$OLPX
OLAPLEX HOLDINGS, INC.

2024 Q4 Form 10-Q Financial Statement

#000186872624000088 Filed on November 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q4 2024 Q3
Revenue $119.1M
YoY Change -3.62%
Cost Of Revenue $37.35M
YoY Change -6.65%
Gross Profit $81.73M
YoY Change -2.17%
Gross Profit Margin 68.64%
Selling, General & Admin $42.96M
YoY Change 17.9%
% of Gross Profit 52.56%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $13.46M
YoY Change 3.51%
% of Gross Profit 16.46%
Operating Expenses $53.74M
YoY Change 14.8%
Operating Profit $28.00M
YoY Change -23.79%
Interest Expense -$9.005M
YoY Change -194.69%
% of Operating Profit -32.17%
Other Income/Expense, Net $670.0K
YoY Change -169.07%
Pretax Income $19.66M
YoY Change -25.12%
Income Tax $4.864M
% Of Pretax Income 24.74%
Net Earnings $14.80M
YoY Change -27.34%
Net Earnings / Revenue 12.43%
Basic Earnings Per Share $0.02
Diluted Earnings Per Share $0.02
COMMON SHARES
Basic Shares Outstanding 662.9M shares 662.0M shares
Diluted Shares Outstanding 666.2M shares

Balance Sheet

Concept 2024 Q4 2024 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $538.8M
YoY Change 25.43%
Cash & Equivalents $538.8M
Short-Term Investments
Other Short-Term Assets $10.09M
YoY Change 57.21%
Inventory $85.91M
Prepaid Expenses
Receivables $34.89M
Other Receivables $0.00
Total Short-Term Assets $669.7M
YoY Change 11.5%
LONG-TERM ASSETS
Property, Plant & Equipment $1.238M
YoY Change 33.26%
Goodwill $168.3M
YoY Change 0.0%
Intangibles $911.5M
YoY Change -5.04%
Long-Term Investments $8.430M
YoY Change
Other Assets $8.430M
YoY Change -32.24%
Total Long-Term Assets $1.089B
YoY Change -4.56%
TOTAL ASSETS
Total Short-Term Assets $669.7M
Total Long-Term Assets $1.089B
Total Assets $1.759B
YoY Change 0.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $11.36M
YoY Change -14.93%
Accrued Expenses $19.80M
YoY Change 13.72%
Deferred Revenue $1.130M
YoY Change -8.5%
Short-Term Debt $0.00
YoY Change
Long-Term Debt Due $6.750M
YoY Change 0.0%
Total Short-Term Liabilities $56.56M
YoY Change 0.65%
LONG-TERM LIABILITIES
Long-Term Debt $645.0M
YoY Change -0.82%
Other Long-Term Liabilities $1.798M
YoY Change 1.7%
Total Long-Term Liabilities $646.8M
YoY Change -0.81%
TOTAL LIABILITIES
Total Short-Term Liabilities $56.56M
Total Long-Term Liabilities $646.8M
Total Liabilities $879.4M
YoY Change -2.48%
SHAREHOLDERS EQUITY
Retained Earnings $554.8M
YoY Change 8.28%
Common Stock $662.0K
YoY Change 1.22%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $879.7M
YoY Change
Total Liabilities & Shareholders Equity $1.759B
YoY Change 0.98%

Cashflow Statement

Concept 2024 Q4 2024 Q3
OPERATING ACTIVITIES
Net Income $14.80M
YoY Change -27.34%
Depreciation, Depletion And Amortization $13.46M
YoY Change 3.51%
Cash From Operating Activities $33.46M
YoY Change -37.34%
INVESTING ACTIVITIES
Capital Expenditures $1.191M
YoY Change 32.33%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$1.191M
YoY Change 32.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.366M
YoY Change 5.08%
NET CHANGE
Cash From Operating Activities 33.46M
Cash From Investing Activities -1.191M
Cash From Financing Activities -1.366M
Net Change In Cash 30.90M
YoY Change -39.64%
FREE CASH FLOW
Cash From Operating Activities $33.46M
Capital Expenditures $1.191M
Free Cash Flow $32.27M
YoY Change -38.53%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Entity Address State Or Province
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dei Entity Address Postal Zip Code
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dei City Area Code
CityAreaCode
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dei Local Phone Number
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dei Security12b Title
Security12bTitle
Common stock, par value $0.001 per share
dei Trading Symbol
TradingSymbol
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dei Security Exchange Name
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<div style="margin-top:12pt;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:9pt;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, allowance for promotions, 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 Caps (as defined below in “Note 5 - Fair Value Measurement”); 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; and 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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<div style="margin-top:12pt;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:9pt;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 the “Condensed 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 the three and nine months ended September 30, 2023. The reclassifications occurred as a result of an increase in the significance of the current year amount. The reclassifications had no effect on the Company’s consolidated operating results, financial condition or cash flows.</span></div>
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us-gaap Interest Expense Debt
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CONTINGENCIES<div style="margin-top:9pt;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:12pt"><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:9pt;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 hearings on the defendants’ motions to dismiss on October 16, 2023 and July 1, 2024. A decision has yet to be issued. On August 23, 2024, the court issued an order staying this action pending the United States Supreme Court’s resolution of the appeal in </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:400;line-height:120%">Facebook, Inc., et al. v. Amalgamated Bank, et al.</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">, No. 23-980. 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:12pt;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, 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-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:12pt;text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On March 22, 2024, a second 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%">Hutchinson v. Advent International Corporation, et al</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">., No. 2:24-cv-02364. 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 and 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%">Ciuffo</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> federal derivative action. On April 19, 2024, the parties in both purported derivative actions filed a joint stipulation to consolidate the two derivative actions and to stay proceedings in the consolidated case, which the court granted on June 26, 2024.</span></div><div style="margin-top:12pt;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 Condensed Consolidated Financial Statements, none of the plaintiffs have re-filed their claims. </span></div><div style="margin-top:12pt;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 </span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">proceedings</span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> is not probable or reasonably estimable at this time.</span></div><div style="margin-top:12pt;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 September 30, 2024 and December 31, 2023, 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
LossContingencyNumberOfPlaintiffs
28 plaintiff
CY2023Q1 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
73 plaintiff
CY2023Q3 us-gaap Loss Contingency Number Of Plaintiffs
LossContingencyNumberOfPlaintiffs
1 plaintiff
CY2024Q3 us-gaap Net Income Loss
NetIncomeLoss
14797000 usd
CY2023Q3 us-gaap Net Income Loss
NetIncomeLoss
20366000 usd
us-gaap Net Income Loss
NetIncomeLoss
28322000 usd
us-gaap Net Income Loss
NetIncomeLoss
47486000 usd
CY2024Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
662248231 shares
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
654702392 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
661586351 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
653603665 shares
CY2024Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3903128 shares
CY2023Q3 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
24055628 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
3136950 shares
us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
27485878 shares
CY2024Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
666151359 shares
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
678758020 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
664723301 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
681089543 shares
CY2024Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.02
CY2023Q3 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.03
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.04
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.07
CY2024Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.02
CY2023Q3 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.03
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.04
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.07
CY2024Q3 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q3 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false
CY2024Q3 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false

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