Perimeter Solutions SA
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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. Balance Sheet Components
- BALANCE SHEET COMPONENTS
Details of certain balance sheet items are presented below (in thousands):
| March 31, 2024 | December 31, 2023 | |
|---|---|---|
| Inventories: | ||
| Raw materials and manufacturing supplies | $74,398 | $77,657 |
| Work in process | 216 | 224 |
| Finished goods | 70,060 | 67,771 |
| Total inventories | $144,674 | $145,652 |
| Prepaid Expenses and Other Current Assets: | ||
| Advance to vendors | $3,088 | $3,197 |
| Prepaid insurance | 3,960 | 5,567 |
| Prepaid value-added taxes | 1,028 | 897 |
| Short-term investments | 4,317 | 5,519 |
| Income tax receivable | 2,056 | 1,714 |
| Other | 4,977 | 1,599 |
| Total prepaid expenses and other current assets | $19,426 | $18,493 |
| Property, Plant and Equipment: | ||
| Buildings | $3,956 | $3,986 |
| Leasehold improvements | 2,720 | 2,743 |
| Furniture and fixtures | 513 | 516 |
| Machinery and equipment | 65,692 | 63,202 |
| Vehicles | 4,073 | 4,114 |
| Construction in progress | 3,131 | 4,695 |
| Total property, plant and equipment, gross | 80,085 | 79,256 |
| Less: Accumulated depreciation | (21,891) | (19,854) |
| Total property, plant and equipment, net | $58,194 | $59,402 |
| Accrued Expenses and Other Current Liabilities: | ||
| Accrued bonus | $1,048 | $3,483 |
| Accrued salaries | 2,102 | 2,336 |
| Accrued employee benefits | 1,360 | 1,185 |
| Accrued interest | 17,485 | 8,342 |
| Accrued purchases | 3,926 | 2,072 |
| Accrued income taxes | 7,419 | 7,100 |
| Operating lease liabilities | 2,146 | 2,146 |
| Finance lease liabilities | 761 | 600 |
| Other | 3,961 | 3,446 |
| Total accrued expenses and other current liabilities | $40,208 | $30,710 |
Depreciation expense related to property, plant and equipment for the three months ended March 31, 2024 and 2023 was $2.6 million and $2.3 million, respectively, substantially all of which was presented in cost of goods sold in the accompanying condensed consolidated statements of operations and comprehensive income (loss).
The Company had an allowance for doubtful accounts, included in accounts receivable, net of $1.0 million and$0.9 million as of March 31, 2024 and December 31, 2023, respectively.
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