| Schedule of Segment Information |
Information related to net sales, Adjusted EBITDA, depreciation and amortization capital expenditures and assets and of the Company’s operations are summarized below (in thousands):
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Successor |
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Predecessor |
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Year Ended December 31, 2023 |
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Year Ended December 31, 2022 |
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November 9, 2021
Through
December 31, 2021
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January 1, 2021
Through
November 8, 2021
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| Net sales: |
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| Fire safety |
$ |
225,554 |
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|
$ |
226,583 |
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|
$ |
7,913 |
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|
$ |
253,267 |
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| Specialty products |
96,554 |
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|
133,922 |
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|
13,110 |
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|
|
88,048 |
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| Total |
$ |
322,108 |
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|
$ |
360,505 |
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|
$ |
21,023 |
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|
$ |
341,315 |
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| Adjusted EBITDA: |
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| Fire safety |
$ |
76,214 |
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$ |
77,365 |
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|
$ |
(3,696) |
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$ |
121,589 |
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| Specialty products |
20,573 |
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|
48,026 |
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|
1,838 |
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|
21,703 |
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| Total segment Adjusted EBITDA |
96,787 |
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|
125,391 |
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(1,858) |
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|
143,292 |
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| Less: |
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| Depreciation and amortization |
64,855 |
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|
65,795 |
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|
9,379 |
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|
52,000 |
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| Interest and financing expense |
41,378 |
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|
42,585 |
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|
6,352 |
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|
39,087 |
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| Founders advisory fees - related party |
(108,481) |
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|
(117,302) |
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|
652,990 |
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|
— |
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| Intangible impairment |
40,738 |
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— |
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— |
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— |
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| Non-recurring expenses |
4,046 |
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|
6,885 |
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|
5,580 |
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|
4,845 |
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| Share-based compensation expense |
1,596 |
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|
14,649 |
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|
4,821 |
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|
156 |
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| Non-cash purchase accounting impact |
— |
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|
24,796 |
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|
6,125 |
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— |
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| (Gain) loss on contingent earn-out |
(7,273) |
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|
(12,706) |
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|
198 |
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|
2,965 |
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| Management fees |
— |
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— |
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— |
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|
1,073 |
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| Contingent future payments |
— |
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— |
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— |
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|
4,375 |
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| Unrealized foreign currency (gain) loss |
(1,655) |
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|
3,462 |
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|
1,006 |
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|
4,026 |
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| Income (loss) before income taxes |
$ |
61,583 |
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$ |
97,227 |
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$ |
(688,309) |
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$ |
34,765 |
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| Depreciation and amortization: |
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| Fire safety |
$ |
51,178 |
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$ |
51,299 |
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$ |
7,418 |
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$ |
36,994 |
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| Specialty products |
13,677 |
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|
14,496 |
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|
1,961 |
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|
|
15,006 |
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| Total |
$ |
64,855 |
|
|
$ |
65,795 |
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|
$ |
9,379 |
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|
$ |
52,000 |
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|
December 31, 2023 |
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|
December 31, 2022 |
| Assets: |
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| Fire safety |
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$ |
1,837,146 |
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$ |
1,958,633 |
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| Specialty products |
|
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|
478,276 |
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|
497,983 |
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| Total |
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$ |
2,315,422 |
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$ |
2,456,616 |
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| Schedule of Property, Plant and Equipment |
Depreciation is computed using the straight-line method over the estimated useful lives of the assets as follows:
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Years |
| Buildings |
30–40 years |
| Furniture and fixtures |
1–8 Years |
| Machinery and equipment |
1–26 Years |
| Vehicles |
1–8 Years |
| Leasehold improvements |
Shorter of remaining lease term or estimated useful life |
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
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December 31, 2023 |
|
December 31, 2022 |
| United States |
$ |
38,709 |
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$ |
37,390 |
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| Canada |
2,303 |
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|
2,594 |
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| Germany |
14,376 |
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|
14,802 |
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| Other foreign jurisdictions |
4,014 |
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|
4,060 |
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| Total property, plant and equipment, net |
$ |
59,402 |
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$ |
58,846 |
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