$RGS
REGIS CORP

2024 Q1 Form 10-Q Financial Statement

#000071664324000008 Filed on January 31, 2024

View on sec.gov

Income Statement

Concept 2024 Q1 2023 Q4
Revenue $49.18M $51.05M
YoY Change -11.82% -14.86%
Cost Of Revenue $19.00K $58.00K
YoY Change -98.18% -95.57%
Gross Profit $49.16M $51.00M
YoY Change -10.17% -13.06%
Gross Profit Margin 99.96% 99.89%
Selling, General & Admin $42.57M $44.06M
YoY Change -14.17% -13.07%
% of Gross Profit 86.58% 86.4%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $571.0K $630.0K
YoY Change -33.22% -75.77%
% of Gross Profit 1.16% 1.24%
Operating Expenses $45.08M $46.05M
YoY Change -14.44% -20.51%
Operating Profit $4.084M $4.779M
YoY Change 103.79% 554.66%
Interest Expense -$6.153M -$6.188M
YoY Change 39.65% 89.18%
% of Operating Profit -150.66% -129.48%
Other Income/Expense, Net -$298.0K $299.0K
YoY Change -178.22% -76.04%
Pretax Income -$2.367M -$1.110M
YoY Change -1.46% -56.32%
Income Tax $54.00K -$107.0K
% Of Pretax Income
Net Earnings -$2.332M $997.0K
YoY Change 41.94% -141.42%
Net Earnings / Revenue -4.74% 1.95%
Basic Earnings Per Share -$1.00 $0.43
Diluted Earnings Per Share -$1.00 $0.43
COMMON SHARES
Basic Shares Outstanding 2.279M shares 45.58M shares
Diluted Shares Outstanding 2.342M shares 2.341M shares

Balance Sheet

Concept 2024 Q1 2023 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.886M $7.153M
YoY Change -33.01% -23.95%
Cash & Equivalents $5.886M $7.153M
Short-Term Investments
Other Short-Term Assets $11.66M $15.03M
YoY Change -21.12% -17.11%
Inventory $720.0K $1.217M
Prepaid Expenses
Receivables $9.514M $12.01M
Other Receivables $0.00 $0.00
Total Short-Term Assets $27.78M $35.42M
YoY Change -29.17% -19.74%
LONG-TERM ASSETS
Property, Plant & Equipment $5.437M $5.889M
YoY Change -31.38% -32.25%
Goodwill $173.3M $173.8M
YoY Change -0.01% 0.27%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $23.51M $24.81M
YoY Change -10.12% -10.17%
Total Long-Term Assets $515.9M $538.3M
YoY Change -14.26% -16.35%
TOTAL ASSETS
Total Short-Term Assets $27.78M $35.42M
Total Long-Term Assets $515.9M $538.3M
Total Assets $543.7M $573.7M
YoY Change -15.17% -16.57%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $9.947M $12.05M
YoY Change -37.18% -30.27%
Accrued Expenses $25.69M $25.92M
YoY Change -1.77% -6.38%
Deferred Revenue $6.648M $6.857M
YoY Change -9.07% -8.37%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $109.1M $114.9M
YoY Change -15.49% -17.28%
LONG-TERM LIABILITIES
Long-Term Debt $179.7M $181.7M
YoY Change 2.88% 3.9%
Other Long-Term Liabilities $41.37M $44.30M
YoY Change -19.93% -16.96%
Total Long-Term Liabilities $221.1M $226.0M
YoY Change -2.33% -0.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $109.1M $114.9M
Total Long-Term Liabilities $221.1M $226.0M
Total Liabilities $579.5M $607.3M
YoY Change -13.98% -15.57%
SHAREHOLDERS EQUITY
Retained Earnings -$112.8M -$110.4M
YoY Change 4.59% 4.01%
Common Stock $114.0K $114.0K
YoY Change -95.0% -95.0%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$35.82M -$33.59M
YoY Change
Total Liabilities & Shareholders Equity $543.7M $573.7M
YoY Change -15.17% -16.57%

Cashflow Statement

Concept 2024 Q1 2023 Q4
OPERATING ACTIVITIES
Net Income -$2.332M $997.0K
YoY Change 41.94% -141.42%
Depreciation, Depletion And Amortization $571.0K $630.0K
YoY Change -33.22% -75.77%
Cash From Operating Activities -$277.0K -$4.029M
YoY Change -82.14% 116.96%
INVESTING ACTIVITIES
Capital Expenditures $49.00K $160.0K
YoY Change -322.73% -9.6%
Acquisitions
YoY Change
Other Investing Activities $2.000M $0.00
YoY Change 300.0% -100.0%
Cash From Investing Activities $1.951M -$160.0K
YoY Change 273.75% -149.54%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -3.383M 636.0K
YoY Change 253.87% -71.12%
NET CHANGE
Cash From Operating Activities -277.0K -4.029M
Cash From Investing Activities 1.951M -160.0K
Cash From Financing Activities -3.383M 636.0K
Net Change In Cash -1.709M -3.553M
YoY Change -13.9% -631.89%
FREE CASH FLOW
Cash From Operating Activities -$277.0K -$4.029M
Capital Expenditures $49.00K $160.0K
Free Cash Flow -$326.0K -$4.189M
YoY Change -78.68% 105.95%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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us-gaap Depreciation Depletion And Amortization
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us-gaap Basis Of Accounting
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<span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">BASIS OF PRESENTATION OF UNAUDITED INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES:</span><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The unaudited interim Condensed Consolidated Financial Statements of Regis Corporation (the Company) as of December 31, 2023 and for the three and six months ended December 31, 2023 and 2022, reflect, in the opinion of management, all adjustments necessary to fairly state the consolidated financial position of the Company as of December 31, 2023 and its consolidated results of operations, comprehensive income (loss), shareholders' deficit 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.</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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's Annual Report on Form 10-K for the year ended June 30, 2023 and other documents filed or furnished with the SEC during the current fiscal year.</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Goodwill:</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company assesses goodwill impairment on an annual basis, during the Company'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 value. The Company determined a triggering event occurred related to a decrease in the Company's stock price, resulting in a quantitative impairment test performed over goodwill. Accordingly, the Company engaged a third-party valuation specialist to perform an impairment analysis on the Franchise reporting unit of the business as of November 30, 2023. For the goodwill impairment analysis, management utilized a combination of both a discounted cash flows approach and market approach to evaluate the Franchise reporting unit. The discounted cash flows model reflects management's assumptions regarding discount rates, revenue growth rates, economic and market trends, cost structure, and other expectations about the anticipated short-term and long-term operating results. These assumptions are inherently uncertain. An increase in the discount rate or a decrease in revenue growth rate or market trends would have a negative impact on the fair value of the reporting unit which could be material.</span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As a result of the impairment testing, the Franchise reporting unit was determined to have a fair value in excess of its carrying value of 6%, resulting in no goodwill impairment charge. As of December 31, 2023 and June 30, 2023, the Franchise reporting unit had goodwill of $173.8 million. </span></div><div style="margin-bottom:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Reverse stock split:</span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">On November 29, 2023, the Company effected a one-for-20 reverse stock split of its outstanding common stock, par value $0.05 per share. As a result of the reverse stock split, every 20 shares of common stock issued and outstanding was converted into one share of common stock. The reverse stock split affected all shareholders uniformly and did not alter any shareholder’s percentage interest in the Company’s equity. No fractional shares were issued in connection with the reverse stock split. Shareholders who would otherwise be entitled to a fractional share of common stock were instead entitled to receive a proportional cash payment. All common share and per share amounts presented in the consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split. </span></div><div style="text-align:justify"><span><br/></span></div><div style="text-align:justify"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The reverse stock split affected all issued and outstanding shares of the Company’s common stock, as well as the number of shares of common stock available for issuance under the Company’s outstanding stock options and stock unit awards. The reverse stock split reduced the number of shares of common stock issuable upon the exercise of stock options outstanding and the vesting of stock unit awards outstanding immediately prior to the reverse stock split and correspondingly increased the respective exercise prices or other price dependent terms. </span></div><div style="margin-bottom:8pt;margin-top:8pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Depreciation:</span></div><div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:107%">Depreciation expense in the three months ended December 31, 2023 and 2022 includes $0.0 and $0.2 million, respectively, and for the six months ended December 31, 2023 and 2022 includes $0.04 and $0.4 million, respectively, of asset retirement obligations, which are cash expenses.</span></div>
CY2023Q4 us-gaap Goodwill
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CY2023Q2 us-gaap Goodwill
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CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
23151000 usd
CY2023Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6300000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7300000 usd
CY2023Q4 us-gaap Notes Receivable Gross
NotesReceivableGross
900000 usd
CY2023Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
200000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
12471000 usd
CY2022Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
15592000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1415000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
1586000 usd
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
111000 usd
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0 usd
CY2023Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
10945000 usd
CY2022Q4 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
14006000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4158000 usd
CY2023Q4 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
22928000 usd
CY2023Q4 us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
2000000 usd
CY2023Q4 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 usd
CY2023Q4 us-gaap Shares Issued
SharesIssued
0 shares
rgs Sale Of Stock Shares Remaining
SaleOfStockSharesRemaining
1200000 shares
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
28000 usd
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.006
CY2023Q4 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
24100000 usd
CY2023Q4 us-gaap Operating Lease Expense
OperatingLeaseExpense
24100000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
48800000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
48800000 usd
CY2023Q4 rgs Liquidity Amount
LiquidityAmount
38100000 usd
CY2023Q4 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
7200000 usd
CY2023Q4 us-gaap Liabilities Current
LiabilitiesCurrent
114900000 usd
CY2023Q4 us-gaap Number Of Stores
NumberOfStores
4709 franchisee
CY2023Q4 us-gaap Revenues
Revenues
51053000 usd
CY2023Q4 rgs Unallocated Income Expense
UnallocatedIncomeExpense
-108000 usd
CY2023Q4 us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
677000 usd
CY2023Q4 rgs Impairment Of Long Lived Assets Held For Use And Operating Lease Impairment Loss
ImpairmentOfLongLivedAssetsHeldForUseAndOperatingLeaseImpairmentLoss
170000 usd
CY2023Q4 us-gaap Interest And Debt Expense
InterestAndDebtExpense
6188000 usd
CY2023Q4 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-107000 usd
CY2023Q4 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2000000 usd
CY2023Q4 us-gaap Net Income Loss
NetIncomeLoss
997000 usd
CY2023Q4 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2023Q4 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2023Q4 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

Files In Submission

Name View Source Status
rgs-20231231_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
0000716643-24-000008-index-headers.html Edgar Link pending
0000716643-24-000008-index.html Edgar Link pending
0000716643-24-000008.txt Edgar Link pending
0000716643-24-000008-xbrl.zip Edgar Link pending
exhibit31-regiscorporati.htm Edgar Link pending
exhibit31-regiscorporati001.jpg Edgar Link pending
exhibit32-regiscorporati.htm Edgar Link pending
exhibit32-regiscorporati001.jpg Edgar Link pending
Financial_Report.xlsx Edgar Link pending
MetaLinks.json Edgar Link pending
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report.css Edgar Link pending
rgs-20231231.htm Edgar Link pending
rgs-20231231.xsd Edgar Link pending
rgs-20231231xex311.htm Edgar Link pending
rgs-20231231xex312.htm Edgar Link pending
rgs-20231231xex32.htm Edgar Link pending
rgs8k120123.htm Edgar Link pending
Show.js Edgar Link pending
rgs-20231231_cal.xml Edgar Link unprocessable
rgs-20231231_lab.xml Edgar Link unprocessable
rgs-20231231_pre.xml Edgar Link unprocessable
rgs-20231231_htm.xml Edgar Link completed