Hydrafacial Results Presentation Deck
Reconciliation of net income to adjusted EBITDA
Three months ended December 31,
2021
Year ended December 31,
2022
$77.9
$365.9
($17.3)
$44.4
($mm)
Net sales
Net income (loss)
Adjusted to exclude the following:
Change in FV of warrant liability
Change in FV of earn-out shares liability
Amortization expense
Loss on disposal of assets
Stock-based compensation expense
Interest income
Other expense, net
Management fees¹
Transaction related costs²
Non-recurring patent litigation fees
Reorganization fees³
Other non-recurring and one-time fees4
Aggregate adjustment for income taxes
Adjusted net income (loss)
Depreciation expense
Interest expense
Foreign currency (gain) loss, net
Remaining benefit for income taxes
Adjusted EBITDA
2022
$98.1
$3.8
(6.8)
0.0
4.1
0.5
7.6
(5.6)
1.3
0.0
0.0
2.8
0.3
2.8
(3.4)
$7.4
1.9
3.4
1.4
2.2
$16.3
16.6%
6.0
0.0
3.9
0.0
3.8
0.0
0.2
0.0
2.6
0.0
2.0
1.3
(0.9)
$1.6
2.0
3.5
(0.6)
1.9
$8.5
10.9%
(78.3)
0.0
15.7
5.2
28.5
(9.2)
1.7
0.0
3.1
3.8
3.6
4.9
(14.2)
$9.1
7.2
13.4
3.2
14.8
$47.7
13.0%
2021
$260.1
($375.1)
277.3
47.1
13.3
0.0
12.4
(0.0)
4.5
0.2
34.9
0.0
2.0
2.0
(14.1)
$4.5
4.5
11.8
0.1
11.9
$32.7
12.6%
Adjusted EBITDA margin
Note: Figures may not sum due to rounding
1. Represents quarterly management fees paid to the 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 and year ended December 31, 2022, such amounts primarily represent direct costs incurred in relation to potential acquisitions. For the year ended December 31, 2021
such amounts primarily represent direct costs incurred with the Business Combination and to prepare Hydrafacial to be marketed for sale by Hydrafacial's shareholders in previous periods.
3. For the three months and year ended December 31, 2022, such costs primarily represent executive recruiting fees, severance fees and a CEO sign-on bonus. For the three months and year
ended December 31, 2021, such costs primarily represent executive recruiting and severance fees.
4. For the three months and year ended December 31, 2022, such costs primarily represent costs associated with Syndeo's US launch and international launch readiness, including premiums
paid on accelerated manufacturing and shipping, and refinancing costs associated with our credit agreement. For the three months ended and year ended December 31, 2021, such costs
primarily represent one-time retention awards related to the distributor acquisitions.
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