Traeger(US:COOK)2024-08-06 20:08Revenue Performance - Total revenues decreased by 1.8% to $168.5 million compared to $171.5 million in the second quarter last year[3] - Grill revenues increased by 2.0% to $95.0 million, driven by higher unit volume from effective promotional activity[4] - North America revenue declined by 4.6%, while Rest of World revenues increased by 31.9% in the second quarter[5] - Revenue for Q2 2024 was $168,471,000, a decrease of 1% from $171,512,000 in Q2 2023[12] - Revenue for the three months ended June 30, 2024, was $168,471,000, slightly down from $171,512,000 in the same quarter of 2023[20] Profitability Metrics - Gross margin improved to 42.9%, up 600 basis points from 36.9% in the prior year, primarily due to favorable freight and logistics costs[5] - Gross profit increased to $72,328,000 in Q2 2024, up 14% from $63,331,000 in Q2 2023[12] - Adjusted EBITDA increased by 24.9% to $26.8 million compared to $21.5 million in the same period last year[6] - The adjusted EBITDA margin improved to 15.9% for the three months ended June 30, 2024, compared to 12.5% in the prior year[20] - Adjusted net income for the same period was $7,269,000, a significant improvement from an adjusted net loss of $4,464,000 in the prior year[20] - The company reported an adjusted net income (loss) margin of 4.3% for the current quarter, compared to (2.6)% in the same quarter of 2023[20] Net Loss and Financial Health - Net loss decreased by 91.5% to $2.6 million, or $0.02 per diluted share, compared to a net loss of $30.2 million, or $0.25 per diluted share, in the same quarter last year[6] - Net loss for Q2 2024 was $2,578,000, significantly improved from a net loss of $30,166,000 in Q2 2023[12] - The net loss margin was reported at (1.5)% for the current quarter, a significant improvement from (17.6)% in the same quarter last year[20] Guidance and Future Expectations - The company expects total revenue for FY 2024 to be between $590 million and $605 million[7] - Gross margin guidance for FY 2024 is expected to be between 40.5% and 41.5%[7] - Adjusted EBITDA guidance for FY 2024 is expected to be between $74 million and $79 million[7] Cash Flow and Liquidity - Cash and cash equivalents at the end of the second quarter totaled $18.0 million, down from $29.9 million at the end of 2023[7] - Cash provided by operating activities was $1,269,000 for the first six months of 2024, compared to $25,856,000 in the same period of 2023[13] - Total cash, cash equivalents, and restricted cash at the end of the period was $18,025,000, an increase from $14,496,000 at the end of June 2023[14] - Interest expense for the first six months of 2024 was $16,774,000, compared to $15,891,000 in the same period of 2023[12] - Cash paid for interest during the period was $19,783,000 for the first six months of 2024, compared to $20,487,000 in the same period of 2023[14] Stock-Based Compensation - The company incurred stock-based compensation expense of $17,163,000 in the first six months of 2024, down from $40,979,000 in the same period of 2023[13] - The company incurred stock-based compensation of $7,065,000 for the three months ended June 30, 2024, compared to $33,036,000 in the same period of 2023[20] Shareholder Metrics - The weighted average common shares outstanding on a diluted basis increased to 127,138,825 for the current quarter from 123,027,759 in the prior year[20] - The adjusted net income (loss) per diluted share was $0.06 for the three months ended June 30, 2024, compared to $(0.04) in the same period of 2023[20]