|
Delaware
|
| |
6770
|
| |
85-2096734
|
|
|
(State or other jurisdiction of
incorporation or organization) |
| |
(Primary Standard Industrial
Classification Code Number) |
| |
(I.R.S. Employer
Identification No.) |
|
|
Craig E. Marcus
Ropes & Gray LLP Prudential Tower 800 Boylston Street Boston, MA 02199 (617) 951-7802 |
| |
Douglas D. Roberts
Vice President, General Counsel and Secretary 10590 Hamilton Avenue Cincinnati, OH 45231 (513) 851-4900 |
|
|
Large accelerated filer
☐
|
| |
Accelerated filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller reporting company
☐
|
|
| | | |
Emerging growth company
☐
|
|
| | ||||||||||||||||||||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Amount to be
Registered(1) |
| | |
Proposed Maximum
Offering Price Per Share |
| | |
Proposed Maximum
Aggregate Offering Price |
| | |
Amount of
Registration Fee |
| ||||||||||||
Primary offering: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share
|
| | | | | 24,666,667(2) | | | | | | $ | 11.50(3) | | | | | | $ | 283,666,670.50 | | | | | | $ | 30,948.03(4) | | |
Secondary offering: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Common stock, par value $0.0001 per share
|
| | | | | 143,716,331(5) | | | | | | $ | 13.28(6) | | | | | | $ | 1,908,552,875.68 | | | | | | $ | 208,223.12(4) | | |
Warrants to purchase shares of common stock
|
| | | | | 8,000,000(7) | | | | | | $ | 11.50(3) | | | | | | $ | 92,000,000.00 | | | | | | $ | 10,037.20(4) | | |
Total
|
| | | | | | | | | | | | | | | | | | $ | 2,284,219,546.18 | | | | | | $ | 249,208.35 | | |
| | |
Page
|
| |||
| | | | 1 | | | |
| | | | 2 | | | |
| | | | 4 | | | |
| | | | 5 | | | |
| | | | 13 | | | |
| | | | 25 | | | |
| | | | 26 | | | |
| | | | 35 | | | |
| | | | 44 | | | |
| | | | 70 | | | |
| | | | 75 | | | |
| | | | 82 | | | |
| | | | 108 | | | |
| | | | 119 | | | |
| | | | 121 | | | |
| | | | 123 | | | |
| | | | 133 | | | |
| | | | 134 | | | |
| | | | 140 | | | |
| | | | 144 | | | |
| | | | 144 | | | |
| | | | 144 | | | |
| | | | 145 | | | |
| | | | F-1 | | | |
| | | | II-1 | | | |
| | | | II-7 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||||||||
Statement of Operations Data:
|
| |
(in thousands, except share and per share amounts)
|
| |||||||||||||||||||||||||||
Net sales
|
| | | $ | 716,996 | | | | | $ | 642,546 | | | | | $ | 1,368,295 | | | | | $ | 1,214,362 | | | | | $ | 974,175 | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 417,265 | | | | | | 362,813 | | | | | | 781,815 | | | | | | 693,881 | | | | | | 537,885 | | |
Selling, general and administrative expenses
|
| | | | 214,841 | | | | | | 184,723 | | | | | | 398,472 | | | | | | 382,131 | | | | | | 320,543 | | |
Depreciation
|
| | | | 31,611 | | | | | | 34,747 | | | | | | 67,423 | | | | | | 65,658 | | | | | | 46,060 | | |
Amortization
|
| | | | 30,323 | | | | | | 29,713 | | | | | | 59,492 | | | | | | 58,910 | | | | | | 44,572 | | |
Management fees to related party
|
| | | | 214 | | | | | | 321 | | | | | | 577 | | | | | | 562 | | | | | | 546 | | |
Other (income) expense
|
| | | | (2,547) | | | | | | 55 | | | | | | (5,250) | | | | | | 5,525 | | | | | | (2,874) | | |
Income from operations
|
| | | | 25,289 | | | | | | 30,174 | | | | | | 65,766 | | | | | | 7,695 | | | | | | 27,443 | | |
Interest expense, net
|
| | | | 38,178 | | | | | | 47,058 | | | | | | 86,774 | | | | | | 101,613 | | | | | | 70,545 | | |
Interest expense on junior subordinated debentures
|
| | | | 6,304 | | | | | | 6,336 | | | | | | 12,707 | | | | | | 12,608 | | | | | | 12,608 | | |
Investment income on trust common securities
|
| | | | (189) | | | | | | (189) | | | | | | (378) | | | | | | (378) | | | | | | (378) | | |
(Gain) Loss on mark-to-market adjustment of interest rate swap
|
| | | | (1,424) | | | | | | 1,942 | | | | | | 601 | | | | | | 2,608 | | | | | | 607 | | |
Refinancing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,632 | | |
Loss before income taxes
|
| | | | (17,580) | | | | | | (24,973) | | | | | | (33,938) | | | | | | (108,756) | | | | | | (67,571) | | |
Income tax benefit
|
| | | | (5,225) | | | | | | (5,132) | | | | | | (9,439) | | | | | | (23,277) | | | | | | (8,890) | | |
Net loss
|
| | | $ | (12,355) | | | | | $ | (19,841) | | | | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Basic and diluted loss per share
|
| | | $ | (22) | | | | | $ | (36) | | | | | $ | (45) | | | | | $ | (158) | | | | | $ | (108) | | |
Weighted average basic and diluted shares outstanding
|
| | | | 553 | | | | | | 544 | | | | | | 545 | | | | | | 543 | | | | | | 545 | | |
Net loss from above
|
| | | $ | (12,355) | | | | | $ | (19,841) | | | | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 6,315 | | | | | | (7,570) | | | | | | 2,652 | | | | | | 5,550 | | | | | | (11,053) | | |
Total other comprehensive income (loss)
|
| | | | 6,315 | | | | | | (7,570) | | | | | | 2,652 | | | | | | 5,550 | | | | | | (11,053) | | |
Comprehensive income (loss)
|
| | | $ | (6,040) | | | | | $ | (27,411) | | | | | $ | (21,847) | | | | | $ | (79,929) | | | | | $ | (69,734) | | |
| | |
June 26, 2021
|
| |
December 26, 2020
|
| |
December 28, 2019
|
| |||||||||
| | |
(in thousands)
|
| |||||||||||||||
Balance Sheet Data: | | | | | | | | | | | | | | | | | | | |
Total assets
|
| | | | 2,597,053 | | | | | | 2,468,618 | | | | | | 2,437,983 | | |
Total current liabilities
|
| | | | 327,404 | | | | | | 311,911 | | | | | | 208,868 | | |
Total liabilities
|
| | | | 2,233,208 | | | | | | 2,104,031 | | | | | | 2,064,014 | | |
Working capital
|
| | | | 340,486 | | | | | | 241,796 | | | | | | 231,803 | | |
Total stockholder’s equity
|
| | | | 363,845 | | | | | | 364,587 | | | | | | 373,969 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Statement of Cash Flows Data:
|
| |
(in thousands)
|
| |||||||||||||||||||||||||||
Net cash (used for) provided by operating activities
|
| | | | (59,839) | | | | | | 11,657 | | | | | | 92,080 | | | | | | 52,359 | | | | | | 7,547 | | |
Net cash (used for) provided by investing activities
|
| | | | (61,786) | | | | | | (22,996) | | | | | | (46,074) | | | | | | (53,488) | | | | | | (572,610) | | |
Net cash (used for) provided by financing activities
|
| | | | 115,970 | | | | | | 10,285 | | | | | | (45,104) | | | | | | (7,053) | | | | | | 581,927 | | |
| | |
$
|
| |
Shares
|
| |
%
|
| |||||||||
Hillman Holdco stockholders
|
| | | | 914 | | | | | | 91.4 | | | | | | 48.7 | | |
Landcadia Public Stockholders(1)
|
| | | | 500 | | | | | | 50.0 | | | | | | 26.7 | | |
PIPE Investors(2)
|
| | | | 350 | | | | | | 35.0 | | | | | | 18.7 | | |
SPAC Sponsors – JFG Sponsor(3)
|
| | | | 72 | | | | | | 7.2 | | | | | | 3.8 | | |
SPAC Sponsors – TJF Sponsor
|
| | | | 40 | | | | | | 4.0 | | | | | | 2.1 | | |
Total Shares
|
| | | | 1,876 | | | | | | 187.6 | | | | | | 100.0 | | |
| | |
As of
June 26, 2021 |
| |
As of
June 30, 2021 |
| |
Pro Forma
Transaction Adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||
| | |
Hillman
Historical |
| |
Landcadia III
Historical |
| |||||||||||||||||||||
ASSETS | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current assets | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | | 16,255 | | | | | | 86 | | | | | | 500,010 | | | |
(A)
|
| | | | 75,340 | | |
| | | | | | | | | | | | | | | | | 375,000 | | | |
(B)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (1,663,735) | | | |
(C)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 944,000 | | | |
(D)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (96,276) | | | |
(E)
|
| | | | | | |
Accounts receivable, net
|
| | | | 146,865 | | | | | | — | | | | | | | | | | | | | | | 146,865 | | |
Inventories, net
|
| | | | 482,645 | | | | | | — | | | | | | | | | | | | | | | 482,645 | | |
Other current assets
|
| | | | 22,125 | | | | | | 132 | | | | | | | | | | | | | | | 22,257 | | |
Total current assets
|
| | | | 667,890 | | | | | | 218 | | | | | | 58,999 | | | | | | | | | 727,107 | | |
Property, Plant, and Equipment, net
|
| | | | 174,466 | | | | | | — | | | | | | | | | | | | | | | 174,466 | | |
Other assets: | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Goodwill
|
| | | | 826,969 | | | | | | — | | | | | | | | | | | | | | | 826,969 | | |
Other intangibles, net
|
| | | | 826,949 | | | | | | — | | | | | | | | | | | | | | | 826,949 | | |
Operating lease right of use assets
|
| | | | 85,312 | | | | | | — | | | | | | | | | | | | | | | 85,312 | | |
Deferred tax asset
|
| | | | 2,728 | | | | | | — | | | | | | | | | | | | | | | 2,728 | | |
Other assets
|
| | | | 12,739 | | | | | | — | | | | | | | | | | | | | | | 12,739 | | |
Cash and accrued interest held in trust account
|
| | | | — | | | | | | 500,010 | | | | | | (500,010) | | | |
(A)
|
| | | | — | | |
Total other assets
|
| | | | 1,754,697 | | | | | | 500,010 | | | | | | (500,010) | | | | | | | | | 1,754,697 | | |
Total assets
|
| | | | 2,597,053 | | | | | | 500,228 | | | | | | (441,011) | | | | | | | | | 2,656,270 | | |
LIABILITIES AND SHAREHOLDERS’ EQUITY
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
Current liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Accounts payable
|
| | | | 229,618 | | | | | | 113 | | | | | | | | | | | | | | | 229,731 | | |
Current portion of debt and capital leases
|
| | | | 11,442 | | | | | | — | | | | | | (10,609) | | | |
(C)
|
| | | | 833 | | |
Current portion of operating lease liabilities
|
| | | | 11,838 | | | | | | — | | | | | | | | | | | | | | | 11,838 | | |
Accrued expenses
|
| | | | 74,506 | | | | | | — | | | | | | — | | | | | | | | | 74,506 | | |
Total current liabilities
|
| | | | 327,404 | | | | | | 113 | | | | | | (10,609) | | | | | | | | | 316,908 | | |
Other liabilities | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Long term debt, net of deferred financing costs
|
| | | | 1,651,476 | | | | | | — | | | | | | (1,649,703) | | | |
(C)
|
| | | | 945,773 | | |
| | | | | | | | | | | | | | | | | 944,000 | | | |
(D)
|
| | | | | | |
Deferred underwriting fee payable
|
| | | | — | | | | | | 17,500 | | | | | | (17,500) | | | |
(E)
|
| | | | — | | |
Warrant derivative liability
|
| | | | | | | | | | 74,840 | | | | | | | | | | | | | | | 74,840 | | |
Deferred tax liabilities
|
| | | | 151,970 | | | | | | — | | | | | | | | | | | | | | | 151,970 | | |
Operating lease liabilities
|
| | | | 78,204 | | | | | | — | | | | | | | | | | | | | | | 78,204 | | |
Other non-current liabilities
|
| | | | 24,154 | | | | | | — | | | | | | | | | | | | | | | 24,154 | | |
Total other liabilities
|
| | | | 1,905,804 | | | | | | 92,340 | | | | | | (723,203) | | | | | | | | | 1,274,941 | | |
| | |
As of
June 26, 2021 |
| |
As of
June 30, 2021 |
| |
Pro Forma
Transaction Adjustments |
| | | | |
Pro Forma
Combined |
| ||||||||||||
| | |
Hillman
Historical |
| |
Landcadia III
Historical |
| |||||||||||||||||||||
Shareholders’ equity | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Class A common stock subject to possible redemption (J)
|
| | | | — | | | | | | 500,000 | | | | | | (500,000) | | | |
(I)
|
| | | | — | | |
Class A Common stock (J)
|
| | | | 5 | | | | | | — | | | | | | 4 | | | |
(B)
|
| | | | 19 | | |
| | | | | | | | | | | | | | | | | 4 | | | |
(G)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 1 | | | |
(H)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 5 | | | |
(I)
|
| | | | | | |
Class B Common stock (J)
|
| | | | — | | | | | | 1 | | | | | | (1) | | | |
(H)
|
| | | | — | | |
Paid-in capital
|
| | | | 575,437 | | | | | | — | | | | | | 374,996 | | | |
(B)
|
| | | | 1,358,198 | | |
| | | | | | | | | | | | | | | | | (92,226) | | | |
(F)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (4) | | | |
(G)
|
| | | | | | |
| | | | | | | | | | | | | | | | | 499,995 | | | |
(I)
|
| | | | | | |
Treasury stock
|
| | | | (4,320) | | | | | | — | | | | | | | | | | | | | | | (4,320) | | |
Accumulated deficit
|
| | | | (184,204) | | | | | | (92,226) | | | | | | (3,423) | | | |
(C)
|
| | | | (266,403) | | |
| | | | | | | | | | | | | | | | | 92,226 | | | |
(F)
|
| | | | | | |
| | | | | | | | | | | | | | | | | (78,776) | | | |
(E)
|
| | | | | | |
Accumulated other comprehensive loss
|
| | | | (23,073) | | | | | | — | | | | | | — | | | | | | | | | (23,073) | | |
Total shareholders’ equity
|
| | | | 363,845 | | | | | | (92,225) | | | | | | 792,801 | | | | | | | | | 1,064,421 | | |
Total liabilities and shareholders’ equity
|
| | | | 2,597,053 | | | | | | 500,228 | | | | | | (441,011) | | | | | | | | | 2,656,270 | | |
|
| | |
For the
Quarter Ended June 26, 2021 |
| |
For the
Quarter Ended June 30, 2021 |
| |
Pro Forma
Transaction Adjustments |
| | | | |
Pro Forma
Combined |
| | | | | | | ||||||||||||
| | |
Hillman
Historical |
| |
Landcadia III
Historical |
| |||||||||||||||||||||||||||
Net sales
|
| | | | 716,996 | | | | | | — | | | | | | — | | | | | | | | | 716,996 | | | | | | | | |
Cost of sales
|
| | | | 417,265 | | | | | | — | | | | | | — | | | | | | | | | 417,265 | | | | | | | | |
Selling, general and administrative expenses
|
| | | | 214,841 | | | | | | 991 | | | | | | — | | | | | | | | | 215,832 | | | | | | | | |
Depreciation
|
| | | | 31,611 | | | | | | — | | | | | | — | | | | | | | | | 31,611 | | | | | | | | |
Amortization
|
| | | | 30,323 | | | | | | — | | | | | | — | | | | | | | | | 30,323 | | | | | | | | |
Management fees to related party
|
| | | | 214 | | | | | | — | | | | | | — | | | | | | | | | 214 | | | | | | | | |
Other (income) expense
|
| | | | (2,547) | | | | | | — | | | | | | — | | | | | | | | | (2,547) | | | | | | | | |
Total operating expense
|
| | | | 691,707 | | | | | | 991 | | | | | | — | | | | | | | | | 692,698 | | | | | | | | |
Income (loss) from Operations
|
| | | | 25,289 | | | | | | (991) | | | | | | — | | | | | | | | | 24,298 | | | | | | | | |
Interest expense, net
|
| | | | 38,178 | | | | | | (32) | | | | | | (37,148) | | | |
(AA)
|
| | | | 16,065 | | | | | | | | |
| | | | | | | | | | | | | | | | | 15,035 | | | |
(BB)
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 32 | | | |
(CC)
|
| | | | | | | | | | | | |
Change in fair value of warrant derivative liability
|
| | | | | | | | | | 19,120 | | | | | | | | | | | | | | | 19,120 | | | | | | | | |
Interest expense on junior subordinated debentures
|
| | | | 6,304 | | | | | | — | | | | | | — | | | | | | | | | 6,304 | | | | | | | | |
Investment income
|
| | | | (189) | | | | | | — | | | | | | — | | | | | | | | | (189) | | | | | | | | |
Loss on mark-to-market adjustment of interest rate swap
|
| | | | (1,424) | | | | | | — | | | | | | — | | | | | | | | | (1,424) | | | | | | | | |
Income (loss) before income taxes
|
| | | | (17,580) | | | | | | (20,079) | | | | | | 22,081 | | | | | | | | | (15,578) | | | | | | | | |
Income tax expense (benefit)
|
| | | | (5,225) | | | | | | — | | | | | | 1,953 | | | |
(DD)
|
| | | | (3,272) | | | | | | | | |
Net income (loss)
|
| | | | (12,355) | | | | | | (20,079) | | | | | | 20,128 | | | | | | | | | (12,306) | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 6,315 | | | | | | — | | | | | | — | | | | | | | | | 6,315 | | | | | | | | |
Comprehensive income (loss)
|
| | | | (6,040) | | | | | | (20,079) | | | | | | 20,128 | | | | | | | | | (5,991) | | | | | | | | |
Net earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
|
| | | | (22.33) | | | | | | (1.09) | | | | | | | | | | | | | | | (0.07) | | | | | | (EE) | | |
Average shares outstanding
|
| | | | 553,300 | | | | | | 18,394,339 | | | | | | | | | | | | | | | 187,569,511 | | | | | | (EE) | | |
| | |
For the Year
Ended December 26, 2020 |
| |
For the Year
Ended December 31, 2020 |
| |
Pro Forma
Transaction Adjustments |
| | | | |
Pro Forma
Combined |
| | |||||||||||||||||
| | |
Hillman
Historical |
| |
Landcadia III
Historical |
| | ||||||||||||||||||||||||||
Net sales
|
| | | | 1,368,295 | | | | | | — | | | | | | — | | | | | | | | | 1,368,295 | | | | | | | | |
Cost of sales
|
| | | | 781,815 | | | | | | — | | | | | | — | | | | | | | | | 781,815 | | | | | | | | |
Selling, general and administrative expenses
|
| | | | 398,472 | | | | | | 1,279 | | | | | | — | | | | | | | | | 399,751 | | | | | | | | |
Depreciation
|
| | | | 67,423 | | | | | | — | | | | | | — | | | | | | | | | 67,423 | | | | | | | | |
Amortization
|
| | | | 59,492 | | | | | | — | | | | | | — | | | | | | | | | 59,492 | | | | | | | | |
Management fees to related party
|
| | | | 577 | | | | | | — | | | | | | — | | | | | | | | | 577 | | | | | | | | |
Other (income) expense
|
| | | | (5,250) | | | | | | — | | | | | | — | | | | | | | | | (5,250) | | | | | | | | |
Total operating expense
|
| | | | 1,302,529 | | | | | | 1,279 | | | | | | — | | | | | | | | | 1,303,808 | | | | | | | | |
Income (loss) from Operations
|
| | | | 65,766 | | | | | | (1,279) | | | | | | — | | | | | | | | | 64,487 | | | | | | | | |
Interest expense, net
|
| | | | 86,774 | | | | | | (79) | | | | | | (83,513) | | | |
(FF)
|
| | | | 42,520 | | | | | | | | |
| | | | | | | | | | | | | | | | | 35,836 | | | |
(GG)
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 3,423 | | | |
(HH)
|
| | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | 79 | | | |
(II)
|
| | | | | | | | | | | | |
Change in fair value of warrant
derivative liability |
| | | | | | | | | | 27,690 | | | | | | | | | | | | | | | 27,690 | | | | | | | | |
Interest expense on junior subordinated debentures
|
| | | | 12,707 | | | | | | — | | | | | | — | | | | | | | | | 12,707 | | | | | | | | |
Investment income
|
| | | | (378) | | | | | | — | | | | | | — | | | | | | | | | (378) | | | | | | | | |
Other (income) expense
|
| | | | — | | | | | | — | | | | | | (325) | | | |
(JJ)
|
| | | | (325) | | | | | | | | |
Loss on mark-to-market adjustment of interest rate swap
|
| | | | 601 | | | | | | — | | | | | | — | | | | | | | | | 601 | | | | | | | | |
Income (loss) before income taxes
|
| | | | (33,938) | | | | | | (28,890) | | | | | | 44,500 | | | | | | | | | (18,328) | | | | | | | | |
Income tax expense (benefit)
|
| | | | (9,439) | | | | | | — | | | | | | 5,590 | | | |
(KK)
|
| | | | (3,849) | | | | | | | | |
Net income (loss)
|
| | | | (24,499) | | | | | | (28,890) | | | | | | 38,910 | | | | | | | | | (14,479) | | | | | | | | |
Foreign currency translation adjustment
|
| | | | 2,652 | | | | | | — | | | | | | — | | | | | | | | | 2,652 | | | | | | | | |
Comprehensive income (loss)
|
| | | | (21,847) | | | | | | (28,890) | | | | | | 38,910 | | | | | | | | | (11,827) | | | | | | | | |
Net earnings: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Basic earnings per share
|
| | | | (44.92) | | | | | | (2.99) | | | | | | | | | | | | | | | (0.08) | | | | | | (LL) | | |
Average shares outstanding
|
| | | | 545,370 | | | | | | 9,654,569 | | | | | | | | | | | | | | | 187,569,511 | | | | | | (LL) | | |
| | |
June 26, 2021
|
| |
Pro Forma Combined Company
|
| ||||||||||||||||||||||||||||||
| | |
Authorized
|
| |
Issued
|
| |
Outstanding
|
| |
Authorized
|
| |
Issued
|
| |
Outstanding
|
| ||||||||||||||||||
Landcadia Preferred Stock
|
| | | | 1,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | | | 1,000,000 | | | | |
|
—
|
| | | |
|
—
|
| |
Landcadia Class A common stock subject to possible redemption
|
| | | | 50,000,000 | | | | | | 50,000,000 | | | | | | 50,000,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Landcadia Class A Common Stock
|
| | | | 380,000,000 | | | | |
|
—
|
| | | | | 7,721,207 | | | | | | 500,000,000 | | | | | | 187,569,511(1) | | | | | | 187,569,511 | | |
Landcadia Class B Common Stock
|
| | | | 20,000,000 | | | | | | 12,500,000 | | | | | | 12,500,000 | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Hillman Preferred Stock
|
| | | | 200,000 | | | | |
|
—
|
| | | |
|
—
|
| | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Hillman Class A Common Stock
|
| | | | 1,800,000 | | | | | | 553,439 | | | | | | 553,439 | | | | | | N/A | | | | | | N/A | | | | | | N/A | | |
Business Segment
|
| |
Approximate
Square Footage |
| |
Description
|
|
Hardware and Protective Solutions & Robotics and Digital Solutions | | | | | | | |
– Cincinnati, Ohio | | |
270,000
|
| |
Office, Distribution
|
|
– Dallas, Texas | | |
166,000
|
| |
Distribution
|
|
– Forest Park, Ohio | | |
385,000
|
| |
Office, Distribution
|
|
– Jacksonville, Florida | | |
97,000
|
| |
Distribution
|
|
– Rialto, California | | |
402,000
|
| |
Distribution
|
|
– Shafter, California | | |
168,000
|
| |
Distribution
|
|
– Tempe, Arizona | | |
184,000
|
| |
Office, Manufacturing, Distribution
|
|
– Hamilton, OH | | |
57,600
|
| |
Manufacturing, Distribution
|
|
– Jonestown, PA | | |
187,000
|
| |
Distribution
|
|
Hardware and Protective Solutions | | | | | | | |
– Atlanta, Georgia | | |
14,000
|
| |
Office
|
|
– Fairfield, Ohio | | |
90,000
|
| |
Distribution
|
|
– Guadalajara, Mexico | | |
12,000
|
| |
Office, Distribution
|
|
– Guleph, Ontario | | |
25,000
|
| |
Distribution
|
|
– Pompano Beach, Florida | | |
39,000
|
| |
Office, Distribution
|
|
– Monterrey, Mexico | | |
13,000
|
| |
Distribution
|
|
– Rome, Georgia | | |
14,000
|
| |
Office
|
|
– Shannon, Georgia | | |
300,000
|
| |
Distribution
|
|
– Tyler, Texas(1) | | |
202,000
|
| |
Office, Manufacturing, Distribution
|
|
Robotics and Digital Solutions | | | | | | | |
– Boulder, Colorado | | |
20,000
|
| |
Office
|
|
Canada | | | | | | | |
– Burnaby, British Columbia | | |
29,000
|
| |
Distribution
|
|
– Edmonton, Alberta | | |
100,000
|
| |
Distribution
|
|
– Laval, Quebec | | |
34,000
|
| |
Distribution
|
|
– Milton, Ontario | | |
26,000
|
| |
Manufacturing
|
|
– Pickering, Ontario | | |
110,000
|
| |
Distribution
|
|
– Scarborough, Ontario | | |
23,000
|
| |
Manufacturing, Distribution
|
|
– Toronto, Ontario | | |
453,400
|
| |
Office, Distribution
|
|
– Winnipeg, Manitoba | | |
42,000
|
| |
Distribution
|
|
Year Ended December 26, 2020
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and hardware
|
| | | $ | 706,865 | | | | | $ | — | | | | | $ | 131,493 | | | | | $ | 838,358 | | |
Personal protective
|
| | | | 317,527 | | | | | | — | | | | | | 239 | | | | | | 317,766 | | |
Keys and key accessories
|
| | | | — | | | | | | 157,828 | | | | | | 2,878 | | | | | | 160,706 | | |
Engraving
|
| | | | — | | | | | | 51,423 | | | | | | 6 | | | | | | 51,429 | | |
Resharp
|
| | | | — | | | | | | 36 | | | | | | — | | | | | | 36 | | |
Consolidated
|
| | | $ | 1,024,392 | | | | | $ | 209,287 | | | | | $ | 134,616 | | | | | $ | 1,368,295 | | |
Year Ended December 28, 2019
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and hardware
|
| | | $ | 607,247 | | | | | $ | — | | | | | $ | 121,242 | | | | | $ | 728,489 | | |
Personal protective
|
| | | | 245,769 | | | | | | — | | | | | | — | | | | | | 245,769 | | |
Keys and key accessories
|
| | | | — | | | | | | 185,451 | | | | | | 4,009 | | | | | | 189,460 | | |
Engraving
|
| | | | — | | | | | | 50,613 | | | | | | 9 | | | | | | 50,622 | | |
Resharp
|
| | | | — | | | | | | 22 | | | | | | — | | | | | | 22 | | |
Consolidated
|
| | | $ | 853,016 | | | | | $ | 236,086 | | | | | $ | 125,260 | | | | | $ | 1,214,362 | | |
Year Ended December 29, 2018
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and hardware
|
| | | $ | 581,269 | | | | | $ | — | | | | | $ | 137,186 | | | | | $ | 718,455 | | |
Personal protective
|
| | | | 55,448 | | | | | | — | | | | | | — | | | | | | 55,448 | | |
Keys and key accessories
|
| | | | — | | | | | | 143,898 | | | | | | 4,217 | | | | | | 148,115 | | |
Engraving
|
| | | | — | | | | | | 52,145 | | | | | | 12 | | | | | | 52,157 | | |
Resharp
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consolidated
|
| | | $ | 636,717 | | | | | $ | 196,043 | | | | | $ | 141,415 | | | | | $ | 974,175 | | |
Twenty-six weeks ended June 26, 2021
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 367,810 | | | | | $ | — | | | | | $ | 79,917 | | | | | $ | 447,727 | | |
Personal Protective
|
| | | | 146,248 | | | | | | — | | | | | | 191 | | | | | | 146,439 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 92,383 | | | | | | 567 | | | | | | 92,950 | | |
Engraving
|
| | | | — | | | | | | 29,782 | | | | | | 33 | | | | | | 29,815 | | |
Resharp
|
| | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Consolidated
|
| | | $ | 514,058 | | | | | $ | 122,230 | | | | | $ | 80,708 | | | | | $ | 716,996 | | |
Twenty-six weeks ended June 27, 2020
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 340,956 | | | | | $ | — | | | | | $ | 60,047 | | | | | $ | 401,003 | | |
Personal Protective
|
| | | | 141,720 | | | | | | — | | | | | | 66 | | | | | | 141,786 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 74,027 | | | | | | 1,249 | | | | | | 75,276 | | |
Engraving
|
| | | | — | | | | | | 24,461 | | | | | | 3 | | | | | | 24,464 | | |
Resharp
|
| | | | — | | | | | | 17 | | | | | | — | | | | | | 17 | | |
Consolidated
|
| | | $ | 482,676 | | | | | $ | 98,505 | | | | | $ | 61,365 | | | | | $ | 642,546 | | |
| | |
Twenty-six Weeks Ended
June 26, 2021 |
| |
Twenty-six Weeks Ended
June 27, 2020 |
| ||||||||||||||||||
(dollars in thousands)
|
| |
Amount
|
| |
% of
Net Sales |
| |
Amount
|
| |
% of
Net Sales |
| ||||||||||||
Net sales
|
| | | $ | 716,996 | | | | | | 100.0% | | | | | $ | 642,546 | | | | | | 100.0% | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 417,265 | | | | | | 58.2% | | | | | | 362,813 | | | | | | 56.5% | | |
Selling, general and administrative expenses
|
| | | | 214,841 | | | | | | 30.0% | | | | | | 184,723 | | | | | | 28.7% | | |
Depreciation
|
| | | | 31,611 | | | | | | 4.4% | | | | | | 34,747 | | | | | | 5.4% | | |
Amortization
|
| | | | 30,323 | | | | | | 4.2% | | | | | | 29,713 | | | | | | 4.6% | | |
Other (income) expense
|
| | | | (2,333) | | | | | | (0.3)% | | | | | | 376 | | | | | | 0.1% | | |
Income from operations
|
| | | | 25,289 | | | | | | 3.5% | | | | | | 30,174 | | | | | | 4.7% | | |
Interest expense, net of investment income
|
| | | | 44,293 | | | | | | 6.2% | | | | | | 53,205 | | | | | | 8.3% | | |
Mark-to-market adjustment of interest rate swap
|
| | | | (1,424) | | | | | | (0.2)% | | | | | | 1,942 | | | | | | 0.3% | | |
Income (loss) before income taxes
|
| | | | (17,580) | | | | | | (2.5)% | | | | | | (24,973) | | | | | | (3.9)% | | |
Income tax expense (benefit)
|
| | | | (5,225) | | | | | | (0.7)% | | | | | | (5,132) | | | | | | (0.8)% | | |
Net income (loss)
|
| | | $ | (12,355) | | | | | | (1.7)% | | | | | $ | (19,841) | | | | | | (3.1)% | | |
Adjusted EBITDA(1)
|
| | | $ | 112,278 | | | | | | 15.7% | | | | | $ | 103,131 | | | | | | 16.1% | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| ||||||||||||||||||
(dollars in thousands)
|
| |
Amount
|
| |
% of
Net Sales |
| |
Amount
|
| |
% of
Net Sales |
| ||||||||||||
Net sales
|
| | | $ | 1,368,295 | | | | | | 100.0% | | | | | $ | 1,214,362 | | | | | | 100.0% | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 781,815 | | | | | | 57.1% | | | | | | 693,881 | | | | | | 57.1% | | |
Selling, general and administrative expenses
|
| | | | 398,472 | | | | | | 29.1% | | | | | | 382,131 | | | | | | 31.5% | | |
Depreciation
|
| | | | 67,423 | | | | | | 4.9% | | | | | | 65,658 | | | | | | 5.4% | | |
Amortization
|
| | | | 59,492 | | | | | | 4.3% | | | | | | 58,910 | | | | | | 4.9% | | |
Management fees to related party
|
| | | | 577 | | | | | | —% | | | | | | 562 | | | | | | —% | | |
Other (income) expense, net
|
| | | | (5,250) | | | | | | (0.4)% | | | | | | 5,525 | | | | | | 0.5% | | |
Income from operations
|
| | | | 65,766 | | | | | | 4.8% | | | | | | 7,695 | | | | | | 0.6% | | |
Interest expense, net of investment income
|
| | | | 99,103 | | | | | | 7.2% | | | | | | 113,843 | | | | | | 9.4% | | |
Mark-to-market adjustment of interest rate swap
|
| | | | 601 | | | | | | —% | | | | | | 2,608 | | | | | | 0.2% | | |
Loss before income taxes
|
| | | | (33,938) | | | | | | (2.5)% | | | | | | (108,756) | | | | | | (9.0)% | | |
Income tax benefit
|
| | | | (9,439) | | | | | | (0.7)% | | | | | | (23,277) | | | | | | (1.9)% | | |
Net loss
|
| | | $ | (24,499) | | | | | | (1.8)% | | | | | $ | (85,479) | | | | | | (7.0)% | | |
Adjusted EBITDA(1)
|
| | | $ | 221,215 | | | | | | 16.2% | | | | | $ | 178,658 | | | | | | 14.7% | | |
| | |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| ||||||||||||||||||
(dollars in thousands)
|
| |
Amount
|
| |
% of
Total |
| |
Amount
|
| |
% of
Total |
| ||||||||||||
Net sales
|
| | | $ | 1,214,362 | | | | | | 100.0% | | | | | $ | 974,175 | | | | | | 100.0% | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 693,881 | | | | | | 57.1% | | | | | | 537,885 | | | | | | 55.2% | | |
Selling, general and administrative expenses
|
| | | | 382,131 | | | | | | 31.5% | | | | | | 320,543 | | | | | | 32.9% | | |
Depreciation
|
| | | | 65,658 | | | | | | 5.4% | | | | | | 46,060 | | | | | | 4.7% | | |
Amortization
|
| | | | 58,910 | | | | | | 4.9% | | | | | | 44,572 | | | | | | 4.6% | | |
Management fees to related party
|
| | | | 562 | | | | | | —% | | | | | | 546 | | | | | | 0.1% | | |
Other (income) expense, net
|
| | | | 5,525 | | | | | | 0.5% | | | | | | (2,874) | | | | | | (0.3)% | | |
Income from operations
|
| | | | 7,695 | | | | | | 0.6% | | | | | | 27,443 | | | | | | 2.8% | | |
Interest expense, net of investment income
|
| | | | 113,843 | | | | | | 9.4% | | | | | | 82,775 | | | | | | 8.5% | | |
Refinancing charges
|
| | | | — | | | | | | —% | | | | | | 11,632 | | | | | | 1.2% | | |
Mark-to-market adjustment of interest rate swap
|
| | | | 2,608 | | | | | | 0.2% | | | | | | 607 | | | | | | 0.1% | | |
Loss before income taxes
|
| | | | (108,756) | | | | | | (9.0)% | | | | | | (67,571) | | | | | | (6.9)% | | |
Income tax benefit
|
| | | | (23,277) | | | | | | (1.9)% | | | | | | (8,890) | | | | | | (0.9)% | | |
Net loss
|
| | | $ | (85,479) | | | | | | (7.0)% | | | | | $ | (58,681) | | | | | | (6.0)% | | |
Adjusted EBITDA(1)
|
| | | $ | 178,658 | | | | | | 14.7% | | | | | $ | 139,756 | | | | | | 14.3% | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Hardware and Protective Solutions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Revenues
|
| | | $ | 514,058 | | | | | $ | 482,676 | | | | | $ | 1,024,392 | | | | | $ | 853,016 | | | | | $ | 636,717 | | |
Segment Income from Operations
|
| | | | 16,045 | | | | | | 33,276 | | | | | | 67,313 | | | | | | 14,204 | | | | | | 18,555 | | |
Adjusted EBITDA(1)
|
| | | | 65,146 | | | | | | 71,366 | | | | | | 153,765 | | | | | | 101,319 | | | | | | 76,896 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Robotics and Digital Solutions | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Revenues
|
| | | $ | 122,230 | | | | | $ | 98,505 | | | | | $ | 209,287 | | | | | $ | 236,086 | | | | | $ | 196,043 | | |
Segment Income from Operations
|
| | | | 6,700 | | | | | | 1,386 | | | | | | 3,177 | | | | | | 3,385 | | | | | | 17,705 | | |
Adjusted EBITDA(1)
|
| | | | 41,113 | | | | | | 29,943 | | | | | | 60,265 | | | | | | 70,966 | | | | | | 57,369 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Canada | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Segment Revenues
|
| | | $ | 80,708 | | | | | $ | 61,365 | | | | | $ | 134,616 | | | | | $ | 125,260 | | | | | $ | 141,415 | | |
Segment Income (Loss) from Operations
|
| | | | 2,544 | | | | | | (4,488) | | | | | | (4,724) | | | | | | (9,894) | | | | | | (8,817) | | |
Adjusted EBITDA(1)
|
| | | | 6,019 | | | | | | 1,822 | | | | | | 7,185 | | | | | | 6,373 | | | | | | 5,491 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Net loss
|
| | | $ | (12,355) | | | | | $ | (19,841) | | | | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Income tax (benefit) expense
|
| | | | (5,225) | | | | | | (5,132) | | | | | | (9,439) | | | | | | (23,277) | | | | | | (8,890) | | |
Interest expense, net
|
| | | | 38,178 | | | | | | 47,058 | | | | | | 86,774 | | | | | | 101,613 | | | | | | 70,545 | | |
Interest expense on junior subordinated debentures
|
| | | | 6,304 | | | | | | 6,336 | | | | | | 12,707 | | | | | | 12,608 | | | | | | 12,608 | | |
Investment income on trust common securities
|
| | | | (189) | | | | | | (189) | | | | | | (378) | | | | | | (378) | | | | | | (378) | | |
Depreciation
|
| | | | 31,611 | | | | | | 34,747 | | | | | | 67,423 | | | | | | 65,658 | | | | | | 46,060 | | |
Amortization
|
| | | | 30,323 | | | | | | 29,713 | | | | | | 59,492 | | | | | | 58,910 | | | | | | 44,572 | | |
Mark-to-market adjustment on interest rate swaps
|
| | | | (1,424) | | | | | | 1,942 | | | | | | 601 | | | | | | 2,608 | | | | | | 607 | | |
EBITDA
|
| | | $ | 87,223 | | | | | $ | 94,634 | | | | | $ | 192,681 | | | | | $ | 132,263 | | | | | $ | 106,443 | | |
Stock compensation expense
|
| | | | 3,537 | | | | | | 2,669 | | | | | | 5,125 | | | | | | 2,981 | | | | | | 1,590 | | |
Management fees
|
| | | | 214 | | | | | | 321 | | | | | | 577 | | | | | | 562 | | | | | | 546 | | |
Facility exits(1)
|
| | | | — | | | | | | 433 | | | | | | 3,894 | | | | | | — | | | | | | 1,279 | | |
Restructuring(2) | | | | | 109 | | | | | | 2,710 | | | | | | 4,902 | | | | | | 13,749 | | | | | | 9,737 | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||||||||
Litigation expense(3)
|
| | | | 10,282 | | | | | | 2,674 | | | | | | 7,719 | | | | | | 1,463 | | | | | | — | | |
Acquisition and integration expense(4)
|
| | | | 8,139 | | | | | | 990 | | | | | | 9,832 | | | | | | 12,557 | | | | | | 12,358 | | |
Change in fair value of contingent consideration
|
| | | | (1,212) | | | | | | (1,300) | | | | | | (3,515) | | | | | | — | | | | | | — | | |
Buy-back expense(5)
|
| | | | 1,350 | | | | | | — | | | | | | — | | | | | | 7,196 | | | | | | — | | |
Asset impairment charges(6)
|
| | | | — | | | | | | — | | | | | | — | | | | | | 7,887 | | | | | | — | | |
Refinancing costs
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 11,632 | | |
Anti-dumping duties(7)
|
| | | | 2,636 | | | | | | — | | | | | | — | | | | | | — | | | | | | (3,829) | | |
Adjusted EBITDA
|
| | | $ | 112,278 | | | | | $ | 103,131 | | | | | $ | 221,215 | | | | | $ | 178,658 | | | | | $ | 139,756 | | |
|
Twenty-six weeks ended June 26, 2021
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Operating income (loss)
|
| | | $ | 16,045 | | | | | $ | 6,700 | | | | | $ | 2,544 | | | | | $ | 25,289 | | |
Depreciation and amortization
|
| | | | 34,520 | | | | | | 23,974 | | | | | | 3,440 | | | | | | 61,934 | | |
Stock compensation expense
|
| | | | 3,056 | | | | | | 481 | | | | | | — | | | | | | 3,537 | | |
Management fees
|
| | | | 185 | | | | | | 29 | | | | | | — | | | | | | 214 | | |
Restructuring
|
| | | | 64 | | | | | | 10 | | | | | | 35 | | | | | | 109 | | |
Litigation expense
|
| | | | — | | | | | | 10,282 | | | | | | — | | | | | | 10,282 | | |
Acquisition and integration expense
|
| | | | 7,290 | | | | | | 849 | | | | | | — | | | | | | 8,139 | | |
Buy-back expense
|
| | | | 1,350 | | | | | | — | | | | | | — | | | | | | 1,350 | | |
Twenty-six weeks ended June 26, 2021
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Anti-dumping duties
|
| | | | 2,636 | | | | | | — | | | | | | — | | | | | | 2,636 | | |
Change in fair value of contingent consideration
|
| | | | — | | | | | | (1,212) | | | | | | — | | | | | | (1,212) | | |
Adjusted EBITDA
|
| | | $ | 65,146 | | | | | $ | 41,113 | | | | | $ | 6,019 | | | | | $ | 112,278 | | |
|
Twenty-six weeks ended June 27, 2020
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Operating income (loss)
|
| | | $ | 33,276 | | | | | $ | 1,386 | | | | | $ | (4,488) | | | | | $ | 30,174 | | |
Depreciation and amortization
|
| | | | 34,462 | | | | | | 26,398 | | | | | | 3,600 | | | | | | 64,460 | | |
Stock compensation expense
|
| | | | 2,330 | | | | | | 339 | | | | | | — | | | | | | 2,669 | | |
Management fees
|
| | | | 280 | | | | | | 41 | | | | | | — | | | | | | 321 | | |
Restructuring
|
| | | | — | | | | | | — | | | | | | 2,710 | | | | | | 2,710 | | |
Litigation expense
|
| | | | — | | | | | | 2,674 | | | | | | — | | | | | | 2,674 | | |
Acquisition and integration expense
|
| | | | 632 | | | | | | 358 | | | | | | — | | | | | | 990 | | |
Facility closures
|
| | | | 433 | | | | | | — | | | | | | — | | | | | | 433 | | |
Change in fair value of contingent consideration
|
| | | | — | | | | | | (1,300) | | | | | | — | | | | | | (1,300) | | |
Corporate and intersegment adjustments
|
| | | | (47) | | | | | | 47 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 71,366 | | | | | $ | 29,943 | | | | | $ | 1,822 | | | | | $ | 103,131 | | |
Year Ended December 26, 2020
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Operating income (loss)
|
| | | $ | 67,313 | | | | | $ | 3,177 | | | | | $ | (4,724) | | | | | $ | 65,766 | | |
Depreciation and amortization
|
| | | | 69,164 | | | | | | 50,670 | | | | | | 7,081 | | | | | | 126,915 | | |
Stock compensation expense
|
| | | | 4,464 | | | | | | 661 | | | | | | — | | | | | | 5,125 | | |
Management fees
|
| | | | 502 | | | | | | 75 | | | | | | — | | | | | | 577 | | |
Facility exits
|
| | | | 3,894 | | | | | | — | | | | | | — | | | | | | 3,894 | | |
Restructuring
|
| | | | 74 | | | | | | — | | | | | | 4,828 | | | | | | 4,902 | | |
Litigation expense
|
| | | | — | | | | | | 7,719 | | | | | | — | | | | | | 7,719 | | |
Acquisition and integration expense
|
| | | | 8,284 | | | | | | 1,548 | | | | | | — | | | | | | 9,832 | | |
Change in fair value of contingent consideration
|
| | | | — | | | | | | (3,515) | | | | | | — | | | | | | (3,515) | | |
Corporate and intersegment adjustments
|
| | | | 70 | | | | | | (70) | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 153,765 | | | | | $ | 60,265 | | | | | $ | 7,185 | | | | | $ | 221,215 | | |
Year Ended December 28, 2019
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Operating income (loss)
|
| | | $ | 14,204 | | | | | $ | 3,385 | | | | | $ | (9,894) | | | | | $ | 7,695 | | |
Depreciation and amortization
|
| | | | 65,369 | | | | | | 52,924 | | | | | | 6,275 | | | | | | 124,568 | | |
Stock compensation expense
|
| | | | 2,436 | | | | | | 545 | | | | | | — | | | | | | 2,981 | | |
Management fees
|
| | | | 562 | | | | | | — | | | | | | — | | | | | | 562 | | |
Restructuring
|
| | | | 3,163 | | | | | | 708 | | | | | | 9,878 | | | | | | 13,749 | | |
Litigation expense
|
| | | | — | | | | | | 1,463 | | | | | | — | | | | | | 1,463 | | |
Acquisition and integration expense
|
| | | | 8,837 | | | | | | 3,720 | | | | | | — | | | | | | 12,557 | | |
Buy-back expense
|
| | | | 7,196 | | | | | | — | | | | | | — | | | | | | 7,196 | | |
Asset impairment charges
|
| | | | — | | | | | | 7,773 | | | | | | 114 | | | | | | 7,887 | | |
Year Ended December 28, 2019
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Corporate and intersegment adjustments
|
| | | | (448) | | | | | | 448 | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 101,319 | | | | | $ | 70,966 | | | | | $ | 6,373 | | | | | $ | 178,658 | | |
|
Year Ended December 29, 2018
|
| |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Consolidated
|
| ||||||||||||
Operating income (loss)
|
| | | $ | 18,555 | | | | | $ | 17,705 | | | | | $ | (8,817) | | | | | $ | 27,443 | | |
Depreciation and amortization
|
| | | | 50,163 | | | | | | 35,898 | | | | | | 4,571 | | | | | | 90,632 | | |
Stock compensation expense
|
| | | | 1,302 | | | | | | 288 | | | | | | — | | | | | | 1,590 | | |
Management fees
|
| | | | 546 | | | | | | — | | | | | | — | | | | | | 546 | | |
Facility exits
|
| | | | 1,279 | | | | | | — | | | | | | — | | | | | | 1,279 | | |
Restructuring
|
| | | | — | | | | | | — | | | | | | 9,737 | | | | | | 9,737 | | |
Acquisition and integration expense
|
| | | | 7,126 | | | | | | 5,232 | | | | | | — | | | | | | 12,358 | | |
Anti-dumping duties
|
| | | | (3,829) | | | | | | — | | | | | | — | | | | | | (3,829) | | |
Corporate and intersegment adjustments
|
| | | | 1,754 | | | | | | (1,754) | | | | | | — | | | | | | — | | |
Adjusted EBITDA
|
| | | $ | 76,896 | | | | | $ | 57,369 | | | | | $ | 5,491 | | | | | $ | 139,756 | | |
| | | | | | | | |
Payments Due
|
| |||||||||||||||||||||
(dollars in thousands)
|
| |
Total
|
| |
Less Than
One Year |
| |
1 to 3
Years |
| |
3 to 5
Years |
| |
More Than
Five Years |
| |||||||||||||||
Junior Subordinated Debentures(1)
|
| | | $ | 108,704 | | | | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 108,704 | | |
Interest on Jr Subordinated Debentures
|
| | | | 82,562 | | | | | | 12,231 | | | | | | 24,463 | | | | | | 24,463 | | | | | | 21,405 | | |
Long Term Senior Term Loans
|
| | | | 1,037,044 | | | | | | 10,609 | | | | | | 21,218 | | | | | | 1,005,217 | | | | | | — | | |
Bank Revolving Credit Facility
|
| | | | 72,000 | | | | | | — | | | | | | — | | | | | | 72,000 | | | | | | — | | |
6.375% Senior Notes
|
| | | | 330,000 | | | | | | — | | | | | | 330,000 | | | | | | — | | | | | | — | | |
KeyWorks License Agreement
|
| | | | 72 | | | | | | 72 | | | | | | — | | | | | | — | | | | | | — | | |
Interest payments(2)
|
| | | | 218,053 | | | | | | 64,970 | | | | | | 97,001 | | | | | | 56,082 | | | | | | — | | |
Operating Leases
|
| | | | 108,169 | | | | | | 18,259 | | | | | | 29,575 | | | | | | 24,993 | | | | | | 35,342 | | |
Deferred Compensation Obligations
|
| | | | 1,911 | | | | | | 595 | | | | | | — | | | | | | — | | | | | | 1,316 | | |
Finance Lease Obligations
|
| | | | 2,252 | | | | | | 993 | | | | | | 1,129 | | | | | | 130 | | | | | | — | | |
Other Obligations
|
| | | | 7,578 | | | | | | 2,793 | | | | | | 4,509 | | | | | | 276 | | | | | | — | | |
Uncertain Tax Position Liabilities
|
| | | | 1,101 | | | | | | 1,101 | | | | | | — | | | | | | — | | | | | | — | | |
Total Contractual Cash Obligations(3)
|
| | | $ | 1,969,446 | | | | | $ | 111,623 | | | | | $ | 507,895 | | | | | $ | 1,183,161 | | | | | $ | 166,767 | | |
Name
|
| |
Position
|
| |
Age
|
|
Douglas Cahill | | |
Chairman, President and Chief Executive Officer
|
| |
61
|
|
Joseph Scharfenberger | | |
Director
|
| |
49
|
|
Richard Zannino | | |
Director
|
| |
62
|
|
Daniel O’Leary | | |
Director
|
| |
65
|
|
John Swygert | | |
Director
|
| |
51
|
|
Aaron Jagdfeld | | |
Director
|
| |
49
|
|
David Owens | | |
Director
|
| |
58
|
|
Philip Woodlief | | |
Director
|
| |
67
|
|
Diana Dowling | | |
Director
|
| |
55
|
|
Teresa Gendron | | |
Director
|
| |
51
|
|
Name
|
| |
Position
|
| |
Age
|
|
Douglas Cahill | | |
Chairman, President and Chief Executive Officer
|
| |
61
|
|
Robert O. Kraft | | |
Chief Financial Officer and Treasurer
|
| |
49
|
|
Jon Michael Adinolfi | | |
Divisional President, Hillman US
|
| |
44
|
|
Scott C. Ride | | |
President, Hillman Canada
|
| |
50
|
|
Randall Fagundo | | |
Divisional President, Robotics and Digital Solutions
|
| |
61
|
|
Jarrod Streng | | |
Divisional President, Protective Solutions and Corporate
|
| |
41
|
|
Gary L. Seeds | | |
Executive Vice President, Sales and Field Service
|
| |
62
|
|
George Murphy | | |
Executive Vice President, Sales
|
| |
56
|
|
Name
|
| |
Position
|
| |
Age
|
|
Amanda Kitzberger | | |
Vice President Human Resources and Administration
|
| |
40
|
|
Steven A. Brunker | | |
Chief Information Officer
|
| |
60
|
|
Element
|
| |
Role and Purpose
|
|
Base Salary | | | Attract and retain executives and reward their skills and contributions to the day-to-day management of our company. | |
Annual Performance-Based Bonuses | | | Motivate the attainment of annual company and division, financial, operational, and strategic goals by paying bonuses determined by the achievement of specified performance targets with a performance period of one year. | |
Discretionary Bonuses | | | From time to time, we may award discretionary bonuses to compensate executives for special contributions or extraordinary circumstances or events. | |
Element
|
| |
Role and Purpose
|
|
Stock Options and other Equity-Based Awards | | | Motivate the attainment of long-term value creation, align executive interests with the interests of our stockholders, create accountability for executives to enhance stockholder value, and promote long-term retention through the use of multi-year vesting equity awards. | |
Long Term Cash Retention Plan | | | Align executive interests, create accountability and retain executives through the integration of our various acquisitions. | |
Change of Control Benefits | | | Promote long-term retention and align the interests of executives with stockholders by providing for acceleration of equity vesting in the event of a change in control transaction. | |
Severance Benefits | | | We provide modest severance protection in the form of continued base salary and bonus payments in the event of a termination of employment without cause or for good reason for individual NEOs, as described below. | |
Element
|
| |
Role and Purpose
|
|
Employee Benefit Plans and Perquisites
|
| | Participation in company-wide health and retirement benefit programs, provide financial security and additional compensation commensurate with senior executive level duties and responsibilities. | |
Name
|
| |
2020 Base
Salary |
| |
2019 Base
Salary |
| |
2018 Base
Salary |
| |||||||||
Douglas J. Cahill(1)
|
| | | $ | 650,000 | | | | | $ | 650,000 | | | | | $ | — | | |
Robert O. Kraft
|
| | | $ | 415,000 | | | | | $ | 415,000 | | | | | $ | 415,000 | | |
Randall J. Fagundo
|
| | | $ | 330,000 | | | | | $ | 286,000 | | | | | $ | 286,000 | | |
George S. Murphy
|
| | | $ | 350,000 | | | | | $ | 350,000 | | | | | $ | 350,000 | | |
Jarrod T. Streng
|
| | | $ | 385,000 | | | | | $ | 350,000 | | | | | $ | 350,000 | | |
Name
|
| |
2020 Minimum
Bonus as Percentage of Base Salary |
| |
2020 Target
Bonus as Percentage of Base Salary |
| |
2020 Maximum
Bonus as Percentage of Base Salary |
| |||||||||
Douglas J. Cahill
|
| | | | 50% | | | | | | 100% | | | | | | 150% | | |
Robert O. Kraft
|
| | | | 30% | | | | | | 60% | | | | | | 90% | | |
Randall J. Fagundo
|
| | | | 25% | | | | | | 50% | | | | | | 75% | | |
George S. Murphy
|
| | | | 25% | | | | | | 50% | | | | | | 75% | | |
Jarrod T. Streng
|
| | | | 25% | | | | | | 50% | | | | | | 75% | | |
Name
|
| |
Compensation
Adjusted EBITDA |
| |
Consolidated
Cash Flow |
| |
Protective
Solutions EBITDA |
| |
NAC Gross
Sales |
| ||||||||||||
Douglas J. Cahill
|
| | | | 70% | | | | | | 30% | | | | | | — | | | | | | — | | |
Robert O. Kraft
|
| | | | 70% | | | | | | 30% | | | | | | — | | | | | | — | | |
Randall J. Fagundo
|
| | | | 70% | | | | | | 30% | | | | | | — | | | | | | — | | |
George S. Murphy
|
| | | | 50% | | | | | | 20% | | | | | | — | | | | | | 30% | | |
Jarrod T. Streng
|
| | | | 50% | | | | | | 20% | | | | | | 30% | | | | | | — | | |
Metric
|
| |
Threshold (89%)
|
| |
Target (100%)
|
| |
Maximum (112%)
|
| |||||||||
Comp. Adj. EBITDA
|
| | | $ | 190,100,000 | | | | | $ | 213,000,000 | | | | | $ | 238,600,000 | | |
Payout
|
| | | | 50% | | | | | | 100% | | | | | | 150% | | |
Metric
|
| |
Threshold (46%)
|
| |
Target (100%)
|
| |
Maximum (164%)
|
| |||||||||
Cons. Cash Flow
|
| | | $ | 20,200,000 | | | | | $ | 31,200,000 | | | | | $ | 51,000,000 | | |
Payout
|
| | | | 50% | | | | | | 100% | | | | | | 150% | | |
Metric
|
| |
Threshold (94%)
|
| |
Target (100%)
|
| |
Maximum (104%)
|
| |||||||||
NAC Gross Sales
|
| | | $ | 300,000,000 | | | | | $ | 316,300,000 | | | | | $ | 332,100,000 | | |
Payout
|
| | | | 50% | | | | | | 100% | | | | | | 150% | | |
Metric
|
| |
Threshold (88%)
|
| |
Target (100%)
|
| |
Maximum (112%)
|
| |||||||||
Prot. Solutions EBITDA
|
| | | $ | 39,500,000 | | | | | $ | 44,700,000 | | | | | $ | 50,100,000 | | |
Payout
|
| | | | 50% | | | | | | 100% | | | | | | 150% | | |
Metric
|
| |
Target
($) |
| |
Actual
($) |
| |
Achievement as a
% of Target |
| |
Resulting
Payout % |
| ||||||||||||
Compensation Adjusted EBITDA
|
| | | | 213,000 | | | | | | 224,100 | | | | | | 105.2% | | | | | | 121.7% | | |
Consolidated Compensation Cash Flows
|
| | | | 31,200 | | | | | | 53,155 | | | | | | 170.4% | | | | | | 150.0% | | |
NAC Gross Sales
|
| | | | 316,300 | | | | | | 351,800 | | | | | | 111.2% | | | | | | 150.0% | | |
Protective Solutions EBITDA
|
| | | | 44,700 | | | | | | 66,063 | | | | | | 147.8% | | | | | | 150.0% | | |
Name
|
| |
2020 Target
Bonus |
| |
Actual Annual
Bonus Paid |
| |
% of Target
Bonus |
| |||||||||
Douglas J. Cahill
|
| | | | 650,000 | | | | | | 846,235 | | | | | | 130.2% | | |
Robert O. Kraft
|
| | | | 249,000 | | | | | | 324,173 | | | | | | 130.2% | | |
Randall J. Fagundo
|
| | | | 165,000 | | | | | | 214,814 | | | | | | 130.2% | | |
George S. Murphy
|
| | | | 175,000 | | | | | | 237,738 | | | | | | 135.9% | | |
Jarrod T. Streng
|
| | | | 192,500 | | | | | | 261,512 | | | | | | 135.9% | | |
| | |
Year Ended
December 26, 2020 |
| |||
Net loss
|
| | | $ | (24,499) | | |
Income tax (benefit) expense
|
| | | | (9,439) | | |
Interest expense, net
|
| | | | 86,774 | | |
Interest expense on junior subordinated debentures
|
| | | | 12,707 | | |
Investment income on trust common securities
|
| | | | (378) | | |
Depreciation
|
| | | | 67,423 | | |
Amortization
|
| | | | 59,492 | | |
Mark-to-market adjustment on interest rate swaps
|
| | | | 601 | | |
EBITDA
|
| | | | 192,681 | | |
Stock compensation expense
|
| | | | 5,125 | | |
Management fees
|
| | | | 577 | | |
Facility exits(1)
|
| | | | 3,894 | | |
Restructuring(2) | | | | | 4,902 | | |
Litigation expense(3)
|
| | | | 7,719 | | |
Acquisition and integration expense(4)
|
| | | | 9,832 | | |
Change in fair value of contingent consideration
|
| | | | (3,515) | | |
Other non-recurring charges(5)
|
| | | | 2,885 | | |
Compensation adjusted EBITDA
|
| | | $ | 224,100 | | |
|
Net increase (decrease) in cash and cash equivalents
|
| | | $ | 1,547 | | |
| Reduction in Debt | | | | | | | |
|
Repayments of senior term loans
|
| | | | 10,608 | | |
|
Repayments of revolving term loans, net of borrowings
|
| | | | 41,000 | | |
|
Consolidated Compensation Cash Flow
|
| | | $ | 53,155 | | |
| Year Ended December 26, 2020 | | | | | | | |
|
Operating income (loss)
|
| | | $ | 50,574 | | |
|
Depreciation and amortization
|
| | | | 14,999 | | |
|
Facility exits(1)
|
| | | | 1,551 | | |
|
Acquisition and integration expense(2)
|
| | | | 113 | | |
|
Other nonrecurring charges(3)
|
| | | | (1,174) | | |
|
Adjusted EBITDA
|
| | | $ | 66,063 | | |
Name
|
| |
Threshold ($)
|
| |
Target ($)
|
| |
Maximum ($)
|
| |||||||||
Robert O. Kraft
|
| | | | 500,000 | | | | | | 1,000,000 | | | | | | 1,500,000 | | |
Randall J. Fagundo
|
| | | | 737,000 | | | | | | 1,474,000 | | | | | | 2,211,000 | | |
Name
|
| |
Threshold
EBITDA ($) |
| |
Target
EBITDA ($) |
| |
Maximum
EBITDA ($) |
| |||||||||
Robert O. Kraft
|
| | | | 62,000,000 | | | | | | 76,000,000 | | | | | | 90,000,000 | | |
Randall J. Fagundo
|
| | | | 22,000,000 | | | | | | 28,000,000 | | | | | | 34,000,000 | | |
| | |
2020 Payout
Target ($) |
| |
2021 Payout
|
| ||||||||||||
Name
|
| |
Target ($)
|
| |
Maximum ($)
|
| ||||||||||||
George S. Murphy
|
| | | | 1,500,000 | | | | | | 500,000 | | | | | | 1,000,000 | | |
Jarrod T. Streng
|
| | | | 1,500,000 | | | | | | 500,000 | | | | | | 1,000,000 | | |
Name
|
| |
December 31, 2020
Target EBITDA ($) |
| |
December 31, 2021
Target EBITDA ($) |
| |
December 31, 2021
Maximum EBITDA ($) |
| |||||||||
George S. Murphy
|
| | | | 62,000,000 | | | | | | 62,000,000 | | | | | | 70,400,000 | | |
Jarrod T. Streng
|
| | | | 62,000,000 | | | | | | 62,000,000 | | | | | | 70,400,000 | | |
Name and
Principal Position |
| |
Year
|
| |
Salary
($)(1) |
| |
Bonus
($)(2) |
| |
Option
Awards ($)(3) |
| |
Non-Equity
Incentive Plan Compensation ($)(4) |
| |
All Other
Compensation ($)(5) |
| |
Total
($) |
| |||||||||||||||||||||
Douglas J. Cahill(6)
|
| | | | 2020 | | | | | | 631,250 | | | | | | — | | | | | | — | | | | | | 846,235 | | | | | | 100,776 | | | | | | 1,578,261 | | |
President and CEO
|
| | | | 2019 | | | | | | 262,500 | | | | | | — | | | | | | 11,113,635 | | | | | | 190,249 | | | | | | 1,500 | | | | | | 11,567,884 | | |
| | | | | 2018 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Robert O. Kraft(7)
|
| | | | 2020 | | | | | | 403,029 | | | | | | — | | | | | | 748,158 | | | | | | 1,824,173 | | | | | | 23,905 | | | | | | 2,999,265 | | |
CFO and Treasurer
|
| | | | 2019 | | | | | | 415,000 | | | | | | — | | | | | | — | | | | | | 171,150 | | | | | | 17,945 | | | | | | 604,095 | | |
| | | | | 2018 | | | | | | 415,000 | | | | | | — | | | | | | 257,692 | | | | | | — | | | | | | 17,907 | | | | | | 690,599 | | |
Randall J. Fagundo(8)
|
| | | | 2020 | | | | | | 322,380 | | | | | | | | | | | | 748,158 | | | | | | 1,234,822 | | | | | | 21,198 | | | | | | 2,326,558 | | |
Divisional President,
|
| | | | 2019 | | | | | | 306,462 | | | | | | — | | | | | | — | | | | | | 104,225 | | | | | | 60,684 | | | | | | 471,371 | | |
Robotics and Digital Solutions
|
| | | | 2018 | | | | | | 110,000 | | | | | | 116,250 | | | | | | 216,461 | | | | | | — | | | | | | 33,000 | | | | | | 475,711 | | |
George S. Murphy(9)
|
| | | | 2020 | | | | | | 350,000 | | | | | | 68,513 | | | | | | — | | | | | | 1,737,738 | | | | | | 21,364 | | | | | | 2,177,615 | | |
Executive Vice
|
| | | | 2019 | | | | | | 347,308 | | | | | | 50,000 | | | | | | — | | | | | | 12,142 | | | | | | 1,268,493 | | | | | | 1,677,943 | | |
President, Sales
|
| | | | 2018 | | | | | | 87,500 | | | | | | — | | | | | | 177,672 | | | | | | 104,890 | | | | | | 3,593 | | | | | | 373,655 | | |
Jarrod T. Streng(9)
|
| | | | 2020 | | | | | | 384,058 | | | | | | 75,364 | | | | | | — | | | | | | 1,761,512 | | | | | | 15,159 | | | | | | 2,236,093 | | |
Divisional President,
|
| | | | 2019 | | | | | | 347,308 | | | | | | 50,000 | | | | | | — | | | | | | 12,142 | | | | | | 1,268,595 | | | | | | 1,678,045 | | |
Personal Protective Solutions & Corporate Marketing
|
| | | | 2018 | | | | | | 87,500 | | | | | | — | | | | | | 177,672 | | | | | | 104,890 | | | | | | 3,542 | | | | | | 373,604 | | |
| | | | | | | | |
Estimated Future Payouts Under
Non-Equity Incentive Plan Awards(1) |
| |
All Other
Option Awards: Number of Securities Underlying Options (#)(3) |
| |
Exercise
Price of Option Awards ($) |
| |
Grant Date
Fair Value of Stock and Option Awards ($)(4) |
| ||||||||||||||||||||||||
Name
|
| |
Grant
Date |
| |
Minimum
($) |
| |
Target
($) |
| |
Maximum
($) |
| ||||||||||||||||||||||||||||||
Douglas J. Cahill
|
| | | | 4/22/2020 | | | | | | 325,000 | | | | | | 650,000 | | | | | | 975,000 | | | | | | — | | | | | | — | | | | | | — | | |
Robert O. Kraft
|
| | | | 4/22/2020 | | | | | | 124,500 | | | | | | 249,000 | | | | | | 373,500 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 7/30/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,940 | | | | | | 1,300.00 | | | | | | 748,158 | | |
Randall J. Fagundo
|
| | | | 4/22/2020 | | | | | | 82,500 | | | | | | 165,000 | | | | | | 247,500 | | | | | | — | | | | | | — | | | | | | — | | |
| | | | | 7/30/2020 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,940 | | | | | | 1,300.00 | | | | | | 748,158 | | |
George S. Murphy
|
| | | | 4/22/2020 | | | | | | 87,500 | | | | | | 175,000 | | | | | | 262,500 | | | | | | — | | | | | | — | | | | | | — | | |
Jarrod T. Streng
|
| | | | 4/22/2020 | | | | | | 96,250 | | | | | | 192,500 | | | | | | 288,750 | | | | | | — | | | | | | — | | | | | | — | | |
| | |
Option Awards(1)
|
| |||||||||||||||||||||||||||
Name
|
| |
Number of
Securities Underlying Unexercised Options (#) Exercisable |
| |
Number of
Securities Underlying Unexercised Options (#) Unexercisable |
| |
Equity Incentive
Plan Awards; Number of Securities Underlying Unexercised Unearned Option (#) |
| |
Option
Exercise Price ($) |
| |
Option
Expiration Date |
| |||||||||||||||
Douglas J. Cahill
|
| | | | 8,333.25 | | | | | | 24,999.75 | | | | | | — | | | | | | 1,400.00 | | | | | | 7/29/2029 | | |
Robert O. Kraft
|
| | | | 1,125.00 | | | | | | 375.00 | | | | | | 1,500 | | | | | | 1,000.00 | | | | | | 11/1/2027 | | |
| | | | | 312.50 | | | | | | 312.50 | | | | | | 625 | | | | | | 1,200.00 | | | | | | 8/30/2028 | | |
| | | | | — | | | | | | 1,940.00 | | | | | | — | | | | | | 1,300.00 | | | | | | 7/30/2030 | | |
Randall J. Fagundo
|
| | | | 262.50 | | | | | | 262.50 | | | | | | 525 | | | | | | 1,200.00 | | | | | | 8/10/2028 | | |
| | | | | — | | | | | | 1,940.00 | | | | | | — | | | | | | 1,300.00 | | | | | | 7/30/2030 | | |
George S. Murphy
|
| | | | 212.50 | | | | | | 212.50 | | | | | | 425 | | | | | | 1,200.00 | | | | | | 10/1/2028 | | |
Jarrod T. Streng
|
| | | | 212.50 | | | | | | 212.50 | | | | | | 425 | | | | | | 1,200.00 | | | | | | 10/1/2028 | | |
Name
|
| |
Executive
Contributions ($)(1) |
| |
Company
Matching Contributions ($)(2) |
| |
Aggregate
Earnings ($)(3) |
| |
Aggregate
Withdrawal/ Distributions ($) |
| |
Aggregate
Balance at 12/26/2020 ($)(4) |
| |||||||||||||||
Douglas J. Cahill
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Robert O. Kraft
|
| | | | 12,091 | | | | | | 2,500 | | | | | | 7,086 | | | | | | — | | | | | | 51,354 | | |
Randall J. Fagundo
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
George S. Murphy
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jarrod T. Streng
|
| | | | 11,514 | | | | | | 2,500 | | | | | | 2,646 | | | | | | — | | | | | | 16,603 | | |
Name
|
| |
Death,
Disability, or non-renewal by Executive ($) |
| |
Termination without
cause, resignation with good reason, or non-renewal by the Company ($) |
| |
Termination without cause,
resignation with good reason, or non-renewal by the Company within 90 days of a change in control ($) |
| |
Change in
Control (regardless of termination)(1) |
| ||||||||||||
Douglas J. Cahill
|
| | | | — | | | | | | 1,300,000 | | | | | | 1,300,000 | | | | | | 8,237,584 | | |
Robert O. Kraft
|
| | | | — | | | | | | 739,173 | | | | | | 739,173 | | | | | | 3,173,735 | | |
Randall S. Fagundo
|
| | | | — | | | | | | 495,000 | | | | | | 495,000 | | | | | | 1,142,919 | | |
George S. Murphy
|
| | | | — | | | | | | 587,738 | | | | | | 587,738 | | | | | | 380,061 | | |
Jarrod T. Streng
|
| | | | — | | | | | | 646,511 | | | | | | 646,511 | | | | | | 380,061 | | |
Name
|
| |
Fees Earned
or Paid in Cash ($) |
| |
Total ($)
|
| ||||||
Max W. Hillman, Jr.(2)(5)
|
| | | | 60,000 | | | | | | 60,000 | | |
Aaron P. Jagdfeld(3)(5)
|
| | | | 75,000 | | | | | | 75,000 | | |
David A. Owens(2)(5)
|
| | | | 60,000 | | | | | | 60,000 | | |
Kristin S. Steen(1)
|
| | | | | | | | | | | | |
Joseph M. Scharfenberger, Jr.(1)
|
| | | | — | | | | | | — | | |
Tyler J. Wolfram(4)
|
| | | | — | | | | | | — | | |
Philip K. Woodlief(3)(5)
|
| | | | 75,000 | | | | | | 75,000 | | |
Richard F. Zannino(1)
|
| | | | — | | | | | | — | | |
Kevin M. Mailender(4)
|
| | | | — | | | | | | — | | |
| | |
FAIR MARKET VALUE OF COMMON STOCK
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
REDEMPTION DATE (PERIOD TO
EXPIRATION OF WARRANTS) |
| |
≤10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
>/18.00
|
| |||||||||||||||||||||||||||
60 months
|
| | | | 0.261 | | | | | | 0.281 | | | | | | 0.297 | | | | | | 0.311 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
57 months
|
| | | | 0.257 | | | | | | 0.277 | | | | | | 0.294 | | | | | | 0.310 | | | | | | 0.324 | | | | | | 0.337 | | | | | | 0.348 | | | | | | 0.358 | | | | | | 0.361 | | |
54 months
|
| | | | 0.252 | | | | | | 0.272 | | | | | | 0.291 | | | | | | 0.307 | | | | | | 0.322 | | | | | | 0.335 | | | | | | 0.347 | | | | | | 0.357 | | | | | | 0.361 | | |
51 months
|
| | | | 0.246 | | | | | | 0.268 | | | | | | 0.287 | | | | | | 0.304 | | | | | | 0.320 | | | | | | 0.333 | | | | | | 0.346 | | | | | | 0.357 | | | | | | 0.361 | | |
48 months
|
| | | | 0.241 | | | | | | 0.263 | | | | | | 0.283 | | | | | | 0.301 | | | | | | 0.317 | | | | | | 0.332 | | | | | | 0.344 | | | | | | 0.356 | | | | | | 0.361 | | |
45 months
|
| | | | 0.235 | | | | | | 0.258 | | | | | | 0.279 | | | | | | 0.298 | | | | | | 0.315 | | | | | | 0.330 | | | | | | 0.343 | | | | | | 0.356 | | | | | | 0.361 | | |
42 months
|
| | | | 0.228 | | | | | | 0.252 | | | | | | 0.274 | | | | | | 0.294 | | | | | | 0.312 | | | | | | 0.328 | | | | | | 0.342 | | | | | | 0.355 | | | | | | 0.361 | | |
| | |
FAIR MARKET VALUE OF COMMON STOCK
|
| |||||||||||||||||||||||||||||||||||||||||||||||||||
REDEMPTION DATE (PERIOD TO
EXPIRATION OF WARRANTS) |
| |
≤10.00
|
| |
11.00
|
| |
12.00
|
| |
13.00
|
| |
14.00
|
| |
15.00
|
| |
16.00
|
| |
17.00
|
| |
>/18.00
|
| |||||||||||||||||||||||||||
39 months
|
| | | | 0.221 | | | | | | 0.246 | | | | | | 0.269 | | | | | | 0.290 | | | | | | 0.309 | | | | | | 0.325 | | | | | | 0.340 | | | | | | 0.354 | | | | | | 0.361 | | |
36 months
|
| | | | 0.213 | | | | | | 0.239 | | | | | | 0.263 | | | | | | 0.285 | | | | | | 0.305 | | | | | | 0.323 | | | | | | 0.339 | | | | | | 0.353 | | | | | | 0.361 | | |
33 months
|
| | | | 0.205 | | | | | | 0.232 | | | | | | 0.257 | | | | | | 0.280 | | | | | | 0.301 | | | | | | 0.320 | | | | | | 0.337 | | | | | | 0.352 | | | | | | 0.361 | | |
30 months
|
| | | | 0.196 | | | | | | 0.224 | | | | | | 0.250 | | | | | | 0.274 | | | | | | 0.297 | | | | | | 0.316 | | | | | | 0.335 | | | | | | 0.351 | | | | | | 0.361 | | |
27 months
|
| | | | 0.185 | | | | | | 0.214 | | | | | | 0.242 | | | | | | 0.268 | | | | | | 0.291 | | | | | | 0.313 | | | | | | 0.332 | | | | | | 0.350 | | | | | | 0.361 | | |
24 months
|
| | | | 0.173 | | | | | | 0.204 | | | | | | 0.233 | | | | | | 0.260 | | | | | | 0.285 | | | | | | 0.308 | | | | | | 0.329 | | | | | | 0.348 | | | | | | 0.361 | | |
21 months
|
| | | | 0.161 | | | | | | 0.193 | | | | | | 0.223 | | | | | | 0.252 | | | | | | 0.279 | | | | | | 0.304 | | | | | | 0.326 | | | | | | 0.347 | | | | | | 0.361 | | |
18 months
|
| | | | 0.146 | | | | | | 0.179 | | | | | | 0.211 | | | | | | 0.242 | | | | | | 0.271 | | | | | | 0.298 | | | | | | 0.322 | | | | | | 0.345 | | | | | | 0.361 | | |
15 months
|
| | | | 0.130 | | | | | | 0.164 | | | | | | 0.197 | | | | | | 0.230 | | | | | | 0.262 | | | | | | 0.291 | | | | | | 0.317 | | | | | | 0.342 | | | | | | 0.361 | | |
12 months
|
| | | | 0.111 | | | | | | 0.146 | | | | | | 0.181 | | | | | | 0.216 | | | | | | 0.250 | | | | | | 0.282 | | | | | | 0.312 | | | | | | 0.339 | | | | | | 0.361 | | |
9 months
|
| | | | 0.090 | | | | | | 0.125 | | | | | | 0.162 | | | | | | 0.199 | | | | | | 0.237 | | | | | | 0.272 | | | | | | 0.305 | | | | | | 0.336 | | | | | | 0.361 | | |
6 months
|
| | | | 0.065 | | | | | | 0.099 | | | | | | 0.137 | | | | | | 0.178 | | | | | | 0.219 | | | | | | 0.259 | | | | | | 0.296 | | | | | | 0.331 | | | | | | 0.361 | | |
3 months
|
| | | | 0.034 | | | | | | 0.065 | | | | | | 0.104 | | | | | | 0.150 | | | | | | 0.197 | | | | | | 0.243 | | | | | | 0.286 | | | | | | 0.326 | | | | | | 0.361 | | |
0 months
|
| | | | — | | | | | | — | | | | | | 0.042 | | | | | | 0.115 | | | | | | 0.179 | | | | | | 0.233 | | | | | | 0.281 | | | | | | 0.323 | | | | | | 0.361 | | |
Name and Address of Beneficial Owner
|
| |
Number of
Shares |
| |
%
|
| ||||||
Directors and Executive Officers Post-Business Combination(1) | | | | | | | | | | | | | |
Douglas Cahill(2)
|
| | | | 2,835,362 | | | | | | 1.5% | | |
Joseph Scharfenberger
|
| | | | — | | | | | | — | | |
Richard Zannino
|
| | | | — | | | | | | — | | |
Daniel O’Leary
|
| | | | — | | | | | | — | | |
John Swygert
|
| | | | — | | | | | | — | | |
Aaron Jagdfeld(3)
|
| | | | 214,272 | | | | | | * | | |
David Owens(4)
|
| | | | 37,085 | | | | | | * | | |
Philp Woodlief(5)
|
| | | | 49,477 | | | | | | * | | |
Diana Dowling
|
| | | | — | | | | | | — | | |
Teresa Gendron
|
| | | | — | | | | | | — | | |
Robert Kraft(6)
|
| | | | 425,042 | | | | | | * | | |
Jon Michael Adinolfi(7)
|
| | | | 506,713 | | | | | | * | | |
Jarrod Streng(8)
|
| | | | 35,025 | | | | | | * | | |
Scott Ride(9)
|
| | | | 228,282 | | | | | | * | | |
George Murphy(10)
|
| | | | 35,025 | | | | | | * | | |
Randall Fagundo(11)
|
| | | | 144,839 | | | | | | * | | |
Gary Seeds(12)
|
| | | | 494,580 | | | | | | * | | |
Amanda Kitzberger(13)
|
| | | | 11,125 | | | | | | * | | |
Steve Brunker(14)
|
| | | | 16,482 | | | | | | * | | |
All directors and executive officers post-Business Combination as a group (nine individuals)(2)
|
| | | | 5,033,379 | | | | | | 2.6% | | |
Five Percent Holders: | | | | | | | | | | | | | |
Select Equity Group, L.P.(15)
|
| | | | 10,022,000 | | | | | | 5.3% | | |
CCMP Capital Investors III, L.P. and related investment funds(16)
|
| | | | 71,952,733 | | | | | | 38.4% | | |
Oak Hill Capital Partners and related investment funds(17)
|
| | | | 15,163,940 | | | | | | 8.1% | | |
Selling Securityholder
|
| |
Shares of
Common Stock Beneficially Owned Prior to Offering |
| |
Placement
Warrants Beneficially Owned Prior to Offering |
| |
Shares of
Common Stock Offered |
| |
Placement
Warrants Offered |
| |
Shares of
Common Stock Beneficially Owned After the Offered Shares are Sold(68) |
| |
%
|
| |
Placement
Warrants Beneficially Owned After the Offered Private Placement Warrants are Sold |
| |
%
|
| ||||||||||||||||||||||||
Alyeska Master Fund, L.P.(1)
|
| | | | 5,456,204 | | | | | | — | | | | | | 5,000,000 | | | | | | — | | | | | | 456,204 | | | | | | * | | | | | | — | | | | | | — | | |
21st Century Insurance Company(2)
|
| | | | 40,600 | | | | | | — | | | | | | 40,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Met Investors Series Trust – MetLife Small Cap
Value Portfolio(3) |
| | | | 502,200 | | | | | | — | | | | | | 502,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Minnesota Life Insurance Company – Special Small Cap Value Equity(4)
|
| | | | 42,800 | | | | | | — | | | | | | 42,800 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Quad/Graphics Diversified Plan(5)
|
| | | | 17,600 | | | | | | — | | | | | | 17,600 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Truck Insurance Exchange(6)
|
| | | | 58,700 | | | | | | — | | | | | | 58,700 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Selling Securityholder
|
| |
Shares of
Common Stock Beneficially Owned Prior to Offering |
| |
Placement
Warrants Beneficially Owned Prior to Offering |
| |
Shares of
Common Stock Offered |
| |
Placement
Warrants Offered |
| |
Shares of
Common Stock Beneficially Owned After the Offered Shares are Sold(68) |
| |
%
|
| |
Placement
Warrants Beneficially Owned After the Offered Private Placement Warrants are Sold |
| |
%
|
| ||||||||||||||||||||||||
VALIC Company I – Small Cap Special Values Fund(7)
|
| | | | 183,000 | | | | | | — | | | | | | 183,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wells Fargo Special Small Cap Value CIT(8)
|
| | | | 32,200 | | | | | | — | | | | | | 32,200 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Wells Fargo Special Small Cap Value Fund, as a
series of Wells Fargo Funds Trust(9) |
| | | | 3,622,900 | | | | | | — | | | | | | 3,622,900 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Clal Pension and Provident Funds Ltd.(10)
|
| | | | 1,736,000 | | | | | | — | | | | | | 1,736,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Clal Insurance Ltd.(11)
|
| | | | 1,264,000 | | | | | | — | | | | | | 1,264,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Columbia Small Cap Growth Fund I(12)
|
| | | | 2,460,000 | | | | | | — | | | | | | 2,460,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Columbia Variable Portfolio – Small Company Growth Fund(13)
|
| | | | 540,000 | | | | | | — | | | | | | 540,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Samlyn Onshore Fund, LP(14)
|
| | | | 1,187,651 | | | | | | — | | | | | | 472,083 | | | | | | — | | | | | | 715,568 | | | | | | * | | | | | | — | | | | | | — | | |
Samlyn Offshore Master Fund, Ltd.(15)
|
| | | | 2,870,006 | | | | | | — | | | | | | 1,184,348 | | | | | | — | | | | | | 1,685,658 | | | | | | * | | | | | | — | | | | | | — | | |
Samlyn Net Neutral Master Fund, Ltd.(16)
|
| | | | 2,497,089 | | | | | | — | | | | | | 995,680 | | | | | | — | | | | | | 1,501,409 | | | | | | * | | | | | | — | | | | | | — | | |
Samlyn Long Alpha Master Fund, Ltd.(17)
|
| | | | 256,335 | | | | | | — | | | | | | 87,889 | | | | | | — | | | | | | 158,446 | | | | | | * | | | | | | — | | | | | | — | | |
Suvretta Master Fund, Ltd.(18)
|
| | | | 1,737,000 | | | | | | — | | | | | | 1,737,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Suvretta Long Master Fund, Ltd. (19)
|
| | | | 13,000 | | | | | | — | | | | | | 13,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Park West Investors Master Fund, Limited(20)
|
| | | | 1,360,000 | | | | | | — | | | | | | 1,360,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Park West Partners International, Limited(21)
|
| | | | 140,000 | | | | | | — | | | | | | 140,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Citadel Multi-Strategy Equities Master Fund Ltd.(22)
|
| | | | 1,400,000 | | | | | | — | | | | | | 1,400,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Hawk Ridge Master Fund LP(23)
|
| | | | 1,350,000 | | | | | | — | | | | | | 1,350,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
BEMAP Master Fund Ltd(24)
|
| | | | 343,010 | | | | | | — | | | | | | 343,010 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Bespoke Alpha MAC MIM LP(25)
|
| | | | 44,103 | | | | | | — | | | | | | 44,103 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
DS Liquid Div RVA MON LLC(26)
|
| | | | 289,293 | | | | | | — | | | | | | 289,293 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Monashee Pure Alpha SPV I LP(27)
|
| | | | 203,872 | | | | | | — | | | | | | 203,872 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Monashee Solitario Fund LP(28)
|
| | | | 261,511 | | | | | | — | | | | | | 261,511 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
SFL SPV I LLC(29)
|
| | | | 58,211 | | | | | | — | | | | | | 58,211 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nineteen77 Global Multi-Strategy Alpha Master Limited(30)
|
| | | | 461,500 | | | | | | — | | | | | | 461,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nineteen77 Global Merger Arbitrage Opportunity Fund(31)
|
| | | | 77,000 | | | | | | — | | | | | | 77,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Nineteen77 Global Merger Arbitrage Master Limited(32)
|
| | | | 461,500 | | | | | | — | | | | | | 461,500 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arena Capital Fund, LP – Series 3(33)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arena Capital Fund, LP – Series 5(34)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arena Capital Fund, LP – Series 6(35)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Arena Capital Fund, LP – Series 14(36)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brookdale Global Opportunity Fund(37)
|
| | | | 370,000 | | | | | | — | | | | | | 370,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Brookdale International Partners, L.P. (38)
|
| | | | 630,000 | | | | | | — | | | | | | 630,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
D. E. Shaw Valence Portfolios, L.L.C. (39)
|
| | | | 600,000 | | | | | | — | | | | | | 600,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
D. E. Shaw Oculus Portfolios, L.L.C. (40)
|
| | | | 200,000 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Schonfeld Strategic 460 Fund LLC(41)
|
| | | | 750,000 | | | | | | — | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Selling Securityholder
|
| |
Shares of
Common Stock Beneficially Owned Prior to Offering |
| |
Placement
Warrants Beneficially Owned Prior to Offering |
| |
Shares of
Common Stock Offered |
| |
Placement
Warrants Offered |
| |
Shares of
Common Stock Beneficially Owned After the Offered Shares are Sold(68) |
| |
%
|
| |
Placement
Warrants Beneficially Owned After the Offered Private Placement Warrants are Sold |
| |
%
|
| ||||||||||||||||||||||||
Kepos Alpha Master Fund L.P. (42)
|
| | | | 900,000 | | | | | | — | | | | | | 750,000 | | | | | | — | | | | | | 150,000 | | | | | | * | | | | | | — | | | | | | — | | |
Marshall Wace Investment Strategies – Market Neutral TOPS Fund(43)
|
| | | | 225,671 | | | | | | — | | | | | | 193,517 | | | | | | — | | | | | | 32,154 | | | | | | * | | | | | | — | | | | | | — | | |
Marshall Wace Investment Strategies – Systematic
Alpha Plus Fund(44) |
| | | | 98,991 | | | | | | — | | | | | | 78,003 | | | | | | — | | | | | | 20,988 | | | | | | * | | | | | | — | | | | | | — | | |
Marshall Wace Investment Strategies – TOPS Fund(45)
|
| | | | 136,850 | | | | | | — | | | | | | 118,898 | | | | | | — | | | | | | 17,952 | | | | | | * | | | | | | — | | | | | | — | | |
Marshall Wace Investment Strategies – Eureka Fund(46)
|
| | | | 414,615 | | | | | | — | | | | | | 359,582 | | | | | | — | | | | | | 55,033 | | | | | | * | | | | | | — | | | | | | — | | |
MMF LT, LLC(47)
|
| | | | 750,000 | | | | | | — | | | | | | 750,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
K2 PSAM Event Master Fund Ltd.(48)
|
| | | | 77,945 | | | | | | — | | | | | | 29,150 | | | | | | — | | | | | | 48,795 | | | | | | * | | | | | | — | | | | | | — | | |
PSAM WorldArb Master Fund Ltd.(49)
|
| | | | 441,067 | | | | | | — | | | | | | 211,800 | | | | | | — | | | | | | 229,267 | | | | | | * | | | | | | — | | | | | | — | | |
Lumyna Specialist Funds – Event Alternative Fund(50)
|
| | | | 123,906 | | | | | | — | | | | | | 59,100 | | | | | | — | | | | | | 64,806 | | | | | | * | | | | | | — | | | | | | — | | |
Lumyna Funds – Lumyna PSAM Global Event
UCITS Fund(51) |
| | | | 432,360 | | | | | | — | | | | | | 199,950 | | | | | | — | | | | | | 232,410 | | | | | | * | | | | | | — | | | | | | — | | |
Glazer Enhanced Fund, L.P. (52)
|
| | | | 129,604 | | | | | | — | | | | | | 129,604 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Glazer Enhanced Offshore Fund, Ltd. (52)
|
| | | | 308,559 | | | | | | — | | | | | | 308,559 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Highmark Limited, in respect of its Segregated Account, Highmark Multi-Strategy 2(52)
|
| | | | 61,837 | | | | | | — | | | | | | 61,837 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
More Provident Funds Ltd.(53)
|
| | | | 500,000 | | | | | | — | | | | | | 500,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Ghisallo Master Fund LP(54)
|
| | | | 350,000 | | | | | | — | | | | | | 350,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
VB CAPITAL MANAGEMENT AG(55)
|
| | | | 300,000 | | | | | | — | | | | | | 300,00 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Gundyco ITF The K2 Principal Fund L.P. (56)
|
| | | | 300,000 | | | | | | — | | | | | | 300,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jane Street Global Trading, LLC(57)
|
| | | | 337,972 | | | | | | — | | | | | | 200,000 | | | | | | — | | | | | | 137,972 | | | | | | * | | | | | | — | | | | | | — | | |
Maven Investment Partners US Limited – NY Branch(58)
|
| | | | 100,000 | | | | | | — | | | | | | 100,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Jefferies Financial Group Inc.(59)
|
| | | | 13,175,842 | | | | | | 4,501,066 | | | | | | 13,175,842 | | | | | | 4,501,066 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
TJF, LLC(60)
|
| | | | 8,000,425 | | | | | | 4,000,000 | | | | | | 8,000,425 | | | | | | 4,000,000 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
CCMP Capital Investors III, L.P. and related investment funds(61)
|
| | | | 71,952,733 | | | | | | — | | | | | | 71,952,733 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Oak Hill Capital Partners and related investment
funds(62) |
| | | | 15,163,940 | | | | | | — | | | | | | 15,163,940 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Aaron Jagdfeld(63)
|
| | | | 214,272 | | | | | | — | | | | | | 164,825 | | | | | | — | | | | | | 49,447 | | | | | | * | | | | | | — | | | | | | — | | |
Douglas Cahill(64)
|
| | | | 2,835,362 | | | | | | — | | | | | | 88,299 | | | | | | — | | | | | | 2,747,063 | | | | | | 1.5% | | | | | | — | | | | | | — | | |
Gary Seeds(65)
|
| | | | 494,580 | | | | | | — | | | | | | 235,700 | | | | | | — | | | | | | 258,880 | | | | | | * | | | | | | — | | | | | | — | | |
Jon Michael Adinolfi(66)
|
| | | | 506,713 | | | | | | — | | | | | | 353,220 | | | | | | — | | | | | | 153,493 | | | | | | * | | | | | | — | | | | | | — | | |
Robert Kraft(67)
|
| | | | 425,042 | | | | | | — | | | | | | 82,413 | | | | | | — | | | | | | 342,629 | | | | | | * | | | | | | — | | | | | | — | | |
| | |
Page
|
| |||
Financial Statements for the six months ended June 30, 2021 and 2020 | | | | | | | |
| | | | F-2 | | | |
| | | | F-3 | | | |
| | | | F-4 | | | |
| | | | F-5 | | | |
| | | | F-6 | | | |
Audited Financial Statements for the years ended December 31, 2020 and December 31, 2019 and the period from March 13, 2018 (inception) through December 31, 2018
|
| | | | | | |
| | | | F-21 | | | |
| | | | F-22 | | | |
| | | | F-23 | | | |
| | | | F-24 | | | |
| | | | F-25 | | | |
| | | | F-26 | | |
|
Condensed Consolidated Financial Statements for the twenty-six weeks ended June 26, 2021 and June 27, 2020
|
| | | | | | |
| | | | | F-42 | | | |
| | | | | F-43 | | | |
| | | | | F-44 | | | |
| | | | | F-45 | | | |
| | | | | F-46 | | | |
|
Consolidated Audited Financial Statements for the years ended December 26, 2020, December 28, 2019 and December 29, 2018
|
| | | | | | |
| | | | | F-62 | | | |
| | | | | F-64 | | | |
| | | | | F-65 | | | |
| | | | | F-66 | | | |
| | | | | F-67 | | | |
| | | | | F-68 | | |
| | |
June 30,
2021 |
| |
December 31,
2020 |
| ||||||
| | |
(Unaudited)
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 85,485 | | | | | $ | 1,017,406 | | |
Prepaid expenses
|
| | | | 132,432 | | | | | | 105,838 | | |
Total current assets
|
| | | | 217,917 | | | | | | 1,123,244 | | |
Cash and marketable securities held in trust
|
| | | | 500,010,358 | | | | | | 500,078,624 | | |
Deferred tax asset
|
| | | | — | | | | | | — | | |
Total assets
|
| | | $ | 500,228,275 | | | | | $ | 501,201,868 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 113,018 | | | | | $ | 127,450 | | |
Total current liabilities
|
| | | | 113,018 | | | | | | 127,450 | | |
Deferred underwriting commissions
|
| | | | 17,500,000 | | | | | | 17,500,000 | | |
Warrant derivative liability
|
| | | | 74,840,000 | | | | | | 55,720,000 | | |
Total liabilities
|
| | | $ | 92,453,018 | | | | | $ | 73,347,450 | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | |
Class A common stock subject to possible redemption, 50,000,000 and 42,278,793 shares, respectively, at redemption value of $10.00 per share
|
| | | | 500,000,000 | | | | | | 422,854,408 | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 1,000,000 authorized, no shares issued
or outstanding |
| | | $ | — | | | | | $ | — | | |
Common stock
|
| | | | | | | | | | | | |
Class A common stock, $0.0001 par value, 380,000,000 shares authorized, 0 and 7,721,207 shares issued and outstanding, respectively (excluding 50,000,000 and 42,278,793 shares, respectively, subject to possible redemption)
|
| | | | — | | | | | | 772 | | |
Class B common stock, $0.0001 par value 20,000,000 shares authorized, 12,500,000 issued and outstanding
|
| | | | 1,250 | | | | | | 1,250 | | |
Additional paid-in capital
|
| | | | — | | | | | | 33,888,383 | | |
Accumulated deficit
|
| | | | (92,225,993) | | | | | | (28,890,395) | | |
Total stockholders’ equity
|
| | | | (92,224,743) | | | | | | 5,000,010 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 500,228,275 | | | | | $ | 501,201,868 | | |
| | |
Three months ended June 30,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Expenses: | | | | | | | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | $ | (481,780) | | | | | $ | — | | | | | $ | (990,698) | | | | | $ | — | | |
Loss from operations
|
| | | | (481,780) | | | | | | — | | | | | | (990,698) | | | | | | — | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 12,620 | | | | | | — | | | | | | 31,537 | | | | | | — | | |
Gain (loss) on warrant derivative liability
|
| | | | (30,330,000) | | | | | | — | | | | | | (19,120,000) | | | | | | — | | |
Total other income (expense)
|
| | | | (30,317,380) | | | | | | — | | | | | | (19,088,463) | | | | | | — | | |
Loss before taxes
|
| | | | (30,799,160) | | | | | | — | | | | | | (20,079,161) | | | | | | — | | |
Tax benefit (provision)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (30,799,160) | | | | | $ | — | | | | | $ | (20,079,161) | | | | | $ | — | | |
Basic and diluted loss per share: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss per share available to common shares
|
| | | $ | (1.82) | | | | | $ | — | | | | | $ | (1.09) | | | | | $ | — | | |
Basic and diluted weighted average number of shares outstanding
|
| | | | 16,954,225 | | | | | | 6,037,500 | | | | | | 18,394,339 | | | | | | 6,037,500 | | |
| | |
Class A common stock
|
| |
Class B common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Subscription note
receivable, affiliates |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, December 31,
2020, |
| | | | 7,721,207 | | | | | $ | 772 | | | | | | 12,500,000 | | | | | $ | 1,250 | | | | | $ | 33,888,383 | | | | | $ | (28,890,395) | | | | | $ | — | | | | | $ | 5,000,010 | | |
Class A shares subject
to redemption |
| | | | (1,076,380) | | | | | | (108) | | | | | | — | | | | | | — | | | | | | (10,719,891) | | | | | | — | | | | | | — | | | | | | (10,719,999) | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 10,719,999 | | | | | | — | | | | | | 10,719,999 | | |
Balance, March 31, 2021, (unaudited)
|
| | | | 6,644,827 | | | | | | 664 | | | | | | 12,500,000 | | | | | | 1,250 | | | | | | 23,168,492 | | | | | | (18,170,396) | | | | | | — | | | | | | 5,000,010 | | |
Class A shares subject
to redemption |
| | | | (6,644,827) | | | | | | (664) | | | | | | — | | | | | | — | | | | | | (23,168,492) | | | | | | (43,256,437) | | | | | | — | | | | | | (66,425,593) | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (30,799,160) | | | | | | — | | | | | | (30,799,160) | | |
Balance, June 30, 2021,
(unaudited) |
| | | | — | | | | | $ | — | | | | | | 12,500,000 | | | | | $ | 1,250 | | | | | $ | — | | | | | $ | (92,225,993) | | | | | $ | — | | | | | $ | (92,224,743) | | |
| | |
Class A common stock
|
| |
Class B common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Subscription note
receivable, affiliates |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, December 31, 2019
|
| | | | — | | | | | $ | — | | | | | | 6,943,125 | | | | | $ | 694 | | | | | $ | 306 | | | | | $ | — | | | | | $ | (1,000) | | | | | $ | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, March 31, 2020, (unaudited)
|
| | | | — | | | | | | — | | | | | | 6,943,125 | | | | | | 694 | | | | | | 306 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, June 30, 2020, (unaudited)
|
| | | | — | | | | | $ | — | | | | | | 6,943,125 | | | | | $ | 694 | | | | | $ | 306 | | | | | $ | — | | | | | $ | (1,000) | | | | | $ | — | | |
| | |
Six months ended June 30,
|
| |||||||||
| | |
2021
|
| |
2020
|
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (20,079,161) | | | | | $ | — | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Trust account interest income
|
| | | | (31,537) | | | | | | — | | |
(Gain) loss on warrant derivative liability
|
| | | | 19,120,000 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Decrease (increase) in prepaid expenses
|
| | | | (26,594) | | | | | | — | | |
Increase (decrease) in accounts payable and accrued liabilities
|
| | | | (14,432) | | | | | | — | | |
Net cash used in operating activities
|
| | | | (1,031,724) | | | | | | — | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Cash withdrawn from trust account for tax payments
|
| | | | 99,803 | | | | | | — | | |
Net cash provided by investing activities
|
| | | | 99,803 | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Net cash provided by financing activities
|
| | | | — | | | | | | — | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | (931,921) | | | | | | — | | |
Cash and cash equivalents at beginning of period
|
| | | | 1,017,406 | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 85,485 | | | | | $ | — | | |
Supplemental schedule of non-cash financing activities: | | | | | | | | | | | | | |
Change in value of common shares subject to possible conversion
|
| | | $ | (77,145,592) | | | | | $ | — | | |
| | |
Three months ended June 30,
|
| |
Six months ended June 30,
|
| ||||||||||||||||||
| | |
2021
|
| |
2020
|
| |
2021
|
| |
2020
|
| ||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss – basic and diluted
|
| | | $ | (30,799,160) | | | | | $ | — | | | | | $ | (20,079,161) | | | | | $ | — | | |
Less: Income attributable to common stock subject to possible redemption
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Net loss available to common shares
|
| | | $ | (30,799,160) | | | | | $ | — | | | | | $ | (20,079,161) | | | | | $ | — | | |
Demoninator: | | | | | | | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares – basic
|
| | | | 16,954,225 | | | | | | 6,037,500 | | | | | | 18,394,339 | | | | | | 6,037,500 | | |
Warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Weighted average number of shares – diluted
|
| | | | 16,954,225 | | | | | | 6,037,500 | | | | | | 18,394,339 | | | | | | 6,037,500 | | |
Basic and diluted loss available to common shares
|
| | | $ | (1.82) | | | | | $ | — | | | | | $ | (1.09) | | | | | $ | — | | |
| | |
Fair Value measured as of June 30, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash and Marketable Securities Held in Trust
|
| | | $ | 500,010,358 | | | | | $ | — | | | | | $ | — | | | | | $ | 500,010,358 | | |
Warrant derivative liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 45,000,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 45,000,000 | | |
Sponsor Warrants
|
| | | | — | | | | | | — | | | | | | 29,840,000 | | | | | | 29,840,000 | | |
Total Warrant derivative liability
|
| | | $ | 45,000,000 | | | | | $ | — | | | | | $ | 29,840,000 | | | | | $ | 74,840,000 | | |
| | |
Fair Value measured as of December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash and Marketable Securities Held in Trust
|
| | | $ | 500,078,624 | | | | | $ | — | | | | | $ | — | | | | | $ | 500,078,624 | | |
Warrant derivative liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 37,000,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 37,000,000 | | |
Sponsor Warrants
|
| | | | — | | | | | | 18,720,000 | | | | | | — | | | | | | 18,720,000 | | |
Total Warrant derivative liability
|
| | | $ | 37,000,000 | | | | | $ | 18,720,000 | | | | | $ | — | | | | | $ | 55,720,000 | | |
| | |
Level 3 Derivative
|
| |||
December 31, 2020
|
| | | $ | — | | |
Transfer into Level 3
|
| | | | 18,720,000 | | |
Loss on derivative liability
|
| | | | 960,000 | | |
Balance March 31, 2021
|
| | | $ | 19,680,000 | | |
Loss on derivative liability
|
| | | | 10,160,000 | | |
Balance June 30, 2021
|
| | | $ | 29,840,000 | | |
| | |
December 31, 2020
|
| |
December 31, 2019
|
| ||||||
| | |
Restated
|
| | | | | | | |||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash
|
| | | $ | 1,017,406 | | | | | $ | — | | |
Prepaid expenses
|
| | | | 105,838 | | | | | | — | | |
Total current assets
|
| | | | 1,123,244 | | | | | | — | | |
Cash and marketable securities held in trust
|
| | | | 500,078,624 | | | | | | | | |
Deferred tax asset
|
| | | | — | | | | | | — | | |
Total assets
|
| | | $ | 501,201,868 | | | | | $ | — | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable and accrued liabilities
|
| | | $ | 127,450 | | | | | $ | — | | |
Total current liabilities
|
| | | | 127,450 | | | | | | — | | |
Deferred underwriting commissions
|
| | | | 17,500,000 | | | | | | | | |
Warrant derivative liability
|
| | | | 55,720,000 | | | | | | — | | |
Total liabilities
|
| | | $ | 73,347,450 | | | | | $ | — | | |
Commitments and contingencies
|
| | | | — | | | | | | — | | |
Class A common stock subject to possible redemption, 42,278,793 shares at redemption value of $10.00
|
| | | | 422,854,408 | | | | | | | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.0001 par value, 1,000,000 authorized, no shares issued or outstanding
|
| | | $ | — | | | | | $ | — | | |
Common stock
|
| | | | | | | | | | | | |
Class A common stock, $0.0001 par value, 380,000,000 shares authorized, 7,721,207 shares issued and outstanding (excluding 42,278,793 shares subject to possible redemption)
|
| | | | 772 | | | | | | — | | |
Class B common stock, $0.0001 par value 20,000,000 shares authorized, 12,500,000 issued and outstanding
|
| | | | 1,250 | | | | | | 694 | | |
Additional paid-in capital
|
| | | | 33,888,383 | | | | | | 306 | | |
Accumulated deficit
|
| | | | (28,890,395) | | | | | | — | | |
Subscription notes receivable, affiliates
|
| | | | — | | | | | | (1,000) | | |
Total stockholders’ equity
|
| | | | 5,000,010 | | | | | | — | | |
Total liabilities and stockholders’ equity
|
| | | $ | 501,201,868 | | | | | $ | — | | |
| | |
Years ended December 31,
|
| |
For the period from
March 13, 2018 (inception) through December 31, 2018 |
| ||||||||||||
| | |
2020
|
| |
2019
|
| ||||||||||||
| | |
Restated
|
| | | | | | | | | | | | | |||
Expenses: | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | | 1,279,019 | | | | | | — | | | | | | — | | |
Loss from operations
|
| | | | (1,279,019) | | | | | | — | | | | | | — | | |
Other income (expense): | | | | | | | | | | | | | | | | | | | |
Interest income
|
| | | | 78,624 | | | | | | — | | | | | | — | | |
Change in fair value of warrant derivative liability
|
| | | | (27,690,000) | | | | | | — | | | | | | — | | |
Total other income (expense)
|
| | | | (27,611,376) | | | | | | — | | | | | | — | | |
Loss before taxes
|
| | | | (28,890,395) | | | | | | — | | | | | | — | | |
Tax benefit (provision)
|
| | | | — | | | | | | — | | | | | | — | | |
Net Loss
|
| | | $ | (28,890,395) | | | | | $ | — | | | | | $ | — | | |
Basic and diluted loss per share: | | | | | | | | | | | | | | | | | | | |
Net loss per share available to common shares
|
| | | $ | (2.99) | | | | | $ | — | | | | | $ | — | | |
Basic and diluted weighted average number of shares outstanding
|
| | | | 9,654,569 | | | | | | 6,037,500 | | | | | | 6,037,500 | | |
| | |
Class A common stock
|
| |
Class B common stock
|
| |
Additional
paid-in capital |
| |
Accumulated
deficit |
| |
Subscription
note receivable, affiliates |
| |
Total
|
| ||||||||||||||||||||||||||||||
| | |
Shares
|
| |
Amount
|
| |
Shares
|
| |
Amount
|
| ||||||||||||||||||||||||||||||||||||
Balance, March 13, 2018 (inception)
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Class B shares issued
|
| | | | — | | | | | | — | | | | | | 6,943,125 | | | | | | 694 | | | | | | 306 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Balance, December 31, 2018
|
| | | | — | | | | | | — | | | | | | 6,943,125 | | | | | | 694 | | | | | | 306 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Net income
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Balance, December 31, 2019
|
| | | | — | | | | | | — | | | | | | 6,943,125 | | | | | | 694 | | | | | | 306 | | | | | | — | | | | | | (1,000) | | | | | | — | | |
Class B shares issued
|
| | | | — | | | | | | — | | | | | | 7,431,875 | | | | | | 744 | | | | | | 326 | | | | | | — | | | | | | (1,070) | | | | | | — | | |
Excess cash received over fair value of sponsor warrants
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,800,000 | | | | | | — | | | | | | — | | | | | | 2,800,000 | | |
Class A shares issued, less fair
value of public warrants |
| | | | 50,000,000 | | | | | | 5,000 | | | | | | — | | | | | | — | | | | | | 481,165,000 | | | | | | — | | | | | | — | | | | | | 481,170,000 | | |
Underwriters commissions
and offering costs for public shares |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (27,227,257) | | | | | | — | | | | | | — | | | | | | (27,227,257) | | |
Class A shares subject to redemption
|
| | | | (42,278,793) | | | | | | (4,228) | | | | | | — | | | | | | — | | | | | | (422,850,180) | | | | | | — | | | | | | — | | | | | | (422,854,408) | | |
Shares forfeited
|
| | | | — | | | | | | — | | | | | | (1,875,000) | | | | | | (188) | | | | | | 188 | | | | | | — | | | | | | — | | | | | | — | | |
Payment of affiliate note receivable
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,070 | | | | | | 2,070 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (28,890,395) | | | | | | — | | | | | | (28,890,395) | | |
Balance, December 31, 2020, Restated
|
| | | | 7,721,207 | | | | | $ | 772 | | | | | | 12,500,000 | | | | | $ | 1,250 | | | | | $ | 33,888,383 | | | | | $ | (28,890,395) | | | | | $ | — | | | | | $ | 5,000,010 | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
| | |
Restated
|
| | | | | | | |||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (28,890,395) | | | | | $ | — | | |
Adjustments to reconcile net loss to net cash used in operating activities: | | | | | | | | | | | | | |
Trust account interest income
|
| | | | (78,624) | | | | | | — | | |
Change in fair value of warrant derivative liability
|
| | | | 27,690,000 | | | | | | — | | |
Changes in operating assets and liabilities:
|
| | | | | | | | | | | | |
Decrease (increase) in prepaid expenses
|
| | | | (105,838) | | | | | | — | | |
Increase (decrease) in accounts payable and accrued liabilities
|
| | | | 127,450 | | | | | | — | | |
Net cash used in operating activities
|
| | | | (1,257,407) | | | | | | — | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Cash deposited in trust account
|
| | | | (500,000,000) | | | | | | — | | |
Net cash used in investing activities
|
| | | | (500,000,000) | | | | | | — | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Proceeds from public offering
|
| | | | 500,000,000 | | | | | | — | | |
Proceeds from sale of private placement warrants
|
| | | | 12,000,000 | | | | | | — | | |
Payment for underwriting discounts
|
| | | | (8,953,885) | | | | | | — | | |
Payment of offering costs
|
| | | | (606,622) | | | | | | — | | |
Payment of notes payable, affiliates
|
| | | | (166,750) | | | | | | — | | |
Proceeds from stock subscriptions receivable, affiliates
|
| | | | 2,070 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 502,274,813 | | | | | | — | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 1,017,406 | | | | | | — | | |
Cash and cash equivalents at beginning of period
|
| | | | — | | | | | | — | | |
Cash and cash equivalents at end of period
|
| | | $ | 1,017,406 | | | | | $ | — | | |
Supplemental schedule of non-cash financing activities: | | | | | | | | | | | | | |
Change in value of common shares subject to possible conversion
|
| | | $ | (26,989,759) | | | | | $ | — | | |
Initial classification of common shares subject to possible conversion
|
| | | $ | 449,844,167 | | | | | $ | — | | |
Deferred underwriting commissions
|
| | | $ | 17,500,000 | | | | | $ | — | | |
Initial warrant derivative liability
|
| | | $ | 28,030,000 | | | | | $ | — | | |
Offering costs included in Notes payable, affiliates
|
| | | $ | 166,750 | | | | | $ | — | | |
| | |
As previously reported
|
| |
Adjustment
|
| |
As restated
|
| |||||||||
Balance Sheet as of October 14, 2020 | | | | | | | | | | | | | | | | | | | |
Warrant derivative liability
|
| | | $ | — | | | | | $ | 28,030,000 | | | | | $ | 28,030,000 | | |
Total liabilities
|
| | | | 19,092,923 | | | | | | 28,030,000 | | | | | | 47,122,923 | | |
Class A common stock subject to possible
redemption |
| | | | 477,874,167 | | | | | | (28,030,000) | | | | | | 449,844,167 | | |
Class A common stock
|
| | | | 221 | | | | | | 281 | | | | | | 502 | | |
Additional paid-in capital
|
| | | | 5,002,872 | | | | | | 1,045,834 | | | | | | 6,048,706 | | |
Accumulated deficit
|
| | | | (2,451) | | | | | | (1,046,115) | | | | | | (1,048,566) | | |
Balance Sheet as of December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Warrant derivative liability
|
| | | $ | — | | | | | $ | 55,720,000 | | | | | $ | 55,720,000 | | |
Total liabilities
|
| | | | 17,627,450 | | | | | | 55,720,000 | | | | | | 73,347,450 | | |
Class A common stock subject to possible
redemption |
| | | | 478,574,408 | | | | | | (55,720,000) | | | | | | 422,854,408 | | |
Class A common stock
|
| | | | 215 | | | | | | 557 | | | | | | 772 | | |
Additional paid-in capital
|
| | | | 5,152,825 | | | | | | 28,735,558 | | | | | | 33,888,383 | | |
Accumulated deficit
|
| | | | (154,280) | | | | | | (28,736,115) | | | | | | (28,890,395) | | |
Statement of Operations as of December 31, 2020 | | | | | | | | | | | | | | | | | | | |
General and administrative expenses
|
| | | $ | (232,904) | | | | | $ | (1,046,115) | | | | | $ | (1,279,019) | | |
Change in fair value of warrant derivative liability
|
| | | | — | | | | | | (27,690,000) | | | | | | (27,690,000) | | |
Total other income (expense)
|
| | | | 78,624 | | | | | | (27,690,000) | | | | | | (27,611,376) | | |
Net loss
|
| | | | (154,280) | | | | | | (28,736,115) | | | | | | (28,890,395) | | |
Basic and diluted loss per share
|
| | | | (0.02) | | | | | | (2.97) | | | | | | (2.99) | | |
Statement of Cash Flows as of December 31, 2020 | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (154,280) | | | | | $ | (28,736,115) | | | | | $ | (28,890,395) | | |
Change in fair value of warrant derivative liability
|
| | | | — | | | | | | (27,690,000) | | | | | | (27,690,000) | | |
Net cash used in operating activities
|
| | | | (211,292) | | | | | | (1,046,115) | | | | | | (1,257,407) | | |
Payment for underwriting discounts
|
| | | | (10,000,000) | | | | | | 1,046,115 | | | | | | (8,953,885) | | |
Net cash provided by financing activities
|
| | | | 501,228,698 | | | | | | 1,046,115 | | | | | | 502,274,813 | | |
| | |
Fair Value measured as of December 31, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Cash and Marketable Securities Held in Trust
|
| | | $ | 500,078,624 | | | | | $ | — | | | | | $ | — | | | | | $ | 500,078,624 | | |
Warrant derivative liability | | | | | | | | | | | | | | | | | | | | | | | | | |
Public Warrants
|
| | | $ | 37,000,000 | | | | | $ | — | | | | | $ | — | | | | | $ | 37,000,000 | | |
Sponsor Warrants
|
| | | | — | | | | | | 18,720,000 | | | | | | — | | | | | | 18,720,000 | | |
Total Warrant derivative liability
|
| | | $ | 37,000,000 | | | | | $ | 18,720,000 | | | | | $ | — | | | | | $ | 55,720,000 | | |
| | |
Twelve months ended December 31,
|
| |
For the period from
March 13, 2018 (inception) through December 31, 2018 |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Numerator: | | | | | | | | | | | | | | | | | | | |
Net loss – basic and diluted
|
| | | $ | (28,890,395) | | | | | $ | — | | | | | $ | — | | |
Less: Income attributable to common stock subject to possible redemption
|
| | | | (6,913) | | | | | | — | | | | | | — | | |
Net loss available to common shares
|
| | | $ | (28,897,308) | | | | | $ | — | | | | | $ | — | | |
Demoninator: | | | | | | | | | | | | | | | | | | | |
Weighted average number of shares – basic
|
| | | | 9,654,569 | | | | | | 6,037,500 | | | | | | 6,037,500 | | |
Warrants | | | | | — | | | | | | — | | | | | | — | | |
Weighted average number of shares – diluted
|
| | | | 9,654,569 | | | | | | 6,037,500 | | | | | | 6,037,500 | | |
Basic and diluted loss available to common shares
|
| | | $ | (2.99) | | | | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |
For the period from
March 13, 2018 (inception) through December 31, 2018 |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Current income taxes
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
Deferred income taxes
|
| | | | — | | | | | | — | | | | | | — | | |
Income tax expense (benefit)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |||||||||
| | |
2020
|
| |
2019
|
| ||||||
Deferred tax asset: | | | | | | | | | | | | | |
Net operating loss carryforward
|
| | | $ | 32,400 | | | | | $ | — | | |
Total deferred tax asset
|
| | | $ | 32,400 | | | | | $ | — | | |
Valuation allowance
|
| | | | (32,400) | | | | | | — | | |
Deferred tax asset, net of current allowance
|
| | | $ | — | | | | | $ | — | | |
| | |
Year ended December 31,
|
| |
For the period from
March 13, 2018 (inception) through December 31, 2018 |
| ||||||||||||
|
2020
|
| |
2019
|
| ||||||||||||||
Income tax benefit at statutory rate (21.0%)
|
| | | $ | (6,066,983) | | | | | $ | — | | | | | $ | — | | |
Change in fair value of warrant liability
|
| | | | 5,814,900 | | | | | | — | | | | | | — | | |
Offering costs
|
| | | | 219,683 | | | | | | — | | | | | | — | | |
Change in valuation allowance on deferred tax asset
|
| | | | 32,400 | | | | | | — | | | | | | — | | |
Total
|
| | | | — | | | | | | — | | | | | | — | | |
Effective tax rate
|
| | | | 0.0% | | | | | | 21.0% | | | | | | 21.0% | | |
2020
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | 1,279,019 | | |
Net income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (28,890,395) | | |
Basic and diluted earnings (loss) available to common shares
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | (1.63) | | |
2019
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted earnings (loss) available to common shares
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Period from March 13, 2018 (inception) through December 31, 2018
|
| |
1st Quarter
|
| |
2nd Quarter
|
| |
3rd Quarter
|
| |
4th Quarter
|
| ||||||||||||
General and administrative expenses
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Net income (loss)
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
Basic and diluted earnings (loss) available to common shares
|
| | | $ | — | | | | | $ | — | | | | | $ | — | | | | | $ | — | | |
| | |
June 26,
2021 |
| |
December 26,
2020 |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 16,255 | | | | | $ | 21,520 | | |
Accounts receivable, net of allowances of $2,586 ($2,395 – 2020)
|
| | | | 146,865 | | | | | | 121,228 | | |
Inventories, net
|
| | | | 482,645 | | | | | | 391,679 | | |
Other current assets
|
| | | | 22,125 | | | | | | 19,280 | | |
Total current assets
|
| | | | 667,890 | | | | | | 553,707 | | |
Property and equipment, net of accumulated depreciation of $260,692 ($236,031 – 2020)
|
| | | | 174,466 | | | | | | 182,674 | | |
Goodwill
|
| | | | 826,969 | | | | | | 816,200 | | |
Other intangibles, net of accumulated amortization of $322,230 ($291,434 – 2020)
|
| | | | 826,949 | | | | | | 825,966 | | |
Operating lease right of use assets
|
| | | | 85,312 | | | | | | 76,820 | | |
Deferred tax assets
|
| | | | 2,728 | | | | | | 2,075 | | |
Other assets
|
| | | | 12,739 | | | | | | 11,176 | | |
Total assets
|
| | | $ | 2,597,053 | | | | | $ | 2,468,618 | | |
LIABILITIES AND STOCKHOLDERS’ EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 229,618 | | | | | $ | 201,461 | | |
Current portion of debt and capital leases
|
| | | | 11,442 | | | | | | 11,481 | | |
Current portion of operating lease liabilities
|
| | | | 11,838 | | | | | | 12,168 | | |
Accrued expenses:
|
| | | | | | | | | | | | |
Salaries and wages
|
| | | | 16,738 | | | | | | 29,800 | | |
Pricing allowances
|
| | | | 7,636 | | | | | | 6,422 | | |
Income and other taxes
|
| | | | 2,647 | | | | | | 5,986 | | |
Interest
|
| | | | 13,550 | | | | | | 12,988 | | |
Other accrued expenses
|
| | | | 33,935 | | | | | | 31,605 | | |
Total current liabilities
|
| | | | 327,404 | | | | | | 311,911 | | |
Long term debt
|
| | | | 1,651,476 | | | | | | 1,535,508 | | |
Deferred tax liabilities
|
| | | | 151,970 | | | | | | 156,118 | | |
Operating lease liabilities
|
| | | | 78,204 | | | | | | 68,934 | | |
Other non-current liabilities
|
| | | | 24,154 | | | | | | 31,560 | | |
Total liabilities
|
| | | $ | 2,233,208 | | | | | $ | 2,104,031 | | |
Commitments and contingencies (Note 6) | | | | | | | | | | | | | |
Stockholders’ Equity: | | | | | | | | | | | | | |
Preferred stock, $0.01 par, 5,000 shares authorized, none issued or outstanding at June 26, 2020 and December 26, 2020
|
| | | | — | | | | | | — | | |
Common stock, $.01 par, 1,800,000 shares authorized, 558,179 and 556,444 issued
and outstanding at June 26, 2021 and December 26, 2020, respectively |
| | | | 5 | | | | | | 5 | | |
Treasury stock at cost, 4,740 shares at June 26, 2020 and December 26, 2020, respectively
|
| | | | (4,320) | | | | | | (4,320) | | |
Additional paid-in capital
|
| | | | 575,437 | | | | | | 570,139 | | |
Accumulated deficit
|
| | | | (184,204) | | | | | | (171,849) | | |
Accumulated other comprehensive loss
|
| | | | (23,073) | | | | | | (29,388) | | |
Total stockholders’ equity
|
| | | | 363,845 | | | | | | 364,587 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 2,597,053 | | | | | $ | 2,468,618 | | |
| | |
Thirteen Weeks
Ended June 26, 2021 |
| |
Thirteen Weeks
Ended June 27, 2020 |
| |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||||||||
Net sales
|
| | | $ | 375,715 | | | | | $ | 346,710 | | | | | $ | 716,996 | | | | | $ | 642,546 | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 215,967 | | | | | | 196,402 | | | | | | 417,265 | | | | | | 362,813 | | |
Selling, general and administrative expenses
|
| | | | 111,662 | | | | | | 94,970 | | | | | | 214,841 | | | | | | 184,723 | | |
Depreciation
|
| | | | 15,270 | | | | | | 17,230 | | | | | | 31,611 | | | | | | 34,747 | | |
Amortization
|
| | | | 15,414 | | | | | | 14,865 | | | | | | 30,323 | | | | | | 29,713 | | |
Management fees to related party
|
| | | | 88 | | | | | | 196 | | | | | | 214 | | | | | | 321 | | |
Other (income) expense
|
| | | | (2,195) | | | | | | 2,319 | | | | | | (2,547) | | | | | | 55 | | |
Income from operations
|
| | | | 19,509 | | | | | | 20,728 | | | | | | 25,289 | | | | | | 30,174 | | |
Interest expense, net
|
| | | | 19,159 | | | | | | 23,878 | | | | | | 38,178 | | | | | | 47,058 | | |
Interest expense on junior subordinated debentures
|
| | | | 3,152 | | | | | | 3,184 | | | | | | 6,304 | | | | | | 6,336 | | |
(Gain) loss on mark-to-market adjustment of interest rate swap
|
| | | | (751) | | | | | | (308) | | | | | | (1,424) | | | | | | 1,942 | | |
Investment income on trust common securities
|
| | | | (94) | | | | | | (94) | | | | | | (189) | | | | | | (189) | | |
Loss before income taxes
|
| | | | (1,957) | | | | | | (5,932) | | | | | | (17,580) | | | | | | (24,973) | | |
Income tax provision (benefit)
|
| | | | 1,428 | | | | | | (895) | | | | | | (5,225) | | | | | | (5,132) | | |
Net loss
|
| | | $ | (3,385) | | | | | $ | (5,037) | | | | | $ | (12,355) | | | | | $ | (19,841) | | |
Basic and diluted loss per share
|
| | | $ | (6) | | | | | $ | (9) | | | | | $ | (22) | | | | | $ | (36) | | |
Weighted average basic and diluted shares outstanding
|
| | | | 553 | | | | | | 544 | | | | | | 553 | | | | | | 544 | | |
Net loss from above
|
| | | $ | (3,385) | | | | | $ | (5,037) | | | | | $ | (12,355) | | | | | $ | (19,841) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 3,842 | | | | | | 3,643 | | | | | | 6,315 | | | | | | (7,570) | | |
Total other comprehensive income (loss)
|
| | | | 3,842 | | | | | | 3,643 | | | | | | 6,315 | | | | | | (7,570) | | |
Comprehensive income (loss)
|
| | | $ | 457 | | | | | $ | (1,394) | | | | | $ | (6,040) | | | | | $ | (27,411) | | |
| | |
Twenty-six
Weeks Ended June 26, 2021 |
| |
Twenty-six
Weeks Ended June 27, 2020 |
| ||||||
Cash flows from operating activities: | | | | | | | | | | | | | |
Net loss
|
| | | $ | (12,355) | | | | | $ | (19,841) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 61,934 | | | | | | 64,460 | | |
Deferred income taxes
|
| | | | (4,709) | | | | | | (4,771) | | |
Deferred financing and original issue discount amortization
|
| | | | 1,800 | | | | | | 1,879 | | |
Stock-based compensation expense
|
| | | | 3,537 | | | | | | 2,669 | | |
Asset impairment
|
| | | | — | | | | | | 210 | | |
(Gain) on disposal of property and equipment
|
| | | | — | | | | | | (337) | | |
Change in fair value of contingent consideration
|
| | | | (1,212) | | | | | | (1,300) | | |
Other non-cash interest and change in value of interest rate swap
|
| | | | (1,424) | | | | | | 1,942 | | |
Changes in operating items:
|
| | | | | | | | | | | | |
Accounts receivable
|
| | | | (23,547) | | | | | | (61,318) | | |
Inventories
|
| | | | (73,049) | | | | | | 592 | | |
Other assets
|
| | | | (15,786) | | | | | | 1,307 | | |
Accounts payable
|
| | | | 22,443 | | | | | | 4,475 | | |
Other accrued liabilities
|
| | | | (17,471) | | | | | | 21,690 | | |
Net cash provided by (used for) operating activities
|
| | | | (59,839) | | | | | | 11,657 | | |
Cash flows from investing activities: | | | | | | | | | | | | | |
Acquisition of business, net of cash received
|
| | | | (39,102) | | | | | | (800) | | |
Capital expenditures
|
| | | | (22,684) | | | | | | (22,196) | | |
Net cash used for investing activities
|
| | | | (61,786) | | | | | | (22,996) | | |
Cash flows from financing activities: | | | | | | | | | | | | | |
Repayments of senior term loans
|
| | | | (5,304) | | | | | | (5,304) | | |
Borrowings on senior term loans
|
| | | | 35,000 | | | | | | — | | |
Financing fees
|
| | | | (1,027) | | | | | | — | | |
Borrowings on revolving credit loans
|
| | | | 128,000 | | | | | | 66,000 | | |
Repayments of revolving credit loans
|
| | | | (42,000) | | | | | | (50,000) | | |
Principal payments under finance and capitalized lease obligations
|
| | | | (460) | | | | | | (411) | | |
Proceeds from exercise of stock options
|
| | | | 1,761 | | | | | | — | | |
Net cash provided by financing activities
|
| | | | 115,970 | | | | | | 10,285 | | |
Effect of exchange rate changes on cash
|
| | | | 390 | | | | | | (315) | | |
Net decrease in cash and cash equivalents
|
| | | | (5,265) | | | | | | (1,369) | | |
Cash and cash equivalents at beginning of period
|
| | | | 21,520 | | | | | | 19,973 | | |
Cash and cash equivalents at end of period
|
| | | $ | 16,255 | | | | | $ | 18,604 | | |
Supplemental disclosure of cash flow information: | | | | | | | | | | | | | |
Interest paid on junior subordinated debentures, net
|
| | | $ | 6,115 | | | | | $ | 4,076 | | |
Interest paid
|
| | | | 34,439 | | | | | | 33,922 | | |
Income taxes paid
|
| | | | 1,740 | | | | | | 100 | | |
| | |
Number of shares
outstanding |
| |
Common
Stock |
| |
Additional
Paid-in- capital |
| |
Treasury
Stock |
| |
Accumulated
Deficit |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholders Equity |
| |||||||||||||||||||||||||||
| | |
Common
Shares |
| |
Treasury
Shares |
| ||||||||||||||||||||||||||||||||||||||||||
Twenty-six weeks ended June 26, 2021 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 26, 2020
|
| | | | 556 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 570,139 | | | | | $ | (4,320) | | | | | $ | (171,849) | | | | | $ | (29,388) | | | | | $ | 364,587 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | $ | (8,970) | | | | | | — | | | | | | (8,970) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,741 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,741 | | |
Proceeds from exercise of stock options
|
| | | | 2 | | | | | | — | | | | | | — | | | | | | 1,643 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,643 | | |
Change in cumulative foreign currency translation adjustment
|
| | | | | | | | | | | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,473 | | | | | | 2,473 | | |
Balance at March 27, 2021
|
| | | | 558 | | | | | | (5) | | | | | | 5 | | | | | | 573,523 | | | | | | (4,320) | | | | | | (180,819) | | | | | | (26,915) | | | | | | 361,474 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | (3,385) | | | | | | — | | | | | | (3,385) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,796 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,796 | | |
Proceeds from exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | 118 | | | | | | — | | | | | | — | | | | | | — | | | | | | 118 | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | | | | | | | — | | | | | | — | | | | | | 3,842 | | | | | | 3,842 | | |
Balance at June 26, 2021
|
| | | | 558 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 575,437 | | | | | $ | (4,320) | | | | | $ | (184,204) | | | | | $ | (23,073) | | | | | $ | 363,845 | | |
Twenty-six weeks ended June 27, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Balance at December 28, 2019
|
| | | | 548 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 557,674 | | | | | $ | (4,320) | | | | | $ | (147,350) | | | | | $ | (32,040) | | | | | $ | 373,969 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (14,804) | | | | | | — | | | | | | (14,804) | | |
Stock-based compensation
|
| | | | — | | | | | | | | | | | | — | | | | | | 1,145 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,145 | | |
Restricted shares issued
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,213) | | | | | | (11,213) | | |
Balance at March 28, 2020
|
| | | | 549 | | | | | | (5) | | | | | | 5 | | | | | | 558,819 | | | | | | (4,320) | | | | | | (162,154) | | | | | | (43,253) | | | | | | 349,097 | | |
Net loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,037) | | | | | | — | | | | | | (5,037) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,524 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,524 | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 3,643 | | | | | | 3,643 | | |
Balance at June 27, 2020
|
| | | $ | 549 | | | | | $ | (5) | | | | | $ | 5 | | | | | $ | 560,343 | | | | | $ | (4,320) | | | | | $ | (167,191) | | | | | $ | (39,610) | | | | | $ | 349,227 | | |
| | |
Thirteen weeks ended June 26, 2021
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 201,208 | | | | | $ | — | | | | | $ | 45,826 | | | | | $ | 247,034 | | |
Personal Protective
|
| | | | 61,921 | | | | | | — | | | | | | 178 | | | | | | 62,099 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 50,289 | | | | | | 206 | | | | | | 50,495 | | |
Engraving
|
| | | | — | | | | | | 16,004 | | | | | | 25 | | | | | | 16,029 | | |
Resharp
|
| | | | — | | | | | | 58 | | | | | | — | | | | | | 58 | | |
Consolidated
|
| | | $ | 263,129 | | | | | $ | 66,351 | | | | | $ | 46,235 | | | | | $ | 375,715 | | |
| | |
Thirteen weeks ended June 27, 2020
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 190,572 | | | | | $ | — | | | | | $ | 34,726 | | | | | $ | 225,298 | | |
Personal Protective
|
| | | | 78,927 | | | | | | — | | | | | | 66 | | | | | | 78,993 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 30,649 | | | | | | 220 | | | | | | 30,869 | | |
Engraving
|
| | | | — | | | | | | 11,542 | | | | | | 1 | | | | | | 11,543 | | |
Resharp
|
| | | | — | | | | | | 7 | | | | | | — | | | | | | 7 | | |
Consolidated
|
| | | $ | 269,499 | | | | | $ | 42,198 | | | | | $ | 35,013 | | | | | $ | 346,710 | | |
| | |
Twenty-six weeks ended June 26, 2021
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 367,810 | | | | | $ | — | | | | | $ | 79,917 | | | | | $ | 447,727 | | |
Personal Protective
|
| | | | 146,248 | | | | | | — | | | | | | 191 | | | | | | 146,439 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 92,383 | | | | | | 567 | | | | | | 92,950 | | |
Engraving
|
| | | | — | | | | | | 29,782 | | | | | | 33 | | | | | | 29,815 | | |
Resharp
|
| | | | — | | | | | | 65 | | | | | | — | | | | | | 65 | | |
Consolidated
|
| | | $ | 514,058 | | | | | $ | 122,230 | | | | | $ | 80,708 | | | | | $ | 716,996 | | |
| | |
Twenty-six weeks ended June 27, 2020
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
Fastening and Hardware
|
| | | $ | 340,956 | | | | | $ | — | | | | | $ | 60,047 | | | | | $ | 401,003 | | |
Personal Protective
|
| | | | 141,720 | | | | | | — | | | | | | 66 | | | | | | 141,786 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 74,027 | | | | | | 1,249 | | | | | | 75,276 | | |
Engraving
|
| | | | — | | | | | | 24,461 | | | | | | 3 | | | | | | 24,464 | | |
Resharp
|
| | | | — | | | | | | 17 | | | | | | — | | | | | | 17 | | |
Consolidated
|
| | | $ | 482,676 | | | | | $ | 98,505 | | | | | $ | 61,365 | | | | | $ | 642,546 | | |
| | |
Thirteen weeks ended June 26, 2021
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
United States
|
| | | $ | 257,742 | | | | | $ | 65,739 | | | | | $ | — | | | | | $ | 323,481 | | |
Canada
|
| | | | 2,050 | | | | | | 612 | | | | | | 46,235 | | | | | | 48,897 | | |
Mexico
|
| | | | 3,337 | | | | | | — | | | | | | — | | | | | | 3,337 | | |
Consolidated
|
| | | $ | 263,129 | | | | | $ | 66,351 | | | | | $ | 46,235 | | | | | $ | 375,715 | | |
| | |
Thirteen weeks ended June 27, 2020
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
United States
|
| | | $ | 265,702 | | | | | $ | 41,837 | | | | | $ | — | | | | | $ | 307,539 | | |
Canada
|
| | | | 1,272 | | | | | | 361 | | | | | | 35,013 | | | | | | 36,646 | | |
Mexico
|
| | | | 2,525 | | | | | | — | | | | | | — | | | | | | 2,525 | | |
Consolidated
|
| | | $ | 269,499 | | | | | $ | 42,198 | | | | | $ | 35,013 | | | | | $ | 346,710 | | |
| | |
Twenty-six weeks ended June 26, 2021
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
United States
|
| | | $ | 504,539 | | | | | $ | 121,039 | | | | | $ | — | | | | | $ | 625,578 | | |
Canada
|
| | | | 3,279 | | | | | | 1,191 | | | | | | 80,708 | | | | | | 85,178 | | |
Mexico
|
| | | | 6,240 | | | | | | — | | | | | | — | | | | | | 6,240 | | |
Consolidated
|
| | | $ | 514,058 | | | | | $ | 122,230 | | | | | $ | 80,708 | | | | | $ | 716,996 | | |
| | |
Twenty-six weeks ended June 27, 2020
|
| |||||||||||||||||||||
| | |
Hardware and
Protective Solutions |
| |
Robotics and Digital
Solutions |
| |
Canada
|
| |
Total Revenue
|
| ||||||||||||
United States
|
| | | $ | 475,376 | | | | | $ | 97,683 | | | | | $ | — | | | | | $ | 573,059 | | |
Canada
|
| | | | 2,541 | | | | | | 822 | | | | | | 61,365 | | | | | | 64,728 | | |
Mexico
|
| | | | 4,759 | | | | | | — | | | | | | — | | | | | | 4,759 | | |
Consolidated
|
| | | $ | 482,676 | | | | | $ | 98,505 | | | | | $ | 61,365 | | | | | $ | 642,546 | | |
|
Accounts receivable
|
| | | $ | 1,143 | | |
|
Inventory
|
| | | | 3,564 | | |
|
Other current assets
|
| | | | 24 | | |
|
Property and equipment
|
| | | | 595 | | |
|
Goodwill
|
| | | | 9,450 | | |
|
Customer relationships
|
| | | | 23,500 | | |
|
Trade names
|
| | | | 2,600 | | |
|
Technology
|
| | | | 4,000 | | |
|
Total assets acquired
|
| | | | 44,876 | | |
| Less: | | | | | | | |
|
Liabilities assumed
|
| | | | (5,774) | | |
|
Total purchase price
|
| | | $ | 39,102 | | |
| | |
Goodwill at
December 26, 2020 |
| |
Acquisitions(1)
|
| |
Dispositions
|
| |
Other(2)
|
| |
Goodwill at
June 26, 2021 |
| |||||||||||||||
Hardware and Protective Solutions
|
| | | $ | 565,578 | | | | | $ | 9,450 | | | | | $ | — | | | | | $ | 13 | | | | | $ | 575,041 | | |
Robotics and Digital Solutions
|
| | | | 220,936 | | | | | | — | | | | | | — | | | | | | — | | | | | | 220,936 | | |
Canada
|
| | | | 29,686 | | | | | | — | | | | | | — | | | | | | 1,306 | | | | | | 30,992 | | |
Total
|
| | | $ | 816,200 | | | | | $ | 9,450 | | | | | $ | — | | | | | $ | 1,319 | | | | | $ | 826,969 | | |
| | |
Estimated
Useful Life (Years) |
| |
June 26, 2021
|
| |
December 26, 2020
|
| ||||||
Customer relationships
|
| |
13 – 20
|
| | | $ | 966,515 | | | | | $ | 941,648 | | |
Trademarks – Indefinite
|
| |
Indefinite
|
| | | | 85,890 | | | | | | 85,603 | | |
Trademarks – Other
|
| |
7 – 15
|
| | | | 29,000 | | | | | | 26,400 | | |
Technology and patents
|
| |
7 – 12
|
| | | | 67,774 | | | | | | 63,749 | | |
Intangible assets, gross
|
| | | | | | | 1,149,179 | | | | | | 1,117,400 | | |
Less: Accumulated amortization
|
| | | | | | | 322,230 | | | | | | 291,434 | | |
Other intangibles, net
|
| | | | | | $ | 826,949 | | | | | $ | 825,966 | | |
| | |
Thirteen Weeks
Ended June 26, 2021 |
| |
Thirteen Weeks
Ended June 27, 2020 |
| |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||||||||
Facility consolidation(1) | | | | | | | | | | | | | | | | | | | | | | | | | |
Labor expenses
|
| | | $ | | | | | $ | 98 | | | | | $ | — | | | | | $ | 377 | | | |
Consulting and legal fees
|
| | | | — | | | | | | 3 | | | | | | — | | | | | | 51 | | |
Other expenses
|
| | | | — | | | | | | (55) | | | | | | 5 | | | | | | 662 | | |
Rent and related charges
|
| | | | — | | | | | | 450 | | | | | | — | | | | | | 1,089 | | |
Severance
|
| | | | — | | | | | | 483 | | | | | | 30 | | | | | | 532 | | |
Total
|
| | | $ | — | | | | | $ | 979 | | | | | $ | 35 | | | | | $ | 2,711 | | |
| | |
Severance and
related expense |
| |||
Balance as of December 28, 2019
|
| | | $ | 1,121 | | |
Restructuring Charges
|
| | | | 707 | | |
Cash Paid
|
| | | | (1,519) | | |
Balance as of December 26, 2020
|
| | | $ | 309 | | |
Restructuring Charges
|
| | | | 30 | | |
Cash Paid
|
| | | | (281) | | |
Balance as of June 26, 2021
|
| | | $ | 58 | | |
| | |
Thirteen Weeks
Ended June 26, 2021 |
| |
Thirteen Weeks
Ended June 27, 2020 |
| |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||||||||
Management realignment & integration | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance
|
| | | $ | — | | | | | $ | 749 | | | | | $ | 74 | | | | | $ | 880 | | |
Facility closures | | | | | | | | | | | | | | | | | | | | | | | | | |
Severance
|
| | | | — | | | | | | 404 | | | | | | — | | | | | | 404 | | |
Other
|
| | | | — | | | | | | 29 | | | | | | — | | | | | $ | 29 | | |
Total
|
| | | $ | — | | | | | $ | 1,182 | | | | | $ | 74 | | | | | $ | 1,313 | | |
| | |
Severance and
related expense |
| |||
Balance as of December 28, 2019
|
| | | $ | 3,286 | | |
Restructuring Charges
|
| | | | 1,789 | | |
Cash Paid
|
| | | | (4,250) | | |
Balance as of December 26, 2020
|
| | | $ | 825 | | |
Restructuring Charges
|
| | | | 74 | | |
Cash Paid
|
| | | | (612) | | |
Balance as of June 26, 2021
|
| | | $ | 287 | | |
| | |
June 26, 2021
|
| |
December 26, 2020
|
| ||||||
Revolving loans
|
| | | $ | 158,000 | | | | | $ | 72,000 | | |
Senior term loan, due 2025
|
| | | | 1,066,740 | | | | | | 1,037,044 | | |
6.375% Senior Notes, due 2022
|
| | | | 330,000 | | | | | | 330,000 | | |
11.6% Junior Subordinated Debentures – Preferred
|
| | | | 105,443 | | | | | | 105,443 | | |
Junior Subordinated Debentures – Common
|
| | | | 3,261 | | | | | | 3,261 | | |
Capital & finance leases
|
| | | | 1,773 | | | | | | 2,044 | | |
| | | | | 1,665,217 | | | | | | 1,549,792 | | |
Unamortized premium on 11.6% Junior Subordinated
Debentures |
| | | | 13,777 | | | | | | 14,591 | | |
Unamortized discount on Senior term loan
|
| | | | (5,783) | | | | | | (6,532) | | |
Current portion of long term debt, capital leases and finance leases
|
| | | | (11,442) | | | | | | (11,481) | | |
Deferred financing fees
|
| | | | (10,293) | | | | | | (10,862) | | |
Total long term debt, net
|
| | | $ | 1,651,476 | | | | | $ | 1,535,508 | | |
| | |
Thirteen Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Thirteen Weeks
Ended June 27, 2020 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||||||||
Operating lease cost
|
| | | $ | 5,149 | | | | | $ | 10,243 | | | | | $ | 4,547 | | | | | $ | 9,294 | | |
Short term lease costs
|
| | | | 1,100 | | | | | | 1,986 | | | | | | 528 | | | | | | 1,049 | | |
Variable lease costs
|
| | | | 453 | | | | | | 757 | | | | | | 491 | | | | | | 671 | | |
Finance lease cost: | | | | | | | | | | | | | | | | | | | | | | | | | |
Amortization of right of use assets
|
| | | | 224 | | | | | | 438 | | | | | | 200 | | | | | | 402 | | |
Interest on lease liabilities
|
| | | | 32 | | | | | | 67 | | | | | | 36 | | | | | | 72 | | |
| | |
June 26, 2021
|
| |
December 26, 2020
|
| ||||||||||||||||||
| | |
Operating
Leases |
| |
Finance
Leases |
| |
Operating
Leases |
| |
Finance
Leases |
| ||||||||||||
Weighted average remaining lease term
|
| | | | 7.09 | | | | | | 2.47 | | | | | | 7.19 | | | | | | 2.61 | | |
Weighted average discount rate
|
| | | | 8.20% | | | | | | 7.15% | | | | | | 8.28% | | | | | | 7.14% | | |
| | |
June 26, 2021
|
| |
December 26, 2020
|
| ||||||
Finance lease assets, net, included in property plant and equipment
|
| | | $ | 1,783 | | | | | $ | 1,919 | | |
Current portion of long-term debt
|
| | | | 833 | | | | | | 872 | | |
Long-term debt, less current portion
|
| | | | 940 | | | | | | 1,172 | | |
Total principal payable on finance leases
|
| | | | 1,773 | | | | | | 2,044 | | |
| | |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | |
Operating cash outflow from operating leases
|
| | | $ | 9,778 | | | | | $ | 8,956 | | |
Operating cash outflow from finance leases
|
| | | | 68 | | | | | | 72 | | |
Financing cash outflow from finance leases
|
| | | | 460 | | | | | | 411 | | |
| | |
Operating Leases
|
| |
Finance Leases
|
| ||||||
Less than one year
|
| | | $ | 18,542 | | | | | $ | 937 | | |
1 to 2 years
|
| | | | 17,126 | | | | | | 628 | | |
2 to 3 years
|
| | | | 15,665 | | | | | | 373 | | |
3 to 4 years
|
| | | | 15,473 | | | | | | 5 | | |
4 to 5 years
|
| | | | 14,647 | | | | | | — | | |
After 5 years
|
| | | | 37,231 | | | | | | — | | |
Total future minimum rental commitments
|
| | | | 118,684 | | | | | | 1,943 | | |
Less – amounts representing interest
|
| | | | (28,642) | | | | | | (170) | | |
Present value of lease liabilities
|
| | | $ | 90,042 | | | | | $ | 1,773 | | |
| | |
As of June 26, 2021
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Trading securities
|
| | | $ | 1,582 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,582 | | |
Interest rate swaps
|
| | | | — | | | | | | (2,769) | | | | | | — | | | | | | (2,769) | | |
Contingent consideration payable
|
| | | | — | | | | | | — | | | | | | (12,959) | | | | | | (12,959) | | |
| | |
As of December 26, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Trading securities
|
| | | $ | 1,911 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,911 | | |
Interest rate swaps
|
| | | | — | | | | | | (4,193) | | | | | | — | | | | | | (4,193) | | |
Contingent consideration payable
|
| | | | — | | | | | | — | | | | | | (14,197) | | | | | | (14,197) | | |
| | |
June 26, 2021
|
| |
December 26, 2020
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Estimated
Fair Value |
| |
Carrying
Amount |
| |
Estimated
Fair Value |
| ||||||||||||
6.375% Senior Notes
|
| | | $ | 328,889 | | | | | $ | 330,330 | | | | | $ | 328,333 | | | | | $ | 327,525 | | |
Junior Subordinated Debentures
|
| | | | 122,481 | | | | | | 120,514 | | | | | | 123,295 | | | | | | 128,022 | | |
| | |
Thirteen weeks ended June 26, 2021
|
| |
Twenty-six weeks ended June 26, 2021
|
| ||||||||||||||||||||||||||||||
| | |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| ||||||||||||||||||
Net loss
|
| | | $ | (3,385) | | | | | | 553 | | | | | $ | (6) | | | | | $ | (12,355) | | | | | | 553 | | | | | $ | (22) | | |
Dilutive effect of stock options
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Net loss per diluted common share
|
| | | $ | (3,385) | | | | | $ | 553 | | | | | $ | (6) | | | | | $ | (12,355) | | | | | $ | 553 | | | | | $ | (22) | | |
| | |
Thirteen weeks ended June 27, 2020
|
| |
Twenty-six weeks ended June 27, 2020
|
| ||||||||||||||||||||||||||||||
| | |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| ||||||||||||||||||
Net loss
|
| | | $ | (5,037) | | | | | | 544 | | | | | $ | (9) | | | | | $ | (19,841) | | | | | | 544 | | | | | $ | (36) | | |
Dilutive effect of stock options
|
| | | $ | — | | | | | | — | | | | | $ | — | | | | | $ | — | | | | | | — | | | | | $ | — | | |
Net loss per diluted common share
|
| | | $ | (5,037) | | | | | $ | 544 | | | | | $ | (9) | | | | | $ | (19,841) | | | | | $ | 544 | | | | | $ | (36) | | |
| | |
Thirteen Weeks
Ended June 26, 2021 |
| |
Thirteen Weeks
Ended June 27, 2020 |
| |
Twenty-six Weeks
Ended June 26, 2021 |
| |
Twenty-six Weeks
Ended June 27, 2020 |
| ||||||||||||
Revenues | | | | | | | | | | | | | | | | | | | | | | | | | |
Hardware and Protective Solutions
|
| | | $ | 263,129 | | | | | $ | 269,499 | | | | | $ | 514,058 | | | | | $ | 482,676 | | |
Robotics and Digital Solutions
|
| | | | 66,351 | | | | | | 42,198 | | | | | | 122,230 | | | | | | 98,505 | | |
Canada
|
| | | | 46,235 | | | | | | 35,013 | | | | | | 80,708 | | | | | | 61,365 | | |
Total revenues
|
| | | $ | 375,715 | | | | | $ | 346,710 | | | | | $ | 716,996 | | | | | $ | 642,546 | | |
Segment income (loss) from operations | | | | | | | | | | | | | | | | | | | | | | | | | |
Hardware and Protective Solutions
|
| | | $ | 9,995 | | | | | $ | 24,423 | | | | | $ | 16,045 | | | | | $ | 33,276 | | |
Robotics and Digital Solutions
|
| | | | 6,546 | | | | | | (4,510) | | | | | | 6,700 | | | | | | 1,386 | | |
Canada
|
| | | | 2,968 | | | | | | 815 | | | | | | 2,544 | | | | | | (4,488) | | |
Total income from operations
|
| | | $ | 19,509 | | | | | $ | 20,728 | | | | | $ | 25,289 | | | | | $ | 30,174 | | |
| | |
December 26, 2020
|
| |
December 28, 2019
As Restated |
| ||||||
ASSETS | | | | | | | | | | | | | |
Current assets: | | | | | | | | | | | | | |
Cash and cash equivalents
|
| | | $ | 21,520 | | | | | $ | 19,973 | | |
Accounts receivable, net of allowances of $2,395 ($1,891 – 2019)
|
| | | | 121,228 | | | | | | 88,374 | | |
Inventories, net
|
| | | | 391,679 | | | | | | 323,496 | | |
Other current assets
|
| | | | 19,280 | | | | | | 8,828 | | |
Total current assets
|
| | | | 553,707 | | | | | | 440,671 | | |
Property and equipment, net of accumulated depreciation of $236,031 ($179,791 – 2019)
|
| | | | 182,674 | | | | | | 205,160 | | |
Goodwill
|
| | | | 816,200 | | | | | | 815,850 | | |
Other intangibles, net of accumulated amortization of $291,434 ($232,060 – 2019)
|
| | | | 825,966 | | | | | | 882,430 | | |
Operating lease right of use assets
|
| | | | 76,820 | | | | | | 81,613 | | |
Deferred tax asset
|
| | | | 2,075 | | | | | | 702 | | |
Other assets
|
| | | | 11,176 | | | | | | 11,557 | | |
Total assets
|
| | | $ | 2,468,618 | | | | | $ | 2,437,983 | | |
LIABILITIES AND STOCKHOLDER’S EQUITY | | | | | | | | | | | | | |
Current liabilities: | | | | | | | | | | | | | |
Accounts payable
|
| | | $ | 201,461 | | | | | $ | 125,042 | | |
Current portion of debt and capital lease obligations
|
| | | | 11,481 | | | | | | 11,358 | | |
Current portion of operating lease liabilities
|
| | | | 12,168 | | | | | | 11,459 | | |
Accrued expenses:
|
| | | | | | | | | | | | |
Salaries and wages
|
| | | | 29,800 | | | | | | 12,937 | | |
Pricing allowances
|
| | | | 6,422 | | | | | | 6,553 | | |
Income and other taxes
|
| | | | 5,986 | | | | | | 5,248 | | |
Interest
|
| | | | 12,988 | | | | | | 14,726 | | |
Other accrued expenses
|
| | | | 31,605 | | | | | | 21,545 | | |
Total current liabilities
|
| | | | 311,911 | | | | | | 208,868 | | |
Long-term debt
|
| | | | 1,535,508 | | | | | | 1,584,289 | | |
Deferred tax liabilities
|
| | | | 156,118 | | | | | | 164,343 | | |
Operating lease liabilities
|
| | | | 68,934 | | | | | | 73,227 | | |
Other non-current liabilities
|
| | | | 31,560 | | | | | | 33,287 | | |
Total liabilities
|
| | | | 2,104,031 | | | | | | 2,064,014 | | |
Commitments and Contingencies (Note 16) | | | | | — | | | | | | — | | |
Stockholder’s Equity: | | | | | | | | | | | | | |
Preferred stock, $.01 par, 200,000 shares authorized, none issued and outstanding at December 26, 2020 and December 28, 2019
|
| | | | — | | | | | | — | | |
Common stock, $.01 par, 1,800,000 shares authorized, 556,444 and 548,040 issued and outstanding at December 26, 2020 and December 28, 2019
|
| | | | 5 | | | | | | 5 | | |
Treasury stock at cost, 4,740 shares at December 26, 2020 and December 28, 2019
|
| | | | (4,320) | | | | | | (4,320) | | |
Additional paid-in capital
|
| | | | 570,139 | | | | | | 557,674 | | |
Accumulated deficit
|
| | | | (171,849) | | | | | | (147,350) | | |
Accumulated other comprehensive loss
|
| | | | (29,388) | | | | | | (32,040) | | |
Total stockholder’s equity
|
| | | | 364,587 | | | | | | 373,969 | | |
Total liabilities and stockholder’s equity
|
| | | $ | 2,468,618 | | | | | $ | 2,437,983 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||
Net sales
|
| | | $ | 1,368,295 | | | | | $ | 1,214,362 | | | | | $ | 974,175 | | |
Cost of sales (exclusive of depreciation and amortization shown separately below)
|
| | | | 781,815 | | | | | | 693,881 | | | | | | 537,885 | | |
Selling, general and administrative expenses
|
| | | | 398,472 | | | | | | 382,131 | | | | | | 320,543 | | |
Depreciation
|
| | | | 67,423 | | | | | | 65,658 | | | | | | 46,060 | | |
Amortization
|
| | | | 59,492 | | | | | | 58,910 | | | | | | 44,572 | | |
Management fees to related party
|
| | | | 577 | | | | | | 562 | | | | | | 546 | | |
Other (income) expense
|
| | | | (5,250) | | | | | | 5,525 | | | | | | (2,874) | | |
Income from operations
|
| | | | 65,766 | | | | | | 7,695 | | | | | | 27,443 | | |
Interest expense, net
|
| | | | 86,774 | | | | | | 101,613 | | | | | | 70,545 | | |
Interest expense on junior subordinated debentures
|
| | | | 12,707 | | | | | | 12,608 | | | | | | 12,608 | | |
Investment income on trust common securities
|
| | | | (378) | | | | | | (378) | | | | | | (378) | | |
Loss on mark-to-market adjustment of interest rate swap
|
| | | | 601 | | | | | | 2,608 | | | | | | 607 | | |
Refinancing costs
|
| | | | — | | | | | | — | | | | | | 11,632 | | |
Loss before income taxes
|
| | | | (33,938) | | | | | | (108,756) | | | | | | (67,571) | | |
Income tax benefit
|
| | | | (9,439) | | | | | | (23,277) | | | | | | (8,890) | | |
Net loss
|
| | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Basic and diluted loss per share
|
| | | $ | (45) | | | | | $ | (158) | | | | | $ | (108) | | |
Weighted average basic and diluted shares outstanding
|
| | | | 545 | | | | | | 543 | | | | | $ | 545 | | |
Net loss from above
|
| | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Other comprehensive income (loss): | | | | | | | | | | | | | | | | | | | |
Foreign currency translation adjustments
|
| | | | 2,652 | | | | | | 5,550 | | | | | | (11,053) | | |
Total other comprehensive income (loss)
|
| | | | 2,652 | | | | | | 5,550 | | | | | | (11,053) | | |
Comprehensive loss
|
| | | $ | (21,847) | | | | | $ | (79,929) | | | | | $ | (69,734) | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||
Cash flows from operating activities: | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (24,499) | | | | | $ | (85,479) | | | | | $ | (58,681) | | |
Adjustments to reconcile net loss to net cash provided by operating activities:
|
| | | | | | | | | | | | | | | | | | |
Depreciation and amortization
|
| | | | 126,915 | | | | | | 124,568 | | | | | | 90,632 | | |
Loss (gain) on dispositions of property and equipment
|
| | | | 161 | | | | | | (573) | | | | | | (5,988) | | |
Impairment of long lived assets
|
| | | | 210 | | | | | | 7,887 | | | | | | 837 | | |
Deferred income taxes
|
| | | | (9,462) | | | | | | (23,586) | | | | | | (10,566) | | |
Deferred financing and original issue discount amortization
|
| | | | 3,722 | | | | | | 3,726 | | | | | | 2,455 | | |
Loss on debt restructuring
|
| | | | — | | | | | | — | | | | | | 11,632 | | |
Stock-based compensation expense
|
| | | | 5,125 | | | | | | 2,981 | | | | | | 1,590 | | |
Change in fair value of contingent consideration
|
| | | | (3,515) | | | | | | — | | | | | | — | | |
Other non-cash interest and change in value of interest rate swap
|
| | | | 601 | | | | | | 2,608 | | | | | | 607 | | |
Changes in operating items:
|
| | | | | | | | | | | | | | | | | | |
Accounts receivable
|
| | | | (32,417) | | | | | | 22,863 | | | | | | 7,934 | | |
Inventories
|
| | | | (67,147) | | | | | | (3,205) | | | | | | (68,978) | | |
Other assets
|
| | | | (10,743) | | | | | | 2,878 | | | | | | (1,496) | | |
Accounts payable
|
| | | | 76,031 | | | | | | (11,975) | | | | | | 41,092 | | |
Other accrued liabilities
|
| | | | 27,098 | | | | | | 9,666 | | | | | | (3,523) | | |
Net cash provided by operating activities
|
| | | | 92,080 | | | | | | 52,359 | | | | | | 7,547 | | |
Cash flows from investing activities: | | | | | | | | | | | | | | | | | | | |
Acquisitions of businesses, net of cash acquired
|
| | | | (800) | | | | | | (6,135) | | | | | | (500,989) | | |
Capital expenditures
|
| | | | (45,274) | | | | | | (57,753) | | | | | | (71,621) | | |
Proceeds from sale of property and equipment
|
| | | | — | | | | | | 10,400 | | | | | | — | | |
Other investing activities
|
| | | | — | | | | | | — | | | | | | — | | |
Net cash used for investing activities
|
| | | | (46,074) | | | | | | (53,488) | | | | | | (572,610) | | |
Cash flows from financing activities: | | | | | | | | | | | | | | | | | | | |
Borrowings on senior term loans, net of discount
|
| | | | — | | | | | | — | | | | | | 1,050,050 | | |
Repayments of senior term loans
|
| | | | (10,608) | | | | | | (10,608) | | | | | | (532,488) | | |
Borrowings of revolving credit loans
|
| | | | 99,000 | | | | | | 43,500 | | | | | | 165,550 | | |
Repayments of revolving credit loans
|
| | | | (140,000) | | | | | | (38,700) | | | | | | (76,850) | | |
Financing fees
|
| | | | — | | | | | | (1,412) | | | | | | (20,520) | | |
Principal payments under capitalized lease obligations
|
| | | | (836) | | | | | | (683) | | | | | | (235) | | |
Repurchase of common stock
|
| | | | — | | | | | | — | | | | | | (3,780) | | |
Proceeds from exercise of stock options
|
| | | | 7,340 | | | | | | 100 | | | | | | 200 | | |
Proceeds from sale of common stock
|
| | | | — | | | | | | 750 | | | | | | — | | |
Net cash (used for) provided by financing activities
|
| | | | (45,104) | | | | | | (7,053) | | | | | | 581,927 | | |
Effect of exchange rate changes on cash
|
| | | | 645 | | | | | | (79) | | | | | | 1,433 | | |
Net increase (decrease) in cash and cash equivalents
|
| | | | 1,547 | | | | | | (8,261) | | | | | | 18,297 | | |
Cash and cash equivalents at beginning of period
|
| | | | 19,973 | | | | | | 28,234 | | | | | | 9,937 | | |
Cash and cash equivalents at end of period
|
| | | $ | 21,520 | | | | | $ | 19,973 | | | | | $ | 28,234 | | |
| | |
Number of shares
outstanding |
| |
Common
Stock |
| |
Additional
Paid-in Capital |
| |
Treasury
Stock |
| |
Retained
Earnings (Accumulated Deficit) |
| |
Accumulated
Other Comprehensive Loss |
| |
Total
Stockholder’s Equity |
| |||||||||||||||||||||||||||
| | |
Common
Shares |
| |
Treasury
Shares |
| ||||||||||||||||||||||||||||||||||||||||||
Balance at December 30, 2017
|
| | | | 547 | | | | | | (1) | | | | | $ | 5 | | | | | $ | 552,053 | | | | | $ | (540) | | | | | $ | 2,422 | | | | | $ | (26,537) | | | | | $ | 527,403 | | |
Net Loss – As Restated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (58,681) | | | | | | — | | | | | | (58,681) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 1,590 | | | | | | — | | | | | | — | | | | | | — | | | | | | 1,590 | | |
Proceeds from sale of Holdco shares of stock
|
| | | | — | | | | | | — | | | | | | — | | | | | | 200 | | | | | | — | | | | | | — | | | | | | — | | | | | | 200 | | |
Payments for repurchase of stock
|
| | | | — | | | | | | (4) | | | | | | — | | | | | | — | | | | | | (3,780) | | | | | | — | | | | | | — | | | | | | (3,780) | | |
Cumulative effect of change in accounting
principle |
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (5,612) | | | | | | — | | | | | | (5,612) | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (11,053) | | | | | | (11,053) | | |
Balance at 12/29/2018 – As Restated
|
| | | | 547 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 553,843 | | | | | $ | (4,320) | | | | | $ | (61,871) | | | | | $ | (37,590) | | | | | $ | 450,067 | | |
Net Loss – As Restated
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (85,479) | | | | | | — | | | | | | (85,479) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 2,981 | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,981 | | |
Proceeds from exercise of stock options
|
| | | | — | | | | | | — | | | | | | — | | | | | | 100 | | | | | | — | | | | | | — | | | | | | — | | | | | | 100 | | |
Proceeds from sale of Holdco shares of stock
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | 750 | | | | | | — | | | | | | — | | | | | | — | | | | | | 750 | | |
Restricted share vesting
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,550 | | | | | | 5,550 | | |
Balance at 12/28/2019 – As Restated
|
| | | | 548 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 557,674 | | | | | $ | (4,320) | | | | | $ | (147,350) | | | | | $ | (32,040) | | | | | $ | 373,969 | | |
Net Loss
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | (24,499) | | | | | | — | | | | | | (24,499) | | |
Stock-based compensation
|
| | | | — | | | | | | — | | | | | | — | | | | | | 5,125 | | | | | | — | | | | | | — | | | | | | — | | | | | | 5,125 | | |
Proceeds from exercise of stock options
|
| | | | 7 | | | | | | — | | | | | | — | | | | | | 7,340 | | | | | | — | | | | | | — | | | | | | — | | | | | | 7,340 | | |
Restricted share vesting
|
| | | | 1 | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Change in cumulative foreign currency translation adjustment
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | — | | | | | | 2,652 | | | | | | 2,652 | | |
Balance at December 26, 2020
|
| | | | 556 | | | | | | (5) | | | | | $ | 5 | | | | | $ | 570,139 | | | | | $ | (4,320) | | | | | $ | (171,849) | | | | | $ | (29,388) | | | | | $ | 364,587 | | |
| | |
Year Ended December 28, 2019
|
| |
Year Ended December 29, 2018
|
| ||||||||||||||||||||||||||||||
| | |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| ||||||||||||||||||
Income tax (benefit) expense
|
| | | $ | (5,370) | | | | | $ | (17,907) | | | | | $ | (23,277) | | | | | $ | 2,070 | | | | | $ | (10,960) | | | | | $ | (8,890) | | |
Net loss
|
| | | | (103,386) | | | | | | 17,907 | | | | | | (85,479) | | | | | | (69,641) | | | | | | 10,960 | | | | | | (58,681) | | |
Comprehensive loss
|
| | | | (97,836) | | | | | | 17,907 | | | | | | (79,929) | | | | | | (80,694) | | | | | | 10,960 | | | | | | (69,734) | | |
Basic and diluted loss per share
|
| | | | (191) | | | | | | 33 | | | | | | (158) | | | | | | (128) | | | | | | 20 | | | | | | (108) | | |
| | |
Year Ended December 28, 2019
|
| |
Year Ended December 29, 2018
|
| ||||||||||||||||||||||||||||||
| | |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| ||||||||||||||||||
Goodwill(1) | | | | $ | 819,077 | | | | | $ | (3,227) | | | | | $ | 815,850 | | | | | $ | 803,847 | | | | | $ | (3,227) | | | | | $ | 800,620 | | |
Total Assets
|
| | | | 2,441,210 | | | | | | (3,227) | | | | | | 2,437,983 | | | | | | 2,431,470 | | | | | | (3,227) | | | | | | 2,428,243 | | |
Deferred tax liabilities
|
| | | | 196,437 | | | | | | (32,094) | | | | | | 164,343 | | | | | | 200,696 | | | | | | (14,187) | | | | | | 186,509 | | |
Total liabilities
|
| | | | 2,096,108 | | | | | | (32,094) | | | | | | 2,064,014 | | | | | | 1,992,363 | | | | | | (14,187) | | | | | | 1,978,176 | | |
Accumulated deficit
|
| | | | (176,217) | | | | | | 28,867 | | | | | | (147,350) | | | | | | (72,831) | | | | | | 10,960 | | | | | | (61,871) | | |
Total stockholder’s equity
|
| | | | 345,102 | | | | | | 28,867 | | | | | | 373,969 | | | | | | 439,107 | | | | | | 10,960 | | | | | | 450,067 | | |
Total liabilities and stockholder’s equity
|
| | | | 2,441,210 | | | | | | (3,227) | | | | | | 2,437,983 | | | | | | 2,431,470 | | | | | | (3,227) | | | | | | 2,428,243 | | |
| | |
Year Ended December 28, 2019
|
| |
Year Ended December 29, 2018
|
| ||||||||||||||||||||||||||||||
| | |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| |
As
Reported |
| |
Restatement
Adjustments |
| |
As
Restated |
| ||||||||||||||||||
Cash flows from operating activities:
|
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net loss
|
| | | $ | (103,386) | | | | | $ | 17,907 | | | | | $ | (85,479) | | | | | $ | (69,641) | | | | | $ | 10,960 | | | | | $ | (58,681) | | |
Deferred income taxes
|
| | | | (5,679) | | | | | | (17,907) | | | | | | (23,586) | | | | | | 394 | | | | | | (10,960) | | | | | | (10,566) | | |
Net cash provided by operating activities
|
| | | $ | 52,359 | | | | | $ | — | | | | | $ | 52,359 | | | | | $ | 7,547 | | | | | $ | — | | | | | $ | 7,547 | | |
| | |
Estimated
Useful Life (Years) |
| |
2020
|
| |
2019
|
| ||||||
Leasehold improvements
|
| |
life of lease
|
| | | $ | 11,506 | | | | | $ | 10,982 | | |
Machinery and equipment
|
| |
2 – 10
|
| | | | 334,643 | | | | | | 308,096 | | |
Computer equipment and software
|
| |
2 – 5
|
| | | | 61,737 | | | | | | 60,412 | | |
Furniture and fixtures
|
| |
6 – 8
|
| | | | 5,467 | | | | | | 2,749 | | |
Construction in process
|
| | | | | | | 5,352 | | | | | | 2,712 | | |
Property and equipment, gross
|
| | | | | | | 418,705 | | | | | | 384,951 | | |
Less: Accumulated depreciation
|
| | | | | | | 236,031 | | | | | | 179,791 | | |
Property and equipment, net
|
| | | | | | $ | 182,674 | | | | | $ | 205,160 | | |
| | |
Goodwill at
December 29, 2019 As Restated |
| |
Acquisitions
|
| |
Disposals
|
| |
Other(1)
|
| |
Goodwill at
December 26, 2020 |
| |||||||||||||||
Hardware and Protective Solutions
|
| | | $ | 565,780 | | | | | $ | — | | | | | $ | — | | | | | $ | (202) | | | | | $ | 565,578 | | |
Robotics and Digital Solutions
|
| | | | 220,936 | | | | | | — | | | | | | — | | | | | | — | | | | | | 220,936 | | |
Canada
|
| | | | 29,134 | | | | | | — | | | | | | — | | | | | | 552 | | | | | | 29,686 | | |
Total
|
| | | $ | 815,850 | | | | | $ | — | | | | | $ | — | | | | | $ | 350 | | | | | $ | 816,200 | | |
| | |
Estimated
Useful Life (Years) |
| |
December 26, 2020
|
| |
December 28, 2019
|
| ||||||
Customer relationships
|
| |
13 – 20
|
| | | $ | 941,648 | | | | | $ | 941,305 | | |
Trademarks – Indefinite
|
| |
Indefinite
|
| | | | 85,603 | | | | | | 85,517 | | |
Trademarks – Other
|
| |
5 – 15
|
| | | | 26,400 | | | | | | 26,700 | | |
Technology and patents
|
| |
7 – 12
|
| | | | 63,749 | | | | | | 60,968 | | |
Intangible assets, gross
|
| | | | | | | 1,117,400 | | | | | | 1,114,490 | | |
Less: Accumulated amortization
|
| | | | | | | 291,434 | | | | | | 232,060 | | |
Intangible assets, net
|
| | | | | | $ | 825,966 | | | | | $ | 882,430 | | |
Fiscal Year Ended
|
| |
Amortization
Expense |
| |||
2021
|
| | | $ | 59,608 | | |
2022
|
| | | $ | 59,608 | | |
2023
|
| | | $ | 59,608 | | |
2024
|
| | | $ | 59,608 | | |
2025
|
| | | $ | 58,858 | | |
| | |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total
Revenue |
| ||||||||||||
Year Ended December 26, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
Fastening and Hardware
|
| | | $ | 706,865 | | | | | $ | — | | | | | $ | 131,493 | | | | | $ | 838,358 | | |
Personal Protective
|
| | | | 317,527 | | | | | | — | | | | | | 239 | | | | | | 317,766 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 157,828 | | | | | | 2,878 | | | | | | 160,706 | | |
Engraving
|
| | | | — | | | | | | 51,423 | | | | | | 6 | | | | | | 51,429 | | |
Resharp
|
| | | | — | | | | | | 36 | | | | | | — | | | | | | 36 | | |
Consolidated
|
| | | $ | 1,024,392 | | | | | $ | 209,287 | | | | | $ | 134,616 | | | | | $ | 1,368,295 | | |
Year Ended December 28, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
Fastening and Hardware
|
| | | $ | 607,247 | | | | | $ | — | | | | | $ | 121,242 | | | | | $ | 728,489 | | |
Personal Protective
|
| | | | 245,769 | | | | | | — | | | | | | — | | | | | | 245,769 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 185,451 | | | | | | 4,009 | | | | | | 189,460 | | |
Engraving
|
| | | | — | | | | | | 50,613 | | | | | | 9 | | | | | | 50,622 | | |
Resharp
|
| | | | — | | | | | | 22 | | | | | | — | | | | | | 22 | | |
Consolidated
|
| | | $ | 853,016 | | | | | $ | 236,086 | | | | | $ | 125,260 | | | | | $ | 1,214,362 | | |
Year Ended December 29, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
Fastening and Hardware
|
| | | $ | 581,269 | | | | | $ | — | | | | | $ | 137,186 | | | | | $ | 718,455 | | |
Personal Protective
|
| | | | 55,448 | | | | | | — | | | | | | — | | | | | | 55,448 | | |
Keys and Key Accessories
|
| | | | — | | | | | | 143,898 | | | | | | 4,217 | | | | | | 148,115 | | |
Engraving
|
| | | | — | | | | | | 52,145 | | | | | | 12 | | | | | | 52,157 | | |
Resharp
|
| | | | — | | | | | | — | | | | | | — | | | | | | — | | |
Consolidated
|
| | | $ | 636,717 | | | | | $ | 196,043 | | | | | $ | 141,415 | | | | | $ | 974,175 | | |
| | |
Hardware and
Protective Solutions |
| |
Robotics and
Digital Solutions |
| |
Canada
|
| |
Total
Revenue |
| ||||||||||||
Year Ended December 26, 2020 | | | | | | | | | | | | | | | | | | | | | | | | | |
United States
|
| | | $ | 1,007,135 | | | | | $ | 207,283 | | | | | $ | — | | | | | $ | 1,214,418 | | |
Canada
|
| | | | 7,789 | | | | | | 2,004 | | | | | | 134,616 | | | | | | 144,409 | | |
Mexico
|
| | | | 9,468 | | | | | | — | | | | | | — | | | | | | 9,468 | | |
Consolidated
|
| | | $ | 1,024,392 | | | | | $ | 209,287 | | | | | $ | 134,616 | | | | | $ | 1,368,295 | | |
Year Ended December 28, 2019 | | | | | | | | | | | | | | | | | | | | | | | | | |
United States
|
| | | $ | 835,957 | | | | | $ | 234,216 | | | | | $ | — | | | | | $ | 1,070,173 | | |
Canada
|
| | | | 5,905 | | | | | | 1,870 | | | | | | 125,260 | | | | | | 133,035 | | |
Mexico
|
| | | | 11,154 | | | | | | — | | | | | | — | | | | | | 11,154 | | |
Consolidated
|
| | | $ | 853,016 | | | | | $ | 236,086 | | | | | $ | 125,260 | | | | | $ | 1,214,362 | | |
Year Ended December 29, 2018 | | | | | | | | | | | | | | | | | | | | | | | | | |
United States
|
| | | $ | 626,490 | | | | | $ | 195,538 | | | | | $ | — | | | | | $ | 822,028 | | |
Canada
|
| | | | 1,944 | | | | | | 505 | | | | | | 141,415 | | | | | | 143,864 | | |
Mexico
|
| | | | 8,283 | | | | | | — | | | | | | — | | | | | | 8,283 | | |
Consolidated
|
| | | $ | 636,717 | | | | | $ | 196,043 | | | | | $ | 141,415 | | | | | $ | 974,175 | | |
|
Cash
|
| | | $ | 1,791 | | |
|
Inventory
|
| | | | 3,952 | | |
|
Other current assets
|
| | | | 766 | | |
|
Property and equipment
|
| | | | 29,888 | | |
| Goodwill(1) | | | | | 58,077 | | |
|
Customer relationships
|
| | | | 50,000 | | |
|
Developed technology
|
| | | | 19,000 | | |
|
Trade names
|
| | | | 5,400 | | |
|
Other non-current assets
|
| | | | 16 | | |
|
Total assets acquired
|
| | | | 168,890 | | |
| Less: | | | | | | | |
|
Liabilities assumed(1)
|
| | | | (12,601) | | |
|
Total purchase price
|
| | | $ | 156,289 | | |
|
Cash
|
| | | $ | 2,507 | | |
|
Accounts receivable
|
| | | | 40,828 | | |
|
Inventory
|
| | | | 40,216 | | |
|
Other current assets
|
| | | | 1,623 | | |
|
Property and equipment
|
| | | | 3,703 | | |
| Goodwill(1) | | | | | 128,796 | | |
|
Customer Relationships
|
| | | | 189,000 | | |
|
Trade names
|
| | | | 21,000 | | |
|
Other non-current assets
|
| | | | 159 | | |
|
Total assets acquired
|
| | | | 427,832 | | |
| Less: | | | | | | | |
|
Liabilities assumed(1)
|
| | | | (78,998) | | |
|
Total purchase price
|
| | | $ | 348,834 | | |
| | | | ||||
Net revenues
|
| | | $ | 1,139,562 | | |
Net earnings (loss)
|
| | | $ | (74,976) | | |
|
Property and equipment
|
| | | $ | 218 | | |
|
Goodwill
|
| | | | 9,382 | | |
|
Technology
|
| | | | 11,500 | | |
|
Total assets acquired
|
| | | | 21,100 | | |
| Less: | | | | | | | |
|
Contingent consideration payable
|
| | | | (18,100) | | |
|
Net cash paid
|
| | | $ | 3,000 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
United States based operations
|
| | | $ | (30,083) | | | | | $ | (101,197) | | | | | $ | (53,254) | | |
Non-United States based operations
|
| | | | (3,855) | | | | | | (7,559) | | | | | | (14,317) | | |
Loss before income taxes
|
| | | $ | (33,938) | | | | | $ | (108,756) | | | | | $ | (67,571) | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||
Current: | | | | | | | | | | | | | | | | | | | |
Federal & State
|
| | | $ | 629 | | | | | $ | 1,235 | | | | | $ | 263 | | |
Foreign
|
| | | | (49) | | | | | | 611 | | | | | | 67 | | |
Total current
|
| | | | 580 | | | | | | 1,846 | | | | | | 330 | | |
Deferred: | | | | | | | | | | | | | | | | | | | |
Federal & State
|
| | | | (7,625) | | | | | | (23,333) | | | | | | (11,679) | | |
Foreign
|
| | | | (1,356) | | | | | | (2,625) | | | | | | (4,741) | | |
Total deferred
|
| | | | (8,981) | | | | | | (25,958) | | | | | | (16,420) | | |
Valuation allowance
|
| | | | (1,038) | | | | | | 835 | | | | | | 7,200 | | |
Income tax expense/(benefit)
|
| | | $ | (9,439) | | | | | $ | (23,277) | | | | | $ | (8,890) | | |
| | |
December 26, 2020
|
| |
December 28, 2019
As Restated |
| ||||||
| | |
Non-current
|
| |
Non-current
|
| ||||||
Deferred Tax Asset: | | | | | | | | | | | | | |
Inventory
|
| | | $ | 11,423 | | | | | $ | 10,043 | | |
Bad debt reserve
|
| | | | 1,497 | | | | | | 868 | | |
Casualty loss reserve
|
| | | | 279 | | | | | | 498 | | |
Accrued bonus / deferred compensation
|
| | | | 7,411 | | | | | | 5,174 | | |
Deferred rent
|
| | | | 54 | | | | | | 80 | | |
Derivative security value
|
| | | | 817 | | | | | | 845 | | |
Deferred social security (CARES Act)
|
| | | | 1,798 | | | | | | — | | |
Interest limitation
|
| | | | 21,011 | | | | | | 30,335 | | |
Lease liabilities
|
| | | | 21,241 | | | | | | 22,134 | | |
Deferred revenue – shipping terms
|
| | | | 315 | | | | | | 315 | | |
Original issue discount amortization
|
| | | | 3,078 | | | | | | 3,372 | | |
| | |
December 26, 2020
|
| |
December 28, 2019
As Restated |
| ||||||
| | |
Non-current
|
| |
Non-current
|
| ||||||
Transaction costs
|
| | | | 3,061 | | | | | | 2,302 | | |
Federal / foreign net operating loss
|
| | | | 36,217 | | | | | | 38,478 | | |
State net operating loss
|
| | | | 3,806 | | | | | | 5,426 | | |
Tax credit carryforwards
|
| | | | 2,150 | | | | | | 2,636 | | |
All other
|
| | | | 610 | | | | | | 401 | | |
Gross deferred tax assets
|
| | | | 114,768 | | | | | | 122,907 | | |
Valuation allowance for deferred tax assets
|
| | | | (1,471) | | | | | | (2,586) | | |
Net deferred tax assets
|
| | | $ | 113,297 | | | | | $ | 120,321 | | |
Deferred Tax Liability: | | | | | | | | | | | | | |
Intangible asset amortization
|
| | | $ | 216,354 | | | | | $ | 227,007 | | |
Property and equipment
|
| | | | 29,901 | | | | | | 34,218 | | |
Lease assets
|
| | | | 20,598 | | | | | | 22,119 | | |
All other items
|
| | | | 487 | | | | | | 618 | | |
Deferred tax liabilities
|
| | | $ | 267,340 | | | | | $ | 283,962 | | |
Net deferred tax liability
|
| | | $ | 154,043 | | | | | $ | 163,641 | | |
|
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||
Statutory federal income tax rate
|
| | | | 21.0% | | | | | | 21.0% | | | | | | 21.0% | | |
Non-U.S. taxes and the impact of non-U.S. losses for which a current tax benefit is not available
|
| | | | 0.6% | | | | | | 0.4% | | | | | | 0.9% | | |
State and local income taxes, net of U.S. federal income tax benefit
|
| | | | 5.7% | | | | | | 3.0% | | | | | | 1.4% | | |
Change in valuation allowance
|
| | | | 1.6% | | | | | | (1.2)% | | | | | | (7.5)% | | |
Adjustment for change in tax law
|
| | | | 0.5% | | | | | | —% | | | | | | (0.9)% | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 As Restated |
| |
Year Ended
December 29, 2018 As Restated |
| |||||||||
Permanent differences: | | | | | | | | | | | | | | | | | | | |
Acquisition and related transaction costs
|
| | | | —% | | | | | | —% | | | | | | (2.7)% | | |
Meals and entertainment expense
|
| | | | (0.4)% | | | | | | (0.2)% | | | | | | (0.3)% | | |
Reconciliation of tax provision to return
|
| | | | 0.6% | | | | | | (0.5)% | | | | | | —% | | |
Reconciliation of other adjustments
|
| | | | (1.6)% | | | | | | (1.0)% | | | | | | 1.2% | | |
Effective income tax rate
|
| | | | 27.8% | | | | | | 21.4% | | | | | | 13.2% | | |
|
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
Unrecognized tax benefits – beginning balance
|
| | | $ | 1,101 | | | | | $ | 1,101 | | | | | $ | 1,101 | | |
Gross increases – tax positions in current period
|
| | | | — | | | | | | — | | | | | | — | | |
Gross increases – tax positions in prior period
|
| | | | — | | | | | | — | | | | | | — | | |
Gross decreases – tax positions in prior period
|
| | | | — | | | | | | — | | | | | | — | | |
Unrecognized tax benefits – ending balance
|
| | | $ | 1,101 | | | | | $ | 1,101 | | | | | $ | 1,101 | | |
Amount of unrecognized tax benefit that, if
recognized would affect the Company’s effective tax rate |
| | | $ | 1,101 | | | | | $ | 1,101 | | | | | $ | 1,101 | | |
| | |
December 26, 2020
|
| |
December 28, 2019
|
| ||||||
Revolving loans
|
| | | $ | 72,000 | | | | | $ | 113,000 | | |
Senior Term Loan, due 2025
|
| | | | 1,037,044 | | | | | | 1,047,653 | | |
6.375% Senior Notes, due 2022
|
| | | | 330,000 | | | | | | 330,000 | | |
11.6% Junior Subordinated Debentures – Preferred
|
| | | | 105,443 | | | | | | 105,443 | | |
Junior Subordinated Debentures – Common
|
| | | | 3,261 | | | | | | 3,261 | | |
Finance leases & other obligations
|
| | | | 2,044 | | | | | | 2,275 | | |
| | | | | 1,549,792 | | | | | | 1,601,632 | | |
Unamortized premium on 11.6% Junior Subordinated Debentures
|
| | | | 14,591 | | | | | | 16,110 | | |
Unamortized discount on Senior Term Loan
|
| | | | (6,532) | | | | | | (8,040) | | |
Current portion of long term debt and capital leases
|
| | | | (11,481) | | | | | | (11,358) | | |
Deferred financing fees
|
| | | | (10,862) | | | | | | (14,055) | | |
Total long term debt, net
|
| | | $ | 1,535,508 | | | | | $ | 1,584,289 | | |
December 26, 2020
|
| |
Amount
|
| |||
Non-current assets – junior subordinated debentures – preferred
|
| | | $ | 120,034 | | |
Non-current assets – junior subordinated debentures – common
|
| | | | 3,261 | | |
Total assets
|
| | | $ | 123,295 | | |
Non-current liabilities – trust preferred securities
|
| | | $ | 120,034 | | |
Stockholder’s equity – trust common securities
|
| | | | 3,261 | | |
Total liabilities and stockholders’ equity
|
| | | $ | 123,295 | | |
Year
|
| |
Amount
|
| |||
2021
|
| | | $ | 10,609 | | |
2022
|
| | | | 340,609 | | |
2023
|
| | | | 10,609 | | |
2024
|
| | | | 82,609 | | |
2025
|
| | | | 994,606 | | |
Thereafter
|
| | | | 108,706 | | |
| | | | $ | 1,547,748 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| ||||||
Operating lease cost
|
| | | $ | 19,189 | | | | | $ | 19,456 | | |
Short term lease costs
|
| | | | 2,404 | | | | | | 2,587 | | |
Variable lease costs
|
| | | | 898 | | | | | | 2,731 | | |
Finance lease cost: | | | | | | | | | | | | | |
Amortization of right of use assets
|
| | | | 813 | | | | | | 616 | | |
Interest on lease liabilities
|
| | | | 143 | | | | | | 115 | | |
| | |
December 26, 2020
|
| |
December 28, 2019
|
| ||||||||||||||||||
| | |
Operating
Leases |
| |
Finance
Leases |
| |
Operating
Leases(1) |
| |
Finance
Leases |
| ||||||||||||
Weighted average remaining lease term
|
| | | | 7.19 | | | | | | 2.61 | | | | | | 7.88 | | | | | | 3.46 | | |
Weighted average discount rate
|
| | | | 8.28% | | | | | | 7.14% | | | | | | 7.81% | | | | | | 6.49% | | |
| | |
December 26, 2020
|
| |
December 28, 2019
|
| ||||||
Finance lease assets, net, included in property plant and equipment
|
| | | $ | 1,919 | | | | | $ | 2,101 | | |
Current portion of long-term debt
|
| | | | 872 | | | | | | 749 | | |
Long-term debt, less current portion
|
| | | | 1,172 | | | | | | 1,526 | | |
Total principal payable on finance leases
|
| | | $ | 2,044 | | | | | $ | 2,275 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| ||||||
Cash paid for amounts included in the measurement of lease liabilities:
|
| | | | | | | | | | | | |
Operating cash outflow from operating leases
|
| | | $ | 18,641 | | | | | $ | 18,668 | | |
Operating cash outflow from finance leases
|
| | | | 143 | | | | | | 104 | | |
Financing cash outflow from finance leases
|
| | | | 836 | | | | | | 683 | | |
| | |
Operating
Leases |
| |
Finance
Leases |
| ||||||
Less than one year
|
| | | $ | 18,259 | | | | | $ | 993 | | |
1 to 2 years
|
| | | | 15,919 | | | | | | 708 | | |
2 to 3 years
|
| | | | 13,656 | | | | | | 421 | | |
3 to 4 years
|
| | | | 13,065 | | | | | | 129 | | |
4 to 5 years
|
| | | | 11,928 | | | | | | — | | |
After 5 years
|
| | | | 35,342 | | | | | | — | | |
Total future minimum rental commitments
|
| | | | 108,169 | | | | | | 2,251 | | |
Less – amounts representing interest
|
| | | | (27,067) | | | | | | (207) | | |
Present value of lease liabilities
|
| | | $ | 81,102 | | | | | $ | 2,044 | | |
| | |
Foreign
Currency Translation |
| |||
Balance at December 30, 2017
|
| | | $ | (26,537) | | |
Other comprehensive income before reclassifications
|
| | | | (11,104) | | |
Amounts reclassified from other comprehensive income(1)
|
| | | | 51 | | |
Net current period other comprehensive loss
|
| | | | (11,053) | | |
| | |
Foreign
Currency Translation |
| |||
Balance at December 29, 2018
|
| | | | (37,590) | | |
Other comprehensive income before reclassifications
|
| | | | 5,533 | | |
Amounts reclassified from other comprehensive income(2)
|
| | | | 17 | | |
Net current period other comprehensive income
|
| | | | 5,550 | | |
Balance at December 28, 2019
|
| | | | (32,040) | | |
Other comprehensive loss before reclassifications
|
| | | | 2,652 | | |
Amounts reclassified from other comprehensive income
|
| | | | — | | |
Net current period other comprehensive income
|
| | | | 2,652 | | |
Balance at December 26, 2020
|
| | | $ | (29,388) | | |
|
| | |
Number of
Shares |
| |
Weighted Average
Exercise Price Per Share (in whole dollars) |
| |
Weighted Average
Remaining Contractual Term (Years) |
| ||||||
Outstanding at December 28, 2019
|
| | | | 81,700 | | | | | $ | 1,207 | | | |
8 years
|
|
Exercisable at December 28, 2019
|
| | | | — | | | | | | — | | | |
—
|
|
Granted
|
| | | | 11,607 | | | | | $ | — | | | |
—
|
|
Exercised
|
| | | | 7,333 | | | | | | — | | | |
—
|
|
Forfeited or expired
|
| | | | 8,582 | | | | | $ | — | | | |
—
|
|
Outstanding at December 26, 2020
|
| | | | 77,392 | | | | | $ | 1,257 | | | |
8 years
|
|
Exercisable at December 26, 2020
|
| | | | 21,315 | | | | | $ | 1,185 | | | |
7 years
|
|
| | |
Number of
Shares |
| |
Weighted-Average
Grant Date Fair Value |
| ||||||
Unvested at December 28, 2019
|
| | | | 2,143 | | | | | $ | 1,168 | | |
Granted
|
| | | | — | | | | | | — | | |
Vested
|
| | | | (1,072) | | | | | | 1,168 | | |
Forfeited
|
| | | | — | | | | | | — | | |
Unvested at December 26, 2020
|
| | | | 1,071 | | | | | $ | 1,168 | | |
| | |
Year Ended December 26, 2020
|
| |||||||||||||||
| | |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Net loss
|
| | | $ | (24,499) | | | | | | 545 | | | | | $ | (45) | | |
Dilutive effect of stock options
|
| | | $ | — | | | | | | — | | | | | $ | — | | |
Net loss per diluted common share
|
| | | $ | (24,499) | | | | | | 545 | | | | | $ | (45) | | |
| | |
Year Ended December 28, 2019
|
| |||||||||||||||
| | |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Net loss (as restated)
|
| | | $ | (85,479) | | | | | | 543 | | | | | $ | (158) | | |
Dilutive effect of stock options
|
| | | $ | — | | | | | | — | | | | | $ | — | | |
Net loss per diluted common share
|
| | | $ | (85,479) | | | | | | 543 | | | | | $ | (158) | | |
| | |
Year Ended December 29, 2018
|
| |||||||||||||||
| | |
Earnings
(Numerator) |
| |
Shares
(Denominator) |
| |
Per Share
Amount |
| |||||||||
Net loss (as restated)
|
| | | $ | (58,681) | | | | | | 545 | | | | | $ | (108) | | |
Dilutive effect of stock options
|
| | | $ | — | | | | | | — | | | | | $ | — | | |
Net loss per diluted common share
|
| | | $ | (58,681) | | | | | | 545 | | | | | $ | (108) | | |
| | |
As of December 26, 2020
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Trading securities
|
| | | $ | 1,911 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,911 | | |
Interest rate swaps
|
| | | | — | | | | | | (4,193) | | | | | | — | | | | | | (4,193) | | |
Foreign exchange forward contracts
|
| | | | — | | | | | | 12 | | | | | | — | | | | | | 12 | | |
Contingent consideration payable
|
| | | | — | | | | | | — | | | | | | (14,197) | | | | | | (14,197) | | |
| | |
As of December 28, 2019
|
| |||||||||||||||||||||
| | |
Level 1
|
| |
Level 2
|
| |
Level 3
|
| |
Total
|
| ||||||||||||
Trading securities
|
| | | $ | 1,911 | | | | | $ | — | | | | | $ | — | | | | | $ | 1,911 | | |
Interest rate swaps
|
| | | | — | | | | | | (3,592) | | | | | | — | | | | | | (3,592) | | |
Foreign exchange forward contracts
|
| | | | — | | | | | | 12 | | | | | | — | | | | | | 12 | | |
Contingent consideration payable
|
| | | | — | | | | | | — | | | | | | (18,100) | | | | | | (18,100) | | |
| | |
December 26, 2020
|
| |
December 28, 2019
|
| ||||||||||||||||||
| | |
Carrying
Amount |
| |
Estimated
Fair Value |
| |
Carrying
Amount |
| |
Estimated
Fair Value |
| ||||||||||||
6.375% Senior Notes
|
| | | $ | 328,333 | | | | | $ | 327,525 | | | | | $ | 327,222 | | | | | $ | 305,250 | | |
Junior Subordinated Debentures
|
| | | | 123,295 | | | | | | 128,022 | | | | | | 124,814 | | | | | | 148,731 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
Facility consolidation(1) | | | | | | | | | | | | | | | | | | | |
Inventory valuation adjustments
|
| | | $ | 596 | | | | | $ | 3,799 | | | | | $ | 8,694 | | |
Labor expense
|
| | | | 682 | | | | | | 1,751 | | | | | | 503 | | |
Consulting and legal fees
|
| | | | 192 | | | | | | 225 | | | | | | 314 | | |
Other expense
|
| | | | 1,118 | | | | | | 2,126 | | | | | | 116 | | |
Rent and related charges
|
| | | | 1,535 | | | | | | 584 | | | | | | — | | |
Gain on sale of building
|
| | | | — | | | | | | — | | | | | | (6,104) | | |
Severance
|
| | | | 707 | | | | | | 617 | | | | | | — | | |
Exit of certain lines of business(2) | | | | | | | | | | | | | | | | | | | |
Inventory valuation adjustments
|
| | | | — | | | | | | 535 | | | | | | 1,152 | | |
Gain on disposal of assets
|
| | | | — | | | | | | (458) | | | | | | 837 | | |
Severance
|
| | | | — | | | | | | — | | | | | | 2,749 | | |
Other expense
|
| | | | — | | | | | | 488 | | | | | | — | | |
Total
|
| | | $ | 4,830 | | | | | $ | 9,667 | | | | | $ | 8,261 | | |
| | |
Severance and
related expense |
| |||
Balance as of December 29, 2018
|
| | | $ | 1,537 | | |
Restructuring Charges
|
| | | | 617 | | |
Cash Paid
|
| | | | (1,033) | | |
Balance as of December 28, 2019
|
| | | $ | 1,121 | | |
Restructuring Charges
|
| | | | 707 | | |
Cash Paid
|
| | | | (680) | | |
Balance as of December 26, 2020
|
| | | $ | 1,148 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| ||||||
Management realignment & integration | | | | | | | | | | | | | |
Severance
|
| | | $ | 886 | | | | | $ | 3,820 | | |
Inventory valuation adjustments
|
| | | $ | — | | | | | | 5,707 | | |
Facility closures | | | | | | | | | | | | | |
Severance
|
| | | | 903 | | | | | | — | | |
Inventory valuation adjustments
|
| | | | 1,568 | | | | | | — | | |
Other
|
| | | | 1,422 | | | | | | — | | |
Total
|
| | | $ | 4,779 | | | | | $ | 9,527 | | |
| | |
Severance and
related expense |
| |||
Balance as of December 29, 2018
|
| | | $ | — | | |
Restructuring Charges
|
| | | | 3,820 | | |
Cash Paid
|
| | | | (534) | | |
Balance as of December 28, 2019
|
| | | $ | 3,286 | | |
Restructuring Charges
|
| | | | 1,789 | | |
Cash Paid
|
| | | | (3,746) | | |
Balance as of December 26, 2020
|
| | | $ | 1,329 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
Cash paid during the period for: | | | | | | | | | | | | | | | | | | | |
Interest on junior subordinated debentures
|
| | | $ | 12,329 | | | | | $ | 11,211 | | | | | $ | 12,230 | | |
Interest
|
| | | $ | 81,024 | | | | | $ | 94,461 | | | | | $ | 56,879 | | |
Income taxes, net of refunds
|
| | | $ | (301) | | | | | $ | (489) | | | | | $ | 1,027 | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
Lowe’s
|
| | | | 22.5% | | | | | | 21.6% | | | | | | 22.0% | | |
Home Depot
|
| | | | 26.5% | | | | | | 24.7% | | | | | | 21.8% | | |
| | |
Year Ended
December 26, 2020 |
| |
Year Ended
December 28, 2019 |
| |
Year Ended
December 29, 2018 |
| |||||||||
Revenues | | | | | | | | | | | | | | | | | | | |
Hardware and Protective Solutions
|
| | | $ | 1,024,392 | | | | | $ | 853,016 | | | | | $ | 636,717 | | |
Robotics and Digital Solutions
|
| | | | 209,287 | | | | | | 236,086 | | | | | | 196,043 | | |
Canada
|
| | | | 134,616 | | | | | | 125,260 | | | | | | 141,415 | | |
Total revenues
|
| | | $ | 1,368,295 | | | | | $ | 1,214,362 | | | | | $ | 974,175 | | |
Segment Income (Loss) from Operations | | | | | | | | | | | | | | | | | | | |
Hardware and Protective Solutions
|
| | | $ | 67,313 | | | | | $ | 14,204 | | | | | $ | 18,555 | | |
Robotics and Digital Solutions
|
| | | | 3,177 | | | | | | 3,385 | | | | | | 17,705 | | |
Canada
|
| | | | (4,724) | | | | | | (9,894) | | | | | | (8,817) | | |
Total segment income from operations
|
| | | $ | 65,766 | | | | | $ | 7,695 | | | | | $ | 27,443 | | |
| | |
Deducted From
Assets in Balance Sheet |
| |||
| | |
Allowance for
Doubtful Accounts |
| |||
Ending Balance – December 30, 2017
|
| | | $ | 1,121 | | |
Additions charged to cost and expense
|
| | | | (40) | | |
Deductions due to: | | | | | | | |
Others
|
| | | | (235) | | |
Ending Balance – December 29, 2018
|
| | | | 846 | | |
Additions charged to cost and expense
|
| | | | 790 | | |
Deductions due to: | | | | | | | |
Others
|
| | | | 255 | | |
Ending Balance – December 28, 2019
|
| | | | 1,891 | | |
Additions charged to cost and expense
|
| | | | 1,378 | | |
Deductions due to: | | | | | | | |
Others
|
| | | | (874) | | |
Ending Balance – December 26, 2020
|
| | | $ | 2,395 | | |
|
Securities and Exchange Commission registration fee
|
| | | $ | 249,208.35 | | |
|
Accounting fees and expenses
|
| | | | * | | |
|
Legal fees and expenses
|
| | | | * | | |
|
Financial printing and miscellaneous expenses
|
| | | | * | | |
|
Total
|
| | | $ | * | | |
Name
|
| |
Position
|
| |
Date
|
|
/s/ Douglas J. Cahill
Douglas J. Cahill
|
| | Chairman, President and Chief Executive Officer | | |
August 13, 2021
|
|
/s/ Robert Kraft
Robert Kraft
|
| | Chief Financial Officer | | |
August 13, 2021
|
|
/s/ Joseph Scharfenberger
Joseph Scharfenberger
|
| | Director | | |
August 13, 2021
|
|
/s/ Richard Zannino
Richard Zannino
|
| | Director | | |
August 13, 2021
|
|
/s/ Daniel O’Leary
Daniel O’Leary
|
| | Director | | |
August 13, 2021
|
|
/s/ John Swygert
John Swygert
|
| | Director | | |
August 13, 2021
|
|
/s/ Aaron Jagdfeld
Aaron Jagdfeld
|
| | Director | | |
August 13, 2021
|
|
/s/ David Owens
David Owens
|
| | Director | | |
August 13, 2021
|
|
Name
|
| |
Position
|
| |
Date
|
|
/s/ Philip Woodlief
Philip Woodlief
|
| | Director | | |
August 13, 2021
|
|
/s/ Diana Dowling
Diana Dowling
|
| | Director | | |
August 13, 2021
|
|
/s/ Teresa Gendron
Teresa Gendron
|
| | Director | | |
August 13, 2021
|
|
Exhibit 5.1
August 13, 2021
Hillman Solutions Corp.
10590 Hamilton Avenue
Cincinnati, OH 45231
Re: Registration of Securities by Hillman Solutions Corp.
Ladies and Gentlemen:
We have acted as counsel to Hillman Solutions Corp., a Delaware corporation (the “Company”), in connection with the registration statement on Form S-1 (the “Registration Statement”) filed on the date hereof by the Company with the Securities and Exchange Commission (the “Commission”) under the Securities Act of 1933, as amended (the “Securities Act”), relating to the registration under the Securities Act and the offer and sale from time to time pursuant to Rule 415 under the Securities Act of:
(i) the issuance of up to 16,666,667 shares (the “Public Warrant Shares”) of the Company’s common stock, par value $0.0001 per share (the “Common Stock”), upon the exercise of certain outstanding warrants that were previously issued by the Company in a transaction registered with the Commission (the “Public Warrants”);
(ii) the issuance of up to 8,000,000 shares (the “Private Warrant Shares” and collectively with the Public Warrant Shares, the “Warrant Shares”) of Common Stock upon the exercise of certain outstanding warrants (the “Private Warrants” and collectively with the Public Warrants, the “Warrants”);
(iii) the resale of up to 8,000,000 Private Warrants (the “Resale Warrants”); and
(iv) the resale of up to 143,716,331 shares of Common Stock (including up to 8,000,000 Private Warrant Shares) (the “Selling Securityholder Shares”).
All of the Resale Warrants and the Selling Securityholder Shares are being registered on behalf of certain selling securityholders of the Company. The Warrants were issued pursuant to an Amended and Restated Warrant Agreement, dated November 13, 2020, between the Company and Continental Stock Transfer & Trust Company, a New York corporation, as warrant agent (“Warrant Agreement”).
With respect to the Warrants and the Warrant Shares, we express no opinion to the extent that, notwithstanding the Company’s current reservation of shares of Common Stock, future issuances of securities of the Company, including the Warrant Shares, or antidilution adjustments to outstanding securities of the Company, including the Warrants, cause the Warrants to be exercisable for more shares of Common Stock than the number that then remain authorized but unissued. Further, we have assumed the Warrant Price (as defined in the Warrants) will not be adjusted to an amount below the par value per share of the shares of Common Stock.
In connection with this opinion letter, we have examined such certificates, documents and records and have made such investigation of fact and such examination of law as we have deemed appropriate in order to enable us to render the opinions set forth herein. In conducting such investigation, we have relied, without independent verification, upon certificates of officers of the Company, public officials and other appropriate persons.
The opinions expressed below are limited to the Delaware General Corporation Law and, solely with respect to our opinion in numbered paragraph 1 below, the laws of the State of New York.
Based upon and subject to the foregoing and the assumptions, qualifications and limitations set forth below, we are of the opinion that:
1. | The Resale Warrants to be sold by the Selling Securityholders pursuant to the Registration Statement constitute valid and binding obligations of the Company, enforceable against the Company in accordance with their respective terms. |
2. | The Warrant Shares, when issued and paid for upon exercise of the applicable Warrant in accordance with the terms of the applicable Warrant, will be validly issued, fully paid and nonassessable. |
3. | The Selling Securityholder Shares have been duly authorized and are or, in the case of the Private Warrant Shares when issued and paid for upon exercise of the applicable Private Warrant, in accordance with the terms thereof, will be, validly issued, fully paid and nonassessable. |
The opinions set forth above are subject to (a) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance and similar laws affecting the rights and remedies of creditors generally and (b) general principles of equity.
We hereby consent to the filing of this opinion letter as an exhibit to the Registration Statement and to the use of our name therein and in the related prospectus under the caption “Legal Matters.” In giving such consent, we do not thereby admit that we are in the category of persons whose consent is required under Section 7 of the Securities Act or the rules and regulations of the Commission thereunder.
Very truly yours, | |
/s/ Ropes & Gray LLP | |
Ropes & Gray LLP |
Exhibit 23.1
INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM’S CONSENT
We consent to the inclusion in this Registration Statement of Hillman Solutions Corp. on Form S-1 of our report dated March 12, 2021, except for the effects of the restatement discussed in Note 2 as to which the date is May 3, 2021, with respect to our audits of the consolidated financial statements of Landcadia Holdings III, Inc. as of December 31, 2020 and 2019 and for the years then ended, which report appears in the Prospectus, which is part of this Registration Statement. We also consent to the reference to our Firm under the heading “Experts” in such Prospectus.
/s/ Marcum LLP
Marcum LLP
Melville, NY
August 13, 2021
Exhibit 23.2
Consent of Independent Registered Public Accounting Firm
The Board of Directors
Hillman Solutions Corp.:
We consent to the use of our report dated March 11, 2021, with respect to the consolidated balance sheets of HMAN Group Holdings, Inc. as of December 26, 2020 and December 28, 2019, the related consolidated statements of comprehensive loss, stockholder’s equity, and cash flows for each of the years in the three-year period ended December 26, 2020, and the related notes and financial statement schedule II – Valuation Accounts included herein and to the reference to our firm under the heading “Experts” in the prospectus.
Our report dated March 11, 2021 contains an explanatory paragraph that refers to the restatement of the 2019 and 2018 consolidated financial statements to correct misstatements and an explanatory paragraph that refers to a change in the methods of accounting for leases and revenue recognition.
/s/ KPMG LLP
Cincinnati, Ohio
August 13, 2021