$

624,214

 

 

$

741,303

 

Cost of sales

 

 

176,935

 

 

 

165,364

 

 

 

448,807

 

 

 

518,590

 

Gross margin

 

 

82,605

 

 

 

74,692

 

 

 

175,407

 

 

 

222,713

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net research and development expenses

 

 

18,070

 

 

 

18,838

 

 

 

51,171

 

 

 

56,990

 

Selling, general and administrative expenses

 

 

25,745

 

 

 

26,861

 

 

 

73,474

 

 

 

91,683

 

Restructuring expenses

 

 

284

 

 

 

8,664

 

 

 

3,452

 

 

 

11,809

 

Total operating expenses

 

 

44,099

 

 

 

54,363

 

 

 

128,097

 

 

 

160,482

 

Operating income

 

 

38,506

 

 

 

20,329

 

 

 

47,310

 

 

 

62,231

 

Interest expense, net

 

 

(1,259

)

 

 

(1,148

)

 

 

(3,368

)

 

 

(3,756

)

Foreign currency (loss) gain

 

 

(2,883

)

 

 

4,083

 

 

 

(5,562

)

 

 

3,482

 

Gain on sale of business

 

 

 

 

 

 

 

 

 

 

 

4,970

 

Impairment loss

 

 

 

 

 

(837

)

 

 

 

 

 

(21,206

)

Other (loss) income

 

 

(615

)

 

 

231

 

 

 

2,531

 

 

 

545

 

Earnings before income tax

 

 

33,749

 

 

 

22,658

 

 

 

40,911

 

 

 

46,266

 

Income tax expense

 

 

9,603

 

 

 

6,771

 

 

 

15,214

 

 

 

19,214

 

Net income

 

$

24,146

 

 

$

15,887

 

 

$

25,697

 

 

$

27,052

 

Basic earnings per share

 

$

0.74

 

 

$

0.48

 

 

$

0.79

 

 

$

0.81

 

Diluted earnings per share

 

$

0.73

 

 

$

0.48

 

 

$

0.78

 

 

$

0.81

 

Weighted average number of shares – basic

 

 

32,624

 

 

 

32,839

 

 

 

32,631

 

 

 

33,283

 

Weighted average number of shares – diluted

 

 

32,958

 

 

 

32,933

 

 

 

32,924

 

 

 

33,419

 

See accompanying notes to the consolidated condensed financial statements.

 

 

4


 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

(In thousands)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2020

 

 

2019

 

 

2020

 

 

2019

 

Net income

 

$

24,146

 

 

$

15,887

 

 

$

25,697

 

 

$

27,052

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

14,362

 

 

 

(15,172

)

 

 

11,569

 

 

 

(15,943

)

Unrealized gain (loss) on foreign currency derivative securities, net of tax

 

 

997

 

 

 

(202

)

 

 

(1,614

)

 

 

629

 

Other comprehensive income (loss), net of tax

 

 

15,359

 

 

 

(15,374

)

 

 

9,955

 

 

 

(15,314

)

Comprehensive income

 

$

39,505

 

 

$

513

 

 

$

35,652

 

 

$

11,738

 

See accompanying notes to the consolidated condensed financial statements.

 

 

5


 

GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended

September 30,

 

 

 

2020

 

 

2019

 

Operating Activities:

 

 

 

 

 

 

 

 

Net income

 

$

25,697

 

 

$

27,052

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

30,777

 

 

 

33,281

 

Deferred income taxes

 

 

3,583

 

 

 

5,072

 

Non-cash stock based compensation

 

 

6,569

 

 

 

5,268

 

Defined benefit pension plan income

 

 

(433

)

 

 

(754

)

Loss on sale of property and equipment

 

 

562

 

 

 

319

 

Operating lease expense

 

 

5,156

 

 

 

4,477

 

Gain on sale of patents

 

 

(1,978

)

 

 

 

Impairment loss

 

 

 

 

 

21,206

 

Gain on sale of business

 

 

 

 

 

(4,970

)

Other

 

 

 

 

 

189

 

Changes in assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable, net

 

 

(33,250

)

 

 

(5,961

)

Inventory

 

 

4,645

 

 

 

(5,512

)

Other assets

 

 

(4,655

)

 

 

9,594

 

Accounts payable

 

 

24,272

 

 

 

(3,097

)

Other liabilities

 

 

12,356

 

 

 

(2,172

)

Net cash provided by operating activities

 

 

73,301

 

 

 

83,992

 

Investing Activities:

 

 

 

 

 

 

 

 

Purchases of property and equipment

 

 

(11,613

)

 

 

(18,340

)

Acquisition of intangible assets

 

 

(3,141

)

 

 

 

Proceeds from the sale of patents and property and equipment

 

 

1,068

 

 

 

137

 

Proceeds from divestiture of business

 

 

 

 

 

47,500

 

Acquisition of subsidiary, net of cash acquired

 

 

 

 

 

(14,823

)

Net cash (used in) provided by investing activities

 

 

(13,686

)

 

 

14,474

 

Financing Activities:

 

 

 

 

 

 

 

 

Borrowing of debt

 

 

201,193

 

 

 

29,470

 

Repayments of debt

 

 

(87,688

)

 

 

(69,049

)

Cash paid for the repurchase of Common Stock

 

 

(9,092

)

 

 

(58,040

)

Proceeds from the exercise of Common Stock options

 

 

6,828

 

 

 

13,879

 

Cash paid for the cancellation of restricted stock

 

 

(811

)

 

 

(1,213

)

Acquisition contingent consideration payment

 

 

(618

)

 

 

 

Cash paid for financing costs

 

 

 

 

 

(1,278

)

Net cash provided by (used in) financing activities

 

 

109,812

 

 

 

(86,231

)

Foreign currency effect

 

 

6,664

 

 

 

(4,151

)

Net increase in cash, cash equivalents and restricted cash

 

 

176,091

 

 

 

8,084

 

Cash, cash equivalents and restricted cash at beginning of period

 

 

52,948

 

 

 

39,620

 

Cash, cash equivalents and restricted cash at end of period

 

$

229,039

 

 

$

47,704

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

 

 

Cash (refund) paid for taxes

 

$

(252

)

 

$

6,676

 

Cash paid for interest

 

$

3,006

 

 

$

3,437

 

See accompanying notes to the consolidated condensed financial statements.

 

 

6


GENTHERM INCORPORATED

CONSOLIDATED CONDENSED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30, 2020

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

 

 

 

 

 

 

Common Stock

 

 

Paid-in

 

 

Comprehensive

 

 

Accumulated

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Loss