2024 Q1 Form 10-K Financial Statement

#000186872624000010 Filed on February 29, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4 2023
Revenue $98.91M $111.7M $458.3M
YoY Change -13.08% -14.54% -34.93%
Cost Of Revenue $27.56M $34.94M $139.7M
YoY Change -16.42% -9.56% -24.39%
Gross Profit $71.34M $76.78M $318.6M
YoY Change -11.72% -16.63% -38.67%
Gross Profit Margin 72.13% 68.73% 69.52%
Selling, General & Admin $40.44M $49.17M $168.9M
YoY Change 15.79% 41.93% 48.35%
% of Gross Profit 56.68% 64.04% 53.02%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $149.0K $12.63M $479.0K
YoY Change 28.45% -2.37% 31.96%
% of Gross Profit 0.21% 16.44% 0.15%
Operating Expenses $51.73M $59.62M $210.4M
YoY Change 14.32% 32.37% 35.61%
Operating Profit $19.62M $17.16M $108.2M
YoY Change -44.84% -63.52% -70.3%
Interest Expense $14.50M -$8.867M $57.95M
YoY Change 37.57% -15.75% 40.74%
% of Operating Profit 73.94% -51.66% 53.55%
Other Income/Expense, Net -$947.0K $1.548M $7.624M
YoY Change -491.32% -3.01% -142.41%
Pretax Income $10.37M $17.25M $76.72M
YoY Change -58.95% -58.14% -74.87%
Income Tax $2.623M $3.147M $15.13M
% Of Pretax Income 25.3% 18.25% 19.72%
Net Earnings $7.746M $14.10M $61.59M
YoY Change -63.05% -58.07% -74.77%
Net Earnings / Revenue 7.83% 12.62% 13.44%
Basic Earnings Per Share $0.01 $0.09
Diluted Earnings Per Share $0.01 $0.02 $0.09
COMMON SHARES
Basic Shares Outstanding 660.8M shares 654.7M shares 654.6M shares
Diluted Shares Outstanding 663.6M shares 677.6M shares

Balance Sheet

Concept 2024 Q1 2023 Q4 2023
SHORT-TERM ASSETS
Cash & Short-Term Investments $507.5M $466.4M $466.4M
YoY Change 37.41% 44.48% 44.48%
Cash & Equivalents $507.5M $466.4M $466.4M
Short-Term Investments
Other Short-Term Assets $11.54M $9.953M $9.953M
YoY Change -30.75% 13.48% 13.48%
Inventory $94.64M $95.92M $95.92M
Prepaid Expenses
Receivables $25.81M $40.92M $40.92M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $639.5M $613.2M $613.2M
YoY Change 13.48% 17.42% 17.42%
LONG-TERM ASSETS
Property, Plant & Equipment $1.241M $930.0K $930.0K
YoY Change 20.96% -10.06% -10.06%
Goodwill $168.3M $168.3M
YoY Change 0.0% 0.0%
Intangibles $935.9M $947.7M
YoY Change -4.79% -4.76%
Long-Term Investments $8.416M
YoY Change
Other Assets $8.416M $10.20M $10.20M
YoY Change -15.87% -8.03%
Total Long-Term Assets $1.114B $1.127B $1.127B
YoY Change -4.17% -4.11% -4.11%
TOTAL ASSETS
Total Short-Term Assets $639.5M $613.2M $613.2M
Total Long-Term Assets $1.114B $1.127B $1.127B
Total Assets $1.753B $1.740B $1.740B
YoY Change 1.6% 2.51% 2.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $17.22M $7.073M $7.073M
YoY Change 83.06% -27.44% -27.44%
Accrued Expenses $18.16M $20.58M $28.59M
YoY Change -8.85% 20.28% 54.49%
Deferred Revenue $1.067M $1.051M
YoY Change -52.15% -47.84%
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% -20.0% -20.0%
Total Short-Term Liabilities $59.73M $56.14M $56.14M
YoY Change 2.57% 1.91% 1.91%
LONG-TERM LIABILITIES
Long-Term Debt $647.7M $649.0M $649.0M
YoY Change -0.81% -0.81% -0.81%
Other Long-Term Liabilities $2.065M $1.694M $187.2M
YoY Change -99.0% -99.18% -8.99%
Total Long-Term Liabilities $649.8M $650.7M $836.2M
YoY Change -0.5% -0.55% -2.77%
TOTAL LIABILITIES
Total Short-Term Liabilities $59.73M $56.14M $56.14M
Total Long-Term Liabilities $649.8M $650.7M $836.2M
Total Liabilities $897.7M $895.4M $895.4M
YoY Change -2.34% -2.33% -2.33%
SHAREHOLDERS EQUITY
Retained Earnings $534.2M $526.4M
YoY Change 9.96% 13.25%
Common Stock $675.0K $671.0K
YoY Change 3.37% 3.39%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $855.7M $845.0M $845.0M
YoY Change
Total Liabilities & Shareholders Equity $1.753B $1.740B $1.740B
YoY Change 1.6% 2.51% 2.51%

Cashflow Statement

Concept 2024 Q1 2023 Q4 2023
OPERATING ACTIVITIES
Net Income $7.746M $14.10M $61.59M
YoY Change -63.05% -58.07% -74.77%
Depreciation, Depletion And Amortization $149.0K $12.63M $479.0K
YoY Change 28.45% -2.37% 31.96%
Cash From Operating Activities $43.71M $49.04M $177.5M
YoY Change -9.11% -33.3% -30.47%
INVESTING ACTIVITIES
Capital Expenditures $451.0K $712.0K $375.0K
YoY Change 321.5% -26.6% -42.31%
Acquisitions
YoY Change
Other Investing Activities -$1.084M $0.00 $0.00
YoY Change
Cash From Investing Activities -$1.084M -$712.0K -$3.614M
YoY Change 71.79% -26.6% 34.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -$1.517M -11.51M -$30.33M
YoY Change 63.82% -1435.15% -73.91%
NET CHANGE
Cash From Operating Activities $43.71M 49.04M $177.5M
Cash From Investing Activities -$1.084M -712.0K -$3.614M
Cash From Financing Activities -$1.517M -11.51M -$30.33M
Net Change In Cash $41.11M 36.81M $143.6M
YoY Change -11.66% -49.85% 5.26%
FREE CASH FLOW
Cash From Operating Activities $43.71M $49.04M $177.5M
Capital Expenditures $451.0K $712.0K $375.0K
Free Cash Flow $43.26M $48.32M $177.2M
YoY Change -9.85% -33.39% -30.44%

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CY2023 olpx Stock Issued During Period Value Non Option Equity Instruments Exercised
StockIssuedDuringPeriodValueNonOptionEquityInstrumentsExercised
326000 usd
CY2023 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
9072000 usd
CY2023 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
18723000 usd
CY2023 us-gaap Increase Decrease In Fair Value Of Interest Rate Fair Value Hedging Instruments1
IncreaseDecreaseInFairValueOfInterestRateFairValueHedgingInstruments1
-1212000 usd
CY2023 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
8345000 usd
CY2022 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
7500000 usd
CY2021 us-gaap Cost Of Goods And Services Sold Amortization
CostOfGoodsAndServicesSoldAmortization
7989000 usd
CY2023 olpx Amortization Of Other Intangible Assets
AmortizationOfOtherIntangibleAssets
41468000 usd
CY2022 olpx Amortization Of Other Intangible Assets
AmortizationOfOtherIntangibleAssets
41282000 usd
CY2021 olpx Amortization Of Other Intangible Assets
AmortizationOfOtherIntangibleAssets
40790000 usd
CY2023 olpx Inventory Write Down And Disposal
InventoryWriteDownAndDisposal
15227000 usd
CY2022 olpx Inventory Write Down And Disposal
InventoryWriteDownAndDisposal
8180000 usd
CY2021 olpx Inventory Write Down And Disposal
InventoryWriteDownAndDisposal
0 usd
CY2023 us-gaap Depreciation
Depreciation
479000 usd
CY2022 us-gaap Depreciation
Depreciation
363000 usd
CY2021 us-gaap Depreciation
Depreciation
162000 usd
CY2023 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1812000 usd
CY2022 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
1543000 usd
CY2021 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
2830000 usd
CY2023 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
1774000 usd
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9179000 usd
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
2486000 usd
CY2023 olpx Tax Receivable Agreement Liability Adjustment
TaxReceivableAgreementLiabilityAdjustment
7404000 usd
CY2022 olpx Tax Receivable Agreement Liability Adjustment
TaxReceivableAgreementLiabilityAdjustment
3084000 usd
CY2021 olpx Tax Receivable Agreement Liability Adjustment
TaxReceivableAgreementLiabilityAdjustment
3615000 usd
CY2023 us-gaap Share Based Compensation
ShareBasedCompensation
9072000 usd
CY2022 us-gaap Share Based Compensation
ShareBasedCompensation
7275000 usd
CY2021 us-gaap Share Based Compensation
ShareBasedCompensation
3963000 usd
CY2023 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2022 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
-18803000 usd
CY2021 us-gaap Gains Losses On Extinguishment Of Debt
GainsLossesOnExtinguishmentOfDebt
0 usd
CY2023 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-1060000 usd
CY2022 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-412000 usd
CY2021 us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
0 usd
CY2023 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-5299000 usd
CY2021 us-gaap Increase Decrease In Other Current Assets
IncreaseDecreaseInOtherCurrentAssets
7199000 usd
CY2022 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-9419000 usd
CY2021 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
2352000 usd
CY2023 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
8722000 usd
CY2022 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-7322000 usd
CY2021 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
19613000 usd
CY2023 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
467000 usd
CY2022 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
6229000 usd
CY2021 us-gaap Increase Decrease In Other Operating Capital Net
IncreaseDecreaseInOtherOperatingCapitalNet
0 usd
CY2023 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
177532000 usd
CY2022 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
255324000 usd
CY2021 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
200029000 usd
CY2023 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
375000 usd
CY2022 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
650000 usd
CY2021 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
875000 usd
CY2023 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
500000 usd
CY2022 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
CY2021 us-gaap Payments To Acquire Intangible Assets
PaymentsToAcquireIntangibleAssets
0 usd
CY2023 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
2739000 usd
CY2022 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
2032000 usd
CY2021 us-gaap Payments To Acquire Software
PaymentsToAcquireSoftware
890000 usd
CY2023 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 usd
CY2022 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
0 usd
CY2021 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
4500000 usd
CY2023 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-3614000 usd
CY2022 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2682000 usd
CY2021 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6265000 usd
CY2023 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2022 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
0 usd
CY2021 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
633000 usd
CY2023 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
4974000 usd
CY2022 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1876000 usd
CY2021 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1138000 usd
CY2023 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
8438000 usd
CY2022 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
780380000 usd
CY2021 us-gaap Repayments Of Secured Debt
RepaymentsOfSecuredDebt
20111000 usd
CY2023 olpx Payment To Pre Ipo Stockholders Pursuant To Tax Receivable Agreement
PaymentToPreIPOStockholdersPursuantToTaxReceivableAgreement
16452000 usd
CY2022 olpx Payment To Pre Ipo Stockholders Pursuant To Tax Receivable Agreement
PaymentToPreIPOStockholdersPursuantToTaxReceivableAgreement
0 usd
CY2021 olpx Payment To Pre Ipo Stockholders Pursuant To Tax Receivable Agreement
PaymentToPreIPOStockholdersPursuantToTaxReceivableAgreement
0 usd
CY2023 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
CY2022 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
675000000 usd
CY2021 us-gaap Proceeds From Issuance Of Secured Debt
ProceedsFromIssuanceOfSecuredDebt
0 usd
CY2023 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
CY2022 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
11944000 usd
CY2021 us-gaap Payments Of Debt Issuance Costs
PaymentsOfDebtIssuanceCosts
0 usd
CY2023 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-30326000 usd
CY2022 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-116222000 usd
CY2021 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-18340000 usd
CY2023 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
143592000 usd
CY2022 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
136420000 usd
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
322808000 usd
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
186388000 usd
CY2022 us-gaap Income Taxes Paid
IncomeTaxesPaid
59922000 usd
CY2021 us-gaap Income Taxes Paid
IncomeTaxesPaid
33812000 usd
CY2023 us-gaap Interest Paid Net
InterestPaidNet
59595000 usd
CY2022 us-gaap Interest Paid Net
InterestPaidNet
41226000 usd
CY2023 olpx Initial Public Offering And Strategic Transition Costs Included In Accounts Payable And Accrued Expenses
InitialPublicOfferingAndStrategicTransitionCostsIncludedInAccountsPayableAndAccruedExpenses
0 usd
CY2022 olpx Initial Public Offering And Strategic Transition Costs Included In Accounts Payable And Accrued Expenses
InitialPublicOfferingAndStrategicTransitionCostsIncludedInAccountsPayableAndAccruedExpenses
0 usd
CY2021 olpx Initial Public Offering And Strategic Transition Costs Included In Accounts Payable And Accrued Expenses
InitialPublicOfferingAndStrategicTransitionCostsIncludedInAccountsPayableAndAccruedExpenses
243000 usd
CY2023 olpx Transfer To Due To Related Parties
TransferToDueToRelatedParties
0 usd
CY2022 olpx Transfer To Due To Related Parties
TransferToDueToRelatedParties
0 usd
CY2021 olpx Transfer To Due To Related Parties
TransferToDueToRelatedParties
232893000 usd
CY2023 olpx Noncash Stock Options Exercised
NoncashStockOptionsExercised
13749000 usd
CY2022 olpx Noncash Stock Options Exercised
NoncashStockOptionsExercised
0 usd
CY2021 olpx Noncash Stock Options Exercised
NoncashStockOptionsExercised
0 usd
CY2023 olpx Liability Reclassification To Additional Paid In Capital
LiabilityReclassificationToAdditionalPaidInCapital
0 usd
CY2022 olpx Liability Reclassification To Additional Paid In Capital
LiabilityReclassificationToAdditionalPaidInCapital
1632000 usd
CY2021 olpx Liability Reclassification To Additional Paid In Capital
LiabilityReclassificationToAdditionalPaidInCapital
0 usd
CY2023 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2128000 usd
CY2022 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2021 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 usd
CY2022Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
19198000 usd
CY2021Q4 olpx Tax Receivable Agreement Percent Of Tax Benefits With Provided Payment
TaxReceivableAgreementPercentOfTaxBenefitsWithProvidedPayment
0.85
CY2023 us-gaap Use Of Estimates
UseOfEstimates
<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:112%">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:112%">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, allowance for promotions, and refunds; loss contingencies; the fair value of share-based options and stock settled stock </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:112%">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; estimated income tax expense and tax payments; future payment obligations under the Tax Receivable Agreement; 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>
CY2023Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
466400000 usd
CY2022Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
322808000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
21465000 usd
CY2023Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
15200000 usd
CY2022Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2021Q4 us-gaap Inventory Valuation Reserves
InventoryValuationReserves
0 usd
CY2023 olpx Number Of Operating Segment Components
NumberOfOperatingSegmentComponents
3 component
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
8589000 usd
CY2022Q4 us-gaap Debt Instrument Unamortized Discount Premium And Debt Issuance Costs Net
DebtInstrumentUnamortizedDiscountPremiumAndDebtIssuanceCostsNet
10402000 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1051000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2015000 usd
CY2023 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-69000 usd
CY2022 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-2025000 usd
CY2021 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-1027000 usd
CY2021 olpx Stock Issuance Costs
StockIssuanceCosts
8488000 usd
CY2023 olpx Number Of Operating Segment Components
NumberOfOperatingSegmentComponents
3 component
CY2023 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 segment
CY2023 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 segment
CY2023 olpx Contract With Customer Liability Returns
ContractWithCustomerLiabilityReturns
9155000 usd
CY2022 olpx Contract With Customer Liability Returns
ContractWithCustomerLiabilityReturns
9983000 usd
CY2021 olpx Contract With Customer Liability Returns
ContractWithCustomerLiabilityReturns
0 usd
CY2023Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
1051000 usd
CY2022Q4 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
2015000 usd
CY2023 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2015000 usd
CY2022 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
5022000 usd
CY2023 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<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%">Concentrations of Risk</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%">Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents. Although the Company deposits its cash with creditworthy financial institutions, its deposits, at times, may exceed federally insured limits. To date, the Company has not experienced any losses on it cash deposits.</span></div><div style="margin-bottom:6pt;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%">The Company extends credit to customers in certain industries which may be affected by changes in economic or other external conditions. A small amount of the Company’s customers have net sales exceeding 10% of total net sales. During the year ended </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2023</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, two customers represented 21% of the Company’s total net sales, in aggregate, and represented</span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> 20% of the Company’s total accounts receivable balance</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">. During the year ended December 31, 2022, one customer represented 16% of the Company’s total net sales and represented an immaterial amount of the total accounts receivable balance. During the year ended December 31, 2021, two customers represented 25% of the Company’s total net sales, in aggregate, and represented 11% of the Company’s total accounts receivable balance. The Company has not experienced material bad debt losses due to this concentration.</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%">The Company purchases its inventories for certain product categories from a small number of vendors. The Company’s largest vendor represented 32%, 49% and 59% of the Company’s inventory product purchases for the years ended </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2023, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2022 and 2021, respectively. </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%">One vendor manufactures products that accounted for more than 61%, 77% and 75% of the Company’s net sales for the years ended </span><span style="color:#231f20;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">December 31, 2023, </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">2022 and 2021, respectively. The Company’s products are also primarily manufactured and fulfilled by companies located in Southern California.</span></div>
CY2023 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
60543000 usd
CY2022 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
24864000 usd
CY2021 us-gaap Marketing And Advertising Expense
MarketingAndAdvertisingExpense
11137000 usd
CY2021Q4 olpx Tax Receivable Agreement Percent Of Tax Benefits With Provided Payment
TaxReceivableAgreementPercentOfTaxBenefitsWithProvidedPayment
0.85
CY2021Q4 olpx Tax Receivable Agreement Percent Of Tax Benefits Retained By Company
TaxReceivableAgreementPercentOfTaxBenefitsRetainedByCompany
0.15
CY2023Q4 olpx Tax Receivable Agreement
TaxReceivableAgreement
198200000 usd
CY2023 olpx Related Party Transaction Term Of Agreement
RelatedPartyTransactionTermOfAgreement
P12Y
CY2023 us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<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 8 - 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, 2023</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 occurred as a result of an increase in the significance of the current year amount. There was no change to the Consolidated Balance Sheet, Statements of Operations and Comprehensive Income, and Statement of Cash Flows from the reclassification.</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%">Additionally, certain amounts presented have been reclassified within the “Consolidated Statements of Operations and Comprehensive Income” to conform with the current period presentation, including a prior year reclassification from Interest expense, net to Interest income for years ending December 31, 2023, 2022 and 2021. The reclassifications occurred as a result of an increase in the significance of the current year amount. There was no change to the Consolidated Balance Sheet, Statements of Operations and Comprehensive Income, and Statement of Cash Flows from the reclassification.</span></div>
CY2023Q4 olpx Number Of Business Channels
NumberOfBusinessChannels
3 business_channel
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
458300000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704274000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
598365000 usd
CY2023 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
458300000 usd
CY2022 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
704274000 usd
CY2021 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
RevenueFromContractWithCustomerExcludingAssessedTax
598365000 usd
CY2023Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
30306000 usd
CY2022Q4 us-gaap Inventory Raw Materials Net Of Reserves
InventoryRawMaterialsNetOfReserves
36194000 usd
CY2023Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
65616000 usd
CY2022Q4 us-gaap Inventory Finished Goods Net Of Reserves
InventoryFinishedGoodsNetOfReserves
108231000 usd
CY2023Q4 us-gaap Inventory Net
InventoryNet
95922000 usd
CY2022Q4 us-gaap Inventory Net
InventoryNet
144425000 usd
CY2023 us-gaap Inventory Write Down
InventoryWriteDown
15200000 usd
CY2022 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2021 us-gaap Inventory Write Down
InventoryWriteDown
0 usd
CY2023Q4 olpx Equity Securities Without Readily Determinable Fair Value Capital Contributions Net Of Distributions And Impairments
EquitySecuritiesWithoutReadilyDeterminableFairValueCapitalContributionsNetOfDistributionsAndImpairments
4500000 usd
CY2022Q4 olpx Equity Securities Without Readily Determinable Fair Value Capital Contributions Net Of Distributions And Impairments
EquitySecuritiesWithoutReadilyDeterminableFairValueCapitalContributionsNetOfDistributionsAndImpairments
4500000 usd
CY2023Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
4500000 usd
CY2022Q4 us-gaap Equity Securities Without Readily Determinable Fair Value Amount
EquitySecuritiesWithoutReadilyDeterminableFairValueAmount
4500000 usd
CY2023 olpx Derivative Asset Statement Of Financial Position Extensible Enumeration Not Disclosed Flag
DerivativeAssetStatementOfFinancialPositionExtensibleEnumerationNotDisclosedFlag
Interest rate cap at December 31, 2023
CY2023Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
1147160000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
199446000 usd
CY2023Q4 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
947714000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
168300000 usd
CY2023Q4 us-gaap Goodwill
Goodwill
168300000 usd
CY2023Q4 olpx Intangible Assets Gross Including Goodwill
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CONTINGENCIES<div style="margin-bottom:6pt;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 court held a hearing on the defendants’ motions to dismiss on October 16, 2023, and a decision has yet to be issued. 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="text-align:justify"><span><br/></span></div><div style="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 15, 2023, a purported derivative action was filed against the Company, Advent International Corporation, and certain of the Company’s 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%">Ciuffo v. Dagousset</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, et al., No. 2:23-cv-09712-SVW-SK. This action is premised on allegations similar to those asserted in the </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</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> federal securities litigation. On February 1, 2024, the parties filed a joint stipulation to stay the purported derivative action pending a decision on the motions to dismiss filed in the </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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">federal securities action. </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. As of the date of issuance of these consolidated financial statements, none of the plaintiffs have re-filed their claims. </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>As of December 31, 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. During the year ended December 31, 2021, the Company expensed approximately $14,250 included in selling, general and administrative costs in the accompanying consolidated financial statements associated with the amounts paid by the Company in connection with the final resolution of certain litigation and contingency matters involving a predecessor entity to the Company, as required pursuant to the purchase agreement with respect to the 2020 acquisition of the legacy Olaplex business.
CY2023Q1 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
28 plaintiff
CY2023Q1 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
73 plaintiff
CY2021 us-gaap Litigation Settlement Expense
LitigationSettlementExpense
14250000 usd
CY2023 us-gaap Net Income Loss
NetIncomeLoss
61587000 usd
CY2022 us-gaap Net Income Loss
NetIncomeLoss
244072000 usd
CY2021 us-gaap Net Income Loss
NetIncomeLoss
220784000 usd
CY2023 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
654592923 shares
CY2022 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
649092846 shares
CY2021 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
648166472 shares
CY2023 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
22985322 shares
CY2022 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
41913000 shares
CY2021 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
41757320 shares
CY2023 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
677578245 shares
CY2022 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
691005846 shares
CY2021 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
689923792 shares
CY2023 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.09
CY2022 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.38
CY2021 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.34
CY2023 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.09
CY2022 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.35
CY2021 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.32
CY2023 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4372562 shares
CY2022 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1194967 shares
CY2021 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
0 shares
CY2022Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2023Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
2000000000 shares
CY2023Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
660731935 shares
CY2023Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
660731935 shares
CY2022Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
650091380 shares
CY2022Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
650091380 shares
CY2023Q4 olpx Tax Receivable Agreement
TaxReceivableAgreement
198200000 usd
CY2022Q4 olpx Tax Receivable Agreement
TaxReceivableAgreement
222100000 usd
CY2023Q4 olpx Tax Receivable Agreement Current
TaxReceivableAgreementCurrent
12700000 usd
CY2022Q4 olpx Tax Receivable Agreement Current
TaxReceivableAgreementCurrent
16400000 usd

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