2024 Q3 Form 10-Q Financial Statement

#000183462224000093 Filed on July 30, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $227.6M $284.4M
YoY Change -19.74% 35.34%
Cost Of Revenue $114.5M $139.3M
YoY Change -22.14% 24.11%
Gross Profit $113.1M $145.1M
YoY Change -17.15% 48.21%
Gross Profit Margin 49.7% 51.02%
Selling, General & Admin $64.51M $63.16M
YoY Change 11.77% 15.06%
% of Gross Profit 57.04% 43.53%
Research & Development $6.449M $6.119M
YoY Change -6.17% 2.38%
% of Gross Profit 5.7% 4.22%
Depreciation & Amortization $14.12M $13.26M
YoY Change 4.42% 203.99%
% of Gross Profit 12.48% 9.14%
Operating Expenses $70.96M $69.27M
YoY Change -1.76% 13.82%
Operating Profit $33.42M $68.03M
YoY Change -48.02% 144.28%
Interest Expense -$13.21M -$16.80M
YoY Change -30.95% -13.23%
% of Operating Profit -39.53% -24.7%
Other Income/Expense, Net -$12.50M -$21.08M
YoY Change 1900.64% 13.32%
Pretax Income $20.91M $46.95M
YoY Change -51.61% 407.8%
Income Tax $4.411M $9.365M
% Of Pretax Income 21.09% 19.95%
Net Earnings $16.50M $37.58M
YoY Change -43.98% 346.86%
Net Earnings / Revenue 7.25% 13.21%
Basic Earnings Per Share $0.08 $0.17
Diluted Earnings Per Share $0.07 $0.17
COMMON SHARES
Basic Shares Outstanding 215.1M shares 214.9M shares
Diluted Shares Outstanding 221.4M shares 221.3M shares

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $274.2M $215.1M
YoY Change 33.75% 424.18%
Cash & Equivalents $274.2M $215.1M
Short-Term Investments $0.00 $0.00
Other Short-Term Assets $18.90M $17.58M
YoY Change -36.63% -1.81%
Inventory $229.4M $213.6M
Prepaid Expenses $15.54M $15.79M
Receivables $99.93M $148.2M
Other Receivables $11.63M $0.00
Total Short-Term Assets $649.6M $610.2M
YoY Change 2.5% -10.05%
LONG-TERM ASSETS
Property, Plant & Equipment $164.7M $160.7M
YoY Change 5.64% 5.85%
Goodwill $953.2M $951.9M
YoY Change 2.01% 2.02%
Intangibles $736.0M $736.0M
YoY Change 0.0% 0.0%
Long-Term Investments
YoY Change
Other Assets $84.17M $90.01M
YoY Change -19.39% -8.54%
Total Long-Term Assets $2.240B $2.252B
YoY Change -0.43% 0.23%
TOTAL ASSETS
Total Short-Term Assets $649.6M $610.2M
Total Long-Term Assets $2.240B $2.252B
Total Assets $2.890B $2.863B
YoY Change 0.22% -2.15%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $73.56M $69.39M
YoY Change 37.03% 23.7%
Accrued Expenses $159.7M $138.3M
YoY Change 21.91% 14.33%
Deferred Revenue $2.197M $1.871M
YoY Change -17.09% -45.66%
Short-Term Debt $3.956M $5.744M
YoY Change
Long-Term Debt Due $14.08M $14.26M
YoY Change -4.19% -2.12%
Total Short-Term Liabilities $248.2M $235.4M
YoY Change 22.84% 20.71%
LONG-TERM LIABILITIES
Long-Term Debt $959.9M $959.8M
YoY Change -11.24% -17.9%
Other Long-Term Liabilities $69.27M $67.39M
YoY Change 2.32% -2.93%
Total Long-Term Liabilities $69.27M $67.39M
YoY Change -93.97% -2.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $248.2M $235.4M
Total Long-Term Liabilities $69.27M $67.39M
Total Liabilities $1.517B $1.505B
YoY Change -6.02% -11.22%
SHAREHOLDERS EQUITY
Retained Earnings $644.8M $628.3M
YoY Change 19.84% 23.53%
Common Stock $244.0K $244.0K
YoY Change 0.83% 0.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.373B $1.357B
YoY Change
Total Liabilities & Shareholders Equity $2.890B $2.863B
YoY Change 0.22% -2.15%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $16.50M $37.58M
YoY Change -43.98% 346.86%
Depreciation, Depletion And Amortization $14.12M $13.26M
YoY Change 4.42% 203.99%
Cash From Operating Activities $65.92M $287.0M
YoY Change -74.39% -415.84%
INVESTING ACTIVITIES
Capital Expenditures $6.846M $4.774M
YoY Change -27.66% -23.48%
Acquisitions
YoY Change
Other Investing Activities $994.0K -$62.37M
YoY Change 19780.0%
Cash From Investing Activities -$5.852M -$67.14M
YoY Change -38.13% 976.13%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -2.241M -120.5M
YoY Change -97.35% -247.4%
NET CHANGE
Cash From Operating Activities 65.92M 287.0M
Cash From Investing Activities -5.852M -67.14M
Cash From Financing Activities -2.241M -120.5M
Net Change In Cash 57.83M 99.38M
YoY Change -64.58% -755.96%
FREE CASH FLOW
Cash From Operating Activities $65.92M $287.0M
Capital Expenditures $6.846M $4.774M
Free Cash Flow $59.08M $282.3M
YoY Change -76.17% -390.64%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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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%">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 and manufacturer of pool and outdoor living technology. The Company has seven 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, Georgia, Tennessee, Rhode Island, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Spain (two) 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><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%">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 date for the first, second and third quarters of 2024 are March 30, June 29, and September 28, compared to the respective April 1, July 1, and September 30, 2023 dates. We had one fewer working day in the three months ended June 29, 2024 than in the respective 2023 period.</span></div>
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AcquisitionAndRestructuringRelatedExpenseIncome
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AcquisitionAndRestructuringRelatedExpenseIncome
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AcquisitionAndRestructuringRelatedExpenseIncome
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AmortizationOfIntangibleAssets
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us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
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AmortizationOfIntangibleAssets
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CY2024Q2 us-gaap Operating Income Loss
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CY2024Q2 us-gaap Gains Losses On Extinguishment Of Debt
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CY2024Q2 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
29453000 usd
us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
37863000 usd
CY2024Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2024Q2 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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CY2023Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
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us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
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EarningsPerShareDiluted
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CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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CY2023Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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4486000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
508000 usd
us-gaap Right Of Use Asset Obtained In Exchange For Finance Lease Liability
RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability
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CY2024Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
58785000 usd
CY2023Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
58638000 usd
CY2024Q2 us-gaap Operating Lease Liability Current
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8416000 usd
CY2023Q4 us-gaap Operating Lease Liability Current
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7828000 usd
CY2024Q2 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
58066000 usd
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
58642000 usd
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
66482000 usd
CY2023Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
66470000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
11041000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Before Accumulated Amortization
FinanceLeaseRightOfUseAssetBeforeAccumulatedAmortization
10858000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
2716000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset Accumulated Amortization
FinanceLeaseRightOfUseAssetAccumulatedAmortization
2415000 usd
CY2024Q2 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8325000 usd
CY2023Q4 us-gaap Finance Lease Right Of Use Asset
FinanceLeaseRightOfUseAsset
8443000 usd
CY2024Q2 us-gaap Finance Lease Liability Current
FinanceLeaseLiabilityCurrent
2098000 usd
CY2023Q4 us-gaap Finance Lease Liability Current
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2121000 usd
CY2024Q2 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
2144000 usd
CY2023Q4 us-gaap Finance Lease Liability Noncurrent
FinanceLeaseLiabilityNoncurrent
2608000 usd
CY2024Q2 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
4242000 usd
CY2023Q4 us-gaap Finance Lease Liability Payments Due
FinanceLeaseLiabilityPaymentsDue
4729000 usd
CY2024Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
100000000 shares
CY2024Q2 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2024Q2 us-gaap Common Stock Shares Authorized
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750000000 shares
CY2024Q2 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2024Q2 hayw Number Of Vote
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1 vote
CY2023Q3 us-gaap Common Stock Dividends Per Share Declared
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0
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us-gaap Common Stock Dividends Per Share Cash Paid
CommonStockDividendsPerShareCashPaid
0
CY2024Q2 srt Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
450000000 usd
CY2024Q2 us-gaap Treasury Stock Shares Acquired
TreasuryStockSharesAcquired
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CY2024Q2 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4600000 usd
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2100000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4100000 usd
CY2024Q2 hayw Number Of Equity Incentive Plans
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2 derivative_contract
CY2024Q2 us-gaap Business Exit Costs1
BusinessExitCosts1
284000 usd
CY2023Q3 us-gaap Business Exit Costs1
BusinessExitCosts1
768000 usd
us-gaap Business Exit Costs1
BusinessExitCosts1
788000 usd
us-gaap Business Exit Costs1
BusinessExitCosts1
2078000 usd
CY2023Q3 hayw Business Acquisition Transaction And Integration Related Costs
BusinessAcquisitionTransactionAndIntegrationRelatedCosts
541000 usd
hayw Business Acquisition Transaction And Integration Related Costs
BusinessAcquisitionTransactionAndIntegrationRelatedCosts
555000 usd
hayw Business Acquisition Transaction And Integration Related Costs
BusinessAcquisitionTransactionAndIntegrationRelatedCosts
794000 usd
CY2023Q3 hayw Acquisition And Restructuring Related Expense Income
AcquisitionAndRestructuringRelatedExpenseIncome
1309000 usd
hayw Acquisition And Restructuring Related Expense Income
AcquisitionAndRestructuringRelatedExpenseIncome
1343000 usd
hayw Acquisition And Restructuring Related Expense Income
AcquisitionAndRestructuringRelatedExpenseIncome
2872000 usd
CY2023Q4 us-gaap Restructuring Reserve
RestructuringReserve
2359000 usd
us-gaap Restructuring Costs
RestructuringCosts
788000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
2492000 usd
us-gaap Restructuring Reserve Settled Without Cash2
RestructuringReserveSettledWithoutCash2
67000 usd
CY2024Q2 us-gaap Restructuring Reserve
RestructuringReserve
722000 usd
CY2022Q4 us-gaap Restructuring Reserve
RestructuringReserve
2422000 usd
us-gaap Restructuring Costs
RestructuringCosts
2078000 usd
us-gaap Payments For Restructuring
PaymentsForRestructuring
3810000 usd
CY2023Q3 us-gaap Restructuring Reserve
RestructuringReserve
690000 usd
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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