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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
______________
FORM 10-Q
(Mark One)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended March 31, 2021
OR
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from__________________ to _______________

Commission File NumberRegistrant; State of Incorporation; Address and Telephone NumberIRS Employer Identification No.
1-11178Revlon, Inc.13-3662955
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
33-59650Revlon Consumer Products Corporation13-3662953
Delaware
One New York Plaza
New York, New York 10004
212-527-4000
Securities registered pursuant to Section 12(b) or 12(g) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Revlon, Inc.Class A Common StockREVNew York Stock Exchange
Revlon Consumer Products CorporationNoneN/AN/A


Indicate by check mark whether the registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
Revlon, Inc.
Yes
No
Revlon Consumer Products Corporation
Yes
No

Indicate by check mark whether the registrants have submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No ¨

1


Indicate by check mark whether each registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer Accelerated filer Non-accelerated filer Smaller Reporting CompanyEmerging Growth Company
Revlon, Inc.
Yes No
Yes No
Yes No
Yes
No
Yes
No
Revlon Consumer Products Corporation
Yes No
Yes No
Yes No
Yes
No
Yes
No
If an emerging growth company, indicate by check mark if the registrants have elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨


Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Act).
Revlon, Inc.Yes
No
Revlon Consumer Products CorporationYes
No

Number of shares of common stock outstanding as of March 31, 2021:
Revlon, Inc. Class A Common Stock: 53,486,372
Revlon Consumer Products Corporation Common Stock:5,260

At such date, (i) 46,223,321 shares of Revlon, Inc. Class A Common Stock were beneficially owned by MacAndrews & Forbes Incorporated and certain of its affiliates; and (ii) all shares of Revlon Consumer Products Corporation ("Products Corporation") Common Stock were held by Revlon, Inc.

Products Corporation meets the conditions set forth in General Instructions H(1)(a) and (b) of Form 10-Q as, among other things, all of Products Corporation's equity securities are owned directly by Revlon, Inc., which is a reporting company under the Securities Exchange Act of 1934, as amended, and which filed with the SEC on May 10, 2021 all of the material required to be filed pursuant to Section 13, 14 or 15(d) thereof. Products Corporation is therefore filing this Form 10-Q with a reduced disclosure format applicable to Products Corporation.
2



REVLON, INC. AND SUBSIDIARIES
INDEX

PART I - Financial Information
Item 1. Financial Statements of Revlon, Inc. and Subsidiaries
Financial Statements of Revlon Consumer Products Corporation and Subsidiaries
Item 2.
Item 3.
Item 4.
PART II - Other Information
Item 1.
Item 1A.
Item 5.
Item 6.


1

Table of Contents

REVLON, INC. AND SUBSIDIARIES

PART I - FINANCIAL INFORMATION


REVLON, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except share and per share amounts)
March 31, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$85.6 $97.1 
Trade receivables, less allowance for doubtful accounts of $12.3 and $13.0 as of March 31, 2021 and December 31, 2020, respectively
315.6 352.3 
Inventories, net441.2 462.6 
Prepaid expenses and other assets141.7 134.4 
Total current assets984.1 1,046.4 
Property, plant and equipment, net of accumulated depreciation of $539.5 and $528.9 as of March 31, 2021 and December 31, 2020, respectively
335.6 352.0 
Deferred income taxes23.6 25.7 
Goodwill 563.2 563.7 
Intangible assets, net of accumulated amortization and impairment of $303.8 and $296.8 as of March 31, 2021 and December 31, 2020, respectively
419.5 430.8 
Other assets 104.9 109.1 
Total assets $2,430.9 $2,527.7 
LIABILITIES AND STOCKHOLDERS’ DEFICIENCY
Current liabilities:
Short-term borrowings$0.3 $2.5 
Current portion of long-term debt 107.2 217.5 
Accounts payable 195.6 203.3 
Accrued expenses and other current liabilities402.7 420.9 
Total current liabilities 705.8 844.2 
Long-term debt 3,266.8 3,105.0 
Long-term pension and other post-retirement plan liabilities 196.7 212.4 
Other long-term liabilities 220.3 228.1 
Stockholders’ deficiency:
Class A Common Stock, par value $0.01 per share: 900,000,000 shares authorized; 58,240,762 and 56,742,513 shares issued as of March 31, 2021 and December 31, 2020, respectively
0.5 0.5 
Additional paid-in capital 1,085.4 1,082.3 
Treasury stock, at cost: 1,892,108 and 1,774,200 shares of Class A Common Stock as of March 31, 2021 and December 31, 2020, respectively
(37.6)(35.2)
Accumulated deficit (2,727.7)(2,631.7)
Accumulated other comprehensive loss (279.3)(277.9)
Total stockholders’ deficiency (1,958.7)(1,862.0)
Total liabilities and stockholders’ deficiency $2,430.9 $2,527.7 








See Accompanying Notes to Unaudited Consolidated Financial Statements
2

Table of Contents
REVLON, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(dollars in millions, except share and per share amounts)
Three Months Ended March 31,
20212020
Net sales
$445.0 $453.0 
Cost of sales
191.2 197.8 
      Gross profit
253.8 255.2 
Selling, general and administrative expenses
260.5 289.4 
Acquisition, integration and divestiture costs
0.6 2.1 
Restructuring charges and other, net
5.4 24.8 
Impairment charges 124.3 
Loss on divested assets 0.8 
      Operating loss
(12.7)(186.2)
Other expenses:
   Interest expense, net
58.9 48.4 
   Amortization of debt issuance costs
8.7 4.0 
   Foreign currency losses, net
3.3 16.6 
   Miscellaneous, net
1.2 (4.1)
      Other expenses
72.1 64.9 
Loss from operations before income taxes(84.8)(251.1)
Provision for (benefit from) income taxes11.2 (37.2)
Net loss$(96.0)$(213.9)
Other comprehensive income (loss):
   Foreign currency translation adjustments(4.9)(5.2)
   Amortization of pension related costs, net of tax(a)(b)
3.5 2.5 
Other comprehensive loss, net(1.4)(2.7)
Total comprehensive loss
$(97.4)$(216.6)
Basic and Diluted (loss) earnings per common share:$(1.79)$(4.02)
Weighted average number of common shares outstanding:
      Basic
53,653,449 53,167,453 
      Diluted
53,653,449 53,167,453 
(a) Net of tax expense of nil and $0.3 million for the three months ended March 31, 2021 and 2020, respectively.
(b) This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).












See Accompanying Notes to Unaudited Consolidated Financial Statements
3

Table of Contents
REVLON, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDERS’ DEFICIENCY
(dollars in millions, except share and per share amounts)

Common StockAdditional Paid-In CapitalTreasury StockAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Stockholders’ Deficiency
Balance, January 1, 2021$0.5 $1,082.3 $(35.2)$(2,631.7)$(277.9)$(1,862.0)
Treasury stock acquired, at cost (a)
— — (2.4)— — (2.4)
Stock-based compensation amortization 3.1   — 3.1 
Net loss
   (96.0)— (96.0)
Other comprehensive (loss) income, net (b)
    (1.4)(1.4)
Balance, March 31, 2021$0.5 $1,085.4 $(37.6)$(2,727.7)$(279.3)$(1,958.7)

Common StockAdditional Paid-In CapitalTreasury StockAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Stockholders’ Deficiency
Balance, January 1, 2020$0.5 $1,071.9 $(33.5)$(2,012.7)$(247.4)$(1,221.2)
Treasury stock acquired, at cost (a)
— — (0.4)— — (0.4)
Stock-based compensation amortization— 2.4 — — — 2.4 
Net loss
— — — (213.9)— (213.9)
Other comprehensive (loss) income, net (b)
    (2.7)(2.7)
Balance, March 31, 2020$0.5 $1,074.3 $(33.9)$(2,226.6)$(250.1)$(1,435.8)

(a) Pursuant to the share withholding provisions of the Fourth Amended and Restated Revlon, Inc. Stock Plan (as amended, the "Stock Plan"), the Company withheld an aggregate of 162,496 and 14,977 shares of Revlon Class A Common Stock during the three months ended March 31, 2021 and 2020, respectively, to satisfy certain minimum statutory tax withholding requirements related to the vesting of restricted shares and restricted stock units ("RSUs") for certain senior executives and employees. These withheld shares were recorded as treasury stock using the cost method, at a weighted-average price per share of $14.95 and $23.47 during the three months ended March 31, 2021 and 2020, respectively, based on the closing price of Revlon Class A Common Stock as reported on the New York Stock Exchange (the "NYSE") consolidated tape on each respective vesting date, for a total of approximately $2.4 million and $0.4 million during the three months ended March 31, 2021 and 2020, respectively. See Note 11, "Stock Compensation Plan," for details regarding restricted stock awards and RSUs under the Stock Plan.

(b) See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended March 31, 2021 and 2020, respectively.


















See Accompanying Notes to Unaudited Consolidated Financial Statements
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REVLON, INC. AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Three Months Ended March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(96.0)$(213.9)
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization 33.3 36.8 
   Foreign currency losses from re-measurement3.3 16.6 
   Amortization of debt discount 0.4 0.4 
   Stock-based compensation amortization3.1 2.4 
Impairment charges 124.3 
Benefit from deferred income taxes 1.7 (37.2)
   Amortization of debt issuance costs 8.7 4.0 
   Loss on divested assets 0.8 
   Pension and other post-retirement cost1.3 1.2 
Paid-in-kind interest expense on the 2020 BrandCo Facilities4.6  
   Change in assets and liabilities:
Decrease in trade receivables 33.7 84.6 
Decrease (increase) in inventories 18.7 (42.5)
Increase in prepaid expenses and other current assets (8.4)(23.3)
Increase in accounts payable 2.8 14.9 
Decrease in accrued expenses and other current liabilities (22.5)(34.8)
Decrease in deferred revenue(1.3) 
Pension and other post-retirement plan contributions (13.7)(3.6)
Purchases of permanent displays (5.8)(7.0)
Other, net 7.7 (1.3)
Net cash used in operating activities(28.4)(77.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (0.7)(1.8)
Net cash used in investing activities(0.7)(1.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (10.6)(6.4)
Borrowings under the SISO Term Loan Facility100.0  
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility(59.3)69.1 
Borrowings under the 2021 Foreign Asset-Based Term Facility75.0  
Repayments of the 2018 Foreign Asset-Based Term Facility(58.9) 
Repayments under the 2016 Term Loan Facility(2.3)(4.5)
Payment of financing costs(11.8)(0.3)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)(0.4)
Other financing activities (0.1)(0.1)
Net cash provided by financing activities29.6 57.4 
Effect of exchange rate changes on cash, cash equivalents and restricted cash (1.3)(3.3)
   Net decrease in cash, cash equivalents and restricted cash
(0.8)(25.3)
   Cash, cash equivalents and restricted cash at beginning of period (a)
102.5 104.5 
   Cash, cash equivalents and restricted cash at end of period (a)
$101.7 $79.2 
Supplemental schedule of cash flow information:
   Cash paid during the period for:
Interest $64.6 $62.9 
Income taxes, net of refunds(1.0)1.0 



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Supplemental schedule of non-cash investing and financing activities:
Paid-in-kind interest capitalized to the 2020 BrandCo Facilities4.6  

(a)These amounts include restricted cash of $16.1 million and $16.4 million as of March 31, 2021 and 2020, respectively. The balance as of March 31, 2021 represents: (i) cash on deposit in lieu of a mandatory prepayment and loan proceeds held in escrow until certain collateral perfection requirements are satisfied under the 2021 Foreign Asset-Based Term Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. The balance as of March 31, 2020 represents: (i) cash on deposit in lieu of a mandatory prepayment under the 2018 Foreign Asset-Based Term Facility; (ii) restricted cash under the terms of 2019 Term Loan Agreement; and (ii) cash on deposit to support outstanding undrawn letters of credit. These balances were included within prepaid expenses and other current assets and other assets in the Company's Consolidated Balance Sheets as of March 31, 2021 and March 31, 2020, respectively.




See Accompanying Notes to Unaudited Consolidated Financial Statements
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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(dollars in millions, except share and per share amounts)
March 31, 2021December 31, 2020
(Unaudited)
ASSETS
Current assets:
Cash and cash equivalents$85.6 $97.1 
Trade receivables, less allowance for doubtful accounts of $12.3 and $13.0 as of March 31, 2021 and December 31, 2020, respectively
315.6 352.3 
Inventories, net441.2 462.6 
Prepaid expenses and other assets137.6 130.5 
Receivable from Revlon, Inc.173.5 170.0 
Total current assets1,153.5 1,212.5 
Property, plant and equipment, net of accumulated depreciation of $539.5 and $528.9 as of March 31, 2021 and December 31, 2020, respectively
335.6 352.0 
Deferred income taxes23.9 34.1 
Goodwill 563.2 563.7 
Intangible assets, net of accumulated amortization and impairment of $303.8 and $296.8 as of March 31, 2021 and December 31, 2020, respectively
419.5 430.8 
Other assets 104.9 109.1 
Total assets $2,600.6 $2,702.2 
LIABILITIES AND STOCKHOLDER'S DEFICIENCY
Current liabilities:
Short-term borrowings$0.3 $2.5 
Current portion of long-term debt 107.2 217.5 
Accounts payable 195.6 203.3 
Accrued expenses and other current liabilities405.7 423.2 
Total current liabilities 708.8 846.5 
Long-term debt 3,266.8 3,105.0 
Long-term pension and other post-retirement plan liabilities 196.7 212.4 
Other long-term liabilities 224.5 241.3 
Stockholder's deficiency:
Products Corporation Preferred stock, par value $1.00 per share; 1,000 shares authorized; 546 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
54.6 54.6 
Products Corporation Common Stock, par value $1.00 per share; 10,000 shares authorized; 5,260 shares issued and outstanding as of March 31, 2021 and December 31, 2020, respectively
  
Additional paid-in capital1,010.0 1,006.9 
Accumulated deficit (2,581.5)(2,486.6)
Accumulated other comprehensive loss (279.3)(277.9)
Total stockholder's deficiency (1,796.2)(1,703.0)
Total liabilities and stockholder's deficiency $2,600.6 $2,702.2 












See Accompanying Notes to Unaudited Consolidated Financial Statements
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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(dollars in millions)
Three Months Ended March 31,
20212020
Net sales
$445.0 $453.0 
Cost of sales
191.2 197.8 
      Gross profit
253.8 255.2 
Selling, general and administrative expenses
259.5 287.4 
Acquisition, integration and divestiture costs
0.6 2.1 
Restructuring charges and other, net
5.4 24.8 
Impairment charges 124.3 
Loss on divested assets
 0.8 
      Operating loss
(11.7)(184.2)
Other expenses:
   Interest expense, net
58.9 48.4 
   Amortization of debt issuance costs
8.7 4.0 
   Foreign currency losses, net3.3 16.6 
   Miscellaneous, net
1.2 (4.1)
      Other expenses
72.1 64.9 
Loss from operations before income taxes
(83.8)(249.1)
Benefit from income taxes11.1 (36.9)
Net loss
$(94.9)$(212.2)
Other comprehensive income (loss):
   Foreign currency translation adjustments(4.9)(5.2)
   Amortization of pension related costs, net of tax(a)(b)
3.5 2.5 
Other comprehensive loss, net(1.4)(2.7)
Total comprehensive loss
$(96.3)$(214.9)

(a)Net of tax expense of nil and $0.3 million for the three months ended March 31, 2021 and 2020, respectively.
(b)This amount is included in the computation of net periodic benefit costs (income). See Note 10, "Pension and Post-Retirement Benefits," for additional information regarding net periodic benefit costs (income).













See Accompanying Notes to Unaudited Consolidated Financial Statements
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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENT OF STOCKHOLDER'S DEFICIENCY
(dollars in millions)

Preferred Stock Additional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Stockholder's Deficiency
Balance, January 1, 2021$54.6 $1,006.9 $(2,486.6)$(277.9)$(1,703.0)
Stock-based compensation amortization 3.1   3.1 
Net loss
  (94.9) (94.9)
Other comprehensive (loss) income, net (a)
   (1.4)(1.4)
Balance, March 31, 2021$54.6 $1,010.0 $(2,581.5)$(279.3)$(1,796.2)

Preferred Stock Additional Paid-In CapitalAccumulated DeficitAccumulated Other Comprehensive (Loss) IncomeTotal Stockholder's Deficiency
Balance, January 1, 2020$54.6 $996.5 $(1,893.1)$(247.4)$(1,089.4)
Stock-based compensation amortization— 2.4 — — 2.4 
Net loss
— — (212.2)— (212.2)
Other comprehensive (loss) income, net (a)
— — — (2.7)(2.7)
Balance, March 31, 2020$54.6 $998.9 $(2,105.3)$(250.1)$(1,301.9)

(a)See Note 13, "Accumulated Other Comprehensive Loss," regarding the changes in the accumulated balances for each component of other comprehensive loss during the three months ended March 31, 2021 and 2020, respectively.







See Accompanying Notes to Unaudited Consolidated Financial Statements
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REVLON CONSUMER PRODUCTS CORPORATION AND SUBSIDIARIES
UNAUDITED CONSOLIDATED STATEMENTS OF CASH FLOWS
(dollars in millions)
Three Months Ended March 31,
20212020
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss$(94.9)$(212.2)
Adjustments to reconcile net loss to net cash used in operating activities:
   Depreciation and amortization 33.3 36.8 
   Foreign currency losses from re-measurement3.3 16.6 
   Amortization of debt discount 0.4 0.4 
   Stock-based compensation amortization3.1 2.4 
Impairment charges 124.3 
  Benefit from deferred income taxes 1.9 (36.9)
   Amortization of debt issuance costs 8.7 4.0 
   Loss on divested assets 0.8 
   Pension and other post-retirement cost1.3 1.2 
Paid-in-kind interest expense on the 2020 BrandCo Facilities4.6  
   Change in assets and liabilities:
Decrease in trade receivables 33.7 84.6 
Decrease (increase) in inventories 18.7 (42.5)
Increase in prepaid expenses and other current assets (11.8)(25.6)
Increase in accounts payable 2.8 14.9 
Decrease in accrued expenses and other current liabilities (22.5)(34.6)
Decrease in deferred revenue(1.3) 
Pension and other post-retirement plan contributions (13.7)(3.6)
Purchases of permanent displays (5.8)(7.0)
Other, net 9.8 (1.2)
Net cash used in operating activities(28.4)(77.6)
CASH FLOWS FROM INVESTING ACTIVITIES:
Capital expenditures (0.7)(1.8)
Net cash used in investing activities(0.7)(1.8)
CASH FLOWS FROM FINANCING ACTIVITIES:
Net decrease in short-term borrowings and overdraft (10.6)(6.4)
Borrowings under the SISO Term Loan Facility100.0  
Net (repayments) borrowings under the Amended 2016 Revolving Credit Facility(59.3)69.1 
Borrowings under the 2021 Foreign Asset-Based Term Facility75.0  
Repayments of the 2018 Foreign Asset-Based Term Facility(58.9) 
Repayments under the 2016 Term Loan Facility(2.3)(4.5)
Payment of financing costs(11.8)(0.3)
Tax withholdings related to net share settlements of restricted stock and RSUs(2.4)(0.4)
Other financing activities (0.1)(0.1)
Net cash provided by financing activities29.6