ET to discuss its business and financial results for the fiscal 2022 fourth quarter and full year. Mutual Funds & ETFs: All of the mutual fund and ETF information contained in this display, with the exception of the current price and price history, was supplied by Lipper, A Refinitiv Company, subject to the following: Copyright Refinitiv. For the quarter ended Dec. 31, 2022, total reported revenue for Franchise Group was approximately $1.1 billion, an increase of 18.4% from $942.3 million in the same quarter of 2021. Learn More about insider trades at Franchise Group. We finished the year with 259 new territories sold and a backlog across all brands of 482 locations. from Harvard University. Ms. McMillan-McWaters holds a Bachelor of Arts degree from Seton Hall University and a Juris Doctorate from the University of North Carolina School of Law. Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS are financial measures that are not prepared in accordance with GAAP. It is worth keeping in mind that the distressed economic situation is causing havoc in the retail space, potentially creating multiple acquisition opportunities that management would want to explore. Sources: FactSet, Dow Jones, Bonds: Bond quotes are updated in real-time. News Corp is a global, diversified media and information services company focused on creating and distributing authoritative and engaging content and other products and services. He is also General Partner for Vintage Albany Acquisition LLC, General Partner of Vintage Albany Partners LP and Member of Caiman Capital GP LP. I have no business relationship with any company whose stock is mentioned in this article. Since 2009, Mr. Laurence has also been a partner of Vintage Capital Management, which is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. WebJob. American Freight Overview (FRG August Investor Presentation). This net worth estimate does not reflect any other investments that Mr. Kahn may own. Ms. McMillan-McWaters is a member of the New York State Bar and registered Corporate Counsel for the Commonwealth of Virginia. TVS is an omnichannel specialty health and wellness supplement retailer which is offering an assortment of nutritional solutions, including vitamins, minerals, specialty supplements, herbs, sports nutrition, homeopathic remedies, and others. Signup for your daily digest of industry news and trends. The corporate mailing address for Mr. Kahn and other Franchise Group executives is 2387 LIBERTY WAY, VIRGINIA BEACH VA, 23456. Fundamental company data and analyst estimates provided by FactSet. This business segment generated $93.2 million in EBITDA for 2021 and has been one of the best-performing segments during the macroeconomic downturn as it generated $51.46 million in EBITDA in the first two quarters of 2022. With some back of the paper math, deploying just slightly less than $200 million of the share buy-back package would bring shares outstanding down to 35 million, lowering them by roughly 15% and almost immediately pushing the dividend yield to 8.55%. Either way, the end result is the same, demand for the products has been on the decline. At current market prices, the buy-back program would in theory be able to acquire close to 15 million shares, or just shy of 40% of the entire market capitalization of Franchise Group. and bought an estimated value of $139.49M worth of shares. From June 2009 to July 2014 Mr. Harvey was Vice President of Management Development and Operations Support. Your California Privacy Rights/Privacy Policy. Badcock Home Furniture Overview (FRG August Investor Presentation). We expect organic growth in 2023 to drive increased EBITDA and cash flow., The Company currently has six reportable segments: American Freight; The Vitamin Shoppe; Pet Supplies Plus; Buddys; Sylvan; and Badcock. Learn More about Brian Randall Kahn's net worth. Sylvan Learning is envisioned as an omnichannel tutoring franchisor. Brian is almost fully committed to the company in terms of his personal wealth, and represents the definition of the phrase "walking the walk". From a reporting perspective, fiscal 2023 will include 52 weeks of operating results compared to fiscal 2022 which had 53 weeks of operating results creating a benefit of approximately $70 million in revenue and $11 million of Adjusted EBITDA. All rights reserved. Reconciliation of Non-GAAP Net Income and EPSBelow are reconciliations of Net Income/(Loss) from continuing operations to Non-GAAP Net Income and Net Income/(Loss) from continuing operations per diluted share to Non-GAAP EPS for the three and twelve months ended December 31, 2022. Given the density of the ownership structure, the initiative would significantly inflate the share price which would degrade its effectiveness. Our financial performance in the fourth quarter was in line with the outlook we provided in November, stated Brian Kahn, Franchise Groups President and CEO. The actual results or developments anticipated may not be realized or, even if substantially realized, they may not have the expected consequences to or effects on the Company or its business or operations. Investor Relations Contact:Andrew F. KaminskyEVP & Chief Administrative OfficerFranchise Group, Inc.akaminsky@franchisegrp.com(914) 939-5161, Top 3 things to know today Salesforce earnings, Tesla investor day, Fed officials rate outlook, Salesforce stock continues to rise amid earnings beat, layoffs, Elliott Management nominations, Congress sends Biden a measure to stop woke 401(k)s, Stocks moving in after hours: Okta, Snowflake, Tesla, Salesforce. Learn More on Franchise Group's active insiders. Brian R. Kahn owns about 11,364,610 unitsof Franchise Group, Inc common stock. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. Although amortization of acquired intangible assets is excluded from these non-GAAP measures, it is important for investors to understand that such intangible assets support revenue generation. A series of accretive and well-thought-out acquisitions have created significant value for shareholders. Copyright FactSet Research Systems Inc. All rights reserved. A hint of this can be seen from the latest earnings call. Following in the footsteps of Charlie Munger. In the last 3 years at Franchise Group, Inc, Brian R. Kahn has sold an estimated value of $393.03K worth. I am not receiving compensation for it (other than from Seeking Alpha). In total, Brian R. Kahn has made about 12 transactions over 3 years of their time at Franchise Group, Inc. Announces Fourth Quarter and Full Fiscal Year 2022 Financial Results, Badcock Home Furniture &more using MPO to Digitize its Inbound Supply Chain, Franchise Group Announces Participation in Upcoming Investor Conferences, Franchise Group, Inc. to Announce Fiscal 2022 Fourth Quarter and Full Year Financial Results on February 28, 2023, Pathlight Capital Increases Term Loan Credit Facility for B. Riley Receivables II, LLC To $198.7MM, Franchise Group, Inc. I'm on the call with Brian Kahn, Franchise The company is being led by an experienced and well-respected value-oriented investor, Brian Kahn. Any copying, republication or redistribution of Lipper content, including by caching, framing or similar means, is expressly prohibited without the prior written consent of Lipper. Estimates exclude potential acquisitions, divestitures or refranchising activities. AF was acquired by the conglomerate in late December of 2019, for a sum of $450 million. The following table summarizes Revenue, Adjusted EBITDA, and Net Income/(Loss) for each of these segments. Mr. Kahn is the former Chairman of the Board of Directors of White Electronic Designs Corporation and API Technologies Corp. Additionally, he served as director of Integral Systems, Inc. and Aarons Inc. Mr. Kahn is currently a director of Buddys Newco LLC (d/b/a Buddys Home Furnishings), Good to Go Wheels and Tires, and Flexi Compras. We always like to refer back to a famous Peter Lynch quote at this point: "Insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise". 2023 Vintage Capital Management, LLC. Mr. Laurence was previously a Partner at Coral Reef Capital Partners, a merchant banking firm making control and structured equity investments in U.S. lower-middle market companies and providing strategic mergers and acquisition and capital raising advisory services. Insiders at Franchise Group own 32.3% of the company. Franchise Group (NASDAQ: FRG), the investment firm that owns retailers like Vitamin Shoppe could be contemplating buying furniture chain Conns (NASDAQ: CONN), according to Wall Street Journal.Shares of CONN were on an upswing in pre-market trading on Wednesday. The Vitamin Shoppe - was the first major step management took in building the franchise conglomerate we know today. Badcock as a business segment has generated $52.27 million in EBITDA over the last two quarters. The dividend itself has been on a stark rise, as the series of accretive acquisitions and some steady internal organic growth resulted in an attractive payout which is currently annualized at $2.50 per share. During the last twelve months, Franchise Group insiders bought shares 5 times. Pet Supplies Plus Overview (FRG August Investor Presentation). New management had the idea to turn the former publicly traded tax preparer into a scalable franchise holding conglomerate through a series of aggressive acquisitions. They were able to recuperate around $670 million in less than six months after the transaction which were then mostly directed to deleveraging their balance sheet. Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS should not be considered in isolation or as a substitute for net income or other income statement information prepared in accordance with GAAP and our presentation of these non-GAAP measures may not be comparable to similarly titled measures used by other companies. For the third quarter of 2021, total reported revenue for Franchise Group was $828.8 million. The rapidly degrading macroeconomic environment began taking its toll on some of the franchises with the most vulnerable business models, which ultimately translated itself into the bottom line and led to a disappointing downgrade in guidance. Change value during the period between open outcry settle and the commencement of the next day's trading is calculated as the difference between the last trade and the prior day's settle. Company Ownership Structure (TIKR Terminal). Franchise Group Inc CEO Brian Kahn and other company management team members could pay between $30 and $35 per share for the deal, which is reportedly in the early stages. Prior to Coral Reef, Mr. Laurence was the Managing Partner of Causeway Partners, a Boston-based private equity group making control and structured equity investments in U.S. lower-middle market companies. With limited access to outside funding in the early days, management was forced to rely on equity financing to get the first major deals across the finish line. Brian Kahn, president, chief executive officer and a director of Franchise Group, is also the founder and serves as investment manager of Vintage Capital Management. It operates through the following segments: Vitamin Shoppe, American Freight, Pet Supplies Plus, Badcock, Sylvan and Buddy's. Live from New Management has established a long-term dividend policy planning to redirect approximately 25% of EBITDA towards shareholders via dividends in the upcoming years. Vintage is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. Change value during other periods is calculated as the difference between the last trade and the most recent settle. In that context, management might rule that capital is to be much better deployed externally, seizing the opportunity. Mr. Kaminsky holds a Bachelors degree from the University of Michigan and a M.B.A. in Finance and Management from the Stern School of Business at New York University. attempted to close down a deal valued at slightly more than five times its equity size. Bloomberg Chief Washington Correspondent Joe Mathieu delivers insight and analysis on the latest headlines from the White House and Capitol Hill, including conversations with influential lawmakers and key figures in politics and policy. FRGs diversification across various discretionary and non-discretionary products and services continued to serve us well. So we haven't had an open window yet to speak of but, look, we will - we now have the ability to weigh, buying more of our existing businesses against buying other businesses that's not a tool that we've had in the toolbox before. Mr. Harvey attended DeVryUniversity for Electrical Engineering. These measures are used by management to evaluate the Companys performance and make resource allocation decisions each period. A multi-layered approach to creating shareholder value has seen investors enjoy Franchise Group dominating the S&P 500 (SPY) while at the same time showering them with dividends. FRG YTD Price Performance (Seeking Alpha). Franchise Group, Inc. (NASDAQ:FRG) shareholders (or potential shareholders) will be happy to see that the President, Brian Kahn, recently bought a over $3.75M on May 11, 2022. WebBrian R. Kahn Managing Partner. All rights reserved. Revenues up, earnings down for Franchise Group in Q4, Thomas Lester//Retail Editor//February 28, 2023. The Buyout Offer Might Be Lowered. Brian Kahn, Franchise Groups President and CEO stated, I am proud of FRGs overall performance in the first quarter. We are experienced and knowledgeable investors who quickly grasp the fundamentals of most businesses and understand how to drive profitable growth. This means that a dividend of $0.16 per share in the times before Brian took over has been nurtured to a $0.63 per share quarterly dividend today. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. Our financial performance in the fourth quarter was in line with the outlook we provided in November, stated Brian Kahn, Franchise Groups President and CEO. A real-time webcast of the conference call will be available on the Events page of Franchise Groups website at www.franchisegrp.com. It's all right there in the name. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. WebBrian Randall Kahn is a businessperson who founded Kahn Capital Management LLC and Vintage Capital Management LLC and who has been at the head of 6 different Prior to joining Franchise Group, Mr. Mattes served in various executive roles within the franchise industry headlined by his roles as the Chief Development Officer for Retro Fitness from January 2013 through June 2019 and as the Vice President of Franchise Development at Saladworks from July 2010 through January 2013. Brian has 2 jobs listed on their profile. It is mandatory to procure user consent prior to running these cookies on your website. Andrew Kaminsky - Chief Administrative Officer. Management defines and calculates Non-GAAP Net Income and Non-GAAP EPS as net income (loss) and net income (loss) per diluted share from continuing operations adjusted for non-core or non-operational items related to executive severance and related costs, stock-based compensation, non-cash executive compensation expense, shareholder litigation costs, prepayment penalties on early debt repayment, non-cash amortization of debt issuance costs, store closures, the Badcock segments in-house financing operations, rebranding costs, acquisition costs, inventory fair value step up amortization, and amortization of acquired intangible assets. We are pleased to close the sale of the Badcock distribution centers and retire the balance of our acquisition term loan with the cash proceeds. So I think we'll be opportunistic as we can be. All rights reserved. The online luxury marketplace saw revenues fall in 2022 as c[], President and CEO Brian Kahn noted that performance was in l[], Target this year is planning for both the known knowns and t[], Office furniture giant Haworth reported $2.5 billion in 2022[], Sleep retailer Mattress Firms first quarter sales slid to[], La-Z-Boy's third quarter conference call provided insights i[]. Now, in practice, there are just not enough sellers at this price for the buy-back program to be able to have this sort of effect. Kohl's Stock Tumbled. FRG finished fiscal 2022 with approximately 34.9 million shares outstanding, a reduction of shares outstanding of approximately 15% from the beginning of the fiscal year. Mr. Kahn founded and has served as the investment manager of Vintage and its predecessor, Kahn Capital Management, LLC, since 1998. Data may be intentionally delayed pursuant to supplier requirements. Franchise Group chief executive officer Brian Kahn outlined why his company was interested in purchasing Kohl's. More keen followers might have already caught up with the fact that we are dealing with a relatively small $1.1 billion ($1.5 billion at that time) market cap that. The Company refers you to the Risk Factors and Managements Discussion and Analysis of Financial Condition and Results of Operations sections of the Companys Form 10-K for the fiscal year ended December 31, 2022, and comparable sections of the Companys Quarterly Reports on Form 10-Q and other filings, which have been filed with the SEC and are available on the SECs website at www.sec.gov. As a reminder, the company currently sells for $33.62 per share. Franchise Group acquired the business for $700 million in Q1 of 2021 from Sentinel Capital Partners, a private equity firm. Founder of Kahn Capital Management LLC and Vintage Capital Management LLC, Brian Randall Kahn is a businessperson who has been at the helm of 6 different companies and currently is President, Chief Executive Officer & Director at Franchise Group, Inc., President & Chief Executive Officer at Franchise Group Intermediate Holdco LLC (a subsidiary of Franchise Group, Inc.), Managing Partner at Vintage Capital Management LLC, Investment Manager at Vintage Albany Partners GP LLC and General Partner for Vintage Albany Partners LP (both are subsidiaries of Vintage Capital Management LLC) and Chairman & Chief Executive Officer for Spectrum Control, Inc. I find it also tremendously interesting that Brian was an operator and franchisor of Buddy's Home Furnishings rent-to-own stores, a company that would be later merged with Liberty Tax in order to form the Franchise Group. Pet Supplies Plus - was one of the major and somewhat pricier acquisitions by the franchise conglomerate. Franchise Group, Inc. ( NASDAQ: FRG) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Andrew Kaminsky - EVP & CAO The multifaceted approach to creating shareholder value that Franchise Group is implementing creates difficulties in describing the true nature of the company. Franchise Groups business lines include Pet Supplies Plus, American Freight, The Vitamin Shoppe, Badcock Home Furniture & more, Buddys Home Furnishings, Sylvan Learning and Wag N Wash. On a combined basis, Franchise Group currently operates over 3,000 locations predominantly located in the U.S. that are either Company-run or operated pursuant to franchising and dealer agreements. from Harvard University. DELAWARE, Ohio, Feb. 28, 2023 (GLOBE NEWSWIRE) -- Franchise Group, Inc. (NASDAQ: FRG) (Franchise Group, FRG or the Company) today announced the financial results for its fiscal fourth quarter and fiscal year ended December 31, 2022. Prior to joining Franchise Group Mr. Harvey was Vice President Franchise Operations for Aarons Inc. from July 2014 to September 2020. The most recent insider tranaction occured on February, 23rd when Director Lisa M Fairfax bought 45 shares worth more than $1,423.35. The company is one of the largest home-furnishing retailers in the country with 384 stores mostly operating through the independent dealership model. Our franchising activity continued to accelerate across FRG in 2022. Kohl's Buyout Appears More Likely, Analyst Says. Prior to his corporate roles, Mr. Wright held various investment positions for 16 years within several private equity firms, including as a Senior Managing Director at Diamond Castle and as a Director at DLJ Merchant Banking Partners. Mr. Laurence is also a director of non-profits Good Sports, Inc. and Beth Israel Deaconess Hospital Milton. Insiders currently own close to a third of the shares outstanding and there has been a very clear historic record of major insider ownership. Prior to joining Franchise Group, Mr. Evans served as Vice President of Franchising with UBREAKIFIX/Asurion, Vice President of Franchising with Rent A Tire and held various executive roles including Vice President of Franchising with Aarons, Inc. for over 22 years. Franchise Group in early June proposed a bid of $60 per share to acquire Kohls at a roughly $8 billion valuation. For the Three Months Ended December 31, 2022, Stock-based and long term executive compensation, Securitized accounts receivable interest income, Securitized accounts receivable bad debt reserve, Prepayment penalty on early debt repayment, Right-of-use asset and long-term asset impairment, Gain on sale-leaseback and owned properties, net, For the Twelve Months Ended December 31, 2022. On a journey from law to investing. Management seeks to rapidly restructure the acquiree and refranchise the now-owned corporate locations leading to an influx of cash which is directed to aggressively deleverage the company. Badcock Home Furniture & More - is the latest successful acquisition by the franchise conglomerate. Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. Forward-looking statements speak only as of the date they are made and the Company does not undertake any obligation to update, revise or clarify these forward-looking statements, whether as a result of new information, future events or otherwise. Announces the Launch of a $200 Million Add-on to Its Existing Term Loan, Vitamin Shoppe Owner Franchise Group Considers Going Private, Franchise Group, Inc. Mr. Laurence began his career at Bowles Hollowell Conner & Co., a boutique mergers and acquisitions advisory firm purchased by First Union Corp. Mr. Laurence graduated with a B.A. Reconciliation of Adjusted EBITDABelow are reconciliations of Net Income/(Loss) from continuing operations to Adjusted EBITDA for the three and twelve months ended December 31, 2022. Since establishing the Firm in 1998, Mr. Kahn has invested in and served in high-level operating and governance positions for several public and private companies in the defense, manufacturing, and consumers industries. Learn More on Brian Randall Kahn's trading history. The acquirees often have one thing in common, they operate businesses that are franchisable but remain corporate-led and operated to a large extent. Franchise Group is operating a roll-up strategy of acquiring mostly poorly-led, in-distress businesses through leveraged buyouts. President, Chief Executive Officer & Director. Oak Street has proven to be a trustworthy partner throughout our sale leaseback process, said Brian Kahn, President and CEO of Franchise Group. Prior to that Mr. Harvey served as Director of Franchise Operations for Aarons Inc. from March 2001 to June 2009. You also have the option to opt-out of these cookies. Such forward-looking statements are based on various assumptions as of the time they are made, and are inherently subject to known and unknown risks, uncertainties and other factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. WebBrian R. Kahn Managing Partner Mr. Kahn is the Managing Partner and founder of Vintage Capital Management (VCM) and its predecessor, Kahn Capital Management (KCM or Net income (loss) attributable to Franchise Group, Inc. Good afternoon, and thank you for joining our conference call. We have the expertise, capital and training to catapult franchise brands forward. Mr. Seeton has served as the Chief Financial Officer of Franchise Group, Inc. since October 28, 2019. Readers are cautioned not to rely on the forward-looking statements contained in this press release. $3.75M . (In thousands, except share count and per share data), Current installments of long-term obligations, net, Current installments of debt secured by accounts receivable, net, Long-term obligations, net, excluding current installments, Non-current debt secured by accounts receivable, net, Common stock, $0.01 par value per share, 180,000,000 and 180,000,000 shares authorized, 34,925,773 and 40,296,688 shares issued and outstanding at December31, 2022 and December25, 2021, respectively, Preferred stock, $0.01 par value per share, 20,000,000 and 20,000,000 shares authorized, 4,541,125 and 4,541,125 shares issued and outstanding at December31, 2022 and December25, 2021, respectively, Selling, general, and administrative expenses, Income (loss) from continuing operations before income taxes, Income (loss) from discontinued operations, net of tax. The company was founded by Danny Hewitt and John T. Hewitt on September 1, 1997 and is headquartered in Delaware, OH. Brian R. Kahn who bought 100,000 units worth For the full fiscal year 2022, total reported revenue for Franchise Group was approximately $4.4 billion, net loss from continuing operations was approximately $68.6 million or $1.96 per fully diluted share, Adjusted EBITDA was approximately $354.0 million and Non-GAAP EPS was $3.63 per share. For the fourth quarter of fiscal 2022, total reported revenue for Franchise Group was approximately $1.1 billion, net loss from continuing operations was approximately $0.7 million or $0.08 per fully diluted share, Adjusted EBITDA was approximately $65.3 million and Non-GAAP EPS was $0.47 per share. Franchise Group (NASDAQ:FRG) is a very unique and intriguing company that is led by top-class management with skin in the game that is successfully executing a brilliant business model creating significant shareholder value through a multilayered approach. Franchise Group is a textbook example of a management team that has "skin in the game" and then some. Rating. Franchise Group's insider roster includes Patrick Cozza (Director), Brian Kahn (CEO), Martin Lamb (Director), and Andrew Laurence (EVP). Most recently, on Monday, May 9th, Brian Randall Kahn bought 100,000 shares of Franchise Group stock. Our financial performance in the fourth quarter was in line with the outlook we provided in November, saidBrian Kahn, Franchise Groups president and CEO.Our franchising activity continued to accelerate across FRG in 2022. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. The current dividend yield is in line with the most attractive dividend payers in the market, while dividend growth over the past couple of years casts a tall shadow upon even the most appealing dividend growth players. 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