Traeger (COOK) came out with a quarterly loss of $0.08 per share versus the Zacks Consensus Estimate of a loss of $0.03. This compares to loss of $0.07 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of -166.67%. A quarter ago, it was expected that this barbecue grill maker would post a loss of $0.11 per share when it actually produced a loss of $0.12, delivering a surprise of -9.09%.Over the last four quarters, the company has s ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-40694 Traeger, Inc. (State or other jurisdiction of incorporation or organization) 533 South 400 West Salt Lake City, Utah 84101 (Add ...

PROVIDES GUIDANCE FOR 2024 • Total revenues increased 18.3% to $163.5 million • Gross margin of 36.8%, up 230 basis points compared to prior year • Net loss of $24.0 million; net loss of $0.19 per share • Adjusted net loss of $9.5 million; adjusted net loss of $0.08 per share • Adjusted EBITDA of $13.0 million, up 82% compared to the prior year TRAEGER ANNOUNCES FOURTH QUARTER AND FULL YEAR 2023 RESULTS SALT LAKE CITY, Ut., March 7, 2024 (BUSINESS WIRE) -- Traeger, Inc. ("Traeger" or the "Company") (NYSE: C ...

In its upcoming report, Traeger (COOK) is predicted by Wall Street analysts to post quarterly loss of $0.03 per share, reflecting an increase of 57.1% compared to the same period last year. Revenues are forecasted to be $153.1 million, representing a year-over-year increase of 10.8%.The current level reflects no revision in the consensus EPS estimate for the quarter over the past 30 days. This demonstrates how the analysts covering the stock have collectively reappraised their initial projections over this ...

SALT LAKE CITY--(BUSINESS WIRE)--Traeger, Inc. (“Traeger”) (NYSE: COOK), creator and category leader of the wood pellet grill, today announced that it will release its fourth quarter and full year 2023 financial results after market close on Thursday, March 7, 2024. Management will host a conference call that afternoon at 4:30 p.m. Eastern Time to discuss its financial results. Those who wish to participate in the call may do so by dialing (833) 470-1428 or +1 (929) 526-1599 for international callers, conf ...

Traeger, Inc. (NYSE:COOK) Q3 2023 Earnings Conference Call November 8, 2023 4:30 PM ET Company Participants Nick Bacchus - Vice President, Investor Relations Jeremy Andrus - Chief Executive Officer Dom Blosil - Chief Financial Officer Conference Call Participants Peter Benedict - Baird Simeon Siegel - BMO Capital Markets Peter Keith - Piper Sandler Joe Feldman - Telsey Advisory Group Brian McNamara - Cannacord Genuity Operator Hello, everyone, and thank you for joining us today. Welcome to the Traeger Third ...

7 BALANCE SHEET FLEXIBILITY AND LIQUIDITY Lowered Exposure to Rising Rates A/R Facility $6 · Entered into floating-to-fixed interest rate swap agreement on First Lien Term Loan in February 2022 $95 • Agreement provides for a notional amount of $379.2MM, hedging nearly A/R Facility $3 · Fixed base rate at 2.08% Revolving Credit Facility $125 Facility Inventory and Cost Actions Driving Enhanced Liquidity $53 · Liquidity availability has increased by roughly $50MM since 4Q 2022 (4) Total Cash & Equivalents $39 ...

ZU Continuing global economic uncertainty, terrorism and conflicts, political conditions and fiscal challenges in the United States and abroad could result in adverse macroeconomic conditions, including inflation, slower growth or recession. While our revenue increased in the three months ended September 30, 2023, as compared to the prior year period, we believe these challenging macroeconomic pressures and uncertainties have resulted in decreased discretionary consumer spending, particularly for durable go ...

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=6&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(UNAUDITED)) Unaudited H1 2023 financial statements show narrowed net losses and decreased assets due to no goodwill impairment and lower operating expenses [Condensed Consolidated Balance Sheets](index=6&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets and liabilities decreased as of June 30, 2023, primarily from reduced cash, inventories, and notes payable, with stable equity Condensed Consolidated Balance Sheet Data (in thousands) | Account | June 30, 2023 (in thousands) | December 31, 2022 (in thousands) | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $14,496 | $39,055 | | Inventories | $97,803 | $153,471 | | Total current assets | $225,431 | $274,238 | | Total assets | $869,645 | $946,715 | | **Liabilities & Equity** | | | | Total current liabilities | $127,269 | $112,907 | | Notes payable, net | $396,722 | $468,108 | | Total liabilities | $542,120 | $611,846 | | Total stockholders' equity | $327,525 | $334,869 | [Condensed Consolidated Statements of Operations and Comprehensive Loss](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20and%20Comprehensive%20Loss) Revenue declined in Q2 and H1 2023, but net loss significantly narrowed due to the absence of a prior-year goodwill impairment charge Statement of Operations Highlights (in thousands, except per share data) | Metric | Three Months Ended June 30, 2023 | Three Months Ended June 30, 2022 | Six Months Ended June 30, 2023 | Six Months Ended June 30, 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $171,512 | $200,270 | $324,673 | $423,980 | | Gross Profit | $63,331 | $73,441 | $118,754 | $156,085 | | Loss from operations | $(27,608) | $(120,674) | $(30,871) | $(124,189) | | Goodwill impairment | $0 | $111,485 | $0 | $111,485 | | Net loss | $(30,166) | $(133,134) | $(41,096) | $(142,094) | | Net loss per share | $(0.25) | $(1.13) | $(0.33) | $(1.20) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity) Total stockholders' equity decreased in H1 2023 due to net loss, partially offset by stock-based compensation - The accumulated deficit increased to **$611.6 million** as of June 30, 2023, from **$570.5 million** at the end of 2022, reflecting the net loss for the period[55](index=55&type=chunk) - Stock-based compensation added **$33.0 million** and **$41.0 million** to additional paid-in capital for the three and six months ended June 30, 2023, respectively[20](index=20&type=chunk)[55](index=55&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Operating cash flow significantly improved in H1 2023 due to decreased inventories, though overall cash and equivalents still declined Cash Flow Summary (in thousands) | Cash Flow Activity | Six Months Ended June 30, 2023 (in thousands) | Six Months Ended June 30, 2022 (in thousands) | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $25,856 | $(30,050) | | Net cash used in investing activities | $(6,627) | $(12,727) | | Net cash provided by (used in) financing activities | $(56,288) | $39,640 | | Net decrease in cash | $(37,059) | $(3,137) | - A significant source of operating cash flow was a **$55.7 million** decrease in inventories, compared to a **$17.8 million** increase in the prior year period[60](index=60&type=chunk) [Notes to Unaudited Condensed Consolidated Financial Statements](index=12&type=section&id=Notes%20to%20Unaudited%20Condensed%20Consolidated%20Financial%20Statements) Notes detail significant customer concentration, varied product revenue trends, debt facilities, and increased stock-based compensation from PSU cancellations - The company has significant customer concentration risk. For the six months ended June 30, 2023, three customers (A, B, and C) accounted for **20%**, **18%**, and **13%** of net sales, respectively[80](index=80&type=chunk) Revenue by Product Category (in thousands) | Product Category | Six Months Ended June 30, 2023 (in thousands) | Six Months Ended June 30, 2022 (in thousands) | | :--- | :--- | :--- | | Grills | $182,871 | $268,111 | | Consumables | $64,945 | $81,748 | | Accessories | $76,857 | $74,121 | | **Total revenue** | **$324,673** | **$423,980** | - In April 2023, the Board approved the cancellation of unearned CEO and IPO PSUs, resulting in the recognition of **$27.5 million** of stock-based compensation expense. A new award of **1,037,728** performance-based restricted shares was granted to the CEO[139](index=139&type=chunk)[140](index=140&type=chunk) - In July 2022, the company initiated a restructuring plan, eliminating approximately **14%** of its global headcount and suspending its Traeger Provisions business to reduce costs[159](index=159&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=25&type=section&id=ITEM%202.%20MANAGEMENT%27S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management attributes H1 2023 revenue decline to macroeconomic conditions, highlights reduced operating expenses from no goodwill impairment, and confirms sufficient liquidity [Results of Operations](index=31&type=section&id=Results%20of%20Operations) H1 2023 saw revenue and gross profit decline, but operating loss significantly improved due to no goodwill impairment, despite increased G&A expenses Revenue Comparison (Six Months Ended June 30) | Category | 2023 (in millions) | 2022 (in millions) | Change (%) | | :--- | :--- | :--- | :--- | | Grills | $182.9 | $268.1 | (31.8)% | | Consumables | $64.9 | $81.7 | (20.6)% | | Accessories | $76.9 | $74.1 | 3.7% | | **Total** | **$324.7** | **$424.0** | **(23.4)%** | - Gross margin for the first six months of 2023 was **36.6%**, a slight decrease from **36.8%** in the prior year period. The decrease was driven by lower average selling prices, partially offset by lower freight costs[217](index=217&type=chunk) - General and administrative expense for the first six months of 2023 increased by **$6.9 million** to **$79.1 million**, primarily due to higher stock-based compensation expense related to the cancellation of unearned CEO and IPO PSUs[220](index=220&type=chunk) - The company recorded no goodwill impairment in the first half of 2023, compared to a **$111.5 million** charge in the same period of 2022. This was the primary driver for the significant reduction in the operating loss[223](index=223&type=chunk)[229](index=229&type=chunk) [Liquidity and Capital Resources](index=36&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2023, the company had $14.5 million cash and $140.2 million available credit, deemed sufficient for future liquidity needs - The company's primary sources of liquidity are cash from operations, cash on hand, and borrowings under its credit facilities[232](index=232&type=chunk) Liquidity Position as of June 30, 2023 (in millions) | Item | Amount (in millions) | | :--- | :--- | | Cash and cash equivalents | $14.5 | | Revolving Credit Facility Capacity | $125.0 | | Receivables Financing Agreement Capacity | $15.2 | | First Lien Term Loan Outstanding | $403.9 | - In June 2023, the company amended its First Lien Credit Agreement to change the reference rate from Eurocurrency Base Rate to the Secured Overnight Financing Rate (SOFR)[252](index=252&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=39&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) No material changes to market risk disclosures were reported compared to the prior Annual Report on Form 10-K - There have been no material changes to the company's market risk exposure as disclosed in the most recent Annual Report on Form 10-K[30](index=30&type=chunk) [Controls and Procedures](index=39&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Disclosure controls and procedures were ineffective as of June 30, 2023, due to an un-remediated material weakness in derivative accounting - The Chief Executive Officer and Chief Financial Officer concluded that disclosure controls and procedures were not effective as of June 30, 2023[32](index=32&type=chunk) - A material weakness was identified in internal controls related to the accounting and reporting of transactions under **ASC 815**, Derivatives and Hedging[36](index=36&type=chunk)[43](index=43&type=chunk) - Management's remediation plan includes enhancing control design over the preparation of other comprehensive income (loss) and providing additional training. The material weakness cannot be considered remediated until the new controls operate effectively for a sufficient period[37](index=37&type=chunk)[48](index=48&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=40&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in ordinary course legal proceedings not expected to materially impact operations or financial position - The company is not currently involved in any legal proceedings that are expected to have a material adverse effect on its business[40](index=40&type=chunk) [Risk Factors](index=40&type=section&id=ITEM%201A.%20RISK%20FACTORS) A new risk factor highlights the material weakness in internal control over financial reporting, which could adversely affect the company if not remediated - A material weakness in internal control over financial reporting has been identified, specifically related to the accounting for derivatives and hedging (**ASC 815**)[42](index=42&type=chunk)[43](index=43&type=chunk) - If the material weakness is not remediated, it could result in a material misstatement of future financial statements and adversely affect the company's ability to report financial information accurately and on time[47](index=47&type=chunk)[50](index=50&type=chunk) [Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities](index=41&type=section&id=ITEM%202.%20UNREGISTERED%20SALES%20OF%20EQUITY%20SECURITIES%2C%20USE%20OF%20PROCEEDS%2C%20AND%20ISSUER%20PURCHASES%20OF%20EQUITY%20SECURITIES) No unregistered sales of equity securities or issuer purchases were reported during the period - The company reported no recent sales of unregistered securities or purchases of its equity securities[50](index=50&type=chunk) [Defaults Upon Senior Securities](index=41&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) No defaults upon senior securities occurred during the period - None[51](index=51&type=chunk) [Mine Safety Disclosures](index=41&type=section&id=ITEM%204.%20MINE%20SAFETY%20DISCLOSURES) This item is not applicable to the company - Not applicable[52](index=52&type=chunk) [Other Information](index=41&type=section&id=ITEM%205.%20OTHER%20INFORMATION) No other information to report for this period - None[53](index=53&type=chunk) [Exhibits](index=41&type=section&id=ITEM%206.%20EXHIBITS) The report lists exhibits filed, including credit agreement amendments, CEO/CFO certifications, and XBRL data files - Key exhibits filed include Amendment No. 3 to the First Lien Credit Agreement and certifications by the CEO and CFO pursuant to SEC rules[271](index=271&type=chunk) [Signatures](index=43&type=section&id=SIGNATURES) The report was signed by the CEO and CFO on August 7, 2023 - The Form 10-Q was signed by the company's Principal Executive Officer and Principal Financial Officer on August 7, 2023[276](index=276&type=chunk)

Financial Data and Key Metrics Changes - The company reported a second quarter revenue decline of 14% to $172 million, with grill revenues down 21% to $93 million [20][51] - Consumables revenues were $35 million, down 17% year-over-year, primarily due to lower sales of pellets [21] - Adjusted EBITDA increased to $21 million from $17 million in the prior year, reflecting better-than-expected grill and consumable sales [12][51] - The net loss for the second quarter was $33 million, an improvement from a net loss of $133 million in the same period last year [51] - The company increased its full-year sales guidance to a range of $585 million to $600 million, up from $560 million to $590 million [13][53] Business Line Data and Key Metrics Changes - Grill revenue was negatively impacted by lower unit volumes and a lower average selling price due to pricing adjustments on end-of-life models [48] - Accessories revenues increased by 7% to $43 million, driven by growth in Traeger accessories and MEATER [49] - Consumables sales, excluding a specific customer that introduced a private label offering, showed healthy sell-through trends [21][8] Market Data and Key Metrics Changes - North American revenues declined by 16%, while revenues from the Rest of the World increased by 3% [49] - The company noted that dealer inventories ended the quarter in a substantially more balanced position, allowing for normalized replenishment activity in the second half of the year [46][40] Company Strategy and Development Direction - The company is focused on accelerating brand awareness and penetration in the U.S., with a current household penetration of 3.5% in grill-only households [41] - Product innovation remains a key strategic pillar, with the launch of new grills and consumables aimed at enhancing customer experience [43][18] - The company is expanding its international presence, with efforts to drive productivity and awareness through in-store marketing and product demonstrations [46][19] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the fluid macroeconomic environment but expressed cautious optimism for a return to growth in the second half of the year [5][47] - The company expects to see the largest year-over-year gain in gross margin in the third quarter, driven by improved fixed cost leverage [54] - Management emphasized the importance of managing expenses and inventory levels to navigate the current environment effectively [69][102] Other Important Information - The company reported a significant increase in user-generated content and media impressions, indicating strong brand engagement [6][7] - The launch of new products, such as the Ironwood grill and Flatrock griddle, received positive consumer reception and media attention [16][44] Q&A Session Summary Question: Can you elaborate on the lower Grill ASP and consumables ASP? - Management indicated that aggressive pricing adjustments were made during the pandemic, and current pricing is being normalized to stimulate volume [27][28] Question: How should we think about inventory levels moving forward? - Management noted that channel inventories are now healthy and aligned with expectations, with a moderate drawdown expected in Q4 [35][68] Question: What is the outlook for the second half of the year? - Management remains cautious but optimistic, expecting a rebound in growth driven by normalized replenishment rates [33][85] Question: How is the Flatrock product performing? - The Flatrock has exceeded expectations, with strong demand leading to plans for increased production [74][94] Question: What is the strategy for consumables in the next 6 to 12 months? - The company is focusing on grocery channel growth for consumables, with positive early indications from recent rollouts [92][71]