附件99.3
SharkNinja报告2024年第三季度成果
关注Fis2024财年 关键指标的展望
2024年10月31日，马萨诸塞州尼达姆市 全球产品设计和科技公司SharkNinja，Inc.（“SharkNinja”或“公司”）（纽交所：SN）今天宣布截至2024年9月30日的第三季度财务业绩。
2024年第三季度的亮点与2023年第三季度相比
•净销售额增长33.2%，至142660万美元，调整后的净销售额增长34.9%。 至142660万美元。
•毛利率和调整后的毛利率分别增加了320和160个基点。
•净利润增长606.8%至13230万美元。调整后的净利润增长28.2%至17050万美元。
•调整后的EBITDA增加了25.7%，达到26240万美元，占调整后净销售额的18.4%。
首席执行官马克·巴罗卡斯表示：“SharkNinja交付了又一个出色的季度销售额和利润表现，展示了我们三支柱增长策略持续成功的证明。我们强大的创新管道、无与伦比的消费者洞察力以及强劲的需求创造引擎正推动我们的产品组合实现强劲的两位数增长，使我们在现有类别中获得份额，进入新类别并全球扩张。随着我们进入假日季节，尽管全球运营环境持续面临挑战，我们对业务发展的势头感到满意。我们对自己在我们庞大且不断增长的可寻址市场中不断增加份额的能力充满信心，坚信我们可以实现可持续的长期盈利增长。”
2024年9月30日止三个月
净销售额增加33.2％至142660万美元，而去年同期为107060万美元。调整后的净销售额增加34.9％至142660万美元，而去年同期为105740万美元，根据不变货币计算，增长率为33.9％。净销售额和调整后的净销售额的增加源于我们的四大主要产品类别的增长，包括食品制备器具、烹饪和饮料器具、清洁器具及其他（其中包括美容和家居环境产品）。
•清洁设备的净销售额增加了7810万美元，或17.4%，至52750万美元，相比去年同期的44930万美元。清洁设备的调整后净销售额从44250万美元增加至52750万美元，增长了8500万美元，增幅为19.2%，主要受地毯抽提器和无绳吸尘器子类的推动。
•厨房和饮料电器的净销售额增加了7210万美元，或21.3%，至41150万美元，而去年同期为33930万美元。经调整的厨房和饮料电器净销售额从33810万美元增加了7330万美元，或21.7%，从33810万美元增加到41150万美元，受欧洲增长和热烹饪领域持续势头的推动。
•食品制备器械的净销售额增加了$15540万，或73.5%，至$36680万，而在去年同期为$21150万。食品制备器械的调整净销售额从$20930万增加了$15750万，或75.2%，至$36680万，这得益于我们冰淇淋制造机的强劲销售以及冷冻饮料器械的推出。
•其他类别的净销售额增加了5030万美元，或71.4％，达到12080万美元，而去年同期为7050万美元。其他类别的调整后净销售额增加了5340万美元，或79.1％，从6750万美元增至12080万美元，主要受到个人护理产品和空气净化器的推动。 主要受到个人护理产品和空气净化器销售强劲的推动。
毛利润增加42.6%，达到69500万美元，占净销售额的48.7%，而2023年第三季度为48750万美元，占净销售额的45.5%。调整后的毛利润增加39.4%，达到70460万美元，占调整后净销售额的49.4%，而2023年第三季度为50550万美元，占调整后净销售额的47.8%。毛利率和调整后的毛利率分别增加了320个基点和160个基点，分别来自于我们供应链、采购和成本策略的优化以及汇率期货的益处，部分抵消了关税的影响。
研发支出增加了56.2％，达到9480万元，占净销售额的6.6％，而上年同期为6070万元，占净销售额的5.7％。这一增长主要是由于为支持新产品类别和新市场扩展而发生的增加人员相关开支1270万元。整体增长还受到原型和测试成本880万元的增加，专业和咨询费用增加450万元以及折旧和摊销费用增加450万元的影响。
销售和营销支出增加了44.9%，达到30080万美元，占净销售额的21.1%，相比之下，去年同期为20760万美元，占净销售额的19.4%。这一增长主要归因于广告相关支出增加了4210万美元；交付和分销成本增加了3340万美元，受到销量增加的推动，特别是在我们的直销消费业务中；人员相关费用增加了1450万美元，以支持新产品推出和拓展新市场；专业和咨询费用增加了540万美元；而折旧和摊销费用减少了440万美元。
一般和行政费用下降了4.5%，达到11910万美元，占净销售额的8.3%，而去年同期为12470万美元，占净销售额的11.6%。这种减少主要是由于在去年同期产生的与JS Global分离和分配相关的交易成本，为4150万美元。这种减少被增加的合法费用抵消，包括涉及某些专利侵权索赔的1350万美元法律解决储备以及390万美元的专业和咨询费增加。
营业利润增长90.7%，达到18030万美元，占净销售额的12.6%，相比之下，去年同期为9450万美元，占净销售额的8.8%。调整后的营业利润增长25.0%，达到23750万美元，占调整后净销售额的16.7%，相比之下，2023年第三季度为19010万美元，占调整后净销售额的18.0%。
净利润增加了606.8%，达到13230万美元，占净销售额的9.3%，而上年同期为1870万美元，占净销售额的1.7%。每股摊薄净利润增加了623.1%，达到0.94美元，而上年同期为0.13美元。
调整后的净利润增长了28.2%，达到了$17050万，占调整后净销售额的11.9%，而上一年同期为$13300万，占调整后净销售额的12.6%。每股调整后的净利润增长了27.4%，达到$1.21，而上一年同期为$0.95。
调整后的EBITDA增长了25.7%，达到26240万美元，占调整后净销售额的18.4%，而上年同期为20870万美元，占调整后净销售额的19.7%。
2024年9月30日止九个月
净销售额增长了30.1%，达到374150万美元，而去年同期为287620万美元。调整后的净销售额增长了33.7%，达到374150万美元，而去年同期为279870万美元，按不变的货币基础计算，增长了32.6%。净销售额和调整后的净销售额的增加源自于我们四个主要产品类别的增长，包括食品制备器具、烹饪和饮料器具、清洁器具以及其他产品，其中包括美容和家居环境产品。
•清洁用品净销售额增加了137.5百万美元，或10.8％，达到141550万美元，与去年同期的127800万美元相比。清洁用品调整后净销售额从122860万美元增加了18690万美元，或15.2％，达到141550百万美元，主要受地毯挤压器和机器人等子类别的推动。
•烹饪及饮料电器产品的净销售额增加了18130万美元，或19.3%，达到112040万美元，而去年同期为93910万美元。烹饪及饮料电器产品的调整后净销售额从93290万美元增加了18750万美元，或20.1%，达到112040万美元，主要受欧洲市场增长的推动。全球增长受到户外烧烤炉和户外烤箱在美国和欧洲市场的成功支持。
•食品制备电器的净销售额增加了36410万美元，或77.0%，至83680万美元，相比去年同期的47270万美元有所提高。食品制备电器的调整后净销售额从46440万美元增加了37240万美元，或80.2%，达到83680万美元，这是因为我们的冰淇淋制造机和迷你搅拌机销售强劲，特别是我们的便携式搅拌机。
•其他类别的净销售额增加了18230万美元，增长了97.8%，至36880万美元，相较于去年同期的18650万美元。其他类别的调整后净销售额增加了19600万美元，增长了113.5%，从17280万美元增至3.688亿美元，主要是由于护发产品、我们的FlexBreeze风扇和空气清净机的销售强劲。
毛利润增加41.8%，达到182250万美元，占净销售额的48.7%，相比之下去年同期为128500万美元，占净销售额的44.7%。调整后的毛利润增加42.5%，达到186040万美元，占调整后净销售额的49.7%，相比之下去年同期为130590万美元，占调整后净销售额的46.7%。毛利率和调整后的毛利率增加400和300个基点，部分来自我们供应链、采购和成本策略，区域型扩张，以及汇率期货带来的好处。
研究和发展费用增加了41.0%，至$25450万，占营收的6.8%，相较于去年同期的$18040万，占营收的6.3%。这主要是因为员工相关费用增加 $3340万，主要是由于增加了新产品类别和新市场扩展所需的人手，其中包括 $360万的股份报酬增加。增加的其余部分主要是由产品原型和测试成本增加 $2040万，专业和咨询费用增加 $1290万以支持业务整体增长，旅行成本增加 $320万，消费者洞察计划增加 $300万。
销售和营销费用增加了44.1%，达到81860万美元，占净销售额的21.9%，较去年同期的56800万美元，占净销售额的19.7%，有所增加。这主要是由于广告相关费用增加了12750万；送货和配送成本增加了7910万，主要是由于销量增加，特别是在我们的DTC业务中；人事相关费用增加了3890万，以支持新产品推出和进入新市场，其中包括510万美元的增量股份偿酬；旅行费用增加了400万；专业和咨询费用增加了890万；而折旧和摊销费用减少了750万。
总务及行政支出增加17.7%至31040万美元，占净销售额的8.3%，较去年同期的26370万美元，占净销售额的9.2%。此增长主要是由于法律费用增加4490万美元，包括与某些专利侵权索赔相关的1350万美元法律和解准备金的增加；人员相关费用增加3250万美元，包括股份报酬增加1420万 股份报酬增加；专业和咨询费用增加1730万美元；科技支援成本增加1190万美元；信用卡处理和商户费用增加900万美元；产品责任和保险费用增加480万美元；折旧和摊提增加340万美元；抵消了与JS Global分家和次级上市相关的交易成本减少7650万美元。
营业收入增长60.9%，达到43900万美元，占净销售额的11.7%，相较于去年同期的27280万美元，占净销售额的9.5%。调整后的营业收入增长33.1%，达到58300万美元，占调整后净销售额的15.6%，相较于去年同期的43810万美元，占调整后净销售额的15.7%。
净利润增加了163.3%，达到31000万美元，占净销售额的8.3%，相比去年同期的11780万美元，占净销售额的4.1%。每股摊薄净利润增加了158.8%，达到2.20美元，而去年同期为0.85美元。
调整后的净利润增加了32.0%，达到41860万美元，相当于调整后销售净额的11.2%，而去年同期为31710万美元，相当于调整后销售净额的11.3%。每股调整后的净利润增加了30.3%，达到2.97美元，而去年同期为2.28美元。
调整后的EBITDA增长32.0%，达到66060万美元，占调整后净销售额的17.7％，而上一年同期的调整后净销售额为50040万美元，占17.9％。
资产负债表和现金流量概况
现金及现金等价物减少至12790万元美元，而截至2023年12月31日为15410万元美元。
库存增长53.8%，达1,076.2百万美元，比2023年12月31日的699.7百万美元增加。
总债务，不包括未摊销的延期融资成本，为96480万美元，与2023年12月31日的80490万美元相比。现有的信贷额度包括81000万美元的贷款和50000万美元的循环信贷额度，截至2024年9月30日的可用余额为31590万美元。
2024财年展望
对于2024财年，SharkNinja提高了关键指标的展望，现在预计：
•净销售额预计较之前预期增加25%至26% 至22%
•调整后的净销售额预计较之前预期的22%至24%增加27%至28%。
•每股调整后的净利润在4.13美元到4.24美元之间，增长28%至32%，与之前预期的4.05美元到4.21美元，增长26%至31%相比。
•调整后的EBITDA为92500万至94500万美元，比先前预期的91000万至94000万美元增加了29%至31%，增长了26%至31%。
•约24%至25%的美国通用会计准则有效税率。
•稀释加权平均每股股数约为14100万。
•资本支出为16000万美元至18000万美元，主要用于支持新产品推出、科技和工具的增量投资，以支持我司在中国以外地区的采购多元化。
电话会议详情
定于2024年10月31日（东部时间上午8:30）举行讨论2024年第三季度财务业绩的电话会议。可在线观看电话会议直播，请访问http://ir.sharkninja.com。有兴趣参加直播电话的投资者和分析师请拨打1-833-470-1428或1-404-975-4839，然后输入确认代码930420。网络直播将被存档，并可供回放。
关于SharkNinja
SharkNinja是家居用品行业的创新领导者，是国际知名品牌Shark和Ninja的创始者。SharkNinja提供最新易用的创新技术，拥有日益增长的Shark清洁和家庭护理产品系列以及Ninja厨房电器系列。产品在全球主要零售商和经销商销售。Ninja和Shark是SharkNinja Operating LLC的注册商标。SharkNinja是JS Global Lifestyle Company Limited(香港：1691)的子公司，JS Global Lifestyle Company Limited是小型家用电器创新领先者。
SharkNinja是一家全球产品设计和科技公司，拥有多样化的五星级生活解决方案组合，积极影响着全球家庭生活。作为两个值得信赖的全球品牌Shark和Ninja的推动下，该公司拥有将颠覆性创新引入市场的成功记录，并不断开发一款可以让消费者受益的产品让SharkNinja得以进入多个产品领域，推动了显著的增长和市场份额的提升。总部位于马萨诸塞州尼德姆镇，拥有超过3300名员工，该公司的产品在全球各地的重要零售商处以及线上线下销售，并通过分销商销售。欲了解更多信息，请访问SharkNinja.com。
前瞻性声明
本新闻稿中包括的关于未来表现和结果、预期、规划、策略、重点、承诺和其他声明（包括与我们社会、环境和其他可持续性目标有关的声明）的非历史事实的前瞻性声明，是根据美国联邦证券法的定义而作出的前瞻性声明。本新闻稿中关于我们环境和其他可持续性计划和目标的前瞻性声明以及其他声明并不意味着这些声明对于投资者、我们的业务、运营结果、财务状况、前景或策略、对我们在可持续发展事项上的影响或其他当事方来说均是重要的，或者必须披露在我们向证券交易委员会（“SEC”）或其他监管机构的备案中。此外，历史、现有及未来涉及社会、环境和可持续性的相关声明可能是基于仍在发展的衡量进展的标准、不断演变的内部控制和流程以及假设，在将来可能会发生变化。前瞻性声明基于当前的信仰、期望和假设，并受到可能导致实际结果与前瞻性声明有实质性差异的重大风险、不确定性和情况变化的影响。
本新闻稿包含根据1995年《私人证券诉讼改革法案》意义上的“前瞻性声明”。这些前瞻性声明反映了我们关于未来事件、未来业务、财务状况、经营结果和前景以及2024财年展望的当前观点。这些声明通常是通过诸如“可能”、“应该”、“可能”、“预测”、“潜在”、“相信”、“可能会导致”，“期望”、“继续”、“将”、“预期”、“寻求”、“估计”、“打算”、“规划”、“预测”、“将” 和“前景”之类的词语或短语发表的，或这些词语或短语的否定形式或其他可比较的为未来或前瞻性质的词语或短语。这些前瞻性声明不是历史事实陈述，而是基于当前预期、评估和关于我们行业及管理层做出的某些假设的投射，其中许多本质上不确定且超出了我们的控制。这些前瞻性声明受许多已知和未知风险、不确定性和假设的影响，您应该仔细考虑和阅读，包括但不限于：
•我们有能力维护和加强我们的品牌，为我们的产品产生并维持持续需求；
•我们有能力推出一系列新产品和产品线延伸，以创造需求；
•我们有效管理未来增长的能力；
•一般经济状况和自由消费者支出水平；
•我们扩展到其他消费市场的能力;
•我们有能力以可接受的成本维持产品质量和产品性能；
•我们在市场上与现有和新竞争对手竞争的能力;
•我们供应链或供应商出现问题或损失，或无法获得原材料；
•在全球开展业务所带来的风险;
•通货膨胀、原材料成本或供应、能源、运输和其他必要物资和服务的变化；
•我们招聘、整合和留住高技能人员的能力；
•我们有能力维护、保护和增强我们的知识产权；
•我们有能力安全地维护消费者和其他第三方数据；
•我们有能力遵守持续的监管要求；
•与成为一家上市公司相关的开支增加;
•我们作为“纽交所规则”中所定义的“控股公司”的地位；
•我们能够实现分离预期益处的部分或全部。
•支付任何宣布的分红派息。
这些因素的清单不应被视为详尽无遗，并应与我们在提交给美国证券交易委员会（SEC）的20-F表格中描述的那些“风险因素”、以及“管理层对财务状况和经营业绩的讨论与分析”以及我们向SEC提交的其他文件一起阅读。我们在一个竞争激烈且迅速变化的环境中运营。新的风险不时出现。我们无法预测所有风险，也无法评估所有因素对我们业务的影响，或者任何因素或因素的组合可能导致实际结果与我们可能做出的任何前瞻性声明中所包含的结果大不相同的程度。鉴于这些风险、不确定性和假设，在本新闻稿中讨论的未来事件和趋势，以及我们未来的活动水平和业绩可能不会发生，实际结果可能明显而且不利地与在前瞻性声明中描述或暗示的那些不同。因此，您不应将这些前瞻性声明中的任何一项视为我们或任何其他人的陈述或保证，也不应过度依赖任何此类前瞻性声明。任何前瞻性声明仅在发表时有效，我们不承担公开更新或修订任何前瞻性声明的任何义务，除非有法律要求。此外，包含“我们相信”等声明的声明反映了我们对相关主题的信念和观点。这些声明是基于我们在本新闻稿日期可获得的信息。虽然我们认为此信息为这些声明提供了一个合理的基础，但此信息可能是有限或不完整的。这些声明在本质上是不确定的，投资者被警告不要过度依赖这些声明。我们通过本新闻稿中包含的警示性声明对我们所有的前瞻性声明进行了限定。
联系方式
投资者关系:
Arvind Bhatia，特许金融分析师
高级副总裁，投资者关系
IR@sharkninja.com
Anna Kate Heller
ICR
SharkNinja@icrinc.com
媒体关系：
简卡本特
高级副总裁，首席通信官
PR@sharkninja.com
| SHARKNINJA, INC. | |||||||||||
| 简明的合并资产负债表 | |||||||||||
| （以千计，股票和每股数据除外） | |||||||||||
| （未经审计） | |||||||||||
| 截至 | |||||||||||
2024 年 9 月 30 日 | 2023 年 12 月 31 日 | ||||||||||
| 资产 | |||||||||||
| 流动资产： | |||||||||||
| 现金和现金等价物 | $ | 127,948 | $ | 154,061 | |||||||
| 应收账款，净额 | 1,190,410 | 985,172 | |||||||||
| 库存 | 1,076,246 | 699,740 | |||||||||
| 预付费用和其他流动资产 | 121,721 | 58,311 | |||||||||
| 流动资产总额 | 2,516,325 | 1,897,284 | |||||||||
| 财产和设备，净额 | 196,002 | 166,252 | |||||||||
| 经营租赁使用权资产 | 149,975 | 63,333 | |||||||||
| 无形资产，净额 | 466,826 | 477,816 | |||||||||
| 善意 | 834,781 | 834,203 | |||||||||
| 递延所得税资产 | 19,713 | 12 | |||||||||
| 其他资产，非流动资产 | 53,703 | 48,170 | |||||||||
| 总资产 | $ | 4,237,325 | $ | 3,487,070 | |||||||
| 负债和股东权益 | |||||||||||
| 流动负债： | |||||||||||
| 应付账款 | $ | 632,850 | $ | 459,651 | |||||||
| 应计费用和其他流动负债 | 640,947 | 620,333 | |||||||||
| 应纳税款 | 22,025 | 20,991 | |||||||||
| 债务，当前 | 214,344 | 24,157 | |||||||||
| 流动负债总额 | 1,510,166 | 1,125,132 | |||||||||
| 债务，非流动 | 745,975 | 775,483 | |||||||||
| 经营租赁负债，非流动 | 152,100 | 63,043 | |||||||||
| 递延所得税负债 | 3,750 | 16,500 | |||||||||
| 其他非流动负债 | 30,795 | 28,019 | |||||||||
| 负债总额 | 2,442,786 | 2,008,177 | |||||||||
| 股东权益： | |||||||||||
普通股，每股面值0.0001美元，授权1,000,000股；截至2024年9月30日和2023年12月31日，已发行和流通的股票分别为140,219,933股和139,083,369股 | 14 | 14 | |||||||||
| 额外的实收资本 | 1,012,407 | 1,009,590 | |||||||||
| 留存收益 | 780,308 | 470,319 | |||||||||
| 累计其他综合收益（亏损） | 1,810 | (1,030) | |||||||||
| 股东权益总额 | 1,794,539 | 1,478,893 | |||||||||
| 负债和股东权益总额 | $ | 4,237,325 | $ | 3,487,070 | |||||||
| SHARKNINJA, INC. | |||||||||||||||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF INCOME | |||||||||||||||||||||||
| (in thousands, except share and per share data) | |||||||||||||||||||||||
| (unaudited) | |||||||||||||||||||||||
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||||||||||
Net sales(1) | $ | 1,426,566 | $ | 1,070,617 | $ | 3,741,452 | $ | 2,876,211 | |||||||||||||||
| Cost of sales | 731,559 | 583,124 | 1,918,929 | 1,591,254 | |||||||||||||||||||
| Gross profit | 695,007 | 487,493 | 1,822,523 | 1,284,957 | |||||||||||||||||||
| Operating expenses: | |||||||||||||||||||||||
| Research and development | 94,808 | 60,691 | 254,457 | 180,430 | |||||||||||||||||||
| Sales and marketing | 300,841 | 207,599 | 818,594 | 568,035 | |||||||||||||||||||
| General and administrative | 119,096 | 124,655 | 310,432 | 263,682 | |||||||||||||||||||
| Total operating expenses | 514,745 | 392,945 | 1,383,483 | 1,012,147 | |||||||||||||||||||
| Operating income | 180,262 | 94,548 | 439,040 | 272,810 | |||||||||||||||||||
| Interest expense, net | (16,916) | (13,003) | (46,482) | (28,523) | |||||||||||||||||||
| Other income (expense), net | 11,031 | (5,865) | 14,968 | (41,315) | |||||||||||||||||||
| Income before income taxes | 174,377 | 75,680 | 407,526 | 202,972 | |||||||||||||||||||
| Provision for income taxes | 42,048 | 56,958 | 97,537 | 85,218 | |||||||||||||||||||
| Net income | $ | 132,329 | $ | 18,722 | $ | 309,989 | $ | 117,754 | |||||||||||||||
| Net income per share, basic | $ | 0.94 | $ | 0.13 | $ | 2.22 | $ | 0.85 | |||||||||||||||
| Net income per share, diluted | $ | 0.94 | $ | 0.13 | $ | 2.20 | $ | 0.85 | |||||||||||||||
| Weighted-average number of shares used in computing net income per share, basic | 140,114,282 | 139,073,181 | 139,818,196 | 139,059,206 | |||||||||||||||||||
| Weighted-average number of shares used in computing net income per share, diluted | 141,305,999 | 139,430,805 | 140,974,062 | 139,179,724 | |||||||||||||||||||
(1) Net sales in our product categories were as follows:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Cleaning Appliances | $ | 527,453 | $ | 449,319 | $ | 1,415,488 | $ | 1,277,986 | |||||||||||||||
| Cooking and Beverage Appliances | 411,453 | 339,328 | 1,120,371 | 939,060 | |||||||||||||||||||
| Food Preparation Appliances | 366,834 | 211,461 | 836,782 | 472,685 | |||||||||||||||||||
| Other | 120,826 | 70,509 | 368,811 | 186,480 | |||||||||||||||||||
| Total net sales | $ | 1,426,566 | $ | 1,070,617 | $ | 3,741,452 | $ | 2,876,211 | |||||||||||||||
| SHARKNINJA, INC. | |||||||||||
| CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS | |||||||||||
| (in thousands) | |||||||||||
| (unaudited) | |||||||||||
| Nine Months Ended September 30, | |||||||||||
| 2024 | 2023 | ||||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ | 309,989 | $ | 117,754 | |||||||
| Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||
| Depreciation and amortization | 86,870 | 77,394 | |||||||||
| Share-based compensation | 47,341 | 24,502 | |||||||||
| Provision for credit losses | 3,744 | 2,266 | |||||||||
| Non-cash lease expense | 15,963 | 9,688 | |||||||||
| Deferred income taxes, net | (32,420) | 3,905 | |||||||||
| Other | 1,631 | 1,662 | |||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | (193,151) | (192,209) | |||||||||
| Inventories | (357,114) | (258,982) | |||||||||
| Prepaid expenses and other assets | (69,477) | 65,508 | |||||||||
| Accounts payable | 162,019 | 343,603 | |||||||||
| Tax payable | 1,034 | 883 | |||||||||
| Operating lease liabilities | (7,428) | (9,280) | |||||||||
| Accrued expenses and other liabilities | (12,050) | (90,914) | |||||||||
| Net cash (used in) provided by operating activities | (43,049) | 95,780 | |||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (95,232) | (70,501) | |||||||||
| Purchase of intangible asset | (6,571) | (6,905) | |||||||||
| Capitalized internal-use software development | (1,100) | (683) | |||||||||
| Cash receipts on beneficial interest in sold receivables | — | 16,777 | |||||||||
| Other investing activities, net | — | (3,051) | |||||||||
| Net cash used in investing activities | (102,903) | (64,363) | |||||||||
| Cash flows from financing activities: | |||||||||||
| Proceeds from issuance of debt, net of issuance cost | 800,915 | ||||||||||
| Repayment of debt | (15,188) | (437,500) | |||||||||
| Net proceeds from borrowings under revolving credit facility | 175,000 | — | |||||||||
| Distribution paid to Former Parent | — | (435,292) | |||||||||
| Recharge from Former Parent for share-based compensation | — | (3,165) | |||||||||
| Net ordinary shares withheld for taxes upon issuance of restricted stock units | (50,011) | — | |||||||||
| Proceeds from shares issued under employee stock purchase plan | 5,487 | — | |||||||||
| Net cash provided by (used in) financing activities | 115,288 | (75,042) | |||||||||
| Effect of exchange rates changes on cash | 4,551 | (4,768) | |||||||||
| Net decrease in cash, cash equivalents, and restricted cash | (26,113) | (48,393) | |||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 154,061 | 218,770 | |||||||||
| Cash and cash equivalents at end of period | $ | 127,948 | $ | 170,377 | |||||||
Non-GAAP Financial Measures
In addition to the measures presented in our consolidated financial statements, we regularly review other financial measures, defined as non-GAAP financial measures by the SEC, to evaluate our business, measure our performance, identify trends, prepare financial forecasts, and make strategic decisions.
The key non-GAAP financial measures we consider are Adjusted Net Sales, Adjusted Gross Profit, Adjusted Gross Margin, Adjusted Operating Income, Adjusted Net Income, Adjusted Net Income Per Share, EBITDA, Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Net Sales growth on a constant currency basis. These non-GAAP financial measures are used by both management and our Board, together with comparable GAAP information, in evaluating our current performance and planning our future business activities. These non-GAAP financial measures provide supplemental information regarding our operating performance on a non-GAAP basis that excludes certain gains, losses and charges of a non-cash nature or which occur relatively infrequently and/or which management considers to be unrelated to our core operations and excludes the financial results from our former Japanese subsidiary, SharkNinja Co., Ltd. (“SNJP”), and our Asia Pacific Region and Greater China ("APAC") distribution channels, both of which were transferred to JS Global Lifestyle Company Limited (“JS Global”) concurrently with the separation (the “Divestitures”), as well as the cost of sales from (i) inventory markups that were eliminated as a result of the transition of certain product procurement functions from a subsidiary of JS Global to SharkNinja concurrently with the separation and (ii) costs related to the transitional Sourcing Services Agreement with JS Global that was entered into in connection with the separation (collectively, the “Product Procurement Adjustment”). Management believes that tracking and presenting these non-GAAP financial measures provides management and the investment community with valuable insight into our ongoing core operations, our ability to generate cash and the underlying business trends that are affecting our performance. We believe that these non-GAAP measures, when used in conjunction with our GAAP financial information, also allow investors to better evaluate our financial performance in comparison to other periods and to other companies in our industry and to better understand and interpret the results of the ongoing business following the separation and distribution. These non-GAAP financial measures should not be viewed as a substitute for our financial results calculated in accordance with GAAP and you are cautioned that other companies may define these non-GAAP financial measures differently.
SharkNinja does not provide a reconciliation of forward-looking Adjusted Net Income and Adjusted EBITDA to GAAP net income or of Adjusted Net Income Per Share to net income per share, diluted because such reconciliations are not available without unreasonable efforts. This is due to the inherent difficulty in forecasting with reasonable certainty certain amounts that are necessary for such reconciliations, including, in particular, the realized and unrealized foreign currency gains or losses reported within other expense. For the same reasons, we are unable to forecast with reasonable certainty all deductions and additions needed in order to provide forward-looking GAAP net income at this time. The amount of these deductions and additions may be material, and, therefore, could result in forward-looking GAAP net income being materially different or less than forward-looking Adjusted Net Income, Adjusted EBITDA, and Adjusted Net Income Per Share. See “Forward-looking statements” above.
We define Adjusted Net Sales as net sales as adjusted to exclude certain items that we do not consider indicative of our ongoing operating performance following the separation, including net sales from our Divestitures. We believe that Adjusted Net Sales is an appropriate measure of our performance because it eliminates the impact of our Divestitures that do not relate to the ongoing performance of our business.
The following table reconciles Adjusted Net Sales to the most comparable GAAP measure, net sales, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
| ($ in thousands, except %) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net sales | $ | 1,426,566 | $ | 1,070,617 | $ | 3,741,452 | $ | 2,876,211 | |||||||||||||||
Divested subsidiary net sales adjustment(1) | — | (13,196) | — | (77,544) | |||||||||||||||||||
Adjusted Net Sales(2) | $ | 1,426,566 | $ | 1,057,421 | $ | 3,741,452 | $ | 2,798,667 | |||||||||||||||
(1)Adjusted for net sales from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023.
(2)The following tables reconcile Adjusted Net Sales to net sales per product category, for the periods presented:
Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
| ($ in thousands, except %) | Net sales | Divested subsidiary adjustment | Adjusted Net Sales | Net sales | Divested subsidiary adjustment | Adjusted Net Sales | |||||||||||||||||||||||||||||
| Cleaning Appliances | $ | 527,453 | $ | — | $ | 527,453 | $ | 449,319 | $ | (6,838) | $ | 442,481 | |||||||||||||||||||||||
| Cooking and Beverage Appliances | 411,453 | — | 411,453 | 339,328 | (1,190) | 338,138 | |||||||||||||||||||||||||||||
| Food Preparation Appliances | 366,834 | — | 366,834 | 211,461 | (2,133) | 209,328 | |||||||||||||||||||||||||||||
| Other | 120,826 | — | 120,826 | 70,509 | (3,035) | 67,474 | |||||||||||||||||||||||||||||
| Total net sales | $ | 1,426,566 | $ | — | $ | 1,426,566 | $ | 1,070,617 | $ | (13,196) | $ | 1,057,421 | |||||||||||||||||||||||
| Nine Months Ended September 30, 2024 | Nine Months Ended September 30, 2023 | ||||||||||||||||||||||||||||||||||
| ($ in thousands, except %) | Net sales | Divested subsidiary adjustment | Adjusted Net Sales | Net sales | Divested subsidiary adjustment | Adjusted Net Sales | |||||||||||||||||||||||||||||
| Cleaning Appliances | $ | 1,415,488 | $ | — | $ | 1,415,488 | $ | 1,277,986 | $ | (49,392) | $ | 1,228,594 | |||||||||||||||||||||||
| Cooking and Beverage Appliances | 1,120,371 | — | 1,120,371 | 939,060 | (6,161) | 932,899 | |||||||||||||||||||||||||||||
| Food Preparation Appliances | 836,782 | — | 836,782 | 472,685 | (8,289) | 464,396 | |||||||||||||||||||||||||||||
| Other | 368,811 | — | 368,811 | 186,480 | (13,702) | 172,778 | |||||||||||||||||||||||||||||
| Total net sales | $ | 3,741,452 | $ | — | $ | 3,741,452 | $ | 2,876,211 | $ | (77,544) | $ | 2,798,667 | |||||||||||||||||||||||
We define Adjusted Gross Profit as gross profit as adjusted to exclude certain items that we do not consider indicative of our ongoing operating performance following the separation, including the net sales and cost of sales from our Divestitures and the cost of sales from the Product Procurement Adjustment. We define Adjusted Gross Margin as Adjusted Gross Profit divided by Adjusted Net Sales. We believe that Adjusted Gross Profit and Adjusted Gross Margin are appropriate measures of our operating performance because each eliminates the impact our Divestitures and certain other adjustments that do not relate to the ongoing performance of our business.
The following table reconciles Adjusted Gross Profit and Adjusted Gross Margin to the most comparable GAAP measure, gross profit and gross margin, respectively, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands, except %) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net sales | $ | 1,426,566 | $ | 1,070,617 | $ | 3,741,452 | $ | 2,876,211 | |||||||||||||||
| Cost of sales | (731,559) | (583,124) | (1,918,929) | (1,591,254) | |||||||||||||||||||
| Gross profit | 695,007 | 487,493 | 1,822,523 | 1,284,957 | |||||||||||||||||||
Gross margin | 48.7% | 45.5% | 48.7% | 44.7% | |||||||||||||||||||
Divested subsidiary net sales adjustment(1) | — | (13,196) | — | (77,544) | |||||||||||||||||||
Divested subsidiary cost of sales adjustment(2) | — | 7,628 | — | 45,116 | |||||||||||||||||||
Product Procurement Adjustment(3) | 9,571 | 23,574 | 37,876 | 53,369 | |||||||||||||||||||
| Adjusted Gross Profit | $ | 704,578 | $ | 505,499 | $ | 1,860,399 | $ | 1,305,898 | |||||||||||||||
| Adjusted Net Sales | $ | 1,426,566 | $ | 1,057,421 | $ | 3,741,452 | $ | 2,798,667 | |||||||||||||||
| Adjusted Gross Margin | 49.4% | 47.8% | 49.7% | 46.7% | |||||||||||||||||||
(1)Adjusted for net sales from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023.
(2)Adjusted for cost of sales from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023.
(3)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SharkNinja (Hong Kong) Company Limited (“SNHK”), and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.
We define Adjusted Operating Income as operating income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) amortization of certain acquired intangible assets, (iv) certain transaction-related costs and (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including operating income from our Divestitures and cost of sales from our Product Procurement Adjustment.
The following table reconciles Adjusted Operating Income to the most comparable GAAP measure, operating income, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Operating income | $ | 180,262 | $ | 94,548 | $ | 439,040 | $ | 272,810 | |||||||||||||||
Share-based compensation(1) | 13,785 | 21,337 | 47,341 | 24,502 | |||||||||||||||||||
Litigation costs(2) | 29,035 | 3,965 | 42,691 | 4,600 | |||||||||||||||||||
Amortization of acquired intangible assets(3) | 4,896 | 4,897 | 14,690 | 14,690 | |||||||||||||||||||
Transaction-related costs(4) | — | 41,455 | 1,342 | 76,549 | |||||||||||||||||||
Product Procurement Adjustment(5) | 9,571 | 23,574 | 37,876 | 53,369 | |||||||||||||||||||
Divested subsidiary operating income adjustment(6) | — | 287 | — | (8,456) | |||||||||||||||||||
| Adjusted Operating Income | $ | 237,549 | $ | 190,063 | $ | 582,980 | $ | 438,064 | |||||||||||||||
(1)Represents non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans.
(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs, which were recorded in general and administrative expenses.
(3)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculating Adjusted Operating Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended September 30, 2024 and 2023, and $2.8 million for the nine months ended September 30, 2024 and 2023, was recorded to research and development expenses, and $4.0 million for the three months ended September 30, 2024 and 2023, and $11.9 million for the nine months ended September 30, 2024 and 2023, was recorded to sales and marketing expenses.
(4)Represents certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions.
(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.
(6)Adjusted for operating income from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023.
We define Adjusted Net Income as net income excluding (i) share-based compensation, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) amortization of certain acquired intangible assets, (v) certain transaction-related costs, (vi) certain items that we do not consider indicative of our ongoing operating performance following the separation, including net income from our Divestitures and cost of sales from our Product Procurement Adjustment, (vii) the tax impact of the adjusted items and (viii) certain withholding taxes.
Adjusted Net Income Per Share is defined as Adjusted Net Income divided by the diluted weighted average number of ordinary shares.
The following table reconciles Adjusted Net Income and Adjusted Net Income Per Share to the most comparable GAAP measures, net income and net income per share, diluted, respectively, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands, except share and per share amounts) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
Net income | $ | 132,329 | $ | 18,722 | $ | 309,989 | $ | 117,754 | |||||||||||||||
Share-based compensation(1) | 13,785 | 21,337 | 47,341 | 24,502 | |||||||||||||||||||
Litigation costs(2) | 29,035 | 3,965 | 42,691 | 4,600 | |||||||||||||||||||
Foreign currency (gains) losses, net(3) | (11,156) | 3,862 | (9,569) | 43,479 | |||||||||||||||||||
Amortization of acquired intangible assets(4) | 4,896 | 4,897 | 14,690 | 14,690 | |||||||||||||||||||
Transaction-related costs(5) | — | 41,455 | 1,342 | 76,549 | |||||||||||||||||||
Product Procurement Adjustment(6) | 9,571 | 23,574 | 37,876 | 53,369 | |||||||||||||||||||
Tax impact of adjusting items(7) | (7,996) | (4,704) | (25,711) | (30,686) | |||||||||||||||||||
Tax withholding adjustment(8) | — | 19,474 | — | 19,474 | |||||||||||||||||||
Divested subsidiary net income adjustment(9) | — | 394 | — | (6,586) | |||||||||||||||||||
Adjusted Net Income | $ | 170,464 | $ | 132,976 | $ | 418,649 | $ | 317,145 | |||||||||||||||
Net income per share, diluted | $ | 0.94 | $ | 0.13 | $ | 2.20 | $ | 0.85 | |||||||||||||||
Adjusted Net Income Per Share | $ | 1.21 | $ | 0.95 | $ | 2.97 | $ | 2.28 | |||||||||||||||
Diluted weighted-average number of shares used in computing net income per share and Adjusted Net Income Per Share(10) | 141,305,999 | 139,430,805 | 140,974,062 | 139,179,724 | |||||||||||||||||||
(1)Represents non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans.
(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs, which were recorded in general and administrative expenses.
(3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments.
(4)Represents amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. We exclude amortization charges for these acquisition-related intangible assets for purposes of calculated Adjusted Net Income, although revenue is generated, in part, by these intangible assets, to eliminate the impact of these non-cash charges that are significantly impacted by the timing and valuation of JS Global’s acquisition of our business, as well as the inherent subjective nature of purchase price allocations. Of the amortization of acquired intangible assets, $0.9 million for the three months ended September 30, 2024 and 2023, and $2.8 million for the nine months ended September 30, 2024 and 2023, was recorded to research and development expenses, and $4.0 million for the three months ended September 30, 2024 and 2023, and $11.9 million for the nine months ended September 30, 2024 and 2023, was recorded to sales and marketing expenses.
(5)Represents certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions.
(6)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.
(7)Represents the income tax effects of the adjustments included in the reconciliation of net income to Adjusted Net Income determined using the tax rate of 22.0%, which approximates our effective tax rate, excluding (i) divested subsidiary net income adjustment described in footnote (9), and (ii) certain share-based compensation costs and separation and distribution-related costs that are not tax deductible.
(8)Represents withholding taxes associated with the cash dividend paid to JS Global in connection with the separation and related refinancing.
(9)Adjusted for net income (loss) from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023.
(10)In calculating net income per share and Adjusted Net Income Per Share, we used the number of shares transferred in the separation and distribution for the denominator for all periods prior to completion of the separation and distribution on July 31, 2023.
We define EBITDA as net income excluding: (i) interest expense, net, (ii) provision for income taxes and (iii) depreciation and amortization. We define Adjusted EBITDA as EBITDA excluding (i) share-based compensation cost, (ii) certain litigation costs, (iii) foreign currency gains and losses, net, (iv) certain transaction-related costs and (v) certain items that we do not consider indicative of our ongoing operating performance following the separation, including Adjusted EBITDA from our Divestitures and cost of sales from our Product Procurement Adjustment. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by Adjusted Net Sales. We believe EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin are appropriate measures because they facilitate a comparison of our operating performance on a consistent basis from period to period that, when viewed in combination with our results according to GAAP, we believe provide a more complete understanding of the factors and trends affecting our business than GAAP measures alone.
The following table reconciles EBITDA, Adjusted EBITDA and Adjusted EBITDA Margin to the most comparable GAAP measure, net income, for the periods presented:
| Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
($ in thousands, except %) | 2024 | 2023 | 2024 | 2023 | |||||||||||||||||||
| Net income | $ | 132,329 | $ | 18,722 | $ | 309,989 | $ | 117,754 | |||||||||||||||
| Interest expense, net | 16,916 | 13,003 | 46,482 | 28,523 | |||||||||||||||||||
| Provision for income taxes | 42,048 | 56,958 | 97,537 | 85,218 | |||||||||||||||||||
| Depreciation and amortization | 29,828 | 25,602 | 86,870 | 77,394 | |||||||||||||||||||
| EBITDA | 221,121 | 114,285 | 540,878 | 308,889 | |||||||||||||||||||
Share-based compensation(1) | 13,785 | 21,337 | 47,341 | 24,502 | |||||||||||||||||||
Litigation costs(2) | 29,035 | 3,965 | 42,691 | 4,600 | |||||||||||||||||||
Foreign currency losses (gains), net(3) | (11,156) | 3,862 | (9,569) | 43,479 | |||||||||||||||||||
Transaction-related costs(4) | — | 41,455 | 1,342 | 76,549 | |||||||||||||||||||
Product Procurement Adjustment(5) | 9,571 | 23,574 | 37,876 | 53,369 | |||||||||||||||||||
Divested subsidiary Adjusted EBITDA adjustment(6) | — | 264 | — | (11,020) | |||||||||||||||||||
| Adjusted EBITDA | $ | 262,356 | $ | 208,742 | $ | 660,559 | $ | 500,368 | |||||||||||||||
| Adjusted Net Sales | $ | 1,426,566 | $ | 1,057,421 | $ | 3,741,452 | $ | 2,798,667 | |||||||||||||||
| Adjusted EBITDA Margin | 18.4% | 19.7% | 17.7% | 17.9% | |||||||||||||||||||
(1)Represents non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans.
(2)Represents litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs, which were recorded in general and administrative expenses.
(3)Represents foreign currency transaction gains and losses recognized from the remeasurement of transactions that were not denominated in the local functional currency, including gains and losses related to foreign currency derivatives not designated as hedging instruments.
(4)Represents certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions.
(5)Represents cost of sales incurred related to the Product Procurement Adjustment. As a result of the separation, we purchase 100% of our inventory from one of our subsidiaries, SNHK, and no longer purchase inventory from a purchasing office wholly owned by JS Global. Thus, the markup on all inventory purchased subsequent to the separation is completely eliminated in consolidation. As a result of the separation, we pay JS Global a sourcing service fee to provide value-added sourcing services on a transitional basis under a Sourcing Services Agreement.
(6)Adjusted for Adjusted EBITDA from SNJP and the APAC distribution channels for the three and nine months ended September 30, 2023, as if such Divestitures occurred on January 1, 2023. The divested subsidiary Adjusted EBITDA adjustment represents net (loss) income from our Divestitures excluding interest expense, income tax expense, depreciation and amortization expense and foreign currency gains and losses recorded at the subsidiary level.
We refer to growth rates in Adjusted Net Sales on a constant currency basis so that results can be viewed without the impact of fluctuations in foreign currency exchange rates. These amounts are calculated by translating
current year results at prior year average exchange rates. We believe elimination of the foreign currency translation impact provides useful information in understanding and evaluating trends in our operating results.