2024 Q1 Form 10-K Financial Statement

#000183462224000010 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $212.6M $278.5M $992.5M
YoY Change 13.54% -24.48%
Cost Of Revenue $108.0M $141.3M $515.5M
YoY Change 2.8% -28.11%
Gross Profit $104.6M $137.1M $477.0M
YoY Change 27.23% -20.11%
Gross Profit Margin 49.2% 49.25% 48.06%
Selling, General & Admin $60.01M $61.55M $233.6M
YoY Change 21.9% -6.11%
% of Gross Profit 57.39% 44.88% 48.98%
Research & Development $6.302M $5.520M $24.55M
YoY Change -10.13% 9.79%
% of Gross Profit 6.03% 4.03% 5.15%
Depreciation & Amortization $4.310M $12.24M $16.00M
YoY Change -16.05% -72.24%
% of Gross Profit 4.12% 8.93% 3.35%
Operating Expenses $66.32M $74.65M $258.2M
YoY Change 31.82% -14.88%
Operating Profit $30.86M $62.48M $175.2M
YoY Change 54.89% -40.35%
Interest Expense -$18.59M -$17.65M -$7.084M
YoY Change 26.6% -86.21%
% of Operating Profit -60.25% -28.24% -4.04%
Other Income/Expense, Net -$17.95M $1.247M -$74.14M
YoY Change -109.1% -145462.75%
Pretax Income $12.91M $39.09M $101.1M
YoY Change 46.77% -56.84%
Income Tax $3.065M $8.057M $20.40M
% Of Pretax Income 23.75% 20.61% 20.18%
Net Earnings $9.840M $31.04M $80.69M
YoY Change 34.43% -55.01%
Net Earnings / Revenue 4.63% 11.15% 8.13%
Basic Earnings Per Share $0.05 $0.38
Diluted Earnings Per Share $0.04 $0.14 $0.37
COMMON SHARES
Basic Shares Outstanding 214.3M shares 213.7M shares 213.1M shares
Diluted Shares Outstanding 221.1M shares 220.7M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.9M $203.1M $203.1M
YoY Change 178.57% 261.53%
Cash & Equivalents $115.9M $178.1M $178.1M
Short-Term Investments $0.00 $25.00M $25.00M
Other Short-Term Assets $15.87M $11.26M $25.60M
YoY Change -78.07% -29.23%
Inventory $220.9M $215.2M $215.2M
Prepaid Expenses $10.88M $14.33M
Receivables $351.3M $270.9M $270.9M
Other Receivables $5.839M $9.994M $9.994M
Total Short-Term Assets $720.6M $724.7M $724.7M
YoY Change 28.9% 18.37%
LONG-TERM ASSETS
Property, Plant & Equipment $160.0M $159.0M $159.0M
YoY Change 7.11% 6.11%
Goodwill $932.6M $935.0M
YoY Change 0.86%
Intangibles $736.0M $1.772B
YoY Change 140.81%
Long-Term Investments
YoY Change
Other Assets $87.31M $91.16M $91.16M
YoY Change -18.14% -15.06%
Total Long-Term Assets $2.207B $2.222B $2.222B
YoY Change -2.05% -1.82%
TOTAL ASSETS
Total Short-Term Assets $720.6M $724.7M $724.7M
Total Long-Term Assets $2.207B $2.222B $2.222B
Total Assets $2.928B $2.946B $2.946B
YoY Change 4.09% 2.48%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $75.88M $68.94M $68.94M
YoY Change 5.49% 27.62%
Accrued Expenses $114.6M $155.5M $155.5M
YoY Change 2.32% -0.36%
Deferred Revenue $4.258M $4.021M
YoY Change -54.59%
Short-Term Debt $573.0K $0.00 $0.00
YoY Change
Long-Term Debt Due $15.59M $15.09M $15.09M
YoY Change 26.19% 3.83%
Total Short-Term Liabilities $214.0M $239.7M $239.7M
YoY Change 4.52% 3.13%
LONG-TERM LIABILITIES
Long-Term Debt $1.078B $1.079B $1.079B
YoY Change 1.15% -0.53%
Other Long-Term Liabilities $66.38M $66.90M $66.90M
YoY Change -6.47% -4.98%
Total Long-Term Liabilities $66.38M $66.90M $1.146B
YoY Change -6.47% -0.8%
TOTAL LIABILITIES
Total Short-Term Liabilities $214.0M $239.7M $239.7M
Total Long-Term Liabilities $66.38M $66.90M $1.146B
Total Liabilities $1.607B $1.635B $1.635B
YoY Change 0.04% -1.04%
SHAREHOLDERS EQUITY
Retained Earnings $590.7M $580.9M
YoY Change 19.96%
Common Stock $244.0K $243.0K
YoY Change 1.25%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.320B $1.311B $1.311B
YoY Change
Total Liabilities & Shareholders Equity $2.928B $2.946B $2.946B
YoY Change 4.09% 2.48%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $9.840M $31.04M $80.69M
YoY Change 34.43% -55.01%
Depreciation, Depletion And Amortization $4.310M $12.24M $16.00M
YoY Change -16.05% -72.24%
Cash From Operating Activities -$77.20M -$32.40M $184.5M
YoY Change -140.5% 59.16%
INVESTING ACTIVITIES
Capital Expenditures $5.932M $8.371M $30.99M
YoY Change -209.03% 4.62%
Acquisitions $0.00
YoY Change -100.0%
Other Investing Activities $25.05M -$24.40M -$24.39M
YoY Change -61.26%
Cash From Investing Activities $19.12M -$32.77M -$55.38M
YoY Change 326.82% -40.18%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $340.0K
YoY Change -100.1%
Debt Paid & Issued, Net $3.230M $12.52M
YoY Change 19.85%
Cash From Financing Activities -$3.082M -2.414M -$7.612M
YoY Change -97.7% -96.68%
NET CHANGE
Cash From Operating Activities -$77.20M -32.40M $184.5M
Cash From Investing Activities $19.12M -32.77M -$55.38M
Cash From Financing Activities -$3.082M -2.414M -$7.612M
Net Change In Cash -$62.22M -67.58M $121.9M
YoY Change 107.71% -159.22%
FREE CASH FLOW
Cash From Operating Activities -$77.20M -$32.40M $184.5M
Capital Expenditures $5.932M $8.371M $30.99M
Free Cash Flow -$83.14M -$40.77M $153.5M
YoY Change -146.5% 77.88%

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CY2022 hayw Amortization Of Total Intangible Assets
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121920000 usd
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CY2023 us-gaap Nature Of Operations
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Nature of Operations and OrganizationHayward Holdings, Inc. (the “Company”) is a global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. The Company has six primary manufacturing facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Spain (two) and China, and other facilities in the United States, Canada, France, Spain 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 due to the terms of sale to customers
CY2023Q4 hayw Number Of Manufacturing Facilities
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<div style="margin-bottom:6pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Use of Estimates</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%">The preparation of financial statements in conformity with generally accepted accounting principles requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant items subject to estimates and assumptions include the valuation of allowances for receivables, inventories, the carrying value of goodwill and other intangible assets, fair value measurements, derivative financial instruments, revenue recognition, income taxes, stock-based compensation, self-insurance and warranty obligations and the fair value of acquired assets and liabilities. Actual results may differ significantly from those estimates.</span></div>
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CY2023 us-gaap Concentration Risk Credit Risk
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<div style="margin-bottom:6pt;padding-right:62.65pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Concentration of Credit Risks</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%">The Company’s largest customer accounted for approximately 36% and 35% of consolidated sales for the years ended December 31, 2023 and 2022, respectively and represented 38% and 30% of total accounts receivable at December 31, 2023 and 2022, respectively. No other customer accounted for sales greater than 10% of consolidated sales. The Company’s sales to this customer are included in both the North America and Europe &amp; Rest of World reportable segments. One other customer accounted for greater than 10% of total accounts receivable for the year ended December 31, 2023 with approximately 10% of total accounts receivable. The Company has adequate availability of suppliers. The loss of any one supplier would not have a long-term material effect on the Company’s operations.</span></div>
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CY2023Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
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CY2023 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2021 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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