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BUSINESS COMBINATIONS (Tables) | 12 Months Ended
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Dec. 31, 2022
Business Combination and Asset Acquisition [Abstract] |
Summary of Purchase Price Allocation | Obagi and Milk Purchase Price Allocation:
(In thousands) | Obagi |  | Milk |  | Total
Total Purchase Price: |  |  |  |  |
Cash consideration | $ | 345,398 |  |  | $ | 121,629 |  |  | $ | 467,027 |
Equity consideration | 277,824 |  |  | 200,087 |  |  | 477,911 |
Cash repayment of debt | 136,112 |  |  | 3,935 |  |  | 140,047 |
Related party liability | 22,100 |  |  | — |  |  | 22,100 |
Total purchase consideration | $ | 781,434 |  |  | $ | 325,651 |  |  | $ | 1,107,085 |
Fair value of assets acquired: |  |  |  |  |
Cash and cash equivalents | $ | 15,850 |  |  | $ | 2,092 |  |  | $ | 17,942 |
Restricted cash | 650 |  |  | 819 |  |  | 1,469 |
Account receivable, net | 15,214 |  |  | 3,866 |  |  | 19,080 |
Related party receivable | 327 |  |  | 199 |  |  | 526 |
Inventories | 31,026 |  |  | 30,945 |  |  | 61,971 |
Prepaid expenses | 4,307 |  |  | 520 |  |  | 4,827 |
Other current assets | 359 |  |  | - |  |  | 359 |
Property and equipment | 1,245 |  |  | 8,436 |  |  | 9,681 |
Intangible assets | 505,300 |  |  | 157,500 |  |  | 662,800 |
Right-of-use assets | 4,811 |  |  | 8,232 |  |  | 13,043 |
Other assets | 227 |  |  | - |  |  | 227 |
Total identifiable assets acquired | $ | 579,316 |  |  | $ | 212,609 |  |  | $ | 791,925 |
Liabilities assumed: |  |  |  |  |
Accounts payable and accrued expenses | 18,699 |  |  | 6,442 |  |  | 25,141 |
Other current liabilities | 12,912 |  |  | 5,483 |  |  | 18,395 |
Lease liabilities | 6,461 |  |  | 10,105 |  |  | 16,566 |
Deferred income tax liabilities | 28,073 |  |  | - |  |  | 28,073 |
Total liabilities assumed: | $ | 66,145 |  |  | $ | 22,030 |  |  | $ | 88,175 |
Net assets acquired | 513,171 |  |  | 190,579 |  |  | 703,750 |
Purchase consideration | 781,434 |  |  | 325,651 |  |  | 1,107,085 |
Goodwill | $ | 268,263 |  |  | $ | 135,072 |  |  | $ | 403,335 |
Schedule of Intangible Assets Acquired in Business Combination | Intangible Assets
| Fair Value |  |
| Obagi |  | Milk |  | Total |  | Weighted- Average Useful Life
(In thousands) |  |  |
Trademarks and Trade Name | $ | 414,000 |  |  | $ | 145,000 |  |  | $ | 559,000 |  |  | 14 years
Customer/distributor relationships | 25,000 |  |  | 11,000 |  |  | 36,000 |  |  | 11 years
Tretinoin distribution and supply agreement | 38,900 |  |  | — |  |  | 38,900 |  |  | 5 years
Formulations | 27,400 |  |  | 1,500 |  |  | 28,900 |  |  | 8 years
Total Intangible Assets | $ | 505,300 |  |  | $ | 157,500 |  |  | $ | 662,800 |  |  |
Unaudited Pro Forma Consolidated Financial Information | The following unaudited pro forma combined financial information presents the Company’s results as though the Business Combination had occurred on January 1, 2021, for the years ended December 31, 2021 and 2022. The unaudited pro forma consolidated financial information has been prepared using the acquisition method of accounting in accordance with U.S. GAAP.
| Year ended December 31, 2022 |  | Year ended December 31, 2021
(In thousands) | (Unaudited) |  | (Unaudited)
Pro forma net revenue | $ | 200,547 |  |  | $ | 162,583 |
Pro forma net income (loss) | (86,930) |  |  | (145,152) |
Less: Pro forma net income (loss) attributable to noncontrolling interest | (25,140) |  |  | (26,519) |
Pro forma net income (loss) attributable to Waldencast plc | $ | (61,790) |  |  | $ | (118,633) |

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