European Wax Center (EWCZ) 10-Q 9 Aug 23 2024 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jul. 01, 2023	Aug. 04, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jul. 01, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q2
Entity Registrant Name	EUROPEAN WAX CENTER, INC.
Entity Central Index Key	0001856236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40714
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3150064
Entity Address, Address Line One	5830 Granite Parkway, 3rd Floor
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	(469)
Local Phone Number	264-8123
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	EWCZ
Security Exchange Name	NASDAQ
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		50,332,978
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		12,364,046

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Stockholders' equity:
Total stockholders' equity	$ 136,581	$ 130,304
SubsidiariesMember
Current assets:
Cash and cash equivalents	54,367	44,219
Restricted cash	7,021	6,575
Accounts receivable, net	9,053	6,932
Inventory	23,534	23,017
Prepaid expenses and other current assets	7,625	5,574
Total current assets	101,600	86,317
Property and equipment, net	2,716	2,747
Operating lease right-of-use assets	4,600	4,899
Intangible assets, net	173,551	183,030
Goodwill	328,551	328,551
Deferred income taxes	140,341	106,187
Other non-current assets	3,818	4,301
Total assets	755,177	716,032
Current liabilities:
Accounts payable and accrued liabilities	16,298	18,547
Long-term debt, current portion	4,000	4,000
Tax receivable agreement liability, current portion	1,406	4,867
Deferred revenue, current portion	4,719	4,084
Operating lease liabilities, current portion	1,287	1,312
Total current liabilities	27,710	32,810
Long-term debt, net	371,400	370,935
Tax receivable agreement liability, net of current portion	206,760	167,293
Deferred revenue, net of current portion	6,795	6,901
Operating lease liabilities, net of current portion	3,936	4,227
Other long-term liabilities	1,995	3,562
Total liabilities	618,596	585,728
Commitments and contingencies (Note 7)
Stockholders' equity:
Preferred stock	0	0
Treasury stock	(10,899)	(10,080)
Additional paid-in capital	225,527	207,517
Accumulated deficit	(114,933)	(118,437)
Total stockholders' equity attributable to European Wax Center, Inc.	99,695	79,000
Noncontrolling interests	36,886	51,304
Total stockholders' equity	136,581	130,304
Total liabilities and stockholders' equity	755,177	716,032
SubsidiariesMember | Class A Common Stock [Member]
Stockholders' equity:
Common stock	0	0
Total stockholders' equity	0	0
SubsidiariesMember | Class B Common Stock [Member]
Stockholders' equity:
Common stock	0	0
Total stockholders' equity	$ 0	$ 0

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - SubsidiariesMember - $ / shares	Jul. 01, 2023	Dec. 31, 2022
Preferred Stock Par Value	$ 0.00001	$ 0.00001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
Treasury stock, shares	767,232	715,640
Class A Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	51,097,146	45,277,325
Common Stock, Shares, Outstanding	50,329,914	44,561,685
Class B Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	60,000,000	60,000,000
Common Stock, Shares, Issued	12,364,046	18,175,652
Common Stock, Shares, Outstanding	12,364,046	18,175,652

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
OPERATING EXPENSES
Depreciation and amortization			$ 10,108	$ 10,115
NET INCOME	$ 5,594		4,541	6,057
NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	4,012	$ 968	3,504	2,853
SubsidiariesMember
REVENUE
Total revenue	59,090	53,358	108,982	98,784
OPERATING EXPENSES
Cost of revenue	16,900	14,864	31,357	26,854
Selling, general and administrative	14,134	15,227	31,397	30,702
Advertising	8,684	8,049	16,493	14,605
Depreciation and amortization	5,045	5,055	10,108	10,115
Total operating expenses	44,763	43,195	89,355	82,276
Income from operations	14,327	10,163	19,627	16,508
Interest expense	6,762	8,080	13,624	9,587
Other expense (income)	(792)	33	(792)	818
Income before income taxes	8,357	2,050	6,795	6,103
Income tax expense	2,763	19	2,254	46
NET INCOME	5,594	2,031	4,541	6,057
Less: net income attributable to noncontrolling interests	1,582	1,063	1,037	3,204
NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	$ 4,012	$ 968	$ 3,504	$ 2,853
SubsidiariesMember | Class A Common Stock [Member]
Net income (loss) per share
Earnings Per Share, Basic	$ 0.08	$ 0.03	$ 0.06	$ 0.09
Earnings Per Share, Diluted	$ 0.08	$ 0.03	$ 0.06	$ 0.08
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	50,335,784	37,911,637	49,162,232	37,432,586
Weighted Average Number of Shares Outstanding, Diluted	50,439,538	38,155,439	49,246,677	37,661,978
SubsidiariesMember | Product [Member]
REVENUE
Total revenue	$ 33,725	$ 30,502	$ 61,567	$ 55,279
SubsidiariesMember | Royalty [Member]
REVENUE
Total revenue	14,147	12,769	26,498	24,154
SubsidiariesMember | Marketing [Member]
REVENUE
Total revenue	7,915	7,175	14,817	13,626
SubsidiariesMember | Other Revenue [Member]
REVENUE
Total revenue	$ 3,303	$ 2,912	$ 6,100	$ 5,725

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022
Cash flows from operating activities:
Net income (loss)	$ 4,541	$ 6,057
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	10,108	10,115
Amortization of deferred financing costs	2,639	1,229
Gain on interest rate cap	0	(196)
Provision for inventory obsolescence	(11)	(125)
Loss on debt extinguishment	0	1,957
Provision for bad debts	80	0
Deferred income taxes	2,164	0
Remeasurement of tax receivable agreement liability	(792)	818
Equity compensation	7,757	5,335
Changes in assets and liabilities:
Accounts receivable	(2,452)	(3,674)
Inventory	(506)	(3,431)
Prepaid expenses and other assets	(1,110)	212
Accounts payable and accrued liabilities	(1,464)	(964)
Deferred revenue	529	421
Other long-term liabilities	(263)	(146)
Net cash provided by operating activities	21,220	17,608
Cash flows from investing activities:
Purchases of property and equipment	(623)	(82)
Net cash used in investing activities	(623)	(82)
Cash flows from financing activities:
Deferred loan costs	0	(12,419)
Proceeds from long-term debt	0	384,328
Principal payments on long-term debt	(2,000)	(180,000)
Payments of debt extinguishment costs	0	(77)
Distributions to EWC Ventures LLC members	(1,214)	(4,760)
Payment of Class A common stock offering costs	0	(870)
Repurchase of Class A common stock	(819)	0
Taxes on vested restricted stock units paid by withholding shares	(146)	0
Dividends to holders of Class A common stock	0	(122,227)
Dividend equivalents to holders of EWC Ventures units	(2,615)	(82,746)
Payments pursuant to tax receivable agreement	(3,209)	0
Net cash used in financing activities	(10,003)	(18,771)
Net increase in cash	10,594	(1,245)
Cash, cash equivalents and restricted cash, beginning of period	50,794	43,301
Cash, cash equivalents and restricted cash, end of period	61,388	42,056
Supplemental cash flow information:
Cash paid for interest	11,097	3,042
Cash paid for income taxes	513	26
Non-cash investing and financing activities:
Property purchases included in accounts payable and accrued liabilities	0	5
Right-of-use assets obtained in exchange for operating lease obligations	$ 368	$ 0

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Class A Common Stock [Member]	Additional Paid in Capital [Member]	SubsidiariesMember	SubsidiariesMember Class A Common Stock [Member]	SubsidiariesMember Class B Common Stock [Member]	SubsidiariesMember Additional Paid in Capital [Member]	SubsidiariesMember Accumulated Deficit [Member]	SubsidiariesMember Accumulated Deficit [Member] Class A Common Stock [Member]	SubsidiariesMember Accumulated Other Comprehensive Loss [Member]	SubsidiariesMember Treasury stock	SubsidiariesMember Noncontrolling Interest [Member]
Beginning Balance at Dec. 25, 2021	$ 341,241				$ 0	$ 0	$ 182,919	$ (3,487)		$ (45)		$ 161,854
Beginning Balance (Shares) at Dec. 25, 2021					36,932,423	26,700,477
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					100,000	(100,000)
Vesting of restricted stock, shares					6,042
Forfeiture of unvested units, shares						(166,841)
Equity compensation				$ 3,335			3,335
Distributions to members of EWC Ventures				(2,272)								(2,272)
Establish tax receivable agreement liability				(347)			(347)
Reclassification of loss on cash flow hedge to earnings				45						45
Allocation of equity to noncontrolling interests							(1,149)					1,149
Net income (loss)				4,026				1,885				2,141
Ending Balance at Mar. 26, 2022	346,028				$ 0	$ 0	184,758	(1,602)				162,872
Ending Balance (Shares) at Mar. 26, 2022					37,038,465	26,433,636
Beginning Balance at Dec. 25, 2021	$ 341,241				$ 0	$ 0	182,919	(3,487)		(45)		161,854
Beginning Balance (Shares) at Dec. 25, 2021					36,932,423	26,700,477
Repurchase of Class A common stock, shares	0
Allocation of equity to noncontrolling interests	$ 2,946
Net income (loss)	6,057			6,057
Ending Balance at Jun. 25, 2022	134,147				$ 0	$ 0	186,786	(122,861)		0		70,222
Ending Balance (Shares) at Jun. 25, 2022					39,503,811	23,943,795
Beginning Balance at Mar. 26, 2022	$ 346,028				$ 0	$ 0	184,758	(1,602)				162,872
Beginning Balance (Shares) at Mar. 26, 2022					37,038,465	26,433,636
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					2,459,302	(2,459,302)
Vesting of restricted stock, shares					6,044
Forfeiture of unvested units, shares						(30,539)
Equity compensation				2,000			2,000
Repurchase of Class A common stock, shares	0
Distributions to members of EWC Ventures				(2,488)								(2,488)
Dividends paid to shareholders of Class A common stock				(87,130)	$ (122,227)				$ (122,227)			(87,130)
Establish tax receivable agreement liability				(4,067)			(4,067)
Allocation of equity to noncontrolling interests	$ 4,095						4,095					(4,095)
Net income (loss)				2,031				968				1,063
Ending Balance at Jun. 25, 2022	134,147				$ 0	$ 0	186,786	(122,861)		$ 0		70,222
Ending Balance (Shares) at Jun. 25, 2022					39,503,811	23,943,795
Beginning Balance at Dec. 31, 2022	130,304			130,304	$ 0	$ 0	207,517	(118,437)			$ (10,080)	51,304
Beginning Balance (Shares) at Dec. 31, 2022					44,561,685	18,175,652
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					5,129,351	(5,129,351)
Vesting of restricted stock, shares					33,546
Shares withheld for taxes on vested restricted stock units. shares					(6,708)
Shares withheld for taxes on vested restricted stock units				(126)			(126)
Equity compensation				5,931			5,931
Distributions to members of EWC Ventures				(276)								(276)
Tax receivable liability and deferred taxes arising from share exchanges	(3,519)		$ (3,519)
Allocation of equity to noncontrolling interests							12,657					(12,657)
Net income (loss)				(1,053)				(508)				(545)
Ending Balance at Apr. 01, 2023	131,261				$ 0	$ 0	222,460	(118,945)			(10,080)	37,826
Ending Balance (Shares) at Apr. 01, 2023					49,717,874	13,046,301
Beginning Balance at Dec. 31, 2022	130,304			130,304	$ 0	$ 0	207,517	(118,437)			(10,080)	51,304
Beginning Balance (Shares) at Dec. 31, 2022					44,561,685	18,175,652
Repurchase of Class A common stock, shares		51,592
Repurchase of Class A common stock		$ 819
Allocation of equity to noncontrolling interests	14,339
Net income (loss)	4,541			4,541
Ending Balance at Jul. 01, 2023	136,581			136,581	$ 0	$ 0	225,527	(114,933)			(10,899)	36,886
Ending Balance (Shares) at Jul. 01, 2023					50,329,914	12,364,046
Beginning Balance at Apr. 01, 2023	131,261				$ 0	$ 0	222,460	(118,945)			(10,080)	37,826
Beginning Balance (Shares) at Apr. 01, 2023					49,717,874	13,046,301
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					652,558	(652,558)
Vesting of restricted stock, shares					12,131
Forfeiture of unvested units, shares						(29,697)
Shares withheld for taxes on vested restricted stock units. shares					(1,057)
Shares withheld for taxes on vested restricted stock units				(20)			(20)
Equity compensation				1,826			1,826
Repurchase of Class A common stock, shares		51,592			(51,592)
Repurchase of Class A common stock		$ 819		(819)							(819)
Distributions to members of EWC Ventures				(938)								(938)
Tax receivable liability and deferred taxes arising from share exchanges	(421)		$ (421)
Forfeiture of dividend equivalents payable to holders of EWC Ventures Units				98								98
Allocation of equity to noncontrolling interests	1,682						1,682					(1,682)
Net income (loss)	5,594			5,594				4,012				1,582
Ending Balance at Jul. 01, 2023	$ 136,581			$ 136,581	$ 0	$ 0	$ 225,527	$ (114,933)			$ (10,899)	$ 36,886
Ending Balance (Shares) at Jul. 01, 2023					50,329,914	12,364,046

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ 4,012	$ 968	$ 3,504	$ 2,853

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Jul. 01, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Nature of Business and Organiza

Nature of Business and Organization	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Nature of business and organization	1. Nature of business and organization European Wax Center, Inc. was formed as a Delaware corporation on April 1, 2021. European Wax Center, Inc. and subsidiaries (“the Company”) was formed for the purpose of completing a public offering and related transactions in order to carry on the business of EWC Ventures, LLC (“EWC Ventures”) and its subsidiaries. Through its subsidiaries, the Company is engaged in selling franchises of European Wax Center, distributing unique facial and body waxing products to franchisees which are used to perform waxing services and providing branded facial and body waxing products directly to consumers at various locations throughout the United States. The Company operates on a fiscal calendar which, in a given year, consists of a 52 or 53 week period ending on the Saturday closest to December 31st. The quarters ended July 1, 2023 and June 25, 2022 both consisted of 13 weeks.

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Summary of Significant Accounting Policies	2. Summary of significant accounting policies (a) Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC and includes the operations of the Company and EWC Ventures and its wholly owned subsidiaries. EWC Ventures is considered a variable interest entity. The Company is the primary beneficiary of EWC Ventures. As a result, the Company consolidates EWC Ventures. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements of the Company but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our annual report on Form 10-K, except as described below relating to our adoption of Accounting Standards Codification (“ASC”) Topic 326, Measurement of Credit Losses on Financial Instruments . (b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the financial statements include revenue recognition, inventory reserves, income taxes, the Tax Receivable Agreement (“TRA”), the expected life of franchise agreements, the useful life of reacquired rights, valuation of equity-based compensation awards, and the evaluation of the recoverability of goodwill and long-lived assets, including indefinite-lived intangible assets. Actual results could differ from those estimates. (c) Implications of being an Emerging Growth Company The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. We also intend to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as we qualify as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments. (d) Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. Comprehensive income (loss) is equal to net income (loss) for all periods presented. (e) Recently adopted accounting pronouncements In June 2017, the FASB issued ASU 2016-13, Financial Instruments (Topic 326)—Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard replaced the previous incurred loss impairment model with an expected loss methodology, which results in more timely recognition of credit losses. We adopted this guidance on January 1, 2023 (the beginning of fiscal year 2023). The adoption of this guidance did not have a significant impact on our financial statements.

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jul. 01, 2023
Prepaid Expenses And Other Current Assets Details [Abstract]
Prepaid expenses and other current assets	3. Prepaid expenses and other current assets Prepaid expenses and other current assets consisted of the following: July 1, 2023 December 31, Prepaid insurance $ 1,419 $ 1,966 Prepaid rent 194 192 Prepaid technology 2,236 1,656 Prepaid marketing 2,245 844 Prepaid commissions 395 410 Prepaid other & other current assets 1,136 506 Total $ 7,625 $ 5,574 The prepaid other & other current assets amounts are primarily composed of prepaid maintenance contracts and sales taxes .

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	6 Months Ended
	Jul. 01, 2023
Payables and Accruals [Abstract]
Accounts Payable and Accrued Liabilities	4. Accounts payable and accrued liabilities Accounts payable and accrued liabilities consisted of the following: July 1, 2023 December 31, Accounts payable $ 5,328 $ 5,874 Accrued inventory 2,981 2,259 Accrued compensation 2,571 4,283 Accrued taxes and penalties 1,089 1,181 Accrued technology and subscription fees 234 26 Accrued interest 989 933 Accrued professional fees 338 890 Accrued marketing fees 876 310 Accrued dividend equivalents 997 1,777 Other accrued liabilities 895 1,014 Total accounts payable and accrued liabilities $ 16,298 $ 18,547

Long-term Debt

Long-term Debt	6 Months Ended
	Jul. 01, 2023
Long-term Debt	5. Long-term debt Long-term debt consists of the following: July 1, 2023 December 31, Class A-2 Notes $ 396,000 $ 398,000 Less: current portion ( 4,000 ) ( 4,000 ) Total long-term debt 392,000 394,000 Less: unamortized debt discount and deferred financing costs ( 20,600 ) ( 23,065 ) Total long-term debt, net $ 371,400 $ 370,935 On April 6, 2022 (the “Closing Date”), EWC Master Issuer LLC, a limited-purpose, bankruptcy remote, indirect subsidiary of the Company (the “Master Issuer”), completed a securitization transaction pursuant to which it issued $ 400,000 in aggregate principal amount of Series 2022-1 5.50 % Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”). In connection with the issuance of the Class A-2 Notes, the Master Issuer also entered into (i) a revolving financing facility that allows for the issuance of up to $ 40,000 in Variable Funding Notes (”Variable Funding Notes”), and certain letters of credit and (2) an advance funding facility with Bank of America, N.A. (“BofA”), whereby BofA and any other advance funding provider thereunder would, in certain specified circumstances, make certain debt service advances and collateral protection advances (not to exceed $ 5,000 in the aggregate). The Variable Funding Notes were undrawn at closing and as of July 1, 2023. The Class A-2 Notes and the Variable Funding Notes are referred to collectively as the “Notes.” The Notes were issued in a securitization transaction pursuant to which substantially all of the Company’s revenue-generating assets in the United States are held by the Master Issuer and certain other limited-purpose, bankruptcy remote, wholly-owned direct and indirect subsidiaries of EWC Holding Guarantor (including the Master Issuer) (collectively, the “Securitization Entities”) that have pledged substantially all of their assets to secure the Notes and, with respect to the Securitization Entities other than the Master Issuer, act as guarantors of the Notes. While the Class A-2 Notes are outstanding, payments of principal and interest are required to be made on the Class A-2 Notes on a quarterly basis. The quarterly payments of principal on the Class A-2 Notes may be suspended in the event that the leverage ratio for the Company and its subsidiaries, including the securitization entities, is, in each case, less than or equal to 5.00 x. The legal final maturity date of the Class A-2 Notes is in March of 2052 , but it is anticipated that, unless earlier prepaid to the extent permitted under the Base Indenture, dated April 6, 2022 (the “Indenture”), the Class A-2 Notes will be repaid in March of 2027 (the “Anticipated Repayment Date”). If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00 % per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten ( 10 ) years plus (ii) 5.00 %, plus (iii) 3.87 %, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes. Interest on the Variable Funding Notes will be payable at per annum rates based on term SOFR (plus a credit adjustment spread) or the lenders’ commercial paper funding rate plus 212.5 basis points. There is a commitment fee on the unused portion of the Variable Funding Notes facility, equal to 50 basis points per annum. It is anticipated that the principal and interest on the Variable Funding Notes will be repaid in full on or prior to March 2025, subject to two additional one-year extensions at the option of the Company. Following the anticipated date of repayment (and any extensions thereof), additional interest will accrue on the Variable Funding Notes equal to 5.00 % per annum. The Notes are secured by a security interest in substantially all of the assets of the Securitization Entities. The assets of the Securitization Entities include substantially all of the Company’s revenue-generating assets in the United States, which principally consist of franchise-related agreements, certain supply, distribution and logistics services agreements, intellectual property and license agreements for the use of intellectual property. The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments. The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these instruments. Our outstanding Class A-2 Notes had an approximate fair value of $ 365,191 as of July 1, 2023.

Equity Based Compensation

Equity Based Compensation	6 Months Ended
	Jul. 01, 2023
E W C Ventures L L C And Subsidiaries [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity Based Compensation	6. Equity Based Compensation Restricted Stock Units During the 13 and 26 weeks ended July 1, 2023, we granted 69,088 and 339,143 restricted stock units (“RSUs”), respectively, to certain employees and directors under the 2021 Omnibus Incentive Plan (the “2021 Incentive Plan”) that will generally vest in three equal installments of 33.33 % on each of the first three anniversaries of the date of grant, subject in all cases to continued employment on the applicable vesting date. The total grant date fair value of the RSUs will be recognized as equity-based compensation expense over the vesting period. The weighted average grant date fair values of the RSUs granted during the 13 and 26 weeks ended July 1, 2023 were $ 17.01 and $ 16.42 , respectively, and were equal to the closing price of the underlying Class A common stock on the date of grant. Class A Common Stock Options During the 13 and 26 weeks ended July 1, 2023 we granted 49,455 and 317,095 options, respectively, with weighted average exercise prices of $ 20.69 and $ 19.77 per share, respectively, to certain employees under the 2021 Incentive Plan. The stock options granted have a ten-year contractual term and will cliff vest on the third anniversary of the date of grant, subject in all cases to continued employment on the applicable vesting date. The weighted average grant date fair values of the stock options were $ 10.11 and $ 9.85 for the 13 and 26 weeks ended July 1, 2023, respectively . The total grant date fair value of the stock options will be recognized as equity-based compensation expense over the vesting period. The Company previously used the Black Scholes model to estimate the fair value of stock option grants. However, as these options were granted with exercise prices 20% higher than the closing price, it was determined that the options contained an implicit market condition. As such, the Company estimated the fair value of the options using a binomial lattice model. The following table presents the weighted average assumptions used in the lattice model to determine the fair value of the stock options granted during the 13 and 26 weeks ended July 1, 2023: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 July 1, 2023 Expected dividend yield 0.0 % 0.0 % Expected volatility 62.7 % 62.4 % Risk-free rate 3.6 % 3.6 % Suboptimal exercise factor 2.5 x 2.5 x A description of each of the inputs to the lattice model is as follows: • Expected dividend yield - The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. An increase in the expected dividend yield would decrease compensation expense. • Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. The expected volatility was based on the historical volatility of the Company as well as that of a group of guideline companies. An increase in expected volatility would increase compensation expense. • Risk-free interest rate - This is the U.S. Treasury rate as of the measurement date having a term approximating the contractual term of the award. An increase in the risk-free interest rate would increase compensation expense. • Suboptimal exercise factor - The multiple of the exercise price at which an option exercise would be expected to occur. An increase in the suboptimal exercise factor would increase compensation expense. Modification of 3.0x Units During the 26 weeks ended July 1, 2023 we modified the vesting conditions of 533,707 incentive units (the “3.0x Units”) granted under the Management Holdco, LLC Equity Incentive Plan to nine employees. Under their original terms, the 3.0x Units would have vested under the following conditions: (i) the achievement of a 3.0x multiple on invested capital (”MOIC”), (ii) the achievement of a 2.0x MOIC at such time as General Atlantic’s investment in the Company is no less than 35% of the fully diluted units of the Company or (iii) the first of December 31, 2022, March 31, 2023, June 30, 2023, September 30, 2023 or December 31, 2023 on which a specific volume weighted average trading price (”VWAP”) of our Class A common stock is achieved. Our Board of Directors (the “Board”) modified the award to adjust the specified VWAP target described above. The Company’s VWAP exceeded the modified target as of March 31, 2023. As such, all of the 3.0x Units vested on that date. During the 13 and 26 weeks ended July 1, 2023 we recognized $ 1,826 and $ 7,757 , respectively, in equity-based compensation expense. Of the amount recognized during the first 26 weeks of 2023, $ 3,888 was incremental equity-based compensation expense related to the modification of the 3.0x Units. The incremental expense recognized in connection with the modification of the 3.0x Units was calculated as the difference between the fair value of the modified award and the fair value of the original award on the modification date. The fair value of the modified award was equal to the closing price of the underlying Class A common stock on the modification date. The Company used a Monte Carlo simulation to determine the fair value of the original award on the modification date. The following table presents the weighted average assumptions used in the simulation to determine the fair value of the original award on the modification date: Expected dividend yield 0.0 % Expected volatility 50.0 % Risk-free rate 4.7 % A description of each of the inputs to the simulation model is as follows: • Expected dividend yield - The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. An increase in the expected dividend yield would decrease compensation expense. • Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. The expected volatility was based on the historical volatility of the Company. An increase in expected volatility would increase compensation expense. • Risk-free interest rate - This is the U.S. Treasury rate as of the measurement date having a term approximating the measurement period of the award. An increase in the risk-free interest rate would increase compensation expense.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jul. 01, 2023
Commitments and contingencies	7. Commitments and contingencies Litigation The Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these occasional legal proceedings to have a material effect on its financial position, results of operations, or cash flow.

Revenue from Contract with Cust

Revenue from Contract with Customers	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Revenue from Contract with Customers	8. Revenue from contracts with customers Contract liabilities consist of deferred revenue resulting from franchise fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Also included are service revenues from corporate-owned centers, including customer prepayments in connection with the Wax Pass program. Contract liabilities are classified as deferred revenue on the condensed consolidated balance sheets. Deferred franchise fees are reduced as fees are recognized in revenue over the term of the franchise license for the respective center. Deferred service revenues are recognized over time as the services are performed. The following table reflects the change in contract liabilities for the periods indicated: Contract liabilities Balance at December 31, 2022 $ 10,985 Deferred revenue recognized that was included in the contract liability at the beginning ( 1,560 ) Increase, excluding amounts recognized as revenue during the period 2,089 Balance at July 1, 2023 $ 11,514 The weighted average remaining amortization period for deferred revenue is 3.6 years . The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of July 1, 2023. The Company has elected to exclude short term contracts, sales-based royalties and any other variable consideration recognized on an “as invoiced” basis. Contract liabilities to be recognized in: Amount 2023 (from July 2, 2023) $ 4,084 2024 1,256 2025 1,185 2026 1,075 2027 1,013 Thereafter 2,901 Total $ 11,514 The summary set forth below represents the balances in deferred revenue as of July 1, 2023 and December 31, 2022: July 1, 2023 December 31, Franchise fees $ 8,254 $ 8,167 Service revenue 3,260 2,818 Total deferred revenue 11,514 10,985 Long-term portion of deferred revenue 6,795 6,901 Current portion of deferred revenue $ 4,719 $ 4,084

Income Taxes

Income Taxes	6 Months Ended
	Jul. 01, 2023
Income Tax Disclosure [Abstract]
Income Taxes	9. Income Taxes The Company is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of EWC Ventures. The remaining share of EWC Ventures income or loss is non-taxable to the Company and is not reflected in current or deferred income taxes. EWC Ventures is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income tax purposes. As a partnership, EWC Ventures is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by EWC Ventures is passed through to and included in the taxable income or loss of its members on a pro rata basis, subject to applicable tax regulations. We recorded $ 2,763 and $ 2,254 in income tax expense f or the 13 and 26 weeks ended July 1, 2023, respectively, and $ 19 and $ 46 in income tax expense for the 13 and 26 weeks ended June 25, 2022, respectively. The effective tax rate was 33.1 % and 33.2 % for the 13 and 26 weeks ended July 1, 2023, respectively, and 0.9 % and 0.8 % for the 13 and 26 weeks ended June 25, 2022, respectively. The effective tax rate for the 13 and 26 weeks ended July 1, 2023 differs from the U.S. federal statutory rate primarily due to non-taxable income attributable to noncontrolling interest, state taxes and the tax effects of stock compensation. The effective tax rate for the 13 and 26 weeks ended June 25, 2022 differs from the U.S. federal statutory rate primarily as a result of the full valuation allowance against its net federal and state deferred taxes during that period. The valuation allowance was fully released as of December 31, 2022. Tax Receivable Agreement As of July 1, 2023, future payments under the TRA are expected to be $ 208,166 . Payments made under the TRA represent payments that otherwise would have been made to taxing authorities in the absence of attributes obtained by us as a result of exchanges by our pre-IPO members. Such amounts will be paid only when a cash tax savings is realized as a result of attributes subject to the TRA. That is, payments under the TRA are only expected to be made in periods following the filing of a tax return in which we are able to utilize certain tax benefits to reduce our cash taxes paid to a taxing authority. The impact of any changes in the projected obligations under the TRA as a result of changes in the geographic mix of the Company’s earnings, changes in tax legislation and tax rates or other factors that may impact the Company’s tax savings will be reflected in other expense on the condensed consolidated statement of operations in the period in which the change occurs.

Noncontrolling Interest

Noncontrolling Interest	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Noncontrolling interest	10. Noncontrolling interest We are the sole managing member of EWC Ventures and, as a result of this control, and because we have a substantial financial interest in EWC Ventures, we consolidate the financial results of EWC Ventures. We report noncontrolling interests representing the economic interests in EWC Ventures held by the other members of EWC Ventures. Income or loss is attributed to the noncontrolling interests based on their contractual distribution rights, and the relative percentages of EWC Ventures non-voting common units (”EWC Ventures Units”) by us and the other holders of EWC Ventures Units during the period. The EWC Ventures LLC Agreement permits the members of EWC Ventures to exchange EWC Ventures Units, together with related shares of our Class B common stock, for shares of our Class A common stock on a one-for-one basis or, at the election of the Company, for cash at the current fair value on the date of the exchange. Changes in the Company’s ownership interest in EWC Ventures while retaining control of EWC Ventures will be accounted for as equity transactions. As such, future redemptions or direct exchanges of EWC Ventures Units by the other members will result in a change in ownership and reduce the amount recorded as noncontrolling interest and increase additional paid-in capital. Additionally, certain members of EWC Ventures hold unvested EWC Ventures Units that are subject to service, performance, and/or market conditions. The vesting of EWC Ventures Units will result in a change in ownership and increase the amount recorded as noncontrolling interest and decrease additional paid-in capital. The following table summarizes the ownership of EWC Ventures as of July 1, 2023: July 1, 2023 Units Owned Ownership Percentage European Wax Center, Inc. 50,329,914 80.6 % Noncontrolling interest 12,100,016 19.4 % Total 62,429,930 100.0 % The following table presents the effect of changes in the Company’s ownership interest in EWC Ventures on the Company’s equity for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net income attributable to European Wax Center, Inc. $ 4,012 $ 968 $ 3,504 $ 2,853 Transfers from noncontrolling interests: Increase in additional-paid-in-capital as a result of equity allocations from the noncontrolling interest 1,682 4,095 14,339 2,946 Net increase in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests $ 5,694 $ 5,063 $ 17,843 $ 5,799

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jul. 01, 2023
Net income per share	11. Net income per share Basic net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders for the period by the weighted average number of shares of Class A common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income per share of Class A common stock is computed by dividing net income attributable to Class A common shareholders by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities using the more dilutive of either the treasury stock method or the if-converted method. The following table sets forth the computation of basic net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 (in thousands, except for share and per share amounts) Net income $ 5,594 $ 2,031 $ 4,541 $ 6,057 Less: net income attributable to noncontrolling interests 1,528 775 1,357 2,694 Net income applicable to Class A common shareholders $ 4,066 $ 1,256 $ 3,184 $ 3,363 Basic weighted average outstanding shares Class A Common Stock 50,335,784 37,911,637 49,162,232 37,432,586 Basic net income per share applicable to common shareholders: Class A Common Stock $ 0.08 $ 0.03 $ 0.06 $ 0.09 The following table sets forth the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 (in thousands, except for share and per share amounts) Net income $ 5,594 $ 2,031 $ 4,541 $ 6,057 Less: net income attributable to noncontrolling interests 1,523 853 1,355 2,872 Net income applicable to Class A common shareholders $ 4,071 $ 1,178 $ 3,186 $ 3,185 Diluted weighted average outstanding shares Basic weighted average outstanding shares - Class A Common Stock 50,335,784 37,911,637 49,162,232 37,432,586 Effect of dilutive securities: RSUs 103,754 207,550 84,445 196,794 Options — 36,252 — 32,598 Diluted weighted average outstanding shares - Class A Common Stock 50,439,538 38,155,439 49,246,677 37,661,978 Diluted net income per share applicable to common shareholders: Class A Common Stock $ 0.08 $ 0.03 $ 0.06 $ 0.08 Shares of Class B common stock do not share in the earnings or losses attributable to the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income per share of Class B common stock under the two-class method has not been presented. Shares of Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related EWC Ventures Units, are exchangeable into shares of Class A common stock on a one-for-one basis. There were 12,364,046 and 23,943,795 shares of Class B common stock outstanding as of July 1, 2023 and June 25, 2022, respectively, which were determined to be antidilutive and have therefore been excluded from the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022, respectively. In addition, 475,308 options were excluded from the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 as they were determined to be antidilutive.

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Stockholders' Equity	12. Stockholders’ equity Share Exchange Transactions During the 13 and 26 weeks ended July 1, 2023 certain members of EWC Ventures after our initial public offering (the “EWC Ventures Post-IPO Members”) exercised their exchange rights and exchanged 652,558 and 5,781,909 , respectively, EWC Ventures Units and the corresponding shares of Class B common stock for 652,558 and 5,781,909 , respectively, newly issued shares of Class A common stock. These exchange transactions increased the Company’s ownership interest in EWC Ventures. Share Repurchases During the 13 and 26 weeks ended July 1, 2023 the Company repurchased 51,592 shares of Class A common stock at an average price of $ 15.88 per share for $ 819 pursuant to the stock repurchase program authorized by the Board in November 2022. There were no share repurchases during the 13 and 26 weeks ended June 25, 2022.

Subsequent Events

Subsequent Events	6 Months Ended
	Jul. 01, 2023
Subsequent Events [Abstract]
Subsequent Events	13. Subsequent events On August 9, 2023, the Company announced that David Berg will depart from his position as Chief Executive Officer of the Company, effective September 30, 2023. As of such date, Mr. Berg will remain an employee of the Company and will assume the position of Executive Chair of the Board. In connection with Mr. Berg’s departure as Chief Executive Officer, the Company announced on August 9, 2023 that David Willis, who has served the Company as President and Chief Operating Officer, will assume the role of Chief Executive Officer effective as of September 30, 2023.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies) - SubsidiariesMember	6 Months Ended
	Jul. 01, 2023
Basis of presentation and consolidation	(a) Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC and includes the operations of the Company and EWC Ventures and its wholly owned subsidiaries. EWC Ventures is considered a variable interest entity. The Company is the primary beneficiary of EWC Ventures. As a result, the Company consolidates EWC Ventures. The condensed consolidated balance sheet as of December 31, 2022 is derived from the audited consolidated financial statements of the Company but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the audited consolidated financial statements and the related notes thereto for the year ended December 31, 2022 included in our annual report on Form 10-K, except as described below relating to our adoption of Accounting Standards Codification (“ASC”) Topic 326, Measurement of Credit Losses on Financial Instruments .
Use of estimates	(b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the financial statements include revenue recognition, inventory reserves, income taxes, the Tax Receivable Agreement (“TRA”), the expected life of franchise agreements, the useful life of reacquired rights, valuation of equity-based compensation awards, and the evaluation of the recoverability of goodwill and long-lived assets, including indefinite-lived intangible assets. Actual results could differ from those estimates.
Implications of being an emerging growth company	(c) Implications of being an Emerging Growth Company The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. We also intend to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as we qualify as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments.
Comprehensive income (loss)	(d) Comprehensive income (loss) Comprehensive income (loss) is defined as the change in equity (net assets) of a business entity during a period from transactions and other events and circumstances from nonowner sources. Comprehensive income (loss) is equal to net income (loss) for all periods presented.
Recently adopted accounting pronouncements	(e) Recently adopted accounting pronouncements In June 2017, the FASB issued ASU 2016-13, Financial Instruments (Topic 326)—Measurement of Credit Losses on Financial Instruments , which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard replaced the previous incurred loss impairment model with an expected loss methodology, which results in more timely recognition of credit losses. We adopted this guidance on January 1, 2023 (the beginning of fiscal year 2023). The adoption of this guidance did not have a significant impact on our financial statements.

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jul. 01, 2023
Prepaid Expenses And Other Current Assets Details [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consisted of the following: July 1, 2023 December 31, Prepaid insurance $ 1,419 $ 1,966 Prepaid rent 194 192 Prepaid technology 2,236 1,656 Prepaid marketing 2,245 844 Prepaid commissions 395 410 Prepaid other & other current assets 1,136 506 Total $ 7,625 $ 5,574

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	6 Months Ended
	Jul. 01, 2023
Payables and Accruals [Abstract]
Schedule of Accounts Payable and Accrued Liabilities	Accounts payable and accrued liabilities consisted of the following: July 1, 2023 December 31, Accounts payable $ 5,328 $ 5,874 Accrued inventory 2,981 2,259 Accrued compensation 2,571 4,283 Accrued taxes and penalties 1,089 1,181 Accrued technology and subscription fees 234 26 Accrued interest 989 933 Accrued professional fees 338 890 Accrued marketing fees 876 310 Accrued dividend equivalents 997 1,777 Other accrued liabilities 895 1,014 Total accounts payable and accrued liabilities $ 16,298 $ 18,547

Long-term Debt (Tables)

Long-term Debt (Tables)	6 Months Ended
	Jul. 01, 2023
Schedule of Debt	Long-term debt consists of the following: July 1, 2023 December 31, Class A-2 Notes $ 396,000 $ 398,000 Less: current portion ( 4,000 ) ( 4,000 ) Total long-term debt 392,000 394,000 Less: unamortized debt discount and deferred financing costs ( 20,600 ) ( 23,065 ) Total long-term debt, net $ 371,400 $ 370,935

Equity Based Compensation (Tabl

Equity Based Compensation (Tables)	6 Months Ended
	Jul. 01, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Weighted Average Assumptions of Stock Option Grants	The following table presents the weighted average assumptions used in the simulation to determine the fair value of the original award on the modification date: Expected dividend yield 0.0 % Expected volatility 50.0 % Risk-free rate 4.7 %
Lattice Model [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Schedule of Weighted Average Assumptions of Stock Option Grants	The following table presents the weighted average assumptions used in the lattice model to determine the fair value of the stock options granted during the 13 and 26 weeks ended July 1, 2023: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 July 1, 2023 Expected dividend yield 0.0 % 0.0 % Expected volatility 62.7 % 62.4 % Risk-free rate 3.6 % 3.6 % Suboptimal exercise factor 2.5 x 2.5 x A description of each of the inputs to the lattice model is as follows: • Expected dividend yield - The expected dividend yield is based on our history of not paying regular dividends in the past and our current intention to not pay regular dividends in the foreseeable future. An increase in the expected dividend yield would decrease compensation expense. • Expected volatility - This is a measure of the amount by which the price of the equity instrument has fluctuated or is expected to fluctuate. The expected volatility was based on the historical volatility of the Company as well as that of a group of guideline companies. An increase in expected volatility would increase compensation expense. • Risk-free interest rate - This is the U.S. Treasury rate as of the measurement date having a term approximating the contractual term of the award. An increase in the risk-free interest rate would increase compensation expense. • Suboptimal exercise factor - The multiple of the exercise price at which an option exercise would be expected to occur. An increase in the suboptimal exercise factor would increase compensation expense.

Revenue from Contract with Cu_2

Revenue from Contract with Customers (Tables)	6 Months Ended
	Jul. 01, 2023
Summary of Balances in Deferred Revenue	The summary set forth below represents the balances in deferred revenue as of July 1, 2023 and December 31, 2022: July 1, 2023 December 31, Franchise fees $ 8,254 $ 8,167 Service revenue 3,260 2,818 Total deferred revenue 11,514 10,985 Long-term portion of deferred revenue 6,795 6,901 Current portion of deferred revenue $ 4,719 $ 4,084
SubsidiariesMember
Schedule of Changes in Contract Liabilities	The following table reflects the change in contract liabilities for the periods indicated: Contract liabilities Balance at December 31, 2022 $ 10,985 Deferred revenue recognized that was included in the contract liability at the beginning ( 1,560 ) Increase, excluding amounts recognized as revenue during the period 2,089 Balance at July 1, 2023 $ 11,514
Schedule of Revenue Expected to be Recognized in Future Related to Performance Obligations	The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of July 1, 2023. The Company has elected to exclude short term contracts, sales-based royalties and any other variable consideration recognized on an “as invoiced” basis. Contract liabilities to be recognized in: Amount 2023 (from July 2, 2023) $ 4,084 2024 1,256 2025 1,185 2026 1,075 2027 1,013 Thereafter 2,901 Total $ 11,514

Noncontrolling Interest (Tables

Noncontrolling Interest (Tables) - E W C Ventures L L C And Subsidiaries [Member]	6 Months Ended
	Jul. 01, 2023
Noncontrolling Interest [Line Items]
Summary of Ownership of EWC Ventures LLC	The following table summarizes the ownership of EWC Ventures as of July 1, 2023: July 1, 2023 Units Owned Ownership Percentage European Wax Center, Inc. 50,329,914 80.6 % Noncontrolling interest 12,100,016 19.4 % Total 62,429,930 100.0 %
Summary of Ownership Interests in EWC Ventures LLC on Equity	The following table presents the effect of changes in the Company’s ownership interest in EWC Ventures on the Company’s equity for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 Net income attributable to European Wax Center, Inc. $ 4,012 $ 968 $ 3,504 $ 2,853 Transfers from noncontrolling interests: Increase in additional-paid-in-capital as a result of equity allocations from the noncontrolling interest 1,682 4,095 14,339 2,946 Net increase in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests $ 5,694 $ 5,063 $ 17,843 $ 5,799

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jul. 01, 2023
SubsidiariesMember
Schedule of Computation of Basic Net Income Per Share	The following table sets forth the computation of basic net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 (in thousands, except for share and per share amounts) Net income $ 5,594 $ 2,031 $ 4,541 $ 6,057 Less: net income attributable to noncontrolling interests 1,528 775 1,357 2,694 Net income applicable to Class A common shareholders $ 4,066 $ 1,256 $ 3,184 $ 3,363 Basic weighted average outstanding shares Class A Common Stock 50,335,784 37,911,637 49,162,232 37,432,586 Basic net income per share applicable to common shareholders: Class A Common Stock $ 0.08 $ 0.03 $ 0.06 $ 0.09 The following table sets forth the computation of diluted net income per share of Class A common stock for the 13 and 26 weeks ended July 1, 2023 and June 25, 2022: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 1, 2023 June 25, 2022 July 1, 2023 June 25, 2022 (in thousands, except for share and per share amounts) Net income $ 5,594 $ 2,031 $ 4,541 $ 6,057 Less: net income attributable to noncontrolling interests 1,523 853 1,355 2,872 Net income applicable to Class A common shareholders $ 4,071 $ 1,178 $ 3,186 $ 3,185 Diluted weighted average outstanding shares Basic weighted average outstanding shares - Class A Common Stock 50,335,784 37,911,637 49,162,232 37,432,586 Effect of dilutive securities: RSUs 103,754 207,550 84,445 196,794 Options — 36,252 — 32,598 Diluted weighted average outstanding shares - Class A Common Stock 50,439,538 38,155,439 49,246,677 37,661,978 Diluted net income per share applicable to common shareholders: Class A Common Stock $ 0.08 $ 0.03 $ 0.06 $ 0.08

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - SubsidiariesMember - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Prepaid Expenses And Other Current Assets Details [Line Items]
Prepaid insurance	$ 1,419	$ 1,966
Prepaid rent	194	192
Prepaid technology	2,236	1,656
Prepaid marketing	2,245	844
Prepaid commissions	395	410
Prepaid other & other current assets	1,136	506
Total	$ 7,625	$ 5,574

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - SubsidiariesMember - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Payables And Accruals [Line Items]
Accounts payable	$ 5,328	$ 5,874
Accrued inventory	2,981	2,259
Accrued compensation	2,571	4,283
Accrued taxes and penalties	1,089	1,181
Accrued technology and subscription fees	234	26
Accrued interest	989	933
Accrued professional fees	338	890
Accrued marketing fees	876	310
Accrued dividend equivalents	997	1,777
Other accrued liabilities	895	1,014
Total accounts payable and accrued liabilities	$ 16,298	$ 18,547

Long-term Debt - Schedule of De

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022	Apr. 06, 2022
Class A2 Notes Member
Debt Instrument [Line Items]
Term Loan			$ 400,000
SubsidiariesMember
Debt Instrument [Line Items]
Less: current portion	$ (4,000)	$ (4,000)
Total long-term debt	392,000	394,000
Less: unamortized debt discount and deferred financing costs	(20,600)	(23,065)
Total long-term debt, net	371,400	370,935
SubsidiariesMember | Class A2 Notes Member
Debt Instrument [Line Items]
Term Loan	$ 396,000	$ 398,000

Long-term Debt - Additional Inf

Long-term Debt - Additional Information (Details) $ in Thousands		1 Months Ended	6 Months Ended
	Apr. 06, 2022 USD ($) OperatingSegment	Mar. 31, 2025	Jul. 01, 2023 USD ($)	Dec. 31, 2022 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Description			If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10) years plus (ii) 5.00%, plus (iii) 3.87%, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes.
Debt Instrument, Interest Rate, Increase (Decrease)			3.87%
Debt Instrument, Covenant Description			The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.
Debt Instrument, Fair Value			$ 365,191
Class A2 Notes Member
Debt Instrument [Line Items]
Fixed Rate Senior Secured Notes	5.50%
Leverage ratio			0.05
Debt Instrument, Interest Rate, Increase (Decrease)			5%
Term loan	$ 400,000
Debt instrument, Term	10 years
Variable Funding Notes [Member]
Debt Instrument [Line Items]
Maximum Debt Service and Collateral Protection Advances	$ 40,000
Number of additional extensions | OperatingSegment	2
Scenario Forecast | Variable Funding Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		5%
Anticipated Repayment [Member] | Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Mar. 31, 2027
Legal Maturity [Member] | Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Mar. 31, 2052
Indenture [Member] | Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Apr. 06, 2022
Commercial Paper [Member] | SOFR
Debt Instrument [Line Items]
Debt instrument basis point	212.50%
Advance Funding Facility
Debt Instrument [Line Items]
Maximum Debt Service and Collateral Protection Advances			$ 5,000
SubsidiariesMember | Class A2 Notes Member
Debt Instrument [Line Items]
Term loan			$ 396,000	$ 398,000

Equity Based Compensation - Add

Equity Based Compensation - Additional Information (Details) $ / shares in Units, $ in Thousands	3 Months Ended	6 Months Ended
	Jul. 01, 2023 USD ($) $ / shares shares	Jul. 01, 2023 USD ($) Employees $ / shares shares	Jun. 25, 2022 USD ($)
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity based compensation | $		$ 7,757	$ 5,335
Three Point Zero Units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Incremental equity based compensation expense | $		$ 3,888
Incentive units granted | shares	533,707	533,707
Number of employees to which incentive units granted under modified vesting | Employees		9
Common Class A [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Contractual term		10 years
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 10.11	$ 9.85
Common Class A [Member] | Directors and Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted | shares	49,455	317,095
Weighted average exercise price, granted | $ / shares	$ 20.69	$ 19.77
Common Class A [Member] | Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-Average Grant Date Fair Value, Granted | $ / shares	$ 17.01	$ 16.42
The 2021 Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Directors and Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted | shares	69,088	339,143
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage		33.33%
Equity Incentive Plan [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity based compensation | $	$ 1,826	$ 7,757

Equity Based Compensation - Sch

Equity Based Compensation - Schedule of Weighted Average Assumptions of Stock Option Grants (Details)	3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jul. 01, 2023
Three Point Zero Units [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield		0%
Expected volatility		50%
Risk-free rate		4.70%
Lattice Model [Member] | Common Class A [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Expected dividend yield	0%	0%
Expected volatility	62.70%	62.40%
Risk-free rate	3.60%	3.60%
Suboptimal exercise factor	2.5	2.5

Revenue from Contract with Cu_3

Revenue from Contract with Customers - Schedule of Changes in Contract Liabilities (Details) - SubsidiariesMember $ in Thousands	6 Months Ended
	Jul. 01, 2023 USD ($)
Disaggregation Of Revenue [Line Items]
Balance at December 31, 2022	$ 10,985
Deferred revenue recognized that was included in the contract liability at the beginning of the year	(1,560)
Increase, excluding amounts recognized as revenue during the period	2,089
Balance at July 1, 2023	$ 11,514

Revenue from Contract with Cu_4

Revenue from Contract with Customers - Additional Information (Details)	Jul. 01, 2023
SubsidiariesMember | Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-02
Disaggregation Of Revenue [Line Items]
Weighted average remaining amortization period of deferred revenue	3 years 7 months 6 days

Revenue from Contract with Cu_5

Revenue from Contract with Customers - Schedule of Revenue Expected to be Recognized in Future Related to Performance Obligations (Details) - SubsidiariesMember - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
2023 (from July 2, 2023)	$ 4,084
2024	1,256
2025	1,185
2026	1,075
2027	1,013
Thereafter	2,901
Total deferred revenue	$ 11,514	$ 10,985

Revenue from Contract with Cu_6

Revenue from Contract with Customers - Summary of Balances in Deferred Revenue (Details) - SubsidiariesMember - USD ($) $ in Thousands	Jul. 01, 2023	Dec. 31, 2022
Disaggregation Of Revenue [Line Items]
Total deferred revenue	$ 11,514	$ 10,985
Long-term portion of deferred revenue	6,795	6,901
Current portion of deferred revenue	4,719	4,084
Franchise Fees [Member]
Disaggregation Of Revenue [Line Items]
Total deferred revenue	8,254	8,167
Service Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total deferred revenue	$ 3,260	$ 2,818

Income Taxes (Additional Inform

Income Taxes (Additional Information) (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Future payments under tax receivable agreement	$ 208,166		$ 208,166
SubsidiariesMember
Income tax expense	$ 2,763	$ 19	$ 2,254	$ 46
Effective income tax rate	33.10%	0.90%	33.20%	0.80%

Noncontrolling Interest - Summa

Noncontrolling Interest - Summary of the ownership of EWC Ventures LLC (Details)	Jul. 01, 2023 shares
Noncontrolling Interest [Line Items]
Units owned	62,429,930
Ownership percentage	100%
European Wax Center, Inc. [Member]
Noncontrolling Interest [Line Items]
Units owned by parent	50,329,914
Ownership percentage by parent	80.60%
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Units owned by noncontrolling interest	12,100,016
Ownership percentage by noncontrolling interest	19.40%

Noncontrolling Interest - Sum_2

Noncontrolling Interest - Summary of ownership interests in EWC Ventures LLC on equity (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Minority Interest [Line Items]
Net income attributable to European Wax Center, Inc.	$ 4,012	$ 968	$ 3,504	$ 2,853
Increase in additional-paid-in-capital as a result of equity allocations from the noncontrolling interest	1,682	4,095	14,339	2,946
Net increase in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests	$ 5,694	$ 5,063	$ 17,843	$ 5,799

Net Income Per Share - Schedule

Net Income Per Share - Schedule of Computation of Basic Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended				6 Months Ended
	Jul. 01, 2023	Apr. 01, 2023	Jun. 25, 2022	Mar. 26, 2022	Jul. 01, 2023	Jun. 25, 2022
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 5,594				$ 4,541	$ 6,057
Restricted Stock Units (RSUs) [Member] | Class A Common Stock [Member]
Effect of dilutive securities:
Dilutive Securities	103,754		207,550		84,445	196,794
Options [Member] | Class A Common Stock [Member]
Effect of dilutive securities:
Dilutive Securities			36,252			32,598
SubsidiariesMember
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 5,594	$ (1,053)	$ 2,031	$ 4,026	$ 4,541	$ 6,057
SubsidiariesMember | Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Basic weighted average outstanding shares	50,335,784		37,911,637		49,162,232	37,432,586
Basic net income per share applicable to common shareholders:
Earnings Per Share, Basic	$ 0.08		$ 0.03		$ 0.06	$ 0.09
Effect of dilutive securities:
Diluted weighted average outstanding shares	50,439,538		38,155,439		49,246,677	37,661,978
Diluted net income per share applicable to common shareholders:	$ 0.08		$ 0.03		$ 0.06	$ 0.08
SubsidiariesMember | Class A Units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Net income (loss)	$ 5,594		$ 2,031		$ 4,541	$ 6,057
Less: net income attributable to noncontrolling interests	1,528		775		1,357	(2,694)
Less: net income attributable to noncontrolling interests	0		853		1,355	2,872
Net Income applicable to Class A common shareholders	4,066		1,256		3,184	(3,363)
Net Income applicable to Class A common shareholders	$ 4,071		$ 1,178		$ 3,186	$ 3,185
Basic weighted average outstanding shares	50,335,784				49,162,232
Basic net income per share applicable to common shareholders:
Earnings Per Share, Basic	$ 0.08		$ 0.03		$ 0.06	$ 0.09
Effect of dilutive securities:
Diluted net income per share applicable to common shareholders:	$ 0.08		$ 0.03		$ 0.06	$ 0.08

Net Income Per Share - Addition

Net Income Per Share - Additional Information (Details) - shares			3 Months Ended	6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jul. 01, 2023
Class B Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Shares, Outstanding	12,364,046	23,943,795
Securities excluded from computations of diluted net income (loss) per share	12,364,046	23,943,795
Employee Stock Option | Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Shares, Outstanding			475,308	475,308
Securities excluded from computations of diluted net income (loss) per share			475,308	475,308

Stockholder's Equity - Addition

Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jul. 01, 2023	Jun. 25, 2022	Jul. 01, 2023	Jun. 25, 2022
Number of shares repurchased		0		0
Common Class A [Member]
Converted To Class a Common Stock	652,558		5,781,909
Number of shares repurchased	51,592		51,592
Repurchased Common Stock Average Price Per Share	$ 15.88		$ 15.88
Repurchase of Class A common stock	$ 819		$ 819
Common Class B [Member]
Converted To Class a Common Stock	652,558		5,781,909

Subsequent Events - Additional

Subsequent Events - Additional Information (Details)	Aug. 09, 2023
Subsequent Event [Member]
Subsequent Event [Line Items]
Subsequent events, description	On August 9, 2023, the Company announced that David Berg will depart from his position as Chief Executive Officer of the Company, effective September 30, 2023. As of such date, Mr. Berg will remain an employee of the Company and will assume the position of Executive Chair of the Board. In connection with Mr. Berg’s departure as Chief Executive Officer, the Company announced on August 9, 2023 that David Willis, who has served the Company as President and Chief Operating Officer, will assume the role of Chief Executive Officer effective as of September 30, 2023.