CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY) (Tables)

12 Months Ended

Dec. 31, 2021

CONDENSED FINANCIAL INFORMATION OF REGISTRANT (PARENT COMPANY ONLY)

Schedule of condensed balance sheets

Latham Group, Inc.

(Parent Company Only)

CONDENSED BALANCE SHEETS

(in thousands, except share and per share data)

	December 31,
	2021		2020
Assets
Investment in subsidiary	$	353,645	$	281,609
Total assets	$	353,645	$	281,609
Liabilities and Stockholders’ Equity
Total liabilities	$	—	$	—
Stockholders’ Equity
Preferred stock, $0.0001 par value; 100,000,000 and no shares authorized as of December 31, 2021 and 2020, respectively; no shares issued and outstanding as of both December 31, 2021 and 2020		—		—
Common stock, $0.0001 par value; 900,000,000 and 500,000,000 shares authorized as of December 31, 2021 and 2020, respectively; 119,445,611 and 118,854,249 shares issued and outstanding as of December 31, 2021 and 2020, respectively		12		12
Additional paid-in capital		401,846		265,478
(Accumulated deficit) retained earnings		(48,583)		13,765
Accumulated other comprehensive income		370		2,354
Total stockholders’ equity		353,645		281,609
Total liabilities and stockholders’ equity	$	353,645	$	281,609

Schedule of condensed statements of operations

Latham Group, Inc.

(Parent Company Only)

CONDENSED STATEMENTS OF OPERATIONS

(in thousands, except share and per share data)

	Year Ended
	December 31,
	2021		2020		2019
Equity in net (loss) income of subsidiary	$	(62,348)	$	15,983	$	7,457
Net (loss) income attributable to common stockholders	$	(62,348)	$	15,983	$	7,457
Net (loss) income per share
Net (loss) income per share attributable to common stockholders – basic and diluted
Basic	$	(0.56)	$	0.16	$	0.08
Diluted	$	(0.56)	$	0.16	$	0.08
Weighted-average common shares outstanding – basic and diluted
Basic		110,644,366		101,606,966		95,032,265
Diluted		110,644,366		102,602,738		95,400,528

Schedule of condensed statements of comprehensive income

Latham Group, Inc.

(Parent Company Only)

CONDENSED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(in thousands)

	Year Ended
	December 31,
	2021		2020		2019
Net (loss) income	$	(62,348)	$	15,983	$	7,457
Equity in other comprehensive (loss) income of subsidiary		(1,984)		2,825		(670)
Comprehensive (loss) income	$	(64,332)	$	18,808	$	6,787

Schedule of condensed statements of cash flows

Latham Group, Inc.

(Parent Company Only)

CONDENSED STATEMENT OF CASH FLOWS

(in thousands)

	Year Ended
	December 31,
	2021		2020		2019
Cash flows from operating activities:
Net (loss) income	$	(62,348)	$	15,983	$	7,457
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Equity in net loss (income) of subsidiary		62,348		(15,983)		(7,457)
Net cash provided by operating activities		—		—		—
Cash flows from investing activities:
Investment in subsidiary		(117,626)		(65,553)		—
Net cash used in investing activities		(117,626)		(65,553)		—
Cash flows from financing activities:
Proceeds from initial public offering, net of underwriting discounts, commissions and offering costs		399,264		—		—
Repurchase and retirement of treasury stock		(281,638)		—		—
Proceeds from issuance of common stock		—		65,553		—
Net cash provided by financing activities		117,626		65,553		—
Net increase in cash		—		—		—
Cash at beginning of period		—		—		—
Cash at end of period	$	—	$	—	$	—