Exhibit 99 Latham Group, Inc. Reports Fourth Quarter and Full Year 2023 Financial Results and Provides 2024 Guidance Full Year 2023 Sales Outperformed the U.S. In-Ground Pool Market in 2023 Driven by Continued Fiberglass Conversion Substantially Reduced Cost Structure During 2023 Full Year Operating Cash Flow of $116 Million Yielded Record Cash Position of $100 Million at Year-End 2024 Guidance Anticipates Continued Ability to Outperform Industry Amid Difficult Market Conditions Fourth Quarter 2023 Highligh ...

Latham Group, Inc. (NASDAQ:SWIM) Q3 2023 Earnings Conference Call November 7, 2023 9:00 AM ET Company Participants Nicole Harlowe - IR Scott Rajeski - President and CEO Mark Borseth - Interim CFO Oliver Gloe - Incoming CFO Conference Call Participants Ryan Merkel - William Blair Anika Dholakia - Barclays Shaun Calnan - Bank of America Keith Hughes - Truist Charles Perron-Piche - Goldman Sachs Operator Good day, and welcome to the Latham Group Third Quarter Fiscal 2023 Earnings Conference Call. [Operator Ins ...

Financial Performance - Net sales decreased by 15.1%, or $28.6 million, to $160.8 million for the fiscal quarter ended September 30, 2023, compared to $189.4 million for the same quarter in 2022[113]. - Net income decreased by $5.7 million to $6.2 million, representing a 3.8% net income margin for the fiscal quarter ended September 30, 2023, compared to net income of $11.9 million for the same quarter in 2022[113]. - Adjusted EBITDA decreased by $6.2 million to $36.1 million for the fiscal quarter ended September 30, 2023, compared to $42.3 million for the same quarter in 2022[113]. - For the three fiscal quarters ended September 30, 2023, net sales decreased by 19.1%, or $112.2 million, to $475.6 million compared to $587.8 million for the same period in 2022[113]. - Net income was $6.2 million for the fiscal quarter ended September 30, 2023, a decrease of $5.7 million, or 48.2%, compared to the same quarter in the previous year[134]. - Adjusted EBITDA decreased by $60.8 million, or 43.7%, to $78.1 million for the three fiscal quarters ended September 30, 2023, compared to $138.9 million for the same period in 2022[152]. Cost Management - The company expects to realize $18.0 million in total cost savings in 2023 due to cost reduction plans initiated in response to economic uncertainty[115]. - Selling, general, and administrative expenses decreased by $3.3 million, or 12.4%, to $23.4 million for the fiscal quarter ended September 30, 2023[128]. Operational Changes - The company is focusing on converting from concrete to fiberglass swimming pools, supported by lead generation efforts and dealer strategy[114]. - The Kingston, Ontario facility was completed in April 2023, along with acquired fiberglass manufacturing assets in Seminole, Oklahoma[114]. - The company operates approximately 2,000 employees across over 30 locations, dedicated to designing and manufacturing high-quality pool products[110]. Debt and Financing - Interest expense, net increased by $12.1 million, or 131.4%, to $21.3 million for the three fiscal quarters ended September 30, 2023[145]. - The Term Loan matures on February 23, 2029, with outstanding borrowings of $301.6 million as of September 30, 2023[167][169]. - The company has a stock repurchase program authorized for up to $100 million, with $77.0 million remaining available for repurchases as of September 30, 2023[170]. Cash Flow and Liquidity - As of September 30, 2023, the company had $78.1 million in cash, $301.6 million in outstanding borrowings, and $75.0 million available under its Revolving Credit Facility[160]. - For the three fiscal quarters ended September 30, 2023, net cash provided by operating activities was $88.1 million, a significant increase from $5.2 million in the same period last year[173][174]. - The company reported a net cash increase of $45.5 million for the three fiscal quarters ended September 30, 2023, compared to a decrease of $13.3 million in the prior year[172]. Inventory and Receivables - The company experienced a $61.7 million decrease in inventories, contributing positively to cash flow, while trade receivables increased by $28.7 million due to the timing of net sales[173]. Future Considerations - The company plans to perform a quantitative assessment for goodwill impairment testing as of October 1, 2023, which may result in a non-cash impairment charge in the fiscal quarter ended December 31, 2023[186]. - A leadership transition was announced with Oliver Gloe appointed as Chief Financial Officer effective November 13, 2023[116]. Market Position - The company holds the 1 position in North America in every product category in which it competes[106]. Margins - Gross margin decreased by 1.2% to 29.9% of net sales for the fiscal quarter ended September 30, 2023, compared to 31.1% for the same quarter in the previous year[127]. - Gross margin for the three fiscal quarters ended September 30, 2023, decreased by 5.8% to 27.7% of net sales compared to 33.5% for the same period in the previous year[141]. - Adjusted EBITDA margin was 16.4% for the three fiscal quarters ended September 30, 2023, down from 23.6% for the same period in 2022, primarily due to the decrease in net sales[153]. Taxation - Effective tax rate was 140.7% for the three fiscal quarters ended September 30, 2023, compared to 65.6% for the same period in the previous year[149]. - Net loss margin was 0.5% for the three fiscal quarters ended September 30, 2023, compared to a net income margin of 2.3% for the same period in 2022, reflecting a $15.8 million increase in net loss and a $112.2 million decrease in net sales[151].

Nicole Harlowe - IR Scott Rajeski - President and CEO Mark Borseth - Interim CFO Operator Nicole Harlowe Scott Rajeski Company Participants Tim Wojs - Baird Keith Hughes - Truist Shaun Calnan - Bank of America Matt Bouley - Barclays Andrew Carter - Stifel Susan Maklari - Goldman Sachs I would like now to turn the conference over to Nicole Harlowe, Investor Relations representative. Please go ahead. On today's call are Latham's President and CEO, Scott Rajeski; and Interim CFO, Mark Borseth. Following their ...

Disclaimer Adjusted EBITDA and Adjusted EBITDA Margin Although depreciation and amortization are eliminated in the calculation of Adjusted EBITDA and Adjusted EBITDA margin, the assets being depreciated and amortized will often have to be replaced in the future, and Adjusted EBITDA and Adjusted EBITDA margin do not reflect any costs of such replacements. Net sales and Adjusted EBITDA results above our expectations in spite of the continued challenging macroeconomic environment and 1 difficult year-over-year ...

Financial Data and Key Metrics Changes - The company reported net sales of $138 million for Q1 2023, a decrease of $54 million or 28% compared to Q1 2022, which had set a high record due to elevated backlogs and increased production levels [65][88] - Adjusted EBITDA for Q1 was $11 million, down $37 million or 77% from Q1 2022, with an adjusted EBITDA margin of 8%, down from 25% in the prior year [13][66] - Gross profit decreased by $38 million or 53% year-over-year, with gross margin dropping to 24.2% from 36.9% [105] Business Line Data and Key Metrics Changes - In-ground pool sales declined 30% to $79 million, driven by wholesaler destocking and lower fiberglass pool sales compared to the strong Q1 2022 [102] - Sales of liners fell 44% to $26 million, also impacted by strong sales in the previous year due to elevated backlogs [102] - Sales for the cover product line remained flat year-over-year at $33 million, indicating strength in the automatic safety covers market [70] Market Data and Key Metrics Changes - The U.S. fiberglass penetration expanded to 21% in 2022, gaining 3 points of share despite a 16% decline in overall U.S. in-ground pool installations [74][84] - The company noted that much of the softness in overall U.S. pool starts was in the concrete pool market, particularly in regions where they are underpenetrated [87] Company Strategy and Development Direction - The company is focused on recruiting new dealers and enhancing lead generation efforts, which have shown momentum in website activity and lead generation tools [5][25] - The company aims to drive material conversion from concrete to fiberglass pools, supported by lead generation and digital tools [73][84] - The launch of "Measure by Latham," an AI-powered digital measuring tool, is expected to modernize the measurement experience for dealers and drive growth in winter safety covers and in-ground liners [86][101] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the long-term fundamentals and growth opportunities despite macroeconomic challenges, including higher interest rates and inflation [67][74] - The company anticipates a normalization of packaged pool inventory in the wholesale distribution channel to remain a headwind through the first half of 2023 [72] - Management reaffirmed the fiscal year 2023 outlook for net sales of $565 million to $615 million and adjusted EBITDA of $90 million to $110 million [107] Other Important Information - The company has implemented cost reduction initiatives expected to yield annualized savings of about $12 million in fiscal 2023 [81] - Capital expenditures for Q1 were $10 million, up from $7 million in the same period last year, primarily for investments in manufacturing facilities [72] Q&A Session All Questions and Answers Question: Can you talk about where you outperformed versus your expectations coming into the year? - Management noted that they outperformed slightly in all three product lines, reflecting stronger demand than expected, but it is still early in the season to consider raising guidance [95] Question: What are you hearing from your dealers in terms of backlogs and leads turning into actual projects? - Management indicated that dealers still have good backlogs through the first half of the year and are focusing on driving lead generation to maintain activity in the second half of 2023 [104]

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 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: 001-40358 LATHAM GROUP, Inc. (Exact name of registrant as specified in its charter) Delaware 83-2797583 (State or other jurisdict ...

Latham Group, Inc. (NASDAQ:SWIM) Q4 2022 Earnings Call Transcript March 7, 2023 9:00 AM ET Company Participants Nicole Harlowe Edelman - Investor Relations Scott Rajeski - President & Chief Executive Officer Rob Masson - Chief Financial Officer Conference Call Participants Elizabeth Langan - Barclays Tim Wojs - Baird Sean Callan - Bank of America Charles Perron-Piché - Goldman Sachs Josh Pokrzywinski - Morgan Stanley Andrew Carter - Stifel Operator Good morning, and welcome to the Latham Group, Inc. Fourth ...

Q4 & FY 2022 Earnings Call March 7, 2023 Nasdaq Listed Forward-looking Statements Certain statements in this presentation constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation other than statements of historical fact may constitute forward-looking statements, including statements regarding our future operating results and financial position, our business strategy and plans, business and market trends, o ...

Financial Data and Key Metrics Changes - Q3 net sales increased by 17% year-over-year to $189 million, with adjusted EBITDA also up 17% to $42 million [7][18] - Gross profit for Q3 was $59 million, a 15% increase year-over-year, while gross margin decreased by 40 basis points to 31.1% [19] - For the first nine months of fiscal 2022, net sales reached $588 million, up 20% year-over-year, with adjusted EBITDA at $139 million, a 23% increase [20][22] Business Line Data and Key Metrics Changes - Net sales for in-ground swimming pools increased by 22% to $102 million in Q3, covers increased by 18% to $52 million, and liners increased by 4% to $35 million [18] - For the first nine months, in-ground pools saw a 14% increase to $326 million, covers increased by 30% to $123 million, and liners increased by 24% to $139 million [21] Market Data and Key Metrics Changes - The company noted a decline in packaged pool products due to wholesale distribution partners destocking inventory, impacting volume in Q4 [8][10] - Despite the overall market challenges, fiberglass pool volume grew, indicating a shift in consumer preference towards fiberglass [13] Company Strategy and Development Direction - The company is focusing on cost reduction measures, including optimizing production schedules and workforce reduction, expecting annual savings of approximately $12 million in fiscal 2023 [10][27] - Continued investment in fiberglass manufacturing capacity and direct-to-homeowner strategies are seen as critical for long-term growth [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to navigate current macroeconomic challenges while maintaining growth initiatives [15][34] - The company anticipates that the current headwinds will persist into 2023, with a focus on managing costs and maintaining production efficiency [40][41] Other Important Information - The company is on track to begin production at a new facility in Kingston, Ontario, in 2023, which is expected to enhance production efficiency and reduce lead times [13][14] - Capital expenditures for the first nine months of 2022 totaled $29 million, reflecting increased investment in fiberglass capacity [24] Q&A Session Summary Question: Industry volume expectations for 2023 - Management indicated it is too early to predict 2023 pool starts, noting that current headwinds are expected to persist into the next year [40] Question: Performance of fiberglass during economic downturns - Management highlighted that fiberglass has consistently outperformed the market in various cycles, with expectations for growth even in a down market [42] Question: Guidance on decremental margins for 2023 - Management refrained from providing specific guidance for 2023 but noted that seasonality and volume pressures would impact margins [51][52] Question: Impact of raw material costs on margins - Management acknowledged that while some raw material costs have decreased, they remain elevated compared to previous levels, affecting pricing strategies [53] Question: Sales impact from destocking and homeowner purchasing delays - Management clarified that the majority of the sales decline is attributed to destocking in the packaged pool category, with homeowner purchasing decisions also slowing down [58][70]