Latham Group, Inc. Financial Statements — SWIM Stock

Income Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	318	403	630	696	566
+ Sales & Services Revenue	318	403	630	696	566
- Cost of Revenue	220	261	426	479	414
+ Cost of Goods & Services	220	261	426	479	414
Gross Profit	98	143	204	216	153
+ Other Operating Income	- -	- -	- -	- -	- -
- Operating Expenses	73	103	240	186	137
+ Selling, General & Admin	57	86	218	147	110
+ Research & Development	- -	- -	- -	- -	- -
+ Other Operating Expense	16	17	23	40	27
Operating Income (Loss)	25	40	-36	30	16
- Non-Operating (Income) Loss	22	17	17	16	26
+ Interest Expense, Net	23	18	24	16	31
+ Interest Expense	23	18	24	16	31
- Interest Income	- -	- -	- -	- -	- -
+ Other Non-Op (Income) Loss	- -	-1	-7	1	-5
Pretax Income	3	23	-54	14	-10
- Income Tax Expense (Benefit)	-5	7	9	19	-8
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	7	16	-62	-6	-2
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	7	16	-62	-6	-2
- Minority Interest	- -	- -	- -	- -	- -
Net Income, GAAP	7	16	-62	-6	-2
- Preferred Dividends	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	7	16	-62	-6	-2
Basic Weighted Avg Shares	122	122	111	113	113
Basic EPS, GAAP	0.06	0.13	-0.56	-0.05	-0.02
Basic EPS from Cont Ops	0.06	0.13	-0.56	-0.05	-0.02
Diluted Weighted Avg Shares	122	122	111	113	113
Diluted EPS, GAAP	0.06	0.13	-0.56	-0.05	-0.02
Diluted EPS from Cont Ops	0.06	0.13	-0.56	-0.05	-0.02
EBITDA	47	65	-4	68	57
EBITDA Margin (%)	14.71	16.18	-0.63	9.8	10.04
EBITA	25	40	-36	30	16
EBIT	25	40	-36	30	16
Gross Margin (%)	30.87	35.39	32.38	31.11	27
Operating Margin (%)	7.9	9.89	-5.74	4.31	2.85
Profit Margin (%)	2.35	3.96	-9.89	-0.82	-0.42
Sales per Employee	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	0.99	- -	- -
Depreciation Expense	22	25	32	38	41

Balance Sheet	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	128	167	229	255	239
+ Cash, Cash Equivalents & STI	57	59	44	33	103
+ Cash & Cash Equivalents	57	59	44	33	103
+ ST Investments	- -	- -	- -	- -	- -
+ Accounts & Notes Receiv	31	37	65	51	31
+ Accounts Receivable, Net	31	33	61	49	30
+ Notes Receivable, Net	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	4	4	2	1
+ Inventories	36	65	110	165	97
+ Raw Materials	19	37	78	95	55
+ Work In Process	- -	- -	- -	- -	- -
+ Finished Goods	17	28	32	70	42
+ Inventory Adjustments	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -
+ Other ST Assets	4	6	11	6	7
+ Misc ST Assets	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -
Total Noncurrent Assets	398	479	565	615	596
+ Property, Plant & Equip, Net	38	47	64	136	144
+ Property, Plant & Equip	44	61	86	168	191
- Accumulated Depreciation	6	14	23	32	47
+ LT Investments & Receivables	- -	25	23	25	26
+ LT Investments	- -	25	23	25	26
+ LT Receivables	- -	- -	- -	- -	- -
+ Other LT Assets	360	407	479	453	427
+ Total Intangible Assets	360	405	467	441	414
+ Goodwill	102	116	129	131	131
+ Other Intangible Assets	258	289	338	309	283
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -
+ Misc LT Assets	- -	1	11	12	12
Total Assets	526	647	794	870	835
+ Payables & Accruals	27	66	87	68	51
+ Accounts Payable	12	27	39	26	17
+ Accrued Taxes	- -	- -	1	1	2
+ Interest & Dividends Payable	- -	- -	- -	- -	- -
+ Other Payables & Accruals	15	39	48	42	32
+ ST Debt	7	13	17	10	28
+ ST Borrowings	7	13	17	3	21
+ ST Finance Leases	- -	- -	- -	7	7
+ Other ST Liabilities	16	15	11	8	7
+ Deferred Revenue	- -	5	6	4	4
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Misc ST Liabilities	16	10	5	4	3
Total Current Liabilities	50	94	115	87	86
+ LT Debt	216	208	263	342	305
+ LT Borrowings	216	208	263	310	280
+ LT Finance Leases	- -	- -	- -	32	25
+ Other LT Liabilities	65	63	62	58	45
+ Accrued Liabilities	65	61	62	57	40
+ Pension Liabilities	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -
+ Misc LT Liabilities	- -	2	- -	1	5
Total Noncurrent Liabilities	282	271	326	400	350
Total Liabilities	332	365	441	487	436
+ Preferred Equity and Hybrid Capital	- -	- -	- -	- -	- -
+ Share Capital & APIC	196	265	402	441	460
+ Common Stock	- -	- -	- -	- -	- -
+ Additional Paid in Capital	196	265	402	441	460
- Treasury Stock	- -	- -	- -	- -	- -
+ Retained Earnings	-2	14	-49	-55	-57
+ Other Equity	- -	2	- -	-4	-4
Equity Before Minority Interest	194	282	354	383	399
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -
Total Equity	194	282	354	383	399
Total Liabilities & Equity	526	647	794	870	835
Shares Outstanding	120	120	119	115	115
Capital Leases - Total	- -	- -	- -	39	32
Net Debt	167	162	236	280	198
Net Debt to Equity	85.95	57.59	66.86	73.21	49.71
Tangible Common Equity Ratio	-100.26	-51.2	-34.69	-13.47	-3.55
Current Ratio	2.54	1.78	1.99	2.94	2.77
Cash Conversion Cycle	- -	74.49	76.05	111.32	118.63
Number of Employees	- -	- -	- -	- -	- -

Cash Flow Statement	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	7	16	-62	-6	-2
+ Depreciation & Amortization	22	25	32	38	41
+ Non-Cash Items	1	1	119	73	19
+ Stock-Based Compensation	1	2	129	51	19
+ Deferred Income Taxes	-10	-4	-12	-2	-17
+ Asset Impairment Charge	- -	- -	1	2	5
+ Other Non-Cash Adj	10	3	1	23	12
+ Chg in Non-Cash Work Cap	5	21	-55	-74	59
+ (Inc) Dec in Accts Receiv	-8	5	-26	11	14
+ (Inc) Dec in Inventories	13	-17	-40	-57	68
+ (Inc) Dec in Prepaid Assets	1	2	-4	5	-1
+ Inc (Dec) in Accts Payable	-2	30	15	-32	-20
+ Inc (Dec) in Other	- -	1	- -	- -	-1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Operating Activities	36	63	34	32	116
+ Change in Fixed & Intang	- -	- -	- -	- -	- -
+ Disp in Fixed & Intang	1	1	- -	- -	- -
+ Disp of Fixed Prod Assets	1	1	- -	- -	- -
+ Disp of Intangible Assets	- -	- -	- -	- -	- -
+ Acq of Fixed & Intang	-8	-16	-25	-40	-33
+ Acq of Fixed Prod Assets	-8	-16	-25	-40	-33
+ Acq of Intangible Assets	- -	- -	- -	- -	- -
+ Net Change in LT Investment	- -	- -	- -	- -	- -
+ Dec in LT Investment	- -	- -	- -	- -	- -
+ Inc in LT Investment	- -	- -	- -	- -	- -
+ Net Cash From Acq & Div	-20	-100	-83	-5	- -
+ Cash from Divestitures	- -	- -	7	- -	- -
+ Cash for Acq of Subs	-20	-100	-91	-5	- -
+ Cash for JVs	- -	- -	- -	- -	- -
+ Other Investing Activities	- -	- -	- -	- -	1
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Investing Activities	-27	-116	-108	-45	-32
+ Dividends Paid	- -	- -	-110	- -	- -
+ Net Cash From Debt	17	-4	54	34	-14
+ Cash From Debt	22	20	239	345	48
+ Repayments of Debt	-6	-24	-185	-311	-62
+ Cash (Repurchase) of Equity	- -	65	118	-23	- -
+ Increase in Capital Stock	- -	66	399	258	- -
+ Decrease in Capital Stock	- -	-1	-282	-281	- -
+ Other Financing Activities	- -	-7	-1	-7	- -
+ Net Cash From Disc Ops	- -	- -	- -	- -	- -
Cash from Financing Activities	17	54	60	4	-14
Effect of Foreign Exchange Rates	-1	1	-1	-2	-1
Net Changes in Cash	25	2	-14	-9	71
Capital Expenditures	-8	-16	-25	-40	-33
EBITDA	47	65	-4	68	57
EBITDA Margin (%)	14.71	16.18	-0.63	9.8	10.04
Net Cash Paid for Acquisitions	20	100	83	5	- -
Free Cash Flow	27	47	9	-7	83
Free Cash Flow to Firm	- -	60	- -	-14	- -
Free Cash Flow to Equity	- -	43	62	26	69
Free Cash Flow per Basic Share	0.23	0.38	0.08	-0.07	0.74
Price/Free Cash Flow	- -	- -	47.21	5.07	1.99
Cash Flow to Net Income	4.78	3.95	-0.54	-5.67	-48.73

Latham Group, Inc.

Income Statement

Balance Sheet

Cash Flow Statement