Regis Corporation Reports Fourth Quarter and Full Year 2022 Results
Regis Corporation (NYSE: RGS) reported a fourth quarter revenue of $66.1 million and full-year revenue of $276.0 million for the year ending June 30, 2022. This was a decline of 32.3% and 32.9% year-over-year, attributed to exiting loss-generating company-owned salons. System-wide same-store sales increased by 7.1% in Q4 and 14.8% for the fiscal year. The company achieved a positive adjusted EBITDA of $1.1 million in Q4, a significant turnaround from last year's loss. Debt restructuring extended maturity to August 2025, bolstering financial stability.
- Fourth quarter adjusted EBITDA improved by $23.7 million to $1.1 million, compared to a loss in Q4 2021.
- Successful renegotiation of credit agreement, extending maturity to August 2025.
- Franchise same-store sales increased by 7.1% in Q4 and 14.8% in FY2022.
- Reduction of company-owned salons from 276 to 105, improving EBITDA by $38.0 million.
- Total revenue decreased by $31.5 million (32.3%) in Q4 and $135.7 million in FY2022.
- Net loss for Q4 was $42.6 million, an increase from $34.3 million in Q4 2021, primarily due to discontinued operations.
- Fourth quarter revenue from company-owned salons fell to $3.6 million, a $21.7 million reduction year-over-year.
-
Fourth quarter and full year revenue of
$66.1 million $276.0 million 12.1% and25.6% , respectively. -
System-wide same-store sales increase of
7.1% in the quarter and14.8% in fiscal year 2022. -
Positive fourth quarter adjusted EBITDA, excluding salon sales, of
$1.1 million $15.6 million $14.5 million $2.5 million -
Positive fiscal year adjusted EBITDA, excluding salon sales, of
$0.5 million $60.2 million -
Efforts to renegotiate debt culminated in the successful amendment to our credit agreement and extension of the maturity date from
March 2023 toAugust 2025 . -
Sold proprietary salon management system, Opensalon® Pro, for up to
$39.0 million Zenoti , to provide a best-in-class technology solution to franchisees. -
Reduced loss-generating company-owned locations from 276 to 105, resulting in a
$38.0 million - Well-positioned with strategy in place to deliver strong EBITDA growth in fiscal year 2023.
-
Earnings webcast scheduled for
9am CST onAugust 23, 2022 and will be accompanied by a slide presentation.
"When I stepped in as Interim CEO in
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(Dollars in thousands) |
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated revenue |
|
$ |
66,069 |
|
|
$ |
97,614 |
|
|
$ |
275,967 |
|
|
$ |
411,651 |
|
System-wide revenue (1) |
|
|
316,838 |
|
|
|
293,981 |
|
|
|
1,228,464 |
|
|
|
1,086,024 |
|
|
|
|
|
|
|
|
|
|
||||||||
System-wide same-store sales comps |
|
|
7.1 |
% |
|
|
4.2 |
% |
|
|
14.8 |
% |
|
|
(25.8 |
) % |
Two-year system-wide same-store sales comps |
|
|
7.4 |
% |
|
|
(21.0 |
) % |
|
|
(13.7 |
) % |
|
|
(28.3 |
) % |
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
$ |
(1,315 |
) |
|
$ |
(22,844 |
) |
|
$ |
(28,898 |
) |
|
$ |
(94,677 |
) |
Loss from continuing operations |
|
|
(8,560 |
) |
|
|
(29,755 |
) |
|
|
(46,459 |
) |
|
|
(103,206 |
) |
Diluted loss per share from continuing operations |
|
|
(0.19 |
) |
|
|
(0.83 |
) |
|
|
(1.07 |
) |
|
|
(2.87 |
) |
Loss from discontinued operations |
|
|
(34,073 |
) |
|
|
(4,584 |
) |
|
|
(39,398 |
) |
|
|
(10,125 |
) |
Net loss |
|
|
(42,633 |
) |
|
|
(34,339 |
) |
|
|
(85,857 |
) |
|
|
(113,331 |
) |
Diluted net loss per share |
|
|
(0.93 |
) |
|
|
(0.95 |
) |
|
|
(1.97 |
) |
|
|
(3.15 |
) |
EBITDA (2) |
|
|
(34,384 |
) |
|
|
(27,140 |
) |
|
|
(64,160 |
) |
|
|
(70,824 |
) |
as a percent of revenue |
|
|
(52.0 |
) % |
|
|
(27.8 |
) % |
|
|
(23.2 |
) % |
|
|
(17.2 |
) % |
|
|
|
|
|
|
|
|
|
||||||||
As adjusted (2) |
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations, as adjusted |
|
$ |
(3,032 |
) |
|
$ |
(25,483 |
) |
|
$ |
(18,054 |
) |
|
$ |
(101,685 |
) |
Diluted loss per share from continuing operations, as adjusted |
|
|
(0.07 |
) |
|
|
(0.71 |
) |
|
|
(0.41 |
) |
|
|
(2.83 |
) |
Net loss, as adjusted |
|
|
(3,032 |
) |
|
|
(25,483 |
) |
|
|
(18,054 |
) |
|
|
(101,685 |
) |
Diluted net loss per share, as adjusted |
|
|
(0.07 |
) |
|
|
(0.71 |
) |
|
|
(0.41 |
) |
|
|
(2.83 |
) |
EBITDA, as adjusted |
|
|
959 |
|
|
|
(22,728 |
) |
|
|
(1,799 |
) |
|
|
(76,914 |
) |
as a percent of revenue |
|
|
1.5 |
% |
|
|
(23.3 |
) % |
|
|
(0.7 |
) % |
|
|
(18.7 |
) % |
EBITDA, as adjusted excluding loss on sale of salons |
|
|
1,104 |
|
|
|
(14,495 |
) |
|
|
535 |
|
|
|
(60,218 |
) |
as a percent of revenue |
|
|
1.7 |
% |
|
|
(14.8 |
) % |
|
|
0.2 |
% |
|
|
(14.6 |
) % |
_______________________________________________________________________________
(1) |
Represents total sales within the system. |
(2) |
See GAAP to non-GAAP reconciliations, within the attached section titled "Non-GAAP Reconciliations." |
Total revenue in the quarter of
Fourth quarter adjusted EBITDA of
Regis reported a fourth quarter 2022 net loss from continuing operations of
The Company reported a fourth quarter 2022 net loss of
Fourth Quarter Segment Results Franchise |
||||||||||||||||||||||||
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Twelve Months Ended |
|
Increase (Decrease) |
||||||||||||||||
(Dollars in millions) (1) |
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Royalties |
|
$ |
17.2 |
|
|
$ |
15.4 |
|
|
$ |
1.8 |
|
|
$ |
65.8 |
|
|
$ |
52.4 |
|
|
$ |
13.4 |
|
Fees |
|
|
3.0 |
|
|
|
2.6 |
|
|
|
0.4 |
|
|
|
11.6 |
|
|
|
10.2 |
|
|
|
1.4 |
|
Product sales to franchisees |
|
|
3.3 |
|
|
|
15.6 |
|
|
|
(12.3 |
) |
|
|
15.1 |
|
|
|
56.7 |
|
|
|
(41.6 |
) |
Advertising fund contributions |
|
|
8.4 |
|
|
|
7.2 |
|
|
|
1.2 |
|
|
|
32.6 |
|
|
|
22.0 |
|
|
|
10.6 |
|
Franchise rental income |
|
|
30.6 |
|
|
|
31.5 |
|
|
|
(0.9 |
) |
|
|
130.8 |
|
|
|
127.4 |
|
|
|
3.4 |
|
Total Franchise revenue |
|
$ |
62.5 |
|
|
$ |
72.3 |
|
|
$ |
(9.8 |
) |
|
$ |
255.8 |
|
|
$ |
268.7 |
|
|
$ |
(12.9 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Franchise same-store sales comps |
|
|
7.2 |
% |
|
|
4.4 |
% |
|
|
|
|
15.0 |
% |
|
|
(24.5 |
) % |
|
|
||||
Franchise two-year same-store sales comps |
|
|
7.5 |
% |
|
|
(20.2 |
) % |
|
|
|
|
(13.4 |
) % |
|
|
(27.2 |
) % |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA, as Adjusted |
|
$ |
2.5 |
|
|
$ |
(9.4 |
) |
|
$ |
11.9 |
|
|
$ |
7.7 |
|
|
$ |
(29.4 |
) |
|
$ |
37.1 |
|
as a percent of revenue |
|
|
4.1 |
% |
|
|
(13.0 |
) % |
|
|
|
|
3.0 |
% |
|
|
(10.9 |
) % |
|
|
||||
as a percent of adjusted revenue (2) |
|
|
10.8 |
% |
|
|
(28.1 |
) % |
|
|
|
|
8.4 |
% |
|
|
(24.7 |
) % |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Franchise salons |
|
|
5,395 |
|
|
|
5,563 |
|
|
|
(168 |
) |
|
|
|
|
|
|
||||||
as a percent of total |
|
|
98.1 |
% |
|
|
95.3 |
% |
|
|
|
|
|
|
|
|
||||||||
_______________________________________________________________________________
(1) |
Variances calculated on amounts shown in millions may result in rounding differences. |
(2) |
Adjusted revenue excludes non-margin revenue. See Non-GAAP reconciliation |
Fourth quarter Franchise revenue was
Company-Owned Salons
|
|
Three Months Ended |
|
(Decrease) Increase |
|
Twelve Months Ended |
|
(Decrease) Increase |
||||||||||||||||
(Dollars in millions) (1) |
|
2022 |
|
2021 |
|
|
2022 |
|
2021 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
$ |
3.6 |
|
|
$ |
25.3 |
|
|
$ |
(21.7 |
) |
|
$ |
20.2 |
|
|
$ |
143.0 |
|
|
$ |
(122.8 |
) |
Company-owned same-store sales comps |
|
|
(0.8 |
) % |
|
|
(7.0 |
) % |
|
|
|
|
3.4 |
% |
|
|
(33.4 |
) % |
|
|
||||
Company-owned two-year same-store sales comps |
|
|
(27.1 |
) % |
|
|
(30.4 |
) % |
|
|
|
|
(32.1 |
) % |
|
|
(35.2 |
) % |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA, as adjusted |
|
$ |
(1.6 |
) |
|
$ |
(13.3 |
) |
|
$ |
11.7 |
|
|
$ |
(9.5 |
) |
|
$ |
(47.5 |
) |
|
$ |
38.0 |
|
as a percent of revenue |
|
|
(44.4 |
) % |
|
|
(52.6 |
) % |
|
|
|
|
(47.0 |
) % |
|
|
(33.2 |
) % |
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
105 |
|
|
|
276 |
|
|
|
(171 |
) |
|
|
|
|
|
|
||||||
as a percent of total |
|
|
1.9 |
% |
|
|
4.7 |
% |
|
|
|
|
|
|
|
|
||||||||
_______________________________________________________________________________
(1) |
Variances calculated on amounts shown in millions may result in rounding differences. |
Fourth quarter revenue for the Company-owned salon segment decreased
Non-GAAP reconciliations
For GAAP to non-GAAP reconciliations, please refer to the attached section titled "Non-GAAP Reconciliations." A complete reconciliation of reported earnings to adjusted earnings is included in this press release and is available on the Company’s website at www.regiscorp.com.
Earnings Webcast
About
This press release contains or may contain “forward-looking statements” within the meaning of the federal securities laws, including statements concerning anticipated future events and expectations that are not historical facts. These forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements in this document reflect management’s best judgment at the time they are made, but all such statements are subject to numerous risks and uncertainties, which could cause actual results to differ materially from those expressed in or implied by the statements herein. Such forward-looking statements are often identified herein by use of words including, but not limited to, “may,” “believe,” “project,” “forecast,” “expect,” “estimate,” “anticipate,” and “plan.” In addition, the following factors could affect the Company's actual results and cause such results to differ materially from those expressed in forward-looking statements. These uncertainties include a potential material adverse impact on our business and results of operations as a result of the COVID-19 pandemic, including any adverse impact from variants; consumer shopping trends and changes in manufacturer distribution channels; changes in regulatory and statutory laws including increases in minimum wages; laws and regulations could require us to modify current business practices and incur increased costs; changes in economic conditions; changes in consumer tastes, fashion trends and consumer spending patterns; compliance with
CONDENSED CONSOLIDATED BALANCE SHEET (Dollars in thousands, except per share data) |
||||||||
|
|
|
||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
17,041 |
|
|
$ |
19,191 |
|
Receivables, net |
|
|
14,531 |
|
|
|
26,270 |
|
Inventories |
|
|
3,109 |
|
|
|
20,639 |
|
Other current assets |
|
|
13,984 |
|
|
|
17,017 |
|
Current assets related to discontinued operations |
|
|
— |
|
|
|
3,542 |
|
Total current assets |
|
|
48,665 |
|
|
|
86,659 |
|
|
|
|
|
|
||||
Property and equipment, net |
|
|
12,835 |
|
|
|
16,906 |
|
|
|
|
174,360 |
|
|
|
188,257 |
|
Other intangibles, net |
|
|
3,226 |
|
|
|
3,761 |
|
Right of use asset |
|
|
493,749 |
|
|
|
610,599 |
|
Other assets |
|
|
36,465 |
|
|
|
41,388 |
|
Non-current assets related to discontinued operations |
|
|
— |
|
|
|
48,813 |
|
Total assets |
|
$ |
769,300 |
|
|
$ |
996,383 |
|
|
|
|
|
|
||||
LIABILITIES AND SHAREHOLDERS' (DEFICIT) EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
15,860 |
|
|
$ |
27,157 |
|
Accrued expenses |
|
|
33,784 |
|
|
|
51,242 |
|
Short-term lease liability |
|
|
103,196 |
|
|
|
116,348 |
|
Current liabilities related to discontinued operations |
|
|
— |
|
|
|
3,738 |
|
Total current liabilities |
|
|
152,840 |
|
|
|
198,485 |
|
|
|
|
|
|
||||
Long-term debt, net |
|
|
179,994 |
|
|
|
186,911 |
|
Long-term lease liability |
|
|
408,445 |
|
|
|
517,626 |
|
Other non-current liabilities |
|
|
58,974 |
|
|
|
75,075 |
|
Non-current liabilities related to discontinued operations |
|
|
— |
|
|
|
1,240 |
|
Total liabilities |
|
|
800,253 |
|
|
|
979,337 |
|
Commitments and contingencies |
|
|
|
|
||||
Shareholders' (deficit) equity: |
|
|
|
|
||||
Common stock, |
|
|
2,276 |
|
|
|
1,790 |
|
Additional paid-in capital |
|
|
62,562 |
|
|
|
25,102 |
|
Accumulated other comprehensive income |
|
|
9,455 |
|
|
|
9,543 |
|
Accumulated deficit |
|
|
(105,246 |
) |
|
|
(19,389 |
) |
Total shareholders' (deficit) equity |
|
|
(30,953 |
) |
|
|
17,046 |
|
Total liabilities and shareholders' (deficit) equity |
|
$ |
769,300 |
|
|
$ |
996,383 |
|
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Dollars and shares in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Royalties |
|
$ |
17,227 |
|
|
$ |
15,369 |
|
|
$ |
65,753 |
|
|
$ |
52,357 |
|
Fees |
|
|
2,954 |
|
|
|
2,561 |
|
|
|
11,587 |
|
|
|
10,215 |
|
Product sales to franchisees |
|
|
3,343 |
|
|
|
15,642 |
|
|
|
15,072 |
|
|
|
56,699 |
|
Advertising fund contributions |
|
|
8,360 |
|
|
|
7,218 |
|
|
|
32,573 |
|
|
|
22,023 |
|
Franchise rental income |
|
|
30,577 |
|
|
|
31,507 |
|
|
|
130,777 |
|
|
|
127,392 |
|
Company-owned salon revenue |
|
|
3,608 |
|
|
|
25,317 |
|
|
|
20,205 |
|
|
|
142,965 |
|
Total revenue |
|
|
66,069 |
|
|
|
97,614 |
|
|
|
275,967 |
|
|
|
411,651 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of product sales to franchisees |
|
|
4,172 |
|
|
|
12,201 |
|
|
|
17,391 |
|
|
|
43,756 |
|
Inventory reserve (1) |
|
|
1,235 |
|
|
|
— |
|
|
|
7,655 |
|
|
|
— |
|
General and administrative |
|
|
14,566 |
|
|
|
23,597 |
|
|
|
65,274 |
|
|
|
96,427 |
|
Rent |
|
|
3,368 |
|
|
|
6,758 |
|
|
|
9,357 |
|
|
|
40,754 |
|
Advertising fund expense |
|
|
8,360 |
|
|
|
7,218 |
|
|
|
32,573 |
|
|
|
22,023 |
|
Franchise rent expense |
|
|
30,577 |
|
|
|
31,507 |
|
|
|
130,777 |
|
|
|
127,392 |
|
Company-owned salon expense (2) |
|
|
3,648 |
|
|
|
30,942 |
|
|
|
21,952 |
|
|
|
141,204 |
|
Depreciation and amortization |
|
|
1,458 |
|
|
|
5,030 |
|
|
|
6,224 |
|
|
|
21,749 |
|
Long-lived asset impairment |
|
|
— |
|
|
|
3,205 |
|
|
|
542 |
|
|
|
13,023 |
|
|
|
|
— |
|
|
|
— |
|
|
|
13,120 |
|
|
|
— |
|
Total operating expenses |
|
|
67,384 |
|
|
|
120,458 |
|
|
|
304,865 |
|
|
|
506,328 |
|
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
|
(1,315 |
) |
|
|
(22,844 |
) |
|
|
(28,898 |
) |
|
|
(94,677 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Other (expense) income: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
|
(3,292 |
) |
|
|
(3,024 |
) |
|
|
(12,914 |
) |
|
|
(13,163 |
) |
Loss from sale of salon assets to franchisees |
|
|
(145 |
) |
|
|
(8,233 |
) |
|
|
(2,334 |
) |
|
|
(16,696 |
) |
Interest income and other, net |
|
|
(309 |
) |
|
|
286 |
|
|
|
(296 |
) |
|
|
15,902 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from operations before income taxes |
|
|
(5,061 |
) |
|
|
(33,815 |
) |
|
|
(44,442 |
) |
|
|
(108,634 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Income tax (expense) benefit |
|
|
(3,499 |
) |
|
|
4,060 |
|
|
|
(2,017 |
) |
|
|
5,428 |
|
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations |
|
|
(8,560 |
) |
|
|
(29,755 |
) |
|
|
(46,459 |
) |
|
|
(103,206 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Loss from discontinued operations, net of income taxes |
|
|
(34,073 |
) |
|
|
(4,584 |
) |
|
|
(39,398 |
) |
|
|
(10,125 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(42,633 |
) |
|
$ |
(34,339 |
) |
|
$ |
(85,857 |
) |
|
$ |
(113,331 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted: |
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations |
|
$ |
(0.19 |
) |
|
$ |
(0.83 |
) |
|
$ |
(1.07 |
) |
|
$ |
(2.87 |
) |
Income from discontinued operations |
|
|
(0.74 |
) |
|
|
(0.13 |
) |
|
|
(0.90 |
) |
|
|
(0.28 |
) |
Net loss per share, basic and diluted (3) |
|
$ |
(0.93 |
) |
|
$ |
(0.95 |
) |
|
$ |
(1.97 |
) |
|
$ |
(3.15 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common and common equivalent shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
|
45,969 |
|
|
|
36,038 |
|
|
|
43,582 |
|
|
|
35,956 |
|
_______________________________________________________________________________
(1) |
Includes charges in the third and fourth quarter associated with liquidation of distribution center inventory. Excludes reserves for inventory at salons. |
(2) |
Includes cost of service and product sold to guests in our Company-owned salons. Excludes general and administrative expense, rent and depreciation and amortization related to Company-owned salons. |
(3) |
Total is a recalculation; line items calculated individually may not sum to total due to rounding. |
CONSOLIDATED STATEMENT OF CASH FLOWS (Dollars in thousands) |
||||||||
|
|
Twelve Months Ended |
||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
Cash flows from operating activities: |
|
|
|
|
||||
Net loss |
|
$ |
(85,857 |
) |
|
$ |
(113,331 |
) |
Adjustments to reconcile net loss to net cash used in operating activities |
|
|
|
|
||||
Loss from sale of OSP |
|
|
36,143 |
|
|
|
— |
|
Depreciation and amortization |
|
|
6,504 |
|
|
|
17,871 |
|
Long-lived asset impairment |
|
|
542 |
|
|
|
13,023 |
|
Deferred income taxes |
|
|
391 |
|
|
|
(3,388 |
) |
Inventory reserve |
|
|
10,478 |
|
|
|
12,068 |
|
Gain from disposal of distribution center assets |
|
|
— |
|
|
|
(14,997 |
) |
Loss from sale of salon assets to franchisees, net |
|
|
2,334 |
|
|
|
16,696 |
|
|
|
|
16,000 |
|
|
|
— |
|
Stock-based compensation |
|
|
1,334 |
|
|
|
3,254 |
|
Amortization of debt discount and financing costs |
|
|
1,839 |
|
|
|
1,839 |
|
Other non-cash items affecting earnings |
|
|
709 |
|
|
|
(351 |
) |
Changes in operating assets and liabilities (1): |
|
|
|
|
||||
Receivables |
|
|
11,896 |
|
|
|
(279 |
) |
Inventories |
|
|
7,886 |
|
|
|
17,879 |
|
Income tax receivable |
|
|
1,118 |
|
|
|
1,295 |
|
Other current assets |
|
|
2,118 |
|
|
|
1,658 |
|
Other assets |
|
|
2,703 |
|
|
|
(2,896 |
) |
Accounts payable |
|
|
(10,966 |
) |
|
|
(21,669 |
) |
Accrued expenses |
|
|
(21,983 |
) |
|
|
5,296 |
|
Net lease liabilities |
|
|
(5,960 |
) |
|
|
(19,248 |
) |
Other non-current liabilities |
|
|
(15,867 |
) |
|
|
(14,603 |
) |
Net cash used in operating activities: |
|
|
(38,638 |
) |
|
|
(99,883 |
) |
Cash flows from investing activities: |
|
|
|
|
||||
Capital expenditures |
|
|
(5,316 |
) |
|
|
(11,475 |
) |
Proceeds from sale of OSP |
|
|
13,000 |
|
|
|
— |
|
Proceeds from sale of assets to franchisees |
|
|
— |
|
|
|
8,437 |
|
Costs associated with sale of assets to franchisees |
|
|
— |
|
|
|
(261 |
) |
Proceeds from company-owned life insurance policies |
|
|
— |
|
|
|
1,200 |
|
Net cash provided by (used in) investing activities: |
|
|
7,684 |
|
|
|
(2,099 |
) |
Cash flows from financing activities: |
|
|
|
|
||||
Borrowings on revolving credit facility |
|
|
10,000 |
|
|
|
10,000 |
|
Repayments of revolving credit facility |
|
|
(16,916 |
) |
|
|
(589 |
) |
Proceeds from issuance of common stock, net of offering costs |
|
|
37,185 |
|
|
|
— |
|
Taxes paid for shares withheld |
|
|
(845 |
) |
|
|
(348 |
) |
Minority interest buyout |
|
|
— |
|
|
|
(562 |
) |
Distribution center lease payments |
|
|
— |
|
|
|
(724 |
) |
Net cash provided by financing activities: |
|
|
29,424 |
|
|
|
7,777 |
|
Effect of exchange rate changes on cash and cash equivalents |
|
|
(158 |
) |
|
|
477 |
|
Decrease in cash, cash equivalents and restricted cash |
|
|
(1,688 |
) |
|
|
(93,728 |
) |
Cash, cash equivalents and restricted cash: |
|
|
|
|
||||
Beginning of year |
|
|
29,152 |
|
|
|
122,880 |
|
End of year |
|
$ |
27,464 |
|
|
$ |
29,152 |
|
_______________________________________________________________________________
(1) |
Changes in operating assets and liabilities exclude assets and liabilities sold or acquired. |
SYSTEM-WIDE SAME-STORE SALES (1): |
||||||||||||||||||
|
|
Three Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
Service |
|
Retail |
|
Total |
|
Service |
|
Retail |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SmartStyle |
|
1.5 |
% |
|
(17.9 |
) % |
|
(2.7 |
) % |
|
2.4 |
% |
|
(14.0 |
) % |
|
(1.7 |
) % |
Supercuts |
|
14.4 |
|
|
(11.8 |
) |
|
13.0 |
|
|
12.4 |
|
|
(10.1 |
) |
|
10.9 |
|
Portfolio Brands |
|
6.5 |
|
|
(5.5 |
) |
|
5.3 |
|
|
(0.5 |
) |
|
(14.7 |
) |
|
(2.2 |
) |
Total |
|
9.6 |
% |
|
(13.4 |
) % |
|
7.1 |
% |
|
6.8 |
% |
|
(13.2 |
) % |
|
4.2 |
% |
|
|
Twelve Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
Service |
|
Retail |
|
Total |
|
Service |
|
Retail |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SmartStyle |
|
10.7 |
% |
|
(10.5 |
) % |
|
5.7 |
% |
|
(26.1 |
) % |
|
(28.5 |
) % |
|
(26.7 |
) % |
Supercuts |
|
23.8 |
|
|
(5.6 |
) |
|
22.1 |
|
|
(25.9 |
) |
|
(23.5 |
) |
|
(25.8 |
) |
Portfolio Brands |
|
13.0 |
|
|
(3.4 |
) |
|
11.2 |
|
|
(25.3 |
) |
|
(20.6 |
) |
|
(24.8 |
) |
Total |
|
17.8 |
% |
|
(7.5 |
) % |
|
14.8 |
% |
|
(25.8 |
) % |
|
(25.5 |
) % |
|
(25.8 |
) % |
_______________________________________________________________________________
(1) |
System-wide same-store sales in fiscal years 2022 and 2021 are calculated as the total change in sales for system-wide franchise and company-owned locations that were open on a specific day of the week during the current period and the corresponding prior period. Quarterly and year-to-date system-wide same-store sales are the sum of the system-wide same-store sales computed on a daily basis. Franchise salons that do not report daily sales are excluded from same-store sales. System-wide same-store sales are calculated in local currencies to remove foreign currency fluctuations from the calculation. |
System-Wide Location Counts |
||||||
|
|
|
||||
|
|
2022 |
|
2021 |
||
|
|
|
|
|
||
FRANCHISE SALONS: |
|
|
|
|
||
Supercuts |
|
2,264 |
|
|
2,386 |
|
SmartStyle/Cost Cutters in Walmart stores |
|
1,646 |
|
|
1,666 |
|
Portfolio Brands |
|
1,344 |
|
|
1,357 |
|
Total North American salons |
|
5,254 |
|
|
5,409 |
|
|
|
141 |
|
|
154 |
|
Total Franchise salons |
|
5,395 |
|
|
5,563 |
|
as a percent of total |
|
98.1 |
% |
|
95.3 |
% |
|
|
|
|
|
||
COMPANY-OWNED SALONS: |
|
|
|
|
||
Supercuts |
|
18 |
|
|
35 |
|
SmartStyle/Cost Cutters in Walmart stores |
|
49 |
|
|
91 |
|
Portfolio Brands |
|
38 |
|
|
150 |
|
|
|
105 |
|
|
276 |
|
as a percent of total |
|
1.9 |
% |
|
4.7 |
% |
|
|
|
|
|
||
OWNERSHIP INTEREST LOCATIONS: |
|
|
|
|
||
Equity ownership interest locations |
|
76 |
|
|
78 |
|
|
|
|
|
|
||
Grand Total, System-wide |
|
5,576 |
|
|
5,917 |
|
_______________________________________________________________________________
(1) |
Canadian and Puerto Rican salons are included in the North American salon totals. |
Non-GAAP Reconciliations:
We believe our presentation of non-GAAP operating income (loss), net loss, net loss per diluted share, and other non-GAAP financial measures provides meaningful insight into our ongoing operating performance and an alternative perspective of our results of operations. Presentation of the non-GAAP measures allows investors to review our core ongoing operating performance from the same perspective as management and the Board of Directors. These non-GAAP financial measures provide investors an enhanced understanding of our operations, facilitate investors' analyses and comparisons of our current and past results of operations and provide insight into the prospects of our future performance. We also believe the non-GAAP measures are useful to investors because they provide supplemental information that research analysts frequently use to analyze financial performance.
The method we use to produce non-GAAP results is not in accordance with
Non-GAAP reconciling items for the three and twelve months ended
The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within
- Inventory reserve
- CEO transition
- Distribution center wind down fees ("Distribution center fees")
- Professional fees and settlements
- Severance
- Benefit from lease liability decrease in excess of previously impaired ROUA ("Lease liability benefit")
- Lease termination fees
- Real estate fees
- Asset retirement obligation
- Long-lived asset impairment
-
Goodwill impairment - Gain on distribution centers
- Non-recurring, non-operating income
- Deferred tax asset
- Discontinued operations
Reconciliation Of Selected (Dollars in thousands, except per share data) |
||||||||||||||||||
Reconciliation of |
||||||||||||||||||
|
|
|
|
Three Months Ended
|
|
Twelve Months Ended
|
||||||||||||
|
|
|
|
2022 |
|
2021 |
|
2022 |
|
2021 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
66,069 |
|
|
$ |
97,614 |
|
|
$ |
275,967 |
|
|
$ |
411,651 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
(1,315 |
) |
|
$ |
(22,844 |
) |
|
$ |
(28,898 |
) |
|
$ |
(94,677 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating expense adjustments (1) |
|
|
|
|
|
|
|
|
|
|
||||||||
Inventory reserve |
|
Inventory reserve |
|
|
1,235 |
|
|
|
— |
|
|
|
7,655 |
|
|
|
— |
|
CEO transition |
|
General and administrative |
|
|
— |
|
|
|
— |
|
|
|
(466 |
) |
|
|
(694 |
) |
Distribution center fees |
|
General and administrative |
|
|
— |
|
|
|
— |
|
|
|
285 |
|
|
|
— |
|
Professional fees and settlements |
|
General and administrative |
|
|
280 |
|
|
|
— |
|
|
|
2,140 |
|
|
|
826 |
|
Severance |
|
General and administrative |
|
|
59 |
|
|
|
1,606 |
|
|
|
2,074 |
|
|
|
4,545 |
|
Lease liability benefit |
|
Rent |
|
|
(336 |
) |
|
|
(8,727 |
) |
|
|
(3,620 |
) |
|
|
(20,022 |
) |
Lease termination fees |
|
Rent |
|
|
32 |
|
|
|
7,020 |
|
|
|
1,835 |
|
|
|
13,544 |
|
Real estate fees |
|
Rent |
|
|
— |
|
|
|
49 |
|
|
|
40 |
|
|
|
583 |
|
Asset retirement obligation |
|
Depreciation and amortization |
|
|
139 |
|
|
|
1,280 |
|
|
|
1,041 |
|
|
|
4,726 |
|
Long-lived asset impairment |
|
Long-lived asset impairment |
|
|
— |
|
|
|
3,205 |
|
|
|
542 |
|
|
|
13,023 |
|
|
|
|
|
|
— |
|
|
|
— |
|
|
|
13,120 |
|
|
|
— |
|
Total non-GAAP operating expense adjustments |
|
|
|
|
1,409 |
|
|
|
4,433 |
|
|
|
24,646 |
|
|
|
16,531 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating income (loss) (1) |
|
|
|
$ |
94 |
|
|
$ |
(18,411 |
) |
|
$ |
(4,252 |
) |
|
$ |
(78,146 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
(42,633 |
) |
|
$ |
(34,339 |
) |
|
$ |
(85,857 |
) |
|
$ |
(113,331 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating expense adjustments |
|
|
|
|
1,409 |
|
|
|
4,433 |
|
|
|
24,646 |
|
|
|
16,531 |
|
Gain on distribution centers |
|
Interest income and other, net |
|
|
— |
|
|
|
(120 |
) |
|
|
— |
|
|
|
(14,997 |
) |
Non-recurring, non-operating income |
|
Interest income and other, net |
|
|
— |
|
|
|
— |
|
|
|
(100 |
) |
|
|
— |
|
Income tax impact on Non-GAAP adjustments (2) |
|
Income taxes |
|
|
4,119 |
|
|
|
(41 |
) |
|
|
3,859 |
|
|
|
(13 |
) |
Discontinued operations, net of tax |
|
Loss from discontinued operations, net of tax |
|
|
34,073 |
|
|
|
4,584 |
|
|
|
39,398 |
|
|
|
10,125 |
|
Total non-GAAP net loss adjustments |
|
|
|
|
39,601 |
|
|
|
8,856 |
|
|
|
67,803 |
|
|
|
11,646 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss |
|
|
|
$ |
(3,032 |
) |
|
$ |
(25,483 |
) |
|
$ |
(18,054 |
) |
|
$ |
(101,685 |
) |
_______________________________________________________________________________
(1) |
Adjusted operating margins for the three months ended |
(2) |
Based on projected statutory effective tax rate analyses, the non-GAAP tax benefit (provision) was calculated to be approximately |
Reconciliation Of Selected (Dollars in thousands, except per share data) |
||||||||||||||||
Reconciliation of |
||||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended
|
|||||||||||||
|
2022 |
|
2021 |
|
2022 |
|
2021 |
|||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
(0.927 |
) |
|
$ |
(0.953 |
) |
|
$ |
(1.970 |
) |
|
$ |
(3.152 |
) |
Inventory reserve (1) |
|
|
0.027 |
|
|
|
— |
|
|
|
0.174 |
|
|
|
— |
|
CEO transition (1) |
|
|
— |
|
|
|
— |
|
|
|
(0.011 |
) |
|
|
(0.019 |
) |
Distribution center fees (1) |
|
|
— |
|
|
|
— |
|
|
|
0.006 |
|
|
|
— |
|
Professional fees and settlements (1) |
|
|
0.006 |
|
|
|
— |
|
|
|
0.049 |
|
|
|
0.022 |
|
Severance (1) |
|
|
0.001 |
|
|
|
0.044 |
|
|
|
0.047 |
|
|
|
0.125 |
|
Lease liability benefit (1) |
|
|
(0.007 |
) |
|
|
(0.240 |
) |
|
|
(0.082 |
) |
|
|
(0.550 |
) |
Lease termination fees (1) |
|
|
0.001 |
|
|
|
0.193 |
|
|
|
0.042 |
|
|
|
0.373 |
|
Real estate fees (1) |
|
|
— |
|
|
|
0.001 |
|
|
|
0.001 |
|
|
|
0.016 |
|
Asset retirement obligation (1) |
|
|
0.003 |
|
|
|
0.035 |
|
|
|
0.024 |
|
|
|
0.130 |
|
Long-lived asset impairment (1) |
|
|
— |
|
|
|
0.088 |
|
|
|
0.012 |
|
|
|
0.359 |
|
|
|
|
— |
|
|
|
— |
|
|
|
0.297 |
|
|
|
— |
|
Gain on distribution centers (1) |
|
|
— |
|
|
|
(0.003 |
) |
|
|
— |
|
|
|
(0.413 |
) |
Non-recurring, non-operating income (1) |
|
|
— |
|
|
|
— |
|
|
|
(0.002 |
) |
|
|
— |
|
Discontinued operations, net of tax |
|
|
0.740 |
|
|
|
0.127 |
|
|
|
0.904 |
|
|
|
0.282 |
|
Deferred tax asset |
|
|
0.090 |
|
|
|
— |
|
|
|
0.095 |
|
|
|
— |
|
Non-GAAP net loss per diluted share (2) |
|
$ |
(0.066 |
) |
|
$ |
(0.707 |
) |
|
$ |
(0.414 |
) |
|
$ |
(2.828 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
45,969 |
|
|
|
36,038 |
|
|
|
43,582 |
|
|
|
35,956 |
|
Non-GAAP Weighted average shares - diluted |
|
|
45,969 |
|
|
|
36,038 |
|
|
|
43,582 |
|
|
|
35,956 |
|
_______________________________________________________________________________
(1) |
Based on projected statutory effective tax rate analyses, the non-GAAP tax benefit (provision) was calculated to be approximately |
(2) |
Total is a recalculation; line items calculated individually may not sum to total due to rounding. |
Reconciliation Of Reported
(Dollars in thousands)
(Unaudited)
Adjusted EBITDA
EBITDA represents
|
|
Three Months Ended |
||||||||||
|
|
Franchise |
|
Company-owned |
|
Consolidated (1)(2) |
||||||
|
|
|
|
|
|
|
||||||
Consolidated reported net loss, as reported ( |
|
$ |
(39,879 |
) |
|
$ |
(1,519 |
) |
|
$ |
(42,633 |
) |
Interest expense, as reported |
|
|
3,292 |
|
|
|
— |
|
|
|
3,292 |
|
Income taxes, as reported |
|
|
3,499 |
|
|
|
— |
|
|
|
3,499 |
|
Depreciation and amortization, as reported |
|
|
1,275 |
|
|
|
183 |
|
|
|
1,458 |
|
EBITDA (as defined above) |
|
$ |
(31,813 |
) |
|
$ |
(1,336 |
) |
|
$ |
(34,384 |
) |
|
|
|
|
|
|
|
||||||
Inventory reserve, as reported (2) |
|
|
— |
|
|
|
— |
|
|
|
1,235 |
|
Professional fees and settlements |
|
|
280 |
|
|
|
— |
|
|
|
280 |
|
Severance |
|
|
56 |
|
|
|
3 |
|
|
|
59 |
|
Lease liability benefit |
|
|
(130 |
) |
|
|
(206 |
) |
|
|
(336 |
) |
Lease termination fees |
|
|
72 |
|
|
|
(40 |
) |
|
|
32 |
|
Discontinued operations, net of tax |
|
|
34,073 |
|
|
|
— |
|
|
|
34,073 |
|
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
2,538 |
|
|
$ |
(1,579 |
) |
|
$ |
959 |
|
|
|
Three Months Ended |
||||||||||
|
|
Franchise |
|
Company-owned |
|
Consolidated (1) |
||||||
|
|
|
|
|
|
|
||||||
Consolidated reported net loss, as reported ( |
|
$ |
(15,047 |
) |
|
$ |
(19,292 |
) |
|
$ |
(34,339 |
) |
Interest expense, as reported |
|
|
3,024 |
|
|
|
— |
|
|
|
3,024 |
|
Income taxes, as reported |
|
|
(4,060 |
) |
|
|
— |
|
|
|
(4,060 |
) |
Depreciation and amortization, as reported |
|
|
1,379 |
|
|
|
3,651 |
|
|
|
5,030 |
|
Long-lived asset impairment, as reported |
|
|
— |
|
|
|
3,205 |
|
|
|
3,205 |
|
EBITDA (as defined above) |
|
$ |
(14,704 |
) |
|
$ |
(12,436 |
) |
|
$ |
(27,140 |
) |
|
|
|
|
|
|
|
||||||
Severance |
|
|
1,606 |
|
|
|
— |
|
|
|
1,606 |
|
Lease liability benefit |
|
|
(716 |
) |
|
|
(8,011 |
) |
|
|
(8,727 |
) |
Lease termination fees |
|
|
(103 |
) |
|
|
7,123 |
|
|
|
7,020 |
|
Real estate fees |
|
|
21 |
|
|
|
28 |
|
|
|
49 |
|
Gain on distribution centers |
|
|
(120 |
) |
|
|
— |
|
|
|
(120 |
) |
Discontinued operations, net of tax |
|
|
4,584 |
|
|
|
— |
|
|
|
4,584 |
|
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
(9,432 |
) |
|
$ |
(13,296 |
) |
|
$ |
(22,728 |
) |
_______________________________________________________________________________
(1) |
Consolidated EBITDA margins for the three months ended |
(2) |
This charge, primarily related to reserving for personal protective equipment acquired as a result of the COVID-19 pandemic, relates to the wind down of our distribution centers and is reviewed separately from the segment results by the chief operating decision maker. Consolidated results will not cross foot as the inventory reserve is not part of the Company's segments. |
|
|
Twelve Months Ended |
||||||||||
|
|
Franchise |
|
Company-owned |
|
Consolidated (1)(2) |
||||||
|
|
|
|
|
|
|
||||||
Consolidated reported net loss, as reported ( |
|
$ |
(68,735 |
) |
|
$ |
(9,467 |
) |
|
$ |
(85,857 |
) |
Interest expense, as reported |
|
|
12,914 |
|
|
|
— |
|
|
|
12,914 |
|
Income taxes, as reported |
|
|
2,017 |
|
|
|
— |
|
|
|
2,017 |
|
Depreciation and amortization, as reported |
|
|
4,913 |
|
|
|
1,311 |
|
|
|
6,224 |
|
Long-lived asset impairment, as reported |
|
|
450 |
|
|
|
92 |
|
|
|
542 |
|
EBITDA (as defined above) |
|
$ |
(48,441 |
) |
|
$ |
(8,064 |
) |
|
$ |
(64,160 |
) |
|
|
|
|
|
|
|
||||||
Inventory reserve, as reported (2) |
|
|
— |
|
|
|
— |
|
|
|
7,655 |
|
CEO transition |
|
|
(466 |
) |
|
|
— |
|
|
|
(466 |
) |
Distribution center fees |
|
|
285 |
|
|
|
— |
|
|
|
285 |
|
Professional fees and settlements |
|
|
2,140 |
|
|
|
— |
|
|
|
2,140 |
|
Severance |
|
|
2,000 |
|
|
|
74 |
|
|
|
2,074 |
|
Lease liability benefit |
|
|
(378 |
) |
|
|
(3,242 |
) |
|
|
(3,620 |
) |
Lease termination fees |
|
|
172 |
|
|
|
1,663 |
|
|
|
1,835 |
|
Real estate fees |
|
|
— |
|
|
|
40 |
|
|
|
40 |
|
|
|
|
13,120 |
|
|
|
— |
|
|
|
13,120 |
|
Non-recurring, non-operating income |
|
|
(100 |
) |
|
|
— |
|
|
|
(100 |
) |
Discontinued operations, net of tax |
|
|
39,398 |
|
— |
|
— |
|
|
|
39,398 |
|
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
7,730 |
|
|
$ |
(9,529 |
) |
|
$ |
(1,799 |
) |
|
|
Twelve Months Ended |
||||||||||
|
|
Franchise |
|
Company-owned |
|
Consolidated (1) |
||||||
|
|
|
|
|
|
|
||||||
Consolidated reported net loss, as reported ( |
|
$ |
(43,299 |
) |
|
$ |
(70,032 |
) |
|
$ |
(113,331 |
) |
Interest expense, as reported |
|
|
13,163 |
|
|
|
— |
|
|
|
13,163 |
|
Income taxes, as reported |
|
|
(5,428 |
) |
|
|
— |
|
|
|
(5,428 |
) |
Depreciation and amortization, as reported |
|
|
7,019 |
|
|
|
14,730 |
|
|
|
21,749 |
|
Long-lived asset impairment, as reported |
|
|
726 |
|
|
|
12,297 |
|
|
|
13,023 |
|
EBITDA (as defined above) |
|
$ |
(27,819 |
) |
|
$ |
(43,005 |
) |
|
$ |
(70,824 |
) |
|
|
|
|
|
|
|
||||||
CEO transition |
|
|
(694 |
) |
|
|
— |
|
|
|
(694 |
) |
Professional fees and settlements |
|
|
826 |
|
|
|
— |
|
|
|
826 |
|
Severance |
|
|
4,545 |
|
|
|
— |
|
|
|
4,545 |
|
Lease liability benefit |
|
|
(1,322 |
) |
|
|
(18,700 |
) |
|
|
(20,022 |
) |
Lease termination fees |
|
|
(103 |
) |
|
|
13,647 |
|
|
|
13,544 |
|
Real estate fees |
|
|
22 |
|
|
|
561 |
|
|
|
583 |
|
Gain on distribution centers |
|
|
(14,997 |
) |
|
|
— |
|
|
|
(14,997 |
) |
Discontinued operations, net of tax |
|
|
10,125 |
|
|
|
— |
|
|
|
10,125 |
|
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
(29,417 |
) |
|
$ |
(47,497 |
) |
|
$ |
(76,914 |
) |
_______________________________________________________________________________
(1) |
Consolidated EBITDA margins for the twelve months ended |
(2) |
This charge, primarily related to reserving for personal protective equipment acquired as a result of the COVID-19 pandemic, relates to the wind down of our distribution centers and is reviewed separately from the segment results by the chief operating decision maker. Consolidated results will not cross foot as the inventory reserve is not part of the Company's segments. |
Reconciliation Of Reported Franchise EBITDA As A Percent Of To EBITDA As A Percent Of Adjusted Revenue (Dollars in thousands) (Unaudited) |
||||||||
|
Three Months Ended |
|||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
As Adjusted EBITDA |
|
$ |
2,538 |
|
|
$ |
(9,432 |
) |
|
|
|
62,461 |
|
|
|
72,297 |
|
As Adjusted EBITDA as a % of |
|
|
4.1 |
% |
|
|
(13.0 |
) % |
Non-margin revenue adjustments: |
|
|
|
|
||||
Franchise rental income |
|
$ |
(30,577 |
) |
|
$ |
(31,507 |
) |
Advertising fund contributions |
|
|
(8,360 |
) |
|
|
(7,218 |
) |
Adjusted revenue |
|
$ |
23,524 |
|
|
$ |
33,572 |
|
As Adjusted EBITDA as a percent of adjusted revenue (1) |
|
|
10.8 |
% |
|
|
(28.1 |
) % |
|
Twelve Months Ended |
|||||||
|
|
2022 |
|
2021 |
||||
|
|
|
|
|
||||
As Adjusted EBITDA |
|
$ |
7,730 |
|
|
$ |
(29,417 |
) |
|
|
|
255,762 |
|
|
|
268,686 |
|
As Adjusted EBITDA as a % of |
|
|
3.0 |
% |
|
|
(10.9 |
) % |
Non-margin revenue adjustments: |
|
|
|
|
||||
Franchise rental income |
|
$ |
(130,777 |
) |
|
$ |
(127,392 |
) |
Advertising fund contributions |
|
|
(32,573 |
) |
|
|
(22,023 |
) |
Adjusted revenue |
|
$ |
92,412 |
|
|
$ |
119,271 |
|
As Adjusted EBITDA as a percent of adjusted revenue (1) |
|
|
8.4 |
% |
|
|
(24.7 |
) % |
_______________________________________________________________________________
(1) |
Total is a recalculation; line items calculated individually may not sum to total due to rounding. |
View source version on businesswire.com: https://www.businesswire.com/news/home/20220823005227/en/
investorrelations@regiscorp.com
Source:
FAQ
What were Regis Corporation's (RGS) fourth quarter results for 2022?
How did Regis Corporation's (RGS) full-year revenue perform in 2022?
What changes did Regis Corporation (RGS) make to its salon operations in 2022?
What is the outlook for Regis Corporation (RGS) following the recent financial results?
What financial strategies did Regis Corporation (RGS) implement in 2022?
