Latham Group, Inc. (SWIM): Business Model Canvas [Dec-2025 Updated]

You're looking to dissect the engine room of the leading fiberglass pool maker, and after a year where they hit $446.0 million in net sales through the first nine months of 2025, it's defintely worth a deep dive. Honestly, their business model is a masterclass in channel management: they use a dealer-centric approach to push their value proposition-faster, easier pool installation-while capturing significant recurring revenue from replacement liners and safety covers. We've mapped out the nine essential building blocks, showing exactly how they translated that strategy into $89.4 million in Adjusted EBITDA over the same period, so check below to see the precise structure driving their market position.

Latham Group, Inc. (SWIM) - Canvas Business Model: Key Partnerships

You're looking at the structure that supports Latham Group, Inc.'s market position as of late 2025. The partnerships are critical, especially as the company navigates a market where new U.S. pool starts are projected to be flat to slightly below 2024 levels, yet Latham reaffirmed 7% net sales growth guidance for 2025.

The dealer network is the lifeblood for installation and sales, and Latham Group, Inc. emphasizes leveraging this network of highly skilled and committed dealers and contractors. The integration of Coverstar Central, completed by August 2025, added access to over 400 pool builders and dealers in its prior network, which is now being leveraged to advance other Latham Group, Inc. products.

The focus on Sand States-Florida, Texas, Arizona, and California-remains a key strategic driver, as these areas accounted for two-thirds of U.S. new in-ground pool starts. In Q2 2025, Latham Group, Inc. added a considerable number of new dealers specifically in these Sand States markets. This strategy targets master-planned communities where up to 80% of new homes include a pool.

Raw material sourcing relies on a centralized model, but the scale of the supplier base is significant. For context on the supply chain structure, in the 2024 reporting period, Latham Group, Inc. identified 64 direct suppliers of raw materials considered in-scope, which represented approximately 43% of its direct raw material expense for that period. Primary inputs include PVC, galvanized steel, fiberglass, aluminum, Kevlar fiber, carbon fiber, various resins, gelcoat, polypropylene fabric, ceramics, and roving.

The integration of the Coverstar acquisition, completed in August 2024, is showing tangible results. The vertical integration was expected to add $20 million of net sales and expand total company Adjusted EBITDA margin by approximately 140 basis points on an annual basis. Furthermore, Latham Group, Inc. continued this vertical integration strategy in early 2025 by acquiring two smaller autocover dealers.

Safety advocacy is also a formal partnership component. In May 2025, Latham Group, Inc. teamed up with Olympic and World Championship gold medalist Bode Miller to share essential pool safety tips during National Water Safety Month. This partnership specifically promoted the installation of an autocover as one of the most effective ways to prevent accidents.

Here's a quick look at the quantifiable aspects of these key relationships as of late 2025:

The operational relationships extend to the core product lines:

• Independent pool dealers are the primary channel for fiberglass pool sales, which are on track to represent approximately 75% of the Company's full-year 2025 in-ground pool sales.
• Latham Group, Inc. is focused on driving fiberglass adoption in Sand States, where they added a considerable number of new dealers during Q2 2025.
• The company utilizes a centralized sourcing model to coordinate purchases across its diverse supplier base.
• The Coverstar Central acquisition, completed in August 2024, was immediately accretive to earnings.
• Two smaller autocover dealers were acquired in early 2025, further integrating the autocovers segment.

Finance: draft 13-week cash view by Friday.

Latham Group, Inc. (SWIM) - Canvas Business Model: Key Activities

Manufacturing fiberglass pools and pool covers

For the nine months ended September 27, 2025, the company's gross profit was $154.2 million, which was 16.5% above the $132.3 million reported in the prior-year period. In the second quarter of 2025, in-ground pool sales, which are mainly fiberglass pools, accounted for approximately 75% of Latham Group, Inc.'s in-ground pool sales for the full year.

Executing the Sand States market expansion strategy

The Sand States market accounts for approximately two-thirds of new U.S. pool starts annually. Selling, general, and administrative expenses in the second quarter of 2025 increased by $5.3 million, primarily due to increased investments in marketing and new personnel supporting the Sand State growth strategy. Capital expenditures for 2025 were projected to range between $27 million to $33 million, which included the development of new fiberglass pool models specifically tailored to the Sand State markets, plus additions of usable space at fiberglass pool manufacturing facilities in Florida and Oklahoma. The company projected approximately 60,000 new U.S. pool starts in 2025.

Lean manufacturing and value engineering for margin expansion

You're looking at some serious operational leverage here. The focus on efficiency is clearly showing up in the reported margins. Here's the quick math on the gross margin improvement through the first nine months of 2025:

For the second quarter of 2025 specifically, the gross margin reached 37.1%, a 400 basis point expansion from 33.1% in the year-ago quarter. Analysts project the company's profit margin will swing from -2.5% today to 5.1% within three years.

Digital marketing to drive consumer leads to dealers

The company executed targeted marketing programs in fiberglass pools that drove substantial year-over-year growth in two key areas:

• Leads generated for dealers
• Consumer sessions on the company website

Investments in marketing, tied to the Sand State strategy, contributed to Selling, general, and administrative expenses of $31.9 million in the second quarter of 2025, up $5.3 million year-over-year.

Research and development of new pool models and proprietary tools

The company utilizes proprietary technology to support its dealer network and product development. The Measure by Latham, which is a proprietary AI-powered tool, is seeing increased use by pool builders for measuring and installing pool liners and covers. Furthermore, capital expenditures for 2025 included funding for the development of new fiberglass pool models specifically tailored to the Sand State markets.

Latham Group, Inc. (SWIM) - Canvas Business Model: Key Resources

You're looking at the hard assets and unique capabilities Latham Group, Inc. relies on to run its business as of late 2025. These aren't just things they own; they are the competitive differentiators that make their model work.

Proprietary fiberglass pool manufacturing technology is central to Latham Group, Inc.'s scale. The company is the largest designer, manufacturer, and marketer of in-ground residential swimming pools in North America, Australia, and New Zealand. This focus translates directly into market dominance within their core product line.

• Fiberglass pools accounted for approximately 75% of Latham Group, Inc.'s in-ground pool sales in 2024.
• Management estimates suggest fiberglass pools captured 24% of all U.S. in-ground pools installed in 2024, up from 23% in 2023.
• Latham Group, Inc. holds an estimated 50% market share in the fiberglass pool segment.

The physical footprint supporting this manufacturing and distribution is substantial. Latham Group, Inc. maintains a coast-to-coast operations platform designed for broad market reach.

The company's leading market share position in fiberglass pools is a direct result of its scale and technology adoption. They hold the number one market share in every subcategory in which they compete. This leadership is further supported by their financial flexibility, as evidenced by recent balance sheet strength.

As of the end of the third quarter of 2025, the financial position included a significant liquidity buffer.

$70.5 million cash balance as of Q3 2025.

Also, the net debt leverage ratio improved to 2.3 at the end of Q3 2025, down from 3.0 in the second quarter of that year.

A key enabler for efficiency in the covers and liners segment is The Measure by Latham proprietary measuring tool. This device is an advanced, AI-powered solution that leverages technology to streamline ordering processes for dealers.

• Technology used: HD camera and LiDAR laser technology.
• Measurement time: Roughly 30 minutes for an entire pool perimeter and unique features.
• Benefit: Turnaround times are up to 3x faster than traditional methods.

This tool integrates with the Latham Measure App and the Builder Management Portal, making the process end-to-end simple for dealers. It's definitely a resource that locks in customer workflow.

Latham Group, Inc. (SWIM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why customers choose Latham Group, Inc. (SWIM) products, grounded in the numbers from their recent performance through late 2025. These aren't abstract promises; they are measurable advantages in the pool industry.

Faster, Easier, and More Cost-Efficient Pool Installation (Fiberglass)

The shift toward fiberglass pools is a core value proposition, driven by tangible benefits in installation speed and long-term cost. Consumers are increasingly recognizing the advantages of fiberglass, such as cost-efficiency and fast and easy installation compared to traditional concrete pools. This preference is reflected in the sales mix; Latham fiberglass pool sales are on track to represent approximately 75% of the Company's full-year 2025 in-ground pool sales. Furthermore, the fiberglass category is gaining overall market traction, expected to represent approximately 24% of total U.S. in-ground pool sales in 2025. This focus on fiberglass helps contractors reduce on-site time and labor costs.

Broadest Lineup of Fiberglass Pool Configurations and Price Points

Latham Group maintains its market leadership by offering a wide array of options. While the exact number of configurations isn't public, the strategy centers on market penetration across different consumer needs. The success of this strategy is evident in the overall financial performance; for the six months ended in 2025, Net sales reached $284.1 million, with Gross margin expanding to 34.1%, partly due to higher volumes across the portfolio. The company's ability to serve a broad dealer and contractor network with diverse options underpins this volume.

Enhanced Pool Safety via Automatic Safety Covers (Coverstar)

Safety is a major driver for autocover adoption. Latham Group's autocovers are valued for their unparalleled safety benefits and their ability to significantly reduce operational costs. The financial impact of integrating Coverstar is clear: Organic growth in autocovers, combined with the Coverstar acquisitions, drove a 46% increase in cover sales for the second quarter of 2025. To illustrate the cost-efficiency, these autocovers can effectively pay for themselves within four to five years by cutting down on water evaporation, energy use, and chemical consumption. This provides a concrete financial return on the safety investment.

Industry-Leading Lead Times for Vinyl Liners and Safety Covers

Reliability in supply chain and manufacturing translates directly into customer satisfaction for replacement parts. Latham Group has seen continued strong momentum in the replacement liner business, which increased 6% year-over-year in the second quarter of 2025, directly attributed to their industry-leading lead times. This is supported by the increasing adoption of Measure by Latham, their proprietary AI-powered tool, which streamlines the measurement and installation process for both liners and covers, helping maintain this speed advantage.

Eco-Friendly and Low-Maintenance Pool Solution

The environmental and upkeep benefits of fiberglass pools are a key part of the value proposition. Consumers are attracted to the eco-friendly aspects of fiberglass when contrasting it with concrete pools. Additionally, the low maintenance requirement of fiberglass systems reduces the ongoing time and chemical commitment for pool owners. This aligns with the cost-saving aspect of the autocovers, which reduce chemical usage, further enhancing the low-effort ownership experience.

Here's a quick look at the performance metrics supporting these value drivers as of the third quarter of 2025:

The company's focus on these areas is clearly paying off in their financial results. For instance, the gross margin expansion to 34.1% in the first half of 2025, up from 30.9% in the prior year period, shows that these product advantages are translating into better profitability through higher volumes and margin benefits from acquisitions like Coverstar.

• Fiberglass pools account for 75% of in-ground pool sales.
• Autocover sales growth was 46% in Q2 2025.
• Liner sales grew 6% in Q2 2025, aided by lead times.
• Gross Margin reached 34.1% for the first six months of 2025.

Latham Group, Inc. (SWIM) - Canvas Business Model: Customer Relationships

You're looking at how Latham Group, Inc. (SWIM) keeps its customers-the dealers and builders-loyal and how it drives demand from the end-user. It's a classic channel-focused approach, but with significant digital muscle behind it, especially targeting those high-growth areas.

Dealer-centric model with strong support programs

Latham Group, Inc. operates on a foundation that heavily favors its professional pool builders. They position themselves as partners, not just suppliers, making sure the dealer network feels supported every step of the way. This isn't just talk; they back it up with tangible resources designed to make the dealer's business more profitable and easier to run.

The support structure is comprehensive, aiming to ensure you sell more pools when you're selling Latham pools. This relationship is critical because Latham holds the number one market share in every subcategory it competes in, meaning dealers are aligning with the market leader.

Here's a snapshot of the support Latham Group, Inc. offers its dealer network:

• Unmatched support and essential resources.
• Comprehensive factory training programs and hands-on boot camps.
• Technical support and installation assistance.
• Product literature and co-branded marketing materials.

A key tool supporting dealer efficiency is the proprietary measuring tool, Measure by Latham. This system integrates with their order entry, letting dealers generate real-time quotes and track orders seamlessly. In the first quarter of 2025, we saw that almost half the dealers who purchased this tool were new to Latham, showing it's a powerful acquisition magnet for the dealer base itself.

Targeted direct-to-consumer marketing to generate dealer leads

The company doesn't just wait for dealers to bring in business; it actively generates pull-through demand. This is where the marketing spend comes in, directly aimed at homeowners to drive them to the local Latham dealer. Management has been ramping up these outlays as part of their growth initiatives.

For the first nine months of 2025, Selling, General & Administrative (SG&A) expenses reached $91.1 million, an increase of 12.3% from the prior-year period, largely due to investment in these sales and marketing efforts. This investment is clearly targeted, especially in the high-growth Sand States markets like Florida and Texas, which represent the majority of new pool starts.

The results from these targeted programs are concrete:

Dedicated sales teams for dealer and builder engagement

To execute the Sand State strategy and support the dealer network, Latham Group, Inc. deploys dedicated personnel. They are actively partnering with top-performing pool dealers to expand their footprint, particularly within Master Planned Communities (MPCs) in Florida and Texas.

This engagement isn't just about selling fiberglass pools; it's about ensuring product alignment with market demand, which includes pushing automatic covers. The company's strategy is built on increasing awareness and adoption of fiberglass pools and autocovers. The focus on personnel investment is reflected in the SG&A figures, which climbed to $31.9 million in the third quarter year-over-year, partly due to increased spending on sales and marketing personnel.

The sales teams are tasked with converting installers who face workforce shortages. Fiberglass installation allows them to install six pools in the time it takes to build one concrete pool, using two to three fewer workers, a strong selling point for the sales force.

Brand building through digital engagement and safety campaigns

Brand building is heavily weighted toward digital channels and specific messaging that highlights product benefits. A notable example is the active "GOOTSA" (Get Out of the Stone Age) ad campaign running in key Sand States markets.

The brand narrative emphasizes the advantages of fiberglass pools-cost-efficiency, fast installation, and low maintenance-compared to traditional concrete pools. Furthermore, the company is sponsoring a wide range of community events to boost consumer awareness. The engagement focus is clear: Latham Group, Inc. continues to lead the industry in brand visibility.

The PR strategy, managed by their agency of record, includes media relations, thought leadership, and influencer collaboration to amplify the brand story.

Transactional for replacement products like liners and covers

While large pool installations are project-based, the relationship for replacement products like liners and covers is more transactional, though still supported by dealer tools. These segments provide consistent, recurring revenue streams.

The company saw positive momentum across all product lines in the third quarter of 2025. Specifically for covers, sales increased by 15% year-over-year, with a meaningful portion coming from organic growth in auto covers, bolstered by recent acquisitions like Coverstar Central.

Here are the Q1 2025 sales figures for these replacement/component categories (in thousands of USD):

The 'Measure by Latham' tool is also designed to help expand market share specifically in liners and covers, suggesting a push to digitize and streamline these transactional sales for dealers.

Latham Group, Inc. (SWIM) - Canvas Business Model: Channels

You're looking at how Latham Group, Inc. gets its products-in-ground pools, covers, and liners-to the end customer as of late 2025. The structure relies heavily on a broad network, but they are pushing specific product lines through targeted routes.

Extensive network of independent pool dealers and builders

This is the backbone of the business, especially for the core in-ground pool sales. While the exact number of active dealers in 2025 isn't public in the latest reports, the company has historically focused on growing and leveraging this base. For context on the scale of their dealer engagement, in 2023, Latham Group had approximately 300 fiberglass grand dealers selling at least 5 pools. Latham Group holds the #1 market position in North America in every product category in which it competes.

The channel strategy is clearly focused on driving adoption of higher-value products through this network. For instance, in the third quarter of 2025, the covers segment showed strong year-on-year growth of 15%, and liners grew by 13%, indicating successful push through these established dealer relationships.

The scale of the overall operations platform supporting this network includes approximately 1,850 employees across about 30 locations as of August 2025, which helps service this extensive dealer base.

Direct sales force for custom home builders

The focus here is on capturing volume in new construction, particularly in high-growth areas. Management noted positive momentum in the Sand States, which account for approximately two-thirds of new U.S. in-ground pool starts annually. Specifically, year-to-date in 2025, their Florida sales increased at a high single-digit rate, suggesting the direct sales or builder-focused channel is gaining traction in key master planned communities (MPCs) there.

E-commerce and company website for consumer lead generation

While direct sales figures from e-commerce aren't itemized, the company invests in digital tools to support the sales process, which feeds the dealer network. A concrete example of this digital enablement is the success of the Measure by Latham tool for liners, which was cited as a contributor to liner sales growth in Q3 2025.

The overall revenue context for 2025 is significant, with the company narrowing its full-year net sales guidance to a range of $540 million to $550 million, with a midpoint of $545 million, representing 7% year-over-year growth.

Retail distribution for replacement products

This channel primarily supports the liners and covers segments, which are replacement-oriented. The strong growth in these product lines suggests effective retail or replacement channel performance. In Q3 2025, the covers segment sales were up 15% and liners were up 13% year-on-year. This performance is a direct indicator of the strength in channels moving replacement and accessory products.

International operations in Australia and New Zealand

Latham Group, Inc. explicitly markets itself as operating in North America, Australia, and New Zealand. While specific revenue breakdowns for these international segments are not provided in the latest earnings summaries, the geographic footprint is a stated component of the business model. The company's total trailing twelve months revenue ending September 27, 2025, was $533.24 Million USD, which encompasses all geographic sales.

Here is a summary of the financial scale relevant to the overall channel performance in late 2025:

The company's strategy is clearly weighted toward outperforming the flat U.S. in-ground pool market by driving adoption of fiberglass pools through its channels. Fiberglass pools are on track to represent approximately 75% of Latham Group's own full-year 2025 in-ground pool sales.

You should track the Q4 2025 results, expected around March 2026, to see if the full-year guidance of $540 million to $550 million was achieved, as this will confirm the effectiveness of these combined channels.

Latham Group, Inc. (SWIM) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Latham Group, Inc. (SWIM) as of late 2025. Honestly, the customer base is a mix of professionals who build the pools and the homeowners who ultimately use them, with a heavy strategic tilt toward specific high-growth areas.

The primary channel for Latham Group, Inc. (SWIM) is the professional installer, which is clear when you see that the top ten dealer and distributor relationships accounted for 42.8% of net sales in 2024. This group includes the independent pool dealers and builders who are the gatekeepers to new construction.

The company is intensely focused on the consumers in high-growth Sand States (Florida, Texas, Arizona, California). This focus is strategic because these four states accounted for approximately two-thirds of U.S. new in-ground pool starts in 2024. Latham Group, Inc. (SWIM) is actively targeting Master Planned Communities (MPCs) in Florida and Texas, where up to 80% of new homes include a pool, according to past management estimates.

The segments are also defined by the product they buy, which points directly to residential homeowners seeking new in-ground pools, particularly those opting for fiberglass. Fiberglass pools are expected to gain another 1% of market share in the total U.S. in-ground pool sector in 2025, representing approximately 24% of all new installations.

Another key segment is existing pool owners needing replacement liners and covers. This replacement market is showing strong growth for Latham Group, Inc. (SWIM). For the third quarter of 2025, covers sales were up 15% year-over-year, and liners sales were up 13% year-over-year. To give you a concrete example from Q2 2025, pool cover sales hit $37.2 million, up from $25.5 million in Q2 2024.

The focus on custom home builders in master-planned communities ties directly into the Sand States strategy. The company is making specific capital expenditure investments, revising its 2025 CapEx estimate to a range of $22 million to $24 million, partly for developing new fiberglass pool models tailored to these Sand State markets.

Here's a quick look at how the Sand States focus relates to the company's product strength:

The customer base also includes those buying specific high-margin components:

• Consumers valuing safety and water savings driving Autocovers adoption.
• Homeowners needing replacement Liners, with Q1 2025 liner sales at $22 million.
• Dealers purchasing fiberglass pools, which accounted for 75% of Latham's in-ground pool sales in 2024.

The overall market context is that while Latham Group, Inc. (SWIM) is targeting 7% net sales growth for 2025 (reaching a midpoint of $545 million), the broader U.S. in-ground pool market is expected to be flat to slightly below 2024 levels. This means the customer segments Latham Group, Inc. (SWIM) targets are actively choosing their products over the general market.

Latham Group, Inc. (SWIM) - Canvas Business Model: Cost Structure

You're looking at the expense side of the equation for Latham Group, Inc. as of late 2025, which is heavily influenced by manufacturing scale and aggressive market expansion. The cost structure is clearly segmented across production, overhead for growth, and balance sheet obligations.

Cost of Goods Sold (COGS) for Manufacturing and Raw Materials

The cost tied directly to making the pools and covers is substantial, reflecting raw material inputs and factory operations. For the nine months ended September 27, 2025, Net Sales reached $446.0 million. This translated to a Gross Profit of $154.2 million, which means the Cost of Goods Sold (COGS) for that period was approximately $291.8 million. The gross margin improved to 34.6%, up from 31.4% in the prior-year period, driven by production efficiencies and value engineering initiatives.

Here's a quick look at the nine-month performance driving the COGS:

Selling, General, and Administrative (SG&A) Expenses for Growth Initiatives

SG&A spend reflects the company's commitment to strengthening its market position, which includes overhead for new systems and personnel. For the first nine months of 2025, Selling, General, and Administrative expenses totaled $91.1 million. This was an increase of $9.9 million, or 12.3%, compared to the $81.2 million reported in the prior-year period. This increase was explicitly tied to investments supporting strategic growth.

Investments in Marketing to Drive Fiberglass Adoption

A key component of that rising SG&A is the dedicated spend on marketing to push fiberglass adoption, which is a major strategic focus for Latham Group, Inc. These investments are designed to drive share gains against other pool types. The increased SG&A included:

• Investment in sales and marketing efforts to further strengthen market position.
• Investments in new ERP infrastructure.
• Inclusion of Coverstar Central-related overhead.

Capital Expenditures (CapEx)

Capital spending is necessary for facility improvements and new product development, especially for fiberglass expansion into new regions. While the initial full-year 2025 guidance anticipated CapEx around $30 million at the midpoint, the company revised this outlook later in the year. The updated estimate for full-year 2025 CapEx is a range of $22 million to $24 million. For the first nine months of 2025, capital expenditures totaled $16.2 million, with the third quarter alone accounting for $5.8 million. If onboarding takes 14+ days, churn risk rises, but here the CapEx is focused on building capacity.

Debt Servicing Costs on Total Debt

The cost of capital structure maintenance is a fixed drain on cash flow, tied to the outstanding borrowings. As of the end of the third quarter of 2025, Latham Group, Inc. reported Total Debt of $281.1 million. This figure represented a net debt leverage ratio improvement to 2.3, down from 3.0 in the second quarter of 2025, with an expectation to approach 2 by year-end. The actual debt servicing costs (interest expense) for the period are part of the overall operating costs, but the principal liability figure is $281.1 million.

Latham Group, Inc. (SWIM) - Canvas Business Model: Revenue Streams

You're looking at the top-line performance for Latham Group, Inc. as of late 2025, focusing on where the money actually comes from. Honestly, the numbers from the first nine months of the year give you a clear picture of the core business drivers.

For the nine months ended September 27, 2025, Latham Group, Inc. reported Net sales of $446.0 million. That represents a 5.9% increase compared to the same period last year. On the profitability front for that same nine-month period, the company generated Adjusted EBITDA of $89.4 million, which translated to an Adjusted EBITDA margin of 20.0%. To be fair, the third quarter itself showed even stronger margin performance, hitting 23.7% Adjusted EBITDA margin for the quarter.

The revenue streams are clearly segmented across the pool lifecycle, from initial installation to ongoing maintenance components. Here's a quick look at how the major product categories contributed to the nine-month sales, using the latest reported figures for the first three quarters:

The Sales of Fiberglass In-Ground Pools represent the bedrock of the installation revenue. Management commentary suggests that fiberglass pools remain on track to account for approximately 75% of the full-year 2025 in-ground pool sales. This focus on fiberglass is a strategic revenue driver, given its perceived advantages in installation speed and maintenance.

The other key revenue streams are heavily weighted toward accessories and the aftermarket, which is defintely important for recurring or replacement business. Both of these categories showed significant momentum in the third quarter of 2025:

• Sales of Automatic Safety Covers and components (Coverstar): Sales for this category showed strong year-on-year growth in the third quarter, specifically increasing by 15%. This stream benefits from recent acquisitions, like Coverstar Central.
• Sales of Vinyl Liners and Safety Covers (replacement market): This segment, which captures the replacement market, also saw considerable strength, with sales up 13% year-over-year in the third quarter.

It's worth noting that in the third quarter, all three product lines-in-ground pools, covers, and liners-experienced year-over-year growth. That diversification helps smooth out any softness in the new pool starts market, which the company expected to be flat to slightly down for 2025.

Finance: draft 13-week cash view by Friday.