$EWCZ
European Wax Center, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022014839 Filed on August 04, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $53.36M $45.11M $47.90M
YoY Change 11.39% 53.84% 343.13%
Cost Of Revenue $14.86M $12.55M $11.54M
YoY Change 28.8% 63.11% 210.22%
Gross Profit $38.49M $32.56M $36.36M
YoY Change 5.86% 50.55% 412.14%
Gross Profit Margin 72.14% 72.19% 75.91%
Selling, General & Admin $23.28M $21.26M $18.91M
YoY Change 23.08% 36.44% 111.54%
% of Gross Profit 60.47% 65.29% 52.01%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.055M $5.074M $5.271M
YoY Change -4.1% 11.03% 4.58%
% of Gross Profit 13.13% 15.58% 14.5%
Operating Expenses $28.33M $26.34M $24.18M
YoY Change 17.15% 30.68% 72.98%
Operating Profit $10.16M $6.227M $12.18M
YoY Change -16.55% 321.6% -277.02%
Interest Expense -$8.080M -$1.600M -$4.635M
YoY Change 74.33% -67.82% 3.23%
% of Operating Profit -79.5% -25.69% -38.06%
Other Income/Expense, Net -$33.00K -$195.0K
YoY Change
Pretax Income $2.050M $4.522M $7.729M
YoY Change -73.48% -199.63% -167.98%
Income Tax $19.00K $114.0K
% Of Pretax Income 0.93% 2.52%
Net Earnings $968.0K $7.353M $7.729M
YoY Change -87.48% -262.0% -167.97%
Net Earnings / Revenue 1.81% 16.3% 16.14%
Basic Earnings Per Share
Diluted Earnings Per Share $25.37K $116.2K $121.3K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $31.19M $43.30M $35.24M
YoY Change -11.48%
Cash & Equivalents $42.06M $43.30M $35.24M
Short-Term Investments
Other Short-Term Assets $17.90M $5.927M $12.58M
YoY Change 42.25%
Inventory $22.98M $19.42M $19.80M
Prepaid Expenses
Receivables $9.880M $6.656M $10.51M
Other Receivables $0.00 $0.00 $689.0K
Total Short-Term Assets $81.95M $75.31M $78.82M
YoY Change 3.97%
LONG-TERM ASSETS
Property, Plant & Equipment $8.982M $3.863M $4.513M
YoY Change 99.03% -23.34%
Goodwill $328.6M
YoY Change 0.0%
Intangibles $202.0M
YoY Change -5.29%
Long-Term Investments
YoY Change
Other Assets $5.141M $3.723M $3.215M
YoY Change 59.91%
Total Long-Term Assets $535.2M $538.1M -$78.82M
YoY Change -778.98%
TOTAL ASSETS
Total Short-Term Assets $81.95M $75.31M $78.82M
Total Long-Term Assets $535.2M $538.1M -$78.82M
Total Assets $617.1M $613.4M $100.00
YoY Change 617129900.0%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.033M $7.684M $7.393M
YoY Change 8.66%
Accrued Expenses $6.031M $6.878M $5.063M
YoY Change 19.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $5.625M $2.428M
YoY Change 64.74%
Total Short-Term Liabilities $31.89M $31.97M $29.20M
YoY Change 9.2%
LONG-TERM LIABILITIES
Long-Term Debt $370.5M $172.6M $262.4M
YoY Change 41.17%
Other Long-Term Liabilities $80.61M $67.63M $7.304M
YoY Change 1003.61%
Total Long-Term Liabilities $451.1M $240.2M $269.7M
YoY Change 67.23%
TOTAL LIABILITIES
Total Short-Term Liabilities $31.89M $31.97M $29.20M
Total Long-Term Liabilities $451.1M $240.2M $269.7M
Total Liabilities $553.2M $434.1M $298.9M
YoY Change 85.05%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $100.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $63.93M $179.4M $100.00
YoY Change
Total Liabilities & Shareholders Equity $617.1M $613.4M $626.4M
YoY Change -1.48%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $968.0K $7.353M $7.729M
YoY Change -87.48% -262.0% -167.97%
Depreciation, Depletion And Amortization $5.055M $5.074M $5.271M
YoY Change -4.1% 11.03% 4.58%
Cash From Operating Activities $12.14M $19.12M $9.847M
YoY Change 23.24% 145.88% -152.86%
INVESTING ACTIVITIES
Capital Expenditures $221.0K -$195.0K -$3.418M
YoY Change -106.47% -236.36% -159.03%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $221.0K -$195.0K -$3.418M
YoY Change -106.47% -236.36% -40.97%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -14.50M -987.0K 119.0K
YoY Change -12288.24% 71.06% -99.65%
NET CHANGE
Cash From Operating Activities 12.14M 19.12M 9.847M
Cash From Investing Activities 221.0K -195.0K -3.418M
Cash From Financing Activities -14.50M -987.0K 119.0K
Net Change In Cash -2.148M 17.93M 6.548M
YoY Change -132.8% 144.31% -29.74%
FREE CASH FLOW
Cash From Operating Activities $12.14M $19.12M $9.847M
Capital Expenditures $221.0K -$195.0K -$3.418M
Free Cash Flow $11.91M $19.31M $13.27M
YoY Change -10.18% 153.04% -154.32%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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EntitySmallBusiness
false
dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q2
dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
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dei Amendment Flag
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dei Entity Central Index Key
EntityCentralIndexKey
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dei Document Type
DocumentType
10-Q
dei Document Quarterly Report
DocumentQuarterlyReport
true
dei Document Period End Date
DocumentPeriodEndDate
2022-06-25
dei Document Fiscal Year Focus
DocumentFiscalYearFocus
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dei Document Transition Report
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false
dei Entity File Number
EntityFileNumber
001-40714
dei Entity Registrant Name
EntityRegistrantName
EUROPEAN WAX CENTER, INC.
dei Entity Incorporation State Country Code
EntityIncorporationStateCountryCode
DE
dei Entity Tax Identification Number
EntityTaxIdentificationNumber
86-3150064
dei Entity Address Address Line1
EntityAddressAddressLine1
5830 Granite Parkway, 3rd Floor
dei Entity Address City Or Town
EntityAddressCityOrTown
Plano
dei Entity Address State Or Province
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TX
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dei Trading Symbol
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EWCZ
dei Security Exchange Name
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us-gaap Debt Instrument Description
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If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10) years plus (ii) 5.00%, plus (iii) 3.87%, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes.
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us-gaap Debt Instrument Covenant Description
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The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.
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ewcz Schedule Of Weighted Average Lease Term And Discount Rate Of Operating Leases
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<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The weighted average lease term and discount rate of our operating leases as of June 25, 2022 were as follows:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p> <table style="margin-left:auto;border-spacing:0;table-layout:fixed;width:100.0%;border-collapse:separate;margin-right:auto;"> <tr style="visibility:collapse;"> <td style="width:69.814%;"/> <td style="width:2.922%;"/> <td style="width:1.0%;"/> <td style="width:25.264%;"/> <td style="width:1.0%;"/> </tr> <tr> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td colspan="2" style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:left;"><p style="text-indent:0.0pt;font-size:8.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Weighted average remaining lease term (years)</span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">4.8</span></span></p></td> <td style="background-color:rgba(207,240,252,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:top;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Weighted average discount rate</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"/> </p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:pre-wrap;vertical-align:bottom;text-align:center;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">4.3</span></p></td> <td style="background-color:rgba(0,0,0,0);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;line-height:1.05;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2022Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y9M18D
CY2022Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.043
CY2022Q2 us-gaap Operating Lease Payments
OperatingLeasePayments
649000
us-gaap Operating Lease Payments
OperatingLeasePayments
1297000
CY2022Q2 ewcz Vested And Outstanding Llc Units
VestedAndOutstandingLlcUnits
62161846
CY2022Q2 ewcz Vested And Outstanding Llc Units Percent
VestedAndOutstandingLlcUnitsPercent
1.000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
968000
us-gaap Net Income Loss
NetIncomeLoss
2853000
CY2022Q2 ewcz Noncontrolling Interest Change In Ownership Percentage
NoncontrollingInterestChangeInOwnershipPercentage
-4095000
ewcz Noncontrolling Interest Change In Ownership Percentage
NoncontrollingInterestChangeInOwnershipPercentage
-2946000
CY2022Q2 ewcz Net Increase In Equity Due To Equity Interest Transactions With Noncontrolling Interests
NetIncreaseInEquityDueToEquityInterestTransactionsWithNoncontrollingInterests
-5063000
ewcz Net Increase In Equity Due To Equity Interest Transactions With Noncontrolling Interests
NetIncreaseInEquityDueToEquityInterestTransactionsWithNoncontrollingInterests
-5799000

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