Financial Performance - Net sales for the year ended December 31, 2023, increased by $536.3 million, or 14.4%, to $4,253.7 million compared to $3,717.4 million in 2022[384] - Gross profit for 2023 was $1,907.9 million, representing a 35.3% increase from $1,410.2 million in 2022[390] - Net income for 2023 was $167.1 million, down from $232.4 million in 2022[380] - Adjusted Net Sales for 2023 were $4,176.2 million, compared to $3,619.9 million in 2022, reflecting a significant increase[415] - Adjusted Net Income for 2023 was $449.3 million, up 36% from $330.4 million in 2022[423] - Adjusted EBITDA for 2023 reached $719.7 million, a 38% increase compared to $519.6 million in 2022[428] - Adjusted Gross Profit for 2023 was $1,958.6 million, with an Adjusted Gross Margin of 46.9%[417] Operating Expenses - Total operating expenses rose to $1,534.3 million in 2023, a 40.9% increase from $1,088.8 million in 2022[394] - Research and development expenses increased by 15.6% to $249.4 million in 2023, accounting for 5.9% of net sales[394] - Sales and marketing expenses surged by 44.3% to $897.6 million in 2023, representing 21.1% of net sales[394] - General and administrative expenses increased by 54.2% to $387.3 million in 2023, making up 9.1% of net sales[394] - The company incurred $82.3 million in transaction-related costs in 2023, compared to $2.9 million in 2022[420] - Share-based compensation expenses increased significantly to $47.0 million in 2023 from $5.5 million in 2022[423] Interest and Taxation - Interest expense, net, increased to $(44.9) million in 2023 from $(27.0) million in 2022[380] - Provision for income taxes increased by $56.5 million, or 81.2%, for the year ended December 31, 2023, with an effective tax rate of 43.0%[408] - Interest expense, net increased by $17.9 million, or 66.2%, for the year ended December 31, 2023, primarily due to a $25.2 million increase in interest expense on term loans[402] Sales Performance by Category - The Cooking and Beverage Appliances category saw a significant sales increase of 33.7%, reaching $1,441.6 million in 2023[387] Cash Flow and Financing - Cash and cash equivalents as of December 31, 2023, totaled $154.1 million, with an additional $490.2 million available under the 2023 Revolving Facility[431] - The company has $280.6 million in net cash provided by operating activities for the year ended December 31, 2023, an increase from $205.0 million in 2022[439] - Cash used in investing activities for 2023 was $118.1 million, primarily for property and equipment purchases of $122.7 million[445] - Cash used in financing activities for 2023 totaled $234.9 million, including repayment of $442.6 million on the 2020 Term Loans[449] - As of December 31, 2023, the company had $804.9 million in debt outstanding under the 2023 Credit Agreement[437] - The company plans to utilize existing cash and cash equivalents, along with cash generated from operations, to support its core business operations and strategic plans for market expansion[432] - The company may need to seek additional equity or debt financing to fund its activities if current resources are insufficient[432] Intangible Assets - Acquired intangible assets include developed software technology, customer relationships, and trade names, recorded at fair value on acquisition date[462] - Intangible assets are amortized over their estimated useful lives, except for trade names and trademarks which have an indefinite life[462] - The company evaluates intangible assets for impairment indicators based on significant adverse changes in business climate or market conditions[462] - Future cash flow estimates are critical for measuring the recoverability of intangible assets, with potential impairments if estimates change[462] - An asset is considered impaired if its carrying amount exceeds the undiscounted future net cash flows expected to be generated[462]

Svetlana Evgrafova SharkNinja, Inc. (NYSE:SN) is a household appliance company that operates through its two brands, Shark and Ninja. The Shark brand encompasses home products (hair care products, vacuums, floor and carpet cleaners, air purifiers, and fans) and the Ninja brand encompasses the company's kitchen, food, and drink products. While these are relatively mature brands with many market-leading products, SharkNinja has a long runway for growth due to its focus on new product development and product i ...

SharkNinja, Inc. (SN) could be a solid addition to your portfolio given its recent upgrade to a Zacks Rank #1 (Strong Buy). This upgrade primarily reflects an upward trend in earnings estimates, which is one of the most powerful forces impacting stock prices.The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the sys ...

Financial Data and Key Metrics Changes - Adjusted net sales increased nearly 20% in Q4 2023, with adjusted EBITDA up more than 70% [36] - Full year adjusted net sales grew by more than 15% to nearly $4.2 billion, and adjusted EBITDA increased by nearly 39% to $720 million [38][55] - Adjusted gross margins improved nearly 700 basis points year-over-year to 46.9%, exceeding the long-term goal of 45% [38][90] Business Line Data and Key Metrics Changes - Adjusted net sales in the cooking and beverage category increased 33% to $503 million, driven by strength in outdoor grills and ovens [50] - The cleaning category saw adjusted net sales decrease just under 3% to $542 million, while the beauty and home environment category grew nearly triple to $153 million [67][68] - The food preparation category's adjusted net sales increased 14% to $181 million, driven by strong performance in ice cream makers and compact blenders [51] Market Data and Key Metrics Changes - Adjusted net sales in international markets reached $404 million, up 62%, with the UK growing nearly 38% [66] - North America net sales were up 8% to $973 million, representing 71% of the sales mix [66] - The UK market, as the largest international market, showed significant growth, while newer markets like Germany and France experienced impressive triple-digit growth [41][46] Company Strategy and Development Direction - The company is focused on a three-pillar growth strategy: entering new categories, growing share in existing categories, and international expansion [27][47] - New product launches in outdoor cooking and beauty are seen as critical growth drivers, with significant investments in R&D to support innovation [8][24] - The company aims to expand its outdoor portfolio, leveraging consumer trends towards outdoor activities [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the retail environment, noting good ordering patterns and clean inventories exiting Q4 [3][26] - The company anticipates a flat overall market in the first half of 2024, with potential growth in the second half [88] - Management emphasized the importance of local consumer insights and adapting strategies for different markets [82][99] Other Important Information - The company has diversified its supply chain outside of China, with nearly two-thirds of U.S. sales volume now produced outside China [74][91] - The company expects adjusted net sales to increase between 7% and 9% in 2024, with adjusted EBITDA projected to grow by 11% to 15% [76] Q&A Session Summary Question: Can you elaborate on the capabilities built with R&D investment? - Management highlighted the growth of the R&D team to over 800 engineers with diverse skill sets, contributing to product innovation [84] Question: What does the guidance entail regarding category thoughts and gross margin? - Management indicated expectations of continued gross margin expansion in the first half of 2024, with specific category growth rates provided [100][101] Question: What insights have been gained from the UK market for expansion in Germany and France? - Management noted the importance of local consumer insights and the success of cross-country retail strategies [82][99] Question: How is the company planning for new distribution entries in the U.S.? - Management discussed the strategy of leveraging existing retailer relationships and expanding into new retail channels for product launches [110] Question: What are the expectations for growth by quarter in 2024? - Management indicated a strong start to Q1 2024, with expectations of shaping growth throughout the year based on prior performance [114][116]

SharkNinja Reports Fourth Quarter and Full Year 2023 Results Provides Fiscal Year 2024 Outlook NEEDHAM, Massachusetts, February 15, 2024 – SharkNinja, Inc. ("SharkNinja" or the "Company") (NYSE: SN), a global product design and technology company, today announced its financial results for the fourth quarter and year ended December 31, 2023. Highlights for the Fourth Quarter 2023 as compared to the Fourth Quarter 2022 Highlights for the Year Ended 2023 as compared to the Year Ended 2022 Mark Barrocas, Chief ...

SharkNinja launches the Ninja® DoubleStack™ XL, the industry's first vertical two-basket air fryer that provides double the performance with 40% less countertop footprint. (Photo: Business Wire)SharkNinja launches the Shark FlexBreeze™, a unique cooling solution built for outdoor and indoor use. Two-in-one cooling tool, which transforms from a pedestal to a tabletop fan at the touch of a button. Delivers breeze from 70 feet away, provides 20 hours of battery runtime on a single battery charge, and reduces t ...

When it comes to short-term investing or trading, they say "the trend is your friend." And there's no denying that this is the most profitable strategy. But making sure of the sustainability of a trend to profit from it is easier said than done.Often, the direction of a stock's price movement reverses quickly after taking a position in it, making investors incur a short-term capital loss. So, it's important to ensure that there are enough factors -- such as sound fundamentals, positive earnings estimate rev ...

Exhibit 99.1 SHARKNINJA, INC. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | | Page | | --- | --- | | Condensed Consolidated Balance Sheets (Unaudited) | 2 | | Condensed Consolidated Statements of Income (Unaudited) | 3 | | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 4 | | Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | 5 | | Condensed Consolidated Statements of Cash Flows (Unaudited) | 7 | | Notes to Condensed Consolidated Financial Statements (Un ...

Exhibit 99.1 SHARKNINJA GLOBAL SPV, LTD. INDEX TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS | | Page | | --- | --- | | Condensed Consolidated Balance Sheets (Unaudited) | 2 | | Condensed Consolidated Statements of Income (Unaudited) | 3 | | Condensed Consolidated Statements of Comprehensive Income (Unaudited) | 4 | | Condensed Consolidated Statements of Shareholders' Equity (Unaudited) | 5 | | Condensed Consolidated Statements of Cash Flows (Unaudited) | 7 | | Notes to Condensed Consolidated Financial Sta ...