- Earnings call transcript Q3 2022

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Operator

Thank you for standing by and welcome to Conference Call -- the Franchise Group Third Quarter 2022 Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. [Operator Instructions] I would now like to hand the conference over to your host, Andrew Kaminski, Executive Vice President and Chief Administrative Officer of Franchise Group.

Andrew Kaminsky

Thank you, Denise. you our thank call. and afternoon for conference joining Good Franchise with and Group's I'm call Kahn, CFO. Group's Franchise on the Seeton, Brian President Eric CEO; and

not could expressed Before to XXXX the These or law, results based meaning certain of by the Actual Private forward-looking securities mention in guarantees implied call getting them. revise laws. undue by Reform call forward-looking contain of differ place made provisions of the like this cautioned these on on reliance Act of Litigation update expectations on required are federal as Franchise The of may within are discussed and Investors other performance. management's are statements. Group forward-looking or this that and materially statements forward-looking from except statements. of Securities started, date I'd and statements are matters assumes those the future no current to not statements as to forward-looking obligation the

be For and differ the a cause XXth, differ to substitute information a News in financial and from, for peer results our financial have informational supplemental Form we release from our franchisegrp.com financial non-GAAP include meaningful please believes periods for results and section superior may considered our regarding actual other non-GAAP company ended comparing include management Franchise companies. limitations financial year website purposes. the believe in earnings provides other not indicated measures GAAP because Please for Group's Events our the to detailed uses investors that to SEC. information, we for The among or in to these Non-GAAP and measures. see a financial but comparative with isolation information measures uncertainties by filings between it results that other investors measures make XXXX business measures companies. see is risks The the from discussed today and and and of the forward-looking our as could when should those focus XX-K useful those assessing in GAAP used of statements, we non-GAAP operating it discussion December fiscal at materially more reconciliation of on

like I'd Brian? over the to turn Now, call to Brian.

Brian Kahn

five good us. financial Thanks general provide I'll joining our update over Andrew thank turning call for and then the afternoon and provide We'll you a to Eric before to listeners was Franchise to to details. answer our while fiscal third other combined expectations. to Group's produce results financial poor, at quarter, be operating questions. American happy In companies our Freight our execution above

at I specifically separate Freight important time. execution poor and environment difficult to also Badcock has Buddy’s, for think home American some been impacting a our furnishings Freight, American it's from that

we environment, the control control our can't we execution. While can absolutely

be net responsibility I in to same execution expect to FRG don't Execution a mistake positive for and the expect all environments. twice. We is my make

moving slow currently compounded of inventory including expect writing-off throughout Specifically, too damaged associates to down combination from wrong Freight of we system, the consequences are coming This costs since that them much and are discounting real Landed creates inventory. decrease. salespeople. impact profitability discounting and heavily mix inventory the I our commission is reduced paid and driven for continue A to or

our past cost our manifests to and due more us $XXX revenue -- for This process and has this it. it inventory $XXX culture our cost million landed for of value from to deep has end Badcock's we're budget by on lower of So, adjusted to been This the instead tens consistent with included existing will millions QX likely financial estimate relative in costs of In cash of margins that through cash tens getting the of sales. the cost EBITDA. I proceeds possible EBITDA associates with around lower as lower right in are quickly higher get XXXX, cost our paid our estate realized be sell. of and $XX customers in cash that we to need higher sales and ultimate excess with itself could report turn process to write-offs real as dollars replace adjusted expect consequences But discounting million mix gross millions as real millions in through expect the and are our this that not and of to and the statements. profits EBITDA. estate

and growing that off quickly excess cash has are these tremendous we and can't to both the generation I has where get asset to business. led back we us stores. the amount afford here, part I Furnishings several of accelerate EBITDA with store can valuable have Corsa and terminal Peter American Peter to which space new current at about free measured earning division, profitability unique to do green our record recent frustrated issues, Buddy’s, XXX% was $XXX and for of A will opportunity rip Freight Freight years can to we today we of in of Many we Freight, from of a is and I'm become the where of on I to operating in we've driving revenue to stores company-owned and that that. the six how open current have at, the next we report got impact But American by ultimately American excellence franchise to openings you quarter, [ph], know Freight of flow know His overjoyed will instrumental franchise most most terms for brands Peter itself and in FRG. itself created value, aid million over profile years his shares Badcock. power the continue as American I CEO to is, decor and Peter say speaks hired with While six it and I'm band FRG. Home EBITDA that products. team. just the the the at for already views operational the that Peter have to business nine the and over that to both will negative retail EBITDA public Despite or and believe Freight in my welcome newly it responsible among be conviction Home the and stores in company-owned for own track be value base believe At home annual he XXX

FRG. Moving on, continues franchising to across accelerate activity

over of see next materials cost while starting our years we time will franchisees improving and and locations. to of last We're the XXXX, the we XX of have nine XXX opened to labor compared territories months of sold opening construction years. couple and new locations, For easier first the couple closing believe an stores XX

cost share shares make Regarding capital take to an $XX financial quarter, increase I'll the details but X.X million did year. We a and $X.XX we per revolver at did can to compared repurchased acquisitions average during provide start we call quarter, we of allocation the million of approximately at per million the our and any quarterly rate Eric, questions. not to share. in paid common dividend and over the we you an annual the capacity turn $XXX $XXX then of Eric? to

Eric Seeton

Thank Great. Brian. you,

forma we I references remind you call. throughout pro will of be the address like results Before to making many to would that this items operations, I

use calendar releases course acquisition. preparing will for accounting of align press forma our financial misclassifications to this refer Our to for of interim consolidated cash businesses and results with the provided adjusted prior financial items two may fiscal to the financing statements Franchise and and extent their instead us and by Badcock, activities, acquired to performance activities we allow policies Comparison of comparable securitized the interest available cash when period of the and of flows discuss These first is In not quarter, a historical to and operating due our quarters. Group. receivables, evaluate acquired the related of identified to companies the pro results for timing by the filings been statements acquisition cash the reasonable. to have to

both GAAP. XX-Q flows, for amended solely relate statement required the overall impact of of For the or operations the result quarters no completed affected The accounting should on week. had cash statement, sheet. both us an to The consolidated then presentations U.S. of income impacted these and company. by misclassifications The the the the periods, be next of misclassifications and reclassifications file which will to require filed balance

results, will Buddy's with locations. XX of recap quarter same-store quick third stores Home comps backlog new Badcock Buddy's declining with for franchisee opened Furnishings X.X%. I XX.X% start a Moving locations quarter, maintaining down the and system-wide the In six X.X% franchise X.X% quarter. a comp sales third negative and third businesses. of had six to its of stores corporate new comped awarded the declining our

Plus PSP sale accelerate which quarter growth on impairment XX previously deliver quarter, accounts to five locations. at Freight balance building comps results. used while new were the brand third backlog pay for third ABL. Due we the they took announced sold backlog Badcock carrying our the its in American quarter, headquarters $XX of both the franchisee system-wide reflect the $XXX quarter the of transactions of to $XXX to franchisee for balance third quarter. Freight, bringing new franchise XX locations. to During to to performance to charged of net six continued in the of new area our X.X%, consumer quarter, American sales the sale review Supplies assets million value same-store also We operating for and to third grew this we of agreements of and units. for X% of quarter, fair our in million. $XX.X franchises sheet. grew quarter. comped Sylvan sold our of million franchisees We the PSP XXX GAAP non-cash total comps with is receivable on XX the value bringing The the of million corporate perform continues X.X% quarter, Pet proceeds development sold closed Badcock's backlog a bringing continually the to total on down down comps the XX in American for recent the stores and ensure locations its goodwill and Freight, quarter XX.X%. reflected in XX.X% the Sylvan generated closed

a transitioning charge operations loss was million a We per our of also basis diluted non-GAAP the to were direct want to signed house down Wag $XXX.X in Franchise Vitamin the for for $X.XX Group this momentum of Adjusted fully bringing in business continuing for Badcock third loss from sold EPS backlog consolidated to third I was accounted continues was non-GAAP business still third-party began share. partners finance $X.XX XX in reported quarter comps non-core stores of was quarter approximately include On billion, share. N' excluded of Freight franchising development segment. goodwill that in XX consumer Wash the or new agreements consumer Shoppe locations. impairment and EBITDA X.X% EPS. the selling and quarter continuing loss EBITDA and franchises XX.X% the a and million with $XX.X million process American from $XX related revenue XX to build third stores. the results $X.X at to Net financing and total from for have net XXXX, reiterate the we're operations adjusted quarter of per and of

the with receivables $X.X reflect in lending, no for liabilities believe will to the related accounted discontinue will While outstanding third-parties. balance customer debt of on securitized loans, cash receivable we securitization and sale we the sold We -- $XX reported balance approximately loans approximately debt the having sheet assets to and been be the can our billion longer consumer receivables as originating the continues perform and quarter sheet. we Once most consumer million. for of the a accounts statement term despite ended be and income

the we of million our availability ABL million had During quarter, increased and remaining. approximately $XXX $XXX of the revolver to size

accordingly increased rates, cost to continued increase expense year our year, in compared expected is and of $XX the approximately of today as at the cash interest to interest With of approximately the this $XXX beginning million has million. our estimate

could approximately you for continue our Thank our obligations and updated balance conjunction sufficient Denise, $X.XX businesses being EBITDA for the to future. performance, the all to remain for As believe $XXX Outlook outlook we Brian have for revenue for is questions? with of million all business million. please GAAP In from billion. foreseeable the to approximately $X.X EPS will fiscal we to mentioned, output Outlook liquidity XXXX. and for $X. being we support are reducing approximately line sheet updated non adjusted our balance $XXX And of at meet open to our is of the you.

Operator

At Michael question you. time, Thank D.A. the first [Operator from this Baker Our question-and-answer a comes with Davidson. conduct will we session. Instructions] line of

Michael Baker

guys. hi, Okay,

guess, I is So question, the think investors' an on in dividend what's is the first a minds of how I maybe safe dividend? obvious, lot and

Brian Kahn

Everyone not on just able some has we're we're -- the -- issue, the you. reason an having call, for to hear operator

Michael Baker

it's Andy's. think I

keep the great. along question. Okay, I'll

this do how balance of dividend you important out To drags think problem. a I most one cash down expense the stock, higher you And what's back did me it's this with how safe on is the How story, lot American yes, Andy's is there. anyway, parts because the because of buying is But dividend? of of against the Freight, quarter? cash of interest safe the which dividend? going

Brian Kahn

Sure, no, question. fair a it's

also cadence which we I'd policy and that It's in our And capital then to to budgeting necessarily that we and here, if forward move the be thrown that that I its next with philosophy. do we We for normal and a is with COVID. in times important when additional dividend, dividend to we the to full be of of. shareholders. what through the budget. I practice growing window. type recognize expecting ever managing the We at our without is as so to but through that out week. not for reliability buyback, benefit and like instituted would we Board November, like our the go the in company manage times bad viewed through process agree dividend to that year -- that you cut. dividend to in set plan that's start meet be I allocation of We'd past Our annual December the as will dividend of good do recognize instead we dividend do cut an our the toolbox a we cornerstone the tool did did stick be

continue Hope is So, specific to know be. very that's we'll to a But be little bit see we I question. we what that can helpful. if not want to answer your

Michael Baker

EBITDA expected? towards is, guess I follow-up when a you of dividend the or -- of guess higher go year, was in go ratio, past above end if year the is I policy you Well, is, that EBITDA XX% would EBITDA has the getting policy been -- -- the this lower question there's will that, -- than a presumably two, the or

Brian Kahn

Yes. That's question. another fair

are XX%. than target Over think the as like to lower years, given in XX% Over it capital the so the on say the XX% higher it I dividend, pay of allocations last our depends micromanaged. that And it's lower long-term if circumstances. heavily to not a be than it dividend higher our several fair managed, all any and could been approximating you know, is year, And has or but of EBITDA,

each end and there's year. we've dividend no rule, at through preceding year, managed hard of the the there's it set So, we the fast set the year, yes, no then,

we're dividend taking So, on, adjust in we where the EBIT least a as and up based we'll of of in that these it in a we expectations, XX% year year, we'll didn't charges appears over Freight. and the that dividend our pay outperformed out year, American end middle this the at

Michael Baker

balance great. more, could I Okay, the One sheet. if on

loans? do receivables, I stay originating part those of those balance if you That's stop until the loans. said stop loans, are new ongoing going do You strategies. securitizations you originating understand guys that you when not to the sheet on Badcock the new

off does that come stop when you does that when balance sheet? practice? And So, the when do

Brian Kahn

correct. That's

the -- testing writing their waterfall, So, that own we paper. include does a waterfall third-party are not Badcock,

to So, roll dime once we theirs. out and have on it will on perfected to that the want waterfall, we then we and our dealers, not learn

altogether. than to as balance the income on dealer those off turn cost Badcock it and we'll statement mistakes happens, our selling them. of it And stop soon make sheet, that So, the credit eat rather on we'll as and in the that -- stores pass

Michael Baker

over somebody else. turn Okay. to Thanks. it I'll

Brian Kahn

Sure.

Operator

Thank you.

question line Go comes open. Our Larry with is now CJS Securities. of the next your from ahead, line Solow

Pete Lucas

Can in volume afternoon. not Vitamin to was Did Yes, first If Pete in attributed It's half with a speak volume Shoppe? Supplies Larry. trends good roughly you the Plus at growth increases. mostly hi, and I'm Lucas mistaken, price Pet for flat volume change QX? revenue to lot

Brian Kahn

for been offsetting it's both volume, consistent those Volume weak continues weak is and in of relatively brands be think that to pricing regard. I

Pete Lucas

And me. then last one for

activity? capital you current cautious? are you? good a Or do pressure? – of terms opportunities how little Is view it In temporary in Look more under the but you allocation M&A seeing you potential purchase businesses bit about more do environment, talked -- to

Brian Kahn

be be that could I a think careful and credit, we I refinance costly, what much like opportunities. expensive for is opportunities refinancing, pursue, seeing coming where about planned requires very we more facility But our into which a us year, to cheaper have to it we're think on we more year acquisition this credit ago looked expensive existing was. now very large than us

So very we to be I think cautious. need

the to on that we can days are our a M&A. we But do maths, you operating our have we what are year that, today, just recognize I a can a I spend of the if multiples you if for, are that went opening time active; times, more home furnishing higher. businesses is than cost careful, to in we we the come about businesses, stores Peter, a be who find five extremely the capital out one be That's down less pick value capital businesses invest American can EBITDA. go very need pick quite and go We which that spending think even well, and focused we and, multiple, do time, Freight will that bit, many reasons creation, he we're we as pursuing think XXX think might consider buy always active. somebody can of you we low one But

scale one that anyway. our franchise So return scale any very as pursue the But to M&A. is diversification can really to through that's we that in then But investment and a existing make many use will capital own, owned we of careful, can we as better company we brand to of will groups than on great as environment. acquisition the and this stores brands certainly we brands we'll continue open capital be continue try where

Pete Lucas

Very helpful. Thanks, I'll jump the queue. back in

Brian Kahn

Sure.

Operator

Please you. our next for standby question. Thank

Our comes ahead. a from Ian Oppenheimer. next question line Zaffino of with Go

line now is open. Your

Ian Zaffino

And sorry. inventory at wanted and similar. bad know, or Hi. reconcile just cop Great. higher maybe I what I also, said you What relatively I understand pointed us Maybe Freight. priced? But I'm up, Thank similar, And lower price? Thanks. they – little the then then very examples same sales store, that? you that a American face inventory was bit face, of issue more, pretty know us to declines. much. buddies give you've square was help

Brian Kahn

all on that three to seen to our was passed on of be make your and tempted to looks to home cost has willing the And it actually customers been Yes, a costs the furnishings, purchase. customer that escalate. are businesses have prices, passed

where really think, we we contracted in anyway, was would supply at the instead main So was just it get struggling bought and is And were and just assumed, Freight, a then we whatever bought three inventory, and difference couldn't you we long, as with in what times we really should. would really, the higher fault, well. we prices we supply American they're are of I the tight, very regard, get same my we could, have all orders as time as cancelled were chain when wait that there

product what So when customers for fill getting to it's same and and the thing one we've just buy think on used floor. thing could But and if essentially margin another unwinding you're we anything it. waiting got we should out and great you're we put did everything we're that the the you're to trying we are floors, our that buying we can now they the floor because that. on that salespeople your It's saying, of you're instead sell

floor that So what a And that recognize the normal on a can space can turn strategy, have through make and that further, right isn't for time every be out lot takes priced stick are be and we floor, that peanuts. we issue, a over rip there's that the just question little money, three margin try moving slow and right dribble band thinking turn sold damaged the aid off maintain no is out a there off, people just that the is of and doesn't it up showroom while and don't properly, stick can the that's afford four wrongs either to that inventory two or and I reset shouldn't that to and it we we doing, from or waiting move sitting deck. recognize that'll written there my stick, on to think to for times the

So it's New And we'll move season and We've and and at our it's allow to already right as points paid it. reset salespeople and aggressively sunk That's, the the the service can. our tax deck doing inventory Year the as cost. just we're the need that's we And for price customers. what with we right a on. to really

Ian Zaffino

be quarter. Okay, give to do thank this how happened? us look helpful? Shoppe, follow you. and as up, positive comps it And forward Vitamin looks convenient we a Maybe that there. going the as negative then, deceleration a color there And at color a in level far like stabilized get as into comps and went little and from we What

Brian Kahn

in we has legacy job were time, think degradation EBITDA some team that been COVID it's centers slightly products amount something offset into time, back hearing now. I a stores a that right, revenue Vitamin Vitamin bump, Shoppe million to I some the it's not business, products. where the Shoppe $XX incredibly Shoppe And up of been come There's considerable we've new great distribution and Look I new all in the quarter. into quite the bringing all generate has negative management shift and think a well, at know, the products wave. Vitamin done held towards going to a clearly that hear the was Sure, comps it induced for a any

DX as seen, So the one couple where businesses COVID and the back you business aggressively of we've the down seller although was was during back right it that's come bump like down supplements a ago, COVID, years from a remember that to margin come our down heavy zinc if that previously. have that side has But business, lower it's sports grown the profile. – zinc,

as see the pretty don't the as much we happening much growth revenue. But in we think on dynamics do showing line that's quite it the So there. bottom I the see up

they're as hanging inflation. on. and for of as much higher making as not But to and experiencing inflation bed, also far certainly nearly amount really sizes they're feel certainly know, to As it home seeing relative up we're segment. been the furnishing compared our and inflation. like Activities but they outlook, other and down significant not thrilled basket are I a They're seeing they're for considerable industries they other businesses,

Ian Zaffino

continuing to segments impact Or on that then sales that levels given sensitivity if to I And later think environment trade one does? and any interest run Americans me kind of comment sneak Badcock, of just to any or of go kind about, the great. two what ways Thanks. up? Okay, those does that kind rate more in and get

Brian Kahn

rates, into furnishings environment Badcock my where they're I mind keep well as payment higher Sure. still in we're American it and Yes. full offer heading day. every really not we're and plans Freight value We're to freezes in the businesses we customers. like and layoffs, And that Look think our quite into, good can above we deeper We're driven, economic levels. for employment yet. home saying that hiring

need get announced the we corporate incremental and options, Amazon I going. find just down get unemployment payment to first. back full employment in freeze day, hiring value hiring It down keep folks American no Buddy's somebody back, every in at payment the it down payment else it'll value, up, tick to Badcock once we is as But those shutting single think then today. to their more employment, Freight. much And options options, at numbers full

So that environment. that's, we're built for

Ian Zaffino

Thank very much. you Okay.

Brian Kahn

Sure.

Operator

you. for Please Thank question. standby our next

question ahead. Stephens. comes from of Caintic Our Go Vincent the line next with

is now open. line Your

Vincent Caintic

Thanks taking questions. Hi. my for

On could about you're furnishings just earlier and on could wondering comment Freight, season generally, American home thinking how the the if maybe on you about I so this talk holiday promotions clarify.

right a normalized environment, think do be of second first intend should sizes So of home by sort So you before season? tax the next refund year? say we expecting furnishings and the to or quarter

Brian Kahn

through that. not We Vince. your actually, have so to mean, We I will. hope typically we've to and furnishings, going just going great and we I large don't into even happen but to some I And know Thanks, Yes. get the be we're to approaching season. holiday necessarily promotions holiday deals. together wouldn't answer race this. But the somewhat think both of related. home questions fit got season We

that And take we're to well. a as move the selling with going can we're bring salespeople discount. Remember look should able definitely and we're now have to merchandise You replace so incentivize cost our make it. we we that going items purchase, going it everything because we're to lower to to a be now,

when get get every a focus I through driving the this to answer and the that. answer and next position off we breaks, the will it's that don't as we So tax couple and we can months? we money I day. in we're through to But be know inventory single the have The in need I of able are do to move know normal? the is it to as to back that, not be question So better quickly are. to that that

Vincent Caintic

quarter, I looking It the noticed cash so balance and deal that. And was you your an just washer on see can I thank position. for am separate the I definitely question and so I was sheet for with Okay, that. encouraged. for dryer interesting on agree that, Hey, that. you this you're of so if your share terms you repurchases you. appetite us repurchases how you you share Thank think the see just to could in -- about the for had how and or when and thinking sustainability the about how update

Brian Kahn

Sure, and one -- don't a this And the an handle businesses. -- we other One buybacks. at that we I I shares quarter, believe, not offset put said buying it. the buyback, types then We're relative other somewhat when have is just a of is the in to share issuances. looking buying investment automatic. as way well, to were just we two we're I buyback XXb-X, and -- and take last we don't lid not a share think We're

So buy virtually stock, what's and with and if earnings currently, generating share in it's my Freight negative ignore. EBITDA your and that's to EBITDA franchise hard this per I can American EBITDA, point group consolidated no

considerable window. basis, did be forward an the open certainly, as have buy we in of so And go a that capital. put will Not going sure toolbox we look possible of tool allocation in of amount a on continue back at and to what's but buy a we the to stock happen when we to course, a

Vincent Caintic

Okay, very Very Thanks much. great. helpful.

Brian Kahn

Sure.

Operator

question. last our for Standby you. Thank

comes Last Davidson. Michael with Our D.A. Welcome question from back. Baker

open. now is line Your

Michael Baker

How we you you follow-up I acting decisions? guess Freight is if – merchants much issues the more you the Or the the And does buying your that American making et how And were change President? I saying as specifically with making new structure well, with appreciate were we And fault, the But Are follow-up merchant? one then issue, -- mistaken? decisions? there just the could. issue American ask cetera. on Hi. guess situation, with buying Freight there I just the the are wanted industry industry? as much American Thanks. how I like, freight, your Brian, is to economic some you, these involved

Brian Kahn

Right.

is to operators a could didn't or deals things deals, combined. But we when any, the and The they Look, backwards are. doesn't to it couldn't And skinny, as go weren't I you is to inventory, we regarding what those So just couple that's this more pretend of years, all get I are you where any both do. love take don't had we I merchants best responsibility, out, the go we of good that I of to why merchandise needed allocation, and categories I'm going execution, you really are, But run you not understand whatever point exist. get buy have could. my it. the inventory, And to floor. job to have get on can. waited. capital their there allocate the business capital

a the good allowed it and in have ones then it of you to and it. it. XX% good about and level we to anyway, mean, my is. job figure bet is out we to job XX% make ones we've make either have a capital in conviction go I I try future, we a or go is which It we My not and a out did shoe, confidence or conviction, what execute which was not. -- buy don't, those is So go not use XX% every how to this to a and got bet, is whether figure where decide on predictions day, XX% job could that's inventory move their our predictions

accelerate it's a have driven that Freight businesses you you fact it's in ago recession, So time in recession, asking of how a go And to fortune -- when as I'm do started to years impact need next a in in to don't how said into lot not plenty folks be drive did of said, got what American Cracker first and devalue, an whatsoever. your had store at real better again, know to of the of that that's several that We we the back like any is factor, the worried everybody and I estate really can Freight, good I way for And it's -- Barrel, about and time. you're can by because Maine, specifically warehouse a an a go say, going kind buy there you those I go get I don't this like business. want can you leads, you impulse corner because okay, not it Maine it's well, the a And want, doesn't is we and, where we wherever environment the that's and American purpose, American this like limiting in this the We've these buy, well. buy covering to view go disappointing, nursery, consumer of rollout, And that. but on something, wants Freight future that in be involved were to you plants. think you company, because happens. along a

really Peter went is guy that. looking and to for us athlete for help get This many we this that to months accelerate that is going do opportunity Peter in, coming the out we're role to an right -- So do ago.

done that is that's like we not going what we're be a anything. in environment what trying trying accomplish this find to reaction who's we to did. we urgency to American Freight, So can to have previously, of and do did recognizing sense with it we're the This and somebody why a is with

home benefit able going that we're all the Just three businesses full of and independently have run so well. all our to their management run our will home of to happens being get furnishing as same teams furnishings businesses, oversee athlete

hope I we're So doing but clarifies we're that a why doing. bit, little what that's that

Michael Baker

Okay. helpful. is color. That appreciate Yes. I the Thanks.

Brian Kahn

Sure.

Operator

time. Kahn to this No I'd questions more closing Brian the you. Thank over at back turn for call like remarks. to

Brian Kahn

for you call. Great. and with all the can Well, us. Feel to questions thank you follow-up additional offline, free joining operator any end

Operator

today's program. does Thank conference. This you the in participation you. your for Thank conclude

You disconnect. may now

Franchise (FRG) 4 Nov 222022 Q3 Earnings call transcript