SWIMHIGH SIGNALFINANCIAL10-K

SWIM achieved a dramatic $29M swing from loss to profit while significantly scaling operations, though rising interest costs and working capital needs suggest underlying financing pressures.

The company's turnaround from -$17.9M to +$11.1M net income demonstrates strong operational execution and market positioning in the pool industry. However, the 96% increase in interest expense to $30.9M indicates substantial new debt financing that investors should monitor closely for sustainability.

Comparing 2026-03-04 vs 2025-03-05View on EDGAR →
FINANCIAL ANALYSIS

SWIM delivered exceptional financial improvement with net income swinging $29M into profitability, driven by strong gross profit growth of 18% to $182.1M and operating leverage despite higher SG&A costs. The company is investing heavily in growth with 26% higher capex and building working capital (receivables up 24%), but the doubling of interest expense to $30.9M reveals significant new debt financing that creates financial risk. Overall, the results show a successful turnaround story with strong operational metrics, though the elevated debt load requires careful monitoring.

FINANCIAL STATEMENT CHANGES
Net Income
P&L
+162.3%
-$17.9M→$11.1M

Net income grew 162.3% — bottom-line growth signals improving overall business health.

Interest Expense
P&L
+96.3%
$15.8M→$30.9M

Interest expense surged 96.3% — significant debt increase or rising rates materially impacting earnings.

Operating Income
P&L
+67.3%
$18.3M→$30.6M

Operating leverage kicking in — revenue growth outpacing cost growth, a hallmark of scaling businesses.

Capital Expenditure
Cash Flow
+26.2%
$20.1M→$25.4M

Capex increased 26.2% — ongoing investment in capacity or infrastructure for future growth.

Accounts Receivable
Balance Sheet
+23.6%
$32.3M→$39.9M

Receivables grew 23.6% — monitor days sales outstanding for collection efficiency.

Current Assets
Balance Sheet
+22.8%
$178.3M→$219.0M

Current assets grew 22.8% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+18.4%
$153.7M→$182.1M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

SG&A Expense
P&L
+13.1%
$108.4M→$122.6M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Liabilities
Balance Sheet
+11.5%
$71.0M→$79.1M

Current liabilities rose 11.5% — increased short-term obligations, watch current ratio.

LANGUAGE CHANGES
NEW — 2026-03-04
PRIOR — 2025-03-05
ADDED
7262(b)) by the registered public accounting firm that prepared or issued its audit report.
As of February 27, 2026, 116,766,927 shares of the registrant s common stock, $0.0001 par value were outstanding.
Changes I n and Disagreements with Accountants on Accounting and Financial Disclosure 95 Item 9A.
It is our view that we are the most sought-after brand in the pool industry.
Our operations consist of approximately 1,850 employees on average across approximately 30 locations.
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REMOVED
7262(b)) by the registered public accounting firm that prepared or issued its audit report .
The aggregate market value of common stock held by non-affiliates of the registrant based on the last reported sale price of the registrant s common stock on the Nasdaq Global Select Market on June 28, 2024, which was the last business day of the registrant s most recently completed second fiscal quarter, was $ 125,148,754 .
Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 103 Item 9A.
It is our view that we are the most sought-after brand in the pool industry and the only pool company that has established a direct relationship with the homeowner.
Our operations consist of approximately 1,800 employees across about 30 locations.
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