QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
x | Accelerated filer | o | |||||||||
Non-accelerated filer | o | Smaller reporting company | |||||||||
Emerging growth company |
Page | ||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands, except per share data) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||
Net sales | $ | $ | $ | $ | |||||||||||||||||||
Cost of goods sold | |||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||
Selling, general and administrative expenses | |||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||
Interest expense, net | |||||||||||||||||||||||
Other income, net | ( | ( | ( | ( | |||||||||||||||||||
Income before income taxes | |||||||||||||||||||||||
Provision for income taxes | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income: | |||||||||||||||||||||||
Change in foreign currency translation adjustment | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Comprehensive Income | $ | $ | $ | $ | |||||||||||||||||||
Earnings per share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ | |||||||||||||||||||
Weighted average shares outstanding: | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
(in thousands, except for share data) | July 1, 2023 | December 31, 2022 | |||||||||
Assets | |||||||||||
Current assets: | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable, less allowance for doubtful accounts of $ | |||||||||||
Inventories | |||||||||||
Prepaids and other current assets | |||||||||||
Total current assets | |||||||||||
Property, plant and equipment, net | |||||||||||
Operating lease right-of-use assets | |||||||||||
Goodwill | |||||||||||
Intangible assets, net | |||||||||||
Other assets | |||||||||||
Total assets | $ | $ | |||||||||
Liabilities and shareholders’ equity | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued compensation | |||||||||||
Accrued customer rebates and returns | |||||||||||
Revolving credit facility | |||||||||||
Current portion of long-term debt | |||||||||||
Other accrued liabilities | |||||||||||
Total current liabilities | |||||||||||
Long-term debt | |||||||||||
Long-term operating lease liabilities | |||||||||||
Other long-term liabilities | |||||||||||
Deferred tax liabilities, net | |||||||||||
Commitments and contingencies (Note 7) | |||||||||||
Shareholders’ equity: | |||||||||||
Common stock, $ | |||||||||||
Additional paid-in capital | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total shareholders’ equity | |||||||||||
Total liabilities and shareholders' equity | $ | $ |
Three Months Ended July 1, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at April 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | — | — | — | ||||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Three Months Ended June 25, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at March 26, 2022 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | — | — | — | — | |||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | — | ( | ||||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at June 25, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Six Months Ended July 1, 2023 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at December 31, 2022 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | — | — | |||||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income | — | — | — | — | |||||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Six Months Ended June 25, 2022 | |||||||||||||||||||||||||||||||||||
Common Stock | Additional Paid-In Capital | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Total | |||||||||||||||||||||||||||||||
(in thousands, except share data) | Shares Issued | Par Value | |||||||||||||||||||||||||||||||||
Balance at December 25, 2021 | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||
Exercise of stock options | — | — | — | ||||||||||||||||||||||||||||||||
Compensation expense under Incentive Stock Plan | — | — | — | — | |||||||||||||||||||||||||||||||
Purchase and cancellation of common stock | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||
Issuance of non-vested stock, net of cancellations | — | — | — | ||||||||||||||||||||||||||||||||
Other stock-related activity, net of tax | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||
Other comprehensive loss | — | — | — | — | ( | ( | |||||||||||||||||||||||||||||
Net income | — | — | — | — | |||||||||||||||||||||||||||||||
Balance at June 25, 2022 | $ | $ | $ | $ | ( | $ |
Six Months Ended | |||||||||||
(in thousands) | July 1, 2023 | June 25, 2022 | |||||||||
Cash Flows from Operating Activities: | |||||||||||
Net income | $ | $ | |||||||||
Adjustments to reconcile net income to cash provided by operating activities: | |||||||||||
Depreciation, amortization and accretion | |||||||||||
Fair value adjustment to contingent consideration | ( | ||||||||||
Provision for doubtful accounts | |||||||||||
Provision (benefit) for deferred income taxes | ( | ||||||||||
Provision for stock-based compensation | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable | ( | ||||||||||
Inventories | ( | ||||||||||
Prepaids and other current assets | ( | ( | |||||||||
Other assets | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued customer rebates and returns | ( | ( | |||||||||
Accrued compensation and other liabilities | ( | ( | |||||||||
Cash provided by operating activities | |||||||||||
Cash Flows from Investing Activities: | |||||||||||
Acquisition, net of cash acquired | |||||||||||
Property, plant and equipment additions | ( | ( | |||||||||
Cash used in investing activities | ( | ( | |||||||||
Cash Flows from Financing Activities: | |||||||||||
Payments of revolving credit line | ( | ( | |||||||||
Payments of long-term debt | ( | ||||||||||
Proceeds from exercise of stock options | |||||||||||
Purchase and cancellation of common stock | ( | ( | |||||||||
Other stock-related activity | ( | ( | |||||||||
Cash used in financing activities | ( | ( | |||||||||
Effect of exchange rate changes on Cash and Cash Equivalents | ( | ||||||||||
Net Decrease in Cash and Cash Equivalents | ( | ( | |||||||||
Cash and Cash Equivalents, Beginning of Period | |||||||||||
Cash and Cash Equivalents, End of Period | $ | $ | |||||||||
Supplemental Cash Flow Information | |||||||||||
Cash paid for interest expense | $ | $ | |||||||||
Cash paid for income taxes | $ | $ |
(in thousands) | |||||
Accounts receivable | $ | ||||
Inventories | |||||
Prepaids and other current assets | |||||
Property, plant and equipment | |||||
Goodwill | |||||
Identifiable intangible assets | |||||
Operating lease right-of-use assets | |||||
Other Assets | |||||
Accounts payable | ( | ||||
Accrued compensation | ( | ||||
Accrued customer rebates and returns | ( | ||||
Other current liabilities | ( | ||||
Long-term operating lease liabilities | ( | ||||
Other long-term liabilities | ( | ||||
Net cash consideration | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||
Sales of accounts receivable | $ | $ | $ | $ | |||||||||||||||||||
Factoring costs |
(in thousands) | July 1, 2023 | December 31, 2022 | |||||||||
Raw materials | $ | $ | |||||||||
Bulk product | |||||||||||
Finished product | |||||||||||
Packaging materials | |||||||||||
Total | $ | $ |
(in thousands) | |||||
Balance at December 31, 2022 | $ | ||||
Measurement period adjustments for SuperATV acquisition | |||||
Foreign currency translation | |||||
Balance at July 1, 2023 | $ |
July 1, 2023 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | ||||||||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||||||||
Customer relationships | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||
Trade names | ||||||||||||||||||||||||||||||||||||||
Product portfolio | ||||||||||||||||||||||||||||||||||||||
Technology | ||||||||||||||||||||||||||||||||||||||
Patents and other | ||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||
Powertrain | $ | $ | $ | $ | |||||||||||||||||||
Chassis | |||||||||||||||||||||||
Motor Vehicle body | |||||||||||||||||||||||
Hardware | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||
Net sales to U.S. customers | $ | $ | $ | $ | |||||||||||||||||||
Net sales to non-U.S. customers | |||||||||||||||||||||||
Total | $ | $ | $ | $ |
Shares | Weighted Average Fair Value | ||||||||||
Balance at December 31, 2022 | $ | ||||||||||
Granted | $ | ||||||||||
Vested | ( | $ | |||||||||
Canceled | ( | $ | |||||||||
Balance at July 1, 2023 | $ |
Shares | Weighted Average Price | Weighted Average Remaining Term (years) | Aggregate Intrinsic Value (in thousands) | ||||||||||||||||||||
Balance at December 31, 2022 | $ | ||||||||||||||||||||||
Granted | $ | ||||||||||||||||||||||
Canceled | ( | $ | |||||||||||||||||||||
Exercised | ( | $ | |||||||||||||||||||||
Balance at July 1, 2023 | $ | $ | |||||||||||||||||||||
Exercisable at July 1, 2023 | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
(in thousands, except per share data) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average basic shares outstanding | |||||||||||||||||||||||
Effect of stock-based compensation awards | |||||||||||||||||||||||
Weighted average diluted shares outstanding | |||||||||||||||||||||||
Earnings Per Share: | |||||||||||||||||||||||
Basic | $ | $ | $ | $ | |||||||||||||||||||
Diluted | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | ||||||||||||||||||||
Shares repurchased and canceled | |||||||||||||||||||||||
Total cost of shares repurchased and canceled (in thousands) | $ | $ | $ | $ | |||||||||||||||||||
Average price per share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | ||||||||||||||||||||
Shares repurchased and canceled | |||||||||||||||||||||||
Total cost of shares repurchased and canceled (in thousands) | $ | $ | $ | $ | |||||||||||||||||||
Average price per share | $ | $ | $ | $ |
Three Months Ended* | Six Months Ended* | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands, except percentage data) | July 1, 2023 | June 25, 2022 | July 1, 2023 | June 25, 2022 | |||||||||||||||||||||||||||||||||||||||||||
Net sales | $ | 480,568 | 100.0 | % | $ | 417,419 | 100.0 | % | $ | 947,306 | 100.0 | % | $ | 818,998 | 100.0 | % | |||||||||||||||||||||||||||||||
Cost of goods sold | 317,062 | 66.0 | % | 275,894 | 66.1 | % | 639,323 | 67.5 | % | 544,233 | 66.5 | % | |||||||||||||||||||||||||||||||||||
Gross profit | 163,506 | 34.0 | % | 141,525 | 33.9 | % | 307,983 | 32.5 | % | 274,765 | 33.5 | % | |||||||||||||||||||||||||||||||||||
Selling, general and administrative expenses | 108,308 | 22.5 | % | 92,058 | 22.1 | % | 234,671 | 24.8 | % | 178,586 | 21.8 | % | |||||||||||||||||||||||||||||||||||
Income from operations | 55,198 | 11.5 | % | 49,467 | 11.9 | % | 73,312 | 7.7 | % | 96,179 | 11.7 | % | |||||||||||||||||||||||||||||||||||
Interest expense, net | 12,565 | 2.6 | % | 1,565 | 0.4 | % | 24,518 | 2.6 | % | 2,796 | 0.3 | % | |||||||||||||||||||||||||||||||||||
Other income, net | (396) | -0.1 | % | (111) | 0.0 | % | (753) | -0.1 | % | (195) | 0.0 | % | |||||||||||||||||||||||||||||||||||
Income before income taxes | 43,029 | 9.0 | % | 48,013 | 11.5 | % | 49,547 | 5.2 | % | 93,578 | 11.4 | % | |||||||||||||||||||||||||||||||||||
Provision for income taxes | 10,259 | 2.1 | % | 10,108 | 2.4 | % | 11,094 | 1.2 | % | 20,466 | 2.5 | % | |||||||||||||||||||||||||||||||||||
Net income | $ | 32,770 | 6.8 | % | $ | 37,905 | 9.1 | % | $ | 38,453 | 4.1 | % | $ | 73,112 | 8.9 | % |
Six Months Ended | |||||||||||
(in thousands) | July 1, 2023 | June 25, 2022 | |||||||||
Cash provided by operating activities | $ | 92,886 | $ | 37,386 | |||||||
Cash used in investing activities | (23,202) | (15,505) | |||||||||
Cash used in financing activities | (80,091) | (28,687) | |||||||||
Effect of foreign exchange on cash and cash equivalents | 39 | (10) | |||||||||
Net decrease in cash and cash equivalents | $ | (10,368) | $ | (6,816) |
Period | Total Number of Shares Purchased | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (4) | Maximum Number (or Approximate Dollar Value) of Shares that May Yet Be Purchased Under the Plans or Programs (4) | |||||||||||||||||||
April 2, 2023 through April 29, 2023 (1) | 2,348 | $ | 84.19 | — | $ | 227,989,218 | |||||||||||||||||
April 30, 2023 through May 27, 2023 (2) | 1,421 | $ | 87.19 | — | $ | 227,989,218 | |||||||||||||||||
May 28, 2023 through July 1, 2023 (3) | 1,493 | $ | 80.06 | — | $ | 227,989,218 | |||||||||||||||||
Total | 5,262 | — | $ | 227,989,218 |
31.1 | |||||
31.2 | |||||
32 | |||||
101 | The following financial statements from the Dorman Products, Inc. Quarterly Report on Form 10-Q as of and for the quarter ended July 1, 2023, formatted in Inline XBRL (eXtensible Business Reporting Language): (i) the Condensed Consolidated Statements of Operations; (ii) the Condensed Consolidated Balance Sheets; (iii) Condensed Consolidated Statements of Shareholders’ Equity; (iv) the Condensed Consolidated Statements of Cash Flows and (v) the Notes to Condensed Consolidated Financial Statements. | ||||
104 | The cover page from the Company’s Quarterly Report on Form 10-Q as of and for the quarter ended July 1, 2023, formatted in Inline XBRL (included as Exhibit 101). |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer | |||||
(principal executive officer) |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and | |||||
Chief Financial Officer | |||||
(principal financial and accounting officer) |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and Chief Financial Officer |
/s/ Kevin M. Olsen | |||||
Kevin M. Olsen | |||||
President, Chief Executive Officer | |||||
Date: August 1, 2023 |
/s/ David M. Hession | |||||
David M. Hession | |||||
Senior Vice President and Chief Financial Officer | |||||
Date: August 1, 2023 |
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Condensed Consolidated Statements of Operations and Comprehensive Income (Unaudited) - USD ($) shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Income Statement [Abstract] | ||||
Net sales | $ 480,568 | $ 417,419 | $ 947,306 | $ 818,998 |
Cost of goods sold | 317,062 | 275,894 | 639,323 | 544,233 |
Gross profit | 163,506 | 141,525 | 307,983 | 274,765 |
Selling, general and administrative expenses | 108,308 | 92,058 | 234,671 | 178,586 |
Income from operations | 55,198 | 49,467 | 73,312 | 96,179 |
Interest expense, net | 12,565 | 1,565 | 24,518 | 2,796 |
Other income, net | (396) | (111) | (753) | (195) |
Income before income taxes | 43,029 | 48,013 | 49,547 | 93,578 |
Provision for income taxes | 10,259 | 10,108 | 11,094 | 20,466 |
Net income | 32,770 | 37,905 | 38,453 | 73,112 |
Other comprehensive income: | ||||
Change in foreign currency translation adjustment | 566 | (1,999) | 685 | (303) |
Comprehensive Income | $ 33,336 | $ 35,906 | $ 39,138 | $ 72,809 |
Earnings per share: | ||||
Earning per share, basic (in dollars per share) | $ 1.04 | $ 1.21 | $ 1.22 | $ 2.32 |
Earning per share, diluted (in dollars per share) | $ 1.04 | $ 1.20 | $ 1.22 | $ 2.32 |
Weighted average shares outstanding: | ||||
Weighted average shares outstanding, basic (in shares) | 31,466 | 31,424 | 31,451 | 31,461 |
Weighted average shares outstanding, diluted (in shares) | 31,528 | 31,535 | 31,533 | 31,568 |
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts and customer credits | $ 1,384 | $ 1,363 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, shares issued (in shares) | 31,488,164 | 31,430,632 |
Common stock, shares outstanding (in shares) | 31,488,164 | 31,430,632 |
Basis of Presentation |
6 Months Ended |
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Jul. 01, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of PresentationAs used herein, unless the context requires otherwise, “Dorman,” the “Company,” “we,” “us,” or “our” refers to Dorman Products, Inc. and its subsidiaries. Our ticker symbol on the NASDAQ Global Select Market is “DORM.”The accompanying unaudited condensed consolidated financial statements have been prepared under U.S. generally accepted accounting principles (“GAAP”) for interim financial information and under the rules and regulations of the U.S. Securities and Exchange Commission. However, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of only normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended July 1, 2023 are not necessarily indicative of the results that may be expected for the fiscal year ending December 31, 2023 or any future period. We may experience significant fluctuations from quarter to quarter in our results of operations due to the timing of orders placed by our customers and the introduction of new products and product lines to customers. These financial statements should be read in conjunction with the consolidated financial statements and footnotes thereto included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022. |
Acquisitions |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Acquisitions | Acquisitions On October 4, 2022 (the “Closing Date”), Dorman acquired 100% of the issued and outstanding equity interests of Super ATV, LLC ("SuperATV") (the “Transaction”), for aggregate consideration of $509.8 million (net of $6.8 million cash acquired), plus a potential earn-out payment to the sellers of SuperATV not to exceed $100 million in the aggregate, which remains subject to the achievement by SuperATV of certain revenue and gross margin targets in the years ending December 31, 2023 and December 31, 2024. In the six months ended July 1, 2023, we received $0.3 million in cash as proceeds from the closing net working capital adjustments. SuperATV is a leading independent supplier to the powersports aftermarket with a family of highly respected brands spanning functional accessories and upgrades, as well as replacement parts for specialty vehicles. The Transaction was accounted for as a business combination under the acquisition method of accounting. We have allocated the purchase price to tangible and identifiable intangible assets acquired and liabilities assumed based on their estimated fair values. The allocation of the purchase price to the assets acquired and liabilities assumed, including the residual amount allocated to goodwill, as of July 1, 2023, is based upon preliminary information and is subject to change within the permitted measurement period (up to one year from the acquisition date) as additional information concerning final asset and liability valuations is obtained. The fair values that remain preliminary include tax-related liabilities and contingent liabilities. Any material adjustments to the estimates based upon new information identified during the measurement period will be reflected as of the date of the acquisition. The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date, including applicable measurement period adjustments:
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Sales of Accounts Receivable |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sales of Accounts Receivable | Sales of Accounts ReceivableWe have entered several customer-sponsored programs administered by unrelated financial institutions that permit us to sell (factor) certain accounts receivable at discounted rates to the financial institutions. Transactions under these agreements were accounted for as sales of accounts receivable and the related accounts receivable were removed from our Condensed Consolidated Balance Sheets at the times of the sales transactions. Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows:
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Inventories |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventories | Inventories Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products and are stated at the lower of cost or net realizable value. Inventories were as follows:
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Goodwill and Intangible Assets |
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill Goodwill included the following:
Intangible Assets Intangible assets included the following:
Amortization expense was $5.5 million and $3.1 million during the three months ended July 1, 2023 and June 25, 2022, respectively, and $11.0 million and $6.1 million during the six months ended July 1, 2023 and June 25, 2022, respectively.
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Debt |
6 Months Ended |
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Jul. 01, 2023 | |
Debt Disclosure [Abstract] | |
Debt | DebtAs of July 1, 2023 and December 31, 2022, the weighted average interest rate on the outstanding borrowings under our credit facility was 6.95% and 5.78%, respectively. |
Commitments and Contingencies |
6 Months Ended |
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Jul. 01, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Acquisitions We have contingent consideration related to acquisitions due to the uncertainty of the ultimate amount of any payments that will become due as earnout payments if performance targets are achieved. If the remaining performance targets for the acquisitions are fully achieved, the maximum additional contingent payments to be made under the transaction documents would be $102.0 million in aggregate. As of July 1, 2023 and December 31, 2022, we accrued $8.0 million and $20.0 million, respectively, representing the fair value of the estimated payments that we expect could become due in connection with the transactions. For the six months ended July 1, 2023, we recorded a net decrease of $12.0 million to the contingent consideration liability, comprising a $12.4 million decrease in fair value based on the modeling of a range of performance outcomes relative to the achievement of targets established in the purchase agreement, partially offset by $0.4 million of accretion on the liability resulting from the passage of time. The net benefit was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The contingent consideration liability is measured on a recurring basis and recorded at fair value. The inputs used to calculate the fair value of the contingent consideration liability are considered to be Level 3 inputs due to the lack of relevant observable market activity and significant management judgment. The approach to valuing the contingent consideration uses unobservable factors such as projected revenues and cost of goods sold over the term of the earnout period, discounted for the period over which the contingent consideration is measured, and volatility rates. Based upon these assumptions, the contingent consideration is then valued using a Monte Carlo simulation. An increase in future revenue and gross profit may result in a higher estimated fair value while a decrease in future revenue and gross profit may result in a lower estimated fair value of the contingent consideration liability. Other Contingencies We are a party to or otherwise involved in legal proceedings that arise in the ordinary course of business, such as various claims and legal actions involving contracts, employment claims, competitive practices, intellectual property infringement, product liability claims and other matters arising out of the conduct of our business. In the opinion of management, none of the actions, individually or in the aggregate, taking into account relevant insurance coverage, would likely have a material financial impact on the Company and we believe the range of reasonably possible losses from current matters, taking into account relevant insurance coverage, is immaterial. However, legal matters are subject to inherent uncertainties and there exists the possibility that the ultimate resolution of any of these matters could have a material adverse impact on the Company’s cash flows, financial position or results of operations in the period in which any such effects are recorded.
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Revenue Recognition |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue Recognition | Revenue Recognition The following tables present our disaggregated revenue by type of major good / product line, and geography.
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Stock-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation Restricted Stock Awards (“RSAs”) and Restricted Stock Units (“RSUs”) We issue RSAs and RSUs to participants in our equity plans in the form of time-based RSAs and RSUs and performance-based RSAs and RSUs. Compensation cost related to RSA and RSU grants was $2.6 million and $1.7 million for the three months ended July 1, 2023 and June 25, 2022, respectively, and $4.3 million and $3.3 million for the six months ended July 1, 2023 and June 25, 2022, respectively, and was included in selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our RSA and RSU activity for the six months ended July 1, 2023:
For the six months ended July 1, 2023, we granted 29,399 performance-based RSUs with a grant date fair value of $113.15 per share. For the six months ended June 25, 2022, we granted 23,995 performance-based RSUs with a grant date fair value of $111.31 per share. As of July 1, 2023, there was $18.6 million of unrecognized compensation cost related to unvested RSA and RSU grants that is expected to be recognized over a weighted average period of 2.3 years. Stock Options We grant stock options to participants in our equity plans. Compensation cost related to stock option grants was $0.6 million and $0.4 million for the three months ended July 1, 2023 and June 25, 2022, respectively, and $1.0 million and $0.8 million for the six months ended July 1, 2023 and June 25, 2022, respectively, and was included as selling, general and administrative expenses in the Condensed Consolidated Statements of Operations. The following table summarizes our stock option activity for the six months ended July 1, 2023:
As of July 1, 2023, there was $5.1 million of unrecognized compensation cost related to unvested stock options that is expected to be recognized over a weighted average period of 3.0 years. Employee Stock Purchase Plan ("ESPP") During the three and six months ended July 1, 2023, we issued 14,975 shares under the ESPP. During the six months ended June 25, 2022, we issued 4,615 shares under the ESPP.
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Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per ShareBasic earnings per share was calculated by dividing our net income by the weighted average number of common shares outstanding during the period, excluding unvested RSAs which are considered to be contingently issuable. To calculate diluted earnings per share, common share equivalents are added to the weighted average number of common shares outstanding. Common share equivalents are calculated using the treasury stock method and are computed based on outstanding stock-based awards. For the three months ended July 1, 2023 and June 25, 2022, there were approximately 353,000 shares and 37,000 shares, respectively, and for the six months ended July 1, 2023 and June 25, 2022 there were approximately 295,000 shares and 32,000 shares, respectively, that were excluded from the calculation of diluted earnings per share because their effect would have been anti-dilutive. The following table sets forth the computation of basic earnings per share and diluted earnings per share:
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Common Stock Repurchases |
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Common Stock Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases | Common Stock Repurchases We periodically repurchase, at the then current market price, and cancel common stock issued to the Dorman Products, Inc. 401(k) Retirement Plan and Trust (the “401(k) Plan”). 401(k) Plan participants can no longer purchase shares of Dorman common stock as an investment option under the 401(k) Plan. Shares are generally purchased by the Company from the 401(k) Plan when participants sell units as permitted by the 401(k) Plan or elect to leave the 401(k) Plan upon retirement, termination or other reasons. The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated:
Separately, our Board of Directors has authorized the repurchase of up to $600 million of our common stock through December 31, 2024 under a previously announced share repurchase program and subsequent authorizations. Under this program, share repurchases may be made from time to time depending on market conditions, share price, share availability and other factors at our discretion. The share repurchase program does not obligate us to acquire any specific number of shares. At July 1, 2023, $228.0 million was available for repurchase under this share repurchase program. The following table summarizes the repurchase and cancellation of common stock under the share repurchase program:
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Income Taxes |
6 Months Ended |
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Jul. 01, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes At July 1, 2023, we had $3.5 million of net unrecognized tax benefits, $3.4 million of which would lower our effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions in income tax expense. As of July 1, 2023, accrued interest and penalties related to uncertain tax positions were not material. We file income tax returns in the United States, Canada, China, India, and Mexico. The statute of limitations for tax years before 2019 is closed for U.S. federal income tax purposes. The statute of limitations for tax years before 2018 is closed for the states in which we file. The statute of limitations for tax years before 2020 is closed for income tax purposes in Canada and China. The statute of limitations for tax years before 2019 is closed for income tax purposes in India. The statute of limitations for tax years before 2018 is closed for income tax purposes in Mexico.
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Related-Party Transactions |
6 Months Ended |
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Jul. 01, 2023 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | Related-Party Transactions We lease our Colmar, PA facility and a portion of our Lewisberry, PA facility from entities in which Steven L. Berman, our Non-Executive Chairman, and certain of his family members are owners. Each lease is a non-cancelable operating lease. Total rental payments to those entities under these lease arrangements will be $2.9 million in fiscal 2023 and were $2.5 million in fiscal 2022. The lease for our corporate headquarters in Colmar, PA was renewed in December 2022, effective as of January 1, 2023, and will expire on December 31, 2027. The lease for our Lewisberry, PA operating facility was signed in September 2020 and will expire on December 31, 2027. We also lease our facilities in Madison, IN and Shreveport, LA, from entities in which Lindsay Hunt, our President and Chief Executive Officer, Specialty Vehicles, and certain of her family members are owners. Each lease is a non-cancelable operating lease. Total rental payments to those entities under these lease arrangements will be $2.6 million in fiscal 2023. The leases for our operating facilities in Madison, IN and Shreveport, LA were renewed in October 2022 in connection with the acquisition of SuperATV and will expire on October 31, 2027. We signed a warehouse storage and services agreement with a counterparty that is majority-owned by a family member of Lindsay Hunt. The agreement provides for indoor storage space and material handling services at agreed upon rates. Total payments under the arrangement are expected to be $0.2 million in fiscal 2023. The agreement was signed in October 2020 and expires in October 2023. We are a partner in a joint venture with one of our suppliers and own a minority interest in two other suppliers. Two of these investments are accounted for under the equity method and one is accounted for under the cost method.
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Fair Value Disclosures |
6 Months Ended |
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Jul. 01, 2023 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures | Fair Value DisclosuresThe carrying value of financial instruments such as cash and cash equivalents, accounts receivable, accounts payable, and other current assets and liabilities approximate their fair value based on the short-term nature of these instruments. The carrying value of borrowings under our credit facility approximates fair value because these borrowings bear interest at rates indexed to a market rate (Term SOFR). |
Acquisitions (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed | The table below details the fair values of the assets acquired and the liabilities assumed at the acquisition date, including applicable measurement period adjustments:
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Sale of Accounts Receivable (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Sale of Accounts Receivable | Sales of accounts receivable under these agreements, and related factoring costs, which were included in selling, general and administrative expenses, were as follows:
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Inventories (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Inventories | Inventories include the cost of material, freight, direct labor and overhead utilized in the processing of our products and are stated at the lower of cost or net realizable value. Inventories were as follows:
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Goodwill and Intangible Assets (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Goodwill | Goodwill included the following:
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Schedule of Intangible Assets | Intangible assets included the following:
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Revenue Recognition (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Disaggregated Revenue | The following tables present our disaggregated revenue by type of major good / product line, and geography.
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Stock-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of RSA and RSU Activity | The following table summarizes our RSA and RSU activity for the six months ended July 1, 2023:
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Summary of Stock Option Activity | The following table summarizes our stock option activity for the six months ended July 1, 2023:
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Earnings Per Share (Tables) |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share | The following table sets forth the computation of basic earnings per share and diluted earnings per share:
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Common Stock Repurchases (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jul. 01, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Repurchases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary of Shares Repurchase and Cancellation | The following table summarizes the repurchase and cancellation of common stock by the Company for the periods indicated:
table summarizes the repurchase and cancellation of common stock under the share repurchase program:
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Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Oct. 04, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
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Business Acquisition [Line Items] | |||
Business acquisition, purchase price | $ (67) | $ (595) | |
Super ATV LLC | |||
Business Acquisition [Line Items] | |||
Business acquisition, percentage of outstanding stock acquired | 100.00% | ||
Business acquisition, purchase price | $ 509,800 | ||
Business acquisition, net of acquired cash | 6,800 | ||
Potential earn-out payment | $ 100,000 | ||
Cash as proceeds | $ 300 |
Acquisitions - Schedule of Estimated Fair Values of Assets Acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
Oct. 04, 2022 |
---|---|---|---|
Business Acquisition [Line Items] | |||
Goodwill | $ 443,889 | $ 443,035 | |
Super ATV LLC | |||
Business Acquisition [Line Items] | |||
Accounts receivable | $ 3,317 | ||
Inventories | 90,428 | ||
Prepaids and other current assets | 5,293 | ||
Property, plant and equipment | 23,776 | ||
Goodwill | 247,474 | ||
Identifiable intangible assets | 157,500 | ||
Operating lease right-of-use assets | 11,661 | ||
Other Assets | 3,001 | ||
Accounts payable | (7,436) | ||
Accrued compensation | (2,086) | ||
Accrued customer rebates and returns | (1,609) | ||
Other current liabilities | (8,726) | ||
Long-term operating lease liabilities | (9,508) | ||
Other long-term liabilities | (3,307) | ||
Net cash consideration | $ 509,778 |
Sales of Accounts Receivable - Summary of Sale of Accounts Receivable (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
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Sale Of Accounts Receivable [Line Items] | ||||
Sale of accounts receivable | $ 241,937 | $ 262,897 | $ 479,677 | $ 538,126 |
Factoring costs | 108,308 | 92,058 | 234,671 | 178,586 |
Accounts Receivable Sales Programs | ||||
Sale Of Accounts Receivable [Line Items] | ||||
Factoring costs | $ 11,895 | $ 8,268 | $ 25,419 | $ 13,161 |
Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Inventory Disclosure [Abstract] | ||
Raw materials | $ 30,415 | $ 34,267 |
Bulk product | 189,306 | 234,871 |
Finished product | 414,555 | 478,032 |
Packaging materials | 8,445 | 8,731 |
Total | $ 642,721 | $ 755,901 |
Goodwill and Intangible Assets - Schedule of Goodwill (Detail) $ in Thousands |
6 Months Ended |
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Jul. 01, 2023
USD ($)
| |
Goodwill [Roll Forward] | |
Balance at December 31, 2022 | $ 443,035 |
Measurement period adjustments for SuperATV acquisition | 233 |
Foreign currency translation | 621 |
Balance at July 1, 2023 | $ 443,889 |
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
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Goodwill and Intangible Assets Disclosure [Abstract] | ||||
Amortization expense | $ 5.5 | $ 3.1 | $ 11.0 | $ 6.1 |
Debt - Additional Information (Detail) |
Jul. 01, 2023 |
Dec. 31, 2022 |
---|---|---|
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Credit facility, outstanding borrowing interest rate | 6.95% | 5.78% |
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Thousands |
6 Months Ended | ||
---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Dec. 31, 2022 |
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Commitments and Contingencies Disclosure [Abstract] | |||
Maximum contingency payable | $ 102,000 | ||
Estimated contingent payments | 8,000 | $ 20,000 | |
Net decrease in contingent consideration liability | 12,000 | ||
Fair value adjustment to contingent consideration | 12,400 | $ 0 | |
Increase due to accretion as a result of the passage of time | $ 400 |
Revenue Recognition - Summary of Disaggregated Revenue (Detail) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
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Disaggregation Of Revenue [Line Items] | ||||
Total | $ 480,568 | $ 417,419 | $ 947,306 | $ 818,998 |
Net sales to U.S. customers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | 438,300 | 384,223 | 868,993 | 757,841 |
Net sales to non-U.S. customers | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | 42,268 | 33,196 | 78,313 | 61,157 |
Powertrain | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | 181,684 | 156,555 | 352,719 | 308,783 |
Chassis | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | 188,922 | 177,732 | 377,786 | 338,594 |
Motor Vehicle body | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | 94,466 | 69,767 | 185,625 | 143,047 |
Hardware | ||||
Disaggregation Of Revenue [Line Items] | ||||
Total | $ 15,496 | $ 13,365 | $ 31,176 | $ 28,574 |
Stock-Based Compensation - Summary of RSA and RSU Activity (Detail) |
6 Months Ended |
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Jul. 01, 2023
$ / shares
shares
| |
Shares | |
Beginning balance (in shares) | shares | 238,922 |
Granted (in shares) | shares | 108,670 |
Vested (in shares) | shares | (68,588) |
Canceled (in shares) | shares | (13,711) |
Ending balance (in shares) | shares | 265,293 |
Weighted Average Fair Value | |
Beginning balance, weighted average fair value (in dollars per share) | $ / shares | $ 92.07 |
Granted (in dollars per share) | $ / shares | 96.10 |
Vested (in dollars per share) | $ / shares | 79.97 |
Canceled (in dollars per share) | $ / shares | 82.15 |
Ending balance, weighted average fair value (in dollars per share) | $ / shares | $ 97.36 |
Earnings Per Share - Additional Information (Detail) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Earnings Per Share [Abstract] | ||||
Stock-based awards considered as anti-dilutive | 353,000 | 37,000 | 295,000 | 32,000 |
Earnings Per Share - Schedule of Computation of Basic Earnings per Share and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Earnings Per Share [Abstract] | ||||
Net income | $ 32,770 | $ 37,905 | $ 38,453 | $ 73,112 |
Denominator: | ||||
Weighted average shares outstanding, basic (in shares) | 31,466 | 31,424 | 31,451 | 31,461 |
Effect of stock-based compensation awards (in shares) | 62 | 111 | 82 | 107 |
Weighted average shares outstanding, diluted (in shares) | 31,528 | 31,535 | 31,533 | 31,568 |
Earnings Per Share: | ||||
Earning per share, basic (in dollars per share) | $ 1.04 | $ 1.21 | $ 1.22 | $ 2.32 |
Earning per share, diluted (in dollars per share) | $ 1.04 | $ 1.20 | $ 1.22 | $ 2.32 |
Common Stock Repurchases - Summary of Shares Repurchase and Cancellation (Detail) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jul. 01, 2023 |
Jun. 25, 2022 |
Jul. 01, 2023 |
Jun. 25, 2022 |
|
Common Stock Repurchases | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares repurchased and canceled (in shares) | 4,715 | 7,621 | 9,840 | 20,385 |
Total cost of shares repurchased and canceled (in thousands) | $ 394 | $ 752 | $ 828 | $ 2,140 |
Average price per share (in dollars per share) | $ 83.56 | $ 98.71 | $ 84.11 | $ 104.99 |
Share Repurchase Program | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares repurchased and canceled (in shares) | 0 | 67,700 | 0 | 166,050 |
Total cost of shares repurchased and canceled (in thousands) | $ 0 | $ 6,525 | $ 0 | $ 16,054 |
Average price per share (in dollars per share) | $ 0 | $ 96.38 | $ 0 | $ 96.68 |
Common Stock Repurchases - Additional Information (Detail) - Share Repurchase Program |
Jul. 01, 2023
USD ($)
|
---|---|
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share repurchase program shares authorized to be repurchased (in shares) | $ 600,000,000 |
Shares available for repurchase under share repurchase program amount | $ 228,000,000 |
Income Taxes - Additional Information (Detail) $ in Millions |
Jul. 01, 2023
USD ($)
|
---|---|
Income Tax Disclosure [Abstract] | |
Net unrecognized tax benefits | $ 3.5 |
Unrecognized tax benefits which could lower tax rate | $ 3.4 |
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