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. Sources: FactSet, Dow Jones, ETF Movers: Includes ETFs & ETNs with volume of at least 50,000. Mr. Kaminsky has served as the Executive Vice President and Chief Administrative Officer of Franchise Group, Inc. since October 2, 2019. I have no business relationship with any company whose stock is mentioned in this article. Mr. Evans holds a Bachelor of Science degree in Business Administration from East Carolina University. Mr. Seeton has served as the Chief Financial Officer of Franchise Group, Inc. since October 28, 2019. This net worth estimate does not reflect any other investments that Mr. Kahn may own. 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. attempted to close down a deal valued at slightly more than five times its equity size. 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. 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. WebView Brian Williams profile on LinkedIn, the worlds largest professional community. Mr. Kahn has served as the Chief Executive Officer of Franchise Group, Inc. since October 2, 2019. 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. $11.46K on September 15, 2020. On a journey from law to investing. 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. The company, then facing multiple headwinds and an uncertain future, was acquired by Franchise Group for just $208 million in Q3 2019. Follow Bloomberg reporters as they uncover some of the biggest financial crimes of the modern era. Mr. Kahn graduated cum laude and holds a Bachelor of Arts degree in Economics from Harvard University. Franchise Group, Inc. ( NASDAQ: FRG) Q3 2022 Earnings Conference Call November 3, 2022 4:30 PM ET Company Participants Andrew Kaminsky - EVP & CAO 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. We have the expertise, capital and training to catapult franchise brands forward. As a matter of fact, the entire model relies upon carefully thought-through M&A execution, and such opportunities are by definition not plentiful. 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. 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. Cryptocurrencies: Cryptocurrency quotes are updated in real-time. The Buyout Offer Might Be Lowered. over $3.75M on May 11, 2022. He is also the founder and managing partner of Kahn Capital Management, which later became Vintage Capital Management, through which the entire story of Franchise Group began. 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. Brian R. Kahn usually trades in March, with the busiest year in 2020. Net income from continuing operations was $36 million or $0.83 per fully diluted share. Readers are cautioned not to rely on the forward-looking statements contained in this press release. This is possibly the best testament to the efficiency of the management capital allocation. $36M on May 24, 2021. WebNow, over eighteen years since the companys founding, Precision Concrete Cutting has received six patents from the U.S. Patent and Trademark Office and is a fast growing Management has established a long-term dividend policy planning to redirect approximately 25% of EBITDA towards shareholders via dividends in the upcoming years. Management was able to move a $400 million receivable portfolio off their books to a third party while at the same time gaining close to $270 million through asset sale-leasebacks shortly after the acquisition. The report also stated that FRG could also be We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. from Harvard University. The business generated $93.4 million in EBITDA for 2021 but has been struggling recently due to the complex macroeconomic environment and generated only $23.32 million in EBITDA for the past six months, being one of the most affected businesses. Mr. Laurence is also a director of non-profits Good Sports, Inc. and Beth Israel Deaconess Hospital Milton. 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. In his capacity at Vintage, Mr. Laurence served as a director and/or committee member of various companies, including IEC Electronics, East Coast Welding & Fabrication, Buddys Home Furnishings, API Technologies and Liberty Tax. In that context, management might rule that capital is to be much better deployed externally, seizing the opportunity. Data may be intentionally delayed pursuant to supplier requirements. We want to be strategic about when and how much we acquire. A subscriber to the ideas and principles of focus and value investing. Brian emphasized this point during the first quarter earnings call, issuing equity to finance further M&A action is largely off the table. Brian R. Kahn owns about 11,364,610 units of Franchise Group, Inc common stock. 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. Sources: FactSet, Tullett Prebon, Commodities & Futures: Futures prices are delayed at least 10 minutes as per exchange requirements. Get notified the next time Brian Randall Kahn buys or sells Franchise Group stock. 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. The company was founded by Danny Hewitt and John T. Hewitt on September 1, 1997 and is headquartered in Delaware, OH. Stocks: Real-time U.S. stock quotes reflect trades reported through Nasdaq only; comprehensive quotes and volume reflect trading in all markets and are delayed at least 15 minutes. Forward-looking statements include, without limitation, projections, predictions, expectations, or beliefs about future events or results and are not statements of historical fact. 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. Good afternoon, and thank you for joining our conference call. 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. WebBrian R Kahn, Franchise Group Inc: Profile and Biography - Bloomberg Markets Bloomberg TV+ Bloomberg Daybreak Asia Bloomberg Daybreak Asia. The addition of Sylvan provides Franchise Groupanother growing franchise concept and further diversification into consumer services. Prior to joining Franchise Group, Inc., Mr. Kaminsky has held various executive and operating positions with Viavi Solutions Inc., Cobham plc and Aeroflex Holding Corp., focusing on mergers and acquisitions, their subsequent integration and driving operational efficiencies across these companies. Furthermore, its sheer size does not allow the conglomerate to delve into the companies with which Franchise Group does business. 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. Brian is almost fully committed to the company in terms of his personal wealth, and represents the definition of the phrase "walking the walk". Insiders currently own close to a third of the shares outstanding and there has been a very clear historic record of major insider ownership. 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. Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world. Pet Supplies Plus - was one of the major and somewhat pricier acquisitions by the franchise conglomerate. Furniture Today is the complete information source for the furniture industry featuring retailer and manufacturing news, plus product trends and market analysis. 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". They are never returned to the shareholders in the form of dividends, something the company is notorious for. Insiders at Franchise Group own 32.3% of the company. 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. Franchise Group, Inc. (NASDAQ:FRG) shareholders (or potential shareholders) will be happy to see that the President, Brian Kahn, recently bought a The tax effect on the related non-GAAP adjustments was calculated based on an estimated annual non-GAAP effective tax rate of 25.8%. 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%. Pet Supplies Plus Overview (FRG August Investor Presentation). Why? Please dial in 5-10 minutes prior to the scheduled start time. This can in no way be compared to Warren Buffett's brainchild, which is in its own way first and foremost an insurance company with multiple benefits in keeping significant amounts of cash on hand. In a call with investors, Kahn noted that American Freight rebounded nicely from the overstocked position it found itself in at the beginning of the quarter. 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. PSP is one of the leading US pet care stores with more than 644 locations across the country, with 414 of them currently franchised. I wrote this article myself, and it expresses my own opinions. I'm on the call with Brian Kahn, Franchise 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. Adjusted EBITDA is a financial measure that is not prepared in accordance with GAAP. 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. The company was acquired in Q3 of 2021 for $81 million in an all-cash transaction that was financed with available cash. Brian R. Kahn's largest purchase order was 1,000,000 units , worth over Source: FactSet, Indexes: Index quotes may be real-time or delayed as per exchange requirements; refer to time stamps for information on any delays. The Role: Sky Zone is seeking a talented individual to join our IT team as a POS While the growth aspect of the company remains largely subservient to M&A execution down the road, the dividend is still well supported by fundamentals, even when accounting for the downgraded guidance, which lowered EBITDA estimates to $390 million for this year. Yeah, so we authorized, at our two Board meetings ago, we authorized a $500 million buyback over the next few years. 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. 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. This leaves a somewhat negative impression when taking a look at the rapid rise in outstanding shares over the past couple of years, as potential investors might fear further dilution. Brian 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 companies. 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. For the year, American Freights revenues totaled $883.5 million with a net loss of $103.4 million; Badcock added $919.1 million in revenues with a loss of $38.1 million, and Buddys revenues totaled $57.4 million with a net gain of $6.44 million in revenues. Presenter SpeechAndrew Kaminsky Thank you, Gary. This documentary-style series follows investigative journalists as they uncover the truth. Franchise Sales Utah, Idaho & Nevada Lehi, Utah, A key step in establishing American Freight's footprint in the market was the integration of Sears Hometown and Outlet Stores, which was acquired by FG for only $132 million in Q3 of 2019. This impressive story began when current CEO Brian Khan's investment vehicle, Vintage Capital Management, acquired control of Liberty Tax, then publicly traded under the stock ticker "TAXA". 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. A real-time webcast of the conference call will be available on the Events page of Franchise Groups website at www.franchisegrp.com. I am not receiving compensation for it (other than from Seeking Alpha). 2023 Vintage Capital Management, LLC. A major acquisition failing and leaving the balance sheet in a poor condition loaded with debt that the organic business will take a long time to clear should be considered. The only daily news program focused exclusively on technology, innovation and the future of business hosted by Ed Ludlow from San Francisco and Caroline Hyde in New York. In the last 3 years, insiders at Franchise Group, Inc have sold an estimated value of $29.47M While we maintain a very bullish outlook on the company, as with any investment, the thesis itself carries its fair share of challenges. The multifaceted approach to creating shareholder value that Franchise Group is implementing creates difficulties in describing the true nature of the company. Management believes the presentation of these measures is useful to investors as supplemental measures in evaluating the aggregate performance of the Companys operating businesses and in comparing its results from period to period because they exclude items that the Company does not believe are reflective of its core or ongoing operating results. Net income (loss) attributable to Franchise Group, Inc. Franchise Group acquired the business for $700 million in Q1 of 2021 from Sentinel Capital Partners, a private equity firm. 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. In the past Brian Randall Kahn occupied the position of Chairman for API Technologies Corp., Chairman of Buddy'S Home Furnishings, Chairman at Microsemi Corp. - Memory & Storage Solutions, Investment Manager at Caiman Partners LP, Investment Manager at Kahn Capital Management LLC and Member-Managers Board at Buddy's Newco LLC. Company Ownership Structure (TIKR Terminal). I have no business relationship with any company whose stock is mentioned in this article. FRG YTD Price Performance (Seeking Alpha). It's all right there in the name. The company is being led by an experienced and well-respected value-oriented investor, Brian Kahn. We have it now, we're very excited about that and I don't think anybody knows our businesses better than we do, which is a good thing. Prior to his corporate roles, Mr. Kaminsky spent over 15 years as an investment banker, including as a Managing Director at Oppenheimer & Co. Inc. and CIBC. "Our financial performance in the fourth quarter was in line with the outlook we provided in November," stated Brian Kahn, Franchise Group's President and CEO. Mr. Kahn founded and has served as the investment manager of Vintage and its Sources: CoinDesk (Bitcoin), Kraken (all other cryptocurrencies), Calendars and Economy: 'Actual' numbers are added to the table after economic reports are released. 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 estimated net worth of Brian Randall Kahn is at least $246.52 million as of May 9th, 2022. During the last twelve months, Franchise Group insiders bought shares 5 times. This is exactly where the brilliance of the strategy the company is utilizing comes under the spotlight. WebMr. The team at Franchise Group, Inc. is comprisedof former franchisors and franchisees, entrepreneurs, investors and executives. I am pleased that we were able to efficiently monetize the Badcock consumer credit receivables. Reconciliations of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP EPS to their respective most comparable GAAP measures, are included below under Non-GAAP Financial Measures and Key Metrics.. Our financial performance in the fourth quarter was in line with the outlook we provided in November, said Brian Kahn, Franchise Groups president and CEO. Mr. Kahn founded and has served as the investment manager of Vintage and its predecessor, Kahn Capital Management, LLC, since 1998. Andrew Kaminsky - Chief Administrative Officer. Ms. McMillan-McWaters has served as Deputy General Counsel of Franchise Group, Inc. since July 2, 2021, and previously served as its Assistant General Counsel from October 1, 2019. Prior to joining Conns, Mr. Wright served as President and then CEO of Professional Directional Enterprises, Inc., an energy services company. . On top of that, the company has institutional ownership estimated at 54.55%, with roughly 190 institutional holders owning 22 million shares. Most recently, on Monday, May 9th, Brian The stock was acquired at an average cost of $37.50 per share, with a total value of $3,750,000.00. 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 Vitamin Shop 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. 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. Net loss was $710,000 or 8 cents per fully diluted share, compared with net income of $147.2 million in 2021, or $3.53 per share. 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. 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. 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. 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. Please disable your ad-blocker and refresh. The current estimated net worth of Franchise Group, Inc's Chief Executive Officer, Brian R. Kahn, is estimated to be about $589.55M . Oak Street has proven to be a trustworthy partner throughout our sale leaseback process, said Brian Kahn, President and CEO of Franchise Group. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Mr. Wright holds a Bachelor of Science degree from Washington & Lee University. 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. Source: Kantar Media, President, Chief Executive Officer & Director, Chief Administrative Officer & Executive VP, Franchise Group, Inc. Live from New Executive VP & Chief Administrative Officer. 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. 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