Regis Corp (RGS) 2025 Q4 法說會逐字稿

Good morning, and thank you for joining the Regis fourth-quarter 2025 earnings conference call. I am your host, Kersten Zupfer, Executive Vice President and Chief Financial Officer. I am joined today by our Interim Chief Executive Officer, Jim Lain; and our Chairman of the Board, Mike Merriman. All participants are in a listen-only mode, and this conference is being recorded.

早安，感謝各位參加 Regis 2025 年第四季財報電話會議。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有我們的臨時執行長吉姆·萊恩和我們的董事會主席麥克·梅里曼。所有與會者均處於唯讀模式，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 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，我們在盈利報告和 8-K 文件中包含的關於前瞻性聲明的措辭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/investor-relations 上找到，同時還可以找到今天電話會議中提到的任何非 GAAP 財務指標與其相應的 GAAP 指標的調整表。

With that, I will now turn the call over to Jim Lain.

接下來，我將把電話交給吉姆·萊恩。

Thank you, Kersten, and good morning, everyone, and thank you for being with us for our fourth quarter and full year fiscal 2025 earnings call. It's a privilege to address you today as Interim Chief Executive Officer, a role I've had the opportunity to serve in since July 1. As some of you know, I've been with Regis since 2013, most recently serving as Executive Vice President of Brand Operations.

謝謝 Kersten，大家早安，感謝各位參加我們 2025 財年第四季及全年財報電話會議。今天能以臨時執行長的身份向各位講話，我感到非常榮幸。自7月1日起，我一直擔任這一職務。正如你們中的一些人所知，我從 2013 年起就在 Regis 工作，最近擔任品牌營運執行副總裁。

Before this role, I spent nearly a decade as Chief Operating Officer for both our corporate and franchise salon systems, working closely with our corporate employees, franchisees and business partners to drive operational excellence and strengthen our iconic brands. Prior to joining Regis, I held senior leadership roles at Gap Inc. where I was responsible for a $2.5 billion business across 750 stores in the US and Canada and earlier in my career at Dick's Sporting Goods and Target.

在此職位之前，我曾擔任公司總部和加盟沙龍系統的首席營運長近十年，與公司員工、加盟商和業務合作夥伴緊密合作，以推動卓越營運並加強我們的標誌性品牌。在加入 Regis 之前，我曾在 Gap Inc. 擔任高階領導職務，負責美國和加拿大 750 家門市、價值 25 億美元的業務；職業生涯早期，我還曾在 Dick's Sporting Goods 和 Target 工作過。

In my 30 years of experience, I've never been as energized and optimistic about an opportunity as I am about the role I was recently asked to take on. I have leaned into the opportunity to emphasize continuity and stability. Yet at the same time, the leadership team and myself are not standing still.

在我30年的工作經驗中，我從未像現在這樣對一個機會充滿熱情和樂觀，就像我對最近被委派承擔的這個角色一樣。我抓住了這個機會，強調連續性和穩定性。但同時，領導團隊和我自己也沒有停滯不前。

We have been advancing on a forward-thinking transformational plan designed to drive deeper customer connections with all our brands and a more effective and modern approach to driving growth. These efforts are directed toward enriching our business model and elevating our new brands to turn the tide on declining traffic and pave the way for sustainable long-term growth, enduring profitability and a continued cash flow generation.

我們一直在推動一項前瞻性的轉型計劃，旨在加深客戶與我們所有品牌的聯繫，並採用更有效、更現代化的方式來推動成長。這些努力旨在豐富我們的商業模式，提升我們的新品牌，以扭轉客流量下降的局面，並為可持續的長期成長、持久的獲利能力和持續的現金流創造鋪平道路。

As we undergo this transformation, I want to assure you that the priorities and initiatives that have been previously outlined are still firmly in place and supported by a collaborative effort across the leadership team, management and the Board of Directors.

在我們進行這項轉型之際，我想向大家保證，先前製定的各項優先事項和舉措仍然堅定地落實，並得到了領導團隊、管理層和董事會的共同支持。

Namely, we have two primary priorities that we are focused on. The holistic Supercuts brand transformation and optimizing and growing sales and profitability in our company-owned salons. In addition to these priorities, we will increase our focus on the other brands within our portfolio. Collectively, these brands represent a meaningful share of our business.

具體來說，我們主要關注兩個優先事項。對 Supercuts 品牌進行全面轉型，優化並提升公司自營沙龍的銷售額和獲利能力。除了這些優先事項之外，我們還將更加關注我們投資組合中的其他品牌。這些品牌加起來在我們業務中佔有相當大的份額。

The key learnings and new processes developed through our focus on Supercuts in our company-owned salons are expected to carry over and create value across the rest of the portfolio, further fueling a flywheel-like effect on our total business.

我們在公司自營沙龍中專注於 Supercuts 服務所累積的關鍵經驗和新流程有望推廣到其他業務領域，並創造價值，從而進一步推動我們整體業務的飛輪效應。

When I assumed the role of interim CEO, I wanted to ensure that our organization understood these priorities and is committed to the transformational vision and strategy of Regis. I spent many of my first days in this new role, connecting with employees, franchisees and investors to help ensure a smooth transition and steady the organization. The senior leadership team convened for a week to reinforce unity across the organization and advance the process of finalizing our financial and operating plans for fiscal year 2026.

當我擔任臨時執行長時，我希望確保我們的組織理解這些優先事項，並致力於 Regis 的變革願景和策略。我擔任這個新職務的最初幾天，花了很多時間與員工、加盟商和投資者溝通，以確保平穩過渡並穩定組織。高階領導團隊召開為期一週的會議，旨在加強整個組織的團結，並推動 2026 財年財務和營運計畫的最終確定進程。

We were joined by our strategic partner, Forum3, led by Adam Brotman, Adam is one of the world's leading customer loyalty and engagement experts with over 25 years of experience leading major tech and consumer brands, including in his role as Starbucks inaugural Chief Digital Officer and EVP of Global Retail Operations.

我們的策略夥伴 Forum3 也加入了我們，該公司由 Adam Brotman 領導。 Adam 是全球領先的客戶忠誠度和互動專家之一，擁有超過 25 年領導主要科技和消費品牌的經驗，包括擔任星巴克首任首席數位長和全球零售營運執行副總裁。

Forum3 has been an invaluable partner since the start of this calendar year, and I am pleased they will continue as part of our team. Their deep expertise in digital and AI transformation and brand strategy is helping us accelerate key initiatives that are critical to modernizing our customer experience and unlocking new growth opportunities. While we expect our transformational journey will take time, we are making good progress and are encouraged by the early results.

自今年年初以來，Forum3 一直是我們的重要合作夥伴，我很高興他們將繼續作為我們團隊的一部分。他們在數位化和人工智慧轉型以及品牌策略方面的深厚專業知識，正在幫助我們加速關鍵舉措，這些舉措對於實現客戶體驗現代化和釋放新的成長機會至關重要。雖然我們預計轉型之路需要時間，但我們正在取得良好進展，並對初步成果感到鼓舞。

Our business is consistently profitable. For fiscal year 2025, we delivered $19.9 million in operating income and $31.6 million in Adjusted EBITDA, a year-over-year increase of 14.9%. For the fourth quarter, consolidated same-store sales increased 1.3% year-over-year. And at Supercuts, our largest brand, we experienced an increase of 2.9%. Importantly, the fourth quarter of fiscal 2025 marked our third consecutive quarter of positive cash from operations.

我們的業務一直獲利。2025 財年，我們實現了 1,990 萬美元的營業收入和 3,160 萬美元的調整後 EBITDA，年增 14.9%。第四季度，合併同店銷售額較去年同期成長1.3%。而我們最大的品牌 Supercuts 的銷售額成長了 2.9%。值得注意的是，2025 財年第四季是我們連續第三個季度實現經營活動現金流為正。

While these results are solid, we are encouraged by the opportunities ahead to build on this momentum. We are laying groundwork to change the trajectory of declining traffic, reinforce our core operations and equip both Regis and our franchisees to succeed in a fast-changing industry.

雖然這些結果很穩健，但我們對未來能夠在此勢頭基礎上取得更大發展的機會感到鼓舞。我們正在為扭轉客流量下降的趨勢奠定基礎，加強我們的核心運營，並使 Regis 和我們的加盟商能夠在快速變化的行業中取得成功。

The professional hair salon industry remains a resilient and essential segment within the broader beauty and personal care market, driven by recurring consumer demand, evolving trends and increasing focus on self-care and wellness, the industry continues to show steady growth particularly in the value-focused segment where we operate. Industry demand is supported by a mix of core services and add-ons.

在消費者持續的需求、不斷變化的趨勢以及對自我護理和健康的日益關注的推動下，專業美髮沙龍行業仍然是更廣泛的美容和個人護理市場中一個具有韌性和重要性的細分市場，該行業繼續保持穩步增長，尤其是在我們所經營的價值導向細分市場。產業需求由核心服務和附加服務共同支撐。

And importantly, the industry operates on a high-frequency repeat service model that lends itself well to brand loyalty and membership programs. Digital channels such as online booking create efficiency for the customer as well as the stylist. We have seen a strong business correlation in salons that have higher online booking percent. This bodes well given our omnichannel focus.

更重要的是，該行業採用高頻重複服務模式，這非常有利於品牌忠誠度和會員計劃。線上預約等數位化管道提高了顧客和造型師的效率。我們發現，線上預約比例較高的美髮沙龍，其業務表現也與之密切相關。鑑於我們專注於全通路行銷，這無疑是個好兆頭。

Turning to an update on our first near-term priority, the holistic transformation of our Supercuts brand. The road map for Supercuts encompasses three pillars. The first is to modernize and evolve the brand by strengthening its relevance with today's consumers and better reflect the quality and value we deliver.

接下來，我們來報告近期首要任務－Supercuts 品牌的全面轉型。Supercuts 的發展路線圖包含三大支柱。首先，要透過強化品牌與當今消費者的相關性，實現品牌現代化和發展，更好地體現我們所提供的品質和價值。

This refresh is a holistic update that spans the spectrum to create a more contemporary, consistent and engaging brand experience across every customer touch point. In support of this first pillar of refreshing the Supercuts brand, we recently completed a comprehensive brand research study that provides valuable insights into our customer and our brand.

此次品牌重塑是全方位的更新，旨在為每位客戶打造更具現代感、更一致、更具吸引力的品牌體驗。為了支持 Supercuts 品牌煥新計畫的第一支柱，我們最近完成了一項全面的品牌研究，該研究為我們的客戶和我們的品牌提供了寶貴的見解。

These findings are guiding decisions related to enhancing our brand and establishing meaningful differentiation within the market. The second pillar of our Supercuts transformation is our digital strategy and omnichannel engagement. In the fourth quarter, we advanced several key initiatives designed to strengthen customer connections and drive top line growth.

這些發現正在引導我們做出與提升品牌形象和在市場中建立有意義的差異化相關的決策。Supercuts轉型計畫的第二個支柱是我們的數位策略和全通路互動。第四季度，我們推進了幾項旨在加強客戶聯繫和推動營收成長的關鍵措施。

A highlight was the continued success of Supercuts loyalty program. Launched in the second quarter of this fiscal year, the program has already grown to represent 36% of transactions, an increase of 600 basis points since Q3. Supercuts rewards not only fosters customer loyalty, but also delivers valuable personalization insights that enhance the effectiveness of current and future marketing efforts.

亮點之一是Supercuts會員忠誠度計劃的持續成功。該計畫於本財年第二季啟動，目前已佔交易量的 36%，比第三季成長了 600 個基點。Supercuts 的獎勵機制不僅能培養客戶忠誠度，還能提供有價值的個人化見解，進而提高目前和未來行銷工作的成效。

The strong momentum we are seeing reinforces its potential to be a powerful driver of long-term growth and customer retention with loyalty members proving to be our most frequent visitors and highest lifetime value customers. And our third pillar of focus for Supercuts, operational excellence we successfully completed a second round of salon assessments, which were conducted by an objective third party.

我們看到的強勁勢頭進一步鞏固了其作為長期成長和客戶留存的強大驅動力的潛力，忠誠會員已被證明是我們最頻繁的訪客和終身價值最高的客戶。Supercuts 的第三個重點支柱是卓越運營，我們成功完成了第二輪沙龍評估，該評估由客觀的第三方進行。

These evaluations focus on salon level cleanliness, maintenance and other key operational areas like service menu adherence, marketing collateral execution and retail product inventory levels. The headline here is salons that consistently meet brand standards for cleanliness and operational excellence perform at a notably higher level on our primary salon KPIs, including sales and customer retention.

這些評估著重於沙龍層級的清潔度、維護以及其他關鍵營運領域，例如服務菜單的執行情況、行銷資料的執行情況和零售產品庫存水準。重點在於，始終符合品牌清潔和卓越營運標準的沙龍，在我們主要的沙龍關鍵績效指標（包括銷售額和客戶留存率）方面表現明顯更高。

Another work stream within this pillar is the development of our new salon concept. We are nearing the pilot launch of this initiative, which features a clean, modern aesthetic and is aimed at improving efficiency while elevating the experience for both customers and stylists.

這個支柱下的另一項工作是開發我們的新沙龍概念。我們即將啟動這項計劃的試點項目，該計劃以簡潔現代的美學為特色，旨在提高效率，同時提升顧客和造型師的體驗。

Turning to our second priority, optimizing and growing sales and profitability in our company-owned salon portfolio. In 2024, we completed the acquisition of more than 300 salons from our largest franchisee. Since January, these salons have been operating as company-owned salons.

接下來是我們的第二個優先事項，即優化和提高公司自有沙龍組合的銷售額和盈利能力。2024年，我們完成了從最大的加盟商手中收購300多家沙龍的交易。自一月以來，這些沙龍一直作為公司直營沙龍運作。

As we shared previously, this transaction delivers both meaningful financial benefits and important strategic advantages. Since taking ownership of these salons, we have focused on executing a comprehensive operation strategy.

正如我們之前所說，這項交易既能帶來可觀的財務收益，也能帶來重要的策略優勢。自從接管這些沙龍以來，我們一直致力於執行全面的營運策略。

This includes a fully redesigned stylist pay model that is structured to improve productivity and reward performance. In the near term, we will also launch several pilots tied to our omnichannel initiatives and the newly designed salon prototype.

這包括一個完全重新設計的造型師薪酬模式，旨在提高生產力並獎勵績效。近期，我們還將推出幾個與我們的全通路計畫和新設計的沙龍原型相關的試點計畫。

I want to emphasize the advantage of our newly acquired company-owned salons provide, both in accelerating innovation and in their potential to drive meaningful EBITDA. Just as importantly, they enhance our position as a franchisor by keeping us closely connected to day-to-day salon operations. Encouragingly, same-store sales improved in Q4.

我想強調我們新收購的公司自有沙龍的優勢，它們既能加速創新，又有潛力帶來可觀的 EBITDA。同樣重要的是，它們讓我們與沙龍的日常運營保持緊密聯繫，從而提升了我們作為特許經營商的地位。令人鼓舞的是，第四季同店銷售額有所改善。

While we still have work ahead, this is a multiyear strategy and our progress in the fourth quarter and the year reinforces our confidence in our strategy and our ability to execute. I want to thank our teams across North America for their hard work and dedication this past year. Their commitment to our customers to one another and to excellence execution has been instrumental in our progress.

雖然我們還有很多工作要做，但這是一項多年策略，我們在第四季和今年的進展增強了我們對該策略和執行能力的信心。我要感謝北美各地的團隊在過去一年中的辛勤工作和奉獻精神。他們對客戶、對彼此以及對卓越執行的承諾，對我們的進步起到了至關重要的作用。

As we enter 2026, we do so as a focused and energized organization with a clear long-term strategy and a commitment to delivering sustainable, profitable growth across our portfolio. Our top two near-term priorities remain clear: advancing the holistic transformation of the Supercuts brand, while optimizing and growing sales and profitability in our company-owned salon portfolio. We are excited about the future, and we look forward to sharing more updates with you in the months ahead.

進入 2026 年，我們以專注、充滿活力的組織形像出現，擁有清晰的長期策略，並致力於在我們的投資組合中實現可持續的、盈利的增長。我們近期最重要的兩個優先事項仍然很明確：推進 Supercuts 品牌的整體轉型，同時優化和提高公司自有沙龍組合的銷售額和盈利能力。我們對未來充滿期待，並期待在接下來的幾個月與您分享更多最新消息。

I will now turn the call over to Kersten for a more detailed review of our fourth quarter financials. Kersten?

現在我將把電話交給克斯汀，讓他更詳細地回顧我們第四季的財務狀況。克斯汀？

Thanks, Jim. Our fiscal 2025 fourth quarter and full year results include the results of the approximately 300 salons that we acquired from Alline in December of 2024 during our second quarter of fiscal year 2025. As a reminder, our results for the quarter and the year reflect contributions from Alline, but prior year results do not. As Jim discussed, our fourth quarter results reflect the progress we are making towards improving the financial profile of Regis and implementing initiatives to reignite growth.

謝謝你，吉姆。我們在 2025 財年第二季公佈的 2025 財年第四季和全年業績包括了我們在 2024 年 12 月從 Alline 收購的約 300 家沙龍的業績。再次提醒，我們本季和本年度的業績反映了 Alline 的貢獻，但上一年的業績並未包含 Alline 的貢獻。正如吉姆所討論的那樣，我們第四季度的業績反映了我們在改善 Regis 的財務狀況和實施重振成長的舉措方面所取得的進展。

For the fourth quarter, we delivered a 58.7% increase in operating income, same-store sales growth and our third consecutive quarter of positive cash from operations. We are encouraged by the progress we are making. Let's start with a review of the results for the fourth quarter.

第四季度，我們的營業收入成長了 58.7%，同店銷售額也實現了成長，並且連續第三個季度實現了經營活動產生的正現金流。我們的進展令人鼓舞。讓我們先來回顧一下第四季的業績。

Total fourth quarter revenue was $60.4 million, an increase of 22.3% or $11 million compared to the prior year. This increase was primarily driven by increased revenue from company-owned salons resulting from the acquisition of Alline in December of 2024 as well as an increase in same-store sales of 1.3%.

第四季總營收為 6,040 萬美元，較上年同期成長 22.3%，即 1,100 萬美元。這一成長主要得益於公司自有沙龍的收入增加（這得益於 2024 年 12 月收購 Alline），以及同店銷售額增長 1.3%。

This increase was partially offset by lower royalties due to fewer franchise locations and non-margin franchise rental income. As of June 30, 2025, we had a net decrease of 744 franchise locations compared to June 30, 2024, approximately 300 of these locations relate to the Alline salons that converted from franchise to company-owned.

由於加盟店數量減少和非利潤性加盟店租金收入，特許經營費降低，部分抵消了這一增長。截至 2025 年 6 月 30 日，與 2024 年 6 月 30 日相比，我們的加盟店淨減少了 744 家，其中約 300 家與從加盟店轉為公司直營店的 Alline 沙龍有關。

The 448 net closures during the year primarily involved 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. We continue to expect fiscal year 2025 to be the last year of closures in this order of magnitude.

年內淨關閉的 448 家門市主要為業績不佳的門市，每家門市過去 12 個月的銷售額都明顯低於業績最佳的門市。這些已關閉門市與我們業績最好的門市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，也突顯了我們在繼續執行轉型策略的過程中，進一步提高利潤率和現金流的機會。我們仍然預計 2025 財年將是這種規模的關停的最後一年。

In terms of profitability, we reported GAAP operating income of $7.3 million, an increase of $2.7 million compared to $4.6 million in the year ago quarter. This increase was primarily driven by operating income contribution from the Alliance lines, which was partially offset by lower royalties. Below the operating line, income from continuing operations was $118.4 million compared to $91.3 million in the year ago quarter.

在獲利能力方面，我們報告稱，GAAP 營業收入為 730 萬美元，比去年同期的 460 萬美元增加了 270 萬美元。這一增長主要得益於聯盟產品線的營業收入貢獻，但部分被較低的特許權使用費所抵消。在營業收入方面，持續經營收入為 1.184 億美元，而去年同期為 9,130​​ 萬美元。

This year-over-year increase in income was due to improved operating income in the current period and to the release of a majority of our US income tax valuation allowance and a partial release of the Canadian income tax valuation allowance, both of which occurred in the fourth quarter of 2025.

營收年增是由於本期營業收入改善，以及大部分美國所得稅估值準備金和部分加拿大所得稅估值準備金的釋放，這兩件事均發生在 2025 年第四季。

These releases reflect improved financial performance and expectation of generating sufficient taxable income to utilize a significant portion of our deferred tax assets going forward. It is also worth noting that income from continuing operations for the fourth quarter of 2024, included a noncash gain on the extinguishment of long-term debt of $94.6 million.

這些公告反映了財務表現的改善，以及我們預期未來將產生足夠的應稅收入，從而利用我們大部分遞延所得稅資產。值得注意的是，2024 年第四季持續經營收入包括一筆 9,460 萬美元的長期債務清償非現金收益。

As a reminder, in the fourth quarter of fiscal year 2024, we refinanced our credit facility, which reduced our debt by more than $80 million and significantly strengthened our balance sheet. The gain in the fourth quarter of fiscal year 2024 was directly related to this refinancing.

再次提醒大家，在 2024 財年第四季度，我們對信貸安排進行了再融資，這使我們的債務減少了 8000 多萬美元，並顯著增強了我們的資產負債表。2024 財年第四季的收益與此次再融資直接相關。

While there is considerable noise below the operating income line from noncash items, the real story is the substantial improvement in our operational performance. The increase in operating income reflects solid execution and ongoing momentum in our core business.

儘管營業收入線以下存在大量非現金項目帶來的干擾，但真正的重點是我們營運績效的顯著改善。營業收入的成長反映了我們核心業務的穩健執行和持續發展動能。

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.

接下來看一下調整後的結果。再次提醒大家，在 2025 財年第一季度，我們更改了方法，在公佈調整後業績時排除了股票選擇權費用。本年度及往年所有調整後業績均已調整，以反映本次報告方式。我們認為調整後的業績更能代表公司的實際經營狀況。有關我們GAAP業績與調整後非GAAP績效的調節表，請參閱我們的新聞稿。

For the fourth quarter, our consolidated Adjusted EBITDA was $9.7 million, an increase of 24.8% compared to $7.8 million in the prior year quarter. The $1.9 million improvement was primarily due to favorable Alline salon EBITDA and lower general and administrative expenses, which were partially offset by lower franchise revenue.

第四季度，我們的合併調整後 EBITDA 為 970 萬美元，比去年同期的 780 萬美元成長了 24.8%。190萬美元的成長主要歸功於Alline沙龍EBITDA的良好表現和一般及行政費用的降低，但部分被特許經營收入的下降所抵消。

Our adjusted G&A was $10.4 million in the fourth quarter of fiscal year 2025, down from $11.3 million in the year ago quarter. Adjusted EBITDA for our franchise segment was $7.7 million in the quarter, a $1.2 million increase compared to $6.5 million in the prior year quarter. This increase was primarily due to lower G&A expenses, which was partially offset by decreases in royalties as a result of a lower salon count.

2025 財年第四季度，我們調整後的一般及行政費用為 1,040 萬美元，低於去年同期的 1,130 萬美元。本季我們特許經營業務的調整後 EBITDA 為 770 萬美元，比去年同期的 650 萬美元增加了 120 萬美元。這一增長主要是由於一般及行政費用降低，但由於沙龍數量減少導致特許權使用費下降，部分抵消了這一增長。

Importantly, franchise adjusted EBITDA as a percentage of franchise revenue increased from 13.7% in the year-ago quarter to 19.3% in the current period. A positive indication of the progress we are making in enhancing operational efficiency across our franchise network.

值得注意的是，特許經營調整後的 EBITDA 佔特許經營收入的百分比從去年同期的 13.7% 增長到本期的 19.3%。這積極表明我們在提升整個加盟網絡的營運效率方面取得了進展。

Adjusted EBITDA for our company-owned salon segment improved by $700,000 year-over-year to $2 million for the quarter, primarily as a result of an increased number of company-owned salons and closure of unprofitable salons. Additionally, company-owned salon revenue for the prior year period included $1.3 million of non-cash revenue resulting from a change in estimate to gift card breakage. Turning to our results for the full year.

本季度，公司自有沙龍業務的調整後 EBITDA 同比增長 70 萬美元，達到 200 萬美元，主要原因是公司自有沙龍數量增加以及不盈利沙龍關閉。此外，上一年公司自有沙龍的收入包括 130 萬美元的非現金收入，這是由於禮品卡損壞的估計變化所致。接下來來看看我們全年的業績。

Total revenue for fiscal year 2025 was $210 million, an increase of 3.5% or $7.2 million, compared to the prior year. This increase was primarily driven by increased revenue from company-owned salons, resulting from the acquisition of the line in December of 2024.

2025 財年總營收為 2.1 億美元，比前一年增長 3.5%，即 720 萬美元。這一成長主要得益於公司自有沙龍收入的增加，這是由於該公司在 2024 年 12 月收購了該系列產品。

We reported GAAP operating income of $19.9 million, a slight decrease from $20.9 million in fiscal year 2024. As with the results for the fourth quarter, this decrease was primarily driven by lower royalties and fees partially offset by operating income contribution from the Alline salons.

我們公佈的 GAAP 營業收入為 1,990 萬美元，比 2024 財年的 2,090 萬美元略有下降。與第四季度業績一樣，此次下降主要是由於特許權使用費和手續費減少，但部分被 Alline 沙龍的營業收入貢獻所抵消。

Income from continuing operations was $117 million for fiscal year 2025 compared to $89.1 million in fiscal year 2024, consistent with the fourth quarter comparison, the year-over-year increase was due in large part to the partial release of the company's prior year income tax valuation allowance in the fourth quarter of 2025. Income for the prior year period included a gain on extinguishment of long-term debt of $94.6 million.

2025 財年持續經營收入為 1.17 億美元，而 2024 財年為 8,910 萬美元。與第四季度相比，年成長主要歸因於公司在 2025 年第四季部分釋放了上一年的所得稅估值準備金。上年度的收入包括償還長期債務的收益 9,460 萬美元。

Turning to our adjusted results for fiscal 2025. Our consolidated Adjusted EBITDA was $31.6 million, an increase of 14.9% compared to $27.5 million in the prior year. The $4.1 million improvement was primarily due to higher net company-owned salon revenue as a result of the Alline Acquisition and lower G&A expenses, which were partially offset by lower franchise revenue.

接下來來看看我們 2025 財年的調整後業績。我們合併後的調整後 EBITDA 為 3,160 萬美元，比上年的 2,750 萬美元成長了 14.9%。410 萬美元的成長主要歸功於收購 Alline 後公司自有沙龍淨收入的增加以及一般及行政費用的降低，但部分被特許經營收入的降低所抵消。

Our adjusted G&A was $40.2 million in fiscal year 2025, which was in line with our expectations and down from $43.5 million in the prior year. We remain committed to diligent management of our corporate G&A expenses and continue to expect our run rate for G&A to be in the range of $40.5 million to $42.5 million annually.

2025 財年，我們調整後的一般及行政費用為 4,020 萬美元，符合我們的預期，低於上一財年的 4,350 萬美元。我們將繼續認真管理公司一般及行政費用，並繼續預計公司一般及行政費用的年度運行率將在 4,050 萬美元至 4,250 萬美元之間。

Turning to cash flows. For the three months ended June 30, 2025, we generated $6.8 million in cash from operations, which is an improvement of $1.7 million compared to the fourth quarter of fiscal 2024. This brings our year-to-date total for cash from operations to $13.7 million, an improvement of $15.8 million compared to fiscal year 2024.

接下來我們來看現金流。截至 2025 年 6 月 30 日的三個月內，我們從經營活動中產生了 680 萬美元的現金，比 2024 財年第四季增加了 170 萬美元。這使得我們今年迄今的經營活動現金總額達到 1,370 萬美元，比 2024 財年增加了 1,580 萬美元。

The increase in cash generation was driven by Alline, operating profitability and an accumulation of cash from our ad fund contributions. In evaluating our reported cash flows, we believe it is important to understand that cash flows are derived from two sources.

現金流的增加主要得益於 Alline 的獲利能力、營運利潤以及廣告基金捐款的累積。在評估我們報告的現金流量時，我們認為重要的是要了解現金流量來自兩個方面。

On restricted cash from -- generated from operations, which is available for general corporate use and restricted cash related to our ad fund, which is sourced from contributions made by our salons, both franchise and company-owned. Ad fund cash is designated specifically for marketing purposes and not available for corporate use.

受限現金來源包括：營運產生的受限現金（可用於一般公司用途）和廣告基金受限現金（來自我們加盟店和公司直營店的捐款）。廣告基金專用於行銷用途，不可用於公司業務。

In fiscal year 2025, our total reported cash from operations of $13.7 million is comprised of $8.4 million in cash generated for the ad funds, which is restricted and $5.3 million in cash generated from our core operations, which is unrestricted.

2025 財年，我們報告的經營活動現金總額為 1,370 萬美元，其中包括廣告基金產生的 840 萬美元現金（受限）和核心業務產生的 530 萬美元現金（非受限）。

Notably, the $2.5 million of the restricted ad fund cash was generated in the fourth quarter. Included in the $5.3 million of unrestricted cash from core operations, there were several nonrecurring items that were a drag on cash flow, namely severance-related cash costs and onetime deal-related expenses for the Alline Acquisition, of $3.2 million in aggregate.

值得注意的是，這筆 250 萬美元的受限廣告基金現金是在第四季產生的。核心業務產生的 530 萬美元非限制性現金中包含幾項拖累現金流的非經常性項目，即與遣散費相關的現金成本和與 Alline 收購相關的一次性交易費用，總計 320 萬美元。

We do not expect these items to reoccur in fiscal year 2026. Importantly, the business continues to generate positive cash flows from operations, providing a strong foundation for growth and financial flexibility. As we look ahead to fiscal year 2026, our operating plan anticipates a meaningful increase in the generation of unrestricted cash from our core operations compared to fiscal year 2025.

我們預計這些項目在 2026 財年不會再發生。重要的是，該業務持續產生正向經營現金流，為成長和財務靈活性提供了堅實的基礎。展望 2026 財年，我們的營運計畫預計，與 2025 財年相比，我們核心業務產生的非限制性現金將顯著增加。

We expect this improvement will be driven by continued operational strength, a full year of Alline results in the absence of nonrecurring expenses in fiscal year 2025 that I just discussed. We also expect improvements in working capital usage to contribute to stronger generation of unrestricted cash from our core operations.

我們預計，在2025財年沒有我剛才提到的非經常性支出的情況下，持續的營運實力將推動這一改善，Alline全年的業績也將隨之改善。我們也期望營運資金利用率的提高能夠促進我們核心業務產生更多不受限制的現金。

Ad fund cash, which is, again, is designated specifically for marketing purposes and not available for corporate use was building over fiscal year 2025 as we slowed spending to focus on executing our business transformation strategy. Our marketing plans for fiscal year 2026 assume we will spend the ad fund cash that accumulated during 2025 as we implement initiatives aimed at returning growth.

廣告基金現金（再次強調，該基金專門用於行銷目的，不可用於公司用途）在 2025 財年期間不斷積累，因為我們放慢了支出速度，專注於執行我們的業務轉型策略。我們 2026 財年的行銷計畫假設我們將把 2025 年累積的廣告基金現金用於實施旨在恢復成長的各項措施。

So while we expect unrestricted cash generated from operations to be higher in fiscal year 2026, that it was in 2025, total reported cash from operations for fiscal year 2026 may be lower when compared to the prior year due to our plans to strategically deploy cash accumulated in the ad fund.

因此，雖然我們預計 2026 財年經營活動產生的非限制性現金將高於 2025 財年，但由於我們計劃對廣告基金中累積的現金進行策略性部署，2026 財年報告的經營活動現金總額可能會低於上一年。

As we consider the allocation of capital, our priorities include reinvesting in the business to drive growth, maintaining a disciplined approach to managing debt and consideration of potential strategic transactions. In terms of liquidity, as of June 30, 2025, we had a $25.9 million of available liquidity, including capacity under our revolving credit agreement and $17 million in unrestricted cash and cash equivalents.

在考慮資本配置時，我們的優先事項包括對業務進行再投資以推動成長、保持對債務管理的嚴格態度以及考慮潛在的策略交易。截至 2025 年 6 月 30 日，我們在流動性方面擁有 2,590 萬美元的可用流動資金，其中包括循環信貸協議下的額度以及 1,700 萬美元的非限制性現金和現金等價物。

As of the end of the fiscal year, we had $125.3 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 $216.6 million of operating lease liabilities related to our franchisees' salon leases.

截至本財年末，我們未償債務為 1.253 億美元，不包括遞延融資成本和認股權證的價值以及應計實物支付利息。再次提醒，根據公認會計原則，我們的資產負債表包含約 2.166 億美元的營業租賃負債，這些負債與我們加盟商的沙龍租賃有關。

These leases have a weighted average remaining term of less than five years, and the obligations are serviced by our franchisees. So 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.

這些租賃合約的加權平均剩餘期限不足五年，其義務由我們的加盟商履行。只要加盟商繼續像以往一樣支付租金，我們認為這些款項不應被視為我們債務的一部分。

We expect these liabilities will continue to decrease as the leases mature and as we continue to move away from franchise leases. In summary, our fourth quarter and our full year 2025 results reflect a profitable cash-generating business with clear momentum and a meaningful opportunity ahead.

我們預計隨著租賃合約到期以及我們繼續逐步取消特許經營租賃，這些負債將繼續減少。總而言之，我們第四季和 2025 年全年業績反映出我們是一家獲利且能產生現金流的企業，擁有明顯的成長動能和廣闊的發展前景。

This concludes our prepared remarks, and we will now take questions.

我們的發言稿到此結束，現在我們將接受提問。

Good morning. Our first question is from Bill Charters from Sable Capital. Bill, please unmute your line.

早安.我們的第一個問題來自 Sable Capital 的 Bill Charters。比爾，請解除靜音。

Good morning. Our first question is from Bill Charters from Sable Capital. Bill, please unmute your line.

早安.我們的第一個問題來自 Sable Capital 的 Bill Charters。比爾，請解除靜音。

Yes, we can.

是的，我們可以。

Good Morning. Okay, great quarter. That was great all around. I just had a few questions. I guess, can you talk more about the Forum3 initiatives in context of what they have done and what plans you have in the future to improve operating results? I mean, I know it's been a lot of SEO, but I would love to give more context on what does it look like going forward?

早安.好的，這個季度很棒。一切都很棒。我還有一些問題。我想，您能否更詳細地談談 Forum3 的各項舉措，包括它們已經取得的成果，以及您未來為改善營運績效有哪些計劃？我知道最近做了很多SEO方面的工作，但我很想就未來的發展方向提供更多背景資訊？

Yeah, Bill, this is Jim. And just thank you again for joining the call today. It's good to have you. I'll take that one. Forum3, obviously has been, as you heard in my remarks, and I think you know pretty significant background in this arena that they're focused on in terms of the transformation of the Supercuts brand.

是的，比爾，這是吉姆。再次感謝您今天參加電話會議。有你真好。我選那個。Forum3 顯然已經發展成為一個重要的平台，正如你在我的演講中所聽到的，而且我認為你也了解他們在 Supercuts 品牌轉型方面所關注的領域，並擁有相當重要的背景。

There's several things that they've been highly engaged with. One is just the modernization and evolution of the brand. As you heard in my remarks -- we have just completed a comprehensive qualitative study on the Supercuts brand.

他們積極參與了好幾件事。一是品牌的現代化與演變。正如我剛才所說——我們剛剛完成了一項關於 Supercuts 品牌的全面定性研究。

We've learned a ton, and we're actually just now kind of getting through all of those results. And Forum3 is helping us distill those findings and obviously bring those things to life in terms of who is shopping Supercuts, what generation?

我們學到了很多東西，現在才剛開始整理所有這些結果。Forum3 正在幫助我們提煉這些發現，並且顯然將這些發現生動地展現出來，例如誰在 Supercuts 購物，哪個年齡層？

What are they looking for? This is a particular area of expertise for Forum3 and certainly much more to come there. Omnichannel growth is the other piece that I spoke to in the remarks. The whole loyalty rewards area, another area of, I would say, even more particular expertise for Forum3. They are -- we're seeing good growth here, for sure, as I noted, and we're continuing to focus on that.

他們在尋找什麼？這是 Forum3 的一個特殊專長領域，未來肯定還會有更多相關內容。全通路成長是我在發言中提到的另一個面向。整個忠誠度獎勵領域，可以說是 Forum3 更專業的另一個領域。正如我之前提到的，我們確實看到了良好的成長，我們將繼續專注於此。

And this is where Adam is particularly capable in helping us drive the continued growth there -- and then the whole concept and notion of online booking. There is a strong correlation to business performance here. We see it very, very clearly.

而亞當在這方面尤其擅長幫助我們推動這方面的持續成長——以及線上預訂的整個概念和理念。這與企業業績有著強烈的相關性。我們看得非常清楚。

We want to ensure that customers can easily get into our salons for a service, whether it's a quick haircut or a more lengthy service or color, whatever it might be. And Adam and his team are doing some really, really good work to help us in that arena.

我們希望確保顧客能夠輕鬆地到我們的沙龍享受服務，無論是快速剪髮、更長的服務還是染髮，無論是什麼服務。亞當和他的團隊在這個領域為我們做了很多非常好的工作來幫助我們。

And then kind of to round it all out, the whole kind of notion of operations excellence, the strong correlation, as I said in my remarks, to salons who adhere to the brand standards. It's interesting. We share these results, obviously, with our franchisees.

最後，我想總結一下，卓越營運的概念，正如我在演講中所說，與遵守品牌標準的沙龍有著很強的相關性。很有意思。我們當然會與加盟商分享這些結果。

And I think the even better news is that there is a strong desire to make improvements when assessment results reflect the need for improvement. We're really seeing our franchisees grasp and embrace that, and we're actually seeing improvements there.

我認為更好的消息是，當評估結果反映出需要改進時，人們有強烈的改進意願。我們看到加盟商確實理解並接受了這一點，而且我們也確實看到了這方面的改進。

So that's a good guy for sure. Sharing best practices from the company-owned salons. The company-owned salons are going to be an area where we can bring pilots to life and learn very, very quickly. And then from that, we can share best practices and dare I say, gold standards of operating the business with the rest of our system. And then, last but not least, we're continuing to work on the new salon prototype -- that is coming along nicely right now.

所以他肯定是個好人。分享公司旗下沙龍的最佳實踐。公司自營的沙龍將成為我們展示試點計畫並快速學習的場所。然後，我們可以將最佳實踐，甚至可以說是營運業務的黃金標準，分享給系統內的其他成員。最後，也是非常重要的一點，我們正在繼續開發新的沙龍原型——目前進展順利。

And Adam and his team, again, here, continue to lean in with their background and help us in those arenas. So just some pretty incredible things that I think they're bringing to the table.

亞當和他的團隊再次發揮他們的背景優勢，在這些領域幫助我們。所以我覺得他們帶來了一些非常了不起的東西。

Absolutely. And regarding the prototype, how would that be financed and implemented? I mean is that the cost of the franchisees -- does that ad fund marketing spend? Do you take some of that to promote these new things? I guess what I'm really trying to get at is what cost is that to the corporation?

絕對地。至於原型機，它的資金和實施方案將如何決定？我的意思是，這是加盟商的成本嗎？這筆廣告費是否用於行銷支出？你會利用其中的一些來推廣這些新產品嗎？我真正想問的是，這對公司來說會造成多大的損失？

Yeah, it's a good question. And I'll be honest. We're looking at all appropriate paths to support all of those things. We haven't landed on anything specific. That was work that we're currently engaged with.

是的，這是個好問題。我會實話實說。我們正在研究所有合適的途徑來支持所有這些事情。我們還沒有確定任何具體方案。那是我們目前正在進行的工作。

And I think it could be multiple areas and paths that we could take. But for now, I can say that we're reviewing it very closely to determine what is the best mix, if you will, of an approach to take to bring those salons to light. What I will say is that right out of the chute, we have numerous franchisees that are poised and ready to remodel salons, just holding for the new prototype to come to light. And that's slated to happen in early 2026.

我認為我們可以從多個領域和路徑入手。但就目前而言，我可以透露的是，我們正在非常仔細地審查此事，以確定最佳的方案組合，從而讓這些沙龍重見天日。我想說的是，我們有很多加盟商已經做好準備，隨時可以翻新沙龍，他們只是在等待新的原型出現。預計將於 2026 年初實現。

Yeah. Okay. And then the Alline results seem great. Do you think there's more upside to those? And when do you think they would -- Alline would reach its optimal potential?

是的。好的。而且 Alline 的結果看起來也很棒。你認為這些還有更大的上漲空間嗎？你認為 Alline 何時才能發揮最佳潛力？

Yeah. Good question. Here's what I'll say is we're optimistic about the company-owned salon portfolio. It's also important to note that we're in the very early stages of what I characterize as operational improvements. As I referenced in my remarks, the new stylist pay model, which is a really, really critical point for salons, that has all been launched.

是的。問得好。我想說的是，我們對公司自營沙龍業務組合持樂觀態度。還需要指出的是，我們目前還處於我所說的營運改善的初期階段。正如我在演講中提到的，新的造型師薪資模式已經推出，這對美髮沙龍來說是一個非常非常重要的方面。

And we're also very near launching several other pilots that are in support of the things I spoke to in your first question regarding Forum3 and the work we're doing there from an omnichannel standpoint. So I think that we're -- it's early, we're optimistic.

我們即將推出其他幾個試點項目，這些項目旨在支持我在你的第一個問題中提到的關於 Forum3 以及我們從全渠道角度在那裡所做的工作。所以我覺得──現在還為時過早，我們持樂觀態度。

I like where we're going, I like the leadership that we have in place there, very, very strong tenured senior leader that's driving that area. Myself having many years of running salons and the experience there, we're staying very engaged with that, and I feel good about where we're going.

我喜歡我們前進的方向，我喜歡我們現有的領導團隊，一位非常有實力、經驗豐富的資深領導者正在推動該領域的發展。我自己經營美髮沙龍多年，累積了豐富的經驗，我們一直積極參與其中，我對我們未來的發展方向感到滿意。

And then Kersten did talk about uses of cash. And I just wanted to delve in that a little bit more. So I guess the first is to support the business because there are these new initiatives and investing in the business has a certain return on investment.

然後，克斯滕談到了現金的用途。我只是想更深入地探討一下這個問題。所以我覺得我應該先支持企業，因為有這些新舉措，投資企業會有一定的投資報酬率。

And then there's other initiatives like paying down debt, or I think she alluded to maybe other acquisitions. And I just wanted to know a little more about those -- would those be buying franchise ease back from your current base?

此外，還有其他舉措，例如償還債務，或者我認為她暗示過可能會進行其他收購。我只是想多了解一些相關資訊——這些是否意味著從您目前的基地重新購買特許經營權？

Or would those be adjacent new concepts, I just would like to understand the uses of cash, the best you can elaborate on that?

還是這些是相關的新概念？我只是想了解現金的用途，可以詳細解釋一下嗎？

Yeah, Jim, I can jump in and take that. Yes, I mean, we currently have $17 million of cash on the balance sheet. One of our priorities is -- continues to be a disciplined approach to managing our debt -- we do have scheduled debt payments and a cash flow sweep coming up.

是的，吉姆，我可以頂上。是的，我的意思是，我們目前資產負債表上有 1700 萬美元的現金。我們的首要任務之一是繼續採取嚴謹的債務管理方式——我們即將進行債務償還和現金流清理。

So that will obviously be a portion of the use of that cash. But as I mentioned in my script, we do expect that we will generate cash in this year and really focused on reinvesting back into the business to drive growth and support all the initiatives that Jim spoke about.

所以這顯然會是這筆現金用途的一部分。但正如我在演講稿中提到的，我們預計今年將產生現金流，並將重點重新投資於業務，以推動成長並支持吉姆所提到的所有舉措。

I'll say as it relates to potential strategic transactions, new concepts, acquisitions. We continue to keep that door open. We don't have anything specific that we're moving forward with at this time, but it's something that we always have in the back of our heads as we look at the best allocation of our capital.

我會就潛在的策略交易、新概念和收購發表看法。我們始終保持這扇門敞開。目前我們還沒有任何具體的推進計劃，但這始終是我們考慮如何最佳配置資金時會考慮的問題。

Okay, great. And then I know you have a long runway on the present debt. I think it matures in 2029, June of 2029, and the make-whole ends in, I think this -- a year from now, June of '26. What are your plans on refinancing that debt? Because I think right now it's -- is it SOFR plus 9%. And I mean, with the improvement in cash flow, you're looking closer to 3 times on a perspective or forward-looking basis. What are your plans on refinancing?

好的，太好了。而且我知道你目前的債務還有很長的償還期。我認為它會在 2029 年 6 月成熟，而最終的完成，我認為是在一年後的 2026 年 6 月。您打算如何對這筆債務進行再融資？因為我認為現在的情況是──是 SOFR 加 9% 嗎？我的意思是，隨著現金流的改善，從長遠來看，你的回報倍數應該接近 3 倍。你們的再融資計畫是什麼？

Yeah. No, you have all of that right. Our debt matures in June of 2029. We have a make whole that goes through 2026, and we're paying SOFR plus 9% right now. So we're having early discussions.

是的。不，你說的全都對。我們的債務將於2029年6月到期。我們有一份到 2026 年的全額補償協議，目前我們支付的是 SOFR 加 9% 的利率。所以我們正在進行初步討論。

TCW has been a great lender for us and a great business partner. Our goal would ultimately be to refinance this dept at some point and reduce our interest rate. This year, we're going to continue to focus on strengthening our financial position.

TCW一直是我們的優秀貸款方和優秀的商業夥伴。我們最終的目標是在某個時候對這筆債務進行再融資，從而降低利率。今年，我們將繼續專注於增強我們的財務實力。

So we're in a good spot to be able to have those conversations when the make-whole runs out. So we'll be focusing on everything that Jim talked about, driving comps, improving EBITDA and building that case for better terms when we get to a point where we can refinance.

所以，當補償金用完時，我們就有能力進行這些對話。因此，我們將專注於吉姆所說的一切，推動同店銷售成長，提高 EBITDA，並在我們能夠進行再融資時爭取更好的條款。

Well, I mean, looking at the company now a year after the refinancing last year. I mean you guys have all done a great job. I mean, operationally, I think the business turned around a lot faster than I thought it would. I mean, it's great to be talking about what are you going to use the cash flow like you actually have opportunities.

嗯，我的意思是，看看這家公司在去年重組一年後的發展。我的意思是，你們都做得非常好。我的意思是，從營運角度來看，我認為公司轉虧為盈的速度比我預想的要快得多。我的意思是，能夠討論如何利用現金流，並且真的有很多機會，這當然很好。

Thanks, Bill. This concludes our fiscal year 2025 earnings call. Thank you for your continued support and interest in Regis. We look forward to updating you on progress next quarter. Please feel free to reach out to investor relations @regiscorp.com to discuss any questions related to the business or quarterly results.

謝謝你，比爾。本次2025財年業績電話會議到此結束。感謝您一直以來對 Regis 的支持與關注。我們期待在下個季度向您報告進度。如有任何關於公司業務或季度業績的問題，請隨時聯繫投資者關係部門@regiscorp.com進行討論。