$SWIM
Latham Group, Inc.

2024 Q3 Form 10-Q Financial Statement

#000155837024011205 Filed on August 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $150.5M $160.1M
YoY Change -15.04% 16.27%
Cost Of Revenue $101.8M $107.1M
YoY Change -19.77% 2.64%
Gross Profit $48.69M $53.02M
YoY Change -3.07% 58.89%
Gross Profit Margin 32.35% 33.11%
Selling, General & Admin $28.34M $26.59M
YoY Change -6.2% -19.57%
% of Gross Profit 58.2% 50.15%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.32M $10.59M
YoY Change 12.95% 14.42%
% of Gross Profit 23.26% 19.98%
Operating Expenses $28.34M $26.59M
YoY Change -23.09% -19.57%
Operating Profit $13.37M $20.01M
YoY Change -0.13% -416.6%
Interest Expense -$8.211M -$5.481M
YoY Change 114.61% -150.73%
% of Operating Profit -61.41% -27.4%
Other Income/Expense, Net -$8.462M -$6.817M
YoY Change -916.8% -38.11%
Pretax Income $5.853M $13.72M
YoY Change -44.78% -179.33%
Income Tax -$43.00K $442.0K
% Of Pretax Income -0.73% 3.22%
Net Earnings $5.896M $13.28M
YoY Change 3.17% -192.42%
Net Earnings / Revenue 3.92% 8.29%
Basic Earnings Per Share $0.05 $0.12
Diluted Earnings Per Share $0.05 $0.11
COMMON SHARES
Basic Shares Outstanding 115.6M 115.6M
Diluted Shares Outstanding 118.4M 117.0M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.86M $90.77M
YoY Change 38.84% 64.98%
Cash & Equivalents $59.86M $90.77M
Short-Term Investments
Other Short-Term Assets $9.372M $9.428M
YoY Change 35.67% 43.3%
Inventory $74.94M $83.67M
Prepaid Expenses
Receivables $66.13M $65.87M
Other Receivables $7.537M $1.648M
Total Short-Term Assets $217.8M $251.4M
YoY Change -16.88% -21.11%
LONG-TERM ASSETS
Property, Plant & Equipment $114.7M $112.7M
YoY Change -22.54% 7.12%
Goodwill $153.0M $131.2M
YoY Change 16.62% 0.0%
Intangibles $301.3M $269.7M
YoY Change 1.91% -10.79%
Long-Term Investments $25.43M $24.92M
YoY Change -1.4% -0.84%
Other Assets $12.39M $9.530M
YoY Change 47.47% 5.3%
Total Long-Term Assets $635.6M $578.6M
YoY Change 4.35% -5.3%
TOTAL ASSETS
Total Short-Term Assets $217.8M $251.4M
Total Long-Term Assets $635.6M $578.6M
Total Assets $853.4M $830.0M
YoY Change -2.04% -10.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.35M $26.57M
YoY Change -18.6% -45.6%
Accrued Expenses $57.78M $47.54M
YoY Change 17.49% -11.31%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $3.250M $3.250M
YoY Change -15.28% 0.0%
Total Short-Term Liabilities $89.38M $78.14M
YoY Change 1.75% -26.48%
LONG-TERM LIABILITIES
Long-Term Debt $279.5M $279.1M
YoY Change -10.34% -21.86%
Other Long-Term Liabilities $5.036M $3.107M
YoY Change -85.69% 11.88%
Total Long-Term Liabilities $284.5M $282.2M
YoY Change -17.98% -21.6%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.38M $78.14M
Total Long-Term Liabilities $284.5M $282.2M
Total Liabilities $436.8M $421.9M
YoY Change -9.94% -23.93%
SHAREHOLDERS EQUITY
Retained Earnings -$45.65M -$51.54M
YoY Change -27.8% -25.23%
Common Stock $12.00K $12.00K
YoY Change 9.09% 9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $416.6M $408.1M
YoY Change
Total Liabilities & Shareholders Equity $853.4M $830.0M
YoY Change -2.04% -10.72%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income $5.896M $13.28M
YoY Change 3.17% -192.42%
Depreciation, Depletion And Amortization $11.32M $10.59M
YoY Change 12.95% 14.42%
Cash From Operating Activities $37.24M $52.42M
YoY Change -26.64% -462.14%
INVESTING ACTIVITIES
Capital Expenditures $4.028M $4.488M
YoY Change -69.99% -54.86%
Acquisitions
YoY Change
Other Investing Activities -$64.05M
YoY Change
Cash From Investing Activities -$68.07M -$4.488M
YoY Change 407.14% -54.86%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -193.0K -1.003M
YoY Change -99.61% -102.13%
NET CHANGE
Cash From Operating Activities 37.24M 52.42M
Cash From Investing Activities -68.07M -4.488M
Cash From Financing Activities -193.0K -1.003M
Net Change In Cash -31.03M 46.93M
YoY Change 166.84% 109.61%
FREE CASH FLOW
Cash From Operating Activities $37.24M $52.42M
Capital Expenditures $4.028M $4.488M
Free Cash Flow $33.21M $47.94M
YoY Change -11.06% -296.31%

Facts In Submission

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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”), a designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham Pool Products 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;text-indent:0pt;margin:0pt 0pt 12pt 0pt;"><span style="font-style:italic;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 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 0pt 12pt 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>
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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;">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 </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 12pt 0pt;">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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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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7626000
CY2024Q2 us-gaap Finance Lease Liability Payments Due After Year Five
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CY2024Q2 swim Operating And Finance Lease Liability Payments Due After Year Five
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CY2024Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2024Q2 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
806000
CY2024Q2 swim Operating And Finance Lease Liability Undiscounted Excess Amount
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4884000
CY2024Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
28080000
CY2024Q2 us-gaap Finance Lease Liability
FinanceLeaseLiability
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CY2024Q2 swim Operating And Finance Lease Liability
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CY2024Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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160122000
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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EffectiveIncomeTaxRateContinuingOperations
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CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
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CY2024Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
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CY2023Q3 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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CY2024Q2 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
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CY2024Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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112248822
us-gaap Weighted Average Number Of Shares Outstanding Basic
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115254088
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112175510
CY2024Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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117023112
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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112692543
us-gaap Weighted Average Number Of Diluted Shares Outstanding
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116472164
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112175510
CY2024Q2 us-gaap Earnings Per Share Basic
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0.12
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
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EarningsPerShareBasic
-0.08
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0.11
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.08
CY2024Q2 swim Common Stock Issued And Outstanding Accounting Measure
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115555660
CY2023Q4 swim Common Stock Issued And Outstanding Accounting Measure
CommonStockIssuedAndOutstandingAccountingMeasure
114828896
CY2023 us-gaap Business Exit Costs1
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200000
CY2024Q2 ecd Rule10b51 Arr Adopted Flag
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false
CY2024Q2 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q2 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-011205-index-headers.html Edgar Link pending
0001558370-24-011205-index.html Edgar Link pending
0001558370-24-011205.txt Edgar Link pending
0001558370-24-011205-xbrl.zip Edgar Link pending
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-20240629.xsd Edgar Link pending
swim-20240629x10q.htm Edgar Link pending
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swim-20240629xex32d1.htm Edgar Link pending
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swim-20240629_cal.xml Edgar Link unprocessable
swim-20240629_def.xml Edgar Link unprocessable
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swim-20240629_pre.xml Edgar Link unprocessable
swim-20240629x10q_htm.xml Edgar Link completed
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