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Segment Reporting (Tables)

9 Months Ended

Sep. 30, 2022

Segment Reporting [Abstract]

Financial information for reportable segments

Financial information for the Company’s reportable segments was as follows for the periods presented:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						2022						2021 ¹						2022						2021 ¹
Revenues:
Company-operated shops						$	173,501					$	108,661					$	464,200					$	289,548
Franchising and other						25,147						21,142						72,985						68,248
Total revenues						198,648						129,803						537,185						357,796
Cost of sales:
Company-operated shops						138,781						85,550						381,623						219,407
Franchising and other						9,311						5,229						29,006						19,347
Total cost of sales						148,092						90,779						410,629						238,754
Segment contribution:
Company-operated shops						44,344						27,405						107,648						81,179
Franchising and other						17,314						17,616						48,319						53,629
Total segment contribution						$	61,658					$	45,021					$	155,967					$	134,808
Depreciation and amortization:
Company-operated shops						9,624						4,294						25,071						11,038
Franchising and other						1,478						1,703						4,340						4,728
Total depreciation and amortization						11,102						5,997						29,411						15,766
Selling, general and administrative						(45,378)						(153,700)						(132,934)						(223,174)
Interest expense, net						(5,011)						(2,393)						(11,096)						(5,248)
Other expense, net						(1,944)						(1,041)						(1,662)						(1,099)
Loss before income taxes						$	(1,777)					$	(118,110)					$	(19,136)					$	(110,479)

_________________

1    The Company identified immaterial corrections related to the accrual of employee sick leave and the application of ASC 710, Compensation - General, which resulted in revisions to prior period reported amounts with impacted line items presented below for the three and nine months ended September 30, 2021, respectively.

•Decrease in company-operated shops cost of sales (labor costs) of $0.3 million and $1.1 million

•Decrease in total cost of sales of $0.3 million and $1.1 million

•Increase in company-operated shops gross profit of $0.3 million and $1.1 million

•Increase in company-operated shops segment contribution of $0.3 million and $1.1 million

•Increase in total gross profit of $0.3 million and $1.1 million

•Increase in total segment contribution of $0.3 million and $1.1 million

•Decrease in selling, general and administrative expenses of less than $0.1 million and $0.4 million

•Increase in income before income taxes of $0.3 million and $1.5 million

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- Definition

Tabular disclosure of the profit or loss and total assets for each reportable segment. An entity discloses certain information on each reportable segment if the amounts (a) are included in the measure of segment profit or loss reviewed by the chief operating decision maker or (b) are otherwise regularly provided to the chief operating decision maker, even if not included in that measure of segment profit or loss.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8736-108599

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 25
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8813-108599

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 350
-SubTopic 20
-Section 50
-Paragraph 1
-URI https://asc.fasb.org/extlink&oid=121556970&loc=d3e13816-109267

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
-URI https://asc.fasb.org/extlink&oid=126901519&loc=d3e8906-108599

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- References

No definition available.

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