Traeger (COOK) 10-Q 6 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Nov. 01, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-40694
Entity Registrant Name	Traeger, Inc
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2739741
Entity Address, Address Line One	533 South 400 West
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84101
City Area Code	801
Local Phone Number	701-7180
Title of 12(b) Security	Common stock, par value $0.0001 per share
Trading Symbol	COOK
Security Exchange Name	NYSE
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		130,601,857
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Entity Central Index Key	0001857853
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 16,872	$ 29,921
Accounts receivable, net	70,786	59,938
Inventories	105,058	96,175
Prepaid expenses and other current assets	24,348	30,346
Total current assets	217,064	216,380
Property, plant, and equipment, net	38,241	42,591
Operating lease right-of-use assets	45,429	48,188
Goodwill	74,725	74,725
Intangible assets, net	438,922	470,546
Other non-current assets	3,695	8,329
Total assets	818,076	860,759
Current Liabilities
Accounts payable	30,575	33,280
Accrued expenses	56,630	52,941
Line of credit	12,000	28,400
Current portion of notes payable	250	250
Current portion of operating lease liabilities	3,744	3,608
Current portion of contingent consideration	0	15,000
Other current liabilities	498	495
Total current liabilities	103,697	133,974
Notes payable, net of current portion	398,159	397,300
Operating leases liabilities, net of current portion	27,574	29,142
Deferred tax liability	8,241	8,236
Other non-current liabilities	579	759
Total liabilities	538,250	569,411
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 September 30, 2024 and December 31, 2023	0	0
Common stock value	13	13
Additional paid-in capital	956,195	935,272
Accumulated deficit	(681,927)	(654,877)
Accumulated other comprehensive income	5,545	10,940
Total stockholders’ equity	279,826	291,348
Total liabilities and stockholders’ equity	$ 818,076	$ 860,759

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (unaudited) (Parentheticals) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock authorized (in shares)	25,000,000	25,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock authorized (in shares)	1,000,000,000	1,000,000,000
Common stock issued (in shares)	130,427,492	125,865,303
Common stock outstanding (in shares)	130,427,492	125,865,303
Operating leases liabilities, net of current portion	$ 27,574	$ 29,142

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) (unaudited) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 122,050	$ 117,730	$ 435,435	$ 442,403
Cost of revenue	70,362	73,064	248,856	278,983
Gross profit	51,688	44,666	186,579	163,420
Operating expenses:
Sales and marketing	26,162	25,913	76,065	75,903
General and administrative	24,135	24,823	86,764	103,873
Amortization of intangible assets	8,819	8,889	26,456	26,666
Change in fair value of contingent consideration	0	(2,300)	0	508
Restructuring costs	0	225	0	225
Total operating expense	59,116	57,550	189,285	207,175
Loss from operations	(7,428)	(12,884)	(2,706)	(43,755)
Other income (expense):
Interest expense	(8,534)	(7,517)	(25,308)	(23,408)
Other income (expense), net	(3,964)	1,992	993	8,020
Total other expense	(12,498)	(5,525)	(24,315)	(15,388)
Loss before provision (benefit) for income taxes	(19,926)	(18,409)	(27,021)	(59,143)
Provision (benefit) for income taxes	(137)	852	29	1,214
Net loss	$ (19,789)	$ (19,261)	$ (27,050)	$ (60,357)
Net income (loss) per share - basic (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.21)	$ (0.49)
Net income (loss) per share - diluted (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.21)	$ (0.49)
Weighted average common shares outstanding - basic (in shares)	128,291,933	124,053,643	126,886,385	123,265,134
Weighted average common shares outstanding - diluted (in shares)	128,291,933	124,053,643	126,886,385	123,265,134
Other comprehensive income (loss):
Foreign currency translation adjustments	$ 25	$ (27)	$ 111	$ (24)
Change in cash flow hedge	0	0	0	(2,088)
Amortization of dedesignated cash flow hedge	(1,456)	(2,666)	(5,506)	(7,808)
Total other comprehensive loss	(1,431)	(2,693)	(5,395)	(9,920)
Comprehensive loss	$ (21,220)	$ (21,954)	$ (32,445)	$ (70,277)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN MEMBER'S AND STOCKHOLDERS' EQUITY (unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Income
Beginning balance (in shares) at Dec. 31, 2022		122,624,414
Beginning balance at Dec. 31, 2022	$ 334,869	$ 12	$ 882,069	$ (570,475)	$ 23,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plan (in shares)		3,034,556
Issuance of common stock under stock plan	1	$ 1
Stock-based compensation	47,180		47,180
Net loss	(60,357)			(60,357)
Foreign currency translation adjustments	(24)				(24)
Amortization of dedesignated cash flow hedge	(2,088)				(2,088)
Amortization of dedesignated cash flow hedge	(7,808)				(7,808)
Ending balance (in shares) at Sep. 30, 2023		125,658,970
Ending balance at Sep. 30, 2023	311,773	$ 13	929,249	(630,832)	13,343
Beginning balance (in shares) at Jun. 30, 2023		123,960,782
Beginning balance at Jun. 30, 2023	327,525	$ 12	923,048	(611,571)	16,036
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plan (in shares)		1,698,188
Issuance of common stock under stock plan	1	$ 1
Stock-based compensation	6,201		6,201
Net loss	(19,261)			(19,261)
Foreign currency translation adjustments	(27)				(27)
Amortization of dedesignated cash flow hedge	0
Amortization of dedesignated cash flow hedge	(2,666)				(2,666)
Ending balance (in shares) at Sep. 30, 2023		125,658,970
Ending balance at Sep. 30, 2023	311,773	$ 13	929,249	(630,832)	13,343
Beginning balance (in shares) at Dec. 31, 2023		125,865,303
Beginning balance at Dec. 31, 2023	291,348	$ 13	935,272	(654,877)	10,940
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plan (in shares)		5,207,131
Issuance of common stock under stock plan	$ 0	$ 0
Shares withheld related to net share settlement (in shares)	(644,942)
Shares withheld related to net share settlement	$ (2,141)		(2,141)
Stock-based compensation	23,064		23,064
Net loss	(27,050)			(27,050)
Foreign currency translation adjustments	111				111
Amortization of dedesignated cash flow hedge	0
Amortization of dedesignated cash flow hedge	(5,506)				(5,506)
Ending balance (in shares) at Sep. 30, 2024		130,427,492
Ending balance at Sep. 30, 2024	279,826	$ 13	956,195	(681,927)	5,545
Beginning balance (in shares) at Jun. 30, 2024		129,110,864
Beginning balance at Jun. 30, 2024	297,286	$ 13	952,435	(662,138)	6,976
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under stock plan (in shares)		1,961,570
Issuance of common stock under stock plan	$ 0	$ 0
Shares withheld related to net share settlement (in shares)	(644,942)
Shares withheld related to net share settlement	$ (2,141)		(2,141)
Stock-based compensation	5,901		5,901
Net loss	(19,789)			(19,789)
Foreign currency translation adjustments	25				25
Amortization of dedesignated cash flow hedge	0
Amortization of dedesignated cash flow hedge	(1,456)				(1,456)
Ending balance (in shares) at Sep. 30, 2024		130,427,492
Ending balance at Sep. 30, 2024	$ 279,826	$ 13	$ 956,195	$ (681,927)	$ 5,545

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (unaudited) - USD ($)	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
CASH FLOWS FROM OPERATING ACTIVITIES
Net loss	$ (27,050,000)	$ (60,357,000)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation of property, plant and equipment	10,139,000	11,204,000
Amortization of intangible assets	31,936,000	32,074,000
Amortization of deferred financing costs	1,500,000	1,519,000
Loss on disposal of property, plant and equipment	414,000	2,262,000
Stock-based compensation expense	23,064,000	47,180,000
Unrealized loss (gain) on derivative contracts	7,526,000	(2,689,000)
Amortization of dedesignated cash flow hedge	(5,506,000)	(7,808,000)
Change in contingent consideration	(15,000,000)	288,000
Other non-cash adjustments	1,425,000	141,000
Change in operating assets and liabilities:
Accounts receivable	(10,851,000)	(9,099,000)
Inventories	(8,883,000)	51,580,000
Prepaid expenses and other current assets	2,596,000	(6,077,000)
Other non-current assets	86,000	(393,000)
Accounts payable and accrued expenses	5,020,000	(15,467,000)
Other non-current liabilities	0	1,000
Net cash provided by operating activities	16,416,000	44,359,000
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of property, plant, and equipment	(10,034,000)	(15,678,000)
Capitalization of patent costs	(312,000)	(373,000)
Proceeds from sale of property, plant, and equipment	113,000	2,925,000
Net cash used in investing activities	(10,233,000)	(13,126,000)
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from line of credit	47,000,000	103,100,000
Repayments on line of credit	(63,400,000)	(161,809,000)
Repayments of long-term debt	(188,000)	(188,000)
Payments of Financing Costs	(119,000)	0
Principal payments on finance lease obligations	(384,000)	(386,000)
Payments of acquisition related contingent consideration	0	(12,225,000)
Taxes paid related to net share settlement of equity awards	(2,141,000)	0
Net cash used in financing activities	(19,232,000)	(71,508,000)
Net decrease in cash, cash equivalents and restricted cash	(13,049,000)	(40,275,000)
Cash, cash equivalents and restricted cash at beginning of period	29,921,000	51,555,000
CASH AND CASH EQUIVALENTS AT END OF PERIOD	16,872,000	$ 11,280,000
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:
Cash paid during the period for interest	29,643,000
Income taxes paid, net of refunds	1,575,000
NON-CASH FINANCING AND INVESTING ACTIVITIES
Equipment purchased under finance leases	206,000
Property, plant, and equipment included in accounts payable and accrued expenses	$ 51,000

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Nature of Operations – Traeger, Inc. and its wholly owned Subsidiaries (collectively "Traeger" or the "Company") design, source, sell, and support wood pellet fueled barbecue grills sold to retailers, distributors, and direct to consumers. The Company produces and sells the pellets used to fire the grills and also sells Traeger-branded rubs, spices and sauces, as well as grill accessories (including P.A.L. Pop-And-Lock accessory rails, covers, barbecue tools, trays, liners, MEATER smart thermometers and merchandise). A significant portion of the Company’s sales are generated from customers throughout the United States ("U.S."), and the Company continues to develop distribution in Canada and Europe. The Company’s headquarters are in Salt Lake City, Utah. Basis of Presentation and Principles of Consolidation – The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K , filed with the Securities and Exchange Commission on March 8, 2024 (the "Annual Report on Form 10-K"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ended December 31, 2024 The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period’s presentation. The reclassifications did not have a significant impact on the accompanying unaudited condensed consolidated financial statements. There have been no significant changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024, as compared with those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024. Emerging Growth Company Status – The Company is an “emerging growth company” as defined in the Jumpstart Our Business Startups Act of 2012 ("JOBS Act"). Under the JOBS Act, emerging growth companies can delay adopting new or revised financial accounting standards until such time as those standards apply to private companies. The Company has elected to use the extended transition period for complying with the adoption of new or revised accounting standards and as a result of this election, its financial statements may not be comparable to companies that comply with public company effective dates. The Company will remain an emerging growth company until the earliest of (i) the end of the fiscal year in which the market value of its common stock that is held by non-affiliates is at least $700 million as of the last business day of its most recently completed second fiscal quarter, (ii) the end of the fiscal year in which the Company has total annual gross revenues of $1.24 billion or more during such fiscal year, (iii) the date on which the Company issues more than $1.0 billion in non-convertible debt in a three-year period, or (iv) December 31, 2026.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	Use of Estimates – The preparation of these financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates and the assumptions made by management that present the greatest amount of estimation uncertainty include customer credits and returns, obsolete inventory reserves, valuation and impairment of intangible assets including goodwill, unrealized positions on foreign currency derivatives and reserves for warranty. Actual results could differ from these estimates. Concentrations – Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash in banks, trade accounts receivable, foreign currency contracts, and business activity with certain third-party contract manufacturers of our products. Credit is extended to customers based on an evaluation of the customer’s financial condition and collateral is not generally required in the Company’s sales transactions. Three customers (each large U.S. retailers) that accounted for a significant portion of net sales are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer A 29 % 14 % 24 % 18 % Customer B 18 % 20 % 18 % 18 % Customer C 6 % 8 % 9 % 12 % Concentrations of credit risk exist to the extent credit terms are extended with four customers that account for a significant portion of the Company’s trade accounts receivables. As of September 30, 2024, there were four customers A, B, C, and D that accounted for 37%, 24%, 3%, and 12% of the Company's trade accounts receivables as compared to 37%, 11%, 6%, and 14% as of December 31, 2023. A disruption to a business that would impact its ability to meet its financial obligations on the part of any one of these four customers could result in a material amount of exposure to the Company. No other single customer accounted for greater than 10% of trade accounts receivable as of September 30, 2024 or December 31, 2023. Additionally, no other single customer accounted for greater than 10% of the Company’s net sales for the three and nine months ended September 30, 2024 and 2023, respectively. The Company’s sales to dealers and distributors located outside the United States are generally denominated in U.S. dollars. The Company does have sales to certain dealers located in the European Union, the United Kingdom and Canada which are denominated in Euros, British Pounds and Canadian Dollars, respectively. The Company relies on a limited number of suppliers for its contract manufacturing of grills and accessories. A significant disruption in the operations of certain of these manufacturers, or in the transportation of parts and accessories would impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on the Company’s business, financial condition and results of operations. Revenue Recognition and Sales Reserves and Allowances – The Company recognizes revenue at the amount to which it expects to be entitled when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied. The performance obligation for most of the Company’s sales transactions is considered complete when control transfers, which is determined when products are shipped or delivered to the customer depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery of point-of-sale transactions. Shipping charges billed to customers are included in net sales and related shipping costs are included in cost of sales. The company has elected to account for shipping and handling activities performed after control has been transferred to the customer as a fulfillment cost. The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have long-term contracts that are satisfied over time. Due to the nature of the contracts, no significant judgment exists in relation to the identification of the customer contract or satisfaction of the performance obligation. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts. The Company has certain contractual programs and practices with customers that can give rise to elements of variable consideration such as customer cooperative advertising and volume incentive rebates. The Company estimates the variable consideration using the most likely amount method based on sales and contractual rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales. The Company has entered into contracts with some customers that allow for credits to be claimed for certain matters of operational compliance or for returns to the retail customer from end consumers. Credits that will be issued associated with these items are estimated using the expected value method and are based on actual historical experience and are recorded as a reduction of revenue at the time of recognition or when circumstances change resulting in a change in estimated returns. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities. New Accounting Pronouncements Recently Adopted – In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

REVENUE

REVENUE	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
REVENUE	The following tables disaggregate revenue by product category, geography, and sales channel for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Revenue by product category 2024 2023 2024 2023 Grills $ 74,931 $ 56,573 $ 246,721 $ 239,444 Consumables 22,531 25,385 88,621 90,330 Accessories 24,588 35,772 100,093 112,629 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403 Three Months Ended September 30, Nine Months Ended September 30, Revenue by geography 2024 2023 2024 2023 North America $ 112,709 $ 102,125 $ 389,914 $ 399,280 Rest of world 9,341 15,605 45,521 43,123 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403 Three Months Ended September 30, Nine Months Ended September 30, Revenue by sales channel 2024 2023 2024 2023 Retail $ 100,118 $ 91,764 $ 367,617 $ 359,726 Direct to consumer 21,932 25,966 67,818 82,677 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403

ACCOUNTS RECEIVABLES, NET

ACCOUNTS RECEIVABLES, NET	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
ACCOUNTS RECEIVABLES, NET	Accounts receivable consists of the following (in thousands): September 30, December 31, Trade accounts receivable $ 89,121 $ 77,299 Allowance for expected credit losses (446) (549) Sales reserves, discounts and allowances (17,889) (16,812) Total accounts receivable, net $ 70,786 $ 59,938

INVENTORIES

INVENTORIES	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
INVENTORIES	Inventories consisted of the following (in thousands): September 30, December 31, Raw materials $ 5,372 $ 6,645 Work in process 6,943 9,798 Finished goods 92,743 79,732 Inventories $ 105,058 $ 96,175

ACCRUED EXPENSES

ACCRUED EXPENSES	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
ACCRUED EXPENSES	Accrued expenses consisted of the following (in thousands): September 30, December 31, Accrual for inventories in-transit $ 8,669 $ 9,927 Warranty accrual 6,443 7,240 Accrued compensation and bonus 7,089 6,935 Other 34,429 28,839 Accrued expenses $ 56,630 $ 52,941 The changes in the Company’s warranty accrual, included in accrued expenses on the accompanying condensed consolidated balance sheets, were as follows for the fiscal periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Warranty accrual, beginning of period $ 6,756 $ 7,486 $ 7,240 $ 7,368 Warranty claims (1,373) (2,435) (3,695) (6,015) Warranty costs accrued 1,060 2,120 2,898 5,818 Warranty accrual, end of period $ 6,443 $ 7,171 $ 6,443 $ 7,171

DERIVATIVES

DERIVATIVES	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
DERIVATIVES	Interest Rate Swap On February 25, 2022, the Company entered into a floating-to-fixed interest rate swap agreement to hedge or otherwise protect against fluctuations on a portion of the Company's variable rate debt. The agreement provides for a notional amount of $379.2 million, fixed rate of 2.08% and a maturity date of February 28, 2026. This agreement was designated as a cash flow hedge on the exposure of the variability of future cash flows subject to the variable monthly interest rates on $379.2 million of the term loan portion under the First Lien Term Loan Facility (as defined below). The Company assessed hedge effectiveness at the time of entering into the agreement, utilizing a regression analysis, and determined the hedge is expected to be highly effective. As a cash flow hedge, the interest rate swap is revalued at current market rates, with the changes in valuation being recorded in other comprehensive income within the accompanying condensed consolidated statements of operations and comprehensive loss, to the extent that the hedge is effective. The gains or losses on the interest rate swaps are recorded in accumulated other comprehensive income within the accompanying condensed consolidated balance sheets and are reclassified into interest expense in the periods in which the interest rate swap affects earnings. The cash flows related to interest settlements and changes in valuation are classified consistent with the treatment of the hedged monthly interest payments generally as operating activities on the accompanying condensed consolidated statement of cash flows. In January 2023, the Company changed the interest reset period from one month to three months on the term loan portion under the First Lien Term Loan Facility (as defined below). As a result, the Company dedesignated its hedging relationship. At the time of dedesignation total amount recorded in accumulated other comprehensive income ("AOCI") was $21.3 million and will be amortized into earnings as a reduction of interest expense over the term of the previously hedged interest payments. As of September 30, 2024, the Company had $5.5 million remaining within AOCI to be amortized into earnings as a reduction of interest expense. For periods where the net position is in an asset balance, the balance is recorded within prepaid expenses and other current assets and other non-current assets on the accompanying condensed balance sheets. The gross and net balances from the interest rate swap contract position were as follows (in thousands): September 30, December 31, Gross Asset Fair Value $ 8,706 $ 16,248 Gross Liability Fair Value — — Net Asset Fair Value $ 8,706 $ 16,248 Foreign Currency Contracts The Company is exposed to foreign currency exchange rate risk related to its purchases and international operations. The Company utilizes foreign currency contracts to manage foreign currency risk in purchasing inventory and capital equipment, and future settlement of foreign denominated assets and liabilities. The volume of the Company’s foreign currency contract activity is limited by the amount of transaction exposure in each foreign currency and the Company’s election as to whether to hedge the transactions. There are no derivative instruments entered into for speculative purposes. The Company had outstanding foreign currency contracts as of September 30, 2024 and December 31, 2023. The Company did not elect hedge accounting for any of these contracts. The fair market value of the contracts in an asset position are offset by the fair market value of the contracts in a liability position to reach a net position. For periods where the net position is an asset balance, the balance is recorded within prepaid expenses and other current assets on the accompanying condensed consolidated balance sheets and for periods where the net position is a liability balance, the balance is recorded within other current liabilities on the accompanying condensed consolidated balance sheets. Changes in the net fair value of contracts are recorded in other income (expense), net within the accompanying condensed consolidated statements of operations and comprehensive loss. The gross and net balances from foreign currency contract positions were as follows (in thousands): September 30, December 31, Gross Asset Fair Value $ 91 $ 76 Gross Liability Fair Value — — Net Fair Value $ 91 $ 76 Gains (losses) from foreign currency contracts were recorded in other income (expense), net within the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Realized losses $ (328) $ (804) $ (865) $ (2,484) Unrealized gains (losses) 390 410 15 (279) Total losses $ 62 $ (394) $ (850) $ (2,763)

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable. The following table presents information about the fair value measurement of the Company’s financial instruments (in thousands): Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value As of September 30, As of December 31, Assets: Derivative assets—foreign currency contracts (1) 2 $ 91 $ 76 Derivative assets—interest rate swap contract (2) 2 8,706 16,248 Total assets $ 8,797 $ 16,324 Liabilities: Contingent consideration—earn out (3) 3 $ — $ 15,000 Total liabilities $ — $ 15,000 (1) Included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. (2) Included in prepaid expenses and other current assets and other non-current assets in the accompanying condensed consolidated balance sheets. (3) Included in current contingent consideration in the accompanying condensed consolidated balance sheets. Transfers of assets and liabilities among Level 1, Level 2 and Level 3 are recorded as of the actual date of the events or change in circumstances that caused the transfer. As of September 30, 2024 and December 31, 2023, there were no transfers between levels of the fair value hierarchy of the Company’s assets or liabilities measured at fair value. The fair value of the Company’s derivative assets through its foreign currency contracts is based upon observable market-based inputs that reflect the present values of the differences between estimated future foreign currency rates versus fixed future settlement prices per the contracts, and therefore, are classified within Level 2. The fair value of the Company's interest rate swap contract held with a financial institution is classified as a Level 2 financial instrument, which is valued using observable underlying interest rates and market-determined risk premiums at the reporting date. On November 10, 2022, the Company entered into the second amendment to the share purchase agreement associated with the Apption Labs business combination to extend the earn out period through the end of fiscal year 2023. This amendment also modified the contingent consideration calculation associated with the achievement of certain revenue, earnings, and successful product launch thresholds for fiscal years 2022 and 2023. In April 2024, the Company paid the remaining $15.0 million of contingent consideration based on the achievement of certain earnings and product launch thresholds for fiscal year 2023. The fair values of the Company's contingent consideration earn out obligation were estimated using a Black Scholes model. Key assumptions used in these estimates include the weighted average cost of capital and the probability assessments with respect to the likelihood of achieving the forecasted performance targets consistent with the level of risk of achievement. As these are significant unobservable inputs, the contingent consideration earn out obligation is included in Level 3 inputs. At each reporting date, the Company revalues the contingent consideration obligation to its fair value and records increases and decreases in fair value in the revaluation of contingent consideration in our accompanying condensed consolidated statements of operations and comprehensive loss. Changes in the fair value of the contingent consideration obligation results from changes in discount periods and rates, and changes in probability assumptions with respect to the likelihood of achieving the performance targets. The following table presents the fair value of contingent consideration (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contingent consideration, beginning of period $ — $ 13,110 $ 15,000 $ 22,747 Payments of contingent consideration — — (15,000) (12,445) Change in fair value of contingent consideration — (2,300) — 508 Contingent consideration, end of period $ — $ 10,810 $ — $ 10,810 The following table reconciles the changes in fair value of contingent consideration and payments of contingent consideration to the accompanying condensed consolidated statement of cash flows and condensed consolidated statements of operations and comprehensive loss (in thousands): Nine Months Ended September 30, 2024 2023 Total payment of contingent consideration $ 15,000 $ 12,445 Less: amounts paid in excess of the acquisition date fair value of the contingent consideration (1) (15,000) (220) Acquisition date fair value of contingent consideration (2) $ — $ 12,225 Change in fair value of contingent consideration (3) $ — $ 508 Less: amounts paid in excess of the acquisition date fair value of the contingent consideration (1) (15,000) (220) Net change in contingent consideration (4) $ (15,000) $ 288 (1) Included in the change in contingent consideration as an operating activity in the accompanying condensed consolidated statement of cash flows. (2) Agrees to the payments of acquisition related contingent consideration as a financing activity within the accompanying condensed consolidated statement of cash flows. (3) Agrees to the change in fair value of contingent consideration in the accompanying condensed consolidated statement of operations and comprehensive loss. (4) Agrees to the change in contingent consideration as an operating activity in the accompanying condensed consolidated statement of cash flows. The following financial instruments are recorded at their carrying amount (in thousands): As of September 30, 2024 As of December 31, 2023 Financial Instruments Recorded at Carrying Amount: Carrying Estimated Carrying Estimated Liabilities: Debt—Credit Facilities (1) $ 403,638 $ 382,447 $ 403,825 $ 357,498 Total liabilities $ 403,638 $ 382,447 $ 403,825 $ 357,498 (1) Included in current portion of notes payable and notes payable, net of current portion within the accompanying condensed consolidated balance sheets. Due to the unobservable nature of the inputs these financial instruments are considered to be Level 3 instruments in the fair value hierarchy.

DEBT AND FINANCING ARRANGEMENTS

DEBT AND FINANCING ARRANGEMENTS	9 Months Ended
	Sep. 30, 2024
Debt Disclosure [Abstract]
DEBT AND FINANCING ARRANGEMENTS	DEBT AND FINANCING ARRANGEMENTS Notes Payable On June 29, 2021, the Company refinanced its existing credit facilities and entered into a new first lien credit agreement, as borrower, with Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent, and other lenders party thereto as joint lead arrangers and joint bookrunners (the "First Lien Credit Agreement"). The First Lien Credit Agreement provides for a $560.0 million senior secured term loan facility (the "First Lien Term Loan Facility"), including a $50.0 million delayed draw term loan, and a $125.0 million revolving credit facility (the "Revolving Credit Facility" and, together with the First Lien Term Loan Facility, the "Credit Facilities"). The Company entered into an agency transfer agreement on April 30, 2024, pursuant to which Morgan Stanley Senior Funding, Inc. succeeded Credit Suisse AG, Cayman Islands Branch, as administrative agent and collateral agent for the Credit Facilities. The Company’s obligations under the First Lien Credit Agreement are substantively unchanged. The First Lien Term Loan Facility accrues interest at a rate per annum that considers both fixed and floating components. The fixed component ranges from 3.00% to 3.25% per annum based on the Company's Public Debt Rating (as defined in the First Lien Credit Agreement). The floating component was based on the Term SOFR (as defined in the First Lien Credit Agreement) for the relevant interest period. The First Lien Term Loan Facility requires periodic principal payments from December 2021 through June 2028, with any remaining unpaid principal and any accrued and unpaid interest due on the maturity date of June 29, 2028. As of September 30, 2024, the total principal amount outstanding on the First Lien Term Loan Facility was $403.6 million. Loans under the Revolving Credit Facility accrue interest at a rate per annum that considers both fixed and floating components. The fixed component ranges from 2.75% to 3.25% per annum based on the Company's most recently determined First Lien Net Leverage Ratio (as defined in the First Lien Credit Agreement). The floating component was based on the Term SOFR for the relevant interest period. The Revolving Credit Facility also has a variable commitment fee, which is based on the Company's most recently determined First Lien Net Leverage Ratio and ranges from 0.25% to 0.50% per annum on undrawn amounts. Letters of credit may be issued under the Revolving Credit Facility in an amount not to exceed $15.0 million which, when issued, lower the overall borrowing capacity of the facility. The Revolving Credit Facility expires on June 29, 2026 and no principal payments are due before such date. As of September 30, 2024, the Company had no outstanding loan amounts under the Revolving Credit Facility. The First Lien Credit Agreement contains certain affirmative and negative covenants that limit the Company's ability to, among other things, incur additional indebtedness or liens (with certain exceptions), make certain investments, engage in fundamental changes or transactions including changes of control, transfer or dispose of certain assets, make restricted payments (including dividends), engage in new lines of business, make certain prepayments and engage in certain affiliate transactions. In addition, the Company is subject to a financial covenant and is required to maintain a First Lien Net Leverage Ratio (as defined in the First Lien Credit Agreement) not to exceed 6.20 to 1.00. As of September 30, 2024, the Company was in compliance with the covenants under the Credit Facilities. Accounts Receivable Credit Facility On November 2, 2020, the Company entered into a receivables financing agreement (as amended, the "Receivables Financing Agreement"). Through the Receivables Financing Agreement, the Company participates in a trade receivables securitization program, administered on its behalf by MUFG Bank Ltd. ("MUFG"), using outstanding accounts receivable balances as collateral, which have been contributed by the Company to its wholly owned subsidiary and special purpose entity, Traeger SPE LLC (the "SPE"). While the Company provides operational services to the SPE, the receivables are owned by the SPE once contributed to it by the Company. The Company is the primary beneficiary and holds all equity interests of the SPE, thus the Company consolidates the SPE without any significant judgments. On November 8, 2023, the Company entered into Amendment No. 9 to the Receivables Financing Agreement in order to extend the expiration of the facility by one year to June 27, 2025. As part of the amendment, the maximum borrowing capacity was decreased from $100.0 million to $75.0 million and allows for seasonal adjustments, at the discretion of the Company (with consent of the lenders under the Receivables Financing Agreement), to change the capacity anywhere between $30.0 million and $75.0 million. The Company is required to pay fixed interest on outstanding cash advances of 2.5%, a floating interest based on the CP Rate (as defined in the Receivables Financing Agreement), and an unused capacity charge that ranges from 0.25% to 0.5%. Amendment No. 9 also implemented a new liquidity threshold at $42.5 million of liquidity. If the Company's liquidity falls below this threshold, it may result in an increase in the required level of reserves, which would result in a reduction of the Company's borrowing base under the Receivables Financing Agreement during such a liquidity shortfall. On August 6, 2024, the Company entered into Amendment No. 10 to the Receivables Financing Agreement in order to extend the expiration of the facility to August 6, 2027. As part of the amendment, the Company is required to pay an upfront fee for the facility, along with a fixed interest rate on outstanding cash advances of approximately 2.6% and a floating interest rate based on the CP Rate or Adjusted Term SOFR (each as defined in the Receivables Financing Agreement). The Company was in compliance with the covenants under the Receivables Financing Agreement as of September 30, 2024. As of September 30, 2024, the Company had drawn down $12.0 million under this facility for general corporate and working capital purposes.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	Legal Matters In the normal course of business, the Company is involved in legal proceedings and other potential loss contingencies, some of which are covered by insurance. In accordance with Accounting Standards Codification (“ASC”) Topic 450, Contingencies ("Topic 450"), the Company establishes accruals for contingencies when it is probable that a loss will be incurred and the amount, or range of amounts, can be reasonably estimated. If the reasonable estimate is a range, the Company will accrue the best estimate in that range. When no amount within the range is a better estimate than any other amount, the Company will accrue the minimum amount in the range. Legal proceedings and other contingencies for which no accrual has been established are disclosed to the extent required by ASC Topic 450. In August 2024, the Company received an offer of compromise to reach an out-of-court settlement for a product liability matter. The Company believes this matter, and any monetary settlement associated with it, is covered by its insurance policies. The Company establishes accruals when a particular contingency is probable and reasonably estimable. As of September 30, 2024, although the loss is probable, the Company has not recorded an accrual because the amount is not reasonably estimable. The Company regularly evaluates the status of legal proceedings and other matters in which the Company is involved to assess whether a loss is probable or there is a reasonable possibility that a loss or additional loss may have been incurred to determine if accruals are appropriate. The Company further evaluates each legal proceeding and other matters to assess whether an estimate of possible loss or range of loss can be made to determine whether accruals are appropriate. For the matter described above, management is unable to provide a meaningful estimate of the possible loss or range of possible loss because, among other reasons, there is uncertainty as to the outcome of the settlement negotiations. For this matter, while management does not believe, based on currently available information and the anticipated coverage from the Company's insurance policies, that the outcomes of the matter will have a material effect on the Company's condensed consolidated financial position, results of operations or cash flows, we cannot give any assurance regarding the ultimate outcome of the matter.

STOCK-BASED COMPENSATION

STOCK-BASED COMPENSATION	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
STOCK-BASED COMPENSATION	The Traeger, Inc. 2021 Incentive Award Plan (the "2021 Plan") provides for the grant of stock options, including incentive stock options, and nonqualified stock options, restricted stock, dividend equivalents, restricted stock units, stock appreciation rights, and other stock or cash awards to the Company’s employees and consultants and directors of the Company and its subsidiaries. Subject to the adjustment described in the following sentence, the initial number of shares of the Company's common stock available for issuance under awards granted pursuant to the 2021 Plan was equal to 14,105,750 shares, increased to 19,983,145 shares on January 1, 2022 by operation of an annual increase provision in the 2021 Plan, and which shares may be authorized but unissued shares, treasury shares, or shares purchased in the open market. On January 1, 2024 and 2023, an additional 6,293,265 and 6,131,220 shares of common stock became available for issuance under awards granted pursuant to the 2021 Plan, respectively, as a result of the operation of an automatic annual increase provision in the 2021 Plan. Notwithstanding anything to the contrary in the 2021 Plan, no more than 100,000,000 shares of our common stock may be issued pursuant to the exercise of incentive stock options under the 2021 Plan. The Company's stock-based compensation was classified as follows in the accompanying condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 17 $ 20 $ 60 $ 55 Sales and marketing 785 1,386 2,330 3,068 General and administrative 5,099 4,795 20,674 44,057 Total stock-based compensation $ 5,901 $ 6,201 $ 23,064 $ 47,180 2023 Performance Shares On April 13, 2023, following mutual agreement between the Company and each named executive officer, our board of directors approved the cancellation and termination of the unearned performance stock units originally granted to certain executives in connection with the initial public offering. On the same day, the Company’s board of directors approved a grant to the Chief Executive Officer (“CEO”) of an award of 1,037,728 performance-based restricted shares (the “2023 Performance Shares”). The 2023 Performance Shares were eligible to be earned upon the achievement of an Adjusted EBITDA goal during the fiscal year ending on December 31, 2023. Based on the achievement of the Adjusted EBITDA goal, the 2023 Performance Shares became earned and vested on March 31, 2024 . 2024 Performance Shares On February 6, 2024, the Company’s board of directors approved a grant to the CEO of an award of 2,075,456 performance-based restricted shares (the “2024 Performance Shares” and, together with the 2023 Performance Shares, the “CEO Performance Shares”). The 2024 Performance Shares were issued under the 2021 Plan and are intended to retain and incentivize the CEO to lead the Company to sustained, long-term superior financial performance. The number of 2024 Performance Shares eligible to be earned are determined upon the achievement of the Threshold, Target and Maximum Adjusted EBITDA Goals (as defined in the performance-based restricted stock agreement) for the fiscal year ending on December 31, 2024. Any 2024 Performance Shares that become earned based on the achievement of the Adjusted EBITDA goals will vest on March 31, 2025. To the extent that the Company achieves Adjusted EBITDA that is less than the Threshold Adjusted EBITDA Goal during the 2024 fiscal year, then 1,037,728 of the 2024 Performance Shares will instead become eligible to be earned based on the achievement of a stock price goal of $18.00 per share (the “Stock Price Goal”) for the period beginning on January 1, 2025 and ending on August 2, 2031. If the Stock Price Goal is achieved, the 2024 Performance Shares that become earned as a result of the achievement of the Stock Price Goal will vest on the later of March 31, 2025 or the date on which the Stock Price Goal is achieved. The vesting of the 2024 Performance Shares is in all cases subject to the CEO’s continued service as the Company’s Chief Executive Officer or Executive Chairman of our board of directors. Performance-Based Restricted Stock Units On April 5, 2024, the Company’s board of directors approved the granting of performance-based restricted stock units (“PSUs”) to certain executives. The number of PSUs eligible to be earned are determined upon the achievement of the Threshold, Target and Maximum Adjusted EBITDA Goals (as defined in the PSU Agreement) for the fiscal year ending on December 31, 2024. Any PSUs that become earned based on the achievement of the Adjusted EBITDA goals will primarily vest on March 31, 2025. The vesting of the PSUs is in all cases subject to the continued employment with the Company or its affiliates. For the time-based restricted stock units (“RSUs”) and PSUs, the compensation expense is recognized on a straight-line basis over the vesting schedule and on an accelerated basis over the tranche’s requisite service period, respectively. For the CEO Performance Shares, the compensation expense is recognized on an accelerated basis over the tranche’s requisite service period. The compensation expense related to the PSUs and CEO Performance Shares could increase or decrease depending on the estimated probability of achieving the Adjusted EBITDA goals over the requisite service period. In addition, when an award is forfeited prior to the vesting date, the Company will recognize an adjustment for the previously recognized expense in the period of the forfeiture, with the exception of performance-based awards for which the requisite service period has been satisfied. The grant date fair values of the 2024 Performance Shares and PSUs were based on the shares and units eligible to be earned under the Target Adjusted EBITDA Goal as of the applicable grant date. A summary of the time-based restricted stock unit activity during the nine months ended September 30, 2024 was as follows: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 8,098,660 $ 4.84 Granted 4,775,837 2.55 Vested (3,131,675) 6.10 Forfeited (553,736) 4.21 Outstanding at September 30, 2024 9,189,086 $ 3.26 As of September 30, 2024, the Company had $22.1 million of unrecognized stock-based compensation expense related to unvested time-based restricted stock units that is expected to be recognized over a weighted-average period of 1.99 years. A summary of the performance-based restricted stock unit and performance-based restricted share activity during the nine months ended September 30, 2024 was as follows: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,037,728 $ 15.58 Granted 3,152,807 2.21 Vested (1,037,728) 15.58 Forfeited or cancelled — — Outstanding at September 30, 2024 3,152,807 $ 2.21 As of September 30, 2024, the Com pany had $3.0 million of unrecognized stock-based compensation expense related to unvested performance-based restricted stock units and performance-based restricted shares that are expected to be recognized over a weighted-average period of 0.64 years. During the nine months ended September 30, 2024, the Company paid $2.1 million for the net settlement of income tax obligations related to employee equity awards that vested during the period. During the nine months ended September 30, 2023, no amounts were paid for the net settlement of income tax obligations related to employee equity awards that vested during the period.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
INCOME TAXES	For the three months ended September 30, 2024 and 2023, the Company recorded an income tax benefit and provision of $137,000 and $852,000, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded an income tax provision of $29,000 and $1,214,000, respectively. The Company regularly evaluates the realizability of its deferred tax assets and establishes a valuation allowance if it is more likely than not that some or all the deferred tax assets will not be realized. In making such a determination, the Company considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, loss carryback and tax planning strategies. Generally, more weight is given to objectively verifiable evidence, such as the cumulative loss in recent years, as a significant piece of negative evidence to overcome. As of September 30, 2024, the Company's U.S. operations have resulted in losses, and as such, the Company maintains a valuation allowance against substantially all its U.S. deferred tax assets.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	The Company outsources a portion of its customer service and support through a third party who is an affiliate of the Company through common ownership. For the three months ended September 30, 2024 and 2023, the Company recorded expenses associated with such services of $1.5 million and $1.7 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company recorded expenses associated with such services of $4.0 million and $4.4 million, respectively. Amounts payable to the third party as of September 30, 2024 and December 31, 2023 was $1.0 million and $1.0 million, respectively.

EARNINGS (LOSS) PER SHARE

EARNINGS (LOSS) PER SHARE	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
EARNINGS (LOSS) PER SHARE	The Company computes basic earnings (loss) per share ("EPS") attributable to common stockholders by dividing net loss attributable to common stockholders by the weighted-average number of shares of common stock outstanding during the period. Diluted EPS is calculated by adjusting weighted average shares outstanding for the dilutive effect of potential common shares, determined using the treasury-stock method. For purposes of the diluted EPS calculation, restricted stock units and performance shares are considered to be potential common shares. The following table sets forth the computation of the Company’s basic and diluted EPS attributable to common stockholders for the fiscal periods indicated (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (19,789) $ (19,261) $ (27,050) $ (60,357) Weighted-average common shares outstanding—basic 128,291,933 124,053,643 126,886,385 123,265,134 Effect of dilutive securities: Restricted stock units and performance shares — — — — Weighted-average common shares outstanding—diluted 128,291,933 124,053,643 126,886,385 123,265,134 Loss per share Basic and diluted $ (0.15) $ (0.16) $ (0.21) $ (0.49) The following table includes the number of units and shares that may be dilutive common shares in the future, and were not included in the computation of diluted earnings (loss) per share because the effect was anti-dilutive for the fiscal periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock units and performance shares 12,341,893 9,313,853 12,341,893 9,313,853

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net loss	$ (19,789)	$ (19,261)	$ (27,050)	$ (60,357)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K , filed with the Securities and Exchange Commission on March 8, 2024 (the "Annual Report on Form 10-K"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ended December 31, 2024 The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period’s presentation. The reclassifications did not have a significant impact on the accompanying unaudited condensed consolidated financial statements. There have been no significant changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024, as compared with those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024.
Principles of Consolidation	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). The balance sheet as of December 31, 2023 has been derived from the audited consolidated financial statements at that date but does not include all information and footnotes required by U.S. GAAP for complete financial statements. These unaudited condensed consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2023 included in the Company’s Annual Report on Form 10-K , filed with the Securities and Exchange Commission on March 8, 2024 (the "Annual Report on Form 10-K"). In the opinion of management, the accompanying unaudited condensed consolidated financial statements contain all normal and recurring adjustments necessary to fairly present the consolidated financial position, results of operations and cash flows for the interim periods presented. Operating results for the three and nine months ended September 30, 2024 are not necessarily indicative of results that may be expected for any other interim period or for the year ended December 31, 2024 The accompanying unaudited condensed consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Certain prior period amounts have been reclassified to conform with the current period’s presentation. The reclassifications did not have a significant impact on the accompanying unaudited condensed consolidated financial statements. There have been no significant changes in the Company’s significant accounting policies during the three and nine months ended September 30, 2024, as compared with those disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on March 8, 2024.
Use of Estimates	The preparation of these financial statements in accordance with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The most significant estimates and the assumptions made by management that present the greatest amount of estimation uncertainty include customer credits and returns, obsolete inventory reserves, valuation and impairment of intangible assets including goodwill, unrealized positions on foreign currency derivatives and reserves for warranty. Actual results could differ from these estimates.
Concentrations	Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash in banks, trade accounts receivable, foreign currency contracts, and business activity with certain third-party contract manufacturers of our products. Credit is extended to customers based on an evaluation of the customer’s financial condition and collateral is not generally required in the Company’s sales transactions. Three customers (each large U.S. retailers) that accounted for a significant portion of net sales are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer A 29 % 14 % 24 % 18 % Customer B 18 % 20 % 18 % 18 % Customer C 6 % 8 % 9 % 12 % Concentrations of credit risk exist to the extent credit terms are extended with four customers that account for a significant portion of the Company’s trade accounts receivables. As of September 30, 2024, there were four customers A, B, C, and D that accounted for 37%, 24%, 3%, and 12% of the Company's trade accounts receivables as compared to 37%, 11%, 6%, and 14% as of December 31, 2023. A disruption to a business that would impact its ability to meet its financial obligations on the part of any one of these four customers could result in a material amount of exposure to the Company. No other single customer accounted for greater than 10% of trade accounts receivable as of September 30, 2024 or December 31, 2023. Additionally, no other single customer accounted for greater than 10% of the Company’s net sales for the three and nine months ended September 30, 2024 and 2023, respectively. The Company’s sales to dealers and distributors located outside the United States are generally denominated in U.S. dollars. The Company does have sales to certain dealers located in the European Union, the United Kingdom and Canada which are denominated in Euros, British Pounds and Canadian Dollars, respectively. The Company relies on a limited number of suppliers for its contract manufacturing of grills and accessories. A significant disruption in the operations of certain of these manufacturers, or in the transportation of parts and accessories would impact the production of the Company’s products for a substantial period of time, which could have a material adverse effect on the Company’s business, financial condition and results of operations.
Recently Issued Accounting Standards	In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC 280 on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.
Fair Value Measurements	For financial assets and liabilities recorded at fair value on a recurring or non-recurring basis, fair value is the price the Company would receive to sell an asset, or pay to transfer a liability, in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. In the absence of such data, fair value is estimated using internal information consistent with what market participants would use in a hypothetical transaction. In determining fair value, observable inputs reflect market data obtained from independent sources, while unobservable inputs reflect market assumptions. These two types of inputs create the following fair value hierarchy: • Level 1: Quoted prices for identical instruments in active markets. • Level 2: Quoted prices for similar instruments in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations whose inputs are observable or whose significant value drivers are observable. • Level 3: Significant inputs to the valuation model are unobservable.
Revenue from Contract with Customer	The Company recognizes revenue at the amount to which it expects to be entitled when a contract exists with a customer that specifies the goods and services to be provided at an agreed upon sales price and when the performance obligation is satisfied. The performance obligation for most of the Company’s sales transactions is considered complete when control transfers, which is determined when products are shipped or delivered to the customer depending on the terms of the contract. Sales are made on normal and customary short-term credit terms or upon delivery of point-of-sale transactions. Shipping charges billed to customers are included in net sales and related shipping costs are included in cost of sales. The company has elected to account for shipping and handling activities performed after control has been transferred to the customer as a fulfillment cost. The Company enters into contractual arrangements with customers in the form of individual customer orders which specify the goods, quantity, pricing, and associated order terms. The Company does not have long-term contracts that are satisfied over time. Due to the nature of the contracts, no significant judgment exists in relation to the identification of the customer contract or satisfaction of the performance obligation. The Company expenses incremental costs of obtaining a contract due to the short-term nature of the contracts. The Company has certain contractual programs and practices with customers that can give rise to elements of variable consideration such as customer cooperative advertising and volume incentive rebates. The Company estimates the variable consideration using the most likely amount method based on sales and contractual rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales. The Company has entered into contracts with some customers that allow for credits to be claimed for certain matters of operational compliance or for returns to the retail customer from end consumers. Credits that will be issued associated with these items are estimated using the expected value method and are based on actual historical experience and are recorded as a reduction of revenue at the time of recognition or when circumstances change resulting in a change in estimated returns. Revenue is recognized net of any taxes collected from customers, which are subsequently remitted to governmental authorities.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Schedule of Significant Portion of Net Sales	Three customers (each large U.S. retailers) that accounted for a significant portion of net sales are as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Customer A 29 % 14 % 24 % 18 % Customer B 18 % 20 % 18 % 18 % Customer C 6 % 8 % 9 % 12 %

REVENUE (Tables)

REVENUE (Tables)	9 Months Ended
	Sep. 30, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	The following tables disaggregate revenue by product category, geography, and sales channel for the periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, Revenue by product category 2024 2023 2024 2023 Grills $ 74,931 $ 56,573 $ 246,721 $ 239,444 Consumables 22,531 25,385 88,621 90,330 Accessories 24,588 35,772 100,093 112,629 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403 Three Months Ended September 30, Nine Months Ended September 30, Revenue by geography 2024 2023 2024 2023 North America $ 112,709 $ 102,125 $ 389,914 $ 399,280 Rest of world 9,341 15,605 45,521 43,123 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403 Three Months Ended September 30, Nine Months Ended September 30, Revenue by sales channel 2024 2023 2024 2023 Retail $ 100,118 $ 91,764 $ 367,617 $ 359,726 Direct to consumer 21,932 25,966 67,818 82,677 Total revenue $ 122,050 $ 117,730 $ 435,435 $ 442,403

ACCOUNTS RECEIVABLES, NET (Tabl

ACCOUNTS RECEIVABLES, NET (Tables)	9 Months Ended
	Sep. 30, 2024
Receivables [Abstract]
Schedule of Accounts Receivable	Accounts receivable consists of the following (in thousands): September 30, December 31, Trade accounts receivable $ 89,121 $ 77,299 Allowance for expected credit losses (446) (549) Sales reserves, discounts and allowances (17,889) (16,812) Total accounts receivable, net $ 70,786 $ 59,938

INVENTORIES (Tables)

INVENTORIES (Tables)	9 Months Ended
	Sep. 30, 2024
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consisted of the following (in thousands): September 30, December 31, Raw materials $ 5,372 $ 6,645 Work in process 6,943 9,798 Finished goods 92,743 79,732 Inventories $ 105,058 $ 96,175

ACCRUED EXPENSES (Tables)

ACCRUED EXPENSES (Tables)	9 Months Ended
	Sep. 30, 2024
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consisted of the following (in thousands): September 30, December 31, Accrual for inventories in-transit $ 8,669 $ 9,927 Warranty accrual 6,443 7,240 Accrued compensation and bonus 7,089 6,935 Other 34,429 28,839 Accrued expenses $ 56,630 $ 52,941
Schedule of Changes in Warranty Liability	The changes in the Company’s warranty accrual, included in accrued expenses on the accompanying condensed consolidated balance sheets, were as follows for the fiscal periods indicated (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Warranty accrual, beginning of period $ 6,756 $ 7,486 $ 7,240 $ 7,368 Warranty claims (1,373) (2,435) (3,695) (6,015) Warranty costs accrued 1,060 2,120 2,898 5,818 Warranty accrual, end of period $ 6,443 $ 7,171 $ 6,443 $ 7,171

DERIVATIVES (Tables)

DERIVATIVES (Tables)	9 Months Ended
	Sep. 30, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Interest Rate Derivatives	For periods where the net position is in an asset balance, the balance is recorded within prepaid expenses and other current assets and other non-current assets on the accompanying condensed balance sheets. The gross and net balances from the interest rate swap contract position were as follows (in thousands): September 30, December 31, Gross Asset Fair Value $ 8,706 $ 16,248 Gross Liability Fair Value — — Net Asset Fair Value $ 8,706 $ 16,248
Schedule of Foreign Exchange Contracts	The gross and net balances from foreign currency contract positions were as follows (in thousands): September 30, December 31, Gross Asset Fair Value $ 91 $ 76 Gross Liability Fair Value — — Net Fair Value $ 91 $ 76
Schedule of Gain (Loss) from Foreign Currency Contracts	Gains (losses) from foreign currency contracts were recorded in other income (expense), net within the accompanying condensed consolidated statements of operations and comprehensive loss as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Realized losses $ (328) $ (804) $ (865) $ (2,484) Unrealized gains (losses) 390 410 15 (279) Total losses $ 62 $ (394) $ (850) $ (2,763)

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	The following table presents information about the fair value measurement of the Company’s financial instruments (in thousands): Financial Instruments Recorded at Fair Value on a Recurring Basis: Fair Value As of September 30, As of December 31, Assets: Derivative assets—foreign currency contracts (1) 2 $ 91 $ 76 Derivative assets—interest rate swap contract (2) 2 8,706 16,248 Total assets $ 8,797 $ 16,324 Liabilities: Contingent consideration—earn out (3) 3 $ — $ 15,000 Total liabilities $ — $ 15,000 (1) Included in prepaid expenses and other current assets in the accompanying condensed consolidated balance sheets. (2) Included in prepaid expenses and other current assets and other non-current assets in the accompanying condensed consolidated balance sheets. (3) Included in current contingent consideration in the accompanying condensed consolidated balance sheets.
Schedule of Fair Value Contingent Consideration	The following table presents the fair value of contingent consideration (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Contingent consideration, beginning of period $ — $ 13,110 $ 15,000 $ 22,747 Payments of contingent consideration — — (15,000) (12,445) Change in fair value of contingent consideration — (2,300) — 508 Contingent consideration, end of period $ — $ 10,810 $ — $ 10,810
Schedule of Changes in Fair Value of Contingent Consideration	The following table reconciles the changes in fair value of contingent consideration and payments of contingent consideration to the accompanying condensed consolidated statement of cash flows and condensed consolidated statements of operations and comprehensive loss (in thousands): Nine Months Ended September 30, 2024 2023 Total payment of contingent consideration $ 15,000 $ 12,445 Less: amounts paid in excess of the acquisition date fair value of the contingent consideration (1) (15,000) (220) Acquisition date fair value of contingent consideration (2) $ — $ 12,225 Change in fair value of contingent consideration (3) $ — $ 508 Less: amounts paid in excess of the acquisition date fair value of the contingent consideration (1) (15,000) (220) Net change in contingent consideration (4) $ (15,000) $ 288 (1) Included in the change in contingent consideration as an operating activity in the accompanying condensed consolidated statement of cash flows. (2) Agrees to the payments of acquisition related contingent consideration as a financing activity within the accompanying condensed consolidated statement of cash flows. (3) Agrees to the change in fair value of contingent consideration in the accompanying condensed consolidated statement of operations and comprehensive loss. (4) Agrees to the change in contingent consideration as an operating activity in the accompanying condensed consolidated statement of cash flows.
Schedule of Financial Instruments Recorded at Carrying Amount	The following financial instruments are recorded at their carrying amount (in thousands): As of September 30, 2024 As of December 31, 2023 Financial Instruments Recorded at Carrying Amount: Carrying Estimated Carrying Estimated Liabilities: Debt—Credit Facilities (1) $ 403,638 $ 382,447 $ 403,825 $ 357,498 Total liabilities $ 403,638 $ 382,447 $ 403,825 $ 357,498 (1) Included in current portion of notes payable and notes payable, net of current portion within the accompanying condensed consolidated balance sheets. Due to the unobservable nature of the inputs these financial instruments are considered to be Level 3 instruments in the fair value hierarchy.

STOCK-BASED COMPENSATION (Table

STOCK-BASED COMPENSATION (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Equity-Based Compensation, Expensed and Capitalized Amount	The Company's stock-based compensation was classified as follows in the accompanying condensed consolidated statements of operations and comprehensive loss (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Cost of revenue $ 17 $ 20 $ 60 $ 55 Sales and marketing 785 1,386 2,330 3,068 General and administrative 5,099 4,795 20,674 44,057 Total stock-based compensation $ 5,901 $ 6,201 $ 23,064 $ 47,180
Share-based Payment Arrangement, Outstanding Award, Activity, Excluding Option	A summary of the time-based restricted stock unit activity during the nine months ended September 30, 2024 was as follows: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 8,098,660 $ 4.84 Granted 4,775,837 2.55 Vested (3,131,675) 6.10 Forfeited (553,736) 4.21 Outstanding at September 30, 2024 9,189,086 $ 3.26 A summary of the performance-based restricted stock unit and performance-based restricted share activity during the nine months ended September 30, 2024 was as follows: Units Weighted Average Grant Date Fair Value Outstanding at December 31, 2023 1,037,728 $ 15.58 Granted 3,152,807 2.21 Vested (1,037,728) 15.58 Forfeited or cancelled — — Outstanding at September 30, 2024 3,152,807 $ 2.21

EARNINGS (LOSS) PER SHARE (Tabl

EARNINGS (LOSS) PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Computation of Basic and Diluted EPS Attributable for Common Stockholders	The following table sets forth the computation of the Company’s basic and diluted EPS attributable to common stockholders for the fiscal periods indicated (in thousands, except share and per share amounts): Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Net loss $ (19,789) $ (19,261) $ (27,050) $ (60,357) Weighted-average common shares outstanding—basic 128,291,933 124,053,643 126,886,385 123,265,134 Effect of dilutive securities: Restricted stock units and performance shares — — — — Weighted-average common shares outstanding—diluted 128,291,933 124,053,643 126,886,385 123,265,134 Loss per share Basic and diluted $ (0.15) $ (0.16) $ (0.21) $ (0.49)
Schedule of Antidilutive Securities Excluded from Computation of Diluted Earnings (loss) Per Share	The following table includes the number of units and shares that may be dilutive common shares in the future, and were not included in the computation of diluted earnings (loss) per share because the effect was anti-dilutive for the fiscal periods indicated: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 Restricted stock units and performance shares 12,341,893 9,313,853 12,341,893 9,313,853

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details) - Customer Concentration Risk	3 Months Ended		9 Months Ended		12 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Revenue from Contract with Customer, Product and Service Benchmark | Customer A
Concentration Risk [Line Items]
Concentration risk percentage	29%	14%	24%	18%
Revenue from Contract with Customer, Product and Service Benchmark | Customer B
Concentration Risk [Line Items]
Concentration risk percentage	18%	20%	18%	18%
Revenue from Contract with Customer, Product and Service Benchmark | Customer C
Concentration Risk [Line Items]
Concentration risk percentage	6%	8%	9%	12%
Accounts Receivable | Customer A
Concentration Risk [Line Items]
Concentration risk percentage			37%		37%
Accounts Receivable | Customer B
Concentration Risk [Line Items]
Concentration risk percentage			24%		11%
Accounts Receivable | Customer C
Concentration Risk [Line Items]
Concentration risk percentage			3%		6%
Accounts Receivable | Customer D
Concentration Risk [Line Items]
Concentration risk percentage			12%		14%

REVENUE (Details)

REVENUE (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Disaggregation of Revenue [Line Items]
Total revenue	$ 122,050	$ 117,730	$ 435,435	$ 442,403
Retail
Disaggregation of Revenue [Line Items]
Total revenue	100,118	91,764	367,617	359,726
Direct to consumer
Disaggregation of Revenue [Line Items]
Total revenue	21,932	25,966	67,818	82,677
North America
Disaggregation of Revenue [Line Items]
Total revenue	112,709	102,125	389,914	399,280
Rest of world
Disaggregation of Revenue [Line Items]
Total revenue	9,341	15,605	45,521	43,123
Grills
Disaggregation of Revenue [Line Items]
Total revenue	74,931	56,573	246,721	239,444
Consumables
Disaggregation of Revenue [Line Items]
Total revenue	22,531	25,385	88,621	90,330
Accessories
Disaggregation of Revenue [Line Items]
Total revenue	$ 24,588	$ 35,772	$ 100,093	$ 112,629

ACCOUNTS RECEIVABLES, NET (Deta

ACCOUNTS RECEIVABLES, NET (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Receivables [Abstract]
Trade accounts receivable	$ 89,121	$ 77,299
Allowance for expected credit losses	(446)	(549)
Sales reserves, discounts and allowances	(17,889)	(16,812)
Total accounts receivable, net	$ 70,786	$ 59,938

INVENTORIES (Details)

INVENTORIES (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Inventory Disclosure [Abstract]
Raw materials	$ 5,372	$ 6,645
Work in process	6,943	9,798
Finished goods	92,743	79,732
Inventories	$ 105,058	$ 96,175

ACCRUED EXPENSES - Schedule of

ACCRUED EXPENSES - Schedule of Accrued Expenses (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Jun. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrual for inventories in-transit	$ 8,669		$ 9,927
Warranty accrual	6,443	$ 6,756	7,240	$ 7,171	$ 7,486	$ 7,368
Accrued compensation and bonus	7,089		6,935
Other	34,429		28,839
Accrued expenses	$ 56,630		$ 52,941

ACCRUED EXPENSES - Change in Wa

ACCRUED EXPENSES - Change in Warranty Liability (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Movement in Standard and Extended Product Warranty Accrual, Increase (Decrease) [Roll Forward]
Warranty accrual, beginning of period	$ 6,756	$ 7,486	$ 7,240	$ 7,368
Warranty claims	(1,373)	(2,435)	(3,695)	(6,015)
Warranty costs accrued	1,060	2,120	2,898	5,818
Warranty accrual, end of period	$ 6,443	$ 7,171	$ 6,443	$ 7,171

DERIVATIVES - Narratives (Detai

DERIVATIVES - Narratives (Details) $ in Thousands	Sep. 30, 2024 USD ($)	Aug. 06, 2024	Dec. 31, 2023 USD ($)	Nov. 08, 2023 USD ($)	Jan. 31, 2023 USD ($)	Feb. 25, 2022 USD ($)
Derivatives, Fair Value [Line Items]
Dedesignation of cash flow hedge					$ 21,300
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net	$ 5,500
Debt Instrument, Fixed Interest Rate On Outstanding Cash Advances		0.026
Interest Rate Swap
Derivatives, Fair Value [Line Items]
Notional amount						$ 379,200
Fixed interest rate						2.08%
Interest Rate Swap | Cash Flow Hedging
Derivatives, Fair Value [Line Items]
Net asset fair value	$ 8,706		$ 16,248
First Lein Term Loan Facility | Secured Debt
Derivatives, Fair Value [Line Items]
Long-term debt						$ 379,200
Accounts Receivable Credit Facility | Line of Credit
Derivatives, Fair Value [Line Items]
Debt Instrument, Restrictive Covenant, Liquidity Threshold				$ 42,500

DERIVATIVES - Summary of Gross

DERIVATIVES - Summary of Gross and Net Fair Value of Cash Flow Hedge Position (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Cash Flow Hedging | Interest Rate Swap
Derivatives, Fair Value [Line Items]
Net Fair Value	$ 8,706	$ 16,248

DERIVATIVES - Summary of Gros_2

DERIVATIVES - Summary of Gross and Net Fair Value of Foreign Currency Contracts (Details) - Foreign currency contract - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Derivatives, Fair Value [Line Items]
Gross Asset Fair Value	$ 91	$ 76
Gross Liability Fair Value	0	0
Net Fair Value	$ 91	$ 76

DERIVATIVES - Summary of Gains

DERIVATIVES - Summary of Gains (Losses) from Foreign Currency Contracts (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Realized losses	$ (328)	$ (804)	$ (865)	$ (2,484)
Unrealized gains (losses)	390	410	15	(279)
Total losses	$ 62	$ (394)	$ (850)	$ (2,763)

FAIR VALUE MEASUREMENTS - Sched

FAIR VALUE MEASUREMENTS - Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Level 2 | Interest rate contract
Liabilities:
Derivative liability	$ 0	$ 0
Fair Value, Recurring
Assets:
Total assets	8,797	16,324
Liabilities:
Total liabilities	0	15,000
Fair Value, Recurring | Level 2 | Interest rate contract
Assets:
Derivative asset	8,706	16,248
Fair Value, Recurring | Level 2 | Foreign currency contract
Assets:
Derivative asset	91	76
Fair Value, Recurring | Level 3
Liabilities:
Contingent consideration—earn out (3)	$ 0	$ 15,000

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	1 Months Ended
	Apr. 30, 2024 USD ($)
Fair Value Disclosures [Abstract]
Payment for Contingent Consideration Liability, Investing Activities	$ 15

FAIR VALUE MEASUREMENTS - Sch_2

FAIR VALUE MEASUREMENTS - Schedule of Fair value Consideration Payments (Details) - Level 3 - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Beginning balance	$ 0	$ 13,110	$ 15,000	$ 22,747
Payments of contingent consideration	0	0	(15,000)	(12,445)
Change in fair value of contingent consideration	0	(2,300)	0	508
Ending balance	$ 0	$ 10,810	$ 0	$ 10,810

FAIR VALUE MEASUREMENTS - Sch_3

FAIR VALUE MEASUREMENTS - Schedule of Changes in Fair Value of Contingent Consideration (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Fair Value Disclosures [Abstract]
Total payment of contingent consideration			$ 15,000	$ 12,445
Amounts paid in excess of the acquisition date fair value of the contingent consideration			(15,000)	(220)
Payments of acquisition related contingent consideration			0	12,225
Change in contingent consideration	$ 0	$ (2,300)	0	508
Amounts paid in excess of the acquisition date fair value of the contingent consideration			(15,000)	(220)
Change in contingent consideration			$ (15,000)	$ 288

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Financial Instruments Reported at Carrying Amount (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Carrying Amount
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	$ 403,638	$ 403,825
Carrying Amount | First Lein Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	403,638	403,825
Estimated Fair Value
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Total liabilities	382,447	357,498
Estimated Fair Value | Level 3 | First Lein Term Loan Facility
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Debt	$ 382,447	$ 357,498

DEBT AND FINANCING ARRANGEMEN_2

DEBT AND FINANCING ARRANGEMENTS (Details)	Nov. 08, 2023 USD ($)	Jun. 29, 2021 USD ($)	Sep. 30, 2024 USD ($)	Aug. 06, 2024	Nov. 07, 2023 USD ($)	Jul. 31, 2021
Debt Instrument [Line Items]
Debt Instrument, Fixed Interest Rate On Outstanding Cash Advances				0.026
First Lein Term Loan Facility | Minimum
Debt Instrument [Line Items]
Fixed interest rate						3%
First Lein Term Loan Facility | Maximum
Debt Instrument [Line Items]
Fixed interest rate						3.25%
First Lein Term Loan Facility | Secured Debt
Debt Instrument [Line Items]
Face amount		$ 560,000,000
Debt instrument, covenant, minimum leverage ratio		620%
Outstanding principal balance			$ 403,600,000
First Lein Term Loan Facility | Delayed Draw Term Loan
Debt Instrument [Line Items]
Face amount		$ 50,000,000
First Lein Term Loan Facility | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 125,000,000
First Lein Term Loan Facility | Line of Credit | Revolving Credit Facility | Minimum
Debt Instrument [Line Items]
Fixed interest rate						2.75%
Unused capacity percentage		0.25%
First Lein Term Loan Facility | Line of Credit | Revolving Credit Facility | Maximum
Debt Instrument [Line Items]
Fixed interest rate						3.25%
Unused capacity percentage		0.50%
First Lein Term Loan Facility | Line of Credit | Letter of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity		$ 15,000,000
Accounts Receivable Credit Facility | Line of Credit
Debt Instrument [Line Items]
Maximum borrowing capacity	$ 75,000,000				$ 100,000,000
Upfront fee percentage	2.50%
Term extension	1 year
Debt Instrument, Restrictive Covenant, Liquidity Threshold	$ 42,500,000
Outstanding principal balance			$ 12,000,000
Accounts Receivable Credit Facility | Line of Credit | Minimum
Debt Instrument [Line Items]
Unused capacity percentage	0.25%
Maximum borrowing capacity seasonal amount thresholds, Company discretion	$ 30,000,000
Accounts Receivable Credit Facility | Line of Credit | Maximum
Debt Instrument [Line Items]
Unused capacity percentage	0.50%
Maximum borrowing capacity seasonal amount thresholds, Company discretion	$ 75,000,000

STOCK-BASED COMPENSATION - Narr

STOCK-BASED COMPENSATION - Narrative (Details) - USD ($)			9 Months Ended
	Feb. 06, 2024	Apr. 13, 2023	Sep. 30, 2024	Sep. 30, 2023	Jan. 01, 2024	Jan. 01, 2023	Jan. 01, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Share Price Target			$ 18
Taxes paid related to net share settlement of equity awards			$ 2,141,000	$ 0
2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares available for grant (in shares)			14,105,750				19,983,145
Number of additional shares available for grant (in shares)					6,293,265	6,131,220
Share-based arrangement, maximum authorized units (in shares)			100,000,000
Chief Executive Officer | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	2,075,456	1,037,728
Time-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			4,775,837
Unrecognized stock based compensation expense			$ 22,100,000
Share-based payment arrangement, unrecognized compensation, weighted average period (in years)			1 year 11 months 26 days
Performance-Based Restricted Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)			3,152,807
Performance-Based Restricted Stock Units | Chief Executive Officer | 2021 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Grants in Period, Eligible Shares Based on Targets			1,037,728
Performance-Based Restricted Stock Unit And Performance-Based Restricted Share
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized stock based compensation expense			$ 3,000,000
Share-based payment arrangement, unrecognized compensation, weighted average period (in years)			7 months 20 days

STOCK-BASED COMPENSATION - Sche

STOCK-BASED COMPENSATION - Schedule of Equity-based Compensation, Expensed and Capitalized Amount (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based arrangement, compensation expense	$ 5,901	$ 6,201	$ 23,064	$ 47,180
Cost of revenue
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based arrangement, compensation expense	17	20	60	55
Sales and marketing
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based arrangement, compensation expense	785	1,386	2,330	3,068
General and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-based arrangement, compensation expense	$ 5,099	$ 4,795	$ 20,674	$ 44,057

STOCK-BASED COMPENSATION - Rest

STOCK-BASED COMPENSATION - Restricted Stock Unit Activity (Details)	9 Months Ended
	Sep. 30, 2024 $ / shares shares
Time-Based Restricted Stock Units
Stock Appreciation Rights Activity
Outstanding at December 31, 2021 (in shares) | shares	8,098,660
Granted (in shares) | shares	4,775,837
Vested (in shares) | shares	(3,131,675)
Forfeited (in shares) | shares	(553,736)
Outstanding at March 31, 2021 (in shares) | shares	9,189,086
Weighted Average Grant Date Fair Value
Outstanding, Weighted average grant date fair value at December 30, 2021 (in dollars per share) | $ / shares	$ 4.84
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares	2.55
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares	6.10
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares	4.21
Outstanding, Weighted average grant date fair value at March 31, 2021 (in dollars per share) | $ / shares	$ 3.26
Performance-Based Restricted Stock Units
Stock Appreciation Rights Activity
Outstanding at December 31, 2021 (in shares) | shares	1,037,728
Granted (in shares) | shares	3,152,807
Vested (in shares) | shares	(1,037,728)
Forfeited (in shares) | shares	0
Outstanding at March 31, 2021 (in shares) | shares	3,152,807
Weighted Average Grant Date Fair Value
Outstanding, Weighted average grant date fair value at December 30, 2021 (in dollars per share) | $ / shares	$ 15.58
Granted, Weighted average grant date fair value (in dollars per share) | $ / shares	2.21
Vested, Weighted average grant date fair value (in dollars per share) | $ / shares	15.58
Forfeited, Weighted average grant date fair value (in dollars per share) | $ / shares	0
Outstanding, Weighted average grant date fair value at March 31, 2021 (in dollars per share) | $ / shares	$ 2.21

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision (benefit) for income taxes	$ (137)	$ 852	$ 29	$ 1,214

RELATED PARTY TRANSACTIONS (Det

RELATED PARTY TRANSACTIONS (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Related Party Transaction [Line Items]
Amount payable to third party	$ 30,575		$ 30,575		$ 33,280
Affiliated Entity | Customer Service and Support, Charges
Related Party Transaction [Line Items]
Related party transaction expenses	1,500	$ 1,700	4,000	$ 4,400
Affiliated Entity | Customer Service and Support
Related Party Transaction [Line Items]
Amount payable to third party	$ 1,000		$ 1,000		$ 1,000

EARNINGS (LOSS) PER SHARE - Sch

EARNINGS (LOSS) PER SHARE - Schedule of Computation of Basic and Diluted EPS Attributable for Common Stockholders (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Earnings Per Share [Abstract]
Net loss	$ (19,789)	$ (19,261)	$ (27,050)	$ (60,357)
Weighted average common shares outstanding - basic (in shares)	128,291,933	124,053,643	126,886,385	123,265,134
Effect of dilutive securities:
Restricted stock (in shares)	0	0	0	0
Weighted average common shares outstanding - diluted (in shares)	128,291,933	124,053,643	126,886,385	123,265,134
Earnings Per Share, Basic and Diluted
Earnings (loss) per share - basic (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.21)	$ (0.49)
Earnings (loss) per share - diluted (in dollars per share)	$ (0.15)	$ (0.16)	$ (0.21)	$ (0.49)

EARNINGS (LOSS) PER SHARE - S_2

EARNINGS (LOSS) PER SHARE - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Restricted stock units and performance shares
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive securities (in shares)	12,341,893	9,313,853	12,341,893	9,313,853