XML 27 R9.htm IDEA: XBRL DOCUMENT v3.23.4
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
5 Months Ended 7 Months Ended 12 Months Ended
Dec. 31, 2022
Jul. 27, 2022
Dec. 31, 2021
Dec. 31, 2020
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (120,557) $ (21,057) $ (19,576) $ (2,370)
Cash (used in) provided by operating activities:        
Stock-based compensation 7,736 0 0 0
Depreciation and amortization 26,982 8,190 13,904 13,421
Non-cash lease expense 740 0 0 0
Change in fair value of derivative warrant liabilities (6,793) 0 0 0
Non-cash loss from change in fair value on interest rate collar 592 0 0 0
Loss on extinguishment of debt 0 0 2,317 0
Gain on PPP Loan forgiveness 0 0 (6,824) 0
Amortization of debt issuance costs 677 767 1,139 798
Amortization of related party liability (12,186) 0 0 0
Deferred income taxes (5,823) 90 9,374 (3,044)
Loss on impairment of goodwill 68,715 0 0 0
(Gain) Loss on disposal of equipment (2) 35 52 0
Loss on write-off of loan receivable 0 0 2,555 0
Changes in operating assets and liabilities, net of impact of business combinations:        
Accounts receivable (204) 3,524 (5,057) (16,661)
Related party accounts receivable 265 0 0 0
Inventories 6,382 (13,008) (6,010) 4,441
Prepaid expenses (213) 658 (1,097) (1,919)
Other current assets and other assets (250) (352) 612 1,159
Accounts payable (1,021) 9,635 9,647 (7,391)
Related party accounts payable 43 0 0 0
Operating lease liabilities (724) 0 0 0
Other current liabilities and other liabilities (39,336) 1,481 2,493 4,135
Net cash (used in) provided by operating activities (74,977) (10,037) 3,529 (7,431)
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditure on intangible assets (247) (248) (863) (653)
Capital expenditure on property and equipment (1,340) (661) (424) (1,054)
Advances for note receivable 0 0 (2,500) 0
Proceeds from trust account 44,883 0 0 0
Net cash (used in) provided by investing activities (544,367) (909) (3,787) (1,707)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from PIPE investments 118,000 0 0 0
Proceeds from FPA investments 333,000 0 0 0
Proceeds from term loan 175,000 0 110,000 0
Repayment of term loan (4,348) (1,375) (72,455) (9,370)
Proceeds from revolving credit facility 14,117 6,000 20,000 29,000
Repayment of revolving credit facility 0 0 (44,000) (9,000)
Proceeds from PPP Loan 0 0 0 6,750
Payment of debt issuance costs (6,304) (742) (6,383) (1,017)
Payment of dividends 0 0 (2,000) (2,044)
Net cash (used in) provided by financing activities 629,465 3,883 5,162 14,319
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,121 (7,063) 4,904 5,181
Effect of foreign exchange rates on cash and cash equivalents (36) 96 (32) 0
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period 6,477 13,444 8,572 3,391
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period 10,163 6,477 13,444 8,572
SUPPLEMENTAL CASH FLOW DATA – CASH PAID:        
Income taxes 152 3 0 9
Interest 5,550 5,053 10,014 5,449
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Capital expenditures in accounts payable and accruals 406 43 86 0
Capital contribution of trademarks 0 0 0 4,058
Obagi China Distribution to shareholder 0 13,113 0 0
Conversion of promissory note to warrants 650 0 0 0
Obagi        
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisition of Business Combinations, net of cash acquired (465,010) 0 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Issuance of ordinary shares for Business Combinations 277,824 0 0 0
Milk        
CASH FLOWS FROM INVESTING ACTIVITIES:        
Acquisition of Business Combinations, net of cash acquired (122,653) 0 0 0
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Issuance of ordinary shares for Business Combinations $ 200,087 $ 0 $ 0 $ 0