Revlon, Inc. (“Revlon” and together with its subsidiaries, the
“Company”) today announced its results for the quarter ended
December 31, 2022, in its Form 10-K filed with the Securities and
Exchange Commission (the “SEC”). On June 15, 2022, Revlon and
certain of its subsidiaries (collectively, the “Debtors”) commenced
a voluntary Chapter 11 financial restructuring (the “Chapter 11
Cases”) supported by $575 million of new money debtor-in-possession
financing and on February 21, 2023, the Debtors filed their
proposed plan of reorganization (the “Plan”) with the U.S.
Bankruptcy Court for the Southern District of New York (the
“Bankruptcy Court”). A hearing to confirm the Plan is currently
scheduled for April 3, 2023 and the Debtors are expected to emerge
from Chapter 11 bankruptcy in April 2023 as a privately held
company. Due to the pending Chapter 11 Cases, the Company will not
host an earnings call this quarter.
Three Months Ended December
31,
(Unaudited)
2022
2021
As Reported
Adjusted (*)
(USD millions, except per share data)
As Reported
Adjusted (*)
As Reported
Adjusted (*)
% Change
% Change
Net Sales
$
589.8
$
589.8
$
615.2
$
615.2
(4.1
) %
(4.1
) %
Gross Profit
$
349.9
$
349.9
$
374.8
$
374.9
(6.6
) %
(6.7
) %
Gross Margin
59.3
%
59.3
%
60.9
%
60.9
%
-160bps
-160bps
Operating Income
$
72.8
$
76.3
$
67.3
$
75.9
8.2
%
0.5
%
Net Loss (Income)
(178.5
)
(175.1
)
9.9
18.6
N/M
N/M
Adjusted EBITDA
99.8
108.4
(7.9
) %
Diluted Loss per Common Share
$
(3.24
)
$
(3.18
)
$
0.18
$
0.34
N/M
N/M
(*) In calculating Adjusted results, adjustments were made for
the Non-Operating Items and the EBITDA Exclusions in the case of
Adjusted EBITDA, in each case as described in footnote (a) in this
press release.
Fourth Quarter Financial Results1
- As Reported net sales were $589.8 million in the fourth quarter
of 2022, compared to $615.2 million during the prior-year period, a
decrease of $25.4 million, or 4.1%. The As Reported net sales
decrease of $25.4 million includes unfavorable FX impacts totaling
$31.6 million, resulting in a $6.2 million increase on an XFX
basis.
- As Reported operating income was $72.8 million in the fourth
quarter of 2022, compared to an operating income of $67.3 million
during the prior-year period, an increase of $5.5 million. The
higher operating income was driven primarily by $28.4 million in
lower selling, general and administrative expenses (SG&A),
offset by lower As Reported net sales, and a gross margin decline
of 160bps. Adjusted operating income in the fourth quarter of 2022
increased by $0.4 million to $76.3 million from $75.9 million over
the prior-year period.
- Adjusted EBITDA(a) in the fourth quarter of 2022 was $99.8
million, versus $108.4 million in the prior-year period. The lower
Adjusted EBITDA was driven primarily by lower As Reported net
sales, offset by lower SG&A expenses.
- As Reported net loss was $178.5 million in the fourth quarter
of 2022, versus $9.9 million of net income in the prior-year
period. The higher net loss was primarily driven by $172.7 million
of charges related to the Company's Chapter 11 filing, $37.2
million in higher income tax provisions, and $13.3 million higher
interest expense, offset by $15.4 million higher foreign currency
gains, $8.9 million of lower amortized debt issuance expense, and
higher As Reported operating income over the prior-year
period.
- Net cash used in operating activities for the year ended 2022
was $243.5 million, compared to a $11.0 million use of cash in the
prior-year period. The increase in cash used in operating
activities was primarily driven by cash expenditures related to the
Chapter 11 Cases, a higher As Reported net loss, unfavorable
increases in inventory and prepaid expenses, offset by higher
accrued expenses and other current liabilities.
- As of December 31, 2022, the Company had approximately $308.3
million of available liquidity, consisting of $249.3 million of
unrestricted cash and cash equivalents, $60.4 million of undrawn
availability under the Company's Super-Priority Senior Secured
Debtor-In-Possession Asset-Based Revolving Credit Agreement (the
"DIP ABL Revolver"), less outstanding check float of approximately
$1.4 million.
Full Year 2022
Results
Year Ended December
31,
(Unaudited)
2022
2021
As Reported
Adjusted (*)
(USD millions, except per share data)
As Reported
Adjusted (*)
As Reported
Adjusted (*)
% Change
% Change
Net Sales
$
1,980.4
$
1,980.4
$
2,078.7
$
2,078.7
(4.7
) %
(4.7
) %
Gross Profit
$
1,144.7
$
1,144.7
$
1,229.6
$
1,235.1
(6.9
) %
(7.3
) %
Gross Margin
57.8
%
57.8
%
59.2
%
59.4
%
-140bps
-160bps
Operating Income
$
79.9
$
140.8
$
103.2
$
153.2
(22.6
) %
(8.1
) %
Net Loss
(673.9
)
(613.5
)
$
(206.9
)
(159.4
)
(225.7
) %
(284.9
) %
Adjusted EBITDA
260.3
292.9
(11.1
) %
Diluted Loss per Common Share
$
(12.28
)
$
(11.18
)
$
(3.84
)
$
(2.96
)
(219.8
) %
(277.7
) %
- Consolidated net sales in the year ended December 31, 2022,
were $1,980.4 million, a $98.3 million decrease, or 4.7%, compared
to $2,078.7 million in the year ended December 31, 2021. The As
Reported net sales decrease of $98.3 million includes unfavorable
FX impacts totaling $85.8 million, resulting in a $12.5 million
decrease on an XFX basis.
- As Reported operating income was $79.9 million in 2022,
compared to $103.2 million during the prior year. The lower As
Reported operating income was primarily driven by lower As Reported
net sales over the prior-year period, a gross margin decline of
140bps, and a $24.3 million increase in impairment charges compared
to the prior-year period, offset by a $66 million decrease in
selling, general and administrative expenses (SG&A), and a
$19.6 million decrease in restructuring charges compared to the
prior-year period.
- As Reported net loss was $673.9 million in 2022, compared to a
$206.9 million net loss in the prior year. The higher net loss was
driven primarily by $416 million of reorganization-related
expenses, a $25.5 million increase in the provision for income
taxes, lower As Reported operating income, a $14.5 million increase
in foreign exchange losses, and a $5.2 million increase in interest
expense compared to the prior-year period, offset by a $18.7
million decrease in the amortization of debt issuance costs
compared to the prior-year period.
- Adjusted EBITDA(a) in 2022 was $260.3 million, compared to
$292.9 million in the prior year, a decrease of 11.1% versus the
prior year, driven primarily by lower As Reported net sales, offset
by lower SG&A expenses.
1 The results discussed include the
following measures: U.S. GAAP (“As Reported”); and non-GAAP
(“Adjusted”), which excludes certain Non-Operating Items and EBITDA
Exclusions (as defined in Footnote (a)) from As Reported results.
See footnote (a) for further discussion of the Company’s Adjusted
measures. Reconciliations of As Reported results to Adjusted
results are provided as an attachment to this release. In addition,
where indicated, the Company analyzes and presents its results
excluding the impact of foreign currency translation (“XFX”).
Unless otherwise noted, the discussion is presented on an As
Reported basis.
Financial Restructuring and Chapter 11
Process
- As previously announced, the Debtors filed voluntary petitions
for relief under Chapter 11 of the U.S. Bankruptcy Code on June 15,
2022, in the Bankruptcy Court. The Company commenced the Chapter 11
Cases to implement a comprehensive financial restructuring of
Revlon’s legacy capital structure and improve its long-term
outlook.
- Pursuant to motions filed with the Bankruptcy Court, the
Bankruptcy Court authorized the Debtors to conduct their business
activities in the ordinary course.
- In connection with the Chapter 11 Cases, the Company has
received $575 million of new money debtor-in-possession financing
under a superpriority, senior secured and priming term loan credit
facility from certain of its existing lenders (the “DIP Term Loan,”
and along with the DIP ABL Revolver, the “DIP Financing”). The
Company also entered into the superpriority, senior secured and
priming DIP ABL Revolver, which provided one tranche of $270
million in revolving commitments (subject to a borrowing base
limit) and refinanced approximately $109 million of asset-backed
revolving prepetition debt, and a second tranche that refinances an
additional $130 million in prepetition debt. The proceeds of the
DIP Financing were used to refinance certain of the Company’s debt
obligations and are being used for general corporate purposes. The
DIP Financing is expected to provide sufficient liquidity to
support the Company’s ordinary course operations.
- On February 21, 2023, the Debtors entered into an amended and
restated restructuring support agreement (the “RSA”) with certain
of its creditors and filed the Plan with the Bankruptcy Court.
Under the terms of the RSA and the Plan, the Plan, once
consummated, will reduce the Debtors’ total debt burden by
approximately $2.7 billion and capitalize the Company with
approximately $1.4 billion of new money debt and equity
investments. The Company is expected to emerge from Chapter 11
bankruptcy as a privately held company. The Plan also includes a
global settlement of litigation claims by certain of the Company’s
lenders.
Information related to the Chapter 11 Cases is included in the
Company’s Form 10-K for the year ended December 31, 2022, filed
with the SEC and on the Company’s investor relations website.
Additional information, including court filings and other documents
related to the court-supervised process, is available on the
Company’s restructuring website at
https://cases.ra.kroll.com/Revlon, by emailing
revloninfo@ra.kroll.com or by calling (855) 631-5341 (toll free) or
(646) 795-6968 (international).
About Revlon, Inc.
Revlon, Inc. is a leading global beauty company with a portfolio
of iconic brands that transform the lives of women and men around
the world. Our Company manufactures and markets color cosmetics,
hair color and care, skincare, beauty care and fragrances through a
diverse portfolio of 15+ brands sold in more than 150
countries.
Footnotes to Press
Release
(a) Non-GAAP Financial
Measures: EBITDA; Adjusted EBITDA; Adjusted net sales;
Adjusted operating loss/income; Adjusted net income/loss; Adjusted
gross profit; Adjusted gross profit margin; Adjusted diluted loss
per common share and free cash flow (together, the “Non-GAAP
Measures”) are non-GAAP financial measures. See the reconciliations
of such Non-GAAP Measures to their most directly comparable GAAP
measures in the accompanying financial tables, to the extent not
otherwise directly reconciled in the Company’s financial
results.
The Company defines EBITDA as income from continuing operations
before interest, taxes, depreciation, amortization, gains/losses on
foreign currency fluctuations, gains/losses on the early
extinguishment of debt and miscellaneous expenses (the foregoing
being the “EBITDA Exclusions”). The Company presents Adjusted
EBITDA to exclude the EBITDA Exclusions, as well as the impact of
non-cash stock-based compensation expense and certain other
non-operating items that are not directly attributable to the
Company's underlying operating performance (the “Non-Operating
Items”). The following table identifies the Non-Operating Items
excluded in the presentation of Adjusted EBITDA for all
periods:
(USD millions)
Q4 2022
Q4 2021
Net Loss Adjustments to EBITDA
(Unaudited)
Non-Operating Items:
Non-cash stock-based compensation
expense
$
(1.5
)
$
3.6
Restructuring and related charges
3.0
5.0
Acquisition, integration and divestiture
costs
0.2
0.5
Loss on divested assets
—
0.6
Financial control remediation and
sustainability actions and related charges
—
0.1
Capital structure and related charges
0.3
2.4
Adjusted net loss and adjusted diluted loss per common share
exclude the after-tax impact of the Non-Operating Items from As
Reported net loss.
The Company excludes the EBITDA Exclusions and Non-Operating
Items, as applicable, in calculating the Non-GAAP Measures because
the Company's management believes that some of these items may not
occur in certain periods, the amounts recognized can vary
significantly from period to period and/or these items do not
facilitate an understanding of the Company's underlying operating
performance.
Free cash flow is defined as net cash provided by/used in
operating activities, less capital expenditures for property, plant
and equipment. Free cash flow excludes proceeds on sale of
discontinued operations. Free cash flow does not represent the
residual cash flow available for discretionary expenditures, as it
excludes certain expenditures such as mandatory debt service
requirements, which for the Company are significant.
The Company's management uses the Non-GAAP Measures as operating
performance measures, and in the case of free cash flow, as a
liquidity measure (in conjunction with GAAP financial measures), as
an integral part of its reporting and planning processes and to,
among other things: (i) monitor and evaluate the performance of the
Company's business operations, financial performance and overall
liquidity; (ii) facilitate management's internal comparisons of the
Company's historical operating performance of its business
operations; (iii) facilitate management's external comparisons of
the results of its overall business to the historical operating
performance of other companies that may have different capital
structures and debt levels; (iv) review and assess the operating
performance of the Company's management team and, together with
other operational objectives, as a measure in evaluating employee
compensation, including bonuses and other incentive compensation;
(v) analyze and evaluate financial and strategic planning decisions
regarding future operating investments; and (vi) plan for and
prepare future annual operating budgets and determine appropriate
levels of operating investments.
Management believes that the Non-GAAP Measures are useful to
investors to provide them with disclosures of the Company's
operating results on the same basis as that used by management.
Management believes that the Non-GAAP Measures provide useful
information to investors about the performance of the Company's
overall business because such measures eliminate the effects of
certain charges that are not directly attributable to the Company's
underlying operating performance. Additionally, management believes
that providing the Non-GAAP Measures enhances the comparability for
investors in assessing the Company’s financial reporting.
Management believes that free cash flow is useful for investors
because it provides them with an important perspective on the cash
available for debt service and other strategic measures, after
making necessary capital investments in property and equipment to
support the Company's ongoing business operations, and provides
them with the same measures that management uses as the basis for
making resource allocation decisions.
Accordingly, the Company believes that the presentation of the
Non-GAAP Measures, when used in conjunction with GAAP financial
measures, are useful financial analytical measures that are used by
management, as described above, and therefore can assist investors
in assessing the Company's financial condition, operating
performance and underlying strength. The Non-GAAP Measures should
not be considered in isolation or as a substitute for their
respective most directly comparable As Reported financial measures
prepared in accordance with GAAP, such as net income/loss,
operating income/loss, diluted earnings/loss per share or net cash
provided by (used in) operating activities. Other companies may
define such non-GAAP measures differently. Also, while EBITDA and
Adjusted EBITDA, as used in this release, are defined differently
than Adjusted EBITDA for the Company's credit agreements and
indentures, certain financial covenants in its borrowing
arrangements are tied to similar financial measures. These non-GAAP
financial measures should be read in conjunction with the Company's
financial statements and related footnotes filed with the SEC.
(b) Segment profit is defined as income from continuing
operations for each of the Company's Revlon, Elizabeth Arden,
Portfolio and Fragrances segments, excluding the EBITDA Exclusions.
Segment profit also excludes the impact of certain items that are
not directly attributable to the segments' underlying operating
performance, including the impact of the Non-Operating Items noted
above in footnote (a). The Company does not have any material
inter-segment sales.
FORWARD-LOOKING
STATEMENTS
Statements made in this press release, which are not historical
facts, including statements about the Company’s beliefs and
expectations, are forward-looking and are provided pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements can be identified by, among
other things, the use of forward-looking language such as
"estimates," "objectives," "visions," "projects," "forecasts,"
"focus," "drive towards," "future," "plans," "targets,"
"strategies," "opportunities," "assumptions," "drivers,"
"believes," "intends," "outlooks," "initiatives," "expects,"
"scheduled to," "anticipates," "seeks," "may," "will" or "should"
or the negative of those terms, or other variations of those terms
or comparable language, or by discussions of strategies, targets,
long-range plans, models or intentions. Forward-looking statements
speak only as of the date they are made, and except for the
Company's ongoing obligations under the U.S. federal securities
laws, the Company undertakes no obligation to publicly update any
forward-looking statements, whether as a result of new information,
future events or otherwise. Forward-looking statements are based on
preliminary or potentially inaccurate estimates and assumptions and
are subject to known and unknown risks and uncertainties that could
cause actual results to differ materially from forward-looking
statements, including, but not limited to various risks associated
with the Chapter 11 Cases, including, but not limited to, the
Debtors’ ability to obtain Bankruptcy Court approval with respect
to motions in the bankruptcy petitions, the effects of the
bankruptcy petitions on the Company and on the interests of various
stakeholders, Bankruptcy Court rulings during the Chapter 11 Cases
and the outcome of the Chapter 11 Cases in general, the length of
time the Debtors will remain in Chapter 11, risks associated with
any third-party motions during the Chapter 11 Cases, the potential
adverse effects of the Chapter 11 Cases on the Company’s liquidity
or results of operations and increased legal and other professional
costs necessary to execute the Company’s reorganization, the
conditions to which the Company’s debtor-in-possession financing is
subject and the risk that these conditions may not be satisfied for
various reasons, including for reasons outside of the Company’s
control, whether the Company will emerge, in whole or in part, from
insolvency proceedings as a going concern, employee attrition and
the Company’s ability to retain senior management and other key
personnel due to the distractions and uncertainties imposed in part
by the Chapter 11 Cases and the trading price and volatility of the
Company’s common stock. Actual results may also differ materially
from the Company's forward-looking statements as a result of the
risks and other items described in Revlon’s filings with the SEC,
including, without limitation, in Revlon’s Annual Report on Form
10-K, Quarterly Reports on Form 10-Q and Current Reports on Form
8-K and amendments thereto, if any, filed with the SEC (which may
be viewed on the SEC’s website at http://www.sec.gov or on Revlon,
Inc.’s website at http://www.revloninc.com). Factors other than
those referred to above could also cause Revlon’s results to differ
materially from expected results. Additionally, the business and
financial materials and any other statement or disclosure on, or
made available through, Revlon’s website or other websites
referenced herein shall not be incorporated by reference into this
press release.
The Company cautions that trading in the Company’s securities
during the pendency of the Chapter 11 Cases is highly speculative
and poses substantial risks. Trading prices for the Company’s
securities may bear little or no relationship to the actual
recovery, if any, by holders of the Company’s securities in the
Chapter 11 Cases. Holders of shares of the Company’s common stock
could experience a complete loss on their investment, depending on
the outcome of the Chapter 11 Cases.
REVLON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
OPERATIONS AND COMPREHENSIVE LOSS
(dollars in millions, except
share and per share amounts)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(Unaudited)
Net sales
$
589.8
$
615.2
$
1,980.4
$
2,078.7
Cost of sales
239.9
240.4
835.7
849.1
Gross profit
349.9
374.8
1,144.7
1,229.6
Selling, general and administrative
expenses
274.7
303.1
1,033.1
1,099.1
Acquisition, integration and divestiture
costs
0.2
0.5
0.9
2.3
Restructuring charges and other, net
2.2
3.3
6.5
26.1
Impairment charges
—
—
24.3
—
Loss (gain) on divested assets
—
0.6
—
(1.1
)
Operating income
72.8
67.3
79.9
103.2
Other expenses:
Interest expense, net
77.1
63.8
252.9
247.7
Amortization of debt issuance costs
—
8.9
20.9
39.6
Foreign currency (gains) losses, net
(16.3
)
(0.9
)
25.1
10.6
Miscellaneous, net
(1.8
)
3.2
7.2
6.0
Reorganization items, net
172.7
—
416.0
—
Other expenses
231.7
75.0
722.1
303.9
Loss from operations before income
taxes
(158.9
)
(7.7
)
(642.2
)
(200.7
)
Provision for (benefit from) income
taxes
19.6
(17.6
)
31.7
6.2
Net loss (income)
$
(178.5
)
$
9.9
$
(673.9
)
$
(206.9
)
Other comprehensive income (loss):
Foreign currency translation
adjustments
6.4
(2.7
)
(1.8
)
(8.7
)
Amortization of pension related costs, net
of tax
2.9
3.3
11.5
13.8
Pension re-measurement, net of tax
5.6
38.1
5.6
38.1
Pension settlement and curtailment, net of
tax
(0.5
)
—
(0.5
)
—
Other comprehensive income (loss), net
14.4
38.7
14.8
43.2
Total comprehensive loss
$
(164.1
)
$
48.6
$
(659.1
)
$
(163.7
)
Basic and Diluted loss per common
share:
$
(3.24
)
$
0.18
$
(12.28
)
$
(3.84
)
Weighted average number of common shares
outstanding:
Basic
55,111,833
54,036,398
54,892,272
53,934,179
Diluted
55,111,833
54,036,398
54,892,272
53,934,179
REVLON, INC. AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(dollars in millions)
December 31,
December 31,
2022
2021
ASSETS
Current assets:
Cash and cash equivalents
$
249.3
$
102.4
Trade receivables, net
352.7
383.8
Inventories, net
469.3
417.4
Prepaid expenses and other current
assets
140.2
136.0
Total current assets
1,211.5
1,039.6
Property, plant and equipment, net
251.6
297.3
Deferred income taxes
33.9
42.8
Goodwill
562.2
562.8
Intangible assets, net
334.1
392.2
Other assets
96.5
97.8
Total assets
$
2,489.8
$
2,432.5
LIABILITIES AND STOCKHOLDERS'
DEFICIENCY
Current liabilities:
Short-term borrowings
$
0.2
$
0.7
Current portion of long-term debt
746.9
137.2
Accounts payable
125.9
217.7
Accrued expenses and other current
liabilities
387.0
432.0
Total current liabilities
1,260.0
787.6
Long-term debt
0.1
3,305.5
Long-term pension and other
post-retirement plan liabilities
84.5
147.3
Other long-term liabilities
96.7
206.2
Liabilities subject to compromise
3,711.2
—
Total stockholders' deficiency
(2,662.7
)
(2,014.1
)
Total liabilities and stockholders'
deficiency
$
2,489.8
$
2,432.5
REVLON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(dollars in millions)
Year Ended
December 31,
2022
2021
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss
$
(673.9
)
$
(206.9
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
105.7
125.7
Foreign currency losses from
re-measurement
25.1
10.6
Amortization of debt discount
0.3
0.9
Stock-based compensation amortization
13.8
14.0
Impairment charges
24.3
—
Provision for (benefit from) deferred
income taxes
11.8
(20.0
)
Amortization of debt issuance costs
20.9
39.6
Gain on divested assets
—
(1.1
)
Non-cash reorganization items, net
231.3
—
Pension and other post-retirement cost
4.2
4.8
Paid-in-kind interest expense on the 2020
BrandCo Facilities
31.1
18.8
Change in assets and liabilities:
Decrease (increase) in trade
receivables
21.9
(38.6
)
(Increase) decrease in inventories
(61.2
)
35.1
Increase in prepaid expenses and other
current assets
(6.2
)
(3.4
)
Increase in accounts payable
6.8
30.5
Increase in accrued expenses and other
current liabilities
38.0
7.3
Decrease in deferred revenue
(2.8
)
(4.2
)
Pension and other post-retirement plan
contributions
(4.9
)
(22.5
)
Purchases of permanent displays
(28.1
)
(24.9
)
Other, net
(1.6
)
23.3
Net cash used in operating activities
(243.5
)
(11.0
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures
(13.8
)
(14.2
)
Proceeds from the sale of certain
assets
—
2.1
Net cash used in investing activities
(13.8
)
(12.1
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Net decrease in short-term borrowings and
overdraft
(2.3
)
(13.7
)
Borrowings on term loans
—
305.0
Repayments on term loans
(88.6
)
(197.2
)
Net (repayments) borrowings under the
revolving credit facilities
(0.6
)
(29.3
)
Borrowings on DIP Term Loan Facility
575.0
—
Repayments on Tranche A DIP ABL
Facility
(67.2
)
—
Payment of financing costs
(20.5
)
(17.9
)
Tax withholdings related to net share
settlements of restricted stock and RSUs
(3.3
)
(2.4
)
Other financing activities
(0.2
)
(0.3
)
Net cash provided by financing
activities
392.3
44.2
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(2.8
)
(2.7
)
Net increase in cash, cash equivalents and
restricted cash
132.2
18.4
Cash, cash equivalents and restricted cash
at beginning of period
120.9
102.5
Cash, cash equivalents and restricted cash
at end of period
$
253.1
$
120.9
Supplemental schedule of cash flow
information:
Cash paid during the period for:
Interest
$
213.3
$
241.5
Income taxes, net of refunds
8.5
9.6
Reorganization items, net
152.0
—
Supplemental schedule of non-cash
investing and financing activities:
Paid-in-kind interest capitalized to the
2020 BrandCo Facilities
28.2
18.8
REVLON, INC. AND
SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
2022
2021
(Unaudited)
Reconciliation of net (loss) income to
EBITDA and Adjusted EBITDA:
Net loss
$
(178.5
)
$
9.9
Interest expense, net
77.1
63.8
Amortization of debt issuance costs
—
8.9
Foreign currency losses, net
(16.3
)
(0.9
)
Provision for income taxes
19.6
(17.6
)
Depreciation and amortization
25.0
28.9
Miscellaneous, net
(1.8
)
3.2
Reorganization items, net
172.7
—
EBITDA
$
97.8
$
96.2
Non-operating items:
Non-cash stock-based compensation
expense
(1.5
)
3.6
Restructuring and related charges
3.0
5.0
Acquisition, integration and divestiture
costs
0.2
0.5
Gain on divested assets
—
0.6
Financial control remediation and
sustainability actions and related charges
—
0.1
Capital structure and related charges
0.3
2.4
Adjusted EBITDA
$
99.8
$
108.4
Year Ended December
31,
2022
2021
(Unaudited)
Reconciliation of net loss to EBITDA
and Adjusted EBITDA:
Net loss
$
(673.9
)
$
(206.9
)
Interest expense, net
252.9
247.7
Amortization of debt issuance costs
20.9
39.6
Foreign currency losses, net
25.1
10.6
Provision for income taxes
31.7
6.2
Depreciation and amortization
105.7
125.7
Miscellaneous, net
7.2
6.0
Reorganization items, net
416.0
—
EBITDA
$
185.6
$
228.9
Non-operating items:
Non-cash stock-based compensation
expense
13.8
14.0
Restructuring and related charges
31.5
33.0
Acquisition, integration and divestiture
costs
0.9
2.3
Gain on divested assets
—
(1.1
)
Financial control remediation and
sustainability actions and related charges
—
0.5
Impairment charges
24.3
—
COVID-19 charges
—
6.1
Capital structure and related charges
4.2
9.2
Adjusted EBITDA
$
260.3
$
292.9
REVLON, INC. AND
SUBSIDIARIES
SEGMENT PROFIT, ADJUSTED
EBITDA AND ADJUSTED OPERATING INCOME RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Segment Profit:
Revlon
$
26.9
$
41.5
$
89.0
$
86.8
Elizabeth Arden
21.8
20.7
61.7
62.8
Portfolio
24.7
24.7
50.4
71.0
Fragrances
26.4
21.5
59.2
72.3
Total Segment Profit
$
99.8
$
108.4
$
260.3
$
292.9
Reconciliation of loss from continuing
operations before income taxes to Adjusted Operating Income and
Adjusted EBITDA:
Loss from operations before income
taxes
$
(158.9
)
$
(7.7
)
$
(642.2
)
$
(200.7
)
Interest expense, net
77.1
63.8
252.9
247.7
Amortization of debt issuance costs
—
8.9
20.9
39.6
Foreign currency losses, net
(16.3
)
(0.9
)
25.1
10.6
Miscellaneous, net
(1.8
)
3.2
7.2
6.0
Reorganization items, net
172.7
—
416.0
—
Operating income
72.8
67.3
79.9
103.2
Non-operating items:
Restructuring and related charges
3.0
5.0
31.5
33.0
Acquisition, integration and divestiture
costs
0.2
0.5
0.9
2.3
Gain (Loss) on divested assets
—
0.6
—
(1.1
)
Financial control remediation and
sustainability actions and related charges
—
0.1
—
0.5
Impairment charges
—
—
24.3
—
COVID-19 charges
—
—
—
6.1
Capital structure and related charges
0.3
2.4
4.2
9.2
Adjusted Operating income
76.3
75.9
140.8
153.2
Non-cash stock-based compensation
expense
(1.5
)
3.6
13.8
14.0
Depreciation and amortization
25.0
28.9
105.7
125.7
Adjusted EBITDA
$
99.8
$
108.4
$
260.3
$
292.9
REVLON, INC. AND
SUBSIDIARIES
NET SALES
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Segment Net Sales
Revlon
$
207.7
$
206.1
$
752.6
$
727.9
Elizabeth Arden
162.0
172.6
509.7
532.3
Portfolio
105.0
111.7
373.4
419.1
Fragrances
115.1
124.8
344.7
399.4
Total Segment Net Sales
$
589.8
$
615.2
$
1,980.4
$
2,078.7
ADJUSTED GROSS PROFIT
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2022
2021
2022
2021
(Unaudited)
(Unaudited)
Gross Profit
$
349.9
$
374.8
1,144.7
$
1,229.6
Non-operating items:
COVID-19 charges
—
0.1
—
5.5
Adjusted Gross Profit
$
349.9
$
374.9
$
1,144.7
$
1,235.1
REVLON, INC. AND
SUBSIDIARIES
ADJUSTED NET INCOME (LOSS) AND
ADJUSTED DILUTED INCOME (LOSS) PER SHARE RECONCILIATION
(dollars in millions, except
share and per share amounts)
Three Months Ended December
31,
2022
2021
(Unaudited)
Reconciliation to net loss and diluted
loss per share:
Net (loss) income
$
(178.5
)
$
9.9
Non-operating items (after-tax):
Restructuring and related charges
2.9
4.0
Acquisition, integration and divestiture
costs
0.2
0.4
Loss (gain) on divested assets
—
0.8
Financial control remediation and
sustainability actions and related charges
—
—
Impairment charges
—
—
COVID-19 charges
—
1.0
Capital structure and related charges
0.3
2.5
Adjusted net loss
$
(175.1
)
$
18.6
Net (loss) income:
Diluted (loss) income per common share
(3.24
)
0.18
Adjustment to diluted (loss) income per
common share
0.06
0.16
Adjusted diluted (loss) income per common
share
$
(3.18
)
$
0.34
U.S. GAAP weighted average number of
common shares outstanding:
Diluted
55,111,833
54,036,398
Year Ended December
31,
2022
2021
(Unaudited)
Reconciliation to net loss and diluted
loss per share:
Net loss
$
(673.9
)
$
(206.9
)
Non-operating items (after-tax):
Restructuring and related charges
31.0
30.7
Acquisition, integration and divestiture
costs
0.9
2.2
Gain on divested assets
—
(0.9
)
Financial control remediation and
sustainability actions and related charges
—
0.4
Impairment charges
24.3
—
COVID-19 charges
—
5.8
Capital structure and related charges
4.2
9.3
Adjusted net loss
$
(613.5
)
$
(159.4
)
Net loss:
Diluted loss per common share
(12.28
)
(3.84
)
Adjustment to diluted loss per common
share
1.10
0.88
Adjusted diluted loss per common share
$
(11.18
)
$
(2.96
)
U.S. GAAP weighted average number of
common shares outstanding:
Diluted
54,892,272
53,934,179
REVLON, INC. AND
SUBSIDIARIES
FREE CASH FLOW
RECONCILIATION
(dollars in millions)
Year Ended December
31,
2022
2021
(Unaudited)
Reconciliation of net cash used in
operating activities to free cash flow:
Net cash used in operating activities
$
(243.5
)
$
(11.0
)
Less capital expenditures
(13.8
)
(14.2
)
Free cash flow
$
(257.3
)
$
(25.2
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20230315005882/en/
Investor Website: investors.revlon.com Investor Relations:
investor.relations@revlon.com
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