Traeger borrowed under its revolving credit facilities to help fund the investments in working capital. As a result, the company's financial leverage is high with debt/EBITDA at around 5.8x as of fiscal year end 31 December 2021 (all ratios are Moody's adjusted unless otherwise stated). Moody's debt/EBITDA leverage calculation excludes estimated high incremental stock based compensation in fiscal 2022 as a result of the company's July 2021 initial public offering (IPO).Traeger expects a more modest topline growth in fiscal 2022 with revenue of $800-to-$850 million. Continued inflation is pressuring consumer discretionary spending power, and the company is experiencing a drop in consumer volume demand for its products over the past several weeks, that is lower than it previously anticipated. In addition, the company also expects the current costs pressures to persist in fiscal 2022.