SharkNinja(SN) - 2024 Q4 - Annual Report

Financial Performance - Net sales for Q4 2024 reached $1,787,187, a 29.7% increase from $1,377,499 in Q4 2023[37] - Gross profit for the year ended December 31, 2024, was $2,661,991, up 39.4% from $1,907,852 in 2023[37] - Operating income for Q4 2024 was $205,122, compared to $100,754 in Q4 2023, reflecting a 103.5% increase[37] - Net income for the year ended December 31, 2024, was $438,705, a significant increase of 162.2% from $167,078 in 2023[37] - Adjusted Net Sales for the year ended December 31, 2024, reached $5,528,639 thousand, a 30% increase from $4,253,710 thousand in 2023[43] - Adjusted Gross Profit for the year ended December 31, 2024, was $2,715,062 thousand, compared to $1,958,586 thousand in 2023, reflecting a gross margin improvement from 46.9% to 49.1%[46] - Adjusted Operating Income for the year ended December 31, 2024, increased to $839,500 thousand, up from $638,273 thousand in 2023[49] - Adjusted Net Income for the year ended December 31, 2024, was $616,244 thousand, compared to $449,259 thousand in 2023, with Adjusted Net Income Per Share rising from $3.22 to $4.37[51] - Net income for the three months ended December 31, 2024, was $128.716 million, compared to $49.324 million for the same period in 2023, representing a 160% increase[54] - Adjusted EBITDA for the year ended December 31, 2024, reached $951.105 million, up from $719.695 million in 2023, indicating a growth of 32.2%[54] - Adjusted EBITDA Margin for the three months ended December 31, 2024, was 16.3%, slightly up from 15.9% in the same period of 2023[54] - Adjusted Net Sales for the year ended December 31, 2024, were $5.529 billion, compared to $4.176 billion in 2023, reflecting a year-over-year increase of 32.4%[54] Assets and Earnings - Cash provided by operating activities for the year ended December 31, 2024, was $446,620, up from $280,601 in 2023[38] - Total assets increased to $4,394,159 as of December 31, 2024, from $3,487,070 in 2023, representing a growth of 26.0%[35] - Retained earnings rose to $909,024 in 2024, compared to $470,319 in 2023, indicating a growth of 93.2%[35] - The company reported a total of 140,347,436 shares outstanding as of December 31, 2024, compared to 139,083,369 shares in 2023[35] Segment Performance - Total net sales for the Cleaning Appliances segment in 2024 were $2,063,514 thousand, up from $1,770,073 thousand in 2023, marking a 16.5% increase[44] - The Cooking and Beverage Appliances segment saw net sales rise to $1,717,654 thousand in 2024, compared to $1,435,473 thousand in 2023, representing an 19.6% increase[44] - The Food Preparation Appliances segment reported net sales of $1,178,735 thousand in 2024, a substantial increase from $645,326 thousand in 2023, reflecting an 82.5% growth[44] - The Beauty and Home Environment Appliances segment achieved net sales of $568,736 thousand in 2024, up from $325,294 thousand in 2023, indicating a 74.6% increase[44] Expenses and Adjustments - Research and development expenses for the year ended December 31, 2024, were $341,289, an increase of 36.7% from $249,387 in 2023[37] - Interest expense for the year ended December 31, 2024, was $63.715 million, compared to $44.909 million in 2023, marking a 42% increase[54] - The company recorded $15.195 million in costs related to the Product Procurement Adjustment for the three months ended December 31, 2024[54] - The amortization of acquired intangible assets for the year ended December 31, 2024, was $15.9 million, with $4.0 million recorded in sales and marketing expenses for the same period[53] Tax and Currency Effects - The effective tax rate approximated 22.0%, impacting the income tax effects of adjustments to net income[53] - Foreign currency gains for the three months ended December 31, 2024, amounted to $25.632 million, compared to losses of $8.300 million in the same period of 2023[54] Strategic Changes - The company has implemented a Product Procurement Adjustment, resulting in a more streamlined cost structure post-separation, enhancing overall profitability[48] - The company transitioned to purchasing 100% of its inventory from its subsidiary SNHK post-separation, eliminating previous markups in consolidation[53]