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Regis Corp (RGS) SEC Filing 10-K Annual report for the fiscal year ending Tuesday, June 30, 2020

Regis Corp

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CIK: 716643 Ticker: RGS


Exhibit No. 99
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REGIS® REPORTS FOURTH QUARTER AND FULL YEAR 2020 OPERATING RESULTS MATERIALLY IMPACTED BY THE COVID-19 PANDEMIC, SUCCESSFULLY AMENDS CREDIT FACILITY AND ANNOUNCES SIGNIFICANT PROGRESS IN ITS TRANSITION TO FRANCHISE MODEL
In May, The Company Successfully Amended Its Revolving Credit Facility Establishing Covenant-Light Terms Expected To Provide The Long-Term Flexibility Needed To Complete Transformational Strategy And Navigate Uncertainties Caused By The Pandemic
At The End Of Fiscal Year 2020, Approximately 76% Of The Company Salon Portfolio Has Been Franchised Versus 56% At The End Of Fiscal Year 2019
Successfully Sold And Converted An Additional 112 Company-Owned Salons To Its Asset-Light Franchise Portfolio During The Quarter; Year-To-Date, The Company Has Sold And Converted 1,475 Company-Owned Salons To Its Franchise Portfolio
The Company Expects To Complete Its Transition To A Fully-Franchised Model No Later Than The End Of Fiscal Year 2021
Company Anticipates That Approximately 800 - 1,000 Salons Remaining Company-Owned Salons Will Be Transitioned To Its Franchise Model And Approximately 600 - 800 Company-Owned Salons Will Be Closed On Or Before Their Lease End Date
Fourth Quarter Operating Loss Of $68.6 Million Includes An Estimated Loss Of Revenue Of $105 Million Primarily Related To COVID-19 And A Non-Cash Long-Lived Asset Impairment Charge Of $22.6 Million
In August, The Company Announced The Launch Of Its Proprietary Cloud-Based Salon Management And Point Of Commerce Solution, OpenSalon Pro

Three Months Ended June 30,Twelve Months Ended June 30,
(Dollars in thousands)2020201920202019
Consolidated Revenue$60,143 $248,190 $669,729 $1,069,039 
System-wide Revenue (1)$119,417 $461,088 $1,367,567 $1,821,645 
System-wide Same-Store Sales Comps (2)(20.2)%— %(4.4)%(0.1)%
Franchise Same-Store Sales Comps (2)(20.4)%0.1 %(4.4)%0.3 %
Company-owned Same-Store Sales Comps(18.9)%(0.1)%(4.4)%(0.4)%
Operating Loss$(68,567)$(1,835)$(145,338)$(22,119)
Loss From Continuing Operations$(73,654)$(5,265)$(172,194)$(20,122)
Diluted Loss per Share From Continuing Operations$(2.05)$(0.14)$(4.79)$(0.48)
EBITDA (3)$(37,478)$950 $(108,947)$26,272 
   as a percent of revenue(62.3)%0.4 %(16.3)%2.5 %
As Adjusted (3)
Net (Loss) Income, as Adjusted$(36,211)$24,614 $(21,714)$59,375 
Diluted (Loss) Income per Share, as Adjusted$(1.01)$0.62 $(0.60)$1.38 
EBITDA, as Adjusted (3)$(33,845)$39,390 $19,512 $122,295 
   as a percent of revenue(56.3)%15.9 %2.9 %11.4 %
_______________________________________________________________________________
(1)Represents total sales within the system, excluding TBG franchise sales.
(2)System-wide and franchise same-store sales (SSS) excludes TBG in both periods. SSS only include days a salon is open. Days salons were closed due to government-mandates are excluded from SSS.
(3)See GAAP to non-GAAP reconciliations, within the attached section titled "Non-GAAP Reconciliations."

The following information was filed by Regis Corp (RGS) on Monday, August 31, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Inside Regis Corp's 10-K Annual Report:

Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Cover Page
Consolidated Balance Sheet
Consolidated Balance Sheet (Parenthetical)
Consolidated Statement Of Cash Flows
Consolidated Statement Of Comprehensive (Loss) Income
Consolidated Statement Of Operations
Consolidated Statement Of Shareholders' Equity
Benefit Plans
Benefit Plans (Tables)
Benefit Plans - Deferred Compensation Contracts (Details)
Benefit Plans - Nonqualified Deferred Salary Plan (Details)
Benefit Plans - Regis Retirement Savings Plan (Details)
Benefit Plans - Schedule Of Projected Benefit Obligation (Details)
Benefit Plans - Stock Purchase Plan (Details)
Business Description And Summary Of Significant Accounting Policies
Business Description And Summary Of Significant Accounting Policies (Policies)
Business Description And Summary Of Significant Accounting Policies (Tables)
Business Description And Summary Of Significant Accounting Policies - Advertising, Income Taxes, Foreign Currency Translation, Discontinued Operations (Details)
Business Description And Summary Of Significant Accounting Policies - Business Description (Details)
Business Description And Summary Of Significant Accounting Policies - Cash, Cash Equivalents And Restricted Cash (Details)
Business Description And Summary Of Significant Accounting Policies - Covid-19 Impact (Details)
Business Description And Summary Of Significant Accounting Policies - Goodwill (Details)
Business Description And Summary Of Significant Accounting Policies - Non-Current Assets Held For Sale (Details)
Business Description And Summary Of Significant Accounting Policies - Property And Equipment (Details)
Business Description And Summary Of Significant Accounting Policies - Receivables And Allowance For Doubtful Accounts (Details)
Business Description And Summary Of Significant Accounting Policies - Recent Accounting Standards (Details)
Business Description And Summary Of Significant Accounting Policies - Right Of Use Asset, Lease Liabilities And Rent Expense (Details)
Business Description And Summary Of Significant Accounting Policies - Salon Long-Lived Asset And Right Of Use Asset Impairment Assessments (Details)
Business Description And Summary Of Significant Accounting Policies - Self-Insurance Accruals, Right Of Use Asset, Lease Liabilities And Rent Expense, Shipping And Handling Costs (Details)
Business Description And Summary Of Significant Accounting Policies - Variable Interest Entities (Details)
Commitments And Contingencies
Commitments And Contingencies - Additional Information (Details)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - Additional Information (Details)
Fair Value Measurements - Schedule Of Impairments (Details)
Financing Arrangements
Financing Arrangements (Tables)
Financing Arrangements - Revolving Credit Facility (Details)
Financing Arrangements - Sale And Leaseback Transactions (Details)
Financing Arrangements - Sale And Leaseback Transactions-Future Lease Payments (Details)
Financing Arrangements - Schedule Of Long-Term Debt (Details)
Financing Arrangements - Schedule Of Sale And Leaseback Transactions (Details)
Financing Arrangements - Senior Term Notes (Details)
Goodwill
Goodwill (Tables)
Goodwill - Additional Schedule Of Goodwill (Details)
Goodwill - Schedule Of Goodwill (Details)
Income Taxes
Income Taxes (Tables)
Income Taxes - (Benefit) Provision For Income Taxes (Details)
Income Taxes - Additional Information (Details)
Income Taxes - Components Of Income (Loss) Before Income Taxes (Details)
Income Taxes - Components Of Net Deferred Tax Assets And Liabilities (Details)
Income Taxes - Effective Income Tax Rate Reconciliation (Details)
Income Taxes - Rollforward Of Unrecognized Tax Benefits (Details)
Leases
Leases (Tables)
Leases - Future Operating Commitments To Be Paid And Received (Details)
Leases - Narrative (Details)
Leases - Rent Expense (Details)
Other Financial Statement Data
Other Financial Statement Data (Tables)
Other Financial Statement Data - Additional Information (Details)
Other Financial Statement Data - Schedule Of Additional Information Concerning Other Intangibles, Net (Details)
Other Financial Statement Data - Schedule Of Additional Information Concerning Selected Balance Sheet Accounts (Details)
Other Financial Statement Data - Schedule Of Intangible Asset Amortization Expenses (Details)
Other Financial Statement Data - Supplementary Cash Flow Activity (Details)
Quarterly Financial Data (Unaudited)
Quarterly Financial Data (Unaudited) (Tables)
Quarterly Financial Data (Unaudited) - Revision Of Financial Statements (Details)
Quarterly Financial Data (Unaudited) - Summarized Quarterly Data (Details)
Revenue Recognition
Revenue Recognition (Tables)
Revenue Recognition - Additional Information (Details)
Revenue Recognition - Allowance For Doubtful Accounts (Details)
Revenue Recognition - Broker Fee Balance (Details)
Revenue Recognition - Disaggregation Of Revenue By Timing (Details)
Revenue Recognition - Future Estimated Expected Revenue (Details)
Revenue Recognition - Receivables, Broker Fees And Deferred Revenue (Details)
Segment Information
Segment Information (Tables)
Segment Information - Additional Information (Details)
Segment Information - Financial Information By Reportable Operating Segment (Details)
Segment Information - Schedule Of Revenues And Property And Equipment (Details)
Shareholders' Equity
Shareholders' Equity (Tables)
Shareholders' Equity - Additional Information (Details)
Shareholders' Equity - Components Of Accumulated Other Comprehensive Income (Details)
Stock-Based Compensation
Stock-Based Compensation (Tables)
Stock-Based Compensation - Activity Of Rsus And Psus (Details)
Stock-Based Compensation - Additional Information (Details)
Stock-Based Compensation - Schedule Of Assumptions, Estimated Fair Value Of Sars, Rsus And Psus (Details)
Stock-Based Compensation - Schedule Of Stock-Based Compensation Expense (Details)
Stock-Based Compensation - Schedule Of Weighted Average Fair Values (Details)
Stock-Based Compensation - Stock Appreciation Rights??&Amp; Stock Options (Details)
Tbg Discontinued Operations And Restructuring
Tbg Discontinued Operations And Restructuring (Tables)
Tbg Discontinued Operations And Restructuring - Additional Information (Details)
Tbg Discontinued Operations And Restructuring - Schedule Of Discontinued Operations (Details)
Tbg Discontinued Operations And Restructuring - Smartstyle Restructuring (Details)
Ticker: RGS
CIK: 716643
Form Type: 10-K Annual Report
Accession Number: 0000716643-20-000042
Submitted to the SEC: Mon Aug 31 2020 6:15:47 AM EST
Accepted by the SEC: Mon Aug 31 2020
Period: Tuesday, June 30, 2020
Industry: Personal Services

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