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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($)
shares in Thousands, $ in Thousands
3 Months Ended 9 Months Ended
Mar. 31, 2024
Mar. 31, 2023
Mar. 31, 2024
Mar. 31, 2023
Revenues:        
Franchise $ 23,780 $ 26,629 $ 72,534 $ 85,845
Total revenue 49,181 55,773 153,606 177,611
Operating expenses:        
Inventory reserve 0 0 0 1,228
General and administrative 11,247 13,099 33,748 39,207
Rent 23,800 26,600 72,500 85,800
Advertising fund expense 5,773 7,787 19,807 24,003
Depreciation and amortization 1,009 1,008 2,056 6,052
Long-lived asset impairment 0 36 170 36
Total operating expenses 45,097 53,769 137,309 172,407
Operating income 4,084 2,004 16,297 5,204
Other (expense) income:        
Interest expense (6,153) (4,787) (18,529) (13,123)
Other, net (298) 381 (199) 1,166
Loss from operations before income taxes (2,367) (2,402) (2,431) (6,753)
Income tax (expense) benefit (54) 241 201 213
Loss from continuing operations (2,421) (2,161) (2,230) (6,540)
Income from discontinued operations (Note 3) 89 518 2,089 3,958
Net loss $ (2,332) $ (1,643) $ (141) $ (2,582)
Basic and diluted:        
Income (loss) from continuing operations (in dollars per share) $ (1.03) $ (0.93) $ (0.95) $ (2.83)
Income from discontinued operations, basic (in dollars per share) 0.04 0.22 0.89 1.71
Net income per share, basic (in dollars per share) [1] (1.00) (0.71) (0.06) (1.12)
Income (loss) from continuing operations, diluted (in dollars per share) (1.03) (0.93) (0.95) (2.83)
Income from discontinued operations, diluted (in dollars per share) 0.04 0.22 0.89 1.71
Net income per share, diluted (in dollars per share) $ (1.00) [1] $ (0.71) $ (0.06) $ (1.12)
Weighted average common and common equivalent shares outstanding:        
Basic (in shares) 2,342 2,315 2,338 2,308
Diluted (in shares) 2,342 2,315 2,338 2,308
Non-Franchise Lease        
Operating expenses:        
Rent $ 1,766 $ 2,077 $ 4,257 $ 5,920
Franchisor        
Operating expenses:        
Rent 23,780 26,629 72,534 85,845
Royalties        
Revenues:        
Revenues 15,687 16,036 48,035 49,374
Fees        
Revenues:        
Revenues 2,617 2,510 7,740 8,301
Product sales to franchisees        
Revenues:        
Revenues 0 644 451 2,194
Operating expenses:        
Cost of product sales to franchisees 19 1,045 436 2,825
Advertising fund contributions        
Revenues:        
Revenues 5,773 7,787 19,807 24,003
Company-owned salon revenue        
Revenues:        
Revenues 1,324 2,167 5,039 7,894
Operating expenses:        
Company-owned salon expense [2] $ 1,503 $ 2,088 $ 4,301 $ 7,291
[1] Total is a recalculation; line items calculated individually may not sum to total due to rounding.
[2] Includes cost of service and product sold to guests in our Company-owned salons. Excludes general and administrative expense, rent and depreciation and amortization related to Company-owned salons