European Wax Center Q3 revenue $49M (+20% vs 2019); raises FY2021 outlook

European Wax Center, Inc.

Same-store sales +10.6% vs Q3 2019; system-wide sales $219.1M (+21.3% vs 2019).
Adjusted EBITDA $16.5M (+39.3% vs 2019); Adjusted net income $8.5M vs loss in 2020.
Raises FY21 revenue guidance to $175.5-$178.5M; net new openings target raised to 57.
GAAP net loss $9.3M on IPO costs; cash $25.4M, $180M term loan new credit facility.
IPO closed Aug 2021; net proceeds $155.4M; new $40M revolver undrawn.

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