VOXX International Corporation (Voxx) 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., Audiovox Canada Limited, Voxx Hong Kong Ltd., Voxx Consumer Electronics Hong Kong, Ltd., Audiovox International Corp., Audiovox Mexico, S. de R.L. de C.V. ('Voxx Mexic...
VOXX International Corporation (Voxx) 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., Audiovox Canada Limited, Voxx Hong Kong Ltd., Voxx Consumer Electronics 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., 11 Trading Company LLC, Premium Audio Company EMEA B.V., Premium Audio Company France S.A.R.L., Premium Audio Company Germany GmbH, and Premium Audio Company Pty Lt.), Omega Research and Development Technology LLC ('Omega'), Voxx Automotive Corp., Audiovox Websales LLC, VSM-Rostra LLC ('VSM'), VOXX DEI LLC, and VOXX DEI Canada Ltd. (collectively, with VOXX DEI LLC, 'DEI'), as well as majority owned subsidiaries, EyeLock LLC ('EyeLock') and Onkyo Technology KK n/k/a Premium Audio Company Technology Center K.K. ('Onkyo').
The company markets its products under the Audiovox brand name and other brand names and licensed brands, such as 808, Acoustic Research, Advent, Avital, CarLink, Clifford, Code-Alarm, Crimestopper, Directed, Discwasher, Energy, Heco, Integra, Invision, Jamo, Jensen, Klipsch, Mac Audio, Magnat, myris, Oehlbach, Omega, Onkyo, Pioneer, Prestige, Project Nursery, Python, RCA, Rosen, Rostra, Schwaiger, Smart Start, Terk, Vehicle Safety Manufacturing, and Viper, 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's extensive distribution network and long-standing industry relationships have allowed the company to benefit from growing market opportunities and emerging niches in the electronics business.
The company classifies its operations in the following three reportable segments: Automotive Electronics, Consumer Electronics, and Biometrics.
The Automotive Electronics 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.
The Consumer Electronics 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, solar powered balcony systems, DLNA (Digital Living Network Alliance) compatible devices, T.V. remote controls, karaoke products, hearing aids, personal sound amplifiers, infant/nursery products, as well as A/V connectivity, portable/home charging, reception and digital consumer products
The Biometrics segment designs, markets and distributes iris identification and biometric security related products.
Strategy
The company is focused on expanding sales both domestically and internationally and broadening its customer and partner base as the company brings new products to its target markets.
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; capitalize on niche product and distribution opportunities in the company's target markets; combine new, internal manufacturing capabilities with the company's proven outsourced manufacturing with industry partners; use innovative technology generation capabilities to enable the company to build a robust pipeline of new products; leverage the company's domestic and international distribution network; grow the company's international presence; pursue strategic and complementary acquisitions; maintain disciplined acquisition criteria; rapidly integrate acquired businesses; and improve bottom-line performance and generate sustainable shareholder returns.
Industry
The company participates in select product categories in the automotive, consumer, and biometric markets within the electronics industry. These markets are large and diverse, encompass a broad range of products and offer the ability to specialize in niche product groups.
Products
The company reports sales data for the following three operating segments:
Automotive Electronic products include: automotive security, vehicle access, and remote start modules and systems; smart phone telematics applications; mobile multi-media infotainment products and rear-seat entertainment products, including overhead, seat-back, and headrest systems; rear observation and collision avoidance systems/blind spot sensors/automotive sensing and camera systems/driver distraction products; 360 camera applications; distribution of satellite radios, including plug and play models and direct connect models; cruise control systems; private label audio products; heated seats; interior lighting solutions; security and shock sensors; turn signal switches; puddle lamps; box lights; harnesses; Electric Vehicle Sound Systems ('EVSS'); interior lighting systems; and logo lighting modules.
Consumer Electronic products include: premium loudspeakers; architectural speakers; commercial and cinema speakers; outdoor speakers; wireless and Bluetooth speakers; A/V receivers; high performance 2 channel loudspeakers; high performance 2 channel electronics; high performance party speakers; 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; solar powered balcony systems; High-Definition Television ('HDTV') antennas; Wireless Fidelity ('WiFi') antennas; High-Definition Multimedia Interface ('HDMI') accessories; hearing aids and personal sound amplifiers; 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; electronic equipment cleaning products; set-top boxes; and home and portable stereos.
Biometric products include: iris and face identification products, and biometric security related products.
The company's segments have expanding market opportunities with certain levels of volatility related to domestic and international markets, new car sales, increased competition by manufacturers, private labels, technological advancements, discretionary consumer spending and general economic conditions.
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, power retailers, independent 12-volt retailers, new car dealers, system integrators, banks, cinema operators, sporting goods equipment retailers, and direct response TV.
The company's business is diversified within the company's segments across end-markets, customers, and products. The company sells its automotive electronic products to both OEM and aftermarket customers. The company 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. These arrangements require a close partnership with the customer as the company develops products to meet specific requirements. OEM products accounted for approximately 12% of net sales for the year ended February 29, 2024. The company's consumer electronic and biometric products are sold through both retail and commercial channels.
The company's five largest customers represented 18% of net sales for the year ended February 29, 2024. Geographically, approximately 77.4% of the company's revenues were derived from its domestic operations within the United States, while approximately 18.9% was derived from the company's operations in Europe, and less than 3.8% was derived from other regions.
The company has flexible shipping policies designed to meet customer needs. In the absence of specific customer instructions, the company generally ship 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 the company's suppliers for select customers upon their request.
Competition
The company's Automotive Electronic products compete against factory-supplied products, including those provided by, among others, General Motors, Ford, and Stellantis 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.
Equity Investment
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.
Research and Development
The company's research and development expenses were $8,176 for the year ended February 29, 2024.
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.
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