Latham (US:SWIM)2024-08-06 23:02Financial Performance - Q2 2024 net sales were $160 million, compared to $177 million in Q2 2023[7] - Adjusted EBITDA for Q2 2024 was $34 million, representing a 215% margin, compared to $31 million and 175% in Q2 2023[8] - Year-to-date 2024 net sales were $271 million, down from $315 million in the same period of 2023[10] - Year-to-date 2024 Adjusted EBITDA was $47 million, with a 173% margin, compared to $42 million and 133% in the same period last year[11] Strategic Initiatives and Acquisitions - The company completed the acquisition of Coverstar Central for $65 million, which was paid with cash on hand[14] - The Coverstar Central acquisition is expected to increase annualized net sales by $20 million and expand Adjusted EBITDA margin by approximately 140 bps on an annualized basis[14, 5] - The company achieved a 27% reduction in production time across North American fiberglass plants in H1 2024 YoY[6] - Labor efficiency improved by 8% in safety cover and vinyl liner manufacturing facilities in H1 2024 YoY[6] Balance Sheet and Outlook - Quarter-end liquidity was $166 million, an increase of $48 million compared to Q2 2023[13] - The net debt leverage ratio decreased to 21x, compared to 27x in Q1 2024[13] - The company revised its full-year 2024 outlook, with net sales projected between $495 million and $525 million, and Adjusted EBITDA between $75 million and $85 million[14]