Regis® Reports Fourth Quarter and Full Year Results, Completion of Transformational Phase and Continued Progress on Key Foundational Initiatives
Regis Corporation (NYSE: RGS) has completed its shift to a fully-franchised model, closing 1,356 company-owned salons during the fiscal year. In Q4 2021, system-wide same-store sales rose 4.2% compared to the previous year, marking a positive trend post-COVID-19. Although fourth-quarter revenue increased to $99.1 million, a significant improvement year-over-year, the company reported a net loss from continuing operations of $34.3 million. Adjusted EBITDA loss decreased to $23.2 million, showcasing financial improvement amidst challenges posed by the pandemic.
- Fourth-quarter system-wide same-store sales rose by 4.2% compared to Q4 2020.
- Total revenue for Q4 2021 increased by 64.8% to $99.1 million from $60.1 million in Q4 2020.
- Adjusted EBITDA loss decreased to $23.2 million from $33.8 million year-over-year.
- Franchise revenue grew by 64.7% year-over-year to $73.8 million in Q4 2021.
- Net loss from continuing operations was $34.3 million for Q4 2021, despite improvements.
- Adjusted EBITDA loss for the full year was $79.2 million, a decline from $19.5 million in the previous year.
- Company-owned same-store sales comps declined by 7.0% in Q4 2021.
Business Transformation To A Fully-Franchised Model Considered Complete; Refranchised, Negotiated Lease Buyouts, Or Closed At Lease Term 550 Company-Owned Salons During The Fourth Quarter And 1,356 During The Fiscal Year
Nominal Sales Continue To Improve; Q4 2021 System-Wide Same-Store Sales Up
Corporate Re-Organization And Zero-Based Budgeting Process Finalized, Resulting In A Right-Sized G&A Structure To Support Regis As A Franchisor
Continued Rollout Of Proprietary Technology Platform Opensalon® Pro; Over 2,100 Salons, Representing
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
(Dollars in thousands) |
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated revenue |
|
$ |
99,130 |
|
|
$ |
60,143 |
|
|
$ |
415,113 |
|
|
$ |
669,729 |
|
System-wide revenue (1) |
|
$ |
293,981 |
|
|
$ |
119,417 |
|
|
$ |
1,086,024 |
|
|
$ |
1,367,567 |
|
|
|
|
|
|
|
|
|
|
||||||||
System-wide same-store sales comps |
|
4.2 |
% |
|
(20.2 |
)% |
|
(25.8 |
)% |
|
(4.4 |
)% |
||||
Two-year system-wide same-store sales comps |
|
(21.0 |
)% |
|
N/A |
|
|
(28.3 |
)% |
|
N/A |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
$ |
(27,265 |
) |
|
$ |
(68,567 |
) |
|
$ |
(104,152 |
) |
|
$ |
(145,338 |
) |
Loss from continuing operations |
|
$ |
(34,339 |
) |
|
$ |
(73,654 |
) |
|
$ |
(113,331 |
) |
|
$ |
(172,194 |
) |
Diluted loss per share from continuing operations |
|
$ |
(0.95 |
) |
|
$ |
(2.05 |
) |
|
$ |
(3.15 |
) |
|
$ |
(4.79 |
) |
EBITDA (2) |
|
$ |
(26,677 |
) |
|
$ |
(37,478 |
) |
|
$ |
(69,210 |
) |
|
$ |
(108,947 |
) |
as a percent of revenue |
|
(26.9 |
)% |
|
(62.3 |
)% |
|
(16.7 |
)% |
|
(16.3 |
)% |
||||
|
|
|
|
|
|
|
|
|
||||||||
As adjusted (2) |
|
|
|
|
|
|
|
|
||||||||
Net loss, as adjusted |
|
$ |
(26,500 |
) |
|
$ |
(36,211 |
) |
|
$ |
(105,672 |
) |
|
$ |
(21,714 |
) |
Diluted loss per share, as adjusted |
|
$ |
(0.74 |
) |
|
$ |
(1.01 |
) |
|
$ |
(2.94 |
) |
|
$ |
(0.60 |
) |
EBITDA, as adjusted (2) |
|
$ |
(23,246 |
) |
|
$ |
(33,845 |
) |
|
$ |
(79,225 |
) |
|
$ |
19,512 |
|
as a percent of revenue |
|
(23.5 |
)% |
|
(56.3 |
)% |
|
(19.1 |
)% |
|
2.9 |
% |
||||
_______________________________________________________________________________
(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 loss of
On a full year basis, adjusted EBITDA loss of
Fourth Quarter Segment Results
Franchise Salons
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Twelve Months Ended |
|
Increase (Decrease) |
|||||||||||||||
(Dollars in millions) (1) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Revenue |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Product |
|
$ |
15.6 |
|
|
$ |
7.2 |
|
|
$ |
8.4 |
|
$ |
56.7 |
|
|
$ |
50.4 |
|
|
$ |
6.3 |
|
Product sold to TBG locations |
|
— |
|
|
— |
|
|
— |
|
— |
|
|
2.0 |
|
|
(2.0 |
) |
||||||
Product |
|
$ |
15.6 |
|
|
$ |
7.2 |
|
|
$ |
8.4 |
|
$ |
56.7 |
|
|
$ |
52.4 |
|
|
$ |
4.3 |
|
Royalties and fees |
|
26.7 |
|
|
7.3 |
|
|
19.4 |
|
88.1 |
|
|
73.4 |
|
|
14.7 |
|
||||||
Franchise rental income |
|
31.5 |
|
|
30.3 |
|
|
1.2 |
|
127.4 |
|
|
127.2 |
|
|
0.2 |
|
||||||
Total franchised salons revenue |
|
$ |
73.8 |
|
|
$ |
44.8 |
|
|
$ |
29.0 |
|
$ |
272.1 |
|
|
$ |
253.0 |
|
|
$ |
19.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Franchise same-store sales comps (2) |
|
4.4 |
% |
|
(20.4 |
)% |
|
|
|
(24.5 |
)% |
|
(4.4 |
)% |
|
|
|||||||
Franchise two-year same-store sales comps (2) |
|
(20.2 |
)% |
|
N/A |
|
|
|
|
(27.2 |
)% |
|
N/A |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
EBITDA, as Adjusted |
|
$ |
11.3 |
|
|
$ |
1.4 |
|
|
$ |
9.9 |
|
$ |
41.0 |
|
|
$ |
37.9 |
|
|
$ |
3.1 |
|
as a percent of revenue |
|
15.3 |
% |
|
3.1 |
% |
|
|
|
15.1 |
% |
|
15.0 |
% |
|
|
|||||||
as a percent of adjusted revenue (3) |
|
32.1 |
% |
|
9.7 |
% |
|
|
|
33.4 |
% |
|
34.3 |
% |
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
Total Franchise Salons |
|
5,563 |
|
|
5,209 |
|
|
354 |
|
|
|
|
|
|
|||||||||
as a percent of total |
|
95.3 |
% |
|
76.1 |
% |
|
|
|
|
|
|
|
|
|||||||||
_______________________________________________________________________________
(1) |
Variances calculated on amounts shown in millions may result in rounding differences. |
||
(2) |
TBG is excluded from same-store sales in all periods |
||
(3) |
Adjusted revenue excludes non-margin revenue. See Non-GAAP reconciliation |
Fourth quarter Franchise revenue was
Company-Owned Salons
|
|
Three Months Ended |
|
Increase (Decrease) |
|
Twelve Months Ended |
|
Increase (Decrease) |
||||||||||||||||
(Dollars in millions) (1) |
|
2021 |
|
2020 |
|
|
2021 |
|
2020 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Total Revenue |
|
$ |
25.3 |
|
|
$ |
15.3 |
|
|
$ |
10.0 |
|
|
$ |
143.0 |
|
|
$ |
416.7 |
|
|
$ |
(273.7 |
) |
Company-owned same-store sales comps |
|
(7.0 |
)% |
|
(18.9 |
)% |
|
|
|
(33.4 |
)% |
|
(4.4 |
)% |
|
|
||||||||
Company-owned two-year same-store sales comps |
|
(30.4 |
)% |
|
N/A |
|
|
|
|
(35.2 |
)% |
|
N/A |
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
EBITDA, as Adjusted |
|
$ |
(13.3 |
) |
|
$ |
(21.6 |
) |
|
$ |
8.3 |
|
|
$ |
(47.5 |
) |
|
$ |
(6.6 |
) |
|
$ |
(40.9 |
) |
as a percent of revenue |
|
(52.6 |
)% |
|
(141.2 |
)% |
|
|
|
(33.2 |
)% |
|
(1.6 |
)% |
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
276 |
|
|
1,632 |
|
|
(1,356 |
) |
|
|
|
|
|
|
|||||||||
as a percent of total |
|
4.7 |
% |
|
23.9 |
% |
|
|
|
|
|
|
|
|
||||||||||
_______________________________________________________________________________
(1) |
Variances calculated on amounts shown in millions may result in rounding differences. |
Fourth quarter revenue for the Company-owned salon segment increased
Fourth quarter adjusted EBITDA loss of
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 factors include a potential material adverse impact on our business and results of operations as a result of the uncertain duration and severity of the COVID-19 pandemic, including any adverse impact from the Delta variant; the impact of the COVID-19 pandemic on our key suppliers; 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 and fashion trends; the continued ability of the Company to implement its strategy, priorities and initiatives including the re-engineering of our corporate and field infrastructure; new merchandising strategy; our and our franchisees' ability to attract, train and retain talented stylists; financial performance of our franchisees; success of the sale of salons to franchisees; the ability to operate or sell the salons transferred back from TBG; our ability to manage cyber threats and protect the security of potentially sensitive information about our guests, employees, vendors or Company information; the ability of the Company to maintain a satisfactory relationship with Walmart; marketing efforts to drive traffic to our franchisees' salons; our ability to maintain and enhance the value of our brands; reliance on information technology systems; reliance on external vendors; the use of social media; failure to standardize operating processes across brands; exposure to uninsured or unidentified risks; Opensalon® Pro may not yield the intended results on timing and amounts; compliance with credit facility covenants and access to the existing revolving credit facility; ability to re-finance our existing credit facility or the ability to re-finance at a similar rate; if our capital investments in technology do not achieve appropriate returns; premature termination of agreements with our franchisees; financial performance of
CONDENSED CONSOLIDATED BALANCE SHEET (Dollars in thousands, except per share data) |
|||||||
|
|
|
|||||
|
|
2021 |
|
|
2020 |
||
|
|
|
|
|
|||
ASSETS |
|
|
|
|
|||
Current assets: |
|
|
|
|
|||
Cash and cash equivalents |
|
$ |
19,191 |
|
|
$ |
113,667 |
Receivables, net |
|
27,372 |
|
|
31,030 |
||
Inventories |
|
22,993 |
|
|
62,597 |
||
Other current assets |
|
17,103 |
|
|
19,138 |
||
Total current assets |
|
86,659 |
|
|
226,432 |
||
|
|
|
|
|
|||
Property and equipment, net |
|
23,113 |
|
|
57,176 |
||
|
|
229,582 |
|
|
227,457 |
||
Other intangibles, net |
|
3,761 |
|
|
4,579 |
||
Right of use asset |
|
611,880 |
|
|
786,216 |
||
Other assets |
|
41,388 |
|
|
40,934 |
||
Total assets |
|
$ |
996,383 |
|
|
$ |
1,342,794 |
|
|
|
|
|
|||
LIABILITIES AND SHAREHOLDERS' EQUITY |
|
|
|
|
|||
Current liabilities: |
|
|
|
|
|||
Accounts payable |
|
$ |
27,157 |
|
|
$ |
50,918 |
Accrued expenses |
|
54,857 |
|
|
48,825 |
||
Short-term lease liability |
|
116,471 |
|
|
137,271 |
||
Total current liabilities |
|
198,485 |
|
|
237,014 |
||
|
|
|
|
|
|||
Long-term debt, net |
|
186,911 |
|
|
177,500 |
||
Long-term lease liability |
|
518,866 |
|
|
680,454 |
||
Long-term financing liabilities |
|
— |
|
|
27,981 |
||
Other non-current liabilities |
|
75,075 |
|
|
94,142 |
||
Total liabilities |
|
979,337 |
|
|
1,217,091 |
||
Commitments and contingencies |
|
|
|
|
|||
Shareholders' equity: |
|
|
|
|
|||
Common stock, |
|
1,790 |
|
|
1,781 |
||
Additional paid-in capital |
|
25,102 |
|
|
22,011 |
||
Accumulated other comprehensive income |
|
9,543 |
|
|
7,449 |
||
Retained (deficit) earnings |
|
(19,389 |
) |
|
94,462 |
||
Total shareholders' equity |
|
17,046 |
|
|
125,703 |
||
Total liabilities and shareholders' equity |
|
$ |
996,383 |
|
|
$ |
1,342,794 |
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Dollars and shares in thousands, except per share data) |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Revenues: |
|
|
|
|
|
|
|
|
||||||||
Service |
|
$ |
18,080 |
|
|
$ |
9,405 |
|
|
$ |
108,120 |
|
|
$ |
331,538 |
|
Product |
|
22,879 |
|
|
13,070 |
|
|
91,544 |
|
|
137,586 |
|
||||
Royalties and fees |
|
26,664 |
|
|
7,340 |
|
|
88,057 |
|
|
73,402 |
|
||||
Franchise rental income |
|
31,507 |
|
|
30,328 |
|
|
127,392 |
|
|
127,203 |
|
||||
Total revenue |
|
99,130 |
|
|
60,143 |
|
|
415,113 |
|
|
669,729 |
|
||||
Operating expenses: |
|
|
|
|
|
|
|
|
||||||||
Cost of service |
|
12,703 |
|
|
9,615 |
|
|
79,144 |
|
|
222,279 |
|
||||
Cost of product |
|
24,327 |
|
|
9,441 |
|
|
79,167 |
|
|
84,698 |
|
||||
Site operating expenses |
|
14,507 |
|
|
8,611 |
|
|
51,463 |
|
|
71,543 |
|
||||
General and administrative |
|
28,014 |
|
|
25,766 |
|
|
105,433 |
|
|
130,953 |
|
||||
Rent |
|
6,802 |
|
|
12,958 |
|
|
40,930 |
|
|
76,382 |
|
||||
Franchise rent expense |
|
31,507 |
|
|
30,328 |
|
|
127,392 |
|
|
127,203 |
|
||||
Depreciation and amortization |
|
5,330 |
|
|
9,466 |
|
|
22,713 |
|
|
36,952 |
|
||||
Long-lived asset impairment |
|
3,205 |
|
|
22,560 |
|
|
13,023 |
|
|
22,560 |
|
||||
TBG mall restructuring |
|
— |
|
|
(35 |
) |
|
— |
|
|
2,333 |
|
||||
|
|
— |
|
|
— |
|
|
— |
|
|
40,164 |
|
||||
Total operating expenses |
|
126,395 |
|
|
128,710 |
|
|
519,265 |
|
|
815,067 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Operating loss |
|
(27,265 |
) |
|
(68,567 |
) |
|
(104,152 |
) |
|
(145,338 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Other (expense) income: |
|
|
|
|
|
|
|
|
||||||||
Interest expense |
|
(3,187 |
) |
|
(2,907 |
) |
|
(13,813 |
) |
|
(7,522 |
) |
||||
Loss from sale of salon assets to franchisees |
|
(8,233 |
) |
|
(1,181 |
) |
|
(16,696 |
) |
|
(27,306 |
) |
||||
Interest income and other, net |
|
286 |
|
|
165 |
|
|
15,902 |
|
|
3,353 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations before income taxes |
|
(38,399 |
) |
|
(72,490 |
) |
|
(118,759 |
) |
|
(176,813 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Income tax benefit (expense) |
|
4,060 |
|
|
(1,164 |
) |
|
5,428 |
|
|
4,619 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations |
|
(34,339 |
) |
|
(73,654 |
) |
|
(113,331 |
) |
|
(172,194 |
) |
||||
|
|
|
|
|
|
|
|
|
||||||||
Income from discontinued operations, net of income taxes |
|
— |
|
|
79 |
|
|
— |
|
|
832 |
|
||||
|
|
|
|
|
|
|
|
|
||||||||
Net loss |
|
$ |
(34,339 |
) |
|
$ |
(73,575 |
) |
|
$ |
(113,331 |
) |
|
$ |
(171,362 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted: |
|
|
|
|
|
|
|
|
||||||||
Loss from continuing operations |
|
$ |
(0.95 |
) |
|
$ |
(2.05 |
) |
|
$ |
(3.15 |
) |
|
$ |
(4.79 |
) |
Income from discontinued operations |
|
— |
|
|
— |
|
|
— |
|
|
0.02 |
|
||||
Net loss per share:, basic and diluted (1) |
|
$ |
(0.95 |
) |
|
$ |
(2.05 |
) |
|
$ |
(3.15 |
) |
|
$ |
(4.77 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Weighted average common and common equivalent shares outstanding: |
|
|
|
|
|
|
|
|
||||||||
Basic and diluted |
|
36,038 |
|
|
35,871 |
|
|
35,956 |
|
|
35,936 |
|
||||
_______________________________________________________________________________
(1) |
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 |
||||
|
|
2021 |
|
2020 |
||
|
|
|
|
|
||
Cash flows from operating activities: |
|
|
|
|
||
Net loss |
|
$ |
(113,331) |
|
$ |
(171,362) |
Adjustments to reconcile net loss used in operating activities |
|
|
|
|
||
Non-cash adjustments related to discontinued operations |
|
— |
|
(1,098) |
||
Depreciation and amortization |
|
17,871 |
|
33,101 |
||
Salon asset impairment |
|
— |
|
3,851 |
||
Long-lived asset impairment |
|
13,023 |
|
22,560 |
||
Deferred income taxes |
|
(3,388) |
|
(3,934) |
||
Inventory reserve |
|
12,068 |
|
— |
||
Gain from disposal of distribution center assets |
|
(14,997) |
|
— |
||
Gain from sale of company headquarters, net |
|
— |
|
(2,513) |
||
Loss from sale of salon assets to franchisees, net |
|
16,696 |
|
27,306 |
||
|
|
— |
|
40,164 |
||
Stock-based compensation |
|
3,254 |
|
3,275 |
||
Amortization of debt discount and financing costs |
|
1,839 |
|
398 |
||
Other non-cash items affecting earnings |
|
(351) |
|
(539) |
||
Changes in operating assets and liabilities (1): |
|
|
|
|
||
Receivables |
|
(279) |
|
(3,902) |
||
Inventories |
|
17,879 |
|
(2,255) |
||
Income tax receivable |
|
1,295 |
|
(1,804) |
||
Other current assets |
|
1,658 |
|
2,827 |
||
Other assets |
|
(2,896) |
|
(10,094) |
||
Accounts payable |
|
(21,669) |
|
4,588 |
||
Accrued expenses |
|
5,296 |
|
(27,622) |
||
Net lease liabilities |
|
(19,248) |
|
276 |
||
Other non-current liabilities |
|
(14,603) |
|
368 |
||
Net cash used in operating activities: |
|
(99,883) |
|
(86,409) |
||
Cash flows from investing activities: |
|
|
|
|
||
Capital expenditures |
|
(11,475) |
|
(37,494) |
||
Proceeds from sale of company headquarters |
|
— |
|
8,996 |
||
Proceeds from sale of assets to franchisees |
|
8,437 |
|
91,616 |
||
Costs associated with sale of assets to franchisees |
|
(261) |
|
(2,089) |
||
Proceeds from company-owned life insurance policies |
|
1,200 |
|
— |
||
Net cash (used in) provided by investing activities: |
|
(2,099) |
|
61,029 |
||
Cash flows from financing activities: |
|
|
|
|
||
Borrowings on revolving credit facility |
|
10,000 |
|
213,000 |
||
Repayments of revolving credit facility |
|
(589) |
|
(125,500) |
||
Repurchase of common stock |
|
— |
|
(28,246) |
||
Minority interest buyout |
|
(562) |
|
— |
||
Distribution center lease payments |
|
(724) |
|
(769) |
||
Taxes paid for shares withheld |
|
(348) |
|
(2,320) |
||
Net cash provided by financing activities: |
|
7,777 |
|
56,165 |
||
Effect of exchange rate changes on cash and cash equivalents |
|
477 |
|
(284) |
||
(Decrease) increase in cash, cash equivalents and restricted cash |
|
(93,728) |
|
30,501 |
||
Cash, cash equivalents and restricted cash: |
|
|
|
|
||
Beginning of year |
|
122,880 |
|
92,379 |
||
End of year |
|
$ |
29,152 |
|
$ |
122,880 |
_______________________________________________________________________________
(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 |
|
2.4 |
% |
|
(14.0 |
)% |
|
(1.7 |
)% |
|
(17.9 |
)% |
|
(17.1 |
)% |
|
(17.7 |
)% |
Supercuts |
|
12.4 |
|
|
(10.1 |
) |
|
10.9 |
|
|
(23.1 |
) |
|
(12.6 |
) |
|
(22.5 |
) |
Portfolio Brands |
|
(0.5 |
) |
|
(14.7 |
) |
|
(2.2 |
) |
|
(16.2 |
) |
|
(13.3 |
) |
|
(15.9 |
) |
Total |
|
6.8 |
% |
|
(13.2 |
)% |
|
4.2 |
% |
|
(20.9 |
)% |
|
(14.6 |
)% |
|
(20.2 |
)% |
|
|
Twelve Months Ended |
||||||||||||||||
|
|
|
|
|
||||||||||||||
|
|
Service |
|
Retail |
|
Total |
|
Service |
|
Retail |
|
Total |
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
SmartStyle |
|
(26.1 |
)% |
|
(28.5 |
)% |
|
(26.7 |
)% |
|
(3.6 |
)% |
|
(10.1 |
)% |
|
(5.5 |
)% |
Supercuts |
|
(25.9 |
) |
|
(23.5 |
) |
|
(25.8 |
) |
|
(3.8 |
) |
|
(10.7 |
) |
|
(4.2 |
) |
Portfolio Brands |
|
(25.3 |
) |
|
(20.6 |
) |
|
(24.8 |
) |
|
(3.3 |
) |
|
(7.2 |
) |
|
(3.7 |
) |
Total |
|
(25.8 |
)% |
|
(25.5 |
)% |
|
(25.8 |
)% |
|
(3.6 |
)% |
|
(9.4 |
)% |
|
(4.4 |
)% |
_______________________________________________________________________________
(1) |
System-wide same-store sales in fiscal year 2021 are calculated as the change in sales for locations that were open on a specific day of the week during the current period and the corresponding prior period. System-wide same-store sales in fiscal year 2020 are calculated as the total change in sales for system-wide franchise and company-owned locations that were open for more than one year that were open on a specific day of the week during the current period and the corresponding prior period. For both years, 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 |
||||||
|
|
|
||||
|
|
2021 |
|
2020 |
||
|
|
|
|
|
||
FRANCHISE SALONS: |
|
|
|
|
||
SmartStyle/Cost Cutters in |
|
1,666 |
|
|
1,317 |
|
Supercuts |
|
2,386 |
|
|
2,508 |
|
Portfolio Brands (1) |
|
1,357 |
|
|
1,217 |
|
Total North American Salons |
|
5,409 |
|
|
5,042 |
|
Total International Salons (2) |
|
154 |
|
|
167 |
|
Total Franchise Salons |
|
5,563 |
|
|
5,209 |
|
as a percent of total |
|
95.3 |
% |
|
76.1 |
% |
|
|
|
|
|
||
COMPANY-OWNED SALONS: |
|
|
|
|
||
SmartStyle/Cost Cutters in |
|
91 |
|
|
751 |
|
Supercuts |
|
35 |
|
|
210 |
|
Portfolio Brands (1) |
|
107 |
|
|
505 |
|
Mall-based (3) |
|
43 |
|
|
166 |
|
|
|
276 |
|
|
1,632 |
|
as a percent of total |
|
4.7 |
% |
|
23.9 |
% |
|
|
|
|
|
||
OWNERSHIP INTEREST LOCATIONS: |
|
|
|
|
||
Equity ownership interest locations |
|
78 |
|
|
82 |
|
|
|
|
|
|
||
Grand Total, System-wide |
|
5,917 |
|
|
6,923 |
|
_______________________________________________________________________________
(1) |
Portfolio Brands was previously referred to as Signature Style. |
||
(2) |
Canadian and Puerto Rican salons are included in the North American salon totals. |
||
(3) |
The mall-based salons were acquired from TBG on |
Non-GAAP Reconciliations:
We believe our presentation of non-GAAP operating 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
- Employee litigation reserve
- Marketing impairment
- CEO transition
- Professional fees
- Severance expense
- Corporate office transition
- 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
- TBG restructuring
-
Goodwill impairment - Gain on distribution centers
-
Goodwill derecognition - TBG discontinued operations
Reconciliation Of Selected (Dollars in thousands, except per share data) |
||||||||||||||||||
Reconciliation of |
||||||||||||||||||
|
|
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
|
|
|
|
2021 |
|
2020 |
|
2021 |
|
2020 |
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
99,130 |
|
|
$ |
60,143 |
|
|
$ |
415,113 |
|
|
$ |
669,729 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
(27,265 |
) |
|
$ |
(68,567 |
) |
|
$ |
(104,152 |
) |
|
$ |
(145,338 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating expense adjustments (1) |
|
|
|
|
|
|
|
|
|
|
||||||||
Employee litigation reserve |
|
Site operating expenses |
|
— |
|
|
— |
|
|
— |
|
|
(600 |
) |
||||
Marketing impairment |
|
Site operating expenses |
|
— |
|
|
1,653 |
|
|
— |
|
|
1,653 |
|
||||
CEO transition |
|
General and administrative |
|
— |
|
|
— |
|
|
(694 |
) |
|
— |
|
||||
Professional fees |
|
General and administrative |
|
3,603 |
|
|
460 |
|
|
7,026 |
|
|
681 |
|
||||
Severance |
|
General and administrative |
|
1,606 |
|
|
1,534 |
|
|
4,545 |
|
|
9,588 |
|
||||
Corporate office transition |
|
Rent |
|
— |
|
|
100 |
|
|
— |
|
|
1,019 |
|
||||
Lease liability benefit |
|
Rent |
|
(8,727 |
) |
|
— |
|
|
(20,022 |
) |
|
— |
|
||||
Lease termination fees |
|
Rent |
|
7,020 |
|
|
— |
|
|
13,544 |
|
|
— |
|
||||
Real estate fees |
|
Rent |
|
49 |
|
|
— |
|
|
583 |
|
|
— |
|
||||
Asset retirement obligation |
|
Depreciation and amortization |
|
1,280 |
|
|
— |
|
|
4,726 |
|
|
— |
|
||||
Long-lived asset impairment |
|
Long-lived asset impairment |
|
3,205 |
|
|
22,560 |
|
|
13,023 |
|
|
22,560 |
|
||||
TBG restructuring |
|
TBG restructuring |
|
— |
|
|
(35 |
) |
|
— |
|
|
2,333 |
|
||||
|
|
|
|
— |
|
|
— |
|
|
— |
|
|
40,164 |
|
||||
Total non-GAAP operating expense adjustments |
|
|
|
8,036 |
|
|
26,272 |
|
|
22,731 |
|
|
77,398 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating loss (1) |
|
|
|
$ |
(19,229 |
) |
|
$ |
(42,295 |
) |
|
$ |
(81,421 |
) |
|
$ |
(67,940 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
$ |
(34,339 |
) |
|
$ |
(73,575 |
) |
|
$ |
(113,331 |
) |
|
$ |
(171,362 |
) |
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss adjustments: |
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP operating expense adjustments |
|
|
|
8,036 |
|
|
26,272 |
|
|
22,731 |
|
|
77,398 |
|
||||
Corporate office transition |
|
Interest income and other, net |
|
— |
|
|
— |
|
|
— |
|
|
(2,513 |
) |
||||
Gain on distribution centers |
|
Interest income and other, net |
|
(120 |
) |
|
— |
|
|
(14,997 |
) |
|
— |
|
||||
|
|
Interest income and other, net |
|
— |
|
|
— |
|
|
— |
|
|
76,966 |
|
||||
Income tax impact on Non-GAAP adjustments (2) |
|
Income taxes |
|
(77 |
) |
|
11,171 |
|
|
(75 |
) |
|
(1,371 |
) |
||||
TBG discontinued operations, net of income tax |
|
Loss from discontinued operations, net of tax |
|
— |
|
|
(79 |
) |
|
— |
|
|
(832 |
) |
||||
Total non-GAAP net loss adjustments |
|
|
|
7,839 |
|
|
37,364 |
|
|
7,659 |
|
|
149,648 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
Non-GAAP net loss |
|
|
|
$ |
(26,500 |
) |
|
$ |
(36,211 |
) |
|
$ |
(105,672 |
) |
|
$ |
(21,714 |
) |
_______________________________________________________________________________
(1) |
Adjusted operating margins for the three months ended |
||
(2) |
Based on projected statutory effective tax rate analyses, the non-GAAP tax provision was calculated to be approximately |
Reconciliation Of Selected (Dollars in thousands, except per share data) |
||||||||||||||||
Reconciliation of |
||||||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
|||||||||||||
|
2021 |
|
2020 |
|
2021 |
|
2020 |
|||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
$ |
(0.953 |
) |
|
$ |
(2.051 |
) |
|
$ |
(3.152 |
) |
|
$ |
(4.769 |
) |
Employee litigation reserve (1) |
|
— |
|
|
— |
|
|
— |
|
|
(0.013 |
) |
||||
Marketing impairment (1) |
|
— |
|
|
0.036 |
|
|
— |
|
|
0.036 |
|
||||
CEO transition (1) |
|
— |
|
|
— |
|
|
(0.019 |
) |
|
— |
|
||||
Professional fees (1) |
|
0.100 |
|
|
0.010 |
|
|
0.192 |
|
|
0.015 |
|
||||
Severance (1) |
|
0.044 |
|
|
0.034 |
|
|
0.125 |
|
|
0.208 |
|
||||
Corporate office transition (1) |
|
— |
|
|
— |
|
|
— |
|
|
(0.033 |
) |
||||
Lease liability benefit (1) |
|
(0.240 |
) |
|
— |
|
|
(0.550 |
) |
|
— |
|
||||
Lease termination fees (1) |
|
0.193 |
|
|
— |
|
|
0.373 |
|
|
— |
|
||||
Real estate fees (1) |
|
0.001 |
|
|
— |
|
|
0.016 |
|
|
— |
|
||||
Asset retirement obligation (1) |
|
0.035 |
|
|
— |
|
|
0.130 |
|
|
— |
|
||||
Long-lived asset impairment (1) |
|
0.088 |
|
|
0.492 |
|
|
0.359 |
|
|
0.490 |
|
||||
TBG restructuring (1) |
|
— |
|
|
(0.001 |
) |
|
— |
|
|
0.050 |
|
||||
|
|
— |
|
|
— |
|
|
— |
|
|
0.872 |
|
||||
|
|
— |
|
|
— |
|
|
— |
|
|
1.671 |
|
||||
Gain on distribution centers (1) |
|
(0.003 |
) |
|
— |
|
|
(0.413 |
) |
|
— |
|
||||
TBG discontinued operations, net of tax |
|
— |
|
|
(0.002 |
) |
|
— |
|
|
(0.023 |
) |
||||
CARES Act |
|
— |
|
|
— |
|
|
— |
|
|
0.408 |
|
||||
Tax asset valuation |
|
— |
|
|
0.473 |
|
|
— |
|
|
0.484 |
|
||||
Impact of change in weighted average shares (3) |
|
— |
|
|
— |
|
|
— |
|
|
— |
|
||||
Non-GAAP net loss per diluted share (2) (3) |
|
$ |
(0.735 |
) |
|
$ |
(1.009 |
) |
|
$ |
(2.939 |
) |
|
$ |
(0.604 |
) |
|
|
|
|
|
|
|
|
|
||||||||
|
|
36,038 |
|
|
35,871 |
|
|
35,956 |
|
|
35,936 |
|
||||
Non-GAAP Weighted average shares - diluted (2) |
|
36,038 |
|
|
35,871 |
|
|
35,956 |
|
|
35,936 |
|
||||
_______________________________________________________________________________
(1) |
Based on projected statutory effective tax rate analyses, the non-GAAP tax provision was calculated to be approximately |
||
(2) |
Total is a recalculation; line items calculated individually may not sum to total due to rounding. |
||
(3) |
Non-GAAP net loss per share reflects the weighted average shares associated with non-GAAP net loss, which includes the dilutive effect of common stock equivalents. The impact of the adjustments described above result in the impact of the common stock equivalents to be dilutive to the non-GAAP net loss per share. For the three months and twelve months ended |
|
Reconciliation Of Reported |
(Dollars in thousands) |
(Unaudited) |
Adjusted EBITDA |
EBITDA represents |
|
|
Three Months Ended |
||||||||||||||
|
|
Franchise |
|
Company-owned |
|
Corporate |
|
Consolidated (1) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated reported net income (loss), as reported ( |
|
$ |
11,917 |
|
|
$ |
(19,292 |
) |
|
$ |
(26,964 |
) |
|
$ |
(34,339 |
) |
Interest expense, as reported |
|
— |
|
|
— |
|
|
3,187 |
|
|
3,187 |
|
||||
Income taxes, as reported |
|
— |
|
|
— |
|
|
(4,060 |
) |
|
(4,060 |
) |
||||
Depreciation and amortization, as reported |
|
153 |
|
|
3,651 |
|
|
1,526 |
|
|
5,330 |
|
||||
Long-lived asset impairment, as reported |
|
— |
|
|
3,205 |
|
|
— |
|
|
3,205 |
|
||||
EBITDA (as defined above) |
|
$ |
12,070 |
|
|
$ |
(12,436 |
) |
|
$ |
(26,311 |
) |
|
$ |
(26,677 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Professional fees |
|
— |
|
|
— |
|
|
3,603 |
|
|
3,603 |
|
||||
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 |
) |
||||
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
11,272 |
|
|
$ |
(13,296 |
) |
|
$ |
(21,222 |
) |
|
$ |
(23,246 |
) |
|
|
Three Months Ended |
||||||||||||||
|
|
Franchise |
|
Company-owned |
|
Corporate |
|
Consolidated (1) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated reported net loss, as reported ( |
|
$ |
(531 |
) |
|
$ |
(49,763 |
) |
|
$ |
(23,281 |
) |
|
$ |
(73,575 |
) |
Interest expense, as reported |
|
— |
|
|
— |
|
|
2,907 |
|
|
2,907 |
|
||||
Income taxes, as reported |
|
— |
|
|
— |
|
|
1,164 |
|
|
1,164 |
|
||||
Depreciation and amortization, as reported |
|
260 |
|
|
7,269 |
|
|
1,937 |
|
|
9,466 |
|
||||
Long-lived asset impairment, as reported |
|
1,712 |
|
|
20,848 |
|
|
— |
|
|
22,560 |
|
||||
EBITDA (as defined above) |
|
$ |
1,441 |
|
|
$ |
(21,646 |
) |
|
$ |
(17,273 |
) |
|
$ |
(37,478 |
) |
|
|
|
|
|
|
|
|
|
||||||||
Professional fees |
|
— |
|
|
— |
|
|
460 |
|
|
460 |
|
||||
Severance |
|
— |
|
|
— |
|
|
1,534 |
|
|
1,534 |
|
||||
Corporate office transition |
|
— |
|
|
— |
|
|
100 |
|
|
100 |
|
||||
TBG restructuring |
|
(35 |
) |
|
— |
|
|
— |
|
|
(35 |
) |
||||
Marketing impairment |
|
— |
|
|
— |
|
|
1,653 |
|
|
1,653 |
|
||||
TBG discontinued operations, net of tax |
|
— |
|
|
— |
|
|
(79 |
) |
|
(79 |
) |
||||
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
1,406 |
|
|
$ |
(21,646 |
) |
|
$ |
(13,605 |
) |
|
$ |
(33,845 |
) |
_______________________________________________________________________________
(1) |
Consolidated EBITDA margins for the three months ended |
|
|
Twelve Months Ended |
||||||||||||||
|
|
Franchise |
|
Company-owned |
|
Corporate |
|
Consolidated (1) |
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Consolidated reported net income (loss), as reported ( |
|
$ |
40,652 |
|
|
$ |
(70,032 |
) |
|
$ |
(83,951 |
) |
|
$ |
(113,331 |
) |
Interest expense, as reported |
|
— |
|
|
— |
|
|
13,813 |
|
|
13,813 |
|
||||
Income taxes, as reported |
|
— |
|
|
— |
|
|
(5,428 |
) |
|
(5,428 |
) |
||||
Depreciation and amortization, as reported |
|
1,049 |
|
|
14,730 |
|
|
6,934 |
|
|
22,713 |
|
||||
Long-lived asset impairment, as reported |
|
726 |
|
|
12,297 |
|
|
— |
|
|
13,023 |
|
||||
EBITDA (as defined above) |
|
$ |
42,427 |
|
|
$ |
(43,005 |
) |
|
$ |
(68,632 |
) |
|
$ |
(69,210 |
) |
|
|
|
|
|
|
|
|
|
||||||||
CEO transition |
|
— |
|
|
— |
|
|
(694 |
) |
|
(694 |
) |
||||
Professional fees |
|
— |
|
|
— |
|
|
7,026 |
|
|
7,026 |
|
||||
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 |
) |
||||
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
41,024 |
|
|
$ |
(47,497 |
) |
|
$ |
(72,752 |
) |
|
$ |
(79,225 |
) |
|
|
Twelve Months Ended |
|||||||||||||
|
|
Franchise |
|
Company-owned |
|
Corporate |
|
Consolidated (1) |
|||||||
|
|
|
|
|
|
|
|
|
|||||||
Consolidated reported net income (loss), as reported ( |
|
$ |
32,886 |
|
$ |
(96,128 |
) |
|
$ |
(108,120 |
) |
|
$ |
(171,362 |
) |
Interest expense, as reported |
|
— |
|
— |
|
|
7,522 |
|
|
7,522 |
|
||||
Income taxes, as reported |
|
— |
|
— |
|
|
(4,619 |
) |
|
(4,619 |
) |
||||
Depreciation and amortization, as reported |
|
922 |
|
29,113 |
|
|
6,917 |
|
|
36,952 |
|
||||
Long-lived asset impairment, as reported |
|
1,712 |
|
20,848 |
|
|
— |
|
|
22,560 |
|
||||
EBITDA (as defined above) |
|
$ |
35,520 |
|
$ |
(46,167 |
) |
|
$ |
(98,300 |
) |
|
$ |
(108,947 |
) |
|
|
|
|
|
|
|
|
|
|||||||
Employee litigation reserve |
|
— |
|
(600 |
) |
|
— |
|
|
(600 |
) |
||||
Marketing impairment |
|
— |
|
— |
|
|
1,653 |
|
|
1,653 |
|
||||
Professional fees |
|
— |
|
— |
|
|
681 |
|
|
681 |
|
||||
Severance |
|
— |
|
— |
|
|
9,588 |
|
|
9,588 |
|
||||
Corporate office transition |
|
— |
|
— |
|
|
(1,494 |
) |
|
(1,494 |
) |
||||
TBG restructuring |
|
2,333 |
|
— |
|
|
— |
|
|
2,333 |
|
||||
|
|
— |
|
40,164 |
|
|
— |
|
|
40,164 |
|
||||
|
|
— |
|
— |
|
|
76,966 |
|
|
76,966 |
|
||||
TBG discontinued operations, net of tax |
|
— |
|
— |
|
|
(832 |
) |
|
(832 |
) |
||||
Adjusted EBITDA, non-GAAP financial measure |
|
$ |
37,853 |
|
$ |
(6,603 |
) |
|
$ |
(11,738 |
) |
|
$ |
19,512 |
|
_______________________________________________________________________________
(1) |
Consolidated EBITDA margins for the twelve months ended |
Reconciliation Of Reported Franchise EBITDA As A Percent Of To EBITDA As A Percent Of Adjusted Revenue (Dollars in thousands) (Unaudited) |
||||||||
|
Three Months Ended |
|||||||
|
|
2021 |
|
2020 |
||||
|
|
|
|
|
||||
As Adjusted EBITDA |
|
$ |
11,272 |
|
|
$ |
1,406 |
|
|
|
73,813 |
|
|
44,802 |
|
||
As Adjusted EBITDA as a % of |
|
15.3 |
% |
|
3.1 |
% |
||
Non-margin revenue adjustments: |
|
|
|
|
||||
Franchise rental income |
|
(31,507 |
) |
|
(30,328 |
) |
||
Ad fund revenue |
|
(7,218 |
) |
|
— |
|
||
Adjusted revenue |
|
$ |
35,088 |
|
|
$ |
14,474 |
|
As Adjusted EBITDA as a percent of adjusted revenue (1) |
|
32.1 |
% |
|
9.7 |
% |
||
|
Twelve Months Ended |
|||||||
|
|
2021 |
|
2020 |
||||
|
|
|
|
|
||||
As Adjusted EBITDA |
|
$ |
41,024 |
|
|
$ |
37,853 |
|
|
|
272,148 |
|
|
253,026 |
|
||
As Adjusted EBITDA as a % of |
|
15.1 |
% |
|
15.0 |
% |
||
Non-margin revenue adjustments: |
|
|
|
|
||||
Franchise rental income |
|
(127,392 |
) |
|
(127,203 |
) |
||
Ad fund revenue |
|
(22,023 |
) |
|
(13,341 |
) |
||
TBG product sales |
|
— |
|
|
(2,010 |
) |
||
Adjusted revenue |
|
$ |
122,733 |
|
|
$ |
110,472 |
|
As Adjusted EBITDA as a percent of adjusted revenue (1) |
|
33.4 |
% |
|
34.3 |
% |
||
_______________________________________________________________________________
(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/20210825005828/en/
investorrelations@regiscorp.com
Source:
FAQ
What were Regis Corporation's Q4 2021 financial results?
How did Regis Corporation's same-store sales perform in Q4 2021?
What is the adjusted EBITDA for Regis Corporation in Q4 2021?
How many salons did Regis Corporation close during the fiscal year?
What is the future outlook for Regis Corporation following the recent changes?
