Today, European Wax Center, Inc. (NASDAQ: EWCZ), the largest and
fastest-growing franchisor and operator of out-of-home waxing
services in the United States, reports financial results for the 13
weeks ended April 1, 2023.
David Berg, Chief Executive Officer of European Wax Center, Inc.
stated: “We are pleased with our solid performance in the first
quarter, as we continued to deliver on our two key growth vectors –
unit growth and in-center sales growth. We opened 34 net new
centers during the quarter, which represents not only 12% growth
year-over-year but also the highest single-quarter new center
openings since our founding in 2004. This record growth underscores
the strong demand from our well-capitalized franchisee base. We
also delivered 5.5% system-wide sales growth, and we are focused on
further strengthening guest engagement and valuable Wax Pass
adoption through our “Attract More, Buy More, and Visit More”
strategy. These efforts continue to generate recurring and
predictable visits, giving us confidence in the health of our
business model over the long term.”
Mr. Berg continued, “We are reiterating our fiscal 2023 outlook,
anchored by the resilience and consistency of our Wax Pass holders
and routine guests, coupled with balanced initiatives in place to
bolster trends in the current dynamic environment. Our efforts are
designed to generate long-term revenue growth, enabling margin
expansion and significant free cash flow over time – all of which
we believe will translate into substantial value creation for our
franchisees and our shareholders.”
Results for the First Quarter of Fiscal 2023 versus
Fiscal 2022
- The Company opened 34 net new centers
and ended the quarter with 978 centers, representing a 11.9%
increase versus 874 centers at the end of 2022.
- System-wide sales of $218.4 million
grew 5.5% from $207.0 million in the prior year period, primarily
driven by increased spend by guests at existing centers and net new
centers opened over the past twelve months.
- Total revenue of $49.9 million
increased 9.8% from $45.4 million in the prior year period.
- Same-store sales increased 4.5%.
- Selling, general and administrative
expenses (“SG&A”) of $17.3 million increased 11.6% from $15.5
million in the prior year period. SG&A as a percent of total
revenue increased 50 basis points to 34.6% from 34.1%, primarily
due to increased share-based compensation expense partially offset
by a reduction in professional fees and expense leverage driven by
sales growth year-over-year.
- Interest expense of $6.9 million
increased from $1.5 million in the prior year period due to higher
average principal balances and interest rates following the
Company’s refinancing in April 2022.
- Net loss of $1.1 million decreased from
net income of $4.0 million in the prior year period and Adjusted
net income of $3.4 million decreased from $8.6 million in the prior
year period. We recognized a $0.5 million income tax benefit in the
first quarter of fiscal 2023 compared to negligible income tax
expense in the prior year period.
- Adjusted EBITDA of $16.3 million
increased 7.5% from $15.2 million in the prior year period.
Balance Sheet and Cash FlowThe Company ended
the quarter with $45.9 million in cash and cash equivalents, $6.6
million in restricted cash, $397.0 million in borrowings
outstanding under its senior secured notes and no outstanding
borrowings under its revolving credit facility. Net cash provided
by operating activities totaled $4.2 million during the
quarter.
Fiscal 2023 Outlook(1)The
Company reiterates its previous outlook for fiscal year 2023 as
follows:
|
Fiscal 2023 Outlook |
|
New
Center Openings, Net |
95 to 100 |
|
System-Wide Sales |
$965 million to $990 million |
|
Total
Revenue |
$222 million to $229 million |
|
Same-Store Sales |
Mid-Single Digits |
|
Adjusted
Net Income(2) |
$22 million to $24.5 million |
|
Adjusted
EBITDA |
$77 million to $80 million |
|
_________________________(1) Fiscal 2022 and Fiscal 2023 each
include a 53rd week in the fourth quarter. The Company estimates
the 53rd week contribution to the top and bottom line is worth
approximately one half of an average fourth quarter week. The
Company's current outlook assumes no meaningful change in consumer
behavior driven by inflationary pressures or the COVID-19 pandemic
and no further impacts from incremental tightening in the labor
market beyond what we see today.(2) Adjusted net income outlook
assumes a 20% effective tax rate for Fiscal 2023.
See “Disclosure Regarding Non-GAAP Financial Measures” and the
reconciliation tables that accompany this release for a discussion
and reconciliation of certain non-GAAP financial measures included
in this release.
Webcast and Conference Call InformationEuropean
Wax Center, Inc. will host a conference call to discuss first
quarter fiscal 2023 results today, May 10, 2023, at 8:00 a.m.
ET/7:00 a.m. CT. To access the conference call dial-in information,
analysts should click here to register online at least 15 minutes
before the start of the call. All other participants are asked to
access the earnings webcast via https://investors.waxcenter.com. A
replay of the webcast will be available two hours after the call
and archived on the same web page for one year.
About European Wax Center, Inc.European Wax
Center, Inc. (NASDAQ: EWCZ) is the largest and fastest-growing
franchisor and operator of out-of-home waxing services in the
United States. European Wax Center locations perform more than 22
million services per year, providing guests with an unparalleled,
professional personal care experience administered by highly
trained wax specialists within the privacy of clean, individual
waxing suites. The Company continues to revolutionize the waxing
industry with its innovative Comfort Wax® formulated with the
highest quality ingredients to make waxing a more efficient and
relatively painless experience, along with its collection of
proprietary products to help enhance and extend waxing results. By
leading with its values – We Care About Each Other, We Do the Right
Thing, We Delight Our Guests, and We Have Fun While Being Awesome –
the Company is proud to be Certified™ by Great Place to Work®.
European Wax Center, Inc. was founded in 2004 and is headquartered
in Plano, Texas. In 2022 its network of 944 centers in 45 states
generated sales of nearly $900 million. For more information,
including how to receive your first wax free, please visit:
https://waxcenter.com.
Forward-Looking StatementsThis press release
includes “forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. Forward-looking
statements in this press release include but are not limited to
European Wax Center, Inc.’s strategy, outlook and growth prospects,
its operational and financial outlook for fiscal 2023 and its
long-term targets and algorithm, including but not limited to
statements under the heading “Fiscal 2023 Outlook” and statements
by European Wax Center’s executive. Words including “anticipate,”
“believe,” “continue,” “could,” “estimate,” “expect,” “intend,”
“may,” “might,” “plan,” “potential,” “predict,” “project,” “seek,”
“should,” “will,” or “would,” or, in each case, the negative
thereof or other variations thereon or comparable terminology are
intended to identify forward-looking statements. In addition, any
statements or information that refer to expectations, beliefs,
plans, projections, objectives, performance or other
characterizations of future events or circumstances, including any
underlying assumptions, are forward-looking.
These forward-looking statements are based on management's
current expectations and beliefs. These statements are neither
promises nor guarantees, but involve known and unknown risks,
uncertainties and other important factors that may cause the
Company’s actual results, performance or achievements to be
materially different results, performance or achievements expressed
or implied by the forward-looking statements, including, but not
limited to: the operational and financial results of its
franchisees; the ability of its franchisees to enter new markets,
select appropriate sites for new centers or open new centers; the
effectiveness of the Company’s marketing and advertising programs
and the active participation of franchisees in enhancing the value
of its brand; the failure of its franchisees to participate in and
comply with its agreements, business model and policies; the
Company’s and its franchisees’ ability to attract and retain
guests; the effect of social media on the Company’s reputation; the
Company’s ability to compete with other industry participants and
respond to market trends and changes in consumer preferences; the
effect of the Company’s planned growth on its management,
employees, information systems and internal controls; the Company’s
ability to retain of effectively respond to a loss of key
executives; a significant failure, interruptions or security breach
of the Company’s computer systems or information technology; the
Company and its franchisees’ ability to attract, train, and retain
talented wax specialists and managers; changes in the availability
or cost of labor; the Company’s ability to retain its franchisees
and to maintain the quality of existing franchisees; failure of the
Company’s franchisees to implement business development plans; the
ability of the Company’s limited key suppliers, including
international suppliers, and distribution centers to deliver its
products; changes in supply costs and decreases in the Company’s
product sourcing revenue; the Company’s ability to adequately
protect its intellectual property; the Company’s substantial
indebtedness; the impact of paying some of the Company’s pre-IPO
owners for certain tax benefits it may claim; changes in general
economic and business conditions; the Company’s and its
franchisees’ ability to comply with existing and future health,
employment and other governmental regulations; complaints or
litigation that may adversely affect the Company’s business and
reputation; the seasonality of the Company’s business resulting in
fluctuations in its results of operations; the impact of global
crises, such as the COVID-19 pandemic on the Company’s operations
and financial performance; the impact of inflation and rising
interest rates on the Company’s business; the Company’s access to
sources of liquidity and capital to finance its continued
operations and growth strategy and the other important factors
discussed under the caption “Risk Factors” in the Company’s Annual
Report on Form 10-K for the year ended December 31, 2022 filed with
the Securities and Exchange Commission (the “SEC”), as such factors
may be updated from time to time in its other filings with the SEC,
accessible on the SEC’s website at www.sec.gov and Investors
Relations section of the Company’s website at
www.waxcenter.com.
These and other important factors could cause actual results to
differ materially from those indicated by the forward-looking
statements made in this press release. Any forward-looking
statement that the Company makes in this press release speaks only
as of the date of such statement. Except as required by law, the
Company does not have any obligation to update or revise, or to
publicly announce any update or revision to, any of the
forward-looking statements, whether as a result of new information,
future events or otherwise.
Disclosure Regarding Non-GAAP Financial
Measures In addition to the financial measures presented
in this release in accordance with U.S. Generally Accepted
Accounting Principles (“GAAP”), the Company has included certain
non-GAAP financial measures in this release, including Adjusted
EBITDA and Adjusted net income. Management believes these non-GAAP
financial measures are useful because they enable management,
investors, and others to assess the operating performance of the
Company.
We define EBITDA as net income (loss) before interest, taxes,
depreciation and amortization. We believe that EBITDA, which
eliminates the impact of certain expenses that we do not believe
reflect our underlying business performance, provides useful
information to investors to assess the performance of our
business.
We define Adjusted EBITDA as net income (loss) before interest,
taxes, depreciation and amortization, adjusted for the impact of
certain additional non-cash and other items that we do not consider
in our evaluation of ongoing performance of our core operations.
These items include exit costs related to leases of abandoned
space, IPO-related costs, non-cash equity-based compensation
expense, corporate headquarters office relocation, non-cash gains
and losses on remeasurement of our tax receivable agreement
liability, transaction costs and other one-time expenses.
We define Adjusted net income (loss) as net income (loss)
adjusted for the impact of certain additional non-cash and other
items that we do not consider in our evaluation of ongoing
performance of our core operations. These items include exit costs
related to leases of abandoned space, IPO-related costs, non-cash
equity-based compensation expense, corporate headquarters office
relocation, debt extinguishment costs, non-cash gains and losses on
remeasurement of our tax receivable agreement liability,
transaction costs and other one-time expenses. Please refer to the
reconciliations of non-GAAP financial measures to their GAAP
equivalents located at the end of this release.
This release includes forward-looking guidance for certain
non-GAAP financial measures, including Adjusted EBITDA and Adjusted
net income. These measures will differ from net income (loss),
determined in accordance with GAAP, in ways similar to those
described in the reconciliations at the end of this release. We are
not able to provide, without unreasonable effort, guidance for net
income (loss), determined in accordance with GAAP, or a
reconciliation of guidance for Adjusted EBITDA and Adjusted net
income (loss) to the most directly comparable GAAP measure because
the Company is not able to predict with reasonable certainty the
amount or nature of all items that will be included in net income
(loss).
Glossary of Terms for Our Key Business
MetricsSystem-Wide Sales. System-wide sales represent
sales from same day services, retail sales and cash collected from
wax passes for all centers in our network, including both
franchisee-owned and corporate-owned centers. While we do not
record franchised center sales as revenue, our royalty revenue is
calculated based on a percentage of franchised center sales, which
are 6.0% of sales, net of retail product sales, as defined in the
franchise agreement. This measure allows us to better assess
changes in our royalty revenue, our overall center performance, the
health of our brand and the strength of our market position
relative to competitors. Our system-wide sales growth is driven by
net new center openings as well as increases in same-store
sales.
Same-Store Sales. Same-store sales reflect the change in
year-over-year sales from services performed and retail sales for
the same-store base. We define the same-store base to include those
centers open for at least 52 full weeks. If a center is closed for
greater than six consecutive days, the center is deemed a closed
center and is excluded from the calculation of same-store sales
until it has been reopened for a continuous 52 full weeks. This
measure highlights the performance of existing centers, while
excluding the impact of new center openings and closures. We review
same-store sales for corporate-owned centers as well as
franchisee-owned centers. Same-store sales growth is driven by
increases in the number of transactions and average transaction
size.
EUROPEAN WAX CENTER, INC. AND
SUBSIDIARIESCONDENSED CONSOLIDATED BALANCE
SHEETS(Amounts in thousands, except share and per share
amounts)(Unaudited) |
|
|
April 1, 2023 |
|
|
December 31,2022 |
|
ASSETS |
|
|
|
|
|
|
Current
assets: |
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
45,912 |
|
|
$ |
44,219 |
|
Restricted cash |
|
|
6,568 |
|
|
|
6,575 |
|
Accounts receivable, net |
|
|
7,300 |
|
|
|
6,932 |
|
Inventory |
|
|
25,247 |
|
|
|
23,017 |
|
Prepaid expenses and other current assets |
|
|
7,454 |
|
|
|
5,574 |
|
Total current assets |
|
|
92,481 |
|
|
|
86,317 |
|
Property
and equipment, net |
|
|
2,878 |
|
|
|
2,747 |
|
Operating lease right-of-use assets |
|
|
4,920 |
|
|
|
4,899 |
|
Intangible assets, net |
|
|
178,290 |
|
|
|
183,030 |
|
Goodwill |
|
|
328,551 |
|
|
|
328,551 |
|
Deferred
income taxes |
|
|
138,890 |
|
|
|
106,187 |
|
Other
non-current assets |
|
|
4,036 |
|
|
|
4,301 |
|
Total assets |
|
$ |
750,046 |
|
|
$ |
716,032 |
|
LIABILITIES AND
STOCKHOLDERS' EQUITY |
|
|
|
|
|
|
Current
liabilities: |
|
|
|
|
|
|
Accounts payable and accrued liabilities |
|
$ |
17,469 |
|
|
$ |
18,547 |
|
Long-term debt, current portion |
|
|
4,000 |
|
|
|
4,000 |
|
Tax receivable agreement liability, current portion |
|
|
4,615 |
|
|
|
4,867 |
|
Deferred revenue, current portion |
|
|
4,017 |
|
|
|
4,084 |
|
Operating lease liabilities, current portion |
|
|
1,314 |
|
|
|
1,312 |
|
Total current liabilities |
|
|
31,415 |
|
|
|
32,810 |
|
Long-term debt, net |
|
|
371,166 |
|
|
|
370,935 |
|
Tax
receivable agreement liability, net of current portion |
|
|
203,029 |
|
|
|
167,293 |
|
Deferred
revenue, net of current portion |
|
|
6,898 |
|
|
|
6,901 |
|
Operating lease liabilities, net of current portion |
|
|
4,255 |
|
|
|
4,227 |
|
Other
long-term liabilities |
|
|
2,022 |
|
|
|
3,562 |
|
Total liabilities |
|
|
618,785 |
|
|
|
585,728 |
|
Commitments and contingencies |
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
Preferred stock ($0.00001 par value, 100,000,000 shares authorized,
none issued and outstanding as of April 1, 2023 and December 31,
2022.) |
|
|
— |
|
|
|
— |
|
Class A common stock ($0.00001 par value, 600,000,000 shares
authorized, 50,433,514 and 45,277,325 shares issued and 49,717,874
and 44,561,685 shares outstanding as of April 1, 2023 and December
31, 2022, respectively) |
|
|
— |
|
|
|
— |
|
Class B common stock ($0.00001 par value, 60,000,000 shares
authorized, 13,046,301 and 18,175,652 shares issued and outstanding
as of April 1, 2023 and December 31, 2022, respectively) |
|
|
— |
|
|
|
— |
|
Treasury stock, at cost 715,640 shares of Class A common stock as
of April 1, 2023 and December 31, 2022 |
|
|
(10,080 |
) |
|
|
(10,080 |
) |
Additional paid-in capital |
|
|
222,460 |
|
|
|
207,517 |
|
Accumulated deficit |
|
|
(118,945 |
) |
|
|
(118,437 |
) |
Total stockholders' equity attributable to European Wax Center,
Inc. |
|
|
93,435 |
|
|
|
79,000 |
|
Noncontrolling interests |
|
|
37,826 |
|
|
|
51,304 |
|
Total
stockholders' equity |
|
|
131,261 |
|
|
|
130,304 |
|
Total liabilities and stockholders' equity |
|
$ |
750,046 |
|
|
$ |
716,032 |
|
|
|
|
|
|
|
|
|
|
EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in
thousands)(Unaudited) |
|
|
For the Thirteen Weeks Ended |
|
|
|
April 1, 2023 |
|
|
March 26, 2022 |
|
REVENUE |
|
|
|
|
|
|
Product sales |
|
$ |
27,842 |
|
|
$ |
24,778 |
|
Royalty fees |
|
|
12,351 |
|
|
|
11,385 |
|
Marketing fees |
|
|
6,902 |
|
|
|
6,450 |
|
Other revenue |
|
|
2,797 |
|
|
|
2,813 |
|
Total revenue |
|
|
49,892 |
|
|
|
45,426 |
|
OPERATING EXPENSES |
|
|
|
|
|
|
Cost of revenue |
|
|
14,457 |
|
|
|
11,991 |
|
Selling, general and administrative |
|
|
17,263 |
|
|
|
15,474 |
|
Advertising |
|
|
7,809 |
|
|
|
6,556 |
|
Depreciation and amortization |
|
|
5,063 |
|
|
|
5,060 |
|
Total operating expenses |
|
|
44,592 |
|
|
|
39,081 |
|
Income from operations |
|
|
5,300 |
|
|
|
6,345 |
|
Interest expense |
|
|
6,862 |
|
|
|
1,507 |
|
Other expense |
|
|
— |
|
|
|
785 |
|
Income (loss) before income taxes |
|
|
(1,562 |
) |
|
|
4,053 |
|
Income tax expense (benefit) |
|
|
(509 |
) |
|
|
27 |
|
NET INCOME (LOSS) |
|
$ |
(1,053 |
) |
|
$ |
4,026 |
|
Less:
net income (loss) attributable to noncontrolling interests |
|
|
(545 |
) |
|
|
2,141 |
|
NET INCOME (LOSS) ATTRIBUTABLE TO EUROPEAN WAX CENTER,
INC. |
|
$ |
(508 |
) |
|
$ |
1,885 |
|
|
|
|
|
|
|
|
|
|
EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in
thousands)(Unaudited) |
|
|
For the Thirteen Weeks Ended |
|
|
|
April 1, 2023 |
|
|
March 26, 2022 |
|
Cash
flows from operating activities: |
|
|
|
|
|
|
Net income (loss) |
|
$ |
(1,053 |
) |
|
$ |
4,026 |
|
Adjustments to reconcile net income (loss) to net cash provided by
operating activities: |
|
|
|
|
|
|
Depreciation and amortization |
|
|
5,063 |
|
|
|
5,060 |
|
Amortization of deferred financing costs |
|
|
1,318 |
|
|
|
120 |
|
Gain on interest rate cap |
|
|
— |
|
|
|
(196 |
) |
Provision for inventory obsolescence |
|
|
— |
|
|
|
(39 |
) |
Provision for bad debts |
|
|
19 |
|
|
|
— |
|
Deferred income taxes |
|
|
(486 |
) |
|
|
— |
|
Remeasurement of tax receivable agreement liability |
|
|
— |
|
|
|
785 |
|
Equity compensation |
|
|
5,931 |
|
|
|
3,335 |
|
Changes in assets and liabilities: |
|
|
|
|
|
|
Accounts receivable |
|
|
(639 |
) |
|
|
(1,273 |
) |
Inventory |
|
|
(2,230 |
) |
|
|
(1,546 |
) |
Prepaid expenses and other assets |
|
|
(1,391 |
) |
|
|
(76 |
) |
Accounts payable and accrued liabilities |
|
|
(2,267 |
) |
|
|
(4,508 |
) |
Deferred revenue |
|
|
(70 |
) |
|
|
(100 |
) |
Other long-term liabilities |
|
|
(14 |
) |
|
|
(115 |
) |
Net cash provided by operating activities |
|
|
4,181 |
|
|
|
5,473 |
|
Cash
flows from investing activities: |
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(358 |
) |
|
|
(303 |
) |
Net cash used in investing activities |
|
|
(358 |
) |
|
|
(303 |
) |
Cash
flows from financing activities: |
|
|
|
|
|
|
Principal payments on long-term debt |
|
|
(1,000 |
) |
|
|
(1,125 |
) |
Distributions to EWC Ventures LLC members |
|
|
(276 |
) |
|
|
(2,272 |
) |
Payment of Class A common stock offering costs |
|
|
— |
|
|
|
(870 |
) |
Taxes on vested restricted stock units paid by withholding
shares |
|
|
(126 |
) |
|
|
— |
|
Dividend equivalents to holders of EWC Ventures units |
|
|
(735 |
) |
|
|
— |
|
Net cash used in financing activities |
|
|
(2,137 |
) |
|
|
(4,267 |
) |
Net increase (decrease) in cash |
|
|
1,686 |
|
|
|
903 |
|
Cash,
cash equivalents and restricted cash, beginning of period |
|
|
50,794 |
|
|
|
43,301 |
|
Cash, cash equivalents and restricted cash, end of
period |
|
$ |
52,480 |
|
|
$ |
44,204 |
|
Supplemental cash flow information: |
|
|
|
|
|
|
Cash paid for interest |
|
$ |
5,560 |
|
|
$ |
1,481 |
|
Cash paid for income taxes |
|
$ |
245 |
|
|
$ |
7 |
|
Non-cash
investing activities: |
|
|
|
|
|
|
Property purchases included in accounts payable and accrued
liabilities |
|
$ |
122 |
|
|
$ |
75 |
|
Right-of-use assets obtained in exchange for operating lease
obligations |
|
$ |
368 |
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
Reconciliation of GAAP net (loss) income to Adjusted net
income: |
|
|
For the Thirteen Weeks Ended |
|
|
|
April 1, 2023 |
|
|
March 26, 2022 |
|
(in thousands) |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,053 |
) |
|
$ |
4,026 |
|
Share-based compensation(1) |
|
|
5,931 |
|
|
|
3,335 |
|
Remeasurement of tax receivable agreement liability (2) |
|
|
— |
|
|
|
785 |
|
Other (3) |
|
|
— |
|
|
|
417 |
|
Tax effect of adjustments to net income (4) |
|
|
(1,472 |
) |
|
|
— |
|
Adjusted
net income |
|
$ |
3,406 |
|
|
$ |
8,563 |
|
(1) Represents non-cash equity-based compensation expense. (2)
Represents non-cash expense related to the remeasurement of our tax
receivable agreement liability. (3) Represents non-core operating
expenses identified by management. For fiscal year 2022 these costs
relate to executive severance.(4) Represents the income tax impact
of non-GAAP adjustments computed by applying our estimated blended
statutory tax rate to our share of the identified items and
incorporating the effect of nondeductible and other rate impacting
adjustments.
Reconciliation of GAAP net (loss) income to EBITDA and
Adjusted EBITDA: |
|
|
For the Thirteen Weeks Ended |
|
|
|
April 1, 2023 |
|
|
March 26, 2022 |
|
(in thousands) |
|
|
|
|
|
|
Net (loss) income |
|
$ |
(1,053 |
) |
|
$ |
4,026 |
|
Interest expense |
|
|
6,862 |
|
|
|
1,507 |
|
Income tax (benefit) expense |
|
|
(509 |
) |
|
|
27 |
|
Depreciation and amortization |
|
|
5,063 |
|
|
|
5,060 |
|
EBITDA |
|
$ |
10,363 |
|
|
$ |
10,620 |
|
Share-based compensation(1) |
|
|
5,931 |
|
|
|
3,335 |
|
Remeasurement of tax receivable agreement liability (2) |
|
|
— |
|
|
|
785 |
|
Other (3) |
|
|
— |
|
|
|
417 |
|
Adjusted
EBITDA |
|
$ |
16,294 |
|
|
$ |
15,157 |
|
Adjusted
EBITDA margin |
|
|
32.7 |
% |
|
|
33.4 |
% |
(1) Represents non-cash equity-based compensation expense. (2)
Represents non-cash expense related to the remeasurement of our tax
receivable agreement liability. (3) Represents non-core operating
expenses identified by management. For fiscal year 2022 these costs
relate to executive severance.
Investor Contact Bethany
JohnsBethany.Johns@myewc.com469-270-6888
Media Contact Creative Media Marketing
Carolanne Coviello Ewc@cmmpr.com212-979-8884 ext 209
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