$EWCZ
European Wax Center, Inc.

2022 Q4 Form 10-K Financial Statement

#000095017023006957 Filed on March 09, 2023

View on sec.gov

Income Statement

Concept 2022 Q4 2022 2021
Revenue $53.52M $207.4M $178.7M
YoY Change 18.66% 16.05% 72.79%
Cost Of Revenue $16.06M $59.23M $46.84M
YoY Change 28.01% 26.44% 31.92%
Gross Profit $37.46M $148.1M $131.8M
YoY Change 15.05% 12.35% 94.17%
Gross Profit Margin 70.0% 71.44% 73.78%
Selling, General & Admin $20.24M $87.61M $86.68M
YoY Change -4.79% 1.07% 71.68%
% of Gross Profit 54.03% 59.15% 65.75%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $5.058M $20.23M $20.33M
YoY Change -0.32% -0.5% 3.84%
% of Gross Profit 13.5% 13.66% 15.42%
Operating Expenses $25.30M $107.8M $107.0M
YoY Change -3.93% 0.77% 52.72%
Operating Profit $12.16M $40.28M $24.82M
YoY Change 95.33% 62.3% -1241.15%
Interest Expense -$7.235M -$21.67M -$13.97M
YoY Change 352.19% 55.08% -23.54%
% of Operating Profit -59.48% -53.79% -56.3%
Other Income/Expense, Net -$55.93M -$56.23M -$195.0K
YoY Change 28580.0% 28734.87%
Pretax Income -$51.01M -$39.58M $4.081M
YoY Change -1227.93% -1069.81% -118.99%
Income Tax -$53.27M -$53.19M $114.0K
% Of Pretax Income 2.79%
Net Earnings $902.0K $7.277M $3.967M
YoY Change -87.73% 83.44% -118.46%
Net Earnings / Revenue 1.69% 3.51% 2.22%
Basic Earnings Per Share
Diluted Earnings Per Share $0.02 $0.18 $108.6K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2022 Q4 2022 2021
SHORT-TERM ASSETS
Cash & Short-Term Investments $44.22M $44.22M $43.30M
YoY Change 2.12% 2.12% 17.92%
Cash & Equivalents $50.79M $44.22M $43.30M
Short-Term Investments
Other Short-Term Assets $12.15M $12.15M $5.927M
YoY Change 104.98% 104.98% 29.58%
Inventory $23.02M $23.02M $19.42M
Prepaid Expenses
Receivables $6.932M $6.932M $6.656M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $86.32M $86.32M $75.31M
YoY Change 14.62% 14.62% 31.35%
LONG-TERM ASSETS
Property, Plant & Equipment $2.747M $7.646M $3.863M
YoY Change -28.89% 97.93% -23.34%
Goodwill $328.6M
YoY Change 0.0%
Intangibles $183.0M
YoY Change -9.39%
Long-Term Investments
YoY Change
Other Assets $110.5M $110.5M $3.723M
YoY Change 2867.71% 2867.71% 37.38%
Total Long-Term Assets $629.7M $629.7M $538.1M
YoY Change 17.02% 17.02% -2.08%
TOTAL ASSETS
Total Short-Term Assets $86.32M $86.32M $75.31M
Total Long-Term Assets $629.7M $629.7M $538.1M
Total Assets $716.0M $716.0M $613.4M
YoY Change 16.72% 16.72% 1.08%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.33M $13.33M $7.684M
YoY Change 73.49% 73.49% 1149.43%
Accrued Expenses $6.528M $6.528M $6.878M
YoY Change -5.09% -5.09% 90.58%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $4.000M $4.000M $5.625M
YoY Change -28.89% -28.89% 131.67%
Total Short-Term Liabilities $32.81M $32.81M $31.97M
YoY Change 2.64% 2.64% 73.27%
LONG-TERM LIABILITIES
Long-Term Debt $370.9M $370.9M $172.6M
YoY Change 114.9% 114.9% -34.36%
Other Long-Term Liabilities $182.0M $182.0M $67.63M
YoY Change 169.11% 169.11% 807.35%
Total Long-Term Liabilities $552.9M $552.9M $240.2M
YoY Change 130.16% 130.16% -11.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $32.81M $32.81M $31.97M
Total Long-Term Liabilities $552.9M $552.9M $240.2M
Total Liabilities $637.0M $637.0M $434.1M
YoY Change 46.76% 46.76% 50.25%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $79.00M $79.00M $179.4M
YoY Change
Total Liabilities & Shareholders Equity $716.0M $716.0M $613.4M
YoY Change 16.72% 16.72% 1.08%

Cashflow Statement

Concept 2022 Q4 2022 2021
OPERATING ACTIVITIES
Net Income $902.0K $7.277M $3.967M
YoY Change -87.73% 83.44% -118.46%
Depreciation, Depletion And Amortization $5.058M $20.23M $20.33M
YoY Change -0.32% -0.5% 3.84%
Cash From Operating Activities $16.41M $44.36M $41.35M
YoY Change -14.18% 7.28% 2859.63%
INVESTING ACTIVITIES
Capital Expenditures $102.0K $245.0K $559.0K
YoY Change -152.31% -56.17% -74.1%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$102.0K -$245.0K -$8.203M
YoY Change -47.69% -97.01% -77.74%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $10.08M
YoY Change
Debt Paid & Issued, Net $182.0M $240.6M
YoY Change -24.34% 9935.59%
Cash From Financing Activities -13.66M -36.62M -26.56M
YoY Change 1283.99% 37.85% -142.91%
NET CHANGE
Cash From Operating Activities 16.41M 44.36M 41.35M
Cash From Investing Activities -102.0K -245.0K -8.203M
Cash From Financing Activities -13.66M -36.62M -26.56M
Net Change In Cash 2.644M 7.493M 6.581M
YoY Change -85.26% 13.86% -75.12%
FREE CASH FLOW
Cash From Operating Activities $16.41M $44.36M $41.35M
Capital Expenditures $102.0K $245.0K $559.0K
Free Cash Flow $16.30M $44.11M $40.79M
YoY Change -15.58% 8.15% -5459.66%

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CY2020 ewcz Accrued Ipo Expenses Non Cash
AccruedIpoExpensesNonCash
0
CY2019Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
210038000
CY2020Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
203874000
CY2021Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
341241000
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
130304000
CY2021 ewcz Refinancing Fees And Expenses
RefinancingFeesAndExpenses
6869000
CY2022 us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
CY2022 ewcz Royalty Revenue Percentage
RoyaltyRevenuePercentage
0.060
CY2022 ewcz Marketing Revenue Percentage
MarketingRevenuePercentage
0.030
CY2022 ewcz Franchise General Agreement Terms
FranchiseGeneralAgreementTerms
P10Y
CY2022 ewcz Franchise Agreement Extension Period
FranchiseAgreementExtensionPeriod
P10Y
CY2022 ewcz Cash And Cash Equivalents Maturity Terms
CashAndCashEquivalentsMaturityTerms
Cash and cash equivalents are comprised of cash on hand, demand deposits with financial institutions, and short-term highly liquid investments with original maturities of 90 days or less.
CY2022 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2021 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2020 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2022 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2021 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2020 us-gaap Impairment Of Intangible Assets Excluding Goodwill
ImpairmentOfIntangibleAssetsExcludingGoodwill
0
CY2020 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
CY2021 us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Before Tax
ReclassificationFromAccumulatedOtherComprehensiveIncomeCurrentPeriodBeforeTax
0
CY2022Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
187000
CY2021Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
5055000
CY2021Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
5055000
CY2020Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
6599000
CY2022 ewcz Additions To Inventory Obsolescence Reserve
AdditionsToInventoryObsolescenceReserve
-66000
CY2021 ewcz Additions To Inventory Obsolescence Reserve
AdditionsToInventoryObsolescenceReserve
317000
CY2022 ewcz Reductions To Inventory Obsolescence Reserve
ReductionsToInventoryObsolescenceReserve
-4802000
CY2021 ewcz Reductions To Inventory Obsolescence Reserve
ReductionsToInventoryObsolescenceReserve
-1861000
CY2022Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
187000
CY2021Q4 ewcz Inventory Obsolescence Reserve
InventoryObsolescenceReserve
5055000
CY2022Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11923000
CY2021Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
11905000
CY2022Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
9176000
CY2021Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
8042000
CY2022Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
2747000
CY2021Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
3863000
CY2022Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
254953000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
71923000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
183030000
CY2022Q4 us-gaap Goodwill Gross
GoodwillGross
328551000
CY2022Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2022Q4 us-gaap Goodwill
Goodwill
328551000
CY2021Q4 us-gaap Intangible Assets Gross Excluding Goodwill
IntangibleAssetsGrossExcludingGoodwill
255123000
CY2021Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
53128000
CY2021Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
201995000
CY2021Q4 us-gaap Goodwill Gross
GoodwillGross
328551000
CY2021Q4 us-gaap Goodwill Impaired Accumulated Impairment Loss
GoodwillImpairedAccumulatedImpairmentLoss
0
CY2021Q4 us-gaap Goodwill
Goodwill
328551000
CY2022 us-gaap Finite Lived Intangible Asset Useful Life
FiniteLivedIntangibleAssetUsefulLife
P10Y
CY2022 us-gaap Debt Instrument Description
DebtInstrumentDescription
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.
CY2022 us-gaap Debt Instrument Interest Rate Increase Decrease
DebtInstrumentInterestRateIncreaseDecrease
0.0387
CY2022 us-gaap Debt Instrument Covenant Description
DebtInstrumentCovenantDescription
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.
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Next Twelve Months
LongTermDebtMaturitiesRepaymentsOfPrincipalInNextTwelveMonths
4000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Two
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearTwo
4000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Three
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearThree
4000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Four
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFour
4000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal In Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalInYearFive
382000000
CY2022Q4 us-gaap Long Term Debt Maturities Repayments Of Principal After Year Five
LongTermDebtMaturitiesRepaymentsOfPrincipalAfterYearFive
0
CY2022Q4 us-gaap Long Term Debt
LongTermDebt
398000000
CY2022 us-gaap Operating Lease Cost
OperatingLeaseCost
2052000
CY2022 us-gaap Variable Lease Cost
VariableLeaseCost
729000
CY2022 us-gaap Sublease Income
SubleaseIncome
614000
CY2022 us-gaap Lease Cost
LeaseCost
2167000
CY2021 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
2429000
CY2020 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
3064000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
1524000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
1346000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
1232000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
880000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
863000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
290000
CY2022Q4 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
6135000
CY2022Q4 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
596000
CY2022Q4 us-gaap Operating Lease Liability
OperatingLeaseLiability
5539000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
1312000
CY2022Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
4227000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
2098000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1524000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1346000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
1232000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
OperatingLeasesFutureMinimumPaymentsDueInFiveYears
880000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
OperatingLeasesFutureMinimumPaymentsDueThereafter
1152000
CY2021Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
8232000
CY2022 ewcz Schedule Of Weighted Average Lease Term And Discount Rate Of Operating Leases
ScheduleOfWeightedAverageLeaseTermAndDiscountRateOfOperatingLeases
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The weighted average lease term and discount rate of our operating leases as of December 31, 2022 were as follows:</span></p><p style="text-indent:0.0%;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></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:70.147%;"/> <td style="width:2.485%;"/> <td style="width:1.0%;"/> <td style="width:25.367%;"/> <td style="width:1.0%;"/> </tr> <tr> <td style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> <td colspan="2" style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:center;"><span style="white-space:pre-wrap;font-size:8.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></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;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:&quot;Times New Roman&quot;, serif;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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;"><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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">4.6</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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> </tr> <tr style="height:10.0pt;"> <td style="background-color:rgba(255,255,255,1);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;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Weighted average discount rate</span></p></td> <td style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="white-space:pre-wrap;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> </span></p></td> <td style="background-color:rgba(255,255,255,1);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;font-family:Times New Roman;margin-bottom:0.0pt;text-align:right;"><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">4.4</span></p></td> <td style="background-color:rgba(255,255,255,1);word-break:break-word;white-space:nowrap;vertical-align:bottom;"><p style="text-indent:0.0pt;font-size:10.0pt;margin-top:0.0pt;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:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%</span></p></td> </tr> </table>
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P4Y7M6D
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.044
CY2022 us-gaap Operating Lease Payments
OperatingLeasePayments
2331000
CY2022Q2 us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
122227000
CY2022Q2 us-gaap Payments Of Dividends Minority Interest
PaymentsOfDividendsMinorityInterest
83020000
CY2022Q2 us-gaap Common Stock Dividends Per Share Declared
CommonStockDividendsPerShareDeclared
3.30
CY2022Q2 us-gaap Dividends Payable Current And Noncurrent
DividendsPayableCurrentAndNoncurrent
3757000
CY2022Q4 us-gaap Dividends Payable Current
DividendsPayableCurrent
1777000
CY2022Q4 ewcz Dividends Payable Noncurrent
DividendsPayableNoncurrent
1980000
CY2022Q4 ewcz Vested And Outstanding Llc Units
VestedAndOutstandingLlcUnits
61821720
CY2022Q4 ewcz Vested And Outstanding Llc Units Percent
VestedAndOutstandingLlcUnitsPercent
1.000
CY2022 us-gaap Net Income Loss
NetIncomeLoss
7277000
us-gaap Net Income Loss
NetIncomeLoss
-3415000
CY2022 ewcz Noncontrolling Interest Change In Ownership Percentage
NoncontrollingInterestChangeInOwnershipPercentage
21412000
ewcz Noncontrolling Interest Change In Ownership Percentage
NoncontrollingInterestChangeInOwnershipPercentage
34208000
CY2022 ewcz Net Increase In Equity Due To Equity Interest Transactions With Noncontrolling Interests
NetIncreaseInEquityDueToEquityInterestTransactionsWithNoncontrollingInterests
28689000
ewcz Net Increase In Equity Due To Equity Interest Transactions With Noncontrolling Interests
NetIncreaseInEquityDueToEquityInterestTransactionsWithNoncontrollingInterests
30793000
CY2022 ewcz Effective Income Tax Rate Reconciliation Tax Receivable Agreement
EffectiveIncomeTaxRateReconciliationTaxReceivableAgreement
-0.109
CY2021 ewcz Effective Income Tax Rate Reconciliation Tax Receivable Agreement
EffectiveIncomeTaxRateReconciliationTaxReceivableAgreement
0
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
301464
CY2021Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.00
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
0
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
0
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
0
CY2022 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
88286
CY2022 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
17.00
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
213178
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
17.00
CY2022 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Outstanding Weighted Average Remaining Contractual Term2
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2
P8Y7M6D
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
0
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
0
CY2022Q4 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
0
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.000
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.438
CY2021 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.009
CY2021 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y6M
CY2021 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.022
CY2022 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
0
CY2021 us-gaap Effective Income Tax Rate Reconciliation Tax Exempt Income
EffectiveIncomeTaxRateReconciliationTaxExemptIncome
-0.531
CY2022 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.034
CY2021 us-gaap Effective Income Tax Rate Reconciliation Minority Interest Income Expense
EffectiveIncomeTaxRateReconciliationMinorityInterestIncomeExpense
0.151
CY2022 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
-0.002
CY2021 us-gaap Effective Income Tax Rate Reconciliation Nondeductible Expense
EffectiveIncomeTaxRateReconciliationNondeductibleExpense
0.008
CY2022 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
418000
CY2021 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
349000
CY2020 us-gaap Defined Contribution Plan Cost Recognized
DefinedContributionPlanCostRecognized
301000
CY2022 us-gaap Costs And Expenses Related Party
CostsAndExpensesRelatedParty
0
CY2022 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2021 us-gaap Current Federal Tax Expense Benefit
CurrentFederalTaxExpenseBenefit
0
CY2022 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
523000
CY2021 us-gaap Current State And Local Tax Expense Benefit
CurrentStateAndLocalTaxExpenseBenefit
114000
CY2022 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
523000
CY2021 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
114000
CY2022 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
-45423000
CY2021 us-gaap Deferred Federal Income Tax Expense Benefit
DeferredFederalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
-8291000
CY2021 us-gaap Deferred State And Local Income Tax Expense Benefit
DeferredStateAndLocalIncomeTaxExpenseBenefit
0
CY2022 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-53714000
CY2021 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
0
CY2022 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-53191000
CY2021 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
114000
CY2022 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2021 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.210
CY2022 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.199
CY2022 ewcz Effective Income Tax Rate Reconciliation Investment In Llc
EffectiveIncomeTaxRateReconciliationInvestmentInLlc
-0.117
CY2021 ewcz Effective Income Tax Rate Reconciliation Investment In Llc
EffectiveIncomeTaxRateReconciliationInvestmentInLlc
0.474
CY2022 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
1.122
CY2021 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.306
CY2022 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
-0.007
CY2021 us-gaap Effective Income Tax Rate Reconciliation Other Reconciling Items Percent
EffectiveIncomeTaxRateReconciliationOtherReconcilingItemsPercent
0
CY2022 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
1.344
CY2021 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.028
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
15592000
CY2021Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards
DeferredTaxAssetsOperatingLossCarryforwards
7396000
CY2022Q4 ewcz Deferred Tax Assets Investment In Partially Owned Subsidiaries
DeferredTaxAssetsInvestmentInPartiallyOwnedSubsidiaries
55804000
CY2021Q4 ewcz Deferred Tax Assets Investment In Partially Owned Subsidiaries
DeferredTaxAssetsInvestmentInPartiallyOwnedSubsidiaries
30750000
CY2022Q4 ewcz Deferred Tax Assets Tax Receivable Agreement
DeferredTaxAssetsTaxReceivableAgreement
33205000
CY2021Q4 ewcz Deferred Tax Assets Tax Receivable Agreement
DeferredTaxAssetsTaxReceivableAgreement
9540000
CY2022Q4 ewcz Excess Interest Expense
ExcessInterestExpense
995000
CY2021Q4 ewcz Excess Interest Expense
ExcessInterestExpense
0
CY2022Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
562000
CY2021Q4 us-gaap Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost
DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost
349000
CY2022Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
36000
CY2021Q4 us-gaap Deferred Tax Assets Other
DeferredTaxAssetsOther
34000
CY2022Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
106194000
CY2021Q4 us-gaap Deferred Tax Assets Gross
DeferredTaxAssetsGross
48069000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
48069000
CY2022Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
106194000
CY2021Q4 us-gaap Deferred Tax Assets Net
DeferredTaxAssetsNet
0
CY2022Q4 us-gaap Deferred Tax Liabilities Other
DeferredTaxLiabilitiesOther
-7000
CY2022Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
7000
CY2021Q4 us-gaap Deferred Income Tax Liabilities
DeferredIncomeTaxLiabilities
0
CY2022Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
106187000
CY2021Q4 us-gaap Deferred Tax Assets Liabilities Net
DeferredTaxAssetsLiabilitiesNet
0
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
48069000
CY2020Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2022 ewcz Deferred Tax Asset Valuation Allowance Charged To Apic
DeferredTaxAssetValuationAllowanceChargedToApic
0
CY2021 ewcz Deferred Tax Asset Valuation Allowance Charged To Apic
DeferredTaxAssetValuationAllowanceChargedToApic
-50373000
CY2022 ewcz Deferred Tax Asset Valuation Allowance Charged To Oci
DeferredTaxAssetValuationAllowanceChargedToOci
0
CY2021 ewcz Deferred Tax Asset Valuation Allowance Charged To Oci
DeferredTaxAssetValuationAllowanceChargedToOci
32000
CY2022 ewcz Deferred Tax Asset Valuation Allowance Charged To Income Tax Expense
DeferredTaxAssetValuationAllowanceChargedToIncomeTaxExpense
48069000
CY2021 ewcz Deferred Tax Asset Valuation Allowance Charged To Income Tax Expense
DeferredTaxAssetValuationAllowanceChargedToIncomeTaxExpense
2272000
CY2022Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
0
CY2021Q4 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
48069000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Domestic
DeferredTaxAssetsOperatingLossCarryforwardsDomestic
66546000
CY2022Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards State And Local
DeferredTaxAssetsOperatingLossCarryforwardsStateAndLocal
29765000
CY2022Q4 ewcz Federal And State Net Operating Losses Indefinite Carryforward
FederalAndStateNetOperatingLossesIndefiniteCarryforward
0.80
CY2022Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
0
CY2022 ewcz Amount Paid Under Tax Receivable Agreement
AmountPaidUnderTaxReceivableAgreement
912000

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