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

TL;DR

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

AI Summary

Latham Group, Inc. (SWIM) filed a Annual Report (10-K) with the SEC on March 13, 2024. Latham Group, Inc. filed its 2023 Form 10-K on March 13, 2024. The filing covers the fiscal year ending December 31, 2023. The company's principal business address is 787 Watervliet Shaker Road, Latham, NY 12110. Latham Group, Inc. was formerly known as Latham Topco, Inc. until November 20, 2020. The SIC code for the company is 3089 (Plastics Products, NEC).

Why It Matters

For investors and stakeholders tracking Latham Group, Inc., this filing contains several important signals. This 10-K filing provides a comprehensive overview of Latham Group'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. The detailed financial statements and risk factors within the report offer insights into the company's revenue streams, profitability, debt levels, and potential challenges, enabling stakeholders to make informed investment decisions.

Risk Assessment

Risk Level: medium — Latham Group, Inc. shows moderate risk based on this filing. The company's financial performance and future outlook are subject to various risks detailed in the 10-K, including market conditions, competition, and operational challenges, which could impact its ability to achieve its strategic goals.

Analyst Insight

Investors should carefully review the detailed financial statements and risk factors in the 10-K to understand Latham Group's performance and potential challenges.

Key Numbers

• 2023-12-31 — Fiscal Year End (Reporting period)
• 2024-03-13 — Filing Date (Date of submission)
• 10-K — Form Type (Type of filing)
• 001-40358 — SEC File Number (SEC registration number)
• 24744579 — Film Number (SEC film identifier)
• 832797583 — IRS Number (Company tax identification)
• DE — State of Incorporation (Legal domicile)
• 800-833-3800 — Business Phone (Contact number)

Key Players & Entities

• Latham Group, Inc. (company) — Filer name
• Latham Group, Inc. (company) — Company name in filing
• Latham Topco, Inc. (company) — Former company name
• 2023-12-31 (date) — Fiscal year end
• 2024-03-13 (date) — Filing date
• 787 Watervliet Shaker Road (address) — Business address
• Latham, NY 12110 (address) — Business address
• 3089 (industry_code) — Standard Industrial Classification

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-13: Filing Date — Date Latham Group, Inc. submitted its 10-K to the SEC.

Key Financial Figures

• $0.0001 — ch registered Common stock, par value $0.0001 per share SWIM The Nasdaq Stock Mar

Filing Documents

• swim-20231231x10k.htm (10-K) — 3160KB
• swim-20231231xex10d20.htm (EX-10.20) — 90KB
• swim-20231231xex21d1.htm (EX-21.1) — 24KB
• swim-20231231xex23d1.htm (EX-23.1) — 3KB
• swim-20231231xex31d1.htm (EX-31.1) — 15KB
• swim-20231231xex31d2.htm (EX-31.2) — 14KB
• swim-20231231xex32d1.htm (EX-32.1) — 7KB
• swim-20231231xex32d2.htm (EX-32.2) — 7KB
• swim-20231231xex97d1.htm (EX-97.1) — 52KB
• swim-20231231x10k004.jpg (GRAPHIC) — 49KB
• 0001558370-24-003050.txt (&nbsp;) — 15478KB
• swim-20231231.xsd (EX-101.SCH) — 82KB
• swim-20231231_cal.xml (EX-101.CAL) — 124KB
• swim-20231231_def.xml (EX-101.DEF) — 367KB
• swim-20231231_lab.xml (EX-101.LAB) — 797KB
• swim-20231231_pre.xml (EX-101.PRE) — 700KB
• swim-20231231x10k_htm.xml (XML) — 3025KB

Business

Item 1. Business 3

Risk Factors

Item 1A. Risk Factors 14

Unresolved Staff Comments

Item 1B. Unresolved Staff Comments 32

Cybersecurity

Item 1C. Cybersecurity 33

Properties

Item 2. Properties 35

Legal Proceedings

Item 3. Legal Proceedings 36

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 36 PART II

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 37

Reserved

Item 6. Reserved 38

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 39

Quantitative and Qualitative Disclosures About Market Risk

Item 7A. Quantitative and Qualitative Disclosures About Market Risk 58

Financial Statements and Supplementary Data

Item 8. Financial Statements and Supplementary Data 60

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 106

Controls and Procedures

Item 9A. Controls and Procedures 106

Other Information

Item 9B. Other Information 107

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 107 PART III

Directors, Executive Officers, and Corporate Governance

Item 10. Directors, Executive Officers, and Corporate Governance 108

Executive Compensation

Item 11. Executive Compensation 108

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 108

Certain Relationships and Related Transactions, and Director Independence

Item 13. Certain Relationships and Related Transactions, and Director Independence 108

Principal Accounting Fees and Services

Item 14. Principal Accounting Fees and Services 108 PART IV

Exhibits and Financial Statement Schedules

Item 15. Exhibits and Financial Statement Schedules 109

Form 10-K Summary

Item 16. Form 10-K Summary 111

Signatures

Signatures 112 2 Table of Contents PART I

Business

Item 1. Business Overview We are the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. We hold the #1 position in North America in every product category in which we compete. We believe that we are the most desirable brand in the pool industry and the only pool company that has established a direct relationship with the homeowner. We are Latham, The Pool Company TM . With an operating history that spans over 65 years, we offer the industry's broadest portfolio of pools and related products, including in-ground swimming pools, pool liners, and pool covers. We have a heritage of innovation. In an industry that has traditionally marketed from pool manufacturer to dealer, we pioneered the first "direct-to-homeowner" digital and social marketing strategy that has transformed the homeowner's purchase journey. Through this marketing strategy, we are able to create demand for our pools and to provide high quality, purchase-ready consumer leads to our dealer partners. Partnership with our dealers is integral to our collective success, and we have enjoyed long-tenured relationships averaging over 14 years. We support our dealer network with business development tools, co-branded marketing programs, and in-house training. Our operations consist of approximately 1,800 employees across all of our locations. The broad geographic reach of our manufacturing and distribution network allows us to service our customers at short lead times and to deliver a fiberglass pool in a cost-effective manner. Our mission is to design and manufacture high-quality pool products, with the homeowner in mind, and to be a value-added partner to our dealers. Industry Over the last decade, macroeconomic trends have driven an increase in reinvestment in the home, and we expect that consumers will continue to focus a portion of their rest-and-relaxation spending on exterior living spaces as they look for more ways t

View Full Filing

View this 10-K filing on SEC EDGAR