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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended June 30, 2022
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________________ to _______________
Commission File Number Registrant; State of Incorporation; Address and Telephone Number IRS Employer Identification No.
1-11178 Revlon, Inc. 13-3662955
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
33-59650 Revlon Consumer Products Corporation 13-3662953
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
Securities registered pursuant to Section 12(b) or 12(g) of the Act:
Title of each class Trading Symbol(s) Name of each exchange on which registered
Revlon, Inc. Class A Common Stock REV New York Stock Exchange
Revlon Consumer Products Corporation None N/A N/A


Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
Revlon, Inc.
Yes
No
Revlon Consumer Products Corporation
Yes
No

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ¨

1


Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller Reporting Company Emerging Growth Company
Revlon, Inc.
Yes No
Yes No
Yes No
Yes
No
Yes
No
Revlon Consumer Products Corporation
Yes No
Yes No
Yes No
Yes
No
Yes
No
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act).
Revlon, Inc. Yes
No
Revlon Consumer Products Corporation Yes
No

Number of shares of common stock outstanding as of June 30, 2022:
Revlon, Inc. Class A Common Stock: 54,281,651
Revlon Consumer Products Corporation Common Stock: 5,260

At such date, (i) 46,223,321 shares of Revlon, Inc. Class A Common Stock were beneficially owned by MacAndrews & Forbes Incorporated and certain of its affiliates; and (ii) all shares of Revlon Consumer Products Corporation ("Products Corporation") Common Stock were held by Revlon, Inc.

Products Corporation meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q as, among other things, all of Products Corporation's equity securities are owned directly by Revlon, Inc., which is a reporting company under the Securities Exchange Act of 1934, as amended, and which filed with the SEC on August 9, 2022 all of the material required to be filed pursuant to Section 13, 14 or 15(d) thereof. Products Corporation is therefore filing this Form 10-Q with a reduced disclosure format applicable to Products Corporation.
2



REVLON, INC. AND SUBSIDIARIES
INDEX

PART I - Financial Information
Item 1. Financial Statements of Revlon, Inc. and Subsidiaries
2
3
4
5
Financial Statements of Revlon Consumer Products Corporation and Subsidiaries
7
8
9
Item 2.
Item 3.
Item 4.
PART II - Other Information
Item 1.
Item 1A.
Item 3.
Item 5.
Item 6.


1



PART I - FINANCIAL INFORMATION


REVLON, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except share and per share amounts)

June 30, 2022 December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 312.5  $ 102.4 
Trade receivables (net of allowance for doubtful accounts of $7.5 and $9.0, respectively)
285.3  383.8 
Inventories, net 459.7  417.4 
Prepaid expenses and other assets 132.7  136.0 
Total current assets 1,190.2  1,039.6 
Property, plant and equipment (net of accumulated depreciation of $552.0 and $551.3, respectively)
267.0  297.3 
Deferred income taxes 42.8  42.8 
Goodwill 561.9  562.8 
Intangible assets (net of accumulated amortization and impairment of $364.3 and $326.4, respectively)
346.7  392.2 
Other assets 95.1  97.8 
Total assets $ 2,503.7  $ 2,432.5 
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current liabilities:
Short-term borrowings $ 2.3  $ 0.7 
Current portion of long-term debt 593.0  137.2 
Accounts payable 80.6  217.7 
Accrued expenses and other current liabilities 293.9  432.0 
Total current liabilities 969.8  787.6 
Long-term debt —  3,305.5 
Long-term pension and other post-retirement plan liabilities 140.9  147.3 
Other long-term liabilities 73.9  206.2 
Liabilities subject to compromise 3,667.3  — 
Stockholders’ deficiency:
Class A Common Stock, par value $0.01 per share: 900,000,000 shares authorized; 60,990,501 and 58,005,142 shares issued, respectively
0.5  0.5 
Additional paid-in capital 1,104.4  1,096.3 
Treasury stock, at cost: 2,424,022 and 1,992,957 shares of Class A Common Stock, respectively
(40.9) (37.6)
Accumulated deficit (3,181.2) (2,838.6)
Accumulated other comprehensive loss (231.0) (234.7)
Total stockholders’ deficiency (2,348.2) (2,014.1)
Total liabilities and stockholders’ deficiency $ 2,503.7  $ 2,432.5 








See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
2

REVLON, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(dollars in millions, except share and per share amounts)
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net sales
$ 442.6  $ 497.4  $ 922.2  $ 942.4 
Cost of sales
191.4  196.3  388.3  387.5 
      Gross profit
251.2  301.1  533.9  554.9 
Selling, general and administrative expenses
253.0  279.4  509.9  539.9 
Acquisition, integration and divestiture costs
0.3  0.6  0.5  1.2 
Restructuring charges and other, net
3.1  8.4  5.0  13.8 
Impairment charges 24.3  —  24.3  — 
Gain on divested assets —  (1.8) —  (1.8)
      Operating income (loss)
(29.5) 14.5  (5.8) 1.8 
Other expenses:
   Interest expense, net
57.5  61.9  119.6  120.8 
   Amortization of debt issuance costs
11.8  13.3  20.9  22.0 
   Foreign currency losses (gains), net
14.2  (1.7) 22.0  1.6 
   Miscellaneous, net
4.8  1.5  6.7  2.7 
   Reorganization items, net
158.3  —  158.3  — 
      Other expenses
246.6  75.0  327.5  147.1 
Loss from operations before income taxes (276.1) (60.5) (333.3) (145.3)
(Benefit from) provision for income taxes (0.5) 7.2  9.3  18.4 
Net loss $ (275.6) $ (67.7) $ (342.6) $ (163.7)
Other comprehensive income (loss):
   Foreign currency translation adjustments (3.0) (0.5) (2.0) (5.4)
   Amortization of pension related costs, net of tax(a)(b)
2.8  3.5  5.7  7.0 
Other comprehensive income, net (0.2) 3.0  3.7  1.6 
Total comprehensive loss
$ (275.8) $ (64.7) $ (338.9) $ (162.1)
Basic and Diluted loss per common share: $ (5.00) $ (1.25) $ (6.27) $ (3.04)
Weighted average number of common shares outstanding:
      Basic
55,071,206  54,015,794  54,669,069  53,835,622 
      Diluted
55,071,206  54,015,794  54,669,069  53,835,622 
    
(a) Net of tax expense of nil for both the three months ended and six months ended June 30, 2022 and 2021.
(b) This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).






See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
3

REVLON, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY
(dollars in millions, except share and per share amounts)
(Unaudited)

Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive (Loss) Income Total Stockholders’ Deficiency
Balance at January 1, 2022 $ 0.5  $ 1,096.3  $ (37.6) $ (2,838.6) $ (234.7) $ (2,014.1)
Treasury stock acquired, at cost (a)
—  —  (3.2) —  —  (3.2)
Stock-based compensation amortization —  1.8  —  —  —  1.8 
Net loss
      (67.0) —  (67.0)
Other comprehensive (loss) income, net (b)
—  —  —  —  3.9  3.9 
Balance at March 31, 2022 0.5  1,098.1  (40.8) (2,905.6) (230.8) (2,078.6)
Treasury stock acquired, at cost (a)
—  —  (0.1) —  —  (0.1)
Stock-based compensation amortization   6.3      —  6.3 
Net loss
      (275.6) —  (275.6)
Other comprehensive (loss) income, net (b)
        (0.2) (0.2)
Balance at June 30, 2022 $ 0.5  $ 1,104.4  $ (40.9) $ (3,181.2) $ (231.0) $ (2,348.2)
Common Stock Additional Paid-In Capital Treasury Stock Accumulated Deficit Accumulated Other Comprehensive (Loss) Income Total Stockholders’ Deficiency
Balance at January 1, 2021 $ 0.5  $ 1,082.3  $ (35.2) $ (2,631.7) $ (277.9) $ (1,862.0)
Treasury stock acquired, at cost (a)
—  —  (2.4) —  —  (2.4)
Stock-based compensation amortization —  3.1  —  —  —  3.1 
Net loss
—  —  —  (96.0) —  (96.0)
Other comprehensive (loss) income, net (b)
        (1.4) (1.4)
Balance at March 31, 2021 0.5  1,085.4  (37.6) (2,727.7) (279.3) (1,958.7)
Treasury stock acquired, at cost (a)
—  —  —  —  —  — 
Stock-based compensation amortization —  3.4  —  —  —  3.4 
Net loss
—  —  —  (67.7) —  (67.7)
Other comprehensive (loss) income, net (b)
        3.0  3.0 
Balance at June 30, 2021 $ 0.5  $ 1,088.8  $ (37.6) $ (2,795.4) $ (276.3) $ (2,020.0)
(a) Pursuant to the share withholding provisions of the Fifth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), the Company withheld an aggregate of 16,589 and nil shares of Revlon Class A Common Stock during the three months ended June 30, 2022 and 2021, respectively, and 431,065 and 162,496 shares of Revlon Class A Common Stock during the six months ended June 30, 2022 and 2021, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units ("RSUs") for certain senior executives and employees. These withheld shares were recorded as treasury stock using the cost method, at a weighted-average price per share of $6.81 and nil during the three months ended June 30, 2022 and 2021, respectively, and $7.71 and $14.95 during the six months ended June 30, 2022 and 2021, respectively, based on the closing price of Revlon Class A Common Stock as reported on the New York Stock Exchange (the "NYSE") consolidated tape on each respective vesting date, for a total of approximately of $0.1 million and nil during the three months ended June 30, 2022 and 2021, respectively, and $3.3 million and $2.4 million during the six months ended June 30, 2022 and 2021, respectively. See Note 11, "Stock Compensation Plan," for details regarding restricted stock awards and RSUs under the Stock Plan.
(b) See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the six months ended June 30, 2022 and 2021, respectively.

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
4

REVLON, INC. AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(Unaudited)

Six Months Ended June 30,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (342.6) $ (163.7)
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization 54.4  65.6 
   Foreign currency losses from re-measurement 23.9  1.6 
   Amortization of debt discount 0.3  0.6 
   Stock-based compensation amortization 8.1  6.5 
Impairment charges 24.3  — 
(Benefit from) provision for deferred income taxes (1.3) 3.5 
   Amortization of debt issuance costs 20.9  22.0 
   Gain on divested assets —  (1.8)
Non-cash reorganization items, net 139.0  — 
   Pension and other post-retirement cost 2.4  2.3 
Paid-in-kind interest expense on the 2020 BrandCo Facilities 9.4  9.3 
   Change in assets and liabilities:
Decrease in trade receivables 89.9  36.6 
(Increase) decrease in inventories (50.5) 14.4 
Decrease (increase) in prepaid expenses and other current assets 1.1  (1.2)
Increase (decrease) in accounts payable 40.2  (0.1)
Decrease in accrued expenses and other current liabilities (24.5) (21.5)
Decrease in deferred revenue (1.7) (2.8)
Pension and other post-retirement plan contributions (3.8) (17.2)
Purchases of permanent displays (9.2) (8.9)
Other, net (24.8) 15.5 
Net cash used in operating activities (44.5) (39.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (4.5) (2.9)
Proceeds from the sale of certain assets —  2.1 
Net cash used in investing activities (4.5) (0.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (0.3) (6.7)
Borrowings on term loans —  305.0 
Repayments on term loans (a)
(88.6) (176.1)
Net (repayments) borrowings under the revolving credit facilities (0.6) (36.8)
Borrowings on DIP Term Loan Facility 375.0  — 
Repayments on Tranche A DIP ABL Facility (21.2) — 
Payment of financing costs (16.8) (15.8)
Tax withholdings related to net share settlements of restricted stock and RSUs (3.3) (2.4)
Other financing activities —  (0.2)
Net cash provided by financing activities 244.2  67.0 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2.6) (1.0)
   Net increase in cash, cash equivalents and restricted cash
192.6  25.9 
   Cash, cash equivalents and restricted cash at beginning of period (c)
120.9  102.5 
   Cash, cash equivalents and restricted cash at end of period (b)
$ 313.5  $ 128.4 
Supplemental schedule of cash flow information:
   Cash paid during the period for:
Interest $ 113.4  $ 117.6 
Income taxes, net of refunds 6.4  6.6 
Reorganization items, net 14.8  — 
Supplemental schedule of non-cash investing and financing activities:
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities $ 9.4  $ 9.3 
5

(a) Repayments on term loans for the six months ended June 30, 2022 includes repayments of $75.0 million under the 2021 Foreign Asset Based Term Facility, $4.7 million under the 2020 BrandCo Term Loan Facility, $6.6 million for the 2020 Troubled-debt-restructuring future interest amortization, and $2.3 million under the 2016 Term Loan Facility. Repayments on term loans for the six months ended June 30, 2021 includes repayments of $100.0 million under the 2021 SISO Term Loan facility, $58.9 million under the 2018 Foreign Asset-Based Term Facility, $7.9 million for the 2020 Troubled-debt-restructuring future interest amortization, $4.7 million under the 2020 BrandCo facilities and $4.6 million under the 2016 Term Loan Facility. See Note 8, "Debt" in the Company's 2021 Form 10-K for additional information on the Company's debt facilities.
(b)These amounts include restricted cash of $1.0 million and $18.6 million as of June 30, 2022 and 2021, respectively. The balance as of June 30, 2022 primarily represents: cash on security deposit. The balance as of June 30, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements were satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of June 30, 2022 and June 30, 2021, respectively.
(c) This amount includes restricted cash of $18.5 million as of December 31, 2021. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit.

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
6


REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except share and per share amounts)

June 30, 2022 December 31, 2021
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents $ 312.5  $ 102.4 
Trade receivables (net of allowance for doubtful accounts of $7.5 and $9.0, respectively)
285.3  383.8 
Inventories, net 459.7  417.4 
Prepaid expenses and other assets 128.7  131.8 
Receivable from Revlon, Inc. 187.5  165.0 
Total current assets 1,373.7  1,200.4 
Property, plant and equipment (net of accumulated depreciation of $552.0 and $551.3, respectively)
267.0  297.3 
Deferred income taxes 51.5  51.6 
Goodwill 561.9  562.8 
Intangible assets (net of accumulated amortization and impairment of $364.3 and $326.4, respectively)
346.7  392.2 
Other assets 95.1  97.8 
Total assets $ 2,695.9  $ 2,602.1 
LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Current liabilities:
Short-term borrowings $ 2.3  $ 0.7 
Current portion of long-term debt 593.0  137.2 
Accounts payable 80.6  217.7 
Accrued expenses and other current liabilities 294.1  432.1 
Total current liabilities 970.0  787.7 
Long-term debt —  3,305.5 
Long-term pension and other post-retirement plan liabilities 140.9  147.3 
Other long-term liabilities 86.6  218.8 
Liabilities subject to compromise 3,685.7  — 
Stockholder's deficiency:
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding
54.6  54.6 
Products Corporation Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding
— 
Additional paid-in capital 1,029.0  1,020.9 
Accumulated deficit (3,039.9) (2,698.0)
Accumulated other comprehensive loss (231.0) (234.7)
Total stockholder's deficiency (2,187.3) (1,857.2)
Total liabilities and stockholder's deficiency $ 2,695.9  $ 2,602.1 






See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
7

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(dollars in millions)
(Unaudited)

Three Months Ended June 30, Six Months Ended June 30,
2022 2021 2022 2021
Net sales
$ 442.6  $ 497.4  $ 922.2  $ 942.4 
Cost of sales
191.4  196.3  388.3  387.5 
      Gross profit
251.2  301.1  533.9  554.9 
Selling, general and administrative expenses
251.0  277.7  505.8  537.2 
Acquisition, integration and divestiture costs
0.3  0.6  0.5  1.2 
Restructuring charges and other, net
3.1  8.4  5.0  13.8 
Impairment charges 24.3  —  24.3  — 
Gain on divested assets
—  (1.8) —  (1.8)
      Operating income (loss)
(27.5) 16.2  (1.7) 4.5 
Other expenses:
   Interest expense, net
57.5  61.9  119.6  120.8 
   Amortization of debt issuance costs
11.8  13.3  20.9  22.0 
   Foreign currency losses (gains), net 14.2  (1.7) 22.0  1.6 
   Miscellaneous, net
4.8  1.5  10.1  2.7 
   Reorganization items, net
158.3  0.0  158.3  0.0 
      Other expenses
246.6  75.0  330.9  147.1 
Loss from operations before income taxes
(274.1) (58.8) (332.6) (142.6)
(Benefit from) provision for income taxes (0.4) 7.3  9.3  18.4 
Net loss
$ (273.7) $ (66.1) $ (341.9) $ (161.0)
Other comprehensive income (loss):
   Foreign currency translation adjustments (3.0) (0.5) (2.0) (5.4)
   Amortization of pension related costs, net of tax(a)(b)
2.8  3.5  5.7  7.0 
Other comprehensive income, net (0.2) 3.0  3.7  1.6 
Total comprehensive loss
$ (273.9) $ (63.1) $ (338.2) $ (159.4)

(a) Net of tax expense of nil for both the three months ended and six months ended June 30, 2022 and 2021
(b)This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).













See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
8

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY
(dollars in millions)
(Unaudited)

Preferred Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive (Loss) Income Total Stockholder's Deficiency
Balance at January 1, 2022 $ 54.6  $ 1,020.9  $ (2,698.0) $ (234.7) $ (1,857.2)
Stock-based compensation amortization —  1.8  —  —  1.8 
Net loss
—  —  (68.2) —  (68.2)
Other comprehensive (loss) income, net (a)
      3.9  3.9 
Balance at March 31, 2022 54.6  1,022.7  (2,766.2) (230.8) (1,919.7)
Stock-based compensation amortization   6.3      6.3 
Net loss
    (273.7)   (273.7)
Other comprehensive (loss) income, net (a)
      (0.2) (0.2)
Balance at June 30, 2022 $ 54.6  $ 1,029.0  $ (3,039.9) $ (231.0) $ (2,187.3)
Preferred Stock Additional Paid-In Capital Accumulated Deficit Accumulated Other Comprehensive (Loss) Income Total Stockholder's Deficiency
Balance at January 1, 2021 $ 54.6  $ 1,006.9  $ (2,486.6) $ (277.9) $ (1,703.0)
Stock-based compensation amortization —  3.1  —  —  3.1 
Net loss
—  —  (94.9) —  (94.9)
Other comprehensive (loss) income, net (a)
      (1.4) (1.4)
Balance at March 31, 2021 54.6  1,010.0  (2,581.5) (279.3) (1,796.2)
Stock-based compensation amortization   3.4  —    3.4 
Net loss
    (66.1)   (66.1)
Other comprehensive (loss) income, net (a)
      3.0  3.0 
Balance at June 30, 2021 $ 54.6  $ 1,013.4  $ (2,647.6) $ (276.3) $ (1,855.9)

(a)See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the six months ended June 30, 2022 and 2021, respectively.







See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
9

REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
(DEBTOR-IN-POSSESSION)
CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
(Unaudited)

Six Months Ended June 30,
2022 2021
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss $ (341.9) $ (161.0)
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization 54.4  65.6 
   Foreign currency losses from re-measurement 23.9  1.6 
   Amortization of debt discount 0.3  0.6 
   Stock-based compensation amortization 8.1  6.5 
Impairment charges 24.3  — 
  Provision for (benefit from) deferred income taxes (1.3) 4.0 
   Amortization of debt issuance costs 20.9  22.0 
   Gain on divested assets —  (1.8)
Non-cash reorganization items, net 139.0  — 
   Pension and other post-retirement cost 2.4  2.3 
Paid-in-kind interest expense on the 2020 BrandCo Facilities 9.4  9.3 
   Change in assets and liabilities:
Decrease in trade receivables 89.9  36.6 
(Increase) decrease in inventories (50.5) 14.4 
Decrease (increase) in prepaid expenses and other current assets 23.6  (6.3)
Increase (decrease) in accounts payable 40.2  (0.1)
Decrease in accrued expenses and other current liabilities (42.9) (21.5)
Decrease in deferred revenue (1.7) (2.8)
Pension and other post-retirement plan contributions (3.8) (17.2)
Purchases of permanent displays (9.2) (8.9)
Other, net (29.6) 17.4 
Net cash used in operating activities (44.5) (39.3)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (4.5) (2.9)
Proceeds from the sale of certain assets —  2.1 
Net cash used in investing activities (4.5) (0.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (0.3) (6.7)
Borrowings on term loans —  305.0 
Repayments on term loans (a)
(88.6) (176.1)
Net (repayments) borrowings under the revolving credit facilities (0.6) (36.8)
Borrowings on DIP Term Loan Facility 375.0  — 
Repayments on Tranche A DIP ABL Facility (21.2) — 
Payment of financing costs (16.8) (15.8)
Tax withholdings related to net share settlements of restricted stock and RSUs (3.3) (2.4)
Other financing activities —  (0.2)
Net cash provided by financing activities 244.2  67.0 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (2.6) (1.0)
   Net increase in cash, cash equivalents and restricted cash 192.6  25.9 
   Cash, cash equivalents and restricted cash at beginning of period (c)
120.9  102.5 
   Cash, cash equivalents and restricted cash at end of period (b)
$ 313.5  $ 128.4 
Supplemental schedule of cash flow information:
   Cash paid during the period for:
Interest $ 113.4  $ 117.6 
Income taxes, net of refunds 6.4  6.6 
Reorganization items, net 14.8  — 
Supplemental schedule of non-cash investing and financing activities:
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities 9.4 9.3 
10

(a) Repayments on term loans for the six months ended June 30, 2022 includes repayments of $75.0 million under the 2021 Foreign Asset Based Term Facility,$4.7 million under the 2020 BrandCo Term Loan Facility, $6.6 million for the 2020 Troubled-debt-restructuring future interest amortization, and $2.3 million under the 2016 Term Loan Facility. Repayments on term loans for the six months ended June 30, 2021 includes repayments of $100.0 million under the 2021 SISO Term Loan facility, $58.9 million under the 2018 Foreign Asset-Based Term Facility, $7.9 million for the 2020 Troubled-debt-restructuring future interest amortization, $4.7 million under the 2020 BrandCo facilities and $4.6 million under the 2016 Term Loan Facility. See Note 8, "Debt" in the Company's 2021 Form 10-K for additional information on the Company's debt facilities.
(b) These amounts include restricted cash of $1.0 million and $18.6 million as of June 30, 2022 and 2021, respectively. The balance as of June 30, 2022 primarily represents: cash on security deposit. The balance as of June 30, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements were satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of June 30, 2022 and June 30, 2021, respectively.
(c) This amount includes restricted cash of $18.5 million as of December 31, 2021. The balance as of December 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit.

See Accompanying Notes to Unaudited Condensed Consolidated Financial Statements
11

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)



1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Revlon, Inc. ("Revlon" and together with its subsidiaries, the "Company") conducts its business exclusively through its direct wholly-owned operating subsidiary, Revlon Consumer Products Corporation ("Products Corporation") and its subsidiaries. Revlon is an indirect majority-owned subsidiary of MacAndrews & Forbes Incorporated (together with certain of its affiliates other than the Company, "MacAndrews & Forbes"), a corporation beneficially owned by Ronald O. Perelman. Mr. Perelman is Chairman of Revlon's and Products Corporation's Board of Directors.
The Company is a leading global beauty company with an iconic portfolio of brands that develops, manufactures, markets, distributes and sells an extensive array of color cosmetics; hair color, hair care and hair treatments; fragrances; skin care; beauty tools; men’s grooming products; anti-perspirant deodorants; and other beauty care products across a variety of distribution channels.
Basis of Presentation
The accompanying unaudited Condensed Consolidated Financial Statements and related notes have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). The unaudited Condensed Consolidated Financial Statements reflect all normal recurring adjustments which, in management’s opinion, are necessary for a fair statement of the Company's financial position, results of operations and stockholders' equity and cash flows for interim periods. Revlon reclassifies certain prior year amounts, as applicable, to conform to the current year presentation.
These unaudited Condensed Consolidated Financial Statements should be read in conjunction with the audited consolidated financial statements and related notes included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 (the “2021 Form 10-K”). Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year.
Use of Estimates
The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period. Actual results could differ from these estimates. Significant estimates made in the accompanying unaudited Condensed Consolidated Financial Statements include, but are not limited to, provisions for expected sales returns; certain assumptions related to the valuation of acquired intangible and long-lived assets and the recoverability of goodwill, intangible and long-lived assets; income taxes, including deferred tax valuation allowances and reserves for estimated tax liabilities; and certain estimates and assumptions used in the calculation of the net periodic benefit (income) costs and the projected benefit obligations for the Company’s pension and other post-retirement plans, including the expected long-term return on pension plan assets and the discount rate used to value the Company’s pension benefit obligations which are based on full year assumptions and are included in the accompanying unaudited Condensed Consolidated Financial Statements in proportion with the estimated annual tax rates, the passage of time or estimated annual sales, as applicable.
The Company's results of operations and financial position for the interim periods are not indicative of those to be expected for the full year.
Significant Accounting Policies
The Company made no material changes in the application of its significant accounting policies that were disclosed in Note 1, “Description of Business and Summary of Significant Accounting Policies,” to the audited consolidated financial statements as of and for the fiscal year ended December 31, 2021 included in the 2021 Form 10-K.
Voluntary Filing under Chapter 11
On June 15 and June 16th, 2022 (the “Petition Date”), Revlon Inc. and certain of its subsidiaries, including Revlon Consumer Products Corporation (“Products Corporation”) (collectively, the “Debtors”), filed voluntary petitions (the “Bankruptcy Petitions”) for reorganization under Chapter 11 of the United States Bankruptcy Code (the “Bankruptcy Code”) in the United States Bankruptcy Court for the Southern District of New York (such court, the “Bankruptcy Court” and such cases, the “Cases”). On June 16, 2022, the Bankruptcy Court entered an order authorizing the joint administration of the Chapter 11 Cases under the caption In re Revlon Inc, Case No. 22-10760.The Debtors will continue to operate their businesses as “debtors-in-possession” under the jurisdiction of the Bankruptcy Court and in accordance with the applicable provisions of the Bankruptcy Code and orders of the Bankruptcy Court. To ensure their ability to continue operating in the ordinary course of business, the Debtors sought from the Bankruptcy Court a variety of “first-day” relief and "second-day" relief, including authority to obtain debtor-in-possession financing, pay employee wages and benefits, pay vendors and suppliers in the ordinary
12

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


course for all goods and services provided after the Petition Date and pay fees of professionals involved in the Cases. As of August 2, 2022, all "first-day" and "second-day" relief has been granted by the Bankruptcy Court on a final basis.

As previously disclosed by the Company, the filing of the Bankruptcy Petitions constituted an event of default that accelerated the Company’s obligations under the following debt instruments:

Term Loan Agreement, dated as of September 7, 2016 (as amended, modified or supplemented from time to time), by and among Products Corporation, the Company, certain lenders party thereto and Citibank, N.A., as administrative agent and collateral agent, related to $872.4 million outstanding aggregate principal amount of loans;

Asset-Based Revolving Credit Agreement, dated as of September 7, 2016 (as amended, modified or supplemented from time to time, the “ABL Credit Agreement”), by and among Products Corporation, certain local borrowing subsidiaries from time to time party thereto, the Company, certain lenders party thereto and MidCap Funding IV Trust, as administrative agent and collateral agent, related to $289.0 million outstanding aggregate principal amount of loans, consisting of $109.0 million of Tranche A revolving loans, $50.0 million of 2020 ABL FILO Term Loans and $130.0 million of SISO Term Loan Facility loans;

BrandCo Credit Agreement, dated as of May 7, 2020 (as amended, modified or supplemented from time to time, the “BrandCo Credit Agreement”), by and among Products Corporation, the Company, the other loan parties and lenders party thereto and Jefferies Finance LLC, as administrative agent, related to $1,878.0 million outstanding aggregate principal amount of loans; and

Indenture, dated as of August 4, 2016 (as amended, modified or supplemented from time to time), between Products Corporation and U.S. Bank National Association, as Trustee, governing the 6.25% Senior Notes which mature on August 1, 2024, of which $431.3 million aggregate principal amount were outstanding.

The debt instruments set forth above provide that as a result of the Bankruptcy Petitions, the principal and interest due thereunder shall be immediately due and payable. Any efforts to enforce such payment obligations under the debt instruments set forth above are automatically stayed as a result of the Bankruptcy Petitions, and the creditors’ rights of enforcement in respect of the debt instruments set forth above are subject to the applicable provisions of the Bankruptcy Code. In addition, the filing of the Bankruptcy Petitions and resulting event of default under the debt instruments set forth above constituted an event of default under the 2021 Foreign Asset-Based Term Agreement. The 2021 Foreign Asset-Based Term Agreement lenders agreed not to enforce remedies, subject to the terms and conditions of a First Forbearance Agreement and Second Amendment to the Asset-Based Term Loan Credit Agreement dated as of June 15, 2022, and the 2021 Foreign Asset-Based Term Agreement was subsequently repaid in full and discharged.
Adoption of ASC 852
Beginning on the Petition Date, the Company applied Financial Accounting Standards Board Codification Topic 852, Reorganizations ("ASC 852") in preparing the consolidated financial statements. ASC 852 requires the financial statements, for the periods subsequent to the Petition Date cases and up to and including the period of emergence from Chapter 11 (the “Effective Date”), to distinguish transactions and events that are directly associated with the reorganization from the ongoing operations of the business. Accordingly, certain charges incurred during the bankruptcy proceedings, such as the write-off of deferred financing costs and discount on debt subject to compromise, legal and professional fees incurred directly as a result of the bankruptcy proceeding are recorded as Reorganization items, net in the Consolidated Statements of Operations and Comprehensive Loss. In addition, prepetition obligations that may be impacted by the Chapter 11 process have been classified on the Consolidated Balance Sheets as of June 30, 2022 as liabilities subject to compromise. These liabilities are reported at the amounts we anticipate will be allowed by the Bankruptcy Court, even if they may be settled for lesser amounts. See Note 19, Liabilities Subject to Compromise and Note 20. Reorganization Items, Net for more information regarding these items.
Debtors-In-Possession
Prior to the commencement of the Chapter 11 Cases, the Company secured commitments to enter into (i) a superpriority senior secured debtor-in-possession asset-based loan facility (the “DIP ABL Facility”), in the maximum aggregate principal amount of $400 million, with certain financial institutions party thereto as lenders and MidCap Funding IV Trust, as administrative agent and collateral agent, (ii) a superpriority senior secured debtor-in-possession term loan facility (the “DIP Term Loan Facility”), in the aggregate principal amount of $575 million, with certain financial institutions party thereto as lenders and Jefferies Finance, LLC, as administrative agent and collateral agent, and (iii) a superpriority junior secured debtor-in-possession intercompany credit facility (the “Intercompany DIP Facility” and, together with the DIP ABL Facility and the
13

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


DIP Term Loan Facility, the “DIP Facilities”) with the Debtors that are BrandCos (as defined in the BrandCo Credit Agreement referred to herein) (the “BrandCos”).

The Debtors are currently operating as debtors-in-possession in accordance with the applicable provisions of the Bankruptcy Code. The Bankruptcy Court has approved motions filed by the Debtors that were designed primarily to mitigate the impact of the Chapter 11 Cases on the Company’s operations, customers and employees. In general, as debtors-in-possession under the Bankruptcy Code, the Debtors are authorized to continue to operate as an ongoing business, but may not engage in transactions outside the ordinary course of business without the prior approval of the Bankruptcy Court. Pursuant to motions filed with the Bankruptcy Court, the Bankruptcy Court authorized the Debtors to conduct their business activities in the ordinary course, including, among other things and subject to the terms and conditions of such orders, authorizing the Debtors to: (i) pay employees’ wages and related obligations; (ii) pay prepetition claims of certain lien claimants and critical vendors; (iii) continue to operate their cash management system in a form substantially similar to pre-petition practice and perform intercompany transactions in the ordinary course; (iv) continue to maintain and administer certain existing customer programs; (v) pay taxes in the ordinary course; (vi) continue their surety bond program; (vii) maintain their insurance program in the ordinary course and (viii) retain professionals in the ordinary course.
Automatic Stay
Subject to certain specific exceptions under the Bankruptcy Code, the Bankruptcy Petitions automatically stayed most judicial or administrative actions against the Debtors and efforts by creditors to collect on or otherwise exercise rights or remedies with respect to pre-petition claims. Absent an order from the Bankruptcy Court, substantially all of the Debtors’ pre-petition liabilities are subject to settlement under the Bankruptcy Code. See Note 21. Condensed Combined Debtor-In-Possession Financial Information.
Executory Contracts
Subject to certain exceptions, under the Bankruptcy Code, the Debtors may assume, amend or reject certain executory contracts and unexpired leases subject to the approval of the Bankruptcy Court and certain other conditions. Generally, the rejection of an executory contract or unexpired lease is treated as a pre-petition breach of such executory contract or unexpired lease and, subject to certain exceptions, relieves the Debtors from performing their future obligations under such executory contract or unexpired lease but entitles the contract counterparty or lessor to a pre-petition general unsecured claim for damages caused by such deemed breach. Generally, the assumption of an executory contract or unexpired lease requires the Debtors to cure existing monetary defaults under such executory contract or unexpired lease and provide adequate assurance of future performance. Accordingly, any description of an executory contract or unexpired lease with the Debtors in this document, including where applicable a quantification of the Company’s obligations under any such executory contract or unexpired lease of the Debtors, is qualified by any overriding rejection rights the Company has under the Bankruptcy Code.
Potential Claims
The Debtors will file with the Bankruptcy Court schedules and statements setting forth, among other things, the assets and liabilities of each of the Debtors, subject to the assumptions filed in connection therewith. These schedules and statements may be subject to further amendment or modification after filing. Certain holders of pre-petition claims that are not governmental units are required to file proofs of claim by the deadline for general claims, which deadline has not yet been set by the Bankruptcy Court.

Debtors have received proofs of claim, that have been reconciled to amounts recorded in the Company's accounting records. Differences in amounts recorded and claims filed by creditors will be investigated and resolved, including through the filing of objections with the Bankruptcy Court, where appropriate. The Company may ask the Bankruptcy Court to disallow claims that the Company believes are duplicative, have been later amended or superseded, are without merit, are overstated or should be disallowed for other reasons. In addition, as a result of this process, the Company may identify additional liabilities that will need to be recorded or reclassified to liabilities subject to compromise. In light of the substantial number of claims expected to be filed, the claims resolution process may take considerable time to complete and likely will continue throughout the Chapter 11 proceedings.
Going Concern
Each reporting period, the Company assesses its ability to continue as a going concern for one year from the date the financial statements are issued. At June 30, 2022, the Company had a liquidity position of $311.2 million, consisting of: (i) $312.5 million of unrestricted cash and cash equivalents (with approximately $82.1 million held outside the U.S.); (ii) nil in available borrowing capacity under the Tranche A DIP ABL (as defined herein) (which had $217.8 million drawn at such date);
14

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


and less (iii) approximately $1.3 million of outstanding checks. The Company's evaluation includes its ability to meet its future contractual obligations and other conditions and events that may impact its liquidity.

The Company's ability to continue as a going concern is contingent upon, among other things, its ability to, subject to the Bankruptcy Court's approval, implement a business plan of reorganization, emerge from the Chapter 11 proceedings and generate sufficient liquidity following the reorganization to meet our contractual obligations and operating needs. As a result of risks and uncertainties related to, among other things, (i) the Company's ability to obtain requisite support for the business plan of reorganization from various stakeholders, and (ii) the disruptive effects of the Chapter 11 proceedings on our business making it potentially more difficult to maintain business, financing and operational relationships, substantial doubt exists regarding our ability to continue as a going concern within one year after the date that the financial statements are issued.

The filing of the Chapter 11 Cases constituted an event of default that accelerated substantially all of the Company's obligations under nearly all of its pre-petition debt instruments. As such, the Company reclassified all pre-petition debt obligations to liabilities subject to compromise on its condensed consolidated balance sheets as of June 30, 2022. For additional discussion regarding the impact of the Chapter 11 Cases on the Company's debt obligations, see Note 7. Debt.

The Company's condensed consolidated financial statements do not include any adjustments related to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern.
Impact of COVID-19
The COVID-19 pandemic had a significant and adverse impact on the beauty industry and the Company’s business in 2020 and 2021, and the COVID-19 pandemic continues to impact the Company’s business in 2022. The COVID-19 pandemic has contributed to the imposition of face mask mandates, lockdowns and other significant restrictions in the United States and abroad from time to time; global supply chain disruptions, including manufacturing and transportation delays, due to closures, employee absences, port congestion, labor and container shortages, and shipment delays, increased transportation costs, and shortages in raw materials, tight labor markets and inflationary pressures for a number of industries, including consumer retail, and related consumer products shortages and price increases; closures, bankruptcies and/ or reduced operations of retailers, beauty salons, spas, offices and manufacturing facilities; labor shortages with employers in many industries, including consumer retail, experiencing increased competition to recruit, hire and retain employees; travel and transportation restrictions leading to declines in consumer traffic in key shopping and tourist areas around the globe; and import and export restrictions. With the roll out of COVID-19 vaccinations in 2021 and the easing of COVID-19 restrictions in the United States and in many of the Company’s key markets around the globe, the Company saw a gradual rebound in consumer spending and consumption in 2021, which has continued into 2022. The Company continues to closely monitor the associated impacts of COVID-19, including the impacts of any new variants of COVID-19 and subsequent “waves” of the pandemic, and will take appropriate actions in an effort to mitigate the COVID-19 pandemic’s negative effects on the Company’s operations and financial results.

The Company continues to focus on cost reduction and risk mitigation actions to address the ongoing impact from the COVID-19 pandemic as well as other macroeconomic headwinds, such as rising global inflation and a potential economic recession or contraction in the near future. The Company may generate additional liquidity through continued cost control initiatives as well as funds provided by selling certain assets or other strategic transactions, potentially subject to Bankruptcy Court approval. If sales decline, the Company’s cost control initiatives may include reductions in discretionary spend and reductions in investments in capital and permanent displays.
Recently Issued Accounting Pronouncements
In March 2020, the FASB issued ASU 2020-04, "Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting." The new guidance under ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships and other transactions affected by reference rate reform if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference the London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. The FASB voted to propose extending the sunset date under Topic 848 to December 31, 2024 for the shift from LIBOR when that rate and other rates expire. The FASB is expected to come to a decision later this year. The Company's debt arrangements have provisions in place for a replacement reference rate and the Company continues to assess the impact, if any, that ASU No. 2020-04 is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.

15

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


In June 2016, the FASB issued ASU No. 2016-13, "Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments," which was subsequently amended in November 2018 through ASU No. 2018-19, "Codification Improvements to Topic 326, Financial Instruments - Credit Losses." ASU No. 2016-13 will require entities to estimate lifetime expected credit losses for trade and other receivables, net investments in leases, financing receivables, debt securities and other instruments, which will result in earlier recognition of credit losses. Further, the new credit loss model will affect how entities in all industries estimate their allowance for losses for receivables that are current with respect to their payment terms. In November 2019, the FASB issued ASU No. 2019-10, which, among other things, deferred the application of the new guidance on credit losses for smaller reporting companies ("SRC") to fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. This guidance will be applied through a cumulative-effect adjustment to retained earnings as of the beginning of the first reporting period in which the guidance is effective (i.e., a modified-retrospective approach). Under the above-mentioned deferral, the Company expects to adopt ASU No. 2016-03, and the related ASU No. 2018-19 amendments, beginning as of January 1, 2023. The Company made an initial assessment of the impact of the new credit loss model and does not expect a material impact as the majority of the receivables are short-term. The Company will continue to assess the impact that this guidance is expected to have on the Company’s results of operations, financial condition and/or financial statement disclosures.

2. RESTRUCTURING CHARGES

Revlon Global Growth Accelerator Program

On March 2, 2022, the Company announced that it is extending and expanding its existing Revlon Global Growth Accelerator (“RGGA”) program through 2024. The extension and expansion will allow the Company to continue to focus on identifying and implementing new opportunities programmatically. The extension and expansion will provide an additional year to implement larger projects and help make up for supply chain headwinds and the extended COVID restrictions throughout the globe.

The major initiatives underlying the RGGA Program will remain and include:
•    Strategic Growth: Boost organic sales growth behind our strategic pillars – brands, markets, and channels -- to deliver mid-single digit Compound Average Annual Growth Rate through 2024.
•    Operating Efficiencies: Drive additional operational efficiencies and cost savings for margin improvement and to fuel investments in growth.
•    Build Capabilities: Build capabilities and embed the Revlon culture of one vision, one team.

Since inception and through June 30, 2022, the Company recorded pre-tax restructuring and related charges of $110.0 million in connection with RGGA, consisting primarily of (i) $81.6 million of employee severance, other personnel benefits and other costs; and (ii) $28.4 million of lease and other restructuring-related charges that were recorded within Selling, general & administrative expenses ("SG&A") and Cost of sales.

A summary of the RGGA charges incurred since its inception in March 2020 and through June 30, 2022 is presented in the following table:
Restructuring Charges and Other, Net
Employee Severance and Other Personnel Benefits Other Costs Total Restructuring Charges Leases (a) Other Related Charges (b) Total Restructuring and Related Charges
Charges incurred through December 31, 2021 $ 52.7  $ 23.9  $ 76.6  $ 17.7  $ 7.6  $ 101.9 
Charges incurred during the six months ended June 30, 2022
1.2  3.8  5.0  3.2  (0.1) 8.1 
Cumulative charges incurred through June 30, 2022 $ 53.9  $ 27.7  $ 81.6  $ 20.9  $ 7.5  $ 110.0 
(a) Lease-related charges are recorded within SG&A in the Company’s Consolidated Statement of Operations and Comprehensive Loss.
(b) Other related charges are recorded within SG&A and cost of sales in the Company’s Consolidated Statement of Operations and Comprehensive Loss.

16

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


A summary of the RGGA restructuring charges incurred since its inception in March 2020 and through June 30, 2022 by reportable segment is presented in the following table:
Charges incurred in the six months ended June 30, 2022
Cumulative charges incurred through June 30, 2022
Revlon $ 2.0  $ 30.0 
Elizabeth Arden 1.1  20.1 
Portfolio 1.1  19.1 
Fragrances 0.8  12.4 
Total $ 5.0  $ 81.6 
Restructuring Reserve
The liability balance and related activity for each of the Company's restructuring programs are presented in the following table:
Utilized, Net
Liability
Balance at January 1, 2022
Expense, Net

Cash
Liability Balance at June 30, 2022
RGGA:
Employee severance and other personnel benefits $ 1.9  $ 1.2  $ (1.3) $ 1.8 
Other —  3.8  (3.8) — 
Total RGGA 1.9  5.0  (5.1) 1.8 
Other restructuring initiatives:
Employee severance and other personnel benefits 0.8  —  —  0.8 
Total other restructuring initiatives 0.8  —  —  0.8 
Total restructuring reserve $ 2.7  $ 5.0  $ (5.1) $ 2.6 

All of the restructuring reserve balances were included within accrued expenses and other current liabilities in the Company's Consolidated Balance Sheets.

3. INVENTORIES

The Company's net inventory balances consisted of the following:
June 30, December 31,
2022 2021
Finished goods 314.1  $ 277.0 
Raw materials and supplies 122.4  125.3 
Work-in-process 23.2  15.1 
$ 459.7  $ 417.4 
17

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


4. PROPERTY, PLANT AND EQUIPMENT
The Company's property, plant and equipment, net balances consisted of the following:
June 30, December 31,
2022 2021
Land and improvements $ 10.2  $ 10.8 
Building and improvements 41.2  43.5 
Machinery and equipment 75.1  82.2 
Office furniture, fixtures and capitalized software 54.2  62.6 
Leasehold improvements 16.5  18.0 
Construction-in-progress 8.2  8.8 
Right-of-Use assets 61.6  71.4 
Property, plant and equipment and Right-of-Use assets, net $ 267.0  $ 297.3 

Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the three months ended June 30, 2022 and June 30, 2021 was $13.7 million and $17.1 million, respectively. Depreciation and amortization expense on property, plant and equipment and right-of-use assets for the six months ended June 30, 2022 and June 30, 2021 was $27.9 million and $34.2 million, respectively. Accumulated depreciation and amortization was $552.0 million and $551.3 million as of June 30, 2022 and December 31, 2021, respectively.

In connection with the lease rejections that were approved by the Bankruptcy Court and were deemed effective as of the Petition Date, the associated right-of-use asset was written-off.

During the second quarter of 2022, as a result of the continued global supply chain disruptions resulting from the COVID-19 pandemic and other macroeconomic factors, the Company considered whether indicators of impairment existed for its Property, Plant and Equipment ("PP&E"), including its Right-of-Use ("ROU") assets consisting of the Company's leases as described above. In accordance with ASC Topic 360, "Property, Plant and Equipment," for purposes of recognition and measurement of an impairment loss, long-lived assets are grouped with other assets and liabilities at the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. An impairment loss is recognized only if the carrying amount of a long-lived asset and/or asset group is not recoverable and exceeds its fair value. The carrying amount of a long-lived asset and/or asset group is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of a long-lived asset and/or asset group exceeds its fair value. In performing such review, the Company considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. Following its interim assessment, the Company concluded that the carrying amounts of its PP&E, including its lease ROU assets, were not impaired as of June 30, 2022.

18

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


5. GOODWILL AND INTANGIBLE ASSETS, NET

Goodwill

In accordance with ASC Topic 350, “Intangibles – Goodwill and Other,” the Company performs its annual impairment test during the fourth quarter of each year. The Company also reviews goodwill for impairment whenever events or changes in circumstances indicate that the carrying value of its goodwill may not be recoverable. After the close of each interim quarter, management assesses whether there exists any indicators of impairment requiring the Company to perform an interim goodwill impairment analysis.

During the second quarter, as a result of the continued global supply chain disruptions resulting from the COVID-19 pandemic and other macroeconomic factors, the Company determined that indicators of potential impairment existed requiring the Company to perform an interim goodwill impairment analysis. These indicators included a deterioration in the general economic conditions, inflation, adverse developments in equity and credit markets, deterioration in some of the economic channels in which the Company operates, the recent trading values of the Company's capital stock and the corresponding decline in the Company’s market capitalization.

As a result, for the second quarter of 2022 the Company examined and performed quantitative interim goodwill impairment assessments for five of its reporting units, namely: (i) Revlon; (ii) Elizabeth Arden Skin and Color; (iii) Elizabeth Arden; (iv) Fragrances; and (v) Professional Portfolio. The Mass Portfolio reporting unit's goodwill was written down to nil during the first quarter of 2020. In performing these assessments, the Company used the simplified approach allowed under ASU No. 2017-04, "Simplifying the Test for Goodwill Impairment."

Based upon such assessments, the Company determined that it was more likely than not that the fair values of each of its reporting units exceeded their respective carrying amounts for the second quarter of 2022.

The aforementioned fair values were primarily determined using a weighted average market and income approach. The income approach requires several assumptions including those regarding future sales growth, EBITDA (earnings before interest, taxes, depreciation and amortization) margins, and capital expenditures, which are the basis for the information used in the discounted cash flow model. The weighted-average cost of capital used in the income approach ranged from 9.5% to 12.0%, with a perpetual growth rate of 2%. For the market approach, the Company considered the market comparable method based upon total enterprise value multiples of other comparable publicly-traded companies.

The key assumptions used to determine the estimated fair value of the reporting units included the expected success of the Company's future new product launches, the Company's achievement of its expansion plans, the Company's realization of its cost reduction initiatives and other efficiency efforts, as well as assumptions related to overcoming supply chain disruptions resulting from the COVID-19 pandemic and other macroeconomic factors. If such plans and assumptions do not materialize as anticipated, or if there are further challenges in the business environment in which the Company's reporting units operate, a resulting change in actual results from the Company's key assumptions could have a negative impact on the estimated fair values of the reporting units, which could require the Company to recognize impairment charges in future reporting periods.

The following table presents the changes in goodwill by segment for the six months ended June 30, 2022:
Revlon Portfolio Elizabeth Arden Fragrances Total
Balance at January 1, 2022 $ 265.0  $ 87.8  $ 89.3  $ 120.7  $ 562.8 
Foreign currency translation adjustment (0.4) (0.2) (0.1) (0.2) (0.9)
Balance at June 30, 2022 $ 264.6  $ 87.6  $ 89.2  $ 120.5  $ 561.9 
Cumulative goodwill impairment charges(a)
$ (166.2)
(a) Amount refers to cumulative impairment charges recognized in 2020 and prior years. No impairment charges were recorded during the six months ended June 30, 2022.




19

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


Intangibles

In connection with the interim impairment assessment for the second quarter of 2022, the Company also reviewed indefinite-lived intangible assets, consisting of certain trade names, in accordance with ASC Topic 350.

As a result of the continued global supply chain disruptions resulting from the COVID-19 pandemic and other macroeconomic factors discussed above, and in conjunction with the Company's performance of its interim impairment testing of goodwill and indefinite-lived intangibles for the second quarter of 2022, the Company reviewed its finite-lived intangible assets for impairment, in accordance with ASC Topic 360. In performing such review, the Company makes judgments about the recoverability of its purchased finite-lived intangible assets whenever events or changes in circumstances indicate that an impairment to its finite-lived intangible assets may exist. The Company also considers several indicators of impairment, including, among other factors, the following: (i) whether there exists any significant adverse change in the extent or manner in which a long-lived asset and/or asset group is being used; (ii) whether there exists any projection or forecast demonstrating losses associated with the use of a long-lived asset and/or asset group; and (iii) whether there exists a current expectation that, more likely than not, a long-lived asset and/or asset group will be sold or otherwise disposed of significantly before the end of its previously-estimated useful life. The carrying amount of a finite-lived intangible asset is not recoverable if it exceeds the sum of the undiscounted cash flows expected to result from the use and eventual disposition of the finite-lived intangible asset and/or asset group and the impairment loss is measured as the amount by which the carrying amount of the finite-lived intangible asset exceeds its fair value.

Based upon such assessment and as a result of the continuing effects of the COVID-19 pandemic on the Company and related macroeconomic factors, the Company recognized $5.6 million and $18.7 million of non-cash impairment charges related to certain indefinite-lived and finite-lived intangible assets, respectively, within the Company's Mass Portfolio reporting unit during the second quarter of 2022. The fair values of the Company's indefinite-lived intangible assets were determined based on the relief from royalty method. The recoverability of the Company's finite-lived intangible assets were determined based on the undiscounted cash flows method and fair value was determined based on the multi-period excess earnings method. The inputs and assumptions utilized in the impairment analyses are classified as Level 3 inputs in the fair value hierarchy as defined in ASC Topic 820, “Fair Value Measurements.” These impairment charges were included as a separate component of operating income within the "Impairment charges" caption on the Company's Unaudited Consolidated Statement of Operations and Comprehensive Loss for the three and six months ended June 30, 2022. A summary of the impairment charge by segment is included in the following table:
Three and Six Months Ended June 30, 2022
Revlon Portfolio Elizabeth Arden Fragrances Total
Finite-lived intangible assets $ —  $ 18.7  $ —  $ —  $ 18.7 
Indefinite-lived intangible assets $ —  $ 5.6  $ —  $ —  $ 5.6 
Total Intangibles Impairment $ —  $ 24.3  $ 0.0  $ —  $ 24.3 

In connection with recognizing these intangible assets impairment charges for the three and six months ended June 30, 2022, the Company recognized a tax benefit of approximately $0.2 million.



20

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


The following tables present details of the Company's total intangible assets as of June 30, 2022 and December 31, 2021:

June 30, 2022
Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and licenses $ 268.7  $ (148.8) $ (5.3) $ 114.6  11
Customer relationships 246.0  (128.6) (10.9) 106.5  9
Patents and internally-developed intellectual property 23.8  (18.2) (2.5) 3.1  5
Distribution rights 31.0  (10.0) —  21.0  12
Other 1.3  (1.3) —  —  0
Total finite-lived intangible assets $ 570.8  $ (306.9) $ (18.7) $ 245.2 
Indefinite-lived intangible assets:
Trade names (a)
$ 107.1  N/A $ (5.6) $ 101.5 
Total indefinite-lived intangible assets $ 107.1  N/A $ (5.6) $ 101.5 
Total intangible assets $ 677.9  $ (306.9) $ (24.3) $ 346.7 
December 31, 2021
Carrying Amount Accumulated Amortization Impairment Net Carrying Amount Weighted-Average Useful Life (in Years)
Finite-lived intangible assets:
Trademarks and licenses $ 270.8  $ (142.9) $ —  $ 127.9  12
Customer relationships 247.2  (122.7) —  124.5  10
Patents and internally-developed intellectual property 23.8  (17.4) —  6.4  5
Distribution rights 31.0  (9.2) —  21.8  13
Other 1.3  (1.3) —  —  0
Total finite-lived intangible assets $ 574.1  $ (293.5) $ —  $ 280.6 
Indefinite-lived intangible assets:
Trade names (a)
$ 111.6  N/A $ 111.6 
Total indefinite-lived intangible assets $ 111.6  N/A $ —  $ 111.6 
Total intangible assets $ 685.7  $ (293.5) $ —  $ 392.2 
(a) Indefinite-lived trade names carrying amount includes accumulated impairment of $33.1 million from 2020.

Amortization expense for finite-lived intangible assets was $8.2 million and $8.6 million for the three months ended June 30, 2022 and 2021, respectively and $16.4 million and $17.0 million for the six months ended June 30, 2022 and 2021, respectively.
21

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


6. ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES

The Company's accrued expenses and other current liabilities consisted of the following:
June 30, December 31,
2022 2021
Advertising, marketing and promotional costs $ 59.0  $ 113.3 
Sales returns and allowances 67.2  92.3 
Taxes 54.3  52.8 
Compensation and related benefits 48.3  33.7 
Professional services and insurance 21.4  28.5 
Interest 5.4  31.3 
Freight and distribution costs 9.2  18.4 
Short-term lease liability 3.6  12.9 
Restructuring reserve 2.6  2.7 
Software —  2.2 
Other (a)
22.9  43.9 
Total $ 293.9  $ 432.0 
(a) Accrued Other for Products Corporation as of June 30, 2022 and December 31, 2021 were $23.0 million and $44.0 million, respectively.


22

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


7. DEBT

The table below details the Company's debt balances, net of discounts and debt issuance costs.
June 30, December 31,
2022 2021
Debt
DIP Term Loan Facility due 2023 (a)
$ 375.0  $ — 
SISO DIP ABL Facility due 2023 (a)
130.0  — 
Tranche A DIP ABL Facility due 2023 (a)
87.8  — 
Spanish Government Loan due 2025 0.2  0.2 
2021 Foreign Asset-Based Term Facility due 2024 —  71.2 
Amended 2016 Revolving Credit Facility (Tranche A) due 2024 (a)
—  108.0 
SISO Term Loan Facility due 2024 (a)
—  126.2 
2020 ABL FILO Term Loans due 2023 —  50.0 
2020 Troubled-debt-restructuring: future interest —  42.6 
2020 BrandCo Term Loan Facility due 2025 (c)
—  1,749.7 
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 —  867.9 
6.25% Senior Notes due 2024
—  426.9 
Debt $ 593.0  $ 3,442.7 
Debt subject to compromise
2020 ABL FILO Term Loans due 2023 50.0 
2020 Troubled-debt-restructuring: future interest 36.0 
2020 BrandCo Term Loan Facility due 2025 (c)
1,878.0 
2016 Term Loan Facility: 2016 Term Loan due 2023 and 2025 872.4 
6.25% Senior Notes due 2024
431.3 
Debt subject to compromise (b)
$ 3,267.7 
Total debt, prior to reclassification to Liabilities subject to compromise $ 3,860.7  $ 3,442.7 
Less current portion (593.0) (137.2)
Less amounts reclassified to Liabilities subject to compromise (3,267.7) — 
Long-term debt $ —  $ 3,305.5 
Short-term borrowings (*)
$ 2.3  $ 0.7 
(*)The weighted average interest rate on these short-term borrowings outstanding at June 30, 2022 and December 31, 2021 was 3.7% and 11.4%, respectively.

(a) Debtor-in-Possession Financing
On June 17, 2022, all or certain of the Debtors entered into (i) a superpriority, senior secured and priming debtor-in-possession asset-based revolving credit facility (the “DIP ABL Facility”), evidenced by a term sheet, in the maximum aggregate principal amount of $400 million, with certain financial institutions party thereto as lenders and MidCap Funding IV Trust, as administrative agent and collateral agent, (ii) a superpriority, senior secured and priming debtor-in-possession term loan credit facility (the “DIP Term Loan Facility”), in the aggregate principal amount of $575 million, with certain financial institutions party thereto as lenders and Jefferies Finance, LLC, as administrative agent and collateral agent, and (iii) a superpriority junior secured debtor-in-possession intercompany credit facility (the “Intercompany DIP Facility” and, together with the DIP ABL Facility and the DIP Term Loan Facility, the “DIP Facilities”) with the Debtors that are BrandCos (as defined in the BrandCo Credit Agreement, dated as of May 7, 2020 (as amended, modified or supplemented from time to time, the “BrandCo Credit Agreement”), by and among Products Corporation, the Company, the other loan parties and lenders party thereto and Jefferies
23

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)


Finance LLC, as administrative agent and each collateral agent) (the “BrandCos”). On June 17, 2022, the Bankruptcy Court approved the DIP Facilities on an interim basis pursuant to the Interim Order for the DIP Facilities (as defined herein) and the closing of these facilities occurred. On June 30, 2022, the Company and Products Corporation entered into that certain Super-Priority Senior Secured Debtor-in-Possession Asset-Based Credit Agreement (the “DIP ABL Credit Agreement”), by and among Products Corporation, as the Borrower, the Company, as Holdings, the lenders party thereto and MidCap Funding IV Trust, as Administrative Agent and Collateral Agent, which evidences the DIP ABL Facility and establishes certain additional terms and conditions that will govern the DIP ABL Facility. On August 2, 2022, the Bankruptcy Court approved the DIP Facilities on a final basis pursuant to the Final Order for the DIP Facilities (as defined herein). Borrowings of $575 million ($375 million was drawn on June 17, 2022 and $200 million was drawn on Aug 3, 2022) under the DIP Term Loan Facility and borrowings under the DIP ABL Facility are being used to, among other things, (i) refinance certain obligations under the Amended 2016 Revolving Credit Agreement and the 2021 Foreign Asset-Based Term Agreement and (y) for general corporate purposes.

The DIP ABL Facility, among other things, provides for (i) an asset-based revolving credit facility in the maximum aggregate amount of $270 million (the “Tranche A DIP ABL Facility”), the initial proceeds of which were used to refinance the Tranche A Revolving Secured Obligations (as defined in the Amended 2016 Revolving Credit Agreement), and (ii) an asset-based term loan facility in the amount of $130 million (the “SISO DIP ABL Facility”), the proceeds of which were used to refinance the SISO Secured Obligations (as defined in the Amended 2016 Revolving Credit Agreement). The remaining proceeds of the DIP ABL Facility will be used for general corporate purposes of the Debtors, including to pay expenses in connection with the Cases, in accordance with the terms of the Final Order (as defined in the DIP ABL Credit Agreement). The borrowing base in respect of the Tranche A DIP ABL Facility is consistent with the borrowing base under the Amended 2016 Revolving Credit Agreement (without giving effect to the accommodation provided for in Amendment No. 9 thereto and subject to an availability reserve of $25 million and a carve-out reserve for certain professional fees) and is subject to certain customary reserves.

The maturity date of the DIP ABL Facility is the earliest of (i) June 17, 2023 (the “Stated Maturity Date”), with an option to extend to the earlier of 180 days after the Stated Maturity Date and the extended maturity date of the DIP Term Loan Facility following the exercise by Products Corporation of its option to extend the maturity date thereunder; (ii) August 2, 2022, if a final order approving the DIP ABL Facility has not been entered by the Court on or before such date; (iii) the effective date of any chapter 11 plan for the reorganization of any Debtor; (iv) the consummation of any sale or other disposition of all or substantially all of the assets of the Debtors pursuant to Bankruptcy Code §363; (v) the date of the acceleration of the DIP ABL Facility and termination of the corresponding commitments in accordance with the definitive documents governing the DIP ABL Facility; (vi) the date the Court orders the conversion of the Cases of any of the Debtors to a chapter 7 liquidation, (vii) the rejection or termination of the BrandCo License Agreements (as defined in the DIP ABL Credit Agreement) and (viii) the dismissal of the Cases of any Debtor without the consent of the holders of more than 50% of the loans and commitments under the Tranche A DIP ABL Facility. The outstanding principal of the DIP ABL Facility is due and payable in full on the maturity date.

The DIP ABL Facility is secured by a perfected (i) first priority priming security interest and lien on substantially all assets of the Debtors (other than the BrandCos and Beautyge I, an exempted company incorporated in the Cayman Islands (“Beautyge I”)) constituting ABL Facility First Priority Collateral (as defined in the Amended 2016 Revolving Credit Agreement), (ii) junior priority priming security interest and lien on substantially all assets of the Debtors (other than the BrandCos and Beautyge I) constituting Term Facility First Priority Collateral (as defined in the Amended 2016 Revolving Credit Agreement), and (iii) security interests and liens on substantially all assets of the Debtors (other than the BrandCos and Beautyge I) that were not, on the Petition Date, subject to valid, unavoidable and perfected security interests and liens, pursuant to Bankruptcy Code §364(c)(2), with the following priority: if such collateral is of the same nature, scope and type as (a) ABL Facility First Priority Collateral, on a first priority basis, and (b) Term Facility First Priority Collateral, on a junior priority basis subject to the liens in favor of the DIP Term Loan Facility, the Intercompany DIP Facility and any adequate protection liens granted to certain of Products Corporation’s secured creditors (the collateral for the DIP ABL Facility, the “Opco DIP Collateral”). The DIP ABL Facility is subject to certain customary and appropriate conditions for financings of similar type.

Loans under the Tranche A DIP ABL Facility bear interest at a rate equal to an adjusted base rate plus 2.50% per annum, and loans under the SISO DIP ABL Facility bear interest at a rate equal to an adjusted base rate plus 4.75% per annum. In addition, the DIP ABL Facility requires payment of the following fees: (i) a closing fee equal to 1.00% of the amount of the commitments in respect of the Tranche A DIP ABL Facility, which was payable upon the closing of the DIP ABL Facility on June 17, 2022; (ii) a collateral management fee equal to 1.00% per annum of the average daily amount of outstanding loans under the Tranche A DIP ABL Facility; (iii) a commitment fee equal to 0.50% per annum of the average daily amount of unused commitments under the Tranche A DIP ABL Facility; and (iv) an exit fee equal to 0.50% of the principal amount of the
24

COMBINED NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(DEBTOR-IN-POSSESSION)
(except where otherwise noted, all tabular amounts in millions, except share and per share amounts)
(Unaudited)