$RGS
REGIS CORP

2018 Q4 Form 10-Q Financial Statement

#000071664319000010 Filed on January 29, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2017 Q4
Revenue $274.7M $308.5M
YoY Change -10.97% -2.14%
Cost Of Revenue $36.35M $39.86M
YoY Change -8.81% 15.27%
Gross Profit $238.3M $268.7M
YoY Change -11.29% -4.28%
Gross Profit Margin 86.77% 87.08%
Selling, General & Admin $116.0M $114.1M
YoY Change 1.67% 39.49%
% of Gross Profit 48.67% 42.47%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $8.400M $10.50M
YoY Change -20.0% -22.79%
% of Gross Profit 3.52% 3.91%
Operating Expenses $124.4M $124.6M
YoY Change -0.16% 35.58%
Operating Profit -$1.551M -$38.48M
YoY Change -95.97% -1701.96%
Interest Expense -$400.0K -$200.0K
YoY Change 100.0% -71.43%
% of Operating Profit
Other Income/Expense, Net $629.0K $2.019M
YoY Change -68.85% 39.05%
Pretax Income $871.0K -$38.73M
YoY Change -102.25% -2377.07%
Income Tax $454.0K -$80.83M
% Of Pretax Income 52.12%
Net Earnings $6.530M $35.49M
YoY Change -81.6% -1699.41%
Net Earnings / Revenue 2.38% 11.5%
Basic Earnings Per Share $0.15 $0.76
Diluted Earnings Per Share $0.15 $0.75
COMMON SHARES
Basic Shares Outstanding 43.62M shares 46.82M shares
Diluted Shares Outstanding 44.48M shares 47.31M shares

Balance Sheet

Concept 2018 Q4 2017 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $97.00M $163.3M
YoY Change -40.6% 4.95%
Cash & Equivalents $96.95M $163.3M
Short-Term Investments
Other Short-Term Assets $34.30M $47.80M
YoY Change -28.24% -9.98%
Inventory $85.58M $87.35M
Prepaid Expenses
Receivables $32.33M $31.90M
Other Receivables $0.00 $0.00
Total Short-Term Assets $249.1M $330.4M
YoY Change -24.59% -10.92%
LONG-TERM ASSETS
Property, Plant & Equipment $96.13M $109.4M
YoY Change -12.17% -33.93%
Goodwill $393.8M $417.7M
YoY Change -5.73% 0.43%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $40.38M $52.96M
YoY Change -23.75% -16.62%
Total Long-Term Assets $540.0M $591.5M
YoY Change -8.71% -10.29%
TOTAL ASSETS
Total Short-Term Assets $249.1M $330.4M
Total Long-Term Assets $540.0M $591.5M
Total Assets $789.2M $921.9M
YoY Change -14.4% -10.52%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $57.13M $52.74M
YoY Change 8.32% -11.56%
Accrued Expenses $86.63M $107.2M
YoY Change -19.18% -15.82%
Deferred Revenue $8.213M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $143.8M $159.9M
YoY Change -10.11% -14.46%
LONG-TERM LIABILITIES
Long-Term Debt $107.6M $121.1M
YoY Change -11.15% 0.83%
Other Long-Term Liabilities $112.7M $112.3M
YoY Change 0.4% -44.98%
Total Long-Term Liabilities $112.7M $112.3M
YoY Change 0.4% -44.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $143.8M $159.9M
Total Long-Term Liabilities $112.7M $112.3M
Total Liabilities $364.1M $393.3M
YoY Change -7.42% -23.05%
SHAREHOLDERS EQUITY
Retained Earnings $285.8M $298.1M
YoY Change -4.13% -2.43%
Common Stock $2.074M $2.335M
YoY Change -11.18% 0.91%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $425.0M $528.6M
YoY Change
Total Liabilities & Shareholders Equity $789.2M $921.9M
YoY Change -14.4% -10.52%

Cashflow Statement

Concept 2018 Q4 2017 Q4
OPERATING ACTIVITIES
Net Income $6.530M $35.49M
YoY Change -81.6% -1699.41%
Depreciation, Depletion And Amortization $8.400M $10.50M
YoY Change -20.0% -22.79%
Cash From Operating Activities $6.600M -$21.40M
YoY Change -130.84% -239.87%
INVESTING ACTIVITIES
Capital Expenditures -$5.500M -$7.700M
YoY Change -28.57% 2.67%
Acquisitions
YoY Change
Other Investing Activities $11.70M $19.10M
YoY Change -38.74% -9650.0%
Cash From Investing Activities $6.100M $11.60M
YoY Change -47.41% -250.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -28.10M -900.0K
YoY Change 3022.22%
NET CHANGE
Cash From Operating Activities 6.600M -21.40M
Cash From Investing Activities 6.100M 11.60M
Cash From Financing Activities -28.10M -900.0K
Net Change In Cash -15.40M -10.70M
YoY Change 43.93% -240.79%
FREE CASH FLOW
Cash From Operating Activities $6.600M -$21.40M
Capital Expenditures -$5.500M -$7.700M
Free Cash Flow $12.10M -$13.70M
YoY Change -188.32% -160.09%

Facts In Submission

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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</font></div><div style="line-height:120%;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The unaudited interim Condensed Consolidated Financial Statements of Regis Corporation (the "Company") as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and for the three and </font><font style="font-family:inherit;font-size:10pt;">six</font><font style="font-family:inherit;font-size:10pt;"> months ended </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;">, reflect, in the opinion of management, all adjustments necessary to fairly state the consolidated financial position of the Company as of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and its consolidated results of operations, </font><font style="font-family:inherit;font-size:10pt;">comprehensive income</font><font style="font-family:inherit;font-size:10pt;"> and cash flows for the interim periods. Adjustments consist only of normal recurring items, except for any discussed in the notes below. The results of operations and cash flows for any interim period are not necessarily indicative of results of operations and cash flows for the full year.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">&#160;</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The accompanying interim unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (SEC). Accordingly, they do not include all disclosures required by accounting principles generally accepted in the United States of America (GAAP). The unaudited interim Condensed Consolidated Financial Statements should be read in conjunction with the Company&#8217;s Annual Report on Form&#160;10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;"> and other documents filed or furnished with the SEC during the current fiscal year.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Goodwill:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">As of </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">June&#160;30, 2018</font><font style="font-family:inherit;font-size:10pt;">, the Company-owned reporting unit had </font><font style="font-family:inherit;font-size:10pt;">$166.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$184.8 million</font><font style="font-family:inherit;font-size:10pt;"> of goodwill, respectively, and the Franchise salons reporting unit had </font><font style="font-family:inherit;font-size:10pt;">$226.9 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$227.9 million</font><font style="font-family:inherit;font-size:10pt;"> of goodwill, respectively. See Note&#160;9 to the Consolidated Financial Statements. The Company assesses goodwill impairment on an annual basis, during the Company&#8217;s fourth fiscal quarter, and between annual assessments if an event occurs, or circumstances change, that would more likely than not reduce the fair value of a reporting unit below its carrying amount. An interim impairment analysis was not required in the six months ended December 31, 2018.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company performs its annual impairment assessment as of April 30. For the fiscal year 2018 annual impairment assessment, due to the transformational efforts completed during the year, the Company elected to forgo the optional Step 0 assessment and performed the quantitative impairment analysis on the Company-owned and Franchise reporting units. The Company compared the carrying value of the reporting units, including goodwill, to their estimated fair value. The results of these assessments indicated that the estimated fair value of our reporting units exceeded their carrying value.&#160; The Franchise reporting unit had substantial headroom and the Company-owned reporting unit had headroom of approximately </font><font style="font-family:inherit;font-size:10pt;">24%</font><font style="font-family:inherit;font-size:10pt;">.&#160;The fair value of the Company-owned reporting unit was determined based on a discounted cash flow analysis and comparable market multiples. The assumptions used in determining fair value were the number and pace of salons sold to franchisees, proceeds for salon sales, weighted average cost of capital, general and administrative expenses and utilization of net operating loss benefits. We selected the assumptions by considering our historical financial performance and trends, historical salon sale proceeds and estimated salon sale activities. The preparation of our fair value estimate includes uncertain factors and requires significant judgments and estimates which are subject to change. A 100 basis point increase in our weighted average cost of capital within the Company-owned reporting unit would result in a reduction in headroom to approximately </font><font style="font-family:inherit;font-size:10pt;">17%</font><font style="font-family:inherit;font-size:10pt;">. </font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other uncertain factors or events exist which may result in a future triggering event and require us to perform an interim impairment analysis with respect to the carrying value of goodwill for the Company-owned reporting unit prior to our annual assessment. 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font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Future market earnings multiples deterioration,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our financial performance falls short of our projections due to internal operating factors,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Economic recession,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Reduced salon traffic, as defined by total transactions, and/or revenue,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Deterioration of industry trends,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Increased competition,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Inability to reduce general and administrative expenses as company-owned salon count potentially decreases,</font></div></td></tr></table><table cellpadding="0" cellspacing="0" style="font-family:Times New Roman; font-size:10pt;"><tr><td style="width:48px;" rowspan="1" colspan="1"></td><td rowspan="1" colspan="1"></td></tr><tr><td style="vertical-align:top" rowspan="1" colspan="1"><div style="line-height:120%;font-size:10pt;padding-left:24px;"><font style="font-family:inherit;font-size:10pt;">&#8226;</font></div></td><td style="vertical-align:top;" rowspan="1" colspan="1"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Other factors causing our cash flow to deteriorate.</font></div></td></tr></table><div style="line-height:120%;text-align:left;padding-left:48px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">If the triggering event analysis indicates the fair value of the Company-owned reporting unit has potentially fallen below more than the </font><font style="font-family:inherit;font-size:10pt;">24%</font><font style="font-family:inherit;font-size:10pt;"> headroom, we may be required to perform an updated impairment assessment which may result in a non-cash impairment charge to reduce the carrying value of goodwill.</font></div><div style="line-height:120%;padding-bottom:10px;padding-top:10px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Assessing goodwill for impairment requires management to make assumptions and to apply judgment, including forecasting future sales and expenses, and selecting appropriate discount rates, which can be affected by economic conditions and other factors that can be difficult to predict. The Company does not believe there is a reasonable likelihood that there will be a material change in the estimates or assumptions it uses to calculate impairment losses of goodwill. However, if actual results are not consistent with the estimates and assumptions used in the calculations, or if there are significant changes to the Company's planned strategy for company-owned salons, the Company may be exposed to future impairment losses that could be material.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Accounting Standards Recently Adopted by the Company:</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Revenue from Contracts with Customers</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In May 2014, the FASB issued amended guidance for revenue recognition which provides a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers. The Company retrospectively adopted these standards on July 1, 2018. The impact of these standards was applied to all periods presented and the cumulative effect of applying the standard was recognized at the beginning of the earliest period presented. See Note 2 to the unaudited Condensed Consolidated Financial Statements for additional information regarding the impact of the adoption of the revenue recognition guidance.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Restricted Cash</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In November 2016, the FASB issued cash flow guidance requiring restricted cash and restricted cash equivalents to be included in the cash and cash equivalent balances in the statement of cash flows. Transfers between cash and cash equivalents and restricted cash are no longer presented in the statement of cash flows and a reconciliation between the balance sheet and statement of cash flows must be disclosed. The Company retrospectively adopted this guidance on July 1, 2018. The impact of this standard was applied to all periods presented. As a result of including restricted cash in the beginning and end of period balances, cash, cash equivalents and restricted cash presented in the statement of cash flows increased </font><font style="font-family:inherit;font-size:10pt;">$38.4 million</font><font style="font-family:inherit;font-size:10pt;">, </font><font style="font-family:inherit;font-size:10pt;">$23.5 million</font><font style="font-family:inherit;font-size:10pt;"> and </font><font style="font-family:inherit;font-size:10pt;">$37.6 million</font><font style="font-family:inherit;font-size:10pt;"> as of June 30, 2018, </font><font style="font-family:inherit;font-size:10pt;">December&#160;31, 2018</font><font style="font-family:inherit;font-size:10pt;"> and June 30, 2017, respectively.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Statement of Cash Flows</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In August 2016, the FASB issued updated cash flow guidance clarifying cash flow classification and presentation for certain items. The Company retrospectively adopted this guidance on July 1, 2018. The adoption of this standard did not have a material impact on the Company's consolidated statement of cash flows. </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A</font><font style="font-family:inherit;font-size:10pt;font-weight:bold;">ccounting Standards Recently Issued But Not Yet Adopted by the Company:</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In February 2016, the FASB issued updated guidance requiring organizations that lease assets to recognize the rights and obligations created by those leases on the consolidated balance sheet. The new standard is effective for the Company in the first quarter of fiscal year 2020, with early adoption permitted. In July 2018, the FASB issued ASU 2018-11, which provides companies with the option to apply the new lease standard either at the beginning of the earliest comparative period presented or in the period of adoption. The Company will elect this optional transition relief amendment that allows for a cumulative-effect adjustment in the period of adoption and will not restate prior periods.&#160; The Company is leveraging its lease management system to facilitate the adoption of this standard. The Company is continuing to evaluate the effect the new standard will have on the Company's consolidated financial statements but expects this adoption will result in a material increase in the assets and liabilities on the Company's consolidated balance sheet, as substantially all of its operating lease commitments will be subject to the new guidance.</font></div></div>

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