SharkNinja, Inc F-1, filed Mar 18, 2024

SharkNinja, Inc. (SN)

F-1 2024-03-18

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	Cayman Islands			3630			98-1738011
	(State or other jurisdiction of incorporation or organization)			(Primary Standard Industrial Classification Code Number)			(I.R.S. Employer Identification Number)

Goldman Sachs & Co. LLC		J.P. Morgan
Jefferies		Morgan Stanley
(in alphabetical order)
BofA Securities	Guggenheim Securities	William Blair

	ABOUT THIS PROSPECTUS					ii
	MARKET AND INDUSTRY DATA					ii
	TRADEMARKS, SERVICE MARKS, COPYRIGHTS AND TRADENAMES					iii
	PROSPECTUS SUMMARY					1
	RISK FACTORS					19
	CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS					27
	USE OF PROCEEDS					29
	DIVIDEND POLICY					30
	CAPITALIZATION					31
	UNAUDITED PRO FORMA CONDENSED CONSOLIDATED FINANCIAL INFORMATION					32
	PRINCIPAL AND SELLING SHAREHOLDERS					38
	DESCRIPTION OF SHARE CAPITAL					40
	SHARES ELIGIBLE FOR FUTURE SALE					53
	CERTAIN INCOME TAX CONSIDERATIONS					55
	UNDERWRITING					59
	EXPENSES RELATED TO THE OFFERING					66
	LEGAL MATTERS					67
	EXPERTS					67
	ENFORCEMENT OF CIVIL LIABILITIES					67
	WHERE YOU CAN FIND MORE INFORMATION					67
	INCORPORATION BY REFERENCE					68

	Years Ended December 31,									Pro Forma Year Ended December 31,
($ in thousands, except share and per share data)	2021			2022			2023			2023
Net Sales		$	3,726,994		$	3,717,366		$	4,253,710		$	4,178,492
Cost of Sales			2,288,810			2,307,172			2,345,858			2,304,352
Gross Profit			1,438,184			1,410,194			1,907,852			1,874,140
Operating Expenses
Research and Development(1)			200,641			215,660			249,387			248,804
Sales and Marketing(1)			619,162			621,953			897,585			880,648
General and Administrative(1)			180,124			251,207			387,316			383,671
Total Operating Expenses			999,927			1,088,820			1,534,288			1,513,123
Operating Income			438,257			321,374			373,564			361,017
Interest Expense, Net			(16,287)			(27,021)			(44,909)			(60,860)
Other Expense (Income), Net			(7,644)			7,631			(35,427)			(34,178)
Income Before Income Taxes			414,326			301,984			293,228			265,979
Provision for Income Taxes			83,213			69,630			126,150			120,941
Net Income		$	331,113		$	232,354		$	167,078		$	145,038

	Years Ended December 31,									Pro Forma Year Ended December 31,
($ in thousands, except share and per share data)	2021			2022			2023			2023
Net Income Per Share, basic and diluted(2)		$	2.38		$	1.67		$	1.20
Weighted-Average Number of Shares Used in Computing Net Income Per Share, basic(2)			138,982,872			138,982,872			139,025,657
Weighted-Average Number of Shares Used in Computing Net Income Per Share, diluted(2)			138,982,872			138,982,872			139,420,254
Pro Forma Net Income Per Share, basic											$	1.04
Pro Forma Net Income Per Share, diluted											$	1.04
Pro Forma Weighted-Average Number of Shares Used in Computing Net Income Per Share, basic												139,025,657
Pro Forma Weighted-Average Number of Shares Used in Computing Net Income Per Share, diluted												139,420,254

	Years Ended December 31,
($ in thousands)	2021			2022			2023
Net Cash Provided by Operating Activities		$	229,147		$	204,964		$	280,601
Net Cash Used in Investing Activities			(66,366)			(52,384)			(118,075)
Net Cash Used in Financing Activities			(54,500)			(160,170)			(234,868)

($ in thousands)			As of December 31, 2023
Cash and Cash Equivalents			$154,061
Total Assets			3,487,070
Total Liabilities			2,008,177
Total Shareholders’ Equity			1,478,893

	Year Ended December 31,
($ in thousands)	2021			2022			2023
Research and Development		$	2,918		$	1,741		$	7,696
Sales and Marketing			1,755			459			4,934
General and Administrative			9,251			3,309			34,336
Total Share-Based Compensation		$	13,924		$	5,509		$	46,966

	Year Ended December 31,
($ in thousands, except %)	2021			2022			2023
Net sales		$	3,726,994		$	3,717,366		$	4,253,710
Cost of sales			(2,288,810)			(2,307,172)			(2,345,858)
Gross profit			1,438,184			1,410,194			1,907,852
Gross margin %			38.6%			37.9%			44.9%
Divested subsidiary net sales adjustment(1)			(101,695)			(97,434)			(77,544)
Divested subsidiary cost of sales adjustment(2)			63,931			64,506			45,116
Product Procurement Adjustment(3)			75,642			70,295			83,162
Adjusted Gross Profit		$	1,476,062		$	1,447,561		$	1,958,586
Adjusted Net Sales		$	3,625,299		$	3,619,932		$	4,176,166
Adjusted Gross Margin			40.7%			40.0%			46.9%

($ in thousands, except share data)	As of December 31, 2023
Cash and cash equivalents		$	154,061
Long-term debt(1)		$	804,938
Shareholders’ equity(2):
Ordinary shares, $0.0001 par value per share, 1,000,000,000 shares authorized; 139,083,369 and 138,982,872 shares issued and outstanding as of December 31, 2023 and 2022, respectively			14
Additional paid-in capital			1,009,590
Retained earnings			470,319
Accumulated other comprehensive loss			(1,030)
Total shareholders’ equity			1,478,893
Total capitalization		$	2,283,831

	Historical			Divestiture Transactions Adjustments				As Adjusted Before Other Transaction Accounting Adjustments and Autonomous Entity Adjustments			Other Transaction Accounting				Autonomous Entity Adjustments				SharkNinja, Inc. Pro Forma
Net sales		$	4,253,710		$	(75,218)	[a]		$	4,178,492		$				$				$	4,178,492
Cost of sales			2,345,858			(83,433)	[a]			2,262,425							41,927	[f]			2,304,352
Gross profit			1,907,852			8,215				1,916,067							(41,927)				1,874,140
Operating expenses:
Research and development		$	249,387		$	(583)	[a]		$	248,804		$				$				$	248,804
Sales and marketing			897,585			(16,937)	[a]			880,648											880,648
General and administrative			387,316			(4,791)	[a]			382,525			2,896	[c]			(1,750)	[g]			383,671
Total operating expenses			1,534,288			(22,311)				1,511,977			2,896				(1,750)				1,513,123
Operating income			373,564			30,526				404,090			(2,896)				(40,177)				361,017
Interest expense, net			(44,909)			3	[a]			(44,906)			(15,954)	[d]							(60,860)
Other expense, net			(35,427)			1,249	[a]			(34,178)											(34,178)
Income before income taxes			293,228			31,778				325,006			(18,850)				(40,177)				265,979
Provision for income taxes			126,150			(1,930)	[a]			133,290			(3,510)	[e]			(8,839)	[h]			120,941
						9,070	[b]
Net income		$	167,078		$	24,639			$	191,717		$	(15,340)			$	(31,338)			$	145,038
Net income per share, basic and diluted		$	1.20
Weighted-average number of shares used in computing net income per share, basic			139,025,657
Weighted-average number of shares used in computing net income per share, diluted			139,420,254
Pro forma net income per share:
Basic																		[i]		$	1.04
Diluted																		[i]		$	1.04
Pro forma number of shares used in computing net income per share:
Basic																		[i]			139,025,657
Diluted																		[i]			139,420,254

(in thousands, except share and per share data)	Year Ended December 31, 2023
Numerator:
Pro forma net income, basic and diluted		$	145,038
Denominator:
Weighted-average shares used in computing pro forma net income per share – basic(1)			139,025,657
Weighted-average shares used in computing pro forma net income per share – diluted(1)			139,420,254
Pro forma net income per share – basic		$	1.04
Pro forma net income per share – diluted		$	1.04

					Assuming no exercise of the underwriters’ option						Assuming full exercise of the underwriters’ option
	Securities beneficially owned prior to this offering						Shares beneficially owned after this offering						Shares beneficially owned after this offering
Name of Beneficial Owner	Number		Percentage of total ordinary shares		Shares offered hereby		Number		Percentage of total ordinary shares		Shares offered hereby		Number		Percentage of total ordinary shares
Selling Shareholders and 5%+ Shareholders
CJ Xuning Wang(1)		76,058,114		54.4%		4,691,899		71,366,215		51.0%		5,395,684		70,662,430		50.5%
Directors and Executive Officers
Mark Barrocas(2)		1,740,662		1.2%		—		1,740,662		1.2%		—		1,740,662		1.2%
Larry Flynn		—		—		—		—		—		—		—		—
Pedro J. Lopez-Baldrich(3)		22,575		*		—		22,575		*		—		22,575		*
Neil Shah(4)		641,835		*		—		641,835		*		—		641,835		*
CJ Xuning Wang(1)		76,058,114		54.4%		4,691,899		71,366,215		51.0%		5,395,684		70,662,430		50.5%
Peter Feld		—		—		—		—		—		—		—		—
Wendy Hayes		—		—		—		—		—		—		—		—
Chi Kin Max Hui		—		—		—		—		—		—		—		—

Name	Number of Shares
Goldman Sachs & Co. LLC
J.P. Morgan Securities LLC
Jefferies LLC
Morgan Stanley & Co. LLC
BofA Securities, Inc.
Guggenheim Securities, LLC
William Blair & Company, L.L.C.
Total		4,691,899

	Amount Paid or to be Paid
SEC registration fee		$	46,024
FINRA filing fee			47,402
Printing and engraving expenses			50,000
Legal fees and expenses			350,000
Accounting fees and expenses			100,000
Total		$	593,426

	Year Ended December 31,
($ in thousands, except %)	2021			2022			2023
Net income		$	331,113		$	232,354		$	167,078
Interest expense, net			16,287			27,021			44,909
Provision for income taxes			83,213			69,630			126,150
Depreciation and amortization			78,183			86,708			103,821
EBITDA			508,796			415,713			441,958
Share-based compensation(1)			13,924			5,509			46,966
Litigation costs(2)			10,602			4,513			8,973
Foreign currency losses (gains), net(3)			3,447			(9,275)			35,179
Transaction-related costs(4)			—			2,896			82,277

Signature	Title	Date
/s/ Mark Barrocas Mark Barrocas	Chief Executive Officer and Director (Principal Executive Officer)	March 18, 2024
/s/ Larry Flynn Larry Flynn	Interim Chief Financial Officer and Chief Accounting Officer (Principal Financial Officer and Principal Accounting Officer)	March 18, 2024
/s/ CJ Xuning Wang CJ Xuning Wang	Director	March 18, 2024
/s/ Peter Feld Peter Feld	Director	March 18, 2024
/s/ Wendy Hayes Wendy Hayes	Director	March 18, 2024
/s/ Chi Kin Max Hui Chi Kin Max Hui	Director	March 18, 2024
/s/ Dennis Paul Dennis Paul	Director	March 18, 2024
/s/ Timothy R. Warner Timothy R. Warner	Director	March 18, 2024

	Very truly yours,

	SharkNinja, Inc.


	By:
	Name:
	Title:


	[Names of Selling Shareholders]


	By:
	Name:
	Title:


Accepted as of the date hereof in New York, NY:

Goldman Sachs & Co. LLC


By:
Name:
Title:


J.P. Morgan Securities LLC


By:
Name:
Title:

On behalf of each of the Underwriters

	Exhibit No.
	1.1*			Form of Underwriting Agreement
	3.1			Amended and Restated Memorandum and Articles of Association.
	4.1			Specimen Share Certificate, evidencing the ordinary shares of the Registrant.
	5.1*			Opinion of Maples and Calder (Cayman) LLP.
	10.1†			Form of Indemnification Agreement, between the Registrant and each of its Directors and Executive Officers.
	10.2†			SharkNinja, Inc. 2023 Equity Incentive Plan.
	10.3†			SharkNinja, Inc. 2023 Employee Share Purchase Plan.
	10.4			Separation and Distribution Agreement.
	10.5			Transition Services Agreement.
	10.6			Employee Matters Agreement.
	10.7			Brand License Agreement.
	10.8			Sourcing Services Agreement—JS Global.
	10.9			Sourcing Services Agreement—Joyoung.
	10.10			Product Development Agreement.
	10.11			Credit Agreement between SharkNinja Appliance LLC, SharkNinja Europe LTD, The Other Borrowers Party Hereto, The Guarantors Party Hereto, Bank of America, N.A., as Administrative Agent, Swing Line Lender and L/C Issuer and The Other Lenders Party Hereto, dated July 20, 2023.
	21.1			List of Subsidiaries.
	23.1*			Consent of Maples and Calder (Cayman) LLP (included in Exhibit 5.1).
	23.2*			Consent of Ernst & Young LLP.
	24.1*			Powers of Attorney (included on the signature pages).
	107*			Filing Fee Table.

Underwriter	Total Number of Firm Shares to be Purchased	Total Number of Optional Shares to be Purchased if Maximum Option Exercised
Goldman Sachs & Co. LLC	[●]	[●]
J.P. Morgan Securities LLC	[●]	[●]
Jefferies LLC	[●]	[●]
Morgan Stanley & Co. LLC	[●]	[●]
BofA Securities, Inc.	[●]	[●]
Guggenheim Securities, LLC	[●]	[●]
William Blair & Company, L.L.C.	[●]	[●]
Total	[●]	[●]

Selling Shareholder	Total Number of Firm Shares to be Sold	Number of Optional Shares to be Sold if Maximum Option Exercised
JS&W Global Holding Limited Partnership	[●]	[●]
JS&W Capital SPC	[●]	[●]
CJ Xuning Wang	[●]	[●]
Total	[●]	[●]

IF AN INDIVIDUAL:			IF AN ENTITY:


By:
(duly authorized signature)			(please print complete name of entity)


Name:			By:
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