RGS - Earnings call transcript Q2 2020

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Operator

Ladies and gentlemen, thank you for standing by. Welcome to the Regis Corporation Second Quarter Fiscal 2020 Earnings Call. My name is Britney, and I will be your conference facilitator today. [Operator Instructions].

As a reminder, this call is being recorded for playback and will be available by approximately 12:00 p.m. today. time central the Finance. turn over Biz to I'll conference AVP McShane, now call

Biz McShane

Thank thank everyone, joining morning, you, Good Britney. and us. you for all

our Amanda Chief Financial On have Eric Bakken, Zupfer, me with Franchise Officer; General Executive Chief segment; Counsel. of Sawyer, and our and the Kersten our Executive President today, Vice President Officer; Rusin, call Hugh we

there Before turning to housekeeping address. items few the call are over I'd a to Hugh, like

Private and release the today's conference Litigation forward-looking XXXX. include of within the earnings call meaning statements of yesterday's Securities Act Reform First,

recent Forward-looking more statements from their most our cause inherent information uncertainties. uncertainties are Please earnings for not performance, and SEC XX-Q materially XXXX and and recent and XX-K, the could forward-looking such guarantees on risks filings, XX, nature, by of to including actual that risks differ current refer to in are to these June statements. results subject company's and release

update or after statements obligation forward-looking or no any undertakes of date the that company circumstances this call. to The revise events may reflect to arise

financial or the yesterday's I Hugh. on website GAAP turn read call A will financial measures at period. measures the to measures as and www.regiscorp.com/investor-relations. will of adjusted non-GAAP conference financial but not Second, to superior be that recent to comparisons for for in release should GAAP previous financial be earnings conjunction the and exclude release, is with financial discrete yesterday in call, non-GAAP issued be we of facilitate filings, considered results substitute must this business GAAP provided today's discussing which should to available these that, events reconciliation items. are comparable certain our our over impact with other we On measures non-GAAP measures most These meaningful including year-over-year our now SEC financial the call XX-K. considered the With conjunction most in can morning's and be the be our directly found

Hugh Sawyer

Thank you, everyone. Biz, and good morning,

continuing that was generate shareholders at to Directors, I company's asked regard, be value guiding principle of continuity stakeholders. for to our will Regis our in my is transformational honored period role leadership Board assuming Our President our Chief ensure addition strategy, in role help the that chair long-term In of Executive Officer. and key Chairman's of during to multiphase I to change. as ongoing and a believe

quarter milestone where pipeline second we greater an The on business transformation. of date portfolio believe now end potential year-to-date robust year. calendar substantially our we and our a represent by important the transition to this be fully of into transactions, clarity our gained a that results franchised does end Based the of complete will

have begin This visibility structure our improved for capital the reengineering we reductions the in capital-light our us initiate cost for enabled other meaningful to plans a of portfolio it including fully transition business, so structure into appropriate that cadence be to growth platform. and our will franchised

that estimated to continue high-growth we strategic We to would conversion progress In that a to are capital-light, quarter ongoing to us complete meaningful report XX our portfolio. in take franchised XX company. of it August we to transformation our a months franchise pleased make fully this to XXXX,

to roughly In date line we salons of which first approximately owners, to success the at the will fiscal XXX sight with net of typically of occurs XXX the This lease of XXXX, fiscal to due the in closing franchise converted XXX have sale additional expect at we salons, underperforming means we that we complete than expiration. salons. XXXX, XXX to half originally earlier somewhat of had a half year However, we've first conversion that this substantially anticipated.

company-owned XX% stages various at transition. of in salon approximately portfolio the have pipeline We of remaining the

I began as franchised. now As XXXX, franchised our that CEO when company-owned. April of our XX% salon XX% in And was XX% may nearly my and portfolio of is roughly tenure portfolio XX, recall December of you

our very progress any measure, significant by in portfolio So transformation.

a our and rapid expense in begin mentioned, have transition as a annualized I been will basis. In we been reductions. actions fully to $XX by on As to result, intentional we a approximately occurring our million franchised plans model thoughtful announced that more And reduce pace. G&A an has aggressive January, at

the of planned the As these quarter reductions our January second beginning G&A quarter, we we decided the consider by third execution of actions these schedule to we dilute at venditions. in recognized would magnitude increased of G&A our results, pace the the reductions, scheduling as our of given

did that our to wanted to risk our corporate expense of operations. stability an However, unacceptable actions reduce and create company-owned to ensure not we the level of salons

G&A that company as We consider capital date additional XX% the structure reductions sustainable franchise the to right to draw gain us our so transition our franchised. our the expect facility to path we of a structure Securities better Guggenheim engaged what is suited into we design optimal end is to capital that Further, visibility recently to business. closer our further for time for We believe help now now is a growth. it redesign and is debt

internally-developed Blossom, and in be relaunch technology; private that partner disruptive driven outstanding merchandise, Ongoing investments recruiting has advertising; our large the continue print successful and and in education include completed stylists the management will will new later brand. our then we've fourth in marketing beta; of that continued office have this we and have complete including process which financing historically made additional our financing, anticipate no investments conditions, This for favorable in phase record working new company could success we and to system, back we replacement market an growth and will salon now is we Guggenheim we track also named label with of DESIGNLINE education the a and brand, we that will than franchisors successful of investments in capabilities: considered. make stylists' investments to assuming our franchise following franchisor anticipate customer-facing multi-phase the transformation. frictionless Once the company's quarter. the be prepare

typically any to to nonperforming justified elements shareholders. operational our would growth company-owned our circumstances what although various decided remodels to complete where the of pause also next and may is the we you our determined quarter our multiyear cash shares these the reduce programs be X. to the We push we called continue know, needed, by if cash economics, in debt, investments salon that it's consolidated second closing And our all months it's to into levels we remaining our have utilize when salons, utilized down lease share Fab in brands our bias including XX to manage of and the severance we repurchase expiration; in restructuring, in so; we to G&A have that believe as wise repurchases button paying through debt some supporting on investments in do salons ongoing interest reductions We initiatives. capital other our the in and during best order refurbishments as

to refinancing, fully inherent strategy, associated Upon the on we a our and amount to and remain that completion to year-end. the be our capital a have franchised near-term board with as historically. of and have strategy and complete long-term assess order continue will on franchise phase a periodic generate Despite We significant work potential transformational our best risks the capital done a we us the of do to by will variability our return constituents. interest in portfolio of transformational management prove higher has of the basis convinced business calendar allocation ahead its shareholders our substantially in strategies of

continue However, shift we our to energy to determined can a in our phase we growth time and are our toward bring organic talent phase so of to that the this strategy. conclusion

to and execute our our growing multiphase transformation. confidence Although ability conditions we successfully could our change, have in plan

are growth Kersten numbers. us Our rapidly dates. restructuring phases their in And Regis generate positioned we a sustainable phase, Zupfer, the Financial and expect Kersten? for we to toward take be With each our for ask Chief I'll and Officer, period end portfolio revenue its the years through to transformational earnings to well ahead. that, intend moving

Kersten Zupfer

good and Hugh, Thanks, morning.

second for franchise lease the majority past the action the buy to portfolio company's at XX the cash-flow were bias essential the out pleased salons are location or a in lease significant our to closure the year-over-year company-owned to The over unless by the is months not a driven revenue closure, early. of which year. salons versus share transition was X,XXX represented decline reported model. net to to million million, a basis, progress franchised XX% of to salons, revenues plans. of $XXX.X Yesterday, primarily course and mentioned, of you justify targeting consolidated expiration, our economics a the prior quarter decrease As of we When on and which our $XX.X future exit a the we of fully of conversion negative XXX

rent a quarter with were The million the recorded franchise and $X.X increase million accounting fiscal by in in headwinds of lease XXXX. of in revenues first the revenue in new guidance adopted the quarter connection offset partially $XX.X

the the months. converted Second EBITDA or past year portfolio quarter company-owned the to X,XXX and the had from of the was period that been elimination net of that to over the salons adjusted consolidated same by million in unfavorable driven EBITDA been and $X.X XX.X% last period $XX was XX million prior sold primarily franchise had generated the

by believe partially the increases and may associated salons. days retail fewer was with our a by minimum between decline technology. Thanksgiving Second Christmas million increase the also company-owned impacted wage adjusted was by in in EBITDA and impacted quarter holidays. offset lower of EBITDA been adjusted comps, We in investments sale The $X.X comps gain the have strategic

from elimination in converted from was $X decreased the year. in net months. adjusted to items million share by the per past income or generated $X.XX or operations earnings net The the year portfolio diluted adjusted per discontinued income decrease XX the net $X.X prior income adjusted and discrete last that were share that to driven franchise and quarter reported compared been the sold the for same over net period of as earnings had diluted year-over-year of XXXX salons Excluding $X.XX of the adjusted primarily asset-light million income company second company's income

by to of sale basis, of noncash in $XX.X the On adjusted the the favorable $X.X driven gain, increase related XXX versus X.X% million last excluding primarily conversion a period million to million salons same and EBITDA $XX.X a franchise derecognition portfolio. was The year-to-date year-to-date favorability the company-owned consolidated goodwill year. was year-over-year or

which months. $XX.X related second the Excluding second is the EBITDA salons also million unfavorable the to sold by and EBITDA of year-over-year unfavorable variance this results, the $X.X like past XX adjusted quarter over year-to-date the the totaled largely transferred impact of quarter and gains elimination million, was driven

the would impact a capital-light a to disclosed transition that at As model on of you noted, dilutive adjusted close the franchise company's our have year XXXX we EBITDA. fiscal initially

reported please adjusted attention our in EBITDA was decline from we certainly Nevertheless, are So as transition, we not that continue cash operations. this our unexpected. note paying to

As we you do not know, guidance. provide

in adjusting However, market after transition-related no and changes for unusual items. assuming and unexpected conditions

for run be in is quarter as rate the our of Our trajectory objective the our positive cash to end state fourth we transition. accelerate into flow

and and Thanksgiving segment with segment-specific increased starting reduced to $X.X sold salon a believe X.X%, million partially franchisees or retail by to been our $XX.X unfavorable Franchise of by quarter may counts. Looking decrease Christmas. performance year, have Product to decreased offset between negatively the franchise versus increased increased franchise counts. was million same franchise fees year-over-year, million, $X the quarter we the primarily primarily TBG, at in sales franchise XX.X% $X.X salon sales days to royalties driven $XX.X same-store second last driven and million impacted million by and by products

months. franchise salon a company-owned in in sales sales same-store consistent are total that that with is same-store change manner portfolio sales As a we calculated how franchise than for for our XX more and salons have the been represents our location calculate a reminder, in

the are As comps are franchise salons and leading previously traditional comps XX represent precise months, necessarily of entering traffic not a to customer sense. for comparisons. transactions not discussed, Further, same-store we sales are in retail but this company-owned salon our transition temporary in comps noise which adds representation phase, we've as

margins adjusted EBITDA year-over-year, approximately lower franchise million franchise quarter driven growth and sales. portfolio franchise by million leverage of the of our product by salon structure, $X.X better cost Second partially $XX.X grew on in offset

owners portfolio We onboarding -- temporarily our complexity to the operational to new believe other more salons been that owners, among transitioning factors. experienced franchise of more have the by a challenged and may

sales product have would our X.X% with With revenue for adopted and be. associated franchisee ad the the X revenue After which year-over-year revenue and fund we we of and recognition as years well noncontributory guidance adjusting in last sales rent approximately accounting with margin where is lease merchandise is EBITDA was TBG percentage not to it the at expect over EBITDA is line TBG XX.X%, margin year-over-year. the comparable to revenue, as approximately favorable cost,

approximately EBITDA Year-to-date, XX% of or adjusted franchise $XX.X year-over-year. $X.X million grew million

the to is $XXX.X decreased driven Now segment, which be $XXX.X into approximately over second main decrease or months, million. with year the quarter bucketed at million salons can prior salon the year-over-year XX% X looking company-owned consistent decline and revenue versus XX company-owned the X,XXX categories. past This of

First, in our last the during XX from year salon the over XX which salon conversion month's expect months. last end. transition asset-light X,XXX offset franchisees salons our portfolio of by we to -- course the XX openings back the months, over company-owned bought to organic and reductions company-owned brought the new partially platform to of were that franchise past company-owned XX These were salons net the

styles quarter $X.X the prior primarily the year-over-year million. by year-over-year with the total the adjusted a and $XX and adjusted results, salon franchise months. platform salon. year-over-year driven the generated over in stylist was Second segment from the to of elimination and impacted our company-owned converted that been period in in salons The consolidated variance past sales increases EBITDA by million were was the company-owned quarter minimum decreased company-owned decline in year also XX sold same-store the that into Consistent had company EBITDA wage commissions

through as expect, our are our As monitoring we you we company-owned might transition. carefully continue salons

they venditioned. until and stability those Our salons objective in focus are maintain to is

field. to the structure year-over-year months, basis, company-owned source by year-to-date unfavorable adjusted was transferred salon to XX the period unfavorable a year. the offset EBITDA related $XX.X The the the EBITDA sold partially elimination driven versus over million initiatives adjusted $XX.X of the in consolidated same and is million last On management variance the past salons by rightsize of

our important salon accelerate the future to we to franchise. Of that our conversion will trajectory our business note to course, continue to company-owned of it's critical less performance become as

Turning now to corporate overhead.

primarily management quarter conversion million nonessential driven $X.X increased net initiatives owned and million goodwill Second salons, equity EBITDA by of derecognition adjusted excluding sale compensation. the impact the is from gains year-over-year noncore, expense to and G&A net $XX incentive of of the $X.X and company noncash and lower million of eliminate

contractors its meaningful U.S. is positions, XXX speed reductions our of as January, our into the expected to we In in eliminating across visibility based transformation. company expenses. million the on and which approximately transition, result the By improved the in approximately began accelerates of Canada, including multiyear savings into XX $XX annualized G&A

the these We and from future half back cash operations the costs will also company's fiscal expect of periods. in in XXXX the removal G&A positively of impact

the to during fiscal wanted I to salon which per quarter-over-quarter. $XX,XXX that is cash out second compared of point were consistent $XX,XXX first quarter our proceeds in approximately Lastly, vendition per quarter the salon approximately XXXX,

to some our the of these vendition salon due consolidation more net as Signature of lower we per with venditions. as of brand may However, along cost efforts, part SmartStyle year, this salons salons we have more proceeds Style fiscal converting

are sheet. part our of down the compliance Looking $XX million the pay balance $XX.X to as outstanding in balance paid our leverage that with credit cash the of remain December end net which now made quarter, XXXX. covenants decreased facility. At existing we a decision at to debt, the the million our to of XX, debt We towards

to we opportunities appropriate would have our have record forward believe visibility credit facility for would we in that our reengineer our now known establishing we credit need we to we consideration, franchise state our meet careful Given structures facility and new our facts move the that track successful and end companies. because efforts. inherent vendition process, business After our growth-oriented strong that not time for some with have existing Guggenheim for be franchise to retained a business We they refinancing the model. capital need of

no to this the quarter later year. expect complete We efforts and refinancing outcome a in process, the fourth than our fiscal successful of

to cash and be operations of from it Turning cash thought a how EBITDA to free to I cash our provide adjusted see flow-through might flow. high-level we flow. helpful reconciliation now

When looking approximately working of cash the flow cash at use use single largest the $XX million is statement, of capital.

use convert our the the associated quarter, net as related a As future cash this teams payments fully franchised our prior is down salons we by with wind outlays to noted of payments transaction-related including better company-owned with significantly cash of in align severance state. impacted we to restructuring platform, to and field

new will our we the brand salons noted, you in merchandise, and in was of December invested our also in in which the private received be As Blossom spring. label

our the invested repackaging brands. label of successful historically also have in private reformulation and We DESIGNLINE

In the in the capital, from as cash are adjusted the a mall-based our American working end account salons EBITDA EBITDA included need conversion transferred December, proceeds inflows XX% will investing in the I TBG addition the North when At gain reconciling our portfolio. section provide XXX to of its company's from net that the the net cash fact TBG. of the statement. the the roughly to to not into capital, on million you take are update in reported to in of platform and $XX.X company-owned brief wanted of income but salons, to change also operating back a to adjusted flow franchise of as Regis included operations

acquiring these until we will always When for leases, treat and and over we is owner or would we and managing other considered course million control the in in real $XX XXXX, the identified. until where normal situation date remaining provide a salons for salons. strategy Regis just just salons, salons about TBG greater Regis under our TBG associated their are had will lease we This approximately approached is these was that the determined optionality previously company-owned estate financial these lease locations. salons former outcome a portfolio. obligations the franchise end salons late the as in continuing Essentially, liability TBG location would maximum any salons the new now with operate The

lease the was believe overall transaction, success. which to mitigate salons, a continue company's obligation the was intended We strategic and to these always financial on

lease when we'll approximately and and questions. -- is executed And interest today. the your XXXX, With back than portfolio $XX thank of to continued back million, reminder, for in million a call October I'd to original with for the less the Britney for like was as noted, mall-based transaction Regis. $XXX turn As you support we TBG in the that, and now liability

Operator

[Operator our Instructions]. come question will first Stephanie with Jefferies. And from Wissink

Sebastian Barbero

Sebastian is Stephanie Wissink. for Barbero This

Just had couple and of follow-ups, questions couple may. if a a of I

one, updating business the comp level, And up to the And including label about product your nicely performance of performed percentage the on step advance to second the first Can and were franchise you there's room the year-over-year. the believe product are on system the now any sales and percentage? how sales sales for of and one, that the explanation private talk of has you December further core label? do private quarter the The rebranding down franchisees brands? initiative, a what post-holiday? And

Hugh Sawyer

of the don't We and between by have follow-up grow franchise the to strongly high the a were Why compressed for occurred Thanksgiving toss of at Christmas. first the that product in ability on of that degree days partners their still franchise. questions, holidays days the We it between both to service the I'll the and the holidays, I impacted and part level. they take retail of do our salon confidence -- sales retail Eric believe

ability corporation. their remember owners to beginning to franchise all turn the tend be performance. entrepreneurial and businesses put about It's us. grow it's highly that high process is also Difficulty] over who But you local been of to a have the to capital from when or [Technical focused work, vendition don't and that they for own distraction a on we growth distraction for they has ability their a concern the partners' with these are of So salons to partners' our degree hypothesis important

salons And And we that take and state the will of we're businesses that and who I for that's coming confirms control to of very have partners transitional feel distraction end confident we're new legacy venditioning. But grow and in that. the historical that their that, nature. data it's our all franchisees still a our franchise franchisees

company with prior been private new the important summer. sustainability. label with Blossom on reformulated DESIGNLINE to and margins. has reformulated extremely the and future relaunching of to been to As We successful years, it's for support repackaged growth DESIGNLINE, a an and DESIGNLINE that's Blossom brands, line and product brand-new emphasis been part initiatives And great DESIGNLINE is our an that's

we're have Walmart, including so feel sales those merchandise optimistic of success had we in years. both watching it aware of we're And private of represent We what the launches. yet future But their Target the very know other about don't will and and well with percentage results. retailers very label,

we're the it behind please become that. will on got all for of -- our that we supported build Eric, optimistic for and this our So franchisees and on and you of do initiative it, important offering end merchandise consumer. can build part And an

Eric Bakken

Sure. Thanks, Hugh.

So Bakken. Eric this is

it comps, impacted you were both was back still the the Kersten layers for the a little up to and As relates December that quarter mentioned. Supercuts, reasons bit, in peel we positive, X.X%. side, for negatively the Hugh And Service the on if

look X.X% X.X% was you the in franchise then Service year-to-date at year-to-date, and If was up Supercuts overall Service on numbers. side up the

we some service in So and our impact December, off negative franchise December, saw in X.X%. comp was in

important that we we're but an go the So back it's hurt as that month, our see numbers really numbers, we'll bounce confident forward.

retail, As X on that just side. to I it would franchise item the mention relates

corporate stores transfer franchisees to on we when we the side, utilize auto-replenishment. So

did that not place. Minneapolis. converted stores to that So centralized all have they in is in When model we the here franchise,

decide we auto that able that replenishment we're similar can it's the is franchisees, only ordering. suggest order. a franchisees and that we've model to the modify internally, So what guided very to provide our now difference they And developed called they if for want

to that XXX to And number it we of as technology efficiently. grow. work making and will as enhancements some ordering, now we locations make grow effectively auto it and on We're guided number said, we forward. expect, that I have more to So north go

Sebastian Barbero

may. one investment? please accounted get Could it. in this reiterate future? in for does how per G&A do you salon if costs $XX,XXX I Got to And bridge the the tech and And marketing a include more,

Kersten Zupfer

is expenses that in operating marketing included the marketing, G&A the our included advertising line. are line, not So in site

As costs we G&A move to those by XX.X%. have ad include it and a borne fully fund. marketing G&A advertising some platform of XX.X% in franchised be that per the relates the will technology entity does to store, The we of provided the in past, spend as the the guidance that the

Hugh Sawyer

a that emphasize and we And and that through utilizing one, make is can franchised. to merchandise did by not have of Eric's technology. had ordering they judgments Where they integrated an point, enabling guided is auto OpCo we which conform technology. the capability historical is shift in yet It important can essentially partners our judgments, growth the fully franchise lift informed

as Eric salons an but And that important it's the going of to throughout to we franchise have migrate we're initiative. XXX noted, enabled the So about platform. continue

Operator

Loop next comes Our from Champine Laura with question Capital.

Laura Champine

that the down in EBITDA goal to us at quarter? raise being why in although debt debt paid that were you down Guggenheim risk paid there violated? covenants strikes debt, with the Is that you the is were It of quarter,

Hugh Sawyer

net of I knew Laura, at in could We'll facility. facility, for do the covenants business. just the were intent prior And franchise time ratios maybe some with historical the our we -- be future we be not is scale -- months, would we but franchise The in debt to the we entry that year. known moment. that wasn't will But of well, not to our supported into for place larger this the Laura, is facility -- would wanted suspect, facility. the that would it's comparative We that markets not our we've We debt than intent put what Guggenheim, a replacement the analysis existing Guggenheim at raise with going right by forward. you -- look the need if It some leverage business. a that, --

to well money you the there are a out robust work. and of lot today, And there's know, markets as to debt put

we've proceeded good selected have make we but we all to when we didn't so this need or we judgment. down visibility visibility right feel that the We facts the have could And when in have informed moment the path earlier, needed. time

to about and facility it business. think the an a future simple simply company, correctly the time is structured the it a had a was is of different we that old for for designed not way different and state So just

So too. it's that to bound make transition,

Laura Champine

Understood.

shortened in calendar, us and on that had out Because to look it's we disruption calendar last the back time can much tough the calendar to versus With you tell the going same parse impacted December? how just that with comps then? what's

Hugh Sawyer

that's a question, we price the history and Difficulty]. I'll take -- but back yes. good [Technical first it Kersten. the and back because doesn't very you always it's happens Laura, ahead, academically -- go The is then to happen -- until answer We often, go it did actually interesting through

Kersten Zupfer

before that in that January. and some haircut that, Dearest to occurred haircut at us point in we up picked the that or January, Thanksgiving holiday, early color

Laura Champine

Got investments haircut, it you to think, relationship would had comped negatively, enough, it. -- it's if have Google, more been for how do you you with an So but And in it's lastly, comfort the get of a I working? long if would've then tech that still are your impact.

for the while. You've a Silicon Valley group had in

better? comps those right the not getting So with how you to do comfort worse, get the thing do are investments tech that

Hugh Sawyer

Director to chance if technology started a recruited on the remember investments look space. Virginia the board to may at she world-class down focused was those a quite of on had technology and govern process, in gifted help the you've when Laura, bio, we generating path is as the you went extraordinarily we return investments, and her the Gambale, out who, appropriate

X tech make it, shareholders' about making. committee a buckets. we to that certain think continue we're the investments a into the are convened money technology When we and board we feel basis utilizing of our you break quarterly good the And to about so on it in good way,

support need access the through prior is demand the open at a make to salon office of which Google ERP is capability, well. we've regard in conversion think Messenger, to that at year. on capability. to Google the calendar made in it users essentially of our office back some the is -- program our that in think calls prior And one investments just back us that looking but salon, as functionality, bring disclosed Alexa an about Bucket we're as reaches calls, publicly That will third Laura, which need intend technology, options migrate this and Facebook we modern year fee-generating various to and as gen, point that we and to support that technology search about And and begin to well. talked beginning it. functions, our about all process, gives beta. we that components we're do office And about the as is in we've that to important, particularly capability know and as back we've We age think into in on you

corporate back So capability technology,for and salons, salon. demand office open office gen X back our functions, basic technology with for

Operator

back portion Q&A to of the the will Hugh. turn the now conference This call. concludes I

Hugh Sawyer

forward today. We appreciate day. quarter. to Thank for support attendance Good you next Well, thanks, continued interest your look and with and everyone. in Regis, your speaking everyone, you, again

Operator

call Thank Ladies today. and for our concludes gentlemen, this conference you.

for visiting may in disconnect. regiscorp.com, so website to wish a parties have and the X-XXX-XXXXXXX, dialing you All Investor XXXXXXX. of participating, presentation, the or code access Relations replay by now section by this all may for Thank do nice you for day. access If the you

Regis (RGS) 4 Feb 202020 Q2 Earnings call transcript