Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION (Tables)

v3.22.1
SEGMENT INFORMATION (Tables)
3 Months Ended
Mar. 31, 2022
Segment Reporting [Abstract]  
Summary of Segment Information
Information related to net sales, Adjusted EBITDA, depreciation and amortization, assets and capital expenditures of the Company’s operations are summarized below (in thousands):
Successor Predecessor
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
Net sales:
Fire safety $ 18,470  $ 7,650 
Oil additives 39,288  26,275 
Total $ 57,758  $ 33,925 
Adjusted EBITDA:
Fire safety $ (3,334) $ (4,646)
Oil additives 15,311  7,756 
Total segment Adjusted EBITDA 11,977  3,110 
Income tax (expense) benefit 10,232  5,383 
Depreciation and amortization 16,371  15,146 
Interest and financing expense 10,496  7,851 
Founders advisory fees - related party (59,848) — 
Transaction expenses 1,476  290 
Share-based compensation expense 5,724  — 
Non-cash purchase accounting impact 9,299  — 
Management fees —  312 
Contingent future payments —  625 
Unrealized foreign currency loss (gain) 880  2,798 
Net income (loss) $ 37,811  $ (18,529)
Depreciation and amortization:
Fire safety $ 12,778  $ 10,738 
Oil additives 3,593  4,408 
Total $ 16,371  $ 15,146 
Capital expenditures:
Fire safety $ 495  $ 534 
Oil additives 818  1,140 
Total $ 1,313  $ 1,674 
March 31, 2022 December 31, 2021
Assets:
Fire safety $ 2,053,133  $ 2,114,812 
Oil additives 470,463  466,748 
Total $ 2,523,596  $ 2,581,560 
Summary of Net Sales by Geographic Area
Net sales by geographical area are as follows (in thousands):
Successor Predecessor
Three Months Ended
March 31, 2022
Three Months Ended
March 31, 2021
United States 56  % 64  %
International sales 1
44  36 
Total net sales 100  % 100  %
1.Except for Belgium, which represented 10% and 11% of net sales for the three months ended March 31, 2022 and 2021, respectively, the Company had no other operations in any individual international country that represented 10% or more of net sales.
Summary of Property, Plant and Equipment
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
March 31, 2022 December 31, 2021
United States $ 36,541  $ 37,159 
Canada 3,374  3,512 
Germany 16,440  17,199 
Other foreign jurisdictions 4,418  4,377 
Total property, plant and equipment, net $ 60,773  $ 62,247