Traeger, Inc. · NYSE:COOK
Traeger — Q3 2024 Earnings Presentation
17 slides from Traeger's earnings presentation, Nov 6, 2024
Slide 1: Third Quarter 2024
a rs THIRD QUARTER 2024 | | == sys (TIMBERLINE®)
Slide 2: Safe Harbor Statement
SAFE HARBOR STATEMENT This presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements contained in this presentation that do not relate to matters of historical fact should be considered forward-looking statements, incl
Slide 3: Traeger Kitchen content collage
Slide 4: CEO Commentary
CEO COMMENTARY ”“Traeger delivered third quarter results which were ahead of our expectations and which demonstrate our team’s commitment to execution. Strong sell-through of our grills drove upside in our replenishment sales in the quarter, resulting in a 32% increase in our grills revenues. Furthe
Slide 5: Traeger 3Q 2024 at a Glance
AN TRAEGER 3Q 2024 AT A GLANCE Revenue Mix $l22MM 42.3% Revenue Gross Margin SI2MM 10.1% Adj. EBITDA © Adj. EBITDA Margin =Grills =Accessories Consumables oh TRAEGER
Slide 6: Growth Pillars: Quarterly Highlights
GROWTH PILLARS: QUARTERLY HIGHLIGHTS Accelerate Brand Awareness + 20% increase in unaided awareness versus 2022, per a recent brand study + Kicked off football season with Traeger Game Day, a social campaign which features giveaways, recipes, and content focused on engaging the Traegerhood during th
Slide 7: Gross Margin Progression
GROSS MARGIN PROGRESSION GROSS MARGIN % 42.9% 43.1% 42.1% FY 2019 FY 2020 FY 2021 FY 2022” FY 2023 FY 2024 (Guidance, mid-point) * Significant pressure on gross margin in FY 2021 and FY 2022, largely driven by increased transportation costs Gross margin recapture in FY 2023 and expected gains in FY
Slide 8: Balance Sheet and Liquidity
BALANCE SHEET AND LIQUIDITY cant Actions to Increase Financial Flexibility Available Liquidity SMM Lowered Exposure to Elevated Rates $i77 * Entered into floating-to-fixed interest rate swap agreement on First Lien Term Loan in February 2022 Signi + Agreement provides for a notional amount of $379.2
Slide 9: Financials
FINANCIALS
Slide 10: 3rd Quarter 2024 Revenue Results
3'¢ QUARTER 2024 REVENUE RESULTS TOTAL REVENUE $MM Sus oe $i22 3Q 2023 3Q 2024 GRILL REVENUE CONSUMABLES REVENUE ACCESSORIES REVENUE SMM $MM $MM 75 » @.. @. - @- $57 $23 $25 3Q 2023 3Q 2024 3Q 2023 3Q 2024 3Q 2023 3Q 2024 IN TRAEGER
Slide 11: 3rd Quarter 2024 Profitability Results
3'¢ QUARTER 2024 PROFITABILITY RESULTS GROSS PROFIT sm & @® Gross Margin $45 $52 3Q 2023 ADJUSTED EBITDA $MM 4.0% @® Adjusted EBITDA Margin $5 3Q 2024 $i2 | 3Q 2023 ADJUSTED NET LOSS © SMM 3Q 2024 ($14) 3Q 2023 } TRAEGER ($7) 3Q 2024
Slide 12: Guidance for Full Year Fiscal 2024
GUIDANCE FOR FULL YEAR FISCAL 2024 Fiscal 2024 Guidance PRIOR GUIDANCE METRIC LOW HIGH LOW HIGH Total Revenue SSS9OMM S605MM $595MM S605MM Gross Margin 40.5% 41.5% 41.8% 42.3% Adj. EBITDA ® $74MM S79MM $78MM $8IMM Ih TRAEGER Key Assumptions: * Expecting Grill revenues growth in the low single-digit
Slide 13: Appendix
APPENDIX Ah TRAEGER
Slide 14: Footnotes
FOOTNOTES |. Adjusted EBITDA, Adjusted EBITDA Margin, and Adjusted Gross Margin are non-GAAP measures. See the appendix to this presentation for a presentation of, and a reconciliation of these measures to, the nearest comparable GAAP measures, including Net Loss, Net Loss Margin, and Gross Margin,
Slide 15: Information Regarding Non-GAAP Financial Measures
INFORMATION REGARDING NON-GAAP FINANCIAL MEASURES In addition to our results and measures of performance determined in accordance with U.S. GAAP, we believe that certain non- GAAP financial measures are useful in evaluating and comparing our financial and operational performance over multiple period
Slide 16: Presentation of Comparable GAAP Measures and Reconciliations of Non-GAAP Financial Measures
PRESENTATION OF COMPARABLE GAAP MEASURES AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES oh TRAEGER Three Months Ended September 30, Nine Months Ended September 30, (dollars in thousands, except share and per share amounts) 2024 2023 2024 2023 Net loss $09,789) $09.26) $(@7,050) $(60,357) Adjustm
Slide 17: Presentation of Comparable GAAP Measures and Reconciliations of Non-GAAP Financial Measures
PRESENTATION OF COMPARABLE GAAP MEASURES AND RECONCILIATIONS OF NON-GAAP FINANCIAL MEASURES Ih TRAEGER (dollars in thousands RECONCILIATION OF DEBT TO NET DEBT ‘September 30, 2024 Line of credit $12,000 Current portion of notes payable 250 Notes payable, net of current portion 398,159 ‘Add: Debt iss