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  "documentTitle": "Waldencast | Results Presentation Deck | 60 slides",
  "authorId": "waldencast",
  "authorName": "Waldencast",
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  "sourceTypeLabel": "Investor relations",
  "presentationDate": "2024-05-01 00:00:00",
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      "text": "¹ Includes mainly legal, advisory and consultant fees related to the Business Combination and the financial restatement of the 2020-2022 periods.\n² Relates to the amortization of the inventory fair value step-up as a result of the Business Combination\n³ Relates to change in fair value of warrant liabilities and not definitively related to operations\n⁴ Relates to interest collar and not definitively related to operations\n⁵ Relates to the fair value of the related party liability for the unfavorable discount to Obagi China as part of the Business Combination.\n⁶ Relates to the costs to recover and the value of the inventory recovered from the acquisition of the Vietnam distributor which is not part of recurring operations.\n⁷ Relates to the advanced purchase of specific products for the market in Vietnam sold through the Vietnam distributor that became obsolete when the contract was terminated.\n⁸ In December 2023 Obagi terminated a contract with one of its distributors early and incurred an early termination fee.\n⁹ Other non-recurring costs are primarily related to legal settlements.\n¹⁰ Adjusted EBITDA Margin is defined as Adjusted EBITDA divided by US GAAP Net Revenue.",
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      "text": "Year ended December 31, 2023\nU.S. Dollars (in thousands)\nObagi\nMilk\nCentral Costs\nWaldencast\n(Total)\nNet Loss\n(32,214)\n(5,655)\n(68,099)\n(105,968)\nAdjusted for:\nDepreciation and amortization\n41,984\n18,514\n60,498\nInterest expense, net\n12,644\n590\n5,654\n18,888\nIncome tax (benefit) expense\n(6,997)\n10\n12\n(6,975)\nStock-based compensation expense\n726\n2,352\n6,157\n9,235\nTransaction related costs¹\n435\n27\n31,054\n31,516\nCOGS impact related to Inventory fair value adjustment²\n1,691\n1,691\nChange in fair value of derivative warrant liabilities³\n10,337\n10,337\nChange in fair value of interest rate collar ⁴\n106\n106\nAmortization of related party liability⁵\n(4,058)\n(4,058)\nForeign currency transaction loss (gain)\n161\n875\n(44)\n992\nInventory recovery⁶\n(1,286)\n(1,286)\nProduct discontinuation⁷\n2,270\n2,270\nLoss on impairment of lease\n3,643\n3,643\nContract termination fee⁸\n2,000\n2,000\nOther non-recurring costs⁹\n1,506\n1,506\nAdjusted EBITDA\n20,814\n18,404\n(14,823)\n24,395\nNet Revenue\n117,651\n100,487\n218,138\nNet Loss % of Net Revenue\n(27.4%)\n(5.6%)\nN/A\n(48.6%)\nAdjusted EBITDA Margin ¹⁰\n17.7%\n18.3%\nN/A\n11.2%",
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      "text": "2023 Adjusted EBITDA",
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      "evidence": "table/data: Year ended December 31, 2023 U.S. Dollars (in thousands) Obagi Milk Central Costs Waldencast (Total) Net Loss (32,214) (5,655) (68,099) (105,968) Adjusted for: Depreciation and amortization 41,984 18,514 60,4",
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