10-Q Filing

Latham Group, Inc. CIK: 1833197 Q1 2021

Filing Information

Form Type	10-Q
Accession Number	`0001104659-21-076404`
Period End Date	20210331
Filing Date	20210603
Fiscal Year	2021
Fiscal Period	Q1
XBRL Instance	swim-20210403.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 71 Income Statement 30 Cash Flow Statement 66 Stockholders Equity 18 Comprehensive Income 8

Balance Sheet 71 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	500.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	109.67M	shares	Point-in-time
Cash	`Cash`	$59.31M	USD	Point-in-time
Cash	`Cash`	$19.95M	USD	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	109.67M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	109.67M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$32.76M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	109.67M	shares	Point-in-time
Trade receivables, net	`AccountsReceivableNetCurrent`	$92.96M	USD	Point-in-time
Inventories, net	`InventoryNet`	$64.82M	USD	Point-in-time
Inventories, net	`InventoryNet`	$74.13M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$2.11M	USD	Point-in-time
Income tax receivable	`IncomeTaxesReceivable`	$4.38M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$5.68M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$6.06M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$194.83M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$167.33M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$47.36M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$50.60M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$25.46M	USD	Point-in-time
Equity method investment	`EquityMethodInvestments`	$25.38M	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$345.00K	USD	Point-in-time
Deferred tax assets	`DeferredIncomeTaxAssetsNet`	$345.00K	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	$1.04M	USD	Point-in-time
Deferred offering costs	`DeferredCosts`	$4.68M	USD	Point-in-time
Goodwill	`Goodwill`	$115.75M	USD	Point-in-time
Goodwill	`Goodwill`	$115.61M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$283.62M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$289.47M	USD	Point-in-time
Total assets	`Assets`	$646.68M	USD	Point-in-time
Total assets	`Assets`	$675.15M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$29.79M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$39.98M	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$500.00K	USD	Point-in-time
Accounts payable - related party	`AccountsPayableRelatedPartiesCurrent`	$1.00M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$13.04M	USD	Point-in-time
Current maturities of long-term debt	`LongTermDebtCurrent`	$23.05M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$49.68M	USD	Point-in-time
Accrued expenses and other current liabilities	`AccruedLiabilitiesCurrent`	$50.61M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$93.94M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$113.70M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrentExcludingRelatedPartyDebt`	$382.92M	USD	Point-in-time
Long-term debt, net of discount and current portion	`LongTermDebtNoncurrentExcludingRelatedPartyDebt`	$208.45M	USD	Point-in-time
Related party note payable	`DueToRelatedPartiesNoncurrent`	$64.94M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$55.19M	USD	Point-in-time
Deferred income tax liabilities, net	`DeferredIncomeTaxLiabilitiesNet`	$55.47M	USD	Point-in-time
Liability for uncertain tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$5.54M	USD	Point-in-time
Liability for uncertain tax positions	`LiabilityForUncertainTaxPositionsNoncurrent`	$5.56M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$2.06M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$1.94M	USD	Point-in-time
Total liabilities	`Liabilities`	$559.72M	USD	Point-in-time
Total liabilities	`Liabilities`	$430.00M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.0001 par value; 500,000,000 shares authorized as of April 3, 2021 and December 31, 2020; 109,673,709 shares issued and outstanding as of April 3, 2021 and December 31, 2020	`CommonStockValue`	$11.00K	USD	Point-in-time
Common stock, $0.0001 par value; 500,000,000 shares authorized as of April 3, 2021 and December 31, 2020; 109,673,709 shares issued and outstanding as of April 3, 2021 and December 31, 2020	`CommonStockValue`	$11.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$91.94M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapital`	$200.54M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$13.77M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$22.30M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$1.18M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$2.35M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$193.79M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$216.67M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$115.43M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$176.23M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$646.68M	USD	Point-in-time
Total liabilities and stockholders' equity	`LiabilitiesAndStockholdersEquity`	$675.15M	USD	Point-in-time

Income Statement 30 line items

Line Item	Tag	Value	Unit	Period
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$51.13M	USD	1 Quarter
Net sales	`RevenueFromContractWithCustomerExcludingAssessedTax`	$148.75M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$41.03M	USD	1 Quarter
Cost of sales	`CostOfRevenue`	$96.31M	USD	1 Quarter
Gross profit	`GrossProfit`	$10.10M	USD	1 Quarter
Gross profit	`GrossProfit`	$52.44M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$15.43M	USD	1 Quarter
Selling, general and administrative expense	`SellingGeneralAndAdministrativeExpense`	$27.17M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$5.59M	USD	1 Quarter
Amortization	`AmortizationOfIntangibleAssets`	$4.06M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$19.67M	USD	1 Quarter
Income (loss) from operations	`OperatingIncomeLoss`	$-9.40M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$9.06M	USD	1 Quarter
Interest expense	`InterestAndDebtExpense`	$5.33M	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$555.00K	USD	1 Quarter
Other expense (income), net	`OtherNonoperatingIncomeExpense`	$-3.74M	USD	1 Quarter
Total other expense (income), net	`NonoperatingIncomeExpense`	$-8.50M	USD	1 Quarter
Total other expense (income), net	`NonoperatingIncomeExpense`	$-9.07M	USD	1 Quarter
Earnings from equity method investment	`IncomeLossFromEquityMethodInvestments`	$200.00K	USD	1 Quarter
Earnings from equity method investment	`IncomeLossFromEquityMethodInvestments`	$244.00K	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$-18.47M	USD	1 Quarter
Income (loss) before income taxes	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$11.42M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$-3.02M	USD	1 Quarter
Income tax (benefit) expense	`IncomeTaxExpenseBenefit`	$2.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-15.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.53M	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Basic and diluted	`EarningsPerShareBasicAndDiluted`	$0.08	USD	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	109.67M	shares	1 Quarter
Basic and diluted	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	109.67M	shares	1 Quarter

Cash Flow Statement 66 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`ProfitLoss`	$-15.45M	USD	1 Quarter
Net income (loss)	`ProfitLoss`	$8.53M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$5.75M	USD	1 Quarter
Depreciation and amortization	`DepreciationDepletionAndAmortization`	$7.90M	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$912.00K	USD	1 Quarter
Amortization of deferred financing costs and debt discount	`AmortizationOfFinancingCostsAndDiscounts`	$2.80M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.46M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$224.00K	USD	1 Quarter
Other non-cash	`OtherNoncashIncomeExpense`	$-1.43M	USD	1 Quarter
Other non-cash	`OtherNoncashIncomeExpense`	$-739.00K	USD	1 Quarter
Earnings from equity method investment	`IncomeLossFromEquityMethodInvestments`	$200.00K	USD	1 Quarter
Earnings from equity method investment	`IncomeLossFromEquityMethodInvestments`	$244.00K	USD	1 Quarter
Distribution received from equity method investment	`EquityMethodInvestmentDividendsOrDistributions`	$168.00K	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$60.96M	USD	1 Quarter
Trade receivables	`IncreaseDecreaseInAccountsReceivable`	$13.32M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$10.91M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$9.24M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-119.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-784.00K	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$2.87M	USD	1 Quarter
Income tax receivable	`IncreaseDecreaseInIncomeTaxesReceivable`	$2.11M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$9.47M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$8.64M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-1.65M	USD	1 Quarter
Accrued expenses and other current liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-4.07M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$4.54M	USD	1 Quarter
Other long-term liabilities	`IncreaseDecreaseInOtherNoncurrentLiabilities`	$35.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-41.02M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-26.29M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$2.79M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.61M	USD	1 Quarter
Proceeds from the sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$1.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.61M	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-2.79M	USD	1 Quarter
Proceeds from borrowings on the term loan	`ProceedsFromIssuanceOfLongTermDebt`	$172.81M	USD	1 Quarter
Payments on term loan borrowings	`RepaymentsOfMediumTermNotes`	$5.76M	USD	1 Quarter
Proceeds from borrowings on the revolving credit facility	`ProceedsFromBorrowingsOnRevolvingCreditFacility`	$16.00M	USD	1 Quarter
Proceeds from borrowings on the revolving credit facility	`ProceedsFromBorrowingsOnRevolvingCreditFacility`	$5.00M	USD	1 Quarter
Deferred financing fees paid	`PaymentsOfFinancingCosts`	$1.25M	USD	1 Quarter
Distributions to parent	`PaymentsOfCapitalDistribution`	$400.00K	USD	1 Quarter
Distributions to parent	`PaymentsOfCapitalDistribution`	$29.00K	USD	1 Quarter
Payment of related party note payable	`RepaymentsOfRelatedPartyDebt`	$64.94M	USD	1 Quarter
Dividend to parent	`PaymentsOfOrdinaryDividends`	$110.03M	USD	1 Quarter
Payments of initial public offering costs	`PaymentsOfStockIssuanceCosts`	$747.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$4.60M	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$6.05M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$-1.69M	USD	1 Quarter
Effect of exchange rate changes on cash	`EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations`	$207.00K	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-39.37M	USD	1 Quarter
Net decrease in cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-26.17M	USD	1 Quarter
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.66M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.95M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	USD	Point-in-time
Cash at beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$59.31M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.66M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.95M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$30.48M	USD	Point-in-time
Cash at end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$59.31M	USD	Point-in-time
Cash paid for interest	`InterestPaidNet`	$5.89M	USD	1 Quarter
Cash paid for interest	`InterestPaidNet`	$4.42M	USD	1 Quarter
Income taxes paid, net	`IncomeTaxesPaidNet`	$63.00K	USD	1 Quarter
Income taxes paid, net	`IncomeTaxesPaidNet`	$502.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$269.00K	USD	1 Quarter
Purchases of property and equipment included in accounts payable and accrued expenses	`CapitalExpendituresIncurredButNotYetPaid`	$1.14M	USD	1 Quarter
Capitalized internal-use software included in accounts payable - related party	`CapitalizedInternalUseSoftwareCostsIncurredButNotYetPaid`	$500.00K	USD	1 Quarter
Deferred offering costs included in accrued expenses	`OfferingCostsIncurredButNotYetPaid`	$2.90M	USD	1 Quarter

Stockholders Equity 18 line items

Line Item	Tag	Value	Unit	Period
Dividend per share	`CommonStockDividendsPerShareDeclared`	$1.00	USD	1 Quarter
Balance, beginning of period	`StockholdersEquity`	$193.79M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$216.67M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$115.43M	USD	Point-in-time
Balance, beginning of period	`StockholdersEquity`	$176.23M	USD	Point-in-time
Net income (loss)	`NetIncomeLoss`	$-15.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.53M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.17M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-1.94M	USD	1 Quarter
Dividend	`Dividends`	$110.03M	USD	1 Quarter
Distributions to parent	`Distributionstoparent`	$-400.00K	USD	1 Quarter
Distributions to parent	`Distributionstoparent`	$29.00K	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.46M	USD	1 Quarter
Stock-based compensation expense	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$224.00K	USD	1 Quarter
Balance, end of period	`StockholdersEquity`	$193.79M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$216.67M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$115.43M	USD	Point-in-time
Balance, end of period	`StockholdersEquity`	$176.23M	USD	Point-in-time

Comprehensive Income 8 line items

Line Item	Tag	Value	Unit	Period
Net income (loss)	`NetIncomeLoss`	$-15.45M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$8.53M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-1.94M	USD	1 Quarter
Foreign currency translation adjustments	`OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax`	$-407.00K	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-1.94M	USD	1 Quarter
Total other comprehensive loss, net of tax	`OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent`	$-407.00K	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$-17.39M	USD	1 Quarter
Comprehensive income (loss)	`ComprehensiveIncomeNetOfTax`	$8.13M	USD	1 Quarter

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.