Traeger, Inc 8-K/A, filed Aug 8, 2023

Traeger, Inc. (COOK)

8-K/A 2023-08-08 For: 2023-08-02

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Added on April 07, 2026

About this 8-K/A

Traeger, Inc filed this 8-K/A on August 8, 2023, reporting on events of August 2, 2023.

Items reported

Item 2.02: Financial results
Item 4.02: Earlier financial statements no longer reliable
Item 9.01: Financial statements and exhibits

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Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.0001 par value per share	COOK	The New York Stock Exchange


	As of March 31, 2023
	As Previously Reported		Adjustment		As Restated
Stockholders' equity:
Accumulated deficit	$	(562,457)	$	(18,948)	$	(581,405)
Accumulated other comprehensive income (loss)	(178)		18,948		18,770
Total stockholders' equity	327,389		—		327,389
Total liabilities and stockholders' equity	$	937,997	$	—	$	937,997


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustment		As Restated
Other income (expense):
Interest expense	$	(10,454)	$	2,373	$	(8,081)
Other income (expense), net	21,899		(21,321)		578
Total other income (expense)	11,445		(18,948)		(7,503)
Income (loss) before provision for income taxes	8,182		(18,948)		(10,766)
Net income (loss)	$	8,018	$	(18,948)	$	(10,930)
Net loss per share, basic and diluted	$	0.07	$	(0.16)	$	(0.09)
Other comprehensive income (loss):
Change in cash flow hedge	$	—	$	(2,088)	$	(2,088)
Amortization of dedesignated cash flow hedge	—		(2,373)		(2,373)
Total other comprehensive loss	(32)		(4,461)		(4,493)
Comprehensive income (loss)	$	7,986	$	(23,409)	$	(15,423)


	As Previously Reported
	Accumulated Deficit		Accumulated Other Comprehensive Income		Total Stockholders' Equity

Balance at December 31, 2022	$	(570,475)	$	23,263	$	334,869
Net income	8,018		—		8,018
Change in cash flow hedge	—		(23,409)		(23,409)
Amortization of dedesignated cash flow hedge	—		—		—
Balance at March 31, 2023	$	(562,457)	$	(178)	$	327,389

	Adjustment
	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity

Balance at December 31, 2022	$	—	$	—	$	—
Net loss	(18,948)		—		(18,948)
Change in cash flow hedge	—		21,321		21,321
Amortization of dedesignated cash flow hedge	—		(2,373)		(2,373)
Balance at March 31, 2023	$	(18,948)	$	18,948	$	—

	As Restated
	Accumulated Deficit		Accumulated Other Comprehensive Income (Loss)		Total Stockholders' Equity

Balance at December 31, 2022	$	(570,475)	$	23,263	$	334,869
Net loss	(10,930)		—		(10,930)
Change in cash flow hedge	—		(2,088)		(2,088)
Amortization of dedesignated cash flow hedge	—		(2,373)		(2,373)
Balance at March 31, 2023	$	(581,405)	$	18,770	$	327,389


	Three Months Ended March 31, 2023
	As Previously Reported		Adjustment		As Restated
Net income (loss)	$	8,018	$	(18,948)	$	(10,930)
Change in operating assets and liabilities:
Unrealized loss (gain) on derivative contracts	(19,623)		21,321		1,698
Amortization of dedesignated cash flow hedge	—		(2,373)		(2,373)


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)


☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)


☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))



Exhibit No.						Description
99.1						Press Release, dated August 7 , 2023
104						Cover Page Interactive Data File (embedded within the Inline XBRL document)



	Traeger, Inc.

Date: August 7, 2023	By:	/s/ Dominic Blosil
		Dominic Blosil
		Chief Financial Officer


	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


	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 hedge	(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)



(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


	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