Executive Changes - Gentherm's Executive Vice President, Chief Financial Officer, and Treasurer, Matteo Anversa, has resigned effective September 1, 2024, to accept the role of Chief Financial Officer at Logitech International [1] - The company has initiated a CFO succession process, chaired by the President and CEO, and will provide updates as appropriate [3] Leadership Impact - Matteo Anversa contributed significantly to Gentherm over the past five and a half years, including driving organizational change, implementing the Fit-For-Growth strategy, executing the successful Alfmeier acquisition, and growing the finance and IT teams [2] - Under Anversa's leadership, Gentherm achieved record revenues, expanded profitability, and secured new business wins that will contribute to future growth [3] Company Overview - Gentherm is the global market leader in innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems [5] - The company's automotive products include Climate Control Seats, heated automotive interior systems, battery performance solutions, and other electronic devices, while its medical products include patient temperature management systems [5] - Gentherm employs over 14,000 people across facilities in the United States, Germany, China, and several other countries [5]

Gentherm Incorporated (NASDAQ:THRM) Q2 2024 Results Conference Call July 31, 2024 8:00 AM ET Company Participants Greg Blanchette - Senior Director, Investor Relations Phil Eyler - CEO Matteo Anversa - CFO Conference Call Participants Matt Koranda - Roth Capital Partners LLC Luke Junk - Baird Matthew Raab - Craig-Hallum Operator Greetings and welcome to the Gentherm’s Second Quarter 2024 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session w ...

Financial Performance - Record quarterly revenue of $376 million, representing a 0.9% increase from $372.3 million in Q2 2023[1] - Adjusted EBITDA of $49.9 million, an increase of $7.5 million or 17.7% year-over-year from $42.4 million[9] - Adjusted diluted earnings per share rose to $0.66, compared to $0.58 in the prior-year period[22] - Net income for the three months ended June 30, 2024, was $18,876, a significant recovery from a loss of $(1,551) in the same period of 2023[38] - Adjusted net income for the three months ended June 30, 2024, was $21,036, up from $19,040 in the same period of 2023[38] - Net income for the six months ended June 30, 2024, was $33,661 thousand, a significant increase from $6,412 thousand in 2023[42] - The company reported a diluted earnings per share of $0.60 for the three months ended June 30, 2024, compared to a loss of $(0.05) in the same period of 2023[38] Revenue Breakdown - Automotive new business awards totaled $660 million in the quarter, contributing to a year-to-date total of $1.2 billion[3] - Automotive revenues increased 0.7% year-over-year; adjusting for foreign currency translation, the increase was 1.8%[16] - The automotive segment reported a subtotal revenue of $364,002 for the three months ended June 30, 2024, a 0.7% increase from $361,533 in the same period of 2023[34] - The medical segment revenue increased by 8.3% to $11,681 for the three months ended June 30, 2024, compared to $10,790 in the same period of 2023[34] - Automotive revenues for 2024 reached $364,002 thousand, compared to $361,533 thousand in 2023, reflecting a year-over-year growth[44] - Adjusted Automotive Climate and Comfort Solutions revenues were $296,823 thousand, up from $286,357 thousand, marking a 4.8% increase year-over-year[44] - Non-automotive electronics revenues were reported at $346 million for 2024, compared to $3.609 million in 2023[71] Cost and Expenses - Gross margin rate increased to 25.7%, up from 23.6% in the prior-year period, driven by cost reduction initiatives[7] - Net research and development expenses decreased by 11.5% year-over-year to $21.9 million[20] - Selling, general and administrative expenses rose by 2.6% year-over-year to $39.4 million, primarily due to higher compensation expenses[8] - Depreciation and amortization expenses for the three months ended June 30, 2024, were $12.811 million, slightly higher than $12.393 million in 2023[63] - Interest expense, net, increased to $4.002 million for the three months ended June 30, 2024, from $1.932 million in 2023[63] - Restructuring expenses for the three months ended June 30, 2024, were $2.442 million, up from $1.044 million in 2023[63] Cash Flow and Assets - Cash and cash equivalents decreased to $123,466 as of June 30, 2024, from $149,673 at December 31, 2023[40] - Net cash provided by operating activities was $26,824 thousand, down from $58,612 thousand in the previous year[42] - Net cash used in investing activities increased to $24,680 thousand from $6,776 thousand in 2023, primarily due to higher purchases of property and equipment[42] - The company reported a net decrease in cash and cash equivalents of $26,207 thousand, compared to an increase of $14,780 thousand in the prior year[42] - Total current assets increased to $689,686 as of June 30, 2024, compared to $687,564 at December 31, 2023[40] - Total liabilities rose to $600,249 as of June 30, 2024, from $589,649 at December 31, 2023[40] Market Outlook - The company anticipates a low single-digit decline in light vehicle production in key markets for 2024 compared to 2023[47] - Foreign currency translation had a negative impact of $3,187 thousand on revenues[44] - The company is focused on managing new product launches and research and development to enhance market acceptance of its products and technologies[51]

NORTHVILLE, Mich., July 31, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced its financial results for the second quarter ending June 30, 2024. Product revenues of $375.7 million increased 0.9% from $372.3 million in the second quarter of 2023. Excluding the impact of foreign currency translation, product reve ...

NORTHVILLE, Mich., July 18, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced that Phil Eyler, President and CEO, and Matteo Anversa, Executive Vice President of Finance, Chief Financial Officer and Treasurer, will participate in a fireside chat at the 2024 J.P. Morgan Auto Conference in New York City on Thurs ...

Webcast A live webcast and one-year archived replay of the call can be accessed on the Events page of the Investor Relations section of Gentherm's website at www.gentherm.com. NORTHVILLE, Mich., July 10, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, will report its financial results for the second quarter 2024 on Wednesda ...

Agreement expected to help develop next generation of innovative products, elevate customer vehicle experiences, and improve everyday life The collaboration also features a dedicated delivery center to augment Gentherm's development of software and technologies that aim to improve agility, scalability, and efficiency in its product development. "One of the keys to unlocking innovation is creating a culture of collaboration among automakers, suppliers and technology companies," said Vishnu Sundaram, Gentherm ...

The new program will take effect upon the conclusion of Gentherm's current program that began in 2020. As of June 4, 2024, the current stock repurchase program had approximately $26 million of repurchase authorization remaining. "The new stock repurchase program reflects the Board of Director's confidence in Gentherm's future performance and our ability to generate strong cash flow," said Phil Eyler, President and CEO. "This program demonstrates our commitment to driving value for our shareholders." NORTHVI ...

NORTHVILLE, Mich., June 05, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ: THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced that its Board of Directors authorized a new stock repurchase program of $150 million of the Company's issued and outstanding common stock. The new program will take effect upon the conclusion of Gentherm's current program that began ...

Investor Contact Gregory Blanchette investors@gentherm.com 248.308.1702 NORTHVILLE, Mich., June 04, 2024 (GLOBE NEWSWIRE) -- Gentherm (NASDAQ:THRM), the global market leader of innovative thermal management and pneumatic comfort technologies for the automotive industry and a leader in medical patient temperature management systems, today announced that the Company has received its first production vehicle award for its Puls.A™ technology on a future Hyundai Genesis full-size SUV. Gentherm's proprietary Puls ...