- Grew revenue 60% and North American system-wide sales 93%,
compared to Q3 2020
- Sold 248 franchise licenses and opened 68 new studios
- Raised 2021 Guidance for New Studio Openings, Revenue and
Adjusted EBITDA
Xponential Fitness, Inc. (NYSE: XPOF) (“Xponential” or the
“Company”), a curator of leading boutique fitness brands, today
reported financial results for its third quarter ended September
30, 2021. All financial figures included in this release refer to
global numbers unless otherwise noted.
Financial Highlights: Q3 2021 Compared to Q3 2020
- Grew revenue 60% year-over-year to $40.9 million.
- Increased North American system-wide sales1 by 93%
year-over-year to $192.4 million.
- Reported North American same store sales2 growth of 65% from
the prior-year period.
- Posted net loss of $8.9 million, or $0.38 per share, compared
to a net loss of $1.9 million in the prior-year period.
- Posted Adjusted Net Loss of $5.8 million, or $0.31 per share on
a share count of 22.1 million shares, compared to an Adjusted Net
Loss of $7.0 million in the prior-year period.3
- Reported Adjusted EBITDA4 of $6.8 million, compared to $1.5
million in the third quarter of 2020.
Q3 2021 Operating Highlights
- Opened 68 new studios, increasing total studio count to 1,907
at the end of the third quarter of 2021.
- Sold 248 franchise licenses, compared to 50 in the third
quarter of 2020.
- Reported fifth consecutive quarter of sequential North American
system-wide sales improvement, representing consistent system
recovery since the second quarter of 2020.
- Nearly 90% North American run-rate average unit volume (AUV)5
recovery compared to January 31, 2020.
“Xponential achieved strong results for the third quarter 2021,
including net revenues of $40.9 million, an increase of 60%
year-over-year and up 14% sequentially,” said Anthony Geisler,
Chief Executive Officer of Xponential Fitness, Inc. “We are
thrilled with the continued momentum of our business, with third
quarter actively paying members and visitation rates increasing by
approximately 60% and 70%, respectively, year-over-year.
Brick-and-mortar gyms are back, and boutique fitness customers are
excited to return to in-person fitness across our growing
franchised studio base.”
“Our strong financial performance, combined with our operational
excellence, have paved the way for continued momentum in the fourth
quarter. We were thrilled to welcome our 10th brand, BFT, in early
October. BFT has transformed our global growth trajectory, adding
over 130 new international locations, and bringing a new modality,
functional training, to our family of brands. In addition, we
recently announced a strategic partnership with LA Fitness,
providing our franchisees with even greater opportunities to expand
within their protected geographic territories by opening studios
within over 500 LA Fitness and City Sports Club locations. I’d like
to thank the entire Xponential Fitness team and all of our
franchisees for their hard work and dedication to our business,”
Mr. Geisler concluded.
Results for the Third Quarter Ended September 30,
2021
Please note that all information discussed herein does not
include contributions from acquisitions or partnerships made
subsequent to the third quarter, including the Company’s newest
brand BFT, which was acquired in October 2021, and its partnership
with Fitness International, for which studio build out will not
begin until Q1 2022.
For the third quarter 2021, total revenue increased $15.3
million, or 60%, to $40.9 million, up from $25.6 million in the
prior-year period. This increase in revenue included a
corresponding North American same store sales increase of 65%
year-over-year.
Net loss totaled $8.9 million, or a loss of $0.38 per share,
compared to a loss of $1.9 million in the prior-year period. The
increase in net loss year-over-year was the result of $4.1 million
of higher overall profitability, offset by a $3.1 million increase
in non-cash equity-based compensation expense and an $8.0 million
increase in non-cash contingent consideration related to
Xponential’s acquisitions.
Adjusted Net Loss for the third quarter 2021, which excludes the
$2.9 million non-cash contingent consideration and $0.2 million
related to tax receivable agreement (TRA) remeasurement, was $5.8
million, or $0.31 per share on a share count of 22.1 million
shares.
Adjusted EBITDA, which is defined as net income before interest,
taxes, depreciation and amortization, adjusted for equity-based
compensation, acquisition & transaction expenses, management
fees, integration and related expenses, litigation expenses, and
TRA remeasurement, increased to $6.8 million, up from $1.5 million
in the prior-year period.
Xponential believes that certain non-GAAP financial measures
such as Adjusted Net Income or Loss and Adjusted EBITDA, and
Adjusted Net Income or Loss per share, when considered along with
other performance measures, better reflect the underlying operating
results of the Company and provide an enhanced overall
understanding of current and future financial performance. For a
reconciliation of non-GAAP to GAAP measures discussed in this
release, please see the tables at the end of this press
release.
Liquidity and Capital Resources
As of September 30, 2021, the Company had approximately $25.5
million of cash and cash equivalents and $94.0 million in total
debt. Net cash provided by operating activities was $3.9 million
for the nine months ended September 30, 2021.
2021 Outlook
Based on current business conditions, the BFT acquisition, and
future expectations as of the date of this release, the Company is
increasing its outlook for the fiscal year ending December 31,
2021. Please note that such outlook is subject to risks and
uncertainties, including the risk of further restrictions imposed
as a result of the COVID-19 pandemic, such as government mandated
studio closures, which could have a material adverse effect on the
Company’s business and financial performance. Full year 2021
guidance is as follows:
- New studio openings in the range of 230 to 250; this compares
to previous guidance of 215 to 235 studio openings;
- North America system-wide sales in the range of $690.0 million
to $700.0 million, or an increase of 57% at the midpoint as
compared to full year 2020;
- Revenue in the range of $147.0 million to $148.5 million, or an
increase of 39% at the midpoint as compared to full year 2020; this
compares to previous guidance of $135.5 million to $137.0 million;
and
- Adjusted EBITDA in the range of $25.0 million to $26.0 million,
or an increase of 160% at the midpoint as compared to full year
2020; this compares to previous guidance of $22.0 million to $23.0
million.
Additional key assumptions for full year 2021 include:
- Tax rate of approximately 5%;
- Share count of 22.1 million shares of Class A common stock.
Please note that this share count does not include potential shares
vested by Rumble through the contingent consideration entered into
on March 24, 2021. For more information on the Rumble non-cash
charge, please see the Company’s Quarterly Report on Form 10-Q
filed with the SEC; and
- $3.25 million in quarterly dividends paid related to the $200
million Preferred Convertible note.
Third Quarter 2021 Conference Call
The Company will host a conference call today at 1:30 p.m.
Pacific Time / 4:30 p.m. Eastern Time to discuss its third quarter
2021 financial results. Participants may join the conference call
by dialing 1-877-407-9716 (United States) or 1-201-493-6779
(International).
A live webcast of the conference call will also be available on
the Company’s Investor Relations site at
https://investor.xponential.com/. For those unable to participate
in the conference call, a telephonic replay of the call will be
available shortly after the completion of the call, until 11:59
p.m. ET on Thursday, November 25, 2021, by dialing 1-844-512-2921
(United States) or 1-412-317-6671 (International) and entering the
replay pin number: 13723447.
About Xponential Fitness, Inc.
Founded in 2017 and headquartered in Irvine, California,
Xponential Fitness, Inc. (NYSE: XPOF) is a curator of leading
boutique fitness brands across multiple verticals. Through its
mission to make boutique fitness accessible to everyone, the
Company has built and curated a diversified platform of ten
boutique fitness brands spanning across verticals including
Pilates, indoor cycling, barre, stretching, rowing, dancing,
boxing, running, functional training and yoga. In partnership with
its franchisees, Xponential Fitness offers energetic, accessible,
and personalized workout experiences led by highly-qualified
instructors in studio locations across 48 U.S. states and Canada,
and through master franchise or international expansion agreements
in 10 additional countries. Xponential Fitness' portfolio of brands
includes Club Pilates, the nation's largest Pilates brand;
CycleBar, the nation's largest indoor cycling brand; StretchLab, a
concept offering one-on-one and group stretching services; Row
House, a high-energy, low-impact indoor rowing workout; AKT, a
dance-based cardio workout combining toning, interval and circuit
training; YogaSix, the largest franchised yoga brand; Pure Barre, a
total body workout that uses the ballet barre to perform small
isometric movements; STRIDE, a treadmill-based cardio and strength
training concept; Rumble, a boxing-inspired full-body workout; and
BFT, a functional training and strength-based program. For more
information, please visit the Company’s website at
xponential.com.
Non-GAAP Financial Measures
In addition to our results determined in accordance with GAAP,
we believe non-GAAP measures are useful in evaluating our operating
performance. We use certain non-GAAP financial information, such as
EBITDA, Adjusted EBITDA, Adjusted Net Income or Loss, and Adjusted
Net Income or Loss per share, which adjust for acquisition-related
expenses, certain non-cash charges, and other unusual non-operating
or non-recurring items that we believe are not representative of
our core business or future operating performance, to evaluate our
ongoing operations and for internal planning and forecasting
purposes. We believe that non-GAAP financial information, when
taken collectively with comparable GAAP financial measures, is
helpful to investors because it provides consistency and
comparability with past financial performance, and provides
meaningful supplemental information regarding our performance by
excluding certain items that may not be indicative of our business,
results of operations or outlook. However, non-GAAP financial
information is presented for supplemental informational purposes
only, has limitations as an analytical tool, and should not be
considered in isolation or as a substitute for financial
information presented in accordance with GAAP. In addition, other
companies, including companies in our industry, may calculate
similarly titled non-GAAP measures differently or may use other
measures to evaluate their performance, all of which could reduce
the usefulness of our non-GAAP financial measure as tools for
comparison. We seek to compensate such limitations by providing a
detailed reconciliation for the non-GAAP financial measures to the
most directly comparable financial measures stated in accordance
with GAAP. Investors are encouraged to review the related GAAP
financial measures and the reconciliation of the non-GAAP financial
measures to their most directly comparable GAAP financial measures
and not rely on any single financial measure to evaluate our
business.
Forward-Looking Statements
This press release contains forward-looking statements that are
based on current expectations, estimates, forecasts and projections
of future performance based on management's judgment, beliefs,
current trends, and anticipated product performance. These
forward-looking statements include, without limitation, statements
relating to expansion of market share; the benefit of the BFT
acquisition and partnership agreement with Fitness International;
projected financial and performance information such as studio
opening, system-wide sales; annual revenue, Adjusted EBITDA and
other statements under the section “2021 Outlook”; and ability to
execute our business strategies. Forward-looking statements involve
risks and uncertainties that may cause actual results to differ
materially from those contained in the forward-looking statements.
These factors include, but are not limited to, the impact of
COVID-19 pandemic on our business and franchisees; our
relationships with master franchisees and franchisees; difficulties
and challenges in opening studios by franchisees; the ability of
franchisees to generate sufficient revenues; risks relating to
expansion into international market; loss or reputation and brand
awareness; material weakness in our internal control over financial
reporting; and other risks as described in our SEC filings,
including our Quarterly Report on Form 10-Q for the three months
ended September 30, 2021 to be filed by Xponential with the SEC and
other periodic reports filed with the SEC. Other unknown or
unpredictable factors or underlying assumptions subsequently
proving to be incorrect could cause actual results to differ
materially from those in the forward-looking statements. Although
we believe that the expectations reflected in the forward-looking
statements are reasonable, we cannot guarantee future results,
level of activity, performance, or achievements. You should not
place undue reliance on these forward-looking statements. All
information provided in this press release is as of today's date,
unless otherwise stated, and Xponential undertakes no duty to
update such information, except as required under applicable
law.
Xponential Fitness, Inc. Condensed Consolidated Balance
Sheets (Unaudited) (in thousands, except share and
per share amounts) September 30, December 31,
2021
2020
Assets Current Assets: Cash, cash equivalents and restricted
cash
$
25,544
$
11,299
Accounts receivable, net
7,001
5,196
Inventories
5,087
6,161
Prepaid expenses and other current assets
10,480
5,480
Deferred costs, current portion
3,809
3,281
Notes receivable from franchisees, net
1,833
1,288
Total current assets
53,754
32,705
Property and equipment, net
12,375
13,694
Goodwill
147,863
139,680
Intangible assets, net
106,502
98,124
Deferred costs, net of current portion
39,608
35,445
Notes receivable from franchisees, net of current portion
2,399
2,576
Other assets
584
614
Total assets
$
363,085
$
322,838
Liabilities and Equity (Deficit) Current Liabilities:
Accounts payable
$
14,880
$
18,339
Accrued expenses
14,985
13,764
Deferred revenue, current portion
21,567
14,247
Notes payable
958
970
Current portion of long-term debt
2,120
5,795
Other current liabilities
2,259
1,804
Total current liabilities
56,769
54,919
Deferred revenue, net of current portion
89,231
74,361
Contingent consideration from acquisitions
26,620
8,399
Long-term debt, net of current portion, discount and issuance costs
91,857
176,002
Other liabilities
4,460
4,408
Total liabilities
268,937
318,089
Commitments and contingencies Redeemable convertible preferred
stock, $0.0001 par value, 400,000 shares authorized, 200,000 shares
issued and outstanding as of September 30, 2021, no shares
authorized, issued and outstanding as of December 31, 2020
200,000
—
Redeemable noncontrolling interest
291,404
—
Member’s/Stockholders' equity (deficit): Undesignated preferred
stock, $0.0001 par value, 4,600,000 shares authorized, none issued
and outstanding as of September 30, 2021, no shares authorized,
issued and outstanding as of December 31, 2020
—
—
Class A common stock, $0.0001 par value, 500,000,000 shares
authorized, 23,898,042 shares issued and outstanding as of
September 30, 2021, no shares authorized, issued and outstanding as
of December 31, 2020
2
—
Class B common stock, $0.0001 par value, 500,000,000 shares
authorized, 22,963,246 shares issued and outstanding as of
September 30, 2021, no shares authorized, issued and outstanding as
of December 31, 2020
2
—
Additional paid-in capital
—
—
Member’s contribution
—
113,697
Receivable from Member/shareholder (Note 9)
(10,600
)
(1,456
)
Accumulated deficit
(386,660
)
(107,492
)
Total stockholders'/member’s equity (deficit)
(397,256
)
4,749
Total liabilities and equity (deficit)
$
363,085
$
322,838
Xponential Fitness, Inc. Condensed Consolidated
Statements of Operations (Unaudited) (in thousands,
except share and per share amounts) Three Months
Ended September 30, Nine Months Ended September 30,
2021
2020
2021
2020
Revenue, net: Franchise revenue
$
19,985
$
11,920
$
51,504
$
35,751
Equipment revenue
6,750
4,845
15,571
16,739
Merchandise revenue
4,879
3,606
13,620
12,222
Franchise marketing fund revenue
3,706
1,790
9,503
5,224
Other service revenue
5,547
3,411
15,509
8,885
Total revenue, net
40,867
25,572
105,707
78,821
Operating costs and expenses: Costs of product revenue
7,641
5,406
19,259
20,285
Costs of franchise and service revenue
3,169
2,369
8,615
6,499
Selling, general and administrative expenses
24,262
16,629
62,066
43,939
Depreciation and amortization
2,376
1,956
6,838
5,653
Marketing fund expense
3,828
1,621
9,304
5,027
Acquisition and transaction expenses (income)
2,880
(5,131
)
3,527
(10,940
)
Total operating costs and expenses
44,156
22,850
109,609
70,463
Operating income (loss)
(3,289
)
2,722
(3,902
)
8,358
Other (income) expense: Interest income
(343
)
(83
)
(796
)
(260
)
Interest expense
5,855
4,558
21,869
16,910
Gain on debt extinguishment
—
—
(3,707
)
—
Total other expense
5,512
4,475
17,366
16,650
Loss before income taxes
(8,801
)
(1,753
)
(21,268
)
(8,292
)
Income taxes
103
130
387
292
Net loss
(8,904
)
(1,883
)
(21,655
)
(8,584
)
Less: Net loss attributable to redeemable noncontrolling interests
(4,848
)
—
(17,599
)
—
Net loss attributable to Xponential Fitness, Inc.
$
(4,056
)
$
(1,883
)
$
(4,056
)
$
(8,584
)
Earnings (loss) per share of Class A common stock: Basic
$
(0.38
)
N/A
$
(0.38
)
N/A
Diluted
$
(0.38
)
N/A
$
(0.38
)
N/A
Weighted average shares of Class A common stock outstanding:
Basic
22,146,011
N/A
22,146,011
N/A
Diluted
22,146,011
N/A
22,146,011
N/A
Xponential Fitness, Inc. Condensed Consolidated
Statements of Cash Flows (Unaudited) (amounts in
thousands) Nine Months Ended September 30,
2021
2020
Cash flows from operating activities: Net loss
$
(21,655
)
$
(8,584
)
Adjustments to reconcile net loss to net cash provided by (used in)
operating activities: Depreciation and amortization
6,838
5,653
Amortization and write off of debt issuance cost
5,722
2,790
Amortization and write off of discount on long-term debt
2,553
—
Change in contingent consideration from acquisitions
3,220
(10,940
)
Bad debt expense
165
2,547
Adjustment for recognition of TRA and deferred tax liability
(24
)
—
Equity-based compensation
4,201
1,327
Non-cash interest
765
1,019
Gain on debt extinguishment
(3,707
)
—
Loss from disposal of assets
362
66
Impairment of long-lived assets
781
—
Changes in assets and liabilities: Accounts receivable
(1,913
)
3,228
Inventories
1,074
(316
)
Prepaid expenses and other current assets
(9,429
)
(4,308
)
Deferred costs
(4,811
)
(1,114
)
Notes receivable, net
148
56
Accounts payable
(2,702
)
(2,124
)
Accrued expenses
(559
)
4,532
Related party payable
(1
)
(21
)
Other current liabilities
455
(1,041
)
Deferred revenue
22,372
3,282
Other assets
18
(76
)
Other liabilities
52
101
Net cash provided by (used in) operating activities
3,925
(3,923
)
Cash flows from investing activities: Purchases of property and
equipment
(2,604
)
(1,577
)
Purchase of studios
(390
)
(876
)
Proceeds from sale of assets
318
58
Purchase of intangible assets
(868
)
(729
)
Notes receivable issued
(1,000
)
(273
)
Notes receivable payment received
563
—
Net cash used in investing activities
(3,981
)
(3,397
)
Cash flows from financing activities: Borrowings from line of
credit
—
10,000
Payments on line of credit
—
(18,000
)
Borrowings from long-term debt
218,360
188,665
Payments on long-term debt
(309,860
)
(148,294
)
Debt issuance costs
(904
)
(5,158
)
Proceeds from the issuance of Class A common stock in, net of
underwriting costs
122,016
—
Payments of costs related to IPO
(3,221
)
—
Payments to purchase 750,000 LLC units/Class B Shares
(9,000
)
—
Proceeds from issuance of redeemable convertible preferred stock,
net of offering costs
198,396
—
Payment to purchase all of the shares of LCAT from LCAT
shareholders
(144,485
)
—
Payment of H&W Cash Merger Consideration
(11,720
)
—
Payments to acquire the Preferred Units and LLC Units
(20,493
)
—
Exchange of LLC units for Class B shares
2
—
Payment of preferred stock dividend and deemed dividend
(4,117
)
—
Payment of contingent consideration
(12,006
)
(2,563
)
Payments on loans from related party (Note 9)
(85
)
(111
)
Member contributions
562
27,286
Distributions to Member
(10,600
)
(73,203
)
Receipts from Member, net (Note 9)
1,456
30,279
Net cash provided by financing activities
14,301
8,901
Increase in cash, cash equivalents and restricted cash
14,245
1,581
Cash, cash equivalents and restricted cash, beginning of period
11,299
9,339
Cash, cash equivalents and restricted cash, end of period
$
25,544
$
10,920
Xponential Fitness, Inc. Reconciliations of GAAP to
Non-GAAP Measures (in thousands, except share and per share
amounts) Three Months Ended September 30, Nine
Months Ended September 30,
2021
2020
2021
2020
Net loss
$
(8,904
)
$
(1,883
)
$
(21,655
)
$
(8,584
)
Interest expense, net
5,512
4,475
21,073
16,650
Income taxes
103
130
387
292
Depreciation and amortization
2,376
1,956
6,838
5,653
EBITDA
(913
)
4,678
6,643
14,011
Equity-based compensation
3,530
462
4,201
1,327
Acquisition and transaction expenses (income)
2,880
(5,131
)
3,527
(10,940
)
Management fees and expenses
63
201
462
615
Integration and related expenses
—
39
—
246
Litigation expenses
1,089
1,246
3,707
1,246
TRA remeasurement
180
—
180
—
Adjusted EBITDA
$
6,829
$
1,495
$
18,720
$
6,505
Three Months Ended September 30, Nine Months Ended
September 30,
2021
2020
2021
2020
Net loss
$
(8,904
)
$
(1,883
)
$
(21,655
)
$
(8,584
)
Change in fair value of contingent consideration
2,880
(5,131
)
3,220
(10,940
)
TRA remeasurement
180
—
180
—
Adjusted net loss
$
(5,844
)
$
(7,014
)
$
(18,255
)
$
(19,524
)
Adjusted net loss attributable to noncontrolling interest
$
(3,281
)
N/A
$
(15,692
)
N/A
Adjusted net loss attributable to Xponential Fitness, Inc.
$
(2,563
)
N/A
$
(2,563
)
N/A
Adjusted net loss per share
$
(0.31
)
N/A
$
(0.31
)
N/A
Weighted average shares of Class A common stock outstanding
22,146,011
N/A
22,146,011
N/A
Adjusted net loss attributable to Xponential Fitness, Inc.
$
(2,563
)
N/A
$
(2,563
)
N/A
Dividends on preferred shares
(1,216
)
N/A
(1,216
)
N/A
Deemed dividend
(3,172
)
N/A
(3,172
)
N/A
EPS numerator
$
(6,951
)
N/A
$
(6,951
)
N/A
Note: The above Adjusted Net Loss per share is computed
by dividing the net loss attributable to holders of Class A common
stock by the weighted-average shares of Class A common stock
outstanding during the period. Shares of Class B common stock do
not participate in the earnings or losses of Xponential Fitness,
Inc. As a result, the shares of Class B common stock are not
considered participating securities and are not included in the
weighted average shares outstanding for purposes of computing pro
forma loss per share. As previously noted, total share count does
not include potential future shares vested upon achieving certain
earn-out thresholds. Net income, however, continues to take into
account the non-cash contingent liability due to Rumble.
Footnotes
1System-wide sales represent gross sales by all studios.
System-wide sales includes sales by franchisees that are not
revenue realized by us in accordance with GAAP. While we do not
record sales by franchisees as revenue, and such sales are not
included in our consolidated financial statements, this operating
metric relates to our revenue because we receive approximately 7%
and 2% of the sales by franchisees as royalty revenue and marketing
fund revenue, respectively. We believe that this operating measure
aids in understanding how we derive our royalty revenue and
marketing fund revenue and is important in evaluating our
performance. System-wide sales growth is driven by new studio
openings and increases in same store sales. Management reviews
system-wide sales monthly, which enables us to assess changes in
our franchise revenue, overall studio performance, the health of
our brands and the strength of our market position relative to
competitors.
2 Same store sales refer to period-over-period sales comparisons
for the base of studios. We define the same store sales base to
include studios in North America that have been open for at least
13 calendar months as of the measurement date. Any transfer of
ownership of a studio does not affect this metric. We measure same
store sales based solely upon monthly sales as reported by
franchisees. This measure highlights the performance of existing
studios, while excluding the impact of new studio openings.
Management reviews same store sales to assess the health of the
franchised studios.
3No comparison of Adjusted Net Loss per share to Q3 2020 is
provided as such comparison is not meaningful given the Company’s
pre-IPO capital structure.
4We define adjusted EBITDA as EBITDA (net income/loss before
interest, taxes, depreciation and amortization), adjusted for the
impact of certain non-cash and other items that we do not consider
in our evaluation of ongoing operating performance. These items
include equity-based compensation, acquisition and transaction
expenses (income) (including change in contingent consideration),
management fees and expenses (that were discontinued after July
2021), integration and related expenses, litigation expenses
(consisting of legal and related fees for specific proceedings that
arise outside of the ordinary course of our business) and TRA
remeasurement that we do not believe reflect our underlying
business performance and affect comparability. EBITDA and adjusted
EBITDA are also frequently used by analysts, investors and other
interested parties to evaluate companies in our industry. We
believe that adjusted EBITDA is an appropriate measure of operating
performance because it eliminates the impact of expenses that we do
not believe reflect our underlying business performance. We believe
that adjusted EBITDA, viewed in addition to, and not in lieu of,
our reported GAAP results, provides useful information to investors
regarding our performance and overall results of operations because
it eliminates the impact of other items that we believe reduce the
comparability of our underlying core business performance from
period to period and is therefore useful to our investors in
comparing the core performance of our business from period to
period.
5AUV is calculated by dividing sales during the applicable
period for all studios being measured by the number of studios
being measured. Quarterly run-rate AUV is calculated as the
quarterly AUV multiplied by four, for studios that are at least 6
months old at the beginning of the respective quarter. Monthly
run-rate AUV is calculated as the monthly AUV multiplied by twelve,
for studios that are at least 6 months old at the beginning of the
respective month. AUV growth is primarily driven by changes in same
store sales and is also influenced by new studio openings.
Management reviews AUV to assess studio economics.
View source
version on businesswire.com: https://www.businesswire.com/news/home/20211111006061/en/
Kimberly Esterkin Addo Investor Relations
investor@xponential.com (310) 829-5400
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