Hydrafacial Results Presentation Deck
Reconciliation of Gross Profit to Adjusted Gross Profit and Adjusted Gross Margin
($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
Three months ended March 31,
2022
$75.4
23.5
$51.9
68.9%
0.2
2.7
$54.8
72.7%
2021
$47.5
15.8
$31.7
66.8%
2.6
$34.3
72.2%
Reconciliation of Net Income (Loss) to Adjusted EBITDA and Adjusted EBITDA Margin
Three months ended March 31,
2022
$75.4
32.5
($mm)
Net sales
Net income (loss)
Adjusted to exclude the following:
Change in fair value of warrant liability
Amortization expense
Stock-based compensation expense
Other expense (income)
Management fees¹
Transaction related costs²
Other non-recurring and one-time fees³
Aggregate adjustment for income taxes
Adjusted net income (loss)
Depreciation expense
Interest expense
Income tax benefit (expense)
Foreign currency (gain) loss, net
Remaining benefit for income taxes
Adjusted EBITDA
Adjusted EBITDA margin
(52.1)
3.7
7.0
0.9
1.0
2.0
(3.6)
($8.5)
1.4
3.4
(0.4)
6.2
$2.2
2.9%
2021
$47.5
(3.3)
2.9
0.0
0.0
0.1
0.7
0.1
(0.8)
($0.1)
0.7
5.7
0.3
0.5
$7.0
14.8%
1 Represents quarterly management fees paid to the former majority shareholder of HydraFacial based on a pre-determined formula. Following the Business Combination, these fees are no longer paid
2 For the three months ended March 31, 2022, such amounts primarily represent direct costs incurred in relation to potential acquisitions. For the three moths ended March 31, 2021, such amounts represent direct costs incurred with the Business Combination and to prepare HydraFacial
to be marketed for sale by HydraFacial's shareholders in previous periods. These costs do not have a continuing impact
3 For the three months ended March 31, 2022, such costs represent one-time personnel costs related to executive recruiting, executive severance, and a CEO sign-on bonus. Such costs for the three months ended March 31, 2021 primarily represent personnel costs associated with
restructuring HydraFacial's sales force and costs associated with a former warehouse and assembly facility during the transition period, offset by a legal settlement received in favor of HydraFacial
22View entire presentation