$SWIM
Latham Group, Inc.

2022 Q1 Form 10-K Financial Statement

#000155837022003292 Filed on March 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q4 2021
Revenue $162.0M $630.5M
YoY Change 44.71% 56.29%
Cost Of Revenue $111.0M $426.3M
YoY Change 50.12% 63.57%
Gross Profit $50.99M $204.2M
YoY Change 34.18% 43.0%
Gross Profit Margin 31.48% 32.38%
Selling, General & Admin $48.07M $217.8M
YoY Change 38.78% 154.63%
% of Gross Profit 94.27% 106.67%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.019M $32.23M
YoY Change 1.45% 27.06%
% of Gross Profit 15.73% 15.79%
Operating Expenses $48.07M $217.8M
YoY Change 20.74% 154.63%
Operating Profit -$2.566M -$36.18M
YoY Change 41.85% -190.68%
Interest Expense -$3.461M -$22.21M
YoY Change -25.46% 21.37%
% of Operating Profit
Other Income/Expense, Net -$1.733M -$19.57M
YoY Change -177.64% 14.19%
Pretax Income -$3.489M -$53.53M
YoY Change -16.83% -335.2%
Income Tax $7.807M $8.818M
% Of Pretax Income
Net Earnings -$11.30M -$62.35M
YoY Change 315.29% -490.09%
Net Earnings / Revenue -6.97% -9.89%
Basic Earnings Per Share -$0.10 -$0.56
Diluted Earnings Per Share -$0.10 -$0.56
COMMON SHARES
Basic Shares Outstanding 119.5M 112.2M 110.6M
Diluted Shares Outstanding 112.2M 110.6M

Balance Sheet

Concept 2022 Q1 2021 Q4 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.87M $43.95M
YoY Change -25.88%
Cash & Equivalents $43.95M
Short-Term Investments
Other Short-Term Assets $10.68M $10.77M
YoY Change 76.49%
Inventory $109.6M $109.6M
Prepaid Expenses
Receivables $60.75M $60.75M
Other Receivables $6.129M $4.039M
Total Short-Term Assets $229.1M $229.1M
YoY Change 36.9% 36.92%
LONG-TERM ASSETS
Property, Plant & Equipment $63.51M $63.51M
YoY Change 34.1% 33.98%
Goodwill $128.9M
YoY Change 11.36%
Intangibles $338.3M
YoY Change 16.87%
Long-Term Investments $23.36M $23.36M
YoY Change -7.97% -8.02%
Other Assets $765.0K $11.37M
YoY Change 712.0%
Total Long-Term Assets $565.4M $565.4M
YoY Change 17.95% 17.94%
TOTAL ASSETS
Total Short-Term Assets $229.1M $229.1M
Total Long-Term Assets $565.4M $565.4M
Total Assets $794.5M $794.5M
YoY Change 22.86% 22.85%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $38.00M $38.85M
YoY Change 41.17% 28.21%
Accrued Expenses $59.10M $44.56M
YoY Change 10.51% 7.37%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $17.22M $17.22M
YoY Change 32.03% 32.46%
Total Short-Term Liabilities $115.2M $115.2M
YoY Change 22.6% 22.65%
LONG-TERM LIABILITIES
Long-Term Debt $263.2M $263.2M
YoY Change 26.26% 26.23%
Other Long-Term Liabilities $453.0K $6.142M
YoY Change -76.69% -91.52%
Total Long-Term Liabilities $263.6M $269.3M
YoY Change 25.31% -4.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $115.2M $115.2M
Total Long-Term Liabilities $263.6M $269.3M
Total Liabilities $440.8M $440.8M
YoY Change 20.76% 2.52%
SHAREHOLDERS EQUITY
Retained Earnings -$48.58M
YoY Change -452.95%
Common Stock $12.00K
YoY Change 0.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $353.6M $353.6M
YoY Change
Total Liabilities & Shareholders Equity $794.5M $794.5M
YoY Change 22.86% 22.85%

Cashflow Statement

Concept 2022 Q1 2021 Q4 2021
OPERATING ACTIVITIES
Net Income -$11.30M -$62.35M
YoY Change 315.29% -490.09%
Depreciation, Depletion And Amortization $8.019M $32.23M
YoY Change 1.45% 27.06%
Cash From Operating Activities $15.26M $33.69M
YoY Change 88.27% -46.66%
INVESTING ACTIVITIES
Capital Expenditures -$6.275M $24.98M
YoY Change -4.74% 53.56%
Acquisitions $90.51M
YoY Change 21.1%
Other Investing Activities $7.152M -$83.23M
YoY Change -107.14% -16.39%
Cash From Investing Activities $877.0K -$108.2M
YoY Change -100.82% -6.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $281.6M
YoY Change -533.48%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.529M 60.02M
YoY Change -104.31% 10.52%
NET CHANGE
Cash From Operating Activities 15.26M 33.69M
Cash From Investing Activities 877.0K -108.2M
Cash From Financing Activities -3.529M 60.02M
Net Change In Cash 12.61M -15.36M
YoY Change -175.17% -678.46%
FREE CASH FLOW
Cash From Operating Activities $15.26M $33.69M
Capital Expenditures -$6.275M $24.98M
Free Cash Flow $21.53M $8.715M
YoY Change 46.57% -81.42%

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CY2020 swim Capitalized Internal Use Software Costs Incurred But Not Yet Paid
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CY2021 us-gaap Nature Of Operations
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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;margin:0pt 0pt 12pt 0pt;"><span style="display:inline-block;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>NATURE OF THE BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Latham Group, Inc. (“the Company”) wholly owns Latham Pool Products, Inc. (“Latham Pool Products”) (together, “Latham”) and 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:36pt;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;font-style:italic;font-weight:bold;margin:0pt 0pt 12pt 0pt;">Stock Split, Initial Public Offering and Reorganization</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">On April 13, 2021, the Company’s certificate of incorporation was amended and restated. On April 13, 2021, the Company effected a 109,673.709-for-one stock split of its issued and outstanding shares of common stock. Accordingly, all share and per share data included in these consolidated financial statements and notes thereto have been adjusted retroactively to reflect the impact of the amended and restated certificate of incorporation and the stock split. Refer to Note 18 for additional detail.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;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:36pt;margin: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. (the “Reorganization”). Refer to Note 18 for additional detail.</p>
CY2021Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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CY2021 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:36pt;margin:0pt 0pt 12pt 0pt;">The preparation of the Company’s 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>
CY2021 swim Number Of Largest Customers
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1
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CY2021 us-gaap Guarantees Indemnifications And Warranties Policies
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CY2021 swim Product Warranty Term
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CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2020Q4 us-gaap Allowance For Doubtful Accounts Receivable
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CY2021 us-gaap Concentration Risk Credit Risk
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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;">Concentration of Credit Risk</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Financial instruments that subject the Company to concentrations of credit risk consist primarily of cash and trade receivables. The Company from time to time may have bank deposits in excess of insurance limits of the Federal Deposit Insurance Corporation. The Company also has bank deposits in international accounts. The Company has not historically sustained any credit losses in such accounts and believes it is not exposed to any significant credit risk related to its cash. The Company routinely reviews the financial strength of its customers before extending credit and believes that its trade receivables credit risk exposure is limited. Generally, the Company does not require collateral from its customers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">During the years ended December 31, 2021, 2020 and 2019, one customer represented approximately 25.0%, 22.3% and 25.7% of the Company’s net sales, respectively. As of December 31, 2021 and 2020, outstanding trade receivables related to this customer were $10.7 million and $5.4 million, respectively. The Company provides extended payment terms to qualified customers for sales under its “Early Buy” program, which allows customers to take delivery in December and receive payment terms for April through June of the following year.</p>
CY2019 swim Number Of Largest Customers
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CY2020 swim Number Of Largest Customers
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CY2020Q4 us-gaap Goodwill
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CY2021 us-gaap Prior Period Reclassification Adjustment Description
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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;">Reclassifications</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:36pt;margin:0pt 0pt 12pt 0pt;">Certain prior period balances have been reclassified to conform to the current period presentation in the consolidated financial statements and the accompanying notes.</p>
CY2021 us-gaap Business Acquisitions Pro Forma Revenue
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CY2019 us-gaap Business Acquisitions Pro Forma Revenue
BusinessAcquisitionsProFormaRevenue
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1712000
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CY2021 swim Return Of Equity Method Investments
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CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
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CY2020Q4 us-gaap Finite Lived Intangible Assets Net
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289473000
CY2021 us-gaap Amortization Of Intangible Assets
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22600000
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CY2019 us-gaap Amortization Of Intangible Assets
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15600000
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28158000
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CY2020 us-gaap Standard Product Warranty Accrual Warranties Issued
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CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
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CY2021 swim Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Converted Through Ipo
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CY2021 swim Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Converted Through Ipo Weighted Average Grant Date Fair Value
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0.43
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CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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CY2020 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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0.0020
CY2019 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
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CY2021Q2 swim Share Based Compensation Arrangement By Share Based Payment Award Maximum Grant Date Fair Value Of Cash And Equity Awards
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750000
CY2021 us-gaap Allocated Share Based Compensation Expense
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CY2020 us-gaap Allocated Share Based Compensation Expense
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1800000
CY2021 us-gaap Allocated Share Based Compensation Expense
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128800000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Accelerated Compensation Cost
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500000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
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49000000.0
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CY2021 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.3819
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
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CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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CY2021Q4 swim Common Stock Issued And Outstanding Accounting Measure
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CY2020Q4 swim Common Stock Issued And Outstanding Accounting Measure
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CY2020 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2020 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2019 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
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4893000
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Weighted Average Grant Date Fair Value
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CY2021 swim Number Of Classes Of Limited Partnership Interests
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CY2021Q2 us-gaap Common Stock Shares Authorized
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CY2020 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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317975000
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63506000
CY2020Q4 us-gaap Property Plant And Equipment Net
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47357000

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