Audit Information |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Audit Information [Abstract] | |
| Auditor Firm ID | 42 |
| Auditor Name | Ernst & Young LLP |
| Auditor Location | Boston, Massachusetts |
CONSOLIDATED STATEMENTS OF INCOME - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||||
| Income Statement [Abstract] | |||||||||||||
| Net sales | [1] | $ 5,528,639 | $ 4,253,710 | $ 3,717,366 | |||||||||
| Cost of sales | [2] | 2,866,648 | 2,345,858 | 2,307,172 | |||||||||
| Gross profit | 2,661,991 | 1,907,852 | 1,410,194 | ||||||||||
| Operating expenses: | |||||||||||||
| Research and development expense | [3] | 341,289 | 249,387 | 215,660 | |||||||||
| Sales and marketing | [4] | 1,243,145 | 897,585 | 621,953 | |||||||||
| General and administrative | [5] | 433,395 | 387,316 | 251,207 | |||||||||
| Total operating expenses | 2,017,829 | 1,534,288 | 1,088,820 | ||||||||||
| Operating income | 644,162 | 373,564 | 321,374 | ||||||||||
| Interest expense, net | (63,715) | (44,909) | (27,021) | ||||||||||
| Other (expense) income, net | (7,980) | (35,427) | 7,631 | ||||||||||
| Income before income taxes | 572,467 | 293,228 | 301,984 | ||||||||||
| Provision for income taxes | 133,762 | 126,150 | 69,630 | ||||||||||
| Net income | $ 438,705 | $ 167,078 | $ 232,354 | ||||||||||
| Net income per share, basic (in dollars per share) | $ 3.14 | $ 1.20 | $ 1.67 | ||||||||||
| Net income per share, diluted (in dollars per share) | $ 3.11 | $ 1.20 | $ 1.67 | ||||||||||
| Weighted-average number of shares used in computing net income per share, basic (in shares) | 139,935,525 | 139,025,657 | 138,982,872 | ||||||||||
| Weighted-average number of shares used in computing net income per share, diluted (in shares) | 141,083,853 | 139,420,254 | 138,982,872 | ||||||||||
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CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Statement of Comprehensive Income [Abstract] | |||
| Net income | $ 438,705 | $ 167,078 | $ 232,354 |
| Other comprehensive income (loss), net of tax: | |||
| Foreign currency translation adjustments | (4,159) | 10,812 | (18,617) |
| Unrealized loss on derivative instruments, net | (6,090) | (2,173) | 0 |
| Comprehensive income | $ 428,456 | $ 175,717 | $ 213,737 |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY - USD ($) $ in Thousands |
Total |
Ordinary Shares |
Additional Paid-in Capital |
Retained Earnings |
Accumulated Other Comprehensive Income (Loss) |
|---|---|---|---|---|---|
| Beginning balance (in shares) at Dec. 31, 2021 | 138,982,872 | ||||
| Beginning balance at Dec. 31, 2021 | $ 1,761,363 | $ 14 | $ 954,431 | $ 797,970 | $ 8,948 |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Distribution paid to Former Parent | (83,450) | (83,450) | |||
| Intercompany note to Former Parent (Note 11) | (50,136) | (50,136) | |||
| Share-based compensation | 5,509 | 5,509 | |||
| Recharge from Former Parent for share-based compensation | (18,734) | (18,734) | |||
| Other comprehensive (loss) income, net of tax | (18,617) | (18,617) | |||
| Net income | 232,354 | 232,354 | |||
| Ending balance (in shares) at Dec. 31, 2022 | 138,982,872 | ||||
| Ending balance at Dec. 31, 2022 | 1,828,289 | $ 14 | 941,206 | 896,738 | (9,669) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Distribution paid to Former Parent | (443,318) | (443,318) | |||
| Share-based compensation | 46,966 | 46,966 | |||
| Recharge from Former Parent for share-based compensation | (3,165) | (3,165) | |||
| Sale of SharkNinja Co, Ltd. to Former Parent | (3,295) | (3,295) | |||
| Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 100,497 | ||||
| Vesting of restricted stock units, net of shares withheld for taxes | (4,322) | (4,322) | |||
| Cash dividends declared | (150,179) | (150,179) | |||
| Shareholder-funded executive bonuses | 32,200 | 32,200 | |||
| Other comprehensive (loss) income, net of tax | 8,639 | 8,639 | |||
| Net income | $ 167,078 | 167,078 | |||
| Ending balance (in shares) at Dec. 31, 2023 | 139,083,369 | 139,083,369 | |||
| Ending balance at Dec. 31, 2023 | $ 1,478,893 | $ 14 | 1,009,590 | 470,319 | (1,030) |
| Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
| Share-based compensation | 84,531 | 84,531 | |||
| Vesting of restricted stock units, net of shares withheld for taxes (in shares) | 1,129,203 | ||||
| Vesting of restricted stock units, net of shares withheld for taxes | (61,395) | (61,395) | |||
| Shares issued under employee stock purchase plan (in shares) | 134,864 | ||||
| Shares issued under employee stock purchase plan | 5,487 | 5,487 | |||
| Other comprehensive (loss) income, net of tax | (10,249) | (10,249) | |||
| Net income | $ 438,705 | 438,705 | |||
| Ending balance (in shares) at Dec. 31, 2024 | 140,347,436 | 140,347,436 | |||
| Ending balance at Dec. 31, 2024 | $ 1,935,972 | $ 14 | $ 1,038,213 | $ 909,024 | $ (11,279) |
CONSOLIDATED STATEMENTS OF SHAREHOLDERS’ EQUITY (Parenthetical) - $ / shares |
12 Months Ended | |
|---|---|---|
Dec. 11, 2023 |
Dec. 31, 2023 |
|
| Statement of Stockholders' Equity [Abstract] | ||
| Cash dividends (in dollars per share) | $ 1.08 | $ 1.08 |
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||
| Cash flows from operating activities: | |||||||||||
| Net income | $ 438,705 | $ 167,078 | $ 232,354 | ||||||||
| Adjustments to reconcile net income to net cash provided by operating activities: | |||||||||||
| Depreciation and amortization | 123,109 | 103,821 | 86,708 | ||||||||
| Share-based compensation | 84,531 | 46,966 | 5,509 | ||||||||
| Shareholder-funded executive bonuses | 0 | 32,200 | 0 | ||||||||
| Provision for credit losses | 4,724 | 4,474 | 8,965 | ||||||||
| Non-cash lease expense | 19,466 | 14,708 | 15,475 | ||||||||
| Deferred income taxes, net | (47,374) | (41,735) | (16,646) | ||||||||
| Other | 886 | 8,034 | 791 | ||||||||
| Changes in operating assets and liabilities: | |||||||||||
| Accounts receivable | [1] | (299,196) | (229,651) | 519 | |||||||
| Inventories | (204,922) | (155,806) | 53,894 | ||||||||
| Prepaid expenses and other assets | [2] | (57,949) | 99,220 | (114,163) | |||||||
| Accounts payable | [3] | 157,341 | 147,513 | (118,161) | |||||||
| Tax payable | 15,557 | 19,474 | (5,170) | ||||||||
| Operating lease liabilities | (10,239) | (14,244) | (14,316) | ||||||||
| Accrued expenses and other liabilities | [4] | 221,981 | 78,549 | 69,205 | |||||||
| Net cash provided by operating activities | 446,620 | 280,601 | 204,964 | ||||||||
| Cash flows from investing activities: | |||||||||||
| Purchase of property and equipment | (137,687) | (122,741) | (80,257) | ||||||||
| Purchase of intangible asset | (9,916) | (8,497) | (7,348) | ||||||||
| Capitalized internal-use software development | (3,578) | (563) | (6,829) | ||||||||
| Cash receipts on beneficial interest in sold receivables | 0 | 16,777 | 42,416 | ||||||||
| Investment in equity method investment | 0 | 0 | (66) | ||||||||
| Other investing activities, net | 0 | (3,051) | (300) | ||||||||
| Net cash used in investing activities | (151,181) | (118,075) | (52,384) | ||||||||
| Cash flows from financing activities: | |||||||||||
| Net ordinary shares withheld for taxes upon issuance of restricted stock units | (61,395) | (4,322) | 0 | ||||||||
| Repayment of debt | (25,313) | (442,563) | (310,000) | ||||||||
| Proceeds from shares issued under employee stock purchase plan | 5,487 | 0 | 0 | ||||||||
| Proceeds from issuance of debt, net of issuance cost | 0 | 800,653 | 259,854 | ||||||||
| Distribution paid to Former Parent | 0 | (435,292) | (45,438) | ||||||||
| Intercompany note to Former Parent (Note 11) | 0 | 0 | (49,286) | ||||||||
| Recharge from Former Parent for share-based compensation | 0 | (3,165) | (15,300) | ||||||||
| Dividend payments | 0 | (150,179) | 0 | ||||||||
| Net cash used in financing activities | (81,221) | (234,868) | (160,170) | ||||||||
| Effect of exchange rates changes on cash | (4,610) | 7,633 | (14,237) | ||||||||
| Net increase (decrease) in cash, cash equivalents, and restricted cash | 209,608 | (64,709) | (21,827) | ||||||||
| Cash, cash equivalents, and restricted cash at beginning of period | 154,061 | 218,770 | 240,597 | ||||||||
| Cash, cash equivalents, and restricted cash at end of period | 363,669 | 154,061 | 218,770 | ||||||||
| Supplemental disclosures of cash flow information: | |||||||||||
| Cash paid for income taxes | 190,656 | 141,247 | 90,027 | ||||||||
| Cash paid for interest | 64,690 | 51,109 | 16,322 | ||||||||
| Supplemental disclosures of noncash investing and financing activities: | |||||||||||
| Purchase of property and equipment accrued and not yet paid | 3,571 | 548 | 1,235 | ||||||||
| Share-based compensation recharge not yet paid | 0 | 0 | (3,434) | ||||||||
| Deferred payment received for sold receivables | 0 | 0 | (64,710) | ||||||||
| Cancellation of related party note through distribution | 0 | (8,026) | 0 | ||||||||
| Unrealized loss on cash flow hedges | (6,090) | (2,173) | 0 | ||||||||
| Reconciliation of cash, cash equivalents and restricted cash within the Condensed Consolidated Balance Sheets to the amounts shown in the Condensed Consolidated Statements of Cash Flows above: | |||||||||||
| Cash and cash equivalents | 363,669 | 154,061 | 192,890 | ||||||||
| Restricted Cash | 0 | 0 | 25,880 | ||||||||
| Total cash, cash equivalents and restricted cash | $ 363,669 | $ 154,061 | $ 218,770 | ||||||||
| |||||||||||
CONSOLDIATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
||||
|---|---|---|---|---|---|---|
| Ordinary shares, par value (in dollars per share) | $ 0.0001 | $ 0.0001 | ||||
| Ordinary shares, authorized (in shares) | 1,000,000,000 | 1,000,000,000 | ||||
| Ordinary shares, issued (in shares) | 140,347,436 | 139,083,369 | ||||
| Ordinary shares, outstanding (in shares) | 140,347,436 | 139,083,369 | ||||
| Accounts receivable, net | [1] | $ 1,266,595 | $ 985,172 | |||
| Accounts payable | [2] | 612,031 | 459,651 | |||
| Related Party | ||||||
| Accounts receivable, net | 9,381 | 3,594 | ||||
| Accounts payable | $ 39,769 | $ 101,538 | ||||
| ||||||
CONSOLIDATED STATEMENTS OF INCOME (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Net sales | [1] | $ 5,528,639 | $ 4,253,710 | $ 3,717,366 | |||||||||
| Cost of sales | [2] | 2,866,648 | 2,345,858 | 2,307,172 | |||||||||
| Research and development expense | [3] | 341,289 | 249,387 | 215,660 | |||||||||
| Sales and marketing | [4] | 1,243,145 | 897,585 | 621,953 | |||||||||
| General and administrative | [5] | 433,395 | 387,316 | 251,207 | |||||||||
| Related Party | |||||||||||||
| Net sales | 9,460 | 3,133 | 1,451 | ||||||||||
| Cost of sales | 231,491 | 1,037,844 | 1,413,098 | ||||||||||
| Research and development expense | 875 | 3,004 | 3,561 | ||||||||||
| Sales and marketing | 0 | 8,200 | 0 | ||||||||||
| General and administrative expense, net of adjustments | $ (3,000) | ||||||||||||
| General and administrative | $ 22,750 | $ 0 | |||||||||||
| |||||||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||
| Accounts receivable | [1] | $ (299,196) | $ (229,651) | $ 519 | |||||||
| Prepaid expenses and other assets | [2] | (57,949) | 99,220 | (114,163) | |||||||
| Accounts payable | [3] | 157,341 | 147,513 | (118,161) | |||||||
| Accrued expenses and other liabilities | [4] | 221,981 | 78,549 | 69,205 | |||||||
| Related Party | |||||||||||
| Accounts receivable | (5,787) | (2,561) | (10,813) | ||||||||
| Prepaid expenses and other assets | 0 | 20,069 | (38,734) | ||||||||
| Accounts payable | (61,769) | (130,267) | (71,228) | ||||||||
| Accrued expenses and other liabilities | $ 0 | $ (8,399) | $ (1,241) | ||||||||
| |||||||||||
Organization and Description of Business |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Organization and Description of Business | 1. Organization and Description of Business SharkNinja, Inc. (the “Company”) is a global product design and technology company that creates innovative lifestyle product solutions across multiple sub-categories, including Cleaning Appliances, Cooking and Beverage Appliances, Food Preparation Appliances and Beauty and Home Environment Appliances under the brands of “Shark” and “Ninja.” SharkNinja is headquartered in Needham, Massachusetts, and distributes products throughout North America, Europe, and other select international markets. SharkNinja, Inc. was incorporated in the Cayman Islands on May 17, 2023 as a wholly-owned subsidiary of JS Global Lifestyle Company Limited (“JS Global” or the “Former Parent”). The Company was formed for the purpose of completing the listing of the Company on the New York Stock Exchange (“NYSE”) and related transactions to carry on the business of SharkNinja Global SPV, Ltd., and its subsidiaries. SharkNinja Global SPV, Ltd. was incorporated in 2017 as a wholly-owned subsidiary of JS Global. Prior to July 28, 2023, SharkNinja Global SPV, Ltd. operated as a combination of wholly-owned businesses of JS Global, which is a listed entity on the Hong Kong Stock Exchange. On July 30, 2023, in connection with (1) the separation (the “separation”) of the Company from JS Global and (2) the distribution to the holders of JS Global ordinary shares of all of JS Global’s equity interest in SharkNinja Global SPV, LTD. in the form of a dividend of the Company’s ordinary shares, JS Global contributed all outstanding shares of SharkNinja Global SPV, Ltd. to SharkNinja, Inc. in exchange for shares of SharkNinja, Inc. On July 31, 2023, JS Global distributed 138,982,872 ordinary shares of SharkNinja, Inc. to the holders of JS Global ordinary shares and SharkNinja, Inc. began trading on the NYSE. Because the separation and distribution was considered a transaction between entities under common control, the financial statements for periods prior to the transaction and the listing on the NYSE have been adjusted to combine the previously separate entities, SharkNinja, Inc. and SharkNinja Global SPV, Ltd., for presentation purposes. Further, the distributed share amount of SharkNinja, Inc. is reflected for all shares and related financial information in these consolidated financial statements. SharkNinja Global SPV, Ltd. prior to the separation and distribution, together with SharkNinja, Inc. and its subsidiaries subsequent to the separation and distribution are herein referred to as “SharkNinja” or the “Company”.
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Summary of Significant Accounting Policies |
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of Presentation The consolidated financial statements that accompany these notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of SharkNinja, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period presentation. Use of Estimates The preparation of consolidated financial statements in conformity 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 consolidated financial statements and the reported amounts of net sales and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include but are not limited to variable consideration for returns, sales rebates and discounts, the allowance for credit losses, reserve for product warranties, the fair value of financial assets and liabilities including the accounting and fair value of derivatives, valuation of inventory, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets, determination of incremental borrowing rate for leases, share-based compensation, including probability of the attainment of awards with performance conditions and grant-date fair value of awards with market conditions, and the valuation of deferred tax assets and uncertain tax positions. Actual results could differ from those estimates. Joint Venture The Company had an investment in a joint venture, SharkNinja (China) Technology Co. Ltd., in which the Company was not the primary beneficiary. The governance structures of this entity did not allow the Company to direct the activities that would significantly affect their economic performance. Therefore, the Company accounted for this investment as an equity method investment and the Company’s share of the post-acquisition results and other comprehensive income is included in other income (expense), net within the consolidated statements of income. The Company incurred additional investments to offset joint venture operating losses of $0.4 million in the year ended December 31, 2022, which are included in other (expense) income, net within the consolidated statements of income. In July 2022, the Company transferred its equity method investment in SharkNinja (China) Technology Co. Ltd. to an entity controlled by JS Global. Such investment had a carrying amount of zero and was transferred for nominal consideration. Foreign Currency The Company’s reporting currency is the United States dollar (“USD”). The Company’s functional currency is USD and generally the functional currency of its international subsidiaries is the local currency of the country in which the subsidiary operates. The Company translates the assets and liabilities of non-USD functional currency subsidiaries into USD using exchange rates in effect at the end of each reporting period. Net sales and expenses for these subsidiaries are translated using average exchange rates prevailing during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment and are included in accumulated other comprehensive income within the consolidated balance sheets. For transactions that are not denominated in the local functional currency, the transactions are recorded at the exchange rate in effect on the day the transaction occurred. The Company remeasures monetary assets and liabilities denominated in a foreign currency at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of income. Foreign currency transaction losses were $16.1 million, $5.0 million and $13.4 million for the years ended December 31, 2024, 2023 and 2022, respectively. Concentration of Credit Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, accounts receivable, and forward contracts. The Company maintains its cash and cash equivalents with high-quality financial institutions, the composition and maturities of which are regularly monitored by the Company. The Company has outstanding accounts receivable balances with retailers, distributors and direct-to-consumer (“DTC”) customers. The Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. The Company extends different levels of credit to customers, without requiring collateral deposits, and when necessary, maintains reserves for potential credit losses based upon the expected collectability of accounts receivable. The Company manages credit risk related to its customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. The Company sells a significant portion of its products through retailers and, as a result, maintains individually significant receivable balances with these parties. If the financial condition or operations of these retailers deteriorates substantially, the Company’s operating results could be adversely affected. The following table summarizes the Company’s customers that represented 10% or more of accounts receivable, net:
* Represents less than 10% The following table summarizes the Company’s customers that represented 10% or more of net sales:
* Represents less than 10% Supplier Concentration The Company relies on third parties to supply and manufacture its products, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all. Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks and bank deposits. The Company considers all highly liquid investments, with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintained certain cash amounts restricted as to its withdrawal or use. The Company’s restricted cash primarily consisted of deposits collateralizing a letter of credit for the Company’s custom bonds and operating leases. The Company did not have restricted cash as of December 31, 2024 and 2023. Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid 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. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values are therefore determined using model-based techniques that include discounted cash flow models, and similar techniques. Financial instruments consist of cash and cash equivalents, restricted cash, accounts receivables, derivative financial instruments, deferred purchase price (“DPP”) receivable, accounts payable, interest-bearing bank loans and accrued liabilities. Derivative financial instruments and DPP receivable are stated at fair value on a recurring basis. Cash and cash equivalents, restricted cash, accounts receivables, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to their short-term nature. Interest-bearing bank loans are also stated at their carrying value, which approximates fair value due to their variable interest rates. Accounts Receivable, Net Accounts receivable are presented net of allowance for credit losses and allowance for chargebacks. Accounts receivable are presented net of liabilities when a right of setoff exists. The Company determined the allowance for customer incentives and allowance for sales returns should be recorded as a liability. The Company maintains an allowance related to customer incentives based on specific terms and conditions included in the customer agreements or based on historical experience and the Company’s expectation of discounts. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. To estimate the allowance for credit losses the Company applied the loss-rate method using relevant available information including historical write-off activity, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a pooled basis when similar risk characteristics exist. When assessing whether to measure certain financial assets on a pooled basis, the Company considered various risk characteristics, including geographic location and industry of the customer. Expected credit losses are estimated over the contractual term of the financial assets. Write-offs of accounts receivable are recorded to the allowance for credit losses. Any subsequent recoveries of previously written off balances are recorded as a reduction to credit loss expense. Below is a rollforward of the Company’s allowance for credit losses:
Transfer of Financial Instruments On August 31, 2022, the Company entered into a Receivable Purchase Agreement (“RPA”) with a financial institution (“Purchaser”) to sell its accounts receivable for a cash advanced payment and a deferred payment in the form of a deferred purchase price receivable. All transfers under the RPA meet the criteria of sales accounting and are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing. The Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables upon the sale and transfer of the receivables to the Purchaser. The Company continues to service, administer and collect the receivables on behalf of the Purchaser. The financial statement impact associated with the servicing liability was immaterial for all periods presented. As part of the RPA transaction, accounts receivable sold are derecognized from the consolidated balance sheets and a DPP receivable is recognized at fair value. The DPP represents the difference between the fair value of the trade receivables sold and the cash purchase price. The DPP is subsequently remeasured each reporting period to account for activity during the period, such as the seller’s interest in any newly transferred receivables, collections on previously transferred receivables attributable to the DPP and changes in estimates. The DPP is valued using unobservable inputs such as Level 3 inputs, primarily discounted cash flows. Due to the short maturity of the instruments, the carrying value of the DPP receivable approximates the fair value of the DPP. For the year ended December 31, 2022, the Company sold and derecognized receivables of $371.5 million, in exchange for a cash advanced payment of $304.2 million and a deferred purchase price receivable recorded at fair value of $64.7 million to prepaid expenses and other current assets in the consolidated balance sheets. Upon the sale and transfer of receivables, the cash advanced payment received was reflected as operating activities and the DPP receivable was reflected as a non-cash investing activity in the consolidated statements of cash flows. As the Company received cash collections from customers on the DPP receivable, these were reflected as investing activities in the consolidated statements of cash flows. In addition, a loss of $2.6 million was recognized in connection with the sale of the receivables, which was recorded within other income (expense), net in the consolidated statements of income. Cash collections from customers on receivables sold were $269.7 million during the year ended December 31, 2022, of which the cash collections on the DPP receivable were $42.4 million. As of December 31, 2022, the outstanding principal on receivables sold was $101.8 million, and the Company’s risk of loss following the sale of the receivables was limited to the uncollected portion of the DPP at $22.3 million. During the year ended December 31, 2023, cash collections from customers on receivables sold were $96.3 million, of which the cash collections on the DPP receivable were $16.8 million. All amounts on sold receivables were collected as of December 31, 2023 and there were no RPA transactions during the year ended December 31, 2024. The following table summarizes the activity related to the DPP receivable:
Derivative Financial Instruments The Company enters into foreign currency forward contracts with financial institutions to protect against foreign exchange risks largely attributable to its exposure to changes in the exchange rate of the Chinese Yuan and Great British Pound against the USD that are associated with forecasted future cash flows. The Company’s primary objective in entering into these contracts is to reduce the volatility of cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in accumulated other comprehensive income in the consolidated balance sheets until the forecasted transaction occurs upon which the Company reclassifies the related gain or loss on the derivative to the same financial statements line item in the consolidated statements of income to which the derivative relates. Derivative instruments that hedge the exposure to variability in expected future cash flows or the fair value of assets or liabilities that are not currently designated as hedges for financial reporting purposes, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in other income (expense), net in the consolidated statements of income. In the consolidated statements of cash flows, the effects of settlements of derivative instruments are classified as operating activities, consistent with the related transactions. Inventories Inventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location, including shipping costs. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is defined as estimated selling prices less reasonably predictable costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of sales. Included within inventories are adjustments of $1.0 million, $2.8 million and $2.7 million as of December 31, 2024, 2023 and 2022, respectively, and inventory reserves of $43.8 million, $25.0 million and $25.9 million as of December 31, 2024, 2023 and 2022, respectively, to record inventory to net realizable value. Property and Equipment, Net Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred. The estimated useful lives of the Company’s property and equipment are as follows:
Construction in progress includes computer and software, furniture and fixtures, equipment and leasehold improvements, not yet placed in service, which is stated at cost, and is not depreciated until completed and ready for use. Capitalized Internal-Use Software Costs The Company capitalizes internal-use software development costs that are incurred during the application development stage. Capitalized costs of internal-use software development are included within property and equipment, net in the consolidated balance sheets, and amortized on a straight-line basis over the software’s estimated useful life. As of December 31, 2024 and 2023, the Company has capitalized $18.4 million and $14.9 million, respectively, of costs to develop internal-use software. Of those amounts, $4.0 million and $0.5 million of capitalized expenses relate to assets not placed in service as of December 31, 2024 and 2023, respectively. Amortization expense was $3.4 million and $3.0 million for the years ended December 31, 2024 and 2023, respectively, and was immaterial for the year ended December 31, 2022. Cloud Computing Arrangement Implementation Costs The Company capitalizes costs to implement cloud computing arrangements that are service contracts. Capitalized implementation costs are included within other assets, noncurrent in the consolidated balance sheets, and amortized on a straight-line basis over the term of the service contract, which includes reasonably certain renewals. As of December 31, 2024 and 2023, the Company has capitalized $52.6 million and $40.2 million, respectively, of costs to implement cloud computing arrangements. Of those amounts, $7.7 million and $3.5 million of capitalized costs relate to assets not placed in service as of December 31, 2024 and 2023, respectively. Amortization expense was $11.1 million and $7.8 million for the years ended December 31, 2024 and 2023, respectively, and was immaterial for the year ended December 31, 2022. Leases The Company determines if an arrangement is a lease at inception of the contract. For all leases, the Company recognizes on the consolidated balance sheets a liability as of the lease commencement date for its obligation related to the lease and a corresponding asset representing its right to use the underlying asset over the period of use (“ROU asset”). The Company recognizes the lease liability for each lease based on the present value of the lease payments not yet paid at the commencement date of the lease. The ROU asset for each lease is recorded at the amount equal to the initial measurement of the lease liability, adjusted for balances of prepaid rent, lease incentives received and initial direct costs incurred. For operating leases, expense is recognized on a straight-line basis over the lease term. Short-term leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and are recognized on a straight-line basis over the lease term. As the leases generally do not provide a readily determinable implicit rate, the Company uses an estimated incremental borrowing rate determined based on the information available at the lease commencement date in determining the present value of lease payments. The determination of the incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. When determining the lease term, the Company considers renewal options that it is reasonably certain to exercise and termination options that the Company is reasonably certain not to exercise, in addition to the non-cancellable period of the lease. The Company enters into operating leases for real estate spaces and motor vehicles. For real estate spaces, lease terms range from 2 to 12 years. For motor vehicles, lease terms range from 1 to 2 years. The Company had no finance leases during the periods presented. Certain of the Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities, as well as payment of sales tax to authorities. The Company accounts for these payments as variable lease costs when incurred because the Company has elected to not separate lease and non-lease components. As a result, such costs are not included in the initial measurement of the lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees. Business Acquisitions When the Company acquires a business, the purchase price is allocated to the tangible and identifiable intangible assets, net of liabilities assumed. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income. Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business acquisition and has been assigned to the Company’s one reporting unit. Indefinite-lived intangible assets consist of trade name and trademarks acquired through business acquisitions. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate they may be impaired. Qualitative factors are first assessed to determine whether it is more likely than not that goodwill or indefinite-lived intangible assets are impaired, and quantitative testing would then be performed if necessary. For indefinite-lived intangible assets, quantitative testing would consist of a comparison of the fair value of each indefinite-lived intangible asset with its carrying value, with any excess of carrying value over fair value being recognized as an impairment loss. For goodwill, quantitative testing consists of a comparison of the reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, goodwill impairment is calculated as the difference between the carrying value of the reporting unit and its fair value, up to the amount of goodwill. There was no impairment of goodwill or indefinite-live intangible assets during the years ended December 31, 2024, 2023 and 2022. Intangible assets subject to amortization consist of identifiable intangible assets resulting from business acquisitions and purchased patents. Acquired intangible assets from business acquisitions are initially recorded at fair value and purchased patents are initially carried at cost. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives. Amortization expense is recognized within research and development expenses for developed technology and patents and sales and marketing expenses for customer relationships in the consolidated statements of income. Each period the Company evaluates the estimated remaining useful lives of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization, or whether the indefinite life assessment continues to be supportable for trade name and trademarks. The estimated useful lives of the Company’s intangible assets are as follows:
Impairment of Long-Lived Assets The Company evaluates the recoverability of long-lived assets, including property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these asset groups is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the fair value, which is determined based on expected discounted future cash flows arising from those assets. During the year ended December 31, 2023, the Company recognized an impairment loss of $6.8 million as a result of a decline in the asset’s value. The impairment was determined by comparing the carrying amount of the asset to its recoverable amount. The Company determined that there were no events or changes in circumstances that indicated that its long-lived assets were impaired during the years ended December 31, 2024 and 2022. Revenue Recognition The Company is a designer, marketer and distributor of small household appliances which are sold under two brands: Shark and Ninja. The Shark offerings cover an expansive and diverse assortment of categories including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction, beauty appliance and home environment products. Ninja is a top brand in small kitchen appliances in the United States and its diversified product offering spans across consumers’ kitchens, both indoors and outdoors, with leading products in air fryers, multi-cookers, outdoor and countertop grills and ovens, coffee systems, carbonation, cookware, cutlery, kettles, toasters, bakeware, blenders, food processors, ice cream makers, juicers, frozen drink appliances, and coolers. In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes net sales for both brands at the transaction price when control of the performance obligation is transferred to its customers. Customers primarily consist of retailers, distributors and DTC customers. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from net sales. Shipping charges billed to customers are included within net sales and related shipping costs are included within sales and marketing expenses in the consolidated statements of income. 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 determines the amount of net sales to be recognized through the application of the following steps: 1.Identification of the contract, or contracts, with the customer The Company determines that it has a contract with a customer when each party’s rights regarding the products to be transferred can be identified, the payment terms for the products can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. 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 significant 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. 2.Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the products that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products is separately identifiable from other promises in the contract. The Company also offers assurance-type warranties relating to its products sold to consumers that are accounted for under ASC 460, Guarantees. In certain contracts, the Company provides extended, service type warranties. Such warranties are accounted for as separate performance obligations to which the Company recognizes contract liabilities for the unfulfilled extended warranties by allocating a portion of the transaction price based on the relative stand-alone selling price. 3.Determination of the transaction price The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products or delivery of services to the customer. Payment terms and conditions generally include a requirement to pay within 30 to 60 days, but such terms and conditions can vary by contract type. In instances where the timing of net sales recognition differs from the timing of invoicing, the Company has determined its contracts generally do not include a significant financing component as generally payment terms are less than one year. The Company has certain standard and non-standard contractual incentive programs and practices with customers that can give rise to elements of variable consideration, such as rights of return, volume discounts, markdowns and allowances. The Company estimates the variable consideration using the expected value method or most likely amount method, based on sales and agreed-upon rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales. The Company accounts for consideration payable to a customer as a reduction of net sales unless the payment to the customer is in exchange for a distinct good that the customer transfers to the Company. If the consideration payable to a customer includes a variable amount, the Company estimates the transaction price using the most likely amount method. 4.Allocation of the transaction price to the performance obligations in the contract When a contract contains multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price (“SSP”) basis to each performance obligation. The Company typically determines SSP based on observable selling prices of its products and services. In instances where SSP is not directly observable, SSP is determined using information that may include market conditions and other observable inputs, or by using the residual approach. For the years ended December 31, 2024, 2023 and 2022, revenue recognized associated with performance obligations where SSP is not directly observable was immaterial. 5.Recognition of the revenue when, or as, a performance obligation is satisfied Net sales are recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer. Net sales are recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. 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. Net sales related to service-type warranties are recognized ratably over the contract period. Disaggregation of Net Sales The following table summarizes net sales by region based on the billing address of customers:
(1) Domestic consists of net sales in the United States and Canada. Net sales from the United States represented 63.1%, 65.4% and 72.8% of total net sales for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Net sales from the United Kingdom represented 16.2%, 19.7% and 14.3% of total net sales for the years ended December 31, 2024, 2023 and 2022, respectively. The following table presents net sales by brand:
The following table presents net sales by product category:
Contract Liabilities Contract liabilities consist of deferred net sales related to extended, service-type warranties that are included within accrued expenses and other current liabilities and other liabilities, noncurrent in the consolidated balance sheets. Net sales are deferred when the Company invoices in advance of performance under a contract. The current portion of deferred net sales balances is recognized during the following 12-month period. As of and for the years ended December 31, 2024, 2023 and 2022, ending contract liabilities and revenue recognized associated with service-type warranties were immaterial. Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product net sales not yet delivered. As of December 31, 2024, the aggregate amount of the transaction price allocated to remaining performance obligations was immaterial. Warranty Costs The Company accrues the estimated cost of product warranties at the time it recognizes net sales and records warranty expense to cost of goods sold. The Company’s standard warranty provides for repair or replacement of the associated products during the warranty period. The amount of the provision for the warranties is estimated based on sales volume and past experience of the level of repairs and returns. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty obligation may be required. Product warranty liabilities and changes were as follows:
Research and Development Research and development expenses include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products, cost of development environments and tools and allocated overhead. Research and development expenses are expensed as incurred. Advertising Costs Advertising costs are expensed as incurred and include direct marketing, events, public relations, sales collateral materials and partner programs. Advertising costs amounted to $585.3 million, $409.2 million and $270.8 million for the years ended December 31, 2024, 2023 and 2022, respectively, and are included within sales and marketing expenses in the consolidated statements of income. Share-Based Compensation Restricted stock units (“RSUs”) are stock awards that are granted to employees and directors entitling the holder to shares of our common stock as the award vests. RSUs that vest only upon service conditions are measured at fair value based on the quoted price of our common stock at the date of grant. The Company amortizes the fair value of RSUs that vest only upon service conditions as share-based compensation cost over the vesting term, which is typically over a three-year requisite service period, on a straight-line basis, with the amount of compensation cost recognized at any date at least equaling the portion of the grant-date fair value of the award that is vested at that date. Certain RSUs may vest upon achievement of certain company-based performance conditions and a requisite service period. On the date of grant, the fair value of a performance-based award is calculated using the same method as our service-based RSUs described above. The Company assesses whether it is probable that the individual performance targets would be achieved. If assessed as probable, compensation cost will be recorded for these awards over the estimated performance period using the accelerated attribution method. At each reporting period, the Company reassesses the probability of achieving the performance targets and the performance period required to meet those targets. The estimation of whether the performance targets will be achieved and the performance period required to achieve the targets requires judgment, and to the extent actual results or updated estimates differ from our current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised, or the change in estimate will be applied prospectively depending on whether the change affects the estimate of total compensation cost to be recognized or merely affects the period over which compensation cost is to be recognized. The ultimate number of shares issued and the related compensation cost recognized will be based on a comparison of the final performance metrics to the specified targets. Certain RSUs granted to executives vest upon achievement of specified levels of market conditions. The fair value of our RSUs with market-based conditions are estimated at the date of grant using a Monte-Carlo simulation model. The probabilities of the actual number of market-based RSUs expected to vest and resultant actual number of shares of common stock expected to be awarded are reflected in the grant date fair values; therefore, the compensation costs for these awards will be recognized ratably over the derived service period for each tranche assuming the requisite service is rendered and are not adjusted based on the actual number of awards that ultimately vest. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of the Company's original estimates of fair value. The Company accounts for forfeitures in the period in which they occur, rather than estimating expected forfeitures. Tariffs The United States has imposed supplemental tariffs on certain imports from China, but previously provided exclusions for such tariffs for certain periods of time. We are continuously evaluating the changes to the United States trade policies that impact tariffs and the impact on the Company’s cost of sales. For the year ended December 31, 2022, the Company recorded $25.9 million in refunds related to 2021 purchases and $43.7 million in refunds related to 2022 purchases, which are included as a reduction to cost of sales in the consolidated statements of income. Of these recorded amounts, none were outstanding as of December 31, 2023. Income Taxes The Company is subject to income taxes in the United States and other jurisdictions. These other jurisdictions may have different statutory rates than the United States. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax basis as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement. Net Income Per Share The Company’s basic net income per share is calculated by dividing net income by the weighted average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net income per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net income per share is the same as basic net income per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive. Segment Information The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s chief executive officer (“CEO”). The segment derives revenues from customers through the Company’s small household appliances which are sold under two brands Shark and Ninja. The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources and how to allocate resources based on consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets. Net sales by geographical region can be found in the disaggregation of net sales in Note 2 above. The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region:
The CODM uses consolidated net income to evaluate the overall financial performance of the Company. The focus is on revenue performance as well as on comparing actual functional spend categories to forecast and, occasionally, prior-year results to assess variances and trends. Decisions regarding resource allocation are primarily made during the annual budget planning process and augmented as needed throughout the year. The following table presents selected financial information with respect to the Company’s single operating segment:
(1)Adjusted for operating expenses from SNJP and the APAC distribution channels for the years ended December 31, 2023 and 2022 as if such divestitures occurred on January 1, 2022. These costs have been excluded and reclassified to other segment items, as they are not presented to or reviewed by the Company’s CODM. (2)Excludes (i) shared-based compensation, a non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans, (ii) a one-time discretionary bonus during the year ended December 31, 2022 and (iii) shareholder-funded executive bonuses, which reflects cash bonuses paid to certain executives by Mr. Xuning Wang, the Chairperson of the board of directors and the Company’s controlling shareholder, which had no impact on the Company’s overall cash flow. These costs have been excluded from personnel expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. Additionally, it excludes certain costs incurred related to the separation and distribution from JS Global, which have been reclassified to transaction-related costs. (3)Excludes amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. These costs have been excluded from depreciation and amortization expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. (4)Excludes litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs, and excludes certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions. These costs have been excluded from professional service expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. (5)Represents certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions. (6)Other segment items include travel expenses, commissions, miscellaneous expenses and the expenses listed in Notes 1 through 5 above. Adoption of New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which expanded reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU required, among other things, disclosure of significant segment expenses that are regularly provided to an entity’s CODM and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM used the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted ASU 2023-07 as of January 1, 2024, and applied it retrospectively. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. As of December 31, 2024, there are no new accounting pronouncements that the Company is considering adopting, other than those described below. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard is effective for the Company in fiscal year 2025, and may be applied prospectively or retrospectively. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.
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Consolidated Balance Sheet Components |
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Consolidated Balance Sheet Components | 3. Consolidated Balance Sheet Components Property and Equipment, Net Property and equipment, net consisted of the following:
Depreciation and amortization expenses were $98.4 million, $81.0 million and $64.2 million for the years ended December 31, 2024, 2023, and 2022, respectively. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following:
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Sale of SharkNinja Co., Ltd |
12 Months Ended |
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Dec. 31, 2024 | |
| Discontinued Operations and Disposal Groups [Abstract] | |
| Sale of SharkNinja Co., Ltd | 4. Sale of SharkNinja Co., Ltd On July 27, 2023, as part of the separation, the Company executed a reorganization whereby SharkNinja sold its Japanese subsidiary, SharkNinja Co., Ltd., to JS Global for a note equal to $8.0 million. The transaction did not result in a change in reporting entity or meet the criteria for discontinued operations and, therefore, the Company has reflected SharkNinja Co., Ltd. in its financial position and results of operations using SharkNinja Co., Ltd.’s carrying values, prior to the separation, and has accounted for the transaction on a prospective basis. The transaction was accounted for as a common control transaction during the year ended December 31, 2023, whereby the difference of $3.3 million between the proceeds received through the note of $8.0 million and the net carrying value of the assets at the time of the transaction of $11.3 million was recorded as a reduction to additional paid-in capital. The note of $8.0 million was then distributed to JS Global and recorded as a reduction to retained earnings.
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Fair Value Measurements |
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| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 5. Fair Value Measurements The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024:
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023:
The Company classifies its money market funds within Level 1 because they are valued using quoted prices in active markets. The Company classifies its derivative financial instruments within Level 2 because they are valued using inputs other than quoted prices which are directly or indirectly observable in the market, including readily-available pricing sources for the identical underlying security which may not be actively traded.
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Derivative Financial Instruments and Hedging |
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| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Financial Instruments and Hedging | 6. Derivative Financial Instruments and Hedging Notional Amount of Forward Contracts The gross notional amounts of the Company’s forward contracts are USD denominated. The notional amounts of outstanding forward contracts in USD as of the periods presented were as follows:
Effect of Forward Contracts on the Consolidated Statements of Income The Company did not have any forward contracts that were not designated as hedging instruments for the year ended December 31, 2024. Total (loss) gain recognized from derivatives that were not designated as hedging instruments was $(30.2) million and $28.6 million for the years ended December 31, 2023 and 2022, respectively, and was recorded in other expense, net within the consolidated statements of income. Effect of Forward Contracts on Accumulated Other Comprehensive Income The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of December 31, 2024 and 2023, and their effect on other comprehensive income for the years ended December 31, 2024 and 2023:
The Company did not have any forward contracts that were designated as hedging instruments for the year ended December 31, 2022.
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| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Intangible Assets, Net and Goodwill | 7. Intangible Assets, Net and Goodwill Intangible Assets, Net Intangible assets consisted of the following as of December 31, 2024:
Intangible assets consisted of the following as of December 31, 2023:
Amortization expenses for intangible assets were as follows:
The expected future amortization expenses related to the intangible assets as of December 31, 2024 were as follows:
Goodwill The following table represents the changes to goodwill:
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Operating Leases |
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| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Leases | 8. Operating Leases The components of total lease costs for operating leases for the period presented were as follows:
The supplemental cash flow information related to operating leases for the periods presented were as follows:
The weighted-average remaining lease terms and discount rates for operating leases were as follows:
Future minimum lease payments under non-cancellable leases as of December 31, 2024, were as follows:
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Debt |
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| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt | 9. Debt On March 17, 2020, the Company entered into a term loan and revolving credit agreement (“2020 Facilities Agreement”) with Bank of China Limited, Macau Branch, as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2020 Facilities Agreement provided for a $500.0 million term loan facility (the “2020 Term Loans”) and $200.0 million revolving credit facility (“2020 Revolving Facility”). The 2020 Term Loans and the 2020 Revolving Facility were to mature five years from the initial utilization date on March 20, 2020, and both facilities bore interest at a rate of the London Interbank Offered Rate (“LIBOR”) plus 1.8%. During 2022, there were $260.0 million in draw downs on the 2020 Revolving Facility, which were all repaid during 2022. No amounts were outstanding as of December 31, 2022 and there were no draw downs under the 2020 Revolving Facility in 2023. On July 20, 2023, the Company entered into a credit agreement (“2023 Credit Agreement”) with Bank of America, N.A., as administrative agent, and certain banks and financial institutions party thereto as lenders and issuing banks. The 2023 Credit Agreement provides for an $810.0 million term loan facility (the “2023 Term Loans”) and a $500.0 million revolving credit facility (“2023 Revolving Facility”). The 2023 Term Loans and 2023 Revolving Facility mature in July 2028, and both facilities bear interest at the Secured Overnight Financing Rate (“SOFR”) plus 1.75%. All SOFR borrowings under the 2023 Credit Agreement also incur a 0.1% credit adjustment. The Company has the ability to borrow in certain alternative currencies under the 2023 Credit Agreement. Alternative currency loans are priced using an Alternative Currency Term Rate plus any applicable spread adjustments. The Company may request increases to the 2023 Term Loans or 2023 Revolving Facility in a maximum aggregate amount not to exceed the greater of $520.0 million or 100% of adjusted earnings before interest, taxes, depreciation, and amortization, as defined in the 2023 Credit Agreement, for the most recently completed fiscal year. The 2023 Credit Agreement replaced the 2020 Facilities Agreement in its entirety and the Company used the net proceeds of $800.9 million from the 2023 Term Loans to repay the remaining principal balance of $400.0 million, accrued interest of $9.2 million related to the 2020 Term Loans and to distribute a $375.0 million dividend to JS Global, as discussed in “Note 11 - Shareholders' Equity and Equity Incentive Plan”. The Company accounted for the repayment as an extinguishment and recorded a loss on the extinguishment of debt of $1.0 million related to the unamortized debt issuance costs associated with the 2020 Facilities Agreement to other (expense) income, net. During the year ended December 31, 2023, there were $125.5 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2023. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2023. During the year ended December 31, 2024, there were $285.0 million in draw downs on the 2023 Revolving Facility, which were all repaid during 2024. No amounts were outstanding on the 2023 Revolving Facility as of December 31, 2024. As of December 31, 2024, $11.1 million of letters of credit were outstanding, resulting in an available balance of $488.9 million under the 2023 Revolving Facility. The Company is required to meet certain financial covenants customary with this type of agreement, including, but not limited to, maintaining a maximum ratio of indebtedness and a minimum specified interest coverage ratio. As of December 31, 2024, the Company was in compliance with the covenants under the 2023 Credit Agreement. The obligations of the loan parties under the 2023 Credit Agreement with respect to the 2023 Term Loans and 2023 Revolving Facility are secured by (i) equity interests owned by the loan parties in each other loan party and in certain of the Company’s wholly-owned domestic restricted subsidiaries and (ii) substantially all assets of the domestic loan parties (subject to certain customary exceptions). In addition, subject to certain customary exceptions, these obligations are guaranteed by (i) the Company, (ii) each subsidiary of the Company that directly or indirectly owns a borrower and (iii) each other direct and indirect wholly-owned domestic restricted subsidiary of the Company. Debt consisted of the following:
Aggregate maturities on debt (excluding the 2023 Revolving Facility) as of December 31, 2024 were as follows:
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Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | 10. Commitments and Contingencies Non-Cancelable Purchase Obligations In the normal course of business, the Company enters into non-cancelable purchase commitments, including marketing and endorsement agreements. Certain of these agreements extend over terms of up to five years, with payments required in varying installments over the term. As of December 31, 2024, the Company has remaining obligations associated with marketing and endorsement agreements with original terms greater than 12 months totaling $25.3 million, which are payable in a combination of cash and ordinary shares of SharkNinja, Inc., as follows:
Indemnifications and Contingencies The Company enters into indemnification provisions under certain agreements with other parties in the ordinary course of business. In its customer agreements, the Company has agreed to indemnify, defend and hold harmless the indemnified party for third-party claims and related losses suffered or incurred by the indemnified party from actual or threatened third-party intellectual property infringement claims. For certain large or strategic customers, the Company has agreed to indemnify, defend and hold harmless the indemnified party for non-compliance with certain additional representations and warranties made by the Company. Legal Proceedings From time to time, the Company may be involved in various legal proceedings arising from the normal course of business activities, including certain patent infringement claims, false advertising claims against us, and product safety concerns. The Company investigates these claims as they arise. In the opinion of management, the amount of ultimate loss with respect to any current legal proceedings and claims, if determined adversely to the Company, will not have a material adverse effect on its business, financial condition and results of operation. During the year ended December 31, 2024, the Company reached two settlement agreements related to asserted patent infringement claims associated with certain product technology. Under the terms of the settlements, both parties agreed to dismiss all claims and counterclaims with prejudice. As a result of the settlement reached in September 2024, the Company paid out $13.5 million in October 2024. As a result of the settlement reached in December 2024, the Company recognized a receivable of $20.0 million as of December 31, 2024, which was recorded in prepaid expenses and other current assets in the consolidated balance sheet, and such amount was paid to the Company in full in February 2025.
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Shareholders' Equity and Equity Incentive Plan |
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| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Shareholders' Equity and Equity Incentive Plan | 11. Shareholders' Equity and Equity Incentive Plan Ordinary Shares The Company has authorized 1,000,000,000 ordinary shares with a par value of $0.0001 per share, of which 140,347,436 and 139,083,369 ordinary shares were issued and outstanding as of December 31, 2024 and December 31, 2023, respectively. All outstanding shares of the Company’s ordinary shares are of the same class and have equal rights and attributes. The holders of the Company’s ordinary shares are entitled to one vote per share on all matters submitted to a vote of the shareholders for the Company. Holders of the Company’s ordinary shares will be entitled to receive any dividends if and when dividends are declared by the Company. In the event of liquidation, dissolution or winding up of the Company, the holders of the Company’s ordinary shares are entitled to share ratably in all the Company’s assets remaining after payment of all liabilities. The prior approval of the holders of a majority of the outstanding ordinary shares is required in order for the Company to take certain actions, including amending, altering or changing the powers preferences or special rights of the ordinary shares in a manner adverse to such series, increasing or decreasing the number of ordinary shares, appointing or removing any directors, taking any action that would result in a liquidation, declaring or paying any dividends on the ordinary shares, redeeming or repurchasing any ordinary shares, transferring any ordinary shares, converting any paid-up shares into stock, waiving or changing any provision of the Company’s Amended and Restated Memorandum and Articles of Association. Cash Dividend On November 8, 2023, the board of directors approved the declaration and payment of a special cash dividend of $1.08 per share, or $150.2 million in the aggregate, paid on December 11, 2023 to its shareholders of record as of December 1, 2023. Distributions to Former Parent During the year ended December 31, 2022, the Company entered into a note agreement with the Former Parent (the “2022 Intercompany Note to Former Parent”) in which SharkNinja transferred $49.3 million to its Former Parent. Due to the nature of the note receivable, the Company considered it to be an in-substance distribution to its Former Parent accounted for as contra-equity at inception. During the year ended December 31, 2023, the Company declared and issued distributions to the Former Parent of $485.4 million, which included amounts receivable of $50.4 million under the 2022 Intercompany Note to Former Parent, including interest, in satisfaction of such note, a cash distribution of $60.3 million paid in February 2023, a cash distribution of $375.0 million paid in July 2023 for the repayment of JS Global’s outstanding debt under the 2020 Facilities Agreement as discussed in “Note 9 - Debt”, and a non-cash distribution of the note of $8.0 million related to the sale of the Company’s Japanese subsidiary, SharkNinja Co., Ltd, as discussed in “Note 4 - Sale of SharkNinja Co., Ltd”. Restricted Share Units JS RSU Plan The Company’s employees participated in JS Global’s restricted share units plan (“JS RSU Plan”). The restricted share units (“RSUs”) under this plan were vested by the second quarter of 2023, prior to the separation. Pursuant to the share-based compensation recharge agreement with Former Parent entered into in the year ended December 31, 2022, the Company reimbursed share-based compensation costs to Former Parent in the amount of $3.2 million and $18.7 million during the years ended December 31, 2023 and 2022, respectively. SharkNinja Equity Incentive Plan On July 28, 2023, the Company’s board of directors adopted the 2023 Equity Incentive Plan (the “2023 Plan”) to grant cash and equity incentive awards to eligible participants in order to attract, motivate and retain talent. The 2023 Plan provides for the issuance of stock options, share appreciation rights, restricted stock awards, RSUs, performance awards and other awards. The 2023 Plan initially made 13,898,287 ordinary shares available for future award grants. The 2023 Plan contains an evergreen provision whereby the shares available for future grants are increased on the first day of each calendar year from January 1, 2025 through and including January 1, 2033. As of December 31, 2024, 9,445,050 ordinary shares were available for future grant under the 2023 Plan. Shares or RSUs forfeited, withheld for maximum statutory tax obligations, and unexercised stock option lapses from the 2023 Plan are available for future grant under the 2023 Plan. RSU activities for the year ended December 31, 2024 for RSUs granted under the 2023 Plan to the Company’s employees were as follows:
RSUs granted for the year ended December 31, 2024 under the 2023 Plan were 521,714, of which 119,747 RSUs were granted with service-only conditions, 162,472 performance-based RSUs were granted with vesting conditions tied to the achievement of certain performance growth metrics, such as net sales, gross profit and operating cash flow, and 239,495 market-based RSUs were granted with conditions tied to the achievement of a certain level of market capitalization over a consecutive period of time. Employee Stock Purchase Plan On July 28, 2023, the board of directors approved the 2023 Employee Share Purchase Plan (the “ESPP”). A maximum of 1% of the Company’s outstanding ordinary shares (or 1,389,828 shares) were made available for sale under the ESPP. The ESPP contains an evergreen provision whereby the shares available for sale will automatically increase on the first day of each calendar year from January 1, 2025 through and including January 1, 2033, in an amount equal to the lesser of (i) 0.15% of the total number of shares of the Company’s ordinary shares outstanding on December 31 of the preceding year; (ii) 300,000 shares; or (iii) such lesser number of shares as determined by the board at any time prior to the first day of a given calendar year. The ESPP provides for six-month offering periods during which the Company will grant rights to purchase ordinary shares to eligible employees. The first offering period began in February 2024. During the year ended December 31, 2024, there were 134,864 shares purchased under the ESPP. As of December 31, 2024, total unrecognized share-based compensation was $0.4 million, which is to be recognized over a weighted-average remaining period of 0.1 years. Share-Based Compensation The share-based compensation by line item in the accompanying consolidated statements of income is summarized as follows:
As of December 31, 2024, the Company had $34.0 million unrecognized share-based compensation cost related to RSUs granted under the 2023 Plan that will be recognized over a weighted average period of 1.1 years. Of this unrecognized share-based compensation cost, $18.2 million was related to RSUs granted under the 2023 Plan with performance conditions. All compensation cost associated with RSUs granted with market conditions had been recognized as of December 31, 2024. For those RSUs with service conditions, performance conditions or a combination of both, the grant date fair value was measured based on the quoted price of our ordinary shares at the date of grant. The weighted average grant date fair value of these awards for the year ended December 31, 2024 was $74.50 per share. The Company used the grant date fair value measured based on 98% of the quoted price of our ordinary shares at the date of the grant, with an expected term of 0.33. The weighted-average grant date fair value of the RSUs with a market condition granted in the year ended December 31, 2024 was $105.62. The total grant-date fair value of RSUs vested during the year ended December 31, 2024 was $74.3 million.
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| Income Taxes | 12. Income Taxes The components of income before income taxes were as follows:
The provision for income taxes was as follows:
A reconciliation of the Company’s statutory income tax expense to effective income tax provision is as follows:
The difference between the U.S. federal statutory tax rate of 21.0% and the Company’s effective tax rate (“ETR”) for the years ended December 31, 2024, 2023 and 2022, is primarily due to state taxes, benefits from U.S. research and development credits, U.S. tax benefits from share-based compensation deductions, non-deductible costs associated with the separation and distribution, withholding taxes, and limitations on deductible executive compensation. The decrease in the ETR from 2023 to 2024 is primarily related to the impacts of the separation and distribution and refinancing, such as withholding taxes and transaction costs, and non-deductible executive compensation in the prior year. The increase in the ETR from 2022 to 2023 is primarily related to withholding taxes associated with distributions to the Former Parent, non-deductible executive compensation, and non-deductible costs associated with the separation and distribution. Although the Company is domiciled outside of the United States, as the most significant activity is driven and managed in the United States, the Company has utilized the statutory tax rate of 21.0% as the federal statutory rate in the rate reconciliation. The following table presents the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023:
A valuation allowance is provided for deferred tax assets where the recoverability of the assets is uncertain. The determination to provide a valuation allowance is dependent upon the assessment of whether it is more likely than not that sufficient future taxable income will be generated to utilize the deferred tax assets. Based on the weight of the available evidence, which includes the Company’s historical operating profits and substantial taxable temporary differences, a valuation allowance has been established in certain jurisdictions as of December 31, 2024 and 2023, where attributes are not more-likely-than-not to be utilized, primarily in relation to Massachusetts tax credits. As of December 31, 2024, the Company had state research and development credit carryforwards of $12.7 million, which will begin to expire in 2037. Federal and state laws impose restrictions on the utilization of net operating loss carryforwards and research and development credit carryforwards in the event of a change in ownership of the Company, which constitutes an ‘ownership change’ as defined by Internal Revenue Code Section 382 and 383. The Company experienced an ownership change in the past that does not materially impact the availability of its net operating losses and tax credits. Should there be an ownership change in the future, the Company’s ability to utilize existing carryforwards could be substantially restricted. As of December 31, 2024 and 2023, the Company did not have unremitted earnings when evaluating the outside basis difference relating to its investment in foreign subsidiaries. However, there could be local withholding taxes payable due to various foreign countries if certain lower tier earnings are distributed. Withholding taxes and state income taxes that would be payable upon remittance of these lower tier earnings were not material as of December 31, 2024 and 2023. A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:
As of December 31, 2024, 2023 and 2022, an immaterial amount of the unrecognized tax benefits would affect the Company’s effective tax rate, if recognized and an immaterial amount is expected to reverse in the next 12 months. The Company recognizes interest and penalties related to unrecognized tax benefits as income tax expense. There was $0.8 million and $1.1 million of accrued interest and penalties related to unrecognized tax benefits as of December 31, 2024 and 2023, respectively. During the years ended December 31, 2024, 2023 and 2022, the Company recorded an immaterial benefit for the accrual of interest and penalties. The Company’s material income tax jurisdictions are the United States (federal), United Kingdom and Hong Kong. The Company is not currently under audit in the United States or Hong Kong, but is currently under audit in the United Kingdom for the 2020, 2021 and 2022 tax years. The statute of limitations for years prior to 2021 are closed for the United States and the United Kingdom other than years currently under audit. There are open tax years which remain subject to examination in various other jurisdictions that are not material to the Company’s financial statements with open tax years ranging from 2014 to 2024.
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Employee Benefits |
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| Retirement Benefits [Abstract] | |
| Employee Benefits | 13. Employee Benefits Defined Contribution Plan The Company has a defined-contribution plan in the United States intended to qualify under Section 401k of the Internal Revenue Code (the “401k Plan”). The 401k Plan covers substantially all employees who meet minimum age and service requirements and allows participants to defer a portion of their annual compensation on a pre-tax basis. The Company makes contributions to the 401k Plan up to 4% of the participating employee’s eligible compensation. During the years ended December 31, 2024, 2023 and 2022, the Company recorded $6.8 million, $5.9 million and $4.7 million, respectively, of expenses related to the 401k Plan related to matching contributions. People’s Republic of China (“PRC”) Contribution Plan The Company’s subsidiaries in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which pension benefits, unemployment insurance, medical care, employee housing fund and other welfare benefits are provided to employees. The relevant labor regulations require the Company’s subsidiaries in the PRC to pay the local labor and social welfare authorities monthly contributions based on the applicable benchmarks and rates stipulated by the local government. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the Company’s subsidiaries in the PRC have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. During the years ended December 31, 2024, 2023 and 2022, the Company recorded $13.0 million, $11.3 million and $10.6 million, respectively, of total expenses related to these benefits. Certain of the Company’s other non-U.S. subsidiaries sponsor or participate in local defined benefit pension plans. The obligations, contributions and associated expense of such plans for the years ended December 31, 2024, 2023 and 2022 were immaterial.
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| Net Income Per Share | 14. Net Income Per Share On July 31, 2023, in connection with the separation from JS Global, 138,982,872 ordinary shares of SharkNinja, Inc. were distributed to JS Global shareholders. The distributed share amount of SharkNinja, Inc. is utilized for the calculation of basic and diluted net income per share of the Company for all periods presented prior to the separation and distribution from JS Global. For the years ended December 31, 2023 and 2022, these shares are treated as issued and outstanding for purposes of calculating historical net income per share. For periods prior to the separation and distribution, it is assumed that there are no dilutive equity instruments as there were no equity awards of SharkNinja, Inc. outstanding prior to the separation and distribution. The following table sets forth the computation of basic and diluted net income per share for the periods presented:
Potential ordinary shares of certain performance-based and market-based RSUs of approximately 914,210 for the year ended December 31, 2024, for which all targets required to trigger vesting had not been achieved, were excluded from the calculations of weighted average shares used in computing diluted net income per share.
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| Related Party Transactions | 15. Related Party Transactions Transactions with JS Global Prior to the separation, the Company operated as part of JS Global’s broader corporate organization rather than as a stand-alone public company and engaged in various transactions with JS Global entities. Following the separation and distribution, JS Global continues to be a related party due to a common significant shareholder and board member of both the Company and JS Global. Our arrangements with JS Global entities and/or other related persons or entities as of the separation are described below. Supplier Agreements The Company historically relied on a JS Global purchasing office entity to source finished goods on the Company’s behalf and to provide certain procurement and quality control services. Additionally, the Company purchases certain finished goods directly from a subsidiary of JS Global. Finished goods purchased by the Company from JS Global entities amounted to $192.7 million, $1,015.6 million and $1,444.8 million for the years ended December 31, 2024, 2023, and 2022, respectively. In connection with these agreements, the Company historically incurred costs related to certain procurement and quality control activities that were reimbursed by JS Global entities. For the year ended December 31, 2024, JS Global entities made no payments of this nature to the Company. In comparison, for the years ended December 31, 2023 and 2022, JS Global entities paid the Company $18.0 million and $31.7 million, respectively, which were recorded as a reduction to cost of sales for services rendered under these agreements. Sourcing Services Agreement In connection with the separation, the Company entered into a sourcing services agreement with JS Global. Pursuant to the agreement, the Company procures products from certain suppliers in the Asia-Pacific region (“APAC”), and JS Global provides coordination, process management and relationship management support to us with respect to such suppliers. The Company retains the right to procure such products and services from third parties. The Company pays JS Global a service fee based on the aggregate amount of products procured by the Company from such suppliers managed by JS Global under the agreement. The Sourcing Services Agreement has a term commencing July 28, 2023 and ending on July 31, 2025. The Company will pay JS Global the following: (i) for the period July 28, 2023 to June 30, 2024, an amount equal to 4% of the procurement amount during such period; and (ii) for the period from July 1, 2024 until December 31, 2024, an amount equal to 2% of the procurement amount during such period; and (iii) for the period from January 1, 2025 until the end of the term, an amount equal to 1% of the procurement amount during such period. Fees incurred by the Company related to this agreement were $38.8 million and $40.3 million for the years ended December 31, 2024 and 2023, respectively, and were included in cost of inventories. Brand License Agreement In connection with the separation, the Company entered into a brand license agreement with JS Global, in which the Company granted to JS Global the non-exclusive rights to obtain, produce and source, and the exclusive rights to distribute and sell, our brands of products in certain international markets in APAC. The brand license agreement has a term of 20 years from the date of the separation. Under this agreement, JS Global pays to SharkNinja a royalty of 3% of net sales of licensed products. The Company earned royalty income of $9.5 million and $1.9 million for the years ended December 31, 2024 and 2023, respectively, which was included in net sales. Product Development Agreements The Company has historically utilized JS Global subsidiaries for certain research and development services. For these services, the Company incurred costs of $2.9 million, $3.4 million and $3.6 million for the years ended December 31, 2024, 2023 and 2022, respectively. In connection with the separation, the Company entered into an agreement with JS Global to provide certain research and development, and related product management, services to JS Global entities related to the distribution of products in APAC. Under this agreement, the Company earned product development service fees of $2.0 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively, which were recorded as a reduction of research and development expenses. Transition Services Agreement In connection with the separation, the Company entered into a transition services agreement with JS Global pursuant to which the Company provides certain transition services to JS Global, in order to facilitate the transition of the separated JS Global business. The services are provided on a transitional basis for a term of twenty-four months, subject to a three-month extension by JS Global. Service fees related to this agreement were $3.0 million and $1.3 million for the years ended December 31, 2024 and 2023, respectively, and were recorded as a reduction of general and administrative expenses. Former Joint Venture In 2018, the Company entered into a joint venture agreement with a JS Global subsidiary for the purpose of distributing SharkNinja products within the Chinese market. The Company owned 49.0% of the joint venture and JS Global owned 51.0%. In 2022, the Company transferred its equity interest in the joint venture to JS Global for zero consideration. The Company sold $0, $0 and $1.5 million of finished goods to this entity during the years ended December 31, 2024, 2023 and 2022, respectively. Transactions with Former Parent See “Note 11 - Shareholders' Equity and Equity Incentive Plan” for details on the Company’s distribution to Former Parent and share-based compensation recharge from Former Parent. The following is a summary of the related party transactions associated with JS Global:
Cash Bonuses from Related Parties In December 2023, Mr. Xuning Wang, the Chairperson of the board of directors and the Company’s controlling shareholder, paid Mr. Mark Barrocas, the Company’s Chief Executive Officer, a cash bonus of $24.0 million on behalf of the Company, which was recorded as an operating expense by the Company but had no impact on the Company’s overall cash flow. The bonus is subject to repayment to Mr. Wang if, among other things, the Company terminates Mr. Barrocas’ employment for cause, or Mr. Barrocas terminates his service, other than for good reason (as defined in his employment agreement), within 18 months from the payment date. In December 2023, Mr. Wang paid Mr. Neil Shah, the Company’s Chief Commercial Officer, EVP, a cash bonus of $8.2 million on behalf of the Company, which was recorded as an operating expense by the Company but had no impact on the Company’s overall cash flow. The bonus was subject to repayment to Mr. Wang if, among other things, the Company terminated Mr. Shah’s employment for cause, or Mr. Shah terminated his service, other than for good reason (as defined in his employment agreement), within 12 months from the payment date. These bonuses were paid in recognition of the strong performance under the leadership of Mr. Barrocas and Mr. Shah, as well as to continue to incentivize the management team. The payment of these bonuses also reflects the fact that the tax burden on Mr. Barrocas and Mr. Shah as a result of the Company’s separation and distribution from JS Global, which was not determinable at the time of the separation and distribution, was determined to be significant. Recourse Promissory Notes On April 29, 2021, the Company issued recourse promissory notes of $17.6 million to certain employees (the “2021 Employee Notes”) to satisfy their individual tax withholding requirements. These promissory notes bore interest at a rate of 0.1%. The receivables under the 2021 Employee Notes were due on the earlier of (i) March 15, 2022, or (ii) the date of the employee’s termination of employment with the Company. On March 27, 2022, the terms and conditions of the 2021 Employee Notes issued to one executive were amended. The amended promissory note agreement allowed for the forgiveness of the principal amount, plus all accrued and unpaid interest, over a three-year period beginning April 30, 2022, provided that the employee remained continuously employed by the Company through the forgiveness dates. On April 30, 2022, a total of $4.4 million of the 2021 Employee Notes was forgiven and recorded as compensation expense. On April 12, 2022, the terms and conditions of the 2021 Employee Notes issued to three executives were modified. These modified recourse promissory notes amended the interest rate to 1.3% from 0.1% and extended the maturity date to April 29, 2024. The amended promissory note agreements allowed for the forgiveness of the principal amount, plus all accrued and unpaid interest, over a three-year period beginning April 29, 2022, provided that the employees remained continuously employed by the Company through the forgiveness dates. On April 29, 2022, a total of $0.8 million of the 2021 Employee Notes was forgiven and recorded as compensation expense. During the year ended December 31, 2023, the Company received full repayment on the outstanding balances of the 2021 Employee Notes and no amounts remained outstanding as of December 31, 2023 and 2024. In 2022, the Company issued recourse promissory notes of $6.0 million to certain employees (the “2022 Employee Notes”) to satisfy their individual tax withholding requirements. These promissory notes bore interest at a rate of 1.9%. The receivables on the 2022 Employee Notes were due on the earlier of (i) March 15, 2023, or (ii) the date of the employee’s termination of employment with the Company. During the year ended December 31, 2023, the Company received full repayment on the 2022 Employee Notes and no amounts remained outstanding as of December 31, 2023 and 2024.
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Subsequent Events |
12 Months Ended |
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Dec. 31, 2024 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | 16. Subsequent Events The Company has evaluated subsequent events from the balance sheet date up to the date the consolidated financial statements were issued. Except as disclosed in “Note 10 - Commitments and Contingencies”, there have been no subsequent events that would require disclosure in, or adjustment to, the consolidated financial statements.
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VALUATION AND QUALIFYING ACCOUNTS |
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| SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| VALUATION AND QUALIFYING ACCOUNTS | VALUATION AND QUALIFYING ACCOUNTS The table below details the activity of the Company’s allowance for sales returns:
All other schedules have been omitted because they are not required, not applicable, or the required information is otherwise included.
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Pay vs Performance Disclosure - USD ($) $ in Thousands |
12 Months Ended | ||
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Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
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| Pay vs Performance Disclosure | |||
| Net income | $ 438,705 | $ 167,078 | $ 232,354 |
Insider Trading Policies and Procedures |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Insider Trading Policies and Procedures [Line Items] | |
| Insider Trading Policies and Procedures Adopted | true |
Cybersecurity Risk Management and Strategy Disclosure |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Cybersecurity Risk Management, Strategy, and Governance [Line Items] | |
| Cybersecurity Risk Management Processes for Assessing, Identifying, and Managing Threats [Text Block] | Cybersecurity Risk Management and Strategy SharkNinja utilizes the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) as the foundation of the Company’s commitment to effective cybersecurity risk management. The NIST CSF is implemented across the organization to embed risk management processes that address critical information technology risk by applying its key functions for assessing, managing and mitigating cyber risks over time as follows: 1.Identify: The Enterprise Risk Committee of the Company, including the Chief Financial Officer, Chief Legal Officer, Chief Information Officer, Chief People Officer and Chief Operating Officer, identifies and prioritizes information assets, business processes, and systems critical to its operations and performs risk assessments to identify potential threats and vulnerabilities. 2.Protect: Measures are in place to safeguard information assets, including access controls, encryption, secure configurations and leading cybersecurity software and tools. Employee training programs promote awareness of real-world cyber-threats and adherence to cybersecurity policies. 3.Detect: The Company utilizes current technologies to detect and respond to cybersecurity events promptly. Continuous monitoring and incident response plans are integral components of our cybersecurity posture and are supported by a third-party managed security services provider in addition to an internal security operations team. 4.Respond: In the event of a cybersecurity incident, the Company follows a defined incident response plan to contain, mitigate, evaluate and recover from the impact of cybersecurity incidents. Communication protocols are established to notify relevant stakeholders promptly. Third-party forensic investigation and legal firms augment the Incident Response Team to provide specialized services if needed. 5.Recover: The Company maintains comprehensive backup and recovery procedures to ensure the timely restoration of information assets in the event of a cybersecurity incident. Lessons learned from incidents are used to enhance future resilience. We rely extensively on information technology (“IT”) systems, networks and services, including internet sites, data hosting and processing facilities and tools and other hardware, software and technical applications and platforms, some of which are managed, hosted, provided and/or used by third parties or their vendors, to assist in conducting our business. Our IT systems have been, and will likely continue to be, subject to computer viruses or other malicious codes, unauthorized access attempts, phishing and other cyberattacks. We continue to assess potential threats and make investments seeking to address and prevent these threats, including monitoring of our networks and systems and upgrading skills, employee training and security policies for us and our third-party providers. However, because the techniques used in these cyberattacks change frequently and may be difficult to detect for periods of time, we may face difficulties in anticipating and implementing adequate preventative measures. To date, risks from cybersecurity threats, including as a result of any previous cybersecurity incidents, have not materially affected and we do not believe are reasonably likely to materially affect the Company, including our business strategy, results of operations, or financial condition. However, we cannot guarantee that our security efforts will prevent breaches or breakdowns to our or our third-party providers’ databases or systems in the future. If the IT systems, networks or service providers we rely upon fail to function properly or if we or one of our third-party providers suffer a loss, significant unavailability of or disclosure of our business or stakeholder information and our business continuity plans do not effectively address these failures on a timely basis, we may be exposed to reputational, competitive and business harm as well as litigation and regulatory action, including administrative fines. The costs and operational consequences of responding to breaches and implementing remediation measures could be significant. The Audit Committee of the Board of Directors provides oversight of the Company’s cybersecurity program and receives regular updates on cyber-risks and risk mitigation strategies. Senior management oversees program planning, operations and continuous improvement including: 1.Cyber-risks are reported and monitored through the Enterprise Risk Management program with oversight by the Enterprise Risk Committee. 2.Periodic third-party cybersecurity threat modeling and maturity assessment designed to identify likely threat actors and attack techniques and the Company’s ability that mitigate likely threats. 3.Annual Cybersecurity Strategic Plan and roadmap designed to align cybersecurity budget investments and program enhancements with corporate initiatives and growth goals. 4.Policies and standards that govern the cybersecurity program and the use of technology assets by SharkNinja associates. 5.Cybersecurity awareness training at time of onboarding and annually for all associates, email phishing simulations and ongoing communications to inform associates of current threats and attack techniques. 6.Frequent vulnerability scanning and security tests to identify and reduce risk exposure of critical assets. 7.Annual incident response plan preparedness assessment led by outside consultants to evaluate the Company’s ability to effectively respond to a cybersecurity incident. SharkNinja performs third-party cybersecurity program risk assessments to evaluate key vendors’ abilities to maintain ongoing operations that support the Company and to protect confidential information from unauthorized access. The Company evaluates risks and implements mitigation strategies with vendors when applicable. Contracts with vendors include provisions that govern effective cybersecurity program management and privacy requirements.
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| Cybersecurity Risk Management Processes Integrated [Flag] | true |
| Cybersecurity Risk Management Processes Integrated [Text Block] | SharkNinja utilizes the National Institute of Standards and Technology (“NIST”) Cybersecurity Framework (“CSF”) as the foundation of the Company’s commitment to effective cybersecurity risk management. The NIST CSF is implemented across the organization to embed risk management processes that address critical information technology risk by applying its key functions for assessing, managing and mitigating cyber risks over time as follows:
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| Cybersecurity Risk Management Third Party Engaged [Flag] | true |
| Cybersecurity Risk Third Party Oversight and Identification Processes [Flag] | true |
| Cybersecurity Risk Materially Affected or Reasonably Likely to Materially Affect Registrant [Flag] | false |
| Cybersecurity Risk Board of Directors Oversight [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. In line with this oversight responsibility, the Audit Committee receives regular updates on cyber-risks and risk mitigation strategies from management. Outside counsel and cybersecurity consultants support the Committee in its oversight of the SharkNinja cybersecurity program. Additionally, a Cybersecurity & Privacy Steering Committee consisting of our Chief Information Officer, Chief Legal Officer and Chief Financial Officer meets periodically and is apprised of key risks.
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| Cybersecurity Risk Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. |
| Cybersecurity Risk Process for Informing Board Committee or Subcommittee Responsible for Oversight [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. |
| Cybersecurity Risk Role of Management [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. In line with this oversight responsibility, the Audit Committee receives regular updates on cyber-risks and risk mitigation strategies from management. Outside counsel and cybersecurity consultants support the Committee in its oversight of the SharkNinja cybersecurity program. Additionally, a Cybersecurity & Privacy Steering Committee consisting of our Chief Information Officer, Chief Legal Officer and Chief Financial Officer meets periodically and is apprised of key risks.
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| Cybersecurity Risk Management Positions or Committees Responsible [Flag] | true |
| Cybersecurity Risk Management Positions or Committees Responsible [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. In line with this oversight responsibility, the Audit Committee receives regular updates on cyber-risks and risk mitigation strategies from management. Outside counsel and cybersecurity consultants support the Committee in its oversight of the SharkNinja cybersecurity program. Additionally, a Cybersecurity & Privacy Steering Committee consisting of our Chief Information Officer, Chief Legal Officer and Chief Financial Officer meets periodically and is apprised of key risks.
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| Cybersecurity Risk Management Expertise of Management Responsible [Text Block] | Additionally, a Cybersecurity & Privacy Steering Committee consisting of our Chief Information Officer, Chief Legal Officer and Chief Financial Officer meets periodically and is apprised of key risks |
| Cybersecurity Risk Process for Informing Management or Committees Responsible [Text Block] | The Audit Committee provides oversight of the Company’s cybersecurity program. This oversight includes understanding our business needs and associated risks and reviewing management's strategy and recommendations for managing cybersecurity and privacy risks. In line with this oversight responsibility, the Audit Committee receives regular updates on cyber-risks and risk mitigation strategies from management. |
| Cybersecurity Risk Management Positions or Committees Responsible Report to Board [Flag] | true |
Summary of Significant Accounting Policies (Policies) |
12 Months Ended |
|---|---|
Dec. 31, 2024 | |
| Accounting Policies [Abstract] | |
| Basis of Presentation | Basis of Presentation The consolidated financial statements that accompany these notes have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and include the accounts of SharkNinja, Inc. and its wholly owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation. For the purposes of comparability, certain prior period amounts have been reclassified to conform to current period presentation.
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| Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity 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 consolidated financial statements and the reported amounts of net sales and expenses during the reporting periods and accompanying notes. Significant items subject to such estimates and assumptions include but are not limited to variable consideration for returns, sales rebates and discounts, the allowance for credit losses, reserve for product warranties, the fair value of financial assets and liabilities including the accounting and fair value of derivatives, valuation of inventory, the fair value of acquired intangible assets and goodwill, the useful lives of acquired intangible assets, determination of incremental borrowing rate for leases, share-based compensation, including probability of the attainment of awards with performance conditions and grant-date fair value of awards with market conditions, and the valuation of deferred tax assets and uncertain tax positions. Actual results could differ from those estimates.
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| Joint Venture | Joint Venture The Company had an investment in a joint venture, SharkNinja (China) Technology Co. Ltd., in which the Company was not the primary beneficiary. The governance structures of this entity did not allow the Company to direct the activities that would significantly affect their economic performance. Therefore, the Company accounted for this investment as an equity method investment and the Company’s share of the post-acquisition results and other comprehensive income is included in other income (expense), net within the consolidated statements of income.
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| Foreign Currency | Foreign Currency The Company’s reporting currency is the United States dollar (“USD”). The Company’s functional currency is USD and generally the functional currency of its international subsidiaries is the local currency of the country in which the subsidiary operates. The Company translates the assets and liabilities of non-USD functional currency subsidiaries into USD using exchange rates in effect at the end of each reporting period. Net sales and expenses for these subsidiaries are translated using average exchange rates prevailing during the period. Gains and losses from these translations are recognized as a cumulative translation adjustment and are included in accumulated other comprehensive income within the consolidated balance sheets. For transactions that are not denominated in the local functional currency, the transactions are recorded at the exchange rate in effect on the day the transaction occurred. The Company remeasures monetary assets and liabilities denominated in a foreign currency at exchange rates in effect at the end of each reporting period. Transaction gains and losses from the remeasurement are recognized in other income (expense), net within the consolidated statements of income.
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| Concentration of Credit Risks and Supplier Concentration | Concentration of Credit Risks Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents, accounts receivable, and forward contracts. The Company maintains its cash and cash equivalents with high-quality financial institutions, the composition and maturities of which are regularly monitored by the Company. The Company has outstanding accounts receivable balances with retailers, distributors and direct-to-consumer (“DTC”) customers. The Company is exposed to credit risk in the event of nonpayment by customers to the extent of the amounts recorded in the consolidated balance sheets. The Company extends different levels of credit to customers, without requiring collateral deposits, and when necessary, maintains reserves for potential credit losses based upon the expected collectability of accounts receivable. The Company manages credit risk related to its customers by performing periodic evaluations of credit worthiness and applying other credit risk monitoring procedures. The Company sells a significant portion of its products through retailers and, as a result, maintains individually significant receivable balances with these parties. If the financial condition or operations of these retailers deteriorates substantially, the Company’s operating results could be adversely affected. Supplier Concentration The Company relies on third parties to supply and manufacture its products, as well as third-party logistics providers. In instances where these parties fail to perform their obligations, the Company may be unable to find alternative suppliers or satisfactorily deliver its products to its customers on time, if at all.
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| Cash, Cash Equivalents and Restricted Cash | Cash, Cash Equivalents and Restricted Cash Cash and cash equivalents consist of cash in banks and bank deposits. The Company considers all highly liquid investments, with an original maturity of three months or less at the date of purchase, to be cash equivalents. The Company maintained certain cash amounts restricted as to its withdrawal or use. The Company’s restricted cash primarily consisted of deposits collateralizing a letter of credit for the Company’s custom bonds and operating leases. The Company did not have restricted cash as of December 31, 2024 and 2023.
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| Fair Value Measurements | Fair Value Measurements Fair value is defined as the exchange price that would be received from the sale of an asset or paid 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. The Company measures financial assets and liabilities at fair value at each reporting period using a fair value hierarchy which requires the Company to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A financial instrument’s classification within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Three levels of inputs may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities. Level 2 - Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 - Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair values are therefore determined using model-based techniques that include discounted cash flow models, and similar techniques. Financial instruments consist of cash and cash equivalents, restricted cash, accounts receivables, derivative financial instruments, deferred purchase price (“DPP”) receivable, accounts payable, interest-bearing bank loans and accrued liabilities. Derivative financial instruments and DPP receivable are stated at fair value on a recurring basis. Cash and cash equivalents, restricted cash, accounts receivables, accounts payable and accrued liabilities are stated at their carrying value, which approximates fair value due to their short-term nature. Interest-bearing bank loans are also stated at their carrying value, which approximates fair value due to their variable interest rates.
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| Accounts Receivable, Net | Accounts Receivable, Net Accounts receivable are presented net of allowance for credit losses and allowance for chargebacks. Accounts receivable are presented net of liabilities when a right of setoff exists. The Company determined the allowance for customer incentives and allowance for sales returns should be recorded as a liability. The Company maintains an allowance related to customer incentives based on specific terms and conditions included in the customer agreements or based on historical experience and the Company’s expectation of discounts. The Company maintains an allowance for credit losses to provide for the estimated amount of receivables that will not be collected. To estimate the allowance for credit losses the Company applied the loss-rate method using relevant available information including historical write-off activity, current conditions and reasonable and supportable forecasts. The allowance for credit losses is measured on a pooled basis when similar risk characteristics exist. When assessing whether to measure certain financial assets on a pooled basis, the Company considered various risk characteristics, including geographic location and industry of the customer. Expected credit losses are estimated over the contractual term of the financial assets. Write-offs of accounts receivable are recorded to the allowance for credit losses. Any subsequent recoveries of previously written off balances are recorded as a reduction to credit loss expense.
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| Transfer of Financial Instruments | Transfer of Financial Instruments On August 31, 2022, the Company entered into a Receivable Purchase Agreement (“RPA”) with a financial institution (“Purchaser”) to sell its accounts receivable for a cash advanced payment and a deferred payment in the form of a deferred purchase price receivable. All transfers under the RPA meet the criteria of sales accounting and are accounted for as a true sale in accordance with ASC 860, Transfers and Servicing. The Company sells, conveys, transfers and assigns to the Purchaser all its rights, title and interest in the receivables upon the sale and transfer of the receivables to the Purchaser. The Company continues to service, administer and collect the receivables on behalf of the Purchaser. The financial statement impact associated with the servicing liability was immaterial for all periods presented. As part of the RPA transaction, accounts receivable sold are derecognized from the consolidated balance sheets and a DPP receivable is recognized at fair value. The DPP represents the difference between the fair value of the trade receivables sold and the cash purchase price. The DPP is subsequently remeasured each reporting period to account for activity during the period, such as the seller’s interest in any newly transferred receivables, collections on previously transferred receivables attributable to the DPP and changes in estimates. The DPP is valued using unobservable inputs such as Level 3 inputs, primarily discounted cash flows. Due to the short maturity of the instruments, the carrying value of the DPP receivable approximates the fair value of the DPP.
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| Derivative Financial Instruments | Derivative Financial Instruments The Company enters into foreign currency forward contracts with financial institutions to protect against foreign exchange risks largely attributable to its exposure to changes in the exchange rate of the Chinese Yuan and Great British Pound against the USD that are associated with forecasted future cash flows. The Company’s primary objective in entering into these contracts is to reduce the volatility of cash flows associated with changes in foreign currency exchange rates. The Company does not use derivative instruments for trading or speculative purposes. The Company accounts for its derivative instruments as either assets or liabilities and carries them at fair value. The accounting for changes in the fair value of a derivative depends on the intended use of the derivative and the resulting designation. Derivative instruments that hedge the exposure to variability in expected future cash flows that are designated as cash flow hedges, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in accumulated other comprehensive income in the consolidated balance sheets until the forecasted transaction occurs upon which the Company reclassifies the related gain or loss on the derivative to the same financial statements line item in the consolidated statements of income to which the derivative relates. Derivative instruments that hedge the exposure to variability in expected future cash flows or the fair value of assets or liabilities that are not currently designated as hedges for financial reporting purposes, are recorded either within prepaid expenses and other current assets or accrued expenses and other current liabilities in the consolidated balance sheets. The Company records changes in the fair value of these derivatives in other income (expense), net in the consolidated statements of income. In the consolidated statements of cash flows, the effects of settlements of derivative instruments are classified as operating activities, consistent with the related transactions.
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| Inventories | Inventories Inventory primarily consists of finished goods and, to a lesser extent, components, which are purchased from manufacturers. Inventory is stated at the lower of cost or net realizable value with cost being determined using the standard cost method, which approximates actual costs determined on the first-in, first-out basis. Inventories include indirect acquisition and production costs that are incurred to bring the inventories to their present condition and location, including shipping costs. The Company writes down its inventory for estimated obsolescence or excess inventory based upon assumptions around market conditions and estimates of future demand. Net realizable value is defined as estimated selling prices less reasonably predictable costs of completion, disposal and transportation. Adjustments to reduce inventory to net realizable value are recognized in cost of sales.
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| Property and Equipment, Net | Property and Equipment, Net Property and equipment are stated at cost net of accumulated depreciation. Depreciation is calculated using the straight-line method over the estimated useful lives of the respective assets. Expenditures for maintenance and repairs are expensed as incurred. Construction in progress includes computer and software, furniture and fixtures, equipment and leasehold improvements, not yet placed in service, which is stated at cost, and is not depreciated until completed and ready for use.
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| Capitalized Internal-Use Software Costs | Capitalized Internal-Use Software Costs The Company capitalizes internal-use software development costs that are incurred during the application development stage. Capitalized costs of internal-use software development are included within property and equipment, net in the consolidated balance sheets, and amortized on a straight-line basis over the software’s estimated useful life.
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| Cloud Computing Arrangement Implementation Costs | Cloud Computing Arrangement Implementation Costs The Company capitalizes costs to implement cloud computing arrangements that are service contracts. Capitalized implementation costs are included within other assets, noncurrent in the consolidated balance sheets, and amortized on a straight-line basis over the term of the service contract, which includes reasonably certain renewals.
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| Leases | Leases The Company determines if an arrangement is a lease at inception of the contract. For all leases, the Company recognizes on the consolidated balance sheets a liability as of the lease commencement date for its obligation related to the lease and a corresponding asset representing its right to use the underlying asset over the period of use (“ROU asset”). The Company recognizes the lease liability for each lease based on the present value of the lease payments not yet paid at the commencement date of the lease. The ROU asset for each lease is recorded at the amount equal to the initial measurement of the lease liability, adjusted for balances of prepaid rent, lease incentives received and initial direct costs incurred. For operating leases, expense is recognized on a straight-line basis over the lease term. Short-term leases with an initial term of 12 months or less are not recorded on the consolidated balance sheets and are recognized on a straight-line basis over the lease term. As the leases generally do not provide a readily determinable implicit rate, the Company uses an estimated incremental borrowing rate determined based on the information available at the lease commencement date in determining the present value of lease payments. The determination of the incremental borrowing rate requires judgment and is primarily based on publicly available information for companies within the same industry and with similar credit profiles. When determining the lease term, the Company considers renewal options that it is reasonably certain to exercise and termination options that the Company is reasonably certain not to exercise, in addition to the non-cancellable period of the lease. The Company enters into operating leases for real estate spaces and motor vehicles. For real estate spaces, lease terms range from 2 to 12 years. For motor vehicles, lease terms range from 1 to 2 years. The Company had no finance leases during the periods presented. Certain of the Company’s real estate leasing agreements include terms requiring the Company to reimburse the lessor for its share of real estate taxes, insurance, operating costs and utilities, as well as payment of sales tax to authorities. The Company accounts for these payments as variable lease costs when incurred because the Company has elected to not separate lease and non-lease components. As a result, such costs are not included in the initial measurement of the lease liability. There are no restrictions or covenants imposed by any of the leases, and none of the Company’s leases contain material residual value guarantees.
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| Business Acquisitions | Business Acquisitions When the Company acquires a business, the purchase price is allocated to the tangible and identifiable intangible assets, net of liabilities assumed. Any residual purchase price is recorded as goodwill. The allocation of the purchase price requires management to make significant estimates in determining the fair values of assets acquired and liabilities assumed, especially with respect to intangible assets. These estimates can include, but are not limited to, the cash flows that an asset is expected to generate in the future, the appropriate weighted-average cost of capital and the cost savings expected to be derived from acquiring an asset. These estimates are inherently uncertain and unpredictable. During the measurement period, which may be up to one year from the acquisition date, adjustments to the fair value of these tangible and intangible assets acquired and liabilities assumed may be recorded, with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the fair value of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the Company’s consolidated statements of income.
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| Goodwill and Intangible Assets | Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of net assets acquired in a business acquisition and has been assigned to the Company’s one reporting unit. Indefinite-lived intangible assets consist of trade name and trademarks acquired through business acquisitions. Goodwill and indefinite-lived intangible assets are not amortized but rather tested for impairment at least annually in the fourth quarter, or more frequently if events or changes in circumstances indicate they may be impaired. Qualitative factors are first assessed to determine whether it is more likely than not that goodwill or indefinite-lived intangible assets are impaired, and quantitative testing would then be performed if necessary. For indefinite-lived intangible assets, quantitative testing would consist of a comparison of the fair value of each indefinite-lived intangible asset with its carrying value, with any excess of carrying value over fair value being recognized as an impairment loss. For goodwill, quantitative testing consists of a comparison of the reporting unit’s fair value to its carrying value. If the carrying value of a reporting unit exceeds its fair value, goodwill impairment is calculated as the difference between the carrying value of the reporting unit and its fair value, up to the amount of goodwill. There was no impairment of goodwill or indefinite-live intangible assets during the years ended December 31, 2024, 2023 and 2022. Intangible assets subject to amortization consist of identifiable intangible assets resulting from business acquisitions and purchased patents. Acquired intangible assets from business acquisitions are initially recorded at fair value and purchased patents are initially carried at cost. Intangible assets subject to amortization are amortized on a straight-line basis over their estimated useful lives. Amortization expense is recognized within research and development expenses for developed technology and patents and sales and marketing expenses for customer relationships in the consolidated statements of income. Each period the Company evaluates the estimated remaining useful lives of its intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization, or whether the indefinite life assessment continues to be supportable for trade name and trademarks.
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| Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company evaluates the recoverability of long-lived assets, including property and equipment and intangible assets for possible impairment whenever events or circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recognition and measurement of a potential impairment is performed on assets grouped with other assets and liabilities at the lowest level where identifiable cash flows are largely independent of the cash flows of other assets and liabilities. Recoverability of these asset groups is measured by a comparison of the carrying amounts to the future undiscounted cash flows the assets are expected to generate. If such review indicates that the carrying amount of long-lived assets is not recoverable, an impairment loss is recorded in the amount by which the carrying amount of the assets exceeds the fair value, which is determined based on expected discounted future cash flows arising from those assets.
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| Revenue Recognition, Contract Liabilities, Remaining Performance Obligations | Revenue Recognition The Company is a designer, marketer and distributor of small household appliances which are sold under two brands: Shark and Ninja. The Shark offerings cover an expansive and diverse assortment of categories including handheld and robotic vacuums, as well as other floorcare products including steam mops, wet/dry cleaning floor products and carpet extraction, beauty appliance and home environment products. Ninja is a top brand in small kitchen appliances in the United States and its diversified product offering spans across consumers’ kitchens, both indoors and outdoors, with leading products in air fryers, multi-cookers, outdoor and countertop grills and ovens, coffee systems, carbonation, cookware, cutlery, kettles, toasters, bakeware, blenders, food processors, ice cream makers, juicers, frozen drink appliances, and coolers. In accordance with ASC 606, Revenue from Contracts with Customers, the Company recognizes net sales for both brands at the transaction price when control of the performance obligation is transferred to its customers. Customers primarily consist of retailers, distributors and DTC customers. Taxes collected from customers, which are subsequently remitted to governmental authorities, are excluded from net sales. Shipping charges billed to customers are included within net sales and related shipping costs are included within sales and marketing expenses in the consolidated statements of income. 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 determines the amount of net sales to be recognized through the application of the following steps: 1.Identification of the contract, or contracts, with the customer The Company determines that it has a contract with a customer when each party’s rights regarding the products to be transferred can be identified, the payment terms for the products can be identified, the Company has determined the customer has the ability and intent to pay and the contract has commercial substance. 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 significant 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. 2.Identification of the performance obligations in the contract Performance obligations promised in a contract are identified based on the products that will be transferred to the customer that are both capable of being distinct, whereby the customer can benefit from the products either on their own or together with other resources that are readily available from third parties or from the Company, and are distinct in the context of the contract, whereby the transfer of the products is separately identifiable from other promises in the contract. The Company also offers assurance-type warranties relating to its products sold to consumers that are accounted for under ASC 460, Guarantees. In certain contracts, the Company provides extended, service type warranties. Such warranties are accounted for as separate performance obligations to which the Company recognizes contract liabilities for the unfulfilled extended warranties by allocating a portion of the transaction price based on the relative stand-alone selling price. 3.Determination of the transaction price The transaction price is determined based on the consideration to which the Company expects to be entitled in exchange for transferring products or delivery of services to the customer. Payment terms and conditions generally include a requirement to pay within 30 to 60 days, but such terms and conditions can vary by contract type. In instances where the timing of net sales recognition differs from the timing of invoicing, the Company has determined its contracts generally do not include a significant financing component as generally payment terms are less than one year. The Company has certain standard and non-standard contractual incentive programs and practices with customers that can give rise to elements of variable consideration, such as rights of return, volume discounts, markdowns and allowances. The Company estimates the variable consideration using the expected value method or most likely amount method, based on sales and agreed-upon rates with each customer and records the estimated amount of credits for these programs as a reduction to net sales. The Company accounts for consideration payable to a customer as a reduction of net sales unless the payment to the customer is in exchange for a distinct good that the customer transfers to the Company. If the consideration payable to a customer includes a variable amount, the Company estimates the transaction price using the most likely amount method. 4.Allocation of the transaction price to the performance obligations in the contract When a contract contains multiple performance obligations, the contract transaction price is allocated on a relative standalone selling price (“SSP”) basis to each performance obligation. The Company typically determines SSP based on observable selling prices of its products and services. In instances where SSP is not directly observable, SSP is determined using information that may include market conditions and other observable inputs, or by using the residual approach. For the years ended December 31, 2024, 2023 and 2022, revenue recognized associated with performance obligations where SSP is not directly observable was immaterial. 5.Recognition of the revenue when, or as, a performance obligation is satisfied Net sales are recognized at the time the related performance obligation is satisfied by transferring the promised product to the customer. Net sales are recognized in an amount that reflects the consideration that the Company expects to receive in exchange for those products or services. 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. Net sales related to service-type warranties are recognized ratably over the contract period. Contract Liabilities Contract liabilities consist of deferred net sales related to extended, service-type warranties that are included within accrued expenses and other current liabilities and other liabilities, noncurrent in the consolidated balance sheets. Net sales are deferred when the Company invoices in advance of performance under a contract. The current portion of deferred net sales balances is recognized during the following 12-month period.Remaining Performance Obligation The Company’s remaining performance obligations are comprised of product net sales not yet delivered.
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| Warranty Costs | Warranty Costs The Company accrues the estimated cost of product warranties at the time it recognizes net sales and records warranty expense to cost of goods sold. The Company’s standard warranty provides for repair or replacement of the associated products during the warranty period. The amount of the provision for the warranties is estimated based on sales volume and past experience of the level of repairs and returns. If actual product failure rates or repair costs differ from estimates, revisions to the estimated warranty obligation may be required.
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| Research and Development | Research and Development Research and development expenses include personnel-related expenses associated with the Company’s engineering personnel responsible for the design, development and testing of its products, cost of development environments and tools and allocated overhead. Research and development expenses are expensed as incurred.
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| Advertising Costs | Advertising Costs Advertising costs are expensed as incurred and include direct marketing, events, public relations, sales collateral materials and partner programs.
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| Share-Based Compensation | Share-Based Compensation Restricted stock units (“RSUs”) are stock awards that are granted to employees and directors entitling the holder to shares of our common stock as the award vests. RSUs that vest only upon service conditions are measured at fair value based on the quoted price of our common stock at the date of grant. The Company amortizes the fair value of RSUs that vest only upon service conditions as share-based compensation cost over the vesting term, which is typically over a three-year requisite service period, on a straight-line basis, with the amount of compensation cost recognized at any date at least equaling the portion of the grant-date fair value of the award that is vested at that date. Certain RSUs may vest upon achievement of certain company-based performance conditions and a requisite service period. On the date of grant, the fair value of a performance-based award is calculated using the same method as our service-based RSUs described above. The Company assesses whether it is probable that the individual performance targets would be achieved. If assessed as probable, compensation cost will be recorded for these awards over the estimated performance period using the accelerated attribution method. At each reporting period, the Company reassesses the probability of achieving the performance targets and the performance period required to meet those targets. The estimation of whether the performance targets will be achieved and the performance period required to achieve the targets requires judgment, and to the extent actual results or updated estimates differ from our current estimates, the cumulative effect on current and prior periods of those changes will be recorded in the period estimates are revised, or the change in estimate will be applied prospectively depending on whether the change affects the estimate of total compensation cost to be recognized or merely affects the period over which compensation cost is to be recognized. The ultimate number of shares issued and the related compensation cost recognized will be based on a comparison of the final performance metrics to the specified targets. Certain RSUs granted to executives vest upon achievement of specified levels of market conditions. The fair value of our RSUs with market-based conditions are estimated at the date of grant using a Monte-Carlo simulation model. The probabilities of the actual number of market-based RSUs expected to vest and resultant actual number of shares of common stock expected to be awarded are reflected in the grant date fair values; therefore, the compensation costs for these awards will be recognized ratably over the derived service period for each tranche assuming the requisite service is rendered and are not adjusted based on the actual number of awards that ultimately vest. Estimates of fair value are not intended to predict actual future events or the value ultimately realized by employees who receive these awards, and subsequent events are not indicative of the reasonableness of the Company's original estimates of fair value. The Company accounts for forfeitures in the period in which they occur, rather than estimating expected forfeitures.
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| Tariffs | Tariffs The United States has imposed supplemental tariffs on certain imports from China, but previously provided exclusions for such tariffs for certain periods of time. We are continuously evaluating the changes to the United States trade policies that impact tariffs and the impact on the Company’s cost of sales.
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| Income Taxes | Income Taxes The Company is subject to income taxes in the United States and other jurisdictions. These other jurisdictions may have different statutory rates than the United States. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the consolidated financial statements carrying amounts of existing assets and liabilities and their respective tax basis as well as operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Valuation allowances are provided when necessary to reduce deferred tax assets to an amount that is more likely than not to be realized. The Company recognizes income tax benefits from uncertain tax positions only if it believes that it is more likely than not that the tax position will be sustained upon examination by the taxing authorities based on the technical merits of the position. The tax benefits recognized in the consolidated financial statements from such uncertain tax positions are then measured based on the largest benefit that is more likely than not to be realized upon the ultimate settlement.
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| Net Income Per Share | Net Income Per Share The Company’s basic net income per share is calculated by dividing net income by the weighted average number of shares of ordinary shares outstanding for the period, without consideration of potentially dilutive securities. The diluted net income per share is calculated by giving effect to all potentially dilutive securities outstanding for the period using the treasury share method or the if-converted method based on the nature of such securities. Diluted net income per share is the same as basic net income per share in periods when the effects of potentially dilutive shares of common shares are anti-dilutive.
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| Segment Information | Segment Information The Company operates in one operating and reportable segment. Operating segments are defined as components of an enterprise about which separate financial information is evaluated regularly by the chief operating decision maker (“CODM”), who is the Company’s chief executive officer (“CEO”). The segment derives revenues from customers through the Company’s small household appliances which are sold under two brands Shark and Ninja. The accounting policies of the single segment are the same as those described in the summary of significant accounting policies. The CODM assesses performance and decides how to allocate resources and how to allocate resources based on consolidated net income. The measure of segment assets is reported on the balance sheet as total consolidated assets.The CODM uses consolidated net income to evaluate the overall financial performance of the Company. The focus is on revenue performance as well as on comparing actual functional spend categories to forecast and, occasionally, prior-year results to assess variances and trends. Decisions regarding resource allocation are primarily made during the annual budget planning process and augmented as needed throughout the year.
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| Adoption of New Accounting Pronouncements and Recently Issued Accounting Pronouncements | Adoption of New Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which expanded reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. The amendments in the ASU required, among other things, disclosure of significant segment expenses that are regularly provided to an entity’s CODM and a description of other segment items (the difference between segment revenue less the segment expenses disclosed under the significant expense principle and each reported measure of segment profit or loss) by reportable segment, as well as disclosure of the title and position of the CODM, and an explanation of how the CODM used the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. The Company adopted ASU 2023-07 as of January 1, 2024, and applied it retrospectively. Recently Issued Accounting Pronouncements From time to time, new accounting pronouncements are issued by the FASB or other standard-setting bodies and adopted by the Company on or prior to the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption. As of December 31, 2024, there are no new accounting pronouncements that the Company is considering adopting, other than those described below. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740), Improvements to Income Tax Disclosures, which requires disclosure of disaggregated income taxes paid, prescribes standard categories for the components of the effective tax rate reconciliation, and modifies other income tax-related disclosures. The standard is effective for the Company in fiscal year 2025, and may be applied prospectively or retrospectively. The Company is currently evaluating the impact this ASU may have on its consolidated financial statements. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires incremental disclosures about specific expense categories, including but not limited to, purchases of inventory, employee compensation, depreciation, amortization and selling expenses. The amendments in this ASU are effective for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted and the amendments may be applied either prospectively or retrospectively. Management is currently evaluating this ASU to determine its impact on the Company's disclosures.
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Summary of Significant Accounting Policies (Tables) |
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| Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedules of Concentration of Risk, by Risk Factor | The following table summarizes the Company’s customers that represented 10% or more of accounts receivable, net:
* Represents less than 10% The following table summarizes the Company’s customers that represented 10% or more of net sales:
* Represents less than 10%
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| Accounts Receivable, Allowance for Credit Loss | Below is a rollforward of the Company’s allowance for credit losses:
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| Schedule of Deferred Purchase Price Receivable | The following table summarizes the activity related to the DPP receivable:
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| Property, Plant and Equipment | The estimated useful lives of the Company’s property and equipment are as follows:
Net sales by geographical region can be found in the disaggregation of net sales in Note 2 above. The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region:
Property and equipment, net consisted of the following:
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| Schedule of Finite-Lived Intangible Assets | The estimated useful lives of the Company’s intangible assets are as follows:
Intangible assets consisted of the following as of December 31, 2024:
Intangible assets consisted of the following as of December 31, 2023:
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| Disaggregation of Revenue | The following table summarizes net sales by region based on the billing address of customers:
(1) Domestic consists of net sales in the United States and Canada. Net sales from the United States represented 63.1%, 65.4% and 72.8% of total net sales for the years ended December 31, 2024, 2023 and 2022, respectively. (2) Net sales from the United Kingdom represented 16.2%, 19.7% and 14.3% of total net sales for the years ended December 31, 2024, 2023 and 2022, respectively. The following table presents net sales by brand:
The following table presents net sales by product category:
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| Schedule of Product Warranty Liability | Product warranty liabilities and changes were as follows:
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| Schedule of Segment Reporting Information, by Segment | The following table presents selected financial information with respect to the Company’s single operating segment:
(1)Adjusted for operating expenses from SNJP and the APAC distribution channels for the years ended December 31, 2023 and 2022 as if such divestitures occurred on January 1, 2022. These costs have been excluded and reclassified to other segment items, as they are not presented to or reviewed by the Company’s CODM. (2)Excludes (i) shared-based compensation, a non-cash expense related to awards issued from the SharkNinja and JS Global equity incentive plans, (ii) a one-time discretionary bonus during the year ended December 31, 2022 and (iii) shareholder-funded executive bonuses, which reflects cash bonuses paid to certain executives by Mr. Xuning Wang, the Chairperson of the board of directors and the Company’s controlling shareholder, which had no impact on the Company’s overall cash flow. These costs have been excluded from personnel expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. Additionally, it excludes certain costs incurred related to the separation and distribution from JS Global, which have been reclassified to transaction-related costs. (3)Excludes amortization of acquired intangible assets that we do not consider normal recurring operating expenses, as the intangible assets relate to JS Global’s acquisition of our business. These costs have been excluded from depreciation and amortization expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. (4)Excludes litigation costs incurred and related settlements for certain patent infringement claims, false advertising claims, and any related settlement costs, and excludes certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions. These costs have been excluded from professional service expenses and reclassified to other segment items, as they are not presented to or reviewed by the CODM. (5)Represents certain costs incurred related to the separation and distribution from JS Global and the secondary offering transactions. (6)Other segment items include travel expenses, commissions, miscellaneous expenses and the expenses listed in Notes 1 through 5 above.
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Consolidated Balance Sheet Components (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Property, Plant and Equipment | The estimated useful lives of the Company’s property and equipment are as follows:
Net sales by geographical region can be found in the disaggregation of net sales in Note 2 above. The following table presents the Company’s property and equipment, net of depreciation and amortization, by geographic region:
Property and equipment, net consisted of the following:
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| Schedule of Accrued Liabilities | Accrued expenses and other current liabilities consisted of the following:
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Fair Value Measurements (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024:
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2023:
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Derivative Financial Instruments and Hedging (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Derivative Instruments | The gross notional amounts of the Company’s forward contracts are USD denominated. The notional amounts of outstanding forward contracts in USD as of the periods presented were as follows:
The following table represents the unrealized (losses) gains of forward contracts that were designated as hedging instruments, net of tax effects, that were recorded in accumulated other comprehensive income as of December 31, 2024 and 2023, and their effect on other comprehensive income for the years ended December 31, 2024 and 2023:
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Intangible Assets, Net and Goodwill (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Finite-Lived Intangible Assets | The estimated useful lives of the Company’s intangible assets are as follows:
Intangible assets consisted of the following as of December 31, 2024:
Intangible assets consisted of the following as of December 31, 2023:
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| Schedule of Indefinite-Lived Intangible Assets | Intangible assets consisted of the following as of December 31, 2024:
Intangible assets consisted of the following as of December 31, 2023:
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| Finite-Lived Intangible Assets Amortization Expense | Amortization expenses for intangible assets were as follows:
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| Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The expected future amortization expenses related to the intangible assets as of December 31, 2024 were as follows:
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| Schedule of Goodwill | The following table represents the changes to goodwill:
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Operating Leases (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Lease, Cost | The components of total lease costs for operating leases for the period presented were as follows:
The supplemental cash flow information related to operating leases for the periods presented were as follows:
The weighted-average remaining lease terms and discount rates for operating leases were as follows:
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| Lessee, Operating Lease, Liability, to be Paid, Maturity | Future minimum lease payments under non-cancellable leases as of December 31, 2024, were as follows:
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Debt (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Long-Term Debt Instruments | Debt consisted of the following:
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| Schedule of Maturities of Long-Term Debt | Aggregate maturities on debt (excluding the 2023 Revolving Facility) as of December 31, 2024 were as follows:
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Commitment and Contingencies (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Contractual Obligation, Fiscal Year Maturity | As of December 31, 2024, the Company has remaining obligations associated with marketing and endorsement agreements with original terms greater than 12 months totaling $25.3 million, which are payable in a combination of cash and ordinary shares of SharkNinja, Inc., as follows:
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Shareholders' Equity and Equity Incentive Plan (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Unvested Restricted Stock Units Roll Forward | RSU activities for the year ended December 31, 2024 for RSUs granted under the 2023 Plan to the Company’s employees were as follows:
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| Share-Based Payment Arrangement, Expensed and Capitalized, Amount | The share-based compensation by line item in the accompanying consolidated statements of income is summarized as follows:
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Income Taxes (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Income before Income Tax, Domestic and Foreign | The components of income before income taxes were as follows:
|
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| Schedule of Components of Income Tax Expense (Benefit) | The provision for income taxes was as follows:
|
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| Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the Company’s statutory income tax expense to effective income tax provision is as follows:
|
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| Schedule of Deferred Tax Assets and Liabilities | The following table presents the significant components of the Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023:
|
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| Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending balance of total unrecognized tax position is as follows:
|
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Net Income Per Share (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Earnings Per Share, Basic and Diluted | The following table sets forth the computation of basic and diluted net income per share for the periods presented:
|
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Related Party Transactions (Tables) |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Related Party Transactions [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Schedule of Related Party Transactions | The following is a summary of the related party transactions associated with JS Global:
|
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Organization and Description of Business (Details) |
Jul. 31, 2023
shares
|
|---|---|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
| Common stock, shares distributed (in shares) | 138,982,872 |
Summary of Significant Accounting Policies - Narrative (Details) |
12 Months Ended | ||
|---|---|---|---|
|
Dec. 31, 2024
USD ($)
reportingUnit
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
|
| Schedule of Equity Method Investments [Line Items] | |||
| Foreign currency transaction losses | $ 16,100,000 | $ 5,000,000.0 | $ 13,400,000 |
| Amount of receivables derecognized upon sale | 371,500,000 | ||
| Advanced cash payment | 304,200,000 | ||
| Non-cash addition to DPP receivable | 0 | 64,700,000 | |
| Loss recognized with sale of receivables | (2,600,000) | ||
| Cash advanced payment from sale of receivables | 96,300,000 | 269,700,000 | |
| Deferred Purchase Price Receivable, Cash Collections | 16,777,000 | 42,400,000 | |
| Value of outstanding principle on receivables sold | 101,800,000 | ||
| Deferred purchase price receivable, current | 0 | 22,294,000 | |
| Inventory adjustments | 1,000,000.0 | 2,800,000 | 2,700,000 |
| Inventory reserves | $ 43,800,000 | 25,000,000.0 | 25,900,000 |
| Number of reporting units | reportingUnit | 1 | ||
| Impairment of goodwill or indefinite-lived intangible assets | $ 0 | 0 | 0 |
| Impairment loss | 6,800,000 | ||
| Advertising expenses and consumer insight initiatives | $ 585,300,000 | 409,200,000 | 270,800,000 |
| Refunds related to prior year purchases | 25,900,000 | ||
| Refunds related to current year purchases | 43,700,000 | ||
| Refunds related to purchases, not received | 0 | ||
| Number of operating segments | reportingUnit | 1 | ||
| Number of reportable segments | reportingUnit | 1 | ||
| Restricted Stock Units (RSUs) | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Requisite service period | 3 years | ||
| Software and Software Development Costs | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Capitalized internal-use software | $ 18,400,000 | 14,900,000 | |
| Capitalized internal-use software, assets not placed in service | 4,000,000.0 | 500,000 | |
| Amortization expense | 3,400,000 | 3,000,000.0 | |
| Cloud Computing Arrangements | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Capitalized internal-use software | 52,600,000 | 40,200,000 | |
| Capitalized internal-use software, assets not placed in service | 7,700,000 | 3,500,000 | |
| Amortization expense | $ 11,100,000 | $ 7,800,000 | |
| Minimum | Real Estate Spaces | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Operating lease term | 2 years | ||
| Minimum | Motor Vehicles | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Operating lease term | 1 year | ||
| Maximum | Real Estate Spaces | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Operating lease term | 12 years | ||
| Maximum | Motor Vehicles | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Operating lease term | 2 years | ||
| SharkNinja (China) Technology | |||
| Schedule of Equity Method Investments [Line Items] | |||
| Joint venture operating losses | $ (400,000) | ||
Summary of Significant Accounting Policies - Customer Concentration Risk (Details) - Customer Concentration Risk |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable | Customer A | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 29.10% | 22.40% | |
| Accounts Receivable | Customer B | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 16.70% | ||
| Revenue Benchmark | Customer A | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 23.10% | 19.90% | 17.00% |
| Revenue Benchmark | Customer B | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 10.00% | 10.00% | |
| Revenue Benchmark | Customer C | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 12.80% | 14.80% | 15.70% |
| Revenue Benchmark | Customer D | |||
| Concentration Risk [Line Items] | |||
| Concentration risk, percentage | 10.20% | ||
Summary of Significant Accounting Policies - Allowance for Credit Loss (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
| Beginning balance | $ 8,225 | $ 6,998 | $ 1,783 |
| Provision for credit losses | 4,724 | 4,474 | 8,965 |
| Write-offs and other adjustments | (5,093) | (3,247) | (3,750) |
| Ending balance | $ 7,856 | $ 8,225 | $ 6,998 |
Summary of Significant Accounting Policies - Deferred Purchase Price Receivable (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Deferred Purchase Price Receivable [Roll Forward] | ||
| Beginning balance | $ 22,294 | |
| Non-cash addition to DPP receivable | 0 | $ 64,700 |
| Cash collected on DPP receivable | (16,777) | (42,400) |
| Non-cash adjustments | (5,517) | |
| Ending balance | $ 0 | $ 22,294 |
Summary of Significant Accounting Policies - Useful Life (Details) |
Dec. 31, 2024 |
|---|---|
| Developed technology | |
| Property, Plant and Equipment [Line Items] | |
| Finite-lived intangible asset, useful life | 12 years |
| Patents | |
| Property, Plant and Equipment [Line Items] | |
| Finite-lived intangible asset, useful life | 10 years |
| Customer relationships | |
| Property, Plant and Equipment [Line Items] | |
| Finite-lived intangible asset, useful life | 9 years |
| Molds and tooling | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 3 years |
| Computer and software | Minimum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 3 years |
| Computer and software | Maximum | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 7 years |
| Displays | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 2 years |
| Equipment | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 5 years |
| Furniture and fixtures | |
| Property, Plant and Equipment [Line Items] | |
| Property, plant and equipment, useful | 7 years |
Summary of Significant Accounting Policies - Disaggregation of Revenue (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||
|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | [1] | $ 5,528,639 | $ 4,253,710 | $ 3,717,366 | |
| Cleaning Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | 2,063,514 | 1,819,465 | 1,931,732 | ||
| Cooking and Beverage Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | 1,717,654 | 1,441,634 | 1,078,610 | ||
| Food Preparation Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | 1,178,735 | 653,615 | 590,438 | ||
| Beauty and Home Environment Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | 568,736 | 338,996 | 116,586 | ||
| Shark | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | 2,632,250 | 2,158,460 | 2,047,972 | ||
| Ninja | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | $ 2,896,389 | $ 2,095,250 | $ 1,669,394 | ||
| Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | ||
| Revenue from Contract with Customer Benchmark | Brand Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | ||
| Revenue from Contract with Customer Benchmark | Brand Concentration Risk | Shark | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 47.60% | 50.70% | 55.10% | ||
| Revenue from Contract with Customer Benchmark | Brand Concentration Risk | Ninja | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 52.40% | 49.30% | 44.90% | ||
| Revenue from Contract with Customer Benchmark | Product Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 100.00% | 100.00% | 100.00% | ||
| Revenue from Contract with Customer Benchmark | Product Concentration Risk | Cleaning Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 37.30% | 42.80% | 52.00% | ||
| Revenue from Contract with Customer Benchmark | Product Concentration Risk | Cooking and Beverage Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 31.10% | 33.90% | 29.00% | ||
| Revenue from Contract with Customer Benchmark | Product Concentration Risk | Food Preparation Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 21.30% | 15.30% | 15.90% | ||
| Revenue from Contract with Customer Benchmark | Product Concentration Risk | Beauty and Home Environment Appliances | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 10.30% | 8.00% | 3.10% | ||
| North America | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | $ 3,795,707 | $ 3,018,038 | $ 2,922,680 | ||
| North America | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 68.70% | 71.00% | 78.60% | ||
| United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 63.10% | 65.40% | 72.80% | ||
| Europe | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Related party revenue | $ 1,732,932 | $ 1,235,672 | $ 794,686 | ||
| Europe | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 31.30% | 29.00% | 21.40% | ||
| United Kingdom | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk | |||||
| Disaggregation of Revenue [Line Items] | |||||
| Concentration Risk, Percentage | 16.20% | 19.70% | 14.30% | ||
| |||||
Summary of Significant Accounting Policies - Product Warranty Liability (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Movement in Standard Product Warranty Accrual [Roll Forward] | |||
| Beginning balance | $ 28,090 | $ 20,958 | $ 17,828 |
| Accruals for warranties issued | 42,173 | 36,894 | 21,210 |
| Changes in liability for pre-existing warranties | 0 | 928 | 5,964 |
| Settlements made | (43,308) | (30,690) | (24,044) |
| Ending balance | $ 26,955 | $ 28,090 | $ 20,958 |
Summary of Significant Accounting Policies - Property, Plant and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, net | $ 211,464 | $ 166,252 |
| United States | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, net | 66,858 | 60,644 |
| China | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, net | 112,988 | 92,931 |
| Rest of World | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment, net | $ 31,618 | $ 12,677 |
Summary of Significant Accounting Policies - Operating Segment (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||
| Segment Reporting Information [Line Items] | |||||||
| Net sales | [1] | $ 5,528,639 | $ 4,253,710 | $ 3,717,366 | |||
| Cost of sales | [2] | 2,866,648 | 2,345,858 | 2,307,172 | |||
| Advertising expenses and consumer insight initiatives | 585,300 | 409,200 | 270,800 | ||||
| Depreciation and amortization expenses | 123,109 | 103,821 | 86,708 | ||||
| Interest expense, net | 63,715 | 44,909 | 27,021 | ||||
| Other (expense) income, net | 7,980 | 35,427 | (7,631) | ||||
| Provision for income taxes | 133,762 | 126,150 | 69,630 | ||||
| Net income | 438,705 | 167,078 | 232,354 | ||||
| Operating Segments | Reportable Segment | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Net sales | 5,528,639 | 4,253,710 | 3,717,366 | ||||
| Cost of sales | 2,866,648 | 2,345,858 | 2,307,172 | ||||
| Advertising expenses and consumer insight initiatives | 597,398 | 415,454 | 268,085 | ||||
| Personnel expenses | 461,038 | 348,479 | 298,404 | ||||
| Delivery and distribution expenses | 367,749 | 254,057 | 200,603 | ||||
| Professional service expenses | 151,494 | 98,543 | 63,416 | ||||
| Merchant and processing fees | 70,509 | 53,965 | 46,629 | ||||
| Facilities and technology support costs | 63,049 | 44,658 | 31,826 | ||||
| Depreciation and amortization expenses | 62,561 | 60,199 | 57,034 | ||||
| Prototypes and testing expenses | 50,364 | 28,868 | 27,290 | ||||
| Transaction-related costs | 1,342 | 82,277 | 2,896 | ||||
| Other segment items | 192,325 | 147,788 | 92,637 | ||||
| Interest expense, net | 63,715 | 44,909 | 27,021 | ||||
| Other (expense) income, net | 7,980 | 35,427 | (7,631) | ||||
| Provision for income taxes | 133,762 | 126,150 | 69,630 | ||||
| Net income | 438,705 | 167,078 | 232,354 | ||||
| Segment Reporting, Reconciling Item, Excluding Corporate Nonsegment | |||||||
| Segment Reporting Information [Line Items] | |||||||
| Net income | $ 0 | $ 0 | $ 0 | ||||
| |||||||
Consolidated Balance Sheet Components - Property and Equipment (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Property, Plant and Equipment [Line Items] | ||
| Less: accumulated depreciation and amortization | $ (266,800) | $ (389,689) |
| Property and equipment, net | 211,464 | 166,252 |
| Depreciable property, plant and equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 466,512 | 543,670 |
| Molds and tooling | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 267,756 | 286,305 |
| Displays | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 64,960 | 91,074 |
| Computer and software | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 53,565 | 100,225 |
| Leasehold improvements | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 42,711 | 36,061 |
| Equipment | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 19,826 | 19,391 |
| Furniture and fixtures | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | 17,694 | 10,614 |
| Construction in progress | ||
| Property, Plant and Equipment [Line Items] | ||
| Total property and equipment | $ 11,752 | $ 12,271 |
Consolidated Balance Sheet Components - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||
| Depreciation | $ 98.4 | $ 81.0 | $ 64.2 |
Consolidated Balance Sheet Components - Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Related Party Transaction [Line Items] | ||
| Accrued customer incentives | $ 291,384 | $ 207,593 |
| Accrued expenses | 177,573 | 106,198 |
| Accrued compensation and benefits | 109,156 | 89,658 |
| Accrued returns | 86,557 | 58,828 |
| Accrued delivery and distributions | 52,711 | 29,850 |
| Accrued warranty | 26,955 | 28,090 |
| Accrued advertising | 20,779 | 35,968 |
| Sales and other tax payable | 20,318 | 19,904 |
| Accrued professional fees | 18,451 | 8,071 |
| Operating lease liabilities, current | $ 18,133 | $ 8,390 |
| Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Accrued expenses and other current liabilities | Accrued expenses and other current liabilities |
| Derivative liabilities | $ 66 | $ 3,370 |
| Other | 19,446 | 24,413 |
| Accrued expenses and other current liabilities | 841,529 | 620,333 |
| Nonrelated Party | ||
| Related Party Transaction [Line Items] | ||
| Accrued expenses and other current liabilities | $ 841,529 | $ 620,333 |
Sale of SharkNinja Co., Ltd (Details) - SharkNinja (Japanese) Co. Ltd - Disposal Group, Disposed of by Sale, Not Discontinued Operations - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Jul. 27, 2023 |
Dec. 31, 2023 |
|
| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
| Noncash or part noncash divestiture, amount of consideration received | $ 8.0 | $ 8.0 |
| Noncontrolling interest, decrease from deconsolidation | 3.3 | |
| Net carrying value of assets | $ 11.3 |
Fair Value Measurements (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Financial Assets: | ||
| Money market funds included in cash and cash equivalents | $ 581 | $ 1,806 |
| Total financial assets | 581 | 1,806 |
| Financial Liabilities: | ||
| Forward contracts included in accrued expenses and other current liabilities (Note 6) | 66 | 3,370 |
| Total financial liabilities | 66 | 3,370 |
| Level 1 | ||
| Financial Assets: | ||
| Money market funds included in cash and cash equivalents | 581 | 1,806 |
| Total financial assets | 581 | 1,806 |
| Financial Liabilities: | ||
| Forward contracts included in accrued expenses and other current liabilities (Note 6) | 0 | 0 |
| Total financial liabilities | 0 | 0 |
| Level 2 | ||
| Financial Assets: | ||
| Money market funds included in cash and cash equivalents | 0 | 0 |
| Total financial assets | 0 | 0 |
| Financial Liabilities: | ||
| Forward contracts included in accrued expenses and other current liabilities (Note 6) | 66 | 3,370 |
| Total financial liabilities | 66 | 3,370 |
| Level 3 | ||
| Financial Assets: | ||
| Money market funds included in cash and cash equivalents | 0 | 0 |
| Total financial assets | 0 | 0 |
| Financial Liabilities: | ||
| Forward contracts included in accrued expenses and other current liabilities (Note 6) | 0 | 0 |
| Total financial liabilities | $ 0 | $ 0 |
Derivative Financial Instruments and Hedging - Notional Amount (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total derivative instruments | $ 48,472 | $ 350,000 |
| Forward contracts | Designated as Hedging Instrument | ||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
| Total derivative instruments | $ 48,472 | $ 350,000 |
Derivative Financial Instruments and Hedging - Narrative (Details) - USD ($) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Not Designated as Hedging Instrument | |||
| Derivative Instruments and Hedging Activities Disclosures [Line Items] | |||
| Gain (loss) recognized from derivatives | $ 0 | $ (30,200,000) | $ 28,600,000 |
Derivative Financial Instruments and Hedging - Unrealized Gain (Loss) on Derivatives (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | $ 1,478,893 | $ 1,828,289 |
| Ending balance | 1,935,972 | 1,478,893 |
| Accumulated Gain (Loss), Net, Cash Flow Hedge, Parent | ||
| AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
| Beginning balance | (2,173) | 0 |
| Amount of net losses recorded in other comprehensive income | (6,440) | (7,205) |
| Amount of net gains reclassified from other comprehensive income to earnings | 350 | 5,032 |
| Ending balance | $ (8,263) | $ (2,173) |
Intangible Assets, Net and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | $ 231,537 | $ 223,196 |
| Accumulated Amortization | (154,541) | (130,079) |
| Net Carrying Value | 76,996 | 93,117 |
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | 617,219 | 607,895 |
| Accumulated Amortization | 154,541 | 130,079 |
| Net Carrying Value | 462,678 | 477,816 |
| Trade name and trademarks | ||
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Trade name and trademarks | 385,682 | 384,699 |
| Customer relationships | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | 143,083 | 143,083 |
| Accumulated Amortization | (115,261) | (99,363) |
| Net Carrying Value | $ 27,822 | $ 43,720 |
| Useful life | 1 year 9 months 18 days | 2 years 9 months 18 days |
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ 115,261 | $ 99,363 |
| Patents | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | 66,209 | 57,436 |
| Accumulated Amortization | (30,448) | (24,763) |
| Net Carrying Value | $ 35,761 | $ 32,673 |
| Useful life | 7 years 1 month 6 days | 5 years 4 months 24 days |
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ 30,448 | $ 24,763 |
| Developed technology | ||
| Finite-Lived Intangible Assets [Line Items] | ||
| Gross Carrying Value | 22,245 | 22,677 |
| Accumulated Amortization | (8,832) | (5,953) |
| Net Carrying Value | $ 13,413 | $ 16,724 |
| Useful life | 7 years | 8 years 3 months 18 days |
| Indefinite-Lived Intangible Assets [Line Items] | ||
| Accumulated Amortization | $ 8,832 | $ 5,953 |
Intangible Assets, Net and Goodwill - Amortization Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Finite-Lived Intangible Assets [Line Items] | |||
| Total amortization expenses | $ 24,665 | $ 22,782 | $ 22,535 |
| Research and development | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Total amortization expenses | 8,767 | 6,884 | 6,637 |
| Sales and marketing | |||
| Finite-Lived Intangible Assets [Line Items] | |||
| Total amortization expenses | $ 15,898 | $ 15,898 | $ 15,898 |
Intangible Assets, Net and Goodwill - Future Amortization Expenses (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ||
| 2025 | $ 24,381 | |
| 2026 | 20,490 | |
| 2027 | 7,645 | |
| 2028 | 4,875 | |
| 2029 | 4,854 | |
| Thereafter | 14,751 | |
| Net Carrying Value | $ 76,996 | $ 93,117 |
Intangible Assets, Net and Goodwill - Changes to Goodwill (Details) - USD ($) $ in Thousands |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Goodwill [Roll Forward] | ||
| Beginning balance | $ 834,203 | $ 840,148 |
| Goodwill related to sale of SharkNinja Co, Ltd. (See Note 4) | (5,739) | |
| Effect of foreign currency translation | 578 | (206) |
| Ending balance | $ 834,781 | $ 834,203 |
Operating Leases - Lease Costs (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Lease, Cost [Abstract] | |||
| Operating lease cost | $ 28,959 | $ 18,831 | $ 18,886 |
| Variable lease cost | 16,203 | 13,335 | 7,024 |
| Short-term lease cost | 938 | 483 | 603 |
| Total lease cost | $ 46,100 | $ 32,649 | $ 26,513 |
Operating Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Leases [Abstract] | |||
| Cash payments for operating lease liabilities | $ 19,047 | $ 18,419 | $ 16,834 |
| Operating lease liabilities arising from obtaining new operating lease ROU assets during the period | $ 101,951 | $ 11,495 | $ 11,089 |
Operating Leases - Weighted-Average Remaining Lease Terms And Discount Rates (Details) |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|---|---|---|---|
| Leases [Abstract] | |||
| Weighted-average remaining lease term (years) | 6 years 9 months 18 days | 5 years 8 months 12 days | 6 years 4 months 24 days |
| Weighted-average discount rate | 6.30% | 4.60% | 4.40% |
Operating Leases - Future Minimum Lease Payments (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Lessee, Operating Lease, Liability, to be Paid, Fiscal Year Maturity [Abstract] | |
| 2025 | $ 24,731 |
| 2026 | 30,155 |
| 2027 | 30,540 |
| 2028 | 30,546 |
| 2029 | 30,300 |
| Thereafter | 58,402 |
| Total undiscounted lease payments | 204,674 |
| Less: imputed interest | (41,164) |
| Total operating lease liabilities | $ 163,510 |
Debt - Narrative (Details) - USD ($) |
1 Months Ended | 12 Months Ended | ||||
|---|---|---|---|---|---|---|
Jul. 20, 2023 |
Mar. 17, 2020 |
Feb. 28, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Debt Instrument [Line Items] | ||||||
| Dividend payments | $ 0 | $ 150,179,000 | $ 0 | |||
| JS Global | ||||||
| Debt Instrument [Line Items] | ||||||
| Dividend payments | $ 375,000,000.0 | $ 60,300,000 | ||||
| 2020 Facilities Agreement | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Debt term (in years) | 5 years | |||||
| Gain (loss) on extinguishment of debt | $ (1,000,000.0) | |||||
| 2020 Facilities Agreement | Line of Credit | London Interbank Offered Rate | ||||||
| Debt Instrument [Line Items] | ||||||
| Basis spread on variable rate (in percent) | 1.80% | |||||
| 2023 Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||||||
| Debt Instrument [Line Items] | ||||||
| Basis spread on variable rate (in percent) | 1.75% | |||||
| Credit adjustment | 0.10% | |||||
| Secured Debt | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Interest expense, net | 66,200,000 | 45,400,000 | 21,800,000 | |||
| Secured Debt | 2020 Facilities Agreement | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Face amount | $ 500,000,000.0 | |||||
| Repayments of principal balance | $ 400,000,000.0 | |||||
| Repayments of accrued interest | 9,200,000 | |||||
| Secured Debt | 2023 Credit Agreement | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Face amount | 810,000,000.0 | |||||
| Line of credit facility, higher borrowing capacity option | $ 520,000,000.0 | |||||
| Line of credit facility, higher borrowing capacity option, percentage of EBITDA | 100.00% | |||||
| Proceeds from term loans | $ 800,900,000 | |||||
| Revolving Credit Facility | 2020 Facilities Agreement | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Maximum borrowing capacity | $ 200,000,000.0 | |||||
| Draw downs on debt | 0 | 260,000,000.0 | ||||
| Long-term line of credit, outstanding | $ 0 | |||||
| Revolving Credit Facility | 2023 Credit Agreement | Line of Credit | ||||||
| Debt Instrument [Line Items] | ||||||
| Maximum borrowing capacity | 500,000,000.0 | |||||
| Long-term line of credit, outstanding | 0 | 0 | ||||
| Line of credit facility, higher borrowing capacity option | $ 520,000,000.0 | |||||
| Line of credit facility, higher borrowing capacity option, percentage of EBITDA | 100.00% | |||||
| Proceeds from term loans | 285,000,000 | $ 125,500,000 | ||||
| Letters of credit, outstanding | 11,100,000 | |||||
| Remaining borrowing capacity | $ 488,900,000 | |||||
Debt - Long-Term Debt Related To Term Loans (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Debt Instrument [Line Items] | ||
| 2023 Term Loans with principal payments due quarterly; final balance due on maturity date of July 20, 2028 | $ 779,625 | |
| Less: debt, current | (39,344) | $ (24,157) |
| Debt, noncurrent | 736,139 | 775,483 |
| Secured Debt | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| Less: deferred financing costs | (4,142) | (5,298) |
| Total debt | 775,483 | 799,640 |
| Less: debt, current | (39,344) | (24,157) |
| Debt, noncurrent | 736,139 | 775,483 |
| Secured Debt | 2023 Credit Agreement | Line of Credit | ||
| Debt Instrument [Line Items] | ||
| 2023 Term Loans with principal payments due quarterly; final balance due on maturity date of July 20, 2028 | $ 779,625 | $ 804,938 |
Debt - Aggregate Maturities Of Long-Term Debt (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Maturities of Long-Term Debt [Abstract] | |
| 2025 | $ 40,500 |
| 2026 | 40,500 |
| 2027 | 40,500 |
| 2028 | 658,125 |
| Total debt | $ 779,625 |
Commitment and Contingencies - Narrative (Details) $ in Thousands |
1 Months Ended | 12 Months Ended |
|---|---|---|
|
Oct. 30, 2024
USD ($)
|
Dec. 31, 2024
USD ($)
Agreement
|
|
| Commitments and Contingencies Disclosure [Abstract] | ||
| Obligation, term | 5 years | |
| Obligations | $ 25,250 | |
| Number of settlement agreements | Agreement | 2 | |
| Settlement payment | $ 13,500 | |
| Settlements receivable | $ 20,000 |
Commitments and Contingencies - Contractual Obligation (Details) $ in Thousands |
Dec. 31, 2024
USD ($)
|
|---|---|
| Commitments and Contingencies Disclosure [Abstract] | |
| 2025 | $ 5,750 |
| 2026 | 6,500 |
| 2027 | 6,000 |
| 2028 | 6,000 |
| 2029 | 1,000 |
| Total | $ 25,250 |
Shareholders' Equity and Equity Incentive Plan - Narrative (Details) $ / shares in Units, $ in Thousands |
1 Months Ended | 12 Months Ended | ||||||
|---|---|---|---|---|---|---|---|---|
|
Dec. 11, 2023
USD ($)
$ / shares
|
Jul. 28, 2023
shares
|
Jul. 27, 2023
USD ($)
|
Jul. 20, 2023
USD ($)
|
Feb. 28, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
vote
$ / shares
shares
|
Dec. 31, 2023
USD ($)
$ / shares
shares
|
Dec. 31, 2022
USD ($)
|
|
| Class of Stock [Line Items] | ||||||||
| Ordinary shares, authorized (in shares) | shares | 1,000,000,000 | 1,000,000,000 | ||||||
| Ordinary shares, par value (in dollars per share) | $ / shares | $ 0.0001 | $ 0.0001 | ||||||
| Ordinary shares, issued (in shares) | shares | 140,347,436 | 139,083,369 | ||||||
| Ordinary shares, outstanding (in shares) | shares | 140,347,436 | 139,083,369 | ||||||
| Common Stock, Number of Votes per Share | vote | 1 | |||||||
| Cash dividends (in dollars per share) | $ / shares | $ 1.08 | $ 1.08 | ||||||
| Payment of dividends | $ 150,200 | |||||||
| Intercompany loan, amount allowed to be transferred by company | $ 0 | $ 0 | $ 49,286 | |||||
| Distributions paid to former parent | 485,400 | |||||||
| Payments for issuance of intercompany note, including accrued interest | 50,400 | |||||||
| Dividend payments | 0 | 150,179 | 0 | |||||
| Share-based compensation costs | 84,531 | 46,966 | $ 5,509 | |||||
| Restricted Stock Units (RSUs) | ||||||||
| Class of Stock [Line Items] | ||||||||
| Unrecognized share-based compensation cost | $ 34,000 | |||||||
| Weighted average period | 1 year 1 month 6 days | |||||||
| Weighted average grant date fair value (in dollars per share) | $ / shares | $ 74.50 | |||||||
| Vested grant date fair value | $ 74,300 | |||||||
| Performance-Based Restricted Stock Units (PRSUs) | ||||||||
| Class of Stock [Line Items] | ||||||||
| Unrecognized share-based compensation cost | $ 18,200 | |||||||
| Market-Based Restricted Stock Units (MRSUs) | ||||||||
| Class of Stock [Line Items] | ||||||||
| Weighted average grant date fair value (in dollars per share) | $ / shares | $ 105.62 | |||||||
| Market-Based Restricted Stock Units (MRSUs) | Maximum | ||||||||
| Class of Stock [Line Items] | ||||||||
| Expected term | 3 months 29 days | |||||||
| JS Global RSU Plan | ||||||||
| Class of Stock [Line Items] | ||||||||
| Share-based compensation costs | $ 3,200 | $ 18,700 | ||||||
| 2023 Plan | ||||||||
| Class of Stock [Line Items] | ||||||||
| Ordinary shares available for future award grants | shares | 13,898,287 | 9,445,050 | ||||||
| 2023 Plan | Restricted Stock Units (RSUs) | ||||||||
| Class of Stock [Line Items] | ||||||||
| Granted (in shares) | shares | 521,714 | |||||||
| Weighted average grant date fair value (in dollars per share) | $ / shares | $ 88.78 | |||||||
| Weighted average grant date fair value (in dollars per share) | $ / shares | $ 35.71 | $ 28.32 | ||||||
| 2023 Plan | Time-Based Restricted Stock Units (TRSUs) | Employees and Directors | ||||||||
| Class of Stock [Line Items] | ||||||||
| Granted (in shares) | shares | 119,747 | |||||||
| 2023 Plan | Performance-Based Restricted Stock Units (PRSUs) | Employees | ||||||||
| Class of Stock [Line Items] | ||||||||
| Granted (in shares) | shares | 162,472 | |||||||
| 2023 Plan | Market-Based Restricted Stock Units (MRSUs) | Senior Executives | ||||||||
| Class of Stock [Line Items] | ||||||||
| Granted (in shares) | shares | 239,495 | |||||||
| Employee Share Purchase Plan | Employee Stock | ||||||||
| Class of Stock [Line Items] | ||||||||
| Maximum shares approved, percentage | 1.00% | |||||||
| Number of shares approved (in shares) | shares | 1,389,828 | |||||||
| Maximum additional shares approved, percentage | 0.15% | |||||||
| Number of additional shares authorized (in shares) | shares | 300,000 | |||||||
| Employee stock purchase plan offering period | 6 months | |||||||
| Shares issued under employee stock purchase plan (in shares) | shares | 134,864 | |||||||
| Unrecognized share-based compensation cost | $ 400 | |||||||
| Weighted average period | 1 month 6 days | |||||||
| Disposal Group, Disposed of by Sale, Not Discontinued Operations | SharkNinja (Japanese) Co. Ltd | ||||||||
| Class of Stock [Line Items] | ||||||||
| Noncash or part noncash divestiture, amount of consideration received | $ 8,000 | $ 8,000 | ||||||
| JS Global | ||||||||
| Class of Stock [Line Items] | ||||||||
| Dividend payments | $ 375,000 | $ 60,300 | ||||||
Shareholders' Equity and Equity Incentive Plan - RSU Activity (Details) - Restricted Stock Units (RSUs) |
12 Months Ended |
|---|---|
|
Dec. 31, 2024
$ / shares
shares
| |
| Weighted Average Grant Date Fair Value per share | |
| Granted (in dollars per share) | $ 74.50 |
| 2023 Plan | |
| Number of Shares | |
| Beginning balance (in shares) | shares | 3,857,986 |
| Granted (in shares) | shares | 521,714 |
| Vested (in shares) | shares | (2,100,418) |
| Canceled/Forfeited (in shares) | shares | (109,881) |
| Ending balance (in shares) | shares | 2,169,401 |
| Weighted Average Grant Date Fair Value per share | |
| Beginning balance (in dollars per share) | $ 28.32 |
| Granted (in dollars per share) | 88.78 |
| Vested (in dollars per share) | 35.39 |
| Cancelled/Forfeited (in dollars per share) | 34.26 |
| Ending balance (in dollars per share) | $ 35.71 |
Shareholders' Equity and Equity Incentive Plan - Share-based Compensation Expense (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Total share-based compensation | $ 84,531 | $ 46,966 | $ 5,509 |
| Research and development | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Total share-based compensation | 10,411 | 7,696 | 1,741 |
| Sales and marketing | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Total share-based compensation | 13,576 | 4,934 | 459 |
| General and administrative | |||
| Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items] | |||
| Total share-based compensation | $ 60,544 | $ 34,336 | $ 3,309 |
Income Taxes - Income Before Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Income Tax Disclosure [Abstract] | |||
| United States | $ 418,744 | $ 162,023 | $ 250,421 |
| Foreign | 153,723 | 131,205 | 51,563 |
| Income before income taxes | $ 572,467 | $ 293,228 | $ 301,984 |
Income Taxes - Provision For Income Taxes (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Current: | |||
| Federal | $ 128,276 | $ 130,665 | $ 62,838 |
| State | 27,270 | 19,831 | 13,362 |
| Foreign | 25,590 | 17,389 | 10,076 |
| Total current income tax expense | 181,136 | 167,885 | 86,276 |
| Deferred: | |||
| Federal | (43,875) | (45,596) | (24,970) |
| State | (7,508) | (6,286) | 3,020 |
| Foreign | 4,009 | 10,147 | 5,304 |
| Total deferred income tax benefit | (47,374) | (41,735) | (16,646) |
| Provision for income taxes | $ 133,762 | $ 126,150 | $ 69,630 |
Income Taxes - Statutory Income Tax Expense To Effective Income Tax Provision (Details) |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Effective Income Tax Rate Reconciliation, Percent [Abstract] | |||
| Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
| State tax, net of federal benefit | 2.20% | 3.30% | 2.00% |
| Permanent differences | (0.20%) | 0.60% | (0.40%) |
| Foreign-derived intangible income | (0.30%) | (0.50%) | 0.00% |
| Research and development credits, net | (1.70%) | (2.00%) | (3.00%) |
| Tax uncertainties | 0.00% | 0.00% | 0.40% |
| Deferred tax adjustments | 0.10% | 0.00% | (0.20%) |
| Excess tax benefits from share-based compensation | (0.20%) | (0.10%) | (0.20%) |
| Change in valuation allowance | 0.50% | (0.20%) | 2.60% |
| Foreign rate differential | (0.90%) | 1.00% | (0.30%) |
| Withholding taxes | 0.00% | 9.90% | 1.00% |
| Limitation on executive compensation | 2.70% | 7.00% | 0.00% |
| Non-deductible transaction costs | 0.00% | 2.90% | 0.00% |
| Other tax rate items | 0.20% | 0.10% | 0.20% |
| Total | 23.40% | 43.00% | 23.10% |
Income Taxes - Deferred Tax Assets and Liabilities (Details) - USD ($) $ in Thousands |
Dec. 31, 2024 |
Dec. 31, 2023 |
|---|---|---|
| Deferred tax assets: | ||
| Accrued expenses and reserves | $ 49,263 | $ 40,105 |
| Operating lease liabilities | 31,349 | 13,973 |
| Share-based compensation | 4,030 | 2,000 |
| Net operating loss carryforwards | 0 | 465 |
| Capitalized research and development expenditures | 96,814 | 65,528 |
| Other | 12,479 | 8,442 |
| Gross deferred tax assets | 193,935 | 130,513 |
| Valuation allowance | (10,014) | (7,358) |
| Total deferred tax assets, net of valuation allowance | 183,921 | 123,155 |
| Deferred tax liabilities: | ||
| Goodwill and intangible assets | (118,195) | (126,063) |
| Property and equipment, net | (3,327) | (1,848) |
| Right-of-use assets | (29,237) | (11,732) |
| Total deferred tax liabilities | (150,759) | (139,643) |
| Net deferred tax assets (liabilities) | $ 33,162 | |
| Net deferred tax assets (liabilities) | $ (16,488) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
12 Months Ended | |
|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
|
| Operating Loss Carryforwards [Line Items] | ||
| Income tax penalties and interest expense | $ 0.8 | $ 1.1 |
| State and Local Jurisdiction | Research Tax Credit Carryforward | ||
| Operating Loss Carryforwards [Line Items] | ||
| Credit carryforwards | $ 12.7 | |
Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Unrecognized Tax Benefits [Roll Forward] | |||
| Beginning balance | $ 805 | $ 2,417 | $ 2,108 |
| Additions related to current year tax positions | 277 | 982 | |
| Statue of limitations release | (405) | (570) | (673) |
| Settlements | (1,319) | ||
| Ending balance | $ 400 | $ 805 | $ 2,417 |
Employee Benefits (Details) - USD ($) $ in Millions |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| 401k Plan | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Employer matching contribution, percentage of employee's eligible compensation | 4.00% | ||
| Contribution plan expenses | $ 6.8 | $ 5.9 | $ 4.7 |
| People’s Republic of China (“PRC”) Contribution Plan | |||
| Defined Contribution Plan Disclosure [Line Items] | |||
| Contribution plan expenses | $ 13.0 | $ 11.3 | $ 10.6 |
Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
12 Months Ended | |||
|---|---|---|---|---|
Jul. 31, 2023 |
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| Earnings Per Share [Abstract] | ||||
| Common stock, shares distributed (in shares) | 138,982,872 | |||
| Numerator: | ||||
| Net income | $ 438,705 | $ 167,078 | $ 232,354 | |
| Denominator: | ||||
| Weighted-average number of shares used in computing net income per share, basic (in shares) | 139,935,525 | 139,025,657 | 138,982,872 | |
| Dilutive effect of RSUs (in shares) | 1,148,328 | 394,597 | 0 | |
| Weighted-average number of shares used in computing net income per share, diluted (in shares) | 141,083,853 | 139,420,254 | 138,982,872 | |
| Net income per share, basic (in dollars per share) | $ 3.14 | $ 1.20 | $ 1.67 | |
| Net income per share, diluted (in dollars per share) | $ 3.11 | $ 1.20 | $ 1.67 | |
| Potential ordinary shares excluded | 914,210 | |||
Related Party Transactions - Narrative (Details) |
1 Months Ended | 12 Months Ended | |||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Apr. 29, 2024 |
Apr. 30, 2022
USD ($)
|
Apr. 29, 2022
USD ($)
|
Apr. 12, 2022
executive
|
Mar. 27, 2022
executive
|
Apr. 29, 2021
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2024
USD ($)
|
Dec. 31, 2023
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2018 |
|||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Cost of sales | [1] | $ 2,866,648,000 | $ 2,345,858,000 | $ 2,307,172,000 | |||||||||||||
| Research and development expense | [2] | 341,289,000 | 249,387,000 | 215,660,000 | |||||||||||||
| Related party revenue | [3] | 5,528,639,000 | 4,253,710,000 | 3,717,366,000 | |||||||||||||
| Proceeds from transfer of interest in joint venture | 0 | ||||||||||||||||
| Number of executives | executive | 3 | 1 | |||||||||||||||
| JS Global Subsidiary | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Joint venture interest | 49.00% | ||||||||||||||||
| JS Global Subsidiary | JS Global | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Joint venture interest | 51.00% | ||||||||||||||||
| Related Party | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Cost of sales | 231,491,000 | 1,037,844,000 | 1,413,098,000 | ||||||||||||||
| Research and development expense | 875,000 | 3,004,000 | 3,561,000 | ||||||||||||||
| Related party revenue | 9,460,000 | 3,133,000 | 1,451,000 | ||||||||||||||
| Related Party | JS Global | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Research and development expense | 2,900,000 | 3,400,000 | 3,600,000 | ||||||||||||||
| Related Party | Transactions with JS Global | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party payments | 0 | 18,000,000.0 | 31,700,000 | ||||||||||||||
| Related Party | Sourcing Services Agreement | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Cost of sales | $ 38,800,000 | 40,300,000 | |||||||||||||||
| Related Party | Sourcing Services Agreement | July 28, 2023 To June 30, 2024 | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Fee percentage | 4.00% | ||||||||||||||||
| Related Party | Sourcing Services Agreement | July 1, 2024 Until December 21, 2024 | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Fee percentage | 2.00% | ||||||||||||||||
| Related Party | Sourcing Services Agreement | January 1, 2025 Until End Of Term | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Fee percentage | 1.00% | ||||||||||||||||
| Related Party | Brand License Agreement | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party payments | $ 9,500,000 | 1,900,000 | |||||||||||||||
| Related party term | 20 years | ||||||||||||||||
| Royalty percentage | 3.00% | ||||||||||||||||
| Related Party | Transition Services Agreement | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party payments | $ 3,000,000.0 | $ 1,300,000 | |||||||||||||||
| Related party term | 24 months | ||||||||||||||||
| Related party extension term | 3 months | ||||||||||||||||
| Related Party | Cash Bonus to CEO | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party payments | $ 24,000,000.0 | ||||||||||||||||
| Related party term | 18 months | ||||||||||||||||
| Related Party | Cash Bonus to CCO | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party payments | $ 8,200,000 | ||||||||||||||||
| Related party term | 12 months | ||||||||||||||||
| Related Party | Promissory Notes, 2021 Employee Notes | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party term | 3 years | 3 years | |||||||||||||||
| Promissory note | $ 17,600,000 | 0 | $ 0 | $ 0 | |||||||||||||
| Related party transaction, interest rate | 0.10% | 1.30% | 0.10% | ||||||||||||||
| Forgiveness of notes receivable | $ 4,400,000 | $ 800,000 | |||||||||||||||
| Related Party | Promissory Notes, 2022 Employee Notes | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Promissory note | $ 0 | 0 | 0 | $ 6,000,000.0 | |||||||||||||
| Related party transaction, interest rate | 1.90% | ||||||||||||||||
| Product | Related Party | JS Global | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Related party revenue | 2,000,000.0 | 400,000 | |||||||||||||||
| Product | Related Party | JS Global Subsidiary | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Cost of sales | 0 | 0 | $ 1,500,000 | ||||||||||||||
| Product | Related Party | Transactions with JS Global | |||||||||||||||||
| Related Party Transaction [Line Items] | |||||||||||||||||
| Cost of sales | $ 192,700,000 | $ 1,015,600,000 | $ 1,444,800,000 | ||||||||||||||
| |||||||||||||||||
Related Party Transactions - Transactions with Related Parties (Details) - USD ($) $ in Thousands |
12 Months Ended | ||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|||||||||||
| Income Statement [Abstract] | |||||||||||||
| Related party revenue | [1] | $ 5,528,639 | $ 4,253,710 | $ 3,717,366 | |||||||||
| Cost of sales - purchases of goods and services, net | [2] | 2,866,648 | 2,345,858 | 2,307,172 | |||||||||
| Research and development services, net | [3] | 341,289 | 249,387 | 215,660 | |||||||||
| Balance Sheet Related Disclosures [Abstract] | |||||||||||||
| Accounts receivable, net | [4] | 1,266,595 | 985,172 | ||||||||||
| Accounts payable | [5] | 612,031 | 459,651 | ||||||||||
| Related Party | |||||||||||||
| Income Statement [Abstract] | |||||||||||||
| Related party revenue | 9,460 | 3,133 | 1,451 | ||||||||||
| Cost of sales - purchases of goods and services, net | 231,491 | 1,037,844 | 1,413,098 | ||||||||||
| Research and development services, net | 875 | 3,004 | 3,561 | ||||||||||
| Balance Sheet Related Disclosures [Abstract] | |||||||||||||
| Accounts receivable, net | 9,381 | 3,594 | |||||||||||
| Accounts payable | 39,769 | 101,538 | |||||||||||
| Related Party | Entities Controlled by JS Global | |||||||||||||
| Income Statement [Abstract] | |||||||||||||
| Research and development services, net | 875 | 3,004 | 3,561 | ||||||||||
| General and administrative | (3,000) | (1,250) | 0 | ||||||||||
| Balance Sheet Related Disclosures [Abstract] | |||||||||||||
| Accounts receivable, net | 9,381 | 3,594 | |||||||||||
| Accounts payable | 39,769 | 101,538 | |||||||||||
| Related Party | Product | Entities Controlled by JS Global | |||||||||||||
| Income Statement [Abstract] | |||||||||||||
| Related party revenue | 0 | 1,264 | 1,451 | ||||||||||
| Cost of sales - purchases of goods and services, net | 231,491 | 1,037,844 | 1,413,098 | ||||||||||
| Related Party | Royalty | Entities Controlled by JS Global | |||||||||||||
| Income Statement [Abstract] | |||||||||||||
| Related party revenue | $ 9,460 | $ 1,869 | $ 0 | ||||||||||
| |||||||||||||
VALUATION AND QUALIFYING ACCOUNTS (Details) - SEC Schedule, 12-09, Allowance, Sales Returns - USD ($) $ in Thousands |
12 Months Ended | ||
|---|---|---|---|
Dec. 31, 2024 |
Dec. 31, 2023 |
Dec. 31, 2022 |
|
| SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
| Beginning balance | $ 58,828 | $ 45,529 | $ 46,436 |
| Charges to net sales | 335,975 | 274,926 | 201,453 |
| Deductions and other adjustments | (308,246) | (261,627) | (202,360) |
| Ending balance | $ 86,557 | $ 58,828 | $ 45,529 |