| Schedule of Immaterial Restatement of Prior Period Financial Statements |
The following table represents the adjustments to our condensed consolidated statements of operations for the thirteen weeks ended July 6, 2024 (in thousands except earnings per share):
|
|
|
|
|
|
|
|
|
|
|
|
|
Thirteen weeks ended July 6, 2024 |
|
|
As Previously Reported |
|
|
Adjustment |
|
|
As Restated |
|
Condensed Consolidated Statements of Operations |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
4,985 |
|
|
$ |
94 |
|
|
$ |
5,079 |
|
Total operating expenses |
|
45,496 |
|
|
|
94 |
|
|
|
45,590 |
|
Income from operations |
|
14,375 |
|
|
|
(94 |
) |
|
|
14,281 |
|
Income before income taxes |
|
7,739 |
|
|
|
(94 |
) |
|
|
7,645 |
|
Income tax expense |
|
1,739 |
|
|
|
(18 |
) |
|
|
1,721 |
|
Net income |
|
6,000 |
|
|
|
(76 |
) |
|
|
5,924 |
|
Net income attributable to noncontrolling interest |
|
1,694 |
|
|
|
(19 |
) |
|
|
1,675 |
|
Net income attributable to European Wax Center Inc. |
|
4,306 |
|
|
|
(57 |
) |
|
|
4,249 |
|
Net profit (loss) per share attributable to Class A ordinary shareholders, basic |
$ |
0.09 |
|
|
$ |
— |
|
|
$ |
0.09 |
|
Net profit (loss) per share attributable to Class A ordinary shareholders, diluted |
$ |
0.09 |
|
|
$ |
— |
|
|
$ |
0.09 |
|
The following table represents the adjustments to our condensed consolidated statements of operations and condensed consolidated statements of cash flows for the twenty-six weeks ended July 6, 2024 (in thousands except earnings per share):
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|
|
|
|
|
|
|
|
|
|
|
|
Twenty-Six weeks ended July 6, 2024 |
|
|
As Previously Reported |
|
|
Adjustment |
|
|
As Restated |
|
Condensed Consolidated Statements of Operations |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
Depreciation and amortization |
$ |
9,985 |
|
|
$ |
189 |
|
|
$ |
10,174 |
|
Total operating expenses |
|
86,093 |
|
|
|
189 |
|
|
|
86,282 |
|
Income from operations |
|
25,652 |
|
|
|
(189 |
) |
|
|
25,463 |
|
Income before income taxes |
|
12,700 |
|
|
|
(189 |
) |
|
|
12,511 |
|
Income tax expense |
|
2,971 |
|
|
|
(38 |
) |
|
|
2,933 |
|
Net income |
|
9,729 |
|
|
|
(151 |
) |
|
|
9,578 |
|
Net income attributable to noncontrolling interest |
|
2,602 |
|
|
|
(38 |
) |
|
|
2,564 |
|
Net income attributable to European Wax Center Inc. |
|
7,127 |
|
|
|
(113 |
) |
|
|
7,014 |
|
Net profit (loss) per share attributable to Class A ordinary shareholders, basic |
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.15 |
|
Net profit (loss) per share attributable to Class A ordinary shareholders, diluted |
$ |
0.15 |
|
|
$ |
— |
|
|
$ |
0.15 |
|
|
|
|
|
|
|
|
|
|
Condensed Consolidated Statements of Cash Flows |
|
|
|
|
|
|
|
|
Net income |
$ |
9,729 |
|
|
$ |
(151 |
) |
|
$ |
9,578 |
|
Depreciation and amortization |
|
9,985 |
|
|
|
189 |
|
|
|
10,174 |
|
Deferred income taxes |
|
2,789 |
|
|
|
(38 |
) |
|
|
2,751 |
|
The following tables represent the adjustments to our condensed consolidated statements of stockholders' equity as of each date described (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additional paid-in capital |
|
|
Accumulated deficit |
|
|
Noncontrolling interest |
|
|
Total equity |
|
Condensed Consolidated Statements of Stockholders' Equity |
(in thousands) |
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
|
|
|
|
|
|
|
|
|
|
Balance, January 6, 2024 |
$ |
232,848 |
|
|
$ |
(109,506 |
) |
|
$ |
33,270 |
|
|
$ |
116,612 |
|
Net Income |
|
— |
|
|
|
2,821 |
|
|
|
908 |
|
|
|
3,729 |
|
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
(113 |
) |
|
|
— |
|
|
|
— |
|
|
|
|
Balance, April 6, 2024 |
|
233,819 |
|
|
|
(106,685 |
) |
|
|
32,987 |
|
|
|
120,121 |
|
Adjustment |
|
|
|
|
|
|
|
|
|
|
|
Balance, January 6, 2024 |
|
54 |
|
|
|
(1,374 |
) |
|
|
(291 |
) |
|
|
(1,609 |
) |
Net Loss |
|
— |
|
|
|
(56 |
) |
|
|
(19 |
) |
|
|
(75 |
) |
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
1 |
|
Balance, April 6, 2024 |
|
55 |
|
|
|
(1,428 |
) |
|
|
(310 |
) |
|
|
(1,683 |
) |
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Balance, January 6, 2024 |
|
232,902 |
|
|
|
(110,878 |
) |
|
|
32,979 |
|
|
|
115,003 |
|
Net Income |
|
— |
|
|
|
2,765 |
|
|
|
889 |
|
|
|
3,654 |
|
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
(112 |
) |
|
|
— |
|
|
|
— |
|
|
|
(112 |
) |
Balance, April 6, 2024 |
|
233,874 |
|
|
|
(108,113 |
) |
|
|
32,677 |
|
|
|
118,438 |
|
|
|
|
|
|
|
|
|
|
|
|
|
As Reported |
|
|
|
|
|
|
|
|
|
|
|
Balance, April 6, 2024 |
$ |
233,819 |
|
|
$ |
(106,685 |
) |
|
$ |
32,987 |
|
|
$ |
120,121 |
|
Net Income |
|
— |
|
|
|
4,306 |
|
|
|
1,694 |
|
|
|
6,000 |
|
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
383 |
|
|
|
— |
|
|
|
— |
|
|
|
383 |
|
Balance, July 6, 2024 |
|
237,218 |
|
|
|
(102,379 |
) |
|
|
32,197 |
|
|
|
117,035 |
|
Adjustment |
|
|
|
|
|
|
|
|
|
|
|
Balance, April 6, 2024 |
|
55 |
|
|
|
(1,428 |
) |
|
|
(310 |
) |
|
|
(1,683 |
) |
Net Loss |
|
— |
|
|
|
(57 |
) |
|
|
(19 |
) |
|
|
(76 |
) |
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
(2 |
) |
|
|
— |
|
|
|
— |
|
|
|
(2 |
) |
Balance, July 6, 2024 |
|
53 |
|
|
|
(1,485 |
) |
|
|
(329 |
) |
|
|
(1,761 |
) |
As Restated |
|
|
|
|
|
|
|
|
|
|
|
Balance, April 6, 2024 |
|
233,874 |
|
|
|
(108,113 |
) |
|
|
32,677 |
|
|
|
118,438 |
|
Net Income |
|
— |
|
|
|
4,249 |
|
|
|
1,675 |
|
|
|
5,924 |
|
TRA liability and deferred taxes arising from secondary offering and other exchanges |
|
381 |
|
|
|
— |
|
|
|
— |
|
|
|
381 |
|
Balance, July 6, 2024 |
|
237,271 |
|
|
|
(103,864 |
) |
|
|
31,868 |
|
|
|
115,274 |
|
|