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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, 2023
Dec. 31, 2021
CASH FLOWS FROM OPERATING ACTIVITIES:        
Net loss $ (120,557) $ (21,057) $ (105,968) $ (19,576)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:        
Stock-based compensation 7,736 0 9,235 0
Depreciation and amortization 26,982 8,190 60,498 13,904
Non-cash lease expense 740 0 1,721 0
Change in fair value of derivative warrant liabilities (6,793) 0 10,337 0
Non-cash loss from change in fair value on interest rate collar 592 0 106 0
Loss on extinguishment of debt 0 0 0 2,317
Gain on PPP loan forgiveness 0 0 0 (6,824)
Amortization of debt issuance costs 677 767 1,575 1,139
Amortization of related party liability (12,186) 0 (4,058) 0
Deferred income taxes (5,823) 90 (7,021) 9,374
Loss on impairment of goodwill 68,715 0 0 0
Loss on impairment of right of use assets 0 0 3,643
Loss (gain) on disposal of equipment (2) 35 62 52
Loss on write-off of loan receivable 0 0 0 2,555
Changes in operating assets and liabilities, net of impact of business combinations:        
Accounts receivable (204) 3,524 (2,071) (5,057)
Related party accounts receivable 265 0 (816) 0
Inventories 6,382 (13,008) (1,300) (6,010)
Prepaid expenses (213) 658 996 (1,097)
Other current assets and other assets (250) (352) 138 612
Accounts payable (1,021) 9,635 4,382 9,647
Related party accounts payable 43 0 (354) 0
Operating lease liabilities (724) 0 (2,560) 0
Other current liabilities and other liabilities (39,336) 1,481 1,680 2,493
Net cash (used in) provided by operating activities (74,977) (10,037) (29,775) 3,529
CASH FLOWS FROM INVESTING ACTIVITIES:        
Capital expenditure on intangible assets (247) (248) (455) (863)
Capital expenditure on property and equipment (1,340) (661) (1,591) (424)
Advances for note receivable 0 0 0 (2,500)
Proceeds from trust account 44,883 0 0 0
Cash received for interest rate collar premium 0 0 52 0
Net cash (used in) provided by investing activities (544,367) (909) (1,994) (3,787)
CASH FLOWS FROM FINANCING ACTIVITIES:        
Proceeds from PIPE investments 118,000 0 70,000 0
Payment of PIPE transaction costs 0 0 (1,068) 0
Proceeds from FPA investments 333,000 0 0 0
Proceeds from term loan 175,000 0 0 110,000
Repayment of term loan (4,348) (1,375) (8,777) (72,455)
Proceeds from revolving credit facility 14,117 6,000 35,000 20,000
Repayment of revolving credit facility 0 0 (49,117) (44,000)
Proceeds from note payable 0 0 2,420 0
Repayment of note payable 0 0 (1,452) 0
Payment of debt issuance costs (6,304) (742) 0 (6,383)
RSU taxes paid on behalf of employees 0 0 (1,473) 0
Distribution to pay withholding taxes 0 0 (1,204) 0
Payment of dividends 0 0 0 (2,000)
Net cash (used in) provided by financing activities 629,465 3,883 44,329 5,162
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH 10,121 (7,063) 12,560 4,904
Effect of foreign exchange rates on cash and cash equivalents (36) 96 (147) (32)
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—Beginning of period 6,477 13,444 10,163 8,572
CASH, CASH EQUIVALENTS AND RESTRICTED CASH—End of period 10,163 6,477 22,576 13,444
SUPPLEMENTAL CASH FLOW DATA – CASH PAID:        
Income taxes 152 3 0 0
Interest 5,550 5,053 17,331 10,014
NON-CASH INVESTING AND FINANCING ACTIVITIES:        
Capital expenditures in accounts payable and accruals 406 43 318 86
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