0001558370-24-011205 | 10-Q | XBRL Viewer

Goodwill and Intangible Assets, Net (Tables)

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Intangible assets, net as of June 29, 2024 consisted of the following (in thousands):


	June 29, 2024
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(88)	$	32,884	$	115,128
Patented technology		16,126		(1)		9,508		6,617
Technology		13,000		—		2,240		10,760
Pool designs		13,628		(44)		3,441		10,143
Franchise relationships		1,187		—		1,187		—
Dealer relationships		197,376		—		70,328		127,048
Order backlog		1,600		—		1,600		—
Non-competition agreements		2,476		—		2,476		—
	$	393,493	$	(133)	$	123,664	$	269,696

Intangible assets, net as of December 31, 2023 consisted of the following (in thousands):


	December 31, 2023
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	72	$	29,583	$	118,589
Patented technology		16,126		1		8,713		7,414
Technology		13,000		—		1,806		11,194
Pool designs		13,628		35		2,973		10,690
Franchise relationships		1,187		—		1,187		—
Dealer relationships		197,376		—		62,470		134,906
Order backlog		1,600		—		1,600		—
Non-competition agreements		2,476		—		2,476		—
	$	393,493	$	108	$	110,808	$	282,793

Schedule of estimated amortization expense related to definite-lived intangible assets

The Company estimates that amortization expense related to definite-lived intangible assets will be as follows in each of the next five fiscal years and thereafter (in thousands):


	Estimated Future
	Amortization
Fiscal Year Ending	Expense
Remainder of fiscal year 2024	$	12,854
2025		25,551
2026		25,551
2027		25,551
2028		24,592
Thereafter		155,597
	$	269,696

Goodwill and Intangible Assets, Net

6 Months Ended

Jun. 29, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

Goodwill and Intangible Assets, Net

4. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

The carrying amount of goodwill as of June 29, 2024 and as of December 31, 2023 was $131.2 million and $131.4 million, respectively. The change in the carrying value during the two fiscal quarters ended June 29, 2024 was solely because of fluctuations in foreign currency exchange rates.

Intangible Assets

Intangible assets, net as of June 29, 2024 consisted of the following (in thousands):


	June 29, 2024
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	(88)	$	32,884	$	115,128
Patented technology		16,126		(1)		9,508		6,617
Technology		13,000		—		2,240		10,760
Pool designs		13,628		(44)		3,441		10,143
Franchise relationships		1,187		—		1,187		—
Dealer relationships		197,376		—		70,328		127,048
Order backlog		1,600		—		1,600		—
Non-competition agreements		2,476		—		2,476		—
	$	393,493	$	(133)	$	123,664	$	269,696

The Company recognized $6.4 million and $12.8 million of amortization expense related to intangible assets during the fiscal quarter and two fiscal quarters ended June 29, 2024. The Company recognized $6.6 million and $13.3 million of amortization expense related to intangible assets during the fiscal quarter and two fiscal quarters ended July 1, 2023.

Intangible assets, net as of December 31, 2023 consisted of the following (in thousands):


	December 31, 2023
	Gross		Foreign
	Carrying		Currency		Accumulated		Net
	Amount		Translation		Amortization		Amount
Trade names and trademarks	$	148,100	$	72	$	29,583	$	118,589
Patented technology		16,126		1		8,713		7,414
Technology		13,000		—		1,806		11,194
Pool designs		13,628		35		2,973		10,690
Franchise relationships		1,187		—		1,187		—
Dealer relationships		197,376		—		62,470		134,906
Order backlog		1,600		—		1,600		—
Non-competition agreements		2,476		—		2,476		—
	$	393,493	$	108	$	110,808	$	282,793

The Company estimates that amortization expense related to definite-lived intangible assets will be as follows in each of the next five fiscal years and thereafter (in thousands):


	Estimated Future
	Amortization
Fiscal Year Ending	Expense
Remainder of fiscal year 2024	$	12,854
2025		25,551
2026		25,551
2027		25,551
2028		24,592
Thereafter		155,597
	$	269,696

Related Party Transactions - Bright AI Services (Details) - Bright AI Services $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Related Party Transaction [Line Items]
Accounts payable	$ 0.0
Development Of Internal Use Software
Related Party Transaction [Line Items]
Costs incurred	$ 0.8

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 29, 2024	Aug. 02, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 29, 2024
Document Fiscal Year Focus	2024
Document Transition Report	false
Securities Act File Number	001-40358
Entity Registrant Name	Latham Group, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-2797583
Entity Address, Address Line One	787 Watervliet Shaker Road
Entity Address, City or Town	Latham
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	12110
City Area Code	800
Local Phone Number	833-3800
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	SWIM
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		115,577,103
Entity Central Index Key	0001833197
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Amendment Flag	false

Long-Term Debt (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023	Feb. 23, 2022
Debt Instrument [Line Items]
Gross debt	$ 289,688
Less: Unamortized discount and debt issuance costs	(7,327)	$ (8,112)
Total debt	282,361	301,201
Less: Current portion of long-term debt	(3,250)	(21,250)
Total long-term debt	279,111	279,951
Revolving Credit Facility
Debt Instrument [Line Items]
Total debt	0
Maximum borrowing capacity	75,000		$ 75,000
Term Loan Facility
Debt Instrument [Line Items]
Gross debt	289,688	309,313
Total debt	282,400
Maximum borrowing capacity			$ 325,000
Revolving Credit Facility \| Revolving Credit Facility
Debt Instrument [Line Items]
Gross debt	$ 0	$ 0

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Numerator:
Net loss	$ 13,279	$ (7,864)	$ 5,715	$ (14,368)	$ 5,415	$ (8,653)
Weighted-average common shares outstanding
Basic	115,469,246		112,248,822		115,254,088	112,175,510
Diluted	117,023,112		112,692,543		116,472,164	112,175,510
Net loss per share attributable to common stockholders:
Basic	$ 0.12		$ 0.05		$ 0.05	$ (0.08)
Diluted	$ 0.11		$ 0.05		$ 0.05	$ (0.08)
Common stock issued and outstanding for accounting purposes	115,555,660				115,555,660		114,828,896
Restricted Stock Awards
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding	0		87,576		21,443	1,331,897
Restricted Stock Units
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding	58,259		102,129		41,203	301,440
Employee Stock Option
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding	1,432,041		1,730,204		1,476,599	1,808,350
Stock appreciation rights
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding	647,582		529,681		652,790	264,841
Performance stock units
Net loss per share attributable to common stockholders:
Potentially dilutive securities outstanding	7,189		0		41,563	0

Inventories, Net (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 53,089	$ 55,081
Finished goods	30,579	42,056
Inventory, net, Total	$ 83,668	$ 97,137

Long-Term Debt

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Long-Term Debt

6. LONG-TERM DEBT

The components of the Company’s outstanding long-term debt obligations consisted of the following (in thousands):



	June 29, 2024		December 31, 2023
Term Loan	$	289,688	$	309,313
Revolving Credit Facility		—		—
Less: Unamortized discount and debt issuance costs		(7,327)		(8,112)
Total debt		282,361		301,201
Less: Current portion of long-term debt		(3,250)		(21,250)
Total long-term debt	$	279,111	$	279,951

On February 23, 2022, Latham Pool Products entered into an agreement (the “Credit Agreement”) with Barclays Bank PLC, which provides a senior secured multicurrency revolving line of credit (the “Revolving Credit Facility”) in an initial principal amount of $75.0 million and a U.S. Dollar senior secured term loan facility (the “Term Loan”) in an initial principal amount of $325.0 million.

As of June 29, 2024, the Company was in compliance with all financial covenants under the Credit Agreement.

Revolving Credit Facility

The Revolving Credit Facility may be utilized to finance ongoing general corporate and working capital needs and permits Latham Pool Products to borrow loans in U.S. Dollars, Canadian Dollars, Euros and Australian Dollars. The Revolving Credit Facility matures on February 23, 2027. Loans outstanding under the Revolving Credit Facility denominated in U.S. Dollars and Canadian Dollars bear interest, at the borrower’s option, at a rate per annum based on Term SOFR or CDO (each, as defined in the Credit Agreement), as applicable, plus a margin of 3.50%, or at a rate per annum based on the Base Rate or the Canadian Prime Rate (each, as defined in the Credit Agreement), plus a margin of 2.50%. Loans outstanding under the Revolving Credit Facility denominated in Euros or Australian Dollars bear interest based on EURIBOR or the AUD Rate (each, as defined in the Credit Agreement), respectively, plus a margin of 3.50%. A commitment fee accrues on any unused portion of the commitments under the Revolving

Credit Facility. The commitment fee is due and payable quarterly in arrears, and initially was 0.375% per annum and thereafter accrues at a rate per annum ranging from 0.25% to 0.50%, depending on the First Lien Net Leverage Ratio (as defined in the Credit Agreement). Borrowings under the Revolving Credit Facility are due at maturity.

The Company incurred debt issuance costs of $0.8 million related to the Revolving Credit Facility. The debt issuance costs were recorded within other assets on the condensed consolidated balance sheet as of the applicable period and are being amortized over the life of the Revolving Credit Facility.

The Company is required to meet certain financial covenants in connection with the Revolving Credit Facility, including maintaining specific liquidity measurements. There are also negative covenants, including certain restrictions on the Company’s and its subsidiaries’ ability to incur additional indebtedness, create liens, make investments, consolidate, or merge with other entities, enter into transactions with affiliates, make prepayments with respect to certain indebtedness, make dividend payments, loans, or advances to the Company, declare dividends and make restricted payments and other distributions.

As of June 29, 2024, there were no outstanding borrowings on the Revolving Credit Facility and $75.0 million was available for future borrowing.

Term Loan

The Term Loan matures on February 23, 2029. The Term Loan bears interest, at the borrower’s option, at a rate per annum based on Term SOFR (as defined in the Credit Agreement), plus a margin ranging from 3.75% to 4.00%, depending on the First Lien Net Leverage Ratio, or based on the Base Rate (as defined in the Credit Agreement), plus a margin ranging from 2.75% to 3.00%, depending on the First Lien Net Leverage Ratio. The Term Loan is subject to scheduled quarterly amortization payments of $812,500, equal to 0.25% of the initial principal amount of the Term Loan. The Credit Agreement contains customary mandatory prepayment provisions for the Term Loan, including requirements to make mandatory prepayments with 50% of any excess cash flow and with 100% of the net cash proceeds from the incurrence of indebtedness not otherwise permitted to be incurred by the covenants, asset sales, and casualty and condemnation events, in each case, subject to customary exceptions.

During the two fiscal quarters ended June 29, 2024, the Company made a payment of $18.0 million.

Outstanding borrowings as of June 29, 2024 were $282.4 million, net of unamortized discount and debt issuance costs of $7.3 million. In connection with the Term Loan, the Company is subject to various negative, reporting, financial, and other covenants, including maintaining specific liquidity measurements.

As of June 29, 2024, the unamortized debt issuance costs and discount on the Term Loan were $4.1 million and $3.3 million, respectively. The effective interest rate was 9.98% at June 29, 2024, including the impact of the Company’s interest rate swaps.

Interest Rate Risk

Interest rate risk associated with the Credit Agreement is mitigated partially through interest rate swaps.

The Company executed an interest rate swap on April 30, 2020. The swap had an effective date of May 18, 2020 and a termination date of May 18, 2023. In February 2022, the Company amended its interest rate swap to change the index rate from LIBOR to SOFR in connection with the entry into the Credit Agreement. Under the terms of the amended swap, the Company fixed its SOFR borrowing rate at 0.496% on a notional amount of $200.0 million. The interest rate swap was not designated as a hedging instrument for accounting purposes (see Note 3).

Additionally, the Company entered into an interest rate swap that was executed on March 10, 2023. The swap has an effective date of May 18, 2023 and a termination date of May 18, 2026. Under the terms of the swap, the Company fixed its SOFR borrowing rate at 4.3725% on a notional amount of $161.0 million. The interest rate swap is not designated as a hedging instrument for accounting purposes (see Note 3).

Debt Maturities

Principal payments due on the outstanding debt, excluding the Revolving Credit Facility, in the next five fiscal years, excluding any potential payments based on excess cash flow, are as follows (in thousands):



Fiscal Year Ending	Term Loan
Remainder of fiscal year 2024	$	1,625
2025		3,250
2026		3,250
2027		3,250
2028		3,250
Thereafter		275,063
	$	289,688

Guarantees

The obligations under the Credit Agreement are guaranteed by certain wholly owned subsidiaries (the “Guarantors”) of the Company that are party to that certain security agreement, which was executed in connection with the Credit Agreement. The obligations under the Credit Agreement are secured by substantially all of the Guarantors’ tangible and intangible assets, including their accounts receivables, equipment, intellectual property, inventory, cash and cash equivalents, deposit accounts, and security accounts. The Credit Agreement also restricts payments and other distributions unless certain conditions are met, which could restrict the Company’s ability to pay dividends.

- Definition

The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.

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+ Details

Net Sales

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Net Sales

9. NET SALES

The following table sets forth the Company’s disaggregation of net sales by product line (in thousands):



	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
In-ground Swimming Pools	$	80,958	$	90,534	$	140,791	$	169,146
Covers		25,503		28,755		52,371		61,500
Liners		53,661		57,839		77,589		84,201
	$	160,122	$	177,128	$	270,751	$	314,847

- Definition

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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+ Details

Fair Value Measurements

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. FAIR VALUE MEASUREMENTS

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. To increase the comparability of fair value measures, the following hierarchy prioritizes the inputs to valuation methodologies used to measure fair value.

Level 1 — Quoted prices in active markets for identical assets or liabilities.

Level 2 — Inputs, other than quoted prices in active markets, that are observable either directly or indirectly.

Level 3 — Unobservable inputs that reflect the Company’s own assumptions incorporated into valuation techniques. These valuations require significant judgment.

In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. When there is more than one input at different levels within the hierarchy, the fair value is determined based on the lowest level input that is significant to the fair value measurement in its entirety. Assessment of the significance of a particular input to the fair value measurement in its entirety requires substantial judgment and consideration of factors specific to the asset or liability. Level 3 inputs are inherently difficult to estimate. Changes to these inputs can have significant impact on fair value measurements. Assets and liabilities measured at fair value using Level 3 inputs are based on one or more of the following valuation techniques: market approach, income approach or cost approach. There were no transfers between fair value measurement levels during the two fiscal quarters ended June 29, 2024 or July 1, 2023.

Assets and liabilities measured at fair value on a nonrecurring basis

The Company’s non-financial assets such as goodwill, intangible assets, and property and equipment are measured at fair value upon acquisition and remeasured to fair value when an impairment charge is recognized. Such fair value measurements are based predominantly on Level 2 and Level 3 inputs.

Fair value of financial instruments

The Company considers the carrying amounts of cash, trade receivables, prepaid expenses and other current assets, accounts payable, and accrued expenses and other current liabilities to approximate fair value because of the short-term maturities of these instruments.

Term loan

The Company’s Term Loan (as defined below; see Note 6) is carried at amortized cost; however, the Company estimates the fair value of the Term Loan for disclosure purposes. The fair value of the Term Loan is determined using inputs based on observable market data of a non-public exchange, which are classified as Level 2 inputs. The following table sets forth the carrying amount and fair value of its Term Loan (in thousands):



	June 29, 2024				December 31, 2023
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Term Loan	$	282,361	$	274,596	$	301,201	$	289,153

Interest rate swap

The Company estimates the fair value of interest rate swaps (see Note 6) on a fiscal quarterly basis using Level 2 inputs, including the forward SOFR curve. The fair value is estimated by comparing (i) the present value of all future monthly fixed rate payments versus (ii) the variable payments based on the forward SOFR curve. As of June 29, 2024 and December 31, 2023, the fair value of the Company’s interest rate swap was an asset of $0.9 million and a liability of $1.2 million, respectively, which were recorded within other assets and other long-term liabilities, respectively, on the condensed consolidated balance sheets.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

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+ Details

Subsequent Event

6 Months Ended

Jun. 29, 2024

Subsequent Events [Abstract]

Subsequent Event

16. SUBSEQUENT EVENT

On August 2, 2024, the Company completed a stock acquisition of CoverStar Central, LLC. (“CoverStar Central”), the Company’s exclusive dealer of automatic safety covers in 29 states – mainly in the center of the U.S. The purchase price was $64.5 million, subject to certain adjustments, including for working capital as compared to an agreed target and transaction expenses. The Company fully funded the transaction with cash on hand.

Stock-Based Compensation - Restricted Stock Awards (Details) - Restricted Stock Awards	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Shares
Balance at beginning \| shares	42,886
Granted \| shares
Vested \| shares	(21,443)
Forfeited \| shares	0
Balance at ending \| shares	21,443
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at beginning \| $ / shares	$ 19.00
Granted \| $ / shares
Vested \| $ / shares	19.00
Forfeited \| $ / shares	0
Balance at ending \| $ / shares	$ 19.00

Goodwill and Intangible Assets, Net - Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 393,493		$ 393,493		$ 393,493
Foreign Currency Translation	(133)		(133)		108
Accumulated Amortization	123,664		123,664		110,808
Net Amount	269,696		269,696		282,793
Amortization of Intangible Assets	6,428	$ 6,635	12,840	$ 13,267
Trade names and trademarks
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	148,100		148,100		148,100
Foreign Currency Translation	(88)		(88)		72
Accumulated Amortization	32,884		32,884		29,583
Net Amount	115,128		115,128		118,589
Patented technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	16,126		16,126		16,126
Foreign Currency Translation	(1)		(1)		1
Accumulated Amortization	9,508		9,508		8,713
Net Amount	6,617		6,617		7,414
Technology
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,000		13,000		13,000
Foreign Currency Translation	0		0		0
Accumulated Amortization	2,240		2,240		1,806
Net Amount	10,760		10,760		11,194
Pool Designs
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	13,628		13,628		13,628
Foreign Currency Translation	(44)		(44)		35
Accumulated Amortization	3,441		3,441		2,973
Net Amount	10,143		10,143		10,690
Franchise relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,187		1,187		1,187
Foreign Currency Translation	0		0		0
Accumulated Amortization	1,187		1,187		1,187
Net Amount	0		0		0
Dealer relationships
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	197,376		197,376		197,376
Foreign Currency Translation	0		0		0
Accumulated Amortization	70,328		70,328		62,470
Net Amount	127,048		127,048		134,906
Order backlog
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	1,600		1,600		1,600
Foreign Currency Translation	0		0		0
Accumulated Amortization	1,600		1,600		1,600
Net Amount	0		0		0
Non-Competition Agreements
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	2,476		2,476		2,476
Foreign Currency Translation	0		0		0
Accumulated Amortization	2,476		2,476		2,476
Net Amount	$ 0		$ 0		$ 0

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Statement of Comprehensive Income [Abstract]
Net loss	$ 13,279	$ 5,715	$ 5,415	$ (8,653)
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	983	(329)	172	(473)
Total other comprehensive loss, net of tax	983	(329)	172	(473)
Comprehensive loss	$ 14,262	$ 5,386	$ 5,587	$ (9,126)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

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+ Details

- Definition

Amount after tax, before reclassification adjustments of gain (loss) on foreign currency translation adjustments, foreign currency transactions designated and effective as economic hedges of a net investment in a foreign entity and intra-entity foreign currency transactions that are of a long-term-investment nature.

+ References + Details

Leases (Tables)

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Summary of components of lease expense


	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease expense	$	2,129	$	2,317	$	4,292	$	4,668
Finance lease amortization of assets		212		156		424		265
Finance lease interest on lease liabilities		80		68		164		120
Short-term lease expense		64		96		120		150
Variable lease expense		122		268		280		595
Total lease expense	$	2,607	$	2,905	$	5,280	$	5,798

Schedule of supplemental lease information

Operating and finance lease right-of-use assets and lease-related liabilities as of June 29, 2024 and December 31, 2023 were as follows (in thousands):


	June 29, 2024		December 31, 2023		Classification

Lease right-of-use assets:
Operating leases	$	26,993	$	30,788	Operating lease right-of-use assets
Finance leases		3,675		3,912	Other assets
Total lease right-of-use assets	$	30,668	$	34,700

Lease-related liabilities
Current
Operating leases	$	6,631	$	7,133	Current operating lease liabilities
Finance leases		786		746	Accrued expenses and other current liabilities
Non-current
Operating leases		21,449		24,787	Non-current operating lease liabilities
Finance leases		3,053		3,285	Other long-term liabilities
Total lease liabilities	$	31,919	$	35,951

The table below presents supplemental information related to leases as of June 29, 2024 and December 31, 2023:


	June 29, 2024			December 31, 2023
Weighted-average remaining lease term (years)
Finance leases		4.8			5.2
Operating leases		5.4			5.7
Weighted-average discount rate
Finance leases		8.2	%		8.2	%
Operating leases		5.0	%		5.1	%

The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):


	Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,578	$	3,781

Schedule of maturities of operating lease liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of June 29, 2024 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2024	$	4,139	$	542	$	4,681
2025		7,339		1,030		8,369
2026		5,831		934		6,765
2027		4,109		858		4,967
2028		3,114		845		3,959
Thereafter		7,626		436		8,062
Total lease payments		32,158		4,645		36,803
Less: Interest		(4,078)		(806)		(4,884)
Present value of lease liability	$	28,080	$	3,839	$	31,919

Schedule of maturities of finance lease liabilities

The following table summarizes fiscal year maturities of operating lease liabilities as of June 29, 2024 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2024	$	4,139	$	542	$	4,681
2025		7,339		1,030		8,369
2026		5,831		934		6,765
2027		4,109		858		4,967
2028		3,114		845		3,959
Thereafter		7,626		436		8,062
Total lease payments		32,158		4,645		36,803
Less: Interest		(4,078)		(806)		(4,884)
Present value of lease liability	$	28,080	$	3,839	$	31,919

Goodwill and Intangible Assets, Net - Amortization Expense (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2024	$ 12,854
2025	25,551
2026	25,551
2027	25,551
2028	24,592
Thereafter, Year Four	155,597
Net Amount	$ 269,696	$ 282,793

Leases - Lease expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Leases - Lease expense (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Components of lease expense:
Operating lease expense	$ 2,129	$ 2,317	$ 4,292	$ 4,668
Finance lease amortization of assets	212	156	424	265
Finance lease interest on lease liabilities	80	68	164	120
Short-term lease expense	64	96	120	150
Variable lease expense	122	268	280	595
Total lease expense	$ 2,607	$ 2,905	$ 5,280	$ 5,798

Nature of the Business

6 Months Ended

Jun. 29, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business

Notes to Condensed Consolidated Financial Statements

1. NATURE OF THE BUSINESS

Latham Group, Inc. (the “Company”) wholly owns Latham Pool Products, Inc. (“Latham Pool Products”), a designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. Latham Pool Products offers a portfolio of in-ground swimming pools and related products, including pool liners and pool covers.

Stock Split, Initial Public Offering and Reorganization

On April 13, 2021, the Company’s certificate of incorporation was amended and restated. On April 13, 2021, the Company effected a 109,673,709 for-one stock split of its issued and outstanding shares of common stock. Accordingly, all share and per share data included in these condensed consolidated financial statements and notes thereto reflect the impact of the amended and restated certificate of incorporation and the stock split.

On April 27, 2021, the Company completed its initial public offering (the “IPO”), pursuant to which it issued and sold 23,000,000 shares of common stock, inclusive of 3,000,000 shares sold by the Company pursuant to the full exercise of the underwriters’ option to purchase additional shares. The aggregate net proceeds received by the Company from the IPO were $399.3 million, after deducting underwriting discounts and commissions and other offering costs.

Prior to the closing of the Company’s IPO, the Company’s parent entity, Latham Investment Holdings, L.P., merged with and into Latham Group, Inc.

Stock-Based Compensation - Narrative (Details) - USD ($) $ in Thousands		3 Months Ended		6 Months Ended
	Apr. 12, 2021	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023	May 02, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Maximum grant date fair value of cash and equity awards that may be awarded to a non-employee director	$ 750,000
Shares reserved for issuance		21,170,212		21,170,212		8,000,000
Share based compensation expense		$ 2,100	$ 5,764	$ 3,343	$ 12,533
Total unrecognized stock-based compensation expense		12,800		$ 12,800
Total unrecognized stock-based compensation expense expected to be recognized over a weighted-average period				2 years 1 month 6 days
Cost of Sales
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense		0	(626)	$ 0	(200)
Selling, General and Administrative
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share based compensation expense		$ 2,100	$ 6,390	$ 3,343	$ 12,733

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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-Name Accounting Standards Codification
-Section 35
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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Reference 25: http://www.xbrl.org/2003/role/disclosureRef
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Reference 26: http://www.xbrl.org/2003/role/disclosureRef
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Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stockholders' Equity

6 Months Ended

Jun. 29, 2024

Stockholders' Equity Note [Abstract]

Stockholders' Equity

11. STOCKHOLDERS’ EQUITY

Repurchase Program

On May 10, 2022, the Board of Directors of the Company approved a stock repurchase program (the “Repurchase Program”), which authorizes the Company to repurchase up to $100 million of the Company’s shares of common stock by May 2025. The Company may effect these repurchases in open market transactions, privately negotiated purchases, or other acquisitions. The Company is not obligated to repurchase any of its shares of its common stock under the Repurchase Program and the timing and amount of any repurchases will depend on market conditions, the Company’s stock price, alternative uses of capital, the terms of the Company’s debt instruments, and other factors.

As of June 29, 2024, $77.0 million remained available for share repurchases pursuant to the Repurchase Program. The Company did not repurchase any shares of its common stock during the fiscal quarter ended June 29, 2024. The Company accounts for the excess of the repurchase price over the par value of shares acquired as a reduction to additional paid-in capital.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 40
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-Section 50
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-URI https://asc.fasb.org/1943274/2147480237/815-40-50-6

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147480008/505-10-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/505/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 505
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-Paragraph 13
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Statement [Abstract]
Net sales	$ 160,122	$ 177,128	$ 270,751	$ 314,847
Cost of sales	107,100	126,895	187,140	231,244
Gross profit	53,022	50,233	83,611	83,603
Selling, general, and administrative expense	26,588	30,209	52,838	63,266
Amortization	6,428	6,635	12,840	13,267
Loss from operations	20,006	13,389	17,933	7,070
Other expense:
Interest expense, net	6,013	4,486	10,995	15,290
Other expense, net	804	(1,036)	2,390	(826)
Total other expense, net	6,817	3,450	13,385	14,464
Earnings from equity method investment	532	660	1,841	697
Loss before income taxes	13,721	10,599	6,389	(6,697)
Income tax expense (benefit)	442	4,884	974	1,956
Net loss	$ 13,279	$ 5,715	$ 5,415	$ (8,653)
Net loss per share attributable to common stockholders:
Basic	$ 0.12	$ 0.05	$ 0.05	$ (0.08)
Diluted	$ 0.11	$ 0.05	$ 0.05	$ (0.08)
Weighted-average common shares outstanding - basic and diluted
Basic	115,469,246	112,248,822	115,254,088	112,175,510
Diluted	117,023,112	112,692,543	116,472,164	112,175,510

Net Income (Loss) Per Share (Tables)

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Schedule of basic and diluted net loss per share

Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income (loss) attributable to common stockholders	$	13,279	$	5,715	$	5,415	$	(8,653)
Denominator:
Weighted-average common shares outstanding
Basic		115,469,246		112,248,822		115,254,088		112,175,510
Diluted		117,023,112		112,692,543		116,472,164		112,175,510
Net income (loss) per share attributable to common stockholders:
Basic	$	0.12	$	0.05	$	0.05	$	(0.08)
Diluted	$	0.11	$	0.05	$	0.05	$	(0.08)

Schedule of antidilutive securities excluded from computation of diluted net loss per share


	Fiscal Quarter Ended		Two Fiscal Quarters Ended
	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023
Restricted stock awards	—	87,576	21,443	1,331,897
Restricted stock units	58,259	102,129	41,203	301,440
Stock options	1,432,041	1,730,204	1,476,599	1,808,350
Stock appreciation rights	647,582	529,681	652,790	264,841
Performance stock units	7,189	—	41,563	—

Product Warranties

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Product Warranties

7. PRODUCT WARRANTIES

The warranty reserve activity consisted of the following (in thousands):



	Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023
Balance at the beginning of the fiscal year	$	3,161	$	3,990
Adjustments to reserve		1,613		2,280
Less: Settlements made (in cash or in kind)		(1,475)		(2,871)
Balance at the end of the fiscal quarter	$	3,299	$	3,399

Income Taxes

6 Months Ended

Jun. 29, 2024

Income Tax Disclosure [Abstract]

Income Taxes

10. INCOME TAXES

The effective income tax rate for the fiscal quarter and two fiscal quarters ended June 29, 2024 was 3.2% and 15.2%, respectively, compared to 46.1% and (29.2)% for the fiscal quarter and two fiscal quarters ended July 1, 2023. The differences between the U.S. federal statutory income tax rate and our effective income tax rates for the fiscal quarter ended June 29, 2024 and the fiscal quarter ended July 1, 2023 were primarily attributable to the impacts of stock-based compensation expense and foreign income.

- Definition

The entire disclosure for income tax.

+ References

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+ Details

Long-Term Debt (Tables)

6 Months Ended

Jun. 29, 2024

Debt Disclosure [Abstract]

Schedule of components of the Company's outstanding debt obligations



	June 29, 2024		December 31, 2023
Term Loan	$	289,688	$	309,313
Revolving Credit Facility		—		—
Less: Unamortized discount and debt issuance costs		(7,327)		(8,112)
Total debt		282,361		301,201
Less: Current portion of long-term debt		(3,250)		(21,250)
Total long-term debt	$	279,111	$	279,951

Schedule of principal payments due on the outstanding debt



Fiscal Year Ending	Term Loan
Remainder of fiscal year 2024	$	1,625
2025		3,250
2026		3,250
2027		3,250
2028		3,250
Thereafter		275,063
	$	289,688

- Definition

Tabular disclosure of long-debt instruments or arrangements, including identification, terms, features, collateral requirements and other information necessary to a fair presentation. These are debt arrangements that originally required repayment more than twelve months after issuance or greater than the normal operating cycle of the entity, if longer.

+ References

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+ Details

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 29, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Income Taxes (Details)	3 Months Ended		6 Months Ended
Income Taxes (Details)	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Effective income tax rate	3.20%	46.10%	15.20%	(29.20%)

Long-Term Debt - Revolving Credit Facility (Details) - Revolving Credit Facility - USD ($) $ in Millions	Feb. 23, 2022	Jun. 29, 2024
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.375%
Debt issuance costs	$ 0.8
Maximum borrowing capacity	$ 75.0	$ 75.0
Minimum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.25%
Maximum
Debt Instrument [Line Items]
Commitment fee rate range, depending on leverage ratio	0.50%
SOFR
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%
Canadian Prime Rate
Debt Instrument [Line Items]
Basis spread on variable rate	2.50%
EURIBOR or AUD Rate
Debt Instrument [Line Items]
Basis spread on variable rate	3.50%

Fair Value Measurements - Fair value of financial instruments (Details) - Level 2 - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Prior Term Loan \| Carrying Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount	$ 282,361	$ 301,201
Prior Term Loan \| Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount	274,596	289,153
Interest rate swap
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Fair value of interest rate swap asset	$ 900
Fair value of interest rate swap liability		$ 1,200

- Definition

Fair value portion of debt instrument payable, including, but not limited to, notes payable and loans payable.

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+ Details

Net Sales (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
Net Sales (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Disaggregation of Revenue [Line Items]
Net sales	$ 160,122	$ 177,128	$ 270,751	$ 314,847
In-Ground Swimming Pools
Disaggregation of Revenue [Line Items]
Net sales	80,958	90,534	140,791	169,146
Covers
Disaggregation of Revenue [Line Items]
Net sales	25,503	28,755	52,371	61,500
Liners
Disaggregation of Revenue [Line Items]
Net sales	$ 53,661	$ 57,839	$ 77,589	$ 84,201

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Summary of Significant Accounting Policies (Policies)	6 Months Ended
Summary of Significant Accounting Policies (Policies)	Jun. 29, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Unaudited Interim Financial Information The unaudited condensed consolidated balance sheet at December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 29, 2024 and for the fiscal quarter and two fiscal quarters ended June 29, 2024 and July 1, 2023, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with Latham Group, Inc.’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on March 13, 2024 (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included. The Company’s results of operations for the fiscal quarter and two fiscal quarters ended June 29, 2024 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2024 or other interim periods thereof.
Use of Estimates	Use of Estimates The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends, and other market-specific relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and revised as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known.
Reclassifications	Reclassifications Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.
Seasonality	Seasonality Although the Company generally has demand for its products throughout the fiscal year, its business is seasonal and weather is one of the principal external factors affecting the business. Historically, net sales and net income are highest (or net loss is lowest) during the second and third fiscal quarters, representing the peak months of swimming pool use, pool installation, and remodeling and repair activities. Severe weather may also affect net sales in all periods.
Significant Accounting Policies	Significant Accounting Policies Refer to the Annual Report for a discussion of the Company’s significant accounting policies, as updated below.
Recently Issued Accounting Pronouncements	Recently Issued Accounting Pronouncements The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies. In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful analysis. For all entities, ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2023-07 and its potential impact on the notes to the condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), in an effort to enhance the transparency and decision usefulness of income tax disclosures. For all entities, ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively with retrospective application permitted. Early adoption is also permitted. The Company is currently evaluating ASU 2023-09 and its potential impact on the notes to the condensed consolidated financial statements. In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which improves financial reporting by providing clarity on when an entity should apply the scope guidance in paragraph 718-10-15-3. ASU 2024-01 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-01 and its potential impact on the condensed consolidated financial statements.

Leases - Operating and finance lease right-of-use assets and liabilities and Supplemental information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Lease right-of-use assets:
Operating leases	$ 26,993		$ 30,788
Finance leases	$ 3,675		3,912
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets
Total lease right-of-use assets	$ 30,668		34,700
Lease-related liabilities
Operating leases, Current	6,631		7,133
Finance leases, Current	$ 786		746
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Current
Operating leases, Non-current	$ 21,449		24,787
Finance leases, Non-current	$ 3,053		3,285
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent
Total finance lease liabilities	$ 31,919		$ 35,951
Weighted-average remaining lease term (years)
Finance leases	4 years 9 months 18 days		5 years 2 months 12 days
Operating leases	5 years 4 months 24 days		5 years 8 months 12 days
Weighted-average discount rate
Finance leases	8.20%		8.20%
Operating leases	5.00%		5.10%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 3,578	$ 3,781

Inventories, Net (Tables)

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Schedule of inventories, net

Inventories, net consisted of the following (in thousands):



	June 29, 2024		December 31, 2023
Raw materials	$	53,089	$	55,081
Finished goods		30,579		42,056
	$	83,668	$	97,137

Net Sales (Tables)

6 Months Ended

Jun. 29, 2024

Revenue from Contract with Customer [Abstract]

Summary of disaggregation of net sales by product line

The following table sets forth the Company’s disaggregation of net sales by product line (in thousands):



	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
In-ground Swimming Pools	$	80,958	$	90,534	$	140,791	$	169,146
Covers		25,503		28,755		52,371		61,500
Liners		53,661		57,839		77,589		84,201
	$	160,122	$	177,128	$	270,751	$	314,847

Fair Value Measurements (Tables)

6 Months Ended

Jun. 29, 2024

Fair Value Disclosures [Abstract]

Schedule of financial liabilities at fair value on a recurring basis



	June 29, 2024				December 31, 2023
	Carrying		Estimated		Carrying		Estimated
	Value		Fair Value		Value		Fair Value
Term Loan	$	282,361	$	274,596	$	301,201	$	289,153

Restructuring Costs

6 Months Ended

Jun. 29, 2024

Restructuring and Related Activities [Abstract]

Restructuring Costs

15. RESTRUCTURING COSTS

During the second and third fiscal quarters of 2023, the Company initiated an additional plan focused on efforts to improve efficiencies and decrease costs. The plan involved a reduction in the Company’s workforce as well as closures of various manufacturing facilities. The Company had an exit or disposal cost related liability of less than $0.1 million as of June 29, 2024 and $0.2 million as of December 31, 2023.

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 29, 2024	Mar. 30, 2024	Jul. 01, 2023	Apr. 01, 2023	Jun. 29, 2024	Jul. 01, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 13,279	$ (7,864)	$ 5,715	$ (14,368)	$ 5,415	$ (8,653)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income (Loss)	Total
Balance, beginning of period at Dec. 31, 2022	$ 11	$ 440,880	$ (54,568)	$ (3,533)	$ 382,790
Balance, beginning of period (in shares) at Dec. 31, 2022	114,667,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(14,368)		(14,368)
Foreign currency translation adjustments				(144)	(144)
Issuance of common stock upon release of restricted stock units (in shares)	22,078
Stock-based compensation expense		6,769			6,769
Balance, end of period at Apr. 01, 2023	$ 11	447,649	(68,936)	(3,677)	375,047
Balance, end of period (in shares) at Apr. 01, 2023	114,690,053
Balance, beginning of period at Dec. 31, 2022	$ 11	440,880	(54,568)	(3,533)	382,790
Balance, beginning of period (in shares) at Dec. 31, 2022	114,667,975
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					(8,653)
Balance, end of period at Jul. 01, 2023	$ 11	453,413	(63,221)	(4,006)	386,197
Balance, end of period (in shares) at Jul. 01, 2023	114,734,756
Balance, beginning of period at Apr. 01, 2023	$ 11	447,649	(68,936)	(3,677)	375,047
Balance, beginning of period (in shares) at Apr. 01, 2023	114,690,053
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			5,715		5,715
Foreign currency translation adjustments				(329)	(329)
Issuance of common stock upon release of restricted stock units (in shares)	98,974
Stock-based compensation expense		5,764			5,764
Balance, end of period at Jul. 01, 2023	$ 11	453,413	(63,221)	(4,006)	386,197
Balance, end of period (in shares) at Jul. 01, 2023	114,734,756
Balance, beginning of period at Dec. 31, 2023	$ 11	459,684	(56,956)	(3,539)	399,200
Balance, beginning of period (in shares) at Dec. 31, 2023	114,871,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			(7,864)		(7,864)
Foreign currency translation adjustments				(811)	(811)
Issuance of common stock upon release of restricted stock units (in shares)	517,907
Stock-based compensation expense		1,243			1,243
Balance, end of period at Mar. 30, 2024	$ 11	460,927	(64,820)	(4,350)	391,768
Balance, end of period (in shares) at Mar. 30, 2024	115,389,689
Balance, beginning of period at Dec. 31, 2023	$ 11	459,684	(56,956)	(3,539)	399,200
Balance, beginning of period (in shares) at Dec. 31, 2023	114,871,782
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss					5,415
Balance, end of period at Jun. 29, 2024	$ 12	463,027	(51,541)	(3,367)	408,131
Balance, end of period (in shares) at Jun. 29, 2024	115,577,103
Balance, beginning of period at Mar. 30, 2024	$ 11	460,927	(64,820)	(4,350)	391,768
Balance, beginning of period (in shares) at Mar. 30, 2024	115,389,689
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net loss			13,279		13,279
Foreign currency translation adjustments				983	983
Issuance of common stock upon release of restricted stock units	$ 1				1
Issuance of common stock upon release of restricted stock units (in shares)	187,414
Stock-based compensation expense		2,100			2,100
Balance, end of period at Jun. 29, 2024	$ 12	$ 463,027	$ (51,541)	$ (3,367)	$ 408,131
Balance, end of period (in shares) at Jun. 29, 2024	115,577,103

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.

+ References

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+ Details

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 29, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	100,000,000	100,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	900,000,000	900,000,000
Common stock, shares issued	115,577,103	114,871,782
Common stock, shares outstanding	115,577,103	114,871,782

Stock-Based Compensation

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

12. STOCK-BASED COMPENSATION

On April 12, 2021, the Company’s stockholders approved the 2021 Omnibus Equity Incentive Plan (the “2021 Omnibus Equity Plan”), which became effective on April 22, 2021. The 2021 Omnibus Equity Plan provides for the issuance of incentive stock options, non-qualified stock options, stock appreciation rights, restricted stock, restricted stock units, performance stock units and other stock-based and cash-based awards. The maximum grant date fair value of cash and equity awards that may be awarded to a

non-employee director under the 2021 Omnibus Equity Plan during any one fiscal year, together with any cash fees paid to such non-employee director during such fiscal year, is $750,000.

On May 2, 2023, at the 2023 annual meeting of stockholders of the Company, the stockholders approved the first amendment (the “First Amendment”) to the 2021 Omnibus Equity Plan, which was previously approved by the Board of Directors of the Company. The First Amendment became effective upon stockholder approval, and included an increase by 8,000,000 shares of the share pool, i.e. the maximum number of shares of the Company’s common stock that may be issued pursuant to awards granted under the 2021 Omnibus Equity Plan.

Except as amended by the First Amendment, the other terms of the 2021 Omnibus Equity Plan remain in full force and effect. Subsequent to the First Amendment, the maximum aggregate number of shares reserved for issuance under the 2021 Omnibus Equity Plan is 21,170,212 shares.

The following table summarizes the Company’s stock-based compensation expense (in thousands):



	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of sales	$	—	$	(626)	$	—	$	(200)
Selling, general, and administrative		2,100		6,390		3,343		12,733
	$	2,100	$	5,764	$	3,343	$	12,533

As of June 29, 2024, total unrecognized stock-based compensation expense related to all unvested stock-based awards was $12.8 million, which is expected to be recognized over a weighted-average period of 2.1 years.

Restricted Stock Awards

The following table represents the Company’s restricted stock awards activity during the two fiscal quarters ended June 29, 2024:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2024	42,886	$	19.00
Granted	—		—
Vested	(21,443)		19.00
Forfeited	—		—
Outstanding at June 29, 2024	21,443	$	19.00

Restricted Stock Units

The following table represents the Company’s restricted stock units activity during the two fiscal quarters ended June 29, 2024:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2024	2,235,479	$	3.60
Granted	2,616,819		2.87
Vested	(598,715)		3.60
Forfeited	(115,296)		2.95
Outstanding at June 29, 2024	4,138,287	$	3.16

Stock Options

The following table represents the Company’s stock options activity during the two fiscal quarters ended June 29, 2024:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2024	1,554,294	$	15.43
Granted	—		—
Exercised	—		—
Forfeited	(50,433)		16.88
Expired	(82,007)		17.79
Outstanding at June 29, 2024	1,421,854	$	15.25	7.39	$	—
Vested and expected to vest at June 29, 2024	1,421,854	$	15.25	7.39	$	—
Options exercisable at June 29, 2024	779,935	$	16.45	7.19	$	—

The aggregate intrinsic value of stock options is calculated as the difference between the exercise price of the stock options and the fair value of the Company’s common stock for those stock options that had exercise prices lower than the fair value of the Company’s common stock.

Stock Appreciation Rights

During the fiscal quarter ended April 1, 2023, as a portion of the annual equity award grants to the Company’s executive officers, the Compensation Committee of the Board of Directors approved stock appreciation rights for an aggregate of 790,181 shares of the Company’s common stock, with a strike price of $3.24 per share. At the time of such approval, the Company did not have enough shares of the Company’s common stock in the share pool under the 2021 Omnibus Equity Plan to support such grant. As of April 1, 2023, the contingent grant of stock appreciation rights remained subject to stockholder approval of the First Amendment. On May 2, 2023, following stockholder approval of the First Amendment, the foregoing stock appreciation right awards became effective without condition.

The following table represents the Company’s stock appreciation rights activity during the two fiscal quarters ended June 29, 2024:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2024	755,802	$	3.16
Granted	—		—
Exercised	—		—
Forfeited	(49,342)		3.24
Outstanding at June 29, 2024	706,460	$	3.15	8.88	$	48,280
Vested and expected to vest at June 29, 2024	706,460	$	3.15	8.88	$	48,280
Stock appreciation rights exercisable at June 29, 2024	161,893	$	3.24	8.84	$	—

The aggregate intrinsic value of stock appreciation rights is calculated as the difference between the strike price of the stock appreciation rights and the fair value of the Company’s common stock for those stock appreciation rights that had strike prices lower than the fair value of the Company’s common stock.

Performance Stock Units

During the two fiscal quarters ended June 29, 2024, the Compensation Committee of the Board of Directors approved the grant of performance stock units (“PSUs”) as a portion of the annual equity award to the Company’s executive officers.

The PSUs will be earned at 0% to 200% of the target PSUs (with 100% of PSUs being earned at target performance, and linear interpolation between threshold and target and maximum performance) based on the Company’s achievement of Adjusted EBITDA, as defined in the award agreement, over a one-fiscal year performance period ending December 31, 2024. Any earned PSUs cliff vest on the third anniversary of the grant date. Adjusted EBITDA is considered a performance condition and the grant date fair value corresponds with management’s expectation of the probable outcome of the performance condition as of the grant date. The grant date fair value is determined based on the fair market value of the Company’s stock at market close on the grant date multiplied by the target number of shares subject to the award. The probability of achieving the performance criteria is assessed quarterly during the performance period. Compensation expense related to unvested PSUs is recognized ratably over the service period.

The following table represents the Company’s PSU activity during the two fiscal quarters ended June 29, 2024:


			Weighted-
			Average
			Grant Date
	Shares		Fair Value

Outstanding at January 1, 2024	—	$	—
Granted	443,100		2.91
Adjustment for expected performance achievement ⁽¹⁾	—		—
Forfeited	—		—
Outstanding at June 29, 2024 ⁽²⁾	443,100	$	2.91

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of June 29, 2024.

(2)An additional 443,100 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs outstanding as of June 29, 2024.

Leases

6 Months Ended

Jun. 29, 2024

Leases [Abstract]

Leases

8. LEASES

For leases with initial terms greater than 12 months, the Company considers these right-of-use assets and records the related asset and obligation at the present value of lease payments over the term. For leases with initial terms equal to or less than 12 months, the Company does not consider them as right-of-use assets and instead considers them short-term lease costs that are recognized on a straight-line basis over the lease term. The Company’s leases may include escalation clauses, renewal options, and/or termination options that are factored into the Company’s determination of lease term and lease payments when it is reasonably certain the option will be exercised. The Company elected to take the practical expedient and not separate lease and non-lease components of contracts. The Company estimates an incremental borrowing rate to discount the lease payments based on information available at lease commencement because the implicit rate of the lease is generally not known.

The Company leases manufacturing facilities, office space, land, and certain vehicles and equipment under operating leases. The Company also leases certain vehicles and equipment under finance leases. The Company determines if an arrangement is a lease at

inception. A contract is or contains a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration.

The components of lease expense for the fiscal quarter and two fiscal quarters ended June 29, 2024 and July 1, 2023 were as follows (in thousands):


	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Operating lease expense	$	2,129	$	2,317	$	4,292	$	4,668
Finance lease amortization of assets		212		156		424		265
Finance lease interest on lease liabilities		80		68		164		120
Short-term lease expense		64		96		120		150
Variable lease expense		122		268		280		595
Total lease expense	$	2,607	$	2,905	$	5,280	$	5,798

Operating and finance lease right-of-use assets and lease-related liabilities as of June 29, 2024 and December 31, 2023 were as follows (in thousands):


	June 29, 2024		December 31, 2023		Classification

Lease right-of-use assets:
Operating leases	$	26,993	$	30,788	Operating lease right-of-use assets
Finance leases		3,675		3,912	Other assets
Total lease right-of-use assets	$	30,668	$	34,700

Lease-related liabilities
Current
Operating leases	$	6,631	$	7,133	Current operating lease liabilities
Finance leases		786		746	Accrued expenses and other current liabilities
Non-current
Operating leases		21,449		24,787	Non-current operating lease liabilities
Finance leases		3,053		3,285	Other long-term liabilities
Total lease liabilities	$	31,919	$	35,951

The table below presents supplemental information related to leases as of June 29, 2024 and December 31, 2023:


	June 29, 2024			December 31, 2023
Weighted-average remaining lease term (years)
Finance leases		4.8			5.2
Operating leases		5.4			5.7
Weighted-average discount rate
Finance leases		8.2	%		8.2	%
Operating leases		5.0	%		5.1	%

The table below presents supplemental information related to the cash flows for operating leases recorded on the condensed consolidated statements of cash flows (in thousands):


	Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	3,578	$	3,781

The following table summarizes fiscal year maturities of operating lease liabilities as of June 29, 2024 (in thousands):


	Operating Leases		Finance Leases		Total
Remainder of fiscal year 2024	$	4,139	$	542	$	4,681
2025		7,339		1,030		8,369
2026		5,831		934		6,765
2027		4,109		858		4,967
2028		3,114		845		3,959
Thereafter		7,626		436		8,062
Total lease payments		32,158		4,645		36,803
Less: Interest		(4,078)		(806)		(4,884)
Present value of lease liability	$	28,080	$	3,839	$	31,919

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Current assets:
Cash	$ 90,768	$ 102,763
Trade receivables, net	65,872	30,407
Inventories, net	83,668	97,137
Income tax receivable	1,648	983
Prepaid expenses and other current assets	9,428	7,327
Total current assets	251,384	238,617
Property and equipment, net	112,650	113,014
Equity method investment	24,920	25,940
Deferred tax assets	7,968	7,485
Operating lease right-of-use assets	26,993	30,788
Goodwill	131,178	131,363
Intangible assets, net	269,696	282,793
Other assets	5,237	5,003
Total assets	830,026	835,003
Current liabilities:
Current maturities of long-term debt	3,250	21,250
Current operating lease liabilities	6,631	7,133
Accrued expenses and other current liabilities	41,692	40,691
Total current liabilities	78,140	86,206
Long-term debt, net of discount, debt issuance costs, and current portion	279,111	279,951
Deferred income tax liabilities, net	40,088	40,088
Non-current operating lease liabilities	21,449	24,787
Other long-term liabilities	3,107	4,771
Total liabilities	421,895	435,803
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 100,000,000 shares authorized as of both March 30, 2024 and December 31, 2023; no shares issued and outstanding as of both March 30, 2024 and December 31, 2023	0	0
Common stock, $0.0001 par value; 900,000,000 shares authorized as of March 30, 2024 and December 31, 2023; 115,389,689 and 114,871,782 shares issued and outstanding, as of March 30, 2024 and December 31, 2023, respectively	12	11
Additional paid-in capital	463,027	459,684
Accumulated deficit	(51,541)	(56,956)
Accumulated other comprehensive loss	(3,367)	(3,539)
Total stockholders' equity	408,131	399,200
Total liabilities and stockholders' equity	830,026	835,003
Related Party
Current liabilities:
Accounts payable	0	8
Nonrelated Party
Current liabilities:
Accounts payable	$ 26,567	$ 17,124

Leases - Maturities of operating lease liabilities (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Operating Leases
Remainder of fiscal 2024	$ 4,139
2025	7,339
2026	5,831
2027	4,109
2028	3,114
Thereafter	7,626
Total lease payments	32,158
Less: Interest	(4,078)
Present value of lease liability	28,080
Finance Leases
Remainder of fiscal 2024	542
2025	1,030
2026	934
2027	858
2028	845
Thereafter	436
Total lease payments	4,645
Less: Interest	(806)
Present value of lease liability	3,839
Total
Remainder of fiscal year 2024	4,681
2025	8,369
2026	6,765
2027	4,967
2028	3,959
Thereafter	8,062
Total lease payments	36,803
Less: Interest	(4,884)
Present value of lease liability	$ 31,919	$ 35,951

Stock-Based Compensation - Restricted Stock Units (Details) - Restricted Stock Units	6 Months Ended
	Jun. 29, 2024 $ / shares shares
Shares
Balance at beginning \| shares	2,235,479
Granted \| shares	2,616,819
Vested \| shares	(598,715)
Forfeited \| shares	(115,296)
Balance at ending \| shares	4,138,287
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract]
Balance at beginning \| $ / shares	$ 3.60
Granted \| $ / shares	2.87
Vested \| $ / shares	3.60
Forfeited \| $ / shares	2.95
Balance at ending \| $ / shares	$ 3.16

Long-Term Debt - Principal payments due (Details) $ in Thousands	Jun. 29, 2024 USD ($)
Long-Term Debt, Fiscal Year Maturity [Abstract]
Remainder of fiscal year 2024	$ 1,625
2025	3,250
2026	3,250
2027	3,250
2028	3,250
Thereafter	275,063
Total payments due	$ 289,688

Inventories, Net

6 Months Ended

Jun. 29, 2024

Inventory Disclosure [Abstract]

Inventories, Net

5. INVENTORIES, NET

Inventories, net consisted of the following (in thousands):



	June 29, 2024		December 31, 2023
Raw materials	$	53,089	$	55,081
Finished goods		30,579		42,056
	$	83,668	$	97,137

Summary of Significant Accounting Policies

6 Months Ended

Jun. 29, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements and accompanying notes have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”). The Company’s unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.

Unaudited Interim Financial Information

The unaudited condensed consolidated balance sheet at December 31, 2023 was derived from audited financial statements but does not include all disclosures required by GAAP. The accompanying unaudited condensed consolidated financial statements as of June 29, 2024 and for the fiscal quarter and two fiscal quarters ended June 29, 2024 and July 1, 2023, respectively, have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) for interim financial statements. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. These condensed consolidated financial statements should be read in conjunction with Latham Group, Inc.’s audited consolidated financial statements and the notes thereto for the fiscal year ended December 31, 2023 included in the Company’s 2023 Annual Report on Form 10-K, filed with the SEC on March 13, 2024 (the “Annual Report”). In the opinion of management, all adjustments, consisting only of normal recurring adjustments necessary for a fair statement of these condensed consolidated financial statements, have been included. The Company’s results of operations for the fiscal quarter and two fiscal quarters ended June 29, 2024 are not necessarily indicative of the results of operations that may be expected for the fiscal year ending December 31, 2024 or other interim periods thereof.

Use of Estimates

The preparation of the Company’s condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. The Company bases its estimates on historical experience, known trends, and other market-specific relevant factors that it believes to be reasonable under the circumstances. Estimates are evaluated on an ongoing basis and

revised as there are changes in circumstances, facts, and experience. Changes in estimates are recorded in the period in which they become known.

Reclassifications

Certain prior period balances have been reclassified to conform to the current period presentation in the condensed consolidated financial statements and the accompanying notes.

Seasonality

Although the Company generally has demand for its products throughout the fiscal year, its business is seasonal and weather is one of the principal external factors affecting the business. Historically, net sales and net income are highest (or net loss is lowest) during the second and third fiscal quarters, representing the peak months of swimming pool use, pool installation, and remodeling and repair activities. Severe weather may also affect net sales in all periods.

Significant Accounting Policies

Refer to the Annual Report for a discussion of the Company’s significant accounting policies, as updated below.

Recently Issued Accounting Pronouncements

The Company qualifies as “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 and has elected to “opt in” to the extended transition related to complying with new or revised accounting standards, which means that when a standard is issued or revised and it has different application dates for public and nonpublic companies, the Company will adopt the new or revised standard at the time nonpublic companies adopt the new or revised standard and will do so until such time that the Company either (i) irrevocably elects to “opt out” of such extended transition period or (ii) no longer qualifies as an emerging growth company. The Company may choose to early adopt any new or revised accounting standards whenever such early adoption is permitted for private companies.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which improves financial reporting by requiring disclosure of incremental segment information on an annual and interim basis for all public entities to enable investors to develop more decision-useful analysis. For all entities, ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2023-07 and its potential impact on the notes to the condensed consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), in an effort to enhance the transparency and decision usefulness of income tax disclosures. For all entities, ASU 2023-09 is effective for fiscal years beginning after December 15, 2024. The amendments should be applied prospectively with retrospective application permitted. Early adoption is also permitted. The Company is currently evaluating ASU 2023-09 and its potential impact on the notes to the condensed consolidated financial statements.

In March 2024, the FASB issued ASU 2024-01, Compensation – Stock Compensation (Topic 718): Scope Application of Profits Interest and Similar Awards (“ASU 2024-01”), which improves financial reporting by providing clarity on when an entity should apply the scope guidance in paragraph 718-10-15-3. ASU 2024-01 is effective for public business entities for fiscal years beginning after December 15, 2024. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2025. The amendments should be applied retrospectively to all prior periods presented in the financial statements, with early adoption permitted. The Company is currently evaluating ASU 2024-01 and its potential impact on the condensed consolidated financial statements.

Related Party Transactions

6 Months Ended

Jun. 29, 2024

Related Party Transactions

14. RELATED PARTY TRANSACTIONS

BrightAI Services

Starting in 2020, BrightAI Corporation (“BrightAI”) has rendered services to the Company, for which the cost has been capitalized as internal-use software. A co-founder of BrightAI served on the Company’s Board of Directors from December 9, 2020 until his resignation on February 21, 2024. In December 2022, the Company executed an additional agreement with BrightAI for the provision of hardware to run the technology developed by BrightAI and the Company. During the two fiscal quarters ended June 29, 2024 and July 1, 2023, the Company incurred no material amounts and $0.8 million, respectively, associated with services performed by BrightAI, which was recorded as construction in progress within property and equipment, net on the condensed consolidated balance sheet as of July 1, 2023. As of December 31, 2023, the Company had no accounts payable related to BrightAI.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
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-Name Accounting Standards Codification
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 1
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Long-Term Debt - Term Loan (Details) - USD ($)		3 Months Ended	6 Months Ended
Long-Term Debt - Term Loan (Details) - USD ($)	Feb. 23, 2022	Mar. 30, 2024	Jun. 29, 2024	Jul. 01, 2023	Dec. 31, 2023
Debt Instrument [Line Items]
Repayment of long term debt		$ 18,000,000.0	$ 19,625,000	$ 1,625,000
Amount outstanding, net of discount and issuance costs			282,361,000		$ 301,201,000
Discount and debt issuance costs			7,327,000		$ 8,112,000
Term Loan Facility
Debt Instrument [Line Items]
Repayment amount to be paid quarterly	$ 812,500
Principal payments calculated as percent of outstanding principal	0.25%
Mandatory prepayment rate as a percentage of excess cash flow	50.00%
Mandatory prepayment rate as a percentage of non-permitted indebtedness	100.00%
Amount outstanding, net of discount and issuance costs			282,400,000
Debt issuance costs			4,100,000
Unamortized discount			$ 3,300,000
Effective interest rate			9.98%
Term Loan Facility \| SOFR \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	3.75%
Term Loan Facility \| SOFR \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	4.00%
Term Loan Facility \| Base Rate \| Minimum
Debt Instrument [Line Items]
Basis spread on variable rate	2.75%
Term Loan Facility \| Base Rate \| Maximum
Debt Instrument [Line Items]
Basis spread on variable rate	3.00%

Product Warranties (Details) - USD ($) $ in Thousands	6 Months Ended
Product Warranties (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Jul. 01, 2023
Movement in Standard Product Warranty Accrual [Roll Forward]
Balance at the beginning of the fiscal year	$ 3,161	$ 3,990
Adjustments to reserve	1,613	2,280
Less: Settlements made (in cash or in kind)	(1,475)	(2,871)
Balance at the end of the fiscal quarter	$ 3,299	$ 3,399

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 29, 2024	Jul. 01, 2023
Net Cash Provided by (Used in) Operating Activities [Abstract]
Net loss	$ 5,415	$ (8,653)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	20,967	19,284
Amortization of deferred financing costs and debt discount	860	860
Non-cash lease expense	3,550	3,738
Change in fair value of interest rate swaps	(2,101)	2,930
Stock-based compensation expense	3,343	12,533
Bad debt expense	1,277	4,390
Other non-cash, net	1,731	1,166
Earnings from equity method investment	(1,841)	(697)
Distributions received from equity method investment	2,860	0
Increase (Decrease) in Operating Capital [Abstract]
Trade receivables	(36,831)	(37,276)
Inventories	13,139	38,902
Prepaid expenses and other current assets	(2,309)	(916)
Income tax receivable	(665)	(1,409)
Other assets	323	(392)
Accounts payable	9,817	8,935
Accrued expenses and other current liabilities	(1,181)	(6,882)
Other long-term liabilities	(443)	(224)
Net cash used in operating activities	17,911	36,289
Cash flows from investing activities:
Purchases of property and equipment	(9,833)	(23,365)
Net cash used in investing activities	(9,833)	(23,365)
Net Cash Provided by (Used in) Financing Activities [Abstract]
Payments on long-term debt borrowings	(19,625)	(1,625)
Proceeds from borrowings on revolving credit facility	0	48,000
Payments on revolving credit facilities	0	(48,000)
Repayments of finance lease obligations	(380)	(259)
Net cash (used in) provided by financing activities	(20,005)	(1,884)
Effect of exchange rate changes on cash	(68)	(550)
Net (decrease) increase in cash	(11,995)	10,490
Cash at beginning of period	102,763	32,626
Cash at end of period	90,768	43,116
Supplemental Cash Flow Information [Abstract]
Cash paid for interest	16,131	11,247
Income taxes paid, net	2,581	1,206
Noncash Investing and Financing Items [Abstract]
Purchases of property and equipment included in accounts payable and accrued expenses	28	1,111
Capitalized internal-use software included in accounts payable - related party	0	325
Right-of-use operating and finance lease assets obtained in exchange for lease liabilities	$ 198	$ 4,108

Product Warranties (Tables)

6 Months Ended

Jun. 29, 2024

Product Warranties Disclosures [Abstract]

Schedule of warranty reserve activity

The warranty reserve activity consisted of the following (in thousands):



	Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023
Balance at the beginning of the fiscal year	$	3,161	$	3,990
Adjustments to reserve		1,613		2,280
Less: Settlements made (in cash or in kind)		(1,475)		(2,871)
Balance at the end of the fiscal quarter	$	3,299	$	3,399

Restructuring Costs (Details) - USD ($) $ in Millions	6 Months Ended	12 Months Ended
Restructuring Costs (Details) - USD ($) $ in Millions	Jun. 29, 2024	Dec. 31, 2023
Restructuring Cost and Reserve [Line Items]
Exit or disposal cost		$ 0.2
Maximum
Restructuring Cost and Reserve [Line Items]
Exit or disposal cost	$ 0.1

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Stock-Based Compensation - Performance Stock Units (Details) - $ / shares	3 Months Ended	6 Months Ended
	Mar. 30, 2024	Jun. 29, 2024	May 02, 2023
Weighted Average Grant Date Fair Value
Shares reserved for issuance		21,170,212	8,000,000
Performance Stock Units
Shares
Balance at beginning	0	0
Granted	443,100
Adjustment for expected performance achievement	0
Forfeited	0
Balance at ending	443,100
Weighted Average Grant Date Fair Value
Balance at beginning	$ 0	$ 0
Granted	2.91
Adjustment for expected performance achievement	0
Forfeited	0
Balance at ending	$ 2.91
Performance level percent		100.00%
Performance period		1 year
Additional shares authorized		443,100
Performance Stock Units \| Maximum
Weighted Average Grant Date Fair Value
Performance level percent		200.00%
Performance Stock Units \| Minimum
Weighted Average Grant Date Fair Value
Performance level percent		0.00%
Performance Stock Units \| Maximum performance level
Weighted Average Grant Date Fair Value
Performance level percent		200.00%

Net Income (Loss) Per Share

6 Months Ended

Jun. 29, 2024

Earnings Per Share [Abstract]

Net Income (Loss) Per Share

13. NET INCOME (LOSS) PER SHARE

Basic and diluted net income (loss) per share attributable to common stockholders was calculated as follows (in thousands, except share and per share data):


	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Numerator:
Net income (loss) attributable to common stockholders	$	13,279	$	5,715	$	5,415	$	(8,653)
Denominator:
Weighted-average common shares outstanding
Basic		115,469,246		112,248,822		115,254,088		112,175,510
Diluted		117,023,112		112,692,543		116,472,164		112,175,510
Net income (loss) per share attributable to common stockholders:
Basic	$	0.12	$	0.05	$	0.05	$	(0.08)
Diluted	$	0.11	$	0.05	$	0.05	$	(0.08)

As of June 29, 2024 and December 31, 2023, 115,555,660 and 114,828,896 shares of common stock were issued and outstanding for accounting purposes, respectively.

The following table includes the number of shares that may be dilutive common shares in the future that were not included in the computation of diluted net income (loss) per share because the effect was anti-dilutive:


	Fiscal Quarter Ended		Two Fiscal Quarters Ended
	June 29, 2024	July 1, 2023	June 29, 2024	July 1, 2023
Restricted stock awards	—	87,576	21,443	1,331,897
Restricted stock units	58,259	102,129	41,203	301,440
Stock options	1,432,041	1,730,204	1,476,599	1,808,350
Stock appreciation rights	647,582	529,681	652,790	264,841
Performance stock units	7,189	—	41,563	—

Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended	12 Months Ended
	Mar. 30, 2024	Jun. 29, 2024	Dec. 31, 2023
Employee Stock Option
Shares
Outstanding at the beginning	1,554,294	1,554,294
Granted		0
Exercised		0
Forfeited		(50,433)
Expired		(82,007)
Outstanding at the end		1,421,854	1,554,294
Vested and expected to vest		1,421,854
Options exercisable at the end		779,935
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share)	$ 15.43	$ 15.43
Granted (in dollars per share)		0
Exercised (in dollars per share)		0
Forfeited (in dollars per share)		16.88
Expired (in dollars per share)		17.79
Outstanding at the end (in dollars per share)		15.25	$ 15.43
Vested and expected to vest at the end (in dollars per share)		15.25
Options exercisable at the end (in dollars per share)		$ 16.45
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)		7 years 4 months 20 days	0 years
Vested and expected to vest at the end (in years)		7 years 4 months 20 days
Options exercisable at the end (in years)		0 years
Outstanding at the end (in dollars)		$ 0
Vested and expected to vest (in dollars)		0
Options exercisable at the end (in dollars)		$ 0
Stock Appreciation Rights (SARs)
Shares
Outstanding at the beginning	755,802	755,802
Granted	790,181	0
Exercised		0
Forfeited		(49,342)
Outstanding at the end		706,460	755,802
Vested and expected to vest		706,460
Options exercisable at the end		161,893
Weighted-Average Exercise Price per Share
Outstanding at the beginning (in dollars per share)	$ 3.16	$ 3.16
Granted (in dollars per share)	$ 3.24	0
Exercised (in dollars per share)		0
Forfeited (in dollars per share)		3.24
Outstanding at the end (in dollars per share)		3.15	$ 3.16
Vested and expected to vest at the end (in dollars per share)		3.15
Options exercisable at the end (in dollars per share)		$ 3.24
Weighted-Average Remaining Contract Term
Outstanding at the end (in years)		8 years 10 months 17 days
Vested and expected to vest at the end (in years)		8 years 10 months 17 days
Options exercisable at the end (in years)		0 years
Outstanding at the end (in dollars)		$ 48,280
Vested and expected to vest (in dollars)		48,280
Options exercisable at the end (in dollars)		$ 0

Goodwill and Intangible Assets, Net - Goodwill (Details) - USD ($) $ in Thousands	Jun. 29, 2024	Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	$ 131,178	$ 131,363

- Definition

Amount, after accumulated impairment loss, of asset representing future economic benefit arising from other asset acquired in business combination or from joint venture formation or both, that is not individually identified and separately recognized.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
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-Name Accounting Standards Codification
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+ Details

Subsequent Event (Details) $ in Millions	Aug. 02, 2024 USD ($)
Subsequent Event \| CoverStar Central, Inc.
Subsequent Event [Line Items]
Purchase Price	$ 64.5

Nature of the Business (Details) $ in Millions	Apr. 27, 2021 USD ($) shares	Apr. 13, 2021
Business Acquisition [Line Items]
Stock split ratio		109,673,709
IPO
Business Acquisition [Line Items]
Proceeds from sale of common stock (in shares)	23,000,000
Net proceeds from the IPO \| $	$ 399.3
Underwriters Option
Business Acquisition [Line Items]
Proceeds from sale of common stock (in shares)	3,000,000

Stockholders' Equity (Details) - Repurchase Program - USD ($) $ in Millions	3 Months Ended
	Jul. 01, 2023	Jun. 29, 2024	May 10, 2022
Share Repurchase Program [Line Items]
Amount authorized			$ 100.0
Amount remaining for repurchases		$ 77.0
Common Stock
Share Repurchase Program [Line Items]
Number of shares repurchased during the period	(54,271)

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 29, 2024

Share-Based Payment Arrangement [Abstract]

Summary of stock-based compensation expense



	Fiscal Quarter Ended				Two Fiscal Quarters Ended
	June 29, 2024		July 1, 2023		June 29, 2024		July 1, 2023
Cost of sales	$	—	$	(626)	$	—	$	(200)
Selling, general, and administrative		2,100		6,390		3,343		12,733
	$	2,100	$	5,764	$	3,343	$	12,533

Nonvested Restricted Stock Shares Activity [Table Text Block]

The following table represents the Company’s restricted stock awards activity during the two fiscal quarters ended June 29, 2024:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2024	42,886	$	19.00
Granted	—		—
Vested	(21,443)		19.00
Forfeited	—		—
Outstanding at June 29, 2024	21,443	$	19.00

Share-Based Payment Arrangement, Restricted Stock Unit, Activity [Table Text Block]

The following table represents the Company’s restricted stock units activity during the two fiscal quarters ended June 29, 2024:


		Weighted-
		Average Grant-
	Shares	Date Fair Value
Outstanding at January 1, 2024	2,235,479	$	3.60
Granted	2,616,819		2.87
Vested	(598,715)		3.60
Forfeited	(115,296)		2.95
Outstanding at June 29, 2024	4,138,287	$	3.16

Share-Based Payment Arrangement, Option, Activity [Table Text Block]

The following table represents the Company’s stock options activity during the two fiscal quarters ended June 29, 2024:


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2024	1,554,294	$	15.43
Granted	—		—
Exercised	—		—
Forfeited	(50,433)		16.88
Expired	(82,007)		17.79
Outstanding at June 29, 2024	1,421,854	$	15.25	7.39	$	—
Vested and expected to vest at June 29, 2024	1,421,854	$	15.25	7.39	$	—
Options exercisable at June 29, 2024	779,935	$	16.45	7.19	$	—

Schedule of stock appreciation rights activity


			Weighted-	Weighted-
			Average	Average
		Exercise Price		Remaining	Aggregate
	Shares	per Share		Contract Term	Intrinsic Value
				(in years)	(in thousands)
Outstanding at January 1, 2024	755,802	$	3.16
Granted	—		—
Exercised	—		—
Forfeited	(49,342)		3.24
Outstanding at June 29, 2024	706,460	$	3.15	8.88	$	48,280
Vested and expected to vest at June 29, 2024	706,460	$	3.15	8.88	$	48,280
Stock appreciation rights exercisable at June 29, 2024	161,893	$	3.24	8.84	$	—

Schedule of PSU activity

The following table represents the Company’s PSU activity during the two fiscal quarters ended June 29, 2024:


			Weighted-
			Average
			Grant Date
	Shares		Fair Value

Outstanding at January 1, 2024	—	$	—
Granted	443,100		2.91
Adjustment for expected performance achievement ⁽¹⁾	—		—
Forfeited	—		—
Outstanding at June 29, 2024 ⁽²⁾	443,100	$	2.91

(1)Represents the adjustment to previously granted PSUs based on the Company’s performance expectations as of June 29, 2024.

(2)An additional 443,100 PSUs could potentially be included if the maximum performance level of 200% is earned for all PSUs outstanding as of June 29, 2024.

Long-Term Debt - Interest rate swap (Details) - Interest rate swap - USD ($) $ in Millions	Mar. 10, 2023	Feb. 28, 2022
Derivative [Line Items]
Fixed borrowing rate	4.3725%	0.496%
Derivative notional amount	$ 161.0	$ 200.0