The following is a summary of the Perimeter Solutions, SA (PRM) Q3 2024 Earnings Call Transcript:

Financial Performance:

• Q3 revenue for Fire Safety surged by 113% to $251.8 million, with adjusted EBITDA rising 181% to $157.5 million.

• Year-to-date revenue for the entire company increased 81% to $474.7 million, with consolidated adjusted EBITDA of $247.4 million, representing an increase of 189% compared to the same period last year.

• Specialty Products division experienced a 50% increase in Q3 sales to $36.6 million and a 137% boost in adjusted EBITDA to $12.9 million.

• Long-term free cash flow for Q3 totaled approximately $179.1 million.

Business Progress:

• Perimeter Solutions continues to lead the market in retardants used in firefighting, with expansions into more complex and critical firefighting applications globally.

• The company has developed a robust position in the Suppressants market, particularly with fluorine-free foams, securing about a 99% conversion rate in FAA 139 compliant airports.

• Specialty Products maintained high operational standards with only a single-digit number of product issues despite challenging logistics, underlining strong operational execution.

Opportunities:

• The ongoing enhancement of infrastructure to increase capacity at air bases, alongside improvements in loading equipment and service capabilities, positions Perimeter to meet increasing demand efficiently.

• The transition of airports to fluorine-free suppressants, where Perimeter leads, presents a continuous revenue stream via aftermarket sales, reinforcing its market leadership.

Risks:

• The complexity and high criticality of Perimeter's operations, particularly in the firefighting retardant segment, impose significant operational pressure. The necessity for 100% reliability in emergency response poses ongoing challenges.

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