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 |
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$ |
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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