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  "documentTitle": "European Wax Center | Investor Presentation Deck | 25 slides",
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      "text": "1. Represents non-cash equity-based compensation expense. 2. Represents legal, accounting and other costs incurred in preparation for initial public offering in fiscal year 2021. 3. Represents cash-based compensation expense recorded in connection with the initial public offering. 4. Represents costs related to reorganization driven by COVID-19 and buildup of executive leadership team in fiscal year 2021. 5. Represents non-cash expense related to the remeasurement of our tax receivable agreement liability. 6. Represents costs related to our secondary offering of Class A common stock by selling stockholders and certain costs incurred in connection with our securitization transaction. 7. Represents non-core operating expenses identified by management. For fiscal year 2022 these costs relate to executive severance. 8. Defined as Adjusted EBITDA / Total Revenue.",
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