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):
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Successor |
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Predecessor |
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Three Months Ended March 31, 2022 |
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Three Months Ended March 31, 2021 |
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Net sales: |
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Fire safety |
$ |
18,470 |
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$ |
7,650 |
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Oil additives |
39,288 |
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26,275 |
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Total |
$ |
57,758 |
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$ |
33,925 |
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Adjusted EBITDA: |
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Fire safety |
$ |
(3,334) |
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$ |
(4,646) |
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Oil additives |
15,311 |
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7,756 |
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Total segment Adjusted EBITDA |
11,977 |
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3,110 |
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Income tax (expense) benefit |
10,232 |
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5,383 |
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Depreciation and amortization |
16,371 |
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15,146 |
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Interest and financing expense |
10,496 |
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7,851 |
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Founders advisory fees - related party |
(59,848) |
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— |
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Transaction expenses |
1,476 |
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290 |
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Share-based compensation expense |
5,724 |
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— |
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Non-cash purchase accounting impact |
9,299 |
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— |
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Management fees |
— |
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312 |
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Contingent future payments |
— |
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625 |
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Unrealized foreign currency loss (gain) |
880 |
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2,798 |
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Net income (loss) |
$ |
37,811 |
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$ |
(18,529) |
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Depreciation and amortization: |
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Fire safety |
$ |
12,778 |
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$ |
10,738 |
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Oil additives |
3,593 |
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4,408 |
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Total |
$ |
16,371 |
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$ |
15,146 |
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Capital expenditures: |
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Fire safety |
$ |
495 |
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$ |
534 |
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Oil additives |
818 |
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1,140 |
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Total |
$ |
1,313 |
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$ |
1,674 |
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March 31, 2022 |
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December 31, 2021 |
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Assets: |
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Fire safety |
$ |
2,053,133 |
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$ |
2,114,812 |
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Oil additives |
470,463 |
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466,748 |
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Total |
$ |
2,523,596 |
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$ |
2,581,560 |
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Summary of Net Sales by Geographic Area |
Net sales by geographical area are as follows (in thousands):
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Successor |
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Predecessor |
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Three Months Ended March 31, 2022 |
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Three Months Ended March 31, 2021 |
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United States |
56 |
% |
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64 |
% |
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International sales 1
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44 |
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36 |
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Total net sales |
100 |
% |
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100 |
% |
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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.
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Summary of Property, Plant and Equipment |
Property, plant and equipment, net by geographical area consisted of the following (in thousands):
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March 31, 2022 |
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December 31, 2021 |
United States |
$ |
36,541 |
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$ |
37,159 |
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Canada |
3,374 |
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3,512 |
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Germany |
16,440 |
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17,199 |
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Other foreign jurisdictions |
4,418 |
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4,377 |
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Total property, plant and equipment, net |
$ |
60,773 |
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$ |
62,247 |
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