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SUCCESSOR CONDENSED FINANCIAL INFORMATION OF WALDENCAST PLC (PARENT COMPANY ONLY) | 12 Months Ended
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Dec. 31, 2022
Condensed Financial Information Disclosure [Abstract] |
SUCCESSOR CONDENSED FINANCIAL INFORMATION OF WALDENCAST PLC (PARENT COMPANY ONLY) | SUCCESSOR CONDENSED FINANCIAL INFORMATION OF WALDENCAST PLC (PARENT COMPANY ONLY) The parent company financial statements for Waldencast Plc should be read in conjunction with the Company’s Consolidated Financial Statements and the accompanying notes thereto. For purposes of this condensed financial information, the Company’s wholly owned and majority owned subsidiaries are recorded based upon its proportionate share of its subsidiaries’ net assets (similar to presenting them on the equity method). Waldencast plc has no material operations of its own and conducts substantially all of its activities through its wholly owned subsidiaries. Waldencast plc has no significant assets or liabilities other than derivative warrant liabilities and cash, most expenditures paid by Waldencast plc are allocated to its subsidiaries. Waldencast Finco Limited, a wholly-owned indirect subsidiary of Waldencast plc, is the borrower under the 2022 Credit Agreement. The terms and conditions of the 2022 Credit Agreement (see Note 8 for definition) limit the ability of Waldencast plc’s wholly owned subsidiaries to make certain distributions or dividends, subject to a number of enumerated exceptions. Due to the aforementioned restrictions, substantially all of the Successor period net assets of Waldencast Plc’s subsidiaries are restricted. Since the restricted net assets of consolidated subsidiaries exceed 25% of the consolidated net assets of the Company and its subsidiaries, the accompanying condensed parent company financial statements have been prepared in accordance with Rule 12-04, Schedule 1 of Regulation S-X. This information should be read in conjunction with the accompanying Consolidated Financial Statements. The following condensed financial statements have been presented on a “parent-only” basis. Under a parent-only presentation, Waldencast plc’s investment in its subsidiaries is presented under the equity method of accounting.
WALDENCAST PLC (PARENT COMPANY ONLY) CONDENSED BALANCE SHEET |
(In thousands of U.S. dollars, except share and per share data) |
| As of December 31, 2022
ASSETS |
CURRENT ASSETS: |
Cash and cash equivalents | $ | 3,215 |
Total current assets | 3,215 |
Investment in subsidiary | 823,936 |
TOTAL ASSETS | $ | 827,151 |
LIABILITIES AND SHAREHOLDERS' EQUITY |
CURRENT LIABILITIES: |
Intercompany payables | 8,942 |
Derivative warrant liabilities | 18,311 |
TOTAL LIABILITIES | $ | 27,253 |
SHAREHOLDERS’ EQUITY: |
Successor Class A ordinary shares, $0.0001 par value, 1,000,000,000 shares authorized; and 86,460,560 outstanding as of December 31, 2022 | 8 |
Successor Class B ordinary shares, $0.0001 par value, 1,000,000,000 shares authorized; and 21,104,225 outstanding as of December 31, 2022 | 2 |
Additional paid-in capital | 796,038 |
Accumulated deficit | (156,780) |
Accumulated other comprehensive income (loss) | (29) |
TOTAL CONTROLLING SHAREHOLDERS’ EQUITY | 639,239 |
Noncontrolling Interest | 160,659 |
TOTAL SHAREHOLDERS’ EQUITY | $ | 799,898 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ | 827,151 |
WALDENCAST PLC (PARENT COMPANY ONLY) CONDENSED STATEMENT OF OPERATIONS
(In thousands of U.S. dollars, except share and per share data)
| For the period from July 28 to December 31, 2022 |  |  |  |
Net revenue | — |  |  |  |  |
Selling, general and administrative | — |  |  |  |  |
Total operating income | — |  |  |  |  |
Other income: |  |  |  |  |
Interest income, net | 19 |  |  |  |  |
Change in fair value of derivative warrant liabilities | 6,793 |  |  |  |  |
Income before income taxes | 6,812 |  |  |  |  |
Income tax benefit | — |  |  |  |  |
Income before equity in undistributed earnings of subsidiaries | 6,812 |  |  |  |  |
Equity in undistributed earnings of subsidiaries | (102,379) |  |  |  |  |
Net loss | (95,567) |  |  |  |  |
Other comprehensive (loss) income — foreign currency translation adjustments, net of tax | (29) |  |  |  |  |
Comprehensive loss | (95,596) |  |  |  |  |
WALDENCAST PLC (PARENT COMPANY ONLY) CONDENSED STATEMENT OF CASH FLOW
(In thousands of U.S. dollars)
| Period from July 28 to December 31, 2022 |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |
Net loss | $ | (95,567) |  |  |  |  |
Adjustments to reconcile net loss to net cash |  |  |  |  |
Cash (used in) provided by operating activities: |  |  |  |  |
Equity in income of subsidiaries | 102,379 |  |  |  |  |
Change in fair value of derivative warrant liabilities | (6,793) |  |  |  |  |
Net cash provided by operating activities | 19 |  |  |  |  |
CASH FLOWS FROM INVESTING ACTIVITIES: |  |  |  |  |
Proceeds from trust | 6,400 |  |  |  |  |
Net cash provided by investing activities | 6,400 |  |  |  |  |
CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |  |  |
Transfers from subsidiaries | 6,000 |  |  |  |  |
Transfers to subsidiaries | (300) |  |  |  |  |
Expenses paid on behalf of subsidiaries | (8,982) |  |  |  |  |
Net cash used in financing activities | (3,282) |  |  |  |  |
CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH | 3,137 |  |  |  |  |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - Beginning of period | 78 |  |  |  |  |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH - end of period | $ | 3,215 |  |  |  |  |

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- Definition The entire disclosure for condensed financial information, including the financial position, cash flows, and the results of operations of the registrant (parent company) as of the same dates or for the same periods for which audited consolidated financial statements are being presented. Alternatively, the details of this disclosure can be reported by the specific parent company taxonomy elements, indicating the appropriate date and period contexts in an instance document. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 6 -Subparagraph (SX 210.5-04(Schedule I)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480922/205-10-S99-6 Reference 3: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-11 + Details
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