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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. Goodwill and Other Intangible Assets
- GOODWILL AND OTHER INTANGIBLE ASSETS
The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands):
| Fire Safety | Specialty Products | Total | |
|---|---|---|---|
| Balance, December 31, 2023 | $863,889 | $172,390 | $1,036,279 |
| Foreign currency translation | (3,928) | (963) | (4,891) |
| Balance, March 31, 2024 | $859,961 | $171,427 | $1,031,388 |
Intangible assets and related accumulated amortization as of March 31, 2024 and December 31, 2023 are as follows (in thousands):
| March 31, 2024 | ||||||
|---|---|---|---|---|---|---|
| EstimatedUseful Life(in years) | Gross Value | Impairment | ForeignCurrencyTranslation | AccumulatedAmortization | Net Book Value | |
| Definite Lived Intangible Assets: | ||||||
| Customer lists | 20 | $761,000 | $— | $(7,079) | $(90,348) | $663,573 |
| Technology and patents | 20 | 250,000 | (40,738) | (2,846) | (29,605) | 176,811 |
| Tradenames | 20 | 101,000 | — | (924) | (11,992) | 88,084 |
| Balance, March 31, 2024 | $1,112,000 | $(40,738) | $(10,849) | $(131,945) | $928,468 | |
| December 31, 2023 | ||||||
|---|---|---|---|---|---|---|
| EstimatedUseful Life(in years) | Gross Value | Impairment | ForeignCurrencyTranslation | AccumulatedAmortization | Net BookValue | |
| Definite Lived Intangible Assets: | ||||||
| Customer lists | 20 | $761,000 | $— | $(5,294) | $(80,920) | $674,786 |
| Technology and patents | 20 | 250,000 | (40,738) | (2,096) | (26,513) | 180,653 |
| Tradenames | 20 | 101,000 | — | (691) | (10,741) | 89,568 |
| Balance, December 31, 2023 | $1,112,000 | $(40,738) | $(8,081) | $(118,174) | $945,007 | |
During the year ended December 31, 2023, due to a downward revision in the revenue forecast related to a contingent earn-out eligible fire retardant product acquired by the Company in May 2020 during the purchase of LaderaTech, Inc. (“LaderaTech”), the Company determined that the $40.7 million in carrying value of the technology underlying the contingent earn-out eligible fire retardant product is no longer recoverable. As a result, during the year ended December 31, 2023 the Company recorded an impairment of $40.7 million.
Amortization expense for definite-lived intangible assets for the three months ended March 31, 2024 and 2023 was $13.8 million and $13.8 million, respectively.
Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands):
| Amount | |
|---|---|
| 2024 remaining | $40,013 |
| 2025 | 53,350 |
| 2026 | 53,350 |
| 2027 | 53,350 |
| 2028 | 53,350 |
| Thereafter | 675,055 |
| Total | $928,468 |
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