Latham Group Inc (SWIM) 2022 Q4 法說會逐字稿

Good morning, and welcome to the Latham Group, Inc. Fourth Quarter and Full Year Fiscal 2022 Earnings Conference Call. All participants will be in listen-only mode.

早上好，歡迎來到 Latham Group, Inc. 2022 財年第四季度和全年收益電話會議。所有參與者都將處於只聽模式。

(Operator's Instructions)

（操作員說明）

Please note, this event is being recorded. I would now like to turn the conference over to Nicole Harlow Latham, Investor Relations representative. Please go ahead.

請注意，正在記錄此事件。我現在想將會議轉交給投資者關係代表 Nicole Harlow Latham。請繼續。

Thank you, and welcome to Latham's Q4 and Full Year Fiscal 2022 Earnings Call. Earlier this morning, we issued our earnings press release, which is available on the Investor Relations portion of our website, where you can also find the slide presentation that accompanies our prepared remarks. On today's call are Latham's President and CEO, Scott Rajeski; and CFO, Rob Masson. Following their remarks, we will open up the call to questions. During this call, the company may make certain statements that constitute forward-looking statements. Such statements reflect the company's views with respect to future events as of today and are based on our management's current expectations, estimates, forecasts, projections, assumptions, beliefs and information. These statements are subject to a number of risks that could cause actual events and results to differ materially.

謝謝，歡迎來到瑞生的第四季度和 2022 財年全年收益電話會議。今天早上早些時候，我們發布了我們的收益新聞稿，可以在我們網站的投資者關係部分找到，您還可以在其中找到我們準備好的評論附帶的幻燈片演示。 Latham 總裁兼首席執行官 Scott Rajeski 出席了今天的電話會議；首席財務官 Rob Masson。在他們發言之後，我們將開始提問。在此電話會議期間，公司可能會做出構成前瞻性陳述的某些陳述。此類陳述反映了公司對截至今天的未來事件的看法，並基於我們管理層當前的預期、估計、預測、預測、假設、信念和信息。這些陳述受到許多風險的影響，這些風險可能導致實際事件和結果出現重大差異。

Such risks and other factors are set forth in the company's earnings release posted to its Investor Relations website and will be provided in our Form 10-K for fiscal year 2022. The company expressly disclaims any obligation to update or review publicly any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. In addition, during today's call, the company will discuss non-GAAP financial measures, we believe could be useful in evaluating our performance. Reconciliations of historical adjusted EBITDA to net income loss and adjusted EBITDA margin to net income loss margin, calculated under GAAP can be found in our earnings press release and will be included in our Form 10-K for fiscal 2022. Reconciliations of net debt and net debt leverage to the comparable GAAP measure can be found in the slide presentation that accompanies our prepared remarks, which can be found on our Investor Relations website. I'll now turn the call over to Scott Rajeski.

此類風險和其他因素在公司發佈在其投資者關係網站上的收益報告中有所規定，並將在我們 2022 財年的 10-K 表格中提供。公司明確表示不承擔任何更新或公開審查任何前瞻性陳述的義務，無論是由於新信息、未來事件還是其他原因，適用法律要求的除外。此外，在今天的電話會議上，公司將討論非 GAAP 財務措施，我們認為這可能有助於評估我們的業績。根據 GAAP 計算的歷史調整後 EBITDA 與淨收入損失和調整後 EBITDA 利潤率與淨收入損失率的對賬可以在我們的收益新聞稿中找到，並將包含在我們 2022 財年的 10-K 表格中。淨債務和淨債務的對賬可在我們準備好的評論附帶的幻燈片演示中找到與可比的 GAAP 衡量標準的債務槓桿率，這些評論可以在我們的投資者關係網站上找到。我現在將電話轉給 Scott Rajeski。

Good morning, everyone, and thank you for joining us for Latham's Fourth Quarter and Full Year Fiscal 2022 Earnings Call. I'll begin today's call with a review of highlights from 2022 and a discussion of our strategic priorities and the innovation we're driving in '23 and beyond. We delivered fourth quarter and full year 2022 performance, in line with our expectations, marking the completion of our 13th consecutive year of net sales and adjusted EBITDA growth. Notably, we made progress in 4 areas in 2022. First, we delivered year-over-year net sales growth across all 3 of our product lines. Second, we made continued progress on our fiber left pool conversion efforts from concrete. We grew fiberglass volume despite a year-over-year decline in the industry for U.S. in-ground pool installations in 2022 as compared to 2021. We also advanced our capacity initiatives with significant progress in the construction of our state-of-the-art Kingston, Ontario fiberglass manufacturing facility, which will allow us to continue to expand into Eastern Canada and into the U.S. Northeast and Upper Midwest.

大家早上好，感謝您加入我們的萊瑟姆 2022 財年第四季度和全年收益電話會議。在今天的電話會議開始時，我將回顧 2022 年的亮點，並討論我們的戰略重點和我們在 23 世紀及以後推動的創新。我們實現了 2022 年第四季度和全年的業績，符合我們的預期，標誌著我們連續第 13 年實現淨銷售額和調整後的 EBITDA 增長。值得注意的是，我們在 2022 年在 4 個領域取得了進展。首先，我們所有 3 個產品線的淨銷售額均實現了同比增長。其次，我們在混凝土纖維左池轉換方面取得了持續進展。儘管與 2021 年相比，2022 年美國地下水池安裝行業同比下降，但我們的玻璃纖維產量有所增長。我們還推進了我們的產能計劃，在我們最先進的設施建設方面取得了重大進展安大略省金斯敦玻璃纖維製造工廠，這將使我們能夠繼續擴展到加拿大東部以及美國東北部和中西部上游。

We also acquired fiberglass manufacturing assets in Oklahoma, position us well to tap into the Southwest market, which is ripe for conversion from concrete to fiberglass. Third, we strengthened our supply chain position, enabling us to enhance our North American fiberglass production and return to normal lead times across our entire product portfolio. And fourth, we drove operational efficiencies as we implemented lean initiatives aimed at driving continuous improvement in our operations. We also took deliberate actions to manage costs in response to the market environment while still prioritizing our growth strategy. As anticipated, we saw a return to historical seasonality in the fourth quarter. Wholesale distributors continue to destock elevated levels of packaged pool inventory and the macroeconomic environment impacted consumer spending and demand. We are seeing these dynamics continue into 2023. Our wholesale distribution partners continue to service dealers through existing packaged pool inventory, and we expect the normalization of wholesale distribution inventory levels to remain a headwind for at least the first half of 2023.

我們還收購了俄克拉荷馬州的玻璃纖維製造資產，使我們能夠很好地進入西南市場，該市場從混凝土到玻璃纖維的轉換時機已經成熟。第三，我們加強了我們的供應鏈地位，使我們能夠提高北美玻璃纖維的產量，並使我們整個產品組合的交貨時間恢復正常。第四，我們實施了旨在推動運營持續改進的精益計劃，從而提高了運營效率。我們還根據市場環境採取了有意識的行動來管理成本，同時仍然優先考慮我們的增長戰略。正如預期的那樣，我們在第四季度看到了歷史季節性的回歸。批發分銷商繼續對高水平的包裝池庫存進行去庫存，宏觀經濟環境影響了消費者支出和需求。我們看到這些動態將持續到 2023 年。我們的批發分銷合作夥伴繼續通過現有的打包池庫存為經銷商提供服務，我們預計批發分銷庫存水平的正常化至少在 2023 年上半年仍將是一個不利因素。

We believe underlying interest in pool ownership is strong, as indicated by traffic to our website, continued flow of leads and feedback we're hearing from our dealers. However, the impact of the uncertain macroeconomic environment is resulting in an anticipated decline in the industry for U.S. new Ingram pool installations in 2023 versus 2022. We still have a couple of months before the pool season begins to ramp up, and we are confident in our ability to navigate through the current market and position ourselves for long-term growth as we execute on our 4 strategic priorities: one, continuing to drive the material conversion from concrete to fiberglass. Two, leveraging our direct-to-homeowner strategy and digital innovation; three, enhancing and expanding our strategic partnerships with Latham Grand dealers; and four, executing on our continuous improvement initiatives and prudently managing costs. Fiber left pools have come a long way, thanks to our team's efforts. We have designed and developed the most attractive swimming pool offering on the market.

正如我們網站的訪問量、持續的潛在客戶流量以及我們從經銷商那裡聽到的反饋所表明的那樣，我們相信對聯營所有權的潛在興趣是強烈的。然而，不確定的宏觀經濟環境的影響導致 2023 年與 2022 年相比，美國新英格拉姆泳池安裝行業的預期下降。我們距離泳池季節開始增加還有幾個月的時間，我們有信心在執行我們的 4 個戰略重點時，我們有能力駕馭當前市場並為長期增長做好準備：第一，繼續推動從混凝土到玻璃纖維的材料轉換。第二，利用我們的直接面向房主的戰略和數字創新；三、加強和擴大我們與 Latham Grand 經銷商的戰略合作夥伴關係；第四，執行我們的持續改進計劃並審慎地管理成本。由於我們團隊的努力，纖維殘留池已經取得了長足的進步。我們設計並開發了市場上最具吸引力的游泳池產品。

Our fiberglass tools offer premium quality and aesthetics and a wide selection of stunning colors and finishes that are proprietary to Latham and we're not finished. We continue to innovate our product offerings and installation processes, which we believe will support the further adoption of fiberglass with homeowners and dealers alike. We are enhancing our well-established fiberglass model lineup in 2023 with the launch of 2 new fiberglass models, the Tuscan and the and Champion in the first half of this year. The Tuscan and encampment models are beautiful unique fiberglass pool shapes that meet contemporary trends in geometric pool design and size. These 2 models have popular features, including swim-up seating and multiple points of entry and exit and they will come in various sizes that fit a wide range of backyard design needs. As we've discussed, the speed of fiberglass installation is unparalleled compared to concrete pools. We are further simplifying and enhancing the installation experience by introducing backfill Made Easy. This patent-pending innovation is a new reinforcement build process designed to make the installation on select models easier and faster for dealers.

我們的玻璃纖維工具質量上乘、美觀大方，並且有多種令人驚豔的顏色和表面處理可供選擇，這些都是 Latham 專有的，我們還沒有完成。我們繼續創新我們的產品供應和安裝流程，我們相信這將支持房主和經銷商等進一步採用玻璃纖維。我們將在 2023 年加強我們成熟的玻璃纖維模型陣容，今年上半年推出了 2 款新的玻璃纖維模型，即 Tuscan 和 Champion。托斯卡納和營地模型是美麗獨特的玻璃纖維泳池形狀，符合幾何泳池設計和尺寸的當代趨勢。這 2 個型號具有流行的功能，包括游泳座椅和多個入口和出口點，它們將提供各種尺寸，以滿足各種後院設計需求。正如我們所討論的，與混凝土水池相比，玻璃纖維的安裝速度是無與倫比的。我們通過引入回填 Made Easy 進一步簡化和增強安裝體驗。這項正在申請專利的創新是一種新的加固構建過程，旨在使經銷商在特定型號上的安裝更加輕鬆快捷。

It eliminates the extra effort of backfilling under the tool steps, which saves the builder time and materials and increases the speed of installation. Backfill made easy will be made available for our popular Corinthian model this year, and we will evaluate opportunities to roll out across our fiberglass portfolio over time. Latham has been a leader in innovation in the pool industry, particularly as it relates to our digital tools. Earlier this year, we introduced measure by Latham, a new AI-powered digital measuring tool that will modernize and simplify the measure and experience for dealers for safety covers and ingrown liners. Historically, dealers have had to manually taken input data for measurements for covers. This is extremely labor-intensive and time-consuming, given the need to measure, remeasure and correct errors throughout the process. Measured by Latham harnesses cutting-edge 3D technology and scanning techniques that allow dealers to measure the entire pool perimeter and to capture interior renderings of the pool shape and unique features.

它消除了在工具步驟下回填的額外工作，從而節省了建造者的時間和材料並提高了安裝速度。 Backfill made easy 將在今年為我們廣受歡迎的 Corinthian 模型提供，我們將評估隨著時間的推移在我們的玻璃纖維產品組合中推出的機會。 Latham 一直是泳池行業創新的領導者，尤其是與我們的數字工具相關的創新。今年早些時候，我們推出了 measure by Latham，這是一種新的人工智能驅動的數字測量工具，它將使經銷商的安全罩和內生襯裡的測量和體驗現代化並簡化。從歷史上看，經銷商不得不手動獲取輸入數據以測量封面。考慮到在整個過程中需要測量、重新測量和糾正錯誤，這是極其耗費人力和時間的。 Measured by Latham 利用尖端的 3D 技術和掃描技術，使經銷商能夠測量整個泳池周邊並捕捉泳池形狀和獨特特徵的內部效果圖。

Within minutes, dealers have precise specifications for safety covers. These measurements then seamlessly integrate with the Latham measure app and Latham's builder management portal. As a result, dealers can more quickly, easily and cost efficiently track measurements, receive quotes and submit and track orders for late and safety cover products. We have introduced measure across various trade shows over the last several months and are hearing very positive dealer feedback and excitement. We will begin the initial rollout for safety covers to select dealers this spring with plans to expand in the inground liners at a later date. Normalized lead times, improved supply chain and enhanced manufacturing capacity have enabled us to reignite our efforts on new dealer recruitment. Key to our ability to attract and retain dealers are the 3 key factors that set us apart as an attractive partner for dealers, one, our lead generation efforts; two, our hands on training; and three, our value-added resources. An important competitive differentiation for Latham is the hands-on installation training we provide our dealers.

幾分鐘之內，經銷商就有了安全罩的精確規格。這些測量然後與 Latham 測量應用程序和 Latham 的構建器管理門戶無縫集成。因此，經銷商可以更快速、更輕鬆且更具成本效益地跟踪測量結果、接收報價並提交和跟踪延遲和安全保護產品的訂單。在過去的幾個月裡，我們在各種貿易展覽會上引入了措施，並聽到了非常積極的經銷商反饋和興奮。今年春天，我們將開始向選定的經銷商初步推出安全罩，併計劃在以後擴展到地埋襯裡。正常化的交貨時間、改進的供應鍊和增強的製造能力使我們能夠重新點燃我們在新經銷商招募方面的努力。我們吸引和留住經銷商的能力的關鍵是使我們成為對經銷商有吸引力的合作夥伴的 3 個關鍵因素，一是我們的潛在客戶開發工作；二、我們的動手訓練；第三，我們的增值資源。 Latham 的一個重要競爭優勢是我們為經銷商提供的實際操作安裝培訓。

We continue to see tremendous demand for our Latham university trainings. In 2022, we had over 250 dealers attend the fiberglass or packaged full boot camp, either in person or virtually. And we continue to book out training that Latham university, our world-class training center in Florida. In 2023, we are further strengthening our competitive positioning by enhancing and expanding our value-added resources with the launch of Pro Essentials and the Latham Pro site tool. In January, we launched Latham Pro Essentials, our largest sales experience offering aimed at creating a better buying experience for homeowners and supporting sales growth for our dealers. The Latham Pro Essentials program is comprised of categories with an interconnected experience, exterior essentials, Interior essentials, field essentials and digital essentials. Within each category is a comprehensive turnkey collection of tools to enhance marketing and business efforts for dealers in various selling contexts. This includes exterior signage, digital branded content, design and sales base and collateral and product education resources.

我們繼續看到對萊瑟姆大學培訓的巨大需求。 2022 年，我們有超過 250 名經銷商親自或虛擬參加了玻璃纖維或包裝完整的訓練營。我們繼續為我們在佛羅里達州的世界級培訓中心萊瑟姆大學預訂培訓。 2023 年，我們將通過推出 Pro Essentials 和 Latham Pro 網站工具來增強和擴展我們的增值資源，進一步鞏固我們的競爭地位。一月份，我們推出了 Latham Pro Essentials，這是我們最大的銷售體驗產品，旨在為房主創造更好的購買體驗，並支持我們經銷商的銷售增長。 Latham Pro Essentials 計劃由具有相互關聯的體驗、外部要素、內部要素、現場要素和數字要素的類別組成。每個類別中都有一個全面的交鑰匙工具集合，可在各種銷售環境中增強經銷商的營銷和業務努力。這包括外部標牌、數字品牌內容、設計和銷售基地以及附屬品和產品教育資源。

The Latham Pro site tool is a central online location for all the tools and resources we provide dealers. It simplifies how we engage and communicate with builders through a carefully designed online user experience. It also offers access to sales material, loyalty and incentive programs, leads and orders. The launch of Pro Essentials and the Latham Pro site tool enhances the ease of doing business with Latham. These resources elevate our co-branding opportunities, simplify the ordering process and give Latham increased visibility into dealers' order pipeline, all while creating a better homeowner experience. I'll now touch on our forward strategic priority, executing on our continuous improvement in cost management initiatives. As discussed on our last earnings call, we took deliberate actions to reduce our costs in response to continued destocking and packaged pools. And as we saw the macroeconomic environment delay homeowner pool purchase decisions. All of those anticipated actions are complete, including the closure of our Bossier Salty liner and cover manufacturing facility earlier this year. As such, we remain on track to generate annual operating expense savings of about $12 million in fiscal 2023.

Latham Pro 站點工具是我們為經銷商提供的所有工具和資源的集中在線位置。它通過精心設計的在線用戶體驗簡化了我們與建築商互動和溝通的方式。它還提供對銷售材料、忠誠度和激勵計劃、銷售線索和訂單的訪問。 Pro Essentials 和 Latham Pro 站點工具的推出提高了與 Latham 開展業務的便利性。這些資源增加了我們聯合品牌的機會，簡化了訂購流程，並讓 Latham 提高了對經銷商訂單渠道的了解，同時創造了更好的房主體驗。我現在將談談我們的前瞻性戰略重點，執行我們在成本管理計劃方面的持續改進。正如我們在上次財報電話會議上所討論的那樣，我們採取了有意識的行動來降低我們的成本，以應對持續的去庫存和打包池。正如我們所看到的，宏觀經濟環境推遲了房主集體購買決策。所有這些預期的行動都已完成，包括今年早些時候關閉我們的 Bossier Salty 襯墊和蓋子製造工廠。因此，我們仍有望在 2023 財年每年節省約 1200 萬美元的運營費用。

We have renewed our focus on continuous improvement initiatives and investments. Our lean and value engineering work is ongoing as our operations team implements and identifies opportunities to continuously improve the efficiency of our manufacturing processes. This has resulted in lower labor cost and increased efficiency and capacity in our facilities. In addition, we are actively managing inventory levels to match our current demand outlook while maintaining our lead times and service levels. We remain disciplined in our capital investment strategy. In 2023, our CapEx spend is focused on completing ongoing projects, including our Kingston in Ontario and Oklahoma Fiberglass manufacturing facilities. Production of our late and fiberglass pools in Oklahoma began in Q1. We also expect to begin production in our new state-of-the-art Kingston fiberglass facility during Q2 of this year.

我們重新關注持續改進計劃和投資。我們的精益和價值工程工作正在進行中，因為我們的運營團隊實施並確定了不斷提高製造流程效率的機會。這降低了勞動力成本，提高了我們設施的效率和容量。此外，我們正在積極管理庫存水平以匹配我們當前的需求前景，同時保持我們的交貨時間和服務水平。我們在資本投資策略上保持紀律。 2023 年，我們的資本支出將專注於完成正在進行的項目，包括我們在安大略省的金斯敦和俄克拉荷馬州的玻璃纖維製造工廠。我們在俄克拉荷馬州的後期和玻璃纖維泳池的生產於第一季度開始。我們還希望在今年第二季度開始在我們新的最先進的金斯敦玻璃纖維工廠進行生產。

Gearing up the Kingston and Oklahoma facilities for production will give us the opportunity to reduce freight costs, further reduce our lead times and better serve large markets with strong fiberglass conversion opportunities. In summary, we have delivered strong full year results. We have taken actions to navigate market challenges while continuing to make strategic investments to drive long-term growth. Delivering on this balanced approach as we move through 2023 will enable us to continue to enhance our industry-leading position and capture future demand. Before I pass it off to Rob to review our results for the fourth quarter and full year, I would like to thank him for his partnership, friendship and contributions to the business. On the behalf of all of us at Latham, Rob, we wish you the best. I'm also excited to welcome back Mark Borseth, who will serve as our interim CFO as we recruit a permanent replacement. With that, I'll turn the call over to Rob to review our results in greater detail.

為金斯敦和俄克拉荷馬州的生產設施做好準備將使我們有機會降低運費，進一步縮短交貨時間，並通過強大的玻璃纖維轉換機會更好地服務於大型市場。總之，我們實現了強勁的全年業績。我們已採取行動應對市場挑戰，同時繼續進行戰略投資以推動長期增長。在我們走過 2023 年時採用這種平衡的方法將使我們能夠繼續加強我們的行業領先地位並抓住未來的需求。在我將其交給 Rob 審查我們第四季度和全年的業績之前，我要感謝他的合作夥伴關係、友誼和對業務的貢獻。 Rob，我們代表 Latham 的所有人祝愿你一切順利。我也很高興歡迎 Mark Borseth 回來，他將擔任我們的臨時首席財務官，因為我們正在招募永久性的替代者。有了這個，我會把電話轉給 Rob 來更詳細地審查我們的結果。

Thank you, Scott. Latham has a compelling long-term growth story and it's been wonderful to be part of that journey and work alongside you, the rest of the executive leadership team and the talented finance team that I now leave back in Mark's capable hands. Turning to our results for the fourth quarter and full fiscal year 2022. Please note that all comparisons are on a year-over-year basis compared to fourth quarter and full fiscal year 2021. In Q4 of 2022, as expected, net sales for the fourth quarter were down $31 million or 22% year-over-year to $108 million. In the fourth quarter of 2022, we saw a return to historical seasonality, resulting in year-over-year volume declines. As a reminder, in comparison, Q4 2021 sales were unseasonably elevated as we caught up on our fiberglass order backlog. Our fourth quarter net sales results across our product lines reflect historical seasonality trends. In ground swimming pools declined 28% to $59 million, which were further impacted by continued inventory destocking in the wholesale distribution channel for packaged pools. Liners declined 28% to $13 million and covers declined 6% to $36 million. Gross profit decreased by $23 million or 54% to $19 million.

謝謝你，斯科特。 Latham 有一個引人入勝的長期增長故事，能夠參與這一旅程並與您、其他執行領導團隊和才華橫溢的財務團隊一起工作真是太棒了，我現在將這些團隊交還給 Mark 的得力助手。轉向我們的第四季度和整個 2022 財年的結果。請注意，所有比較都是與第四季度和整個 2021 財年的同比比較。正如預期的那樣，在 2022 年第四季度，淨銷售額為第四季度為 1.08 億美元，同比下降 3100 萬美元或 22%。 2022 年第四季度，我們看到歷史季節性回歸，導致銷量同比下降。提醒一下，相比之下，由於我們趕上了玻璃纖維訂單積壓，2021 年第四季度的銷售額反常上升。我們整個產品線的第四季度淨銷售額反映了歷史季節性趨勢。地面游泳池下降 28% 至 5900 萬美元，這進一步受到包裝游泳池批發分銷渠道庫存持續減少的影響。班輪下降 28% 至 1300 萬美元，封面下降 6% 至 3600 萬美元。毛利減少 2300 萬美元或 54% 至 1900 萬美元。

Excluding noncash stock-based compensation expense, gross profit decreased by $24 million or 55% to $20 million. Gross margin decreased to 17.9% compared to 30.5% for the prior year period. Excluding noncash stock-based compensation expense, gross margin declined by 1,330 basis points to 18.6%. Fourth quarter gross profit and gross margin declines were primarily driven by 3 factors: reduced sales and the impact of our fixed costs on lower seasonal volume, continued destocking of packaged pool inventory in the wholesale distribution channel as well as the impact of inflation. Selling, general and administrative expenses decreased to $33 million from $47 million in Q4 of 2021. This decrease was primarily driven by a $13 million decrease in noncash stock-based compensation expense. SG&A, excluding noncash stock-based compensation expense decreased $1 million. Adjusted EBITDA decreased by $23 million to $4 million, and adjusted EBITDA margin decreased to 4.1% primarily as the result of the impact of our fixed costs on seasonally reduced sales volume and the impact of inflation. Turning to full fiscal year 2022 results.

不包括非現金股票補償費用，毛利潤減少 2400 萬美元或 55% 至 2000 萬美元。毛利率從去年同期的 30.5% 下降至 17.9%。排除非現金股票補償費用，毛利率下降 1,330 個基點至 18.6%。第四季度毛利和毛利率下降主要由三個因素驅動：銷售額減少和我們的固定成本對較低季節性銷量的影響、批發分銷渠道中包裝池庫存的持續去庫存以及通貨膨脹的影響。銷售、一般和管理費用從 2021 年第四季度的 4700 萬美元減少到 3300 萬美元。這一減少主要是由於非現金股票補償費用減少了 1300 萬美元。 SG&A，不包括非現金股票補償費用，減少了 100 萬美元。調整後的 EBITDA 減少 2300 萬美元至 400 萬美元，調整後的 EBITDA 利潤率下降至 4.1%，這主要是由於我們的固定成本對季節性減少的銷量和通貨膨脹的影響。轉向 2022 財年的完整業績。

Net sales increased 10% to $696 million, reflecting growth across all 3 of our product lines. Net sales for in-ground swimming pools increased 5% to $386 million as growth in fiberglass was offset by declines in packaged pools. Liners increased 17% to $152 million and covers increased 20% to $158 million. We were pleased to grow fiberglass volumes despite a year-over-year decline in the overall U.S. market for new in-ground pool installations in 2022. We believe this is significant because it is the latest demonstration of our ability to outpace the market, thanks to our leadership position in fiberglass and progress converting the market from concrete to fiberglass tools. This successful fiberglass outperformance was muted by the previously discussed inventory destocking in the wholesale distribution channel package pools. Gross profit for fiscal 2022 increased 6% to $216 million. Gross margin decreased to 31.1% compared to 32.4% for the prior year period. Excluding noncash stock-based compensation expense, gross margin declined 210 basis points to 31.7%. The decline was primarily attributable to the impact of inflation and negative fixed cost leverage as a result of volume declines, primarily in packaged pools due to continued destocking of the inventory in the wholesale distribution channel.

淨銷售額增長 10% 至 6.96 億美元，反映了我們所有 3 條產品線的增長。地下游泳池的淨銷售額增長了 5%，達到 3.86 億美元，這是因為玻璃纖維的增長被組合泳池的下降所抵消。班輪增長 17% 至 1.52 億美元，封面增長 20% 至 1.58 億美元。儘管 2022 年美國整體市場的新地下泳池安裝量同比下降，但我們很高興地增加了玻璃纖維產量。我們認為這很重要，因為這是我們超越市場的能力的最新證明，謝謝我們在玻璃纖維領域的領導地位以及市場從混凝土工具向玻璃纖維工具轉變的進展。先前討論的批發分銷渠道包裝池中的庫存去庫存削弱了這種成功的玻璃纖維表現。 2022 財年毛利潤增長 6% 至 2.16 億美元。毛利率從去年同期的 32.4% 下降至 31.1%。剔除非現金股票補償費用，毛利率下降 210 個基點至 31.7%。下降的主要原因是通貨膨脹的影響和銷量下降導致的負固定成本槓桿，主要是由於批發分銷渠道庫存持續減少而導致的打包池。

As discussed on our third quarter 2022 earnings call, our pricing actions offset the impact of cost inflation, though not enough to hold gross margins year-over-year. SG&A decreased to $147 million from $218 million in the prior year, driven primarily by a $73 million decrease in noncash stock-based compensation expense. Excluding noncash stock-based compensation expense, SG&A increased just $2 million. SG&A, excluding noncash stock-based compensation expense, as a percentage of net sales declined 110 basis points to 14.4% from 15.5% for the prior year. Adjusted EBITDA was up 2% to $143 million, and adjusted EBITDA margin decreased to 20.6%. Turning to the balance sheet. As of December 31, 2022, we had cash and cash equivalents of $33 million, total debt of $313 million and $75 million of availability on our revolving credit facility. Net cash provided by operating activities was $32 million for full fiscal year 2022 versus $34 million last year. In light of the return to historical seasonality we saw in the fourth quarter of 2022, our net debt leverage ratio at the end of the year was 2.0x.

正如我們在 2022 年第三季度財報電話會議上討論的那樣，我們的定價行動抵消了成本通脹的影響，但不足以保持毛利率同比增長。 SG&A 從上一年的 2.18 億美元減少到 1.47 億美元，這主要是由於非現金股票補償費用減少了 7300 萬美元。不包括基於非現金股票的補償費用，SG&A 僅增加了 200 萬美元。 SG&A（不包括非現金股票補償費用）占淨銷售額的百分比從去年的 15.5% 下降 110 個基點至 14.4%。調整後的 EBITDA 增長 2% 至 1.43 億美元，調整後的 EBITDA 利潤率下降至 20.6%。轉向資產負債表。截至 2022 年 12 月 31 日，我們的現金和現金等價物為 3300 萬美元，總債務為 3.13 億美元，循環信貸額度為 7500 萬美元。 2022 整個財年經營活動提供的現金淨額為 3200 萬美元，而去年為 3400 萬美元。鑑於我們在 2022 年第四季度看到的歷史季節性回歸，我們年底的淨債務槓桿率為 2.0 倍。

We remain confident and comfortable with our balance sheet health. The refinancing of our term loan and revolving credit facilities earlier in 2022 provides us with enhanced financial flexibility. Capital expenditures were $11 million in the fourth quarter of fiscal 2022 compared to $6 million in Q4 last year. and $40 million for full year 2022 compared to $25 million in 2021. The year-over-year increase in the fourth quarter and full year were primarily driven by investments in our Kingston, Ontario fiberglass manufacturing facility. Our capital allocation priorities remain unchanged, centered on enabling the execution of our strategic objectives and maximizing value for our shareholders. We are committed to reinvesting in the business with a focus on the opportunities that generate the strongest returns, primarily investments and Fireglass. I'll turn the call back to Scott to discuss our expectations for 2023.

我們對資產負債表的健康狀況仍然充滿信心和自在。 2022 年初對我們的定期貸款和循環信貸額度進行再融資為我們提供了增強的財務靈活性。 2022 財年第四季度的資本支出為 1100 萬美元，而去年第四季度為 600 萬美元。 2022 年全年為 4000 萬美元，而 2021 年為 2500 萬美元。第四季度和全年的同比增長主要是由對安大略省金斯敦玻璃纖維製造工廠的投資推動的。我們的資本配置重點保持不變，以實現我們的戰略目標和為股東實現價值最大化為中心。我們致力於對業務進行再投資，重點關注產生最高回報的機會，主要是投資和 Fireglass。我會把電話轉回給斯科特，討論我們對 2023 年的期望。

Thanks, Rob. As we move through 2023, there are 5 key factors that we're seeing impact our business. One, the impact of macroeconomic uncertainty on consumer spending and demand resulted in anticipated declines in the industry for U.S. new in-ground pool installations in 2023. Two, we continue to see destocking of packaged pool inventory at the wholesale distribution level and expect normalization of inventory levels to remain a headwind through at least the first half of 2023. Three, we believe continued progress executing on our strategy to drive the material conversion from concrete pools of fiberglass will be a tailwind as we expand homeowner and dealer awareness and adoption. Four, we expect to realize the benefits from our previously announced cost reduction actions and ongoing continuous improvement initiatives. Lastly, we continue to take a disciplined approach to capital investments with 2023 CapEx spend focused on the completion of previously announced projects. This includes the completion of our Kings Ontario fiberglass facility as well as the ramp-up in fire glass production in Oklahoma.

謝謝，羅布。隨著 2023 年的到來，我們發現有 5 個關鍵因素會影響我們的業務。第一，宏觀經濟不確定性對消費者支出和需求的影響導致 2023 年美國新安裝地下泳池的行業預期下降。第二，我們繼續看到批發分銷層面的打包泳池庫存去庫存化，並預計正常化至少到 2023 年上半年，庫存水平仍將是一個不利因素。第三，我們認為，隨著我們擴大房主和經銷商的意識和採用率，我們推動從混凝土池玻璃纖維池進行材料轉換的戰略的持續進展將是一個有利因素。第四，我們希望從我們之前宣布的成本削減行動和正在進行的持續改進計劃中獲益。最後，我們繼續對資本投資採取嚴格的方法，將 2023 年的資本支出重點放在完成先前宣布的項目上。這包括我們安大略省國王玻璃纖維工廠的完工，以及俄克拉荷馬州防火玻璃產量的增加。

All of this is reflected in our expectations for full year 2023, including net sales of $565 million to $615 million; adjusted EBITDA of $90 million to $110 million and capital expenditures of $35 million to $40 million, the majority of which we expect to incur in the first half of the year. Throughout today's call, we have discussed the return to historical seasonality that we are seeing in the business, the impact of macroeconomic uncertainty on consumers and the continued destocking in packaged pools at the wholesale distributor level. Given these factors, we want to provide more clarity on our expectations for the first quarter and have provided an outlook for Q1 of 2023 with net sales of $120 million to $130 million and adjusted EBITDA of $6 million to $10 million. To close, I would like to touch on what gives us confidence in the long-term prospects for late. We continue to build Latham as a lifestyle brand that consumers aspire to own and to be the partner of choice for dealers. Our direct-to-homeowner strategy continues to generate results, demonstrating that there's still untapped potential demand.

所有這些都反映在我們對 2023 年全年的預期中，包括 5.65 億美元至 6.15 億美元的淨銷售額；調整後的 EBITDA 為 9000 萬至 1.1 億美元，資本支出為 3500 萬至 4000 萬美元，我們預計其中大部分將在今年上半年發生。在今天的電話會議中，我們討論了我們在業務中看到的歷史季節性回歸、宏觀經濟不確定性對消費者的影響以及批發分銷商層麵包裝池的持續去庫存。鑑於這些因素，我們希望更明確地說明我們對第一季度的預期，並提供了 2023 年第一季度的展望，淨銷售額為 1.2 億至 1.3 億美元，調整後的 EBITDA 為 600 萬至 1000 萬美元。最後，我想談談是什麼讓我們對後期的長期前景充滿信心。我們繼續將瑞生打造成消費者渴望擁有的生活方式品牌，並成為經銷商的首選合作夥伴。我們的直接面向房主的策略繼續取得成果，表明仍有未開發的潛在需求。

In 2022, we increased page views on our website, double the number of users for our pool cost estimator and more than triple the number of My Latham profiles versus 2021. This resulted in continued leadflow to our network of exclusive dealers. We're the market leader across our entire product portfolio. We have strong recurring revenue opportunities with our liners and covers business and are launching new tools like measure by Latham and for safety covers and in onliners that will enable us to further capitalize on the growing installed pool base. Fiber glass has been key to our ability to drive net sales in a variety of market conditions. This is thanks to the breadth of our premium quality and beautifully designed portfolio of tool models in our direct-to-homeowner strategy. As we continue to focus on driving the material conversion from concrete to fiber glass, we expect this to be a strong component of long-term growth. We are focused on deepening and expanding our relationships with dealers and believe that our efforts in enhancing our lead gen efforts, hands-on training and value-added resources will propel these efforts forward over time. While we recognize the challenges the pool is try faces in 2023, we have strong confidence and conviction in our strategy, which we believe positions us to capitalize on attractive underlying trends in our industry over time. We will now open the line to questions.

與 2021 年相比，我們在 2022 年增加了網站的頁面瀏覽量，我們的池成本估算器的用戶數量增加了一倍，My Latham 個人資料的數量增加了三倍多。這導致我們的獨家經銷商網絡持續獲得潛在客戶。我們是整個產品組合的市場領導者。我們的襯墊和覆蓋業務擁有強大的經常性收入機會，並且正在推出新工具，例如 Latham 的測量和安全罩以及在線工具，這將使我們能夠進一步利用不斷增長的安裝池基礎。玻璃纖維一直是我們在各種市場條件下推動淨銷售額的關鍵。這要歸功於我們在直接面向房主的策略中提供的優質和設計精美的工具模型組合的廣度。隨著我們繼續專注於推動從混凝土到玻璃纖維的材料轉化，我們預計這將成為長期增長的重要組成部分。我們專注於深化和擴大與經銷商的關係，並相信我們在加強潛在客戶開發、實踐培訓和增值資源方面的努力將隨著時間的推移推動這些努力向前發展。雖然我們認識到游泳池在 2023 年面臨的挑戰，但我們對我們的戰略充滿信心和信念，我們相信這使我們能夠隨著時間的推移利用我們行業中有吸引力的潛在趨勢。我們現在將打開問題熱線。

Thank you. We will now begin the question-and-answer session.

謝謝。我們現在開始問答環節。

(Operator's Istructions]

（操作員說明]

And the first question will be from Matthew Bouley with Barclays.

第一個問題將來自巴克萊銀行的 Matthew Bouley。

You have Elizabeth on for Matt this morning. So just to kick it off, would you mind touching on the volume and pricing expectations you've embedded in the guide for this year specifically? And then if you could talk about the -- your assumptions for new pool construction, maybe touching on the cadence through the year as well.

你今天早上讓伊麗莎白替馬特上場。那麼，為了開始，您介意具體談談您在今年指南中嵌入的數量和定價預期嗎？然後，如果你能談談——你對新泳池建設的假設，也許還會談到全年的節奏。

So we haven't really broken out what we're doing with price or volume in our guidance. What I can tell you is we're being very selective in our pricing actions, looking out at the market and as we consider the year and see how it lays out. Traditionally, other than the last number of years, we've had a very deliberate process of pricing and more conservative than we've talked about before. So it's more to turn to that.

因此，我們並沒有真正打破我們在指導中對價格或數量所做的事情。我可以告訴你的是，我們在定價行動中非常有選擇性，著眼於市場，考慮到這一年，看看它是如何佈局的。傳統上，除了過去幾年，我們有一個非常慎重的定價過程，而且比我們之前談到的更加保守。所以更多的是轉向那個。

Yes. And Elizabeth, on the second part of your question on new pool construction outlook as part of the 23 guide. We really haven't, again, given distinct numbers of where we think '23 will come in. But I think high level, we can probably expect something similar to what we all saw in 2022. And as we know, we're all awaiting the PK data reported to come in a few months. But it's kind of feel like it's going to be in line with 22% on a volume standpoint.

是的。伊麗莎白，作為 23 指南的一部分，關於新泳池建設前景問題的第二部分。我們真的沒有，再一次，給出我們認為 23 年會出現的不同數字。但我認為高水平，我們可能會期待與我們在 2022 年所看到的類似的事情。而且我們都知道，我們都等待幾個月後報告的PK數據。但從數量的角度來看，感覺它會與 22% 保持一致。

And would you mind touching a little bit on -- relative to like your other product categories maybe what you're seeing this year so far with between fiberglass volume is relative to packaged pools so far?

你介意稍微談談——相對於你的其他產品類別，也許你今年到目前為止看到的玻璃纖維體積是相對於包裝池而言的？

Yes. Look, it's pretty early to see that 2 months in here into 1Q, we gave the 1Q guidance of what we think we'll see. I think if we look back at '22, right, with new pool starts being down in '22, we did see fiberglass volume up on a unit basis year-over-year, what was a down full market. We saw that destocking impact with the wholesale distributors. I think as we roll that forward to '23 and the guide we issued, we expect to see Fiberloc outperform the market overall, and we expect to continue to see the destocking in the packaged pool category for at least the first half of the year. And I think that's probably the best view we can give at this point. And so we really get into the peak building months of 2Q and 3Q.

是的。看，現在看到 2 個月進入 1Q 還為時過早，我們給出了我們認為我們會看到的 1Q 指導。我認為，如果我們回顧一下 22 年，正確的是，隨著 22 年新泳池開始下降，我們確實看到玻璃纖維銷量同比增長，這是一個整體市場下跌的情況。我們看到了去庫存對批發分銷商的影響。我認為，隨著我們將其推進到 23 年和我們發布的指南，我們預計 Fiberloc 的整體表現將優於市場，並且我們預計至少在今年上半年將繼續看到包裝池類別的去庫存。我認為這可能是我們目前可以給出的最佳觀點。因此，我們真正進入了第二季度和第三季度的建設高峰期。

And the next question will be from Tim Wojs with Baird.

下一個問題將來自 Tim Wojs 和 Baird。

Maybe just to follow up on the prior question. Just what were pools down in 2022 from a starts basis? And I think it's a pretty basic question for us to kind of understand what you think the new pool install market is going to be down at 23'

也許只是為了跟進先前的問題。 2022 年的開工率到底下降了多少？而且我認為這是一個非常基本的問題，讓我們了解您認為新泳池安裝市場將在 23 歲時下降的情況

Yes. Look, we haven't quoted a specific number. But I think if we look at what others in the industry have been saying and what's out there, Tim, it's probably fair to say new pool starts in '22 when PK issues the number will be down 15% to 20%. Again, I hate to call an exact number because it's tough. Well, I think down 15% to 20% feels right. And again, I think the key thing for us, right, is we grew revenue 10% in that market. But more importantly, we actually grew fiberglass unit volumes in that market, which is the demonstration of our ability to kind of outperform driving that fiber less material conversion for concrete.

是的。看，我們沒有引用具體數字。但我認為，如果我們看看業內其他人一直在說什麼以及那裡有什麼，蒂姆，可以公平地說，新池在 22 年開始，當 PK 發佈時，這個數字將下降 15% 到 20%。再說一次，我不想說出一個確切的數字，因為這很難。好吧，我認為降低 15% 到 20% 是對的。再一次，我認為對我們來說關鍵是我們在那個市場的收入增長了 10%。但更重要的是，我們實際上增加了該市場的玻璃纖維單位數量，這證明我們有能力超越推動混凝土的無纖維材料轉換。

Yes. No, that's good. That's good to hear kind of that gap and that conversion Sure. I guess on the, I have one other question just on the in-ground pool segment. I mean, is there a way just to give us a flavor for what the package pool part of that business declined in 2022? And then what you're kind of embedding for a decline in 2023 in that business specifically?

是的。不，那很好。很高興聽到那種差距和那種轉變當然。我想，我還有一個關於地下泳池部分的問題。我的意思是，有沒有辦法讓我們了解該業務的包裹池部分在 2022 年下降的情況？然後，您具體為 2023 年該業務的下滑嵌入了什麼？

Tim, so I can talk about it generally, which is we don't break out in ground, but we did see volume growth in the fiberglass year-over-year. So if you think about the overall decline we've shown in that segment, fibreglass was positive, and the decline was mostly attributable then to packaged pools.

蒂姆，所以我可以大致談談，我們沒有在地面上突破，但我們確實看到玻璃纖維的銷量同比增長。因此，如果您考慮我們在該細分市場中顯示的整體下降，玻璃纖維是積極的，下降主要歸因於包裝池。

Okay. And then can I just throw one more in just on the front end of your business when you think about web traffic downloads needs -- could you just add some color around any sort of metrics that you're seeing there? And then has there been any sort of increase in like lead breakage or decrease in kind of overall conversion over the -- versus the past 2 to 3 years?

好的。然後，當您考慮網絡流量下載需求時，我能否在您的業務前端再投入一個——您能否為您在那裡看到的任何類型的指標添加一些顏色？然後，與過去 2 到 3 年相比，鉛斷裂或整體轉化率有所下降嗎？

Yes. Tim, I think Joel and the marketing team we really have continued to do a really nice job building out the front end and the engine. All the mention we look at time on website, nurturing of the leads, average time spent, number of My Latham pool accounts, people doing a mypool estimate. I think all trending well. And I think overall leads are picking up. They're not at the levels we might have seen in '21 when they went through the roof, but we're tracking ahead of last year. We're tracking ahead, let's say, '19, '20 type levels. We feel pretty good there. We have kind of turned the lead generation engine back on for dealers. I think we've talked about 250-plus fiberglass dealers went through the boot camps last year for both fiberglass and package pool. Our commercial team is back out there proactively engaging new dealer acquisition. We're seeing really, really good progress in signing up new dealers to join the Fiberglass family with Latham. So I think early indications are a lot of -- got a good look on all of those views, really trying to nurture the leads on the website, to turn them that white hot lead and hand that off to the dealer. I think conversion kind of remains consistent. We don't really report the conversion type metrics. Well, I don't think we've seen a big drop off or fall off on the ability to convert the better leads we have out there.

是的。蒂姆，我認為喬爾和我們的營銷團隊確實繼續在構建前端和引擎方面做得非常好。我們在網站上看到的所有提及時間、潛在客戶的培養、平均花費的時間、My Latham 池帳戶的數量、進行 mypool 估算的人。我認為所有趨勢都很好。我認為整體領先優勢正在回升。他們沒有達到我們在 21 年突破屋頂時可能看到的水平，但我們正在追踪去年。我們正在追踪，比方說，'19，'20 類型級別。我們在那裡感覺很好。我們已經為經銷商重新開啟了潛在客戶生成引擎。我想我們已經談過 250 多家玻璃纖維經銷商去年參加了玻璃纖維和包裝池的新兵訓練營。我們的商業團隊重新回到那裡，積極參與新的經銷商收購。我們看到在與 Latham 簽約新經銷商加入 Fiberglass 家族方面取得了非常非常好的進展。所以我認為早期的跡像很多 - 仔細看看所有這些觀點，真正試圖培養網站上的潛在客戶，將他們變成白熱化的潛在客戶並將其交給經銷商。我認為轉換類型保持一致。我們並沒有真正報告轉化類型指標。好吧，我認為我們在轉換更好的潛在客戶的能力方面沒有看到很大的下降或下降。

Good luck on this year.

祝你今年好運。

Next question will be from Sean Canon from Bank of America.

下一個問題將來自美國銀行的 Sean Canon。

Just first, can you quantify or give us an estimate of the impact of the destocking in 2022 and what you expect it to be in 2023?

首先，您能否量化或估計 2022 年去庫存的影響以及您對 2023 年的預期？

Well, I'll just go back to our overall year on a price volume mix basis. We had 10% growth overall. Price was up 17% and volume down 7%. I think we've disclosed what happened in each segment. over the years. And then again, I'll just reemphasize that fiberglass volume actually grew year-over-year. So you had a fairly significant headwind from the destocking included in 2022.

好吧，我將在價格和數量組合的基礎上回到我們的整體年度。我們整體增長了 10%。價格上漲 17%，銷量下降 7%。我認為我們已經披露了每個部分發生的事情。這些年來。再一次，我只是再次強調玻璃纖維的數量實際上是同比增長的。因此，您在 2022 年的去庫存中遇到了相當大的阻力。

And do you have an estimate for 2023, whether it could be worse or better? Just your forecast for the impact of the destocking in 2023 relative to 2022?

你有沒有對 2023 年的估計，它會更糟還是更好？只是您對2023年去庫存相對於2022年的影響的預測？

Yes, I'll take that one, Sean. I think in the guidance we issued, right, there's the overall assumption of the macroeconomic uncertainty that's out there at the consumer level, which will continue to lease that destocking with the wholesale distributors through the first half of the year. I think until we see how the demand or going to play out at the consumer level with the wholesale distributors. We're being cautious with the guide that we issued or, let's say, 1Q most importantly, when you would typically see that restocking to be occurring. So that's the guide for 1Q to help give you guys a view there. And then I think fiberglass has always shown the ability to outperform the market. We've not given an indication of what we think prices geno volumes will do for '23, but all of our efforts and initiatives with new dealers sign up, driving the ability to have our dealers get more pools in the ground, the lead generation and more importantly, I think just the favorable economics of a fiber glass pool with lower upfront costs, total lower cost of ownership versus the concrete pool will benefit consumers as maybe they look to say a concrete pool just gotten too expensive, fibreglass it's a really great option for us.

是的，我要那個，肖恩。我認為在我們發布的指南中，對消費者層面存在宏觀經濟不確定性的總體假設，這將在今年上半年繼續與批發分銷商進行去庫存。我認為，直到我們看到批發分銷商在消費者層面的需求或將如何發揮作用。我們對我們發布的指南持謹慎態度，或者說，最重要的是 1Q，當您通常會看到重新進貨時。這就是 1Q 的指南，可以幫助你們了解那裡的情況。然後我認為玻璃纖維一直表現出超越市場的能力。我們沒有給出我們認為 geno volumes 的價格將在 23 年做什麼的跡象，但我們與新經銷商簽署的所有努力和舉措，推動了讓我們的經銷商在地面上獲得更多池的能力，潛在客戶的產生更重要的是，我認為與混凝土泳池相比，玻璃纖維泳池具有較低的前期成本、總體擁有成本較低的有利經濟性，這將使消費者受益，因為他們可能會說混凝土泳池太貴了，玻璃纖維確實是對我們來說是個不錯的選擇。

And then can you just kind of walk us through what you're assuming for gross margin in 2023 and kind of that cadence with the expectations for destocking to be mainly a first half of the year impact.

然後你能不能給我們介紹一下你對 2023 年毛利率的假設，以及那種節奏，預期去庫存主要是上半年的影響。

I think the important for us important thing for us, we gave you Q1 and the full year. Obviously, there's a much different gross margin there. That's primarily the result of seasonality and the impact of just the lower sales and our cost base. Of course, our cost base is set for the peak season on the fixed side. We are a primarily variable cost base, but we do have our fixed costs that we leverage, obviously, for benefit in Q2 and Q3. So you will see a degradation of gross margin in Q1 and Q4 because of that but there's no specific guidance on it. I think it's important to really understand the seasonality and the profile of our gross margin and know that we manage very diligently our costs we announced last year, some actions we took in Q4 that we're going to deliver $12 million of full year savings in 2023. We're on track for that. We continue to manage our shifts even in those Q1 and Q4, lower season periods. We really look at our production levels and other factors that are more on the variable side to manage that part of the business. So we remain very diligent in our cost control.

我認為這對我們很重要，我們給了你第一季度和全年。顯然，那裡的毛利率有很大不同。這主要是季節性的結果以及較低的銷售額和我們的成本基礎的影響。當然，我們的成本基數是為固定端的旺季定的。我們主要是可變成本基礎，但我們確實有我們利用的固定成本，顯然可以在第二季度和第三季度獲得收益。因此，你會看到第一季度和第四季度的毛利率下降，但沒有具體的指導。我認為真正了解我們的毛利率的季節性和概況非常重要，並且知道我們非常努力地管理我們去年宣布的成本，我們在第四季度採取的一些行動我們將在全年節省 1200 萬美元2023 年。我們正朝著這個目標邁進。即使在第一季度和第四季度淡季期間，我們也會繼續管理我們的班次。我們真正關注我們的生產水平和其他更易變的因素來管理這部分業務。因此，我們在成本控制方面仍然非常努力。

[Operator's Instructions)

[操作員說明]

Next question is from Susan Maklari from Goldman Sachs.

下一個問題來自高盛的 Susan Maklari。

This is Charles on in for Susan. I guess, first, I would love to get an update on what you see in terms of cost inflation through your business and the ability to offset that with pricing in 2023, considering obviously the environment for volume this year?

這是蘇珊的查爾斯。我想，首先，我很想了解您在業務成本通脹方面的最新情況，以及在 2023 年通過定價抵消成本通脹的能力，顯然考慮到今年的銷量環境？

Yes. I think on the inflation front, we've not really seen the cost side of the equation, rapidly drop off here yet. Again, I think a lot of it goes back to the specialty resins that we're buying, typically the fiber last world. I do think it has stopped accelerate to many extents. We have seen some breaks in freight expenses in that, but labor continues to trend up. So I think we'll continue to watch the inflation views. We've got into we need to work through a little bit as well on the balance sheet that was purchased at the higher prices. But I think the key thing we need to remember is that prices are still extremely elevated from where they were back in the '20 or '21 time frame. We feel pretty good with where our pricing levels are right now that we've pushed out and announced and continue to execute on. I think as Rob mentioned earlier, we'll remain nimble on what we do with pricing. But I think the headline statement is right now, we don't believe we'll need to roll any pricing back to the market. But again, if inflation starts to wane and we start to see massive deflation, we would reevaluate that as we go forward.

是的。我認為在通貨膨脹方面，我們還沒有真正看到等式的成本方面，這裡還沒有迅速下降。同樣，我認為其中很大一部分可以追溯到我們購買的特種樹脂，通常是最後一個世界的纖維。我確實認為它已經在很多程度上停止了加速。我們已經看到運費有所下降，但勞動力繼續呈上升趨勢。所以我認為我們將繼續關注通脹觀點。我們已經知道我們需要在以更高價格購買的資產負債表上做一些工作。但我認為我們需要記住的關鍵是，與 20 年或 21 年的時間框架相比，價格仍然非常高。我們對我們推出並宣布並繼續執行的定價水平感到非常滿意。我認為正如 Rob 之前提到的那樣，我們將在定價方面保持靈活。但我認為現在的標題聲明是正確的，我們認為我們不需要將任何定價推回市場。但同樣，如果通脹開始減弱，我們開始看到大規模通貨緊縮，我們將在未來重新評估。

And then just to go back in terms of the cadence of revenue into 2023, understanding the impact of the channel destocking happening in the first half. But obviously, the last 3 years have been unprecedented in terms of the demand for pool and obviously, it's hard for us to get a good sense of the historical seasonality this business had, let's say, prior to the pandemic. So I don't know if you can help us maybe frame the first half versus second half in terms of maybe revenue or EBITDA, just for us to better understand the cadence of how revenues will flow through this year and obviously, overlaying the channel destocking impact on top of that.

然後回到 2023 年的收入節奏，了解上半年發生的渠道去庫存的影響。但顯然，過去 3 年對游泳池的需求是前所未有的，顯然，我們很難很好地了解這項業務在大流行之前的歷史季節性。所以我不知道你是否可以幫助我們根據收入或 EBITDA 來確定上半年和下半年的對比，只是為了讓我們更好地了解今年收入流動的節奏，顯然，覆蓋渠道去庫存影響最重要的是。

Yes, Charles, we're not giving any guide on first half, second half like we have before. I think because we are entering a new dynamic from what we've all experienced over, let's say, the last 3 years, '20 through '22 right now, I've been in the business 10-plus years and I'd say it does feel like we are back to what we would call normal seasonality. I'll also caveat that by -- there's never been a normal season in the business when you think about the weather impact in a late spring or early spring and same thing with the winners in the fall months. But what I can say is we rewind of 4Q last year. Let's set that as an anchor point, where that felt like a normal 4Q for the business going back 3 '20 time frame. 1Q and what we've laid out for guidance again, kind of when you think about revenue on a percentage basis of the full year, where we're sitting from 1Q with the guide, taking into account seasonality, but more importantly, that continued destocking in the packaged pool piece of the business, 1Q would kind of frame back up to a normal quarter for us. So if you use those 2 anchor points both peak building season for us in 2Q, 3Q with 2Q typically being a little better than 3Q.

是的，查爾斯，我們不會像以前那樣對上半場和下半場給出任何指導。我認為，因為我們正在進入一個新的動態，比方說，過去 3 年，從 20 世紀到 22 年，我已經在這個行業工作了 10 多年，我會說確實感覺我們又回到了所謂的正常季節性。我還要警告的是——當你考慮到晚春或早春的天氣影響時，這個行業從來沒有一個正常的季節，而秋季的贏家也是如此。但我能說的是我們回顧了去年的第四季度。讓我們將其設置為一個錨點，感覺就像業務回到 3'20 時間框架的正常 4Q。 1Q 以及我們再次為指導制定的內容，當你考慮全年收入的百分比時，我們從 1Q 開始考慮季節性因素，但更重要的是，這種情況仍在繼續在業務的打包池中去庫存，1Q 對我們來說會回到正常的季度。因此，如果你使用這兩個錨點，我們在第二季度、第三季度的建設高峰期都使用了這兩個錨點，而第二季度通常比第三季度好一點。

First half, second half dynamics, I've seen them swing by 4 to 6 points over the years. That's why we don't want to quote it. I think we want to just really get through the first quarter here and see how the macro environment plays out, how the demand pull-through for our dealers and consumers happens and then when do we start to see restocking orders in the packaged pool world. And look, we're going to continue to drive fiber last far -- we get a lot of new dealers we signed up last year and this year, and that will be a big focus for us to try to deliver what we've put out there for '23. And just quickly touch on the EBITDA aspect of that seasonality from the revenue. If you think about the cost basis of this business on the fixed side and the variable right? We do carry higher cost in 1Q and 4Q on those much lower volumes, which is kind of knocking down the EBITDA level that we saw last year 4Q and that we're indicating here in 1Q. And then clearly, there's a strong bounce back in 2Q and 3Q when the volume picks back up, running through the plants for us.

上半場，下半場動態，這些年來我看到他們有 4 到 6 分的波動。這就是為什麼我們不想引用它。我想我們真的想在這裡度過第一季度，看看宏觀環境如何發揮作用，我們的經銷商和消費者的需求拉動如何發生，然後我們什麼時候開始看到打包池世界的補貨訂單。看，我們將繼續推動光纖發展到最後——我們在去年和今年簽約了很多新經銷商，這將是我們努力實現我們所投入的目標的一個重點23 年在那裡。並從收入中快速了解季節性的 EBITDA 方面。如果你想想這個業務在固定端和可變端的成本基礎對不對？我們確實在 1 季度和 4 季度為那些低得多的數量帶來了更高的成本，這有點降低了我們去年 4 季度看到的 EBITDA 水平，我們在 1 季度在這裡指出。然後很明顯，當交易量回升時，第二季度和第三季度會出現強勁反彈，為我們的工廠運行。

And the next question is from Josh Pokrzywinski from Morgan Stanley.

下一個問題來自摩根士丹利的 Josh Pokrzywinski。

At just on the packaged pools business, we've talked about it a little bit. Maybe this is something I should already know, but can you just level set us on the size of the business in '22 and then sort of a rough kind of inventory out in the field check, maybe days on hand or something like that, that your dealers and distributors kind of have right now maybe versus normal? Just some context for order of magnitude and what sort of the destock opportunity is relative to a normal environment?

在打包池業務中，我們已經討論了一點。也許這是我應該已經知道的事情，但是你能不能讓我們了解 22 年的業務規模，然後在實地檢查中進行粗略的庫存檢查，可能是手頭的天數或類似的東西，那您的經銷商和分銷商現在可能與正常情況相比？只是一些數量級的背景，以及相對於正常環境而言什麼樣的去庫存機會？

So I think as we've said, we've not given splits of the inground category between the packaged pool and the fiberglass piece. But I would tell you, the packaged pool piece of the business is still a very healthy, strong segment of the business for us in the steel and columnar world with that vinyl liner pool. I'd say the business is stronger than where it had been back in the '19 plus time frame as we've continued to grow that. It has trended down the last couple of years. I think as we've seen the destocking in '22 and the continued indication of that 23%. So we really haven't disclosed those splits, but it's still a big piece of that in-ground segment for us. On the inventory front, we get okay visibility of what's out there in terms of stocking levels. I'd say they're in a better position than they were in 4Q as the destocking continue. But I'd say it's still a little bit elevated, and that's why we've got this cautious approach in the 1Q guide and the full year. And I think the comment probably Rob and myself, both made earlier today that we expect that destocking to potentially continue through at least the first half of the year and then kind of get back to more normalized inventory levels in the channel.

所以我認為正如我們所說，我們沒有在包裝池和玻璃纖維件之間劃分地埋類別。但我會告訴你，在帶有乙烯基襯裡池的鋼鐵和柱狀世界中，包裝池業務對我們來說仍然是一個非常健康、強大的業務部分。我想說的是，隨著我們的持續增長，該業務比 19 年多時期的業務更強大。它在過去幾年呈下降趨勢。我認為我們已經看到了 22 年的去庫存以及 23% 的持續跡象。所以我們真的沒有透露這些拆分，但它對我們來說仍然是地面部分的很大一部分。在庫存方面，我們可以很好地了解庫存水平。我會說隨著去庫存的繼續，他們比第四季度處於更好的位置。但我想說它仍然有點高，這就是為什麼我們在 1Q 指南和全年中採取這種謹慎的方法。而且我認為 Rob 和我本人可能今天早些時候發表的評論是，我們預計去庫存可能至少會持續到今年上半年，然後在渠道中恢復到更正常的庫存水平。

I don't know if this helps, but if we just talk about year-end inventory where we planned in the year-over-year increase, looking back to '21 on a total company basis, we're up about $55 million. And part of that was we had extended lead times, very low inventory exiting 2021 and -- so you have that impact, the impact of inflation on our inventory just generally that we've seen and talked about. And then the third piece was elevated package pool that we will work down. So I don't want you to associate that whole inventory change with that if that's helpful.

我不知道這是否有幫助，但如果我們只談論我們計劃同比增長的年終庫存，回顧 21 年公司總數，我們將增加約 5500 萬美元。其中一部分是我們延長了交貨時間，到 2021 年庫存非常低，而且 - 所以你有這種影響，通貨膨脹對我們庫存的影響就是我們已經看到和談論過的。然後第三部分是我們將處理的提升包池。因此，如果有幫助，我不希望您將整個庫存變化與此相關聯。

And then just a follow-up, maybe a higher level question on how we should think about some of the drivers of the pool markets this year. I guess on one hand, you have pretty high home equity levels, maybe not as much turnover because folks don't necessarily want to refinance or re-up at today's interest rates. By the same token, like I would imagine that a lot of folks are borrowing or maybe tapping home equity when they make a pool purchase. So how do you think about this balance of, hey, my home is worth a lot and I might be here a little bit longer versus my borrowing costs are high. Is one of those more important to you guys as you guys think about the health of the industry as a whole?

然後只是一個後續行動，也許是一個更高層次的問題，關於我們應該如何考慮今年泳池市場的一些驅動因素。我想一方面，你的房屋淨值水平相當高，但營業額可能沒有那麼多，因為人們不一定想以今天的利率再融資或重新提高利率。出於同樣的原因，就像我想像的那樣，很多人在進行聯合購買時正在藉貸或可能利用房屋淨值。那麼你如何看待這種平衡，嘿，我的房子很值錢，我可能會在這裡待更長的時間，而我的借貸成本很高。當你們考慮整個行業的健康狀況時，其中一個對你們來說更重要嗎？

Yes, Josh, I think all of them are important. And when we step back and look at the overall demand for pools, a couple things I think we all need to remember is, look, the overall interest in swimming pools is still extremely high. You guys have heard me quote the number in 90 million homes that pool today uses those who want one and have a high via the next 5 years, about $7.5 million on potential pool sales, right? If we think about pool starts and depending on where the final number shakes out for 2022, we're still 40% -- I call it 40% off the peak from 2005. So there's still a lot of upside opportunity to kind of return to that 20-year, 25-year historical average of pool starts, which would still be elevated above the 21% level from where we sit today. And then you start ticking off, right, the delay formation of household, the migration from the city for the suburbs, the interest in investing in the backyard and that repair and remodel business, the trends of the backyard living, the enjoyment that comes with that is the fastest-growing segment of recurrent remodel in the home. There was a great stat.

是的，喬希，我認為所有這些都很重要。當我們退一步看看對游泳池的整體需求時，我認為我們都需要記住的幾件事是，看，對游泳池的整體興趣仍然非常高。你們聽說過我引用了今天使用泳池的 9000 萬戶家庭中那些想要一個並且在未來 5 年內擁有高價的家庭的數字，潛在泳池銷售額約為 750 萬美元，對嗎？如果我們考慮游泳池的開始，並根據 2022 年最終數字的變化情況，我們仍然是 40%——我稱之為比 2005 年的峰值低 40%。所以仍有很多上行機會可以回到20 年、25 年的池啟動歷史平均值，仍高於我們今天所處的 21% 水平。然後你開始勾選，對，家庭組建的延遲，從城市到郊區的遷移，對投資後院的興趣以及維修和改造業務，後院生活的趨勢，隨之而來的享受這是家庭經常性改造中增長最快的部分。有一個很好的統計數據。

I saw over the weekend, 40% of all the homes in the U.S. mortgages sit -- we're done prepandemic, sitting below a 4% interest rate. So there's some good data out there that folks have low interest rates, equity are holds is at all-time high and the likelihood of that moving in a market with an undersupply of housing proslimits them based on where new mortgage rates sit, which means people who have cash and equity in their home are going to stay there longer, like you said, they're going to reinvest in the house and the most likely place for that will be the backyard. And I think you put all of that together, we feel pretty good with it. We talked about 50% of our buyers are cash buyers. 25% are tapping the equity in their homes. -- which will be beneficial. And we do cater kind to the higher end of the market in terms of net worth, value of home and that segment and category has held up pretty well for us and folks who want to pool are going to make that decision. And again, people that are buying tools right now, it's not an impulse type product, right?

我在周末看到，美國抵押貸款中的所有房屋中有 40% 的抵押貸款——我們已經完成了大流行前的工作，利率低於 4%。因此，有一些很好的數據表明，人們的利率很低，持有的股票處於歷史最高水平，並且在住房供應不足的市場中發生這種變化的可能性會根據新的抵押貸款利率所在的位置限制他們，這意味著人們那些在家裡有現金和資產的人會在那里呆得更久，就像你說的，他們會再投資房子，最有可能的地方就是後院。而且我認為你把所有這些放在一起，我們感覺很好。我們談到 50% 的買家是現金買家。 25% 的人正在利用其房屋的淨值。 ——這將是有益的。我們確實在淨資產、房屋價值方面迎合了高端市場，而這個細分市場和類別對我們來說非常好，想要匯集的人會做出這個決定。再一次，現在購買工具的人，這不是一種衝動型產品，對吧？

You've thought about this over 1, 2 years, and that's we're back to the website data as we continue to nurture the leads. We continue to work with those consumers who have that interest. And when we turn a lead over, it's a high likelihood that they're going to make that purchase. Lower end of the market could be a little more dangerous, but we don't have that much exposure to that segment. And then just real quickly because we always kind of gloss over the replacement business that we have for our liners and covers, right? That's a good, healthy part of our business as well. And if you have a swimming pool, you're going to reinvest in that pool with a new liner. We're going to replace your cover. You might do a complete makeover when you pull out liner out, and that installed base approval continues to grow every year. So that's category of the business in those product lines is a nice continued growth driver for us as well.

您已經考慮了超過 1、2 年的時間，這就是我們在繼續培養潛在客戶時回到網站數據的原因。我們將繼續與有這種興趣的消費者合作。當我們交出線索時，他們很可能會進行購買。低端市場可能更危險一些，但我們對該細分市場的敞口不多。然後真的很快，因為我們總是對我們的襯里和封面的更換業務有所掩飾，對吧？這也是我們業務中一個好的、健康的部分。如果你有一個游泳池，你將用一個新的襯墊對該游泳池進行再投資。我們要更換你的封面。當您拉出襯裡時，您可能會進行徹底的改造，並且安裝基礎批准每年都在繼續增長。因此，這些產品線中的業務類別對我們來說也是一個很好的持續增長動力。

The next question is from Andrew Carter from Stifel.

下一個問題來自 Stifel 的 Andrew Carter。

So I guess a... What I wanted to frame kind of the risk out there around, you mentioned the input cost that -- and I think if I calculated it right, you're 120 days of inventory. So you're sitting on some pretty high cost. Any idea of what your competitors are sitting on that would have been able to take as long a lead times? And how you're thinking about the potential out there to stay competitive on pricing for fiberglass also kind of a key tool for continuing to maintain and recruit dealers?

所以我想...我想描述一下周圍的風險，你提到了投入成本——我想如果我計算正確的話，你有 120 天的庫存。所以你的成本相當高。是否知道您的競爭對手所坐的位置可能需要很長的交貨時間？您如何看待保持玻璃纖維定價競爭力的潛力，這也是繼續維護和招募經銷商的關鍵工具？

Yes. In terms of inventory as competitors and what they're sitting on, I don't know, we don't have visibility to that. I can't even really comment on it. I think back to -- take it back to Latham and centric, the inventory that we're sitting on is really more packaged pool. It's really just one product category for us and pretty much it's steel. Everything else turns pretty quickly for us based on storage capacity, shelf life of the resins and fiberglass. So you could argue a good chunk of our business, we're buying real time at market pricing that's out there, which gives us the ability to react quicker and price up and down to offset inflation and watching deflationary trends. So I think we feel pretty good on all of those fronts, Andrew.

是的。就競爭對手的庫存以及他們所坐的位置而言，我不知道，我們對此一無所知。我什至無法對此發表評論。我回想 - 把它帶回 Latham 和中心，我們所坐的庫存實際上是更多的打包池。這對我們來說真的只是一個產品類別，而且幾乎是鋼鐵。根據存儲容量、樹脂和玻璃纖維的保質期，其他一切對我們來說都很快。所以你可以爭論我們業務的很大一部分，我們正在以市場價格實時購買，這使我們能夠更快地做出反應並上下定價以抵消通貨膨脹和觀察通貨緊縮趨勢。所以我認為我們在所有這些方面都感覺很好，安德魯。

Second question I would ask is kind of getting into -- if I had your seasonality, right, in the fourth quarter, 16%, we know what the first quarter is, that means you're suggesting kind of a revenue decline of 9% 10 to minus 2% in the peak season of this year. Can you give us any color, I guess, number one, kind of the new construction outlook out there, a negative 15% to negative 25%. So I'm guessing you're expecting fiberglass to meaningfully outperform that. What about vinyl? And then kind of getting to the point of you have a lot of confidence you're not in the lower end, final at the lowest price pool. Do you have kind of -- what's the data telling you about the homeowners that buy a fiberglass pool, their income levels relative to normal households and if you have it relative to other porters.

我要問的第二個問題是——如果我有你的季節性，對，在第四季度，16%，我們知道第一季度是多少，這意味著你建議收入下降 9%今年旺季10%到-2%。你能給我們任何顏色嗎，我想，第一，那裡的新建築前景，負 15% 到負 25%。所以我猜你期望玻璃纖維的表現明顯優於它。乙烯基呢？然後有點達到你有很大信心你不在低端，最終以最低價格池。你有什麼數據告訴你購買玻璃纖維游泳池的房主，他們相對於普通家庭的收入水平，以及你是否有相對於其他搬運工的收入水平。

There was a lot of the line I'll do my best to try to try to hit them. I think we're looking at the guidance for '23 on a full year basis because of trends, the seasonality of the destocking through the first half of the package tool, and I think you hit on 2 of the key points, right? Our expectations of fiberglass outperforming the market, which we've demonstrated time and time again, the resiliency of that replacement business on liners and folks have a tendency in a rising interest rate market. They're not taking vacations, they're thinking about where they have to spend their dollars and they're going to be spending more time at home, they're going to repair their pool and replace their line or output that off, so they can use that asset that they sunken -- and I think I'd say we don't really see a big difference between a fiberglass purchaser and an in-ground vinyl liner purchaser.

有很多台詞，我會盡我最大的努力嘗試擊中它們。我認為我們正在考慮 23 年全年的指導，因為趨勢，通過打包工具上半年去庫存的季節性，我認為你抓住了兩個關鍵點，對吧？我們對玻璃纖維的預期優於市場，我們已經一次又一次地證明了這一點，班輪更換業務的彈性和人們在利率市場上升的趨勢。他們沒有休假，他們正在考慮他們必須把錢花在哪裡，他們將花更多的時間在家裡，他們將修理他們的游泳池並更換他們的線路或關閉輸出，所以他們可以使用他們沉沒的資產——我想我會說我們並沒有真正看到玻璃纖維購買者和地下乙烯基襯裡購買者之間的巨大差異。

I think it comes down to preference, shape and size of the pool the homeowner wants, the design, on the market they sit in. And our view really is to continue to drive the awareness of fiber last and all the benefits because even we talk a lot about fiberglass versus concrete and the cost advantages. The same thing applies in the vinyl space where the fiber less pool may be a little bit more expensive upfront. But you go 10 years out with a line of replacement and the cost of chemicals to operate that pool, you quickly get to a breakeven. So we try to market fiberglass for all solutions and all levels out there. But I do think, overall, the Latham customer does tend to be on the mid- to higher side from equity network and value of home that they're fretting to pull into.

我認為這取決於房主想要的泳池的偏好、形狀和大小、設計以及他們所在的市場。我們的觀點確實是繼續提高人們對纖維最後的認識以及所有好處，因為即使我們談論很多關於玻璃纖維與混凝土的比較以及成本優勢。同樣的事情也適用於乙烯基空間，無纖維池的前期成本可能會更高一些。但是，如果更換生產線 10 年，再加上運營該泳池的化學品成本，您很快就會達到收支平衡。因此，我們嘗試為所有解決方案和所有級別銷售玻璃纖維。但我確實認為，總的來說，Latham 的客戶確實傾向於從股權網絡和他們擔心進入的房屋價值中處於中高端。

Ladies and gentlemen, this concludes our question and answer session. I would like to turn the conference back over to management for any closing remarks.

女士們，先生們，我們的問答環節到此結束。我想將會議轉回管理層聽取任何閉幕詞。

Yes. Look, everyone, thanks for joining us for today's call. We really, really appreciate all your continued interest and support of Latham. We look forward to providing further updates on our next earnings call come May. I hope you guys all have a great rest of the day. Take care.

是的。大家好，感謝您加入我們今天的電話會議。我們真的非常感謝您一直以來對瑞生的關注和支持。我們期待在 5 月份的下一次財報電話會議上提供進一步的更新。我希望你們今天都過得愉快。小心。

The conference has now concluded. Thank you for attending today's presentation. You may now disconnect.

會議現已結束。感謝您參加今天的演講。您現在可以斷開連接。