Latham (US:SWIM)2025-05-06 20:23Financial Performance & Outlook - The company projects net sales for 2025 to be between $535 million and $565 million, representing a year-over-year growth of 8% at the midpoint[24] - Adjusted EBITDA for 2025 is projected to be between $90 million and $100 million, a 19% year-over-year increase at the midpoint[24] - Capital expenditures for 2025 are estimated to be between $27 million and $33 million[24] - In Q1 2025, Adjusted EBITDA was $11.139 million, with a margin of 10.0%, compared to $12.293 million and 11.1% in Q1 2024[38] - Net sales in Q1 2025 were $111.420 million compared to $110.629 million in Q1 2024[38] Market Position & Growth Strategy - The company holds the 1 market share in every subcategory in which it competes[7] - Fiberglass constitutes 75% of the company's in-ground pool sales, while packaged pools make up 25%[9] - Fiberglass accounts for 23% of total pool installs, up 600 bps since 2019[9] - Replacement sales account for 51% of the company's liners and covers sales[11] - The company estimates that approximately 180,000 to 200,000 vinyl liners are replaced annually in the U S[13]