Hayward Holdings Inc
For the period ended Dec 31, 2023. Filed Feb 29, 2024.
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FY2023 · Filed Feb 29, 2024
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Item 8. Consolidated Statements of Cash Flows
| Years Ended December 31, | |||
|---|---|---|---|
| 2023 | 2022 | 2021 | |
| Cash flows from operating activities | |||
| Net income | $80,687 | $179,347 | $203,725 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation | 15,983 | 19,246 | 18,826 |
| Amortization of intangible assets | 37,079 | 38,393 | 38,990 |
| Amortization of deferred debt issuance fees | 4,696 | 3,271 | 4,005 |
| Stock-based compensation | 9,165 | 7,948 | 15,005 |
| Deferred income taxes | (12,786) | (5,345) | (15,314) |
| Allowance for bad debts | (1,067) | 1,934 | 644 |
| Loss on debt extinguishment | — | — | 9,418 |
| Loss on impairment | 6,720 | — | 6,319 |
| Loss on sale of property, plant and equipment | 1,000 | 6,128 | 4,219 |
| Changes in operating assets and liabilities | |||
| Accounts receivable | (58,700) | (3,409) | (70,115) |
| Inventories | 67,824 | (35,117) | (89,660) |
| Other current and non-current assets | 24,820 | (40,197) | (17,161) |
| Accounts payable | 14,551 | (36,773) | 18,365 |
| Accrued expenses and other liabilities | (5,432) | (19,482) | 62,121 |
| Net cash provided by operating activities | 184,540 | 115,944 | 189,387 |
| Cash flows from investing activities | |||
| Purchases of property, plant, and equipment | (30,994) | (29,625) | (26,222) |
| Purchases of short-term investments | (25,000) | — | — |
| Purchases of intangibles | — | — | (914) |
| Acquisitions, net of cash acquired | — | (62,952) | (21,509) |
| Proceeds from sale of property, plant, and equipment | 613 | 4 | 25 |
| Cash paid for settlements of investment currency hedge | — | — | (157) |
| Net cash used in investing activities | (55,381) | (92,573) | (48,777) |
| Cash flows from financing activities | |||
| Proceeds from issuance of common stock - Initial Public Offering | — | — | 377,400 |
| Costs associated with Initial Public Offering | — | — | (26,124) |
| Purchases of common stock for treasury | (340) | (343,349) | (9,524) |
| Proceeds from issuance of long-term debt | 5,448 | 129,725 | 51,659 |
| Debt issuance costs | — | (8,547) | (12,551) |
| Payments of long-term debt | (12,518) | (10,445) | (369,644) |
| Proceeds from revolving credit facility | 144,100 | 150,000 | 68,000 |
| Payments on revolving credit facility | (144,100) | (150,000) | (68,000) |
| Proceeds from issuance of short term debt | 6,130 | 8,119 | — |
| Payments of short term debt | (6,894) | (5,063) | — |
| Other, net | 562 | 320 | (259) |
| Net cash (used in) provided by financing activities | (7,612) | (229,240) | 10,957 |
| Effect of exchange rate changes on cash and cash equivalents | 373 | (3,750) | (1,065) |
| Change in cash and cash equivalents | 121,920 | (209,619) | 150,502 |
|---|---|---|---|
| Cash and cash equivalents, beginning of year | 56,177 | 265,796 | 115,294 |
| Cash and cash equivalents, end of year | $178,097 | $56,177 | $265,796 |
| Supplemental disclosures of cash flow information: | |||
| Cash paid-interest | $75,658 | $51,499 | $46,763 |
| Cash paid-income taxes | 16,420 | 99,395 | 62,467 |
| Equipment financed under finance leases | (21) | 1,603 | — |
Notes to Consolidated Financial Statements
Note 1. Nature of Operations and Organization
Hayward Holdings, Inc. (the “Company”) is a global designer, manufacturer, and marketer of a broad portfolio of pool equipment and associated automation systems. The Company hassix primary manufacturing facilities worldwide, which are located in North Carolina, Tennessee, Rhode Island, Spain (two) and China, and other facilities in the United States, Canada, France, Spain and Australia. Cash flow is impacted by the seasonality of the swimming pool business. Cash flow is usually higher in the second and third quarters due to the terms of sale to customers.
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