Good morning. And thank you for joining the Regis First Quarter 2022 Earnings Release Conference Call. All participants are in a listen-only mode. After the prepared remarks by our Chief Executive Officer, Felipe Athayde; and Executive Vice President and Chief Financial Officer, Kersten Zupfer, we will have time for questions. Please use the chat feature or raise hand feature to ask a question. Joining Felipe and Kersten on this call, we have Matt Doctor, Executive Vice President and Chief Strategy Officer; Amanda Rusin, our General Counsel; and Jim Lain, our President of Franchise Operations. I am your host, Biz McShane, Vice President and Controller. As a reminder, this conference call is being recorded. Before turning the call over to Felipe, I would like to remind everyone that the language on forward-looking statements included in our earnings release and 8-K filing also apply to our comments made on the call today. These documents can be found on our website, www.regiscorp.com/investorrelations, along with any reconciliation of non-GAAP financial measures mentioned on today’s call with their corresponding GAAP measures. With that, I will now turn the call over to Felipe.

Thank you, Biz. Good morning and thank you for joining us. Before getting into our results for the quarter, I want to address a few key liquidity and profitability initiatives we undertook to ensure Regis is in a strong financial position. During the quarter, we utilize our at the market or ATM program and raised $37.2 million in unrestricted cash. This additional liquidity meaningfully bolsters our balance sheet and gives us additional flexibility as we focus on growing the business. Our initial ATM was registered for up to $50 million, so we still have capacity to issue more shares under the program and we will assess the merits of doing so going forward. We also took another look at our organizational structure and realigned our business to decrease costs, while optimizing the support for our brands and franchisees. This reorg was completed in October and is not reflected in the results we published yesterday. These changes are expected to result in annual savings of approximately $5 million and I will let Kersten outline the revised G&A range based on those recent changes. These savings are above and beyond the savings resulting from our zero based budgeting process, which we concluded last June. As part of this reorg, I wanted to highlight the role of Jim Lain, who is now our President of Franchise Operations. Jim now leads all Regis brands from operational excellence and execution to franchisee relationships, business performance and strategies to build traffic and drive customer satisfaction and loyalty. This does not represent the departure from our brand centric approach as brand centricity remains in many aspects of Jim’s organization such as marketing. In fact, we believe this best combines both brand focus and a flexible efficient team structure. We look forward to seeing the progress Jim makes…

Thanks, Felipe, and good morning. Yesterday, we reported on a consolidated basis first quarter revenues of $78 million, which represented a $34 million increase from the prior year. The increase is a result of our continual recovery from the COVID-19 pandemic. Currently, our salons are not facing mandated closures or other significant government and post-restrictions. But as we have discussed, our return to pre-COVID volume continues to be hampered by the labor shortage. On a two-year basis, our comparison to pre-COVID system-wide comps were down 17% in the quarter. This is an improvement over Q4 when we were down 21%. While comps historically have been the key indicator of the health of the business, due to the pandemic, I want to focus on total system sales. System-wide sales are a key indicator for our fully franchised business as each sale made by a franchisee directly improves our bottomline. Total system sales increased approximately 8% from the fourth quarter. We reported an operating loss of $6 million during the quarter, compared to an operating loss of $32 million in the prior quarter. The improvement is a result of our recovery from COVID-19 and the transition to our franchisor model. First quarter consolidated adjusted EBITDA loss was $6 million, compared to a loss of $23 million in Q4 2021. As we are nearing the end of our transformation, I want to call out some losses that we incurred in the quarter that we expect to eliminate or reduce by the end of the fiscal year. Our franchise product sales business and company-owned salons contributed losses of approximately $3 million and $1.6 million, respectively, both of which are not part of our go-forward business. The actions we recently took to reduce G&A are not yet reflected in our results as the changes were…

Thank you, Kersten. We have no questions this morning. Thank you very much for joining. That concludes our call today.