$OLPX
OLAPLEX HOLDINGS, INC.

2023 Q3 Form 10-Q Financial Statement

#000186872623000064 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2 2022 Q2
Revenue $123.6M $109.2M $210.9M
YoY Change -29.98% -48.2% 38.64%
Cost Of Revenue $40.01M $31.75M $54.47M
YoY Change -14.2% -41.72% 72.43%
Gross Profit $83.55M $77.50M $156.4M
YoY Change -35.65% -50.46% 29.78%
Gross Profit Margin 67.62% 70.94% 74.17%
Selling, General & Admin $36.43M $48.41M $26.11M
YoY Change 18.26% 85.41% -22.72%
% of Gross Profit 43.61% 62.47% 16.69%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.00M $10.32M $12.55M
YoY Change 25.86% -17.75% -49.96%
% of Gross Profit 15.56% 13.32% 8.02%
Operating Expenses $46.81M $58.74M $36.41M
YoY Change 13.8% 61.34% -17.2%
Operating Profit $36.74M $18.76M $120.0M
YoY Change -58.58% -84.37% 56.77%
Interest Expense $9.510M -$10.21M -$8.694M
YoY Change -9.42% 17.39% -155.86%
% of Operating Profit 25.89% -54.41% -7.24%
Other Income/Expense, Net -$970.0K -$600.0K -$1.224M
YoY Change -56.91% -50.98% 679.62%
Pretax Income $26.26M $7.953M $110.1M
YoY Change -65.42% -92.78% 80.97%
Income Tax $5.891M $1.797M $22.39M
% Of Pretax Income 22.44% 22.6% 20.34%
Net Earnings $20.37M $6.156M $87.72M
YoY Change -66.48% -92.98% 77.74%
Net Earnings / Revenue 16.48% 5.64% 41.59%
Basic Earnings Per Share $0.03 $0.01 $0.14
Diluted Earnings Per Share $0.03 $0.01 $126.9K
COMMON SHARES
Basic Shares Outstanding 654.7M shares 654.3M shares 648.9M shares
Diluted Shares Outstanding 678.8M shares 680.3M shares 691.4M shares

Balance Sheet

Concept 2023 Q3 2023 Q2 2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $429.6M $378.4M $198.0M
YoY Change 72.25% 91.09% 159.1%
Cash & Equivalents $429.6M $378.4M $198.0M
Short-Term Investments
Other Short-Term Assets $6.418M $13.40M $5.765M
YoY Change 95.85% 132.4% -1.35%
Inventory $112.8M $128.5M $140.3M
Prepaid Expenses
Receivables $51.88M $50.30M $81.35M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $600.6M $570.6M $425.5M
YoY Change 20.79% 34.12% 133.06%
LONG-TERM ASSETS
Property, Plant & Equipment $929.0K $932.0K $670.0K
YoY Change 51.3% 39.1% 590.72%
Goodwill $168.3M $168.3M
YoY Change 0.0%
Intangibles $959.9M $971.7M
YoY Change -4.71%
Long-Term Investments $6.234M
YoY Change
Other Assets $12.44M $11.35M $11.88M
YoY Change 18.51% -4.44% 25.08%
Total Long-Term Assets $1.142B $1.152B $1.206B
YoY Change -4.84% -4.47% -3.14%
TOTAL ASSETS
Total Short-Term Assets $600.6M $570.6M $425.5M
Total Long-Term Assets $1.142B $1.152B $1.206B
Total Assets $1.742B $1.723B $1.632B
YoY Change 2.67% 5.59% 14.27%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.35M $13.67M $20.70M
YoY Change -42.28% -33.98% 18.02%
Accrued Expenses $17.41M $24.65M $32.19M
YoY Change -33.12% -23.42% 195.89%
Deferred Revenue $1.235M $2.077M
YoY Change -74.74%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $6.750M $6.750M $6.750M
YoY Change 0.0% 0.0% -66.44%
Total Short-Term Liabilities $56.20M $61.25M $86.98M
YoY Change -36.55% -29.58% 61.66%
LONG-TERM LIABILITIES
Long-Term Debt $650.4M $651.7M $657.0M
YoY Change -0.81% -0.81% -12.01%
Other Long-Term Liabilities $1.768M $189.4M $208.5M
YoY Change -99.15% -9.16%
Total Long-Term Liabilities $652.1M $841.1M $865.5M
YoY Change -0.54% -2.82% 15.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.20M $61.25M $86.98M
Total Long-Term Liabilities $652.1M $841.1M $865.5M
Total Liabilities $901.8M $905.1M $952.5M
YoY Change -5.36% -4.98% 18.98%
SHAREHOLDERS EQUITY
Retained Earnings $512.3M $492.0M
YoY Change 18.81%
Common Stock $654.0K $654.0K
YoY Change 0.77%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $840.4M $817.9M $679.2M
YoY Change
Total Liabilities & Shareholders Equity $1.742B $1.723B $1.632B
YoY Change 2.67% 5.59% 14.27%

Cashflow Statement

Concept 2023 Q3 2023 Q2 2022 Q2
OPERATING ACTIVITIES
Net Income $20.37M $6.156M $87.72M
YoY Change -66.48% -92.98% 77.74%
Depreciation, Depletion And Amortization $13.00M $10.32M $12.55M
YoY Change 25.86% -17.75% -49.96%
Cash From Operating Activities $53.40M $27.00M $56.08M
YoY Change -0.66% -51.86% -25.17%
INVESTING ACTIVITIES
Capital Expenditures $900.0K $1.365M -$456.0K
YoY Change -217.34% -399.34% 612.5%
Acquisitions
YoY Change
Other Investing Activities -$1.996M
YoY Change
Cash From Investing Activities -$900.0K -$1.365M -$456.0K
YoY Change 17.34% 199.34% 612.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.300M -16.56M -947.0K
YoY Change -19.55% 1648.15% -89.95%
NET CHANGE
Cash From Operating Activities 53.40M 27.00M 56.08M
Cash From Investing Activities -900.0K -1.365M -456.0K
Cash From Financing Activities -1.300M -16.56M -947.0K
Net Change In Cash 51.20M 9.078M 54.68M
YoY Change -0.33% -83.4% -16.47%
FREE CASH FLOW
Cash From Operating Activities $53.40M $27.00M $56.08M
Capital Expenditures $900.0K $1.365M -$456.0K
Free Cash Flow $52.50M $25.63M $56.54M
YoY Change -3.71% -54.66% -24.63%

Facts In Submission

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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Estimates and Assumptions</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; the fair value of share-based options and stock settled stock appreciation rights (“SARs”); the fair value of and/or potential impairment of goodwill and intangible assets for the Company’s reporting unit; the fair value of the Company’s interest rate cap; useful lives of the Company’s tangible and intangible assets; allowance for promotions; estimated income tax and tax receivable payments; the net realizable value of, and demand for the Company’s inventory. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.</span></div>
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us-gaap Prior Period Reclassification Adjustment Description
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<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Reclassifications</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Certain amounts presented have been reclassified within “Note 6 - Accrued Expenses and Other Current Liabilities” as of </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2022</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> to conform with the current period presentation, including a prior year reclassification from Other accrued expenses and current liabilities to Accrued advertising. The reclassifications had no effect on the Company’s Total current liabilities.</span></div>
CY2023Q2 olpx Number Of Business Channels
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us-gaap Loss Contingency Disclosures
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CONTINGENCIES<div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">From time to time, the Company is subject to various legal actions arising in the ordinary course of business. The Company cannot predict with reasonable assurance the outcome of these legal actions brought against the Company as they are subject to uncertainties. Accordingly, any settlement or resolution in these legal actions may occur and affect the Company’s net income in such period as the settlement or resolution.</span></div><div style="margin-top:6pt;text-align:justify"><span><br/></span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Pending Legal Proceedings: </span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 17, 2022, a putative securities class action was filed against the Company and certain of its current and former officers and directors in the United States District Court for the Central District of California, captioned </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Lilien v. Olaplex Holdings, Inc. et al.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, No. 2:22-cv-08395. A consolidated complaint was filed on April 28, 2023, which names as additional defendants the underwriters for the Company’s IPO and various stockholders that sold shares of common stock of the Company in the IPO. The action is brought on behalf of a putative class of purchasers of the Company’s common stock in or traceable to the Company’s IPO and asserts claims under Sections 11, 12, and 15 of the Securities Act of 1933. The action seeks certification of the putative class, compensatory damages, attorneys’ fees and costs, and any other relief that the court determines is appropriate. The defendants moved to dismiss the consolidated complaint on July 19, 2023. The underwriter defendants have notified the Company of their intent to seek indemnification from the Company pursuant to the IPO underwriting agreement regarding the claims asserted in this action. The Company intends to vigorously defend the pending lawsuit.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On February 9, 2023, twenty-eight plaintiffs filed </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Albahae, et al. v. Olaplex Holdings, Inc., et al.,</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> No. 2:23-cv-00982, a complaint alleging personal and economic injury and asserting claims for breach of warranty, negligence/gross negligence, products liability, unjust enrichment, and violations of California False Advertising Law and Unfair Competition Law, against the Company and Cosway Company, Inc., the Company’s primary contract manufacturer, in the United States District Court for the Central District of California. On March 2, 2023, the plaintiffs amended the complaint to include seventy-three additional plaintiffs. The plaintiffs allege that certain ingredients used in some Company products have purportedly caused irritation or posed a hazard to consumers, and that the Company engaged in misrepresentation with respect to those products. The plaintiffs seek actual and consequential damages, punitive damages, restitution in the form of disgorgement of profits, attorneys’ fees and costs, and any other relief that the court determines is appropriate. On April 17, 2023, the Company moved to dismiss and to sever the plaintiffs’ claims. On July 11, 2023, the Court granted the Company’s motion to sever and dismissed all but the first named plaintiff. The Court also dismissed the operative complaint with leave to re-file on the grounds that it now contained allegations that were not relevant to the claims of the one, remaining plaintiff. On July 24, 2023, the remaining plaintiff filed a notice, voluntarily dismissing her claims without prejudice. </span></div><div style="margin-top:6pt;text-align:justify"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Any potential loss associated with these pending legal proceedings is not probable or reasonably estimable at this time.</span></div><div style="margin-top:6pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of June 30, 2023 and December 31, 2022, the Company was not subject to any other currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows should such litigation be resolved unfavorably.</span></div>
CY2023Q1 us-gaap Loss Contingency Number Of Plaintiffs
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