0000716643-19-000019.txt : 20190430 0000716643-19-000019.hdr.sgml : 20190430 20190430060922 ACCESSION NUMBER: 0000716643-19-000019 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 4 CONFORMED PERIOD OF REPORT: 20190430 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20190430 DATE AS OF CHANGE: 20190430 FILER: COMPANY DATA: COMPANY CONFORMED NAME: REGIS CORP CENTRAL INDEX KEY: 0000716643 STANDARD INDUSTRIAL CLASSIFICATION: SERVICES-PERSONAL SERVICES [7200] IRS NUMBER: 410749934 STATE OF INCORPORATION: MN FISCAL YEAR END: 0630 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-12725 FILM NUMBER: 19778247 BUSINESS ADDRESS: STREET 1: 7201 METRO BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55439 BUSINESS PHONE: 9529477777 MAIL ADDRESS: STREET 1: 7201 METRO BLVD CITY: MINNEAPOLIS STATE: MN ZIP: 55439 8-K 1 a8-k33119.htm 8-K Document


 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
FORM 8-K
 
CURRENT REPORT
 
Pursuant to section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of Report (Date of earliest event reported): April 30, 2019
 
REGIS CORPORATION
(Exact name of registrant as specified in its charter)
 
Minnesota
 
1-12725
 
41-0749934
(State or other jurisdiction of incorporation)
 
(Commission File Number)
 
(IRS Employer Identification No)
 
7201 Metro Boulevard
Minneapolis, MN 55439
(Address of principal executive offices and zip code)
 
(952) 947-7777
(Registrant’s telephone number, including area code)
 
(Not applicable)
(Former name or former address, if changed from last report.)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company  o

If an emerging growth company, indicate by check mark if the registrant has 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.  o
 




Regis Corporation

Current Report on Form 8-K
 
ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.
 
On April 30, 2019, Regis Corporation announced the financial results for its fiscal third quarter ended March 31, 2019.  A copy of the News Release issued by Regis Corporation in connection with this Item 2.02 is attached as Exhibit No. 99 and incorporated by reference herein.
 
The information in this Form 8-K shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934 or otherwise subject to the liabilities of that Section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933 or the Securities Exchange Act of 1934, regardless of any general incorporation language in such filing.
 
ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.
 
(d) Exhibits.
 
 
 
 
 
EXHIBIT
NUMBER
 
 
 
 
 
99
 





SIGNATURE
 
Pursuant to the requirements of the Securities and Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
 
 
 
 
 
 
 
REGIS CORPORATION
 
 
 
 
 
 
Dated: April 30, 2019
 
By:
/s/ Amanda P. Rusin
 
 
 
Name: Amanda P. Rusin, Title: Secretary



 EX-99 2 a3312019pressrelease.htm EXHIBIT 99 Exhibit
 
Exhibit No. 99
headerer33119.jpg
 

REGIS REPORTS THIRD QUARTER 2019 OPERATING RESULTS AND THE CONTINUED GROWTH OF ITS FRANCHISE PORTFOLIO DURING THE PERIOD

The Company Recorded The Profitable Sale And Conversion Of An Additional 245 Company Owned Salons To Its Asset-Light Franchise Portfolio During The Quarter; Year-To-Date, The Company Has Profitably Sold And Converted 502 Company Owned Salons To Its Franchise Portfolio

Third Quarter EBITDA Loss Of $1.4 Million Is $6.4 Million Unfavorable Year-Over-Year Including Gains From The Sale of Salons To Franchisees And A $20.7 Million Non-Cash Restructuring Charge; Year-To-Date EBITDA Of $25.3 Million Is $43.9 Million, Or 236.4% Favorable Year-Over-Year Including Gains From The Sale Of Salons To Franchisees And A Non-Cash Restructuring Charge

Third Quarter Adjusted EBITDA Of $37.2 Million Is $18.0 Million, Or 93.7% Favorable Year-Over-Year Including Gains From The Sale Of Salons To Franchisees; Year-To-Date Adjusted EBITDA Of $82.9 Million Is $24.8 Million, Or 42.7% Favorable Year-Over-Year Including Gains From The Sale Of Salons To Franchisees

The Company Repurchased 2.1M Shares, Or Approximately 5% Of Its Total Common Stock In The Quarter
 
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
(Dollars in thousands)
 
2019
 
2018 (1)
 
2019
 
2018 (1)
Consolidated Revenue
 
$258,343
 
$305,783
 
$820,849
 
$935,096
System-wide Revenue
 
$437,547
 
$448,089
 
$1,302,217
 
$1,308,200
 
 
 
 
 
 
 
 
 
System-wide Same-Store Sales Comps
 
(2.4
)%
 
2.2
%
 
(0.5
)%
 
1.1
 %
System-wide Same-Store Sales Comps, excluding TBG mall locations (3)
 
(2.0
)%
 
NA

 
(0.1
)%
 
NA

Company-owned Same-Store Sales Comps
 
(2.5
)%
 
1.6
%
 
(0.4
)%
 
0.4
 %
Franchise Same-Store Sales Comps, excluding TBG mall locations (3)
 
(1.3
)%
 
NA

 
0.4
 %
 
NA

Franchise Same-Store Sales Comps
 
(2.2
)%
 
3.3
%
 
(0.5
)%
 
2.5
 %
 
 
 
 
 
 
 
 
 
Operating (Loss) Income
 
$(22,162)
 
$4,339
 
$(20,284)
 
$(18,540)
Net (Loss) Income From Continuing Operations
 
$(14,811)
 
$3,585
 
$(14,857)
 
$54,122
Diluted (Loss) Earnings per Share From Continuing Operations
 
$(0.37)
 
$0.08
 
$(0.35)
 
$1.15
EBITDA (4)
 
$(1,401)
 
$5,024
 
$25,322
 
$(18,560)
   as a percent of revenue
 
(0.5
)%
 
1.6
%
 
3.1
 %
 
(2.0
)%
 
 
 
 
 
 
 
 
 
As Adjusted (2)
 
 
 
 
 
 
 
 
Consolidated Revenue, as Adjusted
 
$258,343
 
$303,722
 
$820,849
 
$933,035
Net Income, as Adjusted
 
$15,404
 
$8,695
 
$34,760
 
$13,747
Diluted Earnings per Share, as Adjusted
 
$0.37
 
$0.18
 
$0.79
 
$0.29
EBITDA, as Adjusted (4)
 
$37,158
 
$19,180
 
$82,907
 
$58,102
   as a percent of revenue, as Adjusted
 
14.4
 %
 
6.3
%
 
10.1
 %
 
6.2
 %
____________________________________
(1)    Amounts for fiscal year 2018 have been adjusted to account for the adoption of "ASC 606 - Revenue From Contracts With Customers."
(2)    See GAAP to non-GAAP reconciliations, within the attached section titled "Non-GAAP Reconciliations".
(3)    Same-store sales include salons that have been a franchise location for more than one year, therefore TBG is not included in 2018
same-store sales.
(4)     See GAAP to non-GAAP reconciliations, within the attached section titled "Non-GAAP Reconciliations" for a reconciliation of
EBITDA to Adjusted EBITDA

footer1q3fy19.jpg

MINNEAPOLIS, April 30, 2019 -- Regis Corporation (NYSE: RGS), a leader in the haircare industry, whose primary business is franchising, owning and operating hair salons, today reported a third quarter 2019 net loss from continuing operations of $14.8 million, or $0.37 per diluted share as compared to net income from continuing operations of $3.6 million, or $0.08 per diluted share in the third quarter of 2018. The Company’s reported results include $15.9 million of non-cash goodwill derecognition associated with the sale of 245 salons to franchisees, $20.7 million of TBG mall location non-cash restructuring costs and $2.1 million of other discrete costs, partially offset by $8.5 million of related tax benefits. Excluding discrete items, and the income from discontinued operations, the Company reported third quarter 2019 as adjusted net income of $15.4 million, or $0.37 earnings per diluted share versus adjusted net income of $8.7 million, or $0.18 earnings per diluted share, for the same period last year.
Total revenue in the quarter of $258.3 million decreased $47.4 million, or 15.5%, year-over-year driven primarily by the net closure of 117 salons and the conversion of 635 company-owned salons to the Company's asset-light franchise portfolio over the past 12 months and a 250 basis point decline in company-owned same-store sales. The Company estimates that the shift of the lead up to the Easter holiday into the fourth quarter this fiscal year negatively impacted third quarter company-owned same store sales by approximately 90 basis points. In addition, prior year same-store-sales included 70 basis points of one-time discounted close-out product sales as part of the closure of 597 non-performing SmartStyle salons. Excluding the lead up to the Easter holiday shift and the one-time SmartStyle impact in the prior year, the Company estimates that company-owned same-store sales declined approximately 90 basis points during the quarter. The negative company-owned same-store sales performance was the result of a 6.1% decline in year-over-year transactions, partially offset by a 3.6% increase in ticket. These reductions were partially offset by revenue growth in the Company's Franchise segment.
Third quarter adjusted EBITDA of $37.2 million was $18.0 million, or 93.7% favorable versus the same period last year. Excluding the $27.4 million and $1.4 million gain from the sale of company-owned salons during the current and prior year quarter, respectively, adjusted EBITDA of $9.7 million was $8.0 million, or 45.2% unfavorable versus the same period last year driven primarily by the elimination of EBITDA that had been generated in the prior year period from the 635 company-owned salons that were profitably sold and converted to the Company’s asset-light franchise portfolio over the past 12 months.
On a full year basis, adjusted EBITDA of $82.9 million was $24.8 million, or 42.7% favorable versus the same period last year. Excluding the $43.9 million and $2.0 million gain from the sale of company-owned salons during the current and prior year, respectively, adjusted EBITDA of $39.0 million was $17.1 million, or 30.5% unfavorable versus the same period last year driven primarily by the elimination of EBITDA that had been generated in the prior year period from the 635 company-owned salons that were profitably sold and converted to the Company’s asset-light franchise portfolio over the past 12 months.
Hugh Sawyer, President and Chief Executive Officer, commented, "We remain focused on the ongoing transformation of our business and maximizing shareholder value. Among other items, this includes initiatives underway in technology, marketing and advertising, merchandise, data science, stylist recruiting and training, real estate and new capabilities to establish frictionless relationships with customers and franchisees. As in prior quarters, the gains generated from the sale and conversion of our company-owned salons met our financial objectives for these transactions” Mr. Sawyer added, “Given our success, we expect to consider additional opportunities to franchise company-owned salons in circumstances where we believe it will add to shareholder value and support an evolving strategy for our business."




Third Quarter Segment Results
Company-Owned Salons
 
 
Three Months Ended March 31,
 
(Decrease)
 
Nine Months Ended March 31,
 
(Decrease)
(Dollars in millions) (1)
 
2019
 
2018 (2)
 
 
2019
 
2018 (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total Revenue, as Adjusted
 
$
221.2

 
$
269.9

 
(18.0
)%
 
$
705.3

 
$
838.8

 
(15.9
)%
Company-owned Same-Store Sales Comps
 
(2.5
)%
 
1.6
%
 
(410) bps

 
(0.4
)%
 
0.4
%
 
(80) bps

 Year-over-Year Ticket change
 
3.6
 %
 
 
 
 
 
4.4
 %
 
 
 
 
 Year-over-Year Transaction (3) change
 
(6.1
)%
 
 
 
 
 
(4.8
)%
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Gross Profit, as Adjusted(4)
 
89.6

 
115.3

 
(22.3
)%
 
295.6

 
357.6

 
(17.4
)%
   as a percent of revenue, as adjusted
 
40.5
 %
 
42.7
%
 
(220) bps

 
41.9
 %
 
42.6
%
 
(70) bps

 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA, as Adjusted
 
17.2

 
28.8

 
(40.2
)%
 
66.1

 
88.8

 
(25.5
)%
   as a percent of revenue
 
7.8
 %
 
10.7
%
 
(290) bps

 
9.4
 %
 
10.6
%
 
(120) bps

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Company-owned Salons
 
3,376

 
4,128

 
(18.2
)%
 
 
 
 
 
 
as a percent of total Company-owned and Franchise salons
 
43.6
 %
 
50.7
%
 
(710) bps

 
 
 
 
 
 
____________________________________
(1)
Variances calculated on amounts shown in millions may result in rounding differences.
(2)
Amounts for fiscal year 2018 have been recast to account for the adoption of "ASC 606 - Revenue From Contracts With Customers."
(3)
Defined as total transactions and is what the Company had historically referred to as Traffic
(4)
Gross profit, as Adjusted, excludes depreciation and amortization.

Third quarter revenue, as adjusted, for the Company-owned salon segment decreased $48.7 million, or 18.0%, versus the prior year to $221.2 million. The year-over-year decline in revenue was driven by the decrease of 635 salons profitably sold and converted to the Company's asset-light franchise portfolio over the past 12 months, the closure of 117 unprofitable salons over the past 12 months and by a decline in Company-owned same-store sales of 2.5%. The year-over-year decline in company-owned same store sales was driven by a 6.1% decrease in transactions, partially related to the shift of the lead up to the Easter holiday into the fourth quarter this year, partially offset by a 3.6% increase in average ticket.
Third quarter adjusted EBITDA of $17.2 million decreased $11.6 million, or 40.2% versus the same period last year driven primarily by the elimination of EBITDA that had been generated in the prior year period from the 635 company-owned salons that were profitably sold and converted to the Company's asset-light franchise portfolio over the past 12 months and strategic investments in marketing and advertising, including the support of the Company's Supercuts MLB sponsorship partially offset by management initiatives.




Franchise
 
 
Three Months Ended March 31,
 
Increase
 
Nine Months Ended March 31,
 
Increase (Decrease)
(Dollars in millions) (1)
 
2019
 
2018 (2)
 
 
2019
 
2018 (2)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue
 
 
 
 
 
 
 
 
 
 
 
 
    Product
 
$
10.6

 
$
8.4

 
26.4
 %
 
$
31.3

 
$
24.8

 
26.3
%
    Product sold to TBG mall locations
 
3.7

 
6.5

 
(42.9
)%
 
16.5

 
12.9

 
27.5
%
    Total product
 
$
14.3

 
$
14.9

 
(4.0
)%
 
$
47.8

 
$
37.7

 
26.7
%
    Royalties and fees
 
22.8

 
18.9

 
20.8
 %
 
67.8

 
56.5

 
20.0
%
Total Revenue
 
$
37.1

 
$
33.8

 
9.8
 %
 
$
115.6

 
$
94.2

 
22.7
%
Franchise Same-Store Sales Comps, excluding TBG mall locations (3)
 
(1.3
)%
 
NA

 
 
 
0.4
 %
 
NA

 
 
Franchise Same-Store Sales Comps
 
(2.2
)%
 
3.3
%
 
(550 bps)

 
(0.5
)%
 
2.5
%
 
(300 bps)

 
 
 
 
 
 
 
 
 
 
 
 
 
EBITDA, as Adjusted
 
9.8

 
8.6

 
13.5
 %
 
28.1

 
25.7

 
9.2
%
   as a percent of revenue
 
26.3
 %
 
25.5
%
 
80 bps

 
24.3
 %
 
27.3
%
 
(300) bps

 
 
 
 
 
 
 
 
 
 
 
 
 
Total Franchise Salons
 
4,375

 
4,012

 
9.0
 %
 
 
 
 
 
 
as a percent of total Company-owned and Franchise salons
 
56.4
 %
 
49.3
%
 
710 bps

 
 
 
 
 
 
____________________________________
(1)
Variances calculated on amounts shown in millions may result in rounding differences.
(2)
Amounts for fiscal year 2018 have been recast to account for the adoption of "ASC 606 - Revenue From Contracts With Customers."
(3)
Same-store sales include salons that have been a franchise location for more than one year, therefore TBG is not included in 2018 same-store sales.
Third quarter Franchise revenue was $37.1 million, a $3.3 million, or 9.8% increase compared to the prior year quarter. Royalties and fees were $22.8 million, a $3.9 million, or 20.8% increase versus the same period last year. Royalties and fees increased due to increased franchise salon counts. Product sales to franchisees of $14.3 million decreased $0.6 million versus the same period last year driven primarily by lower sales to TBG, partially offset by increased franchise salon counts.
Franchise adjusted EBITDA of $9.8 million improved $1.2 million, or 13.5% year-over-year primarily driven by the increase in salon counts, partially offset by planned strategic G&A investments to enhance the Company's franchisor capabilities and support the increased volume and cadence of transactions and conversions into the Franchise portfolio along with a decrease in margins on product sold to franchisees.
Other Company Updates
Adoption of New Accounting Standard
On July 1, 2018, the Company adopted amended revenue recognition guidance. For comparability the Company has adjusted prior reporting periods, including the three and nine months ended March 31, 2018. As a result, future financial statements will be comparable to the prior year results, but they will not be comparable to the financial results issued previously.





Other Key Events

•
The Company repurchased 2,100,000 common shares, which is approximately 5% of its total common stock, at an average price of $18.47 per share for a total of $37.9 million.
•
The Company profitably sold and transferred 245 Company-owned salons to its asset-light franchise portfolio. The impact of these transactions is as follows:
 
 
Three Months Ended 
 March 31,
 
Increase
 
Nine Months Ended 
March 31,
 
(Decrease) Increase
(Dollars in thousands)
 
2019
 
2018
 
 
2019
 
2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Salons sold to franchisees (1)
 
245

 
126

 
119

 
502

 
1,437

 
(935
)
Cash proceeds received in quarter
 
$
30,569

 
$
2,924

 
$
27,645

 
$
54,619

 
$
5,620

 
$
48,999

 
 
 
 
 
 
 
 
 
 
 
 
 
Gain on sale of venditions, excluding goodwill derecognition
 
$
27,421

 
$
1,409

 
$
26,012

 
$
43,922

 
$
1,969

 
$
41,953

Non-cash goodwill derecognition
 
(15,932
)
 
(1,172
)
 
14,760

 
(33,528
)
 
(1,714
)
 
31,814

Gain from sale of salon assets to franchisees, net
 
$
11,489

 
$
237

 
$
11,252

 
$
10,394

 
$
255

 
$
10,139

____________________________________
(1)
In October 2017, the Company sold substantially all of its mall-based salon business in North America, representing
858 salons, and substantially all of its International segment, representing approximately 250 salons in the UK, to The Beautiful Group (TBG). No cash proceeds were recorded as part of the transaction with TBG.





Transformational Strategy Update

The Company continued to make progress during the quarter implementing elements of its transformational strategy which includes among other initiatives:
•
The appointment of Mr. James Townsend as Executive Vice President and Chief Marketing Officer
•
Accelerating the growth of the Company's asset-light franchise portfolio where it believes it will add to shareholder value and support an evolving strategy for the business
•
The elimination of non-core, non-essential G&A
•
Investments in technology to establish a frictionless relationship with customers, franchisees and stylists
•
Additional franchisor capabilities and services
•
Trend-driven merchandise offerings
•
Differentiated digital advertising and the Company's MLB relationship
•
Customer data and analytics
•
Stylist recruiting and training

Non-GAAP reconciliations:
For GAAP to non-GAAP reconciliations, please refer to 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
Regis Corporation will host a conference call via webcast discussing third quarter results today, April 30, 2019, at 9 a.m., Central time. Interested parties are invited to participate in the live webcast by logging on to www.regiscorp.com or participate via telephone by dialing (800) 667-5617 and entering access code 6867095. A replay of the presentation will be available later that day. The replay phone number is (888) 203-1112, access code 6867095.




About Regis Corporation
Regis Corporation (NYSE:RGS) is a leader in beauty salons and cosmetology education. As of March 31, 2019, the Company owned, franchised or held ownership interests in 7,838 worldwide locations. Regis’ corporate and franchised locations operate under concepts such as Supercuts®, SmartStyle®, MasterCuts®, Regis Salons®, Sassoon®, Cost Cutters®, Roosters® and First Choice Haircutters®. Regis maintains an ownership interest in Empire Education Group in the U.S. For additional information about the Company, including a reconciliation of certain non-GAAP financial information and certain supplemental financial information, please visit the Investor Information section of the corporate website at www.regiscorp.com. To join Regis Corporation’s email alert list, click on this link:
http://www.b2i.us/irpass.asp?BzID=913&to=ea&Nav=1&S=0&L=1

CONTACT: REGIS CORPORATION:
Andrew Lacko
952-918-4175
investorrelations@regiscorp.com

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 the continued ability of the Company to implement its strategy, priorities and initiatives; our ability to attract, train and retain talented stylists; financial performance of our franchisees; acceleration of sale of certain salons to franchisees; The Beautiful Group's ability to transition and operate its salons successfully, as well as maintain adequate working capital; the ability of the Company to maintain a satisfactory relationship with Walmart; marketing efforts to drive traffic; changes in regulatory and statutory laws including increases in minimum wages; our ability to maintain and enhance the value of our brands; premature termination of agreements with our franchisees; our ability to manage cyber threats and protect the security of sensitive information about our guests, employees, vendors or Company information; reliance on information technology systems; reliance on external vendors; competition within the personal hair care industry; changes in tax exposure; changes in healthcare; changes in interest rates and foreign currency exchange rates; failure to standardize operating processes across brands; consumer shopping trends and changes in manufacturer distribution channels; financial performance of Empire Education Group; the continued ability of the Company to implement cost reduction initiatives; compliance with debt covenants; changes in economic conditions; changes in consumer tastes and fashion trends; exposure to uninsured or unidentified risks; ability to attract and retain key management personnel; reliance on our management team and other key personnel or other factors not listed above. Additional information concerning potential factors that could affect future financial results is set forth in the Company’s Annual Report on Form 10-K for the year ended June 30, 2018. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made in our subsequent annual and periodic reports filed or furnished with the SEC on Forms 10-K, 10-Q and 8-K and Proxy Statements on Schedule 14A.




REGIS CORPORATION
CONDENSED CONSOLIDATED BALANCE SHEET (Unaudited)
(Dollars in thousands, except share data)
 
 
 
March 31,
2019
 
June 30,
2018
ASSETS
 
 

 
 

Current assets:
 
 

 
 

Cash and cash equivalents
 
$
71,146

 
$
110,399

Receivables, net
 
33,737

 
52,430

Inventories
 
90,869

 
79,363

Other current assets
 
32,386

 
47,867

Total current assets
 
228,138

 
290,059

 
 
 
 
 
Property and equipment, net
 
83,629

 
99,288

Goodwill
 
378,560

 
412,643

Other intangibles, net
 
9,346

 
10,557

Other assets
 
32,768

 
37,616

Non-current assets held for sale
 
6,529

 
6,572

Total assets
 
$
738,970

 
$
856,735

 
 
 
 
 
LIABILITIES AND SHAREHOLDERS’ EQUITY
 
 

 
 

Current liabilities:
 
 

 
 

Accounts payable
 
$
57,021

 
$
57,738

Accrued expenses
 
83,490

 
100,716

Total current liabilities
 
140,511

 
158,454

 
 
 
 
 
Long-term debt
 
90,000

 
90,000

Long-term lease liability
 
17,505

 
—

Other noncurrent liabilities
 
115,144

 
121,843

Total liabilities
 
363,160

 
370,297

Commitments and contingencies
 
 
 
 
Shareholders’ equity:
 
 

 
 

Common stock, $0.05 par value; issued and outstanding 39,433,124 and 45,258,571 common shares at March 31, 2019 and June 30, 2018 respectively
 
1,972

 
2,263

Additional paid-in capital
 
93,515

 
194,436

Accumulated other comprehensive income
 
9,050

 
9,656

Retained earnings
 
271,273

 
280,083

 
 
 
 
 
Total shareholders’ equity
 
375,810

 
486,438

 
 
 
 
 
Total liabilities and shareholders’ equity
 
$
738,970

 
$
856,735




– more –











REGIS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS (Unaudited)
For The Three and Nine Months Ended March 31, 2019 and 2018
(Dollars and shares in thousands, except per share data amounts)
 
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
Revenues:
 
 
 
 
 
 
 
 
Service
 
$
181,809

 
$
222,022

 
$
580,076

 
$
680,930

Product
 
53,766

 
64,911

 
173,006

 
197,701

Royalties and fees
 
22,768

 
18,850

 
67,767

 
56,465

 
 
258,343

 
305,783

 
820,849

 
935,096

Operating expenses:
 
 
 
 
 
 
 
 
Cost of service
 
111,632

 
132,081

 
348,060

 
406,767

Cost of product
 
31,167

 
37,139

 
99,698

 
107,165

Site operating expenses
 
34,339

 
37,548

 
106,723

 
116,175

General and administrative
 
41,694

 
45,727

 
135,257

 
129,485

Rent
 
32,332

 
39,391

 
102,952

 
147,280

Depreciation and amortization
 
8,630

 
9,558

 
27,732

 
46,764

TBG mall location restructuring
 
20,711

 
—

 
20,711

 
—

Total operating expenses
 
280,505

 
301,444

 
841,133

 
953,636

 
 
 
 
 
 
 
 
 
Operating (loss) income
 
(22,162
)
 
4,339

 
(20,284
)
 
(18,540
)
 
 
 
 
 
 
 
 
 
Other (expense) income:
 
 
 
 
 
 
 
 
Interest expense
 
(1,354
)
 
(5,095
)
 
(3,432
)
 
(9,402
)
Gain from sale of salon assets to franchisees, net
 
11,489

 
237

 
10,394

 
255

Interest income and other, net
 
464

 
1,495

 
1,453

 
3,934

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations before income taxes
 
(11,563
)
 
976

 
(11,869
)
 
(23,753
)
 
 
 
 
 
 
 
 
 
Income tax (expense) benefit
 
(3,248
)
 
2,609

 
(2,988
)
 
77,875

 
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
 
(14,811
)
 
3,585

 
(14,857
)
 
54,122

 
 
 
 
 
 
 
 
 
Income (loss) from TBG discontinued operations, net of taxes
 
178

 
(10,605
)
 
6,027

 
(50,973
)
 
 
 
 
 
 
 
 
 
Net (loss) income
 
$
(14,633
)
 
$
(7,020
)
 
$
(8,830
)
 
$
3,149

 
 
 
 
 
 
 
 
 
Net (loss) income per share:
 
 
 
 
 
 
 
 
Basic:
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
 
$
(0.37
)
 
$
0.08

 
$
(0.35
)
 
$
1.16

Income (loss) from TBG discontinued operations
 
0.00

 
(0.23
)
 
0.14

 
(1.09
)
Net (loss) income per share, basic (1)
 
$
(0.36
)
 
$
(0.15
)
 
$
(0.21
)
 
$
0.07

Diluted:
 
 
 
 
 
 
 
 
(Loss) income from continuing operations
 
$
(0.37
)
 
$
0.08

 
$
(0.35
)
 
$
1.15

Income (loss) from TBG discontinued operations
 
0.00

 
(0.22
)
 
0.14

 
(1.08
)
Net (loss) income per share, diluted (1)
 
$
(0.36
)
 
$
(0.15
)
 
$
(0.21
)
 
$
0.07

 
 
 
 
 
 
 
 
 
Weighted average common and common equivalent shares outstanding:
 
 
 
 
 
 
 
 
Basic
 
40,314

 
46,612

 
42,900

 
46,684

Diluted
 
40,314

 
47,153

 
42,900

 
47,093

_______________________________________________________________________________
(1)
Total is a recalculation; line items calculated individually may not sum to total due to rounding.



– more –





REGIS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF COMPREHENSIVE (LOSS) INCOME (Unaudited)
For The Three and Nine Months Ended March 31, 2019 and 2018
(Dollars in thousands)
 
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
 
2019
 
2018
 
2019
 
2018
Net (loss) income
 
$
(14,633
)
 
$
(7,020
)
 
$
(8,830
)
 
$
3,149

Other comprehensive income (loss), net of tax:
 
 
 
 
 
 
 
 
Foreign currency translation adjustments during the period:
 
 
 
 
 
 
 
 
Foreign currency translation adjustments
 
905

 
(1,372
)
 
(606
)
 
904

Reclassification adjustments for losses included in net (loss) income
 
—

 
—

 
—

 
6,152

Net current period foreign currency translation adjustments
 
905

 
(1,372
)
 
(606
)
 
7,056

Comprehensive (loss) income
 
$
(13,728
)
 
$
(8,392
)
 
$
(9,436
)
 
$
10,205




– more –




REGIS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (Unaudited)
(Dollars and shares in thousands, except per share data amounts)
 
 
Three Months Ended March 31, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
 
Total
 
 
Shares
 
Amount
 
 
 
 
Balance, December 31, 2018
 
41,472,468

 
$
2,074

 
$
128,964

 
$
8,145

 
$
285,827

 
$
425,010

Net loss
 
—

 
—

 
—

 
—

 
(14,633
)
 
(14,633
)
Foreign currency translation adjustments
 
—

 
—

 
—

 
905

 
—

 
905

Stock repurchase program
 
(2,050,430
)
 
(102
)
 
(37,818
)
 
—

 
—

 
(37,920
)
Exercise of SARs
 
7,080

 
—

 
(101
)
 
—

 
—

 
(101
)
Stock-based compensation
 
—

 
—

 
2,512

 
—

 
—

 
2,512

Net restricted stock activity
 
4,006

 
—

 
(42
)
 
—

 
—

 
(42
)
Minority interest
 
—

 
—

 
—

 
—

 
79

 
79

Balance, March 31, 2019
 
39,433,124

 
$
1,972

 
$
93,515

 
$
9,050

 
$
271,273

 
$
375,810

 
 
Three Months Ended March 31, 2018
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
 
Total
 
 
Shares
 
Amount
 
 
 
 
Balance, December 31, 2017
 
46,688,423

 
$
2,335

 
$
216,301

 
$
11,843

 
$
283,694

 
$
514,173

Net loss
 
—

 
—

 
—

 
—

 
(7,020
)
 
(7,020
)
Foreign currency translation adjustments
 
—

 
—

 
—

 
(1,372
)
 
—

 
(1,372
)
Stock repurchase program
 
(585,967
)
 
(30
)
 
(9,605
)
 
—

 
—

 
(9,635
)
Exercise of SARs
 
18,697

 
1

 
(184
)
 
—

 
—

 
(183
)
Stock-based compensation
 
—

 
—

 
1,690

 
—

 
—

 
1,690

Net restricted stock activity
 
5,096

 
—

 
(53
)
 
—

 
—

 
(53
)
Minority interest
 
—

 
—

 
—

 
—

 
67

 
67

Balance, March 31, 2018
 
46,126,249

 
$
2,306

 
$
208,149

 
$
10,471

 
$
276,741

 
$
497,667

 
 
Nine Months Ended March 31, 2019
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
 
Total
 
 
Shares
 
Amount
 
 
 
 
Balance, June 30, 2018
 
45,258,571

 
$
2,263

 
$
194,436

 
$
9,656

 
$
280,083

 
$
486,438

Net loss
 
—

 
—

 
—

 
—

 
(8,830
)
 
(8,830
)
Foreign currency translation adjustments
 
—

 
—

 
—

 
(606
)
 
—

 
(606
)
Stock repurchase program
 
(6,023,523
)
 
(301
)
 
(105,951
)
 
—

 
—

 
(106,252
)
Exercise of SARs
 
15,412

 
1

 
(205
)
 
—

 
—

 
(204
)
Stock-based compensation
 
—

 
—

 
7,065

 
—

 
—

 
7,065

Net restricted stock activity
 
182,664

 
9

 
(1,830
)
 
—

 
—

 
(1,821
)
Minority interest
 
—

 
—

 
—

 
—

 
20

 
20

Balance, March 31, 2019
 
39,433,124

 
$
1,972

 
$
93,515

 
$
9,050

 
$
271,273

 
$
375,810

 
 
Nine Months Ended March 31, 2018
 
 
Common Stock
 
Additional
Paid-In
Capital
 
Accumulated
Other
Comprehensive
Income
 
Retained
Earnings
 
Total
 
 
Shares
 
Amount
 
 
 
 
Balance, June 30, 2017
 
46,400,367

 
$
2,320

 
$
214,109

 
$
3,415

 
$
273,776

 
$
493,620

Net income
 
—

 
—

 
—

 
—

 
3,149

 
3,149

Foreign currency translation adjustments
 
—

 
—

 
—

 
7,056

 
—

 
7,056

Stock repurchase program
 
(585,967
)
 
(30
)
 
(9,605
)
 
—

 
—

 
(9,635
)
Exercise of SARs
 
27,793

 
2

 
(278
)
 
—

 
—

 
(276
)
Stock-based compensation
 
—

 
—

 
5,933

 
—

 
—

 
5,933

Shares issued through franchise stock incentive program
 
522

 
—

 
7

 
—

 
—

 
7

Net restricted stock activity
 
283,534

 
14

 
(2,017
)
 
—

 
—

 
(2,003
)
Minority interest
 
—

 
—

 
—

 
—

 
(184
)
 
(184
)
Balance, March 31, 2018
 
46,126,249

 
$
2,306

 
$
208,149

 
$
10,471

 
$
276,741

 
$
497,667


– more –




REGIS CORPORATION
CONDENSED CONSOLIDATED STATEMENT OF CASH FLOW (Unaudited)
(Dollars in thousands)
 
 
Nine Months Ended March 31,
 
 
2019
 
2018
Cash flows from operating activities:
 
 

 
 

Net (loss) income
 
$
(8,830
)
 
$
3,149

Adjustments to reconcile net (loss) income to net cash used in operating activities:
 
 
 
 

Non-cash impairment and other adjustments related to TBG discontinued operations
 
(163
)
 
37,020

Depreciation and amortization
 
24,727

 
29,736

Depreciation related to TBG discontinued operations
 
—

 
3,723

Deferred income taxes
 
(6,034
)
 
(85,026
)
Gain on life insurance
 
—

 
(7,986
)
Non-cash TBG mall location restructuring charge
 
20,711

 
—

Gain from sale of salon assets to franchisees, net
 
(10,394
)
 
(255
)
Salon asset impairments
 
3,005

 
11,099

Accumulated other comprehensive income reclassification adjustment
 
—

 
6,152

Stock-based compensation
 
7,065

 
6,483

Amortization of debt discount and financing costs
 
206

 
4,011

Other non-cash items affecting earnings
 
(492
)
 
(287
)
Changes in operating assets and liabilities, excluding the effects of asset sales
 
(50,074
)
 
(29,483
)
Net cash (used in) operating activities
 
(20,273
)
 
(21,664
)
 
 
 
 
 
Cash flows from investing activities:
 
 
 
 

Capital expenditures
 
(23,160
)
 
(20,065
)
Capital expenditures related to TBG discontinued operations
 
—

 
(1,171
)
Proceeds from sale of assets to franchisees
 
54,619

 
5,620

Proceeds from company-owned life insurance policies
 
24,617

 
18,108

Net cash provided by investing activities
 
56,076

 
2,492

 
 
 
 
 
Cash flows from financing activities:
 
 
 
 

Borrowings on revolving credit facilities
 
—

 
90,000

Repayment of long-term debt and capital lease obligations
 
—

 
(124,230
)
Repurchase of common stock
 
(105,364
)
 
(9,634
)
Settlement of equity awards
 
—

 
(550
)
Taxes paid for shares withheld
 
(2,447
)
 
(2,279
)
Net proceeds from sale and leaseback transaction
 
18,068

 
—

Net cash used in financing activities
 
(89,743
)
 
(46,693
)
 
 
 
 
 
Effect of exchange rate changes on cash and cash equivalents
 
5

 
(30
)
 
 
 
 
 
Decrease in cash, cash equivalents, and restricted cash
 
(53,935
)
 
(65,895
)
 
 
 
 
 
Cash, cash equivalents and restricted cash:
 
 
 
 

Beginning of period
 
148,774

 
208,634

Cash, cash equivalents and restricted cash included in current assets held for sale
 
—

 
1,352

Beginning of period, total cash, cash equivalents and restricted cash
 
148,774

 
209,986

End of period
 
$
94,839

 
$
144,091



– more –




REGIS CORPORATION
Same-Store sales

SYSTEM-WIDE SAME-STORE SALES (1):
 
 
For the Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
1.3
 %
 
(1.3
)%
 
0.6
 %
 
(0.9
)%
 
4.4
 %
 
0.6
 %
Supercuts
 
(1.7
)
 
(9.2
)
 
(2.2
)
 
3.7

 
(3.0
)
 
3.2

Signature Style
 
(3.3
)
 
(7.9
)
 
(3.9
)
 
2.7

 
(1.7
)
 
2.2

Total, excluding TBG mall locations
 
(1.6
)%
 
(4.6
)%
 
(2.0
)%
 
NA

 
NA

 
NA

TBG mall locations
 
(4.0
)
 
(8.7
)
 
(4.7
)
 
NA

 
NA

 
NA

Total
 
(1.9
)%
 
(5.2
)%
 
(2.4
)%
 
2.3
 %
 
1.3
 %
 
2.2
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
2.2
 %
 
(1.2
)%
 
1.2
 %
 
(0.9
)%
 
1.6
 %
 
(0.1
)%
Supercuts
 
0.2

 
(6.2
)
 
(0.2
)
 
3.1

 
(5.2
)
 
2.5

Signature Style
 
(0.5
)
 
(4.1
)
 
(1.0
)
 
0.9

 
(2.3
)
 
0.6

Total, excluding TBG mall locations
 
0.4
 %
 
(3.0
)%
 
(0.1
)%
 
NA

 
NA

 
NA

TBG mall locations
 
(3.4
)
 
(7.0
)
 
(4.0
)
 
NA

 
NA

 
NA

Total
 
—
 %
 
(3.4
)%
 
(0.5
)%
 
1.5
 %
 
(0.7
)%
 
1.1
 %
____________________________________

(1) System-wide same-store sales are calculated as the total change in sales for system-wide company-owned and franchise locations for more than one year (including TBG mall locations in 2019) 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. Locations relocated within a one-mile radius are included in same-store sales as they are considered to have been open in the prior period. System-wide same-store sales are calculated in local currencies to remove foreign currency fluctuations from the calculation.






COMPANY-OWNED SAME-STORE SALES (1):
 
 
For the Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
1.6
 %
 
—
 %
 
1.1
 %
 
(1.0
)%
 
4.4
 %
 
0.6
 %
Supercuts
 
(5.2
)
 
(9.6
)
 
(5.6
)
 
4.0

 
(2.2
)
 
3.5

Signature Style
 
(4.3
)
 
(8.7
)
 
(4.7
)
 
1.8

 
(0.9
)
 
1.5

Total
 
(2.4
)%
 
(3.0
)%
 
(2.5
)%
 
1.4
 %
 
2.5
 %
 
1.6
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
2.4
 %
 
(0.3
)%
 
1.6
 %
 
(0.9
)%
 
1.6
 %
 
(0.1
)%
Supercuts
 
(1.7
)
 
(5.9
)
 
(2.1
)
 
2.9

 
(4.3
)
 
2.2

Signature Style
 
(1.3
)
 
(3.8
)
 
(1.5
)
 
0.2

 
(3.3
)
 
(0.2
)
Total
 
(0.1
)%
 
(1.7
)%
 
(0.4
)%
 
0.5
 %
 
—
 %
 
0.4
 %
____________________________________

(1) Company-owned same-store sales are calculated as the total change in sales for 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 company-owned same-store sales are the sum of the company-owned same-store sales computed on a daily basis. Locations relocated within a one-mile radius are included in same-store sales as they are considered to have been open in the prior period. Company-owned same-store sales are calculated in local currencies to remove foreign currency fluctuations from the calculation.

FRANCHISE SAME-STORE SALES (2):
 
 
For the Three Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
(1.4
)%
 
(15.4
)%
 
(5.2
)%
 
1.4
 %
 
(5.7
)%
 
0.9
 %
Supercuts
 
(0.1
)
 
(8.9
)
 
(0.6
)
 
3.6

 
(3.8
)
 
3.1

Signature Style
 
(1.6
)
 
(6.6
)
 
(2.2
)
 
4.9

 
(3.0
)
 
3.7

Total, excluding TBG mall locations
 
(0.5
)%
 
(9.0
)%
 
(1.3
)%
 
NA

 
NA

 
NA

TBG mall locations
 
(4.0
)
 
(8.7
)
 
(4.7
)
 
NA

 
NA

 
NA

Total
 
(1.4
)%
 
(8.9
)%
 
(2.2
)%
 
3.9
 %
 
(3.4
)%
 
3.3
 %
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
For the Nine Months Ended
 
 
March 31, 2019
 
March 31, 2018
 
 
Service
 
Retail
 
Total
 
Service
 
Retail
 
Total
SmartStyle
 
0.1
 %
 
(16.6
)%
 
(4.7
)%
 
(3.7
)%
 
(11.5
)%
 
(4.3
)%
Supercuts
 
1.3

 
(6.5
)
 
0.8

 
3.3

 
(6.2
)
 
2.7

Signature Style
 
1.0

 
(4.6
)
 
0.1

 
2.8

 
(0.7
)
 
2.2

Total, excluding TBG mall locations
 
1.2
 %
 
(6.8
)%
 
0.4
 %
 
NA

 
NA

 
NA

TBG mall locations
 
(3.4
)
 
(7.0
)
 
(4.0
)
 
NA

 
NA

 
NA

Total
 
0.3
 %
 
(6.9
)%
 
(0.5
)%
 
3.1
 %
 
(3.5
)%
 
2.5
 %
____________________________________

(2) Franchise same-store sales are calculated as the total change in sales for salons that have been a franchise location for more than one year that were open on a specific day of the week during the current period and the corresponding prior period. Quarterly and year-to-date franchise same-store sales are the sum of the franchise same-store sales computed on a daily basis. Franchise salons that do not report daily sales are excluded from same-store sales. Locations relocated within a one-mile radius are included in same-store sales as they are considered to have been open in the prior period. Franchise same-store sales are calculated in local currencies to remove foreign currency fluctuations from the calculation. TBG is not included in 2018 same-store sales as it was not a franchise location in the previous year.
– more –




REGIS CORPORATION
System-wide location counts
 
 
March 31, 2019
 
June 30, 2018
COMPANY-OWNED SALONS:
 
 
 
 
 
 
 
 
 
SmartStyle/Cost Cutters in Walmart Stores
 
1,591

 
1,660

Supercuts
 
568

 
928

Signature Style
 
1,217

 
1,378

Total Company-owned Salons
 
3,376

 
3,966

as a percent of total Company-owned and Franchise salons
 
43.6
%
 
49.1
%
 
 
 
 
 
FRANCHISE SALONS:
 
 
 
 
 
 
 
 
 
SmartStyle/Cost Cutters in Walmart Stores
 
591

 
561

Supercuts
 
2,164

 
1,739

Signature Style
 
740

 
745

Total franchise locations, excluding TBG mall locations
 
3,495

 
3,045

as a percent of total Company-owned and Franchise salons
 
45.1
%
 
37.7
%
 
 
 
 
 
Total North America TBG mall locations (1)
 
617

 
807

as a percent of total Company-owned and Franchise salons
 
8.0
%
 
10.0
%
 
 
 
 
 
Total North American Salons
 
4,112

 
3,852

 
 
 
 
 
Total International TBG Salons (1)
 
263

 
262

as a percent of total Company-owned and Franchise salons
 
3.4
%
 
3.2
%
 
 
 
 
 
Total Franchise Salons
 
4,375

 
4,114

as a percent of total Company-owned and Franchise salons
 
56.4
%
 
50.9
%
 
 
 
 
 
OWNERSHIP INTEREST LOCATIONS:
 
 
 
 
 
 
 
 
 
Equity ownership interest locations
 
87

 
88

 
 
 
 
 
Grand Total, System-wide
 
7,838

 
8,168

____________________________________

(1)
Canadian and Puerto Rican salons are included in the North American salon totals.


– more –







Non-GAAP Reconciliations

We believe our presentation of non-GAAP operating (loss) income, net income, net income 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 research analysts frequently use to analyze financial performance.

The method we use to produce non-GAAP results is not in accordance with U.S. GAAP and may differ from methods used by other companies. These non-GAAP results should not be regarded as a substitute for corresponding U.S. GAAP measures but instead should be utilized as a supplemental measure of operating performance in evaluating our business. Non-GAAP measures do have limitations in that they do not reflect certain items that may have a material impact upon our reported financial results. As such, these non-GAAP measures should be viewed in conjunction with both our financial statements prepared in accordance with U.S. GAAP and the reconciliation of the selected U.S. GAAP to non-GAAP financial measures, which are located in the Investor Information section of the corporate website at www.regiscorp.com.

Non-GAAP reconciling items for the three and nine ended months ended March 31, 2019 and 2018:
 
The following information is provided to give qualitative and quantitative information related to items impacting comparability. Items impacting comparability are not defined terms within U.S. GAAP. Therefore, our non-GAAP financial information may not be comparable to similarly titled measures reported by other companies. We determine which items to consider as “items impacting comparability” based on how management views our business, makes financial, operating and planning decisions and evaluates the Company’s ongoing performance. The following items have been excluded from our non-GAAP results:


•
SmartStyle restructuring discounting.
•
SmartStyle restructuring costs.
•
Executive transition costs.
•
Professional fees.
•
Severance expense.
•
Legal fees.
•
Gain on life insurance proceeds.
•
TBG restructuring.
•
Debt refinancing.
•
Goodwill derecognition.
•
Impact of tax reform.
•
TBG discontinued operations.

– more –
 





REGIS CORPORATION
Reconciliation of selected U.S. GAAP to non-GAAP financial measures
(Dollars in thousands, except per share data)
(unaudited)
Reconciliation of U.S. GAAP operating (loss) income and U.S. GAAP net income to equivalent non-GAAP measures
 
 
 
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
 
U.S. GAAP financial line item
 
2019
 
2018
 
2019
 
2018
U.S. GAAP revenue
 
 
 
$
258,343

 
$
305,783

 
$
820,849

 
$
935,096

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP revenue adjustments
 
 
 
 
 
 
 
 
 
 
SmartStyle restructuring discounting
 
Product Sales
 
—

 
(2,061
)
 
—

 
(2,061
)
Non-GAAP revenue
 
 
 
$
258,343

 
$
303,722

 
$
820,849

 
$
933,035

 
 
 
 
 
 
 
 
 
 
 
U.S. GAAP operating (loss) income
 
 
 
$
(22,162
)
 
$
4,339

 
$
(20,284
)
 
$
(18,540
)
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP revenue adjustments
 
 
 
—

 
(2,061
)
 
—

 
(2,061
)
 
 
 
 
 
 
 
 
 
 
 
Non-GAAP operating expense adjustments (1)
 
 
 
 
 
 
 
 
 
 
SmartStyle restructuring discounting
 
Cost of Service
 
—

 
190

 
—

 
190

SmartStyle restructuring costs
 
Cost of product
 
—

 
2,407

 
—

 
2,992

SmartStyle restructuring discounting
 
Site operating expenses
 
—

 
487

 
—

 
487

SmartStyle restructuring costs
 
General and administrative
 
—

 
1,218

 
—

 
1,334

Executive transition costs
 
General and administrative
 
—

 
146

 
—

 
564

Professional fees
 
General and administrative
 
1,579

 
(8
)
 
5,629

 
1,628

Severance
 
General and administrative
 
515

 
—

 
3,305

 
2,828

Legal fees
 
General and administrative
 
—

 
—

 
439

 
—

Gain on life insurance proceeds
 
General and administrative
 
—

 
—

 
—

 
(7,986
)
SmartStyle restructuring costs, net
 
Rent
 
—

 
—

 
—

 
23,999

SmartStyle restructuring costs
 
Depreciation and amortization
 
—

 
43

 
—

 
12,922

TBG restructuring
 
TBG restructuring
 
20,711

 
—

 
20,711

 
—

Total non-GAAP operating expense adjustments
 
 
 
22,805

 
4,483

 
30,084

 
38,958

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP operating (loss) income (1)
 
 
 
$
643

 
$
6,761

 
$
9,800

 
$
18,357

 
 
 
 
 
 
 
 
 
 
 
U.S. GAAP net (loss) income
 
 
 
$
(14,633
)
 
$
(7,020
)
 
$
(8,830
)
 
$
3,149

 
 
 
 
 
 
 
 
 
 
 
Non-GAAP net income adjustments:
 
 
 
 
 
 
 
 
 
 
Non-GAAP revenue adjustments
 
 
 
—

 
(2,061
)
 
—

 
(2,061
)
Non-GAAP operating expense adjustments
 
 
 
22,805

 
4,483

 
30,084

 
38,958

Debt refinancing
 
Interest expense
 
—

 
2,957

 
—

 
2,957

Goodwill derecognition
 
Interest income and other, net
 
15,932

 
1,172

 
33,528

 
1,714

Income tax impact on Non-GAAP adjustments (2)
 
Income taxes
 
(8,522
)
 
(1,441
)
 
(13,995
)
 
(10,072
)
Impact of tax reform
 
Income taxes
 
—

 
—

 
—

 
(71,871
)
TBG discontinued operations, net of income tax
 
Loss from discontinued operations, net of tax
 
(178
)
 
10,605

 
(6,027
)
 
50,973

Total non-GAAP net income adjustments
 
 
 
30,037

 
15,715

 
43,590

 
10,598

Non-GAAP net income
 
 
 
$
15,404

 
$
8,695

 
$
34,760

 
$
13,747

____________________________________
Notes:
(1)
Adjusted operating margins for the three months ended March 31, 2019, and 2018, were 0.2% and 2.2%, and were 1.2% and 2.0% for the nine months ended March 31, 2019, and 2018, respectively, and are calculated as non-GAAP operating income divided by U.S. GAAP revenue for each respective period.

(2)
Based on projected statutory effective tax rate analyses, the non-GAAP tax provision was calculated to be approximately 22% for the three and nine months ended March 31, 2019, and 2018, for all non-GAAP operating expense adjustments. Non-GAAP operating expense adjustments recognized during the first quarter of fiscal year 2018 were not tax effected as a result of the valuation allowance.

– more –





REGIS CORPORATION
Reconciliation of selected U.S. GAAP to non-GAAP financial measures
(Dollars in thousands, except per share data)
(Unaudited)
Reconciliation of U.S. GAAP net (loss) income per diluted share to non-GAAP net income per diluted share
 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
U.S. GAAP net (loss) income per diluted share
 
$
(0.363
)
 
$
(0.149
)
 
$
(0.206
)
 
$
0.067

SmartStyle restructuring costs, net
 
—

 
0.038

 
—

 
0.668

Severance (1)
 
0.010

 
—

 
0.059

 
0.050

Professional fees (1)
 
0.030

 
—

 
0.100

 
0.031

Legal fees
 
—

 
—

 
0.008

 
—

Gain on life insurance proceeds (1)
 
—

 
—

 
—

 
(0.170
)
Executive transition costs (1)
 
—

 
0.002

 
—

 
0.011

TBG restructuring
 
0.390

 
—

 
0.368

 
—

Debt refinancing (1) (2)
 
—

 
0.049

 
—

 
0.049

Goodwill derecognition (1)
 
0.300

 
0.019

 
0.596

 
0.030

Impact of tax reform
 
—

 
—

 
—

 
(1.526
)
TBG discontinued operations, net of tax
 
(0.003
)
 
0.225

 
(0.138
)
 
1.082

Impact of change in weighted average shares (3)
 
0.010

 
—

 
0.005

 
—

Non-GAAP net income per diluted share (2)
 
$
0.373

 
$
0.184

 
$
0.792

 
$
0.292

 
 
 
 
 
 
 
 
 
U.S. GAAP Weighted average shares - basic
 
40,314

 
46,612

 
42,900

 
46,684

U.S. GAAP Weighted average shares - diluted
 
40,314

 
47,153

 
42,900

 
47,093

Non-GAAP Weighted average shares - diluted (3) 
 
41,337

 
47,153

 
43,907

 
47,053

____________________________________
Notes:
(1)
Based on projected statutory effective tax rate analyses, the non-GAAP tax provision was calculated to be approximately 22% for the three and nine months ended March 31, 2019, and 2018, for all non-GAAP operating expense adjustments. Non-GAAP operating expense adjustments recognized during the first quarter of fiscal year 2018 were not tax effected as a result of the valuation allowance.

(2)
Total is a recalculation; line items calculated individually may not sum to total due to rounding.

(3)
Non-GAAP net income per share reflects the weighted average shares associated with non-GAAP net income, which includes the dilutive effect of common stock equivalents. The earnings per share impact of the adjustments for the three and nine months ended March 31, 2019 included additional shares for common stock equivalents of 1.0 million. The impact of the adjustments described above result in the effect of the common stock equivalents to be dilutive to the non-GAAP net income per share.



REGIS CORPORATION
Summary of Pre-Tax, Income Taxes and Net Income Impact for Q3 FY19 Discrete Items
(Dollars in thousands)
(Unaudited)

 
Pre-Tax
 
Income Taxes
 
Net Income
Professional fees
$
1,579

 
$
(347
)
 
$
1,232

Severance
515

 
(113
)
 
402

TBG restructuring
20,711

 
(4,557
)
 
16,154

Goodwill derecognition
15,932

 
(3,505
)
 
12,427

 
$
38,737

 
$
(8,522
)
 
$
30,215

 
 
 
 
 
 
TBG discontinued operations, net of tax
$
(224
)
 
$
46

 
$
(178
)
 
 
 
 
 
 
Total
$
38,513

 
$
(8,476
)
 
$
30,037


– more –






REGIS CORPORATION
Reconciliation of reported U.S. GAAP net income (loss) to adjusted EBITDA, a non-GAAP financial measure
(Dollars in thousands)
(unaudited)

Adjusted EBITDA
EBITDA represents U.S. GAAP net income (loss) for the respective period excluding interest expense, income taxes and depreciation and amortization expense. The Company defines adjusted EBITDA, as EBITDA excluding identified items impacting comparability for each respective period. For the three and nine months ended March 31, 2019, the items impacting comparability consisted of the items identified in the non-GAAP reconciling items for the respective periods. The impacts of the income tax provision adjustments associated with the above items are already included in the U.S. GAAP reported net income (loss) to EBITDA reconciliation, therefore there is no adjustment needed for the reconciliation from EBITDA to adjusted EBITDA.
 
 
Three Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated (1)
Consolidated reported net income (loss), as reported (U.S. GAAP)
 
$
10,730

 
$
(11,180
)
 
$
(14,183
)
 
$
(14,633
)
Interest expense, as reported
 
—

 
—

 
1,354

 
1,354

Income taxes, as reported
 
—

 
—

 
3,248

 
3,248

Depreciation and amortization, as reported
 
6,519

 
240

 
1,871

 
8,630

EBITDA (as defined above)
 
$
17,249

 
$
(10,940
)
 
$
(7,710
)
 
$
(1,401
)
 
 
 
 
 
 
 
 
 
Professional fees
 
—

 
—

 
1,579

 
1,579

Severance
 
—

 
—

 
515

 
515

TBG restructuring
 
—

 
20,711

 
—

 
20,711

Goodwill derecognition
 
—

 
—

 
15,932

 
15,932

TBG discontinued operations, net of tax
 
—

 
—

 
(178
)
 
(178
)
Adjusted EBITDA, non-GAAP financial measure
 
$
17,249

 
$
9,771

 
$
10,138

 
$
37,158

 
 
Three Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated (1)
Consolidated reported net income (loss), as reported (U.S. GAAP)
 
$
19,341

 
$
8,520

 
$
(34,881
)
 
$
(7,020
)
Interest expense, as reported
 
—

 
—

 
5,095

 
5,095

Income taxes, as reported
 
—

 
—

 
(2,609
)
 
(2,609
)
Depreciation and amortization, as reported
 
7,276

 
92

 
2,190

 
9,558

EBITDA (as defined above)
 
$
26,617

 
$
8,612

 
$
(30,205
)
 
$
5,024

 
 
 
 
 
 
 
 
 
SmartStyle restructuring costs, net
 
2,218

 
—

 
23

 
2,241

Executive transition costs
 
—

 
—

 
146

 
146

Professional fees
 
—

 
—

 
(8
)
 
(8
)
Goodwill derecognition
 
—

 
—

 
1,172

 
1,172

TBG discontinued operations
 
—

 
—

 
10,605

 
10,605

Adjusted EBITDA, non-GAAP financial measure
 
$
28,835

 
$
8,612

 
$
(18,267
)
 
$
19,180

____________________________________
Notes:
(1)
Consolidated EBITDA margins for the three months ended March 31, 2019, and 2018, were (0.5)% and 1.6%, respectively, and are calculated as EBITDA (as defined above) divided by U.S. GAAP revenue for each respective period. Consolidated adjusted EBITDA margins for the three months ended March 31, 2019 and 2018 were 14.4% and 6.3%, respectively, and are calculated as adjusted EBITDA divided by adjusted non-GAAP revenue for each respective period.

– more –






 
 
For the Nine Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated (1)
Consolidated reported net income (loss), as reported (U.S. GAAP)
 
$
44,844

 
$
6,780

 
$
(60,454
)
 
$
(8,830
)
Interest expense, as reported
 
—

 
—

 
3,432

 
3,432

Income taxes, as reported
 
—

 
—

 
2,988

 
2,988

Depreciation and amortization, as reported
 
21,304

 
613

 
5,815

 
27,732

EBITDA (as defined above)
 
$
66,148

 
$
7,393

 
$
(48,219
)
 
$
25,322

 
 
 
 
 
 
 
 
 
Professional fees
 
—

 
—

 
5,629

 
5,629

Severance
 
—

 
—

 
3,305

 
3,305

Legal fees
 
—

 
—

 
439

 
439

TBG restructuring
 
—

 
20,711

 
—

 
20,711

Goodwill derecognition
 
—

 
—

 
33,528

 
33,528

TBG discontinued operations
 
—

 
—

 
(6,027
)
 
(6,027
)
Adjusted EBITDA, non-GAAP financial measure
 
$
66,148

 
$
28,104

 
$
(11,345
)
 
$
82,907

 
 
For the Nine Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated (1)
Consolidated reported net income (loss), as reported (U.S. GAAP)
 
$
22,650

 
$
25,469

 
$
(44,970
)
 
$
3,149

Interest expense, as reported
 
—

 
—

 
9,402

 
9,402

Income taxes, as reported
 
—

 
—

 
(77,875
)
 
(77,875
)
Depreciation and amortization, as reported
 
39,224

 
275

 
7,265

 
46,764

EBITDA (as defined above)
 
$
61,874

 
$
25,744

 
$
(106,178
)
 
$
(18,560
)
 
 
 
 
 
 
 
 
 
SmartStyle restructuring costs, net
 
26,904

 
—

 
37

 
26,941

Gain on life insurance proceeds
 
—

 
—

 
(7,986
)
 
(7,986
)
Severance
 
—

 
—

 
2,828

 
2,828

Professional fees
 
—

 
—

 
1,628

 
1,628

Executive transition costs
 
—

 
—

 
564

 
564

Goodwill derecognition
 
—

 
—

 
1,714

 
1,714

TBG discontinued operations
 
—

 
—

 
50,973

 
50,973

Adjusted EBITDA, non-GAAP financial measure
 
$
88,778

 
$
25,744

 
$
(56,420
)
 
$
58,102

____________________________________
Notes:
(1) Consolidated EBITDA margins for the nine months ended March 31, 2019, and 2018 were 3.1% and (2.0)%, respectively, and are calculated as EBITDA (as defined above) divided by U.S. GAAP revenue for each respective period. Consolidated adjusted EBITDA margins for the nine months ended March 31, 2019 and 2018, were 10.1% and 6.2%, respectively, and are calculated as adjusted EBITDA divided by adjusted non-GAAP revenue for each respective period.

– more –





REGIS CORPORATION
Reconciliation by reportable segment of reported U.S. GAAP total revenue to adjusted total revenue, a non-GAAP financial measure
(Dollars in thousands)
(Unaudited)
Total Revenue
Non-GAAP total revenue is U.S. GAAP revenue adjusted for items impacting comparability for each respective period.
 
 
Three Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Consolidated total revenue, U.S. GAAP and non-GAAP
 
$
221,236

 
$
37,107

 
$
—

 
$
258,343

 
 
Three Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Consolidated total revenue, as reported (U.S. GAAP)
 
$
272,002

 
$
33,781

 
$
—

 
$
305,783

SmartStyle restructuring discounting
 
(2,061
)
 
—

 
—

 
(2,061
)
Adjusted total revenue, non-GAAP financial measure
 
$
269,941

 
$
33,781

 
$
—

 
$
303,722

 
 
Nine Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Consolidated total revenue, U.S. GAAP and non-GAAP
 
$
705,296

 
$
115,553

 
$
—

 
$
820,849

 
 
Nine Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Consolidated total revenue, as reported (U.S. GAAP)
 
$
840,910

 
$
94,186

 
$
—

 
$
935,096

SmartStyle restructuring discounting
 
(2,061
)
 
—

 
—

 
(2,061
)
Adjusted total revenue, non-GAAP financial measure
 
$
838,849

 
$
94,186

 
$
—

 
$
933,035



– more –






REGIS CORPORATION
Reconciliation by reportable segment of reported U.S. GAAP gross profit (excluding depreciation and amortization) to adjusted gross profit (excluding depreciation and amortization), a non-GAAP financial measure
(Dollars in thousands)
(Unaudited)
Gross profit
The Company defines gross profit as service and product revenues less cost of service and cost of product, excluding depreciation and amortization. Non-GAAP gross profit is gross profit, as defined by the Company, adjusted for items impacting comparability for each respective period.
 
 
Three Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Service
 
$
181,809

 
$
—

 
$
—

 
$
181,809

Product
 
39,427

 
14,339

 
—

 
53,766

 
 
221,236

 
14,339

 
—

 
235,575

 
 
 
 
 
 
 
 
 
Cost of service
 
111,632

 
—

 
—

 
111,632

Cost of product
 
19,992

 
11,175

 
—

 
31,167

 
 
131,624

 
11,175

 
—

 
142,799

 
 
 
 
 
 
 
 
 
U.S. GAAP and Non-GAAP gross profit (1)
 
$
89,612

 
$
3,164

 
$
—

 
$
92,776


 
 
Three Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Service
 
$
222,022

 
$
—

 
$
—

 
$
222,022

Product
 
49,980

 
14,931

 
—

 
64,911

 
 
272,002

 
14,931

 
—

 
286,933

 
 
 
 
 
 
 
 
 
Cost of service
 
132,081

 
—

 
—

 
132,081

Cost of product
 
25,137

 
12,002

 
—

 
37,139

 
 
157,218

 
12,002

 
—

 
169,220

 
 
 
 
 
 
 
 
 
U.S. GAAP gross profit (1)
 
$
114,784

 
$
2,929

 
$
—

 
$
117,713

 
 
 
 
 
 
 
 
 
Non- GAAP gross profit adjustments:
 
 
 
 
 
 
 
 
SmartStyle restructuring discounting
 
536

 
—

 
—

 
536

Non-GAAP gross profit (1)
 
$
115,320

 
$
2,929

 
$
—

 
$
118,249

____________________________________
Notes:
(1) Gross profit excludes depreciation and amortization.

– more –







 
 
For the Nine Months Ended March 31, 2019
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Service
 
$
580,076

 
$
—

 
$
—

 
$
580,076

Product
 
125,220

 
47,786

 
—

 
173,006

 
 
705,296

 
47,786

 
—

 
753,082

 
 
 
 
 
 
 
 
 
Cost of service
 
348,060

 
—

 
—

 
348,060

Cost of product
 
61,661

 
38,037

 
—

 
99,698

 
 
409,721

 
38,037


—


447,758

 
 
 
 
 
 
 
 
 
U.S. GAAP and Non-GAAP gross profit (1)
 
$
295,575

 
$
9,749

 
$
—

 
$
305,324


 
 
For the Nine Months Ended March 31, 2018
 
 
Company-owned
 
Franchise
 
Corporate
 
Consolidated
Revenues:
 
 
 
 
 
 
 
 
Service
 
$
680,930

 
$
—

 
$
—

 
$
680,930

Product
 
159,980

 
37,721

 
—

 
197,701

 
 
840,910

 
37,721

 
—

 
878,631

 
 
 
 
 
 
 
 
 
Cost of service
 
406,767

 
—

 
—

 
406,767

Cost of product
 
77,628

 
29,537

 
—

 
107,165

 
 
484,395

 
29,537

 
—

 
513,932

 
 
 
 
 
 
 
 
 
U.S. GAAP gross profit (1)
 
$
356,515

 
$
8,184

 
$
—

 
$
364,699

 
 
 
 
 
 
 
 
 
Non- GAAP gross profit adjustments:
 
 
 
 
 
 
 
 
SmartStyle restructuring discounting
 
1,121

 
—

 
—

 
1,121

Non-GAAP gross profit (1)
 
$
357,636

 
$
8,184

 
$
—

 
$
365,820

____________________________________
Notes:
(1) Gross profit excludes depreciation and amortization.


– more –







REGIS CORPORATION
Reconciliation of reported U.S. GAAP revenue change to company-owned same-store sales
(unaudited)

 
Three Months Ended March 31,
 
Nine Months Ended March 31,
 
2019
 
2018
 
2019
 
2018
Revenue decline, as reported (U.S. GAAP)
 
(15.5
)%
 
(4.3
)%
 
(12.2
)%
 
(3.1
)%
Effect of salons sold to franchisees
 
7.6

 
3.4

 
6.9

 
2.4

Effect of new company-owned stores
 
—

 
(0.1
)
 
—

 
(0.2
)
Effect of closed salons
 
5.7

 
5.1

 
5.7

 
3.0

Franchise product and royalty
 
(0.3
)
 
(0.1
)
 
(0.2
)
 
(0.2
)
Franchise same-store sales (1)
 
—

 
—

 
—

 
—

TBG product, royalties and fees
 
0.9

 
(2.0
)
 
(0.6
)
 
(1.3
)
Foreign currency
 
0.3

 
(0.3
)
 
0.3

 
(0.3
)
Advertising fund
 
(0.6
)
 
(0.1
)
 
(0.5
)
 
(0.1
)
Other
 
(0.6
)
 
—

 
0.2

 
0.2

Company-owned same-store sales, non-GAAP
 
(2.5
)%
 
1.6
 %
 
(0.4
)%
 
0.4
 %
____________________________________
Notes:
(1) Franchise same-store sales increase (decrease) franchise royalties. As we transition to the asset-light franchise platform, franchise same-store sales will become more significant to consolidated revenues.

– end –



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