Good morning, and thank you for joining the Regis Third Quarter Fiscal 2024 Earnings Conference Call. I'm your host Biz McShane, Vice President, Corporate Controller. All participants are in listen-only mode and this conference is being recorded. The prepared remarks by our President and Chief Executive Officer, Matthew Doctor and Executive Vice President and Chief Financial Officer, Kersten Zupfer are accompanied by slides to help participants follow along. 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 along with their presentation today can be found on our website, www.regiscorp.com/investorrelations, along with reconciliation of any non-GAAP financial measures mentioned on today's call with their corresponding GAAP measures. Today's slides are located in the investor presentations and supplemental financial statements section of the investor site. With that, I will now turn the call over to Matt.

Thank you, Biz. Good morning, everyone. Before I jump into our Q3 fiscal 2024 results. Just a quick note about our strategic review process. As I've noted on prior calls, this effort is aimed towards improving the health of our balance sheet and best position the business for long term profitable growth. We are making progress on the review and will not be otherwise be disclosing any new developments on the call today. As Kersten and I will discuss, we will remain focused on executing our strategic plan as this process continues. Now with that, let's turn to the quarter. Same-store sales rose 0. 5% in the quarter and 1.4% year-to-date. We saw a similar progression in comparable sales throughout the quarter, just as we did in our last quarter, which is our fiscal Q2. Weather had a significant impact to the start of our fiscal Q3 as the first three weeks ending January 21st demonstrated comps down 6.2%. Our salons did a good job during the rest of the quarter making up for that lost ground, as we ended the month of January with a negative 3% sales comp, followed by positive 1.3% comps in February and a 2.8% positive comp in March. The disparity I mentioned last quarter between our top and bottom quartile salons that has been a recurring theme is still a factor here, which is driving the overall sales comp as well. With our top quartile salons by sales volume across all of our brands, collectively demonstrating approximately 5% same-store sales growth for the quarter. Adjusted Q3 EBITDA on a consolidated basis was $5 million compared to $4.2 million in the prior year’s quarter putting us back on track for year-over-year progress and profitability. For the first three quarters of fiscal 2024, our adjusted EBITDA…

Thanks, Matt, and good morning. For this morning's call, I will review our third quarter results. Overall, the third quarter was positive with positive system wide same-store sales, increased operating income and increased adjusted EBITDA. Reviewing the third quarter in more detail and beginning with the income statement, total third quarter revenues were $49.2 million and declined $6.6 million from the prior year. This revenue decline was expected and relates primarily to a reduction in franchise rental income and advertising fund revenue, which are a gross up of revenue and expense and have no impact on profitability. Additionally, transitioning out of company owned salons and product sales reduced revenue with minimal impact on profitability. Royalty and fee revenue of $18.3 million, which represents our core business revenue, was down $200,000 versus the prior year's third quarter due to the number of salon closures over the course of the last 12 months. Another reflection of our revenue performance is system wide same-store sales, which grew 0.5% in the quarter. We posted GAAP operating income of $4.1 million in the third quarter compared to $2 million in the prior year quarter. The increase in GAAP operating income of $2 million was driven by primarily a decrease in G&A expenses compared to the prior year period. We continue to produce operating profit each quarter, and we expect that trend to continue. We reported a net loss of $2.3 million and a loss per share of $1 in the third quarter compared to a loss of $1.6 million a year ago and a loss per share of $0.71. The decline in the quarter was a result of contingent sale proceeds related to our sale of OpenSalon Pro in June of 2022 of a $0.5 million in the prior year period compared to no proceeds…

Thanks, Kersten, and thank you for joining. This will conclude today's earnings call. If you have any questions about our financial results, please contact Kersten through our investor relations email at investorrelations@regiscorp.com.