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Traeger(COOK) - 2024 Q4 - Annual Results
COOKTraeger(COOK)2025-03-06 21:08

Revenue Performance - Total revenues increased 3.2% to 168.6millioninQ42024,comparedto168.6 million in Q4 2024, compared to 163.5 million in Q4 2023[4] - Grill revenues surged 30.2% to 78.0millioninQ42024,drivenbyhigherunitvolumes[8]−Fullyear2024totalrevenuesdecreased0.378.0 million in Q4 2024, driven by higher unit volumes[8] - Full year 2024 total revenues decreased 0.3% to 604.1 million, compared to 605.9millionin2023[9]−NorthAmericarevenuesincreased11.2605.9 million in 2023[9] - North America revenues increased 11.2% in Q4 2024, while Rest of World revenues decreased 38.6%[5] - The company expects total revenue for Fiscal Year 2025 to be between 595 million and 615million[18]ProfitabilityMetrics−Grossmarginimprovedto40.9615 million[18] Profitability Metrics - Gross margin improved to 40.9%, up 410 basis points from 36.8% in the prior year[6] - Adjusted EBITDA for Q4 2024 was 18.4 million, up from 13.0millioninQ42023[8]−Fullyear2024adjustedEBITDAincreased34.113.0 million in Q4 2023[8] - Full year 2024 adjusted EBITDA increased 34.1% to 81.9 million from 61.1millionin2023[12]−GrossprofitforQ42024increasedto61.1 million in 2023[12] - Gross profit for Q4 2024 increased to 68,890,000, up 14.0% from 60,137,000inQ42023[23]−AdjustedEBITDAforQ42024increasedto60,137,000 in Q4 2023[23] - Adjusted EBITDA for Q4 2024 increased to 18,361,000, compared to 12,982,000inQ42023,reflectingamarginimprovementfrom7.912,982,000 in Q4 2023, reflecting a margin improvement from 7.9% to 10.9%[32] Net Loss and Expenses - Net loss narrowed to 7.0 million in Q4 2024, compared to a net loss of 24.0millioninQ42023[8]−NetlossfortheyearendedDecember31,2024was24.0 million in Q4 2023[8] - Net loss for the year ended December 31, 2024 was 34,008,000, a significant improvement compared to a net loss of 84,402,000in2023[25]−TotalotherexpenseforQ42024was84,402,000 in 2023[25] - Total other expense for Q4 2024 was 8,705,000, a decrease from 11,582,000inQ42023[23]−Thecompanyreportedacomprehensivelossof11,582,000 in Q4 2023[23] - The company reported a comprehensive loss of 40,612,000 for the year ended December 31, 2024, compared to 96,725,000in2023[23]−Stock−basedcompensationexpensesdecreasedto96,725,000 in 2023[23] - Stock-based compensation expenses decreased to 4,837,000 in Q4 2024 from 6,023,000inQ42023[32]CashFlowandOperatingActivities−Cashprovidedbyoperatingactivitiesfortheyearwas6,023,000 in Q4 2023[32] Cash Flow and Operating Activities - Cash provided by operating activities for the year was 23,888,000, down from 64,042,000in2023[25]−Cash,cashequivalents,andrestrictedcashattheendoftheperiodwas64,042,000 in 2023[25] - Cash, cash equivalents, and restricted cash at the end of the period was 14,981,000, down from 29,921,000attheendof2023[25]InterestandShares−Thecompanyincurredinterestexpenseof29,921,000 at the end of 2023[25] Interest and Shares - The company incurred interest expense of 33,500,000 for the year ended December 31, 2024, compared to 31,275,000in2023[25]−Interestexpenseincreasedto31,275,000 in 2023[25] - Interest expense increased to 8,192,000 in Q4 2024 from 7,867,000inQ42023[32]−Weightedaveragedilutedsharesoutstandingincreasedto129,174,440inQ42024from125,094,571inQ42023[32]EarningsPerShare−Thecompanyreportedabasicanddilutednetlosspershareof7,867,000 in Q4 2023[32] - Weighted average diluted shares outstanding increased to 129,174,440 in Q4 2024 from 125,094,571 in Q4 2023[32] Earnings Per Share - The company reported a basic and diluted net loss per share of 0.05 for Q4 2024, compared to 0.19inQ42023[23]−Thecompanyreportedanetlossperdilutedshareof0.19 in Q4 2023[23] - The company reported a net loss per diluted share of 0.05 in Q4 2024, improving from a loss of $0.19 per diluted share in Q4 2023[32]