$RGS
REGIS CORP

2024 Q2 Form 10-Q Financial Statement

#000071664324000020 Filed on May 01, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $49.38M $49.18M
YoY Change -11.38% -11.82%
Cost Of Revenue $0.00 $19.00K
YoY Change -100.0% -98.18%
Gross Profit $49.38M $49.16M
YoY Change -10.23% -10.17%
Gross Profit Margin 100.0% 99.96%
Selling, General & Admin $41.49M $42.57M
YoY Change -13.86% -14.17%
% of Gross Profit 84.02% 86.58%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $1.827M $571.0K
YoY Change 8.3% -33.22%
% of Gross Profit 3.7% 1.16%
Operating Expenses $44.16M $45.08M
YoY Change -14.03% -14.44%
Operating Profit $5.221M $4.084M
YoY Change 43.43% 103.79%
Interest Expense -$6.864M -$6.153M
YoY Change -23.89% 39.65%
% of Operating Profit -131.47% -150.66%
Other Income/Expense, Net $27.00K -$298.0K
YoY Change -85.94% -178.22%
Pretax Income $92.37M -$2.367M
YoY Change -1861.05% -1.46%
Income Tax $1.070M $54.00K
% Of Pretax Income 1.16%
Net Earnings $91.20M -$2.332M
YoY Change -1998.83% 41.94%
Net Earnings / Revenue 184.71% -4.74%
Basic Earnings Per Share -$1.00
Diluted Earnings Per Share $36.68 -$1.00
COMMON SHARES
Basic Shares Outstanding 2.280M shares 2.279M shares
Diluted Shares Outstanding 2.342M shares

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $10.07M $5.886M
YoY Change 5.87% -33.01%
Cash & Equivalents $10.07M $5.886M
Short-Term Investments
Other Short-Term Assets $22.55M $11.66M
YoY Change 48.71% -21.12%
Inventory $818.0K $720.0K
Prepaid Expenses $684.0K
Receivables $9.434M $9.514M
Other Receivables $0.00 $0.00
Total Short-Term Assets $42.05M $27.78M
YoY Change 12.92% -29.17%
LONG-TERM ASSETS
Property, Plant & Equipment $3.664M $5.437M
YoY Change -42.95% -31.38%
Goodwill $173.1M $173.3M
YoY Change -0.37% -0.01%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $21.30M $23.51M
YoY Change -19.04% -10.12%
Total Long-Term Assets $488.4M $515.9M
YoY Change -14.33% -14.26%
TOTAL ASSETS
Total Short-Term Assets $42.05M $27.78M
Total Long-Term Assets $488.4M $515.9M
Total Assets $530.5M $543.7M
YoY Change -12.66% -15.17%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $12.75M $9.947M
YoY Change -10.92% -37.18%
Accrued Expenses $21.64M $25.69M
YoY Change -28.11% -1.77%
Deferred Revenue $5.104M $6.648M
YoY Change -28.6% -9.07%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $103.5M $109.1M
YoY Change -18.04% -15.49%
LONG-TERM LIABILITIES
Long-Term Debt $99.55M $179.7M
YoY Change -43.71% 2.88%
Other Long-Term Liabilities $40.04M $41.37M
YoY Change -18.36% -19.93%
Total Long-Term Liabilities $139.6M $221.1M
YoY Change 184.63% -2.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $103.5M $109.1M
Total Long-Term Liabilities $139.6M $221.1M
Total Liabilities $473.7M $579.5M
YoY Change -26.45% -13.98%
SHAREHOLDERS EQUITY
Retained Earnings -$21.57M -$112.8M
YoY Change -80.85% 4.59%
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 $56.79M -$35.82M
YoY Change
Total Liabilities & Shareholders Equity $530.5M $543.7M
YoY Change -12.66% -15.17%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income $91.20M -$2.332M
YoY Change -1998.83% 41.94%
Depreciation, Depletion And Amortization $1.827M $571.0K
YoY Change 8.3% -33.22%
Cash From Operating Activities $5.090M -$277.0K
YoY Change 783.68% -82.14%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $49.00K
YoY Change -97.18% -322.73%
Acquisitions
YoY Change
Other Investing Activities $0.00 $2.000M
YoY Change 300.0%
Cash From Investing Activities -$4.000K $1.951M
YoY Change -97.18% 273.75%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 9.430M -3.383M
YoY Change 2216.95% 253.87%
NET CHANGE
Cash From Operating Activities 5.090M -277.0K
Cash From Investing Activities -4.000K 1.951M
Cash From Financing Activities 9.430M -3.383M
Net Change In Cash 14.52M -1.709M
YoY Change 1626.04% -13.9%
FREE CASH FLOW
Cash From Operating Activities $5.090M -$277.0K
Capital Expenditures $4.000K $49.00K
Free Cash Flow $5.086M -$326.0K
YoY Change 1071.89% -78.68%

Facts In Submission

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CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
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518000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
2089000 usd
dei Trading Symbol
TradingSymbol
RGS
dei Security Exchange Name
SecurityExchangeName
NASDAQ
dei Entity Current Reporting Status
EntityCurrentReportingStatus
Yes
CY2023Q4 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.05
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P3M
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2024Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
dei Security12b Title
Security12bTitle
Common Stock, $0.05 par value
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
72534000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
85845000 usd
CY2024Q1 us-gaap Revenues
Revenues
49181000 usd
us-gaap Costs And Expenses
CostsAndExpenses
137309000 usd
us-gaap Costs And Expenses
CostsAndExpenses
172407000 usd
CY2024Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
4084000 usd
us-gaap Operating Income Loss
OperatingIncomeLoss
5204000 usd
CY2024Q1 us-gaap Interest And Debt Expense
InterestAndDebtExpense
6153000 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
13123000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-213000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2421000 usd
CY2023Q1 us-gaap Income Loss From Continuing Operations
IncomeLossFromContinuingOperations
-2161000 usd
CY2024Q1 us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-1.03
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.95
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-2.83
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-2.83
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.04
CY2024Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.04
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.22
CY2023Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.22
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.89
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.89
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
1.71
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
1.71
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.00
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.00
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.71
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.71
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.06
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2342000 shares
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2342000 shares
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2315000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
2338000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
2308000 shares
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2332000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1643000 usd
us-gaap Net Income Loss
NetIncomeLoss
-141000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2582000 usd
CY2024Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-230000 usd
CY2023Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
29000 usd
CY2024Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-2562000 usd
CY2023Q1 us-gaap Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
-1614000 usd
CY2023Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-33590000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2332000 usd
CY2024Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-230000 usd
CY2024Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
333000 usd
CY2024Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-3000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-35822000 usd
CY2022Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-31635000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1643000 usd
CY2023Q1 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
29000 usd
CY2023Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
502000 usd
CY2023Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-32747000 usd
CY2023Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-36730000 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-227000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1292000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-16000 usd
CY2024Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-35822000 usd
CY2022Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-30953000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2582000 usd
us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-697000 usd
us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1522000 usd
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
-37000 usd
CY2023Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
-32747000 usd
us-gaap Net Income Loss
NetIncomeLoss
-141000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2582000 usd
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
2000000 usd
us-gaap Gain Loss On Sale Of Business
GainLossOnSaleOfBusiness
4552000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
1576000 usd
us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
5502000 usd
rgs Impairment Of Long Lived Assets Held For Use And Operating Lease Impairment Loss
ImpairmentOfLongLivedAssetsHeldForUseAndOperatingLeaseImpairmentLoss
170000 usd
rgs Impairment Of Long Lived Assets Held For Use And Operating Lease Impairment Loss
ImpairmentOfLongLivedAssetsHeldForUseAndOperatingLeaseImpairmentLoss
36000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-50000 usd
us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-49000 usd
rgs Inventory Write Down Including Salon And Distribution Center Reserves
InventoryWriteDownIncludingSalonAndDistributionCenterReserves
0 usd
rgs Inventory Write Down Including Salon And Distribution Center Reserves
InventoryWriteDownIncludingSalonAndDistributionCenterReserves
1228000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
1956000 usd
us-gaap Paid In Kind Interest
PaidInKindInterest
51000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1201000 usd
us-gaap Share Based Compensation
ShareBasedCompensation
1668000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2240000 usd
us-gaap Amortization Of Financing Costs And Discounts
AmortizationOfFinancingCostsAndDiscounts
2144000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-216000 usd
us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
-365000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
12298000 usd
us-gaap Increase Decrease In Operating Capital
IncreaseDecreaseInOperatingCapital
12276000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7130000 usd
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-8465000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
372000 usd
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
339000 usd
rgs Proceeds From Sale Of Property Plant And Equipment Company Headquarters
ProceedsFromSaleOfPropertyPlantAndEquipmentCompanyHeadquarters
2000000 usd
rgs Proceeds From Sale Of Property Plant And Equipment Company Headquarters
ProceedsFromSaleOfPropertyPlantAndEquipmentCompanyHeadquarters
4500000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
1628000 usd
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
4161000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
4000000 usd
us-gaap Proceeds From Issuance Of Long Term Debt
ProceedsFromIssuanceOfLongTermDebt
11357000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
2499000 usd
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
9491000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
2552000 usd
us-gaap Payments Of Financing Costs
PaymentsOfFinancingCosts
4383000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
16000 usd
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
35000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-1067000 usd
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-2552000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-11000 usd
us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
-103000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6580000 usd
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-6959000 usd
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
27464000 usd
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14816000 usd
us-gaap Basis Of Accounting
BasisOfAccounting
<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 March 31, 2024 and for the three and nine months ended March 31, 2024 and 2023, reflect, in the opinion of management, all adjustments necessary to fairly state the consolidated financial position of the Company as of March 31, 2024 and its consolidated results of operations, comprehensive 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 unaudited interim 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 to 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. An interim impairment analysis was not required in the three months ended March 31, 2024. As of March 31, 2024 and June 30, 2023, the Franchise reporting unit had goodwill of $173.3 million and $173.8 million, respectively. </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="margin-bottom:8pt"><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 unaudited condensed consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split. </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 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"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:700;line-height:120%">Tax Benefits Preservation Plan:</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%">On January 28, 2024, the Board authorized and declared a dividend of one preferred stock purchase right (a Right) for each outstanding share of common stock. The dividend was payable on February 9, 2024 (the Record Date) to the holders of record of shares of common stock as of the close of business on the Record Date. The description and terms of the Rights are set forth in a Tax Benefits Preservation Plan (the Plan), dated as of January 29, 2024, as the same may be amended from time to time between the Company and Equiniti Trust Company, LLC, as Rights Agent.</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%">By adopting the Plan, the Board is seeking to protect the Company’s ability to use its net operating loss carryforwards (“NOLs”) and other tax attributes to offset potential future income tax liabilities. The Company’s ability to use such NOLs and other tax attributes would be substantially limited if the Company experiences an “ownership change,” as defined in Section 382 of the Internal Revenue Code (the “Code”). Generally, an “ownership change” occurs if the percentage of the Company’s stock owned by one or more “five percent stockholders” increases by more than fifty percentage points over the lowest percentage of stock owned by such stockholders at any time during the prior three-year period or, if sooner, since the last “ownership change” experienced by the Company. The Plan is intended to make it more difficult for the Company to undergo an ownership change by deterring any person from acquiring 4.95% or more of the outstanding shares without the approval of the Board. The Board believes it is in the best interest of the Company and its stockholders to reduce the likelihood of an ownership change, which could harm the Company’s future operating results by effectively increasing the Company future tax liabilities.</span></div><div style="margin-top:8pt;text-align:justify"><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 March 31, 2024 and 2023 includes $0.4 million and $0.2 million, respectively, and for the nine months ended March 31, 2024 and 2023 includes $0.5 million and $0.6 million, respectively, of asset retirement obligations, which are cash expenses.</span></div>
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
318000 usd
us-gaap Capitalized Contract Cost Impairment Loss
CapitalizedContractCostImpairmentLoss
0 usd
CY2024Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
10054000 usd
CY2023Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.05
CY2024Q1 rgs Tax Benefits Preservation Plan Ownership Percent Requiring Board Of Directors Approval
TaxBenefitsPreservationPlanOwnershipPercentRequiringBoardOfDirectorsApproval
0.0495
CY2024Q1 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
400000 usd
CY2023Q1 us-gaap Costs Incurred Asset Retirement Obligation Incurred
CostsIncurredAssetRetirementObligationIncurred
200000 usd
CY2024Q1 us-gaap Accounts Receivable Net
AccountsReceivableNet
6746000 usd
CY2023Q2 us-gaap Accounts Receivable Net
AccountsReceivableNet
5683000 usd
CY2024Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
10054000 usd
CY2023Q2 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
12471000 usd
CY2024Q1 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
6648000 usd
CY2023Q2 us-gaap Contract With Customer Liability Current
ContractWithCustomerLiabilityCurrent
7148000 usd
CY2024Q1 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
18224000 usd
CY2023Q2 us-gaap Contract With Customer Liability Noncurrent
ContractWithCustomerLiabilityNoncurrent
23151000 usd
CY2024Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
6900000 usd
CY2023Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
7300000 usd
CY2024Q1 us-gaap Notes Receivable Gross
NotesReceivableGross
1000000 usd
CY2024Q1 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
2099000 usd
us-gaap Capitalized Contract Cost Amortization
CapitalizedContractCostAmortization
2374000 usd
CY2023Q1 us-gaap Capitalized Contract Cost Net
CapitalizedContractCostNet
13218000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1243000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4763000 usd
CY2024Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4297000 usd
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
300000 usd
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
600000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1200000 usd
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1700000 usd
CY2023Q1 us-gaap Shares Issued
SharesIssued
0 shares
CY2024Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
23800000 usd
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
54000 usd
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-241000 usd
CY2024Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
-0.023
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.083
us-gaap Income Tax Reconciliation Tax Settlements Foreign
IncomeTaxReconciliationTaxSettlementsForeign
200000 usd
CY2024Q1 us-gaap Operating Lease Expense
OperatingLeaseExpense
23800000 usd
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
26600000 usd
us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
72500000 usd
us-gaap Operating Lease Expense
OperatingLeaseExpense
72500000 usd
CY2024Q1 rgs Lessee Operating Lease Liability To Be Paid After Year Four
LesseeOperatingLeaseLiabilityToBePaidAfterYearFour
77934000 usd
CY2024Q1 rgs Lessor Operating Lease Payment To Be Received After Year Four
LessorOperatingLeasePaymentToBeReceivedAfterYearFour
74815000 usd
CY2024Q1 rgs Lessee Operating Lease Liability Payments Net Of Sublease Income After Year Four
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncomeAfterYearFour
3119000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
365636000 usd
CY2024Q1 rgs Lessee Operating Lease Liability Payments Net Of Sublease Income
LesseeOperatingLeaseLiabilityPaymentsNetOfSubleaseIncome
10940000 usd
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
42834000 usd
CY2024Q1 rgs Liquidity Amount
LiquidityAmount
36700000 usd
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
5900000 usd
CY2024Q1 us-gaap Liabilities Current
LiabilitiesCurrent
109100000 usd
CY2023Q2 us-gaap Number Of Stores
NumberOfStores
4863 franchisee
CY2024Q1 us-gaap Revenues
Revenues
49181000 usd
us-gaap Revenues
Revenues
177611000 usd
rgs Unallocated Income Expense
UnallocatedIncomeExpense
-3384000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
2056000 usd
us-gaap Other Depreciation And Amortization
OtherDepreciationAndAmortization
6052000 usd
rgs Impairment Of Long Lived Assets Held For Use And Operating Lease Impairment Loss
ImpairmentOfLongLivedAssetsHeldForUseAndOperatingLeaseImpairmentLoss
36000 usd
us-gaap Interest And Debt Expense
InterestAndDebtExpense
13123000 usd
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-213000 usd
us-gaap Income Loss From Discontinued Operations Net Of Tax Attributable To Reporting Entity
IncomeLossFromDiscontinuedOperationsNetOfTaxAttributableToReportingEntity
3958000 usd
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-2332000 usd
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-1643000 usd
us-gaap Net Income Loss
NetIncomeLoss
-141000 usd
us-gaap Net Income Loss
NetIncomeLoss
-2582000 usd
CY2024Q1 ecd Non Rule10b51 Arr Adopted Flag
NonRule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Rule10b51 Arr Adopted Flag
Rule10b51ArrAdoptedFlag
false
CY2024Q1 ecd Non Rule10b51 Arr Trmntd Flag
NonRule10b51ArrTrmntdFlag
false
CY2024Q1 ecd Rule10b51 Arr Trmntd Flag
Rule10b51ArrTrmntdFlag
false

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0000716643-24-000020.txt Edgar Link pending
0000716643-24-000020-xbrl.zip Edgar Link pending
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