Company: THRM
Filing Date: 2025-02-19
Form Type: 10-K
Source: 0000950170-25-023344
Chunk: 204

Company: Gentherm Inc
Filing Date: 2025-02-19
Form: 10-K
Item: Item 7
Chunk 204
---
 as follows:

    Year Ended December 31,

    2024

    2023

    Favorable / (Unfavorable)

    Product revenues
     
    $
    1,456,124

    $
    1,469,076

    $
    (12,952
    )

    Cost of sales

    1,089,693

    1,117,452

    27,759

    Gross margin

    366,431

    351,624

    14,807

    Operating expenses:

    Net research and development expenses

    88,697

    94,358

    5,661

    Selling, general and administrative expenses

    155,108

    155,579

    471

    Restructuring expenses, net

    13,110

    4,739

    (8,371
    )

    Impairment of intangible assets and property and equipment

    2,501

    —

    (2,501
    )

    Impairment of goodwill

    —

    19,509

    19,509

    Total operating expenses

    259,416

    274,185

    14,769

    Operating income

    107,015

    77,439

    29,576

    Interest expense, net

    (15,300
    )

    (14,641
    )

    (659
    )

    Foreign currency gain (loss)

    9,599

    (5,918
    )

    15,517

    Other income (loss)

    951

    (1,926
    )

    2,877

    Earnings before income tax

    102,265

    54,954

    47,311

    Income tax expense

    37,318

    14,611

    (22,707
    )

    Net income
     
    $
    64,947

    $
    40,343

    $
    24,604

 39

Product revenues by product category, in thousands, for the years ended December 31, 2024 and 2023 were as follows:

    Year Ended December 31,

    2024

    2023

    % Change

    Climate Control Seat
     
    $