0000918541-23-000081 | 10-Q | XBRL Viewer

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Cover Page - shares	3 Months Ended
Cover Page - shares	Mar. 31, 2023	Apr. 24, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2023
Document Transition Report	false
Entity File Number	000-23486
Entity Registrant Name	NN, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	62-1096725
Entity Address, Address Line One	6210 Ardrey Kell Road, Suite 600
Entity Address, City or Town	Charlotte
Entity Address, State or Province	NC
Entity Address, Postal Zip Code	28277
City Area Code	980
Local Phone Number	264-4300
Title of 12(b) Security	Common Stock, par value $0.01
Trading Symbol	NNBR
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		45,653,704
Entity Central Index Key	0000918541
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Amendment Flag	false

Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Statement [Abstract]
Net sales	$ 127,088	$ 128,067
Cost of sales (exclusive of depreciation and amortization shown separately below)	108,421	104,578
Selling, general, and administrative expense	13,165	13,454
Depreciation and amortization	11,516	11,429
Other operating expense, net	1,061	2,026
Loss from operations	(7,075)	(3,420)
Interest expense	4,288	3,439
Other income, net	(2,208)	(2,996)
Loss before provision for income taxes and share of net income from joint venture	(9,155)	(3,863)
Provision for income taxes	(1,301)	(1,531)
Share of net income from joint venture	281	2,092
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest, Total	(10,175)	(3,302)
Net loss	(10,175)	(3,302)
Other Comprehensive Income (Loss), Net of Tax [Abstract]
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,840	2,600
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), before Reclassification, after Tax	(230)	1,187
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax	(468)	34
Other Comprehensive Income (Loss), Net of Tax, Total	1,142	3,821
Comprehensive Income (Loss), Net of Tax, Attributable to Parent, Total	$ (9,033)	$ 519
Earnings Per Share, Basic [Abstract]
Net loss per common share (in dollars per shares)	$ (0.29)	$ (0.13)
Weighted average common shares outstanding, basic (in shares)	45,309	44,594
Earnings Per Share, Diluted [Abstract]
Net loss per common share (in dollars per share)	$ (0.29)	$ (0.13)
Weighted average common shares outstanding, diluted (in shares)	45,309	44,594

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Assets, Current [Abstract]
Cash and cash equivalents	$ 10,545	$ 12,808
Accounts receivable, net of allowances of $1,572 and $1,469 at March 31, 2023 and December 31, 2022	80,003	74,129
Inventories	81,778	80,682
Income tax receivable	12,087	12,164
Prepaid Expense and Other Assets	7,076	2,794
Other current assets	9,016	9,123
Total current assets	200,505	191,700
Property, plant and equipment, net of accumulated depreciation of $232,086 and $225,046 at March 31, 2023 and December 31, 2022	194,513	197,637
Operating lease right-of-use assets	46,280	46,713
Intangible assets, net	69,327	72,891
Investment in joint venture	32,212	31,802
Deferred tax assets	102	102
Other non-current assets	4,334	5,282
Total assets	547,273	546,127
Liabilities, Current [Abstract]
Accounts payable	49,975	45,871
Accrued salaries, wages and benefits	14,251	11,671
Income tax payable	560	926
Current maturities of long-term debt	6,258	3,321
Current portion of operating lease liabilities	5,008	5,294
Other current liabilities	15,288	11,723
Total current liabilities	91,340	78,806
Deferred tax liabilities	6,064	5,596
Long-term debt, net of current portion	146,228	149,389
Operating lease liabilities, net of current portion	50,710	51,411
Other non-current liabilities	10,715	9,960
Total liabilities	305,057	295,162
Commitments and contingencies (Note 9)
Common stock - $0.01 par value per share, 90,000 shares authorized, 43,772 and 43,856 shares issued and outstanding at March 31, 2023 and December 31, 2022	438	439
Additional paid-in capital	465,377	468,143
Accumulated deficit	(255,373)	(245,198)
Accumulated other comprehensive loss	(35,978)	(37,120)
Total stockholders’ equity	174,464	186,264
Total liabilities, preferred stock, and stockholders’ equity	547,273	546,127
Series D Preferred Stock
Liabilities, Current [Abstract]
Series D perpetual preferred stock - $0.01 par value per share, 65 shares authorized, issued and outstanding at March 31, 2023 and December 31, 2022	$ 67,752	$ 64,701

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Accounts Receivable, Allowance for Credit Loss, Current	$ 1,572	$ 1,469
Property, Plant, and Equipment, Accumulated Depreciation	$ 232,086	$ 225,046
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	90,000	90,000
Common stock, shares issued (in shares)	43,772	43,856
Common stock, shares outstanding (in shares)	43,772	43,856
Series D Preferred Stock
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	65	65
Preferred stock, shares issued (in shares)	65	65
Preferred stock, shares outstanding (in shares)	65	65

Condensed Consolidated Statements of Changes in Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional Paid-in Capital [Member]	Retained Earnings [Member]	AOCI Attributable to Parent [Member]
Beginning balance (in shares) at Dec. 31, 2021		43,027
Beginning balance at Dec. 31, 2021	$ 224,185	$ 430	$ 474,757	$ (219,100)	$ (31,902)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(3,302)			(3,302)
Dividends, Preferred Stock			2,538
Dividends accrued for preferred stock	(2,538)
Shares Issued, Value, Share-Based Payment Arrangement, after Forfeiture	$ 0	$ 9	(9)
Share-based compensation expense (in shares)	893
Share-based compensation expense	$ 949		949
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(30)
Restricted shares forgiven for taxes and forfeited	(87)	$ 0	(87)
Other comprehensive income	3,821				3,821
Ending balance (in shares) at Mar. 31, 2022		43,890
Ending balance at Mar. 31, 2022	223,028	$ 439	473,072	(222,402)	(28,081)
Beginning balance (in shares) at Dec. 31, 2022		43,856
Beginning balance at Dec. 31, 2022	186,264	$ 439	468,143	(245,198)	(37,120)
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Net loss	(10,175)			(10,175)
Dividends, Preferred Stock			3,051
Dividends accrued for preferred stock	(3,051)
Share-based compensation expense	381		381
Share-Based Payment Arrangement, Shares Withheld for Tax Withholding Obligation		(84)
Restricted shares forgiven for taxes and forfeited	(97)	$ (1)	(96)
Other comprehensive income	1,142				1,142
Ending balance (in shares) at Mar. 31, 2023		43,772
Ending balance at Mar. 31, 2023	$ 174,464	$ 438	$ 465,377	$ (255,373)	$ (35,978)

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ (10,175)	$ (3,302)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	11,516	11,429
Amortization of debt issuance costs and discount	353	332
Impairments of property, plant and equipment	0	233
Total derivative loss (gain), net of cash settlements	386	(2,543)
Share of net income from joint venture, net of cash dividends received	(281)	1,934
Share-based compensation expense	381	949
Deferred income taxes	480	(42)
Other	(287)	(826)
Changes in operating assets and liabilities:
Accounts receivable	(5,506)	(17,633)
Inventories	(447)	(5,536)
Accounts payable	2,813	11,416
Income taxes receivable and payable, net	(283)	(631)
Other	1,276	(1,003)
Net cash provided by (used in) operating activities	226	(5,223)
Cash flows from investing activities
Acquisition of property, plant and equipment	(4,997)	(4,262)
Proceeds from sale of property, plant, and equipment	1,035	36
Net cash used in investing activities	(3,962)	(4,226)
Cash flows from financing activities
Proceeds from long-term debt	17,000	8,000
Repayments of long-term debt	(17,832)	(8,729)
Cash paid for debt issuance costs	(55)	0
Proceeds from short-term debt, net	2,923	0
Other	(785)	(787)
Net cash provided by (used in) financing activities	1,251	(1,516)
Effect of exchange rate changes on cash flows	222	2,936
Net change in cash and cash equivalents	(2,263)	(8,029)
Cash and cash equivalents at beginning of period	12,808	28,656
Cash cash equivalents at end of period	$ 10,545	$ 20,627

Interim Financial Statements	3 Months Ended
Interim Financial Statements	Mar. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Interim Financial Statements	Interim Financial Statements Nature of Business NN, Inc. is a global diversified industrial company that combines advanced engineering and production capabilities with in-depth materials science expertise to design and manufacture high-precision components and assemblies primarily for the automotive, general industrial, electrical, aerospace, defense, and medical markets. As used in this Quarterly Report on Form 10-Q (this “Quarterly Report”), the terms “NN,” the “Company,” “we,” “our,” or “us” refer to NN, Inc., and its subsidiaries. Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2022, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 10, 2023. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2023 and 2022; financial position as of March 31, 2023 and December 31, 2022; and cash flows for the three months ended March 31, 2023 and 2022, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2022 Annual Report. The results for the three months ended March 31, 2023, are not necessarily indicative of results for the year ending December 31, 2023, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands.

Segment Information

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

Our business is aggregated into the following two reportable segments:

•Mobile Solutions, which is focused on growth in the automotive and general industrial end markets; and

•Power Solutions, which is focused on growth in the electrical, general industrial, automotive, and medical end markets.

These divisions are considered our two operating segments as each engages in business activities for which it earns revenues and incurs expenses, discrete financial information is available for each, and this is the level at which the chief operating decision maker reviews discrete financial information for purposes of allocating resources and assessing performance.

The following table presents our financial performance by reportable segment.


	Three Months Ended March 31,
	2023		2022
Net sales:
Mobile Solutions	$	78,018	$	76,070
Power Solutions	49,072		52,011
Intersegment sales eliminations	(2)		(14)
Total	$	127,088	$	128,067
Income (loss) from operations:
Mobile Solutions	$	(3,319)	$	1,969
Power Solutions	1,747		364
Corporate	(5,503)		(5,753)
Total	$	(7,075)	$	(3,420)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Inventories

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Inventories

Inventories are comprised of the following amounts:


	March 31, 2023		December 31, 2022
Raw materials	$	31,462	$	32,146
Work in process	25,433		24,610
Finished goods	24,883		23,926
Total inventories	$	81,778	$	80,682

Intangible Assets, Net

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible Assets, Net

Intangible Assets

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2022	$	22,356	$	50,535	$	72,891
Amortization	(839)		(2,725)		(3,564)




Balance as of March 31, 2023	$	21,517	$	47,810	$	69,327

Intangible assets are reviewed for impairment when changes in circumstances indicate the carrying value of those assets may not be recoverable. As of March 31, 2023, our market capitalization was at a level that was less than the net book value of our stockholders’ equity, which was deemed a triggering event that caused us to perform impairment analyses on our long-lived assets. Based on our analyses, the carrying values of the long-lived assets were recoverable and no impairment charge was recorded during the three months ended March 31, 2023.

Investment in Joint Venture

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Investment in Joint Venture

We own a 49% investment in Wuxi Weifu Autocam Precision Machinery Company, Ltd. (the “JV”), a joint venture located in Wuxi, China. The JV is jointly controlled and managed, and we account for it under the equity method.

The following table shows changes in our investment in the JV.


Balance as of December 31, 2022	$	31,802
Share of earnings	281

Foreign currency translation gain	129
Balance as of March 31, 2023	$	32,212

Income Taxes	3 Months Ended
Income Taxes	Mar. 31, 2023
Income Tax Disclosure [Abstract]
Income Taxes	Income TaxesOur effective tax rate was (14.2)% and (39.6)% for the three months ended March 31, 2023 and 2022, respectively. The effective tax rates for the three months ended March 31, 2023 differ from the U.S. federal statutory tax rate of 21% primarily due to the accrual of tax on non-permanently reinvested unremitted earnings of foreign subsidiaries and by limitation on the amount of tax benefit recorded for loss carryforwards in certain jurisdictions where we believe it is more likely than not that a portion of the future tax benefit may not be realized. In addition, the effective tax rate was unfavorably impacted by the U.S. tax on the earnings of foreign subsidiaries under the global intangible low-taxed income regime.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

Debt

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Debt

On March 22, 2021, we entered into a new $150.0 million term loan facility (as amended from time to time, the “Term Loan Facility”) and a new $50.0 million asset backed credit facility (as amended from time to time, the “ABL Facility”). On March 3, 2023, we amended the Term Loan Facility (the “Term Loan Amendment”) and ABL Facility to adjust certain covenants under the agreements, as well as to replace references to LIBOR with secured overnight finance rate (“SOFR”) for interest rate calculations. The following table presents the outstanding debt balances.


	March 31, 2023		December 31, 2022
Term Loan Facility	$	147,000	$	147,375
ABL Facility	1,000		1,000
International loans	11,290		8,729
Total principal	159,290		157,104
Less-current maturities of long-term debt	6,258		3,321
Principal, net of current portion	153,032		153,783
Less-unamortized debt issuance costs and discount (1)	6,804		4,394
Long-term debt, net of current portion	$	146,228	$	149,389

_______________________________

(1) In addition to this amount, costs of $0.6 million and $0.6 million related to the ABL Facility were recorded in other non-current assets as of March 31, 2023 and December 31, 2022, respectively.

Term Loan Facility

Effective March 31, 2023, outstanding borrowings under the Term Loan Facility bear interest at either 1) one-month, three-month, or six-month SOFR with a duration adjustment (“Adjusted SOFR”), subject to a 1.000% floor, plus an applicable margin of 6.875%, or 2) the greater of various benchmark rates plus an applicable margin of 5.875%. At March 31, 2023, the Term Loan Facility bore interest, based on one-month Adjusted SOFR, at 11.782%. Beginning with the second quarter of 2023, interest is increased on a paid-in-kind basis at a rate between 0.50% and 2.00% (“PIK interest”), dependent on the Company’s leverage ratio and whether the Company completes a qualifying junior equity raise by June 30, 2023. The PIK interest is payable on the loan maturity date of September 22, 2026.

The Term Loan Facility requires quarterly principal payments of $0.4 million with the remaining unpaid principal amount due at the loan maturity date. We may be required to make additional principal payments annually that are calculated as a percentage of our excess cash flow, as defined by the lender, based on our net leverage ratio. The Term Loan Facility is collateralized by all of our assets. The Term Loan Facility has a first lien on all domestic assets other than accounts receivable and inventory and has a second lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the Term Loan Facility as of March 31, 2023.

The Term Loan Facility was issued at a $3.8 million discount and we have capitalized an additional $5.3 million in debt issuance costs. These costs are recorded as a direct reduction to the carrying amount of the associated long-term debt and amortized over the term of the debt.

We had an interest rate swap that changed the one-month LIBOR to a fixed rate of 1.291% on $60.0 million of the outstanding balance of the Term Loan Facility. During the first quarter of 2023, we terminated the interest rate swap and received cash proceeds of $2.5 million which was equal to its fair value.

ABL Facility

The ABL Facility provides for a senior secured revolving credit facility in the amount of $50.0 million, of which $30.0 million is available in the form of letters of credit and $5.0 million is available for the issuance of short-term swingline loans. The availability of credit under the ABL Facility is limited by a borrowing base calculation derived from accounts receivable and inventory held in the United States. Outstanding borrowings under the ABL Facility bear interest on a variable rate structure plus an interest rate spread that is based on the average amount of aggregate revolving commitment available. Effective March 3, 2023, the variable borrowing rate is either 1) Adjusted SOFR plus an applicable margin of 1.75% or 2.00%, depending on availability, or 2) the greater of the federal funds rate or prime, plus an applicable margin of 0.75% or 1.00%, depending on availability. We may elect whether to use one-month, three-month, or six-month Adjusted SOFR. At March 31, 2023, using one-month Adjusted SOFR plus a 2.00% margin, the weighted average interest rate on outstanding borrowings under the ABL

Facility was 6.89%. We pay a commitment fee of 0.375% for unused capacity under the ABL Facility and a 2.125% fee on the amount of letters of credit outstanding. The final maturity date of the ABL Facility is March 22, 2026.

As of March 31, 2023, we had $1.0 million of outstanding borrowings under the ABL Facility, $10.9 million of outstanding letters of credit, and $32.5 million available for future borrowings under the ABL Facility. The ABL Facility has a first lien on domestic accounts receivable and inventory. We were in compliance with all requirements under the ABL Facility as of March 31, 2023.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 470
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-Name Accounting Standards Codification
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+ Details

Leases

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Leases

The following table contains supplemental cash flow information related to leases.


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	84	$	80
Operating cash flows used in operating leases	4,056		4,204
Financing cash flows used in finance leases	689		700
Right-of-use assets obtained in exchange for new finance lease liabilities	—		395
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	477		1,305

_______________________________

(1) Includes new leases, renewals, and modifications.

Leases

The following table contains supplemental cash flow information related to leases.


	Three Months Ended March 31,
	2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$	84	$	80
Operating cash flows used in operating leases	4,056		4,204
Financing cash flows used in finance leases	689		700
Right-of-use assets obtained in exchange for new finance lease liabilities	—		395
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	477		1,305

_______________________________

(1) Includes new leases, renewals, and modifications.

Commitments and Contingencies	3 Months Ended
Commitments and Contingencies	Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Brazil ICMS Tax Matter Prior to the acquisition of Autocam Corporation (“Autocam”) in 2014, Autocam’s Brazilian subsidiary (“Autocam Brazil”) received notification from the Brazilian tax authority regarding ICMS (state value added tax) tax credits claimed on intermediary materials (e.g., tooling and perishable items) used in the manufacturing process. The Brazilian tax authority notification disallowed state ICMS tax credits claimed on intermediary materials based on the argument that these items are not intrinsically related to the manufacturing processes. Autocam Brazil filed an administrative defense with the Brazilian tax authority arguing, among other matters, that it should qualify for an ICMS tax credit, contending that the intermediary materials are directly related to the manufacturing process. We believe that we have substantial legal and factual defenses, and we plan to defend our interests in this matter vigorously. The matter encompasses several lawsuits filed with the Brazilian courts requesting declaratory actions that no tax is due or seeking a stay of execution on the collection of the tax. In 2018, we obtained a favorable decision in one of the declaratory actions for which the period for appeal has expired. We have filed actions in each court requesting dismissal of the matter based on the earlier court action. In May 2020, we received an unfavorable decision in one of the lawsuits, and as a result have recorded a liability to the Brazilian tax authorities and a receivable from the former shareholders of Autocam for the same amount. Although we anticipate a favorable resolution to the remaining matters, we can provide no assurances that we will be successful in achieving dismissal of all pending cases. The U.S. dollar amount that would be owed in the event of an unfavorable decision is subject to interest, penalties, and currency impacts and therefore is dependent on the timing of the decision. For the remaining open lawsuits, we currently believe the cumulative potential liability in the event of unfavorable decisions on all matters will be less than $5.0 million, inclusive of interest and penalties. We are entitled to indemnification from the former shareholders of Autocam, subject to the limitations and procedures set forth in the agreement and plan of merger relating to the Autocam acquisition. Management believes the indemnification would include amounts owed for the tax, interest, and penalties related to this matter. Accordingly, we do not expect to incur a loss related to this matter even in the event of an unfavorable decision and, therefore, have not accrued an amount for the remaining matters as of March 31, 2023. Other Legal Matters All other legal proceedings are of an ordinary and routine nature and are incidental to our operations. Management believes that such proceedings should not, individually or in the aggregate, have a material adverse effect on our business, financial condition, results of operations, or cash flows. In making that determination, we analyze the facts and circumstances of each case at least quarterly in consultation with our attorneys and determine a range of reasonably possible outcomes.

Preferred Stock and Stockholders' Equity

3 Months Ended

Mar. 31, 2023

Temporary Equity Disclosure [Abstract]

Preferred Stock and Stockholders' Equity

Series D Perpetual Preferred Stock

On March 22, 2021, we completed a private placement of 65,000 shares of newly designated Series D Perpetual Preferred Stock, with a par value of $0.01 per share (the “Series D Preferred Stock”), at a price of $1,000 per share, together with detachable warrants (the “2021 Warrants”) to purchase up to 1.9 million shares of our common stock at an exercise price of $0.01 per share. The Series D Preferred Stock has an initial liquidation preference of $1,000 per share and is redeemable at our option in cash at a redemption price equal to the liquidation preference then in effect. Series D Preferred Stock shares earn cash dividends at a rate of 10.0% per year, payable quarterly in arrears, accruing whether or not earned or declared. If no cash dividend is paid, then the liquidation preference per share effective on the dividend date increases by 12.0% per year. Beginning March 22, 2026, the cash dividend rate and in-kind dividend rate increase by 2.5% per year. Cash dividends are required beginning on September 30, 2027.

The Series D Preferred Stock is classified as mezzanine equity, between liabilities and stockholders’ equity, because certain features of the Series D Preferred Stock could require redemption of the Series D Preferred Stock upon a change of control event that is considered not solely within our control. For initial recognition, the Series D Preferred Stock was recognized at a discounted value, net of issuance costs and allocation to warrants and a bifurcated embedded derivative. The aggregate discount is amortized as a deemed dividend through March 22, 2026, which is the date the dividend rate begins to increase by 2.5% per year. Deemed dividends adjust retained earnings (or in the absence of retained earnings, additional paid-in capital).

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of the Series D Preferred Stock were bifurcated and accounted for as derivatives separately. Note 15 discusses the accounting for these features.

As of March 31, 2023, the carrying value of the Series D Preferred Stock shares was $67.8 million, which included $21.1 million of accumulated unpaid and deemed dividends. The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2023.


Balance as of December 31, 2022	$	64,701



Accrual of in-kind dividends	2,410
Amortization	641

Balance as of March 31, 2023	$	67,752

Revenue from Contracts with Customers

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Revenue from Contracts with Customers

Revenue is recognized when control of the good or service is transferred to the customer either at a point in time or, in limited circumstances, as our services are rendered over time. Revenue is measured as the amount of consideration we expect to receive in exchange for transferring goods or services.

The following tables summarize revenue by customer geographical region.


Three Months Ended March 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	37,206	$	40,222	$	(2)	$	77,426
China	13,812		749		—		14,561
Brazil	11,611		110		—		11,721
Mexico	4,279		3,488		—		7,767
Germany	1,732		74		—		1,806
Poland	1,856		5		—		1,861
Other	7,522		4,424		—		11,946
Total net sales	$	78,018	$	49,072	$	(2)	$	127,088


Three Months Ended March 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	37,810	$	40,486	$	(14)	$	78,282
China	12,552		1,244		—		13,796
Brazil	10,720		345		—		11,065
Mexico	5,064		4,741		—		9,805
Germany	1,283		62		—		1,345
Poland	1,340		4		—		1,344
Other	7,301		5,129		—		12,430
Total net sales	$	76,070	$	52,011	$	(14)	$	128,067

The following tables summarize revenue by customer industry. Our products in the automotive industry include high-precision components and assemblies for electric power steering systems, electric braking, electric motors, fuel systems, emissions control, transmissions, moldings, stampings, sensors, and electrical contacts. Our products in the general industrial industry include high-precision metal and plastic components for a variety of industrial applications including diesel industrial motors, heating and cooling systems, fluid power systems, power tools, and more. While many of the industries we serve include electrical components, our products in the residential/commercial electrical industry category in the following tables include components used in smart meters, charging stations, circuit breakers, transformers, electrical contact assemblies, precision stampings, welded contact assemblies, and specification plating and surface finishing.


Three Months Ended March 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	55,804	$	8,803	$	—	$	64,607
General Industrial	20,213		14,605		—		34,818
Residential/Commercial Electrical	—		14,585		—		14,585
Other	2,001		11,079		(2)		13,078
Total net sales	$	78,018	$	49,072	$	(2)	$	127,088


Three Months Ended March 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	50,596	$	10,078	$	—	$	60,674
General Industrial	21,805		16,335		—		38,140
Residential/Commercial Electrical	—		17,199		—		17,199
Other	3,669		8,399		(14)		12,054
Total net sales	$	76,070	$	52,011	$	(14)	$	128,067

Deferred Revenue

Deferred revenue relates to payments received in advance of performance under the contract and recognized as revenue as (or when) we perform under the contract. The balance of deferred revenue was $1.2 million and $0.7 million as of March 31, 2023 and December 31, 2022, respectively. Revenue recognized for performance obligations satisfied or partially satisfied during the three months ended March 31, 2023 included $0.3 million that was included in deferred revenue as of December 31, 2022.

Transaction Price Allocated to Future Performance Obligations

We are required to disclose the aggregate amount of transaction price that is allocated to performance obligations that have not yet been satisfied as of March 31, 2023, unless our contracts meet one of the practical expedients. Our contracts met the practical expedient for a performance obligation that is part of a contract that has an original expected duration of one year or less.

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
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+ Details

Shared-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Shared-Based Compensation

Share-Based Compensation

The following table lists the components of share-based compensation expense by type of award, which is recognized in the “Selling, general, and administrative expense” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Three Months Ended March 31,
	2023		2022
Restricted stock	$	167	604
Performance share units	200		289
Stock options	14		$	56
Share-based compensation expense	$	381	$	949

Restricted Stock

The following table presents the status of unvested restricted stock awards as of March 31, 2023 and changes during the three months then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	1,038	$	4.03

Vested	(642)	4.33

Unvested at March 31, 2023	396	$	3.55

Total grant date fair value of restricted stock that vested in the three months ended March 31, 2023, was $2.8 million.

Accumulated Other Comprehensive Income

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Accumulated Other Comprehensive Income

The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”).


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	1,840		(327)		97		1,610
Amounts reclassified from AOCI to interest expense (2)	—		(468)		—		(468)

Net other comprehensive income (loss)	1,840		(795)		97		1,142
Balance as of March 31, 2023	$	(38,332)	$	2,354	$	—	$	(35,978)

Balance as of December 31, 2021	$	(32,016)	$	151	$	(37)	$	(31,902)
Other comprehensive income (loss) before reclassifications	2,600		1,503		(316)		3,787
Amounts reclassified from AOCI to interest expense (2)	—		44		(10)		34

Net other comprehensive income (loss)	2,600		1,547		(326)		3,821
Balance as of March 31, 2022	$	(29,416)	$	1,698	$	(363)	$	(28,081)

______________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents interest rate swap settlements of effective hedge.

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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-Section 50
-Paragraph 6
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126731327&loc=SL126733271-114008

+ Details

Net Income (Loss) Per Common Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Net Income (Loss) Per Common Share

Net Loss Per Common Share

The following table summarizes the computation of basic and diluted net loss per common share.


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(10,175)	$	(3,302)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,051)		(2,538)



Numerator for basic and diluted net loss per common share	$	(13,226)	$	(5,840)

Denominator:
Weighted average common shares outstanding	43,847		43,308
Adjustment for participating securities	(742)		(608)
Adjustment for warrants outstanding (1)	2,204		1,894




Shares used to calculate basic and diluted net loss per share	45,309		44,594








Basic and diluted net loss per common share	$	(0.29)	$	(0.13)
Cash dividends declared per common share	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 15).

The following table presents securities that could be potentially dilutive in the future that were excluded from the calculation of diluted net loss per common share because they had an anti-dilutive effect.


	Three Months Ended March 31,
	2023	2022
Options	516	600
2019 Warrants	1,500	1,500

	2,016	2,100

Stock options excluded from the calculations of diluted net loss per share had a per share exercise price ranging from $7.93 to $25.16 for the three and three months ended March 31, 2023. The 2019 Warrants excluded from the calculation of diluted net loss per share had a per share exercise price of $11.49.

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair value is an exit price representing the expected amount that an entity would receive to sell an asset or pay to transfer a liability in an orderly transaction with market participants at the measurement date. We followed consistent methods and assumptions to estimate fair values as more fully described in the 2022 Annual Report.

Embedded Derivatives

In accordance with ASC 815-15, Derivatives and Hedging - Embedded Derivatives, certain features of our preferred stock and long term debt were bifurcated and accounted for as derivatives separately.

In conjunction with the Term Loan Amendment, we issued detachable warrants to purchase up to 1.0 million shares of our comment stock at an exercise price of $0.01 per share (the “2023 Warrants”). The 2023 Warrants are exercisable, in full or in part, at any time prior to March 3, 2033. The 2023 Warrants include anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events. In addition, we are obligated to issue 1.0 million warrants in the second quarter of 2023, subject to a contingency that expires June 30, 2023. The contingently issuable warrants would have the same terms and conditions as the 2023 Warrants.

In conjunction with our placement of the Series D Preferred Stock, we issued the 2021 Warrants to purchase up to 1.9 million shares of our common stock. The 2021 Warrants are exercisable, in full or in part, at any time prior to March 22, 2027, at an

exercise price of $0.01 per share, subject to anti-dilution adjustments in the event of certain future equity issuances, stock splits, stock dividends, combinations or similar events.

The Series D Preferred Stock includes a put feature that allows the holder to redeem the Series D Preferred Stock upon a change in control at the greater of 1) the liquidation preference plus accrued dividends or 2) 140% of the liquidation preference. The put feature is considered a redemption right at a premium and is not clearly and closely related to the debt host.

In conjunction with our placement of the Series B Preferred Stock, we issued detachable warrants to purchase up to 1.5 million shares of our common stock at an exercise price of $11.49 per share (the “2019 Warrants”). The 2019 Warrants, are exercisable, in full or in part, at any time prior to December 11, 2026 and are subject to anti-dilution adjustments in the event of future below market issuances, stock splits, stock dividends, combinations or similar events.

The following table presents the change in the liability balance of the embedded derivatives during the three months ended March 31, 2023.


Balance as of December 31, 2022	$	2,959
Issuances	2,712
Change in fair value (1)	(2,009)


Balance as of March 31, 2023	$	3,662

_______________________________

(1) Changes in the fair value are recognized in the “Other income, net” line in the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).

The following tables show the fair values of the embedded derivatives within the fair value hierarchy.

March 31, 2023

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

3,055

—

607

December 31, 2022

Quoted Prices in Active Markets for Identical Assets
(Level 1)

Significant Other Observable Inputs
(Level 2)

Significant Unobservable Inputs
(Level 3)

Derivative liability - other non-current liabilities

2,831

—

128

The fair value of the 2019 Warrants is determined using a valuation model that utilizes unobservable inputs to determine the probability that the 2019 Warrants will remain outstanding for future periods. The probabilities resulted in a weighted average term of 2.9 years as of March 31, 2023 and December 31, 2022.

The fair value of the 2021 Warrants and 2023 Warrants is determined using the observable market price of a share of our common stock, less the $0.01 per share exercise price.

The fair value of the change-in-control put feature utilizes unobservable inputs based on the Company’s assessment of the probability of a change-in-control event occurring in a future period. The probability of a change-in-control event ranged from 3% to 10% as of March 31, 2023 and December 31, 2022.

Interest Rate Swap

On July 22, 2021, we entered into a fixed-rate interest rate swap agreement to change the LIBOR-based component of the interest rate on a portion of our variable rate debt to a fixed rate of 1.291% (the “2021 Swap”). The 2021 Swap had a notional amount of $60.0 million and a maturity date of July 31, 2024. We designated the 2021 Swap as a cash flow hedge at inception with cash settlements recognized in interest expense. During the first quarter of 2023, we terminated the 2021 Swap and received cash proceeds of $2.5 million which was the fair value of the 2021 Swap. Since the 2021 Swap was an effective cash flow hedge and the forecasted interest payments remaining probable of occurring, the gain will be recognized as a reduction to interest expense through the original maturity date of July 31, 2024.

The following table presents the effects of the interest rate swap on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss).


	Three Months Ended March 31,
	2023		2022
Interest expense (benefit) (1)	$	(468)	$	44

_______________________________

(1) Represents settlements on the interest rate swap.

The following table shows the fair value of the interest rate swap within the fair value hierarchy.


December 31, 2022	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Derivative asset - other current assets	$	—	$	2,130	$	—
Derivative asset - other non-current assets	$	—	$	1,023	$	—


Total	$	—	$	3,153	$	—

The fair value of the interest rate swap is calculated through standard pricing models which use inputs derived from or corroborated by observable market data such as interest rate yield curves, index forward curves, discount curves, and volatility surfaces. The counterparty to these derivative contracts is a highly rated financial institution which we believe carries only a minimal risk of nonperformance.

Fair Value Disclosures

Our financial instruments that are subject to fair value disclosure consist of cash and cash equivalents, accounts receivable, accounts payable, and debt. As of March 31, 2023 and December 31, 2022, the carrying values of these financial instruments, except for debt, approximated fair value. The fair value of our debt was $156.0 million and $155.2 million, with a carrying amount of $152.5 million and $152.7 million, as of March 31, 2023 and December 31, 2022, respectively. The fair value of debt was calculated by discounting the future cash flows to its present value using prevailing market interest rates for debt with similar creditworthiness, terms and maturities and is considered a Level 3 fair value measurement.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Interim Financial Statements (Policies)	3 Months Ended
Interim Financial Statements (Policies)	Mar. 31, 2023
Quarterly Financial Information Disclosure [Abstract]
Basis of Presentation	Basis of Presentation The accompanying condensed consolidated financial statements have not been audited. The Condensed Consolidated Balance Sheet as of December 31, 2022, was derived from the audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Annual Report”), which we filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 10, 2023. In management’s opinion, the accompanying unaudited condensed consolidated financial statements reflect all adjustments necessary to fairly state our results of operations for the three months ended March 31, 2023 and 2022; financial position as of March 31, 2023 and December 31, 2022; and cash flows for the three months ended March 31, 2023 and 2022, on a basis consistent with our audited consolidated financial statements. These adjustments are of a normal recurring nature and are, in the opinion of management, necessary to state fairly the Company’s financial position and operating results for the interim periods. Certain prior period amounts have been reclassified to conform to the current year’s presentation. Certain information and footnote disclosures normally included in the consolidated financial statements prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) have been condensed or omitted from the unaudited condensed consolidated financial statements presented in this Quarterly Report. These unaudited condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and accompanying notes included in the 2022 Annual Report. The results for the three months ended March 31, 2023, are not necessarily indicative of results for the year ending December 31, 2023, or any other future periods. Except for per share data or as otherwise indicated, all U.S. dollar amounts and share counts presented in the tables in these Notes to Condensed Consolidated Financial Statements are in thousands. Accounts Receivable Sales Programs We participate in programs established by our customers which allows us to sell certain receivables from that customer on a non-recourse basis to a third-party financial institution. During the three months ended March 31, 2023, we incurred fees of $0.2 million related to the sale of receivables which is recorded in the Other income, net line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). Assets Held For Sale Due to a strategic shift to focus on growth opportunities and ongoing efforts to optimize the Company’s manufacturing footprint, we plan to cease manufacturing operations at several facilities during 2023, including our Irvine and Taunton locations. We are in the process of selling machinery and equipment from these locations, which are a part of our Power Solutions segment, and recognized a $0.5 million loss on sales during the three months ended March 31, 2023, which is included in the Other operating expense, net line item on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss). In addition, there is machinery and equipment with a net book value of $0.8 million which we sold in the second quarter of 2023 that is classified as held for sale as of March 31, 2023 and is included in the Other current assets line item on the Condensed Consolidated Balance Sheets.

Segment Information (Tables)

3 Months Ended

Mar. 31, 2023

Segment Reporting [Abstract]

Segment Information

The following table presents our financial performance by reportable segment.


	Three Months Ended March 31,
	2023		2022
Net sales:
Mobile Solutions	$	78,018	$	76,070
Power Solutions	49,072		52,011
Intersegment sales eliminations	(2)		(14)
Total	$	127,088	$	128,067
Income (loss) from operations:
Mobile Solutions	$	(3,319)	$	1,969
Power Solutions	1,747		364
Corporate	(5,503)		(5,753)
Total	$	(7,075)	$	(3,420)

Inventories (Tables)

3 Months Ended

Mar. 31, 2023

Inventory Disclosure [Abstract]

Summary of Inventories

Inventories are comprised of the following amounts:


	March 31, 2023		December 31, 2022
Raw materials	$	31,462	$	32,146
Work in process	25,433		24,610
Finished goods	24,883		23,926
Total inventories	$	81,778	$	80,682

Intangible Assets, Net (Tables)

3 Months Ended

Mar. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

Summary of Carrying Amount of Intangible Assets Net

The following table shows changes in the carrying amount of intangible assets, net, by reportable segment.


	Mobile Solutions		Power Solutions		Total
Balance as of December 31, 2022	$	22,356	$	50,535	$	72,891
Amortization	(839)		(2,725)		(3,564)




Balance as of March 31, 2023	$	21,517	$	47,810	$	69,327

Investment in Joint Venture (Tables)

3 Months Ended

Mar. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Summarized Activity Related to Investment in Joint Venture

The following table shows changes in our investment in the JV.


Balance as of December 31, 2022	$	31,802
Share of earnings	281

Foreign currency translation gain	129
Balance as of March 31, 2023	$	32,212

Debt (Tables)

3 Months Ended

Mar. 31, 2023

Debt Disclosure [Abstract]

Summary of Debt

The following table presents the outstanding debt balances.


	March 31, 2023		December 31, 2022
Term Loan Facility	$	147,000	$	147,375
ABL Facility	1,000		1,000
International loans	11,290		8,729
Total principal	159,290		157,104
Less-current maturities of long-term debt	6,258		3,321
Principal, net of current portion	153,032		153,783
Less-unamortized debt issuance costs and discount (1)	6,804		4,394
Long-term debt, net of current portion	$	146,228	$	149,389

_______________________________

(1) In addition to this amount, costs of $0.6 million and $0.6 million related to the ABL Facility were recorded in other non-current assets as of March 31, 2023 and December 31, 2022, respectively.

Preferred Stock and Stockholders' Equity (Tables)

3 Months Ended

Mar. 31, 2023

Temporary Equity Disclosure [Abstract]

Temporary Equity

The following table presents the change in the Series D Preferred Stock carrying value during the three months ended March 31, 2023.


Balance as of December 31, 2022	$	64,701



Accrual of in-kind dividends	2,410
Amortization	641

Balance as of March 31, 2023	$	67,752

Revenue from Contracts with Customers (Tables)

3 Months Ended

Mar. 31, 2023

Revenue from Contract with Customer [Abstract]

Disaggregation of Revenue


Three Months Ended March 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	37,206	$	40,222	$	(2)	$	77,426
China	13,812		749		—		14,561
Brazil	11,611		110		—		11,721
Mexico	4,279		3,488		—		7,767
Germany	1,732		74		—		1,806
Poland	1,856		5		—		1,861
Other	7,522		4,424		—		11,946
Total net sales	$	78,018	$	49,072	$	(2)	$	127,088


Three Months Ended March 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
United States and Puerto Rico	$	37,810	$	40,486	$	(14)	$	78,282
China	12,552		1,244		—		13,796
Brazil	10,720		345		—		11,065
Mexico	5,064		4,741		—		9,805
Germany	1,283		62		—		1,345
Poland	1,340		4		—		1,344
Other	7,301		5,129		—		12,430
Total net sales	$	76,070	$	52,011	$	(14)	$	128,067


Three Months Ended March 31, 2023	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	55,804	$	8,803	$	—	$	64,607
General Industrial	20,213		14,605		—		34,818
Residential/Commercial Electrical	—		14,585		—		14,585
Other	2,001		11,079		(2)		13,078
Total net sales	$	78,018	$	49,072	$	(2)	$	127,088


Three Months Ended March 31, 2022	Mobile Solutions		Power Solutions		Intersegment Sales Eliminations		Total
Automotive	$	50,596	$	10,078	$	—	$	60,674
General Industrial	21,805		16,335		—		38,140
Residential/Commercial Electrical	—		17,199		—		17,199
Other	3,669		8,399		(14)		12,054
Total net sales	$	76,070	$	52,011	$	(14)	$	128,067

Shared-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Components of Share-Based Compensation Expense by Type of Award


	Three Months Ended March 31,
	2023		2022
Restricted stock	$	167	604
Performance share units	200		289
Stock options	14		$	56
Share-based compensation expense	$	381	$	949

Reconciliation of Restricted Stock Option Activity

The following table presents the status of unvested restricted stock awards as of March 31, 2023 and changes during the three months then ended.


	Nonvested Restricted Shares	Weighted Average Grant-Date Fair Value
Unvested at January 1, 2023	1,038	$	4.03

Vested	(642)	4.33

Unvested at March 31, 2023	396	$	3.55

Accumulated Other Comprehensive Income (Tables)

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

Schedule of Accumulated Other Comprehensive Income

The following tables present the components of accumulated other comprehensive income (loss) (“AOCI”).


	Foreign Currency Translation		Interest rate swap		Income taxes (1)		Total
Balance as of December 31, 2022	$	(40,172)	$	3,149	$	(97)	$	(37,120)
Other comprehensive income (loss) before reclassifications	1,840		(327)		97		1,610
Amounts reclassified from AOCI to interest expense (2)	—		(468)		—		(468)

Net other comprehensive income (loss)	1,840		(795)		97		1,142
Balance as of March 31, 2023	$	(38,332)	$	2,354	$	—	$	(35,978)

Balance as of December 31, 2021	$	(32,016)	$	151	$	(37)	$	(31,902)
Other comprehensive income (loss) before reclassifications	2,600		1,503		(316)		3,787
Amounts reclassified from AOCI to interest expense (2)	—		44		(10)		34

Net other comprehensive income (loss)	2,600		1,547		(326)		3,821
Balance as of March 31, 2022	$	(29,416)	$	1,698	$	(363)	$	(28,081)

______________________

(1) Income tax effect of changes in interest rate swap.

(2) Represents interest rate swap settlements of effective hedge.

Net Income (Loss) Per Common Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Earnings Per Share, Basic, by Common Class, Including Two Class Method

The following table summarizes the computation of basic and diluted net loss per common share.


	Three Months Ended March 31,
	2023		2022
Numerator:
Net loss	$	(10,175)	$	(3,302)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,051)		(2,538)



Numerator for basic and diluted net loss per common share	$	(13,226)	$	(5,840)

Denominator:
Weighted average common shares outstanding	43,847		43,308
Adjustment for participating securities	(742)		(608)
Adjustment for warrants outstanding (1)	2,204		1,894




Shares used to calculate basic and diluted net loss per share	45,309		44,594








Basic and diluted net loss per common share	$	(0.29)	$	(0.13)
Cash dividends declared per common share	$	—	$	—

_______________________________

(1) Outstanding warrants that are exercisable at an exercise price of $0.01 per share, are included in shares outstanding for calculation of basic earnings per share (see Note 15).

Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share


	Three Months Ended March 31,
	2023	2022
Options	516	600
2019 Warrants	1,500	1,500

	2,016	2,100

Interim Financial Statements (Details) $ in Millions	3 Months Ended
Interim Financial Statements (Details) $ in Millions	Mar. 31, 2023 USD ($)
Quarterly Financial Information Disclosure [Abstract]
Loss on Sale of Financial Assets	$ 0.2
Gain (Loss) on Disposition of Property Plant Equipment	0.5
Assets Held-for-sale, Not Part of Disposal Group	$ 0.8

- Definition

A gain (loss) realized on a transfer, accounted for as a sale, of all or a portion of financial assets in which the transferor surrenders control and receives consideration other than a beneficial interest in the assets transferred. Reflects the amount of sales proceeds in excess of, or deficient from, the sum of the carrying amounts of transferred financial assets plus transaction costs.

+ References + Details

Segment Information - Additional Information (Details)	3 Months Ended
Segment Information - Additional Information (Details)	Mar. 31, 2023 segment
Revenue, Major Customer [Line Items]
Number of reportable segments	2
Number of operating segments	2

Operating Segment Results (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Segment Reporting Information [Line Items]
Net sales	$ 127,088	$ 128,067
Operating Income (Loss)	(7,075)	(3,420)
Mobile Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	78,018	76,070
Operating Income (Loss)	(3,319)	1,969
Power Solutions [Member]
Segment Reporting Information [Line Items]
Net sales	49,072	52,011
Operating Income (Loss)	1,747	364
Corporate
Segment Reporting Information [Line Items]
Operating Income (Loss)	(5,503)	(5,753)
Intersegment Eliminations [Member]
Segment Reporting Information [Line Items]
Net sales	$ (2)	$ (14)

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 40
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9031-108599

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9038-108599

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 32
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8933-108599

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 4
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130543-203045

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (b)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-Subparagraph (a)
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 42
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e9054-108599

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 606
-SubTopic 10
-Section 50
-Paragraph 5
-URI https://asc.fasb.org/extlink&oid=126920106&loc=SL49130545-203045

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 924
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-URI https://asc.fasb.org/extlink&oid=6472922&loc=d3e499488-122856

+ Details

Inventories - Summary of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials	$ 31,462	$ 32,146
Work in process	25,433	24,610
Finished goods	24,883	23,926
Total inventories	$ 81,778	$ 80,682

Intangible Assets, Net - Summary of Carrying Amount of Intangible Assets by Segment (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	$ 72,891
Amortization	(3,564)
Ending balance	69,327
Mobile Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	22,356
Amortization	(839)
Ending balance	21,517
Power Solutions [Member]
Finite-lived Intangible Assets [Roll Forward]
Beginning Balance	50,535
Amortization	(2,725)
Ending balance	$ 47,810

Investment in Joint Venture - Additional Information (Detail)	Mar. 31, 2023
Wuxi Weifu Autocam Precision Machinery Company, Ltd.
Schedule of Equity Method Investments [Line Items]
Investment in joint venture	49.00%

Investment in Joint Venture - Summarized Activity Related to Investment in Joint Venture (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Equity Method Investments [Roll Forward]
Beginning Balance	$ 31,802
Share of earnings	281	$ 2,092
Ending Balance	32,212
Joint Venture
Equity Method Investments [Roll Forward]
Beginning Balance	31,802
Share of earnings	281
Foreign currency translation gain	129
Ending Balance	$ 32,212

Income Taxes - Additional Information (Detail)	3 Months Ended
Income Taxes - Additional Information (Detail)	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Effective tax rate from continuing operations	(14.20%)	(39.60%)
Effective income tax rate reconciliation, at federal statutory income tax rate, percent	21.00%

Debt - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022	Mar. 22, 2021
Debt Instrument [Line Items]
Proceeds From Derivative Instrument Operating Activities	$ 2,500
Interest Rate Swap \| July 22 2021
Debt Instrument [Line Items]
Derivative, fixed interest rate		1.291%
Derivative, notional amount		$ 60,000
Term Loan Facility Member
Debt Instrument [Line Items]
Borrowings			$ 150,000
Principal payment amount	400
Debt issuance costs	$ 5,300
Debt Instrument, Unamortized Discount			$ 3,800
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	11.782%
Term Loan Facility Member \| Minimum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	0.50%
Term Loan Facility Member \| Maximum
Debt Instrument [Line Items]
Interest Paid In Kind Rate	2.00%
Term Loan Facility Member \| Various Benchmark Rates Member
Debt Instrument [Line Items]
Applicable margin	5.875%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate
Debt Instrument [Line Items]
Applicable margin	6.875%
Term Loan Facility Member \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Applicable margin	1.00%
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 50,000
Applicable margin	2.00%
Unused capacity, commitment fee percentage	0.375%
Available capacity	$ 32,500
Letters of Credit Outstanding, Amount	$ 10,900
Long-Term Debt, Weighted Average Interest Rate, at Point in Time	6.89%
Asset Backed Credit Facility Member [Member] \| Federal Funds Or Prime Rate Member \| Minimum
Debt Instrument [Line Items]
Applicable margin	0.75%
Asset Backed Credit Facility Member [Member] \| Federal Funds Or Prime Rate Member \| Maximum
Debt Instrument [Line Items]
Applicable margin	1.00%
Asset Backed Credit Facility Member [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Minimum
Debt Instrument [Line Items]
Applicable margin	1.75%
Asset Backed Credit Facility Member [Member] \| Secured Overnight Financing Rate (SOFR) Overnight Index Swap Rate \| Maximum
Debt Instrument [Line Items]
Applicable margin	2.00%
Letters of credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 30,000
Unused capacity, commitment fee percentage	2.125%
Swingline loans
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 5,000

Debt - Summary of Debt (Detail) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Debt Instrument [Line Items]
Total principal	$ 159,290	$ 157,104
Less-current maturities of long-term debt	6,258	3,321
Principal, net of current portion	153,032	153,783
Less-unamortized debt issuance costs and discount (1)	6,804	4,394
Long-term debt, net of current portion	146,228	149,389
Debt issuance costs, line of credit arrangements, net	600	600
Term Loan Facility Member
Debt Instrument [Line Items]
Total principal	147,000	147,375
Asset Backed Credit Facility Member [Member]
Debt Instrument [Line Items]
Total principal	1,000	1,000
International Loans
Debt Instrument [Line Items]
Total principal	$ 11,290	$ 8,729

Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in finance leases	$ 84	$ 80
Operating cash flows used in operating leases	4,056	4,204
Financing cash flows used in finance leases	689	700
Right-of-use assets obtained in exchange for new finance lease liabilities	0	395
Right-of-use assets obtained in exchange for new operating lease liabilities (1)	$ 477	$ 1,305

Commitments and Contingencies - Additional Information (Detail) $ in Millions	Mar. 31, 2023 USD ($)
Maximum
Loss Contingencies [Line Items]
Loss contingency, estimate of possible loss	$ 5.0

Preferred Stock and Stockholders' Equity - Additional Information (Details) - Series D Preferred Stock - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands		3 Months Ended
	Mar. 22, 2021	Mar. 31, 2023
Temporary Equity [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	65
Temporary equity, par value (in dollars per share)		$ 0.01
Sale of stock, price per share (in dollars per share)		$ 1,000
Class of warrant or right, number of securities called by warrants or rights (in shares)		1,900
Class of warrant or right, exercise price of warrants or rights (in dollars per share)		$ 0.01
Temporary equity, liquidation preference per share (in dollars per share)		$ 1,000
Temporary equity, dividend rate, percentage		10.00%
Increase in dividend rate if no cash dividends paid		12.00%
Annual increase in dividend rate		2.50%
Temporary Equity Dividends Unpaid Deemed		$ 21,100

Preferred Stock and Stockholders' Equity - Carrying Value Roll Forward (Details) - Series D Preferred Stock $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Increase (Decrease) in Temporary Equity [Roll Forward]
Balance as of December 31, 2022	$ 64,701
Accrual of in-kind dividends	2,410
Amortization	641
Balance as of March 31, 2023	$ 67,752

- Definition

Carrying amount, attributable to parent, of an entity's issued and outstanding stock which is not included within permanent equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. Includes stock with a put option held by an ESOP and stock redeemable by a holder only in the event of a change in control of the issuer.

+ References + Details

Revenue Disaggragation (Details) - USD ($) $ in Thousands	3 Months Ended
Revenue Disaggragation (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Mar. 31, 2022
Disaggregation of Revenue [Line Items]
Net sales	$ 127,088	$ 128,067
Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(2)	(14)
Automotive
Disaggregation of Revenue [Line Items]
Net sales	64,607	60,674
General Industrial
Disaggregation of Revenue [Line Items]
Net sales	34,818	38,140
Residential/Commercial Electrical
Disaggregation of Revenue [Line Items]
Net sales	14,585	17,199
Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	13,078	12,054
Other End Market Member \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(2)	(14)
Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	78,018	76,070
Mobile Solutions [Member] \| Automotive
Disaggregation of Revenue [Line Items]
Net sales	55,804	50,596
Mobile Solutions [Member] \| General Industrial
Disaggregation of Revenue [Line Items]
Net sales	20,213	21,805
Mobile Solutions [Member] \| Residential/Commercial Electrical
Disaggregation of Revenue [Line Items]
Net sales	0	0
Mobile Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	2,001	3,669
Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	49,072	52,011
Power Solutions [Member] \| Automotive
Disaggregation of Revenue [Line Items]
Net sales	8,803	10,078
Power Solutions [Member] \| General Industrial
Disaggregation of Revenue [Line Items]
Net sales	14,605	16,335
Power Solutions [Member] \| Residential/Commercial Electrical
Disaggregation of Revenue [Line Items]
Net sales	14,585	17,199
Power Solutions [Member] \| Other End Market Member
Disaggregation of Revenue [Line Items]
Net sales	11,079	8,399
United States and Puerto Rico
Disaggregation of Revenue [Line Items]
Net sales	77,426	78,282
United States and Puerto Rico \| Intersegment Eliminations [Member]
Disaggregation of Revenue [Line Items]
Net sales	(2)	(14)
United States and Puerto Rico \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	37,206	37,810
United States and Puerto Rico \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	40,222	40,486
China
Disaggregation of Revenue [Line Items]
Net sales	14,561	13,796
China \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	13,812	12,552
China \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	749	1,244
Brazil
Disaggregation of Revenue [Line Items]
Net sales	11,721	11,065
Brazil \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	11,611	10,720
Brazil \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	110	345
Mexico
Disaggregation of Revenue [Line Items]
Net sales	7,767	9,805
Mexico \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	4,279	5,064
Mexico \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	3,488	4,741
Germany
Disaggregation of Revenue [Line Items]
Net sales	1,806	1,345
Germany \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,732	1,283
Germany \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	74	62
Poland
Disaggregation of Revenue [Line Items]
Net sales	1,861	1,344
Poland \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	1,856	1,340
Poland \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	5	4
Other
Disaggregation of Revenue [Line Items]
Net sales	11,946	12,430
Other \| Mobile Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	7,522	7,301
Other \| Power Solutions [Member]
Disaggregation of Revenue [Line Items]
Net sales	$ 4,424	$ 5,129

Revenue from Contracts with Customers - Summary of Contract Liabilities from Contracts with Customers (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Contract with Customer, Liability [Abstract]
Deferred revenue	$ 1,200	$ 700
Amounts included in deferred revenue for performance obligations satisfied or partially satisfied	$ 300

Shared-Based Compensation - Additional Information (Detail) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Total grant-date fair value of restricted stock, vested	$ 2.8

Shared-Based Compensation - Components of Share-Based Compensation Expense by Type of Award (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 381	$ 949
Restricted stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	167	604
Performance share units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	200	289
Stock options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based compensation expense	$ 14	$ 56

Shared-Based Compensation - Reconciliation of Restricted Stock Option Activity (Detail) - Restricted stock shares in Thousands	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Nonvested Shares (in thousands)
Nonvested restricted shares, beginning balance (in shares) \| shares	1,038
Nonvested restricted shares, vested (in shares) \| shares	(642)
Nonvested restricted shares, ending balance (in shares) \| shares	396
Weighted Average Grant-Date Fair Value
Beginning balance (in dollars per share) \| $ / shares	$ 4.03
Vested (in dollars per share) \| $ / shares	4.33
Ending balance (in dollars per share) \| $ / shares	$ 3.55

Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Dec. 31, 2021
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ (35,978)	$ (28,081)	$ (37,120)	$ (31,902)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,840	2,600
OCI before reclassifications, tax	97	(316)
OCI before reclassifications, net of tax	1,610	3,787
Other comprehensive income (loss), tax	97	(326)
Other comprehensive income	1,142	3,821
Interest Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI, tax	0	(10)
Amounts reclassified from AOCI, net of tax	(468)	34
Accumulated Foreign Currency Adjustment Attributable to Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	(38,332)	(29,416)	(40,172)	(32,016)
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Gain (Loss) Arising During Period, Net of Tax	1,840	2,600
Other Comprehensive Income (Loss), before Tax	1,840	2,600
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	2,354	1,698	3,149	151
OCI before reclassifications and tax	(327)	1,503
Other Comprehensive Income (Loss), before Tax	(795)	1,547
Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent [Member] \| Interest Expense
Accumulated Other Comprehensive Income (Loss) [Line Items]
Amounts reclassified from AOCI, before tax	(468)	44
Income taxes
Accumulated Other Comprehensive Income (Loss) [Line Items]
Accumulated other comprehensive loss	$ 0	$ (363)	$ (97)	$ (37)

Net Income (Loss) Per Common Share - Summary of Net Income (Loss) Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (10,175)	$ (3,302)
Adjustment for preferred stock cumulative dividends and deemed dividends	(3,051)	(2,538)
Numerator for basic and diluted net loss per common share	$ (13,226)	$ (5,840)
Weighted average common shares outstanding	43,847	43,308
Adjustment for participating securities	(742)	(608)
Weighted Average Number of Shares, Contingently Issuable	2,204	1,894
Weighted average common shares outstanding, basic (in shares)	45,309	44,594
Weighted average common shares outstanding, diluted (in shares)	45,309	44,594
Basic net loss per share (in dollars per share)	$ (0.29)	$ (0.13)
Diluted net loss per share (in dollars per share)	(0.29)	(0.13)
Cash dividends declared per share (in dollars per share)	$ 0	$ 0

Net Income (Loss) Per Common Share - Antidilutive Securities Excluded from Computation (Details) - shares shares in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	2,016	2,100
Options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	516	600
Warrant [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share, amount (in shares)	1,500	1,500

Net Income (Loss) Per Common Share - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2023 $ / shares
Earnings Per Share [Abstract]
Antidilutive securities excluded from computation of earnings per share, minimum price range (in dollars per share)	$ 7.93
Anti dilutive securities excluded from computation of earnings per share, maximum price range (in dollars per share)	$ 25.16

Fair Value Measurements - Additional Information (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Millions	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Warrants term	2 years 10 months 24 days
Long-term debt, fair value	$ 156.0	$ 155.2
Debt, Long-Term and Short-Term, Combined Amount	$ 152.5	$ 152.7
Minimum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change-in-control put feature	3.00%
Maximum
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Change-in-control put feature	10.00%
Series D Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.01
Liquidation preference	140.00%
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,900
Series B Convertible Preferred Stock
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Adjusted exercise price of warrants or rights (in dollars per share)	$ 11.49
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,500
Term Loan Facility Member
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Class of warrant or right, exercise price of warrants or rights (in dollars per share)	$ 0.01
Class of warrant or right, number of securities called by warrants or rights (in shares)	1,000
Contingently Issuable Warrants	1,000

Fair Value Measurements - Liabilities Measure at Fair Value Preferred Stock (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability Value	$ 3,662	$ 2,959
Fair Value, Inputs, Level 1 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	3,055	2,831
Fair Value, Inputs, Level 2 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	0	0
Fair Value, Inputs, Level 3 [Member] \| Other Noncurrent Liabilities
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Derivative liability, fair value, gross liability	$ 607	$ 128

Fair Value Measurements - Roll Forward of Preferred Stock Derivative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2023 USD ($)
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 2,959
Fair Value, Measurement with Unobservable Inputs Reconciliation, Recurring Basis, Liability, Issuances	2,712
Change in fair value	(2,009)
Ending balance	$ 3,662

Fair Value Measurements - Effect of Interest Rate Swap (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Derivative [Line Items]
Interest expense	$ 4,288	$ 3,439
Interest Rate Swap
Derivative [Line Items]
Interest expense	$ (468)	$ 44

Fair Value Measurements - Interest Rate Swap (Details) - Fair Value, Measurements, Recurring $ in Thousands	Dec. 31, 2022 USD ($)
Fair Value, Inputs, Level 1 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current	$ 0
Derivative Asset, Noncurrent	0
Derivative, Fair Value, Net	0
Fair Value, Inputs, Level 2 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current	2,130
Derivative Asset, Noncurrent	1,023
Derivative, Fair Value, Net	3,153
Fair Value, Inputs, Level 3 [Member]
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Derivative Asset, Current	0
Derivative Asset, Noncurrent	0
Derivative, Fair Value, Net	$ 0