Perimeter Solutions(PRM)2025-02-20 12:40Financial Performance - Full year net sales increased 74% to $561.0 million, compared to $322.1 million in the prior year[6] - Fire Safety net sales rose 93% to $436.3 million, while Specialty Products net sales increased 29% to $124.7 million[6] - Full year adjusted EBITDA increased 190% to $280.3 million, compared to $96.8 million in the prior year[6] - Fourth quarter net sales increased 45% to $86.2 million, compared to $59.5 million in the prior-year quarter[6] - Fourth quarter net income was $144.2 million, or $0.90 per diluted share, compared to a net loss of $13.2 million, or $0.09 loss per diluted share in the prior year quarter[6] - Full year non-GAAP adjusted earnings per share was $1.11[6] - Specialty Products adjusted EBITDA increased 95% to $40.2 million for the full year, compared to $20.6 million in the prior year[6] Acquisitions and Investments - The company acquired IMS for $32.8 million, expanding into printed circuit board products[5] Assets and Liabilities - Total assets increased to $2,416,394 thousand as of December 31, 2024, up from $2,315,422 thousand in 2023, representing a growth of 4.4%[16] - Total liabilities rose to $1,259,124 thousand in 2024, up from $1,163,127 thousand in 2023, an increase of 8.2%[16] - The total shareholders' equity increased to $1,157,270 thousand in 2024 from $1,152,295 thousand in 2023, a slight increase of 0.4%[16] Cash Flow and Shareholder Activity - Cash and cash equivalents rose significantly to $198,456 thousand in 2024, compared to $47,276 thousand in 2023, marking an increase of 319.5%[18] - The company experienced a cash flow from operating activities of $188,388 thousand in 2024, a decrease from $193 thousand in 2023[18] - The company repurchased ordinary shares worth $14,420 thousand in 2024, compared to $64,066 thousand in 2023, indicating a decrease in share buyback activity[18] Net Income and Loss - The company reported a full year net loss of $5.9 million, or $0.04 loss per diluted share, compared to net income of $67.5 million, or $0.41 earnings per diluted share in the prior year[6] - The company reported a net loss of $5,905 thousand for the year ended December 31, 2024, a decline from a net income of $67,486 thousand in 2023[18] - For the year ended December 31, 2024, the GAAP net loss was $(5,905), with an adjusted net income of $163,390, leading to an adjusted EPS of $1.11[26] Advisory Fees and Expenses - Founders advisory fees related party increased to $198,308 thousand in 2024 from a negative $108,481 thousand in 2023, reflecting a significant change in expense recognition[22] - The company incurred $54,789 in founders advisory fees for the three months ended December 31, 2024, and $198,308 for the year ended December 31, 2024[26] - The company recognized $4.4 million in non-recurring expenses related to the Redomiciliation Transaction for the three months ended December 31, 2024[26] Inventory and Other Financial Metrics - Inventories decreased to $116,347 thousand in 2024 from $145,652 thousand in 2023, a reduction of 20.2%[16] - The shares used in computing adjusted EPS (diluted) for the year ended December 31, 2024, were 147,209,802[26] - The total tax impact of non-GAAP adjustments for the year ended December 31, 2024, was $(106,715)[26] - The company reported a foreign currency loss of $2,280 for the three months ended December 31, 2024[26] Quarterly Performance - For the three months ended December 31, 2024, the GAAP net income was $144,170, while the adjusted net income was $19,048, resulting in an adjusted EPS of $0.13[26] - For the three months ended September 30, 2024, the adjusted net income was $110,619, with an adjusted EPS of $0.75[27] - The GAAP net loss for the three months ended March 31, 2024, was $(82,558), with an adjusted net loss of $(2,070)[32] - Fire Safety adjusted EBITDA increased 289% to $27.2 million in the fourth quarter, compared to $7.0 million in the prior year quarter[6]