2022 Q3 Form 10-Q Financial Statement

#000183462222000085 Filed on July 29, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 2022 Q1
Revenue $399.4M $410.5M
YoY Change 9.61% 22.76%
Cost Of Revenue $210.1M $220.1M
YoY Change 6.96% 26.14%
Gross Profit $189.4M $190.4M
YoY Change 12.71% 19.07%
Gross Profit Margin 47.41% 46.39%
Selling, General & Admin $68.95M $68.86M
YoY Change -3.98% 3.51%
% of Gross Profit 36.41% 36.17%
Research & Development $5.033M $5.236M
YoY Change 0.72% 8.63%
% of Gross Profit 2.66% 2.75%
Depreciation & Amortization $13.85M $4.840M
YoY Change -5.79% 1.94%
% of Gross Profit 7.31% 2.54%
Operating Expenses $73.98M $74.09M
YoY Change -3.67% 3.86%
Operating Profit $102.7M $106.4M
YoY Change 26.93% 33.52%
Interest Expense -$11.61M -$9.562M
YoY Change -10.56% -47.67%
% of Operating Profit -11.29% -8.99%
Other Income/Expense, Net -$15.41M -$9.048M
YoY Change -1.12% -67.28%
Pretax Income $87.34M $97.37M
YoY Change 33.61% 87.07%
Income Tax $21.08M $23.34M
% Of Pretax Income 24.13% 23.97%
Net Earnings $66.26M $74.03M
YoY Change 25.45% 100.81%
Net Earnings / Revenue 16.59% 18.04%
Basic Earnings Per Share $0.30 $0.32
Diluted Earnings Per Share $0.29 $0.30
COMMON SHARES
Basic Shares Outstanding 218.4M shares 232.3M shares 233.3M shares
Diluted Shares Outstanding 228.6M shares 243.1M shares

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $109.0M $118.2M
YoY Change -56.41% 795.13%
Cash & Equivalents $109.0M $118.2M
Short-Term Investments
Other Short-Term Assets $21.13M $19.98M
YoY Change -27.9% 34.08%
Inventory $312.5M $260.7M
Prepaid Expenses $17.71M $10.32M
Receivables $248.6M $349.0M
Other Receivables $0.00 $0.00
Total Short-Term Assets $708.9M $758.2M
YoY Change 13.06% 38.36%
LONG-TERM ASSETS
Property, Plant & Equipment $147.7M $149.2M
YoY Change 5.99% 5.0%
Goodwill $926.7M $924.1M
YoY Change 0.51%
Intangibles $736.0M $736.0M
YoY Change 0.0%
Long-Term Investments
YoY Change
Other Assets $94.88M $95.03M
YoY Change 710.9% 1257.51%
Total Long-Term Assets $2.272B $2.241B
YoY Change 4.9% 3.18%
TOTAL ASSETS
Total Short-Term Assets $708.9M $758.2M
Total Long-Term Assets $2.272B $2.241B
Total Assets $2.981B $3.000B
YoY Change 6.73% 10.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $97.50M $95.06M
YoY Change 16.21% 26.74%
Accrued Expenses $191.8M -$8.415M
YoY Change 35.63% -106.85%
Deferred Revenue $8.906M $8.292M
YoY Change -21.03%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.96M $12.10M
YoY Change -1.18% 476.0%
Total Short-Term Liabilities $310.1M $319.8M
YoY Change 17.88% 36.3%
LONG-TERM LIABILITIES
Long-Term Debt $1.119B $970.9M
YoY Change 14.39% -2.11%
Other Long-Term Liabilities $73.83M $75.54M
YoY Change 455.08% 514.11%
Total Long-Term Liabilities $73.83M $75.54M
YoY Change -92.56% 514.11%
TOTAL LIABILITIES
Total Short-Term Liabilities $310.1M $319.8M
Total Long-Term Liabilities $73.83M $75.54M
Total Liabilities $1.760B $1.627B
YoY Change 15.06% 7.46%
SHAREHOLDERS EQUITY
Retained Earnings $461.2M $394.9M
YoY Change 155.77%
Common Stock $240.0K $239.0K
YoY Change 19.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.222B $1.373B
YoY Change
Total Liabilities & Shareholders Equity $2.981B $3.000B
YoY Change 6.73% 10.26%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income $66.26M $74.03M
YoY Change 25.45% 100.81%
Depreciation, Depletion And Amortization $13.85M $4.840M
YoY Change -5.79% 1.94%
Cash From Operating Activities $120.6M -$56.94M
YoY Change -52.74% -56.75%
INVESTING ACTIVITIES
Capital Expenditures -$8.526M $7.329M
YoY Change 57.89% 52.78%
Acquisitions $177.0K
YoY Change
Other Investing Activities -$61.16M -$177.0K
YoY Change -20485.33% -89.01%
Cash From Investing Activities -$69.68M -$7.506M
YoY Change 1266.31% 63.49%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $111.0M $81.00M
YoY Change -85484.62%
Debt Paid & Issued, Net $2.500M
YoY Change -99.31%
Cash From Financing Activities -58.10M -$83.01M
YoY Change 437.92% -332.78%
NET CHANGE
Cash From Operating Activities 120.6M -$56.94M
Cash From Investing Activities -69.68M -$7.506M
Cash From Financing Activities -58.10M -$83.01M
Net Change In Cash -7.161M -$147.6M
YoY Change -102.99% 46.26%
FREE CASH FLOW
Cash From Operating Activities $120.6M -$56.94M
Capital Expenditures -$8.526M $7.329M
Free Cash Flow $129.1M -$64.27M
YoY Change -50.44% -52.9%

Facts In Submission

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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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IncomeTaxExpenseBenefit
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CY2022Q3 us-gaap Net Income Loss
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66260000 usd
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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2461000 usd
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1850000 usd
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us-gaap Net Income Loss
NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
89683000 usd
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
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OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Before Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentBeforeTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Translation Adjustment Tax Portion Attributable To Parent
OtherComprehensiveIncomeForeignCurrencyTranslationAdjustmentTaxPortionAttributableToParent
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us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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4881000 usd
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1225000 usd
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3656000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
139876000 usd
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
97383000 usd
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2022Q3 us-gaap Net Income Loss
NetIncomeLoss
66260000 usd
CY2022Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1991000 usd
CY2022Q3 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
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CY2022Q3 us-gaap Stockholders Equity
StockholdersEquity
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CY2020Q4 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q2 us-gaap Stock Issued During Period Value Conversion Of Convertible Securities
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CY2021Q2 us-gaap Dividends Cash
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CY2021Q2 us-gaap Stock Repurchased During Period Value
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214000 usd
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3650000 usd
CY2021Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
52816000 usd
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AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
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CY2021Q3 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
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CY2021Q3 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
768000 usd
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OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
4050000 usd
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
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us-gaap Net Income Loss
NetIncomeLoss
140292000 usd
us-gaap Net Income Loss
NetIncomeLoss
89683000 usd
us-gaap Depreciation
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us-gaap Depreciation
Depreciation
9251000 usd
hayw Amortization Of Total Intangible Assets
AmortizationOfTotalIntangibleAssets
18188000 usd
hayw Amortization Of Total Intangible Assets
AmortizationOfTotalIntangibleAssets
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AmortizationOfFinancingCosts
1478000 usd
us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2253000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
3632000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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us-gaap Deferred Income Taxes And Tax Credits
DeferredIncomeTaxesAndTaxCredits
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ReceivablesCreditLossExpenseReversal
1232000 usd
hayw Receivables Credit Loss Expense Reversal
ReceivablesCreditLossExpenseReversal
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us-gaap Gains Losses On Extinguishment Of Debt
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Gain Loss On Sale Of Property Plant Equipment
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us-gaap Increase Decrease In Accounts Receivable
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IncreaseDecreaseInAccountsReceivable
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us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
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us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
1534000 usd
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us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
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IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilities
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hayw Increase Decrease In Accounts Payable Accrued Liabilities And Other Liabilities
IncreaseDecreaseInAccountsPayableAccruedLiabilitiesAndOtherLiabilities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Intangible Assets
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us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
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ProceedsFromSaleOfPropertyPlantAndEquipment
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us-gaap Net Cash Provided By Used In Investing Activities
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ProceedsFromIssuanceInitialPublicOffering
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us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
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us-gaap Payments Of Stock Issuance Costs
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us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1044000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Proceeds From Issuance Of Long Term Debt
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us-gaap Payments Of Debt Issuance Costs
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us-gaap Repayments Of Long Term Debt
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us-gaap Proceeds From Lines Of Credit
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us-gaap Proceeds From Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Proceeds From Short Term Debt
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us-gaap Repayments Of Short Term Debt
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us-gaap Repayments Of Short Term Debt
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us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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108965000 usd
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us-gaap Interest Paid Net
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us-gaap Interest Paid Net
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us-gaap Income Taxes Paid Net
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1531000 usd
us-gaap Capital Lease Obligations Incurred
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us-gaap Nature Of Operations
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<div style="margin-bottom:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%"><br/>1. Nature of Operations and Organization</span></div><div style="margin-bottom:6pt;text-indent:18pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Hayward Holdings, Inc. (“Holdings,” the “Company,” “we” or “us”) is a global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. The Company has nine manufacturing </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Florida, California, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spain (three) and China, and other facilities in the United States, Canada, France and Australia. Cash flow is impacted by the seasonality of the swimming pool business. Cash flow is usually higher in the second and third quarters d</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ue to terms of sale to our customers.</span></div>We establish actual interim closing dates using a fiscal calendar in which our fiscal quarters end on the Saturday closest to the calendar quarter end, with the exception of year-end which ends on December 31 of each fiscal year. The interim closing dates for the first, second and third quarters of 2022 are April 2, July 2, and October 1, compared to the respective April 3, July 3, and October 2, 2021 dates. We had one fewer working day in the three and six months ended July 2, 2022 than in the respective 2021 periods.
CY2022Q3 hayw Number Of Manufacturing Facilities
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CY2022Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2021Q4 us-gaap Inventory Raw Materials And Supplies Net Of Reserves
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124545000 usd
CY2022Q3 us-gaap Inventory Work In Process Net Of Reserves
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21768000 usd
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22669000 usd
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148528000 usd
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InventoryFinishedGoodsNetOfReserves
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CY2022Q3 us-gaap Inventory Net
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CY2021Q4 us-gaap Inventory Net
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42490000 usd
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26919000 usd
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24174000 usd
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46522000 usd
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18606000 usd
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10263000 usd
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8842000 usd
CY2022Q3 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
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CY2022Q3 us-gaap Operating Lease Liability Current
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OperatingLeaseLiabilityCurrent
7546000 usd
CY2022Q3 us-gaap Restructuring Reserve Current
RestructuringReserveCurrent
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