Leslie's, Inc. Files 2024 10-K Report

TL;DR

Leslie's 2024 10-K is in. Full financials and biz details for the year ending Sept 28, 2024.

AI Summary

Leslie's, Inc. filed its 2024 10-K report for the fiscal year ending September 28, 2024. The company, headquartered in Phoenix, AZ, operates in the retail store sector. Key financial data and operational details for the period are presented in this filing.

Why It Matters

This filing provides investors and analysts with a comprehensive overview of Leslie's financial performance, strategic initiatives, and risk factors for the past fiscal year, crucial for investment decisions.

Risk Assessment

Risk Level: medium — 10-K filings inherently carry medium risk due to the detailed financial and operational information that can reveal both strengths and weaknesses impacting stock value.

Key Numbers

• 2024-09-28 — Fiscal Year End (The reporting period concluded on this date.)
• 2023-09-30 — Prior Year End (Reference point for year-over-year comparison.)
• 001-39667 — SEC File Number (Identifier for Leslie's SEC filings.)

Key Players & Entities

• Leslie's, Inc. (company) — Filer of the 10-K report
• 2024-09-28 (date) — Fiscal year end date
• 2005 E. INDIAN SCHOOL ROAD, PHOENIX, AZ 85016 (address) — Company's business and mailing address
• 0000950170-24-131476 (accession_number) — SEC filing accession number

FAQ

Key Financial Figures

• $0.001 — ch registered Common Stock, par value $0.001 per share LESL The Nasdaq Global Se
• $15 billion — trusted direct-to-consumer brand in the $15 billion United States pool and spa care industr

Filing Documents

• lesl-20240928.htm (10-K) — 2776KB
• lesl-ex10_32.htm (EX-10.32) — 64KB
• lesl-ex10_34.htm (EX-10.34) — 34KB
• lesl-ex19_1.htm (EX-19.1) — 151KB
• lesl-ex21_1.htm (EX-21.1) — 12KB
• lesl-ex23_1.htm (EX-23.1) — 7KB
• lesl-ex31_1.htm (EX-31.1) — 18KB
• lesl-ex31_2.htm (EX-31.2) — 17KB
• lesl-ex32_1.htm (EX-32.1) — 10KB
• lesl-ex32_2.htm (EX-32.2) — 10KB
• img126363882_0.jpg (GRAPHIC) — 47KB
• 0000950170-24-131476.txt ( ) — 11783KB
• lesl-20240928.xsd (EX-101.SCH) — 1463KB
• lesl-20240928_htm.xml (XML) — 2141KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 11 Item 1B. Unresolved Staff Comments 29 Item 1C. Cybersecurity 29 Item 2.

Properties

Properties 30 Item 3.

Legal Proceedings

Legal Proceedings 31 Item 4. Mine Safety Disclosures 31 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 32 Item 6. [Reserved] 33 Item 7.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 34 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 45 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 46 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 71 Item 9A.

Controls and Procedures

Controls and Procedures 71 Item 9B. Other Information 76 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 76 PART III Item 10. Directors, Executive Officers and Corporate Governance 77 Item 11.

Executive Compensation

Executive Compensation 77 Item 12.

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

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 77 Item 13. Certain Relationships and Related Transactions, and Director Independence 77 Item 14. Principal Accountant Fees and Services 77 PART IV Item 15. Exhibits, Financial Statement Schedules 78 Item 16. Form 10-K Summary 80

Signatures

Signatures 81 i Table of Contents CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Annual Report on Form 10-K contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical fact contained in this Annual Report on Form 10-K, including statements regarding our future results of operations or financial condition, business strategy, legal proceedings, competitive advantages, market size, growth opportunities, industry expectations, and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as "anticipate," "believe," "contemplate," "continue," "could," "estimate," "expect," "intend," "may," "plan," "potential," "predict," "project," "should," "target," "will," or "would," or the negative of these words or other similar terms or expressions. Our actual results or outcomes could differ materially from those indicated in these forward-looking statements for a variety of reasons, including, among others: our ability to execute on our growth strategies; supply disruptions; our ability to maintain favorable relationships with suppliers and manufacturers; competition from mass merchants and specialty retailers; impacts on our business from the sensitivity of our business to weather conditions, changes in the economy (including high interest rates, recession fears, and inflationary pressures), geopolitical events or conflicts, and the housing market; disruptions in the operations of our distribution centers; our ability to implement technology initiatives that deliver the anticipated benefits, without disrupting our operations; our ability to attract and retain senior management and other qualified personnel; regulatory changes and development affecting our current and future products including evolving legal standards

Bu siness

Item 1. Bu siness. In this Annual Report on Form 10-K, unless otherwise indicated or the context otherwise requires, all references to "we," "our," "us," "Leslie's," "the Company," and "our Company" refer to Leslie's, Inc. and its consolidated subsidiaries. Our Company We are the largest and most trusted direct-to-consumer brand in the $15 billion United States pool and spa care industry, serving residential and professional consumers. Founded in 1963, we are the only direct-to-consumer pool and spa care brand with national scale, operating an integrated marketing and distribution ecosystem powered by a physical network of over 1,000 branded locations and a robust digital and e-commerce platform. We have a market-leading share of approximately 15% of residential aftermarket product spend as of 2023, our physical network is larger than the sum of our 20 largest competitors and our digital sales are estimated to be greater than five times as large as that of our largest digital competitor. We offer an extensive assortment of professional-grade products, the majority of which are exclusive to Leslie's, as well as certified installation and repair services, all of which are essential to the ongoing maintenance of pools and spas. Our dedicated team of associates, pool and spa care experts, and experienced service technicians are passionate about empowering our consumers with the knowledge, products, and solutions necessary to confidently maintain and enjoy their pools and spas. The considerable scale of our integrated marketing and distribution ecosystem, which is powered by our direct-to-consumer network, uniquely enables us to efficiently reach and service every pool and spas in the continental United States. We operate primarily in the pool and spa aftermarket industry, which is one of the most fundamentally attractive consumer categories given its scale, predictability, and growth outlook. More than 80% of our assortment is comprised of non-discretionary prod

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