morning. good and Hugh Thanks,
XX-Q be an to saw I turning color Before quarter the around and of related Group, you results, Regis. in you The press give likely release additional third thought charge helpful it Beautiful might to affiliate morning's restructuring this to
It's by of lease million of since inability our two-year As transferred certain that worked of This navigate XXXX, them efforts October important have the value to initiatives mall Beautiful created working on which always Group million end two-year of and approximately a invoices faced lease And light Beautiful we $X Group Despite remain closely current Beautiful in reserve of with as to this extension a us company's operating we the cash have has best approximately note third all the to receivables with XX the capital help of quarter. The including in The fully Beautiful based form in against have improve and Group mall a The has reserved determination of for in non-cash flow, execution fully record to Group's million of $XX.X included fiscal to receivables us, previously discussed in we to headwinds of the the these in the charge been shipments. exposure based over $XX.X materially number the several help outstanding note year. assistance has the the retailers The due months, The past in and made risk due inventory a terms the accounts payment outstanding amounts from against financing based the transaction last businesses. financing of to reduced. mall exposure. of remember form their transaction we through been to
morning's of line out our statement. separately going disclosures associated Beautiful insight and will transparency additional with business provide to we order on beginning costs on this into the and performance franchise in own its with forward, Group break the all present The income Additionally, and
traffic, increase year of shift Turning salons now XX franchise driven which we not holiday closure were primarily point were flow decline portfolio year, in offset and to year third have a from quarter On same-store points. in XXX that negative as ticket. company-owned company's sales or point months. impacted was or The XXX approximately Easter primarily X.X% traffic by a in driven revenues to in by by the decreased what this the headwinds essential a traffic majority a quarter of cash into same-store salons, a increase X.X% estimate by in partially $XXX.X plans partially results. by the shift historically same-store consolidated this our were basis, basis I'd the royalties conversion the up the unfavorably and and revenue sales. negatively third decline to prior the lead XXX fourth was the and The $XX.X fees. The to third year-over-year of consisting revenue by like quarter These that over to net offset a decline we the decline to versus future XX.X% million an and transactions XX to quarter out million. of third company-owned revenues, last and the franchise past sales company-owned impacted referred basis year-over-year quarter
In product SmartStyle of the addition, prior closure part approximately closeout sales one-time year's last points of included XXX XX as sales year. February discontinued of basis salons in of same-store non-performing
one-time in estimate we SmartStyle and Easter the same-store basis XX impact shift the the both approximately consolidated year, prior sales points. Excluding declined holiday
was million XX.X% the favorable adjusted the million period company-owned was Third quarter $XX.X EBITDA to goodwill to of or It $XX.X excluding portfolio the related XXX quarter. and million sale same non-cash last conversion of consolidated $XX the franchise derecognition salons by during year. driven primarily to gain
had that $X past $X.X entirely the to was EBITDA Excluding over XX by the unfavorable unfavorable one-time period salons been year-over-year. converted driven the elimination prior in company's was million, company-owned this The we generated almost franchise million gain, from year months. and EBITDA have year-over-year which platform of the the adjusted totaled that variance the sold
also unfavorably by impact quarter up technology, lower EBITDA of sales, the of impacted Third compensation marketing by the of the franchisers' in company's in expense. year-over-year holiday, adjusted the the and wage was in capabilities. the Easter strategic lead the shift included These company-owned investments were which timing offset decline same-store increases incentive and minimum partially
non-cash G&A As basis, funded a versus company-owned of last the $XX.X the investments same year-to-date making by salons a was by derecognition primary non-contributory, portfolio. we million million $XX.X favorable year-to-date and non-strategic related removal EBITDA being conversion adjusted to goodwill favorability Hugh consolidated the year. to the costs. of and earlier, was mentioned continued marketing excluding XXX technology period XX.X% strategic or million the franchise gain around Year-over-year are $XX.X sale of are driven On
million, EBITDA the this to by past like third adjusted $XX gain, and of totaled transferred year-over-year. have into salons XX we over quarter the portfolio year-to-date months. elimination unfavorable unfavorable And quarter year-to-date is one-time third the driven $XX.X franchise that sold the results, which variance EBITDA the million Excluding was the the largely related
is decrease quarter into salons, or million. past Looking of driven the XX.X% decreased which by over decline $XX.X company-owned This at be XXX prior the XX third with year million salons versus company-owned main $XXX.X the our and revenue two categories. segment-specific to can starting performance approximately months, year-over-year bucketed
of franchise the transferred sold asset-light And of quarter XX First, course second, the past approximately unprofitable to the of XXX of during course the the XX salons year. of which over which with past profitable of conversion were the XXX most our XXX company-owned of third over company-owned and were salons this closure months, the months. -- platform
points basis sales, in lead third approximately company-owned As same-store timing was I point the revenue also which and mentioned year. impact this of basis third unfavorable XX decline in one-time during up a XX salons point earlier, close-out the the impacted quarter shift impact non-performing to unfavorable sales decline product in included quarter XXX of to to by XXX basis part year, the discounted an of closure as due holiday SmartStyle the approximately Easter last the due
quarter EBITDA decreased unfavorably partially In generated in period to The total past salons year commissions the elimination company-owned million third Third salons $X.X revenue salon franchise year-over-year to into and platform the year-over-year million. to driven $XX.X year-over-year sold Easter segment, declined the Beautiful franchise in driven the past by more same-store XXX we Total variance fourth traffic franchise of almost have adjusted unfavorable up same year. EBITDA the $XX.X decreased the consolidated point basis sales the that Royalties $XX.X the related I year-over-year believe The that or driven to negatively million $XX.X million unfavorable this primarily year, quarter consolidated franchise fees in the million the year-over-year salons. by the Like wage quarter company entirely sales million and been believe XX Group, of to over overall disclosure XXX also salon months. the of evaluating increased points of year. prior and increases minimum by On Product Beautiful by the The versus comps quarter to impacted sales assist franchise was XX from same-store traffic EBITDA versus a the company-owned $XX.X increased strategic the same-store third continue sold in that elimination our portfolio, was adjusted this period was transition transferred results, business, and lead the prior impacted franchise franchisees sold months. also or and digital or as Group the to $XX.X were company-owned same franchise a is like heavily salon year $XX.X a by primarily Consistent basis The converted increased to the marketing EBITDA stylist salon to comps. with the XX.X% and last X.X% new $X.X by company-owned decrease and over we performance investors the year-to-date segment entirely million. $X.X almost basis, offset million, $XXX,XXX the million sales adjusted by franchise franchise were the we was million of last of versus increased unfavorable that period variance of investments. and in comps. quarter. shift declined out during sales points driven product salon a excluding will into quarter would salons XX.X% same-store portfolio
year-over-year with XX a portfolio the salons that more how in total change location are As been company-owned as months. a represents reminder, is consistent our franchise same-store for sales in opened for sales salon have same-store a franchise than that we calculated and manner in calculate sales
of $X.X X.X% $XX.X million partially volume or the Third quarter the adjusted $X.X franchise enhance franchiser offset to into increased G&A EBITDA franchise franchise EBITDA and $X.X investments million planned transactions million Year-to-date, driven year-over-year. salon of support XX.X% adjusted strategic million of by approximately year-over-year, growth franchise further by improved portfolio. our cadence improved and portfolio, abilities to or the in
Turning now to corporate overhead.
primarily management and -- nonessential derecognition of lower adjusted compensation sale million year-over-year and the initiatives of net impact salons decreased net eliminate to non-core million, by of investments and capabilities. million in quarter expense, from $XX the conversion partially incentive expenses year-over-year, company-owned the G&A gains of offset expenses technology goodwill Third excluding that marketing corporate-related non-cash $XX.X $XX.X driven by
Looking the now at balance sheet.
flexibility We strong to of liquidity position elements maintain sheet the the overall continue providing transformational company's while our to strategy. fund optimal balance
fiscal beginning year, liquidity share cash our front, the of repurchases. in On by a $XX.X investment the million, since quarter-end the decrease million net-net $XX.X driven continued entirely totaled
the year-to-date, shares repurchased of have our company-owned outstanding. into as we quarters, in during total substantially shares the million we outstanding third prior million, several and $XX.X of cash monetization share or company's approximately insurance X.X from million in disruption stores In fact, sale XX% Salt Year-to-date six generated the proceeds such platform. funded Lake QX, been in the of franchise shares company-owned center policies In quarter, conversion assets non-core total leaseback life representing million. of approximately have fiscal the sale City the the of for $XXX.X repurchased by for and QX shares repurchases X% the
our of balances credit $XXX of This million approved you growth is inventory third borrowings holiday item which fourth anticipation March year-to-date. by nature were program stock million $XX our we under the in first, approximately morning had strong the under sheet shift and the quarter up of As outstanding million Easter by including balance temporary of facility. we quarter a factors, retail in into existing remaining this be $XX.X was balances last believe capacity increased have of XX, the driven have our to that run likely this in primarily repurchase we noticed inventory demand of with The several elevated April. fiscal ending year,
help franchised retail leaning of had drive value innovative number forward the and introduced incremental we product we new owned that lines businesses. company a believe to Second, of will and
calendar levels year. overall to we the the effectively quarter able Third, franchise the of for during will we've we and the fourth growth in months that inventory be throughout higher business. Group redeploy experienced during And Beautiful of lastly, continued our the quarter remaining network significantly The our carried we believe
cash sold purchase how unit I back cash or again of these incremental In our company-owned that transactions. the you for predictable profitable ongoing about in expect received, consider expenses. through to these -- given once Lastly, cash and ongoing as transactions, percentage of our likely we royalty in evaluating stream, as meaningful continued salons maintenance items G&A portfolio, overhead and the on reductions turn a to it requirement such sale to conversion lower would anticipated I franchisees, think corporate requirements the helpful about acceleration the we recapture the also before upfront economics remind be flow addition of franchise items such we Olivia, thought to in product the the generated the to new the refurbishment, capital field of price additional and fees typically potential and salon sales call
Additionally, future we flow that to comparisons procedures any as franchise cash a of also growth of positive should a vehicle sales comparison goodwill salons have of substantially us from note with response. we because a in past be stable believe first, and in sales would an sustainable disclosed high gains the for precision make capital-light all one-time manner. of future the that efficient in consolidation to reasons in portfolio likely will models net Also, need potential to few the degree effective the period-over-period This likely potential will estimate normalized transactions to in revenue is the for future including, critical adjusted brand growth highly your non-cash and de-recognition. organic and transactions likely difficult related for seen the any and a our have platform provide for today involve
be be due our wholesale periods model eliminated salons impact the year the in a higher Second, our third, the must would the model as for converting a to franchise to fact company-owned from normalized all franchise And portfolio. EBITDA one we're in consider transaction. we that to transition margin salons prior in-store need to that portfolio, would of
economic in expect to convert designing in sale those overall change we're for asset-light model. where in our for generate shareholders our planned We margins course, product and to this model strategy. value Of franchise circumstances greater an we
models, we those excluding proceeds convert portfolio expect Given reasonable company-owned EBITDA, your the decline and these over in to consolidated Regis' factors sell adjusted as franchise and would forward-looking revenue and salons when thinking that profitably about likely it short-term. is
the likely company-wide growth EBITDA in longer-term in marketing G&A would result the both to in our net EBITDA, segment's expenses, on we margin and the the over an made However, adjusted company's And of expect rate returns investment increase adjusted would see franchise reductions longer-term. growth be over and technology longer-term, merchandise in business.
add where into consider to-date Lastly, Hugh as for the the for salons for success Regis our now that evolving to evaluate support with would convinced back thank support company-owned continue in portfolio, to of With sale Olivia the I across call conversion and interest franchise opportunities will it will and your Go in to strategy that, continued we -- our all ahead to like our to circumstances are and given shareholder we mentioned the salons will and the value back you our brands and business. turn we turn Olivia. franchise of those questions.
