Perimeter Solutions Q4 net loss $60.4M; full year Adj. EBITDA down 11%; restates prior periods

Perimeter Solutions, Inc.

2022-FY EPS reported $0.52 revenue$360,505,000

Full year net sales $360.5M (-1% YoY); Fire Safety sales -13%, Specialty Products +32%.
Full year net income $91.8M vs loss $661.5M prior year; Adjusted EBITDA $125.4M (-11% YoY).
Q4 net sales $41.3M (-10% YoY); Q4 Adjusted EBITDA $2.1M (-69% YoY).
Restating unaudited Q2 and Q3 2022 financials due to errors in share-based compensation and inventory amortization.
Repurchased ~5.5M shares in Q4 at avg $7.55; ~6.4M shares in full year at avg $7.65.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Perimeter Solutions, Inc. reported For the full year ended December 31, 2022 results: revenue Full year net sales decreased 1% to $360.5 million, net income Full year net income was $91.8 million, EPS $0.52 per diluted share.

Period: For the full year ended December 31, 2022
Revenue: Full year net sales decreased 1% to $360.5 million
Net income: Full year net income was $91.8 million
EPS: $0.52 per diluted share
Result: reported results

Exact text from the filing

Full Year 2022 Results • Full year net sales decreased 1% to $360.5 million, as compared to $362.3 million in the prior year. • Fire Safety sales decreased 13% to $226.6 million, as compared to $261.2 million in the prior year. • Specialty Products sales increased 32% to $133.9 million, as compared to $101.2 million in the prior year. • Full year net income was $91.8 million, or $0.52 per diluted share, an increase of $753.3 million from a net loss of $661.5 million, or $(9.70) per diluted share in the prior year. • Full year Adjusted EBITDA decreased 11% to $125.4 million, as compared to $141.4 million in the prior year. • Fire Safety Adjusted EBITDA decreased 34% to $77.4 million, as compared to $117.9 million in the prior year. • Specialty Products Adjusted EBITDA increased 104% to $48.0 million, as compared to $23.6 million in the prior year.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Perimeter Solutions, Inc. reported For the fourth quarter ended December 31, 2022 results: revenue Net sales decreased 10% to $41.3 million, net income Net loss during the fourth quarter was $60.4 million, EPS $(0.38) per share.

Period: For the fourth quarter ended December 31, 2022
Revenue: Net sales decreased 10% to $41.3 million
Net income: Net loss during the fourth quarter was $60.4 million
EPS: $(0.38) per share
Result: reported results

Exact text from the filing

Fourth Quarter 2022 Results • Net sales decreased 10% to $41.3 million in the fourth quarter, as compared to $45.9 million in the prior year quarter. • Fire Safety sales decreased 18% to $19.6 million, as compared to $23.9 million in the prior year quarter. • Specialty Products sales decreased 1% to $21.7 million, as compared to $22.0 million in the prior year quarter. • Net loss during the fourth quarter was $60.4 million, or $(0.38) per share, a decrease of $630.8 million from a net loss of $691.2 million, or $(6.12) per diluted share in the prior year quarter. • Adjusted EBITDA decreased 69% to $2.1 million in the fourth quarter, as compared to $6.8 million in the prior year quarter. • Fire Safety Adjusted EBITDA decreased 420% to $(3.9) million, as compared to $1.2 million in the prior year quarter. • Specialty Products Adjusted EBITDA increased 7% to $6.0 million, as compared to $5.6 million in the prior year quarter.

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Source: SEC EDGAR

accession 0001880319-23-000021

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