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Revlon Reports Fourth Quarter and Full Year 2021 Results

Strong Operating Income Growth Reflects Revlon's Continued Execution Against its Strategic Initiatives Amid Macro Supply Chain Challenges

NEW YORK, March 03, 2022--(BUSINESS WIRE)--Revlon, Inc. (NYSE: REV) ("Revlon" and together with its subsidiaries, the "Company") today announced its results for the quarter ended December 31, 2021.

Quarter ended December 31, 2021, summary developments:1

  • As Reported net sales were $615.2 million in the fourth quarter of 2021, compared to $626.6 million during the prior-year period, a decrease of $11.4 million, or 1.8%.

  • As Reported operating income was $67.3 million in the fourth quarter of 2021, compared to $28.4 million during the prior-year period, an improvement of $38.9 million. The higher operating income was driven primarily by a gross margin improvement of 240 basis points, and $29.6 million in lower selling, general and administrative expenses (SG&A). Adjusted operating income in the fourth quarter of 2021 increased by $0.9 million to $75.9 million from $75.0 million of Adjusted operating income in the prior-year period.

  • Adjusted EBITDA(a) in the fourth quarter of 2021 was $108.4 million, versus $111.8 million in the prior-year period. The lower Adjusted EBITDA was driven primarily by the lower As Reported net sales.

  • As Reported net income was $9.9 million in the fourth quarter of 2021, versus a $233.8 million net loss in the prior-year period. The higher net income was primarily due to the prior-year period reflecting a $201.8 million non-cash charge to the Company's federal tax valuation allowance, and higher As Reported operating income over the prior-year period.

  • As of December 31, 2021, the Company had total liquidity of $171.5 million.

Debra Perelman, Revlon's President and Chief Executive Officer, stated: "Consumer demand for our brands remained strong in the 4th Quarter, as evidenced by Revlon Color Cosmetics’ 30% year-over-year retail sales growth in the important US Mass channel. While we saw strong consumer demand, we also continued to experience industry-wide supply chain challenges, which impacted our ability to fully meet customer orders to support this consumption. Starting in the 3rd quarter, our business has been impacted by increased prices on key ingredients and components, logistics challenges across all modes of transportation delaying receipt of goods, and persistent labor shortages.

"We continued to take aggressive action to protect our business by tightly managing our costs and implementing select price increases. Further, we rerouted some of our freight, significantly increased labor in our manufacturing facilities, and sourced additional vendors for key materials and components – all resulting in increased manufacturing production levels as we enter 2022. Despite the broader challenges, we were able to drive an improved gross margin and very strong operating income in the fourth quarter. We will continue to dynamically manage our business while remaining focused on executing against our strategy in order to drive long-term profitable growth."

1 The results discussed include the following measures: U.S. GAAP ("As Reported"); and non-GAAP ("Adjusted"), which excludes certain Non-Operating Items and EBITDA Exclusions (as defined in Footnote (a)) from As Reported results. See footnote (a) for further discussion of the Company’s Adjusted measures. Reconciliations of As Reported results to Adjusted results are provided as an attachment to this release. In addition, where indicated, the Company analyzes and presents its results excluding the impact of foreign currency translation ("XFX"). Unless otherwise noted, the discussion is presented on an As Reported basis.

Fourth Quarter 2021 Results

Total Company Results

In calculating Adjusted results, adjustments were made for the Non-Operating Items and the EBITDA Exclusions in the case of Adjusted EBITDA, in each case as described in footnote (a).

Three Months Ended December 31,

(Unaudited)

2021

2020

As Reported

Adjusted (*)

(USD millions, except per share data)

As Reported

Adjusted (*)

As Reported

Adjusted (*)

% Change

% Change

Net Sales

$

615.2

$

615.2

$

626.6

$

626.6

(1.8

) %

(1.8

) %

Gross Profit

374.8

374.9

366.8

375.5

2.2

%

(0.2

) %

Gross Margin

60.9

%

60.9

%

58.5

%

59.9

%

240bps

100bps

Operating Income (loss)

$

67.3

$

75.9

$

28.4

$

75.0

137.0

%

1.2

%

Net Income (Loss)

9.9

18.6

(233.8

)

32.7

104.2

%

(43.1

) %

Adjusted EBITDA

108.4

111.8

(3.0

) %

Diluted (Loss) Income per Common Share

$

0.18

$

0.34

$

(4.37

)

$

0.61

104.1

%

(44.3

) %

(*) Refer to footnote (a) to this Earnings Release for a discussion and reconciliation of the Company's non-GAAP measures, including Adjusted Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted Diluted Loss per Common Share.

Segment Results

The Company operates in four reporting segments: Revlon; Elizabeth Arden; Portfolio; and Fragrances:

  • Revlon - The Revlon segment is comprised of the Company's flagship Revlon brands. Revlon segment products are primarily marketed, distributed and sold in the mass retail channel, large volume retailers, chain drug and food stores, chemist shops, hypermarkets, general merchandise stores, e-commerce sites, television shopping, department stores, professional hair and nail salons, one-stop shopping beauty retailers and specialty cosmetic stores in the U.S. and internationally under brands such as Revlon in color cosmetics; Revlon ColorSilk and Revlon Professional in hair color; and Revlon in beauty tools.

  • Elizabeth Arden - The Elizabeth Arden segment is comprised of the Company's Elizabeth Arden branded products. The Elizabeth Arden segment markets, distributes and sells fragrances, skin care and color cosmetics primarily to prestige retailers, department and specialty stores, perfumeries, boutiques, e-commerce sites, the mass retail channel, travel retailers and distributors, as well as direct sales to consumers via its Elizabeth Arden branded retail stores and elizabetharden.com e-commerce website, in the U.S. and internationally, under brands such as Elizabeth Arden Ceramide, Prevage, Eight Hour, SUPERSTART, Visible Difference and Skin Illuminating in the Elizabeth Arden skin care brands; and Elizabeth Arden White Tea, Elizabeth Arden Red Door, Elizabeth Arden 5th Avenue and Elizabeth Arden Green Tea in Elizabeth Arden fragrances.

  • Portfolio - The Company’s Portfolio segment markets, distributes and sells a comprehensive line of premium, specialty and mass products primarily to the mass retail channel, hair and nail salons and professional salon distributors in the U.S. and internationally and large volume retailers, specialty and department stores under brands such as Almay and SinfulColors in color cosmetics; American Crew in men’s grooming products (which are also sold direct-to-consumer on its americancrew.com website); CND in nail polishes, gel nail color and nail enhancements; Cutex in nail care products; and Mitchum in anti-perspirant deodorants. The Portfolio segment also includes a multi-cultural hair care line consisting of Creme of Nature hair care products, which are sold in both professional salons and in large volume retailers and other retailers, primarily in the U.S.; and a hair color line under the Llongueras brand (licensed from a third party) that is sold in the mass retail channel, large volume retailers and other retailers, primarily in Spain.

  • Fragrances - The Fragrances segment includes the development, marketing and distribution of certain owned and licensed fragrances, as well as the distribution of prestige fragrance brands owned by third parties. These products are typically sold to retailers in the U.S. and internationally, including prestige retailers, specialty stores, e-commerce sites, the mass retail channel, travel retailers and other international retailers. The owned and licensed fragrances include brands such as: (i) Juicy Couture (which are also sold direct-to-consumer on its juicycouturebeauty.com website), John Varvatos and AllSaints in prestige fragrances; (ii) Britney Spears, Elizabeth Taylor, Christina Aguilera, Jennifer Aniston and Mariah Carey in celebrity fragrances; and (iii) Curve, Giorgio Beverly Hills, Ed Hardy, Charlie, Lucky Brand, ‹PS› (logo of former Paul Sebastian brand), Alfred Sung, Halston, Geoffrey Beene, and White Diamonds in mass fragrances.

Three Months Ended December 31,

(Unaudited)

Net Sales

As Reported

As Reported

(USD millions)

2021

2020

% Change

XFX

% Change

Revlon

$

206.1

$

205.6

0.2

%

1.2

%

Elizabeth Arden

172.6

181.1

(4.7

) %

(6.1

) %

Portfolio

111.7

103.2

8.2

%

8.7

%

Fragrances

124.8

136.7

(8.7

) %

(8.6

) %

Total

$

615.2

$

626.6

(1.8

) %

(1.8

) %

Three Months Ended December 31,

(Unaudited)

Segment Profit

As Reported

As Reported

(USD millions)

2021

2020

% Change

XFX

% Change

Revlon

$

41.5

$

45.1

(8.0

) %

(7.5

) %

Elizabeth Arden

20.7

21.2

(2.4

) %

(4.7

) %

Portfolio

24.7

13.5

83.0

%

83.7

%

Fragrances

21.5

32.0

(32.8

) %

(32.5

) %

Total

$

108.4

$

111.8

(3.0

) %

(3.1

) %

Revlon Segment

Revlon segment net sales in the three months ended December 31, 2021, were $206.1 million, a $0.5 million, or 0.2%, increase, compared to $205.6 million in the three months ended December 31, 2020. Excluding the $2.0 million unfavorable FX impact, total Revlon segment net sales in the three months ended December 31, 2021, increased by $2.5 million, or 1.2%, compared to the three months ended December 31, 2020. The Revlon segment XFX increase in net sales of $2.5 million in the three months ended December 31, 2021, was driven by higher net sales of Revlon-branded professional hair care products in all regions, as well as Revlon Color Cosmetics in North America and in Latin America. This increase was partially offset by decreased net sales in North America of Revlon-branded beauty tools, and in Asia regions for Revlon ColorSilk. Additionally, supply chain constraints limited the Company's ability to fill customer orders for Revlon Color Cosmetics, primarily in North America.

Revlon segment profit in the three months ended December 31, 2021, was $41.5 million, a $3.6 million, or 8.0%, decrease, compared to $45.1 million in the three months ended December 31, 2020. Excluding the $0.2 million unfavorable FX impact, Revlon segment profit in the three months ended December 31, 2021, decreased by $3.4 million, or 7.5%, compared to the three months ended December 31, 2020. This decrease was driven primarily by the Revlon segment's higher transportation costs and higher SG&A expenses.

Elizabeth Arden Segment

Elizabeth Arden segment net sales in the three months ended December 31, 2021, were $172.6 million, a $8.5 million, or 4.7%, decrease, compared to $181.1 million in the three months ended December 31, 2020. Excluding the $2.5 million favorable FX impact, Elizabeth Arden segment net sales in the three months ended December 31, 2021, decreased by $11.0 million, or 6.1%, compared to the three months ended December 31, 2020. The Elizabeth Arden segment XFX decrease in net sales of $11.0 million in the three months ended December 31, 2021 was driven primarily by lower net sales of Prevage in North America and Asia, Ceramide in North America and International regions, other Elizabeth Arden skin care products in Asia, and other Elizabeth Arden color products in Asia and EMEA. More specifically Prevage and Ceramide saw lower net sales due to lower direct-to-consumer e-commerce traffic at ElizabethArden.com in North America, and increased competition and slowing growth rates in China. This decrease was partially offset by increased net sales of Green Tea and White Tea fragrances in Asia and EMEA, Eight Hour skin care products, primarily in International regions, as well as strong travel retail channel performance in EMEA.

Elizabeth Arden segment profit in the three months ended December 31, 2021, was $20.7 million, a $0.5 million, or 2.4%, decrease, compared to $21.2 million in the three months ended December 31, 2020. Excluding the $0.5 million favorable FX impact, Elizabeth Arden segment profit in the three months ended December 31, 2021, decreased by $1.0 million, or 4.7%, compared to the three months ended December 31, 2020. This decrease was driven primarily by the Elizabeth Arden segment's higher transportation costs during the period.

Portfolio Segment

Portfolio segment net sales in the three months ended December 31, 2021, were $111.7 million, an $8.5 million, or 8.2%, increase, compared to $103.2 million in the three months ended December 31, 2020. Excluding the $0.5 million unfavorable FX impact, total Portfolio segment net sales in the three months ended December 31, 2021, increased by $9.0 million, or 8.7%, compared to the three months ended December 31, 2020. The Portfolio segment XFX increase in net sales of $9.0 million in the three months ended December 31, 2021, was driven primarily by higher net sales of CND nail products in North America and EMEA, Almay color cosmetics in North America, American Crew men's grooming products in North America and International regions, and higher net sales of Creme of Nature in North America and EMEA. This increase was partially offset, primarily, by lower net sales of previously sold brands. Additionally, supply chain constraints limited the Company's ability to fill customer orders for Almay color cosmetics, primarily in North America.

Portfolio segment profit in the three months ended December 31, 2021, was $24.7 million, a $11.2 million, or 83.0%, increase, compared to $13.5 million in the three months ended December 31, 2020. Excluding the $0.1 million unfavorable FX impact, Portfolio segment profit in the three months ended December 31, 2021, increased by $11.3 million, or 83.7%, compared to the three months ended December 31, 2020. This increase was driven primarily by the Portfolio segment's higher net sales, higher gross profit margin, and lower SG&A expenses.

Fragrances Segment

Fragrances segment net sales in the three months ended December 31, 2021, were $124.8 million, a $11.9 million, or 8.7%, decrease, compared to $136.7 million in the three months ended December 31, 2020. Excluding the $0.1 million unfavorable FX impact, total Fragrances segment net sales in the three months ended December 31, 2021, decreased by $11.8 million, or 8.6%, compared to the three months ended December 31, 2020. The Fragrances segment XFX decrease in net sales of $11.8 million in the three months ended December 31, 2021, was driven primarily by lower net sales of distributed and Curve fragrances in North America, and John Varvatos fragrances in North America and EMEA. The bulk of these declines are attributable to loss of space at Walmart, Walgreens, and CVS, and loss of business at Kohl's due to their announced strategic partnership with Sephora to replace the Kohl's beauty department at select locations. This decrease in net sales was partially offset by higher net sales in International regions of Juicy Couture. Additionally, supply chain constraints limited the Company's ability to fill customer orders for most of its fragrance brands, primarily in North America.

Fragrances segment profit in the three months ended December 31, 2021, was $21.5 million, a $10.5 million, or 32.8%, decrease, compared to $32.0 million in the three months ended December 31, 2020. Excluding the $0.1 million unfavorable FX impact, Fragrances segment profit in the three months ended December 31, 2021, decreased by $10.4 million, or 32.5%, compared to the three months ended December 31, 2020. This decrease was driven primarily by the Fragrances segment's lower net sales and higher brand support and SG&A expenses.

Geographic Net Sales

The following tables provide a comparative summary of the Company's North America and International net sales for the periods presented:

Three Months Ended December 31,

(Unaudited)

(USD millions)

2021

As Reported

2020

As Reported

As Reported

% Change

As Reported XFX

% Change

Net Sales:

Revlon

North America

$

118.5

$

115.4

2.7

%

2.4

%

International

87.6

90.2

(2.9

) %

(0.3

) %

Elizabeth Arden

North America

$

28.9

$

37.5

(22.9

) %

(23.5

) %

International

143.7

143.6

0.1

%

(1.5

) %

Portfolio

North America

$

72.1

$

65.1

10.8

%

10.4

%

International

39.6

38.1

3.9

%

6.0

%

Fragrances

North America

$

89.1

$

102.3

(12.9

) %

(13.0

) %

International

35.7

34.4

3.8

%

4.4

%

Total Net Sales

$

615.2

$

626.6

(1.8

) %

(1.8

) %

Total Net Sales Summary

North America

$

308.6

$

320.3

(3.7

) %

(3.9

) %

International

306.6

306.3

0.1

%

0.5

%

Revlon Segment

In North America, Revlon segment net sales $118.5 million in the fourth quarter of 2021 increased by $3.1 million, or 2.7% (or 2.4% XFX), compared to the prior-year period. The segment's higher net sales were driven by higher net sales of Revlon Color Cosmetics. This increase was partially offset by decreased net sales in North America of Revlon-branded beauty tools. Additionally, supply chain constraints limited the Company's ability to fill customer orders for Revlon Color Cosmetics.

In International, Revlon segment net sales of $87.6 million in the fourth quarter of 2021 decreased by $2.6 million, or 2.9% (or 0.3% XFX), compared to the prior-year period. The segment's lower International net sales were driven primarily by lower net sales of Revlon Color Cosmetics and Revlon ColorSilk. The decrease was partially offset by increased net sales of Revlon-branded professional hair care products.

Elizabeth Arden Segment

In North America, Elizabeth Arden segment net sales were $28.9 million in the fourth quarter of 2021, a decrease of $8.6 million, or 22.9% (or 23.5% XFX), compared to the prior-year period. The lower North America net sales were driven by the segment's lower net sales of Prevage and Ceramide skin care products.

In International, Elizabeth Arden segment net sales of $143.7 million in the fourth quarter of 2021 increased by $0.1 million, or 0.1% (or a decrease of 1.5% XFX), compared to the prior-year period. The segment's flat international net sales were driven by higher net sales of Green Tea and White Tea fragrances, offset by lower net sales of Prevage, Ceramide, and other skin care products, and lower net sales of other color cosmetics.

Portfolio Segment

In North America, Portfolio segment net sales of $72.1 million in the fourth quarter of 2021 increased by $7.0 million, or 10.8% (or 10.4% XFX), compared to the prior-year period. The segment's higher North America net sales were driven by Almay color cosmetics and CND nail products. Supply chain constraints limited the Company's ability to fill customer orders for Almay color cosmetics.

In International, Portfolio segment net sales of $39.6 million in the fourth quarter of 2021 increased by $1.5 million, or 3.9% (or 6.0% XFX), compared to the prior-year period. The segment's higher International net sales were driven primarily by higher net sales of CND nail products and Mitchum anti-perspirant deodorants, partially offset by lower net sales of previously sold brands.

Fragrances Segment

In North America, Fragrances segment net sales of $89.1 million in the fourth quarter of 2021 decreased by $13.2 million, or 12.9% (or 13.0% XFX), compared to the prior-year period. The segment's lower net sales in North America compared to the prior year quarter were driven primarily by lower net sales of distributed fragrances and Curve fragrances. Supply chain constraints limited the Company's ability to fill customer orders for most of its fragrance brands.

In International, Fragrances segment net sales of $35.7 million in the fourth quarter of 2021 increased by $1.3 million, or 3.8% (or 4.4% XFX), compared to the prior-year period. The segment's higher international net sales were due to higher net sales of Juicy Couture fragrances.

Cash Flow

Net cash used in operating activities in 2021 was $11.0 million, compared to $97.3 million in the prior-year period. The decrease in cash used in operating activities was primarily driven by a lower As Reported net loss. Free cash flow(a) used in 2021 was $25.2 million, compared to $107.6 million used in the prior year.

Liquidity Update

As of December 31, 2021, the Company had approximately $171.5 million of available liquidity, consisting of $102.4 million of unrestricted cash and cash equivalents, as well as $72.4 million in available borrowing capacity under the Product Corporation's Amended 2016 Revolving Credit Facility (which had $289.6 million drawn as of such date), less float of approximately $3.3 million.

Full Year 2021 Results

  • Consolidated net sales in the year ended December 31, 2021 were $2,078.7 million, a $174.4 million increase, or 9.2%, compared to $1,904.3 million in the year ended December 31, 2020. Excluding the $44.7 million favorable FX impact, consolidated net sales increased by $129.7 million, or 6.8%, during the year ended December 31, 2021. The XFX net sales increase of $129.7 million in the year ended December 31, 2021 was due to: a $49.0 million, or 10.6%, increase in Elizabeth Arden segment net sales; a $43.4 million, or 12.4%, increase in Fragrances segment net sales; a $25.6 million, or 3.7%, increase in Revlon segment net sales; and a $11.7 million or 2.9%, increase in Portfolio segment net sales.

  • As Reported operating income was $103.2 million in 2021, compared to $226.3 million of loss during the prior year. The higher As Reported operating income was primarily driven by higher gross profit over the prior-year period, a $144.1 million decrease in impairment charges attributable to the non-cash impairment charges compared to the prior-year period, and a $23.6 million decrease in restructuring charges compared to the prior-year period.

  • As Reported net loss was $206.9 million in 2021, compared to a $619.0 million net loss in the prior year. The lower net loss was driven primarily by a $152.6 million decrease in the provision for income taxes compared to the prior-year period as well as higher As Reported operating income.

  • Adjusted EBITDA(a) in 2021 was $292.9 million, compared to $240.1 million in the prior year, an increase of 22.0% versus the prior year, driven primarily by higher As Reported operating income.

In calculating Adjusted results, adjustments were made for the Non-Operating Items and the EBITDA Exclusions in the case of Adjusted EBITDA, in each case as described in footnote (a).

Year Ended December 31,

(Unaudited)

2021

2020

As Reported

Adjusted (*)

(USD millions, except per share data)

As
Reported

Adjusted
(*)

As
Reported

Adjusted
(*)

% Change

% Change

Net Sales

$

2,078.7

$

2,078.7

$

1,904.3

$

1,908.5

9.2

%

8.9

%

Gross Profit

1,229.6

1,235.1

1,043.8

1,089.8

17.8

%

13.3

%

Gross Margin

59.2

%

59.4

%

54.8

%

57.1

%

440bps

230bps

Operating Income (loss)

$

103.2

$

153.2

$

(226.3

)

$

86.4

145.6

%

77.3

%

Net Loss

(206.9

)

(159.4

)

(619.0

)

(145.8

)

66.6

%

(9.3

) %

Adjusted EBITDA

292.9

240.1

22.0

%

Diluted (Loss) Income per Common Share

$

(3.84

)

$

(2.96

)

$

(11.59

)

$

(2.73

)

66.9

%

(8.4

) %

(*) Refer to footnote (a) to this Earnings Release for a discussion and reconciliation of the Company's non-GAAP measures, including Adjusted Net Sales, Adjusted Gross Profit, Adjusted Gross Profit Margin, Adjusted Operating Income (Loss), Adjusted Net Income (Loss), Adjusted EBITDA and Adjusted Diluted Loss per Common Share.

Fourth Quarter 2021 Results Conference Call

The Company will host a conference call with members of the investment community today, March 3, 2021, at 8:30 A.M EST to discuss its fourth quarter 2021 financial results. Access to the call is available to the public at www.revloninc.com.

Footnotes to Press Release
(a) Non-GAAP Financial Measures: EBITDA; Adjusted EBITDA; Adjusted net sales; Adjusted operating loss/income; Adjusted net income/loss; Adjusted gross profit; Adjusted gross profit margin; Adjusted diluted loss per common share and free cash flow (together, the "Non-GAAP Measures") are non-GAAP financial measures. See the reconciliations of such Non-GAAP Measures to their most directly comparable GAAP measures in the accompanying financial tables, to the extent not otherwise directly reconciled in the Company’s financial results.

The Company defines EBITDA as income from continuing operations before interest, taxes, depreciation, amortization, gains/losses on foreign currency fluctuations, gains/losses on the early extinguishment of debt and miscellaneous expenses (the foregoing being the "EBITDA Exclusions"). The Company presents Adjusted EBITDA to exclude the EBITDA Exclusions, as well as the impact of non-cash stock-based compensation expense and certain other non-operating items that are not directly attributable to the Company's underlying operating performance (the "Non-Operating Items"). The following table identifies the Non-Operating Items excluded in the presentation of Adjusted EBITDA for all periods:

(USD millions)

Q4 2021

Q4 2020

Net Loss Adjustments to EBITDA

(Unaudited)

Non-Operating Items:

Non-cash stock-based compensation expense

$

3.6

$

1.8

Restructuring and related charges

5.0

7.4

Acquisition, integration and divestiture costs

0.5

0.8

Loss on divested assets

...

0.6

Financial control remediation and sustainability actions and related charges

0.1

1.1

COVID-19 charges

11.2

Capital structure and related charges

2.4

26.1

(USD millions)

YTD 2021