$SWIM
Latham Group, Inc.

2021 Q4 Form 10-Q Financial Statement

#000155837021015513 Filed on November 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q4 2021 Q1 2020 Q4
Revenue $162.0M $0.00 $111.9M
YoY Change 44.71% -100.0%
Cost Of Revenue $111.0M $73.92M
YoY Change 50.12%
Gross Profit $50.99M $38.00M
YoY Change 34.18%
Gross Profit Margin 31.48% 33.96%
Selling, General & Admin $48.07M $34.64M
YoY Change 38.78%
% of Gross Profit 94.27% 91.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.019M $7.904M
YoY Change 1.45%
% of Gross Profit 15.73% 20.8%
Operating Expenses $48.07M $39.81M
YoY Change 20.74%
Operating Profit -$2.566M -$1.809M
YoY Change 41.85%
Interest Expense -$3.461M -$4.643M
YoY Change -25.46%
% of Operating Profit
Other Income/Expense, Net -$1.733M $2.232M
YoY Change -177.64%
Pretax Income -$3.489M -$4.195M
YoY Change -16.83%
Income Tax $7.807M $2.883M -$1.475M
% Of Pretax Income
Net Earnings -$11.30M -$2.883M -$2.720M
YoY Change 315.29% -81.34%
Net Earnings / Revenue -6.97% -2.43%
Basic Earnings Per Share -$0.10
Diluted Earnings Per Share -$0.10 -$14.19K
COMMON SHARES
Basic Shares Outstanding 112.2M
Diluted Shares Outstanding 112.2M

Balance Sheet

Concept 2021 Q4 2021 Q1 2020 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.87M
YoY Change
Cash & Equivalents $43.95M $59.31M
Short-Term Investments
Other Short-Term Assets $10.68M
YoY Change
Inventory $109.6M $64.82M
Prepaid Expenses
Receivables $60.75M $32.76M
Other Receivables $6.129M
Total Short-Term Assets $229.1M $167.3M
YoY Change 36.9%
LONG-TERM ASSETS
Property, Plant & Equipment $63.51M $47.36M
YoY Change 34.1%
Goodwill $128.9M $115.8M
YoY Change 11.36% 13.85%
Intangibles $338.3M $289.5M
YoY Change 16.87%
Long-Term Investments $23.36M $25.38M
YoY Change -7.97%
Other Assets $765.0K $0.00
YoY Change
Total Long-Term Assets $565.4M $479.4M
YoY Change 17.95%
TOTAL ASSETS
Total Short-Term Assets $229.1M $167.3M
Total Long-Term Assets $565.4M $479.4M
Total Assets $794.5M $646.7M
YoY Change 22.86%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.00M $26.92M
YoY Change 41.17%
Accrued Expenses $59.10M $53.48M
YoY Change 10.51%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.22M $13.04M
YoY Change 32.03%
Total Short-Term Liabilities $115.2M $93.94M
YoY Change 22.6%
LONG-TERM LIABILITIES
Long-Term Debt $263.2M $0.00 $208.5M
YoY Change 26.26%
Other Long-Term Liabilities $453.0K $1.943M
YoY Change -76.69%
Total Long-Term Liabilities $263.6M $0.00 $210.4M
YoY Change 25.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.2M $93.94M
Total Long-Term Liabilities $263.6M $0.00 $210.4M
Total Liabilities $440.8M $365.1M
YoY Change 20.76%
SHAREHOLDERS EQUITY
Retained Earnings -$48.58M $13.77M
YoY Change -452.95%
Common Stock $12.00K $12.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $353.6M $281.6M
YoY Change
Total Liabilities & Shareholders Equity $794.5M $646.7M
YoY Change 22.86%

Cashflow Statement

Concept 2021 Q4 2021 Q1 2020 Q4
OPERATING ACTIVITIES
Net Income -$11.30M -$2.883M -$2.720M
YoY Change 315.29% -81.34%
Depreciation, Depletion And Amortization $8.019M $7.904M
YoY Change 1.45%
Cash From Operating Activities $15.26M $8.533M $8.105M
YoY Change 88.27% -132.46%
INVESTING ACTIVITIES
Capital Expenditures -$6.275M -$6.587M
YoY Change -4.74%
Acquisitions
YoY Change
Other Investing Activities $7.152M -$100.1M
YoY Change -107.14%
Cash From Investing Activities $877.0K -$106.7M
YoY Change -100.82%
FINANCING ACTIVITIES
Cash Dividend Paid $110.0M
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.529M 81.81M
YoY Change -104.31%
NET CHANGE
Cash From Operating Activities 15.26M 8.533M 8.105M
Cash From Investing Activities 877.0K -106.7M
Cash From Financing Activities -3.529M 81.81M
Net Change In Cash 12.61M 8.533M -16.77M
YoY Change -175.17% -134.86%
FREE CASH FLOW
Cash From Operating Activities $15.26M $8.533M $8.105M
Capital Expenditures -$6.275M -$6.587M
Free Cash Flow $21.53M $14.69M
YoY Change 46.57%

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us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:center;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><b style="font-weight:bold;">Notes to Condensed Consolidated Financial Statements </b></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;">1. NATURE OF THE BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Latham Group, Inc. (“the Company”) wholly owns Latham Pool Products, Inc. (“Latham Pool Products”) (together, “Latham”) and is a designer, manufacturer and marketer of in-ground residential swimming pools in North America, Australia and New Zealand. Latham offers a portfolio of pools and related products, including in-ground swimming pools, pool liners and pool covers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On December 18, 2018, Latham Investment Holdings, LP (“Parent”), an investment fund managed by affiliates of Pamplona Capital Management (the “Sponsor”), Wynnchurch Capital, L.P. and management acquired all of the outstanding equity interests of Latham Topco., Inc., a newly incorporated entity in the State of Delaware. Latham Topco, Inc. changed its name to Latham Group, Inc. on March 3, 2021.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;font-weight:bold;">Initial Public Offering, Reorganization and Stock Split</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">On April 27, 2021, the Company completed its initial public offering (the “IPO”), pursuant to which it issued and sold 23,000,000 shares of common stock, inclusive of 3,000,000 shares sold by the Company pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $399.3 million, after deducting underwriting discounts and commissions and other offering costs. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Prior to the closing of the Company’s IPO on April 27, 2021 (the “Closing of the IPO”), the Company’s parent entity, Parent, merged with and into Latham Group, Inc., with Latham Group, Inc. surviving the merger (the “Reorganization”). The purpose of the Reorganization was to allow existing indirect owners of the Company to become direct shareholders of the Company.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">In connection with the Reorganization, Class A units of the Parent (the “Class A units”) were converted into shares of the Company’s common stock, and Class B units of the Parent (the “Class B units”) were converted into an economically equivalent number of restricted and unrestricted shares of the Company’s common stock on a pro rata basis. The Reorganization was accounted for as an equity reorganization between entities under common control. As the Class A units were akin to common shares as all holders held economic interest of the Parent and were entitled to distributions on a pro rata basis to their ownership, the conversion of Class A units to common shares as part of the Reorganization was considered to be equivalent to a stock split , which requires retrospective treatment for accounting purposes. Accordingly, all share and per share amounts in these condensed consolidated financial statements and related notes have been retroactively restated, where applicable, to give effect to the conversion ratio applied in connection with the Reorganization. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">Class B units were historically accounted for as compensatory arrangements in accordance with ASC 718 “<i style="font-style:italic;">Compensation – Stock Compensation</i>”, akin to stock appreciation rights, that, when vested, would share on the economic appreciation of the equity value of Parent over the agreed hurdles. As a result of the Reorganization, the Company determined that only vested Class B units are considered outstanding for accounting purposes. A portion of the Class B units vest based on continued employment by the holder, or time-vesting units, and the remaining Class B units vest upon defined performance and market conditions, or performance-vesting units. Therefore, the Company has considered any unvested restricted shares as contingently issuable shares until they vest. The conversion of time-vesting Class B units to restricted shares is retrospectively included in the weighted-average common shares outstanding for diluted net income (loss) per share using the treasury stock method for each period in which the individual unit holder’s threshold was met at the reporting date and therefore the individual unit holder would have participated in a hypothetical distribution to the Parent unit holders. The conversion of performance-vesting Class B units to restricted shares is not included in the shares outstanding for diluted net income (loss) per share for any period prior to the Reorganization and IPO as the performance vesting thresholds were not satisfied and the performance units were not considered probable to vest historically.</p>
us-gaap Use Of Estimates
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Use of Estimates</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends and other market-specific or other relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and revised as there are changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known.</p>
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97122885
CY2021Q4 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.10
CY2020Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.18
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.51
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.19
CY2021Q4 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.10
CY2020Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.18
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.51
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.19
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
CY2021Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
161957000
CY2020Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
127512000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
491592000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
291468000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
58767000
CY2020Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
47357000

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