Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 207

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 207
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    117,826

    $
    125,692

    $
    7,866

    Reimbursed research and development expenses

    (29,129
    )

    (31,334
    )

    (2,205
    )

    Net research and development expenses
     
    $
    88,697

    $
    94,358

    $
    5,661

    Percentage of product revenues

    6.1
    %

    6.4
    %

Net research and development expenses for the year ended December 31, 2024 decreased 6.0% as compared to the year ended December 31, 2023. The decrease in net research and development expenses is primarily related to lower project spend and a reduction in resources allocated to the battery performance solutions product category.

Selling, General and Administrative Expenses

Below is a summary of our selling, general and administrative expenses, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Selling, general and administrative expenses
     
    $
    155,108

    $
    155,579

    $
    471

    Percentage of product revenues

    10.7
    %

    10.6
    %

Selling, general and administrative expenses for the year ended December 31, 2024 decreased 0.3% as compared to the year ended December 31, 2023. The decrease in selling, general and administrative expenses is primarily related to acquisition and integration expenses in the prior year and lower compensation expenses, partially offset by leadership transition costs and increased investment in information technology in the current year.

Restructuring Expenses, net

Below is a summary of our restructuring expenses, net, in thousands, for the years ended December 31, 2024 and 2023:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Restructuring expenses, net
     
    $
    13,110

    $
    4,739

    $
    (8,371
    )

Restructuring expenses, net primarily relate to the 2023 Plan and other discrete restructuring activities focused on optimizing our manufacturing and engineering footprint and the reduction of global overhead expenses. See Note