LESLHIGH SIGNALFINANCIAL10-K

LESL experienced severe financial deterioration with net income plummeting to -$237M from -$23.4M and operating income swinging from $57.1M profit to -$169.9M loss, while operating cash flow collapsed 92% to just $8.8M.

This represents a dramatic operational breakdown where the company went from generating positive operating income to massive losses while burning through cash reserves. The magnitude of these changes suggests fundamental business challenges that could threaten the company's ability to service debt and fund operations, particularly given the already negative stockholder equity position.

Comparing 2025-12-18 vs 2024-11-27View on EDGAR →
FINANCIAL ANALYSIS

LESL's financial performance collapsed across all key metrics, with operating income swinging from a $57M profit to a $170M loss while net losses increased ten-fold to $237M. The company's balance sheet contracted significantly with total assets declining 29% to $741M, cash reserves falling 41% to $64M, and stockholder equity becoming more deeply negative at -$408M. Most critically, operating cash flow evaporated from $107M to just $9M, indicating severe operational distress that threatens the company's liquidity and financial stability.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
-913.6%
-$23.4M→-$237.0M

Net income declined 913.6% — review whether driven by operations, interest costs, or non-recurring items.

Operating Income
P&L
-397.4%
$57.1M→-$169.9M

Operating income deteriorated sharply — investigate whether driven by one-time charges or structural cost issues.

Stockholders Equity
Balance Sheet
-130.3%
-$177.1M→-$408.0M

Equity declined sharply — large losses, buybacks, or write-downs reducing book value significantly.

Operating Cash Flow
Cash Flow
-91.8%
$107.5M→$8.8M

Operating cash flow fell 91.8% — earnings quality concerns; investigate working capital changes and non-cash items.

Accounts Receivable
Balance Sheet
-48.9%
$45.5M→$23.2M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Capital Expenditure
Cash Flow
-46%
$47.2M→$25.5M

Capex reduced 46% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Cash & Equivalents
Balance Sheet
-40.7%
$108.5M→$64.3M

Cash declined 40.7% — significant cash burn or deployment; verify adequacy of remaining liquidity runway.

Total Assets
Balance Sheet
-29.4%
$1.1B→$741.5M

Total assets contracted 29.4% — asset sales, write-downs, or balance sheet optimization underway.

Current Assets
Balance Sheet
-22.2%
$422.4M→$328.8M

Current assets declined 22.2% — monitor working capital adequacy and short-term liquidity.

Current Liabilities
Balance Sheet
-15.3%
$246.9M→$209.1M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2025-12-18
PRIOR — 2024-11-27
ADDED
We may not actually achieve the plans, intentions, outcomes or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements.
in Southern California, the Company today known simply as Leslie s has over six decades of disruptive retail innovation in the $15 billion U.S.
Today, we are the largest and most trusted direct-to-consumer brand in our segment, serving residential consumers and pool professionals, and many of the largest commercial property operators in the country.
With over 1,000 retail locations, an integrated, digitally forward omnichannel strategy, and a horizontally integrated, nationwide ecosystem under the Leslie s and In the Swim brands, among others, we have built a market-leading share of residential aftermarket product spend, based on 2024 industry analyst reports, and a physical network larger than the sum of our 20 largest competitors.
We offer an extensive assortment of professional-grade products, the majority of which are exclusive to Leslie s, manufacturer certified installation and repair services, and in some markets, weekly pool maintenance services.
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REMOVED
In addition, statements that we believe and similar statements reflect our beliefs and opinions on the relevant subject.
Our Company We are the largest and most trusted direct-to-consumer brand in the $15 billion United States pool and spa care industry, serving residential and professional consumers.
Founded in 1963, we are the only direct-to-consumer pool and spa care brand with national scale, operating an integrated marketing and distribution ecosystem powered by a physical network of over 1,000 branded locations and a robust digital and e-commerce platform.
We have a market-leading share of approximately 15% of residential aftermarket product spend as of 2023, our physical network is larger than the sum of our 20 largest competitors and our digital sales are estimated to be greater than five times as large as that of our largest digital competitor.
We offer an extensive assortment of professional-grade products, the majority of which are exclusive to Leslie s, as well as certified installation and repair services, all of which are essential to the ongoing maintenance of pools and spas.
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