Good morning, and thank you for joining us. We enter fiscal 2027 with a solid financial foundation. In the first quarter, we generated $7.7 million in adjusted EBITDA, generated positive cash from operations, and paid down $7.9 million of debt. Total sales for Q1 were up 0.2% versus prior year, with supercuts up 2%. Total system traffic was down 3.1%, and traffic for supercuts was down 1.7%. Today, I will share our transformation agenda and the decisive actions we are taking to improve performance and position Regis for sustainable growth. Our priorities for fiscal 2027 are clear. First, drive traffic. Second, drive traffic. Strengthen the health of our salon network and mitigate closures. Third, improve the performance and profitability of our company-owned salons. Together, these priorities are focused on strengthening our business and creating long-term shareholder value. We are executing against each with urgency, strengthening accountability, and directing our resources towards the areas where we believe we can have the greatest impact. Let me start by focusing on our first priority, driving traffic. Traffic has been a persistent challenge for our business, and reversing this trend remains our highest priority. We have a clear understanding of where we are losing guests, and we're taking targeted action to address those opportunities. Our analysis shows that the majority of traffic losses over the past years are from new guests, and there's meaningful opportunity to improve retention following the first visit. Retention strengthens considerably once guests have visited more than twice. We're addressing traffic erosions by attracting new guests and ensuring a seamless and exceptional experience to bring the guests back. We're approaching this across the guest journey, from brand awareness and new guest acquisition to booking convenience and the in-salon experience. We are changing how we deploy our marketing resources, shifting more dollars directly into guest-facing media, and making those investments work harder to attract new guests and drive traffic. At Supercuts, we increased working media from 53% to 62% of total ad fund spending in the first quarter compared to fiscal 2026, increasing the proportion of dollars directly reaching consumers while maintaining the capabilities needed to support effective marketing execution. Our objective is straightforward. Attract more new guests, give them compelling reasons to choose our brands, and turn first-time visitors into loyal repeat guests. To attract new guests, we are increasing our investment in brand awareness and consideration. Our recent brand positioning work strengthened our creative and our messaging across our core brands, giving consumers clearer reasons to choose us. We're also testing low-risk offers in company-owned salons to drive first-time visits. To drive second visits, we're improving guest email capture, and we're testing targeted offers in company-owned salons to bring first-time guests back. For loyalty, we are building stronger capabilities to improve guest retention and lifetime value. In Q1, following a comprehensive RFP process, we selected Capillary as our new loyalty and CRM partner to replace our previous platform, which limited our ability to tailor programs and communications by brand. Once integrated with our POS system, Capillary will enable more personalized guest engagement, drive stronger loyalty, and increase share visits. Together, these initiatives position us to accelerate guest acquisition, deepen retention, and drive sustainable traffic growth. Driving traffic, however, requires more than marketing. It requires the right people, effective training, and consistent operational execution to consistently deliver an exceptional experience in every salon, every day. Having the right staffing and scheduling in place is critical to capturing demand and driving traffic. If we don't have availability for appointments when a guest is looking, we could lose them to a competitor. To address this, we are taking a more comprehensive approach to stylist recruitment, including a testimonial campaign and a toolkit to help franchisees recruit from beauty schools. Beyond technical training, we are developing more structured training and development programs for stylists and managers, including ongoing education focused on strengthening skills and execution. These investments are designed to help attract and retain talent, deliver a more consistent guest experience, and ultimately drive repeat visits. One initiative we are already seeing encouraging results from is Choice Booking, where guests can schedule appointments through convenient web app options while preserving the walk-in option. Our Supercuts pilots, launched in July, are generating traffic 3 to 6 percent higher than control groups. Importantly, pilot salons have reduced online booking dead ends by 59 percent. These occur when guests are unable to complete an online booking. Reducing these barriers improves guest access and creates opportunities to capture incremental services and sales. Equally important, franchisees are reporting improved guest satisfaction, fewer guest complaints, and fewer interruptions with stylists no longer having to leave the chair to answer the phone. We now have more than 1,400 or 86% of Supercuts franchise salons and all of the company's Supercuts participating in online scheduling, ranging from same-day to advanced booking. We're planning a full Supercuts rollout in the next 90 days, establishing seven-day advanced booking as the standard. In Q1, we advanced the Supercuts refresh initiative from concept to execution, completing two refreshes in company salons. These locations demonstrate a cost-effective prototype with an estimated investment of less than $25,000 per location based on costs in our company markets. This creates scalable opportunity to modernize the salon experience while minimizing capital investment. These initiatives are a coordinated strategy to strengthen traffic, improve guest experience, and drive sustainable traffic growth. Moving to our second priority, strengthening salon health. Strengthening salon health requires improving franchise performance, accelerating ownership transitions, and reducing closures. We are taking a more proactive approach to identifying at-risk salons earlier, intervening with targeted support to improve performance and protect our salon network. We have launched an AI-powered franchisee health dashboard that provides greater visibility into salon performance, identifies emerging risks and opportunities earlier, and helps direct support work and have the greatest impact. We continue to enhance the dashboards, recently adding compliance tools to strengthen franchisee support and protect brand standards. We are pairing these insights with stronger field leadership to turn data into targeted action. We now have two operations directors for Supercuts, both added in June, who are already driving meaningful franchisee engagement and driving operational improvements across the network. In just two months, they have connected with 57 franchisees, representing over 60% of the Supercut salons. They have led 11 franchisee forums and more than 20 targeted business reviews that resulted in 200 salons adopting choice booking. The Franchise Health Dashboard also tracks nine early warning indicators to identify salons at elevated risk of closure, so we can step in sooner to help improve or potentially transfer the salon. Strengthening our network requires actively facilitating ownership transitions and placing salons with operators' best position for success. By connecting exiting owners with qualified franchisees looking to expand, we can preserve salons, protect royalty streams, and transition locations to operators better positioned to drive performance. In Q1, 34 franchise locations closed, reinforcing the importance of proactively protecting our salon network. Every 10 franchise closures we prevent preserves nearly $80,000 in annual royalty revenue. We facilitated 92 salon resales in Fiscal 2026 and completed another 12 in Q1. Importantly, the 92 salons transferred in Fiscal 2026 demonstrated a meaningful improvement under new owners, reinforcing that transfers to the right operators is an important lever for strengthening the network. We've already identified 32 owners, 261 salons, that we will work with to find new owners in fiscal 2027. We are rebuilding our franchise sales and development capabilities. After more than six years without a dedicated development function, we are restoring this critical capability, beginning with a new development director who joins the team on Monday. Our focus is on growing with our strongest franchisees and focusing transfers on our lowest quartile salons. There is a significant performance gap between our top and bottom quartile salons, including sales, traffic, and stylist hours. For example, a Supercuts in the top quartile would have sales and traffic nearly three times higher than the bottom quartile salons. The risk is clear. About 70% of franchise closures in fiscal 2026 came from salons in the lowest sales quartile. This reinforces our focus on stabilizing these locations and facilitating transitions to stronger operators to improve network health. Again, the goal is to accelerate resales. Not only with a new dedicated resource, but also with the help of a new AI-enabled real estate dashboard that provides lease-end dates for all salons by year, and closure analysis information that helps pinpoint salons at risk of closing. The development focus will not only be on resales, but also on building a pipeline of new franchisees. Beyond supercuts, roosters will be a priority given its higher AUV and growth potential. Reducing closures is critical to the long-term health of our system. Based on our current visibility, we expect fiscal 2027 franchise closures to be in a similar range to fiscal 2026. And we're not satisfied with that trajectory. Our investments in operational support, early identification of at-risk salons, and franchise resales are focused on stemming closures, stabilizing underperforming locations, preserving royalty revenue, and creating a path back to net unit growth. Turning to our next priority, our company salon business. Improving the performance of our company-owned salons is a critical priority, and our first quarter results underscore the need for action. Sales declined 1.1 percent, while traffic declined 9.5 percent. These results are not acceptable, and we're taking decisive action to improve performance. Effective immediately, we are making a change in senior leadership of this business to bring a fresh perspective, strengthen operational accountability, and accelerate our turnaround efforts. In addition to the enterprise initiatives I just discussed, we're strengthening operational discipline and focusing on staffing, labor productivity, traffic, and guest retention to improve salon-level profitability. In September, we brought together salon leadership across three in-market meetings to reinforce a more disciplined operating model centered on results accountability, staffing optimization, labor productivity, guest experience, and retention. These sessions align managers around clear performance expectations and the operational priorities required to improve salon results. We also launched a new customer service training program to provide a more consistent guest experience with the additional focus on accurate guest data capture and earning the return visit. We deployed new tools to better identify and quantify labor optimization opportunities. These tools use key performance metrics to better align staffing and hours with demand while ensuring we maintain sufficient capacity to capture walk-in traffic. We are intensifying our local marketing efforts to drive acquisition and reverse traffic declines. With a dedicated marketing manager in place in September, we are executing targeted November and December promotions and testing compelling value offers to attract new guests. Operations is driving focused recovery plans across 53 low- and underperforming salons, with 34 already demonstrating improving trailing three-month trends. Company salons continue to serve as an important testing ground for initiatives that can benefit the broader system. Beyond the Supercuts Refresh Program, We're testing a new retail, distribution, and marketing initiatives, including a pilot with PerfectCorp, to validate results and refine execution before considering broader system adoption. Current performance demands a different approach, and we are taking decisive action. We are making a senior leadership change and resetting expectations around accountability for results to drive a meaningful improvement in performance. I want to provide a brief update for our second biggest brand, SmartStyle. On the last two calls, we discussed the need for greater focus and urgency on turning around SmartStyle's performance. We are putting that focus into action. In October, we launched a 40 salon pilot in Tampa that combines salon manager retraining, coaching on staffing and hours of operation, A new simplified express menu for time-crunched and value-conscious Walmart shoppers, a $22 Tuesday haircut offer to drive traffic on a slower day, and stronger Walmart associate deals. We are reinforcing these efforts with incremental local media support. While it's too early to assess results, the pilot is designed to test an integrated approach to improving salon performance. If we demonstrate profitable traffic growth, we will move quickly to scale the successful initiatives across the broader SmartStyle system. In summary, we are advancing targeted initiatives to drive traffic, strengthen salon network health, mitigate closures, and position our business for sustainable growth. We are executing with urgency, reinforcing accountability, and beginning to see encouraging early signs of progress. Last week, I had the opportunity to connect with many of our Supercuts franchisees at the SFA convention. It was encouraging to hear their success stories and, importantly, their continued interest in growing with the brand. We recognize there is still significant work ahead, and we are taking the right actions to improve performance and deliver sustainable, profitable growth. Before I turn it over to Kirsten, I want to provide more information around our debt refinancing efforts and plans. As mentioned on our last call, we completed a comprehensive review of refinancing alternatives with active oversight from our board and working closely with our newest director, who is a significant shareholder. We evaluated a range of options, including senior bank debt, private credit financing, preferred equity structures, and whole business securitization. While we received positive feedback on the management team, recent performance, and our growth strategy, the parties that we engaged with indicated that they would like to see additional quarters of progress before moving forward. Based on the feedback we received, we determined that refinancing now would not deliver sufficient value to shareholders. We expect to return to the debt markets early in calendar 2027 as we approach the scheduled decline in our call premium from 104 to 101 in June of 2027. In the meantime, our business continues to generate healthy levels of cash while we take decisive action to strengthen the business. And with that, I'll turn it over to Kirsten to review our first quarter financial results.
Thanks, Susan. For the first quarter, we generated $7.7 million in consolidated adjusted EBITDA, demonstrating profitability not only on a non-GAAP basis, but also on a GAAP basis with $5.3 million in operating income. We also generated $2.6 million in cash from operations, marking our eighth consecutive quarter of positive cash generation and repaid $7.9 million of debt, further strengthening our balance sheet despite lower revenue year over year. Total first quarter revenue was $54.3 million, a decrease of 7.8% compared with the prior year. The decline was primarily driven by lower non-margin franchise rental income and company-owned salon revenue. We reported gap operating income of $5.3 million, compared with $5.9 million in the year-ago quarter, a decrease of 10.4%. The decline primarily reflected lower royalties and fees and lower operating income from company-owned salons, partially offset by reduced G&A. Our gap operating income includes two non-recurring items recorded in G&A. First, we recognized a $2.1 million gain following the termination of a previously recorded lifetime benefit obligation. This was partially offset by a $2.5 million accrual in our company-owned salon segment related to a civil investigative demand from the U.S. Department of Justice issued pursuant to the False Claims Act. The government inquiry concerns applications for a $2 million paycheck protection program loan and loan forgiveness obtained by Alliant Salon Group several years prior to the acquisition of Alliant. We are cooperating with the investigation and are responding to additional requests for information. We are also evaluating our rights to indemnification and other potential sources of recovery for any claim relating to this matter. Both items are excluded from our adjusted results. Net income for the first quarter of fiscal year 2027 was $524,000, or $0.18 per diluted share, compared to $1.4 million, or $0.49 per diluted share, for the same period last year. The lower income in the current year period was driven primarily by lower royalties, fees, and company-owned salon revenue, partially offset by lower general and administrative expenses. Turning to our adjusted results, as a reminder, our adjusted results exclude stock-based compensation expense, the two non-recurring items I just discussed, and certain other adjustments. We believe this provides a clearer view of underlying business performance. A reconciliation of our GAAP to non-GAAP results is included in our press release. For the first quarter, consolidated adjusted EBITDA was $7.7 million, compared with $8 million in the prior year quarter. The change was primarily driven by lower royalties, fees, and company-owned salon earnings, partially offset by reductions in G&A expenses. Adjusted G&A was $9.8 million compared to $10.4 million in the year-ago quarter, a decrease of 5.8% and reflecting continued cost management discipline, including lower compensation and consulting expenses. Adjusted EBITDA for our franchise segment was $6.1 million, compared with $6.4 million in the prior year quarter. The decrease was primarily due to lower royalties and non-cash fees, offset partially by decreased G&A expenses. Franchise adjusted EBITDA as a percentage of franchise revenue was 17.2%, compared with 16.5% in the year-ago quarter. Adjusted EBITDA for our company-owned salon segment remained flat at $1.6 million compared to the prior year period. Turning to cash flows, for the three months ended September 30, 2026, we generated $2.6 million in reported cash from operations, an improvement of $300,000 compared to the $2.3 million in the prior year period. The increase is due primarily to our lower cost structure and the timing of accounts payable. When evaluating our reported cash flow, it's important to distinguish between unrestricted cash generated by our core operations, which is available for general corporate use, and restricted cash associated with our advertising funds. These funds come from contributions by franchise and company-owned salons and are designated for marketing purposes, so they are not available for corporate use. During the first quarter of fiscal year 2027, our core operations generated $3.3 million in unrestricted cash, while the restricted advertising funds used $638,000, resulting in $2.6 million of reported cash from operations. This demonstrates the underlying cash-generating capacity of the business and supports our continued focus on debt reduction and targeted investment. Turning to our balance sheet, we continue to make progress by reducing debt and strengthening our financial position. As discussed last quarter, we expected to make an annual excess cash flow sweep payment in September in accordance with our credit agreement, and in fact did make a payment of $7.3 million, as well as our scheduled quarterly payment of $600,000, reducing both cash and outstanding debt. As of September 30, 2026, we had $30.4 million in available liquidity, including capacity under our revolving credit facility, and $20.8 million in cash and cash equivalents. This provides flexibility to support operations and continue investing in initiatives designed to improve salon traffic and long-term performance. At the end of the first fiscal quarter, outstanding debt was $121.1 million, excluding deferred financing costs and the value of warrants. Our balance sheet also includes $154.9 million in operating lease liabilities associated with franchise salon leases. These leases have a weighted average remaining term of less than five years, and the associated obligations are serviced directly by our franchisees. We do not consider these liabilities part of our funded debt when evaluating financial leverage, provided franchisees continue to meet their lease obligations. We expect these liabilities to decline over time as leases mature and we reduce our use of franchise leases. From a capital allocation perspective, our priorities remain clear. We are focused on generating cash, reducing debt, and maintaining financial discipline while investing in the operational initiatives Susan outlined earlier. Our ability to consistently generate positive cash flow gives us the flexibility to make those investments while continuing to strengthen our balance sheet. Ultimately, improving traffic and reducing salon closures are not only important operational priorities, they are also critical to protecting our royalty stream, improving long-term profitability, and increasing the cash-generating potential of our business. With that, I'll turn the call to Susan for closing comments.
