Good morning, ladies and gentlemen. Thank you for standing by. Welcome to European Wax Center's second quarter fiscal 2023 earnings conference call. At this time, all participants are on a listen only mode. After the speaker's presentation, there will be a Q&A session. In order to facilitate as many participants as possible, we ask that you please limit yourself to one question and one follow-up during the Q&A session. If you have additional questions, you may rejoin the queue. At this time, I would now like to turn the conference over to Bethany Johns, Director of Investor Relations. Ma'am, you may begin. Thank you, welcome to European Wax Center's second quarter fiscal 2023 earnings call. With me today are David Berg, Chief Executive Officer; David Willis, President and Chief Operating Officer; and Stacie Shirley, Chief Financial Officer. For today's call, David Berg and David Willis will provide a brief overview of our second quarter performance and discuss our priorities for fiscal 2023. Stacie will provide additional details regarding our second quarter financial performance and our fiscal 2023 outlook. Following the prepared remarks, David, Stacie, and David will be available to take questions. Before we start, I would like to remind you of our legal disclaimer. We will make certain statements today which are forward-looking within the meaning of the Federal Securities laws, including statements about the outlook of our business and other matters referenced in our earnings release issued today. These forward-looking statements involve a number of risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings as well as our earnings release issued today for a more detailed description of the risk factors that may affect our results. Please also note that these forward-looking statements reflect our opinions only as of the date of this call, and we take no obligation to revise or publicly release the results of any revision to our forward-looking statements in light of new information or future events. During this call, we will discuss non-GAAP financial measures, which adjust our GAAP results to eliminate the impact of certain items. You will find additional information regarding these non-GAAP financial measures and a reconciliation of these non-GAAP to GAAP measures in our earnings release. A live broadcast of this call is also available on the Investor Relations section of our website at investors.waxcenter.com. I will now turn the call over to David Berg. Thanks, Bethany. Good morning, everyone. Thank you all for joining us today. Before discussing our Q2 results, let me say a few words about this morning's news. As I'm sure most of you have seen by now, we issued a press release earlier today announcing that after nearly 5 years as CEO of European Wax Center, I am excited to transition to the newly created Executive Chair role. I couldn't be more thrilled to share that David Willis, our current President and Chief Operating Officer, will become our next CEO, effective September 30, 2023. David Willis joined European Wax Center 7 years ago and has worn many hats, including President, COO, and CFO over his tenure. He has been an integral part of our unit growth and development story, my key partner in designing and executing our strategic roadmap. Most importantly, David embodies the core values that drive European Wax Center's best-in-class culture by ensuring associates have the opportunities and resources to achieve their goals. I could not be more confident in his experience, franchisee relationships, deep knowledge of our business model, and robust leadership skills, all of which make him perfectly suited to become our next CEO. In addition, we announced that Gavin O'Connor, our Chief Legal and Human Resources Officer, will transition to the newly formed leadership position of Chief Administrative Officer. Gavin will assume responsibility for our supply chain and technology functions, in addition to his current responsibilities of legal, talent, ESG, and risk management. This transition is the culmination of a thoughtful succession planning process developed by the board and me over the last year, which has also involved the evolution and strengthening of our full executive leadership team. This team now includes Stacie Shirley, a seasoned retail executive and long-term public company CFO, and Chief Commercial Officer, Andrea Wasserman, responsible for driving network sales through our Attract More, Buy More, and Visit More pillars. Along with veteran team members, Joel Larkin, leading our unit growth initiative as Chief Development Officer, and Julie Hauser-Blanner, supporting the field as Chief Franchise Officer. The board and I are confident we have the right executive team in place for our next phase of growth. Given European Wax Center's strong foundation and our clear and demonstrated growth trajectory, it is the right time for me to complete this transition, and I look forward to extending my tenure at EWC through my role as Executive Chairman. It has been an incredible honor to serve as European Wax Center's CEO. I'm so proud of our many accomplishments that have positioned us for continued growth. Our founders envisioned a professional, consistent, hygienic, and efficient experience for guests across the country. Almost 20 years later, despite navigating a global pandemic and an uncertain macroeconomic environment, we have expanded our presence as the undisputed leader in out-of-home waxing. Since 2018, we have significantly grown both our top and bottom lines and expanded our footprint as the dominant industry player. Since our successful IPO exactly 2 years ago, our says consistently match our dues, and we have been able to return over $200 million to shareholders. We are well positioned to take more share in this highly fragmented industry. I'm confident that under David Willis, the best is yet to come. Most importantly, I am thankful for the best-in-class culture we've created, where our associates live our values, can be their authentic selves, and are able to do their best work. Now, diving into our Q2 results. We are pleased to deliver strong Q2 performance, as continued franchisee demand drove robust new center openings and our strategic initiatives performed in line with our expectations. In the second quarter, we generated $254 million in system-wide sales, $59 million in total revenue, and $21 million in Adjusted EBITDA, representing 10%, 11%, and 14% growth, respectively. We delivered 2.6% same-store sales growth and opened 25 net new centers, building on momentum from Q1, during which we set the record for the number of European Wax Centers opened in a single quarter. We also drove more than 10% growth in Wax Pass sales during our May-June promo period, which symbolizes a deepened relationship between European Wax Center and our most valuable guests. While guests can purchase Wax Passes year-round, we run enhanced promotions twice a year to drive outsized sign-ups and renewals. As a reminder, Wax Passes engender brand loyalty and drive repeat visits by rewarding guests with a discount on prepaid body part-specific packages. Much like a membership program, the Wax Pass supports predictable guest engagement. Wax Pass holders generate 2/3 of our visits and network sales. Our routine guest cohort behaves similarly and contributes an additional 10% of sales and visits, and we're pleased that both groups remain consistent in their waxing frequency and spend. We continue to focus on driving bigger share of wallet and increased frequency with these loyal guests, who together make up over 75% of our recurring revenue stream. As we discussed last quarter, we also deployed several initiatives in Q2 to engage episodic guests, we are happy to share that we observed some recovery among this group as we exited the quarter. David Willis will touch on guest trends in depth later on. As a result, we are pleased with how the second quarter unfolded, our says and dues match once again. We believe our results reinforce the strength and consistency of our business model, anchored by our growth vectors, unit growth, and in-center sales growth. The predictable nature of our most loyal guests and the organic unit growth driven by a robust pipeline give us confidence in reiterating our full-year financial expectations for 2023. With that, I'd like to turn the call over to David Willis to discuss our recent trends and growth vectors. David, over to you. Thank you, David, and good morning, everyone. Before I begin my remarks, I wanted to say a few words about this morning's announcement. I am both humbled and honored to have been selected as European Wax Center's next CEO, and I want to express my sincere appreciation to all of our associates and franchise partners for their continued support. We've been on a transformational journey since I became involved with the company seven years ago, and I could not be more excited about our future and the growth opportunities ahead for all of us. Importantly, I also want to thank David for his exceptional leadership and for the contributions he's made to European Wax Center's success. During his tenure, we've expanded from nearly 700 centers to more than 1,000 centers today, grown network sales at double-digit rates. We've doubled bottom-line performance and successfully became a public company, all while creating a world-class culture for our associates. I look forward to continuing to partner with David in his new role as we continue our growth and deepen the brand's unparalleled relationships with our guests. Turning to the second quarter, as David mentioned, our focus on our two key growth vectors remains unchanged. In terms of our first priority, unit growth, both our pipeline of new locations and the health of our franchisees remains strong. As a result, we continue to feel confident in targeting over 10% unit growth this year. In Q2, we opened 25 net new centers across 19 different states. We also reached an incredible milestone for the brand, opening our 1,000th center in Louisville, Kentucky. It means a lot to our team to celebrate this achievement in the heartland of America. While the top five states with the most licenses yet to be developed, California, Florida, Pennsylvania, Texas, and New York, are along the coasts and comprise approximately 40% of our pipeline, we still have a lot of white space in the middle of the country. Through over 1,000 locations in 45 states, we've demonstrated that our concept translates across all geographies. We're also proud that this milestone location was opened by a smaller franchisee, Mark Mick, who, despite a multi-year pandemic, was able to grow from one to five centers with us. Mark also has plans to continue densifying his local markets. He exemplifies the partnership with franchisees that are just as important to us as our relationships with the institutionally backed operators, who already comprise 1/3 of our pipeline. We expect that over the next few years, smaller independent operators, self-funded multi-unit developers, and private equity-backed operators will each operate approximately 1/3 of our centers. Last month, we gathered more than 100 of our franchisees together to collaborate and share best practices. This was a high-energy environment. The enthusiasm for both our brand and our future was truly palpable. It's easy to see why demand from franchisees of all sizes remains robust. Given the relatively modest initial investment for our centers, our franchisees have sufficient access to capital to fund their growth, even in a high interest rate environment. They have access to several lenders who understand our model and its robust financial returns, and who are committed to supporting the network as it expands. We also continue to find ways to maximize franchisees' capital investments by improving the build efficiencies in our new design elements and leveraging our scale to drive savings with our vendors. Operationally, we are focused on driving faster break even, preparing new centers for opening, and building our pipeline of Wax Specialists to support near-term and long-term growth. We recently rolled out a new market playbook for franchisees, featuring recommendations on where to find talent and attract them to our best-in-class brand. Our beauty school partnership program continues to expand, now at 27 schools in six states, including our top markets. Scheduling efficiencies have improved labor utilization rates year-over-year. This drives throughput and profitability for the centers. As a result of our efforts, Q2 Wax Specialists staffing levels were in line with our targets. We are confident in our ability to provide excellent service in our existing centers and to support new center growth through our Wax Specialists pipeline initiative for years to come. Now turning to our second growth vector, driving in-center sales. This benefits both system-wide and same-store sales growth. During the second quarter, we deepened our executive team by adding Andrea Wasserman as our first-ever Chief Commercial Officer. As Andrea digs in, she will work to identify areas for optimization and leverage data insights to drive sales through actionable marketing and merchandising initiatives. Within marketing, we remain focused on our three-pillared Attract More, Buy More, and Visit More strategies to engage new and existing guests. Our Attract More pillar is designed to drive new guest acquisition, and its cornerstone is the new Every Body Smooth campaign we launched in May. In the campaign's first 2 months, it generated significant year-over-year increases in ad awareness, consumer consideration, and paid media performance. We are more than pleased with the results so far and will continue to monitor its performance as we evolve and build upon the campaign in the back half of the year. Consistent with Q2, we also intend to optimize our marketing spend in the back half to lean into action-driven performance media designed to support our near-term guest acquisition and transaction goals. Our second pillar, Buy More, is designed to increase the average spend per ticket, primarily by, one, adding on services per transaction, or SPT, and two, attaching more retail products. As I mentioned last quarter, we believe that bundling services or services and products has meaningful potential for us. We began testing bundles in our corporate-owned centers this summer and more recently expanded the pilot to more than 100 centers across the network. While it's too early to measure the learnings, anecdotally, we are hearing positive feedback from Wax Specialists. In terms of retail product, we anticipate rolling out in-suite merchandising tools that empower Wax Specialists to leverage their trusted guest relationships to suggest their favorite products. We expect this to drive retail attachment and increase spend per ticket. Our third pillar, Visit More, is designed to increase frequency among existing guests. Wax Pass holders and routine guests have maintained their frequency while generating over 75% of annual system-wide sales. While we began to see softening frequency during Q1 among a portion of our more episodic guests, we deployed several initiatives in Q2 and have been pleased to see some recovery among this cohort recently. We remain focused on growing episodic engagement and converting them into Wax Pass holders and routine guests through our ever-evolving CRM tools. Ultimately, with Wax Pass holders visiting more than twice as often as episodic guests, the Wax Pass remains our most powerful frequency driver. I'd like to thank our operations associates and franchisee teams in center, who drove more than 10% growth in Wax Pass sales during the Q2 promo period. This helped us deliver a strong second quarter and gives us confidence in our outlook for the remainder of the year. Lastly, as the dominant player in our category, with a strong and resilient core service offering, we are always looking at opportunities to expand our brand and the model. Based on our established leadership position and the trust that guests place in European Wax Center to remove unwanted hair,... We believe that offering another modality could capture an incremental customer demographic and enhance already robust four-wall economics. Therefore, in the coming months, we will launch a small laser hair removal test in a handful of New York centers to help us evaluate this potential over time. With that, I'd like to hand the call over to Stacie Shirley to review our financial performance and guidance for fiscal 2023. Stacie? Thanks, David. Good morning, everyone. Before I begin my remarks, I'd like to remind everyone that in some instances, I will speak to adjusted metrics on this call. You can find reconciliation tables to the most comparable GAAP figures in our press release and 8-K filed with the SEC today. Turning to our financial performance, our second quarter played out largely as expected. Q2 system-wide sales increased 10% to $254.2 million, and total revenue increased 10.7% to $59.1 million. Overall, top-line growth was driven by our two growth vectors, including 12.3% unit growth over the second quarter of last year. We also delivered a 2.6% same-store sales increase in line with expectations, driven by both our ramping and mature centers. Consistent with Q1, higher average tickets were the primary driver of our comp growth. From a profit standpoint, second quarter growth margin of 71.4% was in line with our full-year guidance. Second quarter SG&A was $14.1 million, and the margin of 23.9% was a 460 basis point improvement from Q2 last year. This improvement was primarily driven by two factors. First, the nonrecurrence of $1.4 million in professional fees related to a secondary offering and our whole business securitization, both completed in the second quarter last year. To a lesser extent, the timing of certain professional fees and travel expenses this year that we had expected to occur in Q2, but now expect to occur in Q3. Q2 Adjusted EBITDA, which excludes transaction-related expenses, increased 13.8% to $21.2 million. Adjusted EBITDA margin was 35.9%, representing a 100 basis point improvement year-over-year. Below the line, adjusted net income was $5.8 million. This differs from Adjusted EBITDA that I just mentioned due to three primary reasons. First, interest expense was $6.8 million. This is a decrease from $8.1 million last year, primarily due to $2 million of debt extinguishment charges incurred last year when we refinanced our long-term debt and locked in a fixed 5.5% rate. Second, Q2 depreciation and amortization were $5.1 million. As always, the vast majority of this line item relates to the non-cash amortization of intangible assets, such as franchisee relationships and area representative rights that were established prior to our IPO. Third, the income tax component. We released our valuation allowance on deferred tax assets at the end of 2022. As a result, we expect to recognize annual income tax expense compared to very negligible expense incurred during the periods covered by the valuation allowance. For Q2, GAAP net income reflects $2.8 million of tax expense, and adjusted net income reflects $3.6 million of adjusted tax expense. Q2 tax expense was higher than initially expected due to changes in state tax rates that impacted our deferred tax assets during the period. In terms of the balance sheet, we ended the quarter with $54.4 million in cash, $396 million outstanding under our Senior Secured Notes, and nothing drawn on our $40 million revolver. Net leverage continues to decrease, ending Q2 at 4.5x Adjusted EBITDA, compared to 4.8x in Q1 and 5.6x in Q2 last year. We continue to expect to delever approximately a full term from 2022 to 2023. Operating activities generated $17 million in cash during the second quarter, compared to investing outflows of approximately $250,000. We repurchased less than $1 million of stock during the quarter and still have approximately $29 million remaining under our current buyback authorization. Our ability to generate strong free cash flows gives us the optionality to deploy cash over time to continue to create value for our model, our network, and our shareholders. Turning now to our outlook for 2023. As David mentioned, the Wax Pass and routine guests, driving more than 75% of our system-wide sales, have continued to show resilience and consistency, demonstrating that European Wax Center provides a non-discretionary part of their personal care routines. Given stable trends for these core guests and the improvement we've seen with episodic guests since implementing several initiatives in Q2, we are pleased with how we entered Q3 and continue to feel good about our existing full-year guidance. In terms of new centers, franchisee demand and unit growth remain strong. As a reminder, we delivered more than 10% unit growth in 2022 and expect to deliver another 10% in 2023. A handful of Q3 new centers opened a few weeks early at the end of the second quarter, enabling us to reach 59 net new centers in the first half of the year. We have a clean line of sight to the balance of our fiscal 2023 openings, and we remain confident in our existing full year outlook of 95 to 100 net new centers. Our expectations remain unchanged for 2023 system-wide sales of between $965 million and $990 million, and total revenue between $222 million and $229 million, implying 7%-10% growth for both metrics. We continue to expect a mid-single digit same-store sales increase for the full year and mid-single digit comps in Q3 and Q4, driven by ramping centers, solid Wax Pass sales, and the tactics underlying our Attract More, Buy More, Visit More strategy that David covered earlier. We are also reiterating our existing Adjusted EBITDA outlook of $77 million-$80 million. As David just shared, we anticipate launching a laser hair removal test in 6 New York centers in the coming months. We estimate that we could incur up to $1 million of SG&A expense to support this test, primarily driven by foundational guest research and marketing to build awareness in test markets. While this investment was not contemplated in our original guidance for fiscal 2023, we still expect our full year Adjusted EBITDA to be within our existing range. As it relates to the cadence of the year, the timing of product sell into the network and SG&A expenses, including advertising, certain professional fees, payroll and travel, have shifted since we provided our initial expectations for fiscal 2023. As a result of this interquarter timing and incremental laser-related costs, we now expect Adjusted EBITDA margins to be in the low 30s in Q3 before peaking in Q4, and we continue to expect mid-30s Adjusted EBITDA margins for the full year. Our 2023 interest expense outlook remains approximately $28 million, slightly weighted to Q4, given a 53rd week in 2023. We continue to expect our 2023 blended statutory tax rate to approximate 20%, which is based on known year-to-date exchanges from Class B to Class A shares. All in, we expect adjusted net income within our existing range of $22 million-$24.5 million. In conclusion, we believe our business remains on solid ground, delighting guests with an unparalleled experience and generating strong free cash flows. We are pleased with the progress we have made in our guest trends, which enabled us to deliver on our expectations to date and to reiterate our outlook for the balance of fiscal 2023. As we look ahead, we expect our continued efforts to generate strong top line growth and EBITDA margin expansion in fiscal 2024 and beyond. With that, I'd like to turn the call back to David Berg to wrap up our prepared remarks and open it up for Q&A. David? Thank you, Stacie. We are the undisputed leader in a highly fragmented industry, delighting guests in more than 1,000 centers across 45 states. Our best-in-class business model is generating continued enthusiasm and reinvestment from our franchisees, who enjoy average cash-on-cash returns of 60% at maturity. At only 1/3 of our unit growth target of 3,000 centers, we believe we have incredible runway within our existing model to continue growing for years to come. We expect our focus on our two key growth vectors will enable us to generate long-term revenue growth, leverage our fixed cost profile for EBITDA margin expansion, and generate significant free cash flow over time, in turn, creating significant value for European Wax Center's franchisees and shareholders. I look forward to working with David Willis and the leadership team as we continue to grow our leadership position. We'd now like to open up the call for questions. Operator? Certainly. Ladies and gentlemen, to ask a question, you will need to press star one one on your telephone and wait for your name to be announced. As a reminder, in order to facilitate as many participants as possible, we ask that you please limit yourself to one question and one follow-up. If you have any additional questions, you may rejoin the queue if time permits. Please stand by while we compile the Q&A roster. Our first question coming from the line of Randy Konik with Jefferies. The line is open. Hey, good morning, everybody. David, congratulations, and David, congratulations. Thanks, everybody. Thanks, Randy. Look, look forward to working with you, David. And David, thanks for everything for the last five years, and still look forward to working with you. You, you guys had a lot of good things to talk about on the call. Maybe give us some perspective on the episodic guests, because I think that that's showing a real good signal of improvement there. Any, any other kind of items you would call out that are kind of, you know, important for us to kind of take away? And as you think about the dynamic of ticket versus traffic, you did talk about ticket driving a lot of the comp, and it sounds like we should be expecting a little bit more balance in ticket versus traffic going forward. Just want to get your thoughts there, and then I have a follow-up. Thanks. Hey, Randy, thanks. Listen, let, let me just start with, you know, the, the great news is our Wax Pass holders and our routine guests have behaved consistently, continue to come on the same frequency, spending the same amount of money. That's, you know, that ring fence of 75%+ of our revenue stream has been absolutely consistent. To your point, we were pleased to see some recovery in our episodic guests. As we talked about in our Q1 announcement, we did some specific things. You know, the first and foremost, with, with Andrea Wasserman coming on as our Chief Commercial Officer, and as we mature, our, our data warehouse really have dug in to say, "Hey, what's going on with that episodic guest? Who is she? How do we go out and reach her?" We did a couple specific things. One was we were able to find that episodic guest with some real targeted emails, and drive that episodic guest back into our centers during the second quarter. We did offer some incentives for them to come in and get a value reduction in their next service to help drive them back into our center. We were very pleased to see that recovery with our episodic guests. Again, Randy, you know this for context, that's kind of 5%-10% of our guest profile. The tail doesn't wag the dog here. It's really us making sure that our most loyal guests continue to come. We were very pleased with the work that we did around driving that episodic guest. The other, the other key thing we've done is really moved our media, our media spend to, to lower funnel, to really some action-driven media. We're pleased with the initial results of that, and that will continue in the second half of the year or so. We continue to feel good, you know, as, as we started the, the quarter. Obviously, you know, the consumer is still something we keep an eye on in, in the macroeconomic situation we're in, but, I think probably what we're most pleased with is that we, we delivered Q2 in, in line with our expectations. Randy, this is David. I'll just to touch on your ticket versus traffic. The positive news is all of our cohorts continue to comp positive, so that's another quarter where we feel good about that. It is a similar story that we've had in prior quarters, where we're getting there more from ticket value, more so than traffic volume. We've not done an across-the-board price increase. We are seeing some of our guests purchase the higher dollar value body services, and we've seen a handful of our franchisees take price that are operating in markets that had elevated minimum wage rates. Comp, still positive for between the ramping and the mature centers. Still getting there more from ticket value than from traffic. The, the last thing I would add to that, Randy, is we also saw a slight increase in our services per ticket, so our, our Wax Specialists are doing an even better job of driving those sales and driving those guests for additional services, so that helps slightly as well. Thank you. David Willis, one other thing that really kind of caught my attention in your prepared remarks was you talked about the partnering with the franchisees, talking through some additional build efficiencies, helping to focus on that, that break even pace. Maybe elaborate a little bit on that, because I think that's super important, where, you know, kind of continues to kinda underpin the strength that you're seeing from franchisees to open. Maybe a little bit more elaboration on what you talked about earlier in the prepared remarks would be super helpful. Thanks. You bet. While we already view kind of our upfront capital investment as a relatively modest investment compared to some other concepts, we do view it our responsibility to continue focus on value engineering cost out of the fixtures. We have great partners that work with our franchisees in that respect. That's an ongoing initiative that we work with both our vendors and our franchisees. While we've got the spec book is established, we will continue to look at opportunities to value engineer cost out of the upfront capital investment we're asking our franchisees to make. Great. Thanks, guys. Thanks, Randy. Thank you. Our next question coming from the line of Dana Telsey with Telsey Advisory Group. Your line is open. Hi, good morning, everyone. As you think about regional trends and what you're seeing in terms of availability of aestheticians, what did you see in California? Were there any regional trends to note and the cadence? With the promotion, any different insights this year from the promotion than you've had in years past? Then I have a follow-up. Thank you. Hey, Dana, this is David. As you may recall, we really focused extensively in California as that state came back online, last state to come back online post-pandemic. Some of the best practices that we learned with the successes that we had in California, we've now applied those in other markets where we have a need to find aestheticians. I would say there is no specific region that we are doing better or worse. I think when I look at our targeted staffing levels across the country, that we are in line with our targets across the country, we feel pretty good. Of course, there are always opportunities in certain markets where we need to focus our waxer pipeline initiative efforts and our outreach to beauty schools. Overall, I don't think that we're seeing a given state or a given region is trending below where our targets are on overall. In terms of, Dana, in terms of promotions, we are, we are using targeted promotions through our CRM efforts to reach certain guest cohorts. It's not so much that we are using a certain promotion in a given geographic region, if I understood your question specifically. Dana, specifically on sort of as you know, we run a Wax Pass promotion 2 x a year. We were very pleased with the, the lift that we saw in, in Wax Pass sales during our May, June promotion that we just came out of. As I think everybody on the call understands, that Wax Pass guest, you know, visits us more often, spends more money, stays with us longer, refers more guests. It continues to be a key driver for our field team, to have higher conversion rates on Wax Pass, particularly during the, the, the promotional periods where we, we outsize in terms of sale of our Wax Passes. We were very pleased with how that came out in the quarter. Got it. Then just on the laser test-... Is it, did I hear that it's going in 5 stores? How are you price- how are you pricing it? Frequency of laser versus frequency of waxing, and how are you going to market it? What, what measures or what, what is a sign of success? How long do you expect to test it for before you move on? Thank you. Dana, that was a 6-part follow-up question. I know, I know. Your compound question. D.W., you want to? Yeah. Dana, as you probably heard heard us talk in prior quarters, we're going to focus on those things that what does the brand give us permission to do, and what does the guest give us permission to do? From, from survey work that we have conducted, we feel confident the guest would, would give us permission to remove hair through other modalities. I'll start with our core business performance is so solid. That's what's really giving us permission to launch this pilot later in the year. We're talking to you guys today because we will be in the market talking to guests here over the next few weeks, we didn't want to catch our analysts and our investors off guard by discovering we're exploring pilot, we're exploring laser through website marketing. What we want to do, we think there's a couple of hypotheses here. One, we think we can attract more new guests to the brand that are lasering with somebody else. That's one objective that we want to measure and evaluate. Two, we want to increase share of wallet. We think there's an opportunity with our existing guests that are waxing certain body parts that may have a propensity to laser other body parts. And we really want to leverage our unique value proposition. If you think about that industry, we, as European Wax Center, can be agnostic as to the form of hair removal for those types of guests. Then finally, we want to make sure that we can operationally execute this and, and provide an amazing guest journey like we do with our, with our core waxing guests. It's months in the making, in terms of pricing, marketing, all of those logistics, those are. We have ideas there, we have formulas, we have approaches and strategies, but we'll be in market later this year and happy to report how things are progressing, once we get a few, a few weeks, if not months. I would say this, Dana, final comment: We're going to be very deliberate in terms of measuring results. In terms of whether this goes beyond 6 centers, that's likely going to-- that will be informed with data, performance, and a decision that's likely going to be a 2024 decision. Thank you, and congratulations, both Davids. Thank you. Thank you, Dana. Thanks, Dana. Thank you. Our next question coming from the line of Scot Ciccarelli with Truist Securities. Your line is open. Hey, good morning. This is Josh Young- Morning, Josh. -on for Scot. So you mentioned last quarter that the esthetician turnover rate in the first 90 days was starting to improve. Curious if, if that's continued and what your outlook is there. Then how do you feel about the pipeline for new Wax Specialists when you think about the hiring, keeping pace with your new center targets? Thanks. Hey, Josh, thank you. In terms of turnover rate, no, no material trends, positive or negative. When I, when I talked in our prepared remarks about our targeted level of Wax Specialists per center, we are in line with those targets throughout the country. All in, we're feeling good. In terms of our confidence in the pipeline and our ability for our franchisees to recruit Wax Specialists, I think the best kind of bellwether is our franchisees continue to open centers, and we continue to support them in staffing those centers. As of today, we feel great about the staffing levels to support our guests within our existing centers, and we feel very confident that the waxer pipeline initiatives we have in place, working in concert with our franchisees, should enable them to continue to recruit and staff their centers, new centers that come online. Got it. Okay, thank you. Then one quick follow-up. It sounds like Wax Pass sales were strong during the quarter, was that primarily just a function of the promotions you were running during the period, or is there anything else you'd call out there that's helping to drive that strength? Yeah, I think, Josh, it's David. As, as we've talked about, May, June, and November, December are, are our two promotional periods on Wax Passes. We put a lot of focus on it. Our franchisees are phenomenal in terms of executing, because they know the value that our Wax Pass holders bring to the brand, and, and bring into their, the, the four-wall contribution to their center. It's just, it's just super focused. And, and again, we're really pleased with kind of the year-over-year lift that, that we saw during, the May, June time frame. Got it. Okay. Thank you. Thanks, Josh. Thank you. Our next question coming from the line of Jonathan Komp with Baird. Your line is open. Hi, good morning. I want to ask about the same-store sales outlook. You, you maintained the full year outlook for mid-single digits. Would you expect both third and fourth quarter to be in that range? Could you maybe just highlight some of the key factors driving some acceleration from the, the Q2 trend? Stacie, could I, could I ask on the system sales, would you would you expect roughly similar system sales Q3 and Q4, or are there other factors to, to think about, seasonality between the quarters? Sure, sure. On the, on the comp, so we didn't give any further guidance other than mid-single digits for the year, so you can take that to mean that you would expect similar comp Q3 and Q4. What we see is driving that is just the continued strength of our Wax Pass sales, and some of that kind of bleeds over into Q3, and then again, the promotional period that we'll have once again in Q4. Then also just the, the strategies that we have been talking about as it relates to our, the Buy More, Attract More, Visit More, and those marketing efforts as a result of Andrea coming on and, and looking at everything with a slightly different lens. The strength of those kind of will continue, which is what gives us confidence in that guidance. As it relates to just the overall cadence of the quarter and reiterating our guidance for the full year, a couple of things I would note. On a top line basis, if we think about on system-wide sales, again, would expect those to be roughly even between those two quarters. There will be a little bit of shifting as it relates to EWC revenue. Because as you, as you know, as a franchisor, some of that, that product revenue for us, it hits our P&L differently than it does the, the franchisees as it's, we're doing the sell-in of that product. A couple of things have happened. We had some products, some LTO product that shifted to 2 weeks early in Q2. There's also 2 retail launches that the timing of that might shift into Q4. Just think about that as you're looking at your model, specifically to our revenue line. As it relates to expenses, you know, we talked about the shifting of some expenses this quarter was really just some timing from professional fees, some marketing shifting into Q3. We had also, if you recall, on our Q1 call, had discussed there was about $1 million of expenses, those same categories, including payroll, that we expected to shift into Q3. The last piece that we called out this quarter was the investment in laser in that pilot of up to $1 million, which is a number of things. There's foundational investment that we're making, consultants, surveys, those sorts of things, as well as marketing around the pilot. As you think about that piece, it's gonna be a little heavier in Q4. We also gave the guidance for the year that we still expect to hit the mid-30s on our EBITDA, Adjusted EBITDA margin, with some additional guidance for Q3 being in the lower 30s. Great. That's all very helpful detail. Thank you. Just one follow-up, going back to the laser test, not to ask too many questions about a small test, but, you know, I know that the discussion previously highlighted your view of some of the advantages from the consumer side of waxing versus laser. Just wanted to get your current thoughts if the thinking on there has changed at all. You administering laser in a franchise model, could you just talk through some of the operational factors that you're considering to test out here? Yeah, Jon, I don't think our, you know, as we think about, this pilot, we've monitored what's the, the, that form of, hair removal modality. As we stepped back and really looked at it, we said, "How can we maximize four-wall profitability within our existing footprint? And would the guests give us permission to do this?" Based on survey work, we think they, we think they might. That was the catalyst, was how do we optimize, revenue and EBITDA beyond our, what we think are already pretty robust four-wall economics, is this an opportunity to further enhance that? In terms of how do we operationalize this across the franchise network, we're gonna learn a lot in these 6 centers. Candidly, as, as based on the homework we've done, the regulatory environment varies by state. We're starting in a state where I think operational execution should be easier than in other states. That will inform our ability to go to other states and execute this, where regulations are a bit more, and there are certain states that likely we will never go. I don't wanna, you know, I don't wanna commit to you we figured this out in terms of a full network rollout. This was intended to be a small, isolated pilot that will inform kind of where we go next with the potential of laser. We're incredibly excited, at least about its potential. Okay, great. Thanks again. Thanks, Jon. Thank you. Our next question coming from the line of John Heinbockel with Guggenheim, your line is open. Hey, congratulations to you guys. Thank you. Let me, I wanted to start with, how would you characterize this Wax Pass sale, you know, compared to the last few, right? In terms of not just volume, but sort of composition, right? Renewals versus new, right? Then I, I guess, the other part of that, Wax Pass members, what, what percent of those are renewing, the next time, you know, their, their, package runs out and they're eligible to renew? John, so I'll start with the last part of your question. We have not cited previously, you know, the specific percentage of renewals on Wax Pass, where as we continue to evolve our data warehouse, we look forward to being able to share with you the specific percentage of renewals. In terms of overall performance, I would say, one, we're very pleased, as David Berg said in his prepared remarks. I would say it operated on par with prior spring Wax Pass promos. When you look at the growth in the network, the 10% lift year-over-year, we feel good about that. As, as you know, John, the performance of Wax Pass promos are leading indicators of what we would expect to, to see future visits in the back half of the year and, and into 2024. All in, I think we feel, especially against this macroeconomic environment, that it performed in line with expectations, performed consistently with where we've seen prior spring promos. That is in part informing kind of our reaffirmation of outlook for fiscal 2023. Okay. Maybe a separate topic. You know, I, I know you want to improve the four-wall returns, right, for franchisees now. You know, changing the investment helps, but the bigger thing, right, is ... getting to $1 million of, of AUV faster. Maybe, you know, give us, you know, sort of, updated thought, right? There was a model that you put out during the IPO, right? Maybe $500,000 year one, right, getting up to $1 million over, I guess, four years. Are new cohorts exceeding that? You know, how quickly do you think you can get to that, that kind of terminal rate with a network effect and other, other initiatives? John, great question. There's a couple things we're doing this year, specifically to focus on faster break even. Our operations team recently launched kind of a staffing playbook for NCOs that walks them through leveraging all of the waxer pipeline initiatives that we support our franchisees and packages those, so a new center kind of has a go-to playbook for what to do when in their pre-opening cycle from a staffing and recruiting standpoint. Andrea's team recently launched a marketing playbook for NCOs that includes packaging of some initiatives that we have found to be quite successful, plus some local initiatives that are new to the network. What we plan to do by the end of this year is have this pre, what we call pre-NCO opening playbook and discipline and rigor that says, "Here's the checklist you need to complete to qualify to open your center." All those activities will be informed with data that say, "If you staff at this level, we know you can hit a certain level of revenue in month 1, month 3, month 6. If you build your guest file to this level prior to opening, we know what data that you can achieve revenues of X in month 1, Y in month 3, Z in month 6." The two, the staffing playbook and the marketing playbook have been released to the network. There's a few other steps that we continue to work on, that we expect to wrap up by end of year. The goal of all of this, to your point, John, is to get faster break even, maximize revenues in year 1. We have seen with data, when you open with momentum, our franchisees tend to maintain that momentum through their maturation curve. Hey, John, just to, to build on David's comment. Yeah. It, it, it is an absolute key initiative, cross-functionally for us here at EWC with the commercial office marketing team and the ops team. A key initiative is how do we get to break even faster? How do we, how do we ramp faster? It, it's, it's front and center in terms of our, our, our priorities out in the field. I think, you know, kind of the proof in the pudding here is that we, we feel incredibly confident about our, you know, now close to 10, our +10% year-over-year growth in terms of units have, you know, feel great about that. It's our, it's our current franchisees that are continuing to reinvest in our brand, right? That's where our growth is coming from. It's all because of that 60% cash on cash returns, and we know that where we can move that from 4 years to 3 years, it's just gonna accelerate that flywheel and help drive unit count. You pick a good topic, one that's front and center for us, and we know that can drive continued growth for us from a unit standpoint. Thank you. All right, John. Thank you. Thank you. Again, if you'd like to ask a question, please press star one, one. Our next question coming from the line of Kelly Crago with Citi, your line is open. Hi, thanks for taking my question. I just wanted to follow up on an earlier question. Do you continue to expect ticket to be the main driver of comp growth in the second half of the year? Or should we see more of a balance between traffic and ticket that's gonna drive the acceleration in comp growth? I think we'll start to see more of a, a balance as we, we look at the balance of the, of the year, the remaining part of the year. The, the different initiatives that we've spoken about, right, to drive traffic, to continue to reengage that episodic guest, all of those things will drive higher traffic. At least that's, that is the intention of those, those initiatives. And so I think there will be more balance. We still, in this quarter, we still had a little bit of that tailwind of the pricing that we took last year. We also know that some of our franchisees have taken price where they thought that it was appropriate, but going forward, we would expect it to be more balanced. Got it. Then just wondering if you could elaborate on the bundling tests that you've been running. What do the bundles look like, and how has the customer responded? Are these initiatives that you would eventually deploy as part of your broader promotional strategy? Hey, Kelly Crago, we, we certainly hope so. When we talked last quarter, we had literally, I think, a few days before, had launched the, the, the bundles. There are six versions of the bundles. Most of these are service bundles, and we offer one that is a Brazilian bikini and a product bundle. We used the first several weeks to just operationally pressure test our ability to execute these in center. We have since rolled those out more recently to 100 centers, all of these bundles. I think we don't probably have enough data to say this is definitively gonna go to the broader network. What I would say is, the early reads, anecdotally, we're quite pleased with it, and, and, and most importantly, the Wax Specialists are pleased with it. They view that these are easy to execute. We're not putting extra pressure on them to try to sell a second service or another product. Right now, we're in 100 centers. We'll continue to measure that. If those continue to perform well, then we would ultimately roll those out to the balance of the network based on results. Thank you. Just last one for me. To follow up on the laser hair test, I'm just curious, do you need to hire a certain specialist, or can you kind of train your existing aestheticians in laser? Just curious how that works. Yeah. At least at least where we're starting in New York, we will hire some laser techs, as, as are the franchise centers that are participating in this pilot, and we expect to cross-train our Wax Specialists as well. There are other states, where that may not be possible, but at least in New York, where we're starting, the goal is to hire experts that are already familiar with this service, administered this service, as well as cross-train our, our, Wax Specialists. Got it. Thank you. Sure. Thanks, Kelly. Thank you. Our next question coming from the line of Simeon Gutman with Morgan Stanley. Your line is open. Hi, guys. Hopefully you can hear me. Congratulations, Dave. On lasering, first question, I get the hypothesis on driving revenue. I think that's great, and it's good for the franchisees. Question is, are you seeing the market move any more in that direction? When we spoke a couple years ago, it was sort of off to the side and not something that we really worried about. Curious how that's evolved. Yeah, Simeon, we still feel great about sort of the modality of waxing growing at, you know, 2.5x the rate of the other modalities. As David sort of commented in the both prepared remarks and in the follow-up, we just this is a test, right? We wouldn't be doing this if our core business was anything but as rock solid as it is. We do think there's an opportunity, candidly, to get full service. We know that some guests that get laser service need to augment that with a different modality. As the experts in, in waxing, we're the experts in hair removal, and we just think this is a good opportunity for us to, to test, and to your point, to hopefully drive some additional revenue into our, into our, our centers for our franchisees, reach a, reach a new customer group. We continue to feel great about, you know, our addressable market probably continues to be significantly higher than that of the, the laser category. That's why, again, I don't, I don't want this to be too much of the shiny disk. That's why we're gonna be very prudent in our tests in the New York area. Learn, and figure out if this makes sense for our guests and helping drive additional revenue for our franchisees. Fair enough. Then the follow-up, when we do some field work and speak to customers, they talk about the reason why they continue is they get comfortable with a particular aesthetician. Yeah. I guess you mentioned staffing levels are high. Maybe can you talk about within that, the turnover of the most seasoned folks, how that, those metrics look, and is there any change, good or bad, on those metrics? Yeah. I mean, Simeon, I think sort of certainly from the outset of the brand, right? It, consistency, training, ensuring a great guest experience has been at an absolute foundational piece of who we are, and that continues today. We do more training, candidly, than a lot of aestheticians get in beauty school. If you come in, you have your favorite aesthetician, but she's not available, and you can go to somebody else, you better get the same exact experience in that center or even if you're across the country in another center. We, we're very diligent to make sure that there's consistency of service, levels across, regardless of what center you go into. We continue to feel great about sort of the improvements we've made in staffing. As we've talked about before, we've got very tenured Wax Specialists that can make, you know, $70,000, $80,000, $90,000 that have been with us for, you know, 10 years, and that, that continues. It's a, a, a place where they can build a book of business, kind of all the back of the house stuff is taken care of for them. We continue to feel great about our, our staffing levels. Again, I keep going back to our franchisees, open new centers with, with, with Gusto and continue to reinvest in our brand, and, and also feel great about the ability to continue to deliver that amazing experience to our guests. Thank you. Thanks, Simeon. Thank you. I'm not showing any further questions in the queue at this time. I would now like to turn the call back over to Mr. David Berg for any closing remarks. Thank you very much, hey, thanks, everybody, for, for getting on the call this morning. Again, very pleased that we, we delivered our Q2 in line with our expectations, and we look forward to speaking with you in the coming days and reporting on Q3 later this year. Have a great rest of the day. Thank you, all. Ladies and gentlemen, that does end our conference for today. Thank you for your participation. You may now disconnect.