Hydrafacial Investor Conference Presentation Deck
Reconciliation of Gross Profit to Adjusted Gross Profit
($mm)
Net sales
Less: cost of sales
Gross profit
Gross margin
RECONCILIATION OF NON-GAAP MEASURES
Adjusted to exclude the following:
Stock-based compensation expense
Depreciation and amortization expense
Adjusted gross profit
Adjusted gross margin
Year Ended December 31,
2020
$119.1
($51.9)
$67.2
56.4%
2021
$260.1
($78.3)
$181.8
69.9%
0.4
10.3
$192.5
74.0%
10.8
$78.0
65.5%
2019
$166.6
($60.1)
$106.5
63.9%
11.3
$117.8
70.7%
Reconciliation of Net Loss to Adjusted EBITDA and Adjusted EBITDA Margin
Year Ended December 31,
2020
$119.1
20
($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 fees¹
Transaction related costs²
Other non-recurring and one-time fees³
Adjusted EBITDA
Adjusted EBITDA margin
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%
(29.2)
14.5
0.4
21.3
(9.3)
0.0
1.5
4.2
4.3
$7.7
6.5%
2019
$166.6
(1.6)
13.9
0.1
17.1
(1.3)
(0.2)
(0.5)
1.8
1.7
5.7
$36.7
22.0%
! 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 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 year ended December 31, 2020, such costs primarily represent COVID-19 related restructuring cost of $3.2 million, including
write-off of expired Consumables, discontinued product lines, human capital, cash management consultant fees, and, to a lesser extent, costs associated with a former warehouse and assembly facility during the transition period. For the year ended December 31, 2019, such costs include approximately $4.0 million
related to the move from a former warehouse and assembly facility to a new warehouse and assembly facility, approximately $1.4 million to defend certain patents that were being infringed upon, and personnel costs associated with the restructuring of HydraFacial's salesforce, partially offset by a legal settlement
received in favor of HydraFacial.View entire presentation