Regis Corp. (NYSE:RGS) Q4 2020 Earnings Conference Call - Final Transcript

Aug 31, 2020 • 10:00 am ET


Regis Corp. (NYSE:RGS) Q4 2020 Earnings Conference Call - Final Transcript


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Good day, ladies and gentlemen, and thank you for standing by. Welcome to the Regis Corporation Fourth Quarter Fiscal 2020 Earnings Call. My name is Ryan, and I will be your conference facilitator today. [Operator Instructions] As a reminder, this call is being recorded for playback and will be available approximately 12:00 PM Central Time today.

I will now turn the conference over to Biz McShane, AVP of Finance. Please go ahead.

Biz McShane

Thank you, Ryan. Good morning, everyone, and thank you all for joining us. On the call with me today, we have Hugh Sawyer, our Chief Executive Officer; Kersten Zupfer, our Executive Vice President and Chief Financial Officer; Eric Bakken, President of our Franchise segment; and Amanda Rusin, our General Counsel.

Before turning the call over to Hugh, there are few housekeeping items I'd like to address. First, today's earnings release and conference call include forward-looking statements within the Private -- within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are not guarantees of performance, and by their nature, are subject to inherent risks and uncertainties that could cause actual results to differ materially from such forward-looking statements.

Please refer to the Company's current earnings release and recent SEC filings, including our most recent Form 10-K for the year ended June 2020 -- June 30, 2020 for more information on these risks and uncertainties. The Company undertakes no obligation to update or revise any forward-looking statements to reflect events or circumstances that may arise after this call.

Second, this morning's conference call must be considered in conjunction with the earnings release we issued this morning and our previous SEC filings, including our most recent 10-K.

On today's call, we will be discussing non-GAAP as adjusted financial results that exclude the impact of certain business events and other discrete items. These non-GAAP financial measures are provided to facilitate meaningful year-over-year comparisons but should not be considered superior to or as a substitute for our GAAP financial measures and should be read in conjunction with GAAP financial measures for the period. A reconciliation of these non-GAAP financial measures to the most directly comparable GAAP financial measures can be found in this morning's release, which is available on our website at

With that, I will now turn the call over to Hugh.

Hugh E. Sawyer

Good morning, everyone. I want to begin my remarks by thanking our stylist community, franchise partners and our field and corporate employees who have all performed in a remarkable and courageous manner during this terrible pandemic. I am grateful to each one of you for your many contributions to our business while confronted with these extraordinary unprecedented conditions.

There is little doubt that the most important event of the quarter was the Company's successful amendment of its revolving credit facility in the month of May, an amendment that expires in March of 2023. Among other things, these negotiations removed all prior financial covenants, including the net leverage ratio and fixed charge coverage ratio and added