|
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 | | |
| | |
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| | | | 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 | | |
| | |
(Unaudited)
Fiscal Year-ended 2018 |
| |||
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
|
|