Latest news with #ChrisMorris
News18
5 days ago
- Sport
- News18
Chris Morris tips Aiden Markram to be one of the big draws at SA20 auction
Johannesburg [South Africa], August 13 (ANI): With the SA20 auction fast approaching, former South African all-rounder Chris Morris believes Aiden Markram will be one of the headline attractions when the bidding war begins on September 9 in Johannesburg.'Sunrisers haven't retained him, but they do have a right-to-match card, meaning they can match the final bid for him and retain his services," Morris explained, as quoted from SA20.'That opens the door for mind games — other teams could bid aggressively to push his price high enough to make it difficult for the Sunrisers to bring him back," he identified two franchises that could make a strong play for the Proteas batter.'Two teams stand out to me: MI Cape Town, which would solve their captaincy question — not that Rashid Khan is doing a bad job — but having a successful local international captain at number four would be a big boost, especially since they've released Rassie van der Dussen, leaving a vacancy at number three. The other is Pretoria Capitals, who have one of the largest remaining purses. He's a local player, would fill their captaincy role, slot in at number three, and bring strong leadership after Rilee Rossouw's stint last year. Either way, Aiden Markram is going to be hot property," he SA20 has grown rapidly since its launch, and last year's auction saw almost 600 players register from across the globe. This year's list of retained and pre-signed stars already boasts big names such as Nicholas Pooran, Andre Russell, Sunil Narine, and England's Jos Buttler and Jonny of the teams was permitted a maximum of 6 retained or pre-signed players, comprising a maximum of three South African and three overseas players during the player retention window, which closed on 18 July, as per an SA20 press teams also strategically completed their six wildcard signings, with all the focus now on the remaining slots and the collective maximum purse of USD 7.4 million, to be spent on the 84 available slots at the auction on 9 September in Johannesburg. For Season 4, a Wildcard player could be any overseas player or a South African player who was part of the team's squad in Season new season kicks off on December 26, with the auction in early September expected to set the tone for another blockbuster edition of South Africa's premier T20 league. (ANI)
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First Post
5 days ago
- Sport
- First Post
Morris predicts bidding frenzy for Markram, Maphaka, and Brevis at SA20 Auction: 'It will be interesting to see'
As the SA20 is gearing up for its fourth season, a stoked Chris Morris expressed his thoughts on the upcoming auction of the league, which is scheduled to take place on September 9, 2025. SA20, which is South Africa's rendition of the IPL, is gearing up for its fourth season, and ahead of that, the much-anticipated auctions will take place. Given the talent that has been unleashed in the SA cricket lately, the upcoming auctions are expected to be the league's most competitive yet. The highly anticipated player auction is scheduled to take place on September 9 in Johannesburg. At least 84 player slots will be available this time. Moreover, the league has introduced new rules, including the Right to Match (RTM) card, which allows teams to retain players by matching the highest bid from rival teams. STORY CONTINUES BELOW THIS AD Also Read | How Gautam Gambhir's simple plan transformed India's Test batting in England Chris Morris stoked about SA20 auction Former South Africa all-rounder Chris Morris expressed his thoughts on the upcoming auctions and could not hide his excitement. Speaking to SuperSport ahead of the Season 4 auction, Morris said, 'The auction is always exciting, no matter the tournament, but SA20 is the big one, with most of the players back in the pool. There have been a lot of retentions and several wild cards picked up, so it will be interesting to see how the teams go about building their squads. Some teams have plenty of money to spend, while others have already filled half their squads and don't have much left in the purse. This means a lot of domestic players will be putting their hands up this season, and they're likely to get opportunities because of the financial dynamics at play. I've already started my homework, looking at the teams, the squads, and who's available, and I have a few ideas of where players might land. It's a great time of the year, and SA20 is going to be even bigger this season.' The six SA20 franchises will have a combined budget of $7.4 million to fill 84 slots and finalise their squads in what is set to be the biggest auction since the league's 2022 launch. When asked about potential players who could fetch the highest bids, Morris named Aiden Markram, who was not retained by the Sunrisers Eastern Cape 'Sunrisers haven't retained him, but they do have a right-to-match card, meaning they can match the final bid for him and retain his services. That opens the door for mind games — other teams could bid aggressively to push his price high enough to make it difficult for the Sunrisers to bring him back. Two teams stand out to me: MI Cape Town, which would solve their captaincy question — not that Rashid Khan is doing a bad job — but having a successful local international captain at number four would be a big boost, especially since they've released Rassie van der Dussen, leaving a vacancy at number three. The other is Pretoria Capitals, who have one of the largest remaining purses. He's a local player, would fill their captaincy role, slot in at number three, and bring strong leadership after Rilee Rossouw's stint last year. Either way, Aiden Markram is going to be hot property.' Around 600 players registered for the SA20 auction last year, the number could increase this year. Moreover, when it comes to the list of retained and pre-signed players, the likes of Nicholas Pooran, Andre Russell, Sunil Narine, and England's Jos Buttler and Jonny Bairstow are already in it. Bidding wars expected at SA20 auction Morris expects a mix of rising stars and established players to ignite intense bidding wars at the auction. 'I think Kwena Maphaka is going to be at the centre of a bidding frenzy. Dewald Brevis is another, given he hasn't been retained. Rassie van der Dussen, with his experience, could also be in demand. Personally, I always look out for the player who ends up going for a surprisingly high price — the buy of the tournament that no one saw coming. For me, Delano Potgieter could be that player. He's been successful in SA20, has done well for MI Cape Town, and is a proven performer in domestic cricket. He covers multiple roles and adds great balance to a squad — the kind of player I'd sign straight away.' STORY CONTINUES BELOW THIS AD The head of cricket operations of the SA20, Stephen Cook, also had some words to describe the forthcoming SA20 auction. 'The SA20 Player Auction is always a very exciting time in the build-up to the new season. This year's event will be even more entertaining due to the number of player slots and the maximum USD 7.4 million purse available. Player registrations have been flooding in, with South African and overseas players putting their hat in the ring for valuable opportunities.' He told SuperSport Don't miss a moment of the SA20 Auction on September 9th! Catch all the action LIVE from 5 PM onwards on JioHotstar and stream it on the official SA20 YouTube channel.
Globe and Mail
5 days ago
- Business
- Globe and Mail
European Wax Center, Inc. Reports Second Quarter Fiscal Year 2025 Results
Second Quarter Fiscal 2025 versus 2024 1,059 total centers in 44 states was flat System-wide sales of $257.6 million decreased 1.0% Total revenue of $55.9 million decreased 6.6% Same-store sales increased 0.3% GAAP net income of $5.4 million decreased 9.0% Adjusted Net Income of $11.8 million increased 5.6% Adjusted EBITDA of $21.6 million increased 4.7% PLANO, Texas, Aug. 13, 2025 (GLOBE NEWSWIRE) -- Today, European Wax Center, Inc. (NASDAQ: EWCZ), the leading franchisor and operator of out-of-home waxing services in the United States, reports financial results for the 13 and 26 weeks ended July 5, 2025. Chris Morris, Chairman and CEO of European Wax Center, Inc., stated: 'In the second quarter, we began to see encouraging early signs that our strategies are taking hold, reinforcing the stability of our core business and the resilience of the European Wax Center brand. This is a transitional year in which we are strengthening the foundation of the business through data-driven decision making, disciplined execution, and a clear focus on our three strategic priorities: driving traffic and sales growth, improving four-wall profitability for franchisees, and pursuing thoughtful, profitable expansion.' Mr. Morris continued, 'We have assembled a leadership team with the operational and development expertise to accelerate these efforts, deepen our franchisee partnerships, and work to consistently deliver exceptional guest experiences. While we recognize we are still early in this journey, recent trends in same-store sales, guest frequency, and marketing efficiency underscores our belief in the fundamentals of our model and long-term growth potential. The progress we've made in recent months, combined with the engagement and alignment across our system, gives us confidence that we are on the right path toward sustainable growth and a stronger brand in the years to come.' Franchisees opened 2 and closed 5 centers. We ended the quarter with 1,059 centers, flat year over year. System-wide sales of $257.6 million decreased 1.0% from $260.2 million in the prior year period, primarily driven by a decrease in same day services and retail sales, partially offset by an increase in cash collected from wax pass sales. Total revenue of $55.9 million decreased 6.6% from $59.9 million in the prior year period. Same-store sales increased 0.3%. Selling, general and administrative expenses ('SG&A') of $14.5 million increased 13.2% from $12.9 million in the prior year period. SG&A as a percent of total revenue increased 430 basis points to 25.9% from 21.6% primarily driven by the decrease in revenue, an increase in payroll and benefits expense and a non-recurring gain from legal judgment proceeds received in the prior year period. Interest expense, net of $6.6 million increased from $6.4 million in the prior year period. Income tax expense increased to $2.1 million from $1.7 million in the prior year period. The effective tax rate increased to 27.6% from 22.5% in the prior year period, primarily due to the impact of nondeductible officer compensation in the current year. Net income of $5.4 million decreased 9.0% from $5.9 million, and Adjusted Net Income of $11.8 million increased 5.6% from $11.1 million in the prior year period. Net income margin decreased 30 basis points to 9.6% from 9.9%. Adjusted EBITDA of $21.6 million increased 4.7% from $20.6 million in the prior year period. Adjusted EBITDA Margin increased 420 basis points to 38.7% from 34.5%. Year-to-Date Results through the Second Quarter of Fiscal 2025 versus Fiscal 2024 Franchisees opened 7 and closed 15 centers in the first half of fiscal 2025. System-wide sales of $483.5 million increased 0.4% from $481.5 million in the prior year-to-date period, primarily driven by an increase in cash collected from wax pass sales, partially offset by a decrease in same day services. Total revenue of $107.3 million decreased 3.9% from $4.4 million in the prior year-to-date period. Same-store sales increased 0.5%. Selling, general and administrative expenses ('SG&A') of $29.8 million increased 13.2% from $26.4 million in the prior year-to-date period. SG&A as a percent of total revenue increased 420 basis points to 27.8% from 23.6% primarily driven by the decrease in revenue, an increase in payroll and benefits expense, executive severance and a non-recurring gain from legal judgment proceeds received in the prior year period. Interest expense, net of $13.2 million increased from $12.7 million in the prior year-to-date period. Income tax expense increased to $3.4 million from $2.9 million in the prior year-to-date period. The effective tax rate increased to 30.2% from 23.4% in the prior year-to-date period, primarily due to the impact of nondeductible officer compensation in the current year. Net income of $8.0 million decreased 16.9% from $9.6 million, and Adjusted Net Income of $21.3 million increased 7.9% from $19.7 million in the prior year-to-date period. Net income margin decreased 120 basis points to 7.4% from 8.6%. Adjusted EBITDA of $40.4 million increased 5.9% from $38.1 million in the prior year-to-date period. Adjusted EBITDA Margin increased 350 basis points to 37.6% from 34.1%. The Company repurchased approximately 0.2 million shares of its Class A Common Stock during the period for $1.1 million, bringing cumulative repurchases under the Company's current $50 million authorization to $41.2 million. Balance Sheet and Cash Flow The Company ended the second quarter with $63.9 million in cash and cash equivalents, $6.4 million in restricted cash, $388.0 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 $15.2 million during the quarter. Fiscal 2025 Financial Outlook The Company updates its previous fiscal 2025 financial outlook for the following metrics: Fiscal 2025 Outlook (Current) Fiscal 2025 Outlook (Previous) System-Wide Sales $940 million to $950 million $940 million to $960 million Total Revenue $205 million to $209 million $210 million to $214 million Same-Store Sales 0.0% to 1.0% 0.0% to 2.0% The Company reiterates its previous fiscal 2025 financial outlook for the following metrics: _______________________ (1) Adjusted Net Income outlook assumes an effective tax rate of approximately 23% for fiscal 2025 computed by applying our estimated blended statutory tax rate and incorporating the effect of nondeductible and other rate impacting adjustments. See Disclosure Regarding Non-GAAP Financial Measures for additional information regarding the change in definition for Adjusted Net Income. Fiscal 2025 Net New Center Outlook The Company continues to estimate that franchisees will open 10 to 12 new centers and close 40 to 60 centers, translating to 28 to 50 net center closings in fiscal 2025. The Company expects 15 to 16 net center closings during the third quarter. As of August 12, 2025, 0 centers have opened and 3 have closed in the third quarter. 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 Information European Wax Center, Inc. will host a conference call to discuss second quarter fiscal 2025 results today, August 13, 2025, 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 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 leading franchisor and operator of out-of-home waxing services in the United States. European Wax Center locations perform more than 23 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. Its network, which includes more than 1,000 centers in 44 states, generated sales of $951 million in fiscal 2024. For more information, including how to receive your first wax free, please visit: Forward-Looking Statements This 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 2025, expected center openings and closures, its capital allocation strategy, including the share repurchase program and its long-term targets and algorithm, including but not limited to statements under the headings 'Fiscal 2025 Financial Outlook' and 'Fiscal 2025 Net New Center Outlook' and statements by European Wax Center's chief executive officer. Words including 'anticipate,' 'believe,' 'continue,' 'could,' 'estimate,' 'expect,' 'likely,' '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 current expectations and beliefs. These statements are neither promises nor guarantees, and 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 than the results, performance or achievements expressed or implied by the forward-looking statements. Some of the key factors that could cause actual results to differ from the Company's expectations include, but are not limited to, the following risks related to its business: the operational and financial results of 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 and effectively respond to a loss of key executives; recruitment efforts; 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 their products; changes in supply costs and decreases in the Company's product sourcing revenue, including due to the imposition of tariffs; 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 the Company may claim; changes in general economic and business conditions, including changes due to tariff policy and geopolitical tensions; 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 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' under Item 1A in the Company's Annual Report on Form 10-K for the year ended January 4, 2025 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 and Investors Relations section of the Company's website at 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, Adjusted EBITDA Margin, Adjusted Net Income and Net Leverage Ratio. 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 non-cash equity-based compensation expense, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, transaction costs, business transformation costs and other one-time expenses and/or gains. Business transformation costs primarily include expenses related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. We define Adjusted EBITDA Margin as Adjusted EBITDA divided by total revenue. 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 non-cash equity-based compensation expense, amortization of intangible assets, debt extinguishment costs, non-cash gains and losses on remeasurement of our tax receivable agreement liability, contractual cash interest on our tax receivable agreement liability, transaction costs, business transformation costs and other one-time expenses and/or gains. Prior to the first quarter of 2025, the Company did not include amortization of intangible assets in the calculation. However, the Company revised the definition in the first quarter of 2025 as a result of a change in the way management reviews Adjusted Net Income (Loss) in order to remove the impact of the non-cash amortization of intangible assets which management does not view as part of our core operations. Management believes excluding this enables investors to evaluate more clearly and consistently the Company's core operating performance in the same manner that management evaluates its core operating performance. The comparative period was also adjusted based on the revised definition. We define Net Leverage Ratio as the total principal balance of our outstanding debt ('total debt') less cash and cash equivalents, then divided by Adjusted EBITDA for the trailing twelve months. 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 Metrics System-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 sales over a comparable 52-week period year over year 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. July 5, 2025 January 4, 2025 ASSETS Current assets: Cash and cash equivalents $ 63,891 $ 49,725 Restricted cash 6,439 6,469 Accounts receivable, net 8,662 7,283 Inventory, net 19,068 19,070 Prepaid expenses and other current assets 5,351 5,292 Total current assets 103,411 87,839 Property and equipment, net 8,293 2,313 Operating lease right-of-use assets 3,193 3,313 Intangible assets, net 422,493 432,160 Goodwill 39,112 39,112 Deferred income taxes 138,096 140,315 Other non-current assets 1,778 2,015 Total assets $ 716,376 $ 707,067 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable and accrued liabilities $ 18,455 $ 17,354 Long-term debt, current portion 4,000 4,000 Tax receivable agreement liability, current portion 2,809 9,353 Deferred revenue, current portion 4,128 4,149 Operating lease liabilities, current portion 1,160 1,255 Total current liabilities 30,552 36,111 Long-term debt, net 374,019 373,246 Tax receivable agreement liability, net of current portion 195,525 194,917 Deferred revenue, net of current portion 5,281 5,836 Operating lease liabilities, net of current portion 2,216 2,318 Deferred tax liability 738 738 Other long-term liabilities 2,183 2,309 Total liabilities 610,514 615,475 Commitments and contingencies Stockholders' equity: Preferred stock ($0.00001 par value, 100,000,000 shares authorized, none issued and outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Class A common stock ($0.00001 par value, 600,000,000 shares authorized, 51,991,241 and 51,713,132 shares issued and 43,360,719 and 43,323,183 shares outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Class B common stock ($0.00001 par value, 60,000,000 shares authorized, 11,860,546 and 12,005,172 shares issued and outstanding as of July 5, 2025 and January 4, 2025, respectively) — — Treasury stock, at cost 8,630,522 and 8,389,949 shares of Class A common stock as of July 5, 2025 and January 4, 2025, respectively (81,595) (80,148) Additional paid-in capital 253,045 244,611 Accumulated deficit (94,929) (100,416) Total stockholders' equity attributable to European Wax Center, Inc. 76,521 64,047 Noncontrolling interests 29,341 27,545 EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES (Amounts in thousands) For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 REVENUE Product sales $ 30,515 $ 33,923 $ 59,386 $ 63,421 Royalty fees 14,278 14,465 26,706 26,901 Marketing fees 8,108 8,142 15,311 15,238 Other revenue 3,010 3,341 5,935 6,185 Total revenue 55,911 59,871 107,338 111,745 OPERATING EXPENSES Cost of revenue 14,175 16,024 27,451 29,548 Selling, general and administrative 14,507 12,911 29,847 26,377 Advertising 8,157 11,576 15,405 20,264 Depreciation and amortization 5,003 5,079 9,984 10,174 Gain on sale of center — — — (81) Total operating expenses 41,842 45,590 82,687 86,282 Income from operations 14,069 14,281 24,651 25,463 Interest expense, net 6,594 6,367 13,227 12,703 Other expense 22 269 20 249 Income before income taxes 7,453 7,645 11,404 12,511 Income tax expense 2,060 1,721 3,441 2,933 NET INCOME $ 5,393 $ 5,924 $ 7,963 $ 9,578 Less: net income attributable to noncontrolling interests 1,641 1,675 2,476 2,564 NET INCOME ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC. $ 3,752 $ 4,249 $ 5,487 $ 7,014 Net income per share Basic - Class A Common Stock $ 0.09 $ 0.09 $ 0.13 $ 0.15 Diluted - Class A Common Stock $ 0.09 $ 0.09 $ 0.13 $ 0.15 Weighted average shares outstanding Basic - Class A Common Stock 43,344,441 48,176,149 43,322,260 48,365,642 Diluted - Class A Common Stock 43,344,651 48,216,643 43,382,522 48,425,028 EUROPEAN WAX CENTER, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Amounts in thousands) For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 Cash flows from operating activities: Net income $ 7,963 $ 9,578 Adjustments to reconcile net income to net cash provided by operating activities: Depreciation and amortization 9,984 10,174 Amortization of deferred financing costs 2,947 2,773 Provision for inventory obsolescence — (70) Provision for bad debts 75 113 Deferred income taxes 3,200 2,751 Remeasurement of tax receivable agreement liability 20 249 Gain on sale of center — (81) Loss on disposal of property and equipment — 3 Equity compensation 4,943 3,323 Changes in assets and liabilities: Accounts receivable (1,455) (964) Inventory, net 2 (1,246) Prepaid expenses and other assets 570 948 Accounts payable and accrued liabilities 887 (835) Deferred revenue (576) (1,044) Other long-term liabilities (656) (541) Net cash provided by operating activities 27,904 25,131 Cash flows from investing activities: Purchases of property and equipment (1,363) (215) Cash received for sale of center — 135 Net cash used in investing activities (1,363) (80) Cash flows from financing activities: Principal payments on long-term debt (2,000) (2,000) Distributions to EWC Ventures LLC members (2,243) (2,515) Repurchase of Class A common stock (1,447) (10,001) Taxes on vested restricted stock units paid by withholding shares (161) (393) Dividend equivalents to holders of EWC Ventures units (10) (725) Payments pursuant to tax receivable agreement (6,544) (6,496) Net cash used in financing activities (12,405) (22,130) Net increase in cash, cash equivalents and restricted cash 14,136 2,921 Cash, cash equivalents and restricted cash, beginning of period 56,194 59,228 Cash, cash equivalents and restricted cash, end of period $ 70,330 $ 62,149 Supplemental cash flow information: Cash paid for interest $ 10,863 $ 10,976 Cash paid for income taxes $ 440 $ 444 Non-cash investing activities: Property purchases included in accounts payable and accrued liabilities $ 112 $ 21 Property purchases included in additional paid-in capital $ 4,822 $ — Right-of-use assets obtained in exchange for operating lease obligations $ 446 $ 592 Reconciliation of Net Income to Adjusted Net Income: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 (in thousands) Net income $ 5,393 $ 5,924 $ 7,963 $ 9,578 Share-based compensation (1) 2,379 1,941 4,943 3,323 Remeasurement of tax receivable agreement liability (2) 22 269 20 249 Gain on sale of center (3) — — — (81) Gain from legal judgment proceeds (4) — (659) — (739) Executive severance (5) — — 465 — Reorganization costs (6) 55 — 215 — Business transformation costs (7) 107 — 149 — Tax effect of adjustments to net income (8) (75) (209) (234) (327) Adjusted Net Income, as previously defined $ 7,881 $ 7,266 $ 13,521 $ 12,003 Amortization of intangible assets (9) 4,834 4,834 9,667 9,667 Tax effect of adjustments to net income (8) (942) (954) (1,904) (1,938) Adjusted Net Income $ 11,773 $ 11,146 $ 21,284 $ 19,732 (1) Represents non-cash equity-based compensation expense. (2) Represents non-cash adjustments related to the remeasurement of our tax receivable agreement liability. (3) Represents gain on the sale of a corporate-owned center. (4) Represents the collection of cash proceeds from a legal judgment. (5) Represents cash severance paid or payable to our former chief financial officer. (6) Represents costs associated with the Company's return-to-office mandate. (7) Represents costs related to our business transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. (8) Represents the estimated 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. (9) Represents the amortization of franchisee relationships and reacquired rights. Reconciliation of Net Income to EBITDA and Adjusted EBITDA: For the Thirteen Weeks Ended For the Twenty-Six Weeks Ended Trailing Twelve Months Ended July 5, 2025 July 6, 2024 July 5, 2025 July 6, 2024 July 5, 2025 (in thousands) Net income $ 5,393 $ 5,924 $ 7,963 $ 9,578 $ 13,066 Interest expense, net 6,594 6,367 13,227 12,703 26,016 Income tax expense 2,060 1,721 3,441 2,933 2,698 Depreciation and amortization 5,003 5,079 9,984 10,174 20,090 EBITDA $ 19,050 $ 19,091 $ 34,615 $ 35,388 $ 61,870 Share-based compensation (1) 2,379 1,941 4,943 3,323 6,770 Remeasurement of tax receivable agreement liability (2) 22 269 20 249 5,169 Gain on sale of center (3) — — — (81) — Gain from legal judgment proceeds (4) — (659) — (739) 15 Executive severance (5) — — 465 — 2,013 Reorganization costs (6) 55 — 215 — 845 Business transformation costs (7) 107 — 149 — 149 Terminated debt offering costs (8) — — — — 941 Adjusted EBITDA $ 21,613 $ 20,642 $ 40,407 $ 38,140 $ 77,772 Total revenue $ 55,911 $ 59,871 $ 107,338 $ 111,745 $ 212,509 Net income margin 9.6 % 9.9 % 7.4 % 8.6 % 6.1 % Adjusted EBITDA Margin 38.7 % 34.5 % 37.6 % 34.1 % 36.6 % (1) Represents non-cash equity-based compensation expense. (2) Represents non-cash adjustments related to the remeasurement of our tax receivable agreement liability. (3) Represents gain on the sale of a corporate-owned center. (4) Represents the collection of cash proceeds from a legal judgment. (5) Represents cash severance paid or payable to our former chief financial officer. (6) Represents costs associated with the Company's return-to-office mandate. (7) Represents costs related to our marketing transformation and optimization efforts that do not qualify as capital expenditures under applicable accounting principles. (8) Represents costs related to a debt offering the Company was previously evaluating and subsequently decided to terminate. Trailing Twelve Months July 5, 2025 (in thousands) Total debt $ 388,000 Less: Cash and cash equivalents (63,891) Net Debt $ 324,109 Adjusted EBITDA 77,772 Net Leverage Ratio 4.2 x Investor Contact Edelman Smithfield for European Wax Center, Inc. EWCIR@ Media Contact Zeno Group Sophia Tortorella 312-752-6851
BBC News
24-07-2025
- General
- BBC News
Reigate Priory Junior School to move to Surrey council land
Plans to move a Surrey school have been approved despite the road safety concerns of parents and Priory Junior School will move to a new site within Surrey County Council's headquarters in Woodhatch Place, following a decision by the authority's planning committee on have warned the new location, which will serve 600 pupils, poses risks to children walking or scootering along a busy A-road, according to the Local Democracy Reporting Oliver Moses said the current site – a Grade I-listed Victorian building – was "unfit for purpose" and "not acceptable". Mr Moses said: "We are compromising children's education and wellbeing every single day we remain in it."Rising energy costs, endless maintenance and operation costs are pulling us away from our key mission - caring for children."A new site will let us direct those funds to where they belong, into the classroom."Parent Chris Morris said families were "extremely disappointed" by the decision and wanted to "keep an outstanding school where it is".He said parents were exploring options to challenge the decision, including looking at a judicial principal highways officer said the plans needed a significant number of highway improvements and admitted it would be an "unusually car dependent school site".Councillor Ernest Mallett MBE rebutted concerns, saying "we are in the age of the car" and telling the committee: "Wherever the school is were going to have traffic problems."Councillor Jonathan Hulley, cabinet member for children, families and lifelong learning, said the decision "was not an easy one".He added: "It's an absolutely fantastic school but the building is a monument - its antiquated and beautiful, but old."Councillor Hulley added that the council would operate a shuttle bus service from the new site to the town centre, should the changes be made.
Glasgow Times
08-07-2025
- Business
- Glasgow Times
Milton and Easterhouse land opened up for green projects
The four sites, totalling more than 5.5 hectares, will be available for community organisations to develop renewable energy projects. The council is calling for interested parties to submit their site proposals by late August. Workshops will be held in late July to assist organisations in developing their plans. The aim of the projects is to generate long-term benefits for the local areas. The spaces have been allocated as part of the Glasgow City Council's new Community Renewable Energy Framework (CREF). Read more: Major disruption on main Southside road due to burst water main This initiative will allow community groups to determine the most suitable renewable energy approach for their area. The council, alongside Local Energy Scotland (LES), will support community organisations throughout the process. LES has a history of successfully assisting Scottish communities in developing renewable energy systems. They ensure any profits from these initiatives are utilised for the benefit of local neighbourhoods. Councillor Angus Millar, city convener for climate, sees the CREF as a way to both empower communities and cut the carbon emissions associated with climate change. He said: "This is a great opportunity for local organisations to take control of often unused spaces and turn them into something valuable for their community. "We will work closely with any organisations that come forward and express an interest in running a community renewable energy project on one of these four sites. "There will be a lot of support available to help local groups find the energy solution that works best for them and the site they have identified. 'The plus for the council is that this new framework will support the growth of renewable energy in the city and that will take us another step towards to becoming a city with net zero carbon emissions.' Chris Morris, manager at Local Energy Scotland, said: "The Community Renewable Energy Framework is a pioneering model of collaboration to support community energy development. "We are looking forward to working with local groups through the CREF as they begin to develop their renewable energy projects."
