Perimeter Solutions Reports Fourth Quarter 2024 Financial Results
Perimeter Solutions (NYSE: PRM) reported strong financial results for Q4 and full year 2024. Full-year net sales increased 74% to $561.0 million, with Fire Safety segment up 93% to $436.3 million and Specialty Products up 29% to $124.7 million. Despite posting a full-year net loss of $5.9 million ($0.04 loss per share), the company achieved adjusted earnings per share of $1.11.
Full-year Adjusted EBITDA saw significant growth, increasing 190% to $280.3 million. The Fire Safety segment's Adjusted EBITDA rose 215% to $240.1 million, while Specialty Products increased 95% to $40.2 million. In Q4, net sales grew 45% to $86.2 million, with net income of $144.2 million ($0.90 per share). The company also acquired IMS, a specialized printed circuit board manufacturer, for $32.8 million in December 2024.
Perimeter Solutions (NYSE: PRM) ha riportato risultati finanziari robusti per il quarto trimestre e l'intero anno 2024. Le vendite nette annuali sono aumentate del 74% a $561,0 milioni, con il segmento Sicurezza Antincendio in crescita del 93% a $436,3 milioni e i Prodotti Specializzati in aumento del 29% a $124,7 milioni. Nonostante un perdita netta annuale di $5,9 milioni ($0,04 di perdita per azione), l'azienda ha raggiunto un utile rettificato per azione di $1,11.
Il Adjusted EBITDA annuale ha visto una crescita significativa, aumentando del 190% a $280,3 milioni. L'Adjusted EBITDA del segmento Sicurezza Antincendio è aumentato del 215% a $240,1 milioni, mentre i Prodotti Specializzati sono aumentati del 95% a $40,2 milioni. Nel quarto trimestre, le vendite nette sono cresciute del 45% a $86,2 milioni, con un reddito netto di $144,2 milioni ($0,90 per azione). L'azienda ha anche acquisito IMS, un produttore specializzato di circuiti stampati, per $32,8 milioni a dicembre 2024.
Perimeter Solutions (NYSE: PRM) reportó resultados financieros sólidos para el cuarto trimestre y el año completo 2024. Las ventas netas anuales aumentaron un 74% a $561.0 millones, con el segmento de Seguridad contra Incendios subiendo un 93% a $436.3 millones y Productos Especializados aumentando un 29% a $124.7 millones. A pesar de registrar una pérdida neta anual de $5.9 millones ($0.04 de pérdida por acción), la empresa logró un beneficio ajustado por acción de $1.11.
El Adjusted EBITDA anual experimentó un crecimiento significativo, aumentando un 190% a $280.3 millones. El Adjusted EBITDA del segmento de Seguridad contra Incendios subió un 215% a $240.1 millones, mientras que los Productos Especializados aumentaron un 95% a $40.2 millones. En el cuarto trimestre, las ventas netas crecieron un 45% a $86.2 millones, con un ingreso neto de $144.2 millones ($0.90 por acción). La empresa también adquirió IMS, un fabricante especializado de placas de circuitos impresos, por $32.8 millones en diciembre de 2024.
Perimeter Solutions (NYSE: PRM)는 2024년 4분기 및 전체 연도에 대한 강력한 재무 결과를 보고했습니다. 전체 연간 순매출은 $561.0 백만으로 74% 증가했으며, 화재 안전 부문은 93% 증가하여 $436.3 백만, 특수 제품은 29% 증가하여 $124.7 백만에 달했습니다. 연간 순손실이 $5.9 백만 ($0.04 손실 주당) 발생했음에도 불구하고, 회사는 조정된 주당 이익을 $1.11 달성했습니다.
연간 조정 EBITDA는 190% 증가하여 $280.3 백만에 도달했습니다. 화재 안전 부문의 조정 EBITDA는 215% 증가하여 $240.1 백만, 특수 제품은 95% 증가하여 $40.2 백만에 도달했습니다. 4분기에는 순매출이 45% 증가하여 $86.2 백만에 달했으며, 순이익은 $144.2 백만 ($0.90 주당)이었습니다. 회사는 또한 2024년 12월에 $32.8 백만에 인쇄 회로 기판 제조업체 IMS를 인수했습니다.
Perimeter Solutions (NYSE: PRM) a annoncé de solides résultats financiers pour le quatrième trimestre et l'ensemble de l'année 2024. Les ventes nettes annuelles ont augmenté de 74 % pour atteindre $561,0 millions, avec le segment Sécurité Incendie en hausse de 93 % à $436,3 millions et les Produits Spécialisés en hausse de 29 % à $124,7 millions. Malgré une perte nette annuelle de $5,9 millions ($0,04 de perte par action), la société a atteint un bénéfice ajusté par action de $1,11.
Le Adjusted EBITDA annuel a connu une croissance significative, augmentant de 190 % pour atteindre $280,3 millions. L'Adjusted EBITDA du segment Sécurité Incendie a augmenté de 215 % pour atteindre $240,1 millions, tandis que les Produits Spécialisés ont augmenté de 95 % pour atteindre $40,2 millions. Au quatrième trimestre, les ventes nettes ont augmenté de 45 % pour atteindre $86,2 millions, avec un revenu net de $144,2 millions ($0,90 par action). L'entreprise a également acquis IMS, un fabricant spécialisé de circuits imprimés, pour $32,8 millions en décembre 2024.
Perimeter Solutions (NYSE: PRM) hat starke Finanzergebnisse für das vierte Quartal und das gesamte Jahr 2024 bekannt gegeben. Der Nettoumsatz des Gesamtjahres stieg um 74% auf $561,0 Millionen, wobei das Segment Brandschutz um 93% auf $436,3 Millionen und Spezialprodukte um 29% auf $124,7 Millionen zulegten. Trotz eines Nettogewinns von $5,9 Millionen ($0,04 Verlust pro Aktie) erzielte das Unternehmen einen bereinigten Gewinn pro Aktie von $1,11.
Das Adjusted EBITDA des Gesamtjahres verzeichnete ein erhebliches Wachstum und stieg um 190% auf $280,3 Millionen. Das Adjusted EBITDA des Brandschutzsegments stieg um 215% auf $240,1 Millionen, während Spezialprodukte um 95% auf $40,2 Millionen zunahmen. Im vierten Quartal wuchsen die Nettoumsätze um 45% auf $86,2 Millionen, mit einem Nettogewinn von $144,2 Millionen ($0,90 pro Aktie). Das Unternehmen erwarb außerdem im Dezember 2024 IMS, einen spezialisierten Hersteller von Leiterplatten, für $32,8 Millionen.
- 74% increase in full-year net sales to $561.0 million
- 190% growth in full-year Adjusted EBITDA to $280.3 million
- Strong Q4 performance with net income of $144.2 million ($0.90 per share)
- Fire Safety segment showed 93% revenue growth
- Strategic expansion through IMS acquisition for $32.8 million
- Full-year net loss of $5.9 million compared to prior year net income of $67.5 million
- Earnings per share declined from $0.41 profit to $0.04 loss year-over-year
Insights
The financial results reveal a company executing a remarkable operational transformation while navigating complex market dynamics. The 74% increase in net sales to $561.0M demonstrates robust top-line growth, particularly in the Fire Safety segment which grew 93% to $436.3M. The Specialty Products segment's more modest 29% growth to $124.7M shows diversification benefits.
The contrast between GAAP and adjusted metrics tells an important story. While reporting a $5.9M net loss ($0.04 loss per share), the company achieved adjusted earnings of $1.11 per share and an impressive Adjusted EBITDA of $280.3M, nearly tripling from the previous year. This disparity typically reflects non-cash charges and one-time items that mask the underlying operational performance.
The operational efficiency gains are particularly noteworthy, with Adjusted EBITDA approximately doubling over three years despite minimal end-market contribution. This suggests successful internal optimization initiatives and improved cost management. The Fire Safety segment's 215% EBITDA growth against 93% revenue growth indicates significant operating leverage and margin expansion.
The $32.8M acquisition of IMS, a specialized PCB manufacturer, represents a strategic expansion into high-value electronic components. This diversification into technical manufacturing could provide new growth vectors and potentially higher-margin opportunities, though integration execution will be crucial.
Fourth quarter results show momentum carrying into year-end, with 45% revenue growth and a strong 193% increase in Adjusted EBITDA to $32.9M. The Fire Safety segment's 289% quarterly EBITDA growth suggests continued operational improvements and potentially favorable seasonal factors.
Full year Earnings (Loss) Per Diluted Share of (
Net Income (Loss) of (
Strong 2024 results demonstrate operational value driver transformation -- Adjusted EBITDA approximately doubled in three years with minimal end-market contribution
Acquired IMS for
Clayton, Missouri--(Newsfile Corp. - February 20, 2025) - Perimeter Solutions, Inc. (NYSE: PRM) ("Perimeter" or the "Company"), a leading global solutions provider for the Fire Safety and Specialty Products industries, today reported financial results for its fourth quarter, and full year, ended December 31, 2024.
Full Year 2024 Results
Full year net sales increased
74% to$561.0 million , as compared to$322.1 million in the prior year.Fire Safety net sales increased
93% to$436.3 million , as compared to$225.6 million in the prior year.Specialty Products net sales increased
29% to$124.7 million , as compared to$96.6 million in the prior year.
Full year net loss was
$5.9 million , or$0.04 loss per diluted share, as compared to net income of$67.5 million , or$0.41 earnings per diluted share in the prior year.Full year non-GAAP adjusted earnings per share was
$1.11 .Full year Adjusted EBITDA increased
190% to$280.3 million , as compared to$96.8 million in the prior year.Fire Safety Adjusted EBITDA increased
215% to$240.1 million , as compared to$76.2 million in the prior year.Specialty Products Adjusted EBITDA increased
95% to$40.2 million , as compared to$20.6 million in the prior year.
Reconciliation tables for full year and quarterly non-GAAP measures are available in the attached schedules.
Fourth Quarter 2024 Results
Net sales increased
45% to$86.2 million in the fourth quarter, as compared to$59.5 million in the prior-year quarter.Fire Safety net sales increased
72% to$60.7 million , as compared to$35.4 million in the prior year quarter.Specialty Products net sales increased
6% to$25.5 million , as compared to$24.1 million in the prior year quarter.
Net income during the fourth quarter was
$144.2 million , or$0.90 per diluted share, as compared to a net loss of$13.2 million , or$0.09 loss per diluted share in the prior year quarter.Fourth quarter non-GAAP adjusted earnings per share was
$0.13 .Adjusted EBITDA increased
193% to$32.9 million in the fourth quarter, as compared to$11.2 million in the prior year quarter.Fire Safety Adjusted EBITDA increased
289% to$27.2 million , as compared to$7.0 million in the prior year quarter.Specialty Products Adjusted EBITDA increased
34% to$5.6 million , as compared to$4.2 million in the prior year quarter.
Capital Allocation
- On December 24, 2024, the Company acquired
100% of the shares of IMS DE Holdings, LLC ("IMS") for$32.8 million . Based in Manchester, New Hampshire, IMS is a manufacturer of highly specialized printed circuit boards (PCBs).
Conference Call and Webcast
As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, February 20, 2025 to discuss financial results for the fourth quarter 2024. 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://ir.perimeter-solutions.com), 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 March 20, 2025 (11:59 p.m. ET).
About Perimeter Solutions
Perimeter Solutions is a leading global solutions provider for the Fire Safety and Specialty Products industries. The Company's business is organized and managed in two reporting segments: Fire Safety and Specialty Products. The Fire Safety segment is a formulator and manufacturer of fire management products that help our customers combat various types of fires, including wildland, structural, flammable liquids and other types of fires. Our Fire Safety segment 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 globally. 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 Specialty Products segment includes operations that develop, produce and market products for non-fire safety markets. The Company's largest end market application for our Specialty Products segment is Phosphorus Pentasulfide ("P2S5") based lubricant additives. P2S5 is also used in pesticide and mining chemicals applications, and emerging electric battery technologies.
Forward-looking Information
This press release may contain "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.
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 the Company'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 ("SEC"), including, but not limited to, the Company’s Annual Report on Form 10-K for the year ended December 31, 2024. Shareholders, 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, Inc.
CONTACT: ir@perimeter-solutions.com
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
(Unaudited)
| Three Months Ended December 31, | Year Ended December 31, | |||||||||||
| 2024 | 2023 | 2024 | 2023 | |||||||||
| Net sales | $ | 86,231 | $ | 59,455 | $ | 560,968 | $ | 322,108 | ||||
| Cost of goods sold | 44,336 | 40,717 | 243,882 | 193,813 | ||||||||
| Gross profit | 41,895 | 18,738 | 317,086 | 128,295 | ||||||||
| Operating expenses: | ||||||||||||
| Selling, general and administrative expense | 21,013 | 13,577 | 66,901 | 46,513 | ||||||||
| Amortization expense | 13,741 | 13,753 | 55,032 | 55,065 | ||||||||
| Founders advisory fees - related party | (54,789) | 325 | 198,308 | (108,481) | ||||||||
| Intangible impairment | — | — | — | 40,738 | ||||||||
| Other operating expense | 612 | — | 612 | 10 | ||||||||
| Total operating expenses | (19,423 | ) | 27,655 | 320,853 | 33,845 | |||||||
| Operating income (loss) | 61,318 | (8,917 | ) | (3,767 | ) | 94,450 | ||||||
| Other expense (income): | ||||||||||||
| Interest expense, net | 9,169 | 10,440 | 40,461 | 41,378 | ||||||||
| Gain on contingent earn-out | — | — | — | (7,273) | ||||||||
| Foreign currency loss (gain) | 2,280 | (2,411 | ) | 2,443 | (1,655) | |||||||
| Other (income) expense, net | (60 | ) | 388 | 192 | 417 | |||||||
| Total other expense, net | 11,389 | 8,417 | 43,096 | 32,867 | ||||||||
| Income (loss) before income taxes | 49,929 | (17,334 | ) | (46,863 | ) | 61,583 | ||||||
| Income tax benefit | 94,241 | 4,093 | 40,958 | 5,903 | ||||||||
| Net income (loss) | 144,170 | (13,241 | ) | (5,905 | ) | 67,486 | ||||||
| Other comprehensive (loss) income, net of tax: | ||||||||||||
| Foreign currency translation adjustments | (23,627 | ) | 10,626 | (19,522 | ) | 5,761 | ||||||
| Total comprehensive income (loss) | $ | 120,543 | $ | (2,615) | $ | (25,427) | $ | 73,247 | ||||
| Earnings (loss) per share: | ||||||||||||
| Basic | $ | 0.98 | $ | (0.09) | $ | (0.04) | $ | 0.44 | ||||
| Diluted | $ | 0.90 | $ | (0.09) | $ | (0.04) | $ | 0.41 | ||||
| Weighted average number of shares outstanding: | ||||||||||||
| Basic | 147,058,719 | 150,833,523 | 145,713,439 | 154,666,717 | ||||||||
| Diluted | 160,931,755 | 150,833,523 | 145,713,439 | 166,452,022 | ||||||||
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
(in thousands, except share and per share data)
(Unaudited)
| December 31, 2024 | December 31, 2023 | |||||
| Assets | ||||||
| Current assets: | ||||||
| Cash and cash equivalents | $ | 198,456 | $ | 47,276 | ||
| Accounts receivable, net | 56,048 | 39,593 | ||||
| Inventories | 116,347 | 145,652 | ||||
| Prepaid expenses and other current assets | 23,173 | 18,493 | ||||
| Total current assets | 394,024 | 251,014 | ||||
| Property, plant, and equipment, net | 64,777 | 59,402 | ||||
| Operating lease right-of-use assets | 17,298 | 16,339 | ||||
| Finance lease right-of-use assets | 6,173 | 6,064 | ||||
| Goodwill | 1,034,543 | 1,036,279 | ||||
| Customer lists, net | 637,745 | 674,786 | ||||
| Technology and patents, net | 173,307 | 180,653 | ||||
| Tradenames, net | 87,365 | 89,568 | ||||
| Other assets, net | 1,162 | 1,317 | ||||
| Total assets | $ | 2,416,394 | $ | 2,315,422 | ||
| Liabilities and Shareholders Equity | ||||||
| Current liabilities: | ||||||
| Accounts payable | $ | 23,519 | $ | 21,639 | ||
| Accrued expenses and other current liabilities | 30,450 | 30,710 | ||||
| Founders advisory fees payable - related party | 6,677 | 2,702 | ||||
| Deferred revenue | 1,842 | — | ||||
| Total current liabilities | 62,488 | 55,051 | ||||
| Long-term debt, net | 667,774 | 666,494 | ||||
| Operating lease liabilities, net of current portion | 15,540 | 14,908 | ||||
| Finance lease liabilities, net of current portion | 6,013 | 5,547 | ||||
| Deferred income taxes | 152,203 | 253,454 | ||||
| Founders advisory fees payable - related party | 240,083 | 56,917 | ||||
| Preferred stock | 109,966 | 105,799 | ||||
| Preferred stock - related party | 2,831 | 2,764 | ||||
| Other liabilities | 2,226 | 2,193 | ||||
| Total liabilities | 1,259,124 | 1,163,127 | ||||
| Commitments and contingencies | ||||||
| Shareholders' equity: | ||||||
| Common stock, 169,426,114 shares issued; 147,822,633 shares outstanding at December 31, 2024 | 17 | — | ||||
| Ordinary shares, | — | 165,067 | ||||
| Treasury shares, at cost; 21,603,481 and 18,615,190 shares at December 31, 2024 and 2023, respectively | (127,827 | ) | (113,407) | |||
| Additional paid-in capital | 1,911,035 | 1,701,163 | ||||
| Accumulated other comprehensive loss | (39,232 | ) | (19,710) | |||
| Accumulated deficit | (586,723 | ) | (580,818) | |||
| Total shareholders' equity | 1,157,270 | 1,152,295 | ||||
| Total liabilities and shareholders' equity | $ | 2,416,394 | $ | 2,315,422 |
PERIMETER SOLUTIONS, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
| Year Ended December 31, | ||||||
| 2024 | 2023 | |||||
| Cash flows from operating activities: | ||||||
| Net (loss) income | $ | (5,905) | $ | 67,486 | ||
| Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||
| Founders advisory fees - related party (change in fair value) | 198,308 | (108,481) | ||||
| Depreciation and amortization expense | 65,718 | 64,855 | ||||
| Interest and payment-in-kind on preferred shares | 7,057 | 6,792 | ||||
| Share-based compensation | 12,849 | 1,596 | ||||
| Non-cash lease expense | 5,070 | 5,248 | ||||
| Deferred income taxes | (99,557 | ) | (25,816) | |||
| Intangible impairment | — | 40,738 | ||||
| Amortization of deferred financing costs | 1,730 | 1,664 | ||||
| Gain on contingent earn-out | — | (7,273) | ||||
| Foreign currency loss (gain) | 2,443 | (1,655) | ||||
| Loss on disposal of assets | 66 | 139 | ||||
| Changes in operating assets and liabilities, net of acquisitions: | ||||||
| Accounts receivable | (13,293 | ) | (14,435) | |||
| Inventories | 29,872 | (2,044) | ||||
| Prepaid expenses and current other assets | (843 | ) | 1,014 | |||
| Accounts payable | (754 | ) | (15,335) | |||
| Deferred revenue | 1,842 | — | ||||
| Income taxes payable, net | (13,299 | ) | (3,498) | |||
| Accrued expenses and other current liabilities | 4,306 | (1,758) | ||||
| Founders advisory fees - related party (cash settled) | (2,702 | ) | (4,655) | |||
| Operating lease liabilities | (3,278 | ) | (4,182) | |||
| Financing lease liabilities | (501 | ) | (282) | |||
| Other, net | (741 | ) | 75 | |||
| Net cash provided by operating activities | 188,388 | 193 | ||||
| Cash flows from investing activities: | ||||||
| Purchase of property and equipment | (15,531 | ) | (9,435) | |||
| Proceeds from short-term investments | 5,383 | — | ||||
| Purchase of short-term investments | — | (5,459) | ||||
| Purchase of businesses, net of cash acquired | (32,792 | ) | — | |||
| Net cash used in investing activities | (42,940 | ) | (14,894) | |||
| Cash flows from financing activities: | ||||||
| Ordinary shares repurchased | (14,420 | ) | (64,066) | |||
| Proceeds from exercise of warrants | 23,509 | — | ||||
| Principal payments on finance lease obligations | (740 | ) | (387) | |||
| Net cash provided by (used in) financing activities | 8,349 | (64,453) | ||||
| Effect of foreign currency on cash and cash equivalents | (2,617 | ) | (320) | |||
| Net change in cash and cash equivalents | 151,180 | (79,474) | ||||
| Cash and cash equivalents, beginning of period | 47,276 | 126,750 | ||||
| Cash and cash equivalents, end of period | $ | 198,456 | $ | 47,276 | ||
| Supplemental disclosures of cash flow information: | ||||||
| Cash paid for interest | $ | 37,317 | $ | 37,005 | ||
| Cash paid for income taxes | $ | 74,559 | $ | 25,960 | ||
| Non-cash activities: | ||||||
| Liability portion of founders advisory fees - related party reclassified to additional paid in capital | $ | 8,464 | $ | 2,618 | ||
Non-GAAP Financial Metrics
The Company provides non-GAAP financial measures for adjusted EBITDA, adjusted net income, and adjusted earnings per share data as supplemental information regarding the Company's business performance. The Company believes that these non-GAAP financial measures are useful to investors because they provide investors with a better understanding of the Company's past financial performance and future results. The Company's management uses these non-GAAP financial measures when it internally evaluates the performance of its business and makes operating decisions, including internal operating budgeting, performance measurement, and discretionary compensation.
Adjusted EBITDA
The computation of Adjusted EBITDA is defined as net income (loss) 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. These items include (i) restructuring and transaction related costs (ii) founder advisory fee expenses, (iii) stock compensation expense and (iv) foreign currency loss (gain). To supplement the Company's consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of adjusted EBITDA, which is a non-GAAP measure used by the Company's management and by external users of Perimeter's financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EBITDA should not be considered an alternative to net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands).
| (Unaudited) | Three Months Ended December 31, 2024 | Three Months Ended December 31, 2023 | ||||||||||||||||
| Fire Safety | Specialty Products | Total | Fire Safety | Specialty Products | Total | |||||||||||||
| Income (loss) before income taxes | $ | 45,304 | $ | 4,625 | $ | 49,929 | $ | (17,741 | ) | $ | 407 | $ | (17,334) | |||||
| Depreciation and amortization | 12,858 | 3,645 | 16,503 | 12,888 | 3,474 | 16,362 | ||||||||||||
| Interest and financing expense | 9,694 | (525 | ) | 9,169 | 9,654 | 786 | 10,440 | |||||||||||
| Founders advisory fees - related party | (46,936 | ) | (7,853 | ) | (54,789 | ) | 256 | 69 | 325 | |||||||||
| Non-recurring expenses (1) | 3,743 | 1,238 | 4,981 | 1,385 | 719 | 2,104 | ||||||||||||
| Share-based compensation expense | 2,735 | 2,066 | 4,801 | 1,542 | 184 | 1,726 | ||||||||||||
| Foreign currency (gain) loss | (154 | ) | 2,434 | 2,280 | (979 | ) | (1,432 | ) | (2,411) | |||||||||
| Adjusted EBITDA | $ | 27,244 | $ | 5,630 | $ | 32,874 | $ | 7,005 | $ | 4,207 | $ | 11,212 | ||||||
(1) For the three months ended December 31, 2024,
| (Unaudited) | Year Ended December 31, 2024 | Year Ended December 31, 2023 | ||||||||||||||||
| Fire Safety | Specialty Products | Total | Fire Safety | Specialty Products | Total | |||||||||||||
| (Loss) income before income taxes | $ | (35,277 | ) | $ | (11,586) | $ | (46,863) | $ | 36,073 | $ | 25,510 | $ | 61,583 | |||||
| Depreciation and amortization | 51,365 | 14,353 | 65,718 | 51,178 | 13,677 | 64,855 | ||||||||||||
| Interest and financing expense | 39,547 | 914 | 40,461 | 38,305 | 3,073 | 41,378 | ||||||||||||
| Founders advisory fees - related party | 169,886 | 28,422 | 198,308 | (85,422) | (23,059) | (108,481) | ||||||||||||
| Intangible impairment | — | — | — | 40,738 | — | 40,738 | ||||||||||||
| Non-recurring expenses (1) | 5,559 | 1,819 | 7,378 | 2,687 | 1,359 | 4,046 | ||||||||||||
| Share-based compensation expense | 8,545 | 4,304 | 12,849 | 592 | 1,004 | 1,596 | ||||||||||||
| Gain on contingent earn-out | — | — | — | (7,273) | — | (7,273) | ||||||||||||
| Foreign currency loss (gain) | 496 | 1,947 | 2,443 | (664) | (991) | (1,655) | ||||||||||||
| Adjusted EBITDA | $ | 240,121 | $ | 40,173 | $ | 280,294 | $ | 76,214 | $ | 20,573 | $ | 96,787 | ||||||
(1) For the year ended December 31, 2024,
Adjusted Earnings Per Share
The computation of Adjusted Earnings Per Share ("Adjusted EPS") is defined as adjusted net income divided by adjusted diluted shares. Adjusted net income is defined as net income plus amortization, certain non-recurring, unusual or non-operational items, and the tax impact of these non-GAAP adjustments. These adjustments include (i) restructuring and transaction related costs (ii) founder advisory fee expenses, (iii) stock compensation expense and (iv) foreign currency loss (gain). Adjusted diluted shares is the weighted average diluted shares outstanding, adjusted by adding dilution for options and warrants excluded under GAAP due to a net loss, less dilution related to Founders advisory fees. To supplement the Company's condensed consolidated financial statements presented in accordance with U.S. GAAP, Perimeter is providing a summary to show the computations of Adjusted EPS, which is a non-GAAP measure used by the Company's management and by external users of Perimeter's financial statements, such as debt and equity investors, commercial banks and others, to assess the Company's operating performance as compared to that of other companies, without regard to financing methods, capital structure or historical cost basis. Adjusted EPS and adjusted net income should not be considered alternatives to GAAP earnings per share ("GAAP EPS"), net income (loss), operating income (loss), cash flows provided by (used in) operating activities or any other measure of financial performance or liquidity presented in accordance with U.S. GAAP (in thousands, except share and per share data).
| (Unaudited) | Three Months Ended December 31, 2024 | Year Ended December 31, 2024 | |||||
| GAAP net income (loss) | $ | 144,170 | $ | (5,905) | |||
| Adjustments: | |||||||
| Amortization | 13,741 | 55,032 | |||||
| Founders advisory fees - related party | (54,789 | ) | 198,308 | ||||
| Non-recurring expenses (1) | 4,981 | 7,378 | |||||
| Share-based compensation expense | 4,801 | 12,849 | |||||
| Foreign currency loss | 2,280 | 2,443 | |||||
| Tax impact of non-GAAP adjustments (2) | (96,136 | ) | (106,715) | ||||
| Adjusted net income | $ | 19,048 | $ | 163,390 | |||
| Shares used in computing GAAP Earnings Per Share (diluted) | 160,931,755 | 145,713,439 | |||||
| Options (3) | — | 1,446,487 | |||||
| Warrants (3) | — | 49,876 | |||||
| Shares underlying Founders fixed advisory fees (4) | (9,428,244 | ) | — | ||||
| Shares underlying Founders variable advisory fees (5) | — | — | |||||
| Shares used in computing Adjusted Earnings Per Share (diluted) | 151,503,511 | 147,209,802 | |||||
| | |||||||
| GAAP Earnings (Loss) Per Share (diluted) | $ | 0.90 | $ | (0.04) | |||
| Adjusted Earnings Per Share (diluted) | $ | 0.13 | $ | 1.11 | |||
____________________
(1)For the three months ended December 31, 2024,
(2)The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.
(3)The Company adds back the dilutive impact of options and warrants if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.
(4)As of December 31, 2024, a maximum of 2.4 million shares were expected to be issued within 12 months under the Founders fixed advisory fee. On January 30, 2025, the founders elected to receive 1.8 million shares and
(5)Based on period end market prices, no shares were issuable under the Founders variable advisory fee.
| (Unaudited) | Three Months Ended September 30, 2024 | Nine Months Ended September 30, 2024 | ||||||
| GAAP net loss | $ | (89,167 | ) | $ | (150,075) | |||
| Adjustments: | ||||||||
| Amortization | 13,765 | 41,291 | ||||||
| Founders advisory fees - related party | 184,176 | 253,097 | ||||||
| Non-recurring expenses (1) | 1,834 | 2,397 | ||||||
| Share-based compensation expense | 3,312 | 8,048 | ||||||
| Foreign currency (gain) loss | (1,354 | ) | 163 | |||||
| Tax impact of non-GAAP adjustments (2) | (1,947 | ) | (10,579) | |||||
| Adjusted net income | $ | 110,619 | $ | 144,342 | ||||
| Shares used in computing GAAP Earnings Per Share (diluted) | 145,222,189 | 145,247,477 | ||||||
| Options (3) | 1,540,658 | 513,553 | ||||||
| Warrants (3) | — | — | ||||||
| Shares underlying Founders fixed advisory fees (4) | — | — | ||||||
| Shares underlying Founders variable advisory fees (5) | — | — | ||||||
| Shares used in computing Adjusted Earnings Per Share (diluted) | 146,762,847 | 145,761,030 | ||||||
| GAAP Loss Per Share (diluted) | $ | (0.61 | ) | $ | (1.03) | |||
| Adjusted Earnings Per Share (diluted) | $ | 0.75 | $ | 0.99 | ||||
____________________
(1)For the three months ended September 30, 2024,
(2)The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.
(3)The Company adds back the dilutive impact of options and warrants if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.
(4)As of September 30, 2024, a maximum of 2.4 million shares were expected to be issued within 12 months under the Founders fixed advisory fee.
(5)Based on period end market prices, no shares were issuable under the Founders variable advisory fee.
| (Unaudited) | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2024 | ||||||
| GAAP net income (loss) | $ | 21,650 | $ | (60,908) | ||||
| Adjustments: | ||||||||
| Amortization | 13,755 | 27,526 | ||||||
| Founders advisory fees - related party | 588 | 68,921 | ||||||
| Non-recurring expenses (1) | 23 | 563 | ||||||
| Share-based compensation expense | 2,994 | 4,736 | ||||||
| Foreign currency loss | 224 | 1,517 | ||||||
| Tax impact of non-GAAP adjustments (2) | (3,441 | ) | (8,632) | |||||
| Adjusted net income | $ | 35,793 | $ | 33,723 | ||||
| Shares used in computing GAAP Earnings Per Share (diluted) | 154,664,770 | 145,279,938 | ||||||
| Options (3) | — | — | ||||||
| Warrants (3) | — | — | ||||||
| Shares underlying Founders fixed advisory fees (4) | (9,428,244 | ) | — | |||||
| Shares underlying Founders variable advisory fees (5) | — | — | ||||||
| Shares used in computing Adjusted Earnings Per Share (diluted) | 145,236,526 | 145,279,938 | ||||||
| GAAP Earnings (Loss) Per Share (diluted) | $ | 0.14 | $ | (0.42) | ||||
| Adjusted Earnings Per Share (diluted) | $ | 0.25 | $ | 0.23 | ||||
____________________
(1)For the six months ended June 30, 2024,
(2)The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.
(3)The Company adds back the dilutive impact of options and warrants if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.
(4)As of June 30, 2024, and a maximum of 2.4 million shares were expected to be issued within 12 months under the Founders fixed advisory fee.
(5)Based on period end market prices, no shares were issuable under the Founders variable advisory fee.
| (Unaudited) | Three Months Ended March 31, 2024 | ||||
| GAAP net loss | $ | (82,558) | |||
| Adjustments: | |||||
| Amortization | 13,771 | ||||
| Founders advisory fees - related party | 68,333 | ||||
| Non-recurring expenses (1) | 540 | ||||
| Share-based compensation expense | 1,742 | ||||
| Foreign currency loss | 1,293 | ||||
| Tax impact of non-GAAP adjustments (2) | (5,191) | ||||
| Adjusted net loss | $ | (2,070) | |||
| Shares used in computing GAAP Earnings Per Share (diluted) | 145,326,933 | ||||
| Options (3) | — | ||||
| Warrants (3) | — | ||||
| Shares underlying Founders fixed advisory fees (4) | — | ||||
| Shares underlying Founders variable advisory fees (5) | — | ||||
| Shares used in computing Adjusted Earnings Per Share (diluted) | 145,326,933 | ||||
| GAAP Loss Per Share (diluted) | $ | (0.57) | |||
| Adjusted Loss Per Share (diluted) | $ | (0.01) | |||
____________________
(1)For the three months ended March 30, 2024,
(2)The tax impact of non-GAAP adjustments reflects the total income tax expense commensurate with the non-GAAP measure of profitability.
(3)The Company adds back the dilutive impact of options and warrants if amounts were excluded for purposes of GAAP EPS due to GAAP net loss during the period.
(4)As of March 31, 2024, a maximum of 2.4 million shares were expected to be issued within 12 months under the Founders fixed advisory fee.
(5)Based on period end market prices, no shares were issuable under the Founders variable advisory fee.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/241492
FAQ
What was Perimeter Solutions (PRM) revenue growth in 2024?
How much did PRM's Fire Safety segment grow in 2024?
What was the value of PRM's IMS acquisition in December 2024?
What was PRM's Q4 2024 earnings per share?
How did PRM's Adjusted EBITDA perform in 2024?
