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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 10-Q
(Mark One)
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended September 30, 2022
OR
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from to
Commission File Number: 001-40638
Xponential Fitness, Inc.
(Exact Name of Registrant as Specified in its Charter)
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Delaware |
84-4395129 |
(State or other jurisdiction of incorporation or organization) |
(I.R.S. Employer Identification No.) |
17877 Von Karman Ave., Suite 100 Irvine, CA |
92614 |
(Address of principal executive offices) |
(Zip Code) |
Registrant’s telephone number, including area code: (949) 346-3000
Securities registered pursuant to Section 12(b) of the Act:
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Title of each class |
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Trading Symbol(s) |
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Name of each exchange on which registered |
Class A common stock, par value $0.0001 per share |
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XPOF |
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New York Stock Exchange |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
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Large accelerated filer |
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Accelerated filer |
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Non-accelerated filer |
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Smaller reporting company |
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Emerging growth company |
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If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
As of November 7, 2022, the registrant had 27,566,312 shares of Class A common stock outstanding and 21,652,447 shares of Class B common stock outstanding.
Table of Contents
PART I—FINANCIAL INFORMATION
Item 1. Financial Statements.
Xponential Fitness, Inc.
Condensed Consolidated Balance Sheets
(Unaudited)
(amounts in thousands, except share and per share amounts)
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September 30, |
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December 31, |
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2022 |
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2021 |
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Assets |
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Current Assets: |
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Cash, cash equivalents and restricted cash |
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$ |
30,895 |
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$ |
21,320 |
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Accounts receivable, net (Note 10) |
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19,377 |
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11,702 |
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Inventories |
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13,738 |
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6,928 |
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Prepaid expenses and other current assets |
|
|
10,801 |
|
|
|
5,271 |
|
Deferred costs, current portion |
|
|
3,573 |
|
|
|
3,712 |
|
Notes receivable from franchisees, net (Note 10) |
|
|
1,926 |
|
|
|
2,293 |
|
Total current assets |
|
|
80,310 |
|
|
|
51,226 |
|
Property and equipment, net |
|
|
16,613 |
|
|
|
12,773 |
|
Right-of-use assets |
|
|
22,738 |
|
|
|
— |
|
Goodwill |
|
|
165,697 |
|
|
|
169,073 |
|
Intangible assets, net |
|
|
139,718 |
|
|
|
136,863 |
|
Deferred costs, net of current portion |
|
|
43,402 |
|
|
|
42,015 |
|
Notes receivable from franchisees, net of current portion (Note 10) |
|
|
3,107 |
|
|
|
3,041 |
|
Other assets |
|
|
682 |
|
|
|
553 |
|
Total assets |
|
$ |
472,267 |
|
|
$ |
415,544 |
|
Liabilities, redeemable convertible preferred stock and deficit |
|
|
|
|
|
|
Current Liabilities: |
|
|
|
|
|
|
Accounts payable |
|
$ |
23,342 |
|
|
$ |
14,905 |
|
Accrued expenses |
|
|
18,818 |
|
|
|
21,045 |
|
Deferred revenue, current portion |
|
|
29,039 |
|
|
|
22,747 |
|
Notes payable |
|
|
— |
|
|
|
983 |
|
Current portion of long-term debt |
|
|
3,035 |
|
|
|
2,960 |
|
Other current liabilities |
|
|
6,620 |
|
|
|
3,253 |
|
Total current liabilities |
|
|
80,854 |
|
|
|
65,893 |
|
Deferred revenue, net of current portion |
|
|
108,191 |
|
|
|
95,691 |
|
Contingent consideration from acquisitions (Note 16) |
|
|
46,655 |
|
|
|
54,881 |
|
Long-term debt, net of current portion, discount and issuance costs |
|
|
131,668 |
|
|
|
127,983 |
|
Lease liability |
|
|
24,472 |
|
|
|
— |
|
Other liabilities |
|
|
3,974 |
|
|
|
4,675 |
|
Total liabilities |
|
|
395,814 |
|
|
|
349,123 |
|
Commitments and contingencies (Note 16) |
|
|
|
|
|
|
Redeemable convertible preferred stock, $0.0001 par value, 400,000 shares authorized, 200,000 shares issued and outstanding as of September 30, 2022 and December 31, 2021 |
|
|
257,096 |
|
|
|
276,890 |
|
Stockholders' equity (deficit): |
|
|
|
|
|
|
Undesignated preferred stock, $0.0001 par value, 4,600,000 shares authorized, none issued and outstanding as of September 30, 2022 and December 31, 2021 |
|
|
— |
|
|
|
— |
|
Class A common stock, $0.0001 par value, 500,000,000 shares authorized, 27,560,549 and 23,898,042 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively |
|
|
3 |
|
|
|
2 |
|
Class B common stock, $0.0001 par value, 500,000,000 shares authorized, 21,650,669 and 22,968,674 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively |
|
|
2 |
|
|
|
2 |
|
Additional paid-in capital |
|
|
528,807 |
|
|
|
— |
|
Receivable from shareholder (Note 10) |
|
|
(14,219 |
) |
|
|
(10,600 |
) |
Accumulated deficit |
|
|
(641,656 |
) |
|
|
(643,833 |
) |
Total stockholders' deficit attributable to Xponential Fitness, Inc. |
|
|
(127,063 |
) |
|
|
(654,429 |
) |
Noncontrolling interests |
|
|
(53,580 |
) |
|
|
443,960 |
|
Total stockholders' deficit |
|
|
(180,643 |
) |
|
|
(210,469 |
) |
Total liabilities, redeemable convertible preferred stock and deficit |
|
$ |
472,267 |
|
|
$ |
415,544 |
|
See accompanying notes to condensed consolidated financial statements.
1
Xponential Fitness, Inc.
Condensed Consolidated Statements of Operations
(Unaudited)
(amounts in thousands, except share and per share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2022 |
|
|
2021 |
|
|
2022 |
|
|
2021 |
|
Revenue, net: |
|
|
|
|
|
|
|
|
|
|
|
|
Franchise revenue |
|
$ |
30,006 |
|
|
$ |
19,985 |
|
|
$ |
83,128 |
|
|
$ |
51,504 |
|
Equipment revenue |
|
|
11,770 |
|
|
|
6,750 |
|
|
|
31,930 |
|
|
|
15,571 |
|
Merchandise revenue |
|
|
6,264 |
|
|
|
4,879 |
|
|
|
19,100 |
|
|
|
13,620 |
|
Franchise marketing fund revenue |
|
|
5,172 |
|
|
|
3,706 |
|
|
|
14,544 |
|
|
|
9,503 |
|
Other service revenue |
|
|
10,551 |
|
|
|
5,547 |
|
|
|
24,983 |
|
|
|
15,509 |
|
Total revenue, net |
|
|
63,763 |
|
|
|
40,867 |
|
|
|
173,685 |
|
|
|
105,707 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
Costs of product revenue |
|
|
11,840 |
|
|
|
7,641 |
|
|
|
34,951 |
|
|
|
19,259 |
|
Costs of franchise and service revenue |
|
|
4,811 |
|
|
|
3,169 |
|
|
|
13,589 |
|
|
|
8,615 |
|
Selling, general and administrative expenses (Note 10) |
|
|
32,841 |
|
|
|
24,262 |
|
|
|
96,082 |
|
|
|
62,066 |
|
Depreciation and amortization |
|
|
4,154 |
|
|
|
2,376 |
|
|
|
11,225 |
|
|
|
6,838 |
|
Marketing fund expense |
|
|
4,260 |
|
|
|
3,828 |
|
|
|
12,696 |
|
|
|
9,304 |
|
Acquisition and transaction expenses (income) |
|
|
16,290 |
|
|
|
2,880 |
|
|
|
(5,793 |
) |
|
|
3,527 |
|
Total operating costs and expenses |
|
|
74,196 |
|
|
|
44,156 |
|
|
|
162,750 |
|
|
|
109,609 |
|
Operating income (loss) |
|
|
(10,433 |
) |
|
|
(3,289 |
) |
|
|
10,935 |
|
|
|
(3,902 |
) |
Other (income) expense: |
|
|
|
|
|
|
|
|
|
|
|
|
Interest income |
|
|
(402 |
) |
|
|
(343 |
) |
|
|
(1,209 |
) |
|
|
(796 |
) |
Interest expense (Note 10) |
|
|
3,333 |
|
|
|
5,855 |
|
|
|
9,060 |
|
|
|
21,869 |
|
Gain on debt extinguishment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,707 |
) |
Total other expense |
|
|
2,931 |
|
|
|
5,512 |
|
|
|
7,851 |
|
|
|
17,366 |
|
Income (loss) before income taxes |
|
|
(13,364 |
) |
|
|
(8,801 |
) |
|
|
3,084 |
|
|
|
(21,268 |
) |
Income taxes (benefit) |
|
|
(308 |
) |
|
|
103 |
|
|
|
(158 |
) |
|
|
387 |
|
Net income (loss) |
|
|
(13,056 |
) |
|
|
(8,904 |
) |
|
|
3,242 |
|
|
|
(21,655 |
) |
Less: net income (loss) attributable to noncontrolling interests |
|
|
(5,918 |
) |
|
|
(4,848 |
) |
|
|
1,065 |
|
|
|
(17,599 |
) |
Net income (loss) attributable to Xponential Fitness, Inc. |
|
$ |
(7,138 |
) |
|
$ |
(4,056 |
) |
|
$ |
2,177 |
|
|
$ |
(4,056 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net earnings (loss) per share of Class A common stock: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
$ |
(1.53 |
) |
|
|
(0.38 |
) |
|
$ |
0.28 |
|
|
|
(0.38 |
) |
Diluted |
|
$ |
(1.53 |
) |
|
|
(0.38 |
) |
|
$ |
0.05 |
|
|
|
(0.38 |
) |
Weighted average shares of Class A common stock outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
26,156,418 |
|
|
|
22,146,011 |
|
|
|
24,781,778 |
|
|
|
22,146,011 |
|
Diluted |
|
|
26,156,418 |
|
|
|
22,146,011 |
|
|
|
62,822,737 |
|
|
|
22,146,011 |
|
See accompanying notes to condensed consolidated financial statements.
2
Xponential Fitness, Inc.
Condensed Consolidated Statements of Changes to Stockholders'/Member’s Equity (Deficit)
(Unaudited)
(amounts in thousands, except share amounts)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Class A Common Stock |
|
|
Class B Common Stock |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares |
|
|
Amount |
|
|
Shares |
|
|
Amount |
|
|
Additional Paid-In Capital |
|
|
Member’s Contribution |
|
|
Receivable from Shareholder |
|
|
Accumulated Deficit |
|
|
Noncontrolling interests |
|
|
Total Equity (Deficit) |
|
Balance at December 31, 2021 |
|
|
23,898,042 |
|
|
$ |
2 |
|
|
|
22,968,674 |
|
|
$ |
2 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
(10,600 |
) |
|
$ |
(643,833 |
) |
|
$ |
443,960 |
|
|
$ |
(210,469 |
) |
Equity-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,423 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
12,204 |
|
|
|
14,627 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(7,519 |
) |
|
|
(7,660 |
) |
|
|
(15,179 |
) |
Conversion of Class B shares to Class A shares |
|
|
351,163 |
|
|
|
— |
|
|
|
(351,163 |
) |
|
|
— |
|
|
|
517,283 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(517,283 |
) |
|
|
— |
|
Payment of preferred stock dividend |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,250 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(3,250 |
) |
Adjustment of preferred stock to redemption value |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,931 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(50,931 |
) |
Vesting of Class B Shares |
|
|
— |
|
|
|
— |
|
|
|
1,946,644 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
Balance at March 31, 2022 |
|
|
24,249,205 |
|
|
|
2 |
|
|
|
24,564,155 |
|
|
|
2 |
|
|
|
465,525 |
|
|
|
— |
|
|
|
(10,600 |
) |
|
|
(651,352 |
) |
|
|
(68,779 |
) |
|
|
(265,202 |
) |
Equity based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,861 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(54 |
) |
|
|
3,807 |
|
Net income |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
16,834 |
|
|
|
14,643 |
|
|
|
31,477 |
|
Conversion of Class B shares to Class A shares |
|
|
2,883,053 |
|
|
|
— |
|