Hydrafacial Results Presentation Deck
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
Three Months Ended
06/30/21
$66.5
(139.4)
($mm)
Net sales
Net income (loss)
Adjusted to exclude the following:
Change in fair value of warrant liability
Change in fair value of earn-out shares liability
Depreciation & amortization expense
Stock-based compensation expense
RECONCILIATION OF NON-GAAP MEASURES (CONT'D)
Interest expense
Income tax benefit
Foreign currency loss, net
Other expense (income)
Management fees
Transaction related costs²
12/31/20
$37.9
(7.5)
3.5
5.8
(3.0)
0.1
0.5
3.2
1.0
$3.6
9.4%
03/31/21
$47.5
(3.3)
3.6
0.0
5.7
(0.3)
0.3
0.1
0.7
0.1
$7.0
14.8%
72.0
36.5
3.7
3.5
2.1
(1.9)
4.3
0.1
30.4
0.1
$11.4
17.1%
09/30/21
$68.1
(215.1)
199.3
10.6
4.6
5.1
0.5
(1.1)
0.4
(0.0)
1.2
0.5
$5.8
8.5%
17
12/31/21
$77.9
(17.3)
6.0
6.0
3.8
3.5
1.1
(0.6)
0.2
2.6
3.3
$8.5
10.9%
Year Ended December 31,
2020
$119.1
(29.2)
14.5
0.4
21.3
(9.3)
0.0
1.5
4.2
4.3
$7.7
6.5%
2021
$260.1
(375.1)
277.3
47.1
17.8
12.4
11.8
(2.2)
0.1
4.5
0.2
34.9
4.0
$32.7
12.6%
Other non-recurring and one-time fees³
Adjusted EBITDA
Adjusted EBITDA margin
1 Represents quarterly management fees paid to the former majority shareholder of the Company based on a pre-determined formula. Following the Business Combination, these fees are no longer paid.
2 For the year ended December 31, 2021, such amounts primarily represent direct costs incurred with the Business Combination, including $21.0 million paid to the former owner of HydraFacial, and to prepare HydraFacial to be marketed for sale by
HydraFacial's shareholders in previous periods.
3 For the three months ended and year ended December 31, 2021, such costs primarily represent one-time retention awards related to the distributor acquisitions and executive recruiting and severance fees. For the three months ended and year ended
December 31, 2020, such costs primarily represent COVID-19 related restructuring cost of $0.8 million and $3.2 million, respectively, including write-off of expired Consumables, discontinued product lines, human capital and cash management consultants
and, to a lesser extent, costs associated with a former warehouse and assembly facility during the transition period.View entire presentation