Traeger Announces Third Quarter Fiscal 2024 Results

Business Wire11-07

Increases Outlook for Full Year 2024 SALT LAKE CITY, November 06, 2024--(BUSINESS WIRE)--Traeger, Inc. ("Traeger" or the "Company") (NYSE: COOK), creator and category leader of the wood pellet grill, ...

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(\"Traeger\" or the \"Company\") (NYSE: COOK), creator and category leader of the wood pellet grill, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/traeger-announces-third-quarter-fiscal-210500774.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Traeger Announces Third Quarter Fiscal 2024 Results</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTraeger Announces Third Quarter Fiscal 2024 Results\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-11-07 05:05 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/traeger-announces-third-quarter-fiscal-210500774.html><strong>Business Wire</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>Increases Outlook for Full Year 2024\nSALT LAKE CITY, November 06, 2024--(BUSINESS WIRE)--Traeger, Inc. (\"Traeger\" or the \"Company\") (NYSE: COOK), creator and category leader of the wood pellet grill, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/traeger-announces-third-quarter-fiscal-210500774.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"COOK","symbol_name":"Traeger Inc. (TGPX Holdings I LLC)","start_time":0,"source_url":"https://finance.yahoo.com/news/traeger-announces-third-quarter-fiscal-210500774.html","article_id":"2481954421","we_media_id":null,"thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2481954421","pubTimestamp":1730927100,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"SALT LAKE CITY, November 06, 2024----Traeger, Inc.  , creator and category leader of the wood pellet grill, today announced its financial results for the three months ended September 30, 2024.Gross margin of 42.3%, up 440 basis points compared to prior year. \"Traeger delivered third quarter results which were ahead of our expectations and which demonstrate our team's commitment to execution,\" commented Jeremy Andrus, CEO of Traeger. \"Strong sell-through of our grills drove upside in our replenishment sales in the quarter, resulting in a 32% increase in our grills revenues. Furthermore, we continue to see significant gross margin expansion, which drove meaningful growth in Adjusted EBITDA in the quarter. Our results are allowing us to increase our financial guidance for the year once again. We believe our progress on driving efficiencies in the business over the last two years positions us well to deliver growth and shareholder value, in particular as our innovation pipeline accelerates","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"COOK":"Traeger Inc. (TGPX Holdings I LLC)","BK4539":"次新股","BK4191":"家用电器"},"translate_title":"Traeger公布2024财年第三季度业绩","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"COOK":0.9},"content_text":"Increases Outlook for Full Year 2024\nSALT LAKE CITY, November 06, 2024--(BUSINESS WIRE)--Traeger, Inc. (\"Traeger\" or the \"Company\") (NYSE: COOK), creator and category leader of the wood pellet grill, today announced its financial results for the three months ended September 30, 2024.\nThird Quarter FY 24 Highlights\n\nTotal revenues increased 3.7% to $122.1 million\nGrill revenues increased 32.5% to $74.9 million\nGross margin of 42.3%, up 440 basis points compared to prior year\nNet loss of $19.8 million compared to net loss of $19.3 million in the prior year\nAdjusted EBITDA of $12.3 million, up from $4.7 million in the prior year\nRaises low-end of FY 2024 revenue guidance range\nIncreases FY 2024 gross margin and Adjusted EBITDA guidance\n\n\"Traeger delivered third quarter results which were ahead of our expectations and which demonstrate our team's commitment to execution,\" commented Jeremy Andrus, CEO of Traeger. \"Strong sell-through of our grills drove upside in our replenishment sales in the quarter, resulting in a 32% increase in our grills revenues. Furthermore, we continue to see significant gross margin expansion, which drove meaningful growth in Adjusted EBITDA in the quarter. Our results are allowing us to increase our financial guidance for the year once again. We believe our progress on driving efficiencies in the business over the last two years positions us well to deliver growth and shareholder value, in particular as our innovation pipeline accelerates into next year and beyond.\"\nOperating Results for the Third Quarter\nTotal revenue increased 3.7% to $122.1 million, compared to $117.7 million in the third quarter last year.\n\nGrills increased 32.5% to $74.9 million as compared to the third quarter last year. The increase was primarily driven by unit volume growth partially offset by a reduction in average selling price. Higher unit volume was driven by effective promotional activity and strategic pricing action on select grills. The decrease in average selling price was primarily due to a mix shift to lower priced grills, a higher mix of direct import sales, and strategic pricing action on select grills.\nConsumables decreased 11.2% to $22.5 million as compared to the third quarter last year. The decrease was primarily driven by a reduction in wood pellet unit volume and a reduction in food consumables unit volume. Lower wood pellet and food consumables unit volume was due to seasonal ordering shifts.\nAccessories decreased 31.3% to $24.6 million as compared to the third quarter last year. This decrease was driven by lower sales of MEATER smart thermometers as well as unit volume reductions in Traeger branded accessories.\n\nNorth America revenue increased 10.4% in the third quarter compared to the prior year. Rest of World revenues decreased 40.1% in the third quarter compared to the prior year.\nGross profit increased to $51.7 million, compared to $44.7 million in the third quarter last year. Gross profit margin was 42.3% in the third quarter, compared to 37.9% in the same period last year. The increase in gross margin was driven primarily by favorability from freight, logistics, and other supply chain costs.\nSales and marketing expenses were $26.2 million, compared to $25.9 million in the third quarter last year. As a percentage of sales, sales and marketing expenses were down 60 bps compared to the third quarter last year.\nGeneral and administrative expenses were $24.1 million, compared to $24.8 million in the third quarter last year. As a percentage of sales, general and administrative expenses were down 130 bps compared to the third quarter last year.\nNet loss was $19.8 million in the third quarter, or a loss of $0.15 per diluted share, compared to net loss of $19.3 million in the third quarter of last year, or a loss of $0.16 per diluted share.1\nAdjusted net loss was $7.4 million, or $0.06 per diluted share, compared to $14.3 million, or $0.12 per diluted share in the third quarter last year.2\nAdjusted EBITDA was $12.3 million in the third quarter compared to Adjusted EBITDA of $4.7 million in the same period last year.2\nBalance Sheet\nCash and cash equivalents at the end of the third quarter totaled $16.9 million, compared to $29.9 million at December 31, 2023.\nInventory at the end of the third quarter was $105.1 million, compared to $96.2 million at December 31, 2023.\nGuidance For Full Year Fiscal 2024\nBased on year to date performance and its outlook for the rest of the year, the Company is updating its total revenue, gross margin and Adjusted EBITDA guidance for Fiscal 2024.\n\nTotal revenue is expected to be between $595 million and $605 million\nGross Margin is expected to be between 41.8% and 42.3%\nAdjusted EBITDA is expected to be between $78 million and $81 million \n\nA reconciliation of Adjusted EBITDA guidance to Net Loss on a forward-looking basis cannot be provided without unreasonable efforts, as the Company is unable to provide reconciling information with respect to provision (benefit) for income taxes, interest expense, depreciation and amortization, other (income) expense, stock-based compensation, non-routine legal expenses, and other adjustment items all of which are adjustments to Adjusted EBITDA.\nConference Call Details\nA conference call to discuss the Company's third quarter results is scheduled for Wednesday, November 6, 2024, at 4:30 p.m. ET. To participate, please dial (833) 470-1428 or +1 (929) 526-1599 for international callers, conference ID 322897. The conference call will also be webcast live at https://investors.traeger.com. A recording will be available shortly after the conclusion of the call. To access the replay, please dial (866) 813-9403, conference ID 367971. A replay of the webcast will also be available approximately two hours after the conclusion of the call on the Company's website at https://investors.traeger.com. A supplemental presentation has also been posted to the Company's website at https://investors.traeger.com.\nAbout Traeger\nTraeger, headquartered in Salt Lake City, is the creator and category leader of the wood pellet grill, an outdoor cooking system that ignites all-natural hardwoods to grill, smoke, bake, roast, braise, and barbecue. In 2023, Traeger entered the griddle category, further establishing its leadership position in the outdoor cooking space. Traeger grills are versatile and easy to use, empowering cooks of all skill sets to create delicious meals with flavor that cannot be replicated. Grills are at the core of our platform and are complemented by Traeger wood pellets, rubs, sauces, accessories, and MEATER smart thermometers.\nForward-Looking Statements\nThis press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this press release that do not relate to matters of historical fact should be considered forward-looking statements, including, without limitation, statements regarding our anticipated full year Fiscal 2024 results and our position to deliver growth and shareholder value, as well as our innovation pipeline. Words such as \"believes,\" \"anticipates,\" \"plans,\" \"expects,\" \"intends,\" \"will,\" \"goal,\" \"potential\" and similar expressions are intended to identify forward-looking statements. These statements are neither promises nor guarantees, but involve known and unknown risks, uncertainties and other important factors that may cause our actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements, including, but not limited to, our history of operating losses, our ability to manage our future growth effectively, our ability to expand into additional markets, our ability to maintain and strengthen our brand to generate and maintain ongoing demand for our products, our ability to cost-effectively attract new customers and retain our existing customers, our failure to maintain product quality and product performance at an acceptable cost, the impact of product liability and warranty claims and product recalls, the highly competitive market in which we operate, the use of social media and community ambassadors, a decline in sales of our grills, our dependence on three major retailers, risks associated with our international operations, our reliance on a limited number of third-party manufacturers and problems with (or loss of) our suppliers or an inability to obtain raw materials, and the ability of our stockholders to influence corporate matters and other important factors discussed under the caption \"Risk Factors\" in our periodic and current reports filed with the Securities and Exchange Commission from time to time, including our Annual Report on Form 10-K for the year ended December 31, 2023, as updated by Part II, Item 1A. \"Risk Factors\" of our Quarterly Report on Form 10-Q for the period ended September 30, 2024. Any such forward-looking statements represent management's estimates as of the date of this press release. While we may elect to update such forward-looking statements at some point in the future, we disclaim any obligation to do so, even if subsequent events cause our views to change.\n___________________\n1 There were no potentially dilutive securities outstanding as of September 30, 2024 and 2023.2 Reconciliations of GAAP to non-GAAP financial measures, as well as definitions for the non-GAAP financial measures included in this press release and the reasons for their use, are presented below.\n\n\n\nTRAEGER, INC.CONDENSED CONSOLIDATED BALANCE SHEETS(in thousands, except share and per share amounts)\n\n\n\nSeptember 30, 2024\n\nDecember 31, 2023\n\n\n\n(unaudited)\n\n\n\n\nASSETS\n\n\n\n\n\nCurrent Assets\n\n\n\n\n\nCash and cash equivalents\n$\n16,872\n\n\n$\n29,921\n\n\n\nAccounts receivable, net\n\n70,786\n\n\n\n59,938\n\n\n\nInventories\n\n105,058\n\n\n\n96,175\n\n\n\nPrepaid expenses and other current assets\n\n24,348\n\n\n\n30,346\n\n\n\nTotal current assets\n\n217,064\n\n\n\n216,380\n\n\n\nProperty, plant, and equipment, net\n\n38,241\n\n\n\n42,591\n\n\n\nOperating lease right-of-use assets\n\n45,429\n\n\n\n48,188\n\n\n\nGoodwill\n\n74,725\n\n\n\n74,725\n\n\n\nIntangible assets, net\n\n438,922\n\n\n\n470,546\n\n\n\nOther non-current assets\n\n3,695\n\n\n\n8,329\n\n\n\nTotal assets\n$\n818,076\n\n\n$\n860,759\n\n\n\nLIABILITIES AND STOCKHOLDERS’ EQUITY\n\n\n\n\n\nCurrent Liabilities\n\n\n\n\n\nAccounts payable\n$\n30,575\n\n\n$\n33,280\n\n\n\nAccrued expenses\n\n56,630\n\n\n\n52,941\n\n\n\nLine of credit\n\n12,000\n\n\n\n28,400\n\n\n\nCurrent portion of notes payable\n\n250\n\n\n\n250\n\n\n\nCurrent portion of operating lease liabilities\n\n3,744\n\n\n\n3,608\n\n\n\nCurrent portion of contingent consideration\n\n—\n\n\n\n15,000\n\n\n\nOther current liabilities\n\n498\n\n\n\n495\n\n\n\nTotal current liabilities\n\n103,697\n\n\n\n133,974\n\n\n\nNotes payable, net of current portion\n\n398,159\n\n\n\n397,300\n\n\n\nOperating leases liabilities, net of current portion\n\n27,574\n\n\n\n29,142\n\n\n\nDeferred tax liability\n\n8,241\n\n\n\n8,236\n\n\n\nOther non-current liabilities\n\n579\n\n\n\n759\n\n\n\nTotal liabilities\n\n538,250\n\n\n\n569,411\n\n\n\nCommitments and contingencies—See Note 10\n\n\n\n\n\nStockholders’ equity:\n\n\n\n\n\nPreferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of September 30, 2024 and December 31, 2023\n\n—\n\n\n\n—\n\n\n\nCommon stock, $0.0001 par value; 1,000,000,000 shares authorized\n\n\n\n\n\nIssued and outstanding shares - 130,427,492 and 125,865,303 as of September 30, 2024 and December 31, 2023\n\n13\n\n\n\n13\n\n\n\nAdditional paid-in capital\n\n956,195\n\n\n\n935,272\n\n\n\nAccumulated deficit\n\n(681,927\n)\n\n\n(654,877\n)\n\n\nAccumulated other comprehensive income\n\n5,545\n\n\n\n10,940\n\n\n\nTotal stockholders’ equity\n\n279,826\n\n\n\n291,348\n\n\n\nTotal liabilities and stockholders’ equity\n$\n818,076\n\n\n$\n860,759\n\n\n\n\n\n\n\nTRAEGER, INC.CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS(unaudited)(in thousands, except share and per share amounts)\n\n\n\nThree Months Ended September 30,\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\nRevenue\n$\n122,050\n\n\n$\n117,730\n\n\n$\n435,435\n\n\n$\n442,403\n\n\n\nCost of revenue\n\n70,362\n\n\n\n73,064\n\n\n\n248,856\n\n\n\n278,983\n\n\n\nGross profit\n\n51,688\n\n\n\n44,666\n\n\n\n186,579\n\n\n\n163,420\n\n\n\nOperating expenses:\n\n\n\n\n\n\n\n\n\nSales and marketing\n\n26,162\n\n\n\n25,913\n\n\n\n76,065\n\n\n\n75,903\n\n\n\nGeneral and administrative\n\n24,135\n\n\n\n24,823\n\n\n\n86,764\n\n\n\n103,873\n\n\n\nAmortization of intangible assets\n\n8,819\n\n\n\n8,889\n\n\n\n26,456\n\n\n\n26,666\n\n\n\nChange in fair value of contingent consideration\n\n—\n\n\n\n(2,300\n)\n\n\n—\n\n\n\n508\n\n\n\nRestructuring costs\n\n—\n\n\n\n225\n\n\n\n—\n\n\n\n225\n\n\n\nTotal operating expense\n\n59,116\n\n\n\n57,550\n\n\n\n189,285\n\n\n\n207,175\n\n\n\nLoss from operations\n\n(7,428\n)\n\n\n(12,884\n)\n\n\n(2,706\n)\n\n\n(43,755\n)\n\n\nOther income (expense):\n\n\n\n\n\n\n\n\n\nInterest expense\n\n(8,534\n)\n\n\n(7,517\n)\n\n\n(25,308\n)\n\n\n(23,408\n)\n\n\nOther income (expense), net\n\n(3,964\n)\n\n\n1,992\n\n\n\n993\n\n\n\n8,020\n\n\n\nTotal other expense\n\n(12,498\n)\n\n\n(5,525\n)\n\n\n(24,315\n)\n\n\n(15,388\n)\n\n\nLoss before provision (benefit) for income taxes\n\n(19,926\n)\n\n\n(18,409\n)\n\n\n(27,021\n)\n\n\n(59,143\n)\n\n\nProvision (benefit) for income taxes\n\n(137\n)\n\n\n852\n\n\n\n29\n\n\n\n1,214\n\n\n\nNet loss\n$\n(19,789\n)\n\n$\n(19,261\n)\n\n$\n(27,050\n)\n\n$\n(60,357\n)\n\n\nNet loss per share, basic and diluted\n$\n(0.15\n)\n\n$\n(0.16\n)\n\n$\n(0.21\n)\n\n$\n(0.49\n)\n\n\nWeighted average common shares outstanding, basic and diluted\n\n128,291,933\n\n\n\n124,053,643\n\n\n\n126,886,385\n\n\n\n123,265,134\n\n\n\nOther comprehensive income (loss):\n\n\n\n\n\n\n\n\n\nForeign currency translation adjustments\n$\n25\n\n\n$\n(27\n)\n\n$\n111\n\n\n$\n(24\n)\n\n\nChange in cash flow hedge\n\n—\n\n\n\n—\n\n\n\n—\n\n\n\n(2,088\n)\n\n\nAmortization of dedesignated cash flow hedge\n\n(1,456\n)\n\n\n(2,666\n)\n\n\n(5,506\n)\n\n\n(7,808\n)\n\n\nTotal other comprehensive loss\n\n(1,431\n)\n\n\n(2,693\n)\n\n\n(5,395\n)\n\n\n(9,920\n)\n\n\nComprehensive loss\n$\n(21,220\n)\n\n$\n(21,954\n)\n\n$\n(32,445\n)\n\n$\n(70,277\n)\n\n\n\n\n\n\nTRAEGER, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)\n\n\n\nNine Months Ended September 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\nCASH FLOWS FROM OPERATING ACTIVITIES\n\n\n\n\nNet loss\n$\n(27,050\n)\n\n$\n(60,357\n)\n\n\nAdjustments to reconcile net loss to net cash provided by operating activities:\n\n\n\n\n\nDepreciation of property, plant and equipment\n\n10,139\n\n\n\n11,204\n\n\n\nAmortization of intangible assets\n\n31,936\n\n\n\n32,074\n\n\n\nAmortization of deferred financing costs\n\n1,500\n\n\n\n1,519\n\n\n\nLoss on disposal of property, plant and equipment\n\n414\n\n\n\n2,262\n\n\n\nStock-based compensation expense\n\n23,064\n\n\n\n47,180\n\n\n\nUnrealized loss (gain) on derivative contracts\n\n7,526\n\n\n\n(2,689\n)\n\n\nAmortization of dedesignated cash flow hedge\n\n(5,506\n)\n\n\n(7,808\n)\n\n\nChange in contingent consideration\n\n(15,000\n)\n\n\n288\n\n\n\nOther non-cash adjustments\n\n1,425\n\n\n\n141\n\n\n\nChange in operating assets and liabilities:\n\n\n\n\n\nAccounts receivable\n\n(10,851\n)\n\n\n(9,099\n)\n\n\nInventories\n\n(8,883\n)\n\n\n51,580\n\n\n\nPrepaid expenses and other current assets\n\n2,596\n\n\n\n(6,077\n)\n\n\nOther non-current assets\n\n86\n\n\n\n(393\n)\n\n\nAccounts payable and accrued expenses\n\n5,020\n\n\n\n(15,467\n)\n\n\nOther non-current liabilities\n\n—\n\n\n\n1\n\n\n\nNet cash provided by operating activities\n\n16,416\n\n\n\n44,359\n\n\n\nCASH FLOWS FROM INVESTING ACTIVITIES\n\n\n\n\n\nPurchase of property, plant, and equipment\n\n(10,034\n)\n\n\n(15,678\n)\n\n\nCapitalization of patent costs\n\n(312\n)\n\n\n(373\n)\n\n\nProceeds from sale of property, plant, and equipment\n\n113\n\n\n\n2,925\n\n\n\nNet cash used in investing activities\n\n(10,233\n)\n\n\n(13,126\n)\n\n\nCASH FLOWS FROM FINANCING ACTIVITIES\n\n\n\n\n\nProceeds from line of credit\n\n47,000\n\n\n\n103,100\n\n\n\nRepayments on line of credit\n\n(63,400\n)\n\n\n(161,809\n)\n\n\nRepayments of long-term debt\n\n(188\n)\n\n\n(188\n)\n\n\nPayment of deferred financing costs\n\n(119\n)\n\n\n—\n\n\n\nPrincipal payments on finance lease obligations\n\n(384\n)\n\n\n(386\n)\n\n\nPayments of acquisition related contingent consideration\n\n—\n\n\n\n(12,225\n)\n\n\nTaxes paid related to net share settlement of equity awards\n\n(2,141\n)\n\n\n—\n\n\n\nNet cash used in financing activities\n\n(19,232\n)\n\n\n(71,508\n)\n\n\nNet decrease in cash, cash equivalents and restricted cash\n\n(13,049\n)\n\n\n(40,275\n)\n\n\nCash, cash equivalents and restricted cash at beginning of period\n\n29,921\n\n\n\n51,555\n\n\n\nCASH AND CASH EQUIVALENTS AT END OF PERIOD\n$\n16,872\n\n\n$\n11,280\n\n\n\n\n\n\n\nTRAEGER, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(unaudited)(in thousands)\n\n\n\n\n\n\n\n\n(Continued)\nNine Months Ended September 30,\n\n\n\n\n2024\n\n\n2023\n\n\nSUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:\n\n\n\n\n\nCash paid during the period for interest\n$\n29,643\n\n$\n30,243\n\n\nIncome taxes paid, net of refunds\n$\n1,575\n\n$\n2,449\n\n\nNON-CASH FINANCING AND INVESTING ACTIVITIES\n\n\n\n\n\nEquipment purchased under finance leases\n$\n206\n\n$\n451\n\n\nProperty, plant, and equipment included in accounts payable and accrued expenses\n$\n51\n\n$\n2,152\n\n\n\nTRAEGER, INC.RECONCILIATIONS OF AND OTHER INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES(unaudited)\nIn addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non-GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple periods, identifying trends affecting our business, formulating business plans and making strategic decisions.\nEach of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, Adjusted EBITDA Margin, and Adjusted Net Income (Loss) Margin are key performance measures that our management uses to assess our financial performance and are also used for internal planning and forecasting purposes. We believe that these non-GAAP financial measures are useful to investors and other interested parties in analyzing our financial performance because they provide a comparable overview of our operations across historical periods. In addition, we believe that providing each of Adjusted EBITDA and Adjusted Net Income (Loss), together with a reconciliation of Net Loss to each such measure, and providing Adjusted Net Income (Loss) per share, together with a reconciliation of Net Loss per share to such measure, and Adjusted EBITDA Margin and Adjusted Net Income (Loss) Margin, together with a reconciliation of Net Loss Margin to such measures, helps investors make comparisons between our company and other companies that may have different capital structures, different tax rates, and/or different forms of employee compensation. For example, due to finite-lived intangible assets included on our balance sheet following our corporate reorganization in 2017, we have significant non-cash amortization expense attributable to the nature of our capital structure.\nEach of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, and Adjusted Gross Margin are used by our management team as an additional measure of our performance for purposes of business decision-making, including managing expenditures, and evaluating potential acquisitions. Period-to-period comparisons of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, and Adjusted Gross Margin help our management identify additional trends in our financial results that may not be shown solely by period-to-period comparisons of Net Loss or Loss from Continuing Operations or Net Loss per share. In addition, we may use Adjusted EBITDA in the incentive compensation programs applicable to some of our employees. Each of Adjusted EBITDA, Adjusted Net Income (Loss), Adjusted Net Income (Loss) per share, and Adjusted Gross Margin has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.\nThe following table presents a reconciliation of Net Loss, Net Loss Margin and Net Loss per share, the most directly comparable financial measures calculated in accordance with U.S. GAAP, to Adjusted Net Income (Loss), Adjusted EBITDA, Adjusted EBITDA Margin and Adjusted Net Income (Loss) per share, respectively, on a consolidated basis.\n\n\n\n\nThree Months EndedSeptember 30,\n\nNine Months EndedSeptember 30,\n\n\n\n\n2024\n\n\n\n2023\n\n\n\n2024\n\n\n\n2023\n\n\n\n\n(dollars in thousands, except share and per share amounts)\n\n\nNet loss\n$\n      (19,789\n)   \n\n$\n      (19,261\n)   \n\n$\n      (27,050\n)   \n\n$\n      (60,357\n)   \n\n\nAdjustments:\n\n\n\n\n\n\n\n\n\nOther (income) expense (1)\n\n            2,419\n\n\n\n          (5,644\n)   \n\n\n          (7,131\n)   \n\n\n        (16,302\n)   \n\n\nRestructuring costs (2)\n\n                  —\n\n\n\n                225\n\n\n\n                  —\n\n\n\n                225\n\n\n\nStock-based compensation\n\n            5,901\n\n\n\n            6,201\n\n\n\n          23,064\n\n\n\n          47,180\n\n\n\nNon-routine legal expenses (3)\n\n                  79\n\n\n\n                  —\n\n\n\n            1,782\n\n\n\n                481\n\n\n\nAmortization of acquisition intangibles (4)\n\n            8,246\n\n\n\n            8,253\n\n\n\n          24,756\n\n\n\n          24,762\n\n\n\nChange in fair value of contingent consideration\n\n                  —\n\n\n\n          (2,300\n)   \n\n\n                  —\n\n\n\n                508\n\n\n\nOther adjustment items (5)\n\n                  —\n\n\n\n                  —\n\n\n\n                  —\n\n\n\n                669\n\n\n\nTax impact of adjusting items (6)\n\n          (4,268\n)   \n\n\n          (1,765\n)   \n\n\n        (10,880\n)   \n\n\n        (14,686\n)   \n\n\nAdjusted net income (loss)\n$\n        (7,412\n)   \n\n$\n      (14,291\n)   \n\n$\n          4,541\n\n\n$\n      (17,520\n)   \n\n\n\n\n\n\n\n\n\n\n\n\nNet loss\n$\n      (19,789\n)   \n\n$\n      (19,261\n)   \n\n$\n      (27,050\n)   \n\n$\n      (60,357\n)   \n\n\nAdjustments:\n\n\n\n\n\n\n\n\n\nProvision (benefit) for income taxes\n\n              (137\n)   \n\n\n                852\n\n\n\n                  29\n\n\n\n            1,214\n\n\n\nInterest expense\n\n            8,534\n\n\n\n            7,517\n\n\n\n          25,308\n\n\n\n          23,408\n\n\n\nDepreciation and amortization\n\n          13,885\n\n\n\n          14,433\n\n\n\n          42,076\n\n\n\n          43,275\n\n\n\nOther (income) expense (7)\n\n            3,875\n\n\n\n          (2,978\n)   \n\n\n          (1,625\n)   \n\n\n          (8,494\n)   \n\n\nRestructuring costs (2)\n\n                  —\n\n\n\n                225\n\n\n\n                  —\n\n\n\n                225\n\n\n\nStock-based compensation\n\n            5,901\n\n\n\n            6,201\n\n\n\n          23,064\n\n\n\n          47,180\n\n\n\nNon-routine legal expenses (3)\n\n                  79\n\n\n\n                  —\n\n\n\n            1,782\n\n\n\n                481\n\n\n\nChange in fair value of contingent consideration\n\n                  —\n\n\n\n          (2,300\n)   \n\n\n                  —\n\n\n\n                508\n\n\n\nOther adjustment items (5)\n\n                  —\n\n\n\n                  —\n\n\n\n                  —\n\n\n\n                669\n\n\n\nAdjusted EBITDA\n$\n        12,348\n\n\n$\n          4,689\n\n\n$\n        63,584\n\n\n$\n        48,109\n\n\n\n\n\n\n\n\n\n\n\n\n\nRevenue\n$\n      122,050\n\n\n$\n      117,730\n\n\n$\n      435,435\n\n\n$\n      442,403\n\n\n\nNet loss margin\n\n(16.2\n)%\n\n\n(16.4\n)%\n\n\n(6.2\n)%\n\n\n(13.6\n)%\n\n\nAdjusted net income (loss) margin\n\n(6.1\n)%\n\n\n(12.1\n)%\n\n\n1.0\n%\n\n\n(4.0\n)%\n\n\nAdjusted EBITDA margin\n\n10.1\n%\n\n\n4.0\n%\n\n\n14.6\n%\n\n\n10.9\n%\n\n\n\n\n\n\n\n\n\n\n\n\nNet loss per diluted share\n$\n          (0.15\n)   \n\n$\n          (0.16\n)   \n\n$\n          (0.21\n)   \n\n$\n          (0.49\n)   \n\n\nAdjusted net income (loss) per diluted share\n$\n          (0.06\n)   \n\n$\n          (0.12\n)   \n\n$\n            0.04\n\n\n$\n          (0.14\n)   \n\n\nWeighted average common shares outstanding - diluted\n\n128,291,933\n\n\n\n124,053,643\n\n\n\n126,886,385\n\n\n\n123,265,134\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n \n\n\n\n(1) Represents realized and unrealized gains (losses) on the interest rate swap, including amortization of dedesignated cash flow hedge, losses on the disposal of property, plant, and equipment, as well as unrealized gains (losses) from foreign currency transactions and derivatives.(2) Represents the final costs related to the 2022 restructuring plan.(3) Represents loss contingency and external legal costs incurred in connection with the settlement and defense of a class action lawsuit and intellectual property litigation.(4) Represents the amortization expense associated with intangible assets recorded in connection with the 2017 acquisition of Traeger Pellet Grills Holdings LLC.(5) Represents non-routine operational wind-down costs.(6) Represents the tax effect of non-GAAP adjustments calculated at an estimated blended statutory tax rate of 25.6% for both the three and nine months ended September 30, 2024, respectively, and 26.2% and 25.5% for both the three and nine months ended September 30, 2023. The amounts for the three and nine months ended September 30, 2023 have been adjusted to reflect the application of the estimated blended statutory tax rates, as opposed to effective income tax rates that were used in prior periods, in order to include the current and deferred income tax expenses that are commensurate with the non-GAAP measure of profitability.(7) Represents realized and unrealized gains (losses) on the interest rate swap, losses on the disposal of property, plant, and equipment, as well as unrealized gains (losses) from foreign currency transactions and derivatives.\nView source version on businesswire.com: https://www.businesswire.com/news/home/20241106888047/en/\nContacts\nInvestors:Nick BacchusTraeger, Inc.investor@traeger.com\nMedia:The Brand AmpTraeger@thebrandamp.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.29.2","shortVersion":"4.29.2","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2481954421"}