Waldencast SPAC Presentation Deck
OBAGI + Milk combined financial forecast
MAKEUP
OBAGI Standalone
$119
$25
$94
Net sales ($mm)
MW
'18A-'23E CAGR: 21%
$181
$51
$130
$130
$40
Milk Standalone
$90
$215
$47
$168
$314
$256 $101
$66
$190
$213
2018A 2019A³ 2020A³ 2021E 2022E 2023E
Growth %
OBAGI Standalone
$80
$11
$69
Gross profit ($mm)
Margin %
'18A-'23E CAGR: 24%
$131
$27
67.4%
$104
$87
$16
4%)/72.5%
Milk Standalone
$71
2018A 2019A³ 2020A³ 2021E
$150
$23
$127
$189
$39
$150
$231
$63
$168
2022E 2023E
OBAGI Standalone
Milk Standalone
Public company costs
$5
$18
Adjusted EBITDA ($mm)
($13)
Margin %
'18A-23E CAGR: 73%
$17
$24
$7
($11)
($4)
2018A 2019A 2020A³ 2021E
$39
($7)
$42
$50
$6
$50
$75
$17
4.1% 9.4
9.4% (2.7%) 18.0% / 19
19.6%
$634
($3) ($5) ($5)
N/A 51.9% (28.4%)³/ 66.0% %19.2% 22.
22.5%
67.4% 70.0% 73.6% 73.6%
Note: OBAGI financials exclusive of China business
*Total combined company adjusted EBITDA reflects deduction of $5mm for public company costs; Discrepancies in arithmetic are due to rounding: In fiscal year 2021, OBAGI implemented certain contractual modifications that adjust its reporting of revenue for services provided
by certain distributers on behalf of OBAGI. For the purpose of comparability with forecasted financials, the pro forma historical financials presented for FY2019 and FY2020 herein reflect estimates of the Net Revenue that would have been recognized by OBAGI had such contractual 36
changes been in effect in prior periods. These contractual modifications and adjusted reporting of revenue have no impact on OBAGI's EBITDA; OBAGI financials inclusive of 5.5% royalty; OBAGI, Milk and combined company adjusted EBITDA are non-GAAP measures. For a
reconciliation of OBAGI, Milk and combined company adjusted EBITDA to net income, the most comparable GAAP measure, see appendix
2022E¹.2 2023E¹
24.0%View entire presentation