$SWIM
Latham Group, Inc.

2023 Q4 Form 10-Q Financial Statement

#000155837023018016 Filed on November 07, 2023

View on sec.gov

Income Statement

Concept 2023 Q4
Revenue $90.87M
YoY Change -52.02%
Cost Of Revenue $69.67M
YoY Change -46.62%
Gross Profit $21.20M
YoY Change -64.0%
Gross Profit Margin 23.33%
Selling, General & Admin $23.60M
YoY Change -11.78%
% of Gross Profit 111.34%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.97M
YoY Change 14.72%
% of Gross Profit 51.74%
Operating Expenses $30.22M
YoY Change 12.96%
Operating Profit -$9.020M
YoY Change -136.12%
Interest Expense -$8.391M
YoY Change -296.79%
% of Operating Profit
Other Income/Expense, Net $1.209M
YoY Change -122.74%
Pretax Income -$16.20M
YoY Change -177.21%
Income Tax -$16.31M
% Of Pretax Income
Net Earnings $112.0K
YoY Change -99.06%
Net Earnings / Revenue 0.12%
Basic Earnings Per Share
Diluted Earnings Per Share $0.00
COMMON SHARES
Basic Shares Outstanding 114.8M
Diluted Shares Outstanding

Balance Sheet

Concept 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $102.8M
YoY Change 235.61%
Cash & Equivalents $102.8M
Short-Term Investments
Other Short-Term Assets $7.327M
YoY Change -9.69%
Inventory $97.14M
Prepaid Expenses
Receivables $30.41M
Other Receivables $983.0K
Total Short-Term Assets $238.6M
YoY Change -24.06%
LONG-TERM ASSETS
Property, Plant & Equipment $147.7M
YoY Change 75.54%
Goodwill $131.4M
YoY Change 2.55%
Intangibles $282.8M
YoY Change -10.24%
Long-Term Investments $25.94M
YoY Change -0.05%
Other Assets $8.576M
YoY Change 42.27%
Total Long-Term Assets $596.4M
YoY Change -1.63%
TOTAL ASSETS
Total Short-Term Assets $238.6M
Total Long-Term Assets $596.4M
Total Assets $835.0M
YoY Change -9.29%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.13M
YoY Change -58.28%
Accrued Expenses $41.61M
YoY Change -35.07%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $22.00M
YoY Change 576.8%
Total Short-Term Liabilities $86.21M
YoY Change -25.63%
LONG-TERM LIABILITIES
Long-Term Debt $283.2M
YoY Change -8.65%
Other Long-Term Liabilities $26.27M
YoY Change 3436.07%
Total Long-Term Liabilities $309.5M
YoY Change -0.41%
TOTAL LIABILITIES
Total Short-Term Liabilities $86.21M
Total Long-Term Liabilities $309.5M
Total Liabilities $435.8M
YoY Change -16.59%
SHAREHOLDERS EQUITY
Retained Earnings -$56.96M
YoY Change 60.28%
Common Stock $11.00K
YoY Change -8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $399.2M
YoY Change
Total Liabilities & Shareholders Equity $835.0M
YoY Change -9.29%

Cashflow Statement

Concept 2023 Q4
OPERATING ACTIVITIES
Net Income $112.0K
YoY Change -99.06%
Depreciation, Depletion And Amortization $10.97M
YoY Change 14.72%
Cash From Operating Activities $28.25M
YoY Change 38.99%
INVESTING ACTIVITIES
Capital Expenditures $4.916M
YoY Change -140.12%
Acquisitions
YoY Change
Other Investing Activities $1.463M
YoY Change 146200.0%
Cash From Investing Activities -$3.453M
YoY Change -71.81%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.001M
YoY Change 23.28%
NET CHANGE
Cash From Operating Activities 28.25M
Cash From Investing Activities -3.453M
Cash From Financing Activities -1.001M
Net Change In Cash 23.79M
YoY Change 227.76%
FREE CASH FLOW
Cash From Operating Activities $28.25M
Capital Expenditures $4.916M
Free Cash Flow $23.33M
YoY Change -28.38%

Facts In Submission

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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;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”), 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, 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>
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 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>
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:18pt;margin:0pt 0pt 12pt 0pt;">Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.</p>
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253000
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CY2023Q3 us-gaap Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q3 swim Operating And Finance Lease Liability Payments Due Next Twelve Months
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CY2023Q3 swim Operating And Finance Lease Liability Payments Due Year Four
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CY2023Q3 swim Operating And Finance Lease Liability Payments Due
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CY2023Q3 swim Operating And Finance Lease Liability Undiscounted Excess Amount
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CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
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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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CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2023Q3 us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Basic
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CY2023Q3 us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2023Q3 swim Common Stock Issued And Outstanding Accounting Measure
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CY2022Q4 swim Common Stock Issued And Outstanding Accounting Measure
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112091756
CY2023Q3 us-gaap Restructuring Costs
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CY2023Q3 us-gaap Severance Costs1
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us-gaap Business Exit Costs1
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CY2022 us-gaap Business Exit Costs1
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CY2023Q3 ecd Rule10b51 Arr Adopted Flag
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CY2023Q3 ecd Rule10b51 Arr Trmntd Flag
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CY2023Q3 ecd Non Rule10b51 Arr Adopted Flag
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false
CY2023Q3 ecd Non Rule10b51 Arr Trmntd Flag
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false

Files In Submission

Name View Source Status
swim-20230930_cal.xml Edgar Link unprocessable
swim-20230930_lab.xml Edgar Link unprocessable
swim-20230930_pre.xml Edgar Link unprocessable
0001558370-23-018016-index-headers.html Edgar Link pending
0001558370-23-018016-index.html Edgar Link pending
0001558370-23-018016.txt Edgar Link pending
0001558370-23-018016-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
R1.htm Edgar Link pending
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FilingSummary.xml Edgar Link unprocessable
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report.css Edgar Link pending
Show.js Edgar Link pending
swim-20230930.xsd Edgar Link pending
swim-20230930x10q.htm Edgar Link pending
swim-20230930xex31d1.htm Edgar Link pending
swim-20230930xex31d2.htm Edgar Link pending
swim-20230930xex32d1.htm Edgar Link pending
swim-20230930xex32d2.htm Edgar Link pending
swim-20230930_def.xml Edgar Link unprocessable
swim-20230930x10q_htm.xml Edgar Link completed