What drove revenue growth in 2024?

Net sales grew 30.0% to $5,528.6 million, led by Food Preparation Appliances, which rose 80.3% to $1,178.7 million on strong sales of ice cream makers and compact blenders and the launch of frozen drink appliances. Cleaning Appliances grew 13.4%, Cooking and Beverage Appliances grew 19.1%, and Beauty and Home Environment Appliances grew 67.8%.

How did profitability change?

Gross margin rose 320 basis points to 48.1% and operating income increased 72.4% to $644.2 million, or 11.7% of net sales. Net income more than doubled to $438.7 million. Sales and marketing expense grew 38.5% to $1,243.1 million, or 22.5% of net sales, reflecting higher advertising and delivery and distribution costs.

What is the fiscal 2025 guidance?

SharkNinja expects net sales to increase 10.0% to 12.0%, Adjusted Net Income per diluted share of $4.80 to $4.90, Adjusted EBITDA of $1,070 million to $1,090 million, a GAAP effective tax rate of approximately 24% to 25%, diluted weighted average shares of about 142.5 million, and capital expenditures of $180 million to $200 million. The outlook includes the impact of a 10% additional tariff on imports from China.

How strong is the balance sheet and cash generation?

Cash and cash equivalents increased to $363.7 million from $154.1 million at December 31, 2023. Operating cash flow was $446.6 million in 2024, up from $280.6 million in 2023. Total debt, excluding unamortized deferred financing costs, was $779.6 million, and $488.9 million was available under the $500.0 million revolving credit facility.

What non-GAAP adjustments should investors understand?

Adjusted measures exclude share-based compensation, certain litigation costs, foreign currency gains and losses, amortization of acquired intangibles, transaction-related costs, shareholder-funded executive bonuses, and the Product Procurement Adjustment, along with results of divested operations (the former Japanese subsidiary and APAC distribution channels transferred to JS Global). For 2024, share-based compensation was $84.5 million and litigation costs were $36.8 million. The company does not reconcile forward-looking Adjusted Net Income or Adjusted EBITDA to GAAP net income because of the difficulty of forecasting foreign currency items.

SN 8-K SEC Disclosure — Feb 13, 2025

01—Abstract

Summary

Summary of the 6-K filed February 13, 2025. Cited figures are marked; the original filing is the authoritative source.

SharkNinja, Inc. reported fourth-quarter and full-year 2024 results on February 13, 2025, furnished as Exhibit 99.1 to this Form 6-K.

For the year ended December 31, 2024, net sales increased 30.0% to $5,528.6 million^a, and Adjusted Net Sales increased 32.4% to $5,528.6 million. Operating income rose 72.4% to $644.2 million, net income increased 162.6% to $438.7 million, and diluted EPS was $3.11 versus $1.20. Adjusted Net Income increased 37.2% to $616.2 million, or $4.37 per diluted share, and Adjusted EBITDA increased 32.2% to $951.1 million, or 17.2% of Adjusted Net Sales.

Growth was led by Food Preparation Appliances, which rose 80.3% on a reported basis, with all four product categories growing. Gross margin expanded 320 basis points to 48.1%, supported by supply chain optimization, sourcing and costing, regional expansion, and foreign exchange benefit. Fourth-quarter 2024 net sales increased 29.7% to $1,787.2 million^b, and net income increased 161.0% to $128.7 million, or $0.91 per diluted share.

Sales and marketing expenses rose 38.5% for the full year to $1,243.1 million^c, or 22.5% of net sales, reflecting higher advertising and direct-to-consumer delivery costs. Cash and cash equivalents rose to $363.7 million from $154.1 million, and operating cash flow was $446.6 million for 2024, compared with $280.6 million in 2023. Total debt, excluding unamortized deferred financing costs, was $779.6 million, down from $804.9 million.

For fiscal 2025, the company expects net sales to increase 10.0% to 12.0%, Adjusted Net Income per diluted share of $4.80 to $4.90^d, Adjusted EBITDA of $1,070 million to $1,090 million, a GAAP effective tax rate of approximately 24% to 25%, and capital expenditures of $180 million to $200 million. The outlook includes the impact of an additional 10% tariff on imports from China announced February 1, 2025.

02—Key points

Key Highlights

Full-year 2024 net sales rose 30.0% to $5,528.6 million; Adjusted Net Sales rose 32.4%, with growth across all four product categories.
Full-year 2024 operating income increased 72.4% to $644.2 million; Adjusted Operating Income increased 31.5% to $839.5 million.
Net income increased 162.6% to $438.7 million, or $3.11 per diluted share, compared with $1.20 in 2023.
Adjusted Net Income increased 37.2% to $616.2 million, or $4.37 per diluted share; Adjusted EBITDA increased 32.2% to $951.1 million (17.2% margin).
Gross margin expanded 320 basis points to 48.1%, driven by supply chain optimization, sourcing and costing strategy, regional expansion, and foreign exchange benefit.
Fiscal 2025 outlook calls for net sales growth of 10.0% to 12.0% and Adjusted EPS of $4.80 to $4.90, including the impact of a 10% additional tariff on China imports.
Cash rose to $363.7 million at year-end 2024 and operating cash flow was $446.6 million; total debt declined to $779.6 million.

03—Questions

Frequently Asked Questions

What drove revenue growth in 2024?
Net sales grew 30.0% to $5,528.6 million, led by Food Preparation Appliances, which rose 80.3% to $1,178.7 million on strong sales of ice cream makers and compact blenders and the launch of frozen drink appliances. Cleaning Appliances grew 13.4%, Cooking and Beverage Appliances grew 19.1%, and Beauty and Home Environment Appliances grew 67.8%.
How did profitability change?
Gross margin rose 320 basis points to 48.1% and operating income increased 72.4% to $644.2 million, or 11.7% of net sales. Net income more than doubled to $438.7 million. Sales and marketing expense grew 38.5% to $1,243.1 million, or 22.5% of net sales, reflecting higher advertising and delivery and distribution costs.
What is the fiscal 2025 guidance?
SharkNinja expects net sales to increase 10.0% to 12.0%, Adjusted Net Income per diluted share of $4.80 to $4.90, Adjusted EBITDA of $1,070 million to $1,090 million, a GAAP effective tax rate of approximately 24% to 25%, diluted weighted average shares of about 142.5 million, and capital expenditures of $180 million to $200 million. The outlook includes the impact of a 10% additional tariff on imports from China.
How strong is the balance sheet and cash generation?
Cash and cash equivalents increased to $363.7 million from $154.1 million at December 31, 2023. Operating cash flow was $446.6 million in 2024, up from $280.6 million in 2023. Total debt, excluding unamortized deferred financing costs, was $779.6 million, and $488.9 million was available under the $500.0 million revolving credit facility.
What non-GAAP adjustments should investors understand?
Adjusted measures exclude share-based compensation, certain litigation costs, foreign currency gains and losses, amortization of acquired intangibles, transaction-related costs, shareholder-funded executive bonuses, and the Product Procurement Adjustment, along with results of divested operations (the former Japanese subsidiary and APAC distribution channels transferred to JS Global). For 2024, share-based compensation was $84.5 million and litigation costs were $36.8 million. The company does not reconcile forward-looking Adjusted Net Income or Adjusted EBITDA to GAAP net income because of the difficulty of forecasting foreign currency items.

04—Continue

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