Regis Corporation completed a strategic refinancing in 2024, reducing indebtedness by over $80 million and extending debt maturity to 2029, which materially enhances financial flexibility and reduces cash interest by about $7 million annually. Management has positioned Regis to operate as a true franchisor, with a focus on driving franchisee profitability and optimizing G&A. The fourth quarter and full-year 2024 reflect a mixed operating backdrop: revenue declined due to ongoing salon closures and wind-down of company-owned locations, yet GAAP net income benefited from a $94.6 million gain on debt extinguishment, offset by utilization of net operating losses for tax purposes. On a core operating basis, adjusted EBITDA and cash flow show meaningful improvement year over year, underpinned by disciplined expense management and the Zenoti POS migration, which completed in August 2024. Looking into 2025, Regis guides to ongoing G&A normalization (target run-rate ~ $38-40 million), additional Zenoti-related proceeds (~$7-9 million), and continued net store closures in line with 2024, with an expectation of adjusted EBITDA growth driven by cost discipline, improved operating efficiency, and higher cash flow generation as the franchisor model scales. The investment thesis centers on Regis’ strategic pivot to a franchisor-led growth engine, leverage de-leveraging enabled by refinancing, and the potential for digital marketing and loyalty initiatives to stabilize traffic and guest retention, albeit with execution risks linked to franchisee profitability and macro demand.