$SWIM
Latham Group, Inc.

2024 Q4 Form 10-Q Financial Statement

#000155837024014525 Filed on November 06, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $150.5M
YoY Change -15.04%
Cost Of Revenue $101.8M
YoY Change -19.77%
Gross Profit $48.69M
YoY Change -3.07%
Gross Profit Margin 32.35%
Selling, General & Admin $28.34M
YoY Change -6.2%
% of Gross Profit 58.2%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $11.32M
YoY Change 12.95%
% of Gross Profit 23.26%
Operating Expenses $28.34M
YoY Change -23.09%
Operating Profit $13.37M
YoY Change -0.13%
Interest Expense -$8.211M
YoY Change 114.61%
% of Operating Profit -61.41%
Other Income/Expense, Net -$8.462M
YoY Change -916.8%
Pretax Income $5.853M
YoY Change -44.78%
Income Tax -$43.00K
% Of Pretax Income -0.73%
Net Earnings $5.896M
YoY Change 3.17%
Net Earnings / Revenue 3.92%
Basic Earnings Per Share $0.05
Diluted Earnings Per Share $0.05
COMMON SHARES
Basic Shares Outstanding 115.6M 115.6M
Diluted Shares Outstanding 118.4M

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $59.86M
YoY Change 38.84%
Cash & Equivalents $59.86M
Short-Term Investments
Other Short-Term Assets $9.372M
YoY Change 35.67%
Inventory $74.94M
Prepaid Expenses
Receivables $66.13M
Other Receivables $7.537M
Total Short-Term Assets $217.8M
YoY Change -16.88%
LONG-TERM ASSETS
Property, Plant & Equipment $114.7M
YoY Change -22.54%
Goodwill $153.0M
YoY Change 16.62%
Intangibles $301.3M
YoY Change 1.91%
Long-Term Investments $25.43M
YoY Change -1.4%
Other Assets $12.39M
YoY Change 47.47%
Total Long-Term Assets $635.6M
YoY Change 4.35%
TOTAL ASSETS
Total Short-Term Assets $217.8M
Total Long-Term Assets $635.6M
Total Assets $853.4M
YoY Change -2.04%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $28.35M
YoY Change -18.6%
Accrued Expenses $57.78M
YoY Change 17.49%
Deferred Revenue
YoY Change
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $3.250M
YoY Change -15.28%
Total Short-Term Liabilities $89.38M
YoY Change 1.75%
LONG-TERM LIABILITIES
Long-Term Debt $279.5M
YoY Change -10.34%
Other Long-Term Liabilities $5.036M
YoY Change -85.69%
Total Long-Term Liabilities $284.5M
YoY Change -17.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $89.38M
Total Long-Term Liabilities $284.5M
Total Liabilities $436.8M
YoY Change -9.94%
SHAREHOLDERS EQUITY
Retained Earnings -$45.65M
YoY Change -27.8%
Common Stock $12.00K
YoY Change 9.09%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $416.6M
YoY Change
Total Liabilities & Shareholders Equity $853.4M
YoY Change -2.04%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $5.896M
YoY Change 3.17%
Depreciation, Depletion And Amortization $11.32M
YoY Change 12.95%
Cash From Operating Activities $37.24M
YoY Change -26.64%
INVESTING ACTIVITIES
Capital Expenditures $4.028M
YoY Change -69.99%
Acquisitions
YoY Change
Other Investing Activities -$64.05M
YoY Change
Cash From Investing Activities -$68.07M
YoY Change 407.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -193.0K
YoY Change -99.61%
NET CHANGE
Cash From Operating Activities 37.24M
Cash From Investing Activities -68.07M
Cash From Financing Activities -193.0K
Net Change In Cash -31.03M
YoY Change 166.84%
FREE CASH FLOW
Cash From Operating Activities $37.24M
Capital Expenditures $4.028M
Free Cash Flow $33.21M
YoY Change -11.06%

Facts In Submission

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<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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;line-height:1.19;margin:0pt 0pt 12pt 0pt;">1. NATURE OF THE BUSINESS</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;line-height:1.19;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;line-height:1.19;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;line-height:1.19;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;line-height:1.19;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;line-height:1.19;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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CY2024Q3 swim Operating And Finance Lease Liability Payments Due
OperatingAndFinanceLeaseLiabilityPaymentsDue
38832000
CY2024Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
4650000
CY2024Q3 us-gaap Finance Lease Liability Undiscounted Excess Amount
FinanceLeaseLiabilityUndiscountedExcessAmount
729000
CY2024Q3 swim Operating And Finance Lease Liability Undiscounted Excess Amount
OperatingAndFinanceLeaseLiabilityUndiscountedExcessAmount
5379000
CY2024Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
29808000
CY2024Q3 us-gaap Finance Lease Liability
FinanceLeaseLiability
3645000
CY2024Q3 swim Operating And Finance Lease Liability
OperatingAndFinanceLeaseLiability
33453000
CY2024Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
150496000
CY2023Q3 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
160778000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
421247000
us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
475625000
CY2024Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.007
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.076
CY2023Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.521
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.407
CY2021Q2 swim Share Based Compensation Arrangement By Share Based Payment Award Maximum Grant Date Fair Value Of Cash And Equity Awards
ShareBasedCompensationArrangementByShareBasedPaymentAwardMaximumGrantDateFairValueOfCashAndEquityAwards
750000000
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
8000000
CY2024Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
21170212
CY2024Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1844000
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2354000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5187000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
14887000
CY2024Q3 us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognized
11600000
us-gaap Employee Service Share Based Compensation Nonvested Awards Total Compensation Cost Not Yet Recognized Period For Recognition1
EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1
P2Y
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
5896000
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
6153000
us-gaap Net Income Loss
NetIncomeLoss
11310000
us-gaap Net Income Loss
NetIncomeLoss
-2500000
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115564382
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
113538533
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
115358274
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
112629851
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
118445235
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
114656761
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117130609
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112629851
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.10
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.02
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.10
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.02
CY2024Q3 swim Common Stock Issued And Outstanding Accounting Measure
CommonStockIssuedAndOutstandingAccountingMeasure
115571422
CY2023Q4 swim Common Stock Issued And Outstanding Accounting Measure
CommonStockIssuedAndOutstandingAccountingMeasure
114828896
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

Files In Submission

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0001558370-24-014525-index.html Edgar Link pending
0001558370-24-014525.txt Edgar Link pending
0001558370-24-014525-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-20240928.xsd Edgar Link pending
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swim-20240928xex31d1.htm Edgar Link pending
swim-20240928xex31d2.htm Edgar Link pending
swim-20240928xex32d1.htm Edgar Link pending
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swim-20240928_cal.xml Edgar Link unprocessable
swim-20240928_def.xml Edgar Link unprocessable
swim-20240928_lab.xml Edgar Link unprocessable
swim-20240928_pre.xml Edgar Link unprocessable
swim-20240928x10q_htm.xml Edgar Link completed
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