Financial Review Franchise Group Inc.
Historical pro forma financial summary
Revenue
Gross Profit
$MM
$3,010.2
$3,047.1
$MM
$2,886.1
■ PSP²
$1,267.9
$1,335.2
693.1
732.5
846.0
■PSP
$1,197.2
Buddy's
172.6
94.8
130.9
92.0
122.8
97.3
271.5
321.7
Buddy's
284.8
66.9
71.1
924.4
Liberty Tax
890.4
945.1
172.6
66.3
122.8
■Liberty Tax
130.9
370.9
406.5
378.8
American Freight
1,125.3
1,040.4
1,036.0
■American Freight
350.4
336.4
448.7
Vitamin Shoppe
Vitamin Shoppe
2018
2019
2020
2018
2019
2020
% YoY Growth
% Margin
Total
PSP
Buddy's
Liberty Tax
American Freight³
Vitamin Shoppe
5.8%
16.4%
5.8%
(6.2%)
6.1%
(0.4%)
Adjusted EBITDA
$ MM
PSP
2
$340.1
$MM
$283.7
$258.5
80.0
% Conversion
■Buddy's
57.1
26.9
Total
PSP
42.1%
41.5%
43.8%
39.2%
38.9%
38.0%
Buddy's
70.5%
72.1%
73.0%
Liberty Tax
100.0%
100.0%
100.0%
American Freight³
44.0%
42.5%
39.2%
Vitamin Shoppe
31.1%
32.3%
43.3%
Capital Expenditures and PF Free Cash Flow5
81.2%
81.7%
82.3%
$284.5
17.3
59.9
37.1
Liberty Tax
31.7
15.7
$230.3
4
35.8
$211.2
American Freight
115.2
124.2
99.9
Vitamin Shoppe
87.0
63.1
54.7
■FRG Corporate Expense
(6.0)
(9.7)
(7.5)
$53.3
$47.4
$55.6
2018
2019
2020
% Margin
Total
9.4%
9.0%
11.2%
6
2018
2019
2020
PSP
8.2%
8.2%
9.5%
Buddy's
18.2%
17.1%
27.6%
■Capex FCF
Liberty Tax
18.3%
27.4%
30.2%
American Freight³
Capex as % of
13.4%
11.2%
12.2%
1.8%
1.6%
1.8%
revenue
Vitamin Shoppe
5.6%
5.3%
8.4%
Fiscal year ends on the last Saturday of the calendar year; 2 PSP as of 01/02/21; 3 Pro forma American Freight and Sears Outlet; 4 EBITDA includes $42MM in unrealized synergies
annual in 2018 and 2019; 5 Free Cash Flow = Adjusted EBITDA - Capex; 6 AFO normalized in 2020 reporting, reducing capex $4.4MM as part of rebranding
FRANCHISE
GROUP INC.
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