Regis Corp (RGS) 2025 Q2 法說會逐字稿

Good morning, and thank you for joining the Regis second quarter 2025 earnings conference call. I am your host, Kersten Zupfer, Executive Vice President and Chief Financial Officer. I am joined today by our President and Chief Executive Officer, Matthew Doctor. (Operator Instructions) This conference is being recorded.

早安，感謝您參加 Regis 2025 年第二季財報電話會議。我是主持人 Kersten Zupfer，執行副總裁兼財務長。今天與我一同出席的還有我們的總裁兼執行長馬修‧多克托 (Matthew Doctor)。（操作員指示）本次會議正在錄音。

I would like to remind everyone that the language on forward-looking statements included in our earnings release and 8-K filing also applies to our comments made on the call today. These documents can be found on our website at www.regiscorp.com/investor-relations, along with a reconciliation of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures.

我想提醒大家，我們的收益報告和 8-K 文件中包含的前瞻性陳述的語言也適用於我們今天在電話會議上發表的評論。這些文件可在我們的網站 www.regiscorp.com/investor-relations 上找到，同時還可找到今天電話會議上提到的任何非 GAAP 財務指標與其相應的 GAAP 指標的對帳表。

With that, I will now turn the call over to Matt Doctor.

說完這些，我現在將電話轉給馬特多克托 (Matt Doctor)。

Thank you, and good morning, everyone. On today's call, I will discuss our recent acquisition of the Alline Salon Group in more detail, review our quarterly financial results and provide updates on our key initiatives. During the second quarter, we acquired our largest franchisee, the Alline Salon Group, in a move that has significant strategic and financial benefits and furthers our efforts to position the company for future growth.

謝謝大家，早安。在今天的電話會議上，我將更詳細地討論我們最近對 Alline Salon Group 的收購，回顧我們的季度財務業績並提供我們關鍵舉措的最新資訊。第二季度，我們收購了我們最大的特許經營商 Alline Salon Group，此舉具有重大的戰略和財務利益，並進一步加強了我們為公司未來成長所做的努力。

Taking a step back for a minute, this transaction is another milestone on the journey we've been on stabilizing and growing the company, and we are in a significantly stronger position today than just a short while ago.

退一步來說，這筆交易是我們穩定和發展公司歷程中的又一個里程碑，與不久之前相比，我們今天的地位明顯增強。

Around one year ago from the time of the Alline transaction, we're putting efforts towards trying to stay listed on a national securities exchange and strengthen our balance sheet. Since then, pro forma for the Alline transaction on a trailing 12-month basis from December, we have grown adjusted EBITDA by 35%, cut our debt and leverage ratios in approximately half and have line of sight to consistent cash flow generation versus what has been consistent cash use.

大約一年前，從 Alline 交易開始，我們就在努力保持在國家證券交易所的上市並加強我們的資產負債表。自那時起，以 12 月起過去 12 個月的 Alline 交易為例，我們的調整後 EBITDA 增長了 35%，債務和槓桿率削減了約一半，並且實現了持續的現金流產生，而非持續的現金使用。

Now turning back to Alline. I always had a belief that the optimal salon mix for Regis would include a strategic portfolio of company-owned salons to complement our franchise business. While this was not possible given the corporate salons we've had over the past several years we're in wind-down mode due to their performance. Once we have the ability to allocate capital post our June 2024 refinancing, the idea of buying back a portfolio of salons began to surface as a potential growth initiative.

現在回過頭來說阿琳。我一直堅信，Regis 的最佳沙龍組合應該包括公司自有沙龍的策略組合，以補充我們的特許經營業務。雖然考慮到我們過去幾年舉辦的企業沙龍的業績，這是不可能的，但我們目前正處於關閉模式。一旦我們有能力在 2024 年 6 月再融資後分配資本，回購沙龍組合的想法就會開始成為潛在的成長舉措。

I certainly do not think it would come to fruition as quickly as it did, but it just so happened that the right opportunity presented itself and we pursued it opportunistically. Alline is the right portfolio at the right time. And quite frankly, it is one of the few portfolios that made sense given the size, scale and turnkey operating infrastructure Alline had built over the years.

我當然不認為它會這麼快實現，但碰巧的是，正確的機會出現了，我們就抓住機會去追求它。Alline 是在正確的時間出現的正確的投資組合。坦白說，考慮到 Alline 多年來建立的規模、範圍和交鑰匙營運基礎設施，這是少數合理的投資組合之一。

Due to our strong familiarity with this group of salons having supported Alline as franchisor and previously owned and operated the salons that we acquired, we were able to get comfortable quickly with the risk and have a clear path and a defined path towards strong EBITDA and cash flow growth.

由於我們對這組沙龍非常熟悉，曾經支持過 Alline 作為特許經營商，並且之前擁有並經營過我們收購的沙龍，所以我們能夠迅速適應風險，並且有明確的途徑和明確的路徑來實現強勁的 EBITDA 和現金流增長。

Digging a bit deeper into what made this the right portfolio. At 314 acquired salons, this portfolio has significant scale but also preserves our fully franchised footprint strategy with 92% of salons in our system operated by our franchisees.

深入挖掘一下什麼使得這個投資組合正確。該投資組合包括 314 家收購的沙龍，規模相當可觀，同時也保留了我們的完全特許經營足跡策略，其中我們系統中 92% 的沙龍由我們的特許經營商經營。

The three brands acquired, Supercuts, Cost Cutters and Holiday Hair are strong representations of our system. The portfolio has exposure to multiple geographies and attractive concentration. The salons are nicely contiguous around Pennsylvania, Ohio and Michigan, which enables operating leverage, and they are in states with favorable rent and wage dynamics.

收購的三個品牌Supercuts、Cost Cutters和Holiday Hair是我們系統的有力代表。此投資組合涉及多個地區，且集中度頗具吸引力。這些沙龍毗鄰賓夕法尼亞州、俄亥俄州和密西根州，這使其能夠發揮經營槓桿作用，而且這些沙龍所在的州的租金和工資水平也較為優惠。

Additionally, while the portfolio has been cash flowing, we still see significant opportunity to drive results, leaving to even more potential upside, and we are very excited about executing and driving what could be significant value creation.

此外，雖然投資組合一直在產生現金流，但我們仍然看到了推動績效的巨大機會，從而留下了更多的潛在上升空間，而且我們對執行和推動可能創造重大價值的舉措感到非常興奮。

As we look forward, I could not be more excited about the composition of Regis and strategic position we are in. I spoke previously about the ability to finally go on offense, and I cannot think of a better mix of corporate and franchised salons.

展望未來，我對 Regis 的組成和所處的戰略地位感到無比興奮。我之前談到了最終發動攻擊的能力，我想不出企業沙龍和特許經營沙龍有更好的組合。

Adding the Alline portfolio provides us a diversified way to grow as we have added several revenue, profit and cash generation drivers that can have a material impact to Regis as part of our corporate segment, such as driving same-store sales, salon level operating expenses and margin, closure of unprofitable locations and strengthening those that will remain open, corporate salon G&A and new unit development. These now complement our existing levers of the franchise business of profitable sales growth, G&A, and new unit development, all of which continue to remain in place.

加入 Alline 投資組合為我們提供了一種多元化的成長方式，因為我們增加了幾個收入、利潤和現金產生驅動因素，這些因素可能會對作為我們企業部門一部分的 Regis 產生重大影響，例如推動同店銷售額、沙龍級運營費用和利潤率、關閉無利可圖的門市並加強那些將繼續營業的門市、企業沙龍級營運費用和利潤率新單位開發。這些現在補充了我們現有的特許經營業務槓桿，即盈利性銷售增長、一般行政費用及行政開支以及新單位開發，所有這些槓桿都將繼續保留。

Equally important from a strategic perspective, this acquisition gets us closer to the business and provides us a testing ground to further enhance the broader system and our brands. While Regis has a rich history of operating, we've not operated in a dynamic and changing environment our franchisees have been facing for the last several years.

從戰略角度來看同樣重要的是，此次收購使我們更接近業務，並為我們提供了試驗場，以進一步加強更廣泛的系統和我們的品牌。儘管 Regis 擁有豐富的營運歷史，但在過去幾年中，我們並未在我們的特許經營商所面臨的動態變化的環境中運作。

And with ownership and operational responsibility for hundreds of salon locations across multiple brands and geographies, we are now directly immersed in the day-to-day business of operating salons. This hands-on experience will provide us a greater appreciation of the opportunities and challenges facing our franchisees in addition to a controlled proven ground where we can develop and test guest and stylist initiatives, which we believe will improve our relationship and trust within the franchise system.

由於我們擁有並負責管理多個品牌和地區的數百家沙龍，現在我們直接投入沙龍的日常運營。這種實踐經驗將使我們更了解我們的特許經營商面臨的機會和挑戰，此外，我們還可以在受控的試驗場中開發和測試客人和造型師的計劃，我們相信這將改善我們在特許經營體系內的關係和信任。

Regarding the financials of the transaction, Regis acquired Alline for initial consideration of $22 million. Consideration for the transaction included $19 million in cash, which was paid at closing and roughly 140,000 shares of our common stock valued at $3 million.

就交易的財務狀況而言，Regis 以 2,200 萬美元的初始對價收購了 Alline。交易對價包括交易結束時支付的 1,900 萬美元現金以及價值 300 萬美元的約 140,000 股普通股。

The cash was sourced from $4 million of cash on hand and $15 million in additional borrowings from an amendment to our existing term loan. I do want to take a moment to acknowledge and once again thank our lenders, TCW and Midcap Financial for being supportive partners on this transaction.

這筆現金來自 400 萬美元的庫存現金和透過修改現有定期貸款獲得的 1500 萬美元額外借款。我確實想花點時間承認並再次感謝我們的貸方 TCW 和 Midcap Financial 在這筆交易中給予的支持。

For the 12 months ended October 31, 2024, Alline as an entity reported unaudited revenue of $83 million, $11.1 million of 4-wall EBITDA and $5.8 million in corporate EBITDA. Based on our purchase price of $22 million, this represents an attractive purchase valuation of approximately 0.3 times revenue, roughly 2 times store level EBITDA and 3.8 times corporate EBITDA.

截至 2024 年 10 月 31 日的 12 個月，Alline 作為一個實體報告的未經審計收入為 8,300 萬美元、4 壁 EBITDA 為 1,110 萬美元，企業 EBITDA 為 580 萬美元。根據我們 2,200 萬美元的購買價格，這代表著一個頗具吸引力的購買估值，約為收入的 0.3 倍、商店級 EBITDA 的 2 倍和企業 EBITDA 的 3.8 倍。

Ahead of closing the transaction, we identified several synergies, which we believe we can quickly improve operational efficiency that can deliver $1.5 million in savings. Most of those synergies and savings should be phased in by the time we enter calendar 2026. And to be clear, no G&A other than the corporate infrastructure acquired from Alline is required to be added to support the business.

在交易完成之前，我們確定了幾種協同效應，我們相信這些協同效應可以迅速提高營運效率，從而節省 150 萬美元。到 2026 年，大部分協同效應和節約措施應會逐步實現。需要明確的是，除了從 Alline 收購的公司基礎設施之外，不需要添加任何 G&A 來支援業務。

And when factoring in synergies and our current capital structure, not only are the effective multiples more attractive, but also the transaction represents a 4.8 times multiple on cash flow. Again, not only does this represent an attractive financial and strategic transaction on the results that have been delivered, but I want to reiterate the opportunity we have to execute and generate additional profitability and cash flow.

而當考慮到綜效和我們目前的資本結構時，不僅有效倍數更具吸引力，而且該交易的現金流倍數達到 4.8 倍。再次，這不僅代表了一項具有吸引力且具有戰略意義的交易，而且我想重申我們執行並創造額外盈利能力和現金流的機會。

To wrap up on Alline before turning to our results, Alline has a strong culture and team who will continue to operate the business with our oversight. In partnership, we believe we can combine the best practices with our operational expertise to create a winning combination to drive further growth, profitability, and incremental value.

在介紹我們的業績之前，我們先來總結 Alline，Alline 擁有強大的文化和團隊，他們將在我們的監督下繼續經營業務。透過合作，我們相信我們可以將最佳實踐與我們的營運專業知識相結合，創造一個成功的組合，以推動進一步的成長、獲利能力和增量價值。

We do not plan on acquiring other salons in our system in the foreseeable future as we are pleased with the composition and opportunity with this portfolio. And we have plenty of work to do to integrate, further operationalize and grow this business. I will touch a bit more on the current state of this portfolio and our key initiatives later during the call.

由於我們對該投資組合的組成和機會感到滿意，因此我們不打算在可預見的未來收購我們系統中的其他沙龍。我們還有大量工作要做，以整合、進一步經營和發展這項業務。稍後在電話會議中，我將進一步談及該投資組合的現狀以及我們的主要舉措。

Turning now to our second quarter results. Our second quarter results were largely in line with our expectations. Importantly, we have grown year-over-year across operating income, net income, earnings per share, adjusted EBITDA and cash flow and have returned to generating positive cash from operations despite the persistently challenging sales environment. Same-store sales declined 1.6% in the second quarter. Same-store sales is a key operating metric that we are keenly focused on and invested in improving.

現在來談談我們的第二季業績。我們第二季的業績基本上符合我們的預期。重要的是，儘管銷售環境持續充滿挑戰，但我們的營業收入、淨收入、每股收益、調整後 EBITDA 和現金流均實現了同比增長，並恢復了正現金流。第二季同店銷售額下降1.6%。同店銷售額是我們重點關注並投入改善的關鍵營運指標。

For the second quarter, there were several factors that drove the decline. Perhaps most notably was a challenge December due to a smaller window between Thanksgiving and Christmas versus a year ago. With the gap between Thanksgiving and Christmas, almost a full week less versus last year, given the timing of haircut cycles, we saw less of a build into the end of the year as pre-Thanksgiving holiday services likely carried through to the new year.

對於第二季而言，有幾個因素導致了下滑。最值得關注的可能是 12 月的挑戰，因為與去年同期相比，感恩節和聖誕節之間的間隔較短。由於感恩節和聖誕節之間的間隔比去年少了近一周，考慮到折扣週期的時間安排，我們看到年底的累積量較少，因為感恩節前的假期服務可能會延續到新的一年。

There has also been a disparity amongst our brands as it relates to sales performance. While Supercuts, which represents a little less than half of our system from a store count perspective and approximately 60% of our royalties positive 0.5% for the quarter. Our SmartStyle brand, which represents our captive brand within Walmart has continued to see softer sales with a 6.4% decline versus the last year's quarter.

就銷售業績而言，我們各個品牌之間也存在差異。而從門市數量來看，Supercuts 占我們系統的一半以下，約占我們特許權使用費的 60%，本季為正 0.5%。我們的 SmartStyle 品牌（代表沃爾瑪內部的專屬品牌）銷售持續疲軟，與去年同期相比下降了 6.4%。

SmartStyle is a brand that we and our franchisees believe in. However, our recent focus there between ourselves and our franchise partners has been closing unprofitable locations and remodelling the remaining fleet.

SmartStyle 是我們和我們的特許經營商信賴的品牌。然而，我們和特許經營合作夥伴最近的重點是關閉無利可圖的門市並改造剩餘的車隊。

As we enter fiscal 2026, the large-scale closures and remodels have largely been worked through, and we look forward to advancing that brand with a smaller, more viable footprint. Regarding the broader store closures across all of our brands, the salons that have closed and those that we have slated to close during the remainder of the fiscal year are impacting the same-store sales as well.

隨著我們進入 2026 財年，大規模的關閉和改造工作已基本完成，我們期待以更小、更可行的規模推進品牌的發展。關於我們所有品牌的大範圍門市關閉，已經關閉的美容院和我們計劃在本財年剩餘時間內關閉的美容院也會對同店銷售額產生影響。

Our previous guidance of closures during the fiscal year approximating the number of closures from last year still holds, and the salons that have closed during the second quarter and those that are projected to close had a roughly 130 basis points drag on overall comps for the second quarter.

我們先前對本財年關閉美容院數量的預測與去年大致相同，第二季度已經關閉的美容院和預計關閉的美容院對第二季度整體可比銷售額造成了約 130 個基點的拖累。

I will provide additional detail regarding sales drivers later when discussing our initiatives, but I can say that even flat to slightly positive sales comps are not what we're aiming for, but rather the outsized growth that we believe is achievable over time.

我稍後將在討論我們的計劃時提供有關銷售驅動因素的更多細節，但我可以說，我們的目標不是持平或略微積極的銷售增長，而是我們認為隨著時間的推移可以實現的超額增長。

As I stated before, we are fully cognizant that we ultimately need to drive traffic to our salons, especially new guest traffic and find more ways to increase frequency. But at the same time, I do need to be realistic about the work that is continued to be required in the road ahead to unlock this growth from where we are today.

正如我之前所說，我們完全認識到，我們最終需要增加沙龍客流量，尤其是新客人流量，並找到更多方法來增加頻率。但同時，我確實需要現實地看待未來還需要繼續進行哪些工作才能從目前的狀況成長。

Our adjusted EBITDA for the second quarter was up 12.7% year-over-year to $7.1 million versus $6.3 million a year ago. Earnings per diluted share was $2.71 versus $0.43 in the prior year quarter. I do need to call out that our earnings per share includes income from discontinued operations of $7.4 million, which is driven largely by $7.5 million of proceeds we received from our sale of OpenSalon Pro to Zenoti in the second quarter. Our adjusted earnings per share was $0.61 versus a loss of $0.18 in the prior year quarter.

我們第二季的調整後 EBITDA 年成長 12.7% 至 710 萬美元，而去年同期為 630 萬美元。每股攤薄收益為 2.71 美元，去年同期為 0.43 美元。我確實需要指出的是，我們的每股盈餘包括 740 萬美元的停止經營收入，這主要得益於我們在第二季向 Zenoti 出售 OpenSalon Pro 所獲得的 750 萬美元收益。我們的調整後每股收益為 0.61 美元，而去年同期的虧損為 0.18 美元。

Turning to our strategy and business initiatives. While we continue making progress across our brand initiatives, we are also in the midst of recalibrating our priorities and focus areas for a few reasons. First, the composition and trajectory of the company has changed quite dramatically in a very short period of time between our refinancing eight months ago and the Alline acquisition about two months ago.

談談我們的策略和商業舉措。在我們的品牌計劃不斷取得進展的同時，由於一些原因，我們也在重新調整我們的優先事項和重點領域。首先，從我們八個月前的再融資到大約兩個月前的 Alline 收購，在很短的時間內，公司的組成和發展軌跡發生了相當大的變化。

Given our company-owned segment now represents a meaningful driver of growth that warrants its own specific area of focus. And additionally, as I mentioned post our refinancing in June of 2024, with the ability to focus solely on our core salon business versus all the efforts we've put towards stabilizing Regis, we're now uncovering some additional findings that will require attention and effort, specifically as it relates to the positioning and identity of our brands.

鑑於我們公司自有的部門現在代表著一個有意義的成長動力，值得有自己特定的關注領域。此外，正如我在 2024 年 6 月再融資後提到的那樣，我們能夠專注於我們的核心沙龍業務，而不是為穩定 Regis 而付出的所有努力，我們現在發現了一些需要關注和努力的其他發現，特別是與我們品牌的定位和身份有關。

I discussed on previous calls that we have brought in consultants to help us define the vision and direction of the Supercuts brand specifically, alongside us and our franchise partners. Over the past three months, we have been collaborating closely to chart a path for refreshing and modernizing the brand. Through these efforts, we believe we will not only attract more guests especially those in the younger demographic but will also help us appeal to top stylist talent from a recruitment and retention perspective.

我在之前的電話會議中討論過，我們聘請了顧問，與我們和我們的特許經營合作夥伴一起幫助我們具體定義 Supercuts 品牌的願景和方向。在過去的三個月裡，我們一直密切合作，為品牌的更新和現代化規劃道路。透過這些努力，我們相信我們不僅會吸引更多的客人，特別是年輕的客人，而且還將從招募和留住人才的角度幫助我們吸引頂級造型師人才。

We aim to attract an increased number of guests within the highly valuable 18 to 44 age segment that we've historically under-indexed. This will require work streams beyond just tweaking around the edges, but rather dedication to examining the overall brand architecture, imagery, digital assets like websites and apps as well as the optimal customer journey of the future.

我們的目標是吸引更多 18 至 44 歲這個極具價值的年齡層的客人，而我們過去一直低估這個年齡層的客人。這需要工作流程不僅僅是進行邊緣調整，而是致力於檢查整體品牌架構、圖像、網站和應用程式等數位資產以及未來的最佳客戶旅程。

We are looking to define where it is we're going to go based on guest research and determining what steps in innovation is required to bridge from current to future state. We're still in the process of defining what the strategy and positioning is in collaboration with our outside resources and franchisees. And when the time is right, we will discuss this in more detail.

我們希望根據客人研究來確定我們的發展方向，並確定從當前狀態到未來狀態需要採取哪些創新步驟。我們仍在與外部資源和特許經營商合作確定策略和定位。時機成熟時，我們將更詳細地討論此問題。

As we continue down the path of refining our overall brand strategy and positioning, we will continue our focus on strengthening in salon operations through our brand excellence standards and digital efforts. As there is no substitute for strong operations resulting in convenient, quality hair care and exceptional service.

隨著我們不斷完善整體品牌策略和定位，我們將繼續致力於透過品牌卓越標準和數位化努力加強沙龍營運。因為強大的營運無法取代，因此無法提供便利、優質的護髮和卓越的服務。

In-salon execution is a critical enabler and the foundation for any broader brand work as new marketing and positioning cannot overcome anything less than stellar experiences. Conversely, relevant branding will help amplify and drive business. So these efforts truly go hand-in-hand to unlock the true power of the brand.

沙龍內的執行是任何更廣泛品牌工作的關鍵推動因素和基礎，因為新的行銷和定位無法克服任何不夠出色的體驗。相反，相關的品牌將有助於擴大和推動業務。因此，這些努力確實齊頭並進，釋放了品牌的真正力量。

Turning to the implementation of our brand excellence standards. This initiative is designed to define and bring accountability to the ultimate end-to-end guest experience at the salon level to ensure it as consistent and maximizes the potential for return visits by our guests.

談到我們品牌卓越標準的實施。該計劃旨在定義沙龍層面的最終端到端客戶體驗並為其承擔責任，以確保其一致性並最大限度地提高客人回頭的可能性。

In January, we completed the first wave of visits to all Supercuts locations. And through this effort, we've gathered a wealth of valuable insights and actionable data that we have not had access to previously. We are now in the process of analyzing the readouts and driving actions based on the findings.

一月份，我們完成了所有 Supercuts 門市的第一波訪問。透過這項努力，我們收集了大量以前無法獲得的寶貴見解和可操作數據。我們目前正在分析讀數並根據調查結果採取推動行動。

Well, I'm not going to get into any detail on how many salons are compliant in what areas versus not, one thing has become abundantly clear after our initial pass-through of the data, and that is that there is a strong correlation between brand compliance and salon performance. I am encouraged to see that we have several strong performers as well as those with clear opportunities to improve and drive additional results and strengthen the system.

好吧，我不會詳細談論有多少沙龍在哪些方面是合規的，有多少沙龍在哪些方面是不合規的，在我們最初傳遞數據後，有一件事已經變得非常清楚，那就是品牌合規性和沙龍表現之間存在很強的相關性。我很高興地看到，我們擁有幾位表現出色的人，同時也有明顯的改進和推動更多成果以及加強系統的機會。

As a data point, for those salons that are fully compliant in critical areas like salon workstations, walls and the reception and waiting area, they are demonstrating stronger same-store sales and traffic by 500 basis points and over 400 basis points, respectively, versus those that have opportunity in these targeted areas that make up critical components of the guest experience.

作為一個數據點，對於那些在沙龍工作站、牆壁以及接待和等候區等關鍵區域完全合規的沙龍，它們的同店銷售額和客流量分別高出 500 個基點和 400 個基點以上，而那些在這些構成客戶體驗關鍵組成部分的目標區域中有機會的沙龍則不然。

To us, this reinforces both the potential of the brand as well as the work we have in front of us to move more towards this uniformity of execution. We'll be measuring progress during the second wave of visits start in April.

對我們來說，這既增強了品牌的潛力，也增強了我們面前的工作，以便更進一步實現執行的統一性。我們將在四月開始的第二波訪問期間衡量進展。

In addition, we're exploring ways to get a better handle and measurement on the service component of the excellent standards versus strictly salon preparation and maintenance. The data we are gathering here is critical as it relates directly to the salon environment, which is a key element to shaping guest impressions, the overall experience, and the possibility of a return.

此外，我們正在探索如何更好地控制和衡量卓越標準的服務部分，而不是嚴格的沙龍準備和維護。我們在這裡收集的數據至關重要，因為它與沙龍環境直接相關，而沙龍環境是塑造客人印象、整體體驗和回頭可能性的關鍵因素。

Given the valuable insights we're seeing at Supercuts, we are actively working to roll out these standards across our other brands to ensure consistency and elevate the guest experience across the enterprise. We will introduce and familiarize our franchisees with the standards for all brands outside of Supercuts over the remainder of our fiscal 2025 and likely to launch excellence visits across these brands as we move into fiscal 2026.

鑑於我們在 Supercuts 看到的寶貴見解，我們正在積極努力在我們的其他品牌中推廣這些標準，以確保一致性並提升整個企業的客戶體驗。我們將在 2025 財年的剩餘時間內向我們的特許經營商介紹並讓他們熟悉 Supercuts 以外所有品牌的標準，並可能在進入 2026 財年時對這些品牌開展卓越訪問。

Turning to our digital efforts, which form another key pillar of the guest experience and is key to attracting guests increasing those repeat visits and driving more convenience. A major initiative here that forms yet another key ingredient for the future has been the nationwide launch of our Supercuts loyalty program, Supercuts Rewards, during our first fiscal quarter.

談到我們的數位化努力，這是客戶體驗的另一個重要支柱，也是吸引客人、增加重複訪問和帶來更多便利的關鍵。我們的一項重大舉措是在第一財政季度在全國範圍內推出 Supercuts 忠誠度計劃“Supercuts Rewards”，這也是我們未來的另一個關鍵因素。

Supercuts Rewards is a first-of-its-kind program that offers a new way for guests to earn points, access additional promotions and receive free haircuts and savings for choosing Supercuts as part of their hair care routine. Since our launch, our membership has continued to grow, and we're currently at 27% of all Supercuts sales via members of the program across our system.

Supercuts Rewards 是一項開創性的計劃，它為客人提供了一種新的方式來賺取積分、獲取更多促銷信息，並且因為選擇 Supercuts 作為日常護髮服務的一部分而獲得免費理髮和優惠。自推出以來，我們的會員人數持續成長，目前，透過我們系統中的計畫會員，我們已佔到 Supercuts 總銷售額的 27%。

Our initial findings indicate that the program is influencing and driving the incremental behaviors we're looking for from guests and franchisees who are engaged with the program. To highlight this, salon membership levels as a percentage of total salon sales range from the single digits to upwards of 90%.

我們的初步調查結果表明，該計劃正在影響和推動我們所期待的參與該計劃的客人和特許經營商的漸進行為。為了凸顯這一點，沙龍會員等級佔沙龍總銷售額的百分比從個位數到 90% 以上不等。

For those that have reached the target of 50% of sales from members, of which currently approximately 250 salons are at, mostly in the pilot and Wave 1 phase salons, those salons have demonstrated outperformance of same-store sales and traffic by 200 basis points versus those below that threshold in our second fiscal quarter.

對於那些已經達到 50% 的銷售額來自會員這一目標的沙龍來說，目前大約有 250 家沙龍，其中大部分是試點沙龍和 Wave 1 階段的沙龍，這些沙龍的同店銷售額和客流量比我們第二財季低於該門檻的沙龍高出 200 個基點。

Loyalty is also reducing the days between service visits to drive incremental frequency. We're seeing this largely in the cohort of pilot and Wave 1 salons given the maturity of the program in these specific locations. This is a behavior we will continue to monitor across all loyalty salons as the program matures.

忠誠度也會減少服務存取之間的天數以推動增量頻率。鑑於該計劃在這些特定地點的成熟度，我們在試點和 Wave 1 沙龍中主要看到了這一點。隨著計劃的成熟，我們將繼續在所有忠誠沙龍中監控這一行為。

We're super excited about the potential that this program has and the results it can deliver and drive with broader adoption, which remains the key focus. And while we're proud of accomplishing this major launch that has been in the works for a while, the current state of the program is far from the end destination. There is a lot that we can optimize on between ways to provide even more convenience and even more incentive benefits to members.

我們對該計劃的潛力以及它能夠產生並推動的廣泛採用的成果感到非常興奮，這仍然是重點。雖然我們為完成這項籌備已久的重大發射而感到自豪，但該計劃的當前狀態還遠未達到最終目標。我們可以對許多方式進行最佳化，以便為會員提供更多便利和更多激勵優惠。

We are currently exploring additional levers to accelerate enrollments and increase adoptions of the programs that we do offer. And in addition, we are also beginning pilot programs in our other brands to see how we can further leverage awards to drive frequency and retention.

我們目前正在探索其他手段來加速招生並增加我們所提供課程的採用率。此外，我們還在其他品牌中啟動了試點項目，以了解如何進一步利用獎勵來提高頻率和保留率。

One other quick note as part of our digital transformation initiative, a near-term item we're also closely reviewing is the guest check-in process to improve the in-salon flow and ease of operations and transparency for our guests and our stylists.

作為我們數位轉型計畫的一部分，還有一點需要注意，我們也在密切審查的近期項目是客人入住流程，以改善沙龍內的流程和操作的便利性，並為我們的客人和造型師提供透明度。

Now the why behind all of these initiatives is to improve the experience, gather data and information that will ultimately drive more traffic to our salons and help us to turn the trend on same-store sales and grow franchisee profitability.

現在，所有這些舉措背後的原因都是為了改善體驗，收集數據和信息，最終將為我們的沙龍帶來更多的客流量，並幫助我們扭轉同店銷售的趨勢並提高特許經營商的盈利能力。

As I mentioned earlier, the acquisition of Alline is a strategically important element of our results to drive system results as well as our own, and I want to touch on the current state of the business and our initiatives for this portfolio.

正如我之前提到的，收購 Alline 對我們的業績來說是一個具有戰略意義的重要因素，它不僅能推動系統業績，還能推動我們自身的業績，我想談談當前的業務狀況以及我們對這個產品組合的舉措。

Regarding the state of Alline, there is a significant opportunity to improve top line trends as this portfolio has demonstrated opportunity versus the rest of the system over the last 12 months from a same-store sales and traffic perspective.

就 Alline 的現況而言，從同店銷售額和客流量來看，該投資組合在過去 12 個月內相對於該系統的其他投資組合而言，已經展現出改善營收趨勢的巨大機會。

We like the fact the portfolio has continued to grow profitability and cash flow. Therefore, there is significant opportunity to grow even further once traffic and sales trends are reversed. While it's only been a few months since we completed the acquisition, the integration of these salons into our ecosystem is progressing nicely. And I cannot stress enough how important we are taking the systems, people, and culture integration as that will be critical for long-term success. We have a lot they want to do here but we cannot skip this important foundational step.

我們喜歡投資組合的獲利能力和現金流持續成長這一事實。因此，一旦流量和銷售趨勢逆轉，就有巨大的進一步成長機會。雖然我們完成收購才幾個月，但這些沙龍融入我們生態系統的工作進展順利。我再怎麼強調系統、人員和文化融合的重要性都不為過，因為這對長期成功至關重要。他們想在這裡做很多事情，但我們不能跳過這個重要的基礎步驟。

Much of the next calendar year will be ensuring that we do this seamlessly, while building those foundational blocks. And much like the rest of our system, we're going to ensure we go back to basics and uphold the standards that we put in place.

未來一年的大部分時間我們將致力於確保我們能夠無縫地完成這項工作，同時建立這些基礎模組。就像我們系統的其他部分一樣，我們將確保回歸基礎並堅持我們制定的標準。

In addition, we'll be looking at compensation plans, service pricing and making sure that we're focused on the right KPIs to drive proper behavior against what truly matters. We have a lot of ambitious plans for this portfolio, including it being a testing ground, as I mentioned earlier, as part of the strategic rationale. However, we cannot skip steps and need to get operationally ready first in order to truly maximize our efforts here.

此外，我們將研究薪酬計劃、服務定價，並確保我們專注於正確的 KPI，以推動針對真正重要的事情的正確行為。我們對這個投資組合有很多雄心勃勃的計劃，包括將其作為一個試驗場，正如我之前提到的，這是戰略原則的一部分。然而，我們不能跳過任何步驟，需要先做好操作準備，才能真正最大限度地發揮我們的努力。

In closing, there are a lot of exciting transformative things happening here at Regis. While there is much work to be done, I am energized by the approach we are taking and the progress that we are making. I am encouraged by the opportunities to reignite growth and putting brand positioning, identity, and the in-salon experience back at the forefront of our efforts.

最後，瑞吉斯正在發生許多令人興奮的變化。儘管還有很多工作要做，但我們採取的方法和取得的進展讓我充滿活力。我很高興能有機會重新激發成長，並將品牌定位、品牌形象和沙龍體驗重新放在我們努力的首位。

We are actively putting the pieces in place to increase perception and traffic to our salons to drive growth and ultimately increase value a meaningful way for all of our key stakeholders, including our franchisees, our shareholders, and our lenders. I want to thank you again for joining and for your interest in Regis, and I will now turn the call over to Kersten for a detailed review of the Q2 financials. Kersten?

我們正在積極採取措施，提高我們沙龍的認知度和客流量，以推動成長，並最終以有意義的方式為我們所有關鍵利益相關者（包括我們的特許經營商、股東和貸方）增加價值。我想再次感謝您的加入以及對 Regis 的關注，現在我將把電話轉給 Kersten，讓他詳細審查第二季的財務狀況。克斯滕？

Thanks, Matt. As a reminder, our fiscal 2025 second quarter results include the results of the 314 salons that we acquired from Alline, which closed on December 19, 2024. The acquired salons contributed $2.7 million in revenue and $0.5 million in EBITDA in the less than two weeks post-acquisition.

謝謝，馬特。提醒一下，我們的 2025 財年第二季業績包括我們從 Alline 收購的 314 家沙龍的業績，該沙龍於 2024 年 12 月 19 日關閉。在收購後不到兩週的時間裡，被收購的美容院貢獻了 270 萬美元的收入和 50 萬美元的 EBITDA。

Pro forma financial information related to the Alline acquisition are included in Footnote 13 of the Form 10-Q we filed earlier today. Additional pro forma financial information will be filed on Form 8-K in early March. Our second quarter results were largely in line with our expectations. Total second quarter revenues were $46.7 million, a decline of $4.3 million or 8.5% compared to the prior year. This decline was primarily due to a reduction in no margin franchise rental income and advertising fund revenue and royalty revenue. It was partially offset by $2.7 million of revenue from the acquired Alline salons.

與 Alline 收購相關的預測財務資訊包含在我們今天稍早提交的 10-Q 表第 13 註腳。額外的預測財務資訊將於三月初以 8-K 表形式提交。我們第二季的業績基本上符合我們的預期。第二季總營收為 4,670 萬美元，較上年下降 430 萬美元，降幅為 8.5%。下降的主要原因是無利潤特許經營租金收入、廣告基金收入和特許權使用費收入的減少。但收購 Alline 沙龍帶來的 270 萬美元收入部分抵消了這一損失。

The overall decline was expected due to the closure of unprofitable franchise locations and is a key element of our strategy to drive improvements in the overall health of our franchise portfolio. Royalty and fee revenue, which represents sales from our core business was down $555,000 to $17.8 million versus $18.3 million in the prior year second quarter due to a lower number of franchise salons and a decline of 1.6% in same-store sales, partly offset by the recognition of deferred revenue associated with the acquired Alline salons. We have a net 726 fewer franchise locations than a year ago, December 31.

由於關閉無利可圖的特許經營店，整體下滑是意料之中的，這也是我們推動特許經營組合整體健康狀況改善策略的關鍵要素。特許權使用費和費用收入（代表我們核心業務的銷售額）下降 555,000 美元至 1,780 萬美元，而去年同期為 1,830 萬美元，原因是特許經營沙龍數量減少且同店銷售額下降 1.6%，但部分被與收購的 Alline 沙龍相關的遞延收入的確認所抵消。與去年 12 月 31 日相比，我們的特許經營店數量淨減少了 726 家。

The 118 net franchise closures in the quarter had an average trailing 12-month sales volume of $151,000. This compares to a top quartile salon average sales volume over the same period of $460,000 with the top quartile sales outperforming the closed salons by $309,000. This demonstrates the high-performance potential within our system as well as how large the gap of underperformance in these closure salons. As discussed in the call last quarter, we continue to expect calendar 2025 to be the last year of closures in the order of magnitude that we've been seeing. The pace should slow down in the years ahead.

本季淨關閉的 118 家特許經營店過去 12 個月的平均銷售額為 151,000 美元。相比之下，同一時期頂級沙龍的平均銷售額為 460,000 美元，頂級沙龍的銷售額比已關閉的沙龍高出 309,000 美元。這證明了我們的系統內的高性能潛力，以及這些關閉沙龍的績效不佳的差距有多大。正如上個季度的電話會議中所討論的那樣，我們仍然預計 2025 年將是以我們所見的規模關閉的最後一年。未來幾年，這一步伐應該會放緩。

We posted GAAP operating income of $5.5 million in the second quarter, an improvement of $718,000 compared to $4.8 million in the prior year quarter. This year-over-year increase was driven by the Alline acquisition and lower operating expenses, primarily lower G&A expense, which was partially offset by franchise bad debt rent expense, Alline acquisition costs, and royalty revenue.

我們第二季的 GAAP 營業收入為 550 萬美元，較去年同期的 480 萬美元成長了 71.8 萬美元。這一同比增長是由於收購 Alline 以及營運費用降低（主要是 G&A 費用降低）所致，但被特許經營壞帳租金費用、Alline 收購成本以及特許權使用費收入部分抵消。

We again produced an operating profit in the second quarter of fiscal year 2025, and we expect that to continue. We reported income from continuing operations of $206,000 compared to a loss from continuing operations of $1 million a year ago -- in the year ago quarter. This improvement was driven by improved profitability resulting from lower operating expenses as well as lower interest expense.

我們在 2025 財年第二季再次實現了營業利潤，並且預計這種趨勢將持續下去。我們報告的持續經營收入為 206,000 美元，而去年同期的持續經營虧損為 100 萬美元。這一改善是由於營業費用和利息支出降低導致的盈利能力提高。

During the second quarter, the company received $7.5 million of proceeds related to its divestiture of OpenSalon Pro, which was completed in 2022. This gain, which is reflected in discontinued operations, resulted in net income for the quarter of $7.4 million or $2.63 per diluted share. This was the final payment related to the OpenSalon Pro divestiture.

第二季度，該公司獲得了 750 萬美元的收益，與其剝離 OpenSalon Pro 有關，該剝離於 2022 年完成。該收益反映在已停止的經營業務中，導致本季淨收入為 740 萬美元，即每股攤薄收益 2.63 美元。這是與 OpenSalon Pro 剝離相關的最後一筆付款。

Turning to our adjusted results. As a reminder, in the first quarter of fiscal year 2025, we made a change to our methodology to exclude stock-based compensation expense when presenting our adjusted results. All adjusted results in the current year and prior years have been adjusted to reflect this presentation. We believe our adjusted results are more representative view of the business. Reconciliations of our GAAP results to our adjusted non-GAAP results can be found in our press release.

轉向我們調整後的結果。提醒一下，在 2025 財年第一季度，我們對方法進行了更改，在展示調整後的結果時排除了股票薪酬費用。本年度和前幾年的所有調整後結果均已調整以反映此呈現。我們相信，我們調整後的結果更能代表業務的觀點。我們的 GAAP 結果與調整後的非 GAAP 結果的對帳表可在我們的新聞稿中找到。

On an adjusted basis, second quarter consolidated EBITDA was $7.1 million compared to $6.3 million in the prior year quarter. The $845,000 improvement was primarily due to a lower G&A, sublease revenue and the Alline acquisition, offset by lower royalty revenue, franchise bad debt and foreign currency loss. Our adjusted G&A was $9.6 million, a decrease of $1.9 million compared to the prior year period.

經調整後，第二季綜合 EBITDA 為 710 萬美元，去年同期為 630 萬美元。845,000 美元的改善主要歸因於 G&A、轉租收入和 Alline 收購的降低，但特許權使用費收入、特許經營壞帳和外幣損失的降低抵消了這一變化。我們的調整後 G&A 費用為 960 萬美元，比去年同期減少 190 萬美元。

We remain committed to diligent management of our corporate G&A expenses and continue to expect our fiscal year 2025 adjusted G&A, excluding Alline, to be in the range of $39.5 million and our run rate G&A to be closer to $38 million.

我們將繼續致力於勤勉管理我們的企業 G&A 費用，並繼續預計 2025 財年的調整後 G&A（不包括 Alline）將在 3950 萬美元左右，而我們的運行率 G&A 將接近 3800 萬美元。

As a reminder, the run rate range represents close to $5.5 million of savings versus fiscal year 2024. While the $39.5 million represents additional investments in our business that offset savings to the extent we see opportunity to invest further in our initiatives, this could change.

提醒一下，與 2024 財年相比，運轉率範圍代表近 550 萬美元的節省。雖然 3950 萬美元代表了我們業務的額外投資，可以在我們看到進一步投資於我們的計劃的機會的範圍內抵消儲蓄，但這種情況可能會改變。

The acquisition of Alline adds $4.5 million to $5 million of incremental annual G&A expense. Our fiscal year 2025 G&A adjusted for Alline is expected to be in the range of $42 million and the run rate G&A to be $42.5 million to $43 million.

收購 Alline 將使年度 G&A 費用增加 450 萬至 500 萬美元。經 Alline 調整後，我們預計 2025 財年的 G&A 將在 4,200 萬美元左右，而運行率 G&A 將在 4,250 萬美元至 4,300 萬美元之間。

Our core franchise business adjusted EBITDA was $6.4 million in the quarter, a $218,000 decrease compared to $6.6 million in the prior year quarter. This decline is primarily explained by lower franchise revenue, franchise bad debt rent and foreign currency loss, offset by lower G&A and sublease revenue.

本季度，我們核心特許經營業務的調整後 EBITDA 為 640 萬美元，較去年同期的 660 萬美元減少 218,000 美元。這一下降主要歸因於特許經營收入、特許經營壞帳租金和外幣損失的下降，但被一般行政費用和轉租收入的下降所抵消。

Our company-owned segment adjusted EBITDA was $725,000 for the quarter, an improvement of $1.1 million from the same quarter last year primarily related to the addition of salons from the Alline acquisition. As previously mentioned, the Alline salons contributed $0.5 million of EBITDA in the second quarter.

我們公司自有部門的調整後 EBITDA 本季為 72.5 萬美元，較去年同期增加 110 萬美元，主要由於收購 Alline 增加了沙龍。如前所述，Alline 沙龍在第二季度貢獻了 50 萬美元的 EBITDA。

During the three months ended December 31, 2024, we generated $2.1 million in cash from operations, which is an improvement of $6.2 million from the prior year three month period. During the six months ended December 31, we generated $780,000 in cash from operations, which is an improvement of $7.6 million from the prior year six month period.

在截至 2024 年 12 月 31 日的三個月內，我們從經營活動中產生了 210 萬美元的現金，比去年同期增加了 620 萬美元。在截至 12 月 31 日的六個月內，我們從經營活動中產生了 78 萬美元的現金，比去年同期增加了 760 萬美元。

Improvements in cash generated from operations is primarily due to less cash used for working capital purposes and lower cash interest. We continue to believe that we will generate cash for the remainder of fiscal year 2025.

經營活動現金流的增加主要是因為用於營運資金的現金減少以及現金利息下降。我們仍然相信，我們將在 2025 財年剩餘時間內產生現金。

And now that we are generating cash after years of using cash, we are evaluating strategies including building a balance in the interim and look to deploy capital in areas that we believe will drive the highest value taking into account all key stock holders.

現在，在經過多年使用現金之後，我們正在產生現金，我們正在評估各種策略，包括在此期間建立平衡，並尋求在考慮到所有主要股東的情況下，將資本部署到我們認為能夠帶來最高價值的領域。

Additionally, in the second quarter, we received approximately $7.5 million of proceeds related to Zenoti migrations. As mentioned earlier, we reached the end of the earn-out period for this transaction and do not expect any proceeds in future periods. As a reminder, under our new financing arrangement, these proceeds will stay in the business and we're not required to pay down debt as we were under our previous financing arrangement.

此外，在第二季度，我們收到了與 Zenoti 遷移相關的約 750 萬美元收益。如前所述，我們已經到達了這筆交易的盈利期的結束，並且預計未來不會有任何收益。提醒一下，根據我們的新融資安排，這些收益將繼續留在企業中，我們不需要像先前的融資安排那樣償還債務。

Turning to liquidity. As of December 31, 2024, we had $25.9 million of available liquidity, including $15.7 million of available revolver capacity and $10.2 million of cash. As of December 31, 2024, our debt outstanding, excluding deferred financing fees and the value of the warrants plus the accrued paid-in-kind interest was $126.4 million.

轉向流動性。截至 2024 年 12 月 31 日，我們擁有 2,590 萬美元的可用流動資金，其中包括 1,570 萬美元的可用循環信貸容量和 1,020 萬美元的現金。截至 2024 年 12 月 31 日，我們的未償還債務（不包括遞延融資費用和認股權證價值加上應計實物支付利息）為 1.264 億美元。

As a reminder, due to accounting standards, our balance sheet shows approximately $248.3 million of operating lease liabilities related to liabilities associated with subleasing our salons to our franchisees over the entire life of their respective leases. These liabilities are serviced by our franchisees and should not be factored into Regis' debt position, so long as the franchisees continue to pay their obligations as they have been.

提醒一下，由於會計準則，我們的資產負債表顯示約 2.483 億美元的營業租賃負債與在各自租賃的整個期限內將我們的沙龍轉租給我們的特許經營商相關的負債有關。這些債務由我們的特許經營商承擔，只要特許經營商繼續像以前一樣償還其債務，就不應計入 Regis 的債務狀況。

We expect these liabilities will continue to decrease as the leases mature and as we continue to move away from franchise leases. Regis is solely responsible for lease liabilities for any corporate office space net of subleases and the company-owned salons totalling approximately $29.5 million.

我們預計，隨著租約到期以及我們繼續擺脫特許經營租約，這些負債將繼續減少。Regis 對所有公司辦公空間的租賃負債（扣除轉租和公司自有沙龍的租賃負債）負全部責任，總額約 2,950 萬美元。

This concludes my prepared remarks. I would like to thank you for your continued support and interest in Regis. Please feel free to reach out to investorrelations@regiscorp.com to discuss any questions related to the business or quarterly results.

我的準備好的發言到此結束。我想感謝您對 Regis 的持續支持和關注。如需討論與業務或季度業績相關的任何問題，請隨時聯絡 investorrelations@regiscorp.com。

With that, we will wrap up the Regis second quarter fiscal year 2025 earnings call.

至此，我們將結束 Regis 2025 財年第二季財報電話會議。