About VOXX International

VOXX International Corporation operates as an international manufacturer and distributor in the automotive electronics, consumer electronics, and biometrics industries. The company conducts its business through nineteen wholly-owned subsidiaries: Audiovox Atlanta Corp.; VOXX Electronics Corporation; VOXX Accessories Corp.; VOXX German Holdings GmbH (Voxx Germany); Audiovox Canada Limited; Voxx Hong Kong Ltd.; Audiovox International Corp.; Audiovox Mexico, S. de R.L. de C.V. (Voxx Mexico); Code Systems, Inc.; Oehlbach Kabel GmbH (Oehlbach); Schwaiger GmbH (Schwaiger); Invision Automotive Systems, Inc. (Invision); Premium Audio Company LLC (PAC, which includes Klipsch Group, Inc. and 11 Trading Company LLC); Omega Research and Development, LLC (Omega); Voxx Automotive Corp.; Audiovox Websales LLC; VSM-Rostra LLC (VSM); and VOXX DEI LLC and VOXX DEI Canada LLC (collectively, with VOXX DEI LLC, DEI). The company’s majority-owned subsidiaries include EyeLock LLC (EyeLock) and Onkyo Technology KK (Onkyo). The company markets its products under the Audiovox brand name, other brand names and licensed brands, such as 808, Acoustic Research, Advent, Avital, Car Link, Chapman, Clifford, Code-Alarm, Crimestopper, Discwasher, Energy, Heco, Invision, Integra, Jamo, Klipsch, Mac Audio, Magnat, myris, Oehlbach, Omega, Onkyo, Pioneer, Prestige, Project Nursery, Python, RCA, RCA Accessories, Rosen, Rostra, Schwaiger, Smart Start, Terk, Vehicle Safety Automotive, Viper, and Voxx Automotive, as well as private labels through a large domestic and international distribution network. The company also functions as an OEM (Original Equipment Manufacturer) supplier to several customers, as well as market a number of products under exclusive distribution agreements, such as SiriusXM satellite radio products. The company has a 50% non-controlling ownership interest in ASA Electronics, LLC (ASA) which acts as a distributor of mobile electronics specifically designed for niche markets within the automotive industry, including RV's; buses; and commercial, heavy duty, agricultural, construction, powersport, and marine vehicles. Segments The company operates through three segments: Automotive Electronics, Consumer Electronics, and Biometrics. Automotive Electronics This segment designs, manufactures, distributes, and markets rear-seat entertainment devices, automotive security products and devices, remote start systems, vehicle access systems, mobile multimedia devices, aftermarket/OE-styled radios, car-link smartphone telematics applications, driver distraction products, collision avoidance systems, automotive power accessories, power lift gates, location-based services, turn signal switches, automotive lighting products, obstacle sensing systems, cruise control systems, camera systems, USB ports, heated seats, and satellite radio products. This segment’s products include mobile multi-media infotainment products, including overhead, seat-back, and headrest systems; automotive security, vehicle access, and remote start systems; satellite radios, including plug and play models and direct connect models; smart phone telematics applications; mobile interface modules; automotive power accessories; rear observation and collision avoidance systems; driver distraction products; power lift gates; turn signal switches; automotive lighting products; automotive sensing and camera systems; USB ports; cruise control systems; and heated seats. Consumer Electronics This segment designs, manufactures, distributes and markets home theater systems, A/V receivers, premium loudspeakers, outdoor speakers, business music systems, streaming music systems, cinema speakers, architectural speakers, wireless and Bluetooth speakers, soundbars, on-ear and in-ear headphones, wired and wireless headphones and earbuds, DLNA (Digital Living Network Alliance) compatible devices, T.V. remote controls, karaoke products, personal sound amplifiers, infant/nursery products, as well as A/V connectivity, portable/home charging, reception and digital consumer products. This segment’s products include premium loudspeakers; architectural speakers; commercial and cinema speakers; outdoor speakers; wireless and Bluetooth speakers; A/V receivers; home theater systems; business music systems; streaming music systems; on-ear and in-ear headphones; wired and wireless headphones and ear buds; Bluetooth headphones and ear buds; soundbars; DLNA (Digital Living Network Alliance) compatible devices; High-Definition Television (HDTV) antennas; Wireless Fidelity (WiFi) antennas; High-Definition Multimedia Interface (HDMI) accessories; karaoke products; infant/nursery products; home electronic accessories, such as cabling, power cords, and other connectivity products; performance enhancing electronics; T.V. universal remote controls; flat panel TV mounting systems, power supply systems and charging products; solar powered balcony systems; electronic equipment cleaning products; hearing aids and personal sound amplifiers; set-top boxes; and home and portable stereos. Biometrics This segment designs, markets and distributes iris identification and biometric security related products. This segment’s products include iris identification products, and biometric security related products. Strategy The company focuses on expanding sales both domestically and internationally and broadening its customer and partner base as it brings new products to its target markets. In addition, the company plans to continue to acquire synergistic companies that would allow it to leverage its overhead, penetrate new markets, and expand existing product categories. The key elements of the company’s strategy are to continue to build and capitalize on the VOXX family of brands; continue to maintain diversified, blue chip customer base; combine new, internal manufacturing capabilities with its proven outsourced manufacturing with industry partners; use innovative technology generation capabilities to enable it to build a robust pipeline of new products; leverage its domestic and international distribution network; grow its international presence; pursue strategic and complementary acquisitions; maintain disciplined acquisition criteria; and rapidly integrate acquired businesses. The company will continue that focus as it remains committed to innovation, developing products internally and through its outsourced technology and manufacturing partners to provide its customers with products that are in demand by consumers. Distribution and Marketing The company sells its products to automotive and vehicle manufacturers, OEM Tier 1, Tier 2, and secondary OEM manufacturers, mass merchants, regional chain stores, distributors, e-commerce platforms, premium department stores, lifestyle retailers, specialty and internet retailers, retail solutions manufacturers, power retailers, independent 12-volt retailers, new car dealers, healthcare equipment manufacturers, system integrators, communication network providers, smart grid manufacturers, banks, the U.S. military, cinema operators, sporting goods equipment retailers, cell phone carriers, and direct response TV. The company’s business is diversified within its segments across end-markets, customers, and products. The company sells its automotive electronic products to both OEM and aftermarket customers. It sells its products under OEM arrangements with domestic and/or international subsidiaries of automobile manufacturers, such as Ford, Stellantis, General Motors, Toyota, Kia, Mazda, Subaru, Nissan, Mack Truck, Polaris, Bendix Commercial, Daimler Trucks North America, Textron Finance Shared Service, Wesco Distribution, ZF North America Autocar, Dieter’s Metal Fabricating, Grote Industries, International Truck (PDC), P.A.I. Products and Ryco Motorsport. In the absence of specific customer instructions, the company generally ships products within 24 to 48 hours from the receipt of an order from public warehouses, as well as owned and leased facilities throughout the United States, Canada, Mexico, Australia, China, Malaysia, Hong Kong, the Netherlands, Belgium, and Germany. The company also employs a direct ship model from its suppliers for select customers upon their request. Research and Development The company’s research and development expenses were $9,419 for the year ended February 28, 2023. Competition The company’s Automotive Electronic products compete against factory-supplied products, including those provided by, among others, General Motors, Ford, and Stallantis and large Tier 1's, such as Denso, Panasonic, LG, Continental, Lear, Bosch, Magna, and Forvia (Fauricia). The company’s Consumer Electronic products compete against major companies, such as Polk, Definitive, Bose, Sonos, Sonance, Bowers and Wilkins, Sony, Phillips, Emerson Radio, GE, Belkin, and Private Label Brands. Competitors for the company’s Biometrics products include companies, such as IRIS ID; 3M; Suprema; Iritech, Inc.; IrisGuard; Crossmatch; NEC; Gemalto; Vision-Box; IDEMIA; BioID; GoVerifyID; BioConnect; and Princeton Identity. History The company was founded in 1960. It was incorporated in Delaware in 1987. The company was formerly known as Audiovox Corporation and changed its name to VOXX International Corporation in 2011.