Exhibit 99.1
Liquidity Forecast as of April 2023
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We undertake no obligations or responsibility to update any of the information contained in this presentation. Past performance does not guarantee or predict future performance. This presentation contains Revlon, Inc.’s (the “Company”) preliminary estimates of certain financial results for the three months ended March 31, 2023, based on currently available information. The Company has not yet finalized its results for this period and its consolidated financial statements as of and for the quarter ended March 31, 2023 are not currently available. The Company's actual results remain subject to the completion of the quarter-end closing process, which includes review by management and the Company's board of directors, including the audit committee. While carrying out such procedures, the Company may identify items that require it to make adjustments to the preliminary estimates of its results set forth herein. 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These Forecasts should not be relied upon as being necessarily indicative of future results. The Forecasts presented herein are provided solely for illustrative purposes, reflect the current beliefs of the Company as of the date hereof, and are based on a variety of assumptions and estimates which are subject to change. The Company assumes no obligation to update the Forecasts or information, data, models, facts or assumptions underlying the foregoing in this presentation. This presentation does not constitute an offer to sell or the solicitation of an offer to buy any security, nor does it constitute an offer or commitment to lend, syndicate or arrange a financing, underwrite or purchase or act as an agent or advisor or in any other capacity with respect to any transaction, or commit capital, or to participate in any trading strategies, and does not constitute legal, regulatory, accounting or tax advice to the recipient. 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A number of factors could cause actual results or outcomes to differ materially from those indicated by such forward looking statements. You are cautioned not to place undue reliance upon any forward-looking statements, which, unless otherwise indicated herein, speak only as of the date of this presentation. The Company does not commit to updating or revising the forward-looking statements set forth herein, whether as a result of new information, future events or otherwise, except as may be required by law.
Preliminary Q1’23 Results 3
Preliminary Q1’23 Bridges Relative to Business Plan 4 Preliminary Q1’23 Gross Sales Relative to Business Plan(1) (Unless otherwise noted, USD in millions at FY’23 F/X Rates) Preliminary Q1’23 Recurring EBITDA Relative to Business Plan Gross sales for Preliminary Actual Q1’23 marginally favorable to Business Plan Q1’23 (~0.9%) Net sales for Preliminary Actual Q1’23 favorable to Business Plan Q1’23 (~1.4%) Forecast included in December 19th, 2022 8-k Filing (“Business Plan”)
Q1’23 Variance (at ’23 Budget FX Rates) Preliminary Q1’23 5 (Unless otherwise noted, USD in millions at FY’23 F/X Rates)
Liquidity Update 6
7 (Unless otherwise noted, USD in millions) Post-Emergence Liquidity Bridge Projected Emergence Liquidity(4): March Forecast $290 (–) Borrowing Base (44) Loss of Borrowing Base from removal of first-in, last-out facility (“FILO”) availability (–) Exit ABL Availability Blockers (60) Expected availability blockers Sources & Uses: (–) FABTL Commitment (50) Removal of foreign asset-backed term loan facility (“FABTL”) (+) Pre-Emergence Liquidity 26 Higher liquidity at emergence due to favorability from preliminary Q1’23 actuals (+) Upsized New TL Debt 75 Increase in new term loan debt (+) Commitment Fees 4 Removal of commitment fee on FILO (2.5%) and FABTL (5%) Subtotal: Change in Sources & Uses 54 Projected Emergence Liquidity(5): April Forecast $241 Projected liquidity at emergence prior to application of the Excess Liquidity(2) is ~$241MM in the April forecast update (“April Forecast”) (~$49MM lower vs. March Forecast(3)) (1) Decrease in Liquidity of ~$(49)MM Projections assume an April 28th emergence date As defined in the terms and provisions in the Plan of Reorganization April 3rd filing of 8-k disclosing the liquidity forecast as of March 2023 Includes $670MM of equity rights offering; assumed to be paid down to $665MM after application of Excess Liquidity Includes $670MM of equity rights offering (no paydown from Excess Liquidity)
Post-Emergence Liquidity (through FY’24) 8 (Unless otherwise noted, USD in millions) March Forecast Post-emergence liquidity is represented below under the following scenarios: April Forecast
9 Liquidity Bridge through FY’26 (Unless otherwise noted, USD in millions) Reflects change ~$54MM change in Sources and Uses on page 8, plus $6MM paydown in equity rights offering in March forecast
Appendix: Supporting Forecast Detail 10
Sources & Uses – March Forecast 11 (Unless otherwise noted, USD in millions at FY’23 Budget F/X Rates based on 6/30/2022 spot) Notes Pre-Emergence Cash: Est. cash balance prior to Emergence 2016 Settlement Payments: Includes cash settlement payment and professional fees payable to 2016 lenders Accrued & Unpaid Professional Fees: Includes estimated transaction / success fees payable at emergence Other Restructuring Items: Amount reflects estimated other restructuring costs expected to be paid at Emergence Debt Paydown: Reflects repayments of debtor-in-possession financing (including term loan and ABL), Term B-1 Loans(2) (including make-whole payment), and prepetition FILO Accrued & Unpaid Interest: Estimate at Emergence Repayment & Transaction Fees: Exit fees per the DIP credit agreements and estimated transaction fees on new debt Post-Emergence Cash: Reflect post-emergence cash assumption Includes $670MM of ERO; assumed to be paid down to $665MM after application of Excess Liquidity As defined in the BrandCo credit agremeent, dated as of May 7, 2020
Sources & Uses – April Forecast 12 (Unless otherwise noted, USD in millions at FY’23 Budget F/X Rates based on 6/30/2022 spot) Notes Pre-Emergence Cash: Est. cash balance prior to Emergence 2016 Settlement Payments: Includes cash settlement payment and professional fees payable to 2016 lenders Accrued & Unpaid Professional Fees: Includes estimated transaction / success fees payable at emergence Other Restructuring Items: Amount reflects estimated other restructuring costs expected to be paid at Emergence Debt Paydown: Reflects repayments of debtor-in-possession financing (including term loan and ABL), Term B-1 Loans(1) (including make-whole payment), and prepetition FILO Accrued & Unpaid Interest: Estimate at Emergence Repayment & Transaction Fees: Exit fees per the DIP credit agreements and estimated transaction fees on new debt Post-Emergence Cash: Reflect post-emergence cash assumption As defined in the BrandCo credit agremeent, dated as of May 7, 2020
13 Bruno’s Transaction Summary Cash Tax Summary Tax liabilities / associated cash payments relate only to FY’23–FY’26 tax liabilities (Unless otherwise noted, USD in millions) Below is a revised tax forecast from FY’23 – FY’26 based on the February 15, 2023 KPMG revised tax forecast and the Company’s revised payment assumptions: Bruno’s Transaction Scenario: Estimated cash tax payments through 2026 of ~$110MM Estimated liabilities of ~$125MM, which are net of ~$47MM of mitigation savings
14 April Forecast Detail (Unless otherwise noted, USD in millions) 2023 Recurring EBITDA in the Business Plan was ~$313MM 2023 Recurring EBITDA in the April Forecast of ~$325MM reflects preliminary Q1’23 actuals Note: Totals may not foot due to rounding
Appendix: Non-GAAP Reconciliations 15
Non-GAAP Reconciliation: Q1’23 16 (USD in millions)
Non-GAAP Reconciliation: EBITDA - Operating Income 17 (USD in millions) Note: Totals may not foot due to rounding