Workflow
Olaplex (OLPX) - 2024 Q4 - Annual Results
OLPXOlaplex (OLPX)2025-03-04 12:33

Financial Performance - Net sales for Q4 2024 decreased by 9.8% to 100.7millioncomparedtoQ42023[5]−GrossprofitforQ42024was100.7 million compared to Q4 2023[5] - Gross profit for Q4 2024 was 66.8 million, down 13.0% from 76.8millioninQ42023,withagrossprofitmarginof66.376.8 million in Q4 2023, with a gross profit margin of 66.3%[5] - Adjusted net income for Q4 2024 was 7.6 million, a decrease of 65.8% compared to 22.3millioninQ42023[6]−Forthefiscalyear2024,netsalesdecreasedby7.822.3 million in Q4 2023[6] - For the fiscal year 2024, net sales decreased by 7.8% to 422.7 million compared to 458.3millionin2023[8]−Thecompanyreportedanetincomeof458.3 million in 2023[8] - The company reported a net income of 19.5 million for fiscal year 2024, down 68.3% from 61.6millionin2023[8]−AdjustedEBITDAfortheyearendedDecember31,2024,was61.6 million in 2023[8] - Adjusted EBITDA for the year ended December 31, 2024, was 129.665 million, down from 174.260millionin2023,reflectingadecreaseofapproximately25.5174.260 million in 2023, reflecting a decrease of approximately 25.5%[31] - Net income for the year ended December 31, 2024, was 19.522 million, a decrease of 68.3% compared to 61.587millionin2023[29]−Thecompanyreportedanetlossof61.587 million in 2023[29] - The company reported a net loss of 8.800 million for Q4 2024, compared to a net income of 14.101millioninQ42023[33]GuidanceandProjections−Fiscalyear2025guidancefornetsalesisprojectedbetween14.101 million in Q4 2023[33] Guidance and Projections - Fiscal year 2025 guidance for net sales is projected between 410 million and 431million,reflectingadecreasefromthepreviousyear′sactualsales[11]−AdjustedEBITDAmarginforfiscalyear2025isexpectedtobebetween20431 million, reflecting a decrease from the previous year's actual sales[11] - Adjusted EBITDA margin for fiscal year 2025 is expected to be between 20% and 22%, down from 30.7% in 2024[11] Cash and Assets - As of December 31, 2024, cash and cash equivalents increased to 586.0 million from 466.4millionin2023[9]−Cashandcashequivalentsattheendof2024were466.4 million in 2023[9] - Cash and cash equivalents at the end of 2024 were 585.967 million, up from 466.400millionattheendof2023,representingagrowthofabout25.5466.400 million at the end of 2023, representing a growth of about 25.5%[29] - Total current assets increased to 689.713 million as of December 31, 2024, from 613.196millionin2023,reflectinganincreaseofapproximately12.5613.196 million in 2023, reflecting an increase of approximately 12.5%[25] Inventory and Liabilities - Inventory at the end of Q4 2024 was 75.2 million, down from 95.9millionattheendofQ42023[9]−Long−termdebtasofDecember31,2024,was95.9 million at the end of Q4 2023[9] - Long-term debt as of December 31, 2024, was 643.7 million, slightly down from 649.0millionin2023[9]−Totalliabilitiesdecreasedslightlyto649.0 million in 2023[9] - Total liabilities decreased slightly to 893.321 million as of December 31, 2024, from 895.370millionin2023[25]Expenses−Selling,general,andadministrativeexpensesfortheyearendedDecember31,2024,were895.370 million in 2023[25] Expenses - Selling, general, and administrative expenses for the year ended December 31, 2024, were 181.685 million, an increase of 7.5% from 168.942 million in 2023[27] - SG&A expenses for Q4 2024 were 52.869 million, up from 49.172millioninQ42023,representinga5.549.172 million in Q4 2023, representing a 5.5% increase[33] Other Financial Metrics - Adjusted EBITDA margin for the year ended December 31, 2024, was 30.7%, compared to 38.0% in 2023, indicating a decline of 7.3 percentage points[31] - Adjusted gross profit margin for the year ended December 31, 2024, was 71.4%, unchanged from 2023[31] - Adjusted net income per share for Q4 2024 was 0.01, down from 0.03inQ42023[33]SpecialItems−Thecompanyincurredaone−timepaymentof0.03 in Q4 2023[33] Special Items - The company incurred a one-time payment of 3.5 million to a former distributor in the UAE during 2023 to establish a new partnership[33] - Amortization of intangible assets (excluding software) for the year ended December 31, 2024, was 50.073million,slightlyupfrom50.073 million, slightly up from 49.075 million in 2023[33] - The company recorded organizational realignment costs of $2.920 million in Q4 2023[34] - Inventory write-off and disposal costs were incurred due to reformulation of a product, impacting financials in 2023[34] - The company is focused on global reformulation to streamline product offerings in compliance with regulations[34]