Listed on The New York Stock Exchange under
the symbol "PRM" on November
9, 2021
Strong full year performance in the Fire
Safety segment despite lapping the record 2020 U.S. fire
season
CLAYTON, Mo., March 24, 2022 /PRNewswire/ -- Perimeter
Solutions, SA (NYSE: PRM) ("Perimeter" or the "Company"), a leading
provider of mission-critical firefighting products and services, as
well as high-quality lubricant additives, today reported financial
results for its fourth quarter ended December 31, 2021.
Full Year 2021 Results
- Net sales increased 7% to $362.3
million in 2021, as compared to $339.6 million in 2020.
-
- Fire Safety sales increased 7% to $261.2
million, as compared to $245.0
million in 2020.
- Oil Additives sales increased 7% to $101.2 million, as compared to $94.6 million in 2020.
- Net loss for 2021 was $659.8
million, or $(9.68) per share,
a decrease of $684.1 million from net
income of $24.2 million, or
$0.46 per share for 2020.
- Adjusted EBITDA increased 4% to $141.4
million in 2021, as compared to $136.0 million in 2020.
-
- Fire Safety Adjusted EBITDA increased 5% to $117.9 million, as compared to $112.0 million in 2020.
- Oil Additives Adjusted EBITDA decreased 2% to $23.6 million, as compared to $24.0 million in 2020.
Fourth Quarter 2021 Results
- Net sales decreased 18% to $45.9
million in the 2021 fourth quarter, as compared to
$55.8 million in the 2020 fourth
quarter.
-
- Fire Safety sales decreased 23% to $23.9
million, as compared to $31.1
million in the 2020 fourth quarter.
- Oil Additives sales decreased 11% to $22.0 million, as compared to $24.8 million in the 2020 fourth quarter.
- Net loss during the 2021 fourth quarter was $689.5 million, or $(6.10) per share, an increase of $683.2 million from a net loss of $6.3 million, or $(0.12) per share for the 2020 fourth
quarter.
- Adjusted EBITDA decreased 57% to $6.8
million during the 2021 fourth quarter, as compared to
$16.0 million in the 2020 fourth
quarter.
-
- Fire Safety Adjusted EBITDA decreased 87% to $1.2 million, as compared to $9.2 million in the 2020 fourth quarter.
- Oil Additives Adjusted EBITDA decreased 17% to $5.6 million, as compared to $6.7 million in the 2020 fourth quarter.
CEO Edward Goldberg commented:
"We are proud of our performance in 2021, particularly in our Fire
Safety business, where, despite an extremely challenging supply
chain and logistics backdrop, we met our commitments to our
customers with 100% reliability, in support of their mission to
save lives, property and the environment. We also grew segment
Adjusted EBITDA while lapping the record 2020 U.S. fire season."
Mr. Goldberg added: "The 2021 fourth quarter experienced very
limited fire activity, and our Fire Safety results were down
period-over-period. Fluctuations based on the intensity of the fire
season in a given quarter is a feature of our Fire Safety business,
and can be especially pronounced in the much smaller fourth and
first quarters, as evidenced in 2021 fourth quarter." Mr. Goldberg
concluded: "We're very optimistic about our business. Assuming a
normalized 2022 fire season, and incorporating our best assumptions
around other elements of our business, we expect consolidated 2022
Adjusted EBITDA growth consistent with, and perhaps above, our
long-term framework of mid-teens growth."
Conference Call and Webcast
As previously announced, Perimeter Solutions management will
hold a conference call at 8:30 a.m. ET on Thursday, March 24, 2022, to discuss 2021 fourth
quarter operating results. The conference call can be accessed by
dialing (877) 407-9764 (toll-free) or (201) 689-8551 (toll).
The conference call will also be webcast simultaneously on
Perimeter's website (https://www.perimeter-solutions.com/en/),
accessed under the Investor Relations page. The webcast link will
be made available on the Company's website prior to the start of
the call; go to the investor relations page of our website to the
News & Events menu and click on "Events &
Presentations."
A slide presentation will also be available for reference during
the conference call; go to the investor relations page of our
website to the News & Events menu and click on "Events &
Presentations."
Following the live webcast, a replay will be available on the
Company's website. A telephonic replay will also be available
approximately two hours after the call and can be accessed by
dialing (877) 660-6853 (toll-free) or (201) 612-7415 (toll). The
telephonic replay will be available until April 24, 2022.
About Perimeter Solutions
Perimeter Solutions is a leading global solutions provider,
providing high-quality firefighting products and lubricant
additives. The Company's business is organized and managed in
two reporting segments: Fire Safety and Oil Additives.
The Fire Safety business consists of formulating, manufacture
and sale of fire retardants and firefighting foams that assist in
combating various types of fires, including wildland, structural,
flammable liquids and others. Our Fire Safety business also offers
specialized equipment and services, typically in conjunction with
our fire management products, to support our customers'
firefighting operations. Our specialized equipment includes airbase
retardant storage, mixing, and delivery equipment; mobile retardant
bases; retardant ground application units; mobile foam equipment;
and equipment that we custom design and manufacture to meet
specific customer needs. Our service network can meet the emergency
resupply needs of over 150 air tanker bases in North America, as well as many other customer
locations in North America and
internationally. The segment is built on the premise of superior
technology, exceptional responsiveness to our customers' needs, and
a "never-fail" service network. The segment sells products to
government agencies and commercial customers around the world.
The Oil Additives business produces and sells high quality
Phosphorus Pentasulfide ("P2S5") primarily
used in the preparation of lubricant additives, including a family
of compounds called Zinc Dialkyldithiophosphates ("ZDDP") that
provide critical anti-wear protection to engine components.
P2S5 is also used in pesticide and mining
chemicals applications.
Forward-looking Information
This press release contains "forward-looking statements" within
the meaning of the safe harbor provisions of the U.S. Private
Securities Litigation Reform Act of 1995. Forward-looking
statements involve risks and uncertainties that could cause actual
results to differ materially from those in the forward-looking
statements. Forward-looking statements can be identified by
words such as: "anticipate," "intend," "plan," "goal," "seek,"
"believe," "project," "estimate," "expect," "strategy," "future,"
"likely," "may," "should," "will" and similar references to future
periods. Forward-looking statements included in this press release
include statements regarding expected consolidated 2022 Adjusted
EBITDA growth.
Any such forward-looking statements are not guarantees of
performance or results, and involve risks, uncertainties (some of
which are beyond the Company's control) and assumptions. Although
Perimeter believes any forward-looking statements are based on
reasonable assumptions, you should be aware that many factors could
affect Perimeter's actual financial results and cause them to
differ materially from those anticipated in any forward-looking
statements, including the risk factors described from time to time
by us in our filings with the Securities and Exchange Commission,
including, but not limited to, the Company's Annual Report on Form
10-K for the year ended December 31,
2021. Stockholders, potential investors and other readers
should consider these factors carefully in evaluating the
forward-looking statements.
Any forward-looking statement made by Perimeter in this press
release speaks only as of the date on which it is made. Perimeter
undertakes no obligation to update any forward-looking statement,
whether as a result of new information, future developments or
otherwise, except as may be required by law.
SOURCE: Perimeter Solutions, SA.
CONTACT:
ir@perimeter-solutions.com
PERIMETER
SOLUTIONS, SA AND SUBSIDIARIES
|
Consolidated
Statement of Income and Comprehensive Income (loss)
|
(in thousands,
except share and per share data)
|
|
|
Fourth
Quarter
|
|
Full
Year
|
|
Successor
|
|
|
Predecessor
|
|
Successor
|
|
|
Predecessor
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
October 1,
2021
Through
November 8,
2021
|
|
Three Months
Ended
December 31,
2020
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
January 1,
2021
Through
November 8,
2021
|
|
Year
Ended
December 31,
2020
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net sales
|
$
21,023
|
|
|
$
24,855
|
|
$
55,819
|
|
$
21,023
|
|
|
$
341,315
|
|
$
339,577
|
Cost of goods
sold
|
20,533
|
|
|
12,241
|
|
31,828
|
|
20,533
|
|
|
172,136
|
|
177,532
|
Gross
profit
|
490
|
|
|
12,614
|
|
23,991
|
|
490
|
|
|
169,179
|
|
162,045
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling, general and
administrative expense
|
16,982
|
|
|
(3,563)
|
|
11,168
|
|
16,982
|
|
|
38,981
|
|
37,747
|
Amortization
expense
|
8,004
|
|
|
5,606
|
|
13,194
|
|
8,004
|
|
|
45,424
|
|
51,458
|
Founders advisory fees
- related party
|
652,990
|
|
|
—
|
|
—
|
|
652,990
|
|
|
—
|
|
—
|
Other operating
expense
|
92
|
|
|
3,087
|
|
313
|
|
92
|
|
|
4,153
|
|
1,364
|
Total operating
expenses
|
678,068
|
|
|
5,130
|
|
24,675
|
|
678,068
|
|
|
88,558
|
|
90,569
|
Operating (loss)
income
|
(677,578)
|
|
|
7,484
|
|
(684)
|
|
(677,578)
|
|
|
80,621
|
|
71,476
|
Other expense
(income):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest expense,
net
|
6,352
|
|
|
15,136
|
|
8,523
|
|
6,352
|
|
|
39,087
|
|
42,017
|
Loss on contingent
earn-out
|
198
|
|
|
202
|
|
—
|
|
198
|
|
|
2,965
|
|
—
|
Unrealized foreign
currency loss (gain)
|
1,006
|
|
|
134
|
|
(2,872)
|
|
1,006
|
|
|
4,026
|
|
(5,640)
|
Other (income)
expense, net
|
(2)
|
|
|
30
|
|
718
|
|
(2)
|
|
|
(222)
|
|
367
|
Total other expense
(income), net
|
7,554
|
|
|
15,502
|
|
6,369
|
|
7,554
|
|
|
45,856
|
|
36,744
|
(Loss) income before
income taxes
|
(685,132)
|
|
|
(8,018)
|
|
(7,053)
|
|
(685,132)
|
|
|
34,765
|
|
34,732
|
Income tax benefit
(expense)
|
4,675
|
|
|
(985)
|
|
759
|
|
4,675
|
|
|
(14,136)
|
|
(10,483)
|
Net (loss)
income
|
(680,457)
|
|
|
(9,003)
|
|
(6,294)
|
|
(680,457)
|
|
|
20,629
|
|
24,249
|
Other comprehensive
(loss) income, net of tax:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Foreign currency
translation adjustments
|
(7,135)
|
|
|
2,660
|
|
6,021
|
|
(7,135)
|
|
|
236
|
|
4,787
|
Total comprehensive
(loss) income
|
$
(687,592)
|
|
|
$
(6,343)
|
|
$
(273)
|
|
$
(687,592)
|
|
|
$
20,865
|
|
$
29,036
|
Net (loss) income per
share:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
$
(4.33)
|
|
|
$
(0.17)
|
|
$
(0.12)
|
|
$
(4.33)
|
|
|
$
0.39
|
|
$
0.46
|
Weighted average
number of ordinary shares outstanding:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic and
diluted
|
157,158,579
|
|
|
53,045,510
|
|
53,045,510
|
|
157,158,579
|
|
|
53,045,510
|
|
53,045,510
|
PERIMETER
SOLUTIONS, SA AND SUBSIDIARIES
|
Consolidated
Balance Sheets
|
(in thousands,
except share and per share data)
|
|
|
Successor
|
|
|
Predecessor
|
|
December 31,
2021
|
|
|
December 31,
2020
|
Assets
|
|
|
|
|
Current
assets:
|
|
|
|
|
Cash and cash
equivalents
|
$
225,554
|
|
|
$
22,478
|
Accounts receivable,
net
|
24,319
|
|
|
28,896
|
Inventories
|
110,087
|
|
|
58,784
|
Income tax
receivable
|
816
|
|
|
11,457
|
Prepaid expenses and
other current assets
|
14,161
|
|
|
11,406
|
Total current
assets
|
374,937
|
|
|
133,021
|
Property, plant, and
equipment, net
|
62,247
|
|
|
48,235
|
Goodwill
|
1,051,080
|
|
|
482,041
|
Customer
lists,net
|
753,459
|
|
|
304,308
|
Existing technology
and patents, net
|
247,368
|
|
|
135,928
|
Other intangible
assets,net
|
100,005
|
|
|
33,464
|
Other
assets
|
2,219
|
|
|
1,209
|
Total
assets
|
$
2,591,315
|
|
|
$
1,138,206
|
Liabilities and
Shareholders Equity
|
|
|
|
|
Current
liabilities:
|
|
|
|
|
Accounts
payable
|
$
27,469
|
|
|
$
9,869
|
Accrued expenses and
other current liabilities
|
19,025
|
|
|
16,045
|
Founders advisory fees
payable - related party
|
53,547
|
|
|
—
|
Deferred
revenue
|
445
|
|
|
286
|
Current maturities of
long-term debt
|
—
|
|
|
6,723
|
Total current
liabilities
|
100,486
|
|
|
32,923
|
Long-term debt, less
current maturities
|
664,128
|
|
|
680,548
|
Deferred income
taxes
|
298,633
|
|
|
112,162
|
Founders advisory
fees payable - related party
|
312,242
|
|
|
—
|
Redeemable preferred
shares
|
96,867
|
|
|
—
|
Redeemable preferred
shares - related party
|
3,699
|
|
|
—
|
Other non-current
liabilities
|
22,195
|
|
|
21,151
|
Total
liabilities
|
$
1,498,250
|
|
|
$
846,784
|
Commitments and
contingencies
|
|
|
|
|
Shareholders'
equity:
|
|
|
|
|
Ordinary shares, $1
nominal value per share; 4,000,000,000 shares authorized;
157,237,435 shares issued and outstanding at December 31,
2021
|
157,237
|
|
|
—
|
Common stock, $1 par
value per share; 53,045,510 shares authorized, issued and
outstanding at December 31, 2020
|
—
|
|
|
53,046
|
Additional paid-in
capital
|
1,679,788
|
|
|
289,344
|
Accumulated other
comprehensive loss
|
(7,135)
|
|
|
(3,174)
|
Accumulated
deficit
|
(736,825)
|
|
|
(47,794)
|
Total shareholders'
equity
|
1,093,065
|
|
|
291,422
|
Total liabilities and
shareholders' equity
|
$
2,591,315
|
|
|
$
1,138,206
|
Non-GAAP Financial Metrics
Adjusted EBITDA
The computation of adjusted EBITDA is defined as net income plus
income tax expense, net interest and other financing expenses, and
depreciation and amortization, adjusted on a consistent basis for
certain non-recurring, unusual or non-operational items in a
balanced manner and on a segment basis. These items include (i)
expenses related to the Business Combination, (ii) founder advisory
fee expenses, (iii) stock compensation expense (iv) non-cash impact
of purchase accounting on the cost of inventory sold (v) contingent
future payment related to an acquired business (vi) management fees
related to the services provided by SK Capital Partners IV-A, L.P.
and SK Capital Partners IV-B, L.P (collectively, the "Sponsor")
when acting in a management capacity and (vi) unrealized foreign
currency loss (gain). To supplement the Company's consolidated
financial statements presented in accordance with U.S. GAAP,
Perimeter is providing a summary, wherein, the Successor Period and
the 2021 Predecessor are combined ("S/P Combined"), to show the
computations of adjusted EBITDA, and reconciliations from U.S. GAAP
income (loss) before income taxes, taking into account certain
charges and gains that were recognized during the periods
presented. The Corporate category includes unallocated costs
related to our corporate headquarter activities.
Consolidated
Three Months
Ended
|
S/P
Combined
|
|
Successor
|
|
|
Predecessor
|
|
Three
Months
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
October 1,
2021
Through
November 8,
2021
|
|
Three Months
Ended
December 31,
2020
|
Loss before income
taxes
|
$
(693,150)
|
|
$
(685,132)
|
|
|
$
(8,018)
|
|
$
(7,053)
|
Depreciation and
amortization
|
15,786
|
|
9,379
|
|
|
6,407
|
|
14,746
|
Interest and financing
expense
|
21,488
|
|
6,352
|
|
|
15,136
|
|
8,523
|
Founders advisory fees
- related party
|
652,990
|
|
652,990
|
|
|
—
|
|
—
|
Transaction expenses
1
|
(2,380)
|
|
5,580
|
|
|
(7,960)
|
|
1,689
|
Stock compensation
expense
|
4,977
|
|
4,821
|
|
|
156
|
|
—
|
Non-cash purchase
accounting impact 2
|
2,948
|
|
2,948
|
|
|
—
|
|
—
|
Loss on contingent
earn-out
|
400
|
|
198
|
|
|
202
|
|
—
|
Management fees
3
|
136
|
|
—
|
|
|
136
|
|
312
|
Contingent future
payments 4
|
2,500
|
|
—
|
|
|
2,500
|
|
625
|
Unrealized foreign
currency loss (gain)
|
1,140
|
|
1,006
|
|
|
134
|
|
(2,872)
|
Adjusted
EBITDA
|
$
6,835
|
|
$
(1,858)
|
|
|
$
8,693
|
|
$
15,970
|
Net sales
|
$
45,878
|
|
$
21,023
|
|
|
$
24,855
|
|
$
55,819
|
|
|
|
|
|
|
|
Year
Ended
|
S/P
Combined
|
|
Successor
|
|
|
Predecessor
|
|
Year
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
January 1,
2021
Through
November 8,
2021
|
|
Year
Ended
December 31,
2020
|
(Loss) income before
income taxes
|
$
(650,367)
|
|
$
(685,132)
|
|
|
$
34,765
|
|
$
34,732
|
Depreciation and
amortization
|
61,379
|
|
9,379
|
|
|
52,000
|
|
58,117
|
Interest and financing
expense
|
45,439
|
|
6,352
|
|
|
39,087
|
|
42,017
|
Founders advisory fees
- related party
|
652,990
|
|
652,990
|
|
|
—
|
|
—
|
Transaction expenses
1
|
10,425
|
|
5,580
|
|
|
4,845
|
|
2,379
|
Stock compensation
expense
|
4,977
|
|
4,821
|
|
|
156
|
|
—
|
Non-cash purchase
accounting impact 2
|
2,948
|
|
2,948
|
|
|
—
|
|
—
|
Loss on contingent
earn-out
|
3,163
|
|
198
|
|
|
2,965
|
|
—
|
Management fees
3
|
1,073
|
|
—
|
|
|
1,073
|
|
1,281
|
Contingent future
payments 4
|
4,375
|
|
—
|
|
|
4,375
|
|
3,125
|
Unrealized foreign
currency loss (gain)
|
5,032
|
|
1,006
|
|
|
4,026
|
|
(5,640)
|
Adjusted
EBITDA
|
$
141,434
|
|
$
(1,858)
|
|
|
$
143,292
|
|
$
136,011
|
Net sales
|
$
362,338
|
|
$
21,023
|
|
|
$
341,315
|
|
$
339,577
|
(1)
|
Adjustment to reflect
non-recurring expenses incurred related to business combination
with Perimeter Solutions.
|
(2)
|
Represents the
non-cash impact of purchase accounting on the cost of inventory
sold. The inventory acquired received a purchase accounting step-up
in basis, which is a non-cash adjustment to the cost.
|
(3)
|
Adjustment to reflect
fees pertaining to services provided by the Sponsor when acting in
a management capacity on strategic and other non-operational
matters which do not represent expenses incurred in the normal
course of our operations.
|
(4)
|
Adjustment to reflect
deferred consideration paid with respect to a 2019
acquisition.
|
Operating Segments
Fire Safety
|
S/P
Combined
|
|
Successor
|
|
|
Predecessor
|
Three Months
Ended
|
Three
Months
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
October 1,
2021
Through
November 8,
2021
|
|
Three Months
Ended
December 31,
2020
|
Loss before income
taxes
|
$
(34,931)
|
|
$
(25,125)
|
|
|
$
(9,806)
|
|
$
(14,423)
|
Depreciation and
amortization
|
12,129
|
|
7,418
|
|
|
4,711
|
|
10,598
|
Interest and financing
expense
|
19,990
|
|
5,029
|
|
|
14,961
|
|
10,897
|
Transaction
expenses
|
(2,524)
|
|
5,436
|
|
|
(7,960)
|
|
1,649
|
Stock compensation
expense
|
3,406
|
|
3,250
|
|
|
156
|
|
—
|
Loss on contingent
earn-out
|
400
|
|
198
|
|
|
202
|
|
—
|
Management
fees
|
136
|
|
—
|
|
|
136
|
|
312
|
Deferred future
payments
|
2,500
|
|
—
|
|
|
2,500
|
|
625
|
Unrealized foreign
currency loss (gain)
|
107
|
|
98
|
|
|
9
|
|
(429)
|
Adjusted
EBITDA
|
$
1,213
|
|
$
(3,696)
|
|
|
$
4,909
|
|
$
9,229
|
Net sales
|
$
23,924
|
|
$
7,913
|
|
|
$
16,011
|
|
$
31,052
|
|
S/P
Combined
|
|
Successor
|
|
|
Predecessor
|
Year
Ended
|
|
Year
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
January 1,
2021
Through
November 8,
2021
|
|
Year
Ended
December 31,
2020
|
Income (Loss) before
income taxes
|
|
$
7,507
|
|
$
(25,125)
|
|
|
$
32,632
|
|
$
23,110
|
Depreciation and
amortization
|
|
44,412
|
|
7,418
|
|
|
36,994
|
|
41,271
|
Interest and financing
expense
|
|
42,358
|
|
5,029
|
|
|
37,329
|
|
41,879
|
Transaction
expenses
|
|
10,281
|
|
5,436
|
|
|
4,845
|
|
2,300
|
Stock compensation
expense
|
|
3,406
|
|
3,250
|
|
|
156
|
|
—
|
Loss on contingent
earn-out
|
|
3,163
|
|
198
|
|
|
2,965
|
|
—
|
Management
fees
|
|
1,073
|
|
—
|
|
|
1,073
|
|
1,281
|
Deferred future
payments
|
|
4,375
|
|
—
|
|
|
4,375
|
|
3,125
|
Unrealized foreign
currency loss (gain)
|
|
1,318
|
|
98
|
|
|
1,220
|
|
(932)
|
Adjusted
EBITDA
|
|
$
117,893
|
|
$
(3,696)
|
|
|
$
121,589
|
|
$
112,034
|
Net sales
|
|
$
261,180
|
|
$
7,913
|
|
|
$
253,267
|
|
$
244,968
|
Oil Additives
|
S/P
Combined
|
Successor
|
|
|
Predecessor
|
Three Months
Ended
|
Three
Months
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
October 1,
2021
Through
November 8,
2021
|
|
Three Months
Ended
December 31,
2020
|
(Loss) income before
income taxes
|
$
(3,103)
|
|
$
(4,891)
|
|
|
$
1,788
|
|
$
7,370
|
Depreciation and
amortization
|
3,657
|
|
1,961
|
|
|
1,696
|
|
4,148
|
Interest and financing
expense
|
554
|
|
379
|
|
|
175
|
|
(2,374)
|
Transaction
expenses
|
144
|
|
144
|
|
|
—
|
|
40
|
Stock compensation
expense
|
389
|
|
389
|
|
|
—
|
|
—
|
Non-cash purchase
accounting impact
|
2,948
|
|
2,948
|
|
|
—
|
|
—
|
Unrealized foreign
currency loss (gain)
|
1,033
|
|
908
|
|
|
125
|
|
(2,443)
|
Adjusted
EBITDA
|
$
5,622
|
|
$
1,838
|
|
|
$
3,784
|
|
$
6,741
|
Net sales
|
$
21,954
|
|
$
13,110
|
|
|
$
8,844
|
|
$
24,767
|
|
|
|
|
|
|
|
S/P
Combined
|
Successor
|
|
|
Predecessor
|
Year
Ended
|
Year
Ended
December 31,
2021
|
|
November 9,
2021
Through
December 31,
2021
|
|
|
January 1,
2021
Through
November 8,
2021
|
|
Year
Ended
December 31,
2020
|
(Loss) income before
income taxes
|
$
(2,758)
|
|
$
(4,891)
|
|
|
$
2,133
|
|
$
11,622
|
Depreciation and
amortization
|
16,967
|
|
1,961
|
|
|
15,006
|
|
16,846
|
Interest and financing
expense
|
2,137
|
|
379
|
|
|
1,758
|
|
138
|
Transaction
expenses
|
144
|
|
144
|
|
|
—
|
|
79
|
Stock compensation
expense
|
389
|
|
389
|
|
|
—
|
|
—
|
Non-cash purchase
accounting impact
|
2,948
|
|
2,948
|
|
|
—
|
|
—
|
Unrealized foreign
currency loss (gain)
|
3,714
|
|
908
|
|
|
2,806
|
|
(4,708)
|
Adjusted
EBITDA
|
$
23,541
|
|
$
1,838
|
|
|
$
21,703
|
|
$
23,977
|
Net sales
|
$
101,158
|
|
$
13,110
|
|
|
$
88,048
|
|
$
94,609
|
Corporate
|
Successor
|
Three Months and
Year Ended
|
November 9,
2021
Through
December 31,
2021
|
(Loss) income before
income taxes
|
$
(655,116)
|
Interest and financing
expense
|
944
|
Founders advisory fees
- related party
|
652,990
|
Stock compensation
expense
|
1,182
|
Adjusted
EBITDA
|
$
—
|
View original
content:https://www.prnewswire.com/news-releases/perimeter-solutions-reports-fourth-quarter-2021-results-301509641.html
SOURCE Perimeter Solutions