Perimeter Solutions, SA

Hello, and welcome to the Perimeter Solutions Q3 2021 Earnings Conference Call and Webcast. At this time, all participants are in listen-only mode. A question and answer session will follow the formal presentation. If anyone should require operator assistance, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. It's now my pleasure to turn the call over to Nori Yokozuka, Perimeter Solutions General Counsel. Please go ahead, Nori.

Thank you, operator. Good morning, everyone, and thank you for joining Perimeter Solutions' third quarter 2021 earnings call. Speaking on today's call are Nick Howley and Will Thorndike, co-chairmen of Perimeter, Kaysom Corey, vice chairman, Eddie Goldberg, chief executive officer, and Barry Lederman, chief financial officer. We want to remind anyone who may be listening to replay of this call that all statements made are as of today, December 14th, 2021. and these statements have not been nor will they be updated subsequent to today's call. Also, today's call may contain forward-looking statements. These statements made today are based on management's current expectations, assumptions, and beliefs about our business and the environment in which we operate, and our actual results may materially differ from those expressed or implied on today's call. Please review our SEC filings for a more complete discussion of factors that could impact our results. The company would also like to advise you that during the call, we will be referring to non-YAP financial measures, including EBITDA. Please refer to our earnings press release and presentation, as well as the 10Q, both of which will be available on our website and on the SEC's website. With that, I will turn the call over to Nick Howley, Perimeter's co-chairman.

Good morning, everyone, and thanks for calling in. Since this is our first earnings call at Perimeter, Will Thorndike and I will each make introductory comments. Will and I do not expect to join every earnings call going forward. Starting on the first slide, our objective. As you've heard from us before, our goal is to deliver private equity-like returns with the liquidity of a public market. We define this as mid-teens or better long-term IRR on our equity. We plan to attain this goal by owning, operating, and growing uniquely high-quality businesses. We seek to strive long-term equity value creation by optimizing all three of, one, the performance of our existing operations, including consistent improvement in our three operational value drivers, that is, continual cost improvement, pricing to reflect the full value we provide, and new business generation. Two, the allocation of our capital. And three, the careful management of our capital structure. Now let me touch on specific roles and responsibilities going forward as well as our early impression since closing this business on this business about a month ago. We formed an executive committee consisting of myself, Will Thorndike, and our partner, Haytham Corey. The executive committee will work closely with Perimeter CEO Eddie Goldberg to implement our value-based operating methodology and While it's still very early days, we're encouraged by the value creation opportunities we see across the operational value drivers in the company. We're also very encouraged by our philosophical alignment with Eddie. Eddie has led this business for 20 years and has grown Perimeter into the excellent company it is today. We've already implemented our unique compensation system that closely aligns management with shareholders, and incentivizes sustainable long-term equity value creation. The Executive Committee will focus on optimizing value creation through the allocation of our capital and the management of our capital structure. To this end, the Board appointed Hathem as Perimeter's Vice Chairman, where in addition to his role on the Board and the Executive Committee, we'll focus primarily on Perimeter's capital allocation, capital structure, capital market activities, as well as long-term strategic priorities. Finally, I'll note that we're pleased with the business's financial results, which have exceeded our expectations from earlier this year. And with that, I'll turn this over to Will to touch a little more on our capital allocation plans. Thank you.