Olaplex (OLPX) 10-Q 8 Aug 23 2023 Q2 Quarterly report Financial data

Cover

Cover - shares	6 Months Ended
	Jun. 30, 2023	Aug. 04, 2023
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2023
Document Transition Report	false
Entity File Number	001-40860
Entity Registrant Name	Olaplex Holdings, Inc.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	87-1242679
City Area Code	310
Local Phone Number	691-0776
Title of 12(b) Security	Common stock, par value $0.001 per share
Trading Symbol	OLPX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		654,698,308
Entity Central Index Key	0001868726
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Amendment Flag	false
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Current Assets:
Cash and cash equivalents	$ 378,418	$ 322,808
Accounts receivable, net of allowances of $20,028 and $19,198	50,298	46,220
Inventory	128,509	144,425
Other current assets	13,398	8,771
Total current assets	570,623	522,224
Property and equipment, net	932	1,034
Intangible assets, net	971,715	995,028
Goodwill	168,300	168,300
Other assets	11,354	11,089
Total assets	1,722,924	1,697,675
Current Liabilities:
Accounts payable	13,666	9,748
Sales and income taxes payable, net	0	3,415
Accrued expenses and other current liabilities	24,649	17,107
Current portion of long-term debt	6,750	8,438
Current portion of Related Party payable pursuant to Tax Receivable Agreement	16,184	16,380
Total current liabilities	61,249	55,088
Long-term debt	651,678	654,333
Deferred tax liabilities	2,754	1,622
Related Party payable pursuant to Tax Receivable Agreement	189,391	205,675
Total liabilities	905,072	916,718
Contingencies (Note 10)
Stockholders’ equity (Notes 1 and 8):
Common stock, $0.001 par value per share; 2,000,000,000 shares authorized, 654,530,828 and 650,091,380 shares issued and outstanding as of June 30, 2023 and December 31, 2022, respectively	654	649
Preferred stock, $0.001 par value per share; 25,000,000 shares authorized and no shares issued and outstanding	0	0
Additional paid-in capital	321,555	312,875
Accumulated other comprehensive income	3,667	2,577
Retained earnings	491,976	464,856
Total stockholders’ equity	817,852	780,957
Total liabilities and stockholders’ equity	$ 1,722,924	$ 1,697,675

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS - Parenthetical - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Accounts receivable, allowance for credit losses	$ 20,028	$ 19,198
Common stock, par value (in usd per share)	$ 0.001	$ 0.001
Common stock, shares authorized (shares)	2,000,000,000	2,000,000,000
Common stock, shares, issued (shares)	654,530,828	650,091,380
Common stock, shares, outstanding (shares)	654,530,828	650,091,380
Preferred stock, par value (in usd per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (shares)	25,000,000	25,000,000
Preferred stock, shares issued (shares)	0	0
Preferred stock, shares outstanding (shares)	0	0

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Statement of Comprehensive Income [Abstract]
Net sales	$ 109,241	$ 210,903	$ 223,028	$ 397,099
Cost of sales:
Cost of product (excluding amortization)	29,781	52,293	61,016	95,515
Amortization of patented formulations	1,964	2,180	3,706	3,949
Total cost of sales	31,745	54,473	64,722	99,464
Gross profit	77,496	156,430	158,306	297,635
Operating expenses:
Selling, general, and administrative	48,413	26,111	83,337	48,425
Amortization of other intangible assets	10,324	10,295	20,647	20,561
Total operating expenses	58,737	36,406	103,984	68,986
Operating income	18,759	120,024	54,322	228,649
Interest expense, net	(10,206)	(8,694)	(20,749)	(20,154)
Other expense, net
Loss on extinguishment of debt	0	0	0	(18,803)
Other expense, net	(600)	(1,224)	(358)	(1,601)
Total other expense, net	(600)	(1,224)	(358)	(20,404)
Income before provision for income taxes	7,953	110,106	33,215	188,091
Income tax provision	1,797	22,391	6,095	38,415
Net income	$ 6,156	$ 87,715	$ 27,120	$ 149,676
Net income per share:
Basic (in usd per share)	$ 0.01	$ 0.14	$ 0.04	$ 0.23
Diluted (in usd per share)	$ 0.01	$ 0.13	$ 0.04	$ 0.22
Weighted average common shares outstanding:
Weighted average common shares outstanding: Basic (in shares)	654,345,056	648,973,952	653,045,245	648,894,417
Weighted average common shares outstanding: Diluted (in shares)	680,349,161	691,365,072	682,107,732	692,985,088
Other comprehensive income:
Unrealized gain on derivatives, net of income tax effect	$ 1,647	$ 0	$ 1,090	$ 0
Total other comprehensive income:	1,647	0	1,090	0
Comprehensive income:	$ 7,803	$ 87,715	$ 28,210	$ 149,676

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid in Capital	Accumulated Other Comprehensive Income	Retained Earnings
Beginning balance, shares outstanding (in shares) at Dec. 31, 2021		648,794,041
Beginning balance at Dec. 31, 2021	$ 524,298	$ 648	$ 302,866	$ 0	$ 220,784
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	61,961				61,961
Conversion of cash settled units to stock appreciation rights	1,632		1,632
Exercise of stock-settled stock appreciation rights (in shares)		117,180
Exercise of stock-settled stock appreciation rights	348		348
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (in shares)		(55,244)
Shares withheld and retired for taxes on exercise of stock-settled stock appreciation rights	(920)		(920)
Share-based compensation expense	1,696		1,696
Ending balance, shares outstanding (in shares) at Mar. 31, 2022		648,855,977
Ending balance at Mar. 31, 2022	589,015	$ 648	305,622	0	282,745
Beginning balance, shares outstanding (in shares) at Dec. 31, 2021		648,794,041
Beginning balance at Dec. 31, 2021	524,298	$ 648	302,866	0	220,784
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 149,676
Exercise of stock-settled stock appreciation rights (in shares)	117,180
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (in shares)	(55,244)
Exercise of stock options (in shares)	231,846
Unrealized (loss) gain on derivatives (net of taxes)	$ 0
Ending balance, shares outstanding (in shares) at Jun. 30, 2022		649,087,823
Ending balance at Jun. 30, 2022	679,197	$ 649	308,088	0	370,460
Beginning balance, shares outstanding (in shares) at Mar. 31, 2022		648,855,977
Beginning balance at Mar. 31, 2022	589,015	$ 648	305,622	0	282,745
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	87,715				87,715
Exercise of stock options (in shares)		231,846
Exercise of stock options	740	$ 1	739
Share-based compensation expense	1,727		1,727
Unrealized (loss) gain on derivatives (net of taxes)	0
Ending balance, shares outstanding (in shares) at Jun. 30, 2022		649,087,823
Ending balance at Jun. 30, 2022	$ 679,197	$ 649	308,088	0	370,460
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022	650,091,380	650,091,380
Beginning balance at Dec. 31, 2022	$ 780,957	$ 649	312,875	2,577	464,856
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	20,964				20,964
Exercise of stock-settled stock appreciation rights (in shares)		109,620
Exercise of stock-settled stock appreciation rights	326		326
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (in shares)		(83,501)
Shares withheld and retired for taxes on exercise of stock-settled stock appreciation rights	(390)		(390)
Exercise of stock options (in shares)		3,659,267
Exercise of stock options	3,299	$ 4	3,295
Share-based compensation expense	2,018		2,018
Unrealized (loss) gain on derivatives (net of taxes)	(557)			(557)
Ending balance, shares outstanding (in shares) at Mar. 31, 2023		653,776,766
Ending balance at Mar. 31, 2023	$ 806,617	$ 653	318,124	2,020	485,820
Beginning balance, shares outstanding (in shares) at Dec. 31, 2022	650,091,380	650,091,380
Beginning balance at Dec. 31, 2022	$ 780,957	$ 649	312,875	2,577	464,856
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	$ 27,120
Exercise of stock-settled stock appreciation rights (in shares)	109,620
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (in shares)	(83,501)
Exercise of stock options (in shares)	4,413,328
Unrealized (loss) gain on derivatives (net of taxes)	$ 1,090
Ending balance, shares outstanding (in shares) at Jun. 30, 2023	654,530,828	654,530,828
Ending balance at Jun. 30, 2023	$ 817,852	$ 654	321,555	3,667	491,976
Beginning balance, shares outstanding (in shares) at Mar. 31, 2023		653,776,766
Beginning balance at Mar. 31, 2023	806,617	$ 653	318,124	2,020	485,820
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	6,156				6,156
Exercise of stock options (in shares)		754,062
Exercise of stock options	798	$ 1	797
Share-based compensation expense	2,634		2,634
Unrealized (loss) gain on derivatives (net of taxes)	$ 1,647			1,647
Ending balance, shares outstanding (in shares) at Jun. 30, 2023	654,530,828	654,530,828
Ending balance at Jun. 30, 2023	$ 817,852	$ 654	$ 321,555	$ 3,667	$ 491,976

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Cash flows from operating activities:
Net income	$ 27,120	$ 149,676
Adjustments to reconcile net income to net cash from operations provided by operating activities:
Amortization of patent formulations	3,706	3,949
Amortization of other intangibles	20,647	20,561
Inventory write-off and disposal	6,167	4,324
Depreciation of fixed assets	230	152
Amortization of debt issuance costs	906	636
Deferred taxes	1,240	(3,537)
Share-based compensation expense	4,652	3,423
Loss on extinguishment of debt	0	18,803
Other operating	530	0
Changes in operating assets and liabilities, net of effects of acquisition (as applicable):
Accounts receivable, net	(4,078)	(40,566)
Inventory	10,657	(45,657)
Other current assets	(4,627)	3,856
Accounts payable	3,918	1,532
Accrued expenses and other current liabilities	4,047	10,901
Other assets and liabilities	(28)	0
Net cash provided by operating activities	75,087	128,053
Cash flows from investing activities:
Purchase of property and equipment	(128)	(75)
Purchase of intangible assets	(500)	0
Purchase of software	(1,368)	(870)
Net cash used in investing activities	(1,996)	(945)
Cash flows from financing activities:
Proceeds from exercise of stock options	4,097	740
Payments for shares withheld and retired for taxes and exercise price for stock-settled share appreciation rights	(64)	(572)
Payment to pre-IPO stockholders pursuant to tax receivable agreement	(16,452)	0
Principal payments for 2022 Term Loan Facility, and principal payments and prepayment fees for 2020 Term Loan Facility	(5,062)	(778,692)
Proceeds from the issuance of 2022 Term Loan Facility	0	675,000
Payments of debt issuance costs	0	(11,944)
Net cash used in financing activities	(17,481)	(115,468)
Net increase in cash and cash equivalents	55,610	11,640
Cash and cash equivalents - beginning of period	322,808	186,388
Cash and cash equivalents - end of period	378,418	198,028
Supplemental disclosure of cash flow information:
Cash paid for income taxes	9,511	35,176
Cash paid during the year for interest	29,344	13,491
Supplemental disclosure of noncash activities:
Cash-settled units liability reclassification to additional paid in capital	$ 0	$ 1,632

NATURE OF OPERATIONS AND BASIS

NATURE OF OPERATIONS AND BASIS OF PRESENTATION	6 Months Ended
	Jun. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
NATURE OF OPERATIONS AND BASIS OF PRESENTATION	NATURE OF OPERATIONS AND BASIS OF PRESENTATION Olaplex Holdings, Inc. (“Olaplex Holdings” and, together with its subsidiaries, the “Company”) is a Delaware corporation that was incorporated on June 8, 2021. Olaplex Holdings is organized as a holding company and operates indirectly through its wholly owned subsidiaries, Penelope and Olaplex, Inc., which conducts business under the name “Olaplex”. Olaplex is an innovative, science-enabled, technology-driven beauty company that is focused on delivering its patent-protected prestige hair care products to professional hair salons, retailers and everyday consumers. Olaplex develops, manufactures and distributes a line of hair care products developed to address three key uses: treatment, maintenance and protection. Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim Condensed Consolidated Financial Statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying footnotes included in the Company’s 2022 Form 10-K.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Estimates and Assumptions Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; the fair value of share-based options and stock settled stock appreciation rights (“SARs”); the fair value of and/or potential impairment of goodwill and intangible assets for the Company’s reporting unit; the fair value of the Company’s interest rate cap; useful lives of the Company’s tangible and intangible assets; allowance for promotions; estimated income tax and tax receivable payments; the net realizable value of, and demand for the Company’s inventory. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements established a framework for measuring fair value and established a three-level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 —Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The Company’s Level 1 assets consist of its marketable securities. Level 2 —Observable quoted prices for similar assets or liabilities in active markets and observable quoted prices for identical assets or liabilities in markets that are not active. Level 3 —Unobservable inputs that are not corroborated by market data. Cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reflected at carrying value, which approximates fair value due to the short-term maturity. The Company’s long-term debt is recorded at its carrying value in the Condensed Consolidated Balance Sheets, which may differ from fair value. The Company’s interest rate cap is recorded at its Level 3 fair value in the Condensed Consolidated Balance Sheets. Accounting Policies There have been no material changes in significant accounting policies as described in the Company’s Consolidated Financial Statements for the year ended December 31, 2022. Constructive Retirement of Common Stock Repurchases When the Company's common stock is retired or purchased for constructive retirement for net share settlement of stock options, any excess purchase price over par value is allocated between additional paid-in-capital, to the extent that previous net gains from sales or retirements are included therein, and the remainder to retained earnings. Tax Receivable Agreement As part of the IPO, the Company entered into the Tax Receivable Agreement under which the Company will be required to pay to the Pre-IPO Stockholders 85% of the federal, state or local tax cash savings that the Company actually realizes on its taxable income following the IPO, as a result of the amortization of intangible assets and capitalized transaction costs that existed as of the date of the IPO. Under the Tax Receivable Agreement, generally the Company will retain the benefit of the remaining 15% of the applicable tax savings. The Tax Receivable Agreement liability is calculated based on current tax laws and the assumption that the Company and its subsidiaries will earn sufficient taxable income to realize the full tax benefits subject to the Tax Receivable Agreement. Updates to the Company’s blended state tax rate and allocation of U.S. versus foreign sourced income may impact the established liability and changes to that established liability would be recorded to other income (expense) in the period the Company made the determination regarding the applicable change. The Company expects that future payments under the Tax Receivable Agreement relating to the Pre-IPO Tax Assets could aggregate to $205.6 million over the 13-year remaining period under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement, which began in the year ended December 31, 2022, are not conditioned upon the parties’ continued ownership of equity in the Company. Reclassifications Certain amounts presented have been reclassified within “Note 6 - Accrued Expenses and Other Current Liabilities” as of December 31, 2022 to conform with the current period presentation, including a prior year reclassification from Other accrued expenses and current liabilities to Accrued advertising. The reclassifications had no effect on the Company’s Total current liabilities.

NET SALES

NET SALES	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
NET SALES	NET SALES The Company distributes products in the U.S. and internationally through professional distributors in the salon channel, directly to retailers for sale in their physical stores and e-commerce sites, and direct-to-consumer (“DTC”) through sales to third-party e-commerce customers and through its own Olaplex.com website. As such, the Company’s three business channels consist of professional, specialty retail and DTC as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales by Channel: Professional $ 40,940 $ 105,489 $ 89,337 $ 182,548 Specialty retail 29,767 64,229 64,626 128,501 DTC 38,534 41,185 69,065 86,050 Total net sales $ 109,241 $ 210,903 $ 223,028 $ 397,099 Revenue by major geographic region is based upon the geographic location of customers who purchase the Company’s products. The majority of net sales are transacted in U.S. Dollars, the Company’s functional and reporting currency. During the three and six months ended June 30, 2023 and June 30, 2022, the Company’s net sales to consumers in the United States and International regions were as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales by Geography: United States $ 50,099 $ 121,320 $ 97,761 $ 241,430 International 59,142 89,583 125,267 155,669 Total net sales $ 109,241 $ 210,903 $ 223,028 $ 397,099 United Kingdom (“U.K.”) net sales for the three and six months ended June 30, 2023 were 9% of total net sales, and for the three and six months ended June 30, 2022 were 8% of total net sales. No international country exceeded 10% of total net sales for the three and six months ended June 30, 2023 and June 30, 2022.

INVENTORY

INVENTORY	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
INVENTORY	INVENTORY Inventory as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Raw materials and packaging components $ 38,627 $ 36,194 Finished goods 89,882 108,231 Inventory $ 128,509 $ 144,425 During the three and six months ended June 30, 2023, the Company recorded write-offs of $3.6 million and $6.2 million of inventory due to product obsolescence, respectively. The Company did not record write-offs for product obsolescence during the same periods ended June 30, 2022.

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS Goodwill and intangible assets are comprised of the following: June 30, 2023 Estimated Gross Carrying Accumulated Net Carrying Amount Brand name 25 years $ 952,000 $ (132,438) $ 819,562 Product formulations 15 years 136,500 (31,532) 104,968 Customer relationships 20 years 53,000 (9,216) 43,784 Software 3 years 4,290 (889) 3,401 Total finite-lived intangibles 1,145,790 (174,075) 971,715 Goodwill Indefinite 168,300 — 168,300 Total goodwill and other intangibles $ 1,314,090 $ (174,075) $ 1,140,015 December 31, 2022 Estimated Gross Accumulated Net Carrying Amount Brand name 25 years $ 952,000 $ (113,394) $ 838,606 Product formulations 15 years 136,000 (26,998) 109,002 Customer relationships 20 years 53,000 (7,892) 45,108 Software 3 years 2,922 (610) 2,312 Total finite-lived intangibles 1,143,922 (148,894) 995,028 Goodwill Indefinite 168,300 — 168,300 Total goodwill and other intangibles $ 1,312,222 $ (148,894) $ 1,163,328 The amortization of the Company’s brand name, customer relationships and software is recorded to Amortization of other intangible assets in the Condensed Consolidated Statements of Operations and Comprehensive Income. A portion of Amortization of patented formulations is capitalized to Inventory in the Condensed Consolidated Balance Sheets, and the remainder is recorded to Amortization of patented formulations in the Condensed Consolidated Statements of Operations and Comprehensive Income. Amortization of the Company’s definite-lived intangible assets for the three and six months ended June 30, 2023 and 2022 was as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Amortization of patented formulations $ 1,964 $ 2,180 $ 3,706 $ 3,948 Amortization expense, brand name and customer relationships 10,186 10,182 20,368 20,365 Amortization expense, software 138 113 279 196 Amortization of other intangible assets 10,324 10,295 20,647 20,561 Amortization of patented formulations capitalized to inventory $ 303 $ 86 $ 828 $ 585

ACCRUED EXPENSES AND OTHER CURR

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES	ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES Accrued expenses as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Accrued advertising 7,784 1,356 Accrued legal settlement 5,250 — Accrued professional fees 3,750 3,187 Accrued freight 2,251 3,283 Deferred revenue 2,077 2,015 Payroll liabilities 1,749 4,092 Other accrued expenses and current liabilities 1,708 2,360 Accrued interest 80 814 Accrued expenses and other current liabilities $ 24,649 $ 17,107 During the six months ended June 30, 2023, the Company accrued approximately $3.9 million related to a pending settlement of a copyright matter. The Company expects to recover this settlement amount under its general liability insurance policy. An offset to the liability related to the insurance receivable is recorded in “Other current assets” on the Company’s Condensed Consolidated Balance Sheet as of June 30, 2023.

LONG-TERM DEBT

LONG-TERM DEBT	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
LONG-TERM DEBT	LONG-TERM DEBT The Company’s Long-Term Debt as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Long-term debt Credit Agreement, dated as of February 23, 2022 (the “2022 Credit Agreement”) $675 Million 7-Year Senior Secured Term Loan Facility (the “2022 Term Loan Facility”) $ 666,563 $ 671,625 $150 Million 5-Year Senior Secured Revolving Credit Facility (the “2022 Revolver”) (1) — — Debt issuance costs (8,135) (8,854) Total term loan debt 658,428 662,771 Less: Current portion (6,750) (8,438) Long-term debt, net of debt issuance costs and current portion $ 651,678 $ 654,333 (1) As of June 30, 2023 and December 31, 2022, the Company did not have outstanding amounts drawn on the 2022 Revolver, including letters of credit and swingline loan sub-facilities. As of June 30, 2023, the Company had $150 million of available borrowing capacity under the 2022 Revolver. The interest rate on outstanding debt under the 2022 Term Loan Facility was 8.70% per annum as of June 30, 2023. The interest rates for all facilities under the 2022 Credit Agreement are calculated based upon the Company’s election among (a) adjusted term SOFR plus an additional interest rate spread, (b) with respect to a borrowing in Euros under the 2022 Revolver, a euro interbank offered rate plus an additional interest rate spread, or (c) an “Alternate Base Rate” (as defined in the 2022 Credit Agreement) plus an additional interest rate spread. Interest expense, net, inclusive of debt amortization, for the three months ended June 30, 2023 and June 30, 2022 was $10.2 million and $8.7 million respectively, and for the six months ended June 30, 2023 and June 30, 2022 was $20.7 million and $20.2 million, respectively. The fair value of the Company’s long-term debt is based on the market value of its long-term debt instrument. Based on the inputs used to value the long-term debt, the Company’s long-term debt is categorized within Level 2 in the fair value hierarchy. As of June 30, 2023, the carrying amount of the Company’s long-term debt under the 2022 Credit Agreement was $658.4 million, and the fair value of the Company’s long-term debt was $626.6 million. As of December 31, 2022, the carrying amount of the Company’s long-term debt under the 2022 Credit Agreement was $662.8 million, and the fair value of the Company’s long-term debt was $624.6 million. The 2022 Credit Agreement includes, among other things, customary negative and affirmative covenants (including reporting, financial and maintenance covenants) and events of default (including a change of control) for facilities of this type. In addition, the 2022 Credit Agreement includes a springing first lien leverage ratio financial covenant, which is applicable only to the lenders under the 2022 Revolver. The Company was in compliance with its financial covenants on June 30, 2023 and December 31, 2022. The 2022 Term Loan Facility and the 2022 Revolver are secured by substantially all of the assets of Olaplex, Inc. and the other guarantors, subject to certain exceptions and thresholds. Interest Rate Cap Transaction The Company’s results are subject to risk from interest rate fluctuations on borrowings under the 2022 Credit Agreement, including the 2022 Term Loan Facility. The Company may, from time to time, utilize interest rate derivatives in an effort to add stability to interest expense and to manage its exposure to interest rate movements. On August 11, 2022, the Company entered into an interest rate cap transaction (the “interest rate cap”) in connection with the 2022 Term Loan Facility, with a notional amount of $400 million. Interest rate caps designated as cash flow hedges involve the receipt of variable amounts from a counterparty if interest rates rise above the strike rate applicable to the transaction, in exchange for an up-front premium paid by the Company. The Company has designated the interest rate cap as a cash-flow hedge for accounting purposes. For derivatives designated, and that qualify, as cash flow hedges of interest rate risk, the gain or loss on the derivative is recorded in Accumulated Other Comprehensive Income and subsequently reclassified into interest expense in the same period(s) during which the hedged transaction affects earnings, as documented at hedge inception in accordance with the Company’s accounting policy election. The table below presents the fair value of the Company’s derivative financial instruments, which are classified within Other assets on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Fair value, interest rate cap asset $ 5,493 $ 5,042 During the three and six months ended June 30, 2023, the Company’s interest rate cap generated an unrecognized pre-tax gain of $1.7 million and $1.0 million, respectively, recorded in Accumulated Other Comprehensive Income on the Company’s Condensed Consolidated Balance Sheets. During the same periods, the Company also recognized a $0.9 million and $1.5 million reduction, respectively, in interest expense related to the Company’s receipt of funds as a result of an interest rate cap settlement with the Company’s counterparty, partially offset by $0.3 million and $0.5 million, respectively, related to amortization of the interest rate cap premium paid by the Company in connection with the interest rate cap. The Company did not have an interest rate cap agreement in place during the three and six months ended June 30, 2022. The Company performed an initial effectiveness assessment on the interest rate cap and determined it to be an effective hedge of the cash flows related to the interest rate payments on the 2022 Term Loan Facility. The hedge is evaluated qualitatively on a quarterly basis for effectiveness. Changes in fair value are recorded in Accumulated Other Comprehensive Income and periodic settlements of the interest rate cap will be recorded in interest expense along with the interest on amounts outstanding under the 2022 Term Loan Facility. Payment of the up-front premium of the interest rate cap is included within Other assets and liabilities within cash flows from operating activities on the Company’s Condensed Consolidated Statements of Cash Flows. The Company does not hold or issue derivative financial instruments for trading purposes, nor does it hold or issue leveraged derivative instruments. By using derivative financial instruments to hedge exposures to interest rate fluctuations, the Company exposes itself to counterparty credit risk. The Company manages exposure to counterparty credit risk by entering into derivative financial instruments with highly rated institutions that can be expected to fully perform under the terms of the applicable contracts.

EQUITY

EQUITY	6 Months Ended
	Jun. 30, 2023
Equity [Abstract]
EQUITY	EQUITY During the six months ended June 30, 2023, the Company issued 109,620 shares of its common stock upon vesting and settlement of net stock-settled SARs. The Company repurchased 83,501 of outstanding shares of its common stock for the net settlement of SARs for payment of taxes related to such SARs, which were accounted for as a share retirement. Additionally, during the six months ended June 30, 2023, the Company issued 4,413,328 shares of its common stock as a result of stock options exercised. During the six months ended June 30, 2022, the Company converted 886,950 cash-settled units into SARs, with a fair value liability of $1,632 reclassified from Accrued expenses and other current liabilities to Additional paid-in capital. The Company issued 117,180 shares of its common stock upon vesting and settlement of net stock-settled SARs. The Company repurchased 55,244 of outstanding shares of its common stock for the net settlement of SARs for payment of taxes related to such SARs, which were accounted for as a share retirement.

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS	6 Months Ended
	Jun. 30, 2023
Related Party Transactions [Abstract]
RELATED PARTY TRANSACTIONS	RELATED PARTY TRANSACTIONS In July 2020, the Company entered into an agreement with CI&T, an information technology and software company, in which certain investment funds affiliated with Advent International Corporation, the holder of a majority of the Company’s common stock (collectively the “Advent Funds”), hold a greater than 10% equity interest. During the three and six months ended June 30, 2023, the Company paid CI&T $6 and $12, respectively. During the three and six months ended June 30, 2022, the Company paid CI&T $22 and $27, respectively. The Company engaged CI&T for services related to the development, maintenance and enhancement of the Olaplex professional application, as well as other digital marketing services, all of which were negotiated on an arm’s length basis and on market terms. Tax Receivable Agreement In connection with the Reorganization Transactions, the Company entered into the Tax Receivable Agreement with the Pre-IPO Stockholders. See further discussion in “Note 2 – Summary of Significant Accounting Policies – Tax Receivable Agreement”. During the three and six months ended June 30, 2023, the Company made a payment to the Pre-IPO Stockholders of $16.6 million as required pursuant to the terms of the Tax Receivable Agreement. During the three and six months ended June 30, 2022, the Company did not make a payment to the Pre-IPO Stockholders.

CONTINGENCIES

CONTINGENCIES	6 Months Ended
	Jun. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
CONTINGENCIES	CONTINGENCIES From time to time, the Company is subject to various legal actions arising in the ordinary course of business. The Company cannot predict with reasonable assurance the outcome of these legal actions brought against the Company as they are subject to uncertainties. Accordingly, any settlement or resolution in these legal actions may occur and affect the Company’s net income in such period as the settlement or resolution. Pending Legal Proceedings: On November 17, 2022, a putative securities class action was filed against the Company and certain of its current and former officers and directors in the United States District Court for the Central District of California, captioned Lilien v. Olaplex Holdings, Inc. et al. , No. 2:22-cv-08395. A consolidated complaint was filed on April 28, 2023, which names as additional defendants the underwriters for the Company’s IPO and various stockholders that sold shares of common stock of the Company in the IPO. The action is brought on behalf of a putative class of purchasers of the Company’s common stock in or traceable to the Company’s IPO and asserts claims under Sections 11, 12, and 15 of the Securities Act of 1933. The action seeks certification of the putative class, compensatory damages, attorneys’ fees and costs, and any other relief that the court determines is appropriate. The defendants moved to dismiss the consolidated complaint on July 19, 2023. The underwriter defendants have notified the Company of their intent to seek indemnification from the Company pursuant to the IPO underwriting agreement regarding the claims asserted in this action. The Company intends to vigorously defend the pending lawsuit. On February 9, 2023, twenty-eight plaintiffs filed Albahae, et al. v. Olaplex Holdings, Inc., et al., No. 2:23-cv-00982, a complaint alleging personal and economic injury and asserting claims for breach of warranty, negligence/gross negligence, products liability, unjust enrichment, and violations of California False Advertising Law and Unfair Competition Law, against the Company and Cosway Company, Inc., the Company’s primary contract manufacturer, in the United States District Court for the Central District of California. On March 2, 2023, the plaintiffs amended the complaint to include seventy-three additional plaintiffs. The plaintiffs allege that certain ingredients used in some Company products have purportedly caused irritation or posed a hazard to consumers, and that the Company engaged in misrepresentation with respect to those products. The plaintiffs seek actual and consequential damages, punitive damages, restitution in the form of disgorgement of profits, attorneys’ fees and costs, and any other relief that the court determines is appropriate. On April 17, 2023, the Company moved to dismiss and to sever the plaintiffs’ claims. On July 11, 2023, the Court granted the Company’s motion to sever and dismissed all but the first named plaintiff. The Court also dismissed the operative complaint with leave to re-file on the grounds that it now contained allegations that were not relevant to the claims of the one, remaining plaintiff. On July 24, 2023, the remaining plaintiff filed a notice, voluntarily dismissing her claims without prejudice. Any potential loss associated with these pending legal proceedings is not probable or reasonably estimable at this time. As of June 30, 2023 and December 31, 2022, the Company was not subject to any other currently pending legal matters or claims that could have a material adverse effect on its financial position, results of operations, or cash flows should such litigation be resolved unfavorably.

NET INCOME PER SHARE

NET INCOME PER SHARE	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE The following is a reconciliation of the numerator and denominator in the basic and diluted net income per common share computations: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Numerator: Net income $ 6,156 $ 87,715 $ 27,120 $ 149,676 Denominator: Weighted average common shares outstanding – basic 654,345,056 648,973,952 653,045,245 648,894,417 Dilutive common equivalent shares from equity options 26,004,105 42,391,120 29,062,487 44,090,671 Weighted average common shares outstanding – diluted 680,349,161 691,365,072 682,107,732 692,985,088 Net income per share: Basic $ 0.01 $ 0.14 $ 0.04 $ 0.23 Diluted $ 0.01 $ 0.13 $ 0.04 $ 0.22

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Pay vs Performance Disclosure
Net income	$ 6,156	$ 20,964	$ 87,715	$ 61,961	$ 27,120	$ 149,676

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jun. 30, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	6 Months Ended
	Jun. 30, 2023
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited interim Condensed Consolidated Financial Statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information and with the instructions to Form 10-Q and Rule 10-01 of Regulation S-X promulgated by the U.S. Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. The unaudited interim Condensed Consolidated Financial Statements furnished reflect all adjustments which are, in the opinion of management, necessary for a fair statement of the results for the interim periods presented. The results of operations of any interim period are not necessarily indicative of the results of operations to be expected for the full fiscal year. The unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Consolidated Financial Statements and accompanying footnotes included in the Company’s 2022 Form 10-K.
Estimates and Assumptions	Estimates and Assumptions Preparing financial statements requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenue, and expenses. Examples of estimates and assumptions include: for revenue recognition, determining the nature and timing of satisfaction of performance obligations, variable consideration, and other obligations such as product returns and refunds; loss contingencies; the fair value of share-based options and stock settled stock appreciation rights (“SARs”); the fair value of and/or potential impairment of goodwill and intangible assets for the Company’s reporting unit; the fair value of the Company’s interest rate cap; useful lives of the Company’s tangible and intangible assets; allowance for promotions; estimated income tax and tax receivable payments; the net realizable value of, and demand for the Company’s inventory. Actual results and outcomes may differ from management’s estimates and assumptions due to risks and uncertainties.
Fair Value of Financial Instruments	Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The authoritative guidance for fair value measurements established a framework for measuring fair value and established a three-level valuation hierarchy for disclosure of fair value measurements as follows: Level 1 —Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets. The Company’s Level 1 assets consist of its marketable securities. Level 2 —Observable quoted prices for similar assets or liabilities in active markets and observable quoted prices for identical assets or liabilities in markets that are not active. Level 3 —Unobservable inputs that are not corroborated by market data. Cash and cash equivalents, accounts receivable, accounts payable and accrued expenses are reflected at carrying value, which approximates fair value due to the short-term maturity. The Company’s long-term debt is recorded at its carrying value in the Condensed Consolidated Balance Sheets, which may differ from fair value. The Company’s interest rate cap is recorded at its Level 3 fair value in the Condensed Consolidated Balance Sheets.
Constructive Retirement of Common Stock Repurchases	Constructive Retirement of Common Stock Repurchases When the Company's common stock is retired or purchased for constructive retirement for net share settlement of stock options, any excess purchase price over par value is allocated between additional paid-in-capital, to the extent that previous net gains from sales or retirements are included therein, and the remainder to retained earnings.
Tax Receivable Agreement	Tax Receivable Agreement As part of the IPO, the Company entered into the Tax Receivable Agreement under which the Company will be required to pay to the Pre-IPO Stockholders 85% of the federal, state or local tax cash savings that the Company actually realizes on its taxable income following the IPO, as a result of the amortization of intangible assets and capitalized transaction costs that existed as of the date of the IPO. Under the Tax Receivable Agreement, generally the Company will retain the benefit of the remaining 15% of the applicable tax savings. The Tax Receivable Agreement liability is calculated based on current tax laws and the assumption that the Company and its subsidiaries will earn sufficient taxable income to realize the full tax benefits subject to the Tax Receivable Agreement. Updates to the Company’s blended state tax rate and allocation of U.S. versus foreign sourced income may impact the established liability and changes to that established liability would be recorded to other income (expense) in the period the Company made the determination regarding the applicable change. The Company expects that future payments under the Tax Receivable Agreement relating to the Pre-IPO Tax Assets could aggregate to $205.6 million over the 13-year remaining period under the Tax Receivable Agreement. Payments under the Tax Receivable Agreement, which began in the year ended December 31, 2022, are not conditioned upon the parties’ continued ownership of equity in the Company.
Reclassifications	Reclassifications Certain amounts presented have been reclassified within “Note 6 - Accrued Expenses and Other Current Liabilities” as of December 31, 2022 to conform with the current period presentation, including a prior year reclassification from Other accrued expenses and current liabilities to Accrued advertising. The reclassifications had no effect on the Company’s Total current liabilities.

NET SALES (Tables)

NET SALES (Tables)	6 Months Ended
	Jun. 30, 2023
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue	As such, the Company’s three business channels consist of professional, specialty retail and DTC as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales by Channel: Professional $ 40,940 $ 105,489 $ 89,337 $ 182,548 Specialty retail 29,767 64,229 64,626 128,501 DTC 38,534 41,185 69,065 86,050 Total net sales $ 109,241 $ 210,903 $ 223,028 $ 397,099 For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Net sales by Geography: United States $ 50,099 $ 121,320 $ 97,761 $ 241,430 International 59,142 89,583 125,267 155,669 Total net sales $ 109,241 $ 210,903 $ 223,028 $ 397,099

INVENTORY (Tables)

INVENTORY (Tables)	6 Months Ended
	Jun. 30, 2023
Inventory Disclosure [Abstract]
Schedule of Inventory	Inventory as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Raw materials and packaging components $ 38,627 $ 36,194 Finished goods 89,882 108,231 Inventory $ 128,509 $ 144,425

GOODWILL AND INTANGIBLE ASSETS

GOODWILL AND INTANGIBLE ASSETS (Tables)	6 Months Ended
	Jun. 30, 2023
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Intangible Assets and Goodwill	Goodwill and intangible assets are comprised of the following: June 30, 2023 Estimated Gross Carrying Accumulated Net Carrying Amount Brand name 25 years $ 952,000 $ (132,438) $ 819,562 Product formulations 15 years 136,500 (31,532) 104,968 Customer relationships 20 years 53,000 (9,216) 43,784 Software 3 years 4,290 (889) 3,401 Total finite-lived intangibles 1,145,790 (174,075) 971,715 Goodwill Indefinite 168,300 — 168,300 Total goodwill and other intangibles $ 1,314,090 $ (174,075) $ 1,140,015 December 31, 2022 Estimated Gross Accumulated Net Carrying Amount Brand name 25 years $ 952,000 $ (113,394) $ 838,606 Product formulations 15 years 136,000 (26,998) 109,002 Customer relationships 20 years 53,000 (7,892) 45,108 Software 3 years 2,922 (610) 2,312 Total finite-lived intangibles 1,143,922 (148,894) 995,028 Goodwill Indefinite 168,300 — 168,300 Total goodwill and other intangibles $ 1,312,222 $ (148,894) $ 1,163,328
Schedule of Finite-Lived Intangible Assets Amortization Expense	Amortization of the Company’s definite-lived intangible assets for the three and six months ended June 30, 2023 and 2022 was as follows: For the Three Months Ended For the Six Months Ended June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 Amortization of patented formulations $ 1,964 $ 2,180 $ 3,706 $ 3,948 Amortization expense, brand name and customer relationships 10,186 10,182 20,368 20,365 Amortization expense, software 138 113 279 196 Amortization of other intangible assets 10,324 10,295 20,647 20,561 Amortization of patented formulations capitalized to inventory $ 303 $ 86 $ 828 $ 585

ACCRUED EXPENSES AND OTHER CU_2

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES (Tables)	6 Months Ended
	Jun. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Accrued advertising 7,784 1,356 Accrued legal settlement 5,250 — Accrued professional fees 3,750 3,187 Accrued freight 2,251 3,283 Deferred revenue 2,077 2,015 Payroll liabilities 1,749 4,092 Other accrued expenses and current liabilities 1,708 2,360 Accrued interest 80 814 Accrued expenses and other current liabilities $ 24,649 $ 17,107

LONG-TERM DEBT (Tables)

LONG-TERM DEBT (Tables)	6 Months Ended
	Jun. 30, 2023
Debt Disclosure [Abstract]
Schedule of Long-term Debt Instruments	The Company’s Long-Term Debt as of June 30, 2023 and December 31, 2022 consisted of the following: June 30, 2023 December 31, 2022 Long-term debt Credit Agreement, dated as of February 23, 2022 (the “2022 Credit Agreement”) $675 Million 7-Year Senior Secured Term Loan Facility (the “2022 Term Loan Facility”) $ 666,563 $ 671,625 $150 Million 5-Year Senior Secured Revolving Credit Facility (the “2022 Revolver”) (1) — — Debt issuance costs (8,135) (8,854) Total term loan debt 658,428 662,771 Less: Current portion (6,750) (8,438) Long-term debt, net of debt issuance costs and current portion $ 651,678 $ 654,333 (1) As of June 30, 2023 and December 31, 2022, the Company did not have outstanding amounts drawn on the 2022 Revolver, including letters of credit and swingline loan sub-facilities. As of June 30, 2023, the Company had $150 million of available borrowing capacity under the 2022 Revolver.
Schedule of Derivative Assets at Fair Value	The table below presents the fair value of the Company’s derivative financial instruments, which are classified within Other assets on the Company’s Condensed Consolidated Balance Sheets as of June 30, 2023 and December 31, 2022. June 30, 2023 December 31, 2022 Fair value, interest rate cap asset $ 5,493 $ 5,042

NET INCOME PER SHARE (Tables)

NET INCOME PER SHARE (Tables)	6 Months Ended
	Jun. 30, 2023
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following is a reconciliation of the numerator and denominator in the basic and diluted net income per common share computations: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, Numerator: Net income $ 6,156 $ 87,715 $ 27,120 $ 149,676 Denominator: Weighted average common shares outstanding – basic 654,345,056 648,973,952 653,045,245 648,894,417 Dilutive common equivalent shares from equity options 26,004,105 42,391,120 29,062,487 44,090,671 Weighted average common shares outstanding – diluted 680,349,161 691,365,072 682,107,732 692,985,088 Net income per share: Basic $ 0.01 $ 0.14 $ 0.04 $ 0.23 Diluted $ 0.01 $ 0.13 $ 0.04 $ 0.22

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ in Millions		12 Months Ended
	Jun. 08, 2021	Dec. 31, 2022
Accounting Policies [Abstract]
Tax receivable agreement, percent of savings for holders	85%
Tax receivable agreement, percent of tax benefits retained by company	15%
Tax receivable agreement		$ 205.6
Related party transaction, term of agreement (in years)		13 years

NET SALES - Narrative (Details)

NET SALES - Narrative (Details) - businessChannel	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Number of business channels	3		3
United Kingdom | Geographic Concentration Risk | Revenue Benchmark
Disaggregation of Revenue [Line Items]
Concentration risk, percentage	9%	8%	9%	8%

NET SALES - Schedule of Disaggr

NET SALES - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Disaggregation of Revenue [Line Items]
Total net sales	$ 109,241	$ 210,903	$ 223,028	$ 397,099
United States
Disaggregation of Revenue [Line Items]
Total net sales	50,099	121,320	97,761	241,430
International
Disaggregation of Revenue [Line Items]
Total net sales	59,142	89,583	125,267	155,669
Professional
Disaggregation of Revenue [Line Items]
Total net sales	40,940	105,489	89,337	182,548
Specialty retail
Disaggregation of Revenue [Line Items]
Total net sales	29,767	64,229	64,626	128,501
DTC
Disaggregation of Revenue [Line Items]
Total net sales	$ 38,534	$ 41,185	$ 69,065	$ 86,050

INVENTORY (Details)

INVENTORY (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022
Inventory Disclosure [Abstract]
Raw materials and packaging components	$ 38,627		$ 38,627		$ 36,194
Finished goods	89,882		89,882		108,231
Inventory	128,509		128,509		$ 144,425
Inventory write-off and disposal	$ 3,600	$ 0	$ 6,200	$ 0

GOODWILL AND INTANGIBLE ASSET_2

GOODWILL AND INTANGIBLE ASSETS - Schedule of Intangible Assets and Goodwill (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Finite-Lived Intangible Assets [Line Items]
Gross Carrying Amount	$ 1,145,790	$ 1,143,922
Accumulated Amortization	(174,075)	(148,894)
Net Carrying Amount	971,715	995,028
Goodwill	168,300	168,300
Gross Carrying Amount	1,314,090	1,312,222
Net Carrying Amount	$ 1,140,015	$ 1,163,328
Brand name
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	25 years	25 years
Gross Carrying Amount	$ 952,000	$ 952,000
Accumulated Amortization	(132,438)	(113,394)
Net Carrying Amount	$ 819,562	$ 838,606
Product formulations
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	15 years	15 years
Gross Carrying Amount	$ 136,500	$ 136,000
Accumulated Amortization	(31,532)	(26,998)
Net Carrying Amount	$ 104,968	$ 109,002
Customer relationships
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	20 years	20 years
Gross Carrying Amount	$ 53,000	$ 53,000
Accumulated Amortization	(9,216)	(7,892)
Net Carrying Amount	$ 43,784	$ 45,108
Software
Finite-Lived Intangible Assets [Line Items]
Estimated Useful Life	3 years	3 years
Gross Carrying Amount	$ 4,290	$ 2,922
Accumulated Amortization	(889)	(610)
Net Carrying Amount	$ 3,401	$ 2,312

GOODWILL AND INTANGIBLE ASSET_3

GOODWILL AND INTANGIBLE ASSETS - Schedule of Amortization of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Product formulations
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 1,964	$ 2,180	$ 3,706	$ 3,948
Amortization of patented formulations capitalized to inventory	303	86	828	585
Other Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	10,324	10,295	20,647	20,561
Brand Name and Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	10,186	10,182	20,368	20,365
Software
Finite-Lived Intangible Assets [Line Items]
Amortization of intangible assets	$ 138	$ 113	$ 279	$ 196

ACCRUED EXPENSES AND OTHER CU_3

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022
Payables and Accruals [Abstract]
Accrued advertising	$ 7,784	$ 1,356
Accrued legal settlement	5,250	0
Accrued professional fees	3,750	3,187
Accrued freight	2,251	3,283
Deferred revenue	2,077	2,015
Payroll liabilities	1,749	4,092
Other accrued expenses and current liabilities	1,708	2,360
Accrued interest	80	814
Accrued expenses and other current liabilities	$ 24,649	$ 17,107

ACCRUED EXPENSES AND OTHER CU_4

ACCRUED EXPENSES AND OTHER CURRENT LIABILITIES - Narrative (Details) $ in Millions	Jun. 30, 2023 USD ($)
Payables and Accruals [Abstract]
Loss contingency accrual	$ 3.9

LONG-TERM DEBT - Schedule of Lo

LONG-TERM DEBT - Schedule of Long-term Debt Instruments (Details) - USD ($)	Jun. 30, 2023	Dec. 31, 2022	Feb. 23, 2022
Debt Instrument [Line Items]
Debt issuance costs	$ (8,135,000)	$ (8,854,000)
Total term loan debt	658,428,000	662,771,000
Less: Current portion	(6,750,000)	(8,438,000)
Long-term debt, net of debt issuance costs and current portion	651,678,000	654,333,000
2022 Credit Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Long-term debt, gross	666,563,000	671,625,000
Maximum borrowing capacity			$ 675,000,000
Long-term debt, term (in years)			7 years
2022 Credit Agreement | Line of Credit | Revolving Credit Facility
Debt Instrument [Line Items]
Long-term debt, gross	0	$ 0
Maximum borrowing capacity	$ 150,000,000		$ 150,000,000
Long-term debt, term (in years)			5 years

LONG-TERM DEBT - Narrative (Det

LONG-TERM DEBT - Narrative (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022	Dec. 31, 2022	Aug. 11, 2022
Debt Instrument [Line Items]
Interest expense, debt	$ 10,200,000	$ 8,700,000	$ 20,700,000	$ 20,200,000
Long-term debt	658,428,000		658,428,000		$ 662,771,000
Long-term debt, fair value	626,600,000		626,600,000		$ 624,600,000
Interest expense, net	10,206,000	8,694,000	20,749,000	20,154,000
Interest Rate Cap | Designated as Hedging Instrument
Debt Instrument [Line Items]
Derivative, notional amount						$ 400,000,000
Interest Rate Cap | Fair Value, Inputs, Level 3 | Designated as Hedging Instrument | Accumulated Other Comprehensive Income
Debt Instrument [Line Items]
Unrealized gain on derivatives	1,700,000		1,000,000
Reduction in interest expenses	900,000		(1,500,000)
Interest expense, net	$ 300,000	$ 0	$ 500,000	$ 0
2022 Credit Agreement | Line of Credit | Secured Debt
Debt Instrument [Line Items]
Debt instrument, interest rate, effective percentage	8.70%		8.70%

LONG-TERM DEBT - Schedule of De

LONG-TERM DEBT - Schedule of Derivative Assets at Fair Value (Details) - Interest Rate Cap - Designated as Hedging Instrument - USD ($) $ in Thousands	Jun. 30, 2023	Dec. 31, 2022	Aug. 11, 2022
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, interest rate cap asset			$ 400,000
Other Assets | Fair Value, Inputs, Level 3
Derivative Instruments and Hedging Activities Disclosures [Line Items]
Fair value, interest rate cap asset	$ 5,493	$ 5,042

EQUITY - Narrative (Details)

EQUITY - Narrative (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022
Equity [Line Items]
Exercise of stock-settled stock appreciation rights (in shares)	109,620	117,180
Shares withheld and retired for taxes on exercise of stock settled appreciation rights (in shares)	83,501	55,244
Options exercised (in shares)	4,413,328	231,846
Cash settled units converted to stock appreciation rights (in shares)		886,950
Stock Appreciation Rights (SARs)
Equity [Line Items]
Cash settled units converted to stock appreciation rights, fair value liability reclassified to APIC		$ 1,632

RELATED PARTY TRANSACTIONS - Na

RELATED PARTY TRANSACTIONS - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2023	Jun. 30, 2022	Jun. 30, 2023	Jun. 30, 2022
Related Party Transaction [Line Items]
Payments for tax receivable agreement	$ 16,600	$ 0	$ 16,600	$ 0
Services Related to the Development, Maintenance and Enhancement of the Company's Professional Application
Related Party Transaction [Line Items]
Related party transaction, amounts of transaction	$ 6	$ 22	$ 12	$ 27

CONTINGENCIES - Narrative (Deta

CONTINGENCIES - Narrative (Details) - plaintiff	Mar. 02, 2023	Feb. 09, 2023
Commitments and Contingencies Disclosure [Abstract]
Number of plaintiffs	73	28

NET INCOME PER SHARE (Details)

NET INCOME PER SHARE (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2022	Mar. 31, 2022	Jun. 30, 2023	Jun. 30, 2022
Numerator:
Net income	$ 6,156	$ 20,964	$ 87,715	$ 61,961	$ 27,120	$ 149,676
Denominator:
Weighted average common shares outstanding - basic (in shares)	654,345,056		648,973,952		653,045,245	648,894,417
Dilutive common equivalent shares from equity options	26,004,105		42,391,120		29,062,487	44,090,671
Weighted average common shares outstanding – diluted (in shares)	680,349,161		691,365,072		682,107,732	692,985,088
Net income per share:
Basic (in usd per share)	$ 0.01		$ 0.14		$ 0.04	$ 0.23
Diluted (in usd per share)	$ 0.01		$ 0.13		$ 0.04	$ 0.22