2024 Q2 Form 10-Q Financial Statement

#000155837024007191 Filed on May 08, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1 2023 Q2
Revenue $160.1M $110.6M $137.7M
YoY Change 16.27% -28.13%
Cost Of Revenue $107.1M $80.04M $104.3M
YoY Change 2.64% -13.73%
Gross Profit $53.02M $30.59M $33.37M
YoY Change 58.89% -52.77%
Gross Profit Margin 33.11% 27.65% 24.23%
Selling, General & Admin $26.59M $26.25M $33.06M
YoY Change -19.57% -26.91%
% of Gross Profit 50.15% 85.82% 99.06%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $10.59M $10.37M $9.258M
YoY Change 14.42% -2.49%
% of Gross Profit 19.98% 33.91% 27.74%
Operating Expenses $26.59M $26.25M $33.06M
YoY Change -19.57% -26.91%
Operating Profit $20.01M -$2.073M -$6.319M
YoY Change -416.6% -192.93%
Interest Expense -$5.481M $4.982M $10.80M
YoY Change -150.73% 512.12%
% of Operating Profit -27.4%
Other Income/Expense, Net -$6.817M -$6.568M -$11.01M
YoY Change -38.11% 125.93%
Pretax Income $13.72M -$7.332M -$17.30M
YoY Change -179.33% -801.09%
Income Tax $442.0K $532.0K -$2.928M
% Of Pretax Income 3.22%
Net Earnings $13.28M -$7.864M -$14.37M
YoY Change -192.42% 405.92%
Net Earnings / Revenue 8.29% -7.11% -10.43%
Basic Earnings Per Share $0.12 -$0.07 -$0.13
Diluted Earnings Per Share $0.11 -$0.07 -$0.13
COMMON SHARES
Basic Shares Outstanding 115.6M 115.4M 112.1M
Diluted Shares Outstanding 117.0M 115.0M 112.1M

Balance Sheet

Concept 2024 Q2 2024 Q1 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $90.77M $43.81M $55.02M
YoY Change 64.98% 194.87%
Cash & Equivalents $90.77M $43.81M $55.02M
Short-Term Investments
Other Short-Term Assets $9.428M $6.996M $6.579M
YoY Change 43.3% -43.18%
Inventory $83.67M $95.15M $149.6M
Prepaid Expenses
Receivables $65.87M $73.94M $102.4M
Other Receivables $1.648M $1.411M $5.132M
Total Short-Term Assets $251.4M $221.3M $318.7M
YoY Change -21.11% 1.68%
LONG-TERM ASSETS
Property, Plant & Equipment $112.7M $112.8M $105.2M
YoY Change 7.12% 55.02%
Goodwill $131.2M $131.0M $131.2M
YoY Change 0.0% 1.23%
Intangibles $269.7M $275.9M $302.3M
YoY Change -10.79% -8.83%
Long-Term Investments $24.92M $26.34M $25.13M
YoY Change -0.84% 5.14%
Other Assets $9.530M $8.717M $9.050M
YoY Change 5.3% 96.23%
Total Long-Term Assets $578.6M $587.3M $611.0M
YoY Change -5.3% 1.58%
TOTAL ASSETS
Total Short-Term Assets $251.4M $221.3M $318.7M
Total Long-Term Assets $578.6M $587.3M $611.0M
Total Assets $830.0M $808.6M $929.7M
YoY Change -10.72% 1.62%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $26.57M $25.02M $48.84M
YoY Change -45.6% -12.56%
Accrued Expenses $47.54M $41.82M $53.60M
YoY Change -11.31% -6.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $3.250M $3.250M $3.250M
YoY Change 0.0% 0.0%
Total Short-Term Liabilities $78.14M $70.88M $106.3M
YoY Change -26.48% -14.32%
LONG-TERM LIABILITIES
Long-Term Debt $279.1M $279.5M $357.2M
YoY Change -21.86% 11.32%
Other Long-Term Liabilities $3.107M $3.386M $2.777M
YoY Change 11.88% 288.94%
Total Long-Term Liabilities $282.2M $282.9M $360.0M
YoY Change -21.6% 11.93%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.14M $70.88M $106.3M
Total Long-Term Liabilities $282.2M $282.9M $360.0M
Total Liabilities $421.9M $416.8M $554.6M
YoY Change -23.93% 3.71%
SHAREHOLDERS EQUITY
Retained Earnings -$51.54M -$64.82M -$68.94M
YoY Change -25.23% 33.3%
Common Stock $12.00K $11.00K $11.00K
YoY Change 9.09% -8.33%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $408.1M $391.8M $375.0M
YoY Change
Total Liabilities & Shareholders Equity $830.0M $808.6M $929.7M
YoY Change -10.72% 1.62%

Cashflow Statement

Concept 2024 Q2 2024 Q1 2023 Q2
OPERATING ACTIVITIES
Net Income $13.28M -$7.864M -$14.37M
YoY Change -192.42% 405.92%
Depreciation, Depletion And Amortization $10.59M $10.37M $9.258M
YoY Change 14.42% -2.49%
Cash From Operating Activities $52.42M -$34.51M -$14.48M
YoY Change -462.14% -74.81%
INVESTING ACTIVITIES
Capital Expenditures $4.488M $5.345M $9.942M
YoY Change -54.86% 49.14%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.488M -$5.345M -$9.942M
YoY Change -54.86% 49.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.003M -19.00M 47.09M
YoY Change -102.13% 19.96%
NET CHANGE
Cash From Operating Activities 52.42M -34.51M -14.48M
Cash From Investing Activities -4.488M -5.345M -9.942M
Cash From Financing Activities -1.003M -19.00M 47.09M
Net Change In Cash 46.93M -58.95M 22.39M
YoY Change 109.61% -188.52%
FREE CASH FLOW
Cash From Operating Activities $52.42M -$34.51M -$14.48M
Capital Expenditures $4.488M $5.345M $9.942M
Free Cash Flow $47.94M -$39.86M -$24.42M
YoY Change -296.31% -61.93%

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CY2024Q1 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 in-ground swimming pools and related products, including pool liners and pool covers.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:italic;margin:0pt 0pt 12pt 0pt;"><span style="font-weight:bold;">Stock Split, Initial Public Offering and Reorganization</span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-indent:18pt;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 condensed 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. </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;">Prior to the closing of the Company’s IPO, the Company’s parent entity, Latham Investment Holdings, L.P., merged with and into Latham Group, Inc.</p>
CY2021Q2 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
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CY2024Q1 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>
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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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EarningsPerShareBasic
-0.13
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.07
CY2023Q2 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.13
CY2024Q1 swim Common Stock Issued And Outstanding Accounting Measure
CommonStockIssuedAndOutstandingAccountingMeasure
115346803
CY2023Q4 swim Common Stock Issued And Outstanding Accounting Measure
CommonStockIssuedAndOutstandingAccountingMeasure
114828896
CY2024Q1 us-gaap Business Exit Costs1
BusinessExitCosts1
100000
CY2023 us-gaap Business Exit Costs1
BusinessExitCosts1
200000
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
FilingSummary.xml Edgar Link unprocessable
0001558370-24-007191-index-headers.html Edgar Link pending
0001558370-24-007191-index.html Edgar Link pending
0001558370-24-007191.txt Edgar Link pending
0001558370-24-007191-xbrl.zip Edgar Link pending
swim-20240330_cal.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
Show.js Edgar Link pending
swim-20240330.xsd Edgar Link pending
swim-20240330x10q.htm Edgar Link pending
swim-20240330xex10d2.htm Edgar Link pending
swim-20240330xex10d2001.jpg Edgar Link pending
swim-20240330xex31d1.htm Edgar Link pending
swim-20240330xex31d2.htm Edgar Link pending
swim-20240330xex32d1.htm Edgar Link pending
swim-20240330xex32d2.htm Edgar Link pending
swim-20240330_def.xml Edgar Link unprocessable
swim-20240330_lab.xml Edgar Link unprocessable
swim-20240330_pre.xml Edgar Link unprocessable
swim-20240330x10q_htm.xml Edgar Link completed