Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 123

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 1B
Chunk 123
---
.9 million and proceeds from the sale of property and equipment of $0.4 million.

Cash Flows From Financing Activities

Net cash used in financing activities totaled $51.7 million and $106.1 million for the years ended December 31, 2024 and 2023, respectively. Cash flows used in financing activities for the year ended December 31, 2024 primarily included $2.6 million of net debt activity, $51.6 million of cash paid for the repurchase of Common Stock and $3.3 million paid for employee taxes related to the net settlement of restricted stock units that vested during the year, partially offset by $5.8 million of proceeds from the exercise of Common Stock options. Cash flows used in financing activities for the year ended December 31, 2023 primarily included $91.1 million of cash paid for the repurchase of Common Stock, $12.3 million of net debt activity and $2.9 million paid for employee taxes related to the net settlement of restricted stock units that vested during the year, partially offset by $0.2 million of proceeds from the exercise of Common Stock options.

Debt 

The following table summarizes the Company’s debt at December 31, 2024 and 2023 (dollars in thousands):

    December 31,

    2024

    2023

    InterestRate

    PrincipalBalance

    InterestRate

    PrincipalBalance

    Credit Agreement:

    U.S. Revolving Note (U.S. Dollar denominations)

    5.86
    %
     
    $
    220,000

    6.58
    %
     
    $
    222,000

    Other loans

    —

    —

    3.90
    %

    233

    Finance leases

    3.46
    %

    201

    3.53
    %

    605

    Total debt

    220,201

    222,838

    Current maturities

    (137
    )

    (621
    )

    Long-term debt, less current maturities

    $
    220,064

    $
    222,217

Credit Agreement

Gentherm, together with certain of its subsidiaries, maintain a revolving credit note (“U.S. Revolving Note”) under its Second Amended and Restated Credit Agreement (the “Second Amended and Restated Credit Agreement”) with a