日期

美国东部时间 2026 年 9 月 1 日星期二上午 8:30

致电参与者

要点

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风险

概括

Management reported that fiscal year 2026 was focused on strengthening the business foundation, resulting in improved profitability and cash generation across seven consecutive quarters. The company is executing a strategic blueprint for Supercuts, its largest brand, while addressing operational fundamentals for the SmartStyle brand within Walmart locations. A primary objective remains the refinancing of existing debt obligations to improve shareholder value and provide financial flexibility for long-term growth initiatives. Management stated that the company is moving from a phase of stabilization toward sustainable, profitable growth.

行业术语

完整的电话会议记录

Kersten Zupfer：早上好，感谢您参加瑞吉斯 2026 年第四季度收益电话会议。我是主持人 Kersten Zupfer，执行副总裁兼首席财务官。今天我们的首席执行官苏珊·林顿史密斯 (Susan Lintonsmith) 也加入了我的行列，我们正在录制本次会议。 [操作员说明] 我想提醒大家，我们的收益发布和 8-K 文件中包含的前瞻性陈述的语言也适用于我们今天在电话会议上发表的评论。这些文件可以在我们的网站 www.regiscorp.com/investor-relations 上找到。现在，我将把电话转给我们的首席执行官苏珊·林顿史密斯 (Susan Lintonsmith)。

苏珊·林顿史密斯：大家早上好，感谢您加入我们。 2026 财年，我们巩固了业务基础，并展示了我们在持续交付现金的同时实现盈利增长的能力。今年我们的收入为 2.245 亿美元，调整后 EBITDA 为 3280 万美元，运营现金超过 1300 万美元，使我们的业绩记录延续到连续 7 个季度实现正运营现金。我们在第四季度实现了可比销售额的正增长，同店综合销售额增长了 0.1%，Supercuts 增长了 2.6%。整个财年，在 Supercuts 的推动下，综合同店销售额增长了 0.9%，Supercuts 实现了 3% 的增长，连续第五年实现增长。

这一业绩表明我们一直在实施的举措正在积聚动力并转化为成果。在过去的 5 个月里，我花了很多时间与我们的特许经营商、公司团队和沙龙相处，让我对业务、什么是有效的以及我们在哪些方面有有意义的改进机会有第一手的了解。我对所看到的感到鼓舞，但我同样关注未来的机会以及释放我们投资组合的全部潜力所需的工作。当我们进入 2027 财年时，我们的重点很明确：将我们建立的基础转化为更强大、更一致的业绩和可持续增长。

我们的首要任务是：一是强化品牌；二、以流量带动增长；第三，改善我们沙龙产品组合的健康状况，同时减少倒闭。这些优先事项基于这样的信念：像我们这样的服务业务的成功业绩是由强大的、有意义的差异化品牌、吸引客人进入我们沙龙的有影响力的营销以及每天为每个沙龙的每位客人提供的优质体验所驱动的。我将在稍后的电话会议中更深入地讨论细节。在将其交给克斯滕之前，我想简要介绍一下我们为现有债务再融资的机会。

This is an important priority for both our shareholders and the company, and the Board and I are actively engaged in the process with Kersten. We are exploring many options, and we'll move forward when we believe the terms provide meaningful value for shareholders. Kersten will provide additional details on our efforts shortly. I'll hand the call over to her now to review our financial results.

Kersten Zupfer: Thanks, Susan. I'll cover the fourth quarter and full year results and then spend a few minutes on our balance sheet.我们 2026 财年的业绩表明我们在转型方面取得了有意义的进展，盈利能力更强，更重要的是，现金生成能力显着改善。正如 Susan 提到的，我们产生了 3280 万美元的调整后 EBITDA，与 2025 财年相比增加了 120 万美元，并且从运营中获得了 1350 万美元的非限制性现金，高于上一年的 540 万美元。这些成果是在继续将资源用于我们的战略重点并应对特许经营地点数量下降的环境的同时取得的。

For the fourth quarter, we delivered $6.6 million of operating income, generated $9.2 million in consolidated adjusted EBITDA and produced positive cash from operations for the 7th consecutive quarter. We achieved these results despite lower revenue. Total revenue for the fourth quarter was $56 million, a decrease of $4.4 million or 7.3% compared to the prior year. The decline was primarily driven by lower non-margin franchise rental income, reflecting a reduction in franchise salon count and the transition of certain franchisees to their own leases. Net income was $4.4 million or $1.51 per diluted share compared to $116.5 million or $42.58 per diluted share in the year ago quarter.

The year-over-year comparison is heavily influenced by the $115.5 million discrete tax benefit recognized in the prior year as well as $1.9 million loss from discontinued operations net of tax rather than underlying business performance. On an adjusted basis, net income increased to $3 million from $2 million, providing a more meaningful view of the underlying performance of the business. Turning to our adjusted results. As a reminder, our adjusted results exclude stock-based compensation expense. We believe this provides a clear view of our underlying business performance. A reconciliation of our GAAP to non-GAAP results is included in our press release.

第四季度调整后的一般管理费用为 980 万美元，低于去年同期的 1,040 万美元，反映出持续的成本管理纪律。第四季度，综合调整后 EBITDA 为 920 万美元，比去年同期的 970 万美元减少了 50 万美元。这一下降主要是由于外币换算调整以及特许经营收入下降的不利影响。本季度我们特许经营部门的调整后 EBITDA 为 640 万美元，比去年同期的 770 万美元减少了 130 万美元。这一下降主要是由于沙龙数量减少导致特许权使用费和费用下降。

In our company-owned salon segment, the adjusted EBITDA improved by $800,000 year-over-year to $2.8 million. The improvement was primarily driven by decreased rent and salon expenses resulting from the closure of unprofitable salons.进入 2027 财年时需要注意的一点是，我们正在将资源专门用于公司自有的沙龙业务，而这些资源之前是在整个组织内共享的。 This will shift certain costs into the company-owned salon segment's reported results impacting the year-over-year comparison. This is a reallocation of costs rather than an increase in spending. Our total G&A expense declined in fiscal 2026, and we expect to maintain expense discipline in 2027. Turning to our franchise portfolio.

We ended fiscal 2026 with 207 closures, offset by 8 openings for a net decline of 199 salons.退出该系统的地点主要是销量较低的沙龙，对特许权使用费收入的影响比单独数量所暗示的要小。关闭门店的平均单位销售额约为 136,000 美元，比业绩最高四分之一的商店的平均单位销售额低约 364,000 美元。虽然沙龙数量的下降继续影响特许经营收入，但我们相信剩余的沙龙基础正在变得更强大、生产力更高，这应该会随着时间的推移支持特许经营商经济效益的改善。

For budgeting purposes, we identify salons at risk of closure based primarily on lease expiration dates and key operating metrics, including average unit volume and rent as a percentage of revenue. Based on the visibility we have today, we do not expect fiscal year 2027 closures to be materially different from fiscal year 2026. Now turning to our full year fiscal results. For fiscal 2026, consolidated revenue was $224.5 million, an increase of $14.4 million compared to fiscal year 2025. The increase was primarily driven by higher company-owned salon revenue, partially offset by lower royalties, fees and non-margin franchise rental income. Operating income for the full fiscal year increased to $24.4 million, up from $19.9 million in fiscal 2025.

The improvement was primarily driven by increased company-owned salon revenue, partially offset by lower royalties and fees. 2026 财年的净利润为 690 万美元，即稀释后每股收益 2.41 美元，而 2025 财年为 1.235 亿美元，即稀释后每股收益 46.10 美元。同比比较还受到上一年确认的 1.155 亿美元离散税收优惠以及上一年来自已终止业务的 650 万美元税后净收入的严重影响。调整后的净利润从 760 万美元增至 780 万美元，凸显了公司基本业绩的改善。

As I mentioned earlier, adjusted EBITDA for fiscal year 2026 increased to $32.8 million, up from $31.6 million in fiscal year 2025. This improvement was primarily driven by a full year of company-owned salon revenue and lower G&A expenses, partially offset by lower franchise revenue. Adjusted net income was $7.8 million, up from $7.6 million in fiscal year 2025, while adjusted diluted earnings per share were $2.70 compared to $2.85 in the prior year. Turning to full year cash flows. 2026 财年经营活动提供的现金净额为 1,310 万美元，而上一年为 1,370 万美元。

该报告的措施包括受限制的广告基金现金，该现金指定用于营销目的，不可供企业使用。 Importantly, unrestricted cash from operations increased to $13.5 million in fiscal year 2026, up from $5.4 million in fiscal year 2025. This represents a significant improvement in cash generation and reflects the benefits of our lower cost structure and improved operating performance. We used a portion of that cash to fund $2 million in capital investments and repaid $2.7 million of term loan principal while still ending the fiscal year with a cash balance that is more than 50% greater than a year ago.截至 2026 年 6 月 30 日，我们拥有 2600 万美元的非限制性现金和现金等价物。

In accordance with our credit agreement, we expect to make our annual excess cash flow sweep payment in September, which will reduce our cash and our outstanding debt by approximately $7 million to $8 million. Turning to our debt. As of June 30, 2026, our funded debt was approximately $128 million, consisting of $116 million of term loan principal, $11 million of paid-in-kind interest and approximately $1 million outstanding under our revolving credit facility. We also had $6 million of standby letters of credit outstanding, which includes the $1 million related to the revolver draw, leaving $19 million of available capacity.扣除现金后，融资债务约为 1.022 亿美元，约为调整后 EBITDA 的 3.1 倍。

截至 2026 年 6 月 30 日，我们的循环信贷安排下有 1,900 万美元未使用的可用资金，流动性总额为 3,500 万美元。今年，运营产生的不受限制的现金增加了一倍多，这种改善是我们再融资工作的重要组成部分。 It demonstrates the significant progress we have made in improving the business' ability to generate cash and provides us with greater flexibility to reinvest in the business and repay debt obligations. We continue to evaluate refinancing alternatives that provide acceptable terms and conditions and will lower our overall cost of debt in a way that creates meaningful value for shareholders.

我们的董事会积极参与整个过程，包括我们最近任命的董事，他也是重要股东。当我们评估可用的替代方案时，股东的一致很重要。 We are approaching this effort with urgency while maintaining discipline in our approach, and we will not sacrifice long-term value and we'll continue to pursue the best and appropriate refinancing options for Regis.总体而言，我们 2026 财年的业绩表明财务状况持续进步。 We improved operating income and adjusted EBITDA and more than doubled unrestricted cash from operations to $13.5 million while directing resources to initiatives that advance our long-term strategy.

随着我们进入 2027 财年，我们将在此基础上再接再厉，明确重点是维持有意义的现金生成，同时平衡有针对性的增长投资，这些投资可以通过持续的成本控制进一步加强我们的业务。这样，我会将电话转回给苏珊。

Susan Lintonsmith: Thank you. Looking ahead, we are focused on 3 areas to drive our growth plan at Regis. First is Supercuts. This includes implementing the strategic blueprint to modernize and unlock the growth potential of this brand, which is about the brand strategy, modernizing the digital experience and driving operational excellence. The second priority is our company-owned salons, building a best-in-class operating model for growth and profitability while using these salons as a testing ground for initiatives that we can then scale across the system. And third, SmartStyle, addressing the fundamentals of this business and taking the immediate actions necessary to drive traffic and improve performance.

这些优先事项将继续指导我们如何分配资源以及我们计划如何推动瑞吉斯的可持续、盈利性增长。我将快速向您通报我们在各个领域取得的进展。我将从 Supercuts 开始，这是我们最大的品牌机会，拥有我们近一半的沙龙基地和 60% 的特许权使用费。凭借其规模、品牌知名度和广泛的客户群，Supercuts 是我们增长战略的核心。 For fiscal 2026, Supercuts delivered same-store sales growth of 3%, including strong performance throughout the year with 5% growth in Q3 and a 2.6% growth in Q4.

This performance demonstrates the impact of the initiatives that we are implementing and importantly, reinforces that there is meaningful opportunity to continue strengthening and growing this brand. Against that backdrop, we're making strong progress on our strategic blueprint to modernize Supercuts for long-term growth.回想一下，该计划围绕三大支柱构建：品牌战略、数字体验和卓越运营。 The first pillar, evolve the brand strategy, is well underway. We fully launched the new Supercuts marketing campaign in July, including the Supercuts, Supercuts video, which brings the refreshed brand positioning and the Confidence Without Compromise tagline to life in a more modern and engaging way.我们还在寻找通过文化和娱乐将 Supercuts 与消费者联系起来的方法。

Our partnership with Jackson Olson from the Savannah Bananas is a great example of this approach. Jackson's strong following and the Savannah Bananas highly engaged young fan base give us an opportunity to put Supercuts in front of new audiences in an authentic and entertaining way. It helps that Jackson loves Supercuts and has amazing hair. We've had fun with social media initiatives and offering the Jack's hair style at Supercuts across the country. In addition, Jackson is a contestant in Season 5 of Dancing with the Stars, further demonstrating his popularity and appeal.

These efforts are helping make Supercuts more relevant to today's consumer while reinforcing the brand's personality and our differentiation, not only through our skilled stylists, but also through differentiated hair services like color. The second pillar, modernizing the digital experience, is also underway. We're focused on improving the guest journey, including strengthening our loyalty program and testing online scheduling to make the experience more convenient and seamless for guests. We're strengthening our loyalty program to drive incremental visits, increase retention and maximize lifetime value while continuing to build a more robust CRM database that enables us to engage guests more effectively.

With new marketing leadership and deep loyalty expertise now in place, we are well positioned to make loyalty a more powerful engine of profitable and sustainable growth.我们还通过为客人提供选择日程安排来使业务脱颖而出。这是通过应用程序或网络进行安排的能力，或者只是走进去并按照时间表进行安排。我们的在线调度试点的早期结果令人鼓舞，我们期待下季度分享更多结果。第三个支柱是卓越运营。 This includes providing stronger support for franchisees, including communication, training and education, and coaching to improve execution and ultimately strengthen salon performance.

During the last quarterly earnings call, I mentioned dedicating resources via a new leader for training and education. We have now hired a leader for this department who has hair salons in her blood. Her mother is a stylist and who brings significant expertise in high-quality training effectiveness. She and her team of seasoned trainers are building the curriculum for stylists and managers from onboarding through continued education. Our skilled stylists set us apart, and we will focus even more on development to increase retention and expand that differentiation. The important takeaway is that Supercuts' strategy has moved from planning to execution.

新的品牌工作已投入市场，数字化举措正在进行中，我们的运营模式正在实施。重要的是，我们已经利用我们在整个产品组合中学到的知识，将这一蓝图从 Supercuts 扩展到其他核心品牌。第二个主要关注领域是我们公司拥有的沙龙。正如我们在上次电话会议中提到的，我们现在拥有专门的领导和支持资源，专门致力于运营公司的沙龙业务。我们的目标是使我们公司的沙龙成为一流的增长和盈利运营模式，同时继续测试可以使更广泛的系统受益的重要举措。

这方面的一个例子是我们的第二次访问营销计划，该计划旨在将更多的首次客人转化为回头客。另一个例子是我们针对 Supercuts 的新改造和更新设计，我们将于今年秋天在 3 个公司地点进行测试。我们将在 11 月之前验证成本并与加盟商分享结果。就业绩而言，截至 2026 财年，公司自营沙龙的同店销售额增长了 4%，这主要是由定价推动的。流量仍然是一个机会，我们正在采取行动，通过加强宾客体验、加大营销力度和提升我们的价值主张来改善趋势。第四季度，我们公司沙龙的劳动生产率也取得了有意义的进展。

通过调整 3 月份的薪酬计划以及加强日程安排方面的纪律，我们从第一财季到第四财季大幅降低了劳动力利润率，并且我们有望实现 27 财年的劳动力利润率目标。总体而言，我们将通过提升宾客体验、推动盈利流量以及提高劳动生产率和商店层面的盈利能力来加强公司自有的沙龙组合。我们知道机会在哪里，并且我们正在紧急行动以解决这些机会。第三个主要关注领域是 SmartStyle，我们的第二大品牌，约占我们沙龙总数的 25%。

我看到了这个品牌的巨大潜力，我们 2027 财年的重点是解决业务的基本问题并加强对客人（尤其是沃尔玛购物者和员工）的价值主张。我们将与我们的特许经营商迅速采取行动，试行多项有针对性的举措，包括优化营业时间、改善人员配备和培训以及吸引沃尔玛购物者、员工及其家人的有吸引力的优惠。 We are also evaluating opportunities to introduce more convenient express service options that meet the needs of the SmartStyle customers.目标很简单：强化价值主张，使 SmartStyle 与其核心客户更加相关和方便，并最终推动可盈利的流量。

对于所有瑞吉核心品牌而言，加强特许经营系统的健康和绩效仍然是重中之重。我们投资了额外的资源，以更好地支持我们的加盟商提高整个系统的绩效。我们的目标是通过提升我们的品牌、增加流量以及通过改善沟通、培训和教育来增强运营支持来加强整个系统。我们还利用人工智能驱动的仪表板来帮助我们的运营团队尽早发现机会，然后将资源分配到可以产生最大影响的地方。为了帮助缓解倒闭的情况，我们专注于关键的机会领域，同时通过将希望退出的特许经营商与寻求增长机会的合格特许经营商联系起来，加速转售活动。

通过加强我们特许经营系统的健康并支持可持续增长，我们的目标是减少倒闭并最终使系统恢复净单位增长。总之，2026 财年的目标是巩固瑞吉斯的基础，在盈利能力和现金生成方面取得显着进展，并连续 7 个季度实现正运营现金。 Supercuts 转型正在进行中，我们已经有切实的证据表明我们的行动正在转化为结果。 27 财年的目标是从稳定转向可持续的盈利增长。我们的策略依然明确：一是强化品牌并使其差异化；二、推动有利可图的客流量；第三，改善我们沙龙产品组合的健康状况，同时最大限度地减少关闭。

这些优先事项将继续指导我们的运营方式和资源分配方式。我们还有很多工作要做，我个人专注于确保我们以纪律和紧迫感执行这一战略。我们准备好的发言到此结束。

Kirsten Zupfer：我们现在开始提问。

Kersten Zupfer：[操作员说明] 我们的第一个问题来自 Lake Street Capital Markets 的 Ryan Meyers。

Ryan Meyers：祝贺您取得的扎实进展。想想本季度 Supercuts 的积极同店销售，您能否谈谈其中有多少来自定价与更好的客流量？然后也许是整个系统，您如何看待流量趋势，是否有任何改进，没有变化，我们应该如何考虑这一点？

苏珊·林顿史密斯：是的。谢谢你，瑞安。这是苏珊。因此，Supercuts 的增长主要来自于平均票价与流量。不过，交通状况有所改善。它下降了，但只下降了 1 个点左右。因此，Supercuts 得到了改进，而且趋势正在朝着正确的方向发展。 For the entire portfolio, as I mentioned, traffic absolutely is an opportunity for us to continue to make sure that we get the growth from traffic more so than pricing going forward.因此，这是我们从营销工作到改善运营都非常关注的事情。

Ryan Meyers: Okay.知道了。这很有帮助。最后，我认为你们指出 2027 年的关闭情况应该与 2026 年的关闭情况非常相似。我只是想确认并确保我正确理解这一点。这既包括在公司自有的投资组合中，也包括在特许经营沙龙中吗？

Susan Lintonsmith：“27 应该与 2026 年的情况没有太大不同。我们预计 2027 财年我们公司地点的关闭数量将会减少。

Kersten Zupfer：下一个问题来自 Nathan……

未知分析师：我想知道 - 这是我的一个具体问题，但我想知道你们是否可以阐明或列出主要中位数，以及可能有多少商店在收入方面低于沃尔玛商店主租约中规定的 150,000 美元门槛，这有可能吗？

Kersten Zupfer: Yes.就我们如何进行四分位数而言，这是非常具体的。 So maybe we can take that offline. We do look at our salons by quartile.正如我所提到的，我们的大部分关闭都与 AUV 130,000 美元至 135,000 美元左右的较低产量地点有关。 Is that helpful? And then we can get into more specifics.

未知分析师：是的，只是因为就像我正在查看 FDD 文档或财务披露文档一样，与其他文档相比，这是缺少的东西 - 例如，[Super-Styles] 和 Cost Cutters 可用的东西。我只是想深入研究一下，但这也很好。是的，这是我的主要问题。但是是的。

Kersten Zupfer: Okay. We'll touch base.谢谢。我没有看到任何其他问题。实际上，刚刚出现了一个问题。[Greg Bennett]？

未知分析师：是的。在您对融资（资产负债表再融资）的想法中，您是否正在考虑或是否有可能与股东一起进行配股，但继续保持 NOL 的运行——未来的 NOL 有多少？

Kersten Zupfer: Yes.我们拥有超过 4.5 亿美元的 NOL。由于涉及再融资，我们正在考虑所有选择。我不想透露任何细节，但要知道我们正在迅速采取行动并审查与潜在再融资相关的所有选项。

Unknown Analyst: So is it possible to do a rights offering with TCW and the rest of your shareholders and still have a backstop capacity to complete the rights offering if you were to do that?

克斯滕·祖弗：是的。我不——在这一点上，我不想透露任何细节。所以我会坚持——我们将继续寻找与再融资相关的所有机会。

未知分析师：第二个问题，租赁负债一直在下降。你期待什么。你提到了 200 家商店关闭的可能性——我认为，与去年类似，有 200 家商店关闭。那些主要与您减少租赁负债有关的因素是否也涉及？你还提到，我想，即将到来的租约，商店或特许经营店的所有者现在已经承担了义务。您预计明年年底的租赁负债是多少？

克斯滕·祖弗：是的。 So the 200 -- in terms of closures, we expect closures to be about the same that they were in fiscal year '26. Some of those leases -- so the lease liability will come down for those closures.但你是对的。 The other reason that, that liability is coming down is franchisees are moving on to their own leases. So it's a combination of both closures as well as franchisees taking on the lease.

Unknown Analyst: With the real estate market like it is, commercial real estate, are you finding that it's lease -- the liability for leases, the rents are actually going down that the owner of the real estate wants to keep you -- keep a store in place?

Kersten Zupfer: I mean we continue to see inflationary increases as we renew leases.

Unknown Analyst: The cost is going up, not down.

克斯滕·祖弗：谢谢。

苏珊·林顿史密斯：好的。我没有看到更多问题。我想再次感谢大家今天加入我们。总而言之，我们的 2026 财年业绩稳健，当我们进入 2027 财年时，我们非常积极和乐观，并且知道我们将以动力和紧迫感在我们已经建立的基础上继续前进。非常感谢您对瑞吉斯公司的持续支持并参加今天的电话会议。