Perimeter Solutions Reports Second Quarter 2024 Financial Results
Perimeter Solutions (NYSE: PRM) reported strong Q2 2024 financial results. Net sales increased 67% to $127.3 million, with Fire Safety sales up 85% to $98.5 million and Specialty Products sales up 25% to $28.7 million. Adjusted EBITDA surged 209% to $64.9 million. However, net income decreased to $21.7 million ($0.14 per diluted share) from $52.0 million in Q2 2023.
Year-to-date 2024 results showed a 55% increase in net sales to $186.3 million. Despite this, the company reported a net loss of $60.9 million (-$0.42 per diluted share). Adjusted EBITDA for the period increased by 220% to $77.0 million. The company attributes these improvements to rigorous operational value drivers and supportive demand in both business segments.
Perimeter Solutions (NYSE: PRM) ha riportato risultati finanziari solidi per il secondo trimestre del 2024. Le vendite nette sono aumentate del 67% a $127,3 milioni, con le vendite nel settore Sicurezza Antincendio in crescita dell'85% a $98,5 milioni e le vendite di Prodotti Specializzati aumentate del 25% a $28,7 milioni. L'EBITDA rettificato è esploso del 209% a $64,9 milioni. Tuttavia, l'utile netto è diminuito a $21,7 milioni ($0,14 per azione diluita) rispetto ai $52,0 milioni del secondo trimestre del 2023.
I risultati da inizio anno del 2024 mostrano un incremento del 55% delle vendite nette a $186,3 milioni. Nonostante ciò, l'azienda ha riportato una perdita netta di $60,9 milioni (-$0,42 per azione diluita). L'EBITDA rettificato per il periodo è aumentato del 220% a $77,0 milioni. L'azienda attribuisce questi miglioramenti a rigorosi fattori di valore operativo e a una domanda favorevole in entrambi i segmenti di business.
Perimeter Solutions (NYSE: PRM) reportó sólidos resultados financieros para el segundo trimestre de 2024. Las ventas netas aumentaron un 67% a $127.3 millones, con las ventas en Seguridad Contra Incendios subiendo un 85% a $98.5 millones y las ventas de Productos Especializados aumentando un 25% a $28.7 millones. El EBITDA ajustado se disparó un 209% a $64.9 millones. Sin embargo, la utilidad neta disminuyó a $21.7 millones ($0.14 por acción diluida) desde $52.0 millones en el segundo trimestre de 2023.
Los resultados acumulados del año 2024 mostraron un incremento del 55% en las ventas netas a $186.3 millones. A pesar de esto, la compañía reportó una pérdida neta de $60.9 millones (-$0.42 por acción diluida). El EBITDA ajustado para el período aumentó un 220% a $77.0 millones. La compañía atribuye estas mejoras a rigurosos impulsores de valor operativo y a una demanda favorable en ambos segmentos de negocio.
Perimeter Solutions (NYSE: PRM)는 2024년 2분기 강력한 재무 실적을 보고했습니다. 순매출이 67% 증가하여 $127.3 백만 달러에 달했습니다, 화재 안전 매출은 85% 증가하여 $98.5 백만 달러, 특수 제품 매출은 25% 증가하여 $28.7 백만 달러에 도달했습니다. 조정된 EBITDA는 209% 급증하여 $64.9 백만 달러에 이르렀습니다. 하지만 순이익은 2023년 2분기의 $52.0 백만 달러에서 $21.7 백만 달러 ($0.14 희석주당)로 감소했습니다.
2024년 연간 실적은 순매출이 55% 증가하여 $186.3 백만 달러에 달했습니다. 그럼에도 불구하고 회사는 $60.9 백만 달러 (-$0.42 희석주당)의 순손실을 보고했습니다. 해당 기간의 조정된 EBITDA는 220% 증가하여 $77.0 백만 달러에 이르렀습니다. 회사는 이러한 개선을 엄격한 운영 가치 요인과 두 사업 부문에서의 우호적인 수요 덕분이라고 설명하고 있습니다.
Perimeter Solutions (NYSE: PRM) a rapporté de solides résultats financiers pour le deuxième trimestre 2024. Les ventes nettes ont augmenté de 67 % pour atteindre 127,3 millions de dollars, avec des ventes dans le secteur de la sécurité incendie en hausse de 85 % à 98,5 millions de dollars et des ventes de produits spécialisés en hausse de 25 % à 28,7 millions de dollars. L'EBITDA ajusté a explosé de 209 % pour atteindre 64,9 millions de dollars. Cependant, le résultat net a chuté à 21,7 millions de dollars (0,14 $ par action diluée) contre 52,0 millions de dollars au deuxième trimestre 2023.
Les résultats depuis le début de l'année 2024 ont montré une augmentation de 55 % des ventes nettes pour atteindre 186,3 millions de dollars. Malgré cela, l'entreprise a déclaré une perte nette de 60,9 millions de dollars (-0,42 $ par action diluée). L'EBITDA ajusté pour la période a augmenté de 220 % à 77,0 millions de dollars. L'entreprise attribue ces améliorations à des moteurs de valeur opérationnels rigoureux et à une demande soutenue dans les deux segments d'activité.
Perimeter Solutions (NYSE: PRM) hat für das zweite Quartal 2024 starke Finanzergebnisse vorgestellt. Der Nettoumsatz stieg um 67% auf 127,3 Millionen US-Dollar, die Verkäufe im Bereich Brandschutz erhöhten sich um 85% auf 98,5 Millionen US-Dollar und die Verkäufe von Spezialprodukten stiegen um 25% auf 28,7 Millionen US-Dollar. Das bereinigte EBITDA stieg um 209% auf 64,9 Millionen US-Dollar. Dennoch sank der Nettogewinn auf 21,7 Millionen US-Dollar (0,14 US-Dollar je verwässerte Aktie) im Vergleich zu 52,0 Millionen US-Dollar im zweiten Quartal 2023.
Die Ergebnisse bis heute im Jahr 2024 zeigten einen 55% Anstieg des Nettoumsatzes auf 186,3 Millionen US-Dollar. Trotz dessen berichtete das Unternehmen einen Nettoverlust von 60,9 Millionen US-Dollar (-0,42 US-Dollar je verwässerte Aktie). Das bereinigte EBITDA für den Zeitraum stieg um 220% auf 77,0 Millionen US-Dollar. Das Unternehmen führt diese Verbesserungen auf strenge operative Werttreiber und unterstützende Nachfrage in beiden Geschäftsbereichen zurück.
- Net sales increased 67% year-over-year to $127.3 million in Q2 2024
- Fire Safety sales grew 85% to $98.5 million in Q2 2024
- Specialty Products sales increased 25% to $28.7 million in Q2 2024
- Q2 2024 Adjusted EBITDA surged 209% to $64.9 million
- Year-to-date net sales increased 55% to $186.3 million
- Year-to-date Adjusted EBITDA grew 220% to $77.0 million
- Q2 2024 net income decreased to $21.7 million from $52.0 million in Q2 2023
- Year-to-date net loss of $60.9 million compared to net income of $61.4 million in the prior year period
- Diluted EPS decreased to $0.14 in Q2 2024 from $0.31 in Q2 2023
- Year-to-date diluted EPS decreased to -$0.42 from $0.36 in the prior year period
Insights
Perimeter Solutions' Q2 2024 results demonstrate robust growth across both its Fire Safety and Specialty Products segments. The company's net sales surged by
However, it's important to note the substantial decrease in net income, which fell from
On a positive note, Adjusted EBITDA saw a remarkable increase of
For investors, the divergence between net income and Adjusted EBITDA trends highlights the importance of understanding the company's non-GAAP adjustments and their implications for long-term profitability. The strong sales growth and EBITDA improvement are positive indicators, but the decline in net income raises questions about sustainable profitability that should be closely monitored in future quarters.
Perimeter Solutions' Q2 results reflect a robust demand environment for both fire safety products and specialty chemicals. The
The Specialty Products segment's
Year-to-date figures reinforce these trends, with Fire Safety and Specialty Products growing
However, investors should be cautious about extrapolating these growth rates into the future. The fire safety market, in particular, can be volatile and dependent on environmental factors. The company's ability to maintain this growth trajectory will depend on both external market conditions and its internal capacity to scale operations efficiently.
Overall, Perimeter Solutions appears to be outperforming its market segments, but sustainability of this growth and its translation into bottom-line results will be key factors to watch in upcoming quarters.
Strong Q2 and YTD financial results in both Fire Safety and Specialty Products
Improvements driven by rigorous operational value drivers implementation, as well as supportive demand backdrops, in both businesses
Actively supporting our customers' life-saving missions during the 2024 fire season
Clayton, Missouri--(Newsfile Corp. - August 1, 2024) - Perimeter Solutions, SA (NYSE: PRM) ("Perimeter" or the "Company"), a leading provider of mission-critical firefighting products and services, as well as high-quality phosphorus-based specialty chemicals, today reported financial results for its second quarter ended June 30, 2024.
Second Quarter 2024 Results
Net sales increased
67% to$127.3 million in the second quarter, as compared to$76.1 million in the prior year quarter.Fire Safety sales increased
85% to$98.5 million , as compared to$53.1 million in the prior year quarter.Specialty Products sales increased
25% to$28.7 million , as compared to$23.0 million in the prior year quarter.
Net Income during the second quarter was
$21.7 million , or$0.14 per diluted share, a decrease of$30.3 million from net income of$52.0 million , or$0.31 per diluted share in the prior year quarter.Adjusted EBITDA increased
209% to$64.9 million in the second quarter, as compared to$21.0 million in the prior year quarter.Fire Safety Adjusted EBITDA increased
237% to$55.6 million , as compared to$16.5 million in the prior year quarter.Specialty Products Adjusted EBITDA increased
108% to$9.3 million , as compared to$4.5 million in the prior year quarter.
Year-to-Date 2024 Results
Net sales increased
55% to$186.3 million during the year-to-date period, as compared to$120.0 million in the prior-year period.Fire Safety sales increased
72% to$123.7 million , as compared to$71.9 million in the prior year period.Specialty Products sales increased
30% to$62.6 million , as compared to$48.1 million in the prior year period.
Net loss during the year-to-date period was
$60.9 million , or$0.42 per diluted share, an increase of$122.3 million from a net income of$61.4 million , or$0.36 per diluted share in the prior year period.Adjusted EBITDA increased
220% to$77.0 million in the year-to-date period, as compared to$24.1 million in the prior year period.Fire Safety Adjusted EBITDA increased
321% to$55.4 million , as compared to$13.2 million in the prior year period.Specialty Products Adjusted EBITDA increased
98% to$21.6 million , as compared to$10.9 million in the prior year period.
Conference Call and Webcast
As previously announced, Perimeter Solutions management will hold a conference call at 8:30 a.m. ET on Thursday, August 1, 2024 to discuss financial results for the second 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 August 31, 2024.
About Perimeter Solutions
Perimeter Solutions is a leading global solutions provider, providing high-quality firefighting products and phosphorus-based specialty chemicals. The Company's business is organized and managed in two reporting segments: Fire Safety and Specialty Products.
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 Specialty Products 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 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 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 ("SEC"), including, but not limited to, the Company's Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 22, 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, SA.
CONTACT: ir@perimeter-solutions.com
PERIMETER SOLUTIONS, SA AND SUBSIDIARIES
Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)
(in thousands, except share and per share data)
(Unaudited)
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||
Net sales | $ | 127,276 | $ | 76,137 | $ | 186,320 | $ | 119,995 | |||
Cost of goods sold | 54,009 | 46,811 | 92,351 | 80,271 | |||||||
Gross profit | 73,267 | 29,326 | 93,969 | 39,724 | |||||||
Operating expenses: | |||||||||||
Selling, general and administrative expense | 13,906 | 12,226 | 27,368 | 20,243 | |||||||
Amortization expense | 13,755 | 13,771 | 27,526 | 27,534 | |||||||
Founders advisory fees - related party | 588 | (60,026) | 68,921 | (84,262) | |||||||
Other operating expense | — | 8 | — | 10 | |||||||
Total operating expenses | 28,249 | (34,021) | 123,815 | (36,475) | |||||||
Operating income (loss) | 45,018 | 63,347 | (29,846) | 76,199 | |||||||
Other expense (income): | |||||||||||
Interest expense, net | 10,590 | 10,344 | 21,238 | 20,490 | |||||||
Loss on contingent earn-out | — | 146 | — | 392 | |||||||
Foreign currency loss (gain) | 224 | 93 | 1,517 | (628) | |||||||
Other expense, net | 74 | 17 | 101 | 89 | |||||||
Total other expense, net | 10,888 | 10,600 | 22,856 | 20,343 | |||||||
Income (loss) before income taxes | 34,130 | 52,747 | (52,702) | 55,856 | |||||||
Income tax (expense) benefit | (12,480) | (733) | (8,206) | 5,589 | |||||||
Net income (loss) | 21,650 | 52,014 | (60,908) | 61,445 | |||||||
Other comprehensive income (loss), net of tax: | |||||||||||
Foreign currency translation adjustments | (989) | 2,215 | (6,532) | 3,808 | |||||||
Total comprehensive income (loss) | $ | 20,661 | $ | 54,229 | $ | (67,440) | $ | 65,253 | |||
Earnings (loss) per share: | |||||||||||
Basic | $ | 0.15 | $ | 0.33 | $ | (0.42) | $ | 0.39 | |||
Diluted | $ | 0.14 | $ | 0.31 | $ | (0.42) | $ | 0.36 | |||
Weighted average number of ordinary shares outstanding: | |||||||||||
Basic | 145,236,526 | 156,525,006 | 145,279,938 | 157,109,418 | |||||||
Diluted | 154,664,770 | 168,310,311 | 145,279,938 | 168,894,723 |
PERIMETER SOLUTIONS, SA AND SUBSIDIARIES
Condensed Consolidated Balance Sheets
(in thousands, except share and per share data)
June 30, 2024 | December 31, 2023 | |||||
Assets | (Unaudited) | |||||
Current assets: | ||||||
Cash and cash equivalents | $ | 43,162 | $ | 47,276 | ||
Accounts receivable, net | 96,321 | 39,593 | ||||
Inventories | 142,172 | 145,652 | ||||
Prepaid expenses and other current assets | 13,662 | 18,493 | ||||
Total current assets | 295,317 | 251,014 | ||||
Property, plant, and equipment, net | 59,369 | 59,402 | ||||
Operating lease right-of-use assets | 15,446 | 16,339 | ||||
Finance lease right-of-use assets | 6,553 | 6,064 | ||||
Goodwill | 1,030,180 | 1,036,279 | ||||
Customer lists, net | 653,472 | 674,786 | ||||
Technology and patents, net | 173,456 | 180,653 | ||||
Tradenames, net | 86,745 | 89,568 | ||||
Other assets, net | 1,092 | 1,317 | ||||
Total assets | $ | 2,321,630 | $ | 2,315,422 | ||
Liabilities and Shareholders Equity | ||||||
Current liabilities: | ||||||
Accounts payable | $ | 21,805 | $ | 21,639 | ||
Accrued expenses and other current liabilities | 42,991 | 30,710 | ||||
Founders advisory fees payable - related party | 9,129 | 2,702 | ||||
Deferred revenue | 7,927 | — | ||||
Total current liabilities | 81,852 | 55,051 | ||||
Long-term debt, net | 667,125 | 666,494 | ||||
Operating lease liabilities, net of current portion | 14,068 | 14,908 | ||||
Finance lease liabilities, net of current portion | 6,063 | 5,547 | ||||
Deferred income taxes | 247,809 | 253,454 | ||||
Founders advisory fees payable - related party | 116,708 | 56,917 | ||||
Redeemable preferred shares | 107,862 | 105,799 | ||||
Redeemable preferred shares - related party | 2,818 | 2,764 | ||||
Other liabilities | 2,151 | 2,193 | ||||
Total liabilities | 1,246,456 | 1,163,127 | ||||
Commitments and contingencies | ||||||
Shareholders' equity: | ||||||
Ordinary shares, | 166,825 | 165,067 | ||||
Treasury shares, at cost; 21,603,082 and 18,615,190 shares at June 30, 2024 and December 31, 2023, respectively | (127,824) | (113,407) | ||||
Additional paid-in capital | 1,704,141 | 1,701,163 | ||||
Accumulated other comprehensive loss | (26,242) | (19,710) | ||||
Accumulated deficit | (641,726) | (580,818) | ||||
Total shareholders' equity | 1,075,174 | 1,152,295 | ||||
Total liabilities and shareholders' equity | $ | 2,321,630 | $ | 2,315,422 |
PERIMETER SOLUTIONS, SA AND SUBSIDIARIES
Condensed Consolidated Statements of Cash Flows
(in thousands)
(Unaudited)
Six Months Ended June 30, 2024 | ||||||
2024 | 2023 | |||||
Cash flows from operating activities: | ||||||
Net (loss) income | $ | (60,908) | $ | 61,445 | ||
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities: | ||||||
Founders advisory fees - related party (change in fair value) | 68,921 | (84,262) | ||||
Depreciation and amortization expense | 32,771 | 32,217 | ||||
Interest and payment-in-kind on preferred shares | 3,528 | 3,396 | ||||
Share-based compensation | 4,736 | (1,879) | ||||
Non-cash lease expense | 2,622 | 2,271 | ||||
Deferred income taxes | (4,756) | (11,076) | ||||
Amortization of deferred financing costs | 856 | 824 | ||||
Loss on contingent earn-out | — | 392 | ||||
Foreign currency loss (gain) | 1,517 | (628) | ||||
Loss on disposal of assets | 9 | 20 | ||||
Changes in operating assets and liabilities, net of acquisitions: | ||||||
Accounts receivable | (57,319) | (35,640) | ||||
Inventories | 2,681 | (19,963) | ||||
Prepaid expenses and current other assets | (126) | 1,260 | ||||
Accounts payable | 277 | (4,744) | ||||
Deferred revenue | 7,927 | 2,653 | ||||
Income taxes payable, net | 8,635 | (10,479) | ||||
Accrued expenses and other current liabilities | 5,237 | (1,805) | ||||
Founders advisory fees - related party (cash settled) | (2,702) | (4,655) | ||||
Operating lease liabilities | (1,629) | (2,263) | ||||
Financing lease liabilities | (262) | (67) | ||||
Other, net | (597) | 47 | ||||
Net cash provided by (used in) operating activities | 11,418 | (72,936) | ||||
Cash flows from investing activities: | ||||||
Purchase of property and equipment | (5,196) | (4,375) | ||||
Proceeds from short-term investments | 5,383 | — | ||||
Net cash provided by (used in) investing activities | 187 | (4,375) | ||||
Cash flows from financing activities: | ||||||
Ordinary shares repurchased | (14,417) | (27,212) | ||||
Principal payments on finance lease obligations | (367) | (103) | ||||
Net cash used in financing activities | (14,784) | (27,315) | ||||
Effect of foreign currency on cash and cash equivalents | (935) | (6) | ||||
Net change in cash and cash equivalents | (4,114) | (104,632) | ||||
Cash and cash equivalents, beginning of period | 47,276 | 126,750 | ||||
Cash and cash equivalents, end of period | $ | 43,162 | $ | 22,118 | ||
Supplemental disclosures of cash flow information: | ||||||
Cash paid for interest | $ | 17,153 | $ | 17,153 | ||
Cash paid for income taxes | $ | 4,448 | $ | 18,317 |
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. These items include (i) severance costs, and integration and restructuring related costs (ii) founder advisory fee expenses, (iii) stock compensation expense and (iv) foreign currency loss (gain). 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 EBITDA, which is a non-GAAP measure used by the Company's management and by external users of Perimeter's financial statements, such as 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 June 30, | Six Months Ended June 30, | ||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||
Income (loss) before income taxes | $ | 34,130 | $ | $ | (52,702) | $ | 55,856 | |||||
Depreciation and amortization | 16,359 | 16,130 | 32,771 | 32,217 | ||||||||
Interest and financing expense | 10,590 | 10,344 | 21,238 | 20,490 | ||||||||
Founders advisory fees - related party | 588 | (60,026) | 68,921 | (84,262) | ||||||||
Non-recurring expenses 1 | 23 | 361 | 563 | 1,920 | ||||||||
Share-based compensation expense | 2,994 | 1,195 | 4,736 | (1,879) | ||||||||
Loss on contingent earn-out | — | 146 | — | 392 | ||||||||
Foreign currency loss | 224 | 93 | 1,517 | (628) | ||||||||
Adjusted EBITDA | $ | 64,908 | $ | 20,990 | $ | 77,044 | $ | 24,106 |
____________________
(1) Adjustment to reflect non-recurring expenses; severance costs, and integration and restructuring related costs.
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