商用汽车 2025年季度报告

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant toRule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer” “smaller reporting company,” PART I FINANCIAL INFORMATION PART II OTHER INFORMATION ITEM 1 Legal ProceedingsITEM 1A Risk FactorsITEM 2 Unregistered Sales of Equity Securities and Use of ProceedsITEM 3 Defaults Upon Senior SecuritiesITEM 4 Mine Safety DisclosuresITEM 5 Other InformationITEM 6 Exhibits COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIESCONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) COMMERCIAL VEHICLE GROUP, INC. AND SUBSIDIARIES (UNAUDITED) (Amounts in thousands, except for share and per share amounts and where specifically disclosed) 1.Description of Business and Basis of Presentation Commercial Vehicle Group, Inc. and its subsidiaries, is a global provider of systems, assemblies and components to the globalcommercial vehicle market and the electric vehicle market. References herein to the "Company", "CVG", "we", "our", or "us" refer to We have manufacturing operations in the United States, Mexico, China, United Kingdom, Czech Republic, Ukraine, Thailand, India,Australia and Morocco. Our products are primarily sold in North America, Europe, and the Asia-Pacific region. We primarily manufacture customized products to meet the requirements of our customers. We believe our products are used by amajority of the North American Commercial Truck manufacturers, many construction and agricultural vehicle original equipmentmanufacturers ("OEMs"), parts and service dealers, and distributors. The unaudited condensed consolidated interim financial statements have been prepared in accordance with generally acceptedaccounting principles ("GAAP") in the United States of America and the rules and regulations of the Securities and ExchangeCommission and include the accounts of the Company and its subsidiaries. Except as disclosed within these condensed notes tounaudited quarterly consolidated financial statements, the adjustments made were of a normal, recurring nature. Certain information During the year ended December 31, 2024, the Company sold its cab structures business with operations in Kings Mountain, NorthCarolina and its Industrial Automation segment including First Source Electronics (FSE) business with operations in Elkridge,Maryland. These divestitures represent a strategic shift in CVG's business and, in accordance with U.S. GAAP, qualified asdiscontinued operations. As a result, the operating results related to the cab structures business and Industrial Automation segment During the quarter ended March 31, 2025, the Company completed a strategic reorganization of its operations intothreesegments:Global Seating, Global Electrical Systems, and Trim Systems and Components. The reorganization was designed to enhance alignmentwith its customers and end markets which will allow the Company to better focus on growth opportunities, capital allocation andenhancing shareholder value. As a result of the strategic reorganization, the prior period amounts have been revised to conform to the The preparation of financial statements in conformity with GAAP in the United States requires the Company to make estimates andassumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts ofrevenues and expenses during the reporting period. These estimates and assumptions are based on management's best estimates andjudgment. Management evaluates its estimates and assumptions on an ongoing basis using historical experience and other factors,including the current economic environment, which management believes to be reasonable under the circumstances. We adjust such These condensed notes to unaudited quarterly consolidated financial statements should be read in conjunction with our Annual Reporton Form 10-K for the year ended December31, 2024 (the "2024 Form 10-K"), which includes a complete set of footnote disclosures, 2.Recently Issued Accounting Pronouncements In December 2023, the FASB issued ASU No. 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requiresdisaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information Table of Contents on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Earlyadoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will In November 2024, the Financial A