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Segment Reporting
 3 Months Ended
Mar. 31, 2023
Segment Reporting [Abstract]  
Segment Reporting

Note 14 – Segment Reporting

Segment information is used by management for making operating decisions for the Company. Management evaluates the performance of the Company’s segments based primarily on operating income or loss.

The Company’s reportable segments are as follows:

•
Automotive – this segment represents the design, development, manufacturing and sales of automotive climate comfort systems, automotive cable systems, lumbar and massage comfort solutions, valve systems, battery performance solutions, and automotive electronic and software systems.
•
Medical – this segment represents the results from our patient temperature management business within the medical industry.

The Corporate category includes unallocated costs related to our corporate headquarter activities, including selling, general and administrative costs and acquisition transaction costs, which do not meet the requirements for being classified as an operating segment.

The tables below present segment information about the reported product revenues, depreciation and amortization and operating income (loss) of the Company for three months ended March 31, 2023 and 2022.

Three Months Ended March 31,

 

Automotive

 

 

Medical

 

 

Corporate

 

 

Total

 

2023

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

352,692

 

 

$

10,933

 

 

$

—

 

 

$

363,625

 

Depreciation and amortization

 

 

12,290

 

 

 

978

 

 

 

265

 

 

$

13,583

 

Operating income (loss)

 

 

38,379

 

 

 

(493

)

 

 

(20,212

)

 

$

17,674

 

2022

 

 

 

 

 

 

 

 

 

 

 

 

Product revenues

 

$

257,864

 

 

$

9,793

 

 

$

—

 

 

$

267,657

 

Depreciation and amortization

 

 

8,667

 

 

 

604

 

 

 

306

 

 

$

9,577

 

Operating income (loss)

 

 

31,275

 

 

 

(851

)

 

 

(16,234

)

 

$

14,190

 

Automotive and Medical segment product revenues by product category for the three months ended March 31, 2023 and 2022 were as follows:

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

Climate Control Seat

 

$

114,753

 

 

$

102,734

 

Seat Heaters

 

 

75,636

 

 

 

68,896

 

Lumbar and Massage Comfort Solutions (a)

 

 

38,738

 

 

 

—

 

Steering Wheel Heaters

 

 

36,347

 

 

 

28,736

 

Valve Systems (a)

 

 

26,994

 

 

 

—

 

Battery Performance Solutions

 

 

20,309

 

 

 

17,613

 

Automotive Cables

 

 

20,220

 

 

 

22,045

 

Electronics

 

 

10,970

 

 

 

10,828

 

Other Automotive

 

 

8,725

 

 

 

7,012

 

Subtotal Automotive segment

 

 

352,692

 

 

 

257,864

 

Medical segment (b)

 

 

10,933

 

 

 

9,793

 

Total Company

 

$

363,625

 

 

$

267,657

 
(a)
Represents product revenues from Alfmeier (acquired on August 1, 2022) - (see Note 2)
(b)
Includes product revenues of $1,279 from Dacheng (acquired on July 13, 2022) - (see Note 2)

Total product revenues information by geographic area for the three months ended March 31, 2023 and 2022 is as follows (based on shipment destination):

 

 

Three Months Ended March 31,

 

 

 

2023

 

 

2022

 

United States

 

$

141,452

 

 

$

104,122

 

China

 

 

46,654

 

 

 

38,353

 

South Korea

 

 

28,738

 

 

 

21,175

 

Germany

 

 

26,512

 

 

 

19,786

 

Czech Republic

 

 

17,650

 

 

 

10,808

 

Japan

 

 

15,222

 

 

 

11,816

 

Romania

 

 

12,533

 

 

 

12,755

 

Slovakia

 

 

11,596

 

 

 

8,536

 

Finland

 

 

10,133

 

 

 

7,893

 

Mexico

 

 

9,094

 

 

 

4,547

 

Other

 

 

44,041

 

 

 

27,866

 

Total Non-U.S.

 

 

222,173

 

 

 

163,535

 

Total Company

 

$

363,625

 

 

$

267,657