Financial Performance & Outlook - Latham forecasts net sales between $535 million and $565 million for full year 2025, representing an 8% year-over-year growth at the midpoint[23] - The company projects adjusted EBITDA between $90 million and $100 million for 2025, a 19% year-over-year increase at the midpoint[23] - In Q2 2025, Latham's net sales reached $172639 thousand with an adjusted EBITDA of $39887 thousand, resulting in an adjusted EBITDA margin of 231%[37] - For the two fiscal quarters ended June 28, 2025, net sales were $284059 thousand with an adjusted EBITDA of $51027 thousand, yielding an adjusted EBITDA margin of 180%[37] - Latham's net debt leverage ratio is 301, and the pro forma net debt leverage ratio is 295[41] Market Position & Strategy - Latham holds the number one share in every subcategory in which it competes[8] - Fiberglass constitutes 75% of Latham's fiberglass pool sales, while packaged pools account for 25%[10] - Fiberglass accounts for 23% of total pool installs, up 600 bps since 2019[10] - Replacement sales make up 51% of liners and covers sales[12] Market Dynamics - Approximately 100-120 thousand all-season covers and 180-200 thousand vinyl liners are replaced annually in the US[13][14] - The company anticipates continued market trough with new US pool starts remaining flat compared to 2024[22]