Strong Operating Income Growth Reflects
Revlon's Continued Execution Against its Strategic Initiatives Amid
Macro Supply Chain Challenges
Revlon, Inc. (NYSE: REV) (“Revlon” and together with its
subsidiaries, the “Company”) today announced its results for the
quarter ended December 31, 2021.
Quarter ended December 31, 2021, summary developments:1
- As Reported net sales were $615.2 million in the fourth quarter
of 2021, compared to $626.6 million during the prior-year period, a
decrease of $11.4 million, or 1.8%.
- As Reported operating income was $67.3 million in the fourth
quarter of 2021, compared to $28.4 million during the prior-year
period, an improvement of $38.9 million. The higher operating
income was driven primarily by a gross margin improvement of 240
basis points, and $29.6 million in lower selling, general and
administrative expenses (SG&A). Adjusted operating income in
the fourth quarter of 2021 increased by $0.9 million to $75.9
million from $75.0 million of Adjusted operating income in the
prior-year period.
- Adjusted EBITDA(a) in the fourth quarter of 2021 was $108.4
million, versus $111.8 million in the prior-year period. The lower
Adjusted EBITDA was driven primarily by the lower As Reported net
sales.
- As Reported net income was $9.9 million in the fourth quarter
of 2021, versus a $233.8 million net loss in the prior-year period.
The higher net income was primarily due to the prior-year period
reflecting a $201.8 million non-cash charge to the Company's
federal tax valuation allowance, and higher As Reported operating
income over the prior-year period.
- As of December 31, 2021, the Company had total liquidity of
$171.5 million.
Debra Perelman, Revlon's President and Chief Executive Officer,
stated: “Consumer demand for our brands remained strong in the 4th
Quarter, as evidenced by Revlon Color Cosmetics’ 30% year-over-year
retail sales growth in the important US Mass channel. While we saw
strong consumer demand, we also continued to experience
industry-wide supply chain challenges, which impacted our ability
to fully meet customer orders to support this consumption. Starting
in the 3rd quarter, our business has been impacted by increased
prices on key ingredients and components, logistics challenges
across all modes of transportation delaying receipt of goods, and
persistent labor shortages.
"We continued to take aggressive action to protect our business
by tightly managing our costs and implementing select price
increases. Further, we rerouted some of our freight, significantly
increased labor in our manufacturing facilities, and sourced
additional vendors for key materials and components – all resulting
in increased manufacturing production levels as we enter 2022.
Despite the broader challenges, we were able to drive an improved
gross margin and very strong operating income in the fourth
quarter. We will continue to dynamically manage our business while
remaining focused on executing against our strategy in order to
drive long-term profitable growth.”
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.
Fourth Quarter 2021
Results
Total Company Results
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).
Three Months Ended December
31,
(Unaudited)
2021
2020
As Reported
Adjusted (*)
(USD millions, except per share data)
As Reported
Adjusted (*)
As Reported
Adjusted (*)
% Change
% Change
Net Sales
$
615.2
$
615.2
$
626.6
$
626.6
(1.8
) %
(1.8
) %
Gross Profit
374.8
374.9
366.8
375.5
2.2
%
(0.2
) %
Gross Margin
60.9
%
60.9
%
58.5
%
59.9
%
240bps
100bps
Operating Income (loss)
$
67.3
$
75.9
$
28.4
$
75.0
137.0
%
1.2
%
Net Income (Loss)
9.9
18.6
(233.8
)
32.7
104.2
%
(43.1
) %
Adjusted EBITDA
108.4
111.8
(3.0
) %
Diluted (Loss) Income per Common Share
$
0.18
$
0.34
$
(4.37
)
$
0.61
104.1
%
(44.3
) %
(*) Refer to footnote (a) to this Earnings
Release for a discussion and reconciliation of the Company's
non-GAAP measures, including Adjusted Net Sales, Adjusted Gross
Profit, Adjusted Gross Profit Margin, Adjusted Operating Income
(Loss), Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted
Diluted Loss per Common Share.
Segment Results
The Company operates in four reporting segments: Revlon;
Elizabeth Arden; Portfolio; and Fragrances:
- Revlon - The Revlon segment is comprised of the
Company's flagship Revlon brands. Revlon segment products are
primarily marketed, distributed and sold in the mass retail
channel, large volume retailers, chain drug and food stores,
chemist shops, hypermarkets, general merchandise stores, e-commerce
sites, television shopping, department stores, professional hair
and nail salons, one-stop shopping beauty retailers and specialty
cosmetic stores in the U.S. and internationally under brands such
as Revlon in color cosmetics; Revlon ColorSilk and
Revlon Professional in hair color; and Revlon in
beauty tools.
- Elizabeth Arden - The Elizabeth Arden segment is
comprised of the Company's Elizabeth Arden branded products. The
Elizabeth Arden segment markets, distributes and sells fragrances,
skin care and color cosmetics primarily to prestige retailers,
department and specialty stores, perfumeries, boutiques, e-commerce
sites, the mass retail channel, travel retailers and distributors,
as well as direct sales to consumers via its Elizabeth Arden
branded retail stores and elizabetharden.com e-commerce website, in
the U.S. and internationally, under brands such as Elizabeth
Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible
Difference and Skin Illuminating in the Elizabeth Arden
skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden
Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden
Green Tea in Elizabeth Arden fragrances.
- Portfolio - The Company’s Portfolio segment markets,
distributes and sells a comprehensive line of premium, specialty
and mass products primarily to the mass retail channel, hair and
nail salons and professional salon distributors in the U.S. and
internationally and large volume retailers, specialty and
department stores under brands such as Almay and
SinfulColors in color cosmetics; American Crew in
men’s grooming products (which are also sold direct-to-consumer on
its americancrew.com website); CND in nail polishes, gel
nail color and nail enhancements; Cutex in nail care
products; and Mitchum in anti-perspirant deodorants. The
Portfolio segment also includes a multi-cultural hair care line
consisting of Creme of Nature hair care products, which are
sold in both professional salons and in large volume retailers and
other retailers, primarily in the U.S.; and a hair color line under
the Llongueras brand (licensed from a third party) that is
sold in the mass retail channel, large volume retailers and other
retailers, primarily in Spain.
- Fragrances - The Fragrances segment includes the
development, marketing and distribution of certain owned and
licensed fragrances, as well as the distribution of prestige
fragrance brands owned by third parties. These products are
typically sold to retailers in the U.S. and internationally,
including prestige retailers, specialty stores, e-commerce sites,
the mass retail channel, travel retailers and other international
retailers. The owned and licensed fragrances include brands such
as: (i) Juicy Couture (which are also sold
direct-to-consumer on its juicycouturebeauty.com website), John
Varvatos and AllSaints in prestige fragrances; (ii)
Britney Spears, Elizabeth Taylor, Christina
Aguilera, Jennifer Aniston and Mariah Carey in
celebrity fragrances; and (iii) Curve, Giorgio Beverly
Hills, Ed Hardy, Charlie, Lucky Brand,
‹PS› (logo of former Paul Sebastian brand), Alfred
Sung, Halston, Geoffrey Beene, and White
Diamonds in mass fragrances.
Three Months Ended December
31,
(Unaudited)
Net Sales
As Reported
As Reported
(USD millions)
2021
2020
% Change
XFX
% Change
Revlon
$
206.1
$
205.6
0.2
%
1.2
%
Elizabeth Arden
172.6
181.1
(4.7
) %
(6.1
) %
Portfolio
111.7
103.2
8.2
%
8.7
%
Fragrances
124.8
136.7
(8.7
) %
(8.6
) %
Total
$
615.2
$
626.6
(1.8
) %
(1.8
) %
Three Months Ended December
31,
(Unaudited)
Segment Profit
As Reported
As Reported
(USD millions)
2021
2020
% Change
XFX
% Change
Revlon
$
41.5
$
45.1
(8.0
) %
(7.5
) %
Elizabeth Arden
20.7
21.2
(2.4
) %
(4.7
) %
Portfolio
24.7
13.5
83.0
%
83.7
%
Fragrances
21.5
32.0
(32.8
) %
(32.5
) %
Total
$
108.4
$
111.8
(3.0
) %
(3.1
) %
Revlon Segment
Revlon segment net sales in the three months ended December 31,
2021, were $206.1 million, a $0.5 million, or 0.2%, increase,
compared to $205.6 million in the three months ended December 31,
2020. Excluding the $2.0 million unfavorable FX impact, total
Revlon segment net sales in the three months ended December 31,
2021, increased by $2.5 million, or 1.2%, compared to the three
months ended December 31, 2020. The Revlon segment XFX increase in
net sales of $2.5 million in the three months ended December 31,
2021, was driven by higher net sales of Revlon-branded professional
hair care products in all regions, as well as Revlon Color
Cosmetics in North America and in Latin America. This increase was
partially offset by decreased net sales in North America of
Revlon-branded beauty tools, and in Asia regions for Revlon
ColorSilk. Additionally, supply chain constraints limited the
Company's ability to fill customer orders for Revlon Color
Cosmetics, primarily in North America.
Revlon segment profit in the three months ended December 31,
2021, was $41.5 million, a $3.6 million, or 8.0%, decrease,
compared to $45.1 million in the three months ended December 31,
2020. Excluding the $0.2 million unfavorable FX impact, Revlon
segment profit in the three months ended December 31, 2021,
decreased by $3.4 million, or 7.5%, compared to the three months
ended December 31, 2020. This decrease was driven primarily by the
Revlon segment's higher transportation costs and higher SG&A
expenses.
Elizabeth Arden Segment
Elizabeth Arden segment net sales in the three months ended
December 31, 2021, were $172.6 million, a $8.5 million, or 4.7%,
decrease, compared to $181.1 million in the three months ended
December 31, 2020. Excluding the $2.5 million favorable FX impact,
Elizabeth Arden segment net sales in the three months ended
December 31, 2021, decreased by $11.0 million, or 6.1%, compared to
the three months ended December 31, 2020. The Elizabeth Arden
segment XFX decrease in net sales of $11.0 million in the three
months ended December 31, 2021 was driven primarily by lower net
sales of Prevage in North America and Asia, Ceramide in North
America and International regions, other Elizabeth Arden skin care
products in Asia, and other Elizabeth Arden color products in Asia
and EMEA. More specifically Prevage and Ceramide saw lower net
sales due to lower direct-to-consumer e-commerce traffic at
ElizabethArden.com in North America, and increased competition and
slowing growth rates in China. This decrease was partially offset
by increased net sales of Green Tea and White Tea fragrances in
Asia and EMEA, Eight Hour skin care products, primarily in
International regions, as well as strong travel retail channel
performance in EMEA.
Elizabeth Arden segment profit in the three months ended
December 31, 2021, was $20.7 million, a $0.5 million, or 2.4%,
decrease, compared to $21.2 million in the three months ended
December 31, 2020. Excluding the $0.5 million favorable FX impact,
Elizabeth Arden segment profit in the three months ended December
31, 2021, decreased by $1.0 million, or 4.7%, compared to the three
months ended December 31, 2020. This decrease was driven primarily
by the Elizabeth Arden segment's higher transportation costs during
the period.
Portfolio Segment
Portfolio segment net sales in the three months ended December
31, 2021, were $111.7 million, an $8.5 million, or 8.2%, increase,
compared to $103.2 million in the three months ended December 31,
2020. Excluding the $0.5 million unfavorable FX impact, total
Portfolio segment net sales in the three months ended December 31,
2021, increased by $9.0 million, or 8.7%, compared to the three
months ended December 31, 2020. The Portfolio segment XFX increase
in net sales of $9.0 million in the three months ended December 31,
2021, was driven primarily by higher net sales of CND nail products
in North America and EMEA, Almay color cosmetics in North America,
American Crew men's grooming products in North America and
International regions, and higher net sales of Creme of Nature in
North America and EMEA. This increase was partially offset,
primarily, by lower net sales of previously sold brands.
Additionally, supply chain constraints limited the Company's
ability to fill customer orders for Almay color cosmetics,
primarily in North America.
Portfolio segment profit in the three months ended December 31,
2021, was $24.7 million, a $11.2 million, or 83.0%, increase,
compared to $13.5 million in the three months ended December 31,
2020. Excluding the $0.1 million unfavorable FX impact, Portfolio
segment profit in the three months ended December 31, 2021,
increased by $11.3 million, or 83.7%, compared to the three months
ended December 31, 2020. This increase was driven primarily by the
Portfolio segment's higher net sales, higher gross profit margin,
and lower SG&A expenses.
Fragrances Segment
Fragrances segment net sales in the three months ended December
31, 2021, were $124.8 million, a $11.9 million, or 8.7%, decrease,
compared to $136.7 million in the three months ended December 31,
2020. Excluding the $0.1 million unfavorable FX impact, total
Fragrances segment net sales in the three months ended December 31,
2021, decreased by $11.8 million, or 8.6%, compared to the three
months ended December 31, 2020. The Fragrances segment XFX decrease
in net sales of $11.8 million in the three months ended December
31, 2021, was driven primarily by lower net sales of distributed
and Curve fragrances in North America, and John Varvatos fragrances
in North America and EMEA. The bulk of these declines are
attributable to loss of space at Walmart, Walgreens, and CVS, and
loss of business at Kohl's due to their announced strategic
partnership with Sephora to replace the Kohl's beauty department at
select locations. This decrease in net sales was partially offset
by higher net sales in International regions of Juicy Couture.
Additionally, supply chain constraints limited the Company's
ability to fill customer orders for most of its fragrance brands,
primarily in North America.
Fragrances segment profit in the three months ended December 31,
2021, was $21.5 million, a $10.5 million, or 32.8%, decrease,
compared to $32.0 million in the three months ended December 31,
2020. Excluding the $0.1 million unfavorable FX impact, Fragrances
segment profit in the three months ended December 31, 2021,
decreased by $10.4 million, or 32.5%, compared to the three months
ended December 31, 2020. This decrease was driven primarily by the
Fragrances segment's lower net sales and higher brand support and
SG&A expenses.
Geographic Net Sales
The following tables provide a comparative summary of the
Company's North America and International net sales for the periods
presented:
Three Months Ended December
31,
(Unaudited)
(USD millions)
2021
As Reported
2020
As Reported
As Reported
% Change
As Reported XFX
% Change
Net Sales:
Revlon
North America
$
118.5
$
115.4
2.7
%
2.4
%
International
87.6
90.2
(2.9
) %
(0.3
) %
Elizabeth Arden
North America
$
28.9
$
37.5
(22.9
) %
(23.5
) %
International
143.7
143.6
0.1
%
(1.5
) %
Portfolio
North America
$
72.1
$
65.1
10.8
%
10.4
%
International
39.6
38.1
3.9
%
6.0
%
Fragrances
North America
$
89.1
$
102.3
(12.9
) %
(13.0
) %
International
35.7
34.4
3.8
%
4.4
%
Total Net Sales
$
615.2
$
626.6
(1.8
) %
(1.8
) %
Total Net Sales Summary
North America
$
308.6
$
320.3
(3.7
) %
(3.9
) %
International
306.6
306.3
0.1
%
0.5
%
Revlon Segment
In North America, Revlon segment net sales $118.5 million in the
fourth quarter of 2021 increased by $3.1 million, or 2.7% (or 2.4%
XFX), compared to the prior-year period. The segment's higher net
sales were driven by higher net sales of Revlon Color Cosmetics.
This increase was partially offset by decreased net sales in North
America of Revlon-branded beauty tools. Additionally, supply chain
constraints limited the Company's ability to fill customer orders
for Revlon Color Cosmetics.
In International, Revlon segment net sales of $87.6 million in
the fourth quarter of 2021 decreased by $2.6 million, or 2.9% (or
0.3% XFX), compared to the prior-year period. The segment's lower
International net sales were driven primarily by lower net sales of
Revlon Color Cosmetics and Revlon ColorSilk. The decrease was
partially offset by increased net sales of Revlon-branded
professional hair care products.
Elizabeth Arden Segment
In North America, Elizabeth Arden segment net sales were $28.9
million in the fourth quarter of 2021, a decrease of $8.6 million,
or 22.9% (or 23.5% XFX), compared to the prior-year period. The
lower North America net sales were driven by the segment's lower
net sales of Prevage and Ceramide skin care products.
In International, Elizabeth Arden segment net sales of $143.7
million in the fourth quarter of 2021 increased by $0.1 million, or
0.1% (or a decrease of 1.5% XFX), compared to the prior-year
period. The segment's flat international net sales were driven by
higher net sales of Green Tea and White Tea fragrances, offset by
lower net sales of Prevage, Ceramide, and other skin care products,
and lower net sales of other color cosmetics.
Portfolio Segment
In North America, Portfolio segment net sales of $72.1 million
in the fourth quarter of 2021 increased by $7.0 million, or 10.8%
(or 10.4% XFX), compared to the prior-year period. The segment's
higher North America net sales were driven by Almay color cosmetics
and CND nail products. Supply chain constraints limited the
Company's ability to fill customer orders for Almay color
cosmetics.
In International, Portfolio segment net sales of $39.6 million
in the fourth quarter of 2021 increased by $1.5 million, or 3.9%
(or 6.0% XFX), compared to the prior-year period. The segment's
higher International net sales were driven primarily by higher net
sales of CND nail products and Mitchum anti-perspirant deodorants,
partially offset by lower net sales of previously sold brands.
Fragrances Segment
In North America, Fragrances segment net sales of $89.1 million
in the fourth quarter of 2021 decreased by $13.2 million, or 12.9%
(or 13.0% XFX), compared to the prior-year period. The segment's
lower net sales in North America compared to the prior year quarter
were driven primarily by lower net sales of distributed fragrances
and Curve fragrances. Supply chain constraints limited the
Company's ability to fill customer orders for most of its fragrance
brands.
In International, Fragrances segment net sales of $35.7 million
in the fourth quarter of 2021 increased by $1.3 million, or 3.8%
(or 4.4% XFX), compared to the prior-year period. The segment's
higher international net sales were due to higher net sales of
Juicy Couture fragrances.
Cash Flow
Net cash used in operating activities in 2021 was $11.0 million,
compared to $97.3 million in the prior-year period. The decrease in
cash used in operating activities was primarily driven by a lower
As Reported net loss. Free cash flow(a) used in 2021 was $25.2
million, compared to $107.6 million used in the prior year.
Liquidity Update
As of December 31, 2021, the Company had approximately $171.5
million of available liquidity, consisting of $102.4 million of
unrestricted cash and cash equivalents, as well as $72.4 million in
available borrowing capacity under the Product Corporation's
Amended 2016 Revolving Credit Facility (which had $289.6 million
drawn as of such date), less float of approximately $3.3
million.
Full Year 2021
Results
- Consolidated net sales in the year ended December 31, 2021 were
$2,078.7 million, a $174.4 million increase, or 9.2%, compared to
$1,904.3 million in the year ended December 31, 2020. Excluding the
$44.7 million favorable FX impact, consolidated net sales increased
by $129.7 million, or 6.8%, during the year ended December 31,
2021. The XFX net sales increase of $129.7 million in the year
ended December 31, 2021 was due to: a $49.0 million, or 10.6%,
increase in Elizabeth Arden segment net sales; a $43.4 million, or
12.4%, increase in Fragrances segment net sales; a $25.6 million,
or 3.7%, increase in Revlon segment net sales; and a $11.7 million
or 2.9%, increase in Portfolio segment net sales.
- As Reported operating income was $103.2 million in 2021,
compared to $226.3 million of loss during the prior year. The
higher As Reported operating income was primarily driven by higher
gross profit over the prior-year period, a $144.1 million decrease
in impairment charges attributable to the non-cash impairment
charges compared to the prior-year period, and a $23.6 million
decrease in restructuring charges compared to the prior-year
period.
- As Reported net loss was $206.9 million in 2021, compared to a
$619.0 million net loss in the prior year. The lower net loss was
driven primarily by a $152.6 million decrease in the provision for
income taxes compared to the prior-year period as well as higher As
Reported operating income.
- Adjusted EBITDA(a) in 2021 was $292.9 million, compared to
$240.1 million in the prior year, an increase of 22.0% versus the
prior year, driven primarily by higher As Reported operating
income.
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).
Year Ended December
31,
(Unaudited)
2021
2020
As Reported
Adjusted (*)
(USD millions, except per share data)
As Reported
Adjusted (*)
As Reported
Adjusted (*)
% Change
% Change
Net Sales
$
2,078.7
$
2,078.7
$
1,904.3
$
1,908.5
9.2
%
8.9
%
Gross Profit
1,229.6
1,235.1
1,043.8
1,089.8
17.8
%
13.3
%
Gross Margin
59.2
%
59.4
%
54.8
%
57.1
%
440bps
230bps
Operating Income (loss)
$
103.2
$
153.2
$
(226.3
)
$
86.4
145.6
%
77.3
%
Net Loss
(206.9
)
(159.4
)
(619.0
)
(145.8
)
66.6
%
(9.3
) %
Adjusted EBITDA
292.9
240.1
22.0
%
Diluted (Loss) Income per Common Share
$
(3.84
)
$
(2.96
)
$
(11.59
)
$
(2.73
)
66.9
%
(8.4
) %
(*) Refer to footnote (a) to this Earnings
Release for a discussion and reconciliation of the Company's
non-GAAP measures, including Adjusted Net Sales, Adjusted Gross
Profit, Adjusted Gross Profit Margin, Adjusted Operating Income
(Loss), Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted
Diluted Loss per Common Share.
Fourth Quarter 2021
Results Conference Call
The Company will host a conference call with members of the
investment community today, March 3, 2021, at 8:30 A.M EST to
discuss its fourth quarter 2021 financial results. Access to the
call is available to the public at www.revloninc.com.
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 2021
Q4 2020
Net Loss Adjustments to EBITDA
(Unaudited)
Non-Operating Items:
Non-cash stock-based compensation
expense
$
3.6
$
1.8
Restructuring and related charges
5.0
7.4
Acquisition, integration and divestiture
costs
0.5
0.8
Loss on divested assets
0.6
—
Financial control remediation and
sustainability actions and related charges
0.1
1.1
COVID-19 charges
—
11.2
Capital structure and related charges
2.4
26.1
(USD millions)
YTD 2021
YTD 2020
Net Loss Adjustments to EBITDA
(Unaudited)
Non-Operating Items:
Non-cash stock-based compensation
expense
$
14.0
$
10.4
Restructuring and related charges
33.0
68.7
Acquisition, integration and divestiture
costs
2.3
5.0
Gain on divested assets
(1.1
)
(0.5
)
Financial control remediation and
sustainability actions and related charges
0.5
9.6
Excessive coupon redemption
—
4.2
Impairment charges
—
144.1
COVID-19 charges
6.1
46.3
Capital structure and related charges
9.2
35.3
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, are forward-looking and are provided pursuant to the safe
harbor provisions of the Private Securities Litigation Reform Act
of 1995. Forward-looking statements speak only as of the date they
are made and the Company undertakes no obligation to publicly
update any forward-looking statement, whether to reflect actual
results of operations; changes in financial condition; changes in
general U.S. or international economic or industry conditions
and/or conditions in the Company’s reportable segments; changes in
estimates, expectations or assumptions; or other circumstances,
conditions, developments and/or events arising after the issuance
of this press release, except for the Company's ongoing obligations
under the U.S. federal securities laws. Forward-looking statements
are subject to known and unknown risks and uncertainties and are
based on preliminary or potentially inaccurate estimates and
assumptions that could cause actual results to differ materially
from those expected or implied by the estimated financial
information. Such forward-looking statements include, among other
things: (i) the Company’s expectations to remain diligent in
managing its cost base to reduce the COVID-19 pandemic's continued
impact on the Company’s profitability; and (ii) the Company’s
belief that while it still has challenges to face – namely the
ongoing impact of the COVID-19 pandemic – it has the right
long-term strategy in place and will continue to execute against
it. Actual results may differ materially from the Company's
forward-looking statements for a number of reasons, including 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).
Additional important factors that could cause actual results to
differ materially from those indicated by the Company’s
forward-looking statements include: (i) difficulties, delays or
unanticipated costs or charges or less than expected cost
reductions and other benefits resulting from the Company's cost
reduction initiatives and/or restructuring activities, higher than
anticipated restructuring charges and/or payments and/or changes in
the expected timing of such charges and/or payments; and/or less
than expected additional sources of liquidity from such
initiatives; and/or (ii) the Company’s inability, in whole or in
part, to continue to execute its business strategy, such as due to
unanticipated circumstances or results affecting the Company's
financial performance and or sales growth, including: greater than
anticipated levels of consumers choosing to purchase their beauty
products through e-commerce and other social media channels and/or
greater than anticipated declines in the brick-and-mortar retail
channel, or either of those conditions occurring at a rate faster
than anticipated; the Company's inability to address the pace and
impact of the new commercial landscape, such as its inability to
enhance its e-commerce and social media capabilities and/or
increase its penetration of e-commerce and social media channels;
the Company's inability to drive a successful long-term
omni-channel strategy and significantly increase its e-commerce
penetration; difficulties, delays and/or the Company's inability to
(in whole or in part) develop and implement effective content to
enhance its online retail position, improve its consumer engagement
across social media platforms and/or transform its technology and
data to support efficient management of its digital infrastructure;
the Company incurring greater than anticipated levels of expenses
and/or debt to facilitate the foregoing objectives, which could
result in, among other things, less than anticipated revenues
and/or profitability; decreased consumer spending in response to
weak economic conditions or weakness in the consumption of beauty
products in one or more of the Company's segments, whether
attributable to COVID-19 or otherwise; adverse changes in tariffs,
foreign currency exchange rates, foreign currency controls and/or
government-mandated pricing controls; decreased sales of the
Company's products as a result of increased competitive activities
by the Company's competitors; decreased performance by third-party
suppliers, whether due to COVID-19, shortages of raw materials or
otherwise; and/or supply chain disruptions at the Company's
manufacturing facilities, whether attributable to COVID-19 or
shortages of raw materials, components, and labor, or
transportation constraints or otherwise; changes in consumer
preferences, such as reduced consumer demand for the Company's
color cosmetics and other current products, including new product
launches; changes in consumer purchasing habits, including with
respect to retailer preferences and/or among sales channels, such
as due to the continuing consumption declines in core beauty
categories in the mass retail channel in North America, whether
attributable to COVID-19 or otherwise; lower than expected customer
acceptance or consumer acceptance of, or less than anticipated
results from, the Company's existing or new products, whether
attributable to COVID-19 or otherwise; higher than expected retail
store closures in the brick-and-mortar channels where the Company
sells its products, as consumers continue to shift purchases to
online and e-commerce channels, whether attributable to COVID-19 or
otherwise; higher than expected purchases of permanent displays,
capital expenditures, debt service payments and costs, cash tax
payments, pension and other post-retirement plan contributions,
payments in connection with the Company's restructuring programs,
severance not otherwise included in the Company's restructuring
programs, business and/or brand acquisitions (including, without
limitation, through licensing transactions), if any, debt and/or
equity repurchases, if any, costs related to litigation,
discontinuing non-core business lines and/or entering and/or
exiting certain territories and/or channels of trade, advertising,
promotional and marketing activities or for sales returns related
to any reduction of space by the Company's customers, product
discontinuances or otherwise or lower than expected results from
the Company's advertising, promotional, pricing and/or marketing
plans, whether attributable to COVID-19 or otherwise; decreased
sales of the Company’s existing or new products, whether
attributable to COVID-19 or otherwise; actions by the Company's
customers, such as greater than expected inventory management
and/or de-stocking, and greater than anticipated space
reconfigurations or reductions in display space and/or product
discontinuances or a greater than expected impact from pricing,
marketing, advertising and/or promotional strategies by the
Company's customers, whether attributable to COVID-19 or otherwise;
and changes in the competitive environment and actions by the
Company's competitors, including, among other things, business
combinations, technological breakthroughs, implementation of new
pricing strategies, new product offerings, increased advertising,
promotional and marketing spending and advertising, promotional
and/or marketing successes by competitors. 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.
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,
2021
2020
2021
2020
(Unaudited)
Net sales
$
615.2
$
626.6
$
2,078.7
$
1,904.3
Cost of sales
240.4
259.8
849.1
860.5
Gross profit
374.8
366.8
1,229.6
1,043.8
Selling, general and administrative
expenses
303.1
332.7
1,099.1
1,071.8
Acquisition, integration and divestiture
costs
0.5
0.8
2.3
5.0
Restructuring charges and other, net
3.3
4.9
26.1
49.7
Impairment charges
—
—
—
144.1
Loss (gain) on divested assets
0.6
—
(1.1
)
(0.5
)
Operating income (loss)
67.3
28.4
103.2
(226.3
)
Other expenses:
Interest expense, net
63.8
65.3
247.7
243.3
Amortization of debt issuance costs
8.9
9.0
39.6
26.8
Gain on early extinguishment of debt
—
—
—
(43.1
)
Foreign currency (gains) losses, net
(0.9
)
(15.1
)
10.6
(6.0
)
Miscellaneous, net
3.2
(1.0
)
6.0
12.9
Other expenses
75.0
58.2
303.9
233.9
Loss from operations before income
taxes
(7.7
)
(29.8
)
(200.7
)
(460.2
)
Provision for (benefit from) income
taxes
(17.6
)
204.0
6.2
158.8
Net income (loss)
$
9.9
$
(233.8
)
$
(206.9
)
$
(619.0
)
Other comprehensive income (loss):
Foreign currency translation
adjustments
(2.7
)
2.9
(8.7
)
10.2
Amortization of pension related costs, net
of tax
3.3
2.1
13.8
11.4
Pension re-measurement, net of tax
38.1
(52.1
)
38.1
(52.1
)
Other comprehensive income (loss), net
38.7
(47.1
)
43.2
(30.5
)
Total comprehensive income (loss)
$
48.6
$
(280.9
)
$
(163.7
)
$
(649.5
)
Basic and Diluted (loss) earnings per
common share:
$
0.18
$
(4.37
)
$
(3.84
)
$
(11.59
)
Weighted average number of common shares
outstanding:
Basic
54,036,398
53,488,701
53,934,179
53,401,324
Diluted
54,036,398
53,488,701
53,934,179
53,401,324
REVLON, INC. AND
SUBSIDIARIES
CONSOLIDATED CONDENSED BALANCE
SHEETS
(dollars in millions)
December 31,
December 31,
2021
2020
ASSETS
Current assets:
Cash and cash equivalents
$
102.4
$
97.1
Trade receivables, net
383.8
352.3
Inventories, net
417.4
462.6
Prepaid expenses and other current
assets
136.0
134.4
Total current assets
1,039.6
1,046.4
Property, plant and equipment, net
297.3
352.0
Deferred income taxes
42.8
25.7
Goodwill
562.8
563.7
Intangible assets, net
392.2
430.8
Other assets
97.8
109.1
Total assets
$
2,432.5
$
2,527.7
LIABILITIES AND STOCKHOLDERS'
DEFICIENCY
Current liabilities:
Short-term borrowings
$
0.7
$
2.5
Current portion of long-term debt
137.2
217.5
Accounts payable
217.7
203.3
Accrued expenses and other current
liabilities
432.0
420.9
Total current liabilities
787.6
844.2
Long-term debt
3,305.5
3,105.0
Long-term pension and other
post-retirement plan liabilities
147.3
212.4
Other long-term liabilities
206.2
228.1
Total stockholders' deficiency
(2,014.1
)
(1,862.0
)
Total liabilities and stockholders'
deficiency
$
2,432.5
$
2,527.7
REVLON, INC. AND
SUBSIDIARIES
CONSOLIDATED STATEMENTS OF
CASH FLOWS
(dollars in millions)
Year Ended
December 31,
2021
2020
CASH FLOWS FROM OPERATING
ACTIVITIES:
Net loss
$
(206.9
)
$
(619.0
)
Adjustments to reconcile net loss to net
cash used in operating activities:
Depreciation and amortization
125.7
143.3
Foreign currency losses (gains) from
re-measurement
10.6
(6.0
)
Amortization of debt discount
0.9
1.4
Stock-based compensation amortization
14.0
10.4
Impairment charges
—
144.1
Provision for (benefit from) deferred
income taxes
(20.0
)
152.8
Gain on early extinguishment of debt
—
(43.1
)
Amortization of debt issuance costs
39.6
26.8
Gain on divested assets
(1.1
)
(0.5
)
Pension and other post-retirement cost
4.8
4.0
Paid-in-kind interest expense on the 2020
BrandCo Facilities
18.8
10.8
Change in assets and liabilities:
(Increase) decrease in trade
receivables
(38.6
)
76.7
Decrease (increase) in inventories
35.1
(8.4
)
(Increase) decrease in prepaid expenses
and other current assets
(3.4
)
8.0
Increase (decrease) in accounts
payable
30.5
(53.1
)
Increase (decrease) in accrued expenses
and other current liabilities
7.3
(9.9
)
Increase (decrease) in deferred
revenue
(4.2
)
71.6
Pension and other post-retirement plan
contributions
(22.5
)
(9.8
)
Purchases of permanent displays
(24.9
)
(30.8
)
Other, net
23.3
33.4
Net cash used in operating activities
(11.0
)
(97.3
)
CASH FLOWS FROM INVESTING
ACTIVITIES:
Capital expenditures
(14.2
)
(10.3
)
Proceeds from the sale of certain
assets
2.1
—
Net cash used in investing activities
(12.1
)
(10.3
)
CASH FLOWS FROM FINANCING
ACTIVITIES:
Net decrease in short-term borrowings and
overdraft
(13.7
)
4.3
Borrowings on term loans
305.0
880.0
Repayments on term loans
(197.2
)
(524.3
)
Net (repayments) borrowings under the
revolving credit facilities
(29.3
)
(133.5
)
Payment of financing costs
(17.9
)
(122.0
)
Tax withholdings related to net share
settlements of restricted stock and RSUs
(2.4
)
(1.7
)
Other financing activities
(0.3
)
(0.3
)
Net cash provided by financing
activities
44.2
102.5
Effect of exchange rate changes on cash,
cash equivalents and restricted cash
(2.7
)
3.1
Net (decrease) increase in cash, cash
equivalents and restricted cash
18.4
(2.0
)
Cash, cash equivalents and restricted cash
at beginning of period
102.5
104.5
Cash, cash equivalents and restricted cash
at end of period
$
120.9
$
102.5
Supplemental schedule of cash flow
information:
Cash paid during the period for:
Interest
$
241.5
$
238.6
Income taxes, net of refunds
9.6
18.6
Supplemental schedule of non-cash
investing and financing activities:
Non-cash roll-up of participating lenders
from the 2016 Term Loan Facility to the 2020 BrandCo Facilities
—
846.0
Paid-in-kind debt issuance costs
capitalized to the 2020 BrandCo Facilities
—
29.1
Paid-in-kind interest capitalized to the
2020 BrandCo Facilities
18.8
9.6
Paid-in-kind fees for the B-2 Loans in the
November 5.75% Notes Exchange Offer
—
17.5
REVLON, INC. AND
SUBSIDIARIES
EBITDA AND ADJUSTED EBITDA
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
2021
2020
(Unaudited)
Reconciliation to net (loss)
income:
Net loss
$
9.9
$
(233.8
)
Interest expense, net
63.8
65.3
Amortization of debt issuance costs
8.9
9.0
Gain on early extinguishment of debt
—
—
Foreign currency gains, net
(0.9
)
(15.1
)
Provision for income taxes
(17.6
)
204.0
Depreciation and amortization
28.9
35.0
Miscellaneous, net
3.2
(1.0
)
EBITDA
$
96.2
$
63.4
Non-operating items:
Non-cash stock-based compensation
expense
3.6
1.8
Restructuring and related charges
5.0
7.4
Acquisition, integration and divestiture
costs
0.5
0.8
Loss on divested assets
0.6
—
Financial control remediation and
sustainability actions and related charges
0.1
1.1
COVID-19 charges
—
11.2
Capital structure and related charges
2.4
26.1
Adjusted EBITDA
$
108.4
$
111.8
Year Ended December
31,
2021
2020
(Unaudited)
Reconciliation to net (loss)
income:
Net loss
$
(206.9
)
$
(619.0
)
Interest expense, net
247.7
243.3
Amortization of debt issuance costs
39.6
26.8
Gain on early extinguishment of debt
—
(43.1
)
Foreign currency losses (gains), net
10.6
(6.0
)
Provision for (benefit from) income
taxes
6.2
158.8
Depreciation and amortization
125.7
143.3
Miscellaneous, net
6.0
12.9
EBITDA
$
228.9
$
(83.0
)
Non-operating items:
Non-cash stock-based compensation
expense
14.0
10.4
Restructuring and related charges
33.0
68.7
Acquisition, integration and divestiture
costs
2.3
5.0
Gain on divested assets
(1.1
)
(0.5
)
Financial control remediation and
sustainability actions and related charges
0.5
9.6
Impairment charges
—
144.1
Excessive coupon redemption
—
4.2
COVID-19 charges
6.1
46.3
Capital structure and related charges
9.2
35.3
Adjusted EBITDA
$
292.9
$
240.1
REVLON, INC. AND
SUBSIDIARIES
SEGMENT PROFIT, ADJUSTED
EBITDA AND ADJUSTED OPERATING LOSS RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
Segment Profit:
Revlon
$
41.5
$
45.1
$
86.8
$
86.5
Elizabeth Arden
20.7
21.2
62.8
39.6
Portfolio
24.7
13.5
71.0
47.4
Fragrances
21.5
32.0
72.3
66.6
Total Segment Profit/Adjusted EBITDA
$
108.4
$
111.8
$
292.9
$
240.1
Reconciliation to (loss) income from
continuing operations before income taxes:
Loss from operations before income
taxes
$
(7.7
)
$
(29.8
)
$
(200.7
)
$
(460.2
)
Interest expense, net
63.8
65.3
247.7
243.3
Amortization of debt issuance costs
8.9
9.0
39.6
26.8
Gain on early extinguishment of debt
—
—
—
(43.1
)
Foreign currency losses (gains), net
(0.9
)
(15.1
)
10.6
(6.0
)
Miscellaneous, net
3.2
(1.0
)
6.0
12.9
Operating income (loss)
67.3
28.4
103.2
(226.3
)
Non-operating items:
Restructuring and related charges
5.0
7.4
33.0
68.7
Acquisition, integration and divestiture
costs
0.5
0.8
2.3
5.0
Loss (gain) on divested assets
0.6
—
(1.1
)
(0.5
)
Financial control remediation and
sustainability actions and related charges
0.1
1.1
0.5
9.6
Impairment charges
—
—
—
144.1
Excessive coupon redemption
—
—
—
4.2
COVID-19 charges
—
11.2
6.1
46.3
Capital structure and related charges
2.4
26.1
9.2
35.3
Adjusted Operating income
75.9
75.0
153.2
86.4
Non-cash stock-based compensation
expense
3.6
1.8
14.0
10.4
Depreciation and amortization
28.9
35.0
125.7
143.3
Adjusted EBITDA
$
108.4
$
111.8
$
292.9
$
240.1
REVLON, INC. AND
SUBSIDIARIES
ADJUSTED NET SALES
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
Segment Net Sales
Revlon
$
206.1
$
205.6
$
727.9
$
688.4
Elizabeth Arden
172.6
181.1
532.3
463.5
Portfolio
111.7
103.2
419.1
401.3
Fragrances
124.8
136.7
399.4
351.1
Total Segment Net Sales
$
615.2
$
626.6
$
2,078.7
$
1,904.3
Non-operating items:
Excessive coupon redemption
—
—
—
4.2
Total Adjusted Net Sales
$
615.2
$
626.6
$
2,078.7
$
1,908.5
ADJUSTED GROSS PROFIT
RECONCILIATION
(dollars in millions)
Three Months Ended December
31,
Year Ended December
31,
2021
2020
2021
2020
(Unaudited)
(Unaudited)
Gross Profit
$
374.8
$
366.8
$
1,229.6
$
1,043.8
Non-operating items:
COVID-19 charges
0.1
8.7
5.5
35.7
Excessive coupon redemption
—
—
—
4.2
Financial control remediation and
sustainability actions and related charges
—
—
—
6.1
Adjusted Gross Profit
$
374.9
$
375.5
$
1,235.1
$
1,089.8
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,
2021
2020
(Unaudited)
Reconciliation to net loss and diluted
loss per share:
Net (loss) income
$
9.9
$
(233.8
)
Non-operating items (after-tax):
Restructuring and related charges
4.0
9.4
Acquisition, integration and divestiture
costs
0.4
1.7
Loss (gain) on divested assets
0.8
(0.1
)
Financial control remediation and
sustainability actions and related charges
—
3.2
Impairment charges
—
(3.6
)
Excessive coupon redemption
—
0.9
COVID-19 charges
1.0
37.5
Capital structure and related charges
2.5
28.0
Valuation allowance on net federal
deferred tax assets
—
189.5
Adjusted net loss
$
18.6
$
32.7
Net (loss) income:
Diluted (loss) income per common share
0.18
(4.37
)
Adjustment to diluted (loss) income per
common share
0.16
4.98
Adjusted diluted (loss) income per common
share
$
0.34
$
0.61
U.S. GAAP weighted average number of
common shares outstanding:
Diluted
54,036,398
53,488,701
Year Ended December
31,
2021
2020
(Unaudited)
Reconciliation to net loss and diluted
loss per share:
Net loss
$
(206.9
)
$
(619.0
)
Non-operating items (after-tax):
Restructuring and related charges
30.7
57.9
Acquisition, integration and divestiture
costs
2.2
5.0
Gain on divested assets
(0.9
)
(0.5
)
Financial control remediation and
sustainability actions and related charges
0.4
9.6
Impairment charges
—
127.1
Excessive coupon redemption
—
4.2
COVID-19 charges
5.8
45.1
Capital structure and related charges
9.3
35.3
Valuation allowance on net federal
deferred tax assets
—
189.5
Adjusted net loss
$
(159.4
)
$
(145.8
)
Net loss:
Diluted loss per common share
(3.84
)
(11.59
)
Adjustment to diluted loss per common
share
0.88
8.86
Adjusted diluted loss per common share
$
(2.96
)
$
(2.73
)
U.S. GAAP weighted average number of
common shares outstanding:
Diluted
53,934,179
53,401,324
REVLON, INC. AND
SUBSIDIARIES
FREE CASH FLOW
RECONCILIATION
(dollars in millions)
Year Ended December
31,
2021
2020
(Unaudited)
Reconciliation to net cash used in
operating activities:
Net cash used in operating activities
$
(11.0
)
$
(97.3
)
Less capital expenditures
(14.2
)
(10.3
)
Free cash flow
$
(25.2
)
$
(107.6
)
View source
version on businesswire.com: https://www.businesswire.com/news/home/20220302006020/en/
Investor Relations: 212-527-4040 or
investor.relations@revlon.com
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