Perimeter Solutions SA
For the period ended Sep 30, 2024. Filed Nov 12, 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.
Sep 30, 2024 · Filed Nov 12, 2024
Extracted filing text, with the paragraph anchors used by the comparison.
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5. Leases
- LEASES
Lease costfor thethree and nine months ended September 30, 2024 and 2023 are as follows (in thousands):
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| Operating lease cost (1) | $888 | $1,082 | $2,640 | $3,353 |
| Finance lease cost: | ||||
| Amortization of right-of-use assets | 236 | 217 | 836 | 335 |
| Interest on lease liabilities | 129 | 106 | 399 | 181 |
| Total lease cost | $1,253 | $1,405 | $3,875 | $3,869 |
| Reported in: | ||||
| Cost of goods sold | $1,112 | $1,268 | $3,435 | $3,532 |
| Selling, general and administrative expense | 141 | 137 | 440 | 337 |
| Total lease cost | $1,253 | $1,405 | $3,875 | $3,869 |
(1)Operating lease cost does not include short-term leases or variable costs, all of which are immaterial.
As of September 30, 2024, the weighted-average remaining lease terms of the Company’s operating leases and finance leases were approximately 7.9 years and 6.5 years , respectively, and the weighted-average discount rates applied were 6.8% and 7.6%, respectively.
Supplemental cash flow information related to leasesfor the nine months ended September 30, 2024 and 2023 are as follows (in thousands):
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| Cash paid for amounts included in the measurement of operating lease liabilities: | ||
| Operating cash flows for operating leases | $2,426 | $3,206 |
| Operating cash flows for finance leases | 374 | 172 |
| Financing cash flows for finance leases | 544 | 251 |
| Right-of-use assets obtained in exchange for new lease obligations: | ||
| Operating leases | $273 | $4,492 |
| Financing leases | 790 | 5,677 |
| Net change in operating lease right-of-use assets due to lease modifications resulting in reclassification of leases from operating to finance | $(34) | $(1,514) |
As of September 30, 2024, theestimated future minimum payment obligations for non-cancelable operating and finance leases are as follows (in thousands):
| Operating Leases · Finance Leases | ||
|---|---|---|
| Remainder of 2024 | $830 | $319 |
| 2025 | 3,223 | 1,189 |
| 2026 | 2,886 | 1,078 |
| 2027 | 2,704 | 932 |
| 2028 | 2,006 | 1,632 |
| Thereafter | 9,078 | 4,243 |
| Total lease payments | 20,727 | 9,393 |
| Less: imputed interest | (4,886) | (2,547) |
| Present value of lease liabilities | $15,841 | $6,846 |
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