|
Cayman Islands
(State or other jurisdiction of
incorporation or organization) |
| |
2842
(Primary Standard Industrial
Classification Code Number) |
| |
Not applicable
(I.R.S. Employer
Identification No.) |
|
|
Bradley C. Reed, P.C.
Alexander M. Schwartz Kirkland & Ellis LLP 300 North LaSalle Chicago, IL 60654 (312) 862-2000 |
| |
Thomas Holden
Rachel D. Phillips Ropes & Gray LLP 3 Embarcadero Center San Francisco, CA 94111 (415) 315-6300 |
|
|
Large accelerated filer
☐
|
| |
Accelerated Filer
☐
|
|
|
Non-accelerated filer
☒
|
| |
Smaller Reporting Company
☐
|
|
| | | |
Emerging Growth Company
☐
|
|
| | |||||||||||
Title of Each Class of Securities to be Registered
|
| | |
Proposed
Maximum Aggregate Offering(1)(2) |
| | |
Amount of
Registration Fee |
| |||
Ordinary shares, par value $ per share
|
| | |
$
|
| | | |
$
|
|
| |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | | | | 1 | | | |
| | | | | 18 | | | |
| | | | | 37 | | | |
| | | | | 39 | | | |
| | | | | 40 | | | |
| | | | | 41 | | | |
| | | | | 42 | | | |
| | | | | 44 | | | |
| | | | | 46 | | | |
| | | | | 48 | | | |
| | | | | 80 | | | |
| | | | | 98 | | | |
| | | | | 103 | | | |
| | | | | 118 | | | |
| | | | | 119 | | | |
| | | | | 121 | | | |
| | | | | 124 | | | |
| | | | | 138 | | | |
| | | | | 149 | | | |
| | | | | 155 | | | |
| | | | | 155 | | | |
| | | | | 155 | | | |
| | | | | F-1 | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Our Customer Engagement Model
|
| |
Where Diversey Adds Value – End-to-End Cleaning,
Hygiene, and Infection Prevention Solutions |
|
|
![]() |
| |
![]() |
|
|
![]() |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
By Segment
|
| |
By Region
|
|
|
![]() |
| |
![]() |
|
| | | | | |
|
By Region
|
| |
By Sector
|
|
|
![]() |
| |
![]() |
|
| | | | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
By Region
|
| |
By Sector
|
|
|
![]() |
| |
![]() |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||
| | |
Years end December 31,
|
| |
For the period
March 15 – December 31 |
| | |
For the period
January 1 – September 5 |
| |||||||||||||||
(in millions, except per share amounts)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2017
|
| ||||||||||||
Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,623.9 | | | | | $ | 2,688.1 | | | | | $ | 870.2 | | | | | | $ | 1,681.3 | | |
Cost of sales
|
| | | | 1,522.1 | | | | | | 1570.6 | | | | | | 518.2 | | | | | | | 959.0 | | |
Gross profit
|
| | | | 1,101.8 | | | | | | 1,117.5 | | | | | | 352.0 | | | | | | | 722.3 | | |
Selling, general and administrative expenses
|
| | | | 855.6 | | | | | | 883.8 | | | | | | 284.3 | | | | | | | 641.9 | | |
Transition and transformation costs
|
| | | | 52.8 | | | | | | 120.6 | | | | | | 53.7 | | | | | |
|
—
|
| |
Management fee
|
| | | | 7.5 | | | | | | 7.5 | | | | | | 2.4 | | | | | |
|
—
|
| |
Share-based compensation
|
| | | | 3.0 | | | | |
|
—
|
| | | |
|
—
|
| | | | | | 12.3 | | |
Amortization of intangible assets
|
| | | | 93.7 | | | | | | 91.2 | | | | | | 19.4 | | | | | | | 40.6 | | |
Impairment of goodwill
|
| | |
|
—
|
| | | | | 68.5 | | | | |
|
—
|
| | | | |
|
—
|
| |
Restructuring costs
|
| | | | 19.8 | | | | | | 24.9 | | | | |
|
—
|
| | | | | | 0.1 | | |
Merger and acquisition-related costs
|
| | | | 0.3 | | | | | | 7.3 | | | | | | 38.0 | | | | | |
|
—
|
| |
Operating income (loss)
|
| | | | 69.1 | | | | | | (86.3) | | | | | | (45.8) | | | | | | | 27.4 | | |
Interest expense
|
| | | | 141.0 | | | | | | 135.2 | | | | | | 42.7 | | | | | | | 9.0 | | |
Gain on sale of business investment
|
| | | | (13.0) | | | | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| |
Bridge commitment fees
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 7.5 | | | | | |
|
—
|
| |
Foreign currency loss related to Argentina subsidiaries
|
| | | | 11.4 | | | | | | 2.4 | | | | |
|
—
|
| | | | |
|
—
|
| |
Loss on settlement of foreign currency contract
|
| | | | — | | | | | | — | | | | | | 121.3 | | | | | | | — | | |
Other (income) expense, net
|
| | | | 6.0 | | | | | | 0.8 | | | | | | (2.7) | | | | | | | (0.9) | | |
Income (loss) before income tax provision (benefit)
|
| | | | (76.3) | | | | | | (224.7) | | | | | | (214.6) | | | | | | | 19.3 | | |
Income tax provision (benefit)
|
| | | | 32.7 | | | | | | 14.4 | | | | | | (61.6) | | | | | | | 23.8 | | |
Net income (loss)
|
| | | $ | (109.0) | | | | | $ | (239.1) | | | | | $ | (153.0) | | | | | | $ | (4.5) | | |
Basic and diluted loss per share(1)
|
| | | $ | (1.15) | | | | | $ | (2.54) | | | | | $ | (1.63) | | | | | | | | | |
Basic and diluted weighted-average shares
outstanding(1) |
| | | | 94.40 | | | | | | 94.00 | | | | | | 93.70 | | | | | | | | | |
Basic and diluted pro forma loss per share(1)(2)
|
| | | $ | | | | | | | | | | | | | | | | | | | | | | |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||
| | |
Years end December 31,
|
| |
For the period
March 15 – December 31 |
| | |
For the period
January 1 – September 5 |
| |||||||||||||||
(in millions, except per share amounts)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2017
|
| ||||||||||||
Basic and diluted pro forma weighted-average
shares outstanding(1)(2) |
| | | | | | | | | | | | | | | | | | | | | | | | | |
Balance Sheet Data (as of the end of period): | | | | | | | | | | | | | | | | | | | | | | | | | | |
Working capital
|
| | | $ | 29.7 | | | | | $ | 42.3 | | | | | $ | 382.4 | | | | | | $ | | | |
Cash and cash equivalents
|
| | | | 128.3 | | | | | | 73.4 | | | | | | 287.0 | | | | | | | | | |
Property and equipment, net
|
| | | | 172.2 | | | | | | 206.8 | | | | | | 190.1 | | | | | | | | | |
Total assets
|
| | | | 4,213.5 | | | | | | 4,190.0 | | | | | | 4,567.6 | | | | | | | | | |
Total liabilities
|
| | | | 4,534.7 | | | | | | 4,546.9 | | | | | | 4,611.9 | | | | | | | | | |
Total stockholder’s equity
|
| | | | (321.2) | | | | | | (356.9) | | | | | | (44.3) | | | | | | | | | |
Other Financial Data: | | | | | | | | | | | | | | | | | | | | | | | | | | |
EBITDA(3) | | | | $ | 242.7 | | | | | $ | 76.9 | | | | | $ | (131.4) | | | | | | $ | 116.9 | | |
Non-GAAP consolidated Adjusted EBITDA(1)
|
| | | $ | 339.8 | | | | | $ | 321.6 | | | | | $ | 113.8 | | | | | | $ | 196.0 | | |
Dosing and dispensing equipment expenditures
|
| | | $ | (93.4) | | | | | $ | (83.2) | | | | | $ | (24.5) | | | | | | $ | (38.5) | | |
Capital expenditures
|
| | | $ | (29.0) | | | | | $ | (44.2) | | | | | $ | (4.1) | | | | | | $ | (12.3) | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||
| | |
Years Ended December 31,
|
| |
For the period
March 15 – December 31, |
| | |
For the period
January 1 – September 5 |
| |||||||||||||||
(in millions)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2017
|
| ||||||||||||
Income (loss) before income tax provisions (benefit)
|
| | | $ | (76.3) | | | | | $ | (224.7) | | | | | $ | (214.6) | | | | | | $ | 19.3 | | |
Interest expense
|
| | | | 141.0 | | | | | | 135.2 | | | | | | 42.7 | | | | | | | 9.0 | | |
Interest income
|
| | | | (7.5) | | | | | | (5.8) | | | | | | (1.4) | | | | | | | (3.3) | | |
Amortization expense of intangible assets
acquired |
| | | | 93.7 | | | | | | 91.2 | | | | | | 19.4 | | | | | | | 40.6 | | |
Depreciation expense included in cost of sales
|
| | | | 84.4 | | | | | | 73.4 | | | | | | 21.5 | | | | | | | 41.1 | | |
Depreciation expense included in selling, general and
administrative expenses |
| | | | 7.4 | | | | | | 7.6 | | | | | | 1.0 | | | | | | | 10.2 | | |
EBITDA
|
| | | $ | 242.7 | | | | | $ | 76.9 | | | | | $ | (131.4) | | | | | | $ | 116.9 | | |
Impairment of goodwill(1)
|
| | | | — | | | | | | 68.5 | | | | | | — | | | | | | | — | | |
Transition and transformation costs and non-recurring costs(2)
|
| | | | 52.8 | | | | | | 120.6 | | | | | | 63.3 | | | | | | | — | | |
Restructuring costs(3)
|
| | | | 19.8 | | | | | | 24.9 | | | | | | — | | | | | | | 0.1 | | |
Foreign currency loss related to Argentina subsidiaries(4)
|
| | | | 11.4 | | | | | | 3.4 | | | | | | — | | | | | | | — | | |
Loss on foreign currency forward contract(5)
|
| | | | — | | | | | | — | | | | | | 121.3 | | | | | | | — | | |
Adjustment of tax indemnification asset(6)
|
| | | | 7.1 | | | | | | 31.0 | | | | | | (3.9) | | | | | | | — | | |
Merger and acquisition-related cost(7)
|
| | | | 0.3 | | | | | | 7.3 | | | | | | 38.0 | | | | | | | — | | |
Acquisition accounting adjustments(8)
|
| | | | 1.9 | | | | | | 5.3 | | | | | | 16.0 | | | | | | | — | | |
Bain Capital management fee(9)
|
| | | | 7.5 | | | | | | 7.5 | | | | | | 2.4 | | | | | | | — | | |
Non-cash pension and other post-employment benefit plan(10)
|
| | | | (8.8) | | | | | | (10.5) | | | | | | (2.9) | | | | | | | (5.9) | | |
Foreign currency loss (gain)(11)
|
| | | | 10.8 | | | | | | (16.3) | | | | | | 0.8 | | | | | | | 0.1 | | |
Factoring fees(12)
|
| | | | 3.4 | | | | | | 0.6 | | | | | | — | | | | | | | — | | |
Share-based incentive compensation
|
| | | | 3.0 | | | | | | — | | | | | | — | | | | | | | 12.3 | | |
Charges related to sale of Diversey(13)
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 23.1 | | |
Bridge commitment fees(14)
|
| | | | — | | | | | | — | | | | | | 7.5 | | | | | | | — | | |
Stand-alone adjustment(15)
|
| | | | — | | | | | | — | | | | | | — | | | | | | | 40.3 | | |
Gain on sale of business and investments(16)
|
| | | | (13.0) | | | | | | — | | | | | | — | | | | | | | — | | |
Non-cash items
|
| | | | — | | | | | | — | | | | | | 1.8 | | | | | | | 4.2 | | |
Other items
|
| | | | 0.9 | | | | | | 2.4 | | | | | | 0.9 | | | | | | | 4.9 | | |
Non-GAAP consolidated Adjusted EBITDA
|
| | | $ | 339.8 | | | | | $ | 321.6 | | | | | $ | 113.8 | | | | | | $ | 196.0 | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
As of September 30, 2020
|
| |||||||||
| | |
Actual
|
| |
Pro Forma
|
| ||||||
| | |
(in millions)
|
| |||||||||
Cash and cash equivalents
|
| | | $ | | | | | $ | | | ||
Total debt: | | | | | | | | | | | | | |
Senior Secured Credit Facilities:
|
| | | | | | | | | | | | |
Term Loan Facility
|
| | | | | | | | | | | | |
Revolving Credit Facility
|
| | | | | | | | | | | | |
Senior Notes
|
| | | | | | | | | | | | |
Short-term borrowings
|
| | | | | | | | | | | | |
Other
|
| | | | | | | | | | | | |
Unamortized deferred financing costs
|
| | | | | | | | | | | | |
Unamortized original issue discount
|
| | | | | | | | | | | | |
Total debt
|
| | | $ | | | | | $ | | | ||
Preferred Equity Certificates
|
| | | | | | | | | | | | |
Shareholders’ Equity: | | | | | | | | | | | | | |
Ordinary shares, $ par value per share, shares authorized and outstanding
|
| | | $ | | | | | | | | | |
Additional Paid-In Capital
|
| | | | | | | | | | | | |
Accumulated deficit
|
| | | | | | | | | | | | |
Accumulated other comprehensive loss
|
| | | | | | | | | | | | |
Total stockholders’ equity
|
| | | $ | | | | | $ | | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Assumed initial public offering price per share
|
| | | | | | | | | $ | | | |
|
Historical net tangible book value per share as of September 30, 2020
|
| | | $ | | | | | | | | | |
|
Increase in net tangible book value per share attributable to the investors in this offering
|
| | | | | | | | |||||
|
Pro forma net tangible book value per share after giving effect to this offering
|
| | | | | | | | | | | | |
|
Dilution in net tangible book value per share to the investors in this offering
|
| | | | | | | | | $ | | | |
| | |
Shares Purchased
|
| |
Total Consideration
|
| |
Average Price
|
| ||||||
| | |
Number
|
| |
Percentage
|
| |
Amount
|
| |
Percentage
|
| |
Per Share
|
|
Existing Shareholders
|
| |
|
| |
|
| | | | | | | | | |
New Investors
|
| | | | | | | | | | | | | | | |
Total
|
| | | | | | | | | | | | | | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||||||||||||||
| | |
Fiscal Years ended
December 31, |
| |
For the period
March 15 – December 31 |
| | |
For the period
January 1 – September 5 |
| |
Fiscal Years ended
December 31, |
| ||||||||||||||||||||||||
(in millions, except per share amounts)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2017
|
| |
2016
|
| |
2015
|
| ||||||||||||||||||
Statements of Operations Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Net sales
|
| | | $ | 2,623.9 | | | | | $ | 2,688.1 | | | | | $ | 870.2 | | | | | | $ | 1,681.3 | | | | | $ | 2,568.8 | | | | | $ | 2,620.7 | | |
Cost of sales
|
| | | | 1,522.1 | | | | | | 1,570.6 | | | | | | 518.2 | | | | | | | 959.0 | | | | | | 1,448.2 | | | | | | 1,492.4 | | |
Gross profit
|
| | | | 1,101.8 | | | | | | 1,117.5 | | | | | | 352.0 | | | | | | | 722.3 | | | | | | 1,120.6 | | | | | | 1,128.3 | | |
Selling, general and administrative
|
| | | | 855.6 | | | | | | 883.8 | | | | | | 284.3 | | | | | | | 641.9 | | | | | | 939.8 | | | | | | 968.3 | | |
Transition and transformation costs
|
| | | | 52.8 | | | | | | 120.6 | | | | | | 53.7 | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Management fee
|
| | | | 7.5 | | | | | | 7.5 | | | | | | 2.4 | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Share-based compensation
|
| | | | 3.0 | | | | |
|
—
|
| | | |
|
—
|
| | | | | | 12.3 | | | | |
|
—
|
| | | |
|
—
|
| |
Amortization of intangible assets
|
| | | | 93.7 | | | | | | 91.2 | | | | | | 19.4 | | | | | | | 40.6 | | | | | | 57.3 | | | | | | 54.6 | | |
Impairment of goodwill
|
| | |
|
—
|
| | | | | 68.5 | | | | |
|
—
|
| | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Restructuring costs
|
| | | | 19.8 | | | | | | 24.9 | | | | |
|
—
|
| | | | | | 0.1 | | | | | | 10.8 | | | | | | 29.3 | | |
Merger and acquisition-related costs
|
| | | | 0.3 | | | | | | 7.3 | | | | | | 38.0 | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Operating income (loss)
|
| | | | 69.1 | | | | | | (86.3) | | | | | | (45.8) | | | | | | | 27.4 | | | | | | 112.7 | | | | | | 76.1 | | |
Interest expense
|
| | | | 141.0 | | | | | | 135.2 | | | | | | 42.7 | | | | | | | 9.0 | | | | | | 13.8 | | | | | | 16.3 | | |
Loss on sale of business investment
|
| | | | (13.0) | | | | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Bridge commitment fees
|
| | |
|
—
|
| | | |
|
—
|
| | | | | 7.5 | | | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Foreign currency loss related to Argentina subsidiaries
|
| | | | 11.4 | | | | | | 2.4 | | | | |
|
—
|
| | | | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| |
Foreign currency loss related to Venezuelan subsidiaries
|
| | |
|
—
|
| | | |
|
—
|
| | | |
|
—
|
| | | | |
|
—
|
| | | | | 1.7 | | | | | | 5.9 | | |
Loss on settlement of foreign currency contract.
|
| | | | — | | | | | | — | | | | | | 121.3 | | | | | | | — | | | | |
|
—
|
| | | |
|
—
|
| |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||||||||||||||
| | |
Fiscal Years ended
December 31, |
| |
For the period
March 15 – December 31 |
| | |
For the period
January 1 – September 5 |
| |
Fiscal Years ended
December 31, |
| ||||||||||||||||||||||||
(in millions, except per share amounts)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2017
|
| |
2016
|
| |
2015
|
| ||||||||||||||||||
Other (income) expense, net
|
| | | | 6.0 | | | | | | 0.8 | | | | | | (2.7) | | | | | | | (0.9) | | | | | | (3.6) | | | | | | 1.8 | | |
Loss before income tax (benefit)
|
| | | | (76.3) | | | | | | (224.7) | | | | | | (214.6) | | | | | | | 19.3 | | | | | | 100.8 | | | | | | 52.1 | | |
Income tax provision (benefit)
|
| | | | 32.7 | | | | | | 14.4 | | | | | | (61.6) | | | | | | | 23.8 | | | | | | (7.4) | | | | | | (33.1) | | |
Net income (loss)
|
| | | $ | (109.0) | | | | | $ | (239.1) | | | | | $ | (153.0) | | | | | | $ | (4.5) | | | | | $ | 108.2 | | | | | $ | 85.2 | | |
Basic and diluted loss per share(1)
|
| | | $ | (1.15) | | | | | $ | (2.54) | | | | | $ | (1.63) | | | | | | | | | | | | | | | | | | | | | |
Basic and diluted weighted-average shares outstanding(1)
|
| | | | 94.40 | | | | | | 94.00 | | | | | | 93.70 | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | |
| | |
Successor (consolidated)
|
| | |
Predecessor (combined)
|
| ||||||||||||||||||||||||
| | |
As of December 31,
|
| | |
As of December 31,
|
| ||||||||||||||||||||||||
(in millions)
|
| |
2019
|
| |
2018
|
| |
2017
|
| | |
2016
|
| |
2015
|
| |||||||||||||||
Consolidated Balance Sheet Data: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
Property and equipment, net
|
| | | $ | 172.2 | | | | | $ | 206.8 | | | | | $ | 190.1 | | | | | | $ | 171.3 | | | | | $ | 192.9 | | |
Total assets
|
| | | | 4,213.5 | | | | | | 4,190.0 | | | | | | 4,567.6 | | | | | | | 3,146.6 | | | | | | 3.330.7 | | |
Total liabilities
|
| | | | 4,534.7 | | | | | | 4,546.9 | | | | | | 4,611.9 | | | | | | | 1,538.1 | | | | | | 1,617.0 | | |
Total debt(2)
|
| | | | 2,522.5 | | | | | | 2,463.1 | | | | |
|
—
|
| | | | | | 216.4 | | | | | | 224.9 | | |
Total stockholder’s equity
|
| | | | (321.2) | | | | | | (356.9) | | | | | | (44.3) | | | | | | | 1,608.5 | | | | | | 1,713.7 | | |
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
|
Confidential Treatment requested by Diversey Holdings, Ltd.
Pursuant to 17 C.F.R. Section 200.83 |
|
(in millions, except per share amounts)
|
| |
Year Ended
December 31, 2019 |
| |
Year Ended
December 31, 2018 |
| | |
Aggregated
Year Ended December 31, 2017 (Non-GAAP) |
| | |
Successor –
March 15, 2017 through December 31, 2017 |
| | |
Predecessor –
January 1, 2017 through September 5, 2017 |
| |||||||||||||||
Net sales
|
| | | $ | 2,623.9 | | | | | $ | 2,688.1 | | | | | | $ | 2,551.5 | | | | | | $ | 870.2 | | | | | | $ | 1,681.3 | | |
Cost of sales
|
| | | | 1,522.1 | | | | | | 1,570.6 | | | | | | | 1,477.2 | | | | | | | 518.2 | | | | | | | 959.0 | | |
Gross profit
|
| | | | 1,101.8 | | | | | | 1,117.5 | | | | | | | 1,074.3 | | | | | | | 352.0 | | | | | | | 722.3 | | |
Selling, general and administrative
expenses |
| | | | 855.6 | | | | | | 883.8 | | | | | | | 926.2 | | | | | | | 284.3 | | | | | | | 641.9 | | |
Transition and transformation costs
|
| | | | 52.8 | | | | | | 120.6 | | | | | | | 53.7 | | | | | | | 53.7 | | | | | | | — | | |
Management fee
|
| | | | 7.5 | | | | | | 7.5 | | | | | | | 2.4 | | | | | | | 2.4 | | | | | | | — | | |