0001171843-23-001255.txt : 20230228 0001171843-23-001255.hdr.sgml : 20230228 20230228160603 ACCESSION NUMBER: 0001171843-23-001255 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20230228 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20230228 DATE AS OF CHANGE: 20230228 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Franchise Group, Inc. CENTRAL INDEX KEY: 0001528930 STANDARD INDUSTRIAL CLASSIFICATION: PATENT OWNERS & LESSORS [6794] IRS NUMBER: 273561876 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-35588 FILM NUMBER: 23685139 BUSINESS ADDRESS: STREET 1: 109 INNOVATION COURT STREET 2: SUITE J CITY: DELAWARE STATE: OH ZIP: 43015 BUSINESS PHONE: 508-630-4426 MAIL ADDRESS: STREET 1: 109 INNOVATION COURT STREET 2: SUITE J CITY: DELAWARE STATE: OH ZIP: 43015 FORMER COMPANY: FORMER CONFORMED NAME: Liberty Tax, Inc. DATE OF NAME CHANGE: 20140714 FORMER COMPANY: FORMER CONFORMED NAME: JTH Holding, Inc. DATE OF NAME CHANGE: 20110830 8-K 1 f8k_022823.htm FORM 8-K
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K 

  

CURRENT REPORT

 

Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934

 

Date of Report (Date of earliest event reported):  February 28, 2023

  

Franchise Group, Inc.

(Exact name of registrant as specified in its charter)

 

Delaware 001-35588 27-3561876
(State or Other Jurisdiction of
Incorporation)		 (Commission File Number) (I.R.S. Employer Identification No.)

 

109 Innovation Court, Suite J

Delaware, Ohio 43015

(Address of Principal Executive Offices) (Zip Code)

 

(740) 363-2222

(Registrant's telephone number, including area code)

 

n/a

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class   Trading Symbol(s)   Name of each exchange on which
registered
Common Stock, par value $0.01 per share   FRG   Nasdaq Global Market
         
7.50% Series A Cumulative Perpetual Preferred Stock, par value $0.01 per share and liquidation preference of $25.00 per share   FRGAP   Nasdaq Global Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

 

Emerging growth company ☐

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

 

 

Item 2.02.Results of Operations and Financial Condition.

 

On February 28, 2023, Franchise Group, Inc. (the “Company”) issued a press release regarding its financial results for the fiscal year ended December 31, 2022. A copy of the release is being furnished as Exhibit 99.1 hereto and incorporated herein by reference. In addition, on February 28, 2023 at 4:30 p.m. Eastern Time, the Company will hold a teleconference for analysts, institutional investors and stockholders to discuss results for the fourth quarter of the fiscal year ended December 31, 2022.

 

The information in this Current Report on Form 8-K, including Exhibit 99.1, is being furnished to the Securities and Exchange Commission (the “SEC”) pursuant to Item 2.02 of Form 8-K and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any of the Company’s filings with the SEC under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

 

Item 9.01.Financial Statements and Exhibits.

 

(d) Exhibits

 

99.1Press Release dated February 28, 2023.
104Cover Page Interactive Data File (embedded within the Inline XBRL document).

 

 

 

 

 

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

 

  FRANCHISE GROUP, INC.  
     
Date: February 28, 2023 By: /s/ Eric Seeton
    Eric Seeton
    Chief Financial Officer

 

 

 EX-99.1 2 exh_991.htm EXHIBIT 99.1 EdgarFiling

EXHIBIT 99.1

Franchise Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results

DELAWARE, Ohio, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (“Franchise Group,” “FRG” or the “Company”) today announced the financial results for its fiscal fourth quarter and fiscal year ended December 31, 2022. For the fourth quarter of fiscal 2022, total reported revenue for Franchise Group was approximately $1.1 billion, net loss from continuing operations was approximately $0.7 million or $0.08 per fully diluted share, Adjusted EBITDA was approximately $65.3 million and Non-GAAP EPS was $0.47 per share.  For the full fiscal year 2022, total reported revenue for Franchise Group was approximately $4.4 billion, net loss from continuing operations was approximately $68.6 million or $1.96 per fully diluted share, Adjusted EBITDA was approximately $354.0 million and Non-GAAP EPS was $3.63 per share.

On December 31, 2022, total cash on hand was approximately $80.8 million and outstanding term debt was approximately $1.1 billion.  During the fourth quarter of fiscal 2022, the Company repurchased approximately 3.7 million shares of its common stock for approximately $95 million bringing total purchases under FRG’s buyback plan to 5.9 million shares.  FRG finished fiscal 2022 with approximately 34.9 million shares outstanding, a reduction of shares outstanding of approximately 15% from the beginning of the fiscal year.    

“Our financial performance in the fourth quarter was in line with the outlook we provided in November,” stated Brian Kahn, Franchise Group’s President and CEO.  “Our franchising activity continued to accelerate across FRG in 2022. We finished the year with 259 new territories sold and a backlog across all brands of 482 locations. We expect organic growth in 2023 to drive increased EBITDA and cash flow.”

The Company currently has six reportable segments: American Freight; The Vitamin Shoppe; Pet Supplies Plus; Buddy’s; Sylvan; and Badcock.  The following table summarizes Revenue, Adjusted EBITDA, and Net Income/(Loss) for each of these segments.  Reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to their respective most comparable GAAP measures, are included below under “Non-GAAP Financial Measures and Key Metrics.”

      
  For the Three Months Ended   For the Twelve Months Ended
  December 31, 2022  December 31, 2022
    Adjusted Net    Adjusted Net
  Revenue EBITDA Income/(Loss)  Revenue EBITDA Income/(Loss)
  (In thousands)  (In thousands)
American Freight $216,328 $(14,732) $(21,724)  $883,484 $3,711  $(103,426)
Vitamin Shoppe  292,820  23,520   4,030    1,206,824  134,918   57,060 
Pet Supplies Plus  361,752  36,195   14,126    1,288,724  114,705   43,806 
Buddy's  14,533  3,867   1,393    57,407  15,824   6,439 
Sylvan Learning  11,236  4,069   525    42,336  13,901   1,127 
Badcock  219,222  16,279   (38,599)   919,057  83,845   (38,064)
Corporate  -  (3,945)  39,539    -  (12,866)  (35,515)
Total $1,115,890 $65,253  $(710)  $4,397,832 $354,038  $(68,573)
              

Outlook
For fiscal 2023, FRG expects to generate revenue of approximately $4.4 billion, net loss of approximately $1.4 million or $0.04 per share, Adjusted EBITDA of approximately $355 million and Non-GAAP EPS of approximately $2.90. From a reporting perspective, fiscal 2023 will include 52 weeks of operating results compared to fiscal 2022 which had 53 weeks of operating results creating a benefit of approximately $70 million in revenue and $11 million of Adjusted EBITDA.  In calculating EPS, the Company is using approximately 34.9 million weighted average shares outstanding. Non-GAAP EPS is calculated by adding the tax effected impact of adjustments to EBITDA to net income on a per share basis. In calculating GAAP and Non-GAAP EPS, the Company is currently using an effective tax rate of approximately 25.8%.

The Company does not provide a quantitative reconciliation of forward-looking, Non-GAAP financial measures such as forecasted Adjusted EBITDA or Non-GAAP EPS to the most directly comparable GAAP financial measures because it is difficult to reliably predict or estimate the relevant components without unreasonable effort due to future uncertainties that may potentially have significant impact on such calculations, and providing them may imply a degree of precision that would be confusing or potentially misleading. Estimates exclude potential acquisitions, divestitures or refranchising activities.  See “Non-GAAP Financial Measures and Key Metrics.”

Conference Call Information
Franchise Group will conduct a conference call on February 28th at 4:30 P.M. ET to discuss its business and financial results for the fiscal 2022 fourth quarter and full year.  A real-time webcast of the conference call will be available on the Events page of Franchise Group’s website at www.franchisegrp.com. The conference call can also be accessed live via telephone at (833) 630-1956. Participants should ask to be joined to the Franchise Group Inc. call. Please dial in 5-10 minutes prior to the scheduled start time.

About Franchise Group, Inc.
Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. Franchise Group’s business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddy’s Home Furnishings, Sylvan Learning and Wag N Wash. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements.

 
FRANCHISE GROUP, INC. AND SUBSIDIARIES
Consolidated Balance Sheets
     
(In thousands, except share count and per share data) December 31, 2022 December 25, 2021
Assets (Audited) (Audited)
Current assets:    
Cash and cash equivalents $80,783 $292,714
Current receivables, net  170,162  118,698
Current securitized receivables, net  292,913  369,567
Inventories, net  736,841  673,170
Current assets held for sale  8,528  -
Other current assets  27,272  24,063
Total current assets  1,316,499  1,478,212
Property, plant, and equipment, net  223,718  449,886
Non-current receivables, net  11,735  11,755
Non-current securitized receivables, net  39,527  47,252
Goodwill  737,402  806,536
Intangible assets, net  116,799  127,951
Tradenames  222,703  222,687
Operating lease right-of-use assets  890,949  714,741
Investment in equity securities  11,587  35,249
Other non-current assets  59,493  18,902
Total assets $3,630,412 $3,913,171
Liabilities and Stockholders’ Equity    
Current liabilities:    
Current installments of long-term obligations, net $6,935 $183,924
Current installments of debt secured by accounts receivable, net  340,021  302,246
Current operating lease liabilities  179,519  173,101
Accounts payable and accrued expenses  376,895  410,552
Other current liabilities  40,541  50,833
Total current liabilities  943,911  1,120,656
Long-term obligations, net, excluding current installments  1,374,479  1,278,469
Non-current debt secured by accounts receivable, net  107,448  105,256
Non-current operating lease liabilities  720,474  557,071
Other non-current liabilities  62,720  88,888
Total liabilities  3,209,032  3,150,340
Stockholders’ equity:    
Common stock, $0.01 par value per share, 180,000,000 and 180,000,000 shares authorized, 34,925,773 and 40,296,688 shares issued and outstanding at December 31, 2022 and December 25, 2021, respectively  349  403
Preferred stock, $0.01 par value per share, 20,000,000 and 20,000,000 shares authorized, 4,541,125 and 4,541,125 shares issued and outstanding at December 31, 2022 and December 25, 2021, respectively  45  45
Additional paid-in capital  311,069  475,396
Retained earnings  109,917  286,987
Total equity  421,380  762,831
Total liabilities and equity $3,630,412 $3,913,171
     



FRANCHISE GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Operations
         
         
  Three Months Ended Twelve Months Ended
(In thousands, except share count and per share data) December 31, 2022 December 25, 2021 December 31, 2022 December 25, 2021
  (Unaudited) (Unaudited) (Audited) (Audited)
Revenues:        
Product $978,231  $840,278  $3,832,291  $3,012,471 
Service and other  130,295   94,445   535,961   209,103 
Rental  7,363   7,553   29,580   33,630 
Total revenues  1,115,889   942,276   4,397,832   3,255,204 
Operating expenses:        
Cost of revenue:        
Product  663,600   545,068   2,485,934   1,892,741 
Service and other  10,067   6,430   36,340   16,506 
Rental  2,831   2,683   11,070   11,552 
Total cost of revenue  676,498   554,181   2,533,344   1,920,799 
Selling, general, and administrative expenses  399,648   327,638   1,573,281   1,108,054 
Goodwill impairment  -   -   70,000   - 
Total operating expenses  1,076,146   881,819   4,176,625   3,028,853 
Income from operations  39,743   60,457   221,207   226,351 
Other (income) expense:        
Bargain purchase gain  -   132,559   3,514   132,559 
Gain on sale-leaseback transactions, net  547   -   59,772   - 
Other, net  (1,528)  (17,552)  (21,929)  (67,368)
Interest expense, net  (97,580)  (41,620)  (339,982)  (133,114)
Income (loss) from continuing operations before income taxes  (58,818)  133,844   (77,418)  158,428 
Income tax expense (benefit)  (58,108)  (17,938)  (8,845)  (33,538)
Income (loss) from continuing operations  (710)  151,782   (68,573)  191,966 
Income (loss) from discontinued operations, net of tax  -   (4,613)  -   171,822 
Net income (loss) attributable to Franchise Group, Inc. $(710) $147,169  $(68,573) $363,788 
         
Amounts attributable to Franchise Group, Inc.:        
Net income (loss) from continuing operations $(710) $151,782  $(68,573) $191,966 
Net income (loss) from discontinued operations:  -   (4,613)  -   171,822 
Net income (loss) attributable to Franchise Group, Inc. $(710) $147,169  $(68,573) $363,788 
         
Income (loss) per share from continuing operations        
Basic $(0.08) $3.71  $(1.96) $4.56 
Diluted  (0.08)  3.64   (1.96)  4.48 
         
Net income (loss) per share:        
Basic $(0.08) $3.60  $(1.96) $8.83 
Diluted  (0.08)  3.53   (1.96)  8.67 
         
Weighted-average shares outstanding:        
Basic  37,147,507   40,284,349   39,309,855   40,199,681 
Diluted  37,147,507   41,081,519   39,309,855   40,964,182 
                 



FRANCHISE GROUP, INC. AND SUBSIDIARIES
Consolidated Statements of Cash Flows
     
     
  Twelve Months Ended
(In thousands) December 31, 2022 December 25, 2021
  (Audited) (Audited)
Operating Activities    
Net income (loss) $(68,573) $363,788 
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:    
Provision for doubtful accounts for accounts receivable  136,978   8,878 
Goodwill impairment  70,000   - 
Depreciation, amortization, and impairment charges  85,363   72,765 
Amortization of deferred financing costs  17,327   48,552 
Amortization of secured debt discount  103,207   4,413 
Stock-based compensation expense  15,082   13,696 
Gain on sale-leaseback, bargain purchases, and sales of Company-owned stores, net  (66,078)  (137,747)
Prepayment penalty for early debt extinguishment  -   36,726 
Gain on divestiture of Liberty Tax  -   (188,092)
Change in fair value of investment  23,662   31,773 
Deferred income taxes  (74,208)  709 
Other, net  577   1,749 
Change in    
Accounts, notes, and interest receivable  (58,814)  (10,396)
Securitized accounts receivable  (50,359)  (8,147)
Income taxes receivable  4,117   (20,191)
Other assets  (3,804)  12,939 
Interest payable for secured debt  (70,667)  3,089 
Accounts payable and accured expenses  (29,177)  (12,215)
Inventory  (64,663)  (121,393)
Deferred revenue  (7,396)  5,073 
Net cash provided (used in) operating activities  (37,426)  105,969 
Investing Activities    
Purchases of property, plant, and equipment  (53,984)  (48,045)
Proceeds from sale of property, plant, and equipment  273,605   12,872 
Acquisition of business, net of cash and restricted cash acquired  (3,843)  (1,063,811)
Divestituture of business, net of cash and restricted cash sold  -   179,471 
Issuance of operating loans to franchisees  -   (17,749)
Payments received on operating loans to franchisees  -   23,103 
Net cash provided by (used in) investing activities  215,778   (914,159)
Financing Activities    
Dividends paid  (111,728)  (67,234)
Issuance of long-term debt and other obligations  439,000   1,901,724 
Repayment of long-term debt and other obligations  (541,406)  (1,261,455)
Proceeds from secured debt obligations  382,133   400,000 
Repayment of secured debt obligations  (374,706)  - 
Issuance of common stock  -   - 
Issuance of preferred stock  -   79,542 
Payments for repurchase of common stock  (172,455)  - 
Principal payments of finance lease obligations  (2,673)  - 
Payment for debt issue costs and prepayment penalty on extinguishment  (1,339)  (102,652)
Cash paid for taxes on exercises/vesting of stock-based compensation  (7,010)  (191)
Net cash provided by (used in) financing activities  (390,184)  949,734 
Effect of exchange rate changes on cash, net  -   36 
Net increase in cash and cash equivalents and restricted cash  (211,832)  141,580 
Cash, cash equivalents and restricted cash at beginning of year  293,082   151,502 
Cash, cash equivalents and restricted cash at end of year $81,250  $293,082 
     
Supplemental Cash Flow Disclosure    
Cash paid for taxes, net of refunds $65,796  $42,154 
Cash paid for interest  81,158   91,623 
Cash paid for interest on secured debt  91,994   - 
Accrued capital expenditures  3,401   3,445 
Non-cash proceeds from divestiture of Liberty Tax  -   74,073 
Deferred financing costs from issuance of common stock  -   - 
Capital expenditures funded by finance lease liabilities  7,333   756 
Tax receivable agreement included in other long-term liabilities  -   504 
     

Non-GAAP Financial Measures and Key Metrics

Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are financial measures that are not prepared in accordance with GAAP. Management believes the presentation of these measures is useful to investors as supplemental measures in evaluating the aggregate performance of the Company’s operating businesses and in comparing its results from period to period because they exclude items that the Company does not believe are reflective of its core or ongoing operating results. These measures are used by management to evaluate the Company’s performance and make resource allocation decisions each period. These metrics are also used in the determination of executive management's compensation. Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should not be considered in isolation or as a substitute for net income or other income statement information prepared in accordance with GAAP and our presentation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies.

Management defines and calculates Adjusted EBITDA as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization adjusted for certain non-core or non-operational items related to executive severance and related costs, stock-based compensation, shareholder litigation costs, corporate governance costs, accrued judgments and settlements, net of estimated revenue, store closures, rebranding costs, acquisition costs, inventory fair value step up amortization and prepayment penalty on early debt repayment. Adjusted EBITDA is a financial measure that is not prepared in accordance with GAAP.

Management defines and calculates Non-GAAP Net Income and Non-GAAP EPS as net income (loss) and net income (loss) per diluted share from continuing operations adjusted for non-core or non-operational items related to executive severance and related costs, stock-based compensation, non-cash executive compensation expense, shareholder litigation costs, prepayment penalties on early debt repayment, non-cash amortization of debt issuance costs, store closures, the Badcock segment’s in-house financing operations, rebranding costs, acquisition costs, inventory fair value step up amortization, and amortization of acquired intangible assets. Although amortization of acquired intangible assets is excluded from these non-GAAP measures, it is important for investors to understand that such intangible assets support revenue generation. Management excludes amortization of intangible assets because these are non-cash amounts for which the amount and frequency are significantly impacted by the timing and size of our acquisitions, which vary from period to periods and across companies. The tax effect on the related non-GAAP adjustments was calculated based on an estimated annual non-GAAP effective tax rate of 25.8%.

Reconciliation of Adjusted EBITDA
Below are reconciliations of Net Income/(Loss) from continuing operations to Adjusted EBITDA for the three and twelve months ended December 31, 2022.

December 31, 2022                
                 
  For the Three Months Ended December 31, 2022
($ In thousands) Buddy's Pet Supplies Plus American Freight Vitamin Shoppe
 Sylvan Badcock Corporate Total
Net income (loss) from continuing operations $1,393 $14,126 $(21,724) $4,030 $525  $(38,599) $39,539  $(710)
Add back:                
Interest expense  1,221  7,054  11,388   9,523  1,073   66,413   907   97,579 
Income tax expense (benefit)  484  4,907  (7,527)  1,400  250   (10,742)  (46,879)  (58,107)
Depreciation and amortization charges  769  5,801  2,964   7,748  1,902   1,293   -   20,477 
Total Adjustments  2,474  17,762  6,825   18,671  3,225   56,964   (45,972)  59,949 
EBITDA  3,867  31,888  (14,899)  22,701  3,750   18,365   (6,433)  59,239 
Adjustments to EBITDA                
Executive severance and related costs  -  220  797   -  -   19   -   1,036 
Litigation costs and settlements  -  -  5   215  380   -   -   600 
Stock-based and long term executive compensation  -  2,049  (1,016)  -  (61)  -   935   1,907 
Corporate compliance costs  -  -  -   -  -   -   28   28 
Store closures  -  66  37   -  -   -   -   103 
Securitized accounts receivable interest income  -  -  -   -  -   (39,109)  -   (39,109)
Securitized accounts receivable bad debt reserve  -  -  -   -  -   42,447   -   42,447 
W.S. Badcock financing operations  -  -  -   -  -   (3,255)  -   (3,255)
Prepayment penalty on early debt repayment  -  -  -   -  -   -   -   - 
Right-of-use asset and long-term asset impairment  -  1,598  277   604  -   205   -   2,684 
Goodwill impairment  -  -  -   -  -   -   -   - 
Integration costs  -  345  67   -  -   (3,458)  -   (3,046)
Divestiture costs  -  -  -   -  -   1,065   -   1,065 
Acquisition costs  -  29  -   -  -   -   -   29 
Loss on investment in equity securities  -  -  -   -  -   -   1,525   1,525 
Acquisition bargain purchase gain  -  -  -   -  -   -   -   - 
Gain on sale-leaseback and owned properties, net  -  -  -   -  -   -   -   - 
Total Adjustments to EBITDA  -  4,307  167   819  319   (2,086)  2,488   6,014 
Adjusted EBITDA $ 3,867 $ 36,195 $ (14,732) $ 23,520 $ 4,069  $ 16,279  $ (3,945) $ 65,253 
                 



December 31, 2022                
                 
  For the Twelve Months Ended December 31, 2022
($ In thousands) Buddy's Pet Supplies Plus American Freight Vitamin Shoppe
 Sylvan Badcock Corporate Total
Net income (loss) from continuing operations $6,439 $43,806 $(103,426) $57,060  $1,127 $(38,064) $(35,515) $(68,573)
Add back:                
Interest expense  3,844  22,206  35,494   29,909   3,391  243,046   2,092   339,982 
Income tax expense (benefit)  2,237  15,216  (11,592)  19,820   792  (12,592)  (22,726)  (8,845)
Depreciation and amortization charges  3,040  23,280  10,798   28,836   7,974  8,014   -   81,942 
Total Adjustments  9,121  60,702  34,700   78,565   12,157  238,468   (20,634)  413,079 
EBITDA  15,560  104,508  (68,726)  135,625   13,284  200,404   (56,149)  344,506 
Adjustments to EBITDA                
Executive severance and related costs  -  409  797   -   -  684   -   1,890 
Litigation costs and settlements  55  -  868   962   380  -   (1,739)  526 
Stock-based and long term executive compensation  209  6,936  (816)  -   219  -   14,874   21,422 
Corporate compliance costs  -  -  -   -   -  -   608   608 
Store closures  -  402  366   -   -  -   575   1,342 
Securitized accounts receivable interest income  -  -  -   -   -  (192,920)  -   (192,920)
Securitized accounts receivable bad debt reserve  -  -  -   -   -  144,402   -   144,402 
W.S. Badcock financing operations  -  -  -   -   -  (7,841)  -   (7,841)
Prepayment penalty on early debt repayment  -  -  -   -   -  -   -   - 
Right-of-use asset and long-term asset impairment -  1,598  1,014   604   -  205   -   3,422 
Goodwill impairment  -  -  70,000   -   -  -   -   70,000 
Integration costs  -  675  194   -   18  (3,161)  -   (2,274)
Divestiture costs  -  -  -   -   -  4,079   -   4,079 
Acquisition costs  -  177  14   -   -  782   5,294   6,267 
Loss on investment in equity securities  -  -  -   -   -  -   23,671   23,671 
Acquisition bargain purchase gain  -  -  -   -   -  (3,514)  -   (3,514)
Gain on sale-leaseback and owned properties, net  -  -  -   (2,273)  -  (59,275)  -   (61,548)
Total Adjustments to EBITDA  264  10,197  72,437   (707)  617  (116,559)  43,283   9,532 
Adjusted EBITDA $ 15,824 $ 114,705 $ 3,711  $ 134,918  $ 13,901 $ 83,845  $ (12,866) $ 354,038 
                 

Reconciliation of Non-GAAP Net Income and EPS
Below are reconciliations of Net Income/(Loss) from continuing operations to Non-GAAP Net Income and Net Income/(Loss) from continuing operations per diluted share to Non-GAAP EPS for the three and twelve months ended December 31, 2022.

  For the Three Months Ended  For the Twelve Months Ended
($ In thousands except share count and per share data) December 31, 2022 December 31, 2022
         
Net income (loss) from continuing operations / Net income (loss) from continuing operations per diluted share $(710)  (0.02) $(68,573) $(1.74)
Less: Preferred dividend declared  (2,129)  (0.06)  (8,514)  (0.22)
Adjusted Net Income available to Common Stockholder  (2,839)  (0.08)  (77,087)  (1.96)
Add back:        
Executive severance and related costs  1,036   0.03   1,890   0.05 
Litigation costs and settlements  600   0.02   526   0.01 
Stock-based and long term executive compensation  1,907   0.05   21,422   0.55 
Corporate compliance costs  28   -   608   0.02 
Store closures  103   -   1,342   0.03 
Securitized accounts receivable interest income  (39,109)  (1.05)  (192,920)  (4.91)
Securitized accounts receivable bad debt reserve  42,447   1.14   144,402   3.68 
W.S. Badcock financing operations  (3,255)  (0.09)  (7,841)  (0.20)
Prepayment penalty on early debt repayment  -   -   -   - 
Right-of-use asset and long-term asset impairment  2,684   0.07   3,422   0.09 
Goodwill impairment  -   -   70,000   1.78 
Integration costs  (3,046)  (0.08)  (2,274)  (0.06)
Divestiture costs  1,065   0.03   4,079   0.10 
Acquisition costs  29   -   6,267   0.16 
Loss on investment in equity securities  1,525   0.04   23,671   0.60 
Acquisition bargain purchase gain  -   -   (3,514)  (0.09)
Gain on sale-leaseback and owned properties, net  -   -   (61,548)  (1.57)
Adjustments to EBITDA  6,014   0.16   9,532   0.24 
Non-cash amortization of debt issuance costs  2,258   0.06   17,327   0.44 
Amortization of acquisition-related intangibles  4,137   0.11   16,898   0.43 
Securitized receivables interest expense  64,405   1.74   227,962   5.80 
Tax impact  (56,522)  (1.52)  (52,003)  (1.32)
Impact of diluted share count assuming non-GAAP net income  -   -   -   - 
Total Adjustments to Net income (loss) from continuing operations 20,293   0.55   219,716   5.59 
Non-GAAP Net Income from continuing operations / Non-GAAP diluted EPS from continuing operations $ 17,454  $ 0.47  $ 142,629  $ 3.63 
Basic weighted average shares    37,147,507     39,309,855 
Non-GAAP diluted weighted average shares outstanding    37,147,507     39,309,855 
         

Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Such statements may include statements regarding the Company’s results of operation and financial condition, the Company’s stock repurchase program, including whether the Company will continue purchasing stock thereunder and the timing and amount thereof and its expectations and outlook for fiscal 2023. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as “expect,” “believe,” “estimate,” “plan,” “project,” “anticipate,” “intend,” “will,” “may,” “view,” “opportunity,” “potential,” or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. Although the Company believes that its expectations with respect to forward-looking statements are based upon reasonable assumptions within the bounds of its existing knowledge of its business and operations, there can be no assurance that actual results, performance, or achievements of the Company will not differ materially from any projected future results, performance or achievements expressed or implied by such forward-looking statements. Actual future results, performance or achievements may differ materially from historical results or those anticipated depending on a variety of factors, many of which are beyond the control of the Company.  The Company refers you to the “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” sections of the Company’s Form 10-K for the fiscal year ended December 31, 2022, and comparable sections of the Company’s Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SEC’s website at www.sec.gov. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Readers are cautioned not to rely on the forward-looking statements contained in this press release. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise.

Investor Relations Contact:
Andrew F. Kaminsky
EVP & Chief Administrative Officer
Franchise Group, Inc.
akaminsky@franchisegrp.com
(914) 939-5161

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