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CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)
shares in Thousands, $ in Thousands
12 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2022
Revenues:      
Franchise rental income (Note 6) $ 95,258 $ 111,441 $ 130,777
Total revenue 202,982 233,326 275,967
Operating expenses:      
Inventory reserve 0 1,228 7,655
General and administrative 45,387 50,751 65,274
Rent expense 95,300 111,400 130,800
Advertising fund expense 25,663 31,747 32,573
Depreciation and amortization 3,945 7,716 6,224
Long-lived asset impairment (Note 1) 798 101 542
Goodwill impairment (Note 5) 0 0 13,120
Total operating expenses 182,092 224,547 304,865
Operating income (loss) 20,890 8,779 (28,898)
Other (expense) income:      
Interest expense (25,393) (22,141) (12,914)
Loss from sale of salon assets to franchisees, net 0 0 (2,334)
Gain on extinguishment of long-term debt, net 94,611 0 0
Other, net (172) 1,364 (296)
Income (loss) from operations before income taxes 89,936 (11,998) (44,442)
Income tax (expense) benefit (869) 655 (2,017)
Income (loss) from continuing operations 89,067 (11,343) (46,459)
Income (loss) from discontinued operations (Note 3) 1,993 3,958 (39,398)
Net income (loss) $ 91,060 $ (7,385) $ (85,857)
Basic:      
Income (loss) from continuing operations, basic (in dollars per share) $ 38.08 $ (4.88) $ (21.32)
Income (loss) from discontinued operations, basic (in dollars per share) 0.85 1.70 (18.08)
Net income (loss) per share, basic (in dollars per share) [1] 38.93 (3.18) (39.40)
Diluted:      
Income (loss) from continuing operations, diluted (in dollars per share) 37.50 (4.88) (21.32)
Income (loss) from discontinued operations, diluted (in dollars per share) 0.84 1.70 (18.08)
Net income (loss) per share, diluted (in dollars per share) [1] $ 38.34 $ (3.18) $ (39.40)
Weighted average common and common equivalent shares outstanding:      
Basic (in shares) 2,339 2,323 2,179
Diluted (in shares) 2,375 2,323 2,179
Non Franchise Lease      
Operating expenses:      
Rent expense $ 5,525 $ 9,196 $ 9,357
Franchisor      
Operating expenses:      
Rent expense 95,258 111,441 130,777
Royalties      
Revenues:      
Revenues 64,098 65,981 65,753
Fees      
Revenues:      
Revenues 10,189 11,266 11,587
Franchisees products      
Revenues:      
Revenues 451 2,802 15,072
Operating expenses:      
Cost of product sales to franchisees 436 3,540 17,391
Advertising fund contributions      
Revenues:      
Revenues 25,663 31,747 32,573
Company-owned salon revenue      
Revenues:      
Revenues 7,323 10,089 20,205
Operating expenses:      
Company-owned salon expense [2] $ 5,080 $ 8,827 $ 21,952
[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.