DEF 14A: Latham Group Sets Date for 2024 Annual Stockholders Meeting, Highlights Strong Fiberglass Pool Performance

Latham Group announces its 2024 Annual Meeting of Stockholders to be held on May 2, 2024, emphasizing its outperformance in U.S. new in-ground pool starts and strategic priorities for the year.

Summary

• Latham Group, Inc. will hold its 2024 Annual Meeting of Stockholders on May 2, 2024, in Saratoga Springs, NY.
• In 2023, Latham's total sales exceeded U.S. new in-ground pool starts by approximately 10 percentage points.
• The company attributes this success to its leadership in fiberglass pools, which are more cost-effective and eco-friendly.
• New product introductions, such as automatic safety covers, also contributed to the company's performance.
• Cost reduction programs and lean manufacturing initiatives have structurally lowered Latham's cost basis.
• Latham ended the year with a record cash position of $102.8 million.
• For 2024, Latham's priorities include driving adoption of fiberglass and automatic safety covers, gaining operating efficiencies, and maintaining a strong balance sheet.
• Stockholders of record as of March 6, 2024, are entitled to vote at the Annual Meeting.
• The proxy materials are available online at www.proxyvote.com.

Sentiment

Score: 8

Explanation: The document conveys a positive outlook with strong performance metrics and strategic priorities, indicating confidence in future growth.

Positives

• Latham's leadership in fiberglass pools has driven consistent share gains.
• The company has successfully implemented cost reduction programs and lean manufacturing initiatives.
• A record cash position of $102.8 million provides substantial financial flexibility.
• New product introductions, such as automatic safety covers, have gained traction.

Future Outlook

Latham aims to increase sales and expand profitability once volumes recover, focusing on fiberglass and safety cover adoption, operating efficiencies, and balance sheet strength in 2024.

Management Comments

• Scott M. Rajeski, President and Chief Executive Officer, and James E. Cline, Chair of the Board, express gratitude for stockholders' ongoing support and interest.
• Management believes Latham is well positioned to increase sales and expand profitability once volumes recover.

Industry Context

Latham's focus on fiberglass pools aligns with a broader industry trend towards more sustainable and efficient pool solutions, giving them a competitive edge.

Comparison to Industry Standards

• Latham's outperformance of U.S. new in-ground pool starts by 10 percentage points suggests a stronger market position compared to competitors like Pool Corporation or Hayward Holdings.
• The company's emphasis on fiberglass pools mirrors the strategies of companies focused on sustainable building materials, such as Trex Company, Inc.

Stakeholder Impact

• Shareholders can expect continued focus on growth and profitability.
• Customers will benefit from innovative and eco-friendly pool solutions.
• Employees can anticipate a stable and efficient work environment.

Next Steps

• Stockholders are encouraged to vote by Internet, telephone, or mail as soon as possible.
• The company will announce alternative arrangements for the Annual Meeting if holding it in person is not possible or advisable.

Key Dates

Keywords

Annual Meeting, Fiberglass Pools, Stockholders, Latham Group, Swimming Pools, Proxy Statement, Financial Performance