Regis Corp (RGS) 2025 Q3 法說會逐字稿

Good morning, and thank you for joining the Regis third 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. (Event Instructions) And this conference is being recorded.

早安，感謝您參加 Regis 2025 年第三季財報電話會議。我是主持人 Kersten Zupfer，執行副總裁兼財務長。今天和我一起出席的還有我們的總裁兼執行長馬修‧多克托 (Matthew Doctor)。（活動說明）本次會議正在錄製中。

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, www.regiscorp.com/investorelations, along with a reconciliation of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures. With that, I will now turn the call over to Matt Doctor.

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。這些文件可以在我們的網站 www.regiscorp.com/investorelations 上找到，同時還可以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。說完這些，我現在將電話轉給 Matt Doctor。

Good morning, everyone, and thanks for joining. On today's call, we will provide an update on the progress we are making towards key initiatives that are reshaping Regis for long-term growth as well as review our financial results for our third fiscal quarter.

大家早安，感謝大家的參與。在今天的電話會議上，我們將介紹重塑 Regis 長期成長的關鍵舉措所取得的進展，並回顧我們第三財季的財務表現。

At Regis, we are in the midst of a comprehensive transformation aimed at building a more resilient, efficient, and future-ready company. This transformation is centered on creating a sustainable business model that prioritizes operational stability and support, corporate and salon level profitability and strong cash flow generation, ultimately presenting us for a return to long-term growth.

在 Regis，我們正處於全面轉型之中，旨在打造更具彈性、更有效率、面向未來的公司。此次轉型的核心是創建可持續的商業模式，優先考慮營運穩定性和支援、企業和沙龍層面的獲利能力以及強勁的現金流產生，最終為我們帶來長期成長的回報。

Our near-term efforts are foundational to reversing a history of traffic declines, strengthening our core operations and positioning Regis and our franchisees to thrive in a rapidly evolving market. This has been and continues to be a multiyear journey to stabilize and improve the business and return to growth that is both profitable and sustainable.

我們的近期努力對於扭轉客流量下滑的歷史、加強我們的核心業務以及使 Regis 和我們的特許經營商在快速發展的市場中蓬勃發展至關重要。這已經是並將繼續是一個多年的歷程，以穩定和改善業務並恢復盈利和可持續的增長。

We are continuing to see tangible results from the actions we have taken over the past year. We have strengthened our balance sheet, returned to profitability, and are now consistently generating positive operating cash flow and have paved a clear path to a brighter future. These are significant achievements that speak to the progress we have made in stabilizing our business, which is a testament to our team's focus and execution.

我們繼續看到過去一年採取的行動所取得的實際成果。我們已增強資產負債表，恢復獲利，目前持續產生正的營運現金流，並已為更光明的未來鋪平了道路。這些都是重大成就，顯示我們在穩定業務方面取得了進展，證明了我們團隊的專注力和執行力。

Regis is in a much stronger financial and operational position today than we were just a year ago, and we are confident the steps we are taking now will continue to build a healthier, more valuable company. As our efforts progress, we believe the broader market will begin to recognize the value we are creating.

與一年前相比，Regis 目前的財務和營運狀況更加強勁，我們相信，我們現在採取的措施將繼續打造更健康、更有價值的公司。隨著我們努力的進展，我們相信更廣泛的市場將開始認識到我們所創造的價值。

While this transformation will take time, we are confident that the cumulative effect of our work will become increasingly evident and that it will generate meaningful long-term benefits for our franchisees, guests, stylists, shareholders, and broader stakeholder base.

雖然這種轉變需要時間，但我們相信，我們工作的累積效應將越來越明顯，並將為我們的特許經營商、客人、造型師、股東和更廣泛的利害關係人群體帶來有意義的長期利益。

The success of our efforts is further demonstrated by the results we are reporting today as well as some green shoots we are seeing in the business. As compared to our fiscal third quarter of last year, adjusted EBITDA grew 33%, operating income grew by 23%.

我們今天報告的業績以及業務中看到的一些復甦跡象進一步證明了我們努力的成功。與去年第三財季相比，調整後的 EBITDA 成長了 33%，營業收入成長了 23%。

Both reported and adjusted earnings per share grew and shifted from negative to positive, and we generated more than $6 million in cash from operations, all during what is historically a weaker quarter from a seasonality perspective.

報告的和調整後的每股收益均有所增長，並從負值轉為正值，並且我們從經營活動中產生了超過 600 萬美元的現金，而從季節性角度來看，這是一個歷史上較為疲軟的季度。

Year-to-date cash from operations has improved $14 million versus last year. And we have now generated positive cash flow for the second consecutive quarter for the first time since the first fiscal quarter in 2018. This performance highlights the improving health of our business and demonstrates that the intentional steps we have taken to shape Regis with a more optimized corporate-owned versus franchise salon mix, as well as our overall operational strategy is working.

年初至今的經營現金流較去年同期增加了 1,400 萬美元。自2018年第一季以來，我們首次連續第二季實現正現金流。這項業績凸顯了我們業務狀況的改善，並表明我們為塑造 Regis 而採取的有意措施，即透過更優化的公司自營與特許經營沙龍組合以及我們的整體營運策略正在發揮作用。

One element of our strategic plan has been the acquisition and integration of our largest franchisee, Alline Salon Group, which we completed during last fiscal quarter. I received several questions on how this acquisition came about, and I want to reiterate that this was a proactive strategy pursued by Regis and not one in which we had to be done for any other reason and we saw significant financial and strategic benefits of having a strong company-owned portfolio.

我們的策略計畫之一就是收購並整合我們最大的特許經營商 Alline Salon Group，這項工作已於上個財政季度完成。我收到了幾個關於此次收購如何發生的問題，我想重申，這是 Regis 採取的主動策略，而不是我們因為其他原因而不得不採取的策略，我們看到了擁有強大的公司自有投資組合所帶來的重大財務和策略利益。

This acquisition expands our growth and cash generation levers. It opens up new brand and operational improvement opportunities and has contributed positively to our results immediately upon closing. For the quarter, the Alline portfolio contribution to overall results was modest, which was expected as this quarter was primarily focused on integrating and planning our go-forward strategy. Those efforts culminated with our first large-scale strategic changes being implemented in the Alline portfolio at the end of March.

此次收購擴大了我們的成長和現金產生槓桿。它開闢了新的品牌和營運改進機會，並在交易結束後立即對我們的業績做出了積極貢獻。本季度，Alline 投資組合對整體業績的貢獻不大，這是意料之中的，因為本季主要專注於整合和規劃我們的未來策略。這些努力最終促成了我們在 3 月底在 Alline 產品組合中實施的首次大規模策略變革。

That said, we still saw a positive progression of same-store sales throughout the quarter within Alline, going from January when same-store sales for the portfolio was down 7.5% versus the prior year, driving improvement to March where same-store sales were down 2.7%.

儘管如此，我們仍然看到 Alline 整個季度的同店銷售額呈積極增長態勢，從 1 月份該組合的同店銷售額較上年同期下降 7.5% 開始，到 3 月份同店銷售額下降 2.7% 有所好轉。

As I mentioned earlier, at the end of March, March 30, to be exact, we implemented some major strategic changes that included first and foremost, a brand-new pay plan for all stylists that is more transparent and better aligns incentives.

正如我之前提到的，在三月底，確切地說是3月30日，我們實施了一些重大的戰略變革，其中首先包括為所有造型師制定一個全新的薪酬計劃，該計劃更加透明，激勵機制也更加一致。

We want to ensure we are providing a clear path for managers and stylists to earn more money for generating more service and retail sales as well as additional profitability. Rolling out a new compensation plan is absolutely no small effort, and I'm very proud of the entire team for executing this flawlessly. In addition to the revamped pay plan, we went through all service menus and pricing structures to clean up and bring more uniformity to the services offered and the requisite pricing.

我們希望確保為管理人員和造型師提供一條清晰的途徑，讓他們能夠透過創造更多的服務和零售銷售以及額外的利潤來賺取更多的錢。推出新的薪酬計劃絕對不是一件容易的事，我為整個團隊完美地執行該計劃感到非常自豪。除了修改薪酬計劃外，我們還審查了所有服務菜單和定價結構，以簡化並提供更統一的服務和必要的定價。

We saw an opportunity to take some price on core services like haircuts and color, while simultaneously price ancillary services at more attractive levels to enable our stylists and salons to build total ticket and deliver more sales.

我們看到了對理髮和染髮等核心服務進行定價的機會，同時以更具吸引力的水平對輔助服務進行定價，以使我們的造型師和沙龍能夠建立總票務並實現更多銷售。

We have also begun to display our service pricing across all digital check-in channels. We view these initial efforts as critical to further streamlining operations and providing the right foundation to align incentives and drive results.

我們也開始在所有數位登記管道上顯示我們的服務價格。我們認為這些初步努力對於進一步簡化營運以及為協調激勵措施和推動成果提供正確的基礎至關重要。

And we are encouraged by early results. As in April, we did build off the momentum we saw throughout the quarter from a same-store sales perspective, turning positive in the portfolio, along with improved profit margins. Overall, we remain highly confident in the long-term value this strategic transition will deliver -- transaction will deliver.

早期結果令我們感到鼓舞。與四月一樣，從同店銷售額的角度來看，我們確實延續了整個季度的勢頭，產品組合呈現正增長，利潤率也有所提高。整體而言，我們仍然對這項策略轉型（交易）將帶來的長期價值充滿信心。

As we turn back to review our total company performance this quarter, I want to acknowledge the consolidated same-store sales saw a modest decline of 1.1%. For the third fiscal quarter, this decline was driven by several factors, including the timing of Easter, which fell in the fourth fiscal quarter of this year, as well as the continued softness in overall salon traffic and new guest visits.

當我們回顧本季公司整體業績時，我想承認合併同店銷售額小幅下降了 1.1%。對於第三財季而言，這種下降是由多種因素造成的，包括復活節的時間恰逢今年第四財季，以及沙龍整體客流量和新客人訪問量的持續疲軟。

We estimate that the Easter timing shift had a negative 1.1% impact on sales, meaning we would have been roughly flat for the quarter when excluding the estimated impact.

我們估計復活節時間的變化對銷售額產生了 1.1% 的負面衝擊，這意味著如果排除預估的影響，本季度的銷售額將基本持平。

As further evidence of the sales shift, April same-store sales came in stronger versus last year, with Supercuts delivering a 4.5% increase in the entire consolidated system demonstrating a 2.8% increase over last year's April.

作為銷售轉變的進一步證據，4 月份同店銷售額比去年同期有所增長，其中 Supercuts 在整個合併系統中增長了 4.5%，比去年 4 月份增長了 2.8%。

This is one month, and I want to be cautious not to represent an expectation for this to be a new baseline, we felt it was important to share these results given the context of the holidays effect on our third quarter results.

這是一個月，我想謹慎一點，不要將其視為新的基線，我們認為考慮到假期對我們第三季業績的影響，分享這些結果非常重要。

In addition, I also think it is important to point out the various brand contributions and focus areas we have as an organization as it relates to driving sales. Our largest brand Supercuts saw same-store sales increase of 1.1% for the third quarter. While this is certainly not what we are aiming for and believe our efforts should ultimately drive an increase higher than that, the flow-through Supercuts has on overall same-store sales results is roughly 55%.

此外，我認為指出我們作為一個組織在推動銷售方面所做的各種品牌貢獻和重點領域也很重要。我們最大的品牌 Supercuts 第三季同店銷售額成長了 1.1%。雖然這肯定不是我們的目標，並且相信我們的努力最終應該會推動更高的成長，但 Supercuts 對整體同店銷售業績的流動約為 55%。

SmartStyle, which saw a 7.4% same-store sales decline for the quarter, represents a contribution of 20%. And SmartStyle, as we've stated before, our collective efforts there have been rationalizing and remodeling to get down to a healthier go-forward salon base.

SmartStyle 本季同店銷售額下降 7.4%，貢獻率為 20%。正如我們之前所說，SmartStyle 的共同努力是合理化和重塑，以建立更健康、更向前發展的美容院基礎。

And these figures represent why a number of our resources are deployed towards driving results at the Supercuts brand at this moment. It is a brand that has a long operating history coming up on 50 years this year, combined with high awareness and scale and the impact on overall Regis results, given the level of contribution the brand has is by far the most significant.

這些數字顯示了為什麼我們目前將大量資源部署到 Supercuts 品牌上來推動業績。該品牌擁有悠久的經營歷史，今年已滿 50 年，知名度和規模都很高，對瑞吉酒店整體業績的影響也是迄今為止最為顯著的。

And all that being said, we are not satisfied with this level of performance, and we are acutely aware that we need to increase traffic to our salons, especially new guest traffic and improve franchisee profitability in order to achieve that outsized growth that we believe is possible across all of our brands.

話雖如此，我們對這種業績水平並不滿意，我們敏銳地意識到，我們需要增加沙龍的客流量，特別是新客人流量，並提高特許經營商的盈利能力，以實現我們認為所有品牌都可能實現的超額增長。

We also believe that while same-store sales is a critical metric, it is one of many defining metrics during this phase of our transformation. While driving traffic and sales growth remain top priorities, there is a tremendous amount of work to be done to return to growth. And our focus right now is on improving our foundation and utilizing data-driven analytics to better inform our decision-making.

我們也認為，雖然同店銷售額是關鍵指標，但它是我們轉型階段的眾多決定性指標之一。雖然推動流量和銷售成長仍然是首要任務，但要恢復成長還有很多工作要做。我們現在的重點是改善我們的基礎並利用數據驅動的分析來更好地指導我們的決策。

Importantly, even with the slight decline in same-store sales and store count, the financial impact remains manageable to Regis due in large part to our relentless efforts and focus on disciplined cost management and capital allocation, which gives us the resilience and flexibility to continue moving forward with our transformation.

重要的是，即使同店銷售額和門市數量略有下降，對 Regis 的財務影響仍然是可控的，這在很大程度上要歸功於我們不懈的努力以及對嚴格的成本管理和資本配置的關注，這為我們繼續推進轉型提供了韌性和靈活性。

Some data points that underscore the resilience of our business is for each 1% of annual same-store sales decrease. Royalty revenue was impacted by approximately $550,000. Regarding closures, the stores that have been closing averaged roughly $120,000 in annual sales and our average royalty rate of 5.5%, each closure at this average is roughly $6,500 of royalty revenue.

有些數據點凸顯了我們業務的韌性，即每年同店銷售額每下降 1%。特許權使用費收入受到約 55 萬美元的影響。關於關閉，已經關閉的商店平均年銷售額約為 120,000 美元，平均特許權使用費率為 5.5%，按此平均數計算，每次關閉大約可獲得 6,500 美元的特許權使用費收入。

And while I'm certainly not trying to minimize the impact of salon closures, as many of these have been looked after with great care by our franchisees and all have dedicated staff that may be impacted. I do want to point out the overall impact to our business in this context. We have several operational levers at our disposal to manage and overcome these headwinds should they continue or arise again.

雖然我當然不是想盡量減少沙龍關閉的影響，但其中許多沙龍都得到了我們的特許經營商的精心照顧，並且都有可能受到影響的專職員工。我確實想指出這種背景下對我們業務的整體影響。如果這些不利因素持續或再次出現，我們可以利用多種操作手段來管理和克服它們。

A few examples to point out would be a 1% increase in salon level profit margin, and our company-owned portfolio represents $750,000 of incremental store level profitability. In addition, we have our corporate G&A expense, which we have proven to manage strategically to this point and are continuously monitoring closely as well as the continued runoff of legacy items that require cash to service today, like rent we are paying on dark salons that have historically closed and workers' compensation claims related to when Regis was self-insured during previous operating company days.

需要指出的幾個例子是，沙龍級利潤率增加 1%，而我們公司擁有的投資組合代表著 750,000 美元的增量商店級盈利能力。此外，我們還有公司的一般及行政費用，事實證明，到目前為止，我們能夠策略性地管理這些費用，並且會持續密切監控，同時還會監控今天需要現金來維護的遺留項目的持續流失，例如，我們支付的已經關閉的暗室沙龍的租金，以及與 Regis 在以前運營公司期間自行投保有關的工人賠償索賠。

Now taking an illustrative example, of running an annual same-store sales decrease of 1%, combined with 100 closures, a 1.6% increase in profit margin in our company-owned business alone negates this effect, assuming all else being.

現在舉一個說明性的例子，假設年度同店銷售額下降 1%，並關閉 100 家門市，那麼我們公司自有業務的利潤率僅增加 1.6% 就足以抵消這種影響（假設其他所有因素均保持不變）。

There are several permutations that get us to the same profitability and cash generating results in that scenario. But I just want to provide one example here. These factors give us confidence in our ability to navigate the time to turn around the top line and have been the key elements in growing our profitability and cash flow over the last several years despite the headwinds.

在這種情況下，有幾種排列組合可以讓我們獲得相同的獲利能力和現金產生結果。但我在這裡只想提供一個例子。這些因素使我們對自己扭轉經營狀況的能力充滿信心，並且是過去幾年來儘管面臨逆風但仍能提高盈利能力和現金流的關鍵因素。

And to wrap up on the quarter before touching on our go-forward priorities, I believe we continue to advance our transformation strategy forward while executing on the business and delivering growth across all profitability metrics.

在談到我們未來的優先事項之前，先總結一下本季的情況，我相信我們將繼續推進我們的轉型策略，同時執行業務並實現所有獲利指標的成長。

I also want to reiterate that the Alline acquisition, along with the broader moves that we've made have been very intentional to set this business up to turn around our top line with the proper financial foundation and runway to do so, which is a major step forward from where we were just one year ago.

我還想重申，對 Alline 的收購以及我們採取的更廣泛的舉措都是為了透過適當的財務基礎和管道扭轉我們的營收局面，這比我們一年前的情況向前邁出了一大步。

Now in terms of our company's specific go-forward priorities, we have two primary areas of focus. One is optimizing and growing the sales and profitability to our company-owned salon portfolio; and two, is the holistic Supercuts brand transformation agenda. Given how much change has occurred in Regis over the last 12 months, including a refinancing, the completion of our point-of-sale migration, the rollout of brand excellence standards visits, the rollout of our Supercuts Rewards Loyalty program, further rightsizing of our G&A, the acquisition of Alline salon portfolio.

現在就我們公司未來的具體重點而言，我們有兩個主要關注領域。一是優化並提高我們公司自有沙龍組合的銷售額和獲利能力；二是整體的 Supercuts 品牌轉型議程。考慮到過去 12 個月 Regis 發生了多大的變化，包括再融資、完成銷售點遷移、推出品牌卓越標準訪問、推出 Supercuts Rewards Loyalty 計劃、進一步調整 G&A 規模、收購 Alline 沙龍組合。

We wanted to put some stakes in the ground and be clear about what we as a company are keenly focused on. This of course is not exhaustive of the work that's being done at Regis, but rather the critical areas we felt was relevant to discuss in the short to medium term to drive future growth and value creation.

我們希望打下堅實的基礎，明確我們作為一家公司所關注的重點。當然，這並不是 Regis 正在進行的工作的全部內容，而是我們認為在短期到中期內需要討論的關鍵領域，以推動未來的成長和價值創造。

On our company-owned salon portfolio, our ultimate goals here are to increase sales, EBITDA, and cash flow. I mentioned earlier about the progress we have been making in stabilizing sales as well as the execution of our first major strategic efforts around a new pay plan and menu pricing structure. Looking ahead, we'll continue to bring more uniformity to operations and data to decision making, while upholding our own standards and sharing our best practices to the system.

在我們公司自有的美容沙龍組合中，我們的最終目標是增加銷售額、EBITDA 和現金流。我之前提到我們在穩定銷售方面取得的進展，以及圍繞新薪酬計劃和菜單定價結構實施的首批重大策略努力。展望未來，我們將繼續為營運和決策帶來更多的統一性，同時堅持我們自己的標準並與系統分享我們的最佳實踐。

From a business building standpoint, we will spend the remainder of the calendar year focused on hiring and rehiring efforts, leveraging our new pay plan, testing, opening up larger pre-booking windows, and revisitation incentives to drive frequency trial and retention, refreshing, and remodeling select salons and launch brand-level promotional calendars.

從業務建設的角度來看，我們將在今年剩餘的時間裡專注於招聘和重新招聘工作，利用我們的新薪酬計劃、測試、開放更大的預訂窗口和重訪激勵措施來推動頻率試用和保留、更新和改造精選沙龍並推出品牌級促銷日曆。

In addition to being a growth driver, our company-owned portfolio is a great complement to our broader Supercuts transformation work stream. As we have around 100 company-owned Supercuts to provide a valuable testing ground anything we want to prove out as part of the strategy work, and I want to again reiterate the value of this portfolio brings to Regis and the belief we have in this segment as a growth catalyst for the future.

除了作為成長動力之外，我們公司擁有的投資組合也是我們更廣泛的 Supercuts 轉型工作流程的極大補充。由於我們擁有大約 100 家公司擁有的 Supercuts，可以為任何我們想要作為策略工作的一部分來證明的事情提供寶貴的試驗場，我想再次重申這個投資組合給 Regis 帶來的價值，以及我們對這一領域作為未來增長催化劑的信念。

Our second key focus area is finalizing a comprehensive strategy road map for our flagship brand, Supercuts, which will serve as a cornerstone in our efforts to reverse traffic trends, drive outsized same-store sales, increased franchisee profitability, and get back to the path of net salon growth.

我們的第二個重點關注領域是為我們的旗艦品牌 Supercuts 制定全面的策略路線圖，這將成為我們扭轉客流量趨勢、推動超額同店銷售額、提高加盟商獲利能力並重回淨沙龍成長之路的基石。

The road map will encompass three strategic pillars that are entirely interconnected and ladder up to a North Star plan. While I've spoken about these pillars in the past in some form or fashion, we wanted to bring some more definitive structure around each of these pillars that include, first, evolving the brand strategy, where we will utilize insights and the legacy foundation we have to reshape perceptions and further build a beloved brand for existing and prospective guests, stylists, and franchisees.

這張路線圖將涵蓋三個完全相互關聯並逐步實現北極星計畫的戰略支柱。雖然我過去曾以某種形式或方式談論過這些支柱，但我們希望圍繞每個支柱建立更明確的結構，包括首先發展品牌策略，我們將利用洞察力和傳統基礎來重塑觀念，並進一步為現有和潛在的客人、造型師和特許經營者打造一個深受喜愛的品牌。

This encompasses deep research that will drive the brand building strategy and differentiation, ultimately, leading to a refreshed brand expression, including the personality and voice, visual identity, storytelling and customer experience that reflects the brand's purpose, mission, values, promise and positioning.

這包括深入的研究，將推動品牌建立策略和差異化，最終帶來全新的品牌表達，包括反映品牌宗旨、使命、價值觀、承諾和定位的個性和聲音、視覺識別、故事敘述和客戶體驗。

Second pillar, unlocking omnichannel growth, which is to elevate, pilot and scale innovation across all touch points to fuel a marketing flywheel effect. We'll utilize unified guest data, which is now made even more possible by being on a single point of sales system and enriched by our rewards program, to fuel personalized marketing and customer acquisition initiatives through performance marketing, digital bookings, CRM, and loyalty membership.

第二支柱，釋放全通路成長，即提升、試行和擴大所有接觸點的創新，以推動行銷飛輪效應。我們將利用統一的客戶數據，現在透過單一銷售點系統和我們的獎勵計劃，這些數據變得更加豐富，從而透過績效行銷、數位預訂、客戶關係管理和忠誠度會員資格來推動個人化行銷和客戶獲取計劃。

We've discussed Supercuts rewards at length over the last 1.5 years, and we are pleased with the performance of the program thus far and the opportunity that lies ahead. Rewards member sales as a percentage of total sales is up to over 30% and it is driving the behaviors we're looking for, such as decreased times between hair services as well as higher overall retention.

在過去的一年半里，我們已經詳細討論了 Supercuts 的獎勵，我們對該計劃迄今為止的表現以及未來的機會感到滿意。獎勵會員銷售額佔總銷售額的百分比高達 30% 以上，它正在推動我們所尋求的行為，例如減少美髮服務之間的時間以及提高整體保留率。

The top two quartiles as measured by membership sales as a percentage of total, each demonstrate, over 40% of sales coming from members. And we see that 40% marked as an initial inflection point. With those salons at 40% or more member sales demonstrating 1.8% higher traffic versus those that are less than 20%.

以會員銷售額佔總銷售額的百分比衡量的前兩個四分位數均表明，超過 40% 的銷售額來自會員。我們認為 40% 標誌著一個初始拐點。會員銷售額佔比達到或超過 40% 的美容院的客流量比會員銷售額佔比低於 20% 的美容院高出 1.8%。

Well, this has been and is a key initiative, it forms just a piece of the overall omnichannel experience, albeit a critical one and a big differentiator in the industry. And we're excited at the prospects of how much we can do with the rewards program and how this fits into the context of our broader digital ecosystem.

嗯，這曾經是一項關鍵舉措，它只是整體全通路體驗的一部分，儘管它是一項關鍵舉措，也是業界的一大差異化因素。我們對獎勵計劃的前景以及它如何融入我們更廣泛的數位生態系統感到非常興奮。

Third strategic pillar, scaling operational excellence. All of these efforts fall flat if they cannot be operationalized and if there is a poor in-salon experience. Key elements to supporting this pillar is the brand excellence standards and subsequent assessment visits we've rolled out at the end of calendar 2024 as well as our technical education training prowess. We have completed our first wave of standards visits, identified a baseline of opportunities and are now in our second wave and addressing quick wins with franchisees.

第三個策略支柱，擴大卓越營運。如果這些努力無法實施，而且美容院的體驗不佳，那麼所有這些努力都會失敗。支持這項支柱的關鍵要素是我們在 2024 年底推出的品牌卓越標準和後續評估訪問以及我們的技術教育培訓實力。我們已經完成了第一波標準訪問，確定了機會基準，現在正在進行第二波訪問，並與特許經營商一起尋求快速勝利。

For the purposes of today's call, I just wanted to continue to call this entire work stream out as a priority and highlight what we are aiming to achieve. The Regis team and our thought partners are in Dallas as we speak, to meet with the Supercuts Franchise Council to discuss progress and insights on this important work stream. And while I work on this strategy, there's continuous work being done to optimize current programs and drive quick wins along the way.

就今天的電話會議而言，我只是想繼續將整個工作流程作為優先事項，並強調我們想要實現的目標。此刻，Regis 團隊和我們的思想夥伴正在達拉斯與 Supercuts 特許經營委員會會面，討論這一重要工作流程的進展和見解。在我制定這項策略的同時，我還在不斷努力優化當前的計劃並取得快速的勝利。

We plan on sharing more specifics of this holistic strategy when we have stakeholder alignment, likely during either our fourth fiscal quarter and full fiscal year results in August of 2025 or our first quarter fiscal 2026 call in November 2025.

我們計劃在與利害關係人達成一致後分享更多有關此整體策略的細節，可能是在 2025 年 8 月的第四財季和全年業績發布會上，或是在 2025 年 11 月的 2026 財年第一季電話會議上。

As we move forward, our key priorities and focus remain clear, deliver operational and digital excellence; improve salon perception and performance; and invest in areas that will drive long-term stakeholder value. We are confident that the decisive actions we are taking today, combined with the progress that we have made will position Regis to emerge stronger, more competitive, and better aligned with the future of the salon industry, in order to deliver value creation for all stakeholders. I will now turn the call over to Kersten for a more detailed review of our third quarter financials. Kersten?

隨著我們不斷前進，我們的主要優先事項和重點依然明確，提供卓越的營運和數位化服務；改善沙龍的認知和績效；並投資於能夠推動長期利益相關者價值的領域。我們相信，我們今天採取的果斷行動，加上我們已經取得的進展，將使 Regis 變得更加強大、更具競爭力，並且更好地適應沙龍行業的未來，從而為所有利益相關者創造價值。現在我將把電話轉給 Kersten，讓他更詳細地審查我們第三季的財務狀況。克斯滕？

Thanks, Matt. As a quick note, before going through the results, our fiscal 2025 third quarter results include the results of approximately 300 salons that we acquired from Alline in December of 2024 during our second quarter of fiscal year 2025.

謝謝，馬特。在查看結果之前，需要簡單說明一下，我們的 2025 財年第三季業績包括我們在 2024 年 12 月 2025 財年第二季從 Alline 收購的約 300 家沙龍的業績。

As a reminder, our results for the quarter reflect contributions from Alline, but prior year results do not. As Matt discussed, we are focused on improving profitability and generating cash from operations as we implement key foundational changes designed to reignite growth.

提醒一下，我們本季的業績反映了 Alline 的貢獻，但去年的業績卻沒有。正如馬特所討論的，我們專注於提高獲利能力和從營運中產生現金，因為我們正在實施旨在重振成長的關鍵基礎變革。

Our third quarter results demonstrate meaningful progress on both fronts. For the third quarter, we delivered a 23% increase in operating income and generated approximately $6.2 million in cash from operations.

我們的第三季業績表明，這兩個方面都取得了有意義的進展。第三季度，我們的營業收入成長了 23%，並從營運中產生了約 620 萬美元的現金。

Total third quarter revenue was $57 million, an increase of 15.9% or $7.8 million compared to the prior year. This increase was primarily driven by increase in revenue from company-owned salons as a result of the Alline acquisition.

第三季總營收為 5,700 萬美元，比去年同期成長 15.9% 或 780 萬美元。這一成長主要得益於收購 Alline 後公司自營沙龍收入的增加。

This increase was partially offset by declines in franchise revenues stemming from the closure of unprofitable franchise locations. The closures along with a modest 1.1% decline in same-store sales resulted in lower franchise rental income and lower advertising fund revenues, which provide no contribution margin and royalty revenues.

由於關閉無利可圖的特許經營店，特許經營收入下降，部分抵消了這一增長。關閉門市以及同店銷售額小幅下降 1.1% 導致特許經營租金收入和廣告基金收入下降，從而沒有帶來貢獻利潤和特許權使用費收入。

To put the change in same-store sales in perspective, as Matt noted, we estimate that a 1% change in franchise same-store sales represents an annual EBITDA impact of approximately $585,000, underscoring that a modest decline in same-store sales has a relatively minor effect on our profitability on an EBITDA basis.

為了正確看待同店銷售額的變化，正如馬特所指出的，我們估計特許經營同店銷售額的 1% 變化對年度 EBITDA 的影響約為 585,000 美元，這強調了同店銷售額的小幅下降對我們的 EBITDA 盈利能力的影響相對較小。

During the third quarter, we had 49 net closures primarily related to underperforming stores. Each was significantly lower trailing 12-month sales volumes than our top-performing locations. The performance gap between these closed stores and our highest performing units was approximately $350,000, underscoring the strong potential within our system and highlighting the opportunity we have to further enhance profitability margins and cash flow generation as we continue executing our transformation strategy.

第三季度，我們關閉了 49 家門市，主要原因是門市業績不佳。每家店過去 12 個月的銷售量都明顯低於我們業績最好的門市。這些關閉的商店與我們業績最高的部門之間的業績差距約為 35 萬美元，這凸顯了我們系統內的巨大潛力，並凸顯了我們在繼續執行轉型策略時進一步提高盈利利潤率和現金流生成的機會。

As we have discussed in the past, we expect calendar 2025 to be the last year of closures in the order of magnitude compared to previous years. One additional item to note as it relates to salon count as part of our disclosures, is the shift of approximately 300 locations from franchise to corporate salon counts, as a result of the Alline acquisition. So while we are showing 761 less franchise salons, these do not all represent closures, but rather a mix of closures and franchise to company-owned shift.

正如我們過去所討論過的，我們預計 2025 年將是與前幾年相比關閉規模最大的一年。作為我們揭露的一部分，與沙龍數量相關的另外值得注意的一點是，由於收購 Alline，大約 300 個地點從特許經營沙龍轉變為企業沙龍。因此，雖然我們顯示的特許經營沙龍數量減少了 761 家，但這並不代表所有沙龍都關閉了，而是有一部分沙龍關閉，有一部分沙龍從特許經營轉向公司所有。

In terms of profitability, we reported GAAP operating income of $5 million, an increase of 22% compared to $4.1 million in the year ago quarter. This increase was primarily driven by operating income contribution from the Alline salons, shuttering of underperforming franchise locations and diligent management of our general and administrative expenses.

在獲利能力方面，我們報告的 GAAP 營業收入為 500 萬美元，較去年同期的 410 萬美元成長 22%。這一增長主要得益於 Alline 沙龍的營業收入貢獻、業績不佳的特許經營店的關閉以及對一般和行政費用的認真管理。

As a percentage of revenue, G&A was 22.8% in the third quarter of fiscal year 2024 to 19.6% in the current year quarter. This decrease in the G&A as a percentage of revenue was primarily due to an increase in revenue from the Alline acquisition.

作為營收的百分比，G&A 在 2024 財年第三季佔 22.8%，而本季則為 19.6%。一般及行政費用佔收入的百分比下降主要是由於收購 Alline 帶來的收入增加。

Income from continuing operations was $250,000 compared to a loss from continuing operations of $2.4 million in the year ago quarter. This improvement was driven primarily by lower interest expense.

持續經營利潤為 25 萬美元，而去年同期持續經營虧損為 240 萬美元。這項改善主要得益於利息支出的降低。

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.

轉向我們的調整結果。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結果均已調整以反映此呈現。

We believe our adjusted results are more representative -- a more representative view of the business. Reconciliations of our GAAP results to our adjusted non-GAAP results can be found in our press release.

我們相信，我們調整後的結果更具代表性——對業務的看法更具代表性。我們的 GAAP 結果與調整後的非 GAAP 結果的對帳可以在我們的新聞稿中找到。

For the third quarter, our consolidated adjusted EBITDA was $7.1 million compared to $5.4 million in the prior year quarter. The $1.7 million improvement was primarily due to favorable Alline salon EBITDA, lower G&A expenses, subleased revenue and currency gains, partially offset by a decline in royalties.

第三季度，我們的合併調整後 EBITDA 為 710 萬美元，去年同期為 540 萬美元。170 萬美元的成長主要歸功於 Alline 沙龍良好的 EBITDA、較低的 G&A 費用、轉租收入和貨幣收益，但特許權使用費的下降部分抵消了這一增長。

Our adjusted G&A was $10.2 million in the third quarter of fiscal year 2025, down from $10.7 million in the year ago quarter. Adjusted G&A, excluding $1.1 million of G&A associated with the Alline salons was $9.1 million, an improvement of $1.6 million year over year. We remain committed to diligent management of our corporate G&A expenses. The Alline acquisition adds approximately $4.5 million to $5 million in incremental annual G&A expense.

2025 財年第三季度，我們的調整後 G&A 為 1,020 萬美元，低於去年同期的 1,070 萬美元。調整後的 G&A（不包括與 Alline 沙龍相關的 110 萬美元 G&A）為 910 萬美元，比去年同期增加了 160 萬美元。我們將繼續致力於勤勉管理公司的一般及行政費用。Alline 的收購將使年度 G&A 費用增加約 450 萬至 500 萬美元。

For fiscal year 2025, we expect adjusted G&A, including Alline to be approximately $40.5 million. We expect our run rate for G&A to be in the range of $43 million to $45 million.

對於 2025 財年，我們預計調整後的 G&A（包括 Alline）約為 4,050 萬美元。我們預計 G&A 的運行率將在 4300 萬美元至 4500 萬美元之間。

Adjusted EBITDA for our franchise segment was $6.3 million in the quarter, a $157,000 increase compared to $6.1 million in the prior year quarter. Adjusted EBITDA for our company-owned salon segment improved $1.6 million year over year to $843,000 for the quarter, primarily as a result of an increased number of salons from the Alline acquisition.

本季度，我們特許經營部門的調整後 EBITDA 為 630 萬美元，較去年同期的 610 萬美元增加 15.7 萬美元。本季度，我們公司自有沙龍部門的調整後 EBITDA 同比增長 160 萬美元，達到 843,000 美元，這主要由於收購 Alline 後沙龍數量增加。

Turning to cash flows. For the three months ended March 31, 2025, we generated $6.2 million in cash from operations, which is an improvement of $6.5 million compared to the third quarter of fiscal year 2024. This brings our year-to-date total cash from operations to $7 million, an improvement of $14.1 million compared to the first nine months of fiscal year 2024. The increase in cash generation was driven by Alline operating profitability, lower use of working capital, and lower cash interest.

轉向現金流。截至 2025 年 3 月 31 日的三個月，我們從經營中產生了 620 萬美元的現金，與 2024 財年第三季相比增加了 650 萬美元。這使得我們今年迄今的經營現金總額達到 700 萬美元，與 2024 財年前九個月相比增加了 1,410 萬美元。現金產生的增加是由 Alline 的營運獲利能力、營運資本使用率的降低以及現金利息的降低所推動的。

It is important to note that our cash from operations includes $2.4 million and $5.8 million of cash related to the advertising fund for the three and nine months ended March 31, 2025, respectively. These amounts are restricted and not available for general corporate use.

值得注意的是，截至 2025 年 3 月 31 日的三個月和九個月，我們的營運現金流量分別包括與廣告基金相關的 240 萬美元和 580 萬美元現金。這些金額受到限制，不可供一般企業使用。

However, our recent quarter results are starting to reflect our cash-generating potential. We continue to expect positive cash generation for the remainder of fiscal year 2025. Now that we are generating cash after several years of cash usage, we are thoughtfully evaluating capital allocation strategies.

然而，我們最近一個季度的業績開始反映出我們的現金創造潛力。我們繼續預計 2025 財年剩餘時間將產生正現金。現在，經過幾年的現金使用，我們正在產生現金，我們正在認真評估資本配置策略。

In the near term, this includes paying down our debt in connection with the excess cash flow sweep provision of our credit agreement, building a cash balance, while also identifying opportunities to deploy capital in ways that we believe will create long-term value.

短期內，這包括償還與我們的信貸協議中的超額現金流清掃條款相關的債務，建立現金餘額，同時尋找以我們認為能夠創造長期價值的方式部署資本的機會。

In terms of liquidity, as of March 31, 2025, we had $19 million of available liquidity, which consists of our availability under our revolving credit agreement and $13.3 million of unrestricted cash and cash equivalents. The $19 million of available liquidity is net of our $10 million minimum liquidity covenant.

流動性方面，截至 2025 年 3 月 31 日，我們擁有 1,900 萬美元的可用流動性，其中包括循環信貸協議下的可用資金以及 1,330 萬美元的非限制現金和現金等價物。1900 萬美元的可用流動資金是扣除我們 1000 萬美元的最低流動資金承諾後的淨額。

As of the end of the third quarter, we had $127.4 million in outstanding debt, excluding deferred financing costs and the value of warrants plus accrued paid-in-kind interest. As a reminder, in accordance with GAAP, our balance sheet includes approximately $255.9 million of operating lease liabilities related to franchise salon leases. These leases have a weighted average remaining term of less than five years, and the obligations are serviced by our franchisees.

截至第三季末，我們的未償還債務為 1.274 億美元，不包括遞延融資成本和認股權證價值加上應計實物支付利息。提醒一下，根據 GAAP，我們的資產負債表包括與特許經營沙龍租賃相關的約 2.559 億美元的經營租賃負債。這些租約的加權平均剩餘期限少於五年，且義務由我們的特許經營商承擔。

So as long as the franchisees continue to meet their lease payments as they historically have, it is our view that these amounts should not be considered part of our debt position. We expect these liabilities will continue to decrease as the leases mature and as we continue to move away from franchise leases.

因此，只要特許經營商繼續像過去一樣支付租賃費用，我們認為這些金額不應被視為我們的債務的一部分。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。

As Matt discussed, our third quarter performance reflects meaningful progress in our transformation journey. With improved profitability and positive cash generation, we are building momentum and laying the groundwork for long-term value creation.

正如馬特所討論的，我們第三季的業績反映了我們轉型之旅中取得的重大進展。隨著獲利能力的提高和現金流的增加，我們正在累積動力並為長期價值創造奠定基礎。

Thank you for your continued support and interest in Regis. We look forward to updating you on our progress next quarter. Please feel free to reach out to investor relations at regiscorp.com to discuss any questions related to the business or quarterly results.

感謝您對 Regis 的持續支持和關注。我們期待下個季度向您通報我們的進展。請隨時聯絡 regiscorp.com 的投資者關係部門，討論與業務或季度業績相關的任何問題。

This concludes the Regis third quarter fiscal year 2025 earnings call, and we will now take questions that were submitted as well as some live Q&A.

Regis 2025 財年第三季財報電話會議到此結束，我們現在將回答大家提交的問題以及一些現場問答。