Olaplex Results Presentation Deck
1.
NON-GAAP RECONCILIATION
3.
Adjusted EBITDA ($MM)
Net Income
Depreciation and amortization of intangible assets
Interest expense
Income tax provision
Share-based compensation
Inventory write off and disposal¹
Executive reorganization costs²
Loss on extinguishment of debt³
Adjusted EBITDA
Adjusted EBITDA margin
For the Quarter Ended
March 31,
2023
$ 21
12
Q1 2023 EARNINGS
11
4
2
*
$ 50
44.0%
2022
$ 62
12
11
16
2
4
19
$ 126
67.9%
Adjusted Gross Profit ($MM)
Gross Profit
23
Amortization of patented formulations
Inventory write off and disposal¹
Adjusted Gross Profit
Adjusted Gross Profit Margin
For the Quarter Ended March 31,
2023
$ 81
2
*
$ 83
72.6%
2022
$ 141
2
4
The inventory write-off and disposal costs relate to unused stock of a product that the Company reformulated in June 2021 as a result of regulation changes in the E.U. In the interest of having a single formulation for sale
worldwide, the Company reformulated on a global basis and is now disposing of unused stock.
2. Executive reorganization costs in the three months ended March 31, 2023 represent ongoing benefit payments associated with the departure of the Company's Chief Operating Officer during the year ended December 31, 2022.
On February 23, 2022, the Company refinanced its existing secured credit facility with a new credit agreement comprised of a $675 million senior secured term loan facility and a $150 million senior secured revolving credit facility.
This refinancing resulted in recognition of loss on extinguishment of debt of $18.8 million which is comprised of $11.0 million in deferred financing fee write off, and $7.8 million of prepayment fees for the previously existing credit
facility. Loss on extinguishment of debt is included as non-ordinary costs and fees in the reconciliations above.
Costs for this period were less than $500 thousand dollars, and round to zero in this presentation.
$147
79.1%
OLAPLEX.View entire presentation