Gentherm Incorporated (NASDAQ:THRM) Q3 2023 Earnings Conference Call October 26, 2023 8:00 AM ET

Company Participants

Yijing Brentano – Senior Vice President of Strategy, Corporate Development and IR

Phil Eyler – President and Chief Executive Officer

Matteo Anversa – Chief Financial Officer

Conference Call Participants

Mike Zabran – Roth Capital Partners

Ryan Sigdahl – Craig-Hallum Capital Group

Operator

Ladies and Gentlemen, good morning and welcome to the Gentherm Third Quarter 2023 Earnings Conference Call. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.

It is now my pleasure to introduce your host, Yijing Brentano, Senior Vice President of Strategy, Corporate Development and IR. Please go ahead.

Yijing Brentano

Thank you and good morning everyone, and thanks for joining us today. Gentherm's earnings results were released earlier this morning, and a copy of the release is available at gentherm.com. Additionally, a webcast replay of today's call will be available later today on the Investor Relations section of Gentherm's website. During this call, we may make forward-looking statements within the meaning of federal securities law. Statements reflect our current views with respect to future events and financial performance, and actual results may differ materially. We undertake no obligation to update them, except as required by law. Please see Gentherm's earnings release and its SEC filings, including the latest 10-K and subsequent reports, for discussions of our risk factors and other risks and uncertainties underlying such forward-looking statements.

During the call, we may discuss non-GAAP financial measures as defined by SEC Regulation G, including certain pro forma measures related to the Alfmeier acquisition. Reconciliations of these non-GAAP financial measures to the comparable GAAP financial measures are included in our earnings release and investor presentation. On the call with me today are Phil Eyler, President and CEO; and Matteo Anversa, CFO. During their comments, Phil and Matteo will be referring to a presentation deck that we have made available on our website at gentherm.com/events. After their prepared remarks, we will be pleased to take your questions.

Now I'd like to turn the call over to Phil.

Phil Eyler

Thank you, Yijing. Good morning, everyone, and thank you for joining us today. I'm pleased with the continued strong momentum in the third quarter and year-to-date. Demand for our thermal comfort, massage, and lumbar solutions continues to accelerate. The $520 million in new business awards achieved in Q3 set a third quarter record, bringing us to $1.7 billion in new business awards year-to-date. I am thrilled to announce that as of today we have now exceeded all prior year records for new business wins, which now stands at $2 billion with more than two months left in the fiscal year. Also, during the third quarter, we achieved record revenue in the key product lines of Climate Control Seat and Steering Wheel Heaters, as well as improved profitability.