Perimeter Solutions (PRM) 10-Q 4 Nov 22 2022 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2022
Document Transition Report	false
Entity File Number	001-41027
Entity Registrant Name	PERIMETER SOLUTIONS, SA
Entity Incorporation, State or Country Code	N4
Entity Tax Identification Number	98-1632942
Entity Address, Address Line One	12E rue Guillaume Kroll
Entity Address, Postal Zip Code	L-1882
Entity Address, Country	LU
Entity Address, City or Town	Grand Duchy of Luxembourg
City Area Code	314
Local Phone Number	396-7343
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	false
Entity Emerging Growth	true
Entity Ex Transition Period	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding (in shares)		157,261,470
Entity Central Index Key	0001880319
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Amendment Flag	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Ordinary Shares, nominal value $1.00 per share
Trading Symbol	PRM
Security Exchange Name	NYSE
Warrant
Document Information [Line Items]
Title of 12(b) Security	Warrants for Ordinary Shares
Trading Symbol	PRMFF

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 166,256	$ 225,554
Accounts receivable, net	85,612	24,319
Inventories	120,467	110,087
Income tax receivable	655	816
Prepaid expenses and other current assets	4,876	14,161
Total current assets	377,866	374,937
Property, plant and equipment, net	57,187	62,247
Goodwill	1,019,387	1,041,325
Intangible assets, net	1,044,737	1,100,832
Other assets, net	1,877	2,219
Total assets	2,501,054	2,581,560
Current liabilities:
Accounts payable	31,856	27,469
Accrued expenses and other current liabilities	124,429	19,025
Founders advisory fees payable - related party	9,836	53,547
Deferred revenue	1,272	445
Total current liabilities	167,393	100,486
Long-term debt	664,986	664,128
Deferred income taxes	222,952	298,633
Founders advisory fees payable - related party	134,598	312,242
Redeemable preferred shares	100,263	96,867
Redeemable preferred shares - related party	3,245	3,699
Other non-current liabilities	8,951	22,195
Total liabilities	1,302,388	1,498,250
Commitments and contingencies (Note 8)
Shareholders’ equity:
Ordinary shares, $1 nominal value per share, 4,000,000,000 shares authorized; 163,234,542 and 157,237,435 shares issued; 162,316,326 and 157,237,435 shares outstanding at September 30, 2022 and December 31, 2021, respectively	163,235	157,237
Treasury shares, at cost; 918,216 shares at September 30, 2022 and no shares at December 31, 2021	(7,572)	0
Additional paid-in capital	1,697,644	1,670,033
Accumulated other comprehensive loss	(41,561)	(7,135)
Accumulated deficit	(613,080)	(736,825)
Total shareholders’ equity	1,198,666	1,083,310
Total liabilities and shareholders’ equity	2,501,054	2,581,560
Customer lists, net
Current assets:
Intangible assets, net	715,829	753,459
Technology and patents, net
Current assets:
Intangible assets, net	233,861	247,368
Tradenames, net
Current assets:
Intangible assets, net	$ 95,047	$ 100,005

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Common stock, par value (in usd per share)	$ 1	$ 1
Common stock, authorized (in shares)	4,000,000,000	4,000,000,000
Common stock, issued (in shares)	163,234,542	157,237,435
Common stock, outstanding (in shares)	162,316,326	157,237,435
Treasury stock, shares (in shares)	918,216	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Net sales	$ 160,509	$ 195,414	$ 319,232	$ 316,460
Cost of goods sold	74,707	86,081	191,757	159,895
Gross profit	85,802	109,333	127,475	156,565
Operating expenses:
Selling, general and administrative expense	22,381	15,333	64,803	42,544
Amortization expense	13,738	13,276	41,395	39,818
Founders advisory fees - related party	(73,713)	0	(154,026)	0
Other operating expense	(51)	313	405	1,066
Total operating expenses	(37,645)	28,922	(47,423)	83,428
Operating income	123,447	80,411	174,898	73,137
Other expense (income):
Interest expense, net	9,944	8,065	32,582	23,951
(Gain) loss on contingent earn-out	(3,644)	0	(13,042)	2,763
Unrealized foreign currency loss	4,705	1,634	8,741	3,892
Other (income) expense, net	(785)	66	(820)	(252)
Total other expense, net	10,220	9,765	27,461	30,354
Income before income taxes	113,227	70,646	147,437	42,783
Income tax expense	(34,516)	(18,637)	(23,692)	(13,151)
Net income	78,711	52,009	123,745	29,632
Other comprehensive loss, net of tax:
Foreign currency translation adjustments	(18,181)	(2,020)	(34,426)	(2,424)
Total comprehensive income	$ 60,530	$ 49,989	$ 89,319	$ 27,208
Earnings per share:
Basic (in usd per share)	$ 0.48	$ 0.98	$ 0.76	$ 0.56
Diluted (in usd per share)	$ 0.45	$ 0.98	$ 0.70	$ 0.56
Weighted average number of ordinary shares outstanding:
Basic (in shares)	162,635,592	53,045,510	161,943,492	53,045,510
Diluted (in shares)	176,777,958	53,045,510	176,085,858	53,045,510

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Treasury Shares	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit
Beginning balance (in shares) at Dec. 31, 2020		53,045,510
Beginning balance at Dec. 31, 2020	$ 291,422	$ 53,046	$ 0	$ 289,344	$ (3,174)	$ (47,794)
Beginning balance (in shares) at Dec. 31, 2020			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(18,529)					(18,529)
Other comprehensive income (loss)	(966)				(966)
Ending balance (in shares) at Mar. 31, 2021		53,045,510
Ending balance at Mar. 31, 2021	271,927	$ 53,046	$ 0	289,344	(4,140)	(66,323)
Ending balance (in shares) at Mar. 31, 2021			0
Beginning balance (in shares) at Dec. 31, 2020		53,045,510
Beginning balance at Dec. 31, 2020	291,422	$ 53,046	$ 0	289,344	(3,174)	(47,794)
Beginning balance (in shares) at Dec. 31, 2020			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	29,632
Ending balance (in shares) at Sep. 30, 2021		53,045,510
Ending balance at Sep. 30, 2021	318,630	$ 53,046	$ 0	289,344	(5,598)	(18,162)
Ending balance (in shares) at Sep. 30, 2021			0
Beginning balance (in shares) at Mar. 31, 2021		53,045,510
Beginning balance at Mar. 31, 2021	271,927	$ 53,046	$ 0	289,344	(4,140)	(66,323)
Beginning balance (in shares) at Mar. 31, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(3,848)					(3,848)
Other comprehensive income (loss)	562				562
Ending balance (in shares) at Jun. 30, 2021		53,045,510
Ending balance at Jun. 30, 2021	268,641	$ 53,046	$ 0	289,344	(3,578)	(70,171)
Ending balance (in shares) at Jun. 30, 2021			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	52,009					52,009
Other comprehensive income (loss)	(2,020)				(2,020)
Ending balance (in shares) at Sep. 30, 2021		53,045,510
Ending balance at Sep. 30, 2021	$ 318,630	$ 53,046	$ 0	289,344	(5,598)	(18,162)
Ending balance (in shares) at Sep. 30, 2021			0
Beginning balance (in shares) at Dec. 31, 2021	157,237,435	157,237,435
Beginning balance at Dec. 31, 2021	$ 1,083,310	$ 157,237	$ 0	1,670,033	(7,135)	(736,825)
Beginning balance (in shares) at Dec. 31, 2021	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 5,724			5,724
Ordinary shares issued related to founders advisory fees - related party (in shares)		5,952,992
Ordinary shares issued related to founders advisory fees - related party	13,783	$ 5,954		7,829
Warrants exercised (in shares)		44,115
Warrants exercised	529	$ 44		485
Net income (loss)	37,811					37,811
Other comprehensive income (loss)	126				126
Ending balance (in shares) at Mar. 31, 2022		163,234,542
Ending balance at Mar. 31, 2022	$ 1,141,283	$ 163,235	$ 0	1,684,071	(7,009)	(699,014)
Ending balance (in shares) at Mar. 31, 2022			0
Beginning balance (in shares) at Dec. 31, 2021	157,237,435	157,237,435
Beginning balance at Dec. 31, 2021	$ 1,083,310	$ 157,237	$ 0	1,670,033	(7,135)	(736,825)
Beginning balance (in shares) at Dec. 31, 2021	0		0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Ordinary shares repurchased (in shares)	918,216
Net income (loss)	$ 123,745
Ending balance (in shares) at Sep. 30, 2022	162,316,326	163,234,542
Ending balance at Sep. 30, 2022	$ 1,198,666	$ 163,235	$ (7,572)	1,697,644	(41,561)	(613,080)
Ending balance (in shares) at Sep. 30, 2022	918,216		918,216
Beginning balance (in shares) at Mar. 31, 2022		163,234,542
Beginning balance at Mar. 31, 2022	$ 1,141,283	$ 163,235	$ 0	1,684,071	(7,009)	(699,014)
Beginning balance (in shares) at Mar. 31, 2022			0
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	6,741			6,741
Ordinary shares repurchased (in shares)			597,513
Ordinary shares repurchased	(5,008)		$ (5,008)
Net income (loss)	7,223					7,223
Other comprehensive income (loss)	(16,371)				(16,371)
Ending balance (in shares) at Jun. 30, 2022		163,234,542
Ending balance at Jun. 30, 2022	1,133,868	$ 163,235	$ (5,008)	1,690,812	(23,380)	(691,791)
Ending balance (in shares) at Jun. 30, 2022			597,513
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Share-based compensation	$ 6,832			6,832
Ordinary shares repurchased (in shares)	320,703		320,703
Ordinary shares repurchased	$ (2,564)		$ (2,564)
Net income (loss)	78,711					78,711
Other comprehensive income (loss)	$ (18,181)				(18,181)
Ending balance (in shares) at Sep. 30, 2022	162,316,326	163,234,542
Ending balance at Sep. 30, 2022	$ 1,198,666	$ 163,235	$ (7,572)	$ 1,697,644	$ (41,561)	$ (613,080)
Ending balance (in shares) at Sep. 30, 2022	918,216		918,216

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net income	$ 123,745	$ 29,632
Adjustments to reconcile net income to net cash (used in) provided by operating activities:
Founders advisory fees - related party (change in accounting fair value)	(154,026)	0
Depreciation and amortization expense	49,536	45,593
Interest and payment-in-kind on preferred shares	4,903	0
Share-based compensation	19,297	0
Deferred income taxes	(72,441)	(5,195)
Amortization of deferred financing costs	1,196	2,432
Amortization of acquisition related inventory step-up	27,973	0
(Gain) loss on contingent earn-out	(13,042)	2,763
Unrealized loss on foreign currency	8,741	3,892
Loss on disposal of assets	9	0
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(63,838)	(72,103)
Inventories	(40,759)	(5,554)
Prepaid expenses and other current assets	9,058	3,104
Other assets	0	346
Accounts payable	4,975	12,971
Deferred revenue	889	831
Income taxes payable, net	88,673	11,180
Accrued expenses and other current liabilities	15,547	2,725
Founders advisory fees - related party (cash settled)	(53,547)	0
Other liabilities	(73)	(200)
Net cash (used in) provided by operating activities	(43,184)	32,417
Cash flows from investing activities:
Purchase of property and equipment	(6,024)	(5,149)
Purchase price adjustment under Business Combination Agreement	(1,638)	0
Purchase of businesses, net of cash acquired	0	(7,464)
Net cash used in investing activities	(7,662)	(12,613)
Cash flows from financing activities:
Ordinary shares repurchased	(7,572)	0
Proceeds from exercise of warrants	529	0
Proceeds from revolving credit facility	0	19,500
Repayments of revolving credit facility	0	(19,500)
Repayments of long-term debt	0	(4,211)
Net cash used in financing activities	(7,043)	(4,211)
Effect of foreign currency on cash and cash equivalents	(1,409)	1,510
Net change in cash and cash equivalents	(59,298)	17,103
Cash and cash equivalents, beginning of period	225,554	22,478
Cash and cash equivalents, end of period	166,256	39,581
Supplemental disclosures of cash flow information:
Cash paid for interest	18,299	21,502
Cash paid for income taxes	7,588	7,092
Non-cash investing and financing activities:
Liability portion of founders advisory fees - related party reclassified to additional paid in capital	$ 13,783	$ 0

DESCRIPTION OF BUSINESS AND BAS

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION	DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION Organization and General Perimeter Solutions, SA, (“PSSA”), a public company limited by shares ( société anonyme ) was incorporated on June 21, 2021 under the laws of the Grand Duchy of Luxembourg for the purpose of effecting a business combination. PSSA is headquartered in the Grand Duchy of Luxembourg with global operations in North America, Europe, and Asia Pacific. PSSA's ordinary shares, nominal value, $1.00 per share (the “Ordinary Shares”), are listed on the New York Stock Exchange (“NYSE”) and trade under the symbol “PRM.” Business Combination On November 9, 2021 (the “Closing Date”), PSSA consummated the transactions contemplated by the business combination (the “Business Combination”) with EverArc Holdings Limited, the former parent company of PSSA (“EverArc”), SK Invictus Holdings, S.à r.l., (“SK Holdings”), SK Invictus Intermediate S.à r.l., (“SK Intermediate”), doing business under the name Perimeter Solutions (“Perimeter” or “Perimeter Solutions”) and EverArc (BVI) Merger Sub Limited, incorporated in the British Virgin Islands and a wholly-owned subsidiary of PSSA (the “Merger Sub”) pursuant to a business combination agreement (the “Business Combination Agreement”) dated June 15, 2021. The term the “Company” refers to PSSA and its consolidated subsidiaries, including SK Intermediate after the closing of the Business Combination (the “Closing”). Upon the acquisition of SK Intermediate, PSSA was determined to be the legal and accounting acquirer (the “Successor”) and SK Intermediate was deemed to be the accounting predecessor (the “Predecessor”). Business Operations The Company’s business is organized and managed in two reporting segments: Fire Safety and Specialty Products, formerly Oil Additives. Approximately 73% of the Company's 2021 annual revenues were derived in the United States, approximately 13% in Europe, approximately 7% in Canada and approximately 2% in Mexico, with the remaining approximately 5% spread across various other countries. The Fire Safety segment is a formulator and manufacturer of fire management products that help the Company’s customers combat various types of fires, including wildland, structural, flammable liquids and other types of fires. The Company’s Fire Safety segment also offers specialized equipment and services, typically in conjunction with its fire management products, to support its customers’ firefighting operations. The Company’s specialized equipment includes air base retardant storage, mixing, and delivery equipment; mobile retardant bases; retardant ground application units; mobile foam equipment; and equipment that it custom designs and manufactures to meet specific customer needs. The Company’s specialized service network is designed to meet the emergency resupply needs of air tanker bases and other customer locations in North America and globally. Significant end markets primarily include government-related entities and are dependent on concessions, licenses, and permits granted by the respective governments and commercial customers around the world. In June 2022, the Oil Additives segment, which produces and sells Phosphorus Pentasulfide (“P 2 S 5 ”), was renamed the Specialty Products segment to better reflect the current and expanding applications for P 2 S 5 in several end markets and applications, including lubricant additives, various agricultural applications, various mining applications, and emerging electric battery technologies. Within the lubricant additive end market, currently the Company’s largest end market application, P 2 S 5 is primarily used in the production of a family of compounds called Zinc Dialkyldithiophosphates (“ZDDP”), which is considered an essential component in the formulation of engine oils with its main function to provide anti-wear protection to engine components. Global Economic Environment Russia’s Invasion of Ukraine In February 2022, Russia invaded Ukraine. While Perimeter has limited exposure in Russia and Ukraine, the Company continues to monitor any broader impact to the global economy, including with respect to inflation, supply chains and fuel prices. The full impact of the conflict on the Company’s business and financial results remains uncertain and will depend on the severity and duration of the conflict and its impact on regional and global economic conditions. Inflationary Cost Environment During fiscal 2021 and continuing into the current fiscal year, global commodity and labor markets experienced significant inflationary pressures attributable to ongoing economic recovery and supply chain issues. Perimeter is subject to inflationary pressures with respect to raw materials, labor and transportation. Accordingly, the Company continues to take actions with its customers and suppliers to mitigate the impact of these inflationary pressures in the future. Actions to mitigate inflationary pressures with suppliers include aggregation of purchase requirements to achieve optimal volume benefits, negotiation of cost-reductions and identification of more cost competitive suppliers. While these actions are designed to offset the impact of inflationary pressures, the Company cannot provide assurance that it will be successful in fully offsetting increased costs resulting from inflationary pressure. Interest payments for borrowings under the Company’s revolving credit facility are based on variable rates. As a result, an increase in interest rates may reduce the Company’s cash flow available for other corporate purposes. Ongoing COVID-19 Pandemic The pandemic, caused by an outbreak of a novel strain of coronavirus, SARS-CoV-2, which causes COVID-19 that began in December 2019, introduced significant volatility to the global health and economic environment, including millions of confirmed COVID-19 cases, business slowdowns or shutdowns, government challenges and market volatility throughout 2020 into 2022. While the ongoing direct impact from the COVID-19 pandemic has subsided, disruptions to supply chains, transportation efficiency, and availability of raw materials and labor continue to persist. The exact pace and timing of the economic recovery remains uncertain and is expected to continue to be uneven depending on various factors. As the consequences of the pandemic and adverse impact to the global economy continue to evolve, the future adverse impact on the Company's business and financial statements remains subject to uncertainty as of the date of this filing.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2021 Annual Report. The condensed consolidated financial statements for the prior periods include certain reclassifications that were made to conform to the current period presentation. Such reclassifications have no impact on previously reported condensed consolidated financial position, results of operations or cash flows. Perimeter Solutions is an emerging growth company (“EGC”) as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGC. As an EGC, the Company has elected, under Section 107(b) of the JOBS Act, to take advantage of the extended transition period provided in Section 7(a)(2)(B) of the Securities Act for complying with new or revised accounting standards. As of June 30, 2022, the Company’s public float was greater than $700.0 million. As a result, for the fiscal year ending December 31, 2022, the Company will not qualify as an EGC. Principles of Consolidation The unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances. Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying unaudited condensed consolidated financial statements include the useful lives of long-lived and intangible assets, the allowance for doubtful accounts, the fair value of financial assets and liabilities, stock options, founder advisory fees, contingent earn-out liability and realizability of deferred tax assets. Actual results could differ from those estimates. As of September 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies and Recent Accounting Pronouncements” in its consolidated financial statements included in the Company’s 2021 Annual Report. Recently Issued and Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which will require lessees to recognize a right of use asset and a lease liability on their balance sheet for all leases, including operating leases, with a term of greater than 12 months. In July 2018, the FASB issued ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required, and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The Company has determined its portfolio of leased assets and is completing its review of all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Upon adoption, the Company will recognize right of use assets and lease liabilities for certain commitments related to real estate, vehicles, and field equipment that are currently accounted for as operating leases. To track these lease arrangements and facilitate compliance with this ASU, the Company is implementing a third-party lease accounting software solution and is in the process of designing processes and internal controls. The adoption of this ASU will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right of use assets and corresponding lease liabilities and will result in changes to the Company’s existing accounting policies, business processes, and internal controls. The Company plans to elect the available package of practical expedients provided in the standard and adopt Topic 842 as of January 1, 2022 on its Form 10-K for the year ending December 31, 2022, using the optional transition method provided by ASU 2018-11 and continues to assess potential effects of the standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and issued subsequent amendments to the initial guidance within ASU 2019-04, ASU 2019-05 and ASU 2019-11. The amendments require an entity to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company plans to adopt the new standard as of January 1, 2022 on its Form 10-K for the year ending December 31, 2022. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after

BUSINESS ACQUISITIONS

BUSINESS ACQUISITIONS	9 Months Ended
	Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]
BUSINESS ACQUISITIONS	BUSINESS ACQUISITIONS Successor Business Combination – Perimeter Solutions Pursuant to the Business Combination Agreement, EverArc entered into an escrow agreement with SK Holdings and Wilmington Trust, N.A., a national banking association, as escrow agent, which provided that approximately $7.6 million of the cash consideration payable pursuant to the Business Combination Agreement be held in escrow pending a determination of the post-Closing purchase price adjustments under the Business Combination Agreement. On March 3, 2022, the post-Closing purchase price adjustments under the Business Combination Agreement were finalized. Approximately $7.6 million held in escrow was released and an additional $1.6 million related to the difference in estimated and actual working capital as of the Closing Date was also paid to SK Holdings. Predecessor Magnum Acquisition On July 1, 2021, the Company used cash provided by operations to purchase all of the assets of Magnum Fire & Safety Systems ("Magnum"). The asset purchase agreement provided for approximately $1.2 million in cash to be paid at closing. The Magnum acquisition expands the Company’s access to new markets and is expected to result in additional revenue in firefighting foam equipment and systems within the Fire Safety segment. The Company has performed a purchase price allocation, where the Company allocated $1.2 million to goodwill in the predecessor entity. Individual assets and liabilities included within the balance sheet were not material. PC Australasia Asset Acquisition On April 1, 2021, the Company used cash on hand to purchase all of the wildfire retardant and foam assets of PC Australasia Pty Ltd (“PC Australasia”). The asset purchase agreement provided for approximately $2.7 million in cash to be paid at closing. The PC Australasia acquisition provides the Company direct access to existing markets within the Fire Safety segment. The Company has performed a purchase price allocation, where the Company allocated $1.0 million to goodwill in the predecessor entity. Other amounts allocated to the individual assets and liabilities included within the condensed consolidated balance sheet were not material. Budenheim Asset Acquisition On March 2, 2021, the Company used cash on hand to purchase all of the wildfire retardant and foam assets of Budenheim Iberica, S.L.U (“Budenheim”). The asset purchase agreement provided for approximately $3.6 million in cash to be paid at closing. The Budenheim acquisition expands the Company’s access to new markets and is expected to result in additional revenue within the Fire Safety segment. The Company performed a purchase price allocation, where the Company allocated $3.2 million to goodwill in the predecessor entity. Other amounts allocated to the individual assets and liabilities included within the condensed consolidated balance sheet were not material. For segment reporting purposes, the results of operations and assets from the above predecessor acquisitions have been included in the Company’s Fire Safety segment since the acquisition dates. For the three and nine months ended

BALANCE SHEET COMPONENTS

BALANCE SHEET COMPONENTS	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
BALANCE SHEET COMPONENTS	BALANCE SHEET COMPONENTS Details of certain balance sheet items are presented below (in thousands): September 30, December 31, Inventory: Raw materials and manufacturing supplies $ 52,013 $ 34,008 Work in process 204 213 Finished goods 68,250 75,866 Total inventory $ 120,467 $ 110,087 Prepaid Expenses and Other Current Assets: Advance to vendors $ 22 $ 2,984 Prepaid insurance 1,099 8,441 Prepaid value-added taxes 2,518 1,202 Other 1,237 1,534 Total prepaid expenses and other current assets $ 4,876 $ 14,161 Property, Plant and Equipment: Buildings $ 3,836 $ 4,021 Leasehold improvements 2,041 2,301 Furniture and fixtures 336 558 Machinery and equipment 51,680 50,177 Vehicles 4,097 4,579 Construction in progress 4,493 1,983 Total property, plant and equipment, gross 66,483 63,619 Less: Accumulated depreciation (9,296) (1,372) Total property, plant and equipment, net $ 57,187 $ 62,247 Accrued Expenses and Other Current Liabilities: Accrued bonus $ 3,161 $ 7,728 Accrued salaries 2,274 900 Accrued employee benefits 917 591 Accrued interest 16,019 5,341 Accrued purchases 6,870 1,930 Accrued taxes 91,783 355 Other 3,405 2,180 Total accrued expenses and other current liabilities $ 124,429 $ 19,025 Other Non-Current Liabilities: LaderaTech contingent earn-out $ 6,937 $ 19,979 Other 2,014 2,216 Total other non-current liabilities $ 8,951 $ 22,195

GOODWILL AND OTHER INTANGIBLE A

GOODWILL AND OTHER INTANGIBLE ASSETS	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
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, 2021 $ 867,807 $ 173,518 $ 1,041,325 Purchase price adjustment under Business Combination Agreement 1,638 — 1,638 Foreign currency translation (17,571) (6,005) (23,576) Balance, September 30, 2022 $ 851,874 $ 167,513 $ 1,019,387 Intangible assets and related accumulated amortization as of September 30, 2022 and December 31, 2021 are as follows (in thousands): September 30, 2022 Estimated Gross Value Foreign Accumulated Net Book Definite Lived Intangible Assets: Technology and patents 20 $ 250,000 $ (5,058) $ (11,081) $ 233,861 Customer lists 20 761,000 (11,342) (33,829) 715,829 Tradenames 20 101,000 (1,463) (4,490) 95,047 Balance, September 30, 2022 $ 1,112,000 $ (17,863) $ (49,400) $ 1,044,737 December 31, 2021 Estimated Gross Value Foreign Accumulated Net Book Definite Lived Intangible Assets: Technology and patents 20 $ 250,000 $ (836) $ (1,796) $ 247,368 Customer lists 20 761,000 (2,059) (5,482) 753,459 Tradenames 20 101,000 (268) (727) 100,005 Balance, December 31, 2021 $ 1,112,000 $ (3,163) $ (8,005) $ 1,100,832 Amortization expense for definite-lived intangible assets was $13.7 million and $41.4 million for the three and nine months ended September 30, 2022, respectively, and $13.3 million and $39.8 million for the three and nine months ended September 30, 2021, respectively. Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands): 2022 remaining $ 13,900 2023 55,600 2024 55,600 2025 55,600 2026 55,600 Thereafter 808,437 Total $ 1,044,737

LONG-TERM DEBT AND REDEEMABLE P

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES	LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES Long-term debt consists of the following (in thousands): September 30, December 31, Senior Notes $ 675,000 $ 675,000 Less: unamortized debt issuance costs (10,014) (10,872) Long-term debt $ 664,986 $ 664,128 Successor Revolving Credit Facility On November 9, 2021, SK Invictus Intermediate II S.à r.l., a private limited liability company governed by the laws of the Grand Duchy of Luxembourg (“ SK Intermediate II”), as borrower, entered into a five-year revolving credit facility (the “Revolving Credit Facility”), which provides for a senior secured Revolving Credit Facility in an aggregate principal amount of up to $100.0 million. The Revolving Credit Facility matures on November 9, 2026. The Revolving Credit Facility includes a $20.0 million swingline sub-facility and a $25.0 million letter of credit sub-facility. The Revolving Credit Facility allows SK Intermediate II to increase commitments under the Revolving Credit Facility up to an aggregate amount not to exceed the greater of (i) $143.0 million and (ii) 100.00% of consolidated earnings before interest, taxes, depreciation and amortization (“EBITDA”) for the most recent four-quarter period (minus the aggregate outstanding principal amount of certain ratio debt permitted to be incurred thereunder). All borrowings under the Revolving Credit Facility are subject to the satisfaction of customary conditions, including the absence of a default and the accuracy of representations and warranties, subject to customary exceptions. Solely to the extent that on the last day of the applicable fiscal quarter, the utilization of the Revolving Credit Facility (excluding cash collateralized letters of credit and up to $10.0 million of undrawn letters of credit) exceeds 40% of the aggregate commitments, the Revolving Credit Facility requires compliance on a quarterly basis with a maximum secured net leverage ratio of 7.50:1.00. The Revolving Credit Facility is fully and unconditionally guaranteed by the Company and each of SK Intermediate II’s existing and future wholly-owned material restricted subsidiaries, subject to customary exceptions, and is secured by a first priority lien, subject to certain permitted liens, on substantially all of SK Intermediate II’s and each of the guarantors’ existing and future property and assets, subject to customary exceptions. Deferred financing costs incurred in connection with securing the Revolving Credit Facility were $2.3 million, which is carried as a long-term asset in the accompanying condensed consolidated balance sheets and is amortized on a straight-line over the term of the Revolving Credit Facility and included in interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss). As of September 30, 2022 and December 31, 2021, the Company did not have any outstanding borrowings under the Revolving Credit Facility and was in compliance with all covenants, including the financial covenants. Senior Notes On the Closing Date, SK Intermediate II assumed $675.0 million principal amount of 5.00% senior secured notes due October 30, 2029 (“Senior Notes”) issued by EverArc Escrow S.à r.l. (“ Escrow Issuer ”), a newly-formed limited liability company governed by the laws of the Grand Duchy of Luxembourg and a wholly owned subsidiary of EverArc under an indenture dated as of October 22, 2021 (“Indenture”). The Senior Notes bear interest at an annual rate of 5.00%. Interest on the Senior Notes is payable in cash semi-annually in arrears on April 30 and October 30 of each year, commencing on April 30, 2022. The Senior Notes are general, secured, senior obligations of SK Intermediate II; rank equally in right of payment with all existing and future senior indebtedness of SK Intermediate II (including, without limitation, the Revolving Credit Facility); and together with the Revolving Credit Facility, are effectively senior to all existing and future indebtedness of SK Intermediate II that is not secured by the collateral. The Senior Notes are fully and unconditionally guaranteed on a senior secured basis, jointly and severally, by all of SK Intermediate II’s existing or future restricted subsidiaries (other than certain excluded subsidiaries) that guarantee the Revolving Credit Facility. The Senior Notes contain certain covenants limiting SK Intermediate II’s ability and the ability of the restricted subsidiaries (as defined in the indenture governing the Senior Notes) to, under certain circumstances, prepay subordinated indebtedness, pay distributions, redeem stock or make certain restricted investments; incur indebtedness; create liens on the SK Intermediate II’s assets to secure debt; restrict dividends, distributions or other payments; enter into transactions with affiliates; designate subsidiaries as unrestricted subsidiaries; sell or otherwise transfer or dispose of assets, including equity interests of restricted subsidiaries; effect a consolidation or merger; and change the Company’s line of business. Deferred financing costs incurred in connection with securing the Senior Notes were $11.0 million, which were capitalized and are amortized using the effective interest method over the term of the Senior Notes and included in interest expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss). The unamortized portion of the deferred financing costs is included as a reduction to the carrying value of the Senior Notes which have been recorded as long-term debt, net in the accompanying condensed consolidated balance sheets. Redeemable Preferred Shares In connection with the Business Combination, the Company issued 10 million redeemable preferred shares of PSSA (“Redeemable Preferred Shares”), nominal value $10 per share, valued at $100.0 million. The Redeemable Preferred Shares are entitled to a preferred annual cumulative right to a dividend equal to 6.50% of its nominal value. The preferred dividend will generally be paid 40.00% in cash and 60.00% in kind each year within three Holders of the Redeemable Preferred Shares generally have no voting rights. The Company, under its articles of association (the “Articles”) is mandatorily required to redeem the Redeemable Preferred Shares at any time prior to the earliest of (i) six months following the latest maturity date of the above-mentioned Senior Notes, (ii) nine years after the date of issuance of the Redeemable Preferred Shares or (iii) upon the occurrence of a change of control, as defined in the Company’s Articles. Due to the fact that the Redeemable Preferred Shares are mandatorily redeemable, the Redeemable Preferred Shares are classified as a liability in the accompanying unaudited condensed consolidated balance sheets, and $1.6 million and $4.9 million of dividends on these Redeemable Preferred Shares for the three and nine months ended September 30, 2022, respectively, is recorded as interest expense in the accompanying unaudited condensed consolidated statements of operations and comprehensive income (loss). At September 30, 2022, $3.5 million of preferred dividends were in arrears. The Redeemable Preferred Shares have an aggregate liquidation preference of $100.0 million, plus any accrued and unpaid dividends thereon and is senior to the Ordinary Shares with respect to dividends and with respect to dissolution, liquidation or winding up of the Company. At September 30, 2022, the redemption price was $103.5 million. Predecessor On March 28, 2018, Invictus U.S., LLC and SK Intermediate II, two wholly owned subsidiaries of SK Intermediate, entered into credit agreements providing for committed credit facilities of $815.0 million, a substantial portion of which was used to fund the acquisition of the Company’s assets. Pursuant to the credit agreements, t he Company’s First Lien Credit Facility (the “First Lien”) consisted of a $545.0 million U.S. dollar term loan with a maturity of March 28, 2025, a multicurrency revolving credit facility (the “Revolver”), and a $16.0 million extension on the original term loan. The Second Lien Credit Facility (the “Second Lien”) consisted of a $155.0 million U.S. dollar term loan with a maturity of March 28, 2026. The Revolver provided for maximum borrowings of $100.0 million with a maturity of March 28, 2023. Interest was based on the same terms as the First Lien and was subject to a 0.50% unused commitment fee. The Revolver also contained a $10.0 million standby letter of credit sub-facility and a $10.0 million swing line sub-facility. On the Closing Date, $541.5 million outstanding under the First Lien and $155.0 million outstanding under the Second Lien were repaid and the related unamortized debt issue costs of $11.0 million was charged to interest expense.

INCOME TAXES

INCOME TAXES	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
INCOME TAXES	INCOME TAXES The Company is subject to U.S. federal income tax, U.S. state and local tax and tax in foreign jurisdictions. The Company estimates its annual effective tax rate in recording its quarterly provision for income taxes in the various jurisdictions in which it operates. The Company’s effective tax rate was 30.48% and 16.07% for the three and nine months ended September 30, 2022, respectively, and 26.39% and 30.74% for the three and nine months ended September 30, 2021, respectively. The primary differences between the effective tax rate and the amount computed by applying the Luxembourg statutory rate of 24.94% are related to losses not expected to be benefited in certain jurisdictions that have a valuation allowance, permanently non-deductible compensation, non-taxable gain on contingent earn-out, withholding taxes accrued on unremitted earnings and the impact of foreign tax rate differences. In assessing the realizability of deferred tax assets, the Company considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. The Company considers the scheduled reversal of deferred tax liabilities (including the impact of available carryback and carryforward periods), projected future taxable income, and tax-planning strategies in making this assessment. While the Company expects to realize the remaining net deferred tax assets, changes in future taxable income or in tax laws may alter this expectation and result in future increases to the valuation allowance. The valuation allowance for deferred tax assets as of September 30, 2022 and 2021 primarily relates to net operating loss that, in the judgment of the Company, are not more likely than not to be realized. The Company evaluates its tax positions and recognizes only tax benefits that, more likely than not, will be sustained upon examination, including resolution of any related appeals or litigation processes, based on the technical merits of the position. The tax position is measured at the largest amount of benefit that has a greater than 50.0% likelihood of being realized upon settlement. The Company did not have any uncertain tax benefits as of September 30, 2022 and 2021. As of September 30, 2022 and 2021, the Company had no accrued interest or penalties related to uncertain tax positions. The Company files income tax returns in Luxembourg, U.S. federal and state jurisdictions, and other foreign jurisdictions. As of September 30, 2022, tax years 2018 through 2020 are subject to examination by the tax authorities in the U.S. The Alberta, Canada audit concluded as of January 12, 2022 and no material adjustments were identified.

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Legal Proceedings The Company is involved in various claims, actions, and legal proceedings arising in the ordinary course of business, including a number of matters related to the aqueous film forming foam litigation consolidated in the District of South Carolina multi-district litigation and other similar matters pending in other jurisdictions in the United States. The Company’s exposure to losses, if any, is not considered probable or reasonably estimable at this time. Commitments The Company has a supply agreement to purchase elemental phosphorus (“P4”) from a supplier through 2023. The contract price is tied to the contract year cost times a multiplier, subject to a market-driven benchmark price adjustment, which is generally settled once per year. The Company did not purchase the anticipated minimum pounds of P4 for the three and nine months ended September 30, 2022 and 2021. However, the Company has no obligation to record a liability, as there is no financial penalty owed to the vendor. Costs incurred under this supply agreement were $9.6 million and $34.0 million for the three and nine months ended September 30, 2022, respectively, and $9.7 million and $26.9 million for the three and nine months ended September 30, 2021, respectively. Leases The Company leases facilities and other machinery and equipment under long-term noncancelable operating leases through August 14, 2037. As of September 30, 2022, the future minimum rental payments required by the long-term noncancelable operating leases are as follows (in thousands): Amount Remainder of 2022 $ 1,117 2023 4,401 2024 3,669 2025 3,268 2026 3,083 Thereafter 3,873 Total $ 19,411 Minimum rental payments under operating leases are recognized on a straight-line basis over the term of the lease including any periods of free rent. Rent expense for operating leases was $1.2 million and $3.7 million for the three and nine months ended September 30, 2022, respectively, of which $1.0 million and $3.2 million, respectively, was presented in cost of goods sold and $0.2 million and $0.5 million, respectively, was presented in selling, general, and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss). Rent expense for operating leases was $0.5 million and $2.3 million for the three and nine months ended September 30, 2021, respectively, of which $0.3 million and $1.9 million, respectively, was presented in cost of goods sold and $0.2 million and $0.4 million, respectively, was presented in selling, general, and administrative expense in the accompanying condensed consolidated statements of operations and comprehensive income (loss).

EQUITY

EQUITY	9 Months Ended
	Sep. 30, 2022
Equity [Abstract]
EQUITY	EQUITY The Company’s authorized share capital is $4,100.0 million, consisting of 4.0 billion Ordinary Shares with a nominal value of $1.00 per share and 10.0 million Redeemable Preferred Shares with a nominal value of $10.00 per share. Each Ordinary Share entitles the holder thereof to one vote. Due to the fact that the Redeemable Preferred Shares are mandatorily redeemable, the Redeemable Preferred Shares are classified as a liability on the accompanying unaudited condensed consolidated balance sheets. On December 7, 2021, subject to the approval of the shareholders of the Company, the Company's board of directors (the “Board”) authorized a share repurchase plan (the “Share Repurchase Plan”). Under the Share Repurchase Plan, the Company is authorized to repurchase up to $100.0 million of its issued and outstanding Ordinary Shares at any time during the next 24 months or, if different, such other timeframe as approved by the shareholders of the Company. Until such time as the Share Repurchase Plan was approved by the shareholders of the Company, the Board authorized any subsidiary of the Company to take such actions necessary to purchase Ordinary Shares of the Company. Repurchases under the Share Repurchase Plan may be made, from time to time, in such quantities, in such manner and on such terms and conditions and at prices the Company deems appropriate. On July 21, 2022, subject to certain limits, the shareholders’ of the Company approved a proposal authorizing the Board to repurchase up to 25% of the Company’s Ordinary Shares outstanding as of the date of the shareholders’ approval, being 40,659,257 Ordinary Shares, at any time during the next five years. On November 3, 2022, the Board approved the repurchase of up to $100.0 million of the Company's ordinary shares during the next 24 months. T he Company repurchased 320,703 and 918,216 Ordinary Shares for the three and nine months ended September 30, 2022, respectively, of which 597,513 Ordinary Shares were repurchased on behalf of a wholly-owned subsidiary. The repurchased Ordinary Shares were recorded at cost and are being held in treasury. During the period from October 1, 2022 to November 1, 2022, the Company repurchased approximately 5,054,856 of its Ordinary Shares at an average price per share of approximately $7.55. As of September 30, 2022, there were 162,316,326 Ordinary Shares, 33,843,440 warrants and 10,000,000 Redeemable Preferred Shares outstanding.

SHARE-BASED COMPENSATION AND EM

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS	SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS 2021 Equity Plan In connection with the Business Combination, the Board adopted, and its shareholders approved, the 2021 Equity Incentive Plan (the “2021 Equity Plan”). A total of 31,900,000 O rdinary Shares are authorized and reserved for issuance under the 2021 Equity Plan which provides for the grant of stock options (either incentive or non-qualified), stock appreciation rights (“SARs”), restricted stock, restricted stock units (“RSUs”), performance shares, performance share units and other share-based awards with respect to the Ordinary Shares. Shares associated with underlying awards that are expired, forfeited, or otherwise terminated without the delivery of shares, or are settled in cash, and any shares tendered to or withheld by the Company for the payment of an exercise price or for tax withholding will again be available for issuance under the 2021 Equity Plan. The table below summarizes the performance-based non-qualified stock options (“PBNQSO”) activity for the nine months ended September 30, 2022: Number of Options Weighted-Average Exercise/Conversion Price Weighted-Average Aggregate Outstanding at December 31, 2021 8,763,754 $ 10.04 Granted 2,579,167 $ 8.87 Exercised — $ — Forfeited (943,750) $ 10.09 Outstanding at September 30, 2022 10,399,171 $ 9.75 9.23 $ — Options vested and exercisable 32,813 $ 10.00 The weighted-average assumptions used to fair value the PBNQSO on the grant date using the Black-Scholes option-pricing model were as follows: 2022 Dividend yield — % Risk-free interest rate 1.71% to 3.11% Expected volatility 39.04% to 43.00% Expected term (years) 6.50 Weighted average exercise price of options granted $ 8.87 Weighted average fair value of options granted $ 4.04 Non-cash share-based compensation expense recognized by the Company for the three and nine months ended September 30, 2022 was $6.8 million and $19.3 million, respectively. Compensation expense is recognized based upon probability assessments of PBNQSOs that are expected to vest in future periods. Such probability assessments are subject to revision and, therefore, unrecognized compensation expense is subject to future changes in estimate. As of September 30, 2022, there was approximately $35.5 million of total unrecognized compensation expense related to non-vested PBNQSOs expected to vest, which is expected to be recognized over a weighted-average period of 2.1 years. Founder Advisory Amount s Upon consummation of the Business Combination, the Company assumed the advisory agreement entered into on December 12, 2019 by EverArc (“Founder Advisory Agreement”) with EverArc Founders, LLC, a Delaware limited liability company (“EverArc Founder Entity”), which is owned and operated by William N. Thorndike, Jr., W. Nicholas Howley, Tracy Britt Cool, Vivek Raj and Haitham Khouri (“EverArc Founders”), pursuant to which the EverArc Founder Entity, for the services provided to the Company, including strategic and capital allocation advice, is entitled to receive both a fixed amount (the “Fixed Annual Advisory Amount”) and a variable amount (the “Variable Annual Advisory Amount,” each an “Advisory Amount” and collectively, the “Advisory Amounts”) until the years ending December 31, 2027 and 2031, respectively. The Variable Annual Advisory Amount for each year through December 31, 2031 is based on the appreciation of the market price of Ordinary Shares if such market price exceeds certain trading price minimums at the end of each reporting period and is valued using a Monte Carlo simulation model. The Fixed Annual Advisory Amount will be equal to 2,357,061 Ordinary Shares (1.5% of 157,137,410 Ordinary Shares outstanding as of November 9, 2021 ) for each year through December 3 1, 2027 and valued using the period end volume weighted average closing share price for ten consecutive trading days of Ordinary Shares. Because up to 50% of the aggregate shares could be settled through a cash payment, 50% are classified as a liability and the remaining 50% is classified within equity. For Advisory Amounts classified within equity, the Company does not subsequently remeasure the fair value. For the Advisory Amounts classified as a liability, the Company remeasures the fair value at each reporting date, accordingly, the compensation expense recorded by the Company in the future will depend upon changes in the fair value of the liability-classified Advisory Amounts. As of September 30, 2022, the fair value of the Variable Annual Advisory Amount was determined to be $170.8 million using a Monte Carlo simulation model and the fair value of the Fixed Annual Advisory Amount was calculated to be $118.0 million based on the period end volume weighted average closing share price for ten consecutive trading days of Ordinary Shares of $8.35.

FAIR VALUE MEASUREMENTS

FAIR VALUE MEASUREMENTS	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
FAIR VALUE MEASUREMENTS	FAIR VALUE MEASUREMENTS Fair Value Measurement The carrying value of cash and cash equivalents, accounts receivable, accounts payable, accrued expenses and other current liabilities approximates fair value due to the short-term nature of their maturities. Borrowings under the Company’s Revolving Credit Facility accrues interest at a floating rate tied to a standard short-term borrowing index, selected at the Company’s option, plus an applicable margin. The carrying amount of this floating rate debt approximates fair value based upon the respective interest rates adjusting with market rate adjustments. The carrying amount of the Company's Redeemable Preferred Shares also approximates fair value. At September 30, 2022 and December 31, 2021, the estimated fair value of the Company's Senior Notes, calculated using Level 2 inputs, based on bid prices obtained from a broker was approximately $550.1 million and $675.0 million, respectively. The Company uses valuation approaches that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or a liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels: • Level 1 inputs: Unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. • Level 2 inputs: Other than quoted prices in Level 1 inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the asset or liability. • Level 3 inputs: Unobservable inputs for the asset or liability used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Liabilities by Hierarchy Level The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis, by level, within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurements Using: September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Founders advisory fees payable - related party $ 59,013 $ — $ 85,421 $ 144,434 LaderaTech contingent earn-out included in other liabilities, non-current — — 6,937 6,937 Total liabilities $ 59,013 $ — $ 92,358 $ 151,371 December 31, 2021 Liabilities: Founders advisory fees payable - related party $ 114,276 $ — $ 251,513 $ 365,789 LaderaTech contingent earn-out included in other liabilities, non-current — — 19,979 19,979 Total liabilities $ 114,276 $ — $ 271,492 $ 385,768 At September 30, 2022 and December 31, 2021, the fair value of the contingent earn-out related to the May 2020 purchase of LaderaTech, Inc. (“LaderaTech”) is measured on a recurring basis using Level 3 fair value inputs. The earn-out is based on 20% of gross profits upon achieving a revenue threshold exceeding $5.0 million through December 31, 2026 and is valued using a Monte Carlo simulation model. As of September 30, 2022, the fair value of the contingent earn-out decreased primarily due to a change in the forecast of the product mix from an earn-out eligible fire retardant to a non earn-out eligible Company developed fire retardant. Significant changes in the projected revenue, projected gross margin, or discount rate would have a material impact on the fair value of the contingent consideration. See Note 10, “Share-Based Compensation” for discussion of the fair value estimation on the founders advisory fees payable - related party. Changes in Level 3 Liabilities The reconciliations for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Founders Advisory Fees Payable - Related Party LaderaTech Founders Advisory Fees Payable - Related Party LaderaTech Successor Fair value, beginning of period $ 138,637 $ 10,581 $ 251,513 $ 19,979 Settlements — — (40,776) — Reclassification from liability to equity — — (10,495) — Founders advisory fees - related party, change in fair value (53,216) — (114,821) — Gain on contingent earn-out, change in fair value — (3,644) — (13,042) Fair value, end of period $ 85,421 $ 6,937 $ 85,421 $ 6,937 LaderaTech Contingent Earn-out Three Months Ended Nine Months Ended Predecessor Fair value, beginning of period $ 22,579 $ 19,816 Loss on contingent earn-out, change in fair value — 2,763 Fair value, end of period $ 22,579 $ 22,579

RELATED PARTIES

RELATED PARTIES	9 Months Ended
	Sep. 30, 2022
Related Party Transactions [Abstract]
RELATED PARTIES	RELATED PARTIES Successor On November 9, 2021, in connection with the consummation of the Business Combination, the Company, EverArc and the EverArc Founder Entity entered into an Assignment and Assumption Agreement (the “Founder Assignment Agreement”) pursuant to which the Company assumed, and agreed to pay, perform, satisfy and discharge in full, all of EverArc’s liabilities and obligations under the Founder Advisory Agreement. In exchange for the services provided to the Company, including strategic and capital allocation advice, the EverArc Founder Entity is entitled to receive both the Variable Annual Advisory Amount and the Fixed Annual Advisory Amount from the Company. The Variable Annual Advisory Amount for each year through December 31, 2031 is based on the appreciation of the market price of Ordinary Shares if such market price exceeds certain trading price minimums at the end of each reporting period and is valued using a Monte Carlo simulation model. The Fixed Annual Advisory Amount will be equal to 2,357,061 Ordinary Shares (1.5% of 157,137,410 Ordinary Shares outstanding as of November 9, 2021 ) for each year through December 3 1, 2027 and valued using the period end volume weighted average closing share price for ten consecutive trading days of Ordinary Shares. For 2021, the average price was $13.63 per Ordinary Share, resulting in a total Variable Annual Advisory Amount for 2021 of 7,525,906 Ordinary Shares, or a value of $102.5 million (the “2021 Variable Amount”). The EverArc Founder Entity also received the Fixed Annual Advisory Amount which was equal to 1.5% of 157,137,410 Ordinary Shares outstanding on the Closing Date: 2,357,061 Ordinary Shares or a value of $32.1 million, based on average price of $13.63 per Ordinary Share (the “2021 Fixed Amount” and together with the 2021 Variable Amount, the “2021 Advisory Amounts”). Per the Founder Advisory Agreement, the EverArc Founder Entity elected to receive approximately 60% of the 2021 Advisory Amounts in Ordinary Shares (5,952,992 Ordinary Shares) and approximately 40% of the Advisory Amounts in cash ($53.5 million). The 2021 Advisory Amounts of $134.7 million was disbursed, 60% in Ordinary Shares and 40% in cash, to the EverArc Founder Entity on February 15, 2022. As of September 30, 2022, the Company used a Monte Carlo simulation model to calculate the fair value of the Variable Annual Advisory Amount. The Company calculated the fair value of the Fixed Annual Advisory Amounts using the period end volume weighted average closing share price of Ordinary Shares for ten consecutive trading days of $8.35. These approaches resulted in fair values of $170.8 milli on for the Variable Annual Advisory Amount and $118.0 million fo r the Fixed Annual Advisory Amount, of which 50% may be paid in cash and recorded as a liability and the remaining 50% would be settled in Ordinary Shares . While the entire instrumen t is subject to the fair value calculation described above, the amount classified and recorded as equity remains consistent while the amount classified and recorded as a liability is updated each period. For the three and nine months ended September 30, 2022, the Company recognized a reduction in share-based compensation expense related to a decrease in fair value for liability-classified Advisory Amounts of $73.7 million and $154.0 million, respectively, primarily due to the decrease in stock price. The Company continues to have a purchase and sales agreement with the former owners of the original Invictus business (the “Sellers”) for specific raw materials. During the three and nine months ended September 30, 2022, the Company purchased $0.5 million and $1.4 million, respectively, from the Sellers in the ordinary course of business. Additionally, during the three and nine months ended September 30, 2022, the Company sold raw materials at cost of $1.7 million and $9.7 million, respectively, to the Sellers and paid $0.1 million and $0.3 million, respectively, to lease real property from the sellers of First Response Fire Rescue, LLC, River City Fabrication, LLC, and H&S Transport, LLC (collectively, “Ironman”). Predecessor During the three and nine months ended September 30, 2021, the Company purchased $0.1 million and $0.6 million, respectively, from the Sellers in the ordinary course of business. Additionally, during the three and nine months ended September 30, 2021, the Company sold raw materials at cost of $2.8 million and $6.3 million, respectively, to the Sellers. Sales of raw materials are recorded net as “the agent” since the Company does not have the following: a) primary responsibility for fulfilling the promise to provide the specified good, b) inventory risk before the specified good is transferred to the customer, or c) discretion in establishing the prices for the specified good. This related party transaction is not at arm’s length. SK Capital Partners IV-A, L.P. and SK Capital Partners IV-B, L.P. (collectively, the “Sponsor”) provided board oversight, operational and strategic support, and assistance with business development in return for a quarterly management fee. For the three and nine months ended September 30, 2021 total management consulting fees and expenses were $0.3 million and $0.9 million, respectively, and are presented in other operating expenses in the accompanying condensed consolidated statements of operations and comprehensive income (loss). The Company entered into multiple lease arrangements for real property with the sellers of Ironman in 2020 that the Company continues to occupy post-acquisition. During the three and nine months ended September 30, 2021, the Company paid $0.1 million and $0.3 million, respectively, in rent and related expenses.

REVENUE RECOGNITION

REVENUE RECOGNITION	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of revenues Amounts recognized at a point in time primarily relate to products sold whereas amounts recognized over time primarily relate to services associated with the full-service retardant contracts. Revenues for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Revenues from products $ 139,941 $ 173,364 $ 292,603 $ 290,935 Revenues from services 20,126 21,462 24,116 24,630 Other revenues 442 588 2,513 895 Total net sales $ 160,509 $ 195,414 $ 319,232 $ 316,460

EARNINGS PER SHARE

EARNINGS PER SHARE	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
EARNINGS PER SHARE	EARNINGS PER SHAREBasic earnings per share represents income available to ordinary shareholders divided by the weighted average number of Ordinary Shares outstanding during the reported period. Diluted earnings per share is based upon the weighted-average number of Ordinary Shares outstanding during the period plus additional weighted-average potentially dilutive Ordinary Share equivalents during the period when the effect is dilutive. Basic and diluted weighted average shares outstanding and earnings per share were as follows (in thousands, except share and per share data): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net income $ 78,711 $ 52,009 $ 123,745 $ 29,632 Weighted-average shares outstanding: Weighted average shares used in computing earnings per share, basic 162,635,592 53,045,510 161,943,492 53,045,510 Founders advisory fees 14,142,366 — 14,142,366 — Weighted average shares used in computing earnings per share, diluted 176,777,958 53,045,510 176,085,858 53,045,510 Basic earnings per share $ 0.48 $ 0.98 $ 0.76 $ 0.56 Diluted earnings per share $ 0.45 $ 0.98 $ 0.70 $ 0.56 As of September 30, 2022, 10.4 million PBNQSOs and 15.3 million Ordinary Shares issuable under the Founder Advisory Agreement were excluded from the diluted earnings per share calculation as the contingencies related to such instruments had not been met. In addition, 8.5 million Ordinary Shares equivalent warrants were excluded from the diluted earnings per share calculation as their effect would have been anti-dilutive.

SEGMENT INFORMATION

SEGMENT INFORMATION	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION The Company’s products and operations are managed and reported in two operating segments: Fire Safety and Specialty Products, formerly Oil Additives. The Fire Safety segment manufactures and sells fire retardant and firefighting foam products, as well as specialized equipment and services typically offered in conjunction with these retardant and foam products. In June 2022, the Oil Additives segment, which produces and sells P 2 S 5 was renamed the Specialty Products segment to better reflect the current and expanding applications for P 2 S 5 in several end markets and applications, including lubricant additives, various agricultural applications, various mining applications, and emerging electric battery technologies. Within the lubricant additive end market, currently the Company’s largest end market application, P 2 S 5 is primarily used in the production of a family of compounds called ZDDP, which is considered an essential component in the formulation of engine oils with its main function to provide anti-wear protection to engine components. Interest income, interest expense, other income (expense) and certain corporate operating expenses are neither allocated to the segments nor included in the measure of segment performance reviewed by the chief operating decision-maker (“CODM”). The corporate category includes unallocated costs related to the Company’s corporate headquarter activities, including selling, general and administrative costs, which do not meet the requirements for being classified as an operating segment. The CODM is the Company's CEO. The Company’s CODM uses the segment net sales an d segment Adjusted EBITDA to assess the ongoing performance of the Company’s business segments and to allocate resources. The Company defines segment Adjusted EBITDA as earnings before interest, taxes, depreciation and amortization, as adjusted on a consistent basis for certain non-recurring or unusual items in a balanced manner and on a segment basis. These non-recurring or unusual items may include acquisition and integration related costs, management fees and other non-recurring items. Information related to net sales and Adjusted EBITDA for the Company’s operations are summarized below (in thousands): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net sales: Fire safety $ 121,963 $ 172,445 $ 207,010 $ 237,256 Specialty products 38,546 22,969 112,222 79,204 Total $ 160,509 $ 195,414 $ 319,232 $ 316,460 Adjusted EBITDA: Fire safety $ 60,363 $ 97,854 $ 81,248 $ 116,680 Specialty products 15,264 2,496 42,038 17,919 Total segment Adjusted EBITDA 75,627 100,350 123,286 134,599 Less: Depreciation and amortization 16,450 15,212 49,536 45,593 Interest and financing expense 9,944 8,065 32,582 23,951 Founders advisory fees - related party (73,713) — (154,026) — Non-recurring expenses 1,168 3,855 4,788 12,805 Share-based compensation expense 6,832 — 19,297 — Non-cash purchase accounting impact 658 — 27,973 — (Gain) loss on contingent earn-out (3,644) — (13,042) 2,763 Management fees — 313 — 937 Contingent future payments — 625 — 1,875 Unrealized foreign currency loss 4,705 1,634 8,741 3,892 Income before income taxes $ 113,227 $ 70,646 $ 147,437 $ 42,783

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES AND RECENT ACCOUNTING PRONOUNCEMENTS (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments of a normal and recurring nature considered necessary for a fair presentation have been included in the accompanying condensed consolidated financial statements. The results of operations for the interim period are not necessarily indicative of the results that will be realized for the entire fiscal year. These condensed consolidated financial statements should be read in conjunction with the Company’s audited financial statements and accompanying notes thereto included in the Company’s 2021 Annual Report. The condensed consolidated financial statements for the prior periods include certain reclassifications that were made to conform to the current period presentation. Such reclassifications have no impact on previously reported condensed consolidated financial position, results of operations or cash flows. Perimeter Solutions is an emerging growth company (“EGC”) as defined in Section 2(a) of the Securities Act of 1933, as amended (the “Securities Act”), as modified by the Jumpstart Our Business Startups Act of 2012 (the “JOBS Act”) and are eligible to take advantage of certain exemptions from various reporting requirements that are applicable to other public companies that are not EGC. As an EGC, the Company has elected, under Section 107(b) of the JOBS Act, to take
Principles of Consolidation	Principles of ConsolidationThe unaudited condensed consolidated financial statements include the accounts of the Company and its subsidiaries after elimination of intercompany transactions and balances.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant estimates made by management in connection with the preparation of the accompanying unaudited condensed consolidated financial statements include the useful lives of long-lived and intangible assets, the allowance for doubtful accounts, the fair value of financial assets and liabilities, stock options, founder advisory fees, contingent earn-out liability and realizability of deferred tax assets. Actual results could differ from those estimates. As of September 30, 2022, the Company’s significant accounting policies are consistent with those discussed in Note 2 - “Summary of Significant Accounting Policies and Recent Accounting Pronouncements” in its consolidated financial statements included in the Company’s 2021 Annual Report.
Recently Issued and Adopted Accounting Standards	Recently Issued and Adopted Accounting Standards In February 2016, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standards Update (“ASU”) No. 2016-02, Leases (Topic 842), which will require lessees to recognize a right of use asset and a lease liability on their balance sheet for all leases, including operating leases, with a term of greater than 12 months. In July 2018, the FASB issued ASU 2018-11, which adds a transition option permitting entities to apply the provisions of the new standard at its adoption date instead of the earliest comparative period presented in the consolidated financial statements. Under this transition option, comparative reporting would not be required, and the provisions of the standard would be applied prospectively to leases in effect at the date of adoption. The Company has determined its portfolio of leased assets and is completing its review of all related contracts to determine the impact the adoption will have on its consolidated financial statements and related disclosures. Upon adoption, the Company will recognize right of use assets and lease liabilities for certain commitments related to real estate, vehicles, and field equipment that are currently accounted for as operating leases. To track these lease arrangements and facilitate compliance with this ASU, the Company is implementing a third-party lease accounting software solution and is in the process of designing processes and internal controls. The adoption of this ASU will increase asset and liability balances on the consolidated balance sheets due to the required recognition of right of use assets and corresponding lease liabilities and will result in changes to the Company’s existing accounting policies, business processes, and internal controls. The Company plans to elect the available package of practical expedients provided in the standard and adopt Topic 842 as of January 1, 2022 on its Form 10-K for the year ending December 31, 2022, using the optional transition method provided by ASU 2018-11 and continues to assess potential effects of the standard. In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments and issued subsequent amendments to the initial guidance within ASU 2019-04, ASU 2019-05 and ASU 2019-11. The amendments require an entity to replace the incurred loss impairment methodology in current U.S. GAAP with a methodology that reflects current expected credit losses and requires consideration of a broader range of reasonable and supportable information to determine credit loss estimates. The Company plans to adopt the new standard as of January 1, 2022 on its Form 10-K for the year ending December 31, 2022. In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740), which simplifies the accounting for income taxes by removing certain exceptions to the general principles in ASC 740. The amendments also improve consistent application of and simplify U.S. GAAP for other areas of ASC 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after

BALANCE SHEET COMPONENTS (Table

BALANCE SHEET COMPONENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Balance Sheet Components	Details of certain balance sheet items are presented below (in thousands): September 30, December 31, Inventory: Raw materials and manufacturing supplies $ 52,013 $ 34,008 Work in process 204 213 Finished goods 68,250 75,866 Total inventory $ 120,467 $ 110,087 Prepaid Expenses and Other Current Assets: Advance to vendors $ 22 $ 2,984 Prepaid insurance 1,099 8,441 Prepaid value-added taxes 2,518 1,202 Other 1,237 1,534 Total prepaid expenses and other current assets $ 4,876 $ 14,161 Property, Plant and Equipment: Buildings $ 3,836 $ 4,021 Leasehold improvements 2,041 2,301 Furniture and fixtures 336 558 Machinery and equipment 51,680 50,177 Vehicles 4,097 4,579 Construction in progress 4,493 1,983 Total property, plant and equipment, gross 66,483 63,619 Less: Accumulated depreciation (9,296) (1,372) Total property, plant and equipment, net $ 57,187 $ 62,247 Accrued Expenses and Other Current Liabilities: Accrued bonus $ 3,161 $ 7,728 Accrued salaries 2,274 900 Accrued employee benefits 917 591 Accrued interest 16,019 5,341 Accrued purchases 6,870 1,930 Accrued taxes 91,783 355 Other 3,405 2,180 Total accrued expenses and other current liabilities $ 124,429 $ 19,025 Other Non-Current Liabilities: LaderaTech contingent earn-out $ 6,937 $ 19,979 Other 2,014 2,216 Total other non-current liabilities $ 8,951 $ 22,195

GOODWILL AND OTHER INTANGIBLE_2

GOODWILL AND OTHER INTANGIBLE ASSETS (Tables)	9 Months Ended
	Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of Changes in Goodwill	The changes in the carrying amount of goodwill by reportable segment are as follows (in thousands): Fire Safety Specialty Products Total Balance, December 31, 2021 $ 867,807 $ 173,518 $ 1,041,325 Purchase price adjustment under Business Combination Agreement 1,638 — 1,638 Foreign currency translation (17,571) (6,005) (23,576) Balance, September 30, 2022 $ 851,874 $ 167,513 $ 1,019,387
Summary of Definite Lived Intangible Assets	Intangible assets and related accumulated amortization as of September 30, 2022 and December 31, 2021 are as follows (in thousands): September 30, 2022 Estimated Gross Value Foreign Accumulated Net Book Definite Lived Intangible Assets: Technology and patents 20 $ 250,000 $ (5,058) $ (11,081) $ 233,861 Customer lists 20 761,000 (11,342) (33,829) 715,829 Tradenames 20 101,000 (1,463) (4,490) 95,047 Balance, September 30, 2022 $ 1,112,000 $ (17,863) $ (49,400) $ 1,044,737 December 31, 2021 Estimated Gross Value Foreign Accumulated Net Book Definite Lived Intangible Assets: Technology and patents 20 $ 250,000 $ (836) $ (1,796) $ 247,368 Customer lists 20 761,000 (2,059) (5,482) 753,459 Tradenames 20 101,000 (268) (727) 100,005 Balance, December 31, 2021 $ 1,112,000 $ (3,163) $ (8,005) $ 1,100,832
Summary of Intangible Asset Future Amortization Expense	Estimated annual amortization expense of intangible assets for the next five years ended December 31 and thereafter is as follows (in thousands): 2022 remaining $ 13,900 2023 55,600 2024 55,600 2025 55,600 2026 55,600 Thereafter 808,437 Total $ 1,044,737

LONG-TERM DEBT AND REDEEMABLE_2

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES (Tables)	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Summary of Long-term Debt	Long-term debt consists of the following (in thousands): September 30, December 31, Senior Notes $ 675,000 $ 675,000 Less: unamortized debt issuance costs (10,014) (10,872) Long-term debt $ 664,986 $ 664,128

COMMITMENTS AND CONTINGENCIES (

COMMITMENTS AND CONTINGENCIES (Tables)	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Summary of Future Minimum Rental Payments For Operating Leases	As of September 30, 2022, the future minimum rental payments required by the long-term noncancelable operating leases are as follows (in thousands): Amount Remainder of 2022 $ 1,117 2023 4,401 2024 3,669 2025 3,268 2026 3,083 Thereafter 3,873 Total $ 19,411

SHARE-BASED COMPENSATION AND _2

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS (Tables)	9 Months Ended
	Sep. 30, 2022
Share-based Payment Arrangement [Abstract]
Summary of Performance-based Non-qualified Stock Options Activity	The table below summarizes the performance-based non-qualified stock options (“PBNQSO”) activity for the nine months ended September 30, 2022: Number of Options Weighted-Average Exercise/Conversion Price Weighted-Average Aggregate Outstanding at December 31, 2021 8,763,754 $ 10.04 Granted 2,579,167 $ 8.87 Exercised — $ — Forfeited (943,750) $ 10.09 Outstanding at September 30, 2022 10,399,171 $ 9.75 9.23 $ — Options vested and exercisable 32,813 $ 10.00
Summary of Performance-based Non-qualified Stock Options Valuation Assumptions	The weighted-average assumptions used to fair value the PBNQSO on the grant date using the Black-Scholes option-pricing model were as follows: 2022 Dividend yield — % Risk-free interest rate 1.71% to 3.11% Expected volatility 39.04% to 43.00% Expected term (years) 6.50 Weighted average exercise price of options granted $ 8.87 Weighted average fair value of options granted $ 4.04

FAIR VALUE MEASUREMENTS (Tables

FAIR VALUE MEASUREMENTS (Tables)	9 Months Ended
	Sep. 30, 2022
Fair Value Disclosures [Abstract]
Summary of Liabilities Measured on a Recurring Basis	The following tables set forth the Company’s liabilities that were measured at fair value on a recurring basis, by level, within the fair value hierarchy as of September 30, 2022 and December 31, 2021 (in thousands): Fair Value Measurements Using: September 30, 2022 Level 1 Level 2 Level 3 Total Liabilities: Founders advisory fees payable - related party $ 59,013 $ — $ 85,421 $ 144,434 LaderaTech contingent earn-out included in other liabilities, non-current — — 6,937 6,937 Total liabilities $ 59,013 $ — $ 92,358 $ 151,371 December 31, 2021 Liabilities: Founders advisory fees payable - related party $ 114,276 $ — $ 251,513 $ 365,789 LaderaTech contingent earn-out included in other liabilities, non-current — — 19,979 19,979 Total liabilities $ 114,276 $ — $ 271,492 $ 385,768
Summary of Reconciliation of Level 3 Liabilities Measured on a Recurring Basis	The reconciliations for all liabilities measured at fair value on a recurring basis using significant unobservable inputs (Level 3) are as follows (in thousands): Three Months Ended September 30, 2022 Nine Months Ended September 30, 2022 Founders Advisory Fees Payable - Related Party LaderaTech Founders Advisory Fees Payable - Related Party LaderaTech Successor Fair value, beginning of period $ 138,637 $ 10,581 $ 251,513 $ 19,979 Settlements — — (40,776) — Reclassification from liability to equity — — (10,495) — Founders advisory fees - related party, change in fair value (53,216) — (114,821) — Gain on contingent earn-out, change in fair value — (3,644) — (13,042) Fair value, end of period $ 85,421 $ 6,937 $ 85,421 $ 6,937 LaderaTech Contingent Earn-out Three Months Ended Nine Months Ended Predecessor Fair value, beginning of period $ 22,579 $ 19,816 Loss on contingent earn-out, change in fair value — 2,763 Fair value, end of period $ 22,579 $ 22,579

REVENUE RECOGNITION (Tables)

REVENUE RECOGNITION (Tables)	9 Months Ended
	Sep. 30, 2022
Revenue from Contract with Customer [Abstract]
Summary of Revenue	Revenues for the three and nine months ended September 30, 2022 and 2021 are as follows (in thousands): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Revenues from products $ 139,941 $ 173,364 $ 292,603 $ 290,935 Revenues from services 20,126 21,462 24,116 24,630 Other revenues 442 588 2,513 895 Total net sales $ 160,509 $ 195,414 $ 319,232 $ 316,460

EARNINGS PER SHARE (Tables)

EARNINGS PER SHARE (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Summary of Basic and Diluted Weighted Average Shares Outstanding and Earning (Loss) Per Share	Basic and diluted weighted average shares outstanding and earnings per share were as follows (in thousands, except share and per share data): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net income $ 78,711 $ 52,009 $ 123,745 $ 29,632 Weighted-average shares outstanding: Weighted average shares used in computing earnings per share, basic 162,635,592 53,045,510 161,943,492 53,045,510 Founders advisory fees 14,142,366 — 14,142,366 — Weighted average shares used in computing earnings per share, diluted 176,777,958 53,045,510 176,085,858 53,045,510 Basic earnings per share $ 0.48 $ 0.98 $ 0.76 $ 0.56 Diluted earnings per share $ 0.45 $ 0.98 $ 0.70 $ 0.56

SEGMENT INFORMATION (Tables)

SEGMENT INFORMATION (Tables)	9 Months Ended
	Sep. 30, 2022
Segment Reporting [Abstract]
Summary of Segment Information	Information related to net sales and Adjusted EBITDA for the Company’s operations are summarized below (in thousands): Successor Predecessor Successor Predecessor Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Net sales: Fire safety $ 121,963 $ 172,445 $ 207,010 $ 237,256 Specialty products 38,546 22,969 112,222 79,204 Total $ 160,509 $ 195,414 $ 319,232 $ 316,460 Adjusted EBITDA: Fire safety $ 60,363 $ 97,854 $ 81,248 $ 116,680 Specialty products 15,264 2,496 42,038 17,919 Total segment Adjusted EBITDA 75,627 100,350 123,286 134,599 Less: Depreciation and amortization 16,450 15,212 49,536 45,593 Interest and financing expense 9,944 8,065 32,582 23,951 Founders advisory fees - related party (73,713) — (154,026) — Non-recurring expenses 1,168 3,855 4,788 12,805 Share-based compensation expense 6,832 — 19,297 — Non-cash purchase accounting impact 658 — 27,973 — (Gain) loss on contingent earn-out (3,644) — (13,042) 2,763 Management fees — 313 — 937 Contingent future payments — 625 — 1,875 Unrealized foreign currency loss 4,705 1,634 8,741 3,892 Income before income taxes $ 113,227 $ 70,646 $ 147,437 $ 42,783

DESCRIPTION OF BUSINESS AND B_2

DESCRIPTION OF BUSINESS AND BASIS OF PRESENTATION (Details)	9 Months Ended	12 Months Ended
	Sep. 30, 2022 segment $ / shares	Dec. 31, 2021 $ / shares
Subsidiary, Sale of Stock [Line Items]
Common stock, par value (in usd per share) | $ / shares	$ 1	$ 1
Number of reportable segments | segment	2
United States | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk, percentage		73%
Europe | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk, percentage		13%
Canada | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk, percentage		7%
Mexico | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk, percentage		2%
Various Other Countries | Revenue from Contract with Customer Benchmark | Geographic Concentration Risk
Subsidiary, Sale of Stock [Line Items]
Concentration risk, percentage		5%

BUSINESS ACQUISITIONS - Success

BUSINESS ACQUISITIONS - Successor (Details) - USD ($) $ in Thousands		9 Months Ended
	Mar. 03, 2022	Sep. 30, 2022	Sep. 30, 2021	Nov. 09, 2021
Business Acquisition [Line Items]
Purchase price adjustment		$ 1,638	$ 0
SK Intermediate
Business Acquisition [Line Items]
Escrow deposit				$ 7,600
Purchase price adjustment	$ 1,600
SK Intermediate | Escrow Deposit
Business Acquisition [Line Items]
Escrow deposit released	$ 7,600

BUSINESS ACQUISITIONS - Predece

BUSINESS ACQUISITIONS - Predecessor (Details) - USD ($) $ in Thousands	Jul. 01, 2021	Apr. 01, 2021	Mar. 02, 2021	Sep. 30, 2022	Dec. 31, 2021
Business Acquisition [Line Items]
Goodwill				$ 1,019,387	$ 1,041,325
Magnum
Business Acquisition [Line Items]
Payments to acquire assets	$ 1,200
Goodwill	$ 1,200
PC Australasia
Business Acquisition [Line Items]
Payments to acquire assets		$ 2,700
Goodwill		$ 1,000
Budenheim Iberica, S.L.U
Business Acquisition [Line Items]
Payments to acquire assets			$ 3,600
Goodwill			$ 3,200

BALANCE SHEET COMPONENTS - Summ

BALANCE SHEET COMPONENTS - Summary of Balance Sheet Components (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Inventory:
Raw materials and manufacturing supplies	$ 52,013	$ 34,008
Work in process	204	213
Finished goods	68,250	75,866
Total inventory	120,467	110,087
Prepaid Expenses and Other Current Assets:
Advance to vendors	22	2,984
Prepaid insurance	1,099	8,441
Prepaid value-added taxes	2,518	1,202
Other	1,237	1,534
Total prepaid expenses and other current assets	4,876	14,161
Property, Plant and Equipment:
Total property, plant and equipment, gross	66,483	63,619
Less: Accumulated depreciation	(9,296)	(1,372)
Total property, plant and equipment, net	57,187	62,247
Accrued Expenses and Other Current Liabilities:
Accrued bonus	3,161	7,728
Accrued salaries	2,274	900
Accrued employee benefits	917	591
Accrued interest	16,019	5,341
Accrued purchases	6,870	1,930
Accrued taxes	91,783	355
Other	3,405	2,180
Total accrued expenses and other current liabilities	124,429	19,025
Other Non-Current Liabilities:
LaderaTech contingent earn-out	6,937	19,979
Other	2,014	2,216
Total other non-current liabilities	8,951	22,195
Buildings
Property, Plant and Equipment:
Total property, plant and equipment, gross	3,836	4,021
Leasehold improvements
Property, Plant and Equipment:
Total property, plant and equipment, gross	2,041	2,301
Furniture and fixtures
Property, Plant and Equipment:
Total property, plant and equipment, gross	336	558
Machinery and equipment
Property, Plant and Equipment:
Total property, plant and equipment, gross	51,680	50,177
Vehicles
Property, Plant and Equipment:
Total property, plant and equipment, gross	4,097	4,579
Construction in progress
Property, Plant and Equipment:
Total property, plant and equipment, gross	$ 4,493	$ 1,983

BALANCE SHEET COMPONENTS - Narr

BALANCE SHEET COMPONENTS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Depreciation	$ 2.7	$ 1.9	$ 8.1	$ 5.4
Allowance for doubtful accounts	$ 0.8		$ 0.8		$ 1

GOODWILL AND OTHER INTANGIBLE_3

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Changes in Goodwill (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Goodwill [Roll Forward]
Beginning goodwill	$ 1,041,325
Purchase price adjustment under Business Combination Agreement	1,638
Foreign currency translation	(23,576)
Ending goodwill	1,019,387
Fire Safety
Goodwill [Roll Forward]
Beginning goodwill	867,807
Purchase price adjustment under Business Combination Agreement	1,638
Foreign currency translation	(17,571)
Ending goodwill	851,874
Specialty Products
Goodwill [Roll Forward]
Beginning goodwill	173,518
Purchase price adjustment under Business Combination Agreement	0
Foreign currency translation	(6,005)
Ending goodwill	$ 167,513

GOODWILL AND OTHER INTANGIBLE_4

GOODWILL AND OTHER INTANGIBLE ASSETS - Summary of Definite and Indefinite Lived Intangible Assets (Details) - USD ($) $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Definite Lived Intangible Assets:
Gross Value	$ 1,112,000	$ 1,112,000
Foreign Currency Translation	(17,863)	(3,163)
Accumulated Amortization	(49,400)	(8,005)
Net Book Value	$ 1,044,737	$ 1,100,832
Technology and patents
Definite Lived Intangible Assets:
Estimated Useful Life (in years)	20 years	20 years
Gross Value	$ 250,000	$ 250,000
Foreign Currency Translation	(5,058)	(836)
Accumulated Amortization	(11,081)	(1,796)
Net Book Value	$ 233,861	$ 247,368
Customer lists
Definite Lived Intangible Assets:
Estimated Useful Life (in years)	20 years	20 years
Gross Value	$ 761,000	$ 761,000
Foreign Currency Translation	(11,342)	(2,059)
Accumulated Amortization	(33,829)	(5,482)
Net Book Value	$ 715,829	$ 753,459
Tradenames
Definite Lived Intangible Assets:
Estimated Useful Life (in years)	20 years	20 years
Gross Value	$ 101,000	$ 101,000
Foreign Currency Translation	(1,463)	(268)
Accumulated Amortization	(4,490)	(727)
Net Book Value	$ 95,047	$ 100,005

GOODWILL AND OTHER INTANGIBLE_5

GOODWILL AND OTHER INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Goodwill and Intangible Assets Disclosure [Abstract]
Amortization of intangible assets	$ 13.7	$ 13.3	$ 41.4	$ 39.8

GOODWILL AND OTHER INTANGIBLE_6

GOODWILL AND OTHER INTANGIBLE ASSETS - Future Amortization Expense (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract]
2022 remaining	$ 13,900
2023	55,600
2024	55,600
2025	55,600
2026	55,600
Thereafter	808,437
Net Book Value	$ 1,044,737	$ 1,100,832

LONG-TERM DEBT AND REDEEMABLE_3

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES - Summary of Long-term Debt (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Debt Instrument [Line Items]
Less: unamortized debt issuance costs	$ (10,014)	$ (10,872)
Long-term debt	664,986	664,128
Senior Notes
Debt Instrument [Line Items]
Long term debt, gross	$ 675,000	$ 675,000

LONG-TERM DEBT AND REDEEMABLE_4

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES - Successor Revolving Credit Facility (Details) - The Revolving Credit Facility - USD ($)	Nov. 09, 2021	Sep. 30, 2022	Dec. 31, 2021
Revolving Credit Facility
Debt Instrument [Line Items]
Debt term	5 years
Line of credit, maximum borrowing capacity	$ 100,000,000
Line of credit accordion feature	$ 143,000,000
Line of credit, increase percentage factor	100%
Utilization threshold	40%
Leverage ratio	750%
Debt issuance costs, gross	$ 2,300,000
Long-term line of credit		$ 0	$ 0
Bridge Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	20,000,000
Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	25,000,000
Amount of undrawn letters of credit (up to)	$ 10,000,000

LONG-TERM DEBT AND REDEEMABLE_5

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES - Successor Senior Notes (Details) - Senior Notes Due 2029 - Senior Notes	Nov. 09, 2021 USD ($)
Debt Instrument [Line Items]
Debt face amount	$ 675,000,000
Debt interest rate	5%
Deferred financing costs incurred	$ 11,000,000

LONG-TERM DEBT AND REDEEMABLE_6

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES - Successor Redeemable Preferred Shares (Details) - USD ($) $ / shares in Units, $ in Millions		3 Months Ended	9 Months Ended
	Nov. 09, 2021	Sep. 30, 2022	Sep. 30, 2022
Debt Instrument [Line Items]
Dividend percentage	6.50%
Preferred dividend, paid in cash percentage	40%
Preferred dividend, paid in kind percentage	60%
Period of dividend payment after annual meeting	3 days
Preferred dividends paid in arrears			$ 3.5
Mandatorily Redeemable Preferred Stock
Debt Instrument [Line Items]
Mandatory redeemable shares amount	$ 100
SK Holdings Ordinary Shares Exchange
Debt Instrument [Line Items]
Number of shares issued in conversion (in shares)	10,000,000
Preferred stock conversion price (in usd per share)	$ 10
6.50% Redeemable Preferred Shares
Debt Instrument [Line Items]
Period following latest maturity date	6 months
Period following issuance of 6.50% redeemable preferred shares	9 years
Liquidation preference	$ 100
Redemption price		$ 103.5	103.5
6.50% Redeemable Preferred Shares | Interest Expense
Debt Instrument [Line Items]
Dividends		$ 1.6	$ 4.9

LONG-TERM DEBT AND REDEEMABLE_7

LONG-TERM DEBT AND REDEEMABLE PREFERRED SHARES - Predecessor (Details) - USD ($)			9 Months Ended
	Nov. 09, 2021	Mar. 28, 2018	Sep. 30, 2022	Sep. 30, 2021
Debt Instrument [Line Items]
Repayments of long-term lines of credit			$ 0	$ 19,500,000
2018 Credit Agreement
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 815,000,000
Unamortized debt issuance costs	$ 11,000,000
Multicurrency Revolving Credit Facility | Revolving Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 100,000,000
Unused commitment fee percentage		0.50%
Multicurrency Revolving Credit Facility | Letter of Credit
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 10,000,000
Multicurrency Revolving Credit Facility | Bridge Loan
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		10,000,000
Secured Debt | First Lien Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		545,000,000
Extension amount on original loan		16,000,000
Repayments of long-term lines of credit	541,500,000
Secured Debt | Second Lien Credit Facility
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity		$ 155,000,000
Repayments of long-term lines of credit	$ 155,000,000

INCOME TAXES (Details)

INCOME TAXES (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Effective tax rate	30.48%	26.39%	16.07%	30.74%
Luxembourg statutory rate			24.94%
Accrued interest or penalties	$ 0	$ 0	$ 0	$ 0

COMMITMENTS AND CONTINGENCIES -

COMMITMENTS AND CONTINGENCIES - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Other Commitments [Line Items]
Purchase obligation expense	$ 9.6	$ 9.7	$ 34	$ 26.9
Lease payments	1.2	0.5	3.7	2.3
Cost of Goods Sold
Other Commitments [Line Items]
Lease payments	1	0.3	3.2	1.9
Selling, General and Administrative Expense
Other Commitments [Line Items]
Lease payments	$ 0.2	$ 0.2	$ 0.5	$ 0.4

COMMITMENTS AND CONTINGENCIES_2

COMMITMENTS AND CONTINGENCIES - Summary of Future Minimum Rental Payments (Details) $ in Thousands	Sep. 30, 2022 USD ($)
Lessee, Operating Lease, Liability, Payment, Due [Abstract]
Remainder of 2022	$ 1,117
2023	4,401
2024	3,669
2025	3,268
2026	3,083
Thereafter	3,873
Total	$ 19,411

EQUITY - Narrative (Details)

EQUITY - Narrative (Details)				1 Months Ended	3 Months Ended	9 Months Ended
	Nov. 03, 2022 USD ($)	Jul. 21, 2022 shares	Dec. 07, 2021 USD ($)	Nov. 01, 2022 $ / shares shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2022 USD ($) vote $ / shares shares	Dec. 31, 2021 $ / shares shares
Class of Stock [Line Items]
Authorized share capital | $					$ 4,100,000,000	$ 4,100,000,000
Common stock, authorized (in shares)					4,000,000,000	4,000,000,000	4,000,000,000
Common stock, par value (in usd per share) | $ / shares					$ 1	$ 1	$ 1
Preferred stock, authorized (in shares)					10,000,000	10,000,000
Preferred stock, par value (in usd per share) | $ / shares					$ 10	$ 10
Number of votes per share | vote						1
Stock repurchased during period (in shares)					320,703	918,216
Common stock, outstanding (in shares)					162,316,326	162,316,326	157,237,435
Warrants outstanding (in shares)					33,843,440	33,843,440
Preferred stock, shares outstanding (in shares)					10,000,000	10,000,000
Subsequent Event
Class of Stock [Line Items]
Stock repurchased during period (in shares)				5,054,856
Stock repurchased during period, average price (in usd per share) | $ / shares				$ 7.55
Subsidiaries
Class of Stock [Line Items]
Stock repurchased during period (in shares)						597,513
Share Repurchase Plan
Class of Stock [Line Items]
Authorized repurchase amount (up to) | $			$ 100,000,000
Stock repurchase plan period		5 years	24 months
Percentage of outstanding shares authorized to be repurchased		25%
Stock repurchase program, number of shares authorized to be repurchased (in shares)		40,659,257
Share Repurchase Plan | Subsequent Event
Class of Stock [Line Items]
Authorized repurchase amount (up to) | $	$ 100,000,000
Stock repurchase plan period	24 months

SHARE-BASED COMPENSATION AND _3

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - 2021 Equity Plan (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Sep. 30, 2021	Nov. 09, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares authorized and reserved for future issuance (in shares)				31,900,000
Noncash stock compensation expense		$ 19,297	$ 0
Stock Option
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Noncash stock compensation expense	$ 6,800	19,300
Unrecognized compensation expense	$ 35,500	$ 35,500
Period for recognition		2 years 1 month 6 days

SHARE-BASED COMPENSATION AND _4

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Summary of Stock Option Activity (Details) $ / shares in Units, $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares shares
Number of Options
Beginning balance (in shares) | shares	8,763,754
Granted (in shares) | shares	2,579,167
Exercised (in shares) | shares	0
Forfeited (in shares) | shares	(943,750)
Ending balance (in shares) | shares	10,399,171
Options vested and exercisable (in shares) | shares	32,813
Weighted-Average Exercise/Conversion Price
Beginning balance (in usd per share) | $ / shares	$ 10.04
Granted (in usd per share) | $ / shares	8.87
Exercised (in usd per share) | $ / shares	0
Forfeited (in usd per share) | $ / shares	10.09
Ending balance (in usd per share) | $ / shares	9.75
Options vested and exercisable (in usd per share) | $ / shares	$ 10
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract]
Options outstanding, weighted average remaining contractual life	9 years 2 months 23 days
Options outstanding, aggregate intrinsic value | $	$ 0

SHARE-BASED COMPENSATION AND _5

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Summary of Stock Option Valuation Assumptions (Details) - Stock Option	9 Months Ended
	Sep. 30, 2022 USD ($) $ / shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Dividend yield | $	$ 0
Risk-free interest rate, minimum	1.71%
Risk-free interest rate, maximum	3.11%
Expected volatility, minimum	39.04%
Expected volatility, maximum	43%
Expected term (years)	6 years 6 months
Weighted average exercise price of options granted (in usd per share)	$ 8.87
Weighted average fair value of options granted (in usd per share)	$ 4.04

SHARE-BASED COMPENSATION AND _6

SHARE-BASED COMPENSATION AND EMPLOYEE BENEFIT PLANS - Founder Advisory Amounts (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended
	Nov. 09, 2021 trading_day shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) trading_day $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock, outstanding (in shares) | shares		162,316,326		162,316,326		157,237,435
Share price (in usd per share) | $ / shares		$ 8.35		$ 8.35
Founders advisory fees - related party (change in accounting fair value)		$ 73,713	$ 0	$ 154,026	$ 0
Founder Advisory Agreement | Affiliated Entity
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consecutive trading days | trading_day	10			10
Variable annual advisory amount fair value		170,800		$ 170,800
Fixed annual advisory amount fair value		118,000		118,000
Founder Advisory Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares issued yearly (in shares) | shares	2,357,061
Yearly issue percentage	1.50%
Common stock, outstanding (in shares) | shares	157,137,410
Consecutive trading days | trading_day	10
Percentage settled in cash	50%
After cash settlement, percentage as liability	50%
After cash settlement, percentage as equity	50%
Founders advisory fees - related party (change in accounting fair value)		$ 73,700		$ 154,000

FAIR VALUE MEASUREMENTS - Narra

FAIR VALUE MEASUREMENTS - Narrative (Details) $ in Millions	1 Months Ended	3 Months Ended
	May 31, 2020 USD ($)	Dec. 31, 2021 USD ($)	Sep. 30, 2022 USD ($)	Sep. 30, 2021 USD ($)
LaderaTech, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Revenue threshold	$ 5
LaderaTech, Inc | Qualified Product List Payment
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration payment		$ 3
Contingent future payments				$ 3
LaderaTech, Inc | Earnout Achievement Of Revenue Thresholds Through 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent future payments				$ 19.6
Measurement Input, Gross Profit | LaderaTech, Inc
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Contingent consideration liability, measurement input	0.20
Level 2 | Senior Notes
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]
Fair value of senior notes outstanding		$ 675	$ 550.1

FAIR VALUE MEASUREMENTS - Summa

FAIR VALUE MEASUREMENTS - Summary of Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Liabilities:
LaderaTech contingent earn-out included in other liabilities, non-current	$ 6,937	$ 19,979
Fair Value, Recurring
Liabilities:
Founders advisory fees payable - related party	144,434	365,789
LaderaTech contingent earn-out included in other liabilities, non-current	6,937	19,979
Total liabilities	151,371	385,768
Fair Value, Recurring | Level 1
Liabilities:
Founders advisory fees payable - related party	59,013	114,276
LaderaTech contingent earn-out included in other liabilities, non-current	0	0
Total liabilities	59,013	114,276
Fair Value, Recurring | Level 2
Liabilities:
Founders advisory fees payable - related party	0	0
LaderaTech contingent earn-out included in other liabilities, non-current	0	0
Total liabilities	0	0
Fair Value, Recurring | Level 3
Liabilities:
Founders advisory fees payable - related party	85,421	251,513
LaderaTech contingent earn-out included in other liabilities, non-current	6,937	19,979
Total liabilities	$ 92,358	$ 271,492

FAIR VALUE MEASUREMENTS - Recon

FAIR VALUE MEASUREMENTS - Reconciliation of Level 3 Liabilities Measured on a Recurring Basis (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Founders Advisory Fees Payable - Related Party
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	$ 138,637		$ 251,513
Settlements	0		(40,776)
Reclassification from liability to equity	0		(10,495)
Founders advisory fees - related party, change in fair value	(53,216)		(114,821)
(Gain) loss on contingent earn-out, change in fair value	0		0
Fair value, end of period	85,421		85,421
LaderaTech Contingent Earn-out
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Fair value, beginning of period	10,581	$ 22,579	19,979	$ 19,816
Settlements	0		0
Reclassification from liability to equity	0		0
Founders advisory fees - related party, change in fair value	0		0
(Gain) loss on contingent earn-out, change in fair value	(3,644)	0	(13,042)	2,763
Fair value, end of period	$ 6,937	$ 22,579	$ 6,937	$ 22,579

RELATED PARTIES - Successor Nar

RELATED PARTIES - Successor Narrative (Details) $ / shares in Units, $ in Thousands		3 Months Ended		9 Months Ended		12 Months Ended
	Nov. 09, 2021 trading_day shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) trading_day $ / shares shares	Sep. 30, 2021 USD ($)	Dec. 31, 2021 USD ($) $ / shares shares
Related Party Transaction [Line Items]
Common stock, outstanding (in shares) | shares		162,316,326		162,316,326		157,237,435
Share price (in usd per share) | $ / shares		$ 8.35		$ 8.35
Founders advisory fees - related party (change in accounting fair value)		$ 73,713	$ 0	$ 154,026	$ 0
Affiliated Entity | Founder Advisory Agreement
Related Party Transaction [Line Items]
Consecutive trading days | trading_day	10			10
Variable annual advisory amount fair value		170,800		$ 170,800
Fixed annual advisory amount fair value		118,000		$ 118,000
Affiliated Entity | Founder Advisory Agreement | EverArc Founder Entity
Related Party Transaction [Line Items]
Yearly issue percentage	1.50%
Common stock, outstanding (in shares) | shares	157,137,410
Consecutive trading days | trading_day				10
Variable annual advisory, average share price (in usd per share) | $ / shares						$ 13.63
Variable annual advisory shares (in shares) | shares						7,525,906
Variable annual advisory fee shares value						$ 102,500
Fixed annual advisory shares (in shares) | shares						2,357,061
Fixed annual advisory fee shares value						$ 32,100
Fixed annual advisory, average share price (in usd per share) | $ / shares						$ 13.63
Percentage received in shares						60%
Advisory share amount (in shares) | shares						5,952,992
Percentage received in cash						40%
Payment of advisory amount						$ 53,500
Amount of transaction						$ 134,700
Variable annual advisory paid in cash				50%
Variable annual advisory paid in shares				50%
Affiliated Entity | Raw Material Purchases | Sellers
Related Party Transaction [Line Items]
Purchase from related party		500	100	$ 1,400	600
Affiliated Entity | Sale of Raw Materials | Sellers
Related Party Transaction [Line Items]
Revenue from related party		1,700	2,800	9,700	6,300
Affiliated Entity | Lease Arrangements for Real Property | Ironman
Related Party Transaction [Line Items]
Related party transaction expense		100	$ 100	300	$ 300
Founder Advisory Agreement
Related Party Transaction [Line Items]
Shares issued yearly (in shares) | shares	2,357,061
Yearly issue percentage	1.50%
Common stock, outstanding (in shares) | shares	157,137,410
Consecutive trading days | trading_day	10
Founders advisory fees - related party (change in accounting fair value)		$ 73,700		$ 154,000

RELATED PARTIES - Predecessor N

RELATED PARTIES - Predecessor Narrative (Details) - Affiliated Entity - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Sellers | Raw Material Purchases
Related Party Transaction [Line Items]
Purchase from related party	$ 0.5	$ 0.1	$ 1.4	$ 0.6
Sellers | Sale of Raw Materials
Related Party Transaction [Line Items]
Revenue from related party	1.7	2.8	9.7	6.3
Sponsor | Business Acquisition, Management Consulting Fees
Related Party Transaction [Line Items]
Related party transaction expense		0.3		0.9
Ironman | Lease Arrangements for Real Property
Related Party Transaction [Line Items]
Related party transaction expense	$ 0.1	$ 0.1	$ 0.3	$ 0.3

REVENUE RECOGNITION - Summary o

REVENUE RECOGNITION - Summary of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Disaggregation of Revenue [Line Items]
Net sales	$ 160,509	$ 195,414	$ 319,232	$ 316,460
Revenues from products
Disaggregation of Revenue [Line Items]
Net sales	139,941	173,364	292,603	290,935
Revenues from services
Disaggregation of Revenue [Line Items]
Net sales	20,126	21,462	24,116	24,630
Other revenues
Disaggregation of Revenue [Line Items]
Net sales	$ 442	$ 588	$ 2,513	$ 895

EARNINGS PER SHARE (Details)

EARNINGS PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income	$ 78,711	$ 7,223	$ 37,811	$ 52,009	$ (3,848)	$ (18,529)	$ 123,745	$ 29,632
Weighted-average shares outstanding:
Weighted average shares used in computing earnings per share, basic (in shares)	162,635,592			53,045,510			161,943,492	53,045,510
Founders advisory fees (in shares)	14,142,366			0			14,142,366	0
Weighted average shares used in computing earnings per share, diluted (in shares)	176,777,958			53,045,510			176,085,858	53,045,510
Basic earnings per share (in usd per share)	$ 0.48			$ 0.98			$ 0.76	$ 0.56
Diluted earnings per share (in usd per share)	$ 0.45			$ 0.98			$ 0.70	$ 0.56
Stock Option
Weighted-average shares outstanding:
Potential shares excluded from computation (in shares)							10,400,000
Founder Advisory Agreement
Weighted-average shares outstanding:
Potential shares excluded from computation (in shares)							15,300,000
Warrant
Weighted-average shares outstanding:
Potential shares excluded from computation (in shares)							8,500,000

SEGMENT INFORMATION - Narrative

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Sep. 30, 2022 segment
Segment Reporting [Abstract]
Number of operating segments	2

SEGMENT INFORMATION - Summary o

SEGMENT INFORMATION - Summary of Segment Information (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Segment Reporting Information [Line Items]
Net sales:	$ 160,509	$ 195,414	$ 319,232	$ 316,460
Adjusted EBITDA:	75,627	100,350	123,286	134,599
Depreciation and amortization	16,450	15,212	49,536	45,593
Interest and financing expense	9,944	8,065	32,582	23,951
Founders advisory fees - related party	(73,713)	0	(154,026)	0
Non-recurring expenses	1,168	3,855	4,788	12,805
Share-based compensation expense	6,832	0	19,297	0
Non-cash purchase accounting impact	658	0	27,973	0
(Gain) loss on contingent earn-out	(3,644)	0	(13,042)	2,763
Management fees	0	313	0	937
Contingent future payments	0	625	0	1,875
Unrealized foreign currency loss	4,705	1,634	8,741	3,892
Income before income taxes	113,227	70,646	147,437	42,783
Fire safety
Segment Reporting Information [Line Items]
Net sales:	121,963	172,445	207,010	237,256
Adjusted EBITDA:	60,363	97,854	81,248	116,680
Specialty products
Segment Reporting Information [Line Items]
Net sales:	38,546	22,969	112,222	79,204
Adjusted EBITDA:	$ 15,264	$ 2,496	$ 42,038	$ 17,919