0000950170-22-021935 | 10-Q | XBRL Viewer

11. Revenue from contracts with customers

Contract liabilities consist of deferred revenue resulting from franchise fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement. Also included are service revenues from corporate-owned centers, including customer prepayments in connection with the Wax Pass program. Contract liabilities are classified as deferred revenue on the condensed consolidated balance sheets.

Deferred franchise fees are reduced as fees are recognized in revenue over the term of the franchise license for the respective center. Deferred service revenues are recognized over time as the services are performed. The following table reflects the change in contract liabilities for the periods indicated:


	Contract liabilities
Balance at December 25, 2021	$	9,791
Revenue recognized that was included in the contract liability at the beginning of the year		(2,148	)
Increase, excluding amounts recognized as revenue during the period		2,437
Balance at September 24, 2022	$	10,080

The weighted average remaining amortization period for deferred revenue is 4.2 years.

The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of September 24, 2022. The Company has elected to exclude short term contracts, sales-based royalties and any other variable consideration recognized on an “as invoiced” basis.


Contract liabilities to be recognized in:	Amount
2022 (from September 25, 2022)	$	2,469
2023		1,210
2024		1,147
2025		1,076
2026		967
Thereafter		3,211
Total	$	10,080

The summary set forth below represents the balances in deferred revenue as of September 24, 2022 and December 25, 2021:


	September 24, 2022		December 25, 2021
Franchise fees	$	7,920	$	7,911
Service revenue		2,160		1,880
Total deferred revenue		10,080		9,791
Long-term portion of deferred revenue		6,699		6,787
Current portion of deferred revenue	$	3,381	$	3,004

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Fair Value Measurements

9 Months Ended

Sep. 24, 2022

Fair Value Measurements

3. Fair value measurements

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

We use valuation techniques that are consistent with the market approach, the income approach and/or the cost approach. The market approach uses prices and other relevant information generated by market transactions involving identical or comparable assets and liabilities. The income approach uses valuation techniques to convert future amounts, such as cash flows or earnings, to their present value on a discounted basis. The cost approach is based on the amount that currently would be required to replace the service capacity of an asset (replacement costs). Valuation techniques should be consistently applied. Inputs to valuation techniques refer to the assumptions that market participants would use in pricing the asset or liability. Inputs may be observable, meaning those that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from independent sources, or unobservable, meaning those that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances. These two types of inputs create a three-tier fair value hierarchy that gives the highest priority to quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs.

GAAP categorizes inputs used in fair value measurements into three broad levels as follows:

•

(Level 1) Quoted prices in active markets for identical assets or liabilities.

•

(Level 2) Observable inputs other than quoted prices included in Level 1, such as quoted prices for similar assets and liabilities in active markets, similar assets and liabilities in markets that are not active or can be corroborated by observable market data.

•

(Level 3) Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. This includes valuation techniques that involve significant unobservable inputs.

The Company previously used an interest rate cap to manage its interest rate exposure. However, the Company terminated its interest rate cap in March 2022. These interest rate caps were recorded at fair value. Changes in fair value of our interest rate caps were previously recognized as a component of accumulated other comprehensive loss on the condensed consolidated balance sheets. However, upon termination of the interest rate cap the balance of our accumulated other comprehensive loss was reclassified to the condensed consolidated statement of operations as a component of interest expense. Refer to Note 7—Derivative instruments and hedging activity for additional discussion.

Fair value measurements are summarized below:


	Fair Market Value			Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Interest rate cap
September 24, 2022	$	—		$	—	$	—		$	—
December 25, 2021	$	(242	)	$	—	$	(242	)	$	—

The carrying values of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of the short-term nature of these instruments. Our outstanding Class A-2 Notes, as defined in Note 6—Long-term debt, had an approximate fair value of $363,050 as of September 24, 2022.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Noncontrolling interest

9 Months Ended

Sep. 24, 2022

Noncontrolling interest

13. Noncontrolling interest

We are the sole managing member of EWC Ventures and, as a result of this control, and because we have a substantial financial interest in EWC Ventures, we consolidate the financial results of EWC Ventures. We report noncontrolling interests representing the economic interests in EWC Ventures held by the other members of EWC Ventures. Income or loss is attributed to the noncontrolling interests based on their contractual distribution rights, and the relative percentages of EWC Ventures Units by us and the other holders of EWC Ventures Units during the period.

The EWC Ventures LLC Agreement permits the members of EWC Ventures to exchange EWC Ventures Units, together with related shares of our Class B common stock, for shares of our Class A common stock on a one-for-one basis or, at the election of the Company, for cash at the current fair value on the date of the exchange. Changes in the Company’s ownership interest in EWC Ventures while retaining control of EWC Ventures will be accounted for as equity transactions. As such, future redemptions or direct exchanges of EWC Ventures Units by the other members will result in a change in ownership and reduce the amount recorded as noncontrolling interest and increase additional paid-in capital. Additionally, certain members of EWC Ventures hold unvested EWC Ventures Units that are subject to service, performance, and/or market conditions. The vesting of EWC Ventures units will result in a change in ownership and increase the amount recorded as noncontrolling interest and decrease additional paid-in capital.

The following table summarizes the ownership of EWC Ventures as of September 24, 2022:


	September 24, 2022
	Units Owned		Ownership Percentage
European Wax Center, Inc.		41,040,835		65.9	%
Noncontrolling interest		21,241,039		34.1	%
Total		62,281,874		100.0	%

The following table presents the effect of changes in the Company’s ownership interest in EWC Ventures on the Company’s equity for the periods indicated:


	13 Weeks Ended September 24, 2022		39 Weeks Ended September 24, 2022		Period of August 4-September 25, 2021
Net income (loss) attributable to European Wax Center, Inc.	$	3,522	$	6,375	$	(5,531	)
Transfers from noncontrolling interests:
Increase in additional-paid-in-capital as a result of equity allocations to the noncontrolling interest		3,916		6,862		111
Net increase (decrease) in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests	$	7,438	$	13,237	$	(5,420	)

Revenue from Contract with Customers - Summary of Balances in Deferred Revenue (Details) - European Wax Center, Inc. and Subsidiaries - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Disaggregation Of Revenue [Line Items]
Total deferred revenue	$ 10,080	$ 9,791
Deferred revenue, net of current portion	6,699	6,787
Current portion of deferred revenue	3,381	3,004
Franchise Fees [Member]
Disaggregation Of Revenue [Line Items]
Total deferred revenue	7,920	7,911
Service Revenue [Member]
Disaggregation Of Revenue [Line Items]
Total deferred revenue	$ 2,160	$ 1,880

Long-term Debt (Tables)

9 Months Ended

Sep. 24, 2022

Schedule of Debt

Long-term debt consists of the following:


	September 24, 2022			December 25, 2021
Class A-2 Notes	$	399,000		$	—
2026 Term Loan		—			180,000
Less: current portion		(4,000	)		(5,625	)
Total long-term debt		395,000			174,375
Less: unamortized debt discount and deferred financing costs		(24,343	)		(1,768	)
Total long-term debt, net	$	370,657		$	172,607

Net Income (Loss) per Share (Tables)

9 Months Ended

Sep. 24, 2022

Schedule of Computation of Basic Net Income (Loss) Per Share

The following table sets forth the computation of basic net income (loss) per share of Class A common stock for the 13 and 39 weeks ended September 24, 2022 and the period from August 4, 2021 to September 25, 2021, which represents the period subsequent to the Reorganization Transactions:


	13 Weeks Ended		39 Weeks Ended		Period of August 4-
	September 24, 2022		September 24, 2022		September 25, 2021
(in thousands, except for share and per share amounts)
Net income (loss)	$	5,287	$	11,344	$	(10,768	)
Less: net income (loss) attributable to noncontrolling interests		1,773		4,735		(5,237	)
Net income (loss) applicable to Class A common shareholders	$	3,514	$	6,609	$	(5,531	)
Basic weighted average outstanding shares
Class A Common Stock		39,849,170		38,238,114		31,370,186
Basic net income (loss) per share applicable to common shareholders:
Class A Common Stock	$	0.09	$	0.17	$	(0.18	)

The following table sets forth the computation of diluted net income (loss) per share of Class A common stock for the 13 and 39 weeks ended September 24, 2022 and the period from August 4, 2021 to September 25, 2021, which represents the period subsequent to the Reorganization Transactions:


	13 Weeks Ended		39 Weeks Ended		Period of August 4-
	September 24, 2022		September 24, 2022		September 25, 2021
(in thousands, except for share and per share amounts)
Net income (loss)	$	5,287	$	11,344	$	(10,768	)
Less: net income (loss) attributable to noncontrolling interests		—		4,722		(5,237	)
Net income (loss) applicable to Class A common shareholders	$	5,287	$	6,622	$	(5,531	)
Diluted weighted average outstanding shares
Basic weighted average outstanding shares - Class A Common Stock		39,849,170		38,238,114		31,370,186
Effect of dilutive securities:
Class B Common Stock		22,892,289		—		—
RSUs		107,798		167,122		—
Options		—		21,732		—
Diluted weighted average outstanding shares - Class A Common Stock		62,849,257		38,426,968		31,370,186
Diluted net income (loss) per share applicable to common shareholders:
Class A Common Stock	$	0.08	$	0.17	$	(0.18	)

Document And Entity Information - shares	9 Months Ended
Document And Entity Information - shares	Sep. 24, 2022	Nov. 01, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 24, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Registrant Name	EUROPEAN WAX CENTER, INC.
Entity Central Index Key	0001856236
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Shell Company	false
Document Quarterly Report	true
Document Transition Report	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Small Business	false
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-40714
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	86-3150064
Entity Address, Address Line One	5830 Granite Parkway, 3rd Floor
Entity Address, City or Town	Plano
Entity Address, State or Province	TX
Entity Address, Postal Zip Code	75024
City Area Code	(469)
Local Phone Number	264-8123
Title of 12(b) Security	Class A common stock, par value $0.00001 per share
Trading Symbol	EWCZ
Security Exchange Name	NASDAQ
Class A Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		45,265,461
Class B Common Stock [Member]
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		18,286,587

Fair Value Measurements (Details) - European Wax Center, Inc. and Subsidiaries - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate cap	$ 0	$ (242)
Quoted prices in active markets for identical assets (Level 1)
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate cap	0	0
Significant observable inputs (Level 2)
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate cap	0	(242)
Significant unobservable inputs (Level 3)
Fair Value Option Quantitative Disclosures [Line Items]
Interest rate cap	$ 0	$ 0

CONDENSED CONSOLIDATED STATEMENTS OF MEZZANINE EQUITY AND STOCKHOLDERS'/MEMBERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Class B Common Stock [Member]	European Wax Center, Inc. and Subsidiaries	European Wax Center, Inc. and Subsidiaries Previously Reported [Member]	European Wax Center, Inc. and Subsidiaries Class A Common Stock [Member]	European Wax Center, Inc. and Subsidiaries Class B Common Stock [Member]	European Wax Center, Inc. and Subsidiaries Mezzanine Equity [Member] Class A Founders' Units [Member]	European Wax Center, Inc. and Subsidiaries Mezzanine Equity [Member] Class A Founders' Units [Member] Previously Reported [Member]	European Wax Center, Inc. and Subsidiaries Mezzanine Equity [Member] Class D Units [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Previously Reported [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Class A Units [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Class B Units [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Class C Units [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Class A Shares [Member]	European Wax Center, Inc. and Subsidiaries Members' Equity [Member] Class B Shares [Member]	European Wax Center, Inc. and Subsidiaries Additional Paid in Capital [Member]	European Wax Center, Inc. and Subsidiaries Accumulated Deficit [Member]	European Wax Center, Inc. and Subsidiaries Accumulated Deficit [Member] Class A Common Stock [Member]	European Wax Center, Inc. and Subsidiaries Accumulated Other Comprehensive Loss [Member]	European Wax Center, Inc. and Subsidiaries Accumulated Other Comprehensive Loss [Member] Previously Reported [Member]	European Wax Center, Inc. and Subsidiaries Noncontrolling Interest [Member]	European Wax Center, Inc. and Subsidiaries Noncontrolling Interest [Member] Class A Common Stock [Member]
Temporary Equity, Beginning Balance at Dec. 26, 2020							$ 89,240		$ 24,909
Temporary Equity, Beginning Balance (Shares) at Dec. 26, 2020							8,309,193		2,500,000
Beginning Balance at Dec. 26, 2020			$ 203,874							$ (61,390)		$ 265,791								$ (527)
Beginning Balance (Shares) at Dec. 26, 2020												26,401,089	1	1,000
Equity compensation			298							298
Repurchase of Class A Units			(942)									$ (942)
Repurchase of Class A Units (Shares)												89,919
Contributions			2							2
Unrealized gain on cash flow hedge			159							0										159
Accretion of Class A Founders' Units to redemption value			(31,991)				$ 31,991			(31,991)
Net income (loss)			1,102							1,102
Temporary Equity, Ending Balance at Mar. 27, 2021							$ 121,231		$ 24,909
Temporary Equity, Ending Balance (Shares) at Mar. 27, 2021							8,309,193		2,500,000
Ending Balance at Mar. 27, 2021			172,502							(91,979)		$ 264,849								(368)
Ending Balance (Shares) at Mar. 27, 2021												26,311,170	1	1,000
Temporary Equity, Beginning Balance at Dec. 26, 2020							$ 89,240		$ 24,909
Temporary Equity, Beginning Balance (Shares) at Dec. 26, 2020							8,309,193		2,500,000
Beginning Balance at Dec. 26, 2020			203,874							(61,390)		$ 265,791								(527)
Beginning Balance (Shares) at Dec. 26, 2020												26,401,089	1	1,000
Net income (loss) prior to reorganization transactions			10,327
Net income (loss)	$ (441)		(441)
Ending Balance at Sep. 25, 2021			344,998												$ 0	$ 0	$ 157,090	$ (5,531)		(134)		$ 193,573
Ending Balance (Shares) at Sep. 25, 2021		32,372,542													31,370,186	32,372,542
Temporary Equity, Beginning Balance at Mar. 27, 2021							$ 121,231		$ 24,909
Temporary Equity, Beginning Balance (Shares) at Mar. 27, 2021							8,309,193		2,500,000
Beginning Balance at Mar. 27, 2021			172,502							(91,979)		$ 264,849								(368)
Beginning Balance (Shares) at Mar. 27, 2021												26,311,170	1	1,000
Equity compensation			259							259
Contributions			726							726
Unrealized gain on cash flow hedge			80							0										80
Accretion of Class A Founders' Units to redemption value			(30,578)				$ 30,578			(30,578)
Net income (loss)			7,729							7,729
Temporary Equity, Ending Balance at Jun. 26, 2021							$ 151,809		$ 24,909
Temporary Equity, Ending Balance (Shares) at Jun. 26, 2021							8,309,193		2,500,000
Ending Balance at Jun. 26, 2021			150,718							(113,843)		$ 264,849								(288)
Ending Balance (Shares) at Jun. 26, 2021												26,311,170	1	1,000
Equity compensation				$ 110							$ 110
Distributions to members of EWC Ventures			(103)	(6,512)							(6,512)						(103)
Unrealized gain on cash flow hedge			29	(157)																15	$ (157)	14
Establish tax receivable agreement liability subsequent to the reorganization transactions			(48,823)														(48,823)
Impact of change in ownership on noncontrolling interest																	111			21		(132)
Accretion of Class A Founders' Units to redemption value				(49,834)				$ 49,834			(49,834)
Net income (loss) prior to reorganization transactions			1,496	$ 1,496							$ 1,496
Net income (loss)			(9,272)
Effect of reorganization transactions (Shares)							(8,309,193)		(2,500,000)			(26,311,170)	(1)	(1,000)	21,540,982	36,740,956
Effect of reorganization transactions			226,552				$ (201,643)		$ (24,909)	$ 168,583		$ (264,849)			$ 0	$ 0	123,615			275		198,928
Issuance of Class A Common Stock, net of offering costs (Shares)															9,829,204
Issuance of Class A Common Stock, net of offering costs			145,470												$ 0		145,470
Repurchase of Class B Common Stock and EWC Ventures Units from selling shareholders (Shares)																(4,368,414)
Repurchase of Class B Common Stock and EWC Ventures Units from selling shareholders			(70,465)													$ (0)	(70,465)
Equity compensation subsequent to the reorganization transactions			7,285														7,285
Net Income Loss Subsequent To The Reorganization Transactions			(10,768)															(5,531)				(5,237)
Ending Balance at Sep. 25, 2021			344,998												$ 0	$ 0	157,090	(5,531)		(134)		193,573
Ending Balance (Shares) at Sep. 25, 2021		32,372,542													31,370,186	32,372,542
Beginning Balance at Dec. 25, 2021	341,241		341,241		$ 0	$ 0											182,919	(3,487)		(45)		161,854
Beginning Balance (Shares) at Dec. 25, 2021					36,932,423	26,700,477
Equity compensation			3,335														3,335
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					100,000	(100,000)
Vesting of restricted stock, shares					6,042
Forfeiture of unvested units, shares						(166,841)
Distributions to members of EWC Ventures			(2,272)																			(2,272)
Establish tax receivable agreement liability subsequent to the reorganization transactions			(347)														(347)
Reclassification of loss on cash flow hedge to earnings			45																	45
Impact of change in ownership on noncontrolling interest																	(1,149)					1,149
Net income (loss)			4,026															1,885				2,141
Ending Balance at Mar. 26, 2022	346,028				$ 0	$ 0											184,758	(1,602)		0		162,872
Ending Balance (Shares) at Mar. 26, 2022					37,038,465	26,433,636
Beginning Balance at Dec. 25, 2021	341,241		341,241		$ 0	$ 0											$ 182,919	(3,487)		(45)		161,854
Beginning Balance (Shares) at Dec. 25, 2021					36,932,423	26,700,477
Impact of change in ownership on noncontrolling interest	6,862
Net income (loss) prior to reorganization transactions			0
Net income (loss)	11,344		11,344
Ending Balance at Sep. 24, 2022	136,121		136,121		$ 0	$ 0												119,339		0		65,551
Ending Balance (Shares) at Sep. 24, 2022		22,486,587			41,040,835	22,486,587											189,909
Beginning Balance at Mar. 26, 2022	346,028				$ 0	$ 0											$ 184,758	(1,602)		0		162,872
Beginning Balance (Shares) at Mar. 26, 2022					37,038,465	26,433,636
Equity compensation			2,000														2,000
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					2,459,302	(2,459,302)
Vesting of restricted stock, shares					6,044
Forfeiture of unvested units, shares						(30,539)
Distributions to members of EWC Ventures			(2,488)																			(2,488)
Dividend paid to shareholders for Class A common stock			87,130		$ (122,227)														$ (122,227)			(87,130)	$ 0
Dividend equivalents paid or payable to holders of Ventures' common stock			87,130		(122,227)														$ (122,227)			(87,130)	$ 0
Establish tax receivable agreement liability subsequent to the reorganization transactions			(4,067)														(4,067)
Impact of change in ownership on noncontrolling interest																	4,095					(4,095)
Net income (loss)			2,031															968				1,063
Ending Balance at Jun. 25, 2022	134,147				$ 0	$ 0											186,786	(122,861)		0		70,222
Ending Balance (Shares) at Jun. 25, 2022					39,503,811	23,943,795
Equity compensation	2,117																2,117
Exchange of Class B Common Stock and EWC Ventures Units for Class A Common Stock, Shares					1,457,208	(1,457,208)
Vesting of restricted stock, shares					104,447
Distributions to members of EWC Ventures	(2,520)		(2,520)
Shares withheld for taxes on vested restricted stock units. shares					(24,631)
Shares withheld for taxes on vested restricted stock units			(525)														(525)
Establish tax receivable agreement liability subsequent to the reorganization transactions			(2,385)														(2,385)
Impact of change in ownership on noncontrolling interest	3,916																$ 3,916					(3,916)
Net income (loss) prior to reorganization transactions			0
Net income (loss)	5,287		5,287															3,522				1,765
Ending Balance at Sep. 24, 2022	$ 136,121		$ 136,121		$ 0	$ 0												$ 119,339		$ 0		$ 65,551
Ending Balance (Shares) at Sep. 24, 2022		22,486,587			41,040,835	22,486,587											189,909

Subsequent Events - Additional Information (Details) $ in Thousands	Nov. 02, 2022 USD ($)
Common Class A [Member]
Subsequent Event [Line Items]
Warrant repurchase	$ 40,000

Commitments and Contingencies

9 Months Ended

Sep. 24, 2022

Commitments and contingencies

10. Commitments and contingencies

Litigation

The Company is exposed to various asserted and unasserted potential claims encountered in the normal course of business. Although the outcomes of potential legal proceedings are inherently difficult to predict, the Company does not expect the resolution of these occasional legal proceedings to have a material effect on its financial position, results of operations, or cash flow.

Revenue from Contract with Customers - Schedule of Changes in Contract Liabilities (Details) - European Wax Center, Inc. and Subsidiaries $ in Thousands	9 Months Ended
	Sep. 24, 2022 USD ($)
Disaggregation Of Revenue [Line Items]
Balance at December 25, 2021	$ 9,791
Revenue recognized that was included in the contract liability at the beginning of the year	(2,148)
Increase, excluding amounts recognized as revenue during the period	2,437
Balance at September 24, 2022	$ 10,080

Revenue from Contract with Customers - Schedule of Revenue Expected to be Recognized in Future Related to Performance Obligations (Details) - European Wax Center, Inc. and Subsidiaries - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Disaggregation Of Revenue [Line Items]
2022 (from September 25, 2022)	$ 2,469
2023	1,210
2024	1,147
2025	1,076
2026	967
Thereafter	3,211
Total deferred revenue	$ 10,080	$ 9,791

Accounts payable and accrued liabilities (Tables)

9 Months Ended

Sep. 24, 2022

Schedule of Accounts Payable and Accrued Liabilities

Accounts payable and accrued liabilities consisted of the following:


	September 24, 2022		December 25, 2021
Accounts payable	$	5,652	$	7,684
Accrued inventory		1,732		2,665
Accrued compensation		3,206		5,401
Accrued taxes and penalties		1,321		1,432
Accrued lease termination costs		—		588
Accrued technology and subscription fees		158		196
Accrued interest		565		1,477
Accrued professional fees		181		2,090
Accrued marketing fees		902		489
Accrued dividend equivalents		1,266		—
Other accrued liabilities		1,010		1,133
Total accounts payable and accrued liabilities	$	15,993	$	23,155

Net Income (Loss) per Share - Additional Information (Details) - shares	2 Months Ended	3 Months Ended
	Sep. 25, 2021	Sep. 24, 2022
Class B Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Common Stock, Shares, Outstanding	32,372,542	22,486,587
Stock Options [Member] \| Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded from computations of diluted net income (loss) per share	322,997	247,631
Restricted Stock Units [Member] \| Class A Common Stock [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
Securities excluded from computations of diluted net income (loss) per share	482,410	9,261

Prepaid Expenses and Other Current Assets

9 Months Ended

Sep. 24, 2022

Prepaid expenses and other current assets

4. Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	September 24, 2022		December 25, 2021
Prepaid insurance	$	2,934	$	2,308
Prepaid technology fees		1,281		1,500
Prepaid other & other current assets		2,652		2,119
Total	$	6,867	$	5,927

The prepaid other & other current assets amounts are primarily composed of prepaid marketing, prepaid commissions and sales taxes.

Derivative instruments and hedging activities - Additional Information (Details) - USD ($)	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Dec. 31, 2018
Derivatives Fair Value [Line Items]
Gain Fair Value Adjustments	$ 196,000	$ 0
Interest Rate Cap
Derivatives Fair Value [Line Items]
Gain on interest rate	138,000
Gain Fair Value Adjustments	196,000
Cash paid	$ 58,000
European Wax Center, Inc. and Subsidiaries
Derivatives Fair Value [Line Items]
Derivative Liability, Notional Amount			$ 175,000
European Wax Center, Inc. and Subsidiaries \| Interest Rate Floor \| London Interbank Offered Rate (LIBOR) [Member]
Derivatives Fair Value [Line Items]
Derivative, Variable Interest Rate			4.50%
European Wax Center, Inc. and Subsidiaries \| Interest Rate Cap \| London Interbank Offered Rate (LIBOR) [Member]
Derivatives Fair Value [Line Items]
Derivative, Cap Interest Rate			4.50%

Long-term Debt - Schedule of Debt (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Apr. 06, 2022	Dec. 25, 2021
Class A2 Notes Member
Debt Instrument [Line Items]
Term Loan		$ 400,000
European Wax Center, Inc. and Subsidiaries
Debt Instrument [Line Items]
Less: current portion	$ (4,000)		$ (5,625)
Total long-term debt	395,000		174,375
Less: unamortized debt discount and deferred financing costs	(24,343)		(1,768)
Total long-term debt, net	370,657		172,607
European Wax Center, Inc. and Subsidiaries \| Class A2 Notes Member
Debt Instrument [Line Items]
Term Loan	399,000		0
European Wax Center, Inc. and Subsidiaries \| 2026 Term Loan [Member]
Debt Instrument [Line Items]
Term Loan	$ 0		$ 180,000

Amount, excluding unamortized premium (discount) and debt issuance cost, of long-term debt. Excludes lease obligation.

Equity Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Restricted Stock Units (RSUs) [Member] \| Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity based compensation		$ 7,395		$ 7,952
Time Based Units [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number	75,000		75,000
Time Based Units [Member] \| Selling, General and Administrative Expenses [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Equity based compensation	$ 2,117		$ 7,452
Expense related to acceleration of vesting			$ 1,248
Common Class A [Member] \| Restricted Stock Units (RSUs) [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Weighted-Average Grant Date Fair Value, Granted			$ 26.29
The 2021 Incentive Plan [Member] \| Restricted Stock Units (RSUs) [Member] \| Directors and Employees [Member]
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Granted			41,171
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			33.33%

Nature of Business and Organization

9 Months Ended

Sep. 24, 2022

Nature of business and organization

1. Nature of business and organization

European Wax Center, Inc. (the “Company”) was formed as a Delaware corporation on April 1, 2021. The Company was formed for the purpose of completing a public offering and related transactions in order to carry on the business of EWC Ventures, LLC (“EWC Ventures”) and its subsidiaries. Through its subsidiaries, the Company is engaged in selling franchises of European Wax Center, distributing proprietary facial and body waxing products to franchisees which are used to perform waxing services and providing branded facial and body waxing products directly to consumers at various locations throughout the United States.

The Company operates on a fiscal calendar which, in a given year, consists of a 52 or 53 week period ending on the Saturday closest to December 31st. The quarters ended September 24, 2022 and September 25, 2021 both consisted of 13 weeks.

Noncontrolling interest - Summary of the ownership of EWC Ventures LLC (Details)	Sep. 24, 2022 shares
Noncontrolling Interest [Line Items]
Units owned	62,281,874
Ownership percentage	100.00%
European Wax Center, Inc. [Member]
Noncontrolling Interest [Line Items]
Units owned by parent	41,040,835
Ownership percentage by parent	65.90%
Noncontrolling Interest [Member]
Noncontrolling Interest [Line Items]
Units owned by noncontrolling interest	21,241,039
Ownership percentage by noncontrolling interest	34.10%

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
NET INCOME (LOSS)	$ 5,287		$ 11,344	$ (441)
European Wax Center, Inc. and Subsidiaries
NET INCOME (LOSS)	5,287	$ (9,272)	11,344	(441)
Items included in other comprehensive income (loss):
Unrealized gain on cash flow hedge	0	(128)	0	111
TOTAL COMPREHENSIVE INCOME (LOSS)	5,287	(9,400)	11,344	(330)
Less: total comprehensive income attributable to EWC Ventures, LLC prior to the Reorganization Transactions	0	1,339	0	10,409
Less: total comprehensive loss attributable to non-controlling interests	1,765	(5,223)	4,969	(5,223)
European Wax Center, Inc. and Subsidiaries \| Parent [Member]
Items included in other comprehensive income (loss):
COMPREHENSIVE INCOME (LOSS) ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	$ 3,522	$ (5,516)	$ 6,375	$ (5,516)

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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Stockholder's Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands			9 Months Ended
	May 24, 2022	Apr. 11, 2022	Sep. 24, 2022	Sep. 25, 2021
Dividends to holders of Class A common stock		$ (122,227)	$ (122,227)	$ 0
Dividend equivalents to holders of EWC Ventures units		$ (82,887)	(82,887)	$ 0
Common Stock, Dividends, Per Share, Declared		$ 3.30
Accrued dividend equivalent		$ 4,243
Accounts payable and accrued liabilities			1,266
Other long-term liabilities			$ 2,977
Common Class A [Member]
Converted To Class a Common Stock			1,613,282
Common Stock, Dividends, Per Share, Declared		$ 3.30
Common Class B [Member]
Converted To Class a Common Stock	2,403,228		1,613,282
Secondary Public Offering [Member] \| Common Class A [Member]
Shares Issued, Price Per Share	$ 21.50
Common stock sold by selling shareholders	5,175,000
Converted To Class a Common Stock	2,403,228
Secondary Public Offering [Member] \| Class A Shares [Member]
Common stock sold by selling shareholders	2,771,772

Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 26, 2021
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease liabilities	$ 5,923
European Wax Center, Inc. [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Restricted Cash	$ 6,557
ASC 842 Adoption [Member]
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use assets		$ 6,799
Operating lease liabilities		$ 7,630

Fair Value Measurements (Tables)

9 Months Ended

Sep. 24, 2022

Schedule of fair value measurements

Fair value measurements are summarized below:


	Fair Market Value			Quoted prices in active markets for identical assets (Level 1)		Significant observable inputs (Level 2)			Significant unobservable inputs (Level 3)
Interest rate cap
September 24, 2022	$	—		$	—	$	—		$	—
December 25, 2021	$	(242	)	$	—	$	(242	)	$	—

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021
Cash flows from operating activities:
Net income (loss)	$ 11,344	$ (441)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	15,173	15,259
Amortization of deferred financing costs	2,483	924
Gain on interest rate cap	(196)	0
Provision for inventory obsolescence	(26)	0
Loss on debt extinguishment	1,957	6,313
Provision for bad debts	38	616
Remeasurement of tax receivable agreement liability	302	0
Loss on disposal of property and equipment	5	335
Equity compensation	7,452	7,952
Changes in assets and liabilities:
Accounts receivable	(137)	(3,578)
Inventory	(3,638)	(8,665)
Prepaid expenses and other assets	1,101	(2,121)
Accounts payable and accrued liabilities	(7,623)	4,665
Deferred revenue	289	542
Other long-term liabilities	(575)	428
Net cash provided by operating activities	27,949	22,229
Cash flows from investing activities:
Purchases of property and equipment	(143)	(364)
Reacquisition of area representative rights	0	(7,644)
Net cash used in investing activities	(143)	(8,008)
Cash flows from financing activities:
Deferred loan costs	(12,419)	(1,294)
Payments on line of credit	0	(30,000)
Proceeds from long-term debt	384,328	179,370
Principal payments on long-term debt	(181,000)	(240,553)
Payments of debt extinguishment costs	(77)	(2,446)
Distributions to EWC Ventures LLC members	(7,280)	(5,198)
Proceeds from initial public offering of Class A common stock, net of underwriting discounts and offering expenses	0	145,953
Payment of Class A common stock offering costs	(870)	0
Repurchase of Class A Units	0	(942)
Repurchase of Class B common stock and EWC Ventures common units	0	(70,465)
Taxes on vested restricted stock units paid by withholding shares	(525)	0
Dividends to holders of Class A common stock	(122,227)	0
Dividend equivalents to holders of EWC Ventures units	(82,887)	0
Net cash used in financing activities	(22,957)	(25,575)
Net increase (decrease) in cash	4,849	(11,354)
Cash, cash equivalents and restricted cash, beginning of period	43,301	36,720
Cash, cash equivalents and restricted cash, end of period	48,150	25,366
Supplemental cash flow information:
Cash paid for interest	12,886	11,763
Cash paid for income taxes	96	0
Non-cash investing and financing activities:
Property purchases included in accounts payable and accrued liabilities	5	96
Non-cash equity distributions	0	689
Initial public offering expenses in accounts payable and accrued liabilities	$ 0	$ 483

Long-term Debt - Additional Information (Details) $ in Thousands		1 Months Ended	9 Months Ended
	Apr. 06, 2022 USD ($) OperatingSegment	Mar. 31, 2025	Sep. 24, 2022 USD ($)	Sep. 25, 2021 USD ($)	Dec. 25, 2021 USD ($)
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)			3.87%
Debt Instrument, Covenant Description			The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.
Debt Instrument, Description			If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10) years plus (ii) 5.00%, plus (iii) 3.87%, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes.
Payments of debt extinguishment costs			$ 77	$ 2,446
Loss on debt extinguishment			$ (1,957)	$ (6,313)
Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)			5.00%
Debt instrument, Term	10 years
Term loan	$ 400,000
Leverage ratio			5.00
Unamortized deferred financing costs			$ 10,858
Debt Discount	15,672
Proceeds from Issuance of Debt	$ 384,328
Fixed Rate Senior Secured Notes	5.50%
Variable Funding Notes [Member]
Debt Instrument [Line Items]
Maximum Debt Service and Collateral Protection Advances	$ 40,000
Number of additional extensions \| OperatingSegment	2
Unamortized deferred financing costs			1,561
Variable Funding Notes [Member] \| Other Noncurrent Assets [Member]
Debt Instrument [Line Items]
Unamortized deferred financing costs			148
Class A-2 Notes and Variable Funding Notes [Member]
Debt Instrument [Line Items]
Unamortized deferred financing costs			12,419
Scenario Forecast \| Variable Funding Notes [Member]
Debt Instrument [Line Items]
Debt Instrument, Interest Rate, Increase (Decrease)		5.00%
2026 Term Loan [Member]
Debt Instrument [Line Items]
Payments of debt extinguishment costs			77
Loss on debt extinguishment			1,957
Write off of deferred loan costs			$ 1,880
Anticipated Repayment [Member] \| Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Mar. 31, 2027
Legal Maturity [Member] \| Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Maturity Date			Mar. 31, 2052
Indenture [Member] \| Class A2 Notes Member
Debt Instrument [Line Items]
Debt Instrument, Issuance Date			Apr. 06, 2022
Commercial Paper [Member] \| SOFR
Debt Instrument [Line Items]
Debt instrument basis point	212.50%
Advance Funding Facility
Debt Instrument [Line Items]
Maximum Debt Service and Collateral Protection Advances			$ 5,000
European Wax Center, Inc. and Subsidiaries \| Class A2 Notes Member
Debt Instrument [Line Items]
Term loan			399,000		$ 0
European Wax Center, Inc. and Subsidiaries \| 2026 Term Loan [Member]
Debt Instrument [Line Items]
Term loan			$ 0		$ 180,000

Derivative instruments and hedging activities - Summary of Unrealized Gain (Loss) Recognized in Other Comprehensive Income (Loss) (Details) - European Wax Center, Inc. and Subsidiaries - USD ($) $ in Thousands	3 Months Ended				9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 24, 2022	Sep. 25, 2021
Derivatives designated as hedging instruments:
Total		$ 29	$ 80	$ 159
Other Comprehensive Income (Loss) \| Designated as Hedging Instrument
Derivatives designated as hedging instruments:
Total	$ 0	(128)			$ 0	$ 111
Other Comprehensive Income (Loss) \| Interest Rate Cap \| Designated as Hedging Instrument
Derivatives designated as hedging instruments:
Total	$ 0	$ (128)			$ 0	$ 111

Leases - Schedule of Weighted Average Lease Term and Discount Rate of Operating Leases (Details)	Sep. 24, 2022
Leases [Abstract]
Weighted-average remaining lease term (years)	4 years 8 months 12 days
Weighted average discount rate	4.40%

Revenue from Contract with Customers - Additional Information (Details)	Sep. 24, 2022
European Wax Center, Inc. and Subsidiaries \| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-09-25
Disaggregation Of Revenue [Line Items]
Weighted average remaining amortization period of deferred revenue	4 years 2 months 12 days

Summary of Significant Accounting Policies (Policies) - European Wax Center, Inc. and Subsidiaries	9 Months Ended
	Sep. 24, 2022
Basis of presentation and consolidation	(a) Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC and includes the operations of the Company and EWC Ventures and its wholly owned subsidiaries. EWC Ventures is considered a variable interest entity. The Company is the primary beneficiary of EWC Ventures. As a result, the Company consolidates EWC Ventures. On August 4, 2021, we completed an internal reorganization, referred to as the “Reorganization Transactions” pursuant to which we were appointed the sole managing member of EWC Ventures. The Reorganization Transactions are more fully described in our annual report on Form 10-K for the fiscal year ended December 25, 2021. EWC Ventures has been determined to be the predecessor for accounting purposes and, accordingly, the condensed consolidated financial statements for periods prior to the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. Amounts for the 13 and 39 weeks ended September 25, 2021 presented in the condensed consolidated financial statements and notes to condensed consolidated financial statements herein represent the historical operations of EWC Ventures. The amounts as of September 24, 2022 and December 25, 2021 and for the 13 and 39 weeks ended September 24, 2022 reflect the consolidated operations of the Company. The condensed consolidated balance sheet as of December 25, 2021 is derived from the audited consolidated financial statements of the Company but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 25, 2021 included in our annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the audited consolidated financial statements and the related notes thereto for the year ended December 25, 2021 included in our annual report on Form 10-K, except as described below relating to our adoption of Accounting Standards Codification (“ASC”) Topic 842, Leases and restricted cash.
Use of estimates	(b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the financial statements include revenue recognition, inventory reserves, the expected life of franchise agreements, the useful life of reacquired rights, valuation of equity-based compensation awards, and the evaluation of the recoverability of goodwill and long-lived assets, including indefinite-lived intangible assets. Actual results could differ from those estimates.
Implications of being an emerging growth company	(c) Implications of being an Emerging Growth Company The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. We also intend to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as we qualify as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments. (d) Restricted Cash In accordance with the Company’s securitized financing facility, which is described in Note 6, certain cash accounts have been established in the name of Citibank, N.A. (the “Trustee”). The Company holds restricted cash that primarily represents cash collections held by the Trustee, which includes interest, principal, and commitment fee reserves. As of September 24, 2022, the Company had restricted cash held by the Trustee of $6,557. Restricted cash has been combined with cash and cash equivalents when reconciling the beginning and end of period balances in the condensed consolidated statements of cash flows.
Recently adopted accounting pronouncements	(e) Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases and established ASC Topic 842, Leases (“ASC 842”), which supersedes ASC Topic 840, Leases. ASC 842 requires a lessee to recognize a lease right-of-use (“ROU”) asset and a corresponding lease liability on its balance sheet along with additional qualitative and quantitative disclosures. We adopted this guidance on December 26, 2021 (the beginning of fiscal year 2022) by applying the provisions of this guidance on a modified retrospective basis as of the effective date. As such, comparative periods have not been restated and the disclosures required under the new standard have not been provided for periods prior to December 26, 2021. However, we have provided the applicable disclosures required under ASC 840 for the prior year comparative period. We elected the package of practical expedients whereby we were not required to: i) reassess whether any expired or existing contracts are or contain leases, ii) reassess the lease classification of existing leases and iii) reassess initial direct costs for any existing leases. We did not elect the hindsight practical expedient or the practical expedient related to land easements. We have assessed and updated our business processes, systems and controls to ensure compliance with the recognition and disclosure requirements of the new standard. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $6,799 and $7,630, respectively, as of December 26, 2021 to recognize operating leases which were not recognized on our condensed consolidated balance sheets under previous guidance. The adoption of this guidance did not have a material impact on our condensed consolidated statements of operations or on our condensed consolidated statements of cash flows as our leases retained their classifications as determined under previous guidance.
Recently issued accounting pronouncements not yet adopted	(f) Recently issued accounting pronouncements not yet adopted In June 2017, the FASB issued ASU 2016-13, Financial Instruments (Topic 326)—Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13, and related amendments, are effective for fiscal years beginning after December 15, 2022. The Company has not completed its assessment of the standard but does not expect the adoption to have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update, as well as subsequently issued amendments, provide temporary, optional guidance to ease the burden in accounting for reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include relief related to contract modifications and hedging relationships. The relief provided by this ASU does not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. However, hedging relationships that apply certain optional expedients prior to December 31, 2022, will be retained through the end of the hedging relationship, including for periods after December 31, 2022. We do not expect that this guidance will have any impact on our financial statements.

Fair Value Measurements - Additional Information (Details) $ in Thousands	Sep. 24, 2022 USD ($)
Class A2 Notes Member
Fair Value Option Quantitative Disclosures [Line Items]
Debt Instrument, Fair Value Disclosure	$ 363,050

Derivative instruments and hedging activities

9 Months Ended

Sep. 24, 2022

Derivative instruments and hedging activities

7. Derivative instruments and hedging activities

In December 2018, the Company entered into an interest rate cap derivative instrument which was designated as a cash flow hedge. The Company’s objective was to mitigate the impact of interest expense fluctuations on the Company’s profitability resulting from interest rate changes by capping the LIBOR component of the interest rate at 4.5% on $175,000 of principal outstanding under its long-term debt arrangement, as the interest rate cap provided for payments from the counterparty when LIBOR rises above 4.5%. The interest rate cap was terminated in March 2022.

Changes in the fair value of the interest rate cap were recognized in other comprehensive loss and was reclassified out of accumulated other comprehensive loss and into interest expense upon termination of the interest rate cap. Cash flows related to derivatives qualifying as hedges are included in the same section of the condensed consolidated statements of cash flows as the underlying assets and liabilities being hedged. Refer to Note 3—Fair value measurements for information on the fair value of the Company’s interest rate cap derivative instrument.

Our cash flow hedge position related to the interest rate cap derivative instrument is as follows:


	Balance Sheet Classification	September 24, 2022		December 25, 2021
Derivatives designated as hedging instruments:
Interest rate cap, current portion	Other current liabilities	$	—	$	(182	)
Interest rate cap, non-current portion	Other long-term liabilities		—		(60	)
Total derivative liabilities designated as hedging instruments		$	—	$	(242	)

The table below presents the net unrealized gain recognized in other comprehensive income (“OCI”) resulting from fair value adjustments of hedging instruments:


	Net Unrealized Gain (Loss) Recognized in OCI
	For the Thirteen Weeks Ended					For the Thirty-Nine Weeks Ended
	September 24, 2022		September 25, 2021			September 24, 2022		September 25, 2021
Derivatives designated as hedging instruments:
Interest rate cap	$	—	$	(128	)	$	—	$	111
Total	$	—	$	(128	)	$	—	$	111

As a result of the termination of the interest rate cap, we recognized a gain of approximately $138 as a component of interest expense on the condensed consolidated statement of operations for the 39 weeks ended September 24, 2022. Of this gain, $196 related to fair value adjustments which was partially offset by $58 related to cash paid to terminate the interest rate cap.

Long-term Debt

9 Months Ended

Sep. 24, 2022

Long-term Debt

6. Long-term debt

Long-term debt consists of the following:


	September 24, 2022			December 25, 2021
Class A-2 Notes	$	399,000		$	—
2026 Term Loan		—			180,000
Less: current portion		(4,000	)		(5,625	)
Total long-term debt		395,000			174,375
Less: unamortized debt discount and deferred financing costs		(24,343	)		(1,768	)
Total long-term debt, net	$	370,657		$	172,607

On April 6, 2022 (the “Closing Date”), EWC Master Issuer LLC, a limited-purpose, bankruptcy remote, indirect subsidiary of the Company (the “Master Issuer”), completed a securitization transaction pursuant to which it issued $400,000 in aggregate principal amount of Series 2022-1 5.50% Fixed Rate Senior Secured Notes, Class A-2 (the “Class A-2 Notes”). We received $384,328 in proceeds from the issuance of the Class A-2 Notes after deducting the original issue discount of $15,672 and prior to paying any expenses related to the issuance.

In connection with the issuance of the Class A-2 Notes, the Master Issuer also entered into (i) a revolving financing facility that allows for the issuance of up to $40,000 in Variable Funding Notes (”Variable Funding Notes”), and certain letters of credit and (2) an advance funding facility with Bank of America, N.A. (“BofA”), whereby BofA and any other advance funding provider thereunder would, in certain specified circumstances, make certain debt service advances and collateral protection advances (not to exceed $5,000 in the aggregate). The Variable Funding Notes were undrawn at closing and as of September 24, 2022.

The net proceeds from the issuance of the Class A-2 Notes were used to repay the previous term loan due in 2026 (the “2026 Term Loan”), fund certain reserve amounts under the securitized financing facility, pay the transaction costs associated with the securitized financing facility, and fund a one-time special dividend to stockholders (See Note 15).

We incurred a loss on debt extinguishment of $1,957 related to the repayment of the 2026 Term Loan which was recorded as a component of interest expense in the accompanying condensed consolidated statement of operations. Of this loss, $1,880 was attributable to the write-off of unamortized debt discount and debt issuance costs and the remaining $77 was attributable to the payment of fees associated with the repayment of the 2026 Term Loan. In connection with the issuance of the Class A-2 Notes and the Variable Funding Notes we incurred $12,419 in lender and third-party fees. Of these fees, $10,858 and the original issue discount described above related to the Class A-2 Notes and have been recorded as a reduction of long-term debt on the accompanying condensed consolidated balance sheet. The remaining $1,561 of fees along with $148 of unamortized deferred financing costs related to the Variable Funding Notes have been recorded as other non-current assets on the accompanying condensed consolidated balance sheet. The debt discount and deferred financing costs attributed to Class A-2 Notes will be amortized to interest expense through the Anticipated Repayment Date, which is defined below, using the effective interest method. The deferred financing costs attributed to the Variable Funding Notes will be amortized to interest expense on a straight-line basis through the Anticipated Repayment Date, which is defined below.

The Class A-2 Notes and the Variable Funding Notes are referred to collectively as the “Notes.” The Notes were issued in a securitization transaction pursuant to which substantially all of the Company’s revenue-generating assets in the United States are held by the Master Issuer and certain other limited-purpose, bankruptcy remote, wholly-owned direct and indirect subsidiaries of EWC Holding Guarantor (including the Master Issuer) (collectively, the “Securitization Entities”) that have pledged substantially all of their assets to secure the Notes and, with respect to the Securitization Entities other than the Master Issuer, act as guarantors of the Notes.

While the Class A-2 Notes are outstanding, payments of principal and interest are required to be made on the Class A-2 Notes on a quarterly basis. The quarterly payments of principal on the Class A-2 Notes may be suspended in the event that the leverage ratio for the Company and its subsidiaries, including the securitization entities, is, in each case, less than or equal to 5.00x.

The legal final maturity date of the Class A-2 Notes is in March of 2052, but it is anticipated that, unless earlier prepaid to the extent permitted under the Base Indenture, dated April 6, 2022 (the “Indenture”), the Class A-2 Notes will be repaid in March of 2027 (the “Anticipated Repayment Date”). If the Master Issuer has not repaid or refinanced the Class A-2 Notes prior to their Anticipated Repayment Date, additional interest will accrue on the Class A-2 Notes equal to the greater of (A) 5.00% per annum and (B) a per annum interest rate equal to the excess, if any, by which the sum of (i) the yield to maturity (adjusted to a quarterly bond equivalent basis) on such anticipated repayment date of the United States Treasury Security having a term closest to ten (10) years plus (ii) 5.00%, plus (iii) 3.87%, exceeds the original interest rate. The Class A-2 Notes rank pari passu with the Variable Funding Notes.

Interest on the Variable Funding Notes will be payable at per annum rates based on term SOFR (plus a credit adjustment spread) or the lenders’ commercial paper funding rate plus 212.5 basis points. There is a commitment fee on the unused portion of the Variable Funding Notes facility, equal to 50 basis points per annum. It is anticipated that the principal and interest on the Variable Funding Notes will be repaid in full on or prior to March 2025, subject to two additional one-year extensions at the option of the Company. Following the anticipated date of repayment (and any extensions thereof), additional interest will accrue on the Variable Funding Notes equal to 5.00% per annum.

The Notes are secured by a security interest in substantially all of the assets of the Securitization Entities. The assets of the Securitization Entities include substantially all of the Company’s revenue-generating assets in the United States, which principally consist of franchise-related agreements, certain supply, distribution and logistics services agreements, intellectual property and license agreements for the use of intellectual property.

The Notes are subject to a series of financial and non-financial covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Class A-2 Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the transfers of the assets pledged as collateral for the Notes are in stated ways defective or ineffective and (iv) covenants relating to recordkeeping, access to information and similar matters. The Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain a stated debt service coverage ratio, the sum of system-wide sales being below certain levels on certain measurement dates, certain manager termination events (including in certain cases a change of control of EWC Ventures), an event of default and the failure to repay or refinance the Notes on the applicable anticipated repayment date. The Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal or other amounts due on or with respect to the Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective and certain judgments.

Leases - Schedule of Maturities of Lease Liabilities (Details) $ in Thousands	Sep. 24, 2022 USD ($)
Lessee, Operating Lease, Liability, to be Paid [Abstract]
2022 (from September 25, 2022)	$ 447
2023	1,524
2024	1,346
2025	1,232
2026	880
Thereafter	1,152
Total lease payments	6,581
Less: amount representing interest	(658)
Present value of lease liabilities	5,923
Less: current portion	(1,399)
Operating lease liabilities, net of current portion	$ 4,524

Leases - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 25, 2021	Sep. 24, 2022
Lessee, Lease, Description [Line Items]
Rent Expense	$ 602	$ 1,755
Maximum [Member]
Lessee, Lease, Description [Line Items]
Lessee Operating Lease Term Of Contract			10 years
Minimum [Member]
Lessee, Lease, Description [Line Items]
Lessee Operating Lease Term Of Contract			1 year

Prepaid Expenses and Other Current Assets (Details) - European Wax Center, Inc. and Subsidiaries - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Prepaid Expenses And Other Current Assets Details [Line Items]
Prepaid insurance	$ 2,934	$ 2,308
Prepaid technology fees	1,281	1,500
Prepaid other & other current assets	2,652	2,119
Total	$ 6,867	$ 5,927

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Sep. 24, 2022	Dec. 25, 2021
Class B Common Stock [Member]
Common Stock, Shares, Outstanding	22,486,587
European Wax Center, Inc. and Subsidiaries
Preferred Stock Par Value	$ 0.00001	$ 0.00001
Preferred Stock, Shares Authorized	100,000,000	100,000,000
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0
European Wax Center, Inc. and Subsidiaries \| Class A Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	600,000,000	600,000,000
Common Stock, Shares, Issued	41,040,835	36,932,423
Common Stock, Shares, Outstanding	41,040,835	36,932,423
European Wax Center, Inc. and Subsidiaries \| Class B Common Stock [Member]
Common Stock, Par Value	$ 0.00001	$ 0.00001
Common Stock, Shares Authorized	60,000,000	60,000,000
Common Stock, Shares, Issued	22,486,587	26,700,477
Common Stock, Shares, Outstanding	22,486,587	26,700,477

Net Income (Loss) per Share - Schedule of Computation of Basic Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	2 Months Ended	3 Months Ended						9 Months Ended
	Sep. 25, 2021	Sep. 24, 2022	Jun. 25, 2022	Mar. 26, 2022	Sep. 25, 2021	Jun. 26, 2021	Mar. 27, 2021	Sep. 24, 2022	Sep. 25, 2021
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME (LOSS)		$ 5,287						$ 11,344	$ (441)
Class A Units [Member] \| Restricted Stock Units (RSUs) [Member]
Effect of dilutive securities:
Dilutive Securities	0	107,798						167,122
Class B Units [Member]
Effect of dilutive securities:
Dilutive securities class B common ctock	0	22,892,289						0
European Wax Center, Inc. and Subsidiaries
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME (LOSS)		$ 5,287	$ 2,031	$ 4,026	$ (9,272)	$ 7,729	$ 1,102	$ 11,344	$ (441)
European Wax Center, Inc. and Subsidiaries \| Share-Based Payment Arrangement Option [Member]
Effect of dilutive securities:
Dilutive Securities	$ 0	0						21,732
European Wax Center, Inc. and Subsidiaries \| Class A Units [Member]
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items]
NET INCOME (LOSS)	(10,768)	5,287						11,344
Less: net income (loss) attributable to noncontrolling interests	(5,237)	1,773						4,735
Less: net income (loss) attributable to noncontrolling interests	(5,237)	0						4,722
Net Income (loss) applicable to Class A common shareholders	(5,531)	3,514						6,609
Net Income (loss) applicable to Class A common shareholders	$ (5,531)	$ 5,287						$ 6,622
Basic weighted average outstanding shares	31,370,186	39,849,170						38,238,114
Basic net income (loss) per share applicable to common shareholders:
Earnings Per Share, Basic	$ (0.18)	$ 0.09						$ 0.17
Effect of dilutive securities:
Diluted weighted average outstanding shares	31,370,186	62,849,257						38,426,968
Diluted net income (loss) per share applicable to common shareholders:	$ (0.18)	$ 0.08						$ 0.17

Subsequent Events

9 Months Ended

Sep. 24, 2022

Subsequent Events [Abstract]

Subsequent Events

16. Subsequent Events

On November 2, 2022, the Company’s Board of Directors approved a stock repurchase program (the “Repurchase Program”), which authorized the Company to repurchase, from time to time, as market conditions warrant, up to $40,000 of its shares of Class A common Stock. The share repurchase program does not obligate the Company to repurchase any particular amount of Class A common stock, and it could be modified, suspended or discontinued at any time. The timing and amount of repurchases will be determined by the Company’s management at its discretion based on a variety of factors such as the market price of its Class A common stock, corporate and legal requirements, general market and economic conditions, and compliance with the terms of agreements governing the Company’s outstanding indebtedness. Purchases of the Company’s Class A common stock may be made in open market transactions effected through a broker-dealer at prevailing market prices, in block trades, in privately negotiated transactions or by other means in accordance with federal securities laws. The Company may elect to implement a 10b5-1 repurchase program, which would permit shares to be repurchased when the Company might otherwise be precluded from doing so under insider trading laws.

Leases - Schedule of Future maturities of operating lease obligations (Details) $ in Thousands	Dec. 25, 2021 USD ($)
Leases [Abstract]
2022	$ 2,098
2023	1,524
2024	1,346
2025	1,232
2026	880
Thereafter	1,152
Total	$ 8,232

Summary of Significant Accounting Policies	9 Months Ended
Summary of Significant Accounting Policies	Sep. 24, 2022
European Wax Center, Inc. and Subsidiaries
Summary of Significant Accounting Policies	2. Summary of significant accounting policies (a) Basis of presentation and consolidation The accompanying unaudited condensed consolidated financial statements have been presented in conformity with accounting principles generally accepted in the United States (“GAAP”) for interim financial information and pursuant to the rules and regulations of the SEC and includes the operations of the Company and EWC Ventures and its wholly owned subsidiaries. EWC Ventures is considered a variable interest entity. The Company is the primary beneficiary of EWC Ventures. As a result, the Company consolidates EWC Ventures. On August 4, 2021, we completed an internal reorganization, referred to as the “Reorganization Transactions” pursuant to which we were appointed the sole managing member of EWC Ventures. The Reorganization Transactions are more fully described in our annual report on Form 10-K for the fiscal year ended December 25, 2021. EWC Ventures has been determined to be the predecessor for accounting purposes and, accordingly, the condensed consolidated financial statements for periods prior to the Reorganization Transactions have been adjusted to combine the previously separate entities for presentation purposes. Amounts for the 13 and 39 weeks ended September 25, 2021 presented in the condensed consolidated financial statements and notes to condensed consolidated financial statements herein represent the historical operations of EWC Ventures. The amounts as of September 24, 2022 and December 25, 2021 and for the 13 and 39 weeks ended September 24, 2022 reflect the consolidated operations of the Company. The condensed consolidated balance sheet as of December 25, 2021 is derived from the audited consolidated financial statements of the Company but does not include all disclosures required by GAAP. These unaudited condensed consolidated financial statements should be read in conjunction with the audited consolidated financial statements and the related notes thereto for the year ended December 25, 2021 included in our annual report on Form 10-K. In the opinion of management, the accompanying unaudited condensed consolidated financial statements include all normal recurring adjustments necessary for a fair statement of the Company’s financial position, results of operations, and cash flows for the periods presented. All intercompany accounts and transactions have been eliminated in consolidation. Accounting policies used in the preparation of these unaudited condensed consolidated financial statements are consistent with the accounting policies described in the audited consolidated financial statements and the related notes thereto for the year ended December 25, 2021 included in our annual report on Form 10-K, except as described below relating to our adoption of Accounting Standards Codification (“ASC”) Topic 842, Leases and restricted cash. (b) Use of estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the financial statements include revenue recognition, inventory reserves, the expected life of franchise agreements, the useful life of reacquired rights, valuation of equity-based compensation awards, and the evaluation of the recoverability of goodwill and long-lived assets, including indefinite-lived intangible assets. Actual results could differ from those estimates. (c) Implications of being an Emerging Growth Company The Company is an emerging growth company as defined in the Jumpstart Our Business Startups Act of 2012 (“JOBS Act”) and may take advantage of reduced reporting requirements that are otherwise applicable to public companies. Section 107 of the JOBS Act exempts emerging growth companies from being required to comply with new or revised financial accounting standards until private companies are required to comply with those standards. The Company has elected to use the extended transition period for complying with new or revised accounting standards. We also intend to take advantage of some of the reduced regulatory and reporting requirements of emerging growth companies pursuant to the JOBS Act so long as we qualify as an emerging growth company, including, but not limited to, not being required to comply with the auditor attestation requirements of Section 404(b) of the Sarbanes-Oxley Act, reduced disclosure obligations regarding executive compensation, and exemptions from the requirements of holding non-binding advisory votes on executive compensation and golden parachute payments. (d) Restricted Cash In accordance with the Company’s securitized financing facility, which is described in Note 6, certain cash accounts have been established in the name of Citibank, N.A. (the “Trustee”). The Company holds restricted cash that primarily represents cash collections held by the Trustee, which includes interest, principal, and commitment fee reserves. As of September 24, 2022, the Company had restricted cash held by the Trustee of $6,557. Restricted cash has been combined with cash and cash equivalents when reconciling the beginning and end of period balances in the condensed consolidated statements of cash flows. (e) Recently adopted accounting pronouncements In February 2016, the FASB issued ASU 2016-02, Leases and established ASC Topic 842, Leases (“ASC 842”), which supersedes ASC Topic 840, Leases. ASC 842 requires a lessee to recognize a lease right-of-use (“ROU”) asset and a corresponding lease liability on its balance sheet along with additional qualitative and quantitative disclosures. We adopted this guidance on December 26, 2021 (the beginning of fiscal year 2022) by applying the provisions of this guidance on a modified retrospective basis as of the effective date. As such, comparative periods have not been restated and the disclosures required under the new standard have not been provided for periods prior to December 26, 2021. However, we have provided the applicable disclosures required under ASC 840 for the prior year comparative period. We elected the package of practical expedients whereby we were not required to: i) reassess whether any expired or existing contracts are or contain leases, ii) reassess the lease classification of existing leases and iii) reassess initial direct costs for any existing leases. We did not elect the hindsight practical expedient or the practical expedient related to land easements. We have assessed and updated our business processes, systems and controls to ensure compliance with the recognition and disclosure requirements of the new standard. Adoption of the new standard resulted in the recording of right-of-use assets and lease liabilities of $6,799 and $7,630, respectively, as of December 26, 2021 to recognize operating leases which were not recognized on our condensed consolidated balance sheets under previous guidance. The adoption of this guidance did not have a material impact on our condensed consolidated statements of operations or on our condensed consolidated statements of cash flows as our leases retained their classifications as determined under previous guidance. (f) Recently issued accounting pronouncements not yet adopted In June 2017, the FASB issued ASU 2016-13, Financial Instruments (Topic 326)—Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. The standard replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. ASU 2016-13, and related amendments, are effective for fiscal years beginning after December 15, 2022. The Company has not completed its assessment of the standard but does not expect the adoption to have a material impact on its financial statements. In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform: Facilitation of the Effects of Reference Rate Reform on Financial Reporting. The amendments in this update, as well as subsequently issued amendments, provide temporary, optional guidance to ease the burden in accounting for reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to transactions affected by reference rate reform if certain criteria are met. The amendments primarily include relief related to contract modifications and hedging relationships. The relief provided by this ASU does not apply to contract modifications made and hedging relationships entered into or evaluated after December 31, 2022. However, hedging relationships that apply certain optional expedients prior to December 31, 2022, will be retained through the end of the hedging relationship, including for periods after December 31, 2022. We do not expect that this guidance will have any impact on our financial statements.

Derivative instruments and hedging activities - Summary of Interest Rate Derivative (Details) - European Wax Center, Inc. and Subsidiaries - Interest Rate Cap - Designated as Hedging Instrument - Cash Flow Hedging - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Derivatives designated as hedging instruments:
Total derivative liabilities designated as hedging instruments	$ (0)	$ (242)
Other Current Liabilities [Member]
Derivatives designated as hedging instruments:
Total derivative liabilities designated as hedging instruments	(0)	(182)
Other Long-Term Liabilities [Member]
Derivatives designated as hedging instruments:
Total derivative liabilities designated as hedging instruments	$ (0)	$ (60)

Prepaid Expenses and Other Current Assets (Tables)

9 Months Ended

Sep. 24, 2022

Schedule of Prepaid expenses and other current assets

Prepaid expenses and other current assets consisted of the following:


	September 24, 2022		December 25, 2021
Prepaid insurance	$	2,934	$	2,308
Prepaid technology fees		1,281		1,500
Prepaid other & other current assets		2,652		2,119
Total	$	6,867	$	5,927

Noncontrolling interest - Summary of ownership interests in EWC Ventures LLC on equity (Details) - USD ($) $ in Thousands	2 Months Ended	3 Months Ended	9 Months Ended
	Sep. 25, 2021	Sep. 24, 2022	Sep. 24, 2022
Minority Interest [Line Items]
Net income (loss) attributable to European Wax Center, Inc.	$ (5,531)	$ 3,522	$ 6,375
Decrease in additional-paid-in-capital as a result of equity allocations to the noncontrolling interest	111	3,916	6,862
Net increase (decrease) in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests	$ (5,420)	$ 7,438	$ 13,237

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Net Income (Loss) per Share

Net Income (Loss) per Share

9 Months Ended

Sep. 24, 2022

14. Net income (loss) per share

Basic net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Class A common shareholders for the period by the weighted average number of shares of Class A common stock outstanding for the same period. Shares issued during the period and shares reacquired during the period are weighted for the portion of the period in which the shares were outstanding. Diluted net income (loss) per share of Class A common stock is computed by dividing net income (loss) attributable to Class A common shareholders by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities using the more dilutive of either the treasury stock method or the if-converted method.

Prior to the Reorganization Transactions, the EWC Ventures capital structure included Class A, Class B, Class C, and Class D Units. We determined that the presentation of net income (loss) per unit for the period prior to the Reorganization Transactions would not be meaningful to the users of these unaudited condensed consolidated financial statements due to the significant nature of the Reorganization Transactions on the capital structure. Therefore, net income (loss) per unit information has not been presented for periods prior to the Reorganization Transactions.


	13 Weeks Ended		39 Weeks Ended		Period of August 4-
	September 24, 2022		September 24, 2022		September 25, 2021
(in thousands, except for share and per share amounts)
Net income (loss)	$	5,287	$	11,344	$	(10,768	)
Less: net income (loss) attributable to noncontrolling interests		1,773		4,735		(5,237	)
Net income (loss) applicable to Class A common shareholders	$	3,514	$	6,609	$	(5,531	)
Basic weighted average outstanding shares
Class A Common Stock		39,849,170		38,238,114		31,370,186
Basic net income (loss) per share applicable to common shareholders:
Class A Common Stock	$	0.09	$	0.17	$	(0.18	)


	13 Weeks Ended		39 Weeks Ended		Period of August 4-
	September 24, 2022		September 24, 2022		September 25, 2021
(in thousands, except for share and per share amounts)
Net income (loss)	$	5,287	$	11,344	$	(10,768	)
Less: net income (loss) attributable to noncontrolling interests		—		4,722		(5,237	)
Net income (loss) applicable to Class A common shareholders	$	5,287	$	6,622	$	(5,531	)
Diluted weighted average outstanding shares
Basic weighted average outstanding shares - Class A Common Stock		39,849,170		38,238,114		31,370,186
Effect of dilutive securities:
Class B Common Stock		22,892,289		—		—
RSUs		107,798		167,122		—
Options		—		21,732		—
Diluted weighted average outstanding shares - Class A Common Stock		62,849,257		38,426,968		31,370,186
Diluted net income (loss) per share applicable to common shareholders:
Class A Common Stock	$	0.08	$	0.17	$	(0.18	)

Shares of Class B common stock do not share in the earnings or losses attributable to the Company and are therefore not participating securities. As such, separate presentation of basic and diluted net income per share of Class B common stock under the two-class method has not been presented. Shares of Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related EWC Ventures Units, are exchangeable into shares of Class A common stock on a one-for-one basis. The 22,486,587 shares of Class B common stock outstanding as of September 24, 2022 were determined to be antidilutive for the 39 weeks ended September 24, 2022 and have therefore been excluded from the computation of diluted net income (loss) per share of Class A common stock for that period. The 32,372,542 shares of Class B common stock outstanding as of September 25, 2021 were determined to be antidilutive for the period of August 4, 2021 to September 25, 2021 and have therefore been excluded from the computation of diluted net income (loss) per share of Class A common stock for that period. In addition, 247,631 options and 9,261 RSUs were excluded from the computation of diluted net income per share of Class A common stock for the 13 weeks ended September 24, 2022 as they were determined to be antidilutive. There were 322,997 options and 482,410 RSUs excluded from the computation of diluted net loss per share of Class A common stock for the period of August 4, 2021 to September 25, 2021 as they were determined to be antidilutive.

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Current liabilities:
Operating lease liabilities, current portion	$ 1,399
Operating lease liabilities, net of current portion	4,524
Members' equity:
Total stockholders' equity	136,121	$ 341,241
European Wax Center, Inc. and Subsidiaries
Current assets:
Cash and cash equivalents	41,593	43,301
Restricted cash	6,557	0
Accounts receivable, net	6,305	6,656
Inventory	23,087	19,423
Prepaid expenses and other current assets	6,867	5,927
Total current assets	84,409	75,307
Property and equipment, net	2,970	3,863
Operating lease right-of-use assets	5,258	0
Intangible assets, net	187,769	201,995
Goodwill	328,551	328,551
Other non-current assets	4,793	3,723
Total assets	613,750	613,439
Current liabilities:
Accounts payable and accrued liabilities	15,993	23,155
Long-term debt, current portion	4,000	5,625
Tax receivable agreement liability, current portion	885	0
Deferred revenue, current portion	3,381	3,004
Operating lease liabilities, current portion	1,399	0
Other current liabilities	0	182
Total current liabilities	25,658	31,966
Long-term debt, net	370,657	172,607
Tax receivable agreement liability	65,384	59,167
Deferred revenue, net of current portion	6,699	6,787
Operating lease liabilities, net of current portion	4,524	0
Other long-term liabilities	4,707	1,671
Total liabilities	477,629	272,198
Commitments and contingencies (Note 10)
Members' equity:
Preferred stock	0	0
Additional paid-in capital	189,909	182,919
Accumulated deficit	(119,339)	(3,487)
Accumulated other comprehensive loss	0	(45)
Total stockholders' equity attributable to European Wax Center, Inc.	70,570	179,387
Noncontrolling interests	65,551	161,854
Total stockholders' equity	136,121	341,241
Total liabilities, mezzanine equity and stockholders'/member's equity	613,750	613,439
European Wax Center, Inc. and Subsidiaries \| Class A Common Stock [Member]
Members' equity:
Common stock	0	0
Total stockholders' equity	0	0
European Wax Center, Inc. and Subsidiaries \| Class B Common Stock [Member]
Members' equity:
Common stock	0	0
Total stockholders' equity	$ 0	$ 0

Noncontrolling interest (Tables) - E W C Ventures L L C And Subsidiaries [Member]

9 Months Ended

Sep. 24, 2022

Noncontrolling Interest [Line Items]

Summary of ownership of EWC Ventures LLC

The following table summarizes the ownership of EWC Ventures as of September 24, 2022:


	September 24, 2022
	Units Owned		Ownership Percentage
European Wax Center, Inc.		41,040,835		65.9	%
Noncontrolling interest		21,241,039		34.1	%
Total		62,281,874		100.0	%

Summary of ownership interests in EWC Ventures LLC on equity

The following table presents the effect of changes in the Company’s ownership interest in EWC Ventures on the Company’s equity for the periods indicated:


	13 Weeks Ended September 24, 2022		39 Weeks Ended September 24, 2022		Period of August 4-September 25, 2021
Net income (loss) attributable to European Wax Center, Inc.	$	3,522	$	6,375	$	(5,531	)
Transfers from noncontrolling interests:
Increase in additional-paid-in-capital as a result of equity allocations to the noncontrolling interest		3,916		6,862		111
Net increase (decrease) in equity of European Wax Center, Inc. due to equity interest transactions with noncontrolling interests	$	7,438	$	13,237	$	(5,420	)

Leases

9 Months Ended

Sep. 24, 2022

Lessee Disclosure [Abstract]

Leases

8. Leases

The Company leases various corporate-owned centers and office space to support ongoing business operations under non-cancellable lease agreements with terms expiring through 2032. These lease agreements typically have a lease term ranging from one to 10 years. Many of our leases contain renewal options which are exercisable at our discretion. These renewal options allow us to extend certain leases for an additional five to 10 years. Most lease arrangements contain tenant improvement allowances, rent holidays and/or rent escalation clauses. In addition to base rent, certain leases require the Company to pay a portion of real estate taxes, utilities, building operating expenses, insurance and other charges in addition to rent. Certain of our leases are subject to variable lease payments that are determined on a basis other than an index or a rate. As such, they are excluded from the calculation of lease liabilities and right-of-use assets and are expensed as incurred. We currently have two sublease agreements in which we sublease real estate no longer used by the Company to other entities with terms expiring through 2023. Neither of these sublease agreements provides for any renewal options and expire on the same dates as their respective head leases. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. We have no related party leases.

We determine if an arrangement is a lease at the inception of the arrangement. A contract is or contains a lease if it conveys the right to control the use of identified property, plant or equipment for a period of time in exchange for consideration. Lease liabilities are recognized based on the present value of lease payments over the lease term at the arrangement’s commencement date. Right-of-use assets are recognized based on the amount of the measurement of the lease liability adjusted for any lease payments made to the lessor at or before the commencement date, minus any lease incentives received and any initial direct costs incurred. Renewal options are included in the calculation of our right-of-use assets and lease liabilities when it is determined that they are reasonably certain of exercise based on an analysis of the relevant facts and circumstances. As the implicit rate of return of our lease agreements is usually not readily determinable, we generally use our incremental borrowing rate in determining the present value of lease payments. We determine our incremental borrowing rate based on information available to us at the lease commencement date. Information we consider in the determination of our incremental borrowing rate includes factors such as our credit ratings, credit spreads, the term of the lease agreement and the impact of collateral. Certain of our lease arrangements contain lease and non-lease components. We have elected to account for non-lease components related to real estate leases as a part of the related lease components. As such, all fixed payments included in a real estate lease agreement are included in the measurement of the lease liabilities and the corresponding right-of-use assets and variable payments are presented and disclosed as variable lease cost. For all other leases we account lease and non-lease components separately. Leases with an initial term of 12 months or less are not recognized on our balance sheet. We recognize the expense for these leases on a straight-line basis over the lease term.

Total lease costs consisted of the following:


	13 Weeks Ended September 24, 2022			39 Weeks Ended September 24, 2022
Operating lease costs	$	513		$	1,691
Variable lease costs		173			558
Sublease income		(138	)		(505	)
Total lease costs	$	548		$	1,744

Rent expense for the 13 and 39 weeks ended September 25, 2021 was $602 and $1,755, respectively. Lease costs for the 13 and 39 weeks ended September 24, 2022 and September 25, 2021, respectively, were included in selling, general and administrative expense on the condensed consolidated statements of operations.

Future maturities of operating lease liabilities as of September 24, 2022 were as follows:


Fiscal Years Ending
2022 (from September 25, 2022)	$	447
2023		1,524
2024		1,346
2025		1,232
2026		880
Thereafter		1,152
Total lease payments		6,581
Less: amount representing interest		(658	)
Present value of lease liabilities		5,923
Less: current portion		(1,399	)
Operating lease liabilities, net of current portion	$	4,524

Future minimum rental payments as of December 25, 2021 were as follows:


Fiscal Years Ending
2022	$	2,098
2023		1,524
2024		1,346
2025		1,232
2026		880
Thereafter		1,152
Total	$	8,232

The weighted average lease term and discount rate of our operating leases as of September 24, 2022 were as follows:



Weighted average remaining lease term (years)	4.7
Weighted average discount rate	4.4	%

Cash paid for amounts included in the measurement of lease liabilities was as follows:


	13 Weeks Ended September 24, 2022		39 Weeks Ended September 24, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	593	$	1,890

Leases (Tables)

9 Months Ended

Sep. 24, 2022

Leases [Abstract]

Schedule of Components of Lease Cost

Total lease costs consisted of the following:


	13 Weeks Ended September 24, 2022			39 Weeks Ended September 24, 2022
Operating lease costs	$	513		$	1,691
Variable lease costs		173			558
Sublease income		(138	)		(505	)
Total lease costs	$	548		$	1,744

Schedule of Maturities of Lease Liabilities

Future maturities of operating lease liabilities as of September 24, 2022 were as follows:


Fiscal Years Ending
2022 (from September 25, 2022)	$	447
2023		1,524
2024		1,346
2025		1,232
2026		880
Thereafter		1,152
Total lease payments		6,581
Less: amount representing interest		(658	)
Present value of lease liabilities		5,923
Less: current portion		(1,399	)
Operating lease liabilities, net of current portion	$	4,524

Schedule of Future maturities of operating lease obligations

Future minimum rental payments as of December 25, 2021 were as follows:


Fiscal Years Ending
2022	$	2,098
2023		1,524
2024		1,346
2025		1,232
2026		880
Thereafter		1,152
Total	$	8,232

Schedule of Weighted Average Lease Term and Discount Rate of Operating Leases

The weighted average lease term and discount rate of our operating leases as of September 24, 2022 were as follows:



Weighted average remaining lease term (years)	4.7
Weighted average discount rate	4.4	%

Schedule of Payment for Measurement of Lease Liabilities

Cash paid for amounts included in the measurement of lease liabilities was as follows:


	13 Weeks Ended September 24, 2022		39 Weeks Ended September 24, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	593	$	1,890

Equity Based Compensation	9 Months Ended
Equity Based Compensation	Sep. 24, 2022
E W C Ventures L L C And Subsidiaries [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Equity Based Compensation	9. Equity Based Compensation Restricted Stock Units During the 39 weeks ended September 24, 2022, we granted 41,171 restricted stock units (“RSUs”), respectively, to certain employees under the 2021 Omnibus Incentive Plan that will vest in three equal installments of 33.33% on each of the first three anniversaries of the date of grant, subject in all cases to continued employment on the applicable vesting date. The total grant date fair value of the RSUs will be recognized as equity-based compensation expense over the vesting period. The weighted average grant date fair value of the RSUs granted during the 39 weeks ended September 24, 2022 was $26.29 and was determined based on the fair value of the underlying Class A common stock on the date of grant. We recognized $2,117 and $7,452 in equity based compensation expense as a component of selling, general and administrative expense on the condensed consolidated statement of operations during the 13 and 39 weeks ended September 24, 2022, respectively. During the 39 weeks ended September 24, 2022, approximately $1,248 of equity based compensation expense related to the acceleration of vesting on 75,000 time-based incentive units granted under the Management Holdco, LLC Equity Incentive Plan in accordance with the separation agreement between the Company and our previous chief financial officer. We recognized $7,395 and $7,952 in equity based compensation expense as a component of selling, general and administrative expense on the condensed consolidated statement of operations during the 13 and 39 weeks ended September 25, 2021, respectively.

Income Taxes

9 Months Ended

Sep. 24, 2022

Income Taxes

12. Income Taxes

The Company is subject to U.S. federal income taxes, in addition to state and local income taxes, with respect to its allocable share of any taxable income or loss of EWC Ventures. The remaining share of EWC Ventures income or loss is non-taxable to the Company and is not reflected in current or deferred income taxes.

EWC Ventures is a limited liability company that is treated as a partnership for U.S. federal income tax purposes and for most applicable state and local income tax purposes. As a partnership, EWC Ventures is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by EWC Ventures is passed through to and included in the taxable income or loss of its members on a pro rata basis, subject to applicable tax regulations.

We recorded $37 and $83 in income tax expense for the 13 and 39 weeks ended September 24, 2022 primarily due to state income taxes. The effective tax rate was 0.7% for the 13 and 39 weeks ended September 24, 2022. The effective tax rate for both the 13 and 39 weeks ended September 24, 2022 differs from the U.S. federal statutory rate primarily due to the effects of decreases in the valuation allowance against our deferred taxes, non-taxable income attributable to non-controlling interest and the tax effects of stock compensation. We recorded zero income tax expense for the period of August 4, 2021 through September 25, 2021, which is the period following our initial public offering (”IPO”) and Reorganization Transactions, as we incurred a pre-tax loss for the period and recorded a full valuation allowance against our deferred tax assets. Because EWC Ventures is our financial reporting predecessor and not subject to entity level income tax, no current or deferred income taxes were recorded for periods prior to August 4, 2021.

As of September 24, 2022, we continue to conclude that the negative evidence regarding our ability to realize our deferred tax assets outweighed the positive evidence, and the Company has a full valuation allowance against its federal and state net deferred tax assets. The Company has a history of cumulative pre-tax losses for the three previous fiscal years which we believe represents significant negative evidence in evaluating whether our net deferred tax assets are realizable. However, if our financial results continue to improve, our assessment of the realization of our net deferred tax assets could result in the release of some or all the valuation allowance. Such a release would result in a non-cash income tax benefit, which could be material, in our condensed consolidated statement of operations in the period of release and the recording of additional deferred tax assets on our condensed consolidated balance sheet. There is a reasonable possibility that within the next several quarters, sufficient positive evidence becomes available to reach a conclusion that all or a significant portion of the valuation allowances against our net deferred tax assets would no longer be required.

Tax Receivable Agreement

As of September 24, 2022, future payments under the Tax Receivable Agreement (“TRA”) are expected to be $143,792. Payments made under the TRA represent payments that otherwise would have been made to taxing authorities in the absence of attributes obtained by us as a result of exchanges by our pre-IPO members. Such amounts will be paid only when a cash tax savings is realized as a result of attributes subject to the TRA. That is, payments under the TRA are only expected to be made in periods following the filing of a tax return in which we are able to utilize certain tax benefits to reduce our cash taxes paid to a taxing authority. The impact of any changes in the projected obligations under the TRA as a result of changes in the geographic mix of the Company’s earnings, changes in tax legislation and tax rates or other factors that may impact the Company’s tax savings will be reflected in other expense on the condensed consolidated statement of operations in the period in which the change occurs. As of September 24, 2022, the TRA liability recorded was $66,269 based on current projections of future taxable income taking into consideration the Company’s full valuation allowance against its net deferred tax assets.

As described above, it is possible within the next several quarters that all or a significant portion of the valuation allowances against our net deferred tax assets would no longer be required. If all or a portion of the valuation allowance were to be released, we would also record a charge, which could be material, in other expense on our condensed consolidated statement of operations and a corresponding increase in our TRA liability on the condensed consolidated balance sheet.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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Leases - Schedule of Components of Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 24, 2022	Sep. 24, 2022
Leases [Abstract]
Operating lease costs	$ 513	$ 1,691
Variable lease costs	173	558
Sublease income	(138)	(505)
Total lease costs	$ 548	$ 1,744

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended		9 Months Ended
	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
OPERATING EXPENSES
Depreciation and amortization			$ 15,173,000	$ 15,259,000
NET INCOME (LOSS)	$ 5,287,000		11,344,000	(441,000)
NET INCOME (LOSS) ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	3,522,000		6,375,000
European Wax Center, Inc. and Subsidiaries
REVENUE
Total revenue	55,044,000	$ 49,011,000	153,828,000	133,570,000
OPERATING EXPENSES
Cost of revenue	16,313,000	12,825,000	43,168,000	34,296,000
Selling, general and administrative	13,662,000	22,725,000	44,364,000	46,003,000
Advertising	8,398,000	8,368,000	23,003,000	19,767,000
Depreciation and amortization	5,059,000	4,850,000	15,173,000	15,259,000
Total operating expenses	43,432,000	48,768,000	125,708,000	115,325,000
Income from operations	11,612,000	243,000	28,120,000	18,245,000
Interest expense	6,804,000	9,515,000	16,391,000	18,686,000
Other expense	(516,000)	0	302,000	0
Income (loss) before income taxes	5,324,000	(9,272,000)	11,427,000	(441,000)
Income tax expense	37,000	0	83,000	0
NET INCOME (LOSS)	5,287,000	(9,272,000)	11,344,000	(441,000)
Less: net income attributable to EWC Ventures LLC prior to the Reorganization Transactions	0	1,496,000	0	10,327,000
Less: net income (loss) attributable to noncontrolling interests	1,765,000	(5,237,000)	4,969,000	(5,237,000)
NET INCOME (LOSS) ATTRIBUTABLE TO EUROPEAN WAX CENTER, INC.	$ 3,522,000	$ (5,531,000)	$ 6,375,000	$ (5,531,000)
European Wax Center, Inc. and Subsidiaries \| Class A Common Stock [Member]
Net income (loss) per share
Earnings Per Share, Basic	$ 0.09	$ (0.18)	$ 0.17	$ (0.18)
Earnings Per Share, Diluted	$ 0.08	$ (0.18)	$ 0.17	$ (0.18)
Weighted average shares outstanding
Weighted Average Number of Shares Outstanding, Basic	39,849,170	31,370,186	38,238,114	31,370,186
Weighted Average Number of Shares Outstanding, Diluted	62,849,257	31,370,186	38,426,968	31,370,186
European Wax Center, Inc. and Subsidiaries \| Product [Member]
REVENUE
Total revenue	$ 31,565,000	$ 27,611,000	$ 86,844,000	$ 74,752,000
European Wax Center, Inc. and Subsidiaries \| Royalty [Member]
REVENUE
Total revenue	13,086,000	11,941,000	37,240,000	32,821,000
European Wax Center, Inc. and Subsidiaries \| Marketing [Member]
REVENUE
Total revenue	7,339,000	6,760,000	20,964,000	18,326,000
European Wax Center, Inc. and Subsidiaries \| Other Revenue [Member]
REVENUE
Total revenue	$ 3,054,000	$ 2,699,000	$ 8,780,000	$ 7,671,000

Leases - Schedule of payments for measurement of lease liabilities (Details) - USD ($) $ in Thousands	3 Months Ended	9 Months Ended
	Sep. 24, 2022	Sep. 24, 2022
Leases [Abstract]
Operating cash flows from operating leases	$ 593	$ 1,890

Income Taxes (Additional Information) (Details) - European Wax Center, Inc. and Subsidiaries - USD ($)		3 Months Ended		9 Months Ended
	Aug. 04, 2021	Sep. 24, 2022	Sep. 25, 2021	Sep. 24, 2022	Sep. 25, 2021
Income tax expense	$ 0	$ 37,000	$ 0	$ 83,000	$ 0
Effective income tax rate		0.70%		0.70%
Future payments under tax receivable agreement		$ 143,792,000		$ 143,792,000
Liability under tax receivable agreement		$ 66,269,000		$ 66,269,000

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Summary of Balances in Deferred Revenue

Accounts payable and accrued liabilities (Details) - USD ($) $ in Thousands	Sep. 24, 2022	Dec. 25, 2021
Payables And Accruals [Line Items]
Accrued dividend equivalents	$ 1,266
European Wax Center, Inc. and Subsidiaries
Payables And Accruals [Line Items]
Accounts payable	5,652	$ 7,684
Accrued inventory	1,732	2,665
Accrued compensation	3,206	5,401
Accrued taxes and penalties	1,321	1,432
Accrued lease termination costs	0	588
Accrued technology and subscription fees	158	196
Accrued interest	565	1,477
Accrued professional fees	181	2,090
Accrued marketing fees	902	489
Accrued dividend equivalents	1,266	0
Other accrued liabilities	1,010	1,133
Total Accounts payable and accrued liabilities	$ 15,993	$ 23,155

Revenue from Contract with Customers (Tables)

9 Months Ended

Sep. 24, 2022

The summary set forth below represents the balances in deferred revenue as of September 24, 2022 and December 25, 2021:


	September 24, 2022		December 25, 2021
Franchise fees	$	7,920	$	7,911
Service revenue		2,160		1,880
Total deferred revenue		10,080		9,791
Long-term portion of deferred revenue		6,699		6,787
Current portion of deferred revenue	$	3,381	$	3,004

Schedule of Changes in Contract Liabilities

The following table reflects the change in contract liabilities for the periods indicated:


	Contract liabilities
Balance at December 25, 2021	$	9,791
Revenue recognized that was included in the contract liability at the beginning of the year		(2,148	)
Increase, excluding amounts recognized as revenue during the period		2,437
Balance at September 24, 2022	$	10,080

Schedule of Revenue Expected to be Recognized in Future Related to Performance Obligations


Contract liabilities to be recognized in:	Amount
2022 (from September 25, 2022)	$	2,469
2023		1,210
2024		1,147
2025		1,076
2026		967
Thereafter		3,211
Total	$	10,080

Stockholders' Equity

9 Months Ended

Sep. 24, 2022

Stockholders' Equity

15. Stockholders’ equity

Secondary Public Offering

On May 24, 2022, we completed a secondary public offering (the “Secondary Offering”) of 5,175,000 shares of our Class A common stock at a price of $21.50 per share. All of the shares sold in the Secondary Offering were sold by certain of the Company’s stockholders. As such, we did not receive any proceeds from the Secondary Offering. The shares sold in the secondary offering consisted of 2,771,772

existing shares of Class A common stock and 2,403,228 newly issued Class A shares issued in connection with the exercise of exchange rights in which 2,403,228 EWC Ventures Units and corresponding number of shares of Class B common stock were exchanged for the newly issued shares of Class A common stock.

Share Exchange Transactions

During the 39 weeks ended September 24, 2022 certain EWC Ventures Post-IPO Members exercised their exchange rights and exchanged 1,613,282 EWC Ventures Units and the corresponding shares of Class B common stock for 1,613,282 newly issued shares of Class A common stock. These exchange transactions, together with the share exchanges completed in connection with the Secondary Offering, increased the Company’s ownership interest in EWC Ventures.

Special Cash Dividend

On April 11, 2022, the Board of Directors of the Company declared a special cash dividend of $122,227, or $3.30 per share, of Class A common stock which was paid during the 39 weeks ended September 24, 2022 to its Class A common stock holders. The Company also paid dividend equivalents of $82,887, or $3.30 per unit, to holders of EWC Ventures Units during the 39 weeks ended September 24, 2022. These payments were funded through existing cash and proceeds from the Company’s securitization transaction (See Note 6 for more information). In addition, as of September 24, 2022 we had $4,243 of dividend equivalents accrued for future payment to holders of unvested EWC Ventures Units to be paid upon the vesting of the related awards. Of this amount, $1,266 and $2,977 were recorded in accounts payable and accrued liabilities and other long-term liabilities, respectively, on the accompanying condensed consolidated balance sheets.

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

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