In connection with the proposed business combination (the Business Combination) between Crescent Acquisition Corp (the Company) and F45
Training Holdings Inc. (F45), the Company and F45 held an analyst day on August 6, 2020 with select Wall Street firms to provide an overview of F45s business and discuss historical and projected financial performance. Given
the headlines around COVID-19 and its impact on regions around the world, F45 also provided an update on the health of both the current franchise network as well as the pipeline of future studio openings based
on completed franchise sales.
Highlights from the update include:
Studio re-openings
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As of August 3, 2020, 960 studios (78% of the pre-COVID-19 franchise network) are re-opened.
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The median revenue for studios re-opened seven weeks is at 88% of pre-COVID-19 revenue levels.
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Studio grand openings
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Over 50 new studios have opened since the beginning of June.
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New franchise sales
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244 franchises were sold in the first seven months of 2020 (versus a full-year forecast of 174 franchises sold).
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This includes 124 franchises sold in the last two months.
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The presentation used by the Company and F45 for the analyst day is attached as Exhibit 99.1 to this Current Report on
Form 8-K (Current Report) and is incorporated herein by reference.
Forward-Looking
Statements
This Current Report contains forward-looking statements within the meaning of Section 21E of the Securities Exchange
Act of 1934, as amended, and the Private Securities Litigation Reform Act of 1995. Forward-looking statements may relate to the Business Combination and any other statements relating to future results, strategy and plans of the Company and F45
(including certain projections and business trends, and statements which may be identified by the use of the words plans, expects or does not expect, estimated, is expected,
budget, scheduled, estimates, forecasts, intends, anticipates or does not anticipate, or believes, or variations of such words and phrases or state that
certain actions, events or results may, could, would, might, projects, will or will be taken, occur or be achieved). Forward-looking
statements are based on the opinions and estimates of management of the Company or F45, as the case may be, as of the date such statements are made, and they are subject to known and unknown risks, uncertainties, assumptions and other factors that
may cause the actual results, level of activity, performance or achievements to be materially different from those expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the occurrence
of any event, change or other circumstances that could give rise to a delay in or the failure to close the business combination, the amount of redemptions, the ability to retain key personnel and the ability to achieve stockholder and regulatory
approvals, industry trends, legislation or regulatory requirements and developments in the global economy as well as the public health crisis related to the coronavirus (COVID-19) pandemic and resulting
significant negative effects to the global economy, disrupted global supply chains and significant volatility and disruption of financial markets, increased operating costs, decreased ability to operate gyms and the impact of government shutdowns.
Additional information on these and other factors that may cause actual results and the Companys performance to differ materially is included in the Companys periodic reports filed with the Securities and Exchange Commission (the
SEC), including but not limited to the Companys annual report on Form 10-K for the year ended December 31, 2019 and subsequent quarterly reports on Form
10-Q. Copies of the Companys filings with the SEC are available publicly on the SECs website at www.sec.gov or may be obtained by contacting the Company. Readers are cautioned not to place undue
reliance upon any forward-looking statements, which speak only as of the date made. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligations to update or revise the forward-looking statements,
whether as a result of new information, future events or otherwise, except as required by law.