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CORRECTING and REPLACING Traeger Announces Second Quarter Fiscal 2023 Results

 

Traeger, Inc. ("Traeger" or the "Company") (NYSE: COOK), creator and category leader of the wood pellet grill, today announced corrections to its press release issued August 2, 2023, announcing the Company’s unaudited financial results for the second quarter ended June 30, 2023. The corrections to the financials presented in the press release are non-cash, and do not change the Company's revenues, Adjusted net income, or Adjusted EBITDA. The corrections do not change the Company’s 2023 revenue or Adjusted EBITDA guidance, and the Company reiterates the guidance it provided in its second quarter earnings release issued on August 2, 2023.

The corrections relate to accounting treatment for the Company’s dedesignation of its interest rate swap which occurred in the first quarter of 2023, in which the Company discontinued cash flow hedge accounting, and result in a decrease in net loss to $30.2 million for the three months ended June 30, 2023 and an increase in net loss to $41.1 million for the six months ended June 30, 2023.

The corrected press release reads:

TRAEGER ANNOUNCES SECOND QUARTER FISCAL 2023 RESULTS

Second Quarter FY 23 Results

  • Total revenues decreased 14.4% to $171.5 million
  • Gross profit margin of 36.9%, up 25 basis points compared to prior year
  • Net loss of $30.2 million compared to net loss of $133.1 million compared to the prior year
  • Adjusted EBITDA of $21.5 million, up from $17.0 million in the prior year
  • 26% sequential reduction in balance sheet inventory driven by strategic inventory management
  • Raises FY 2023 revenue and Adjusted EBITDA guidance

Operating Results for the Second Quarter

Total revenue decreased by 14.4% to $171.5 million, compared to $200.3 million in the second quarter last year.

  • Grills decreased 20.9% to $93.1 million as compared to the second quarter last year. The decrease was primarily driven by lower average selling prices in addition to decreased unit volumes.
  • Consumables decreased 17.1% to $34.9 million as compared to the second quarter last year. The decrease was driven by lower unit volumes in addition to decreased average selling prices.
  • Accessories increased 7.4% to $43.5 million as compared to the second quarter last year. This increase was driven primarily by increased average selling prices for Traeger branded accessories and increased revenue due to sales of MEATER smart thermometers.

North America revenue declined 15.6% in the second quarter compared to the prior year. Rest of World revenues increased 3.0% in the second quarter compared to the prior year.

Gross profit decreased to $63.3 million, compared to $73.4 million in the second quarter last year. Gross profit margin was 36.9% in the second quarter, compared to 36.7% in the same period last year. The increase in gross margin was driven primarily by favorability from freight costs and foreign exchange rates, offset by increased dilution.

Sales and marketing expenses were $27.9 million, compared to $42.1 million in the second quarter last year. The decrease in sales and marketing expense was driven by reduced investments in advertising costs and lower costs for commissions and travel related expenses.

General and administrative expenses were $52.4 million, compared to $31.4 million in the second quarter last year. The increase in general and administrative expense was driven by higher equity-based compensation expense of $32.1 million primarily due to the cancellation of the unearned CEO and initial public offering performance-based restricted stock units, as well as higher costs for professional fees. The increases were partially offset by lower employee related costs.

Net loss was $30.2 million in the second quarter, or a loss of $0.25 per diluted share, as compared to net loss of $133.1 million in the second quarter of last year, or a loss of $1.13 per diluted share.1

Adjusted net income was $4.3 million, or $0.04 per diluted share as compared to adjusted net income of $3.9 million, or $0.03 per diluted share in the second quarter last year.2

Adjusted EBITDA was $21.5 million in the second quarter as compared to $17.0 million in the same period last year.2

1 There were no potentially dilutive securities outstanding as of June 30, 2023 and 2022.

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.

Balance Sheet

Cash and cash equivalents at the end of the second quarter totaled $14.5 million, compared to $39.1 million at December 31, 2022.

Inventory at the end of the second quarter was $97.8 million, compared to $153.5 million at December 31, 2022. The decrease in inventory was driven primarily by strategic inventory management.

Guidance For Full Year Fiscal 2023

The Company is increasing its total revenue and Adjusted EBITDA guidance for Fiscal 2023. The Company's updated outlook reflects better than anticipated results in the first half of the year and expected growth in revenue and EBITDA in the second half of the year.

  • Total revenue is expected to be between $585 million and $600 million
  • Gross Margin is expected to be between 36% and 37%
  • Adjusted EBITDA is expected to be between $55 million and $59 million

A 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 for income taxes, interest expense, depreciation and amortization, other (income) expense, stock-based compensation, goodwill impairment, non-routine legal expenses, change in fair value of contingent consideration, and other adjustment items all of which are adjustments to Adjusted EBITDA.

About Traeger

Traeger, 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.

Forward-Looking Statements

This 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 2023 results. 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 the 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, 2022, as updated by Part II, Item 1A. "Risk Factors" our Quarterly Report on Form 10-Q for the period ended June 30, 2023. 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.

TRAEGER, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands, except share and per share amounts)

 

 

 

 

June 30,

2023

 

December 31,

2022

 

(unaudited)

 

 

ASSETS

 

 

 

Current Assets

 

 

 

Cash and cash equivalents

$

14,496

 

 

$

39,055

 

Restricted cash

 

 

 

 

12,500

 

Accounts receivable, net

 

83,290

 

 

 

42,050

 

Inventories

 

97,803

 

 

 

153,471

 

Prepaid expenses and other current assets

 

29,842

 

 

 

27,162

 

Total current assets

 

225,431

 

 

 

274,238

 

Property, plant, and equipment, net

 

52,274

 

 

 

55,510

 

Operating lease right-of-use assets

 

11,284

 

 

 

13,854

 

Goodwill

 

74,725

 

 

 

74,725

 

Intangible assets, net

 

491,700

 

 

 

512,858

 

Other non-current assets

 

14,231

 

 

 

15,530

 

Total assets

$

869,645

 

 

$

946,715

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

Current Liabilities

 

 

 

Accounts payable

$

18,563

 

 

$

29,841

 

Accrued expenses

 

49,094

 

 

 

52,295

 

Line of credit

 

40,000

 

 

 

11,709

 

Current portion of notes payable

 

250

 

 

 

250

 

Current portion of operating lease liabilities

 

4,109

 

 

 

5,185

 

Current portion of contingent consideration

 

13,110

 

 

 

12,157

 

Other current liabilities

 

2,143

 

 

 

1,470

 

Total current liabilities

 

127,269

 

 

 

112,907

 

Notes payable, net of current portion

 

396,722

 

 

 

468,108

 

Operating leases liabilities, net of current portion

 

7,470

 

 

 

9,001

 

Contingent consideration, net of current portion

 

 

 

 

10,590

 

Deferred tax liability

 

10,378

 

 

 

10,370

 

Other non-current liabilities

 

281

 

 

 

870

 

Total liabilities

 

542,120

 

 

 

611,846

 

Commitments and contingencies—See Note 10

 

 

 

Stockholders' equity:

 

 

 

Preferred stock, $0.0001 par value; 25,000,000 shares authorized and no shares issued or outstanding as of June 30, 2023 and December 31, 2022

 

 

 

 

 

Common stock, $0.0001 par value; 1,000,000,000 shares authorized

 

 

 

Issued and outstanding shares - 123,960,782 and 122,624,414 as of June 30, 2023 and December 31, 2022

 

12

 

 

 

12

 

Additional paid-in capital

 

923,048

 

 

 

882,069

 

Accumulated deficit

 

(611,571

)

 

 

(570,475

)

Accumulated other comprehensive income

 

16,036

 

 

 

23,263

 

Total stockholders' equity

 

327,525

 

 

 

334,869

 

Total liabilities and stockholders' equity

$

869,645

 

 

$

946,715

 

TRAEGER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(unaudited)

(in thousands, except share and per share amounts)

 

Three Months Ended June 30,

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

Revenue

$

171,512

 

 

$

200,270

 

 

$

324,673

 

 

$

423,980

 

Cost of revenue

 

108,181

 

 

 

126,829

 

 

 

205,919

 

 

 

267,895

 

Gross profit

 

63,331

 

 

 

73,441

 

 

 

118,754

 

 

 

156,085

 

Operating expenses:

 

 

 

 

 

 

 

Sales and marketing

 

27,915

 

 

 

42,051

 

 

 

49,990

 

 

 

76,905

 

General and administrative

 

52,371

 

 

 

31,436

 

 

 

79,050

 

 

 

72,152

 

Amortization of intangible assets

 

8,888

 

 

 

8,888

 

 

 

17,777

 

 

 

17,777

 

Change in fair value of contingent consideration

 

1,765

 

 

 

255

 

 

 

2,808

 

 

 

1,955

 

Goodwill impairment

 

 

 

 

111,485

 

 

 

 

 

 

111,485

 

Total operating expense

 

90,939

 

 

 

194,115

 

 

 

149,625

 

 

 

280,274

 

Loss from operations

 

(27,608

)

 

 

(120,674

)

 

 

(30,871

)

 

 

(124,189

)

Other income (expense):

 

 

 

 

 

 

 

Interest expense

 

(7,810

)

 

 

(7,064

)

 

 

(15,891

)

 

 

(12,901

)

Other income (expense), net

 

5,450

 

 

 

(5,350

)

 

 

6,028

 

 

 

(4,806

)

Total other expense

 

(2,360

)

 

 

(12,414

)

 

 

(9,863

)

 

 

(17,707

)

Loss before provision for income taxes

 

(29,968

)

 

 

(133,088

)

 

 

(40,734

)

 

 

(141,896

)

Provision for income taxes

 

198

 

 

 

46

 

 

 

362

 

 

 

198

 

Net loss

$

(30,166

)

 

$

(133,134

)

 

$

(41,096

)

 

$

(142,094

)

Net loss per share, basic and diluted

$

(0.25

)

 

$

(1.13

)

 

$

(0.33

)

 

$

(1.20

)

Weighted average common shares outstanding, basic and diluted

 

123,027,759

 

 

 

118,211,168

 

 

 

122,864,345

 

 

 

118,051,090

 

Other comprehensive income (loss):

 

 

 

 

 

 

 

Foreign currency translation adjustments

$

35

 

 

$

12

 

 

$

3

 

 

$

9

 

Change in cash flow hedge

 

 

 

 

5,735

 

 

 

(2,088

)

 

 

12,324

 

Amortization of dedesignated cash flow

 

(2,769

)

 

 

 

 

 

(5,142

)

 

 

 

Total other comprehensive income (loss)

 

(2,734

)

 

 

5,747

 

 

 

(7,227

)

 

 

12,333

 

Comprehensive loss

$

(32,900

)

 

$

(127,387

)

 

$

(48,323

)

 

$

(129,761

)

TRAEGER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

Six Months Ended June 30,

 

 

2023

 

 

 

2022

 

CASH FLOWS FROM OPERATING ACTIVITIES

 

 

Net loss

$

(41,096

)

 

$

(142,094

)

Adjustments to reconcile net loss to net cash provided by (used in) operating activities:

 

 

 

Depreciation of property, plant and equipment

 

7,462

 

 

 

6,023

 

Amortization of intangible assets

 

21,378

 

 

 

21,337

 

Amortization of deferred financing costs

 

1,026

 

 

 

979

 

Loss on disposal of property, plant and equipment

 

1,689

 

 

 

1,176

 

Stock-based compensation expense

 

40,979

 

 

 

27,434

 

Bad debt expense

 

189

 

 

 

(127

)

Unrealized loss (gain) on derivative contracts

 

(2,066

)

 

 

2,864

 

Amortization of dedesignated cash flow hedge

 

(5,142

)

 

 

 

Change in fair value of contingent consideration

 

2,588

 

 

 

(1,325

)

Goodwill impairment

 

 

 

 

111,485

 

Other non-cash adjustments

 

(17

)

 

 

 

Change in operating assets and liabilities:

 

 

 

Accounts receivable

 

(40,979

)

 

 

(18,709

)

Inventories, net

 

55,668

 

 

 

(17,781

)

Prepaid expenses and other current assets

 

(1,074

)

 

 

(2,394

)

Other non-current assets

 

(13

)

 

 

23

 

Accounts payable and accrued expenses

 

(14,154

)

 

 

(18,954

)

Other non-current liabilities

 

(582

)

 

 

13

 

Net cash provided by (used in) operating activities

 

25,856

 

 

 

(30,050

)

CASH FLOWS FROM INVESTING ACTIVITIES

 

 

 

Purchase of property, plant, and equipment

 

(8,854

)

 

 

(12,422

)

Capitalization of patent costs

 

(223

)

 

 

(305

)

Proceeds from sale of property, plant, and equipment

 

2,450

 

 

 

 

Net cash used in investing activities

 

(6,627

)

 

 

(12,727

)

CASH FLOWS FROM FINANCING ACTIVITIES

 

 

 

Proceeds from line of credit

 

86,500

 

 

 

110,600

 

Repayments on line of credit

 

(130,209

)

 

 

(73,927

)

Proceeds from long-term debt

 

 

 

 

12,500

 

Repayments of long-term debt

 

(103

)

 

 

 

Principal payments on capital lease obligations

 

(251

)

 

 

(217

)

Payment of acquisition related contingent consideration

 

(12,225

)

 

 

(9,275

)

Taxes paid related to net share settlement of equity awards

 

 

 

 

(41

)

Net cash provided by (used in) financing activities

 

(56,288

)

 

 

39,640

 

Net decrease in cash, cash equivalents and restricted cash

 

(37,059

)

 

 

(3,137

)

Cash, cash equivalents and restricted cash at beginning of period

 

51,555

 

 

 

16,740

 

CASH AND CASH EQUIVALENTS AT END OF PERIOD

$

14,496

 

 

$

13,603

 

TRAEGER, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(unaudited)

(in thousands)

 

 

 

 

(Continued)

Six Months Ended June 30,

 

 

2023

 

 

2022

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

Cash paid during the period for interest

$

20,487

 

$

11,781

Cash paid for income taxes

$

1,576

 

$

1,988

NON-CASH FINANCING AND INVESTING ACTIVITIES

 

 

 

Equipment purchased under finance leases

$

383

 

$

344

Property, plant, and equipment included in accounts payable and accrued expenses

$

1,813

 

$

8,736

TRAEGER, INC.

RECONCILIATIONS OF AND OTHER INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES

(unaudited)

In 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.

Each of Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per share, Adjusted EBITDA Margin, and Adjusted Net Income Margin are key performance measures that our management uses to assess our financial performance and is 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 it provides a comparable overview of our operations across historical periods. In addition, we believe that providing each of Adjusted EBITDA and Adjusted Net Income, together with a reconciliation of Net Loss to each such measure, and providing Adjusted Net Income per share, together with a reconciliation of Net Loss per share to such measure, and Adjusted EBITDA Margin and Adjusted Net Income 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.

Each of Adjusted EBITDA, Adjusted Net Income, and Adjusted Net Income per share 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, and Adjusted Net Income per share 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, and Adjusted Net Income per share has inherent limitations because of the excluded items, and may not be directly comparable to similarly titled metrics used by other companies.

The 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, Adjusted EBITDA, Adjusted EBITDA Margin, Adjusted Net Income Margin and Adjusted Net Income per share, respectively, on a consolidated basis.

 

Three Months Ended

June 30,

 

Six Months Ended

June 30,

 

 

2023

 

 

 

2022

 

 

 

2023

 

 

 

2022

 

 

(dollars in thousands, except share and per share amounts)

Net loss

$

(30,166

)

 

$

(133,134

)

 

$

(41,096

)

 

$

(142,094

)

Adjustments:

 

 

 

 

 

 

 

Other (income) expense (1)

 

(9,298

)

 

 

3,401

 

 

 

(10,658

)

 

 

4,075

 

Goodwill impairment

 

 

 

 

111,485

 

 

 

 

 

 

111,485

 

Stock-based compensation

 

33,036

 

 

 

11,951

 

 

 

40,979

 

 

 

27,434

 

Non-routine legal expenses (2)

 

248

 

 

 

1,051

 

 

 

481

 

 

 

2,969

 

Amortization of acquisition intangibles (3)

 

8,253

 

 

 

8,253

 

 

 

16,507

 

 

 

16,507

 

Change in fair value of contingent consideration

 

1,765

 

 

 

255

 

 

 

2,808

 

 

 

1,955

 

Other adjustment items (4)

 

526

 

 

 

668

 

 

 

669

 

 

 

1,081

 

Tax impact of adjusting items (5)

 

(46

)

 

 

 

 

 

106

 

 

 

 

Adjusted net income

$

4,318

 

 

$

3,930

 

 

$

9,796

 

 

$

23,412

 

 

 

 

 

 

 

 

 

Net loss

$

(30,166

)

 

$

(133,134

)

 

$

(41,096

)

 

$

(142,094

)

Adjustments:

 

 

 

 

 

 

 

Provision for income taxes

 

198

 

 

 

46

 

 

 

362

 

 

 

198

 

Interest expense

 

7,810

 

 

 

7,064

 

 

 

15,891

 

 

 

12,901

 

Depreciation and amortization

 

14,587

 

 

 

14,242

 

 

 

28,841

 

 

 

27,419

 

Other (income) expense (6)

 

(6,529

)

 

 

3,401

 

 

 

(5,516

)

 

 

4,075

 

Goodwill impairment

 

 

 

 

111,485

 

 

 

 

 

 

111,485

 

Stock-based compensation

 

33,036

 

 

 

11,951

 

 

 

40,979

 

 

 

27,434

 

Non-routine legal expenses (2)

 

248

 

 

 

1,051

 

 

 

481

 

 

 

2,969

 

Change in fair value of contingent consideration

 

1,765

 

 

 

255

 

 

 

2,808

 

 

 

1,955

 

Other adjustment items (4)

 

526

 

 

 

668

 

 

 

669

 

 

 

1,081

 

Adjusted EBITDA

$

21,475

 

 

$

17,029

 

 

$

43,419

 

 

$

47,423

 

 

 

 

 

 

 

 

 

Revenue

$

171,512

 

 

$

200,270

 

 

$

324,673

 

 

$

423,980

 

Net loss margin

 

(17.6

)%

 

 

(66.5

)%

 

 

(12.7

)%

 

 

(33.5

)%

Adjusted net income margin

 

2.5

%

 

 

2.0

%

 

 

3.0

%

 

 

5.5

%

Adjusted EBITDA margin

 

12.5

%

 

 

8.5

%

 

 

13.4

%

 

 

11.2

%

 

 

 

 

 

 

 

 

Net loss per diluted share

$

(0.25

)

 

$

(1.13

)

 

$

(0.33

)

 

$

(1.20

)

Adjusted net income per diluted share

$

0.04

 

 

$

0.03

 

 

$

0.08

 

 

$

0.20

 

Weighted average common shares outstanding - diluted

 

123,027,759

 

 

 

118,211,168

 

 

 

122,864,345

 

 

 

118,051,090

 

  1. Represents realized and unrealized gains on the interest rate swap, including amortization of dedesignated cash flow hedge, losses on the disposal of property, plant, and equipment, and unrealized gains (losses) from foreign currency transactions and derivatives.
  2. Represents external legal expenses for litigation, patent and trademark defense.
  3. Represents the amortization expense associated with intangible assets recorded in connection with the 2017 acquisition of Traeger Pellet Grills Holdings LLC.
  4. Represents non-routine operational wind-down costs, non-cash ground lease expense associated with a build-to-suit lease in 2022, as well as write-offs and restoration costs at our wood pellet production facility due to flood damage sustained as a result of a tropical storm.
  5. Represents an adjusted tax rate equal to our annual estimated tax rate on Adjusted Net Income. This rate is based on our estimated annual GAAP income (loss) tax rate forecast, adjusted to account for items excluded from GAAP income (loss) in calculating the non-GAAP financial measures presented above. Due to the differences in the tax treatment of items excluded from non-GAAP earnings, as well as the methodology applied to our estimated annual tax rates, our estimated tax rate on Adjusted Net Income may differ from our GAAP tax rate and from our actual tax liabilities.
  6. Represents realized and unrealized gains on the interest rate swap, losses on the disposal of property, plant, and equipment, and unrealized gains (losses) from foreign currency transactions and derivatives.

 

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