Latham Group Inc 2024年度报告

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule405 of the Securities Act. Yes☐No☒ Indicate by check mark if the registrant is not required to file reports pursuant to Section13 or Section15(d)of the Act. Yes☐No☒ Indicate by check mark whether the registrant: (1)has filed all reports required to be filed by Section13 or 15(d)of the SecuritiesExchange Act of 1934 during the preceding 12months (or for such shorter period that the registrant was required to file such reports),and (2)has been subject to such filing requirements for the past 90days.Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuantto Rule405 of Regulation S-T (§232.405 of this chapter) during the preceding 12months (or for such shorter period that the registrantwas required to submit such files).Yes☒No☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reportingcompany, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule12b-2 of the Exchange Act. Large accelerated filer☐Accelerated filer☒Non-acceleratedfiler☐Smaller reportingcompany☐Emerging growthcompany☒ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period forcomplying with any new or revised financial accounting standards provided pursuant to Section13(a)of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectivenessof its internal control over financial reporting under Section404(b)of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registeredpublic accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of theregistrant included in the filing reflect the correction of an error to previously issued financial statements.☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule12b-2 of the Exchange Act). Yes☐No☒ As of February 28, 2025,115,776,595shares of the registrant’s common stock, $0.0001 par value were outstanding. The aggregate market value of common stock held by non-affiliates of the registrant based on the last reported sale price of theregistrant’s common stock on the Nasdaq Global Select Market on June 28, 2024, which was the last business day of the registrant’smost recently completed second fiscal quarter, was$125,148,754. For purposes of this computation, the registrant has excluded themarket value of all shares of its common stock reported as being beneficially owned by executive officers, directors and holders of 10%or more of its common stock. DOCUMENTS INCORPORATED BY REFERENCEPortions of the registrant’s definitive proxy statement for use in connection with its 2025 Annual Meeting of Stockholders, which is to be filed no later than 120 days after December 31, 2024, are incorporated by reference into Part III of this Annual Report on Form 10-K. TABLE OF CONTENTS PARTI Item1. BusinessItem1A. Risk FactorsItem1B. Unresolved Staff CommentsItem1C. CybersecurityItem2. PropertiesItem3. Legal ProceedingsItem4. Mine Safety Disclosures 3143435363636 PARTIIItem5. Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities37Item6. Reserved38Item7. Management’s Discussion and Analysis of Financial Condition and Results of Operations39Item7A. Quantitative and Qualitative Disclosures About Market Risk58Item8. Financial Statements and Supplementary Data60Item9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure103Item9A. Controls and Procedures103Item9B. Other Information104Item9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections104PARTIIIItem10. Directors, Executive Officers, and Corporate Governance105Item11. Executive Compensation105Item12. Security Ownership of Certain Beneficial Owners and Management and Related StockholderMatters105Item13. Certain Relationships and Related Transactions, and Director Independence105Item14. Principal Accounting Fees and Services105PARTIVItem15. Exhibits and Financial Statement Schedules106Item16. Form10-K Summary108Signatures109 PARTI Item1. Business Overview We are the largest designer, manufacturer, and marketer of in-ground residential swimmingpools in North America, Australia, and New Zealand. We hold the leading position in North Americain every product category in which we compete. It is our view that we are the most sought-after brandin the pool industry and the only pool company that has established a direct relationship with thehomeowner. We are Latham, The Pool CompanyTM. W