2023 Q2 Form 10-Q Financial Statement

#000185785323000046 Filed on May 10, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $171.5M $153.2M $223.7M
YoY Change -14.36% -31.54% -5.04%
Cost Of Revenue $108.2M $97.74M $140.1M
YoY Change -14.66% -30.26% 3.86%
Gross Profit $63.33M $55.42M $83.57M
YoY Change -13.84% -33.68% -16.96%
Gross Profit Margin 36.93% 36.19% 37.35%
Selling, General & Admin $80.29M $48.75M $75.96M
YoY Change 10.44% -35.82% 71.06%
% of Gross Profit 126.77% 87.97% 90.9%
Research & Development $3.000M $2.200M $4.900M
YoY Change 66.67% -55.1% 145.0%
% of Gross Profit 4.74% 3.97% 5.86%
Depreciation & Amortization $14.64M $3.564M $2.481M
YoY Change 2.84% 43.65% 11.51%
% of Gross Profit 23.11% 6.43% 2.97%
Operating Expenses $90.94M $58.69M $86.55M
YoY Change -52.96% -32.2% 64.21%
Operating Profit -$27.61M -$3.263M -$2.987M
YoY Change -76.96% 9.24% -106.23%
Interest Expense $7.810M $10.45M $5.837M
YoY Change 10.56% 79.1% -25.28%
% of Operating Profit
Other Income/Expense, Net -$2.360M $11.45M -$5.293M
YoY Change -80.99% -316.23% -36.0%
Pretax Income -$29.97M $8.182M -$8.280M
YoY Change -77.34% -198.82% -120.88%
Income Tax $198.0K $200.0K $200.0K
% Of Pretax Income 2.44%
Net Earnings -$30.17M $8.018M -$8.432M
YoY Change -77.2% -195.09% -121.66%
Net Earnings / Revenue -17.59% 5.24% -3.77%
Basic Earnings Per Share -$0.25 $0.07 -$0.07
Diluted Earnings Per Share -$0.25 $0.07 -$0.07
COMMON SHARES
Basic Shares Outstanding 123.9M shares 122.6M shares 117.9M shares
Diluted Shares Outstanding 123.0M shares 122.7M shares 117.9M shares

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.50M $15.23M $11.10M
YoY Change 6.52% 37.25% -35.1%
Cash & Equivalents $14.50M $15.23M $11.10M
Short-Term Investments
Other Short-Term Assets $29.84M $40.53M $12.72M
YoY Change 51.52% 218.56% 3.69%
Inventory $97.80M $132.4M $164.1M
Prepaid Expenses
Receivables $83.29M $99.59M $163.2M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $225.4M $287.7M $351.2M
YoY Change -27.01% -18.07% 30.53%
LONG-TERM ASSETS
Property, Plant & Equipment $52.27M $49.78M $64.69M
YoY Change -25.12% -23.06% 81.72%
Goodwill $74.73M $74.73M $297.0M
YoY Change -59.73% -74.84%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $14.23M $11.25M $11.04M
YoY Change 19.64% 1.89% 545.56%
Total Long-Term Assets $644.2M $650.3M $917.4M
YoY Change -19.61% -29.12% 11.11%
TOTAL ASSETS
Total Short-Term Assets $225.4M $287.7M $351.2M
Total Long-Term Assets $644.2M $650.3M $917.4M
Total Assets $869.6M $938.0M $1.269B
YoY Change -21.67% -26.06% 15.88%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.56M $26.24M $38.37M
YoY Change -32.83% -31.6% 1.68%
Accrued Expenses $49.09M $56.29M $98.97M
YoY Change -33.84% -43.13% 119.69%
Deferred Revenue
YoY Change
Short-Term Debt $40.00M $40.91M $49.16M
YoY Change -52.27% -16.78% 29.37%
Long-Term Debt Due $250.0K $250.0K $414.0K
YoY Change -47.03% -39.61% -88.95%
Total Short-Term Liabilities $127.3M $141.4M $200.3M
YoY Change -37.07% -29.42% 37.82%
LONG-TERM LIABILITIES
Long-Term Debt $396.7M $438.9M $418.4M
YoY Change 2.44% 4.92% -3.62%
Other Long-Term Liabilities $281.0K $479.0K $437.0K
YoY Change -36.57% 9.61% 30.45%
Total Long-Term Liabilities $281.0K $479.0K $437.0K
YoY Change -36.57% 9.61% -99.9%
TOTAL LIABILITIES
Total Short-Term Liabilities $127.3M $141.4M $200.3M
Total Long-Term Liabilities $281.0K $479.0K $437.0K
Total Liabilities $542.1M $610.6M $645.4M
YoY Change -9.9% -5.39% 11.32%
SHAREHOLDERS EQUITY
Retained Earnings -$611.6M -$562.5M -$193.3M
YoY Change 87.87% 191.05% 231.32%
Common Stock $12.00K $12.00K $12.00K
YoY Change 0.0% 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $327.5M $327.4M $623.2M
YoY Change
Total Liabilities & Shareholders Equity $869.6M $938.0M $1.269B
YoY Change -21.67% -26.06% 15.88%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$30.17M $8.018M -$8.432M
YoY Change -77.2% -195.09% -121.66%
Depreciation, Depletion And Amortization $14.64M $3.564M $2.481M
YoY Change 2.84% 43.65% 11.51%
Cash From Operating Activities $49.45M -$23.59M -$46.91M
YoY Change 193.15% -49.71% 76.73%
INVESTING ACTIVITIES
Capital Expenditures $6.872M $2.082M $4.524M
YoY Change -185.06% -53.98% -7.01%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.450M
YoY Change
Cash From Investing Activities -$6.872M $245.0K -$4.648M
YoY Change -14.94% -105.27% -6.57%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $51.00K $0.00
YoY Change -100.0%
Cash From Financing Activities -55.81M -$478.0K $45.92M
YoY Change 789.12% -101.04% 23.89%
NET CHANGE
Cash From Operating Activities 49.45M -$23.59M -$46.91M
Cash From Investing Activities -6.872M $245.0K -$4.648M
Cash From Financing Activities -55.81M -$478.0K $45.92M
Net Change In Cash -13.24M -$23.82M -$5.642M
YoY Change -627.12% 322.24% -201.75%
FREE CASH FLOW
Cash From Operating Activities $49.45M -$23.59M -$46.91M
Capital Expenditures $6.872M $2.082M $4.524M
Free Cash Flow $42.57M -$25.67M -$51.44M
YoY Change 70.66% -50.09% 63.76%

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AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
15483000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8960000 usd
CY2022Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
-3000 usd
CY2022Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Gain Loss After Reclassification And Tax Parent
OtherComprehensiveIncomeLossCashFlowHedgeGainLossAfterReclassificationAndTaxParent
6589000 usd
CY2022Q1 us-gaap Members Equity
MembersEquity
619131000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
8018000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8960000 usd
CY2023Q1 us-gaap Depreciation
Depreciation
3564000 usd
CY2022Q1 us-gaap Depreciation
Depreciation
2481000 usd
CY2023Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10638000 usd
CY2022Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
10645000 usd
CY2023Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
534000 usd
CY2022Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
495000 usd
CY2023Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-1870000 usd
CY2022Q1 us-gaap Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
-152000 usd
CY2023Q1 us-gaap Share Based Compensation
ShareBasedCompensation
7943000 usd
CY2022Q1 us-gaap Share Based Compensation
ShareBasedCompensation
15483000 usd
CY2023Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
56000 usd
CY2022Q1 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
72000 usd
CY2023Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
19623000 usd
CY2022Q1 us-gaap Unrealized Gain Loss On Derivatives
UnrealizedGainLossOnDerivatives
-570000 usd
CY2023Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1043000 usd
CY2022Q1 us-gaap Business Combination Contingent Consideration Arrangements Change In Amount Of Contingent Consideration Liability1
BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
1700000 usd
CY2023Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
16000 usd
CY2022Q1 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
57145000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
70383000 usd
CY2023Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
-21090000 usd
CY2022Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
18561000 usd
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
1214000 usd
CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-1741000 usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-18000 usd
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Assets
IncreaseDecreaseInOtherNoncurrentAssets
-4000 usd
CY2023Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
-73000 usd
CY2022Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
17638000 usd
CY2023Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
-293000 usd
CY2022Q1 us-gaap Increase Decrease In Other Noncurrent Liabilities
IncreaseDecreaseInOtherNoncurrentLiabilities
12000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-23590000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-46911000 usd
CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
2082000 usd
CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4524000 usd
CY2023Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
123000 usd
CY2022Q1 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
124000 usd
CY2023Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
2450000 usd
CY2022Q1 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
0 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
245000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4648000 usd
CY2023Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
62200000 usd
CY2022Q1 us-gaap Proceeds From Lines Of Credit
ProceedsFromLinesOfCredit
46100000 usd
CY2023Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
62500000 usd
CY2022Q1 us-gaap Repayments Of Lines Of Credit
RepaymentsOfLinesOfCredit
78000 usd
CY2023Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
51000 usd
CY2022Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
0 usd
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
127000 usd
CY2022Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
105000 usd
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-478000 usd
CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
45917000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-23823000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5642000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
51555000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
16740000 usd
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27732000 usd
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
11098000 usd
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
4718000 usd
CY2022Q1 us-gaap Interest Paid Net
InterestPaidNet
4897000 usd
CY2023Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
470000 usd
CY2022Q1 us-gaap Income Taxes Paid
IncomeTaxesPaid
654000 usd
CY2023Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
72000 usd
CY2022Q1 us-gaap Capital Lease Obligations Incurred
CapitalLeaseObligationsIncurred
56000 usd
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
2568000 usd
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
7226000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153161000 usd
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Use of Estimates</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – The preparation of these financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. </span>The most significant estimates and the assumptions made by management that present the greatest amount of estimation uncertainty include the fair value of contingent consideration obligations, customer credits and returns, obsolete inventory reserves, valuation and impairment of intangible assets including goodwill, unrealized positions on foreign currency derivatives and reserves for warranty. Actual results could differ from these estimates.
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%;text-decoration:underline">Concentrations</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> – Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash in banks, trade accounts receivable, foreign currency contracts, and business activity with certain third-party contract manufacturers of our products. Credit is extended to customers based on an evaluation of the customer’s financial condition and collateral is not generally required in the Company’s sales transactions. Three customers (each large U.S. retailers) that accounted for a significant portion of net sales are as follows:</span></div><div style="margin-top:6pt"><table style="border-collapse:collapse;display:inline-table;margin-bottom:5pt;vertical-align:text-bottom;width:100.000%"><tr><td style="width:1.0%"/><td style="width:67.028%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.543%"/><td style="width:0.1%"/><td style="width:0.1%"/><td style="width:0.384%"/><td style="width:0.1%"/><td style="width:1.0%"/><td style="width:14.545%"/><td style="width:0.1%"/></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="9" style="padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">Three Months Ended March 31,</span></td></tr><tr><td colspan="3" style="padding:0 1pt"/><td colspan="3" style="background-color:#ffffff;border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2023</span></td><td colspan="3" style="border-top:1pt solid #000;padding:0 1pt"/><td colspan="3" style="border-top:1pt solid #000;padding:2px 1pt;text-align:center;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:8pt;font-weight:700;line-height:100%">2022</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer A</span></td><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">17 </span></td><td style="background-color:#cceeff;border-top:1pt solid #000;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer B</span></td><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">22 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="padding:0 1pt"/><td colspan="2" style="padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">23 </span></td><td style="padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="background-color:#cceeff;padding:2px 1pt;text-align:left;vertical-align:top"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">Customer C</span></td><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">12 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td><td colspan="3" style="background-color:#cceeff;padding:0 1pt"/><td colspan="2" style="background-color:#cceeff;padding:2px 0 2px 1pt;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">14 </span></td><td style="background-color:#cceeff;padding:2px 1pt 2px 0;text-align:right;vertical-align:bottom"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:100%">%</span></td></tr><tr><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/><td colspan="3" style="display:none"/></tr></table></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2023, customers A, B, and C accounted for a significant portion of trade accounts receivable of 19%, 28%, and 12%, compared to 31%, 20%, and 8% as of December 31, 2022. Concentrations of credit risk exist to the extent credit terms are extended with these three large customers. A business failure on the part of any one of the three customers could result in a material amount of exposure to the Company. No other single customer accounted for greater than 10% of the Company’s net sales for the three months ended March 31, 2023 and 2022, respectively. Additionally, no other single customer accounted for greater than 10% of trade accounts receivable as of March 31, 2023 and December 31, 2022.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s sales to dealers and distributors located outside the United States are generally denominated in U.S. dollars. The Company does have sales to certain dealers located in the European Union, the United Kingdom and Canada which are denominated in Euros, British Pounds and Canadian Dollars, respectively.</span></div><div style="margin-top:12pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company relies on a limited number of suppliers for its contract manufacturing of grills and accessories. A significant disruption in the operations of certain of these manufacturers, or in the transportation of parts and accessories would impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on the Company’s business, financial condition and results of operations.</span></div>
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153161000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
223710000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
223710000 usd
CY2023Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
153161000 usd
CY2022Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
223710000 usd
CY2023Q1 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
114692000 usd
CY2022Q4 us-gaap Accounts Receivable Gross Current
AccountsReceivableGrossCurrent
56822000 usd
CY2023Q1 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
860000 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
867000 usd
CY2023Q1 tra Accounts Receivable Reserve For Returns Discounts And Allowances Current
AccountsReceivableReserveForReturnsDiscountsAndAllowancesCurrent
14241000 usd
CY2022Q4 tra Accounts Receivable Reserve For Returns Discounts And Allowances Current
AccountsReceivableReserveForReturnsDiscountsAndAllowancesCurrent
13905000 usd
CY2023Q1 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
99591000 usd
CY2022Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
42050000 usd
CY2023Q1 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
6470000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
7110000 usd
CY2023Q1 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
13028000 usd
CY2022Q4 us-gaap Inventory Work In Process Net Of Reserves
InventoryWorkInProcessNetOfReserves
12155000 usd
CY2023Q1 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
112883000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
134206000 usd
CY2023Q1 us-gaap Inventory Net
InventoryNet
132381000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
153471000 usd
CY2023Q1 us-gaap Inventory Adjustments
InventoryAdjustments
500000 usd
CY2022Q4 us-gaap Inventory Adjustments
InventoryAdjustments
1300000 usd
CY2023Q1 tra Inventories In Transit Accrual Current
InventoriesInTransitAccrualCurrent
7185000 usd
CY2022Q4 tra Inventories In Transit Accrual Current
InventoriesInTransitAccrualCurrent
7987000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8693000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7368000 usd
CY2023Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
5600000 usd
CY2022Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4499000 usd
CY2023Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
34808000 usd
CY2022Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
32441000 usd
CY2023Q1 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
56286000 usd
CY2022Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
52295000 usd
CY2022Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
7368000 usd
CY2021Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8326000 usd
CY2023Q1 tra Product Warranty Accrual Decrease For Payments Current
ProductWarrantyAccrualDecreaseForPaymentsCurrent
1472000 usd
CY2022Q1 tra Product Warranty Accrual Decrease For Payments Current
ProductWarrantyAccrualDecreaseForPaymentsCurrent
1484000 usd
CY2023Q1 tra Product Warranty Accrual Increase For Warranties Issued Current
ProductWarrantyAccrualIncreaseForWarrantiesIssuedCurrent
2797000 usd
CY2022Q1 tra Product Warranty Accrual Increase For Warranties Issued Current
ProductWarrantyAccrualIncreaseForWarrantiesIssuedCurrent
1889000 usd
CY2023Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8693000 usd
CY2022Q1 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
8731000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Cash Flow Hedge Reclassification For Discontinuance Before Tax
OtherComprehensiveIncomeLossCashFlowHedgeReclassificationForDiscontinuanceBeforeTax
23400000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-867000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
1165000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
620000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
-570000 usd
CY2023Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-247000 usd
CY2022Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
595000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
7943000 usd
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
15483000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
200000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
8018000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-8960000 usd
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
122699114 shares
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
117889233 shares
CY2023Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2022Q1 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
0 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
122699114 shares
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117889233 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.08
CY2022Q3 us-gaap Restructuring And Related Cost Number Of Positions Eliminated Period Percent
RestructuringAndRelatedCostNumberOfPositionsEliminatedPeriodPercent
0.14

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0001857853-23-000046-index-headers.html Edgar Link pending
0001857853-23-000046-index.html Edgar Link pending
0001857853-23-000046.txt Edgar Link pending
0001857853-23-000046-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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report.css Edgar Link pending
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tra-20230331.htm Edgar Link pending
tra-20230331.xsd Edgar Link pending
traeger-psaawardagreementa.htm Edgar Link pending
tra-20230331_cal.xml Edgar Link unprocessable
tra-20230331_def.xml Edgar Link unprocessable
tra-20230331_lab.xml Edgar Link unprocessable
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tra-20230331_htm.xml Edgar Link completed