Traeger, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Traeger, Inc. has submitted its 2023 annual report (10-K), detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

Traeger, Inc. (COOK) filed a Annual Report (10-K) with the SEC on March 8, 2024. Traeger, Inc. filed its 2023 Form 10-K on March 8, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal business address is 533 South 400 West, Salt Lake City, UT 84101. Traeger, Inc. was formerly known as TGPX Holdings I LLC, with a name change effective April 20, 2021. The filing includes financial data for the fiscal years 2023, 2022, and 2021.

Why It Matters

For investors and stakeholders tracking Traeger, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Traeger's financial health, operational performance, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's current standing and future prospects. As a public company, Traeger is required to disclose detailed financial information annually, allowing stakeholders to evaluate its profitability, debt levels, and overall market position within the household appliances sector.

Risk Assessment

Risk Level: low — Traeger, Inc. shows low risk based on this filing. The filing is a standard annual report (10-K) and does not contain immediate red flags or significant negative developments beyond typical business disclosures.

Analyst Insight

Review the detailed financial statements and management's discussion and analysis within the 10-K to understand Traeger's performance drivers and identify any emerging risks or opportunities.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period for the 10-K.)
• 2024-03-08 — Filing Date (Date the 10-K was filed.)
• 2023-01-01 — Fiscal Year Start (Beginning of the reporting period.)

Key Players & Entities

• Traeger, Inc. (company) — Filer of the 10-K report.
• TGPX Holdings I LLC (company) — Former name of Traeger, Inc.
• Salt Lake City, UT (location) — Location of Traeger's business and mailing address.

FAQ

Industry Context

Traeger, Inc. operates in the household appliances sector, specifically focusing on grills and related accessories.

Regulatory Implications

As a publicly traded company, Traeger, Inc. is subject to the reporting requirements of the Securities and Exchange Commission (SEC) under the Securities Exchange Act of 1934.

What Investors Should Do

1. Analyze Traeger's financial statements for the fiscal year 2023, paying attention to revenue, net income, and cash flow.
2. Review the 'Risk Factors' section (if available in the full document) for any new or evolving risks that could impact the company.
3. Examine the Management's Discussion and Analysis of Financial Condition and Results of Operations for insights into the company's performance drivers and outlook.

Key Dates

• 2023-12-31: Fiscal Year End — Defines the period covered by the 10-K report.
• 2024-03-08: Filing Date — Date Traeger, Inc. submitted its 10-K filing.

Year-Over-Year Comparison

This is the initial extraction of the 2023 10-K filing; comparison to prior filings would require access to those documents.

Key Financial Figures

• $0.0001 — ange on which registered Common Stock, $0.0001 par value per share COOK New York Stock

Filing Documents

• tra-20231231.htm (10-K) — 2109KB
• a2023eyconsent.htm (EX-23.1) — 3KB
• q4-23exhibit311.htm (EX-31.1) — 10KB
• q4-23exhibit312.htm (EX-31.2) — 11KB
• q4-23exhibit321.htm (EX-32.1) — 6KB
• q4-23exhibit322.htm (EX-32.2) — 6KB
• traeger-clawbackpolicy.htm (EX-97) — 30KB
• tra-20231231_g1.jpg (GRAPHIC) — 74KB
• 0001857853-24-000020.txt (&nbsp;) — 11153KB
• tra-20231231.xsd (EX-101.SCH) — 68KB
• tra-20231231_cal.xml (EX-101.CAL) — 131KB
• tra-20231231_def.xml (EX-101.DEF) — 400KB
• tra-20231231_lab.xml (EX-101.LAB) — 940KB
• tra-20231231_pre.xml (EX-101.PRE) — 732KB
• tra-20231231_htm.xml (XML) — 1440KB

Risk Factors

Item 1A. Risk Factors 10

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 49

C . Cybersecurity

Item 1 C . Cybersecurity 49

Properties

Item 2. Properties 50

Legal Proceedings

Item 3. Legal Proceedings 51

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 51 PART II 52

Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52

[Reserved]

Item 6. [Reserved] 53

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations 54

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 67

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 69

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 69

Controls and Procedures

Item 9A. Controls and Procedures 69

Other Information

Item 9B. Other Information 70

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 70 PART III 71

Directors, Executive Officers and Corporate Governance

Item 10. Directors, Executive Officers and Corporate Governance 71

Executive Compensation

Item 11. Executive Compensation 73

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 73

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 74

Principal Account ing Fees and Services

Item 14. Principal Account ing Fees and Services 74 PART IV 75

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 75

Form 10-K Summary

Item 16. Form 10-K Summary 78

Signatures

Signatures 80 Table of Contents

FORWARD-LOOKING STATEMENTS

FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements within the meaning of the U.S. Private Securities Litigation Reform Act of 1995. We intend such forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). All statements other than statements of historical facts contained in this Annual Report on Form 10-K may be forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expects," "plans," "anticipates," "could," "intends," "targets," "projects," "contemplates," "believes," "estimates," "forecasts," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. Forward-looking statements contained in this Annual Report on Form 10-K include, but are not limited to, statements regarding our future results of operations and financial position, general macroeconomic trends, industry and business trends, equity compensation, business strategy, plans, market growth and our objectives for future operations. The forward-looking statements in this Annual Report on Form 10-K are only predictions. We have based these forward-looking statements largely on our current expectations and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. Forward-looking statements involve known and unknown risks, uncertainties and other important factors that 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, but not limited to, the important factors discussed in Part I, Item 1A. "Risk Fact

Business

Item 1. Business. Overview Welcome to the Traegerhood Our mission is to bring people together to create a more flavorful world. Traeger is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. Our Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with a wood-fired flavor that cannot be replicated with gas, charcoal, or electric grills. At the heart of our brand is a passionate and engaged community called the Traegerhood, which includes everyone from casual grillers to competition pitmasters and professional chefs. Our flagship wood pellet grills are internet of things, or IoT, devices that allow owners to program, monitor, and control their grill through our Traeger app, which is used on more than 3.0 million mobile devices per month. We complement our innovative cooking technologies with an extensive digital library of original recipes and Traeger Kitchen Live cooking classes. In addition, we offer consumable products, such as wood pellets, rubs, and sauces, that drive recurring revenue. Leveraging our authentic brand and the Traegerhood, we have established an omnichannel distribution strategy led by retailers ranging from Ace Hardware and The Home Depot to Amazon and Best Buy. We complement this retail channel with direct to consumer ("DTC") sales through our website and Traeger app. Today, we estimate that 76 million households in the United States own a grill, representing the total addressable market. With approximately 2.7 million Traeger grills sold in the United States from 2019 to 2023, we estimate that our U.S. household penetration is only 3.5% of this total addressable market. As a result, we believe our potential market opportunity is massive and that our ability to grow within and beyond the outdoor grill market is unrivaled. We see opportunities to expand our integrated,

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View this 10-K filing on SEC EDGAR