Hydrafacial Results Presentation Deck
RECONCILIATION OF NON-GAAP MEASURES (CONT'D)
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
Year Ended December 31, 2021
$260.1
(375.1)
($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
Interest expense
Income tax benefit
Foreign currency loss, net
Other expense (income)
Management fees
Transaction related costs
s²
Other non-recurring and one-time fees³
Adjusted EBITDA
Adjusted EBITDA margin
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%
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 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 Such costs primarily represent one-time retention awards related to the distributor acquisitions and executive recruiting and severance fees
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