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SEGMENT REPORTING | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
SEGMENT REPORTING | SEGMENT REPORTING The Company derives revenues in the U.S. and internationally by providing prestige haircare products to professional hair salons, retailers and everyday consumers through the Company’s three sales channels: professional, specialty retail and DTC. The Company does not have intersegment revenues. See further discussion in “Note 3 - Net Sales” to the Company’s Consolidated Financial Statements of this Annual Report for more information. The accounting policies of the Company’s single reportable segment are the same as those described in “Note 2 - Summary of Significant Accounting Policies” to the Company’s Consolidated Financial Statements of this Annual Report. The CODM assesses the Company’s performance and allocates resources based on net income that is also reported on the Consolidated Statement of Operations and Comprehensive Income. The measure of the Company’s segment assets is reported on the Consolidated Balance Sheets as total assets. The CODM uses net income to evaluate income generated from segment assets in deciding how to reinvest profits into the Company as well as in assessing performance of the segment.
|  | Year Ended
|  | December 31, 2024 |  | December 31, 2023 |  | December 31, 2022
Net sales |  | $ | 422,670 |  |  | $ | 458,300 |  |  | $ | 704,274 |
Less: (1) |  |  |  |  |  |
Adjusted cost of product (2) |  | 121,038 |  |  | 131,299 |  |  | 171,027 |
Marketing expenses |  | 70,322 |  |  | 66,399 |  |  | 28,506 |
Adjusted selling, general, and administrative (3) |  | 96,372 |  |  | 83,283 |  |  | 70,220 |
Depreciation and amortization |  | 53,497 |  |  | 50,291 |  |  | 49,146 |
Interest expense |  | 59,585 |  |  | 57,954 |  |  | 43,953 |
Interest income |  | (25,379) |  |  | (18,828) |  |  | (2,775) |
Loss on extinguishment of debt |  | — |  |  | — |  |  | 18,803 |
Tax receivable agreement liability adjustment |  | 3,915 |  |  | (7,404) |  |  | (3,084) |
Income tax provision |  | 7,390 |  |  | 15,133 |  |  | 61,169 |
Share-based compensation expense |  | 11,123 |  |  | 9,072 |  |  | 7,275 |
Other segment items (4) |  | 5,285 |  |  | 9,514 |  |  | 15,962 |
Net income |  | $ | 19,522 |  |  | $ | 61,587 |  |  | $ | 244,072 |
(1) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM. (2) Amounts exclude amortization of patented formulations and non-ordinary inventory adjustments as further described in footnote 4 to this table. (3) Amounts exclude depreciation and amortization expense and non-ordinary costs and fees as further described in footnote 4 to this table. (4) For the year ended December 31, 2024, other segment items included research and development costs and other expense (income), net. For the year ended December 31, 2023, other segment items included research and development costs, other expense (income), net, and non-ordinary costs consisting of a one-time former distributor payment, inventory write off and disposal, executive reorganization costs and organizational realignment costs. For the year ended December 31, 2022, other segment items included research and development costs, other expense (income), net, and non-ordinary costs consisting of inventory write off and disposal, executive reorganization costs, labelling stock write off and disposal and a one-time distribution start-up cost.

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- Definition The entire disclosure for reporting segments including data and tables. 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