XML 40 R24.htm IDEA: XBRL DOCUMENT v3.25.0.1
PARENT COMPANY INFORMATION
 12 Months Ended
Dec. 31, 2024
Condensed Financial Information Disclosure [Abstract]  
PARENT COMPANY INFORMATION PARENT COMPANY INFORMATION
The condensed parent-only financial statements have been prepared in accordance with Rule 12-04, Schedule I of Regulation S-X, as the restricted net assets of the subsidiaries of the Company exceed 25% of the consolidated net assets of the Company.
Perimeter Solutions, Inc. (the “Parent Company”), has no material assets or standalone operations other than its ownership in its consolidated subsidiaries, the Preferred Stock described in Notes 6 and 9, the cash from the proceeds of sale of Common Stock, the cash paid on repurchase of Common Stock described in Note 9 and the Founder Advisory Fees described in Notes 11 and 12. Under the terms of the Revolving Credit Facility entered into by Perimeter Holdings, LLC, a wholly owned subsidiary of Perimeter Intermediate, LLC which itself is a wholly owned subsidiary of Perimeter Solutions, Inc., Perimeter Holdings, LLC is restricted from making dividends, distributions, or other payments to Perimeter Solutions, Inc. As of December 31, 2024, substantially all of the consolidated net assets of Perimeter Holdings, LLC are considered restricted net assets as defined in Rule 4-08(e)(3) of Regulation S-X.
The accompanying condensed financial statements include the accounts of the Parent Company and, on an equity basis, its direct and indirect subsidiaries and affiliates. Accordingly, these condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, the Parent Company’s investments in subsidiaries are presented under the equity method of accounting. These condensed parent company financial statements have been prepared using the same accounting principles and policies described in the notes to the consolidated financial statements, with the only exception being that the parent company accounts for its subsidiaries using the equity method. These condensed parent-only financial statements should be read in conjunction with the consolidated financial statements and related notes thereto.
PERIMETER SOLUTIONS, INC.
PARENT COMPANY INFORMATION
CONDENSED BALANCE SHEETS
(in thousands)
December 31, 2024December 31, 2023
Assets
Current assets:
 Cash and cash equivalents$38,858 $3,731 
Intercompany receivable3,542 19,667 
Prepaid expenses and other current assets1,234 2,801 
Total current assets43,634 26,199 
Other assets:
Investment in subsidiaries1,584,999 1,382,092 
Other assets, net133 266 
Total assets$1,628,766 $1,408,557 
Liabilities and Shareholders’ Equity
Current Liabilities:
Accounts payable$662 $753 
Intercompany payable85,711 82,711 
Founders advisory fees payable - related party6,677 2,702 
Accrued expenses and other current liabilities4,997 4,616 
Total current liabilities98,047 90,782 
Founders advisory fees payable - related party240,083 56,917 
Preferred stock109,966 105,799 
Preferred stock - related party2,831 2,764 
Intercompany note payable20,569 — 
Total liabilities471,496 256,262 
Shareholders’ equity:
Total shareholders’ equity1,157,270 1,152,295 
Total liabilities and shareholders’ equity$1,628,766 $1,408,557 
PERIMETER SOLUTIONS, INC.
PARENT COMPANY INFORMATION
CONDENSED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS) INCOME
(in thousands)
Year Ended December 31,
202420232022
Operating expenses:
Selling, general and administrative expense$10,754 $13,886 $18,471 
Founders advisory fees - related party198,308 (108,481)(117,302)
Total operating expense (income)209,062 (94,595)(98,831)
Operating (loss) income(209,062)94,595 98,831 
Other expenses7,252 6,201 5,267 
(Loss) income before undistributed earnings of subsidiaries(216,314)88,394 93,564 
Undistributed earnings of subsidiaries210,409 (20,908)(1,806)
Net (loss) income(5,905)67,486 91,758 
Total comprehensive (loss) income$(5,905)$67,486 $91,758 
PERIMETER SOLUTIONS, INC.
PARENT COMPANY INFORMATION
CONDENSED STATEMENT OF CASH FLOWS
(in thousands)
Year Ended December 31,
202420232022
Cash flows from operating activities:
Net (loss) income$(5,905)$67,486 $91,758 
Adjustments to reconcile net (loss) income to net cash provided by (used in) operating activities
Founders advisory fees - related party (change in accounting fair value)198,308 (108,481)(117,302)
Equity in earnings of subsidiaries(210,409)20,908 1,806 
Depreciation and amortization expense133 — — 
Interest and payment-in-kind on preferred shares7,057 4,754 5,229 
Share-based compensation829 361 285 
Changes in operating assets and liabilities, net of acquisitions:
Intercompany receivable19,125 16,038 766 
Prepaid expenses and current other assets1,567 898 4,496 
Accounts payable(91)(2,792)3,090 
Accrued expenses and other current liabilities(2,443)265 1,729 
Founders advisory fees - related party (cash settled)(2,702)(4,655)(53,547)
Net cash provided by (used in) operating activities5,469 (5,218)(61,690)
Cash flows from investing activities:
Purchase of property and equipment— (142)(124)
Investment in subsidiaries— 14,000 (71,638)
Proceeds from intercompany note payable20,569 — — 
Proceeds from intercompany note receivable— — 20,000 
Net cash provided by (used in) investing activities20,569 13,858 (51,762)
Cash flows from financing activities:
Ordinary shares repurchased(14,420)(64,066)(44,333)
Proceeds from exercise of warrants23,509 — 529 
Net cash provided by (used in) financing activities9,089 (64,066)(43,804)
Net change in cash and cash equivalents35,127 (55,426)(157,256)
Cash and cash equivalents, beginning of period3,731 59,157 216,413 
Cash and cash equivalents, end of period$38,858 $3,731 $59,157 
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital$8,464 $2,618 $19,568