Latham Group, Inc. (Nasdaq: SWIM), the largest designer,
manufacturer, and marketer of in-ground residential swimming pools
in North America, Australia, and New Zealand, today announced
financial results for the first quarter 2024 ended March 30, 2024.
Commenting on the results, Scott Rajeski, President and CEO,
said, “Our first quarter results represented a good start to 2024
and reflected the benefits of Latham’s strong execution, cost
savings, and lean and value engineering initiatives.
“First quarter sales performance demonstrated our ability to
execute effectively on a meaningful influx of orders that occurred
late in the quarter and benefitted from our leadership in
fiberglass pools, which continued to show relative strength. First
quarter adjusted EBITDA outpaced comparable year-ago levels despite
lower sales and was considerably above our guidance range for Q1.
This outperformance was due primarily to higher-than-anticipated
sales together with diligent cost management. It also reflected
Latham’s leading service levels, which enable us to quickly and
efficiently respond to changes in marketplace demand.
“During the first quarter, Latham advanced in several priority
business areas. We continued to drive awareness of fiberglass pools
through the launch of several new models. We launched the
Enchantment series of plunge pools through our California plant to
address demand in the western states for these popular products,
which appeal to consumers looking for spacing-saving, lower-cost
options ideal for aquatic exercises and rehabilitation.
Additionally, we relaunched the Providence and Tuscan series in
North America, trendy rectangular pools with a side entry feature.
We also continued the successful roll-out of Measure by Latham.
This proprietary AI-powered measurement tool for covers and liners
has received very positive dealer response and should help to drive
future demand for these product lines, which are less reliant on
new pool starts.”
First Quarter 2024 Results
Net sales for the first quarter of 2024 were $110.6 million,
down $27.1 million or 19.7%, from $137.7 million in the prior
year’s first quarter, primarily due to continued difficult economic
conditions, lower backlog entering the year, and normalized
seasonality.
First Quarter Net Sales by Product
Line(in thousands)
|
Quarter Ended |
|
March 30, 2024 |
April 1, 2023 |
In-Ground Swimming Pools |
$ |
59,832 |
$ |
78,612 |
Covers |
|
26,868 |
|
32,745 |
Liners |
|
23,929 |
|
26,362 |
Total |
$ |
110,629 |
$ |
137,719 |
|
|
|
|
|
The decline in in-ground pool sales was primarily attributable
to lower packaged pool demand. Fiberglass pools continued to show
relative strength, as did liners, which showed resilience given the
natural replacement cycle of this product and seasonal timing.
Gross profit for the first quarter of 2024 was $30.6 million, a
decrease of $2.8 million or 8.3%, from $33.4 million in the prior
year’s first quarter. Gross margin expanded by 350 basis points to
27.7% from 24.2% in the year-ago quarter due mostly to the
Company’s improved cost structure, increased productivity
associated with ongoing lean and value engineering efforts and
lower material costs.
Selling, general, and administrative expenses (“SG&A”) were
$26.3 million, down $6.8 million or 20.6%, from $33.1 million in
the first quarter of 2023. The decrease was primarily driven by a
$5.1 million decrease in non-cash stock-based compensation, as well
as lower headcount and reduced expenses.
Net loss was $7.9 million, or $0.07 per share, compared to a net
loss of $14.4 million, or $0.13 per share, for the prior year’s
first quarter. Net loss margin was 7.1%, compared to net loss
margin of 10.4% for the first quarter of 2023.
Adjusted EBITDA for the first quarter of 2024 was $12.3 million,
up $1.3 million or 11.4% from $11.0 million in the prior year’s
first quarter. Adjusted EBITDA margin was 11.1%, compared to 8.0%
in the prior-year period.
Balance Sheet, Cash Flow, and Liquidity
Latham ended the quarter with cash of $43.8 million after the
repayment of $18.8 million of debt in the first quarter. Net cash
used in operating activities was $34.5 million for the quarter,
representing seasonal working capital requirements in line with the
company’s expectations.
Total debt was $282.8 million at the end of the first quarter,
and the net debt leverage ratio was 2.7 at the end of the first
quarter.
Capital expenditures totaled $5.3 million in the first quarter
of 2024, compared to $9.9 million in the first quarter of 2023.
Summary and Outlook
“The first quarter represents a small percentage of our annual
seasonal demand, but we are pleased with our positioning and are
looking ahead to the continued ramp to peak pool building season in
the coming months.
“First quarter results support our guidance expectations for
2024, which are contained in the table below. As we navigate
another year of soft pool industry conditions, we will continue to
advance the adoption and awareness of both fiberglass pools and
automatic safety covers, which remain strong long-term growth
drivers for Latham. At the same time, we are focused on
implementing value engineering and lean initiatives that reduce
structural costs, while maintaining investments in future growth
that position the company to rapidly capture share as pool starts
increase,” Mr. Rajeski concluded.
FY 2024 Guidance Ranges
|
Low |
High |
Net Sales |
$490 million |
$520 million |
Adjusted EBITDA1 |
$60 million |
$70 million |
Capital Expenditures |
$18 million |
$22 million |
|
|
|
1) A reconciliation of Latham’s projected
Adjusted EBITDA to net income (loss) for 2024 is not available due
to uncertainty related to our future income tax expense.
Conference Call Details
Latham will hold a conference call to discuss its first quarter
2024 financial results today, May 7, 2024, at 4:30 PM Eastern
Time.
Participants are encouraged to pre-register for the conference
call by visiting https://dpregister.com/sreg/10188041/fc268d9013.
Callers who pre-register will be sent a confirmation e-mail
including a conference passcode and unique PIN to gain immediate
access to the call. Participants may pre-register at any time,
including up to and after the call start time. To ensure you are
connected for the full call, please register at least 10 minutes
before the start of the call.
A live audio webcast of the conference call, along with related
presentation materials, will be available online at
https://ir.lathampool.com/ under “Events & Presentations”.
Those without internet access or unable to pre-register may dial
in by calling:
PARTICIPANT DIAL IN (TOLL FREE): 1-833-953-2435
PARTICIPANT INTERNATIONAL DIAL IN:
1-412-317-5764
An archived webcast will be available approximately two hours
after the conclusion of the call, through May 7, 2025, on the
Company’s investor relations website under “Events &
Presentations”. A transcript of the event will also be available on
the Company’s investor relations website approximately three
business days after the call.
About Latham Group, Inc.
Latham Group, Inc., headquartered in Latham, NY, is the largest
designer, manufacturer, and marketer of in-ground residential
swimming pools in North America, Australia, and New Zealand. Latham
has a coast-to-coast operations platform consisting of
approximately 1,800 employees across over 24 locations.
Non-GAAP Financial Measures
We track our non-GAAP financial measures to monitor and manage
our underlying financial performance. This news release includes
the presentation of Adjusted EBITDA, Adjusted EBITDA margin and net
debt leverage ratio, which are non-GAAP financial measures that
exclude the impact of certain costs, losses, and gains that are
required to be included under GAAP. Although we believe these
measures are useful to investors and analysts for the same reasons
it is useful to management, as discussed below, these measures are
neither a substitute for, nor superior to, U.S. GAAP financial
measures or disclosures. Other companies may calculate
similarly-titled non-GAAP measures differently, limiting their
usefulness as comparative measures. In addition, our presentation
of non-GAAP financial measures should not be construed to imply
that our future results will be unaffected by any such adjustments.
We have reconciled our historic non-GAAP financial measures to the
applicable most comparable GAAP measures in this news release.
Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA and Adjusted EBITDA margin are key metrics used
by management and our board of directors to assess our financial
performance. Adjusted EBITDA and Adjusted EBITDA margin are also
frequently used by analysts, investors and other interested parties
to evaluate companies in our industry, when considered alongside
other GAAP measures. We use Adjusted EBITDA and Adjusted EBITDA
margin to supplement GAAP measures of performance to evaluate the
effectiveness of our business strategies, to make budgeting
decisions, to utilize as a significant performance metric in our
incentive compensation plans, and to compare our performance
against that of other companies using similar measures. We have
presented Adjusted EBITDA and Adjusted EBITDA margin solely as
supplemental disclosures because we believe they allow for a more
complete analysis of results of operations and assist investors and
analysts in comparing our operating performance across reporting
periods on a consistent basis by excluding items that we do not
believe are indicative of our core operating performance, such as
(i) depreciation and amortization, (ii) interest expense, (iii)
income tax (benefit) expense, (iv) loss (gain) on sale and disposal
of property and equipment, (v) restructuring charges, (vi)
stock-based compensation expense, (vii) unrealized (gains) losses
on foreign currency transactions, (viii) strategic initiative
costs, (ix) acquisition and integration related costs, (x) Odessa
fire and other such unusual events and (xi) other items that we do
not believe are indicative of our core operating performance.
Adjusted EBITDA and Adjusted EBITDA margin are non-GAAP
financial measures and should not be considered as alternatives to
net income (loss) as a measure of financial performance or any
other performance measure derived in accordance with GAAP, and they
should not be construed as an inference that our future results
will be unaffected by unusual or non-recurring items. You are
encouraged to evaluate these adjustments and the reasons we
consider them appropriate for supplemental analysis. In evaluating
Adjusted EBITDA and Adjusted EBITDA margin, you should be aware
that in the future we may incur expenses that are the same as or
similar to some of the adjustments in this news release. There can
be no assurance that we will not modify the presentation of
Adjusted EBITDA and Adjusted EBITDA margin in the future, and any
such modification may be material. In addition, other companies,
including companies in our industry, may not calculate Adjusted
EBITDA and Adjusted EBITDA margin at all or may calculate Adjusted
EBITDA and Adjusted EBITDA margin differently and accordingly, are
not necessarily comparable to similarly entitled measures of other
companies, which reduces the usefulness of Adjusted EBITDA and
Adjusted EBITDA margin as tools for comparison.
Adjusted EBITDA and Adjusted EBITDA margin have their
limitations as analytical tools, and you should not consider them
in isolation or as a substitute for analysis of our results as
reported under GAAP. Some of these limitations are that Adjusted
EBITDA and Adjusted EBITDA margin:
- do not reflect every expenditure, future requirements for
capital expenditures or contractual commitments;
- do not reflect changes in our working capital needs;
- do not reflect the interest expense, or the amounts necessary
to service interest or principal payments, on our outstanding
debt;
- do not reflect income tax (benefit) expense, and because the
payment of taxes is part of our operations, tax expense is a
necessary element of our costs and ability to operate;
- do not reflect non-cash stock-based compensation, which will
remain a key element of our overall compensation package; and
- do not reflect the impact of
earnings or charges resulting from matters we consider not to be
indicative of our ongoing operations.
Although depreciation and amortization are eliminated in the
calculation of Adjusted EBITDA and Adjusted EBITDA margin, the
assets being depreciated and amortized will often have to be
replaced in the future, and Adjusted EBITDA and Adjusted EBITDA
margin do not reflect any costs of such replacements.
Net Debt and Net Debt Leverage Ratio
Net Debt and Net Debt Leverage Ratio are non-GAAP financial
measures used in monitoring and evaluating our overall liquidity,
financial flexibility, and leverage. Other companies may calculate
similarly titled non-GAAP measures differently, limiting their
usefulness as comparative measures. We define Net Debt as total
debt less cash and cash equivalents. We define the Net Debt
Leverage Ratio as Net Debt divided by last twelve months (“LTM”) of
Adjusted EBITDA. We believe this measure is an important indicator
of our ability to service our long-term debt obligations. There are
material limitations to using Net Debt Leverage Ratio as we may not
always be able to use cash to repay debt on a dollar-for-dollar
basis.
Forward-Looking Statements
Certain statements in this earnings release constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. All statements contained
in this release other than statements of historical fact may
constitute forward-looking statements, including statements
regarding our future operating results and financial position, our
business strategy and plans, business and market trends, our
objectives for future operations, macroeconomic and geopolitical
conditions, the implementation of our cost reduction plans and
expected benefits, the implementation of our digital transformation
and lean manufacturing activities, a potential non-cash impairment
charge for goodwill, and the sufficiency of our cash balances,
working capital and cash generated from operating, investing, and
financing activities for our future liquidity and capital resource
needs. These statements involve known and unknown risks,
uncertainties, assumptions and other important factors, many of
which are outside of our control, which may cause our actual
results, performance or achievements to be materially different
from any future results, performance or achievements expressed or
implied by the forward-looking statements, including: unfavorable
economic conditions and related impact on consumer spending;
adverse weather conditions impacting our sales, and can lead to
significant variability of sales in reporting periods; natural
disasters, including resulting from climate change, geopolitical
events, war, terrorism, public health issues or other catastrophic
events; competitive risks; our ability to attract, develop and
retain highly qualified personnel; inflationary impacts, including
on consumer demand; our ability to source raw materials and
components for manufacturing our products, our ability to collect
accounts receivables from our customers; our ability to keep pace
with technological developments and standards, such as generative
artificial intelligence; the consequences of industry consolidation
on our customer base and pricing; interruption of our production
capability at our manufacturing facilities from accident, fire,
calamity, regulatory action or other causes; product quality
issues, warranty claims or safety concerns such as those due to the
failure of builders to follow our product installation instructions
and specifications; delays in, or systems disruptions issues caused
by the implementation of our enterprise resource planning system;
cyber-security breaches and data leaks, and our dependence on
information technology systems; compliance with government
regulations; our ability to transportation services; the protection
of our intellectual property and defense of third-party
infringement claims; international business risks; and our ability
to secure financing and our substantial indebtedness; and other
factors set forth under “Risk Factors” and elsewhere in our most
recent Annual Report on Form 10-K and subsequent reports we file or
furnish with the SEC. Moreover, we operate in a very competitive
and rapidly changing environment, and new risks emerge from time to
time that may impair our business, financial condition, results of
operations and cash flows.
Although we believe that the expectations reflected in the
forward-looking statements are reasonable and our expectations
based on third-party information and projections are from sources
that management believes to be reputable, we cannot guarantee
future results, levels of activities, performance or achievements.
These forward-looking statements reflect our views with respect to
future events as of the date hereof or the date specified herein,
and we have based these forward-looking statements on our current
expectations and projections about future events and trends. Given
these uncertainties, you should not place undue reliance on these
forward-looking statements. Except as required by law, we undertake
no obligation to update or review publicly any forward-looking
statements, whether as a result of new information, future events
or otherwise after the date hereof. We anticipate that subsequent
events and developments will cause our views to change. Our
forward-looking statements further do not reflect the potential
impact of any future acquisitions, merger, dispositions, joint
ventures or investments we may undertake.
Contact: Lynn Morgen Casey
KotaryADVISIRY Partnerslatham@advisiry.com
212-750-5800
Latham Group, Inc. |
Condensed Consolidated Statements of
Operations |
(in thousands, except share and per share data)(unaudited) |
|
Quarter Ended |
|
March 30, 2024 |
|
April 1, 2023 |
Net sales |
$ |
110,629 |
|
|
$ |
137,719 |
|
Cost of sales |
|
80,040 |
|
|
|
104,349 |
|
Gross profit |
|
30,589 |
|
|
|
33,370 |
|
Selling, general, and
administrative expense |
|
26,250 |
|
|
|
33,057 |
|
Amortization |
|
6,412 |
|
|
|
6,632 |
|
Loss from
operations |
|
(2,073 |
) |
|
|
(6,319 |
) |
Other expense: |
|
|
|
|
|
Interest expense, net |
|
4,982 |
|
|
|
10,804 |
|
Other expense, net |
|
1,586 |
|
|
|
210 |
|
Total other expense, net |
|
6,568 |
|
|
|
11,014 |
|
Earnings from equity method
investment |
|
1,309 |
|
|
|
37 |
|
Loss before income taxes |
|
(7,332 |
) |
|
|
(17,296 |
) |
Income tax expense
(benefit) |
|
532 |
|
|
|
(2,928 |
) |
Net loss |
$ |
(7,864 |
) |
|
$ |
(14,368 |
) |
Net loss per share
attributable to common stockholders: |
|
|
|
|
|
Basic |
$ |
(0.07 |
) |
|
$ |
(0.13 |
) |
Diluted |
$ |
(0.07 |
) |
|
$ |
(0.13 |
) |
Weighted-average common shares
outstanding – basic and diluted: |
|
|
|
|
|
Basic |
|
115,038,929 |
|
|
|
112,102,198 |
|
Diluted |
|
115,038,929 |
|
|
|
112,102,198 |
|
|
|
|
|
|
|
|
|
Latham Group, Inc. |
Condensed Consolidated Balance Sheets |
(in thousands, except share and per share data)(unaudited) |
|
|
March 30, |
|
December 31, |
|
|
2024 |
|
2023 |
Assets |
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
Cash |
|
$ |
43,811 |
|
|
$ |
102,763 |
|
Trade receivables, net |
|
|
73,944 |
|
|
|
30,407 |
|
Inventories, net |
|
|
95,151 |
|
|
|
97,137 |
|
Income tax receivable |
|
|
1,411 |
|
|
|
983 |
|
Prepaid expenses and other current assets |
|
|
6,996 |
|
|
|
7,327 |
|
Total current assets |
|
|
221,313 |
|
|
|
238,617 |
|
Property and equipment,
net |
|
|
112,795 |
|
|
|
113,014 |
|
Equity method
investment |
|
|
26,341 |
|
|
|
25,940 |
|
Deferred tax assets |
|
|
7,310 |
|
|
|
7,485 |
|
Operating lease right-of-use
assets |
|
|
28,696 |
|
|
|
30,788 |
|
Goodwill |
|
|
130,987 |
|
|
|
131,363 |
|
Intangible assets, net |
|
|
275,876 |
|
|
|
282,793 |
|
Other assets |
|
|
5,294 |
|
|
|
5,003 |
|
Total assets |
|
$ |
808,612 |
|
|
$ |
835,003 |
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
25,022 |
|
|
$ |
17,124 |
|
Accounts payable – related party |
|
|
— |
|
|
|
8 |
|
Current maturities of long-term debt |
|
|
3,250 |
|
|
|
21,250 |
|
Current operating lease liabilities |
|
|
6,823 |
|
|
|
7,133 |
|
Accrued expenses and other current liabilities |
|
|
35,781 |
|
|
|
40,691 |
|
Total current liabilities |
|
|
70,876 |
|
|
|
86,206 |
|
Long-term debt, net of discount,
debt issuance costs, and current portion |
|
|
279,531 |
|
|
|
279,951 |
|
Deferred income tax liabilities,
net |
|
|
40,088 |
|
|
|
40,088 |
|
Non-current operating lease
liabilities |
|
|
22,963 |
|
|
|
24,787 |
|
Other long-term
liabilities |
|
|
3,386 |
|
|
|
4,771 |
|
Total liabilities |
|
$ |
416,844 |
|
|
$ |
435,803 |
|
Commitments and
contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock, $0.0001 par
value; 100,000,000 shares authorized as of both March 30, 2024 and
December 31, 2023; no shares issued and outstanding as of both
March 30, 2024 and December 31, 2023 |
|
|
— |
|
|
|
— |
|
Common stock, $0.0001 par value;
900,000,000 shares authorized as of March 30, 2024 and December 31,
2023; 115,389,689 and 114,871,782 shares issued and outstanding, as
of March 30, 2024 and December 31, 2023, respectively |
|
|
11 |
|
|
|
11 |
|
Additional paid-in
capital |
|
|
460,927 |
|
|
|
459,684 |
|
Accumulated deficit |
|
|
(64,820 |
) |
|
|
(56,956 |
) |
Accumulated other comprehensive
loss |
|
|
(4,350 |
) |
|
|
(3,539 |
) |
Total stockholders’ equity |
|
|
391,768 |
|
|
|
399,200 |
|
Total liabilities and stockholders’ equity |
|
$ |
808,612 |
|
|
$ |
835,003 |
|
|
|
|
|
|
|
|
|
|
Latham Group, Inc. |
Condensed Consolidated Statement of Cash
Flows |
(in thousands) (unaudited) |
|
|
Quarter Ended |
|
|
March 30, |
|
April 1, |
|
|
2024 |
|
2023 |
Cash flows from
operating activities: |
|
|
|
|
|
|
Net loss |
|
$ |
(7,864 |
) |
|
$ |
(14,368 |
) |
Adjustments to reconcile net
loss to net cash used in operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
10,374 |
|
|
|
9,258 |
|
Amortization of deferred financing costs and debt discount |
|
|
430 |
|
|
|
430 |
|
Non-cash lease expense |
|
|
1,780 |
|
|
|
1,877 |
|
Change in fair value of interest rate swaps |
|
|
(1,804 |
) |
|
|
4,866 |
|
Stock-based compensation expense |
|
|
1,243 |
|
|
|
6,769 |
|
Bad debt expense |
|
|
1,299 |
|
|
|
1,700 |
|
Other non-cash, net |
|
|
1,757 |
|
|
|
860 |
|
Earnings from equity method investment |
|
|
(1,309 |
) |
|
|
(37 |
) |
Distributions received from equity method investment |
|
|
908 |
|
|
|
— |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
Trade receivables |
|
|
(44,895 |
) |
|
|
(55,286 |
) |
Inventories |
|
|
1,648 |
|
|
|
15,615 |
|
Prepaid expenses and other current assets |
|
|
467 |
|
|
|
(593 |
) |
Income tax receivable |
|
|
(428 |
) |
|
|
(2,816 |
) |
Other assets |
|
|
(146 |
) |
|
|
(1,225 |
) |
Accounts payable |
|
|
8,179 |
|
|
|
20,947 |
|
Accrued expenses and other current liabilities |
|
|
(5,987 |
) |
|
|
(3,190 |
) |
Other long-term liabilities |
|
|
(164 |
) |
|
|
717 |
|
Net cash used in operating activities |
|
|
(34,512 |
) |
|
|
(14,476 |
) |
Cash flows from
investing activities: |
|
|
|
|
|
|
Purchases of property and
equipment |
|
|
(5,345 |
) |
|
|
(9,942 |
) |
Net cash used in investing activities |
|
|
(5,345 |
) |
|
|
(9,942 |
) |
Cash flows from
financing activities: |
|
|
|
|
|
|
Payments on long-term debt
borrowings |
|
|
(18,813 |
) |
|
|
(813 |
) |
Proceeds from borrowings on
revolving credit facilities |
|
|
— |
|
|
|
48,000 |
|
Repayments of finance lease
obligations |
|
|
(189 |
) |
|
|
(101 |
) |
Net cash (used in) provided by financing activities |
|
|
(19,002 |
) |
|
|
47,086 |
|
Effect of exchange rate changes on cash |
|
|
(93 |
) |
|
|
(278 |
) |
Net (decrease)
increase in cash |
|
|
(58,952 |
) |
|
|
22,390 |
|
Cash at beginning of
period |
|
|
102,763 |
|
|
|
32,626 |
|
Cash at end of period |
|
$ |
43,811 |
|
|
$ |
55,016 |
|
Supplemental cash flow
information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
9,513 |
|
|
$ |
5,123 |
|
Income taxes paid, net |
|
|
39 |
|
|
|
637 |
|
Supplemental
disclosure of non-cash investing and financing
activities: |
|
|
|
|
|
|
Purchases of property and
equipment included in accounts payable and accrued expenses |
|
$ |
426 |
|
|
$ |
5,849 |
|
Capitalized internal-use
software included in accounts payable – related party |
|
|
— |
|
|
|
359 |
|
Right-of-use operating and
finance lease assets obtained in exchange for lease
liabilities |
|
|
198 |
|
|
|
1,625 |
|
|
|
|
|
|
|
|
|
|
Latham Group, Inc. |
Adjusted EBITDA and Adjusted EBITDA Margin
Reconciliation |
(Non-GAAP Reconciliation) (in thousands) |
|
Quarter Ended |
|
March 30, 2024 |
|
April 1, 2023 |
Net loss |
$ |
(7,864 |
) |
|
$ |
(14,368 |
) |
Depreciation and
amortization |
|
10,375 |
|
|
|
9,258 |
|
Interest expense, net |
|
4,982 |
|
|
|
10,804 |
|
Income tax expense (benefit) |
|
532 |
|
|
|
(2,928 |
) |
Loss on sale and disposal of
property and equipment |
|
12 |
|
|
|
8 |
|
Restructuring charges(a) |
|
318 |
|
|
|
519 |
|
Stock-based compensation
expense(b) |
|
1,243 |
|
|
|
6,769 |
|
Unrealized losses on foreign
currency transactions(c) |
|
1,584 |
|
|
|
730 |
|
Strategic initiative
costs(d) |
|
1,123 |
|
|
|
1,067 |
|
Acquisition and integration
related costs(e) |
|
— |
|
|
|
11 |
|
Odessa fire(f) |
|
— |
|
|
|
(864 |
) |
Other(g) |
|
(12 |
) |
|
|
27 |
|
Adjusted EBITDA |
$ |
12,293 |
|
|
$ |
11,033 |
|
Net sales |
$ |
110,629 |
|
|
$ |
137,719 |
|
Net loss margin |
|
(7.1 |
)% |
|
|
(10.4 |
)% |
Adjusted EBITDA margin |
|
11.1 |
% |
|
|
8.0 |
% |
|
|
|
|
|
|
|
|
(a) Represents costs related to a cost reduction plan
that includes severance and other costs for our executive
management changes and additional costs related to our cost
reduction plans, which include further actions to reduce our
manufacturing overhead by reducing headcount in addition to
facility shutdowns.(b) Represents non-cash stock-based
compensation expense.(c) Represents unrealized foreign
currency transaction losses associated with our international
subsidiaries.(d) Represents fees paid to external
consultants and other expenses for our strategic
initiatives.(e) Represents acquisition and integration
costs, as well as other costs related to potential
transactions.(f) Represents costs incurred and insurance
recoveries related to a production facility fire in Odessa,
Texas.(g) Other costs consist of other discrete items as
determined by management, primarily including: (i) fees paid
to external advisors for various matters and (ii) other
items.
Latham Group, Inc. |
Net Debt Leverage Ratio |
(Non-GAAP Reconciliation)(in thousands) |
|
|
March 30, 2024 |
Total Debt |
$ |
282,781 |
|
Cash |
|
(43,811 |
) |
Net Debt |
|
238,970 |
|
LTM Adjusted EBITDA(a) |
|
89,285 |
|
Net Debt Leverage Ratio |
|
2.7x |
|
|
|
|
|
(a) LTM Adjusted EBITDA is the sum of the Company’s
Adjusted EBITDA for the four quarters ended March 30, 2024. See
above for the reconciliation of Adjusted EBITDA to net loss.
Latham (NASDAQ:SWIM)
過去 株価チャート
から 11 2024 まで 12 2024
Latham (NASDAQ:SWIM)
過去 株価チャート
から 12 2023 まで 12 2024