[Operator Instructions] As a reminder, this call is being recorded for playback and will be available by approximately 12:00 p.m. Central Time today. Consistent with the total company consolidated results the unfavorable year-over-year variance was driven primarily by the elimination of the adjusted EBITDA that have generated in the prior year from company-owned salons that were sold and converted into the franchise platform over the past 12 months.The quarter was also unfavorably impacted year-over-year by the reduced [Indecipherable] closure of company-owned salons due to the COVID-19 pandemic and increases in stylists’ minimum wage and a decline in same-store sales in our company-owned salons pre-COVID-19. I’ll let him speak to this too, but I think, I still — I’m really, I feel confident that we’re going to get this done and that we’ll move through the portfolio and that the timing will be on about what we originally thought. Since the closure is continued into April and May and substantially ended revenue generation during this period, we expect to experience a much greater impact on our fourth quarter results.Although, the pandemic had a dramatic impact on our earnings, we are reopening our salons at a rapid pace. Looking now at the balance sheet, at the end of the quarter, we made $183 million draw on our revolving credit facility. So, when you report your June quarter comps, will the months of April and May reflect zero salons? We’ve known for two years that we needed to address that and we will. And my own point of view is it’s wise to adjust pricing for the new normal. And we appreciate your ongoing support and interest and we wish you Godspeed and stay safe. Lastly I wanted to point out that vendition cash proceeds during the quarter were approximately $49,000 per salon compared to approximately $71,000 per salon in the second quarter of fiscal 2020.As you may recall from our previous earnings calls, we’ve cautioned that we are venditioning more Signature Style salons this fiscal year, which could lower net proceeds per salon due to the cost of converting some of these salons as part of our brand consolidation efforts along with more SmartStyle vendition. But I think Eric can give you a pretty good flavor of what we’re seeing as franchise was ahead of the company-owned salons on the reopening schedule. The year-over-year revenue decline was driven primarily by the conversion of a net 1,581 company-owned salons to the company franchise portfolio over the past 12 months and the closure of 208 non-performing salons of which the majority were cash flow negative and not essential to our future plans.In late March, we made the decision to refund our franchise partners approximately $15 million of previously collected cooperative advertising fund contributions. I said that coming in the door in 2017 that the recession, particularly jobs related recession would enable us to recruit more stylists, which are production employee and would bring significant pressure to bear on independent salon operators.I'm sorry that the recession came as a consequence of COVID, but frankly from a competitive standpoint, and I'm delighted it’s here because I think it will bring significant pressure to bear on small mom and pop shops. As to pricing, and broadly speaking, I don’t think any consumer facing business today is in a position where they can’t adjust pricing. Pressure on the competition and I believe it will drive customers back into our salons, to value salons and I think that’s going to make hiring stylists a lot easier than it’s been over the last few years. How should we be modeling the June quarter?Yeah. So, we’ve been working creatively to free up that capacity in our salons. If you wish to access the replay for this presentation, you may do so by visiting regiscorp.com in the Investor Relations section of the website or by dialing in 1-888-203-1112, access code 5153028. As we previously reported, a cross-functional Regis team led by Eric Bakken that also included a number of our franchisees worked with infectious disease specialists at the University of Minnesota’s medical school to ensure that the health and safety of our customers and stylists would be at the forefront of our salon reopening plans. In March of this year various state and local government mandates resulting from the COVID-19 pandemic forced us to close, to hibernate a substantial majority of our franchise and company-owned salons. And I think all businesses that are consumer-facing are in a circumstance where they’ve got to adjust pricing for the new normal. This non-cash charge is highly technical in nature and does not have any economic impact on our business model.Prior to the COVID-19 crisis, the company was on track to be recognized its goodwill over several quarters as part of our vendition strategy. Consistent with the total company consolidated results, the unfavorable year-over-year variance was driven primarily by the elimination of the adjusted EBITDA that had been generated in the prior year from company-owned salons that were sold and converted into the franchise platform over the past 12 months.The quarter was also unfavorably impacted year-over-year by the reduced guest visits and temporary closure of company-owned salons due to the COVID-19 pandemics and increases in stylists minimum wage and a decline of same-store sales in our company-owned salons pre-COVID-19.On a year-to-date basis, company-owned salons consolidated adjusted EBITDA of $14.5 million to $51.7 million unfavorable versus the same period last year.
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