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    Shaun Calnan • Bank of America

    Shaun Calnan's questions to Latham Group Inc (SWIM) leadership

    Shaun Calnan's questions to Latham Group Inc (SWIM) leadership • Q2 2025

    Question

    Shaun Calnan questioned the drivers behind the implied double-digit revenue growth for the second half of 2025, given a smaller M&A contribution. He also asked whether delayed pool builds from H1 have already been realized or are still pending.

    Answer

    CFO Oliver Gloe outlined several factors supporting H2 growth: the return of fiberglass to growth, a strong safety cover season aided by 'Measure by Latham,' a continued contribution from the Coverstar acquisition in Q3, and the absence of H1 weather delays. CEO Scott Rajeski added that dealers will be working to catch up on delayed builds through the fall, which will support H2 revenue, a process made easier by the faster installation of fiberglass and vinyl pools.

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    Shaun Calnan's questions to Latham Group Inc (SWIM) leadership • Q1 2025

    Question

    Shaun Calnan requested a breakdown of the impressive growth in the Covers segment between organic performance and M&A contributions. He also asked how SG&A spending would be adjusted if the discretionary spending environment for new pools were to weaken.

    Answer

    CFO Oliver Gloe clarified that of the 18% growth in Cover sales, approximately $3 million was M&A-driven, with the rest being organic. He assured that the company has a proven playbook for cost management, having stabilized EBITDA margins through a significant market downturn, and would apply that discipline if market conditions worsened.

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    Shaun Calnan's questions to Latham Group Inc (SWIM) leadership • Q4 2024

    Question

    Shaun Calnan of Bank of America asked about the margin difference between U.S. and Kingston-based production and sought clarification on the nature of the $9 million in annual value engineering savings, specifically regarding carryover versus new incremental savings.

    Answer

    CFO Oliver Gloe stated there is no significant difference in producer margin between facilities; the decision to shift production involves balancing tariff mitigation against higher logistics costs. On the savings question, Gloe explained that the $9 million figure represents a consistent run rate. While there is a carryover benefit from prior year projects, the company is continuously adding new projects to the funnel. He views the inflow of new project savings as roughly equal to the outflow of realized P&L benefits, maintaining a steady $2 million to $2.5 million quarterly impact.

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    Shaun Calnan's questions to Latham Group Inc (SWIM) leadership • Q3 2024

    Question

    Shaun Calnan requested a breakdown of the Q3 gross margin expansion, separating the impact of lean manufacturing from price/cost benefits. He also asked for the company's outlook on material and labor inflation for 2025.

    Answer

    CFO Oliver Gloe broke down the 250 basis point gross margin expansion: a 150 bps headwind from lower volume was overcome by 400 bps of tailwinds. About half of that gain (200 bps) came from lean and value engineering, with the rest from supplier optimization and cost control. For 2025, he stated it was too early for a precise inflation forecast but noted the raw material basket has been stable.

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    Shaun Calnan's questions to Pool Corp (POOL) leadership

    Shaun Calnan's questions to Pool Corp (POOL) leadership • Q2 2025

    Question

    Shaun Calnan asked to reconcile the company's 2-3% net price realization with higher manufacturer increases and inquired about the drivers of its private label chemical growth.

    Answer

    CFO Melanie Hart explained the difference is due to product mix, as equipment (which saw higher price hikes) is only about 30% of sales. CEO Peter Arvan attributed private label chemical growth to a refreshed brand portfolio and the integrated POOL360 water testing platform, which together create a strong value proposition that is gaining traction with dealers.

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    Shaun Calnan's questions to Pool Corp (POOL) leadership • Q3 2024

    Question

    Shaun Calnan asked for clarification on the gross margin bridge, specifically about the sustainability of supply chain benefits and the impact of customer mix. He also questioned why gross margin came in below consensus estimates despite in-line sales.

    Answer

    VP and CFO Melanie M. Hart clarified the bridge was conceptual but confirmed that benefits from private label and pricing initiatives are expected to continue. She explained that the current customer mix is skewed towards larger builders due to the market contraction, which pressures margins, and this should rebalance as the market normalizes. She also noted that the company's margin performance was consistent with the guidance provided in the previous quarter.

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    Shaun Calnan's questions to TopBuild Corp (BLD) leadership

    Shaun Calnan's questions to TopBuild Corp (BLD) leadership • Q3 2024

    Question

    Shaun Calnan, on for Rafe Jadrosich of BofA Securities, asked about the pricing cadence for spray foam compared to fiberglass and how the price spread between the two has changed. He also inquired about the types of opportunities TopBuild is evaluating to expand its addressable market.

    Answer

    CEO Robert Buck explained that spray foam pricing is dynamic, noting that after significant inflation in 2020-2021, prices have pulled back but remain roughly 2.5x more than fiberglass. He stated that new supply has created competitive pressure, which he expects to stabilize. Regarding market expansion, he reiterated that the focus is on leveraging TopBuild's core competencies—such as managing a dispersed branch model, labor, and supply chain—to find opportunities close to its current business.

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