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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 25, 2021
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from ______ to ______
Commission file number 001-39609
Hillman Solutions Corp.
(Exact name of registrant as specified in its charter)
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Delaware |
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85-2096734 |
(State or other jurisdiction of incorporation or organization) |
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(I.R.S. Employer Identification No.) |
10590 Hamilton Avenue |
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45231 |
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Cincinnati |
, |
Ohio |
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(Address of principal executive offices) |
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(Zip Code) |
Registrant’s telephone number, including area code: (513) 851-4900
Securities registered pursuant to Section 12(g) of the Act: None
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. (Check one):
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Large accelerated filer |
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☐ |
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Accelerated filer |
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☐ |
Non-accelerated filer |
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☒ (Do not check if a smaller reporting company)
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Smaller reporting company |
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☐ |
Emerging growth company |
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☐ |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Securities registered pursuant to Section 12(b) of the Act:
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Title of Each Class |
Trading Symbol(s) |
Name of Each Exchange on Which Registered |
Common Stock, par value $0.0001 per share |
HLMN |
The Nasdaq Stock Market LLC |
Warrants to purchase one share of common stock, each at an exercise price of $11.50 per share |
HLMNW |
The Nasdaq Stock Market LLC |
On November 3, 2021, 187,569,511 shares of common stock, par value $0.0001 per share, were issued and outstanding.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
INDEX
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PART I. FINANCIAL INFORMATION |
PAGE |
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Item 1. |
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Item 2. |
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Item 3. |
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Item 4. |
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PART II. OTHER INFORMATION |
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Item 1. |
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Item 1A. |
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Item 2. |
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Item 3. |
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Item 4. |
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Item 5. |
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Item 6. |
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HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(dollars in thousands, except per share amounts)
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September 25, 2021 |
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December 26, 2020 |
ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
14,429 |
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$ |
21,520 |
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Accounts receivable, net of allowances of $2,210 ($2,395 - 2020) |
139,716 |
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121,228 |
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Inventories, net |
506,397 |
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391,679 |
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Other current assets |
15,600 |
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19,280 |
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Total current assets |
676,142 |
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553,707 |
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Property and equipment, net of accumulated depreciation of $273,966 ($236,031 - 2020) |
173,170 |
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182,674 |
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Goodwill |
825,981 |
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816,200 |
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Other intangibles, net of accumulated amortization of $337,361 ($291,434 - 2020) |
810,559 |
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825,966 |
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Operating lease right of use assets |
84,871 |
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76,820 |
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Deferred tax assets |
2,016 |
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2,075 |
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Other assets |
14,295 |
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11,176 |
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Total assets |
$ |
2,587,034 |
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$ |
2,468,618 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
219,397 |
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$ |
201,461 |
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Current portion of debt and capital leases |
7,174 |
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11,481 |
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Current portion of operating lease liabilities |
12,680 |
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12,168 |
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Accrued expenses: |
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Salaries and wages |
11,893 |
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29,800 |
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Pricing allowances |
9,878 |
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6,422 |
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Income and other taxes |
4,252 |
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5,986 |
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Interest |
940 |
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12,988 |
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Other accrued expenses |
36,613 |
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31,605 |
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Total current liabilities |
302,827 |
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311,911 |
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Long term debt |
890,623 |
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1,535,508 |
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Warrant liabilities |
81,180 |
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— |
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Deferred tax liabilities |
139,547 |
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156,118 |
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Operating lease liabilities |
77,238 |
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68,934 |
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Other non-current liabilities |
22,189 |
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31,560 |
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Total liabilities |
$ |
1,513,604 |
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$ |
2,104,031 |
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Commitments and contingencies (Note 6) |
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Stockholders' Equity: |
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Common stock, $0.0001 par, 500,000,000 shares authorized, 187,569,511 issued and 187,481,206 outstanding at September 25, 2021 and 90,934,930 issued and outstanding at December 26, 2020 |
19 |
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9 |
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Additional paid-in capital |
1,317,706 |
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565,815 |
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Accumulated deficit |
(216,728) |
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(171,849) |
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Accumulated other comprehensive loss |
(27,567) |
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(29,388) |
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Total stockholders' equity |
1,073,430 |
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364,587 |
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Total liabilities and stockholders' equity |
$ |
2,587,034 |
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$ |
2,468,618 |
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The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited)
(dollars in thousands, except per share amounts)
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Thirteen Weeks Ended September 25, 2021 |
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Thirteen Weeks Ended September 26, 2020 |
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Thirty-nine Weeks Ended September 25, 2021 |
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Thirty-nine Weeks Ended September 26, 2020 |
Net sales |
$ |
364,480 |
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$ |
398,680 |
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$ |
1,081,476 |
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$ |
1,041,226 |
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Cost of sales (exclusive of depreciation and amortization shown separately below) |
236,999 |
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227,481 |
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654,264 |
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590,294 |
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Selling, general and administrative expenses |
110,447 |
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107,333 |
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325,288 |
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292,056 |
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Depreciation |
14,454 |
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15,926 |
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46,065 |
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50,673 |
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Amortization |
15,504 |
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14,883 |
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45,827 |
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44,596 |
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Management fees to related party |
56 |
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130 |
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270 |
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451 |
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Other (income) expense |
315 |
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(2,175) |
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(2,232) |
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(2,120) |
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Income (loss) from operations |
(13,295) |
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35,102 |
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11,994 |
|
|
65,276 |
|
Loss on change in fair value of warrant liability |
3,990 |
|
|
— |
|
|
3,990 |
|
|
— |
|
Interest expense, net |
11,801 |
|
|
20,688 |
|
|
49,979 |
|
|
67,746 |
|
Interest expense on junior subordinated debentures |
1,471 |
|
|
3,219 |
|
|
7,775 |
|
|
9,555 |
|
(Gain) loss on mark-to-market adjustments |
(261) |
|
|
(773) |
|
|
(1,685) |
|
|
1,169 |
|
Refinancing charges |
8,070 |
|
|
— |
|
|
8,070 |
|
|
— |
|
Investment income on trust common securities |
(44) |
|
|
(94) |
|
|
(233) |
|
|
(283) |
|
Income (loss) before income taxes |
(38,322) |
|
|
12,062 |
|
|
(55,902) |
|
|
(12,911) |
|
Income tax provision (benefit) |
(5,798) |
|
|
2,758 |
|
|
(11,023) |
|
|
(2,374) |
|
Net income (loss) |
$ |
(32,524) |
|
|
$ |
9,304 |
|
|
$ |
(44,879) |
|
|
$ |
(10,537) |
|
|
|
|
|
|
|
|
|
Basic income (loss) per share |
$ |
(0.19) |
|
|
$ |
0.10 |
|
|
$ |
(0.38) |
|
|
$ |
(0.12) |
|
Weighted average basic shares outstanding |
168,440 |
|
89,745 |
|
116,945 |
|
89,673 |
|
|
|
|
|
|
|
|
Diluted income (loss) per share |
$ |
(0.19) |
|
|
$ |
0.10 |
|
|
$ |
(0.38) |
|
|
$ |
(0.12) |
|
Weighted average diluted shares outstanding |
168,440 |
|
90,525 |
|
116,945 |
|
89,673 |
|
|
|
|
|
|
|
|
Net income (loss) from above |
$ |
(32,524) |
|
|
$ |
9,304 |
|
|
$ |
(44,879) |
|
|
$ |
(10,537) |
|
Other comprehensive income (loss): |
|
|
|
|
|
|
|
Foreign currency translation adjustments |
(4,740) |
|
|
3,070 |
|
|
1,575 |
|
|
(4,500) |
|
Hedging activity |
246 |
|
|
— |
|
|
246 |
|
|
— |
|
Total other comprehensive income (loss) |
(4,494) |
|
|
3,070 |
|
|
1,821 |
|
|
(4,500) |
|
Comprehensive income (loss) |
$ |
(37,018) |
|
|
$ |
12,374 |
|
|
$ |
(43,058) |
|
|
$ |
(15,037) |
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine Weeks Ended September 25, 2021 |
|
Thirty-nine Weeks Ended September 26, 2020 |
Cash flows from operating activities: |
|
|
|
Net loss |
$ |
(44,879) |
|
|
$ |
(10,537) |
|
Adjustments to reconcile net loss to net cash provided by operating activities: |
|
|
|
Depreciation and amortization |
91,892 |
|
|
95,269 |
|
Deferred income taxes |
(21,538) |
|
|
(1,963) |
|
Deferred financing and original issue discount amortization |
3,036 |
|
|
2,805 |
|
Stock-based compensation expense |
8,817 |
|
|
3,818 |
|
Increase in fair value of warrant liabilities |
3,990 |
|
|
— |
|
Write off of deferred financing fees, premiums and discounts associated with debt refinancing |
(8,372) |
|
|
— |
|
Asset impairment |
— |
|
|
210 |
|
(Gain) on disposal of property and equipment |
— |
|
|
(23) |
|
Change in fair value of contingent consideration |
(1,110) |
|
|
(1,300) |
|
Other non-cash interest and change in value of interest rate swap |
(1,685) |
|
|
1,245 |
|
Changes in operating items: |
|
|
|
Accounts receivable |
(17,097) |
|
|
(60,470) |
|
Inventories |
(110,065) |
|
|
(16,793) |
|
Other assets |
3,003 |
|
|
(15,276) |
|
Accounts payable |
12,896 |
|
|
42,201 |
|
Other accrued liabilities |
(24,193) |
|
|
28,402 |
|
|
|
|
|
|
|
|
|
Net cash provided by (used for) operating activities |
(105,305) |
|
|
67,588 |
|
Cash flows from investing activities: |
|
|
|
Acquisition of business, net of cash received |
(39,102) |
|
|
(800) |
|
Capital expenditures |
(36,955) |
|
|
(29,182) |
|
|
|
|
|
|
|
|
|
Net cash used for investing activities |
(76,057) |
|
|
(29,982) |
|
Cash flows from financing activities: |
|
|
|
Repayments of senior term loans |
(1,072,042) |
|
|
(7,956) |
|
Borrowings on senior term loans |
883,872 |
|
|
— |
|
Proceeds from recapitalization of Landcadia, net of transaction costs |
455,161 |
|
|
— |
|
Proceeds from sale of common stock in PIPE, net of issuance costs |
363,301 |
|
|
— |
|
Repayments of senior notes |
(330,000) |
|
|
— |
|
Repayment of Junior Subordinated Debentures |
(108,707) |
|
|
— |
|
Financing fees |
(20,988) |
|
|
— |
|
Borrowings on revolving credit loans |
246,000 |
|
|
78,000 |
|
Repayments of revolving credit loans |
(244,000) |
|
|
(94,000) |
|
Principal payments under finance and capitalized lease obligations |
(697) |
|
|
(624) |
|
Proceeds from exercise of stock options |
1,761 |
|
|
— |
|
|
|
|
|
|
|
|
|
Net cash (used by) provided by financing activities |
173,661 |
|
|
(24,580) |
|
Effect of exchange rate changes on cash |
610 |
|
|
(63) |
|
Net decrease in cash and cash equivalents |
(7,091) |
|
|
12,963 |
|
Cash and cash equivalents at beginning of period |
21,520 |
|
|
19,973 |
|
Cash and cash equivalents at end of period |
$ |
14,429 |
|
|
$ |
32,936 |
|
Supplemental disclosure of cash flow information: |
|
|
|
Interest paid on junior subordinated debentures, net |
$ |
7,542 |
|
|
$ |
9,272 |
|
Interest paid |
55,624 |
|
|
59,147 |
|
Income taxes paid |
1,990 |
|
|
475 |
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ EQUITY (Unaudited)
(dollars in thousands)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Common Stock |
|
Treasury Stock |
|
|
|
|
|
|
|
|
|
|
Shares |
|
Amount |
|
Shares |
|
Amount |
|
Additional Paid-in-capital |
|
Accumulated Deficit |
|
Accumulated Other Comprehensive Loss |
|
Total Stockholders' Equity |
Thirty-nine weeks ended September 25, 2021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 26, 2020 |
|
90,934,930 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
565,815 |
|
|
$ |
(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 |
|
268,253 |
|
|
$ |
— |
|
|
— |
|
|
$ |
— |
|
|
1,643 |
|
|
— |
|
|
— |
|
|
1,643 |
|
Change in cumulative foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
2,473 |
|
|
2,473 |
|
Balance at March 27, 2021 |
|
91,203,183 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
569,199 |
|
|
$ |
(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 |
|
17,718 |
|
|
— |
|
|
— |
|
|
— |
|
|
118 |
|
|
— |
|
|
— |
|
|
118 |
|
Change in cumulative foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,842 |
|
|
3,842 |
|
Balance at June 26, 2021 |
|
91,220,901 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
571,113 |
|
|
$ |
(184,204) |
|
|
$ |
(23,073) |
|
|
$ |
363,845 |
|
Net Loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(32,524) |
|
|
— |
|
|
(32,524) |
|
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
5,280 |
|
|
— |
|
|
— |
|
|
5,280 |
|
Vesting of restricted shares |
|
88,305 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Proceeds from exercise of stock options |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Recapitalization of Landcadia, net of issuance costs and fair value of of assets and liabilities acquired |
|
58,672,000 |
|
|
6 |
|
|
— |
|
|
— |
|
|
378,016 |
|
|
— |
|
|
— |
|
|
378,022 |
|
Shares issued to PIPE, net of issuance costs |
|
37,500,000 |
|
|
4 |
|
|
— |
|
|
— |
|
|
363,297 |
|
|
— |
|
|
|
|
363,301 |
|
Hedging activity |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
246 |
|
|
246 |
|
Change in cumulative foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(4,740) |
|
|
(4,740) |
|
Balance at September 25, 2021 |
|
187,481,206 |
|
|
$ |
19 |
|
|
— |
|
|
$ |
— |
|
|
$ |
1,317,706 |
|
|
$ |
(216,728) |
|
|
$ |
(27,567) |
|
|
$ |
1,073,430 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-nine weeks ended September 26, 2020 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 28, 2019 |
|
548,040 |
|
|
$ |
5 |
|
|
(4,740) |
|
|
$ |
(4,320) |
|
|
$ |
557,674 |
|
|
$ |
(147,350) |
|
|
$ |
(32,040) |
|
|
$ |
373,969 |
|
Retroactive application of recapitalization |
|
89,001,575 |
|
|
4 |
|
|
4,740 |
|
|
4,320 |
|
|
(4,324) |
|
|
— |
|
|
— |
|
|
— |
|
Balance at December 28, 2019 - Recast |
|
89,549,615 |
|
|
9 |
|
|
— |
|
|
— |
|
|
553,350 |
|
|
(147,350) |
|
|
(32,040) |
|
|
373,969 |
|
Net Loss |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(14,804) |
|
|
— |
|
|
(14,804) |
|
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,145 |
|
|
— |
|
|
— |
|
|
1,145 |
|
Vesting of restricted shares |
|
88,305 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Change in cumulative foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
(11,213) |
|
|
(11,213) |
|
Balance at March 28, 2020 |
|
89,637,920 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
554,495 |
|
|
$ |
(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 |
|
89,637,920 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
556,019 |
|
|
$ |
(167,191) |
|
|
$ |
(39,610) |
|
|
$ |
349,227 |
|
Net Income |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
9,304 |
|
|
— |
|
|
9,304 |
|
Stock-based compensation |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
1,148 |
|
|
— |
|
|
— |
|
|
1,148 |
|
Vesting of restricted shares |
|
88,305 |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
Change in cumulative foreign currency translation adjustment |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
3,070 |
|
|
3,070 |
|
Balance at September 26, 2020 |
|
89,726,225 |
|
|
$ |
9 |
|
|
— |
|
|
$ |
— |
|
|
$ |
557,167 |
|
|
$ |
(157,887) |
|
|
$ |
(36,540) |
|
|
$ |
362,749 |
|
The accompanying notes are an integral part of these Condensed Consolidated Financial Statements.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
1. Basis of Presentation:
Hillman Solutions Corp., its predecessor for accounting purposes HMAN Group Holdings Inc.., and wholly-owned subsidiaries are collectively referred to herein as the "Company." The accompanying unaudited financial statements include the condensed consolidated accounts of the Company for the thirty-nine weeks ended September 25, 2021. Unless the context requires otherwise, references to "Hillman," "we," "us," "our," or "our Company" refer to Hillman Solutions Corp. and its wholly-owned subsidiaries. All significant intercompany balances and transactions have been eliminated. The Hillman Solutions Corp. is the newly formed parent company of HMAN Group Holdings Inc. (previously known as “Holdco”).
The accompanying unaudited condensed consolidated financial statements present information in accordance with accounting principles generally accepted in the United States for interim financial information and the instructions to Form 10-Q and applicable rules of Regulation S-X. Accordingly, they do not include all information or footnotes required by U.S. generally accepted accounting principles for complete financial statements. Operating results for the thirty-nine weeks ended September 25, 2021 do not necessarily indicate the results that may be expected for the full year. For further information, refer to the consolidated financial statements for the year ended December 26, 2020 and notes thereto included in the S-1 filed on August 25, 2021 with the Securities and Exchange Commission (“SEC”).
On July 14, 2021, privately held HMAN Group Holdings Inc. ("Old Hillman"), and Landcadia Holdings III, Inc. (“Landcadia” and after the Business Combination described herein, “New Hillman”), a special purpose acquisition company ("SPAC") consummated the previously announced business combination (the “Closing”) pursuant to the terms of the Agreement and Plan of Merger, dated as of January 24, 2021 (as amended on March 12, 2021, the "Merger Agreement”) by and among Landcadia, Helios Sun Merger Sub, a wholly-owned subsidiary of Landcadia (“Merger Sub”), HMAN Group Holdings Inc., a Delaware corporation (“Hillman Holdco”) and CCMP Sellers’ Representative, LLC, a Delaware limited liability company in its capacity as the Stockholder Representative thereunder (the “Stockholder Representative”). Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Hillman Holdco with Hillman Holdco surviving the merger as a wholly owned subsidiary of New Hillman, which was renamed “Hillman Solutions Corp.” (the “Merger” and together with the other transactions contemplated by the Merger Agreement, the “Business Combination”). Unless the context indicates otherwise, the discussion of the Company and its financial condition and results of operations is with respect to New Hillman following the closing date and Old Hillman prior to the closing date. See Note 3 - Merger Agreement for more information.
In connection with the closing of the Business Combination on July 14, 2021, Landcadia changed its name from “Landcadia Holdings III, Inc." to “Hillman Solutions Corp.” and the Company’s common stock and warrants began trading on The Nasdaq Stock Market under the trading symbols “HLMN” and “HLMNW,” respectively.
2. Summary of Significant Accounting Policies:
The significant accounting policies should be read in conjunction with the significant accounting policies included in the S-1 filed on August 25, 2021 with the Securities and Exchange Commission (“SEC”).
Use of Estimates in the Preparation of Financial Statements:
The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the dates of the financial statements and the reported amounts of revenues and expenses for the reporting periods. Actual results may differ from these estimates.
The extent to which COVID-19 impacts the Company’s business and financial results will depend on numerous evolving factors including, but not limited to: the magnitude and duration of COVID-19, the extent to which it will impact worldwide macroeconomic conditions including interest rates, employment rates and health insurance coverage, the speed of the anticipated recovery, and governmental and business reactions to the pandemic. The Company assessed certain accounting matters that generally require consideration of forecasted financial information in context with the information reasonably available to the Company and the unknown future impacts of COVID-19 as of September 25, 2021 and through the date of this report. The accounting matters assessed included, but were not limited to the carrying value inventory and the carrying value of the goodwill and other long-lived assets.
HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
In 2020, the pandemic had a significant impact on the Company's business, driving high demand for personal protective equipment, including face masks, disposable gloves, sanitizing wipes, and disinfecting sprays. During 2020, at the request of our customers, the Company began to sell certain categories of protective and cleaning equipment that are not a part of our core product offerings, including wipes, sprays, masks and bulk boxes of disposable gloves. High demand and limited supply of these products available for retail sale drove prices and cost up in 2020. In contrast, in 2021 the pandemic has had less of an impact on the Company's business, economic activity has generally recovered, and consumer access to personal protective equipment has normalized. By the end of the third quarter of 2021 the Company's product mix has begun to normalize back to near pre-pandemic levels. In 2021, demand for certain protective products softened as vaccines were rolled out and supply returned to a more normal level. In the third quarter of 2021, we evaluated our customers' needs and the market conditions and ultimately decided to exit certain protective product categories. In connection with the exit of these product lines, the Company recorded an inventory valuation charge of $32,026 thousand including the write off of inventory along with costs for donation and disposal of the remaining inventory on hand. Excluding the inventory valuation charge, there was not a material impact to the Company’s consolidated financial statements as of and for the quarter ended September 25, 2021, the Company’s future assessment of the magnitude and duration of COVID-19, as well as other factors, could result in material impacts to the Company’s Consolidated Financial Statements in future reporting periods.
Warrant Liabilities:
The Company accounts for the warrants in accordance with the guidance contained in ASC 815-40 under which the warrants do not meet the criteria for equity treatment and must be recorded as liabilities. Accordingly, the Company classifies the warrants as liabilities at their fair value and adjusts the warrants to fair value at each reporting period. This liability is subject to re-measurement at each balance sheet date until exercised, and any change in fair value is recognized in the Company's statement of operations. See Note 11 - Warrants for additional information.
Revenue Recognition:
Revenue is recognized when control of goods or services is transferred to our customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. Sales and other taxes the Company collects concurrent with revenue-producing activities are excluded from revenue.
The Company offers a variety of sales incentives to its customers primarily in the form of discounts and rebates. Discounts are recognized in the consolidated financial statements at the date of the related sale. Rebates are based on the revenue to date and the contractual rebate percentage to be paid. A portion of the cost of the rebate is allocated to each underlying sales transaction. Discounts and rebates are included in the determination of net sales.
The Company also establishes reserves for customer returns and allowances. The reserve is established based on historical rates of returns and allowances. The reserve is adjusted quarterly based on actual experience. Returns and allowances are included in the determination of net sales.
The following table displays our disaggregated revenue by product category:
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Thirteen weeks ended September 25, 2021 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
Fastening and Hardware |
$ |
189,935 |
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$ |
— |
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$ |
34,648 |
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$ |
224,583 |
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Personal Protective |
71,521 |
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— |
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|
79 |
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|
71,600 |
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Keys and Key Accessories |
— |
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52,586 |
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|
778 |
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|
53,364 |
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Engraving |
— |
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|
14,853 |
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|
20 |
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|
14,873 |
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Resharp |
— |
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|
60 |
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— |
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|
60 |
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Consolidated |
$ |
261,456 |
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$ |
67,499 |
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$ |
35,525 |
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$ |
364,480 |
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HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
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Thirteen weeks ended September 26, 2020 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
Fastening and Hardware |
$ |
202,876 |
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$ |
— |
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$ |
38,383 |
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$ |
241,259 |
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Personal Protective |
97,431 |
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— |
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12 |
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|
97,443 |
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Keys and Key Accessories |
— |
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|
44,974 |
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|
790 |
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|
45,764 |
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Engraving |
— |
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|
14,205 |
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2 |
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|
14,207 |
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Resharp |
— |
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7 |
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— |
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7 |
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Consolidated |
$ |
300,307 |
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$ |
59,186 |
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$ |
39,187 |
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$ |
398,680 |
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Thirty-nine weeks ended September 25, 2021 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
|
Canada |
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Total Revenue |
Fastening and Hardware |
$ |
557,745 |
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$ |
— |
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$ |
114,565 |
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$ |
672,310 |
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Personal Protective |
217,769 |
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— |
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270 |
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218,039 |
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Keys and Key Accessories |
— |
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144,969 |
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|
1,345 |
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146,314 |
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Engraving |
— |
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44,635 |
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53 |
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44,688 |
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Resharp |
— |
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125 |
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— |
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125 |
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Consolidated |
$ |
775,514 |
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$ |
189,729 |
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$ |
116,233 |
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$ |
1,081,476 |
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Thirty-nine weeks ended September 26, 2020 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
Fastening and Hardware |
$ |
543,832 |
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$ |
— |
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$ |
98,430 |
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$ |
642,262 |
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Personal Protective |
239,151 |
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— |
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|
78 |
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|
239,229 |
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Keys and Key Accessories |
— |
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|
119,001 |
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|
2,039 |
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|
121,040 |
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Engraving |
— |
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|
38,666 |
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5 |
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|
38,671 |
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Resharp |
— |
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24 |
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— |
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24 |
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Consolidated |
$ |
782,983 |
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$ |
157,691 |
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$ |
100,552 |
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$ |
1,041,226 |
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The following table disaggregates our revenue by geographic location:
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Thirteen weeks ended September 25, 2021 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
United States |
$ |
256,407 |
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$ |
66,563 |
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$ |
— |
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$ |
322,970 |
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Canada |
1,866 |
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|
936 |
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35,525 |
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|
38,327 |
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Mexico |
3,183 |
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— |
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— |
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|
3,183 |
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Consolidated |
$ |
261,456 |
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$ |
67,499 |
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$ |
35,525 |
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$ |
364,480 |
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HILLMAN SOLUTIONS CORP. AND SUBSIDIARIES
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(dollars in thousands)
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Thirteen weeks ended September 26, 2020 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
|
Canada |
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Total Revenue |
United States |
$ |
295,689 |
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$ |
58,566 |
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$ |
— |
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$ |
354,255 |
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Canada |
2,292 |
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620 |
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39,187 |
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42,099 |
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Mexico |
2,326 |
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— |
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— |
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2,326 |
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Consolidated |
$ |
300,307 |
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$ |
59,186 |
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$ |
39,187 |
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$ |
398,680 |
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Thirty-nine weeks ended September 25, 2021 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
|
Canada |
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Total Revenue |
United States |
$ |
760,946 |
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$ |
187,602 |
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$ |
— |
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$ |
948,548 |
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Canada |
5,145 |
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2,127 |
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|
116,233 |
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|
123,505 |
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Mexico |
9,423 |
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— |
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— |
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|
9,423 |
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Consolidated |
$ |
775,514 |
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$ |
189,729 |
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$ |
116,233 |
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$ |
1,081,476 |
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Thirty-nine weeks ended September 26, 2020 |
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Hardware and Protective Solutions |
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Robotics and Digital Solutions |
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Canada |
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Total Revenue |
United States |
$ |
771,064 |
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$ |
156,249 |
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$ |
— |
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$ |
927,313 |
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