v3.25.2
Segment Reporting
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Reporting Segment Reporting
During the quarter ended March 31, 2025, the Company completed a strategic reorganization of its operations into three segments: Global Seating, Global Electrical Systems, and Trim Systems and Components. The reorganization was designed to enhance alignment with its customers and end markets which will allow the Company to better focus on growth opportunities, capital allocation and enhancing shareholder value. As a result of the strategic reorganization, the prior period amounts have been revised to conform to the Company’s current period presentation.
Our President and Chief Executive Officer is the Company’s chief operating decision maker (“CODM”). The CODM uses segment operating income compared to historical results, budgets, and forecasted financial information, in order to assess segment performance and allocate operating and capital resources. During the quarter ended March 31, 2025, the Company revised its method for allocating corporate expenses to segment operating income to better align with how the segments utilize corporate support activities. This change provides the CODM meaningful segment profitability information to support operating decisions and the allocation of resources. The prior period amounts have been revised to conform to the Company’s current period presentation.

Certain of our facilities manufacture and sell products through multiple product lines. The products produced by each of our segments are more specifically described below.
The Global Seating segment designs, manufactures and sells the following products:
•Commercial vehicle seats for the global commercial vehicle markets including heavy duty trucks, medium duty trucks, last mile delivery trucks and vans, construction and agriculture equipment in North America, Europe and Asia-Pacific. This segment includes a portion of the company’s activities in the electric vehicle market.
•Seats and components sold into the commercial vehicle channels that provide repair and refurbishing. These channels include Original Equipment Service ("OES") centers and retail distributors, and are spread across North America, Europe and Asia-Pacific.
•Office seats primarily sold into the commercial and home office furniture distribution channels in Europe and Asia-Pacific.

The Global Electrical Systems segment designs, manufactures and sells the following products:
•Cable and harness assemblies for both high and low voltage applications, control boxes, dashboard assemblies and design and engineering for these applications.
•The end markets for these products are construction, agricultural, industrial, automotive (both internal combustion and electric vehicles), truck, mining, rail, marine, power generation and the military/defense industries in North America, Europe and Asia-Pacific.

The Trim Systems and Components segment designs, manufactures and sells the following products:
•Plastic components ("Trim") primarily for the North America commercial vehicle market, MD/HD truck market and power sports markets.
•Commercial vehicle accessories including wipers, mirrors, and sensors. These products are sold both as Original Equipment and as repair products.
The following tables present financial information for the Company's reportable segments for the periods indicated:
Three Months Ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$74,457 $53,585 $43,914 $171,956 
Cost of revenues64,527 47,674 40,226 152,427 
Gross profit9,930 5,911 3,688 19,529 
Selling, general & administrative expenses 7,219 5,204 3,583 16,006 
Operating income (loss) 1
$2,711 $707 $105 $3,523 
Corporate and other unallocated costs 2
2,726 
Other (income) expense427 
Interest expense2,291 
Loss on early extinguishment of debt460 
Loss before provision for income taxes$(2,381)
Three Months Ended June 30, 2024
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$82,404 $53,639 $57,622 $193,665 
Cost of revenues71,770 49,655 51,672 173,097 
Gross profit10,634 3,984 5,950 20,568 
Selling, general & administrative expenses
8,534 4,523 3,623 16,680 
Operating income (loss) 1
$2,100 $(539)$2,327 $3,888 
Corporate and other unallocated costs 2
2,824 
Other (income) expense206 
Interest expense2,417 
Loss before provision for income taxes$(1,559)

Six Months Ended June 30, 2025
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$147,866 $104,037 $89,848 $341,751 
Cost of revenues128,843 94,137 81,449 304,429 
Gross profit19,023 9,900 8,399 37,322 
Selling, general & administrative expenses 13,608 9,511 6,761 29,880 
Operating income (loss) 1
$5,415 $389 $1,638 $7,442 
Corporate and other unallocated costs 2
5,237 
Other (income) expense355 
Interest expense4,794 
Loss on early extinguishment of debt460 
Income before provision for income taxes$(3,404)

Six Months Ended June 30, 2024
Global SeatingGlobal Electrical SystemsTrim Systems and ComponentsTotal
Revenues$163,201 $112,365 $112,725 $388,291 
Cost of revenues141,721 103,556 99,175 344,452 
Gross profit21,480 8,809 13,550 43,839 
Selling, general & administrative expenses
16,585 8,905 7,023 32,513 
Operating income (loss) 1
$4,895 $(96)$6,527 $11,326 
Corporate and other unallocated costs 2
5,753 
Other (income) expense418 
Interest expense4,603 
Income before provision for income taxes$552 

1.Segment operating income includes allocated corporate operating expenses associated with central services such as procurement, quality, logistics, environmental health and safety, information technology, insurance, finance, credit and collections, treasury and human resources. Operating expenses related to corporate headquarter functions are primarily allocated to each segment based on revenue contribution.
2.Unallocated corporate costs include enterprise and governance stewardship which include listing fees, audit fees, compliance costs, insurance costs, Board of Directors fees, and corporate management stock-based compensation expenses. Finally, interest expense, income taxes, and certain other items included in Other (income) expense, which are managed on a consolidated basis, are not allocated to the operating segments.