ET to discuss its business and financial results for the fiscal 2022 fourth quarter and full year. 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. Rather, we are discussing a very simple but effective business model, that if executed with a similar level of excellence, could grow into a brand fortress numerous times its current size, generating extraordinary shareholder returns in the meantime. Presenter SpeechAndrew Kaminsky Thank you, Gary. Franchise Group, Inc. ( NASDAQ: FRG) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Thank you for standing by and welcome to Conference Call -- the Franchise Group Third Quarter 2022 Conference Call. At this time, all participants are in listen-only mode. After the speakers' presentation, there will be a question-and-answer session. The series of successful acquisitions left the company in good relations with possible backers as well as a much better-looking balance sheet. Brian took multiple opportunities to acquire more shares in the company around the $34-37 range, either directly or through his investment vehicle Vintage Capital Management. Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. FRG YTD Price Performance (Seeking Alpha). Good afternoon, and thank you for joining our conference call. Kohl's Stock Tumbled. Presently, Mr. Kahn holds the position of President, Chief Executive Officer & Director at Franchise Group, Inc., President & Chief Executive Officer for 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. To ensure this doesnt happen in the future, please enable Javascript and cookies in your browser. Sources: FactSet, Dow Jones, Stock Movers: Gainers, decliners and most actives market activity tables are a combination of NYSE, Nasdaq, NYSE American and NYSE Arca listings. These cookies do not store any personal information. In calculating EPS, the Company is using approximately 34.9 million weighted average shares outstanding. Signup for your daily digest of industry news and trends. This is also a small sub-thesis about American Freight being essentially a recession-resistant business, given it operates as a bargain furniture store that might have largely gone down the gutter given the recent developments. Announces Approval of Quarterly Preferred Dividend, Franchise Group, Inc. 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. For the full fiscal year 2022, total reported revenue for Franchise Group was $4.398 billion, up 35.1% from $3.255 billion in 2021. India FM Jaishankar says Soros dangerous, debate needed on democracy, Buffett's Berkshire profit falls on investments, currencies, Bill Gates buys Heineken stake, despite saying he's 'not a big beer drinker', Elon Musk recruits team to develop OpenAI rival - The Information, Musk donated around $1.95 billion in Tesla shares last year, Hedge fund manager Chris Hohn demands Airbus drop Atos deal - letter, Elon Musk's challenge: Stay ahead of the competition, ISS urges Apple shareholders to vote for CEO Tim Cook, other execs' pay packages, Elon Musk accuses media of racism after newspapers drop 'Dilbert' cartoon, French media billionaire Niel fails with bid for TNT television frequence - Arcom, President, Chief Executive Officer & Director. WebMr. Brian R. Kahn usually trades in March, with the busiest year in 2020. 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. 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. In total, Brian R. Kahn has made about 12 transactions over 3 years of their time at Franchise Group, Inc. Badcock. 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. The company's management, led by Chief Executive Officer Brian Kahn, could pay a price of between $30 and $35 a share, the people said. No matter which way one looks at things, Franchise Group is a unique and mesmerizing special situation investment that could quite possibly be the most attractive investment opportunity we have encountered this year. Why Investors Should Root for the Deal. Source: FactSet. 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". 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. 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. Copyright 2023 Surperformance. 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. Brian Randall Kahn has not been actively trading shares of Franchise Group over the course of the past ninety days. All rights reserved. Most recently, on Monday, May 9th, Brian Randall Kahn bought 100,000 shares of Franchise Group stock. The truly interesting part comes when we analyze their latest $500 million share buy-back initiative. Web Design by Jackrabbit. Rating. But this is not the case. Source: FactSet, Markets Diary: Data on U.S. Overview page represent trading in all U.S. markets and updates until 8 p.m. See Closing Diaries table for 4 p.m. closing data. 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. Management defines and calculates Adjusted EBITDA as net income (loss) from continuing operations before interest, income taxes, depreciation and amortization adjusted for certain non-core or non-operational items related to executive severance and related costs, stock-based compensation, shareholder litigation costs, corporate governance costs, accrued judgments and settlements, net of estimated revenue, store closures, rebranding costs, acquisition costs, inventory fair value step up amortization and prepayment penalty on early debt repayment. Please dial in 5-10 minutes prior to the scheduled start time. For the third quarter of 2021, total reported revenue for Franchise Group was $828.8 million. We already believe that the company is selling at an immensely attractive valuation, but this investment opportunity represents something much more than a mispriced company with the potential of realigning itself towards its intrinsic value. Presenter SpeechAndrew Kaminsky Thank you, Gary. 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. 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. 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. The noise surrounding the recent developments has been picked up by shorts sellers who at this point sold short roughly 10% of the float, another indication that there is no clear consensus on the future prospects of Franchise Group, at least in the short to mid-term. Learn More about Brian Randall Kahn's net worth. Source: Kantar Media, President, Chief Executive Officer & Director, Chief Administrative Officer & Executive VP, Franchise Group, Inc. Brian Kahn, sitting at the helm of the Franchise Group, is displaying a master class in capital allocation that turned a relatively negligible company into a formidable franchise holding conglomerate. Mr. Kahn has also served as a director of Aarons, Inc., a leader in the sales and lease ownership and specialty retailing of residential furniture, consumer electronics, home appliances and accessories from 2014 until 2015, Integral Systems, Inc., a provider of products, systems and services for satellite command and control, telemetry and digital signal processing, data communications, enterprise network management and communications information assurance, from 2011 to 2012, and Babcock & Wilcox Enterprises, Inc. (Babcock & Wilcox), a global leader in energy and environmental technologies and services for the power and industrial markets, from 2018 to 2020. I wrote this article myself, and it expresses my own opinions. Franchise Group, Inc's most recent insider trade came on May 11, 2022 by The company is one of the largest home-furnishing retailers in the country with 384 stores mostly operating through the independent dealership model. 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. and bought an estimated value of $139.49M worth of shares. The conglomerate is currently consisting of the rent-to-own retailer Buddy's, health and wellness retailer The Vitamin Shoppe, affordable furniture retailer American Freight, pet store supplies retailer Pet Supplies Plus, tutoring services company Sylvan Learning, and the home-furnishings retailer W.S. Franchise Group is a textbook example of a management team that has "skin in the game" and then some. Furniture Today is the complete information source for the furniture industry featuring retailer and manufacturing news, plus product trends and market analysis. Live from New Prior to Causeway Partners, Mr. Laurence spent seven years at Triumph Capital and its successor, Washington & Congress Managers. Mr. Kahn founded and has served as the investment manager of Vintage and its WebBrian R Kahn, Franchise Group Inc: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Daybreak Asia Bloomberg Daybreak Asia. The business was envisioned as a one-stop shop for affordable furniture, mattresses, and appliances operating in the bottom value segment of the market. Change value during other periods is calculated as the difference between the last trade and the most recent settle. From May 2014 to July 2021, Ms. McMillan-McWaters held various legal roles with Liberty Tax, a subsidiary of NextPoint Financial Inc., most recently as General Counsel from October 2019 to July 2021. He is estimated to own roughly 30% of the entire company, which is a clear statement he fully stands behind the business, for better or worse. Net income (loss) from discontinued operations: Income (loss) per share from continuing operations. You also have the option to opt-out of these cookies. On top of that, the capital used in the said acquisitions is usually outside capital; ultimately meaning capital the company can afford to have a multilayered shareholder return policy with. If you have an ad-blocker enabled you may be blocked from proceeding. 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. Is this happening to you frequently? For the full fiscal year 2022, total reported revenue for Franchise Group was $4.4 billion, up 35.1% from $3.3 billion in 2021. On a journey from law to investing. 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. DELAWARE, Ohio Franchise Group, which owns American Freight, Badcock Home Furniture & more and Buddys, posted gains in revenues but losses in income for the fourth quarter and full fiscal year 2022. In this capacity, Ms. McMillan-McWaters managed the entirety of Liberty Taxs legal affairs including overseeing its corporate, franchise, and public company matters. Prior to joining Liberty Tax, Ms. McMillan-McWaters served as counsel for a global pharmaceutical contract research organization in Cambridge, England where her practice focused on negotiating complex services and clinical trial agreements with investigative sites in Europe. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Management still reinforces this thesis as of the last earnings call, drawing differences between the current environment and a "real recession" as they have referred to it. Company Participants. All rights reserved. Mr. Wright has served as the Chief Commercial Officer of Franchise Group since January 3, 2022. I think there are other ways to structure transactions that hopefully would not require us to do that if there was a large transaction but that is not something that we have an appetite to do. A subscriber to the ideas and principles of focus and value investing. The acquirees often have one thing in common, they operate businesses that are franchisable but remain corporate-led and operated to a large extent. 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. 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. 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 The M&A track record of the company has been superb in our humble judgment and left us impressed. This business segment generated only $12.4 million in EBITDA for 2021 and slightly more than 6.70 million over the course of the last six months. 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. 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. Sources: FactSet, Tullett Prebon, Currencies: Currency quotes are updated in real-time. In that context, management might rule that capital is to be much better deployed externally, seizing the opportunity. Why? 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. Mr. Laurence has served as the Executive Vice President of Franchise Group, Inc. since October 2, 2019 and was previously also on its Board of Directors. 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. The company was acquired in Q3 of 2021 for $81 million in an all-cash transaction that was financed with available cash. Furthermore, its sheer size does not allow the conglomerate to delve into the companies with which Franchise Group does business. Your California Privacy Rights/Privacy Policy. Franchise Group, Inc. (NASDAQ:FRG) shareholders (or potential shareholders) will be happy to see that the President, Brian Kahn, recently bought a 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. The nature of Franchise Group's business model can leave the company with a lot of cash on hand but little room to deploy it. Forward-looking statements are often accompanied by words that convey projected future events or outcomes such as expect, believe, estimate, plan, project, anticipate, intend, will, may, view, opportunity, potential, or words of similar meaning or other statements concerning opinions or judgment of the Company or its management about future events. The company is being led by an experienced and well-respected value-oriented investor, Brian Kahn. This fact combined with a, to acquire the retail giant Kohl's Corporation (, ) for $60 per share at a roughly $8 billion valuation resulted in tremendous down-pressure being applied to the company's stock price. The company was founded by Danny Hewitt and John T. Hewitt on September 1, 1997 and is headquartered in Delaware, OH. Please disable your ad-blocker and refresh. On the other hand, the case for it being a growth-oriented company is solid, as the company operates an aggressive high-growth business model through which it has managed to outperform the market fivefold since the new management took over. 1stDibs highlights female designers in new collaboration, Liberty Furniture founders to be honored by City of Hope, Shifting e-commerce winds impact 1stDibs Q4, year-end financials, Ashley industrial engineer honored with Women MAKE Award, American Freight rebounded nicely from the overstocked position it found itself in at the beginning of the quarter, Former At Home executive to spearhead Franchise Groups home furnishings efforts. Mr. Kaminsky has served as the Executive Vice President and Chief Administrative Officer of Franchise Group, Inc. since October 2, 2019. Amounts attributable to Franchise Group, Inc.: Net income (loss) from continuing operations. We finished the year with 259 new territories sold and a backlog across all brands of 482 locations. Sylvan Learning - has been one of the smaller and stranger acquisitions completed by FG. and Patrick A Cozza, Director Vintage is a value-oriented, operations-focused, private and public equity investor specializing in the consumer, aerospace and defense, and manufacturing sectors. Pet Supplies Plus - was one of the major and somewhat pricier acquisitions by the franchise conglomerate. 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. 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. The current estimated net worth of Franchise Group, Inc's Chief Executive Officer, Brian R. Kahn, is estimated to be about $589.55M . 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. The $1.1B market cap has a $500mm buy-back program approved and in place while at the same time distributing 25% of EBITDA in terms of dividends to the shareholders resulting in a 7.43% yield. Xi Jinping Doesnt Love Them Back, Subaru, Nintendo Step Up for LGBTQ Workers in Conservative Japan, Visitors Flock to Macau Again, But Its Gambling Dependence Draws Beijings Ire, Gina Raimondo Becomes China Player in a Job Where Her Predecessor Used to Nap, Iran Schoolgirls Targeted by MorePoison Attacks, Sparking Protests, EU Seeks to Salvage Combustion-Engine Ban After Germany Balks, Gas Stoves Are One Step Closer to New Rules, Another Blow to City Centers: Retail Stores Move Outward, New York City Isnt Waiting for the White House to Enforce Fair Housing, Singapore Crypto Lender Hodlnaut's Founders Propose Selling Business Rather Than Liquidating Firm, Celsius Examiner Report Mentions FTX More Than 150 Times. We didn't have an open window because of the Kohl's transaction and then we got into the quiet period. Ms. McMillan-McWaters is a member of the New York State Bar and registered Corporate Counsel for the Commonwealth of Virginia. All of the forward-looking statements made in this press release are expressly qualified by the cautionary statements contained or referred to herein. over $3.75M on May 11, 2022. Kahn has served as the Chief Executive Officer of Franchise Group since October 2, 2019. The company, then facing multiple headwinds and an uncertain future, was acquired by Franchise Group for just $208 million in Q3 2019. Such statements may include statements regarding the Companys results of operation and financial condition, the Companys stock repurchase program, including whether the Company will continue purchasing stock thereunder and the timing and amount thereof and its expectations and outlook for fiscal 2023. 2023 BridgeTower Media. 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. 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 chief executive officer Brian Kahn did not share publicly at the time what his plan was, should the deal move ahead. At the start of July, Kohls leaders said the negotiations were over, and Kohls would remain an independent business. The more obvious one is that the recession-headed economy has the capacity to cause plenty of headaches for a part of the more home improvement-oriented portfolio. Title: POS Specialist. Reports to: Eric Rubio, POS Support Manager. About Franchise Group, Inc.Franchise Group is an owner and operator of franchised and franchisable businesses that continually looks to grow its portfolio of brands while utilizing its operating and capital allocation philosophy to generate strong cash flow for its shareholders. Prior to joining Franchise Group Mr. Harvey was Vice President Franchise Operations for Aarons Inc. from July 2014 to September 2020. 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. 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