Condensed Consolidated Statement of Operations

Three Months Ended March 31, 2024

As Previously Reported

Adjustments

Reference

As Corrected

Revenue, net:

Merchandise revenue

$

8,173

172

A, B

8,345

Total revenue, net

79,521

172

79,693

Operating costs and expenses:

Costs of product revenue

14,391

175

A, B, C1, C2, C4, C5

14,566

Costs of franchise and service revenue

5,121

(74

)

C6

5,047

Selling, general and administrative expenses

37,155

(535

)

C2, C3, C6

36,620

Total operating costs and expenses

72,133

(434

)

71,699

Operating income

7,388

606

7,994

Loss before income taxes

(4,403

)

606

(3,797

)

Net loss

(4,356

)

606

(3,750

)

Less: Net loss attributable to noncontrolling interests

(1,489

)

219

(1,270

)

Net loss attributable to Xponential Fitness, Inc.

$

(2,867

)

$

387

$

(2,480

)

Net income (loss) per share of Class A common stock:

Basic

$

(0.30

)

$

0.01

$

(0.29

)

Diluted

$

(0.30

)

$

0.01

$

(0.29

)

Condensed Consolidated Statement of Changes to Stockholders' Equity (Deficit)

As Previously Reported

Additional Paid-In Capital

Receivable
from Member/
Shareholder

Accumulated
 Deficit

Noncontrolling interests

Total Equity (Deficit)

Balance at December 31, 2023

$

521,998

$

(15,426

)

$

(630,127

)

$

(77,547

)

$

(202,794

)

Net loss

—

—

(2,867

)

(1,489

)

(4,356

)

Conversion of Class B shares to Class A shares

(9,264

)

—

—

9,264

—

Payment received from shareholder

—

—

—

—

—

Balance at March 31, 2024

$

506,017

$

(15,775

)

$

(632,994

)

$

(69,807

)

$

(214,251

)

Adjustments

Additional Paid-In Capital

Receivable
from Member/
Shareholder

Accumulated
 Deficit

Noncontrolling interests

Total Equity (Deficit)

Balance at December 31, 2023

$

(691

)

$

(14

)

$

(4,052

)

$

(1,981

)

$

(6,738

)

Net income

—

—

387

219

606

Conversion of Class B shares to Class A shares

427

—

—

(427

)

—

Payment received from shareholder

—

14

—

—

14

Balance at March 31, 2024

$

(264

)

$

—

$

(3,665

)

$

(2,189

)

$

(6,118

)

As Corrected

Additional Paid-In Capital

Receivable
from Member/
Shareholder

Accumulated
 Deficit

Noncontrolling interests

Total Equity (Deficit)

Balance at December 31, 2023

$

521,307

$

(15,440

)

$

(634,179

)

$

(79,528

)

$

(209,532

)

Net loss

—

—

(2,480

)

(1,270

)

(3,750

)

Conversion of Class B shares to Class A shares

(8,837

)

—

—

8,837

—

Payment received from shareholder

—

14

—

—

14

Balance at March 31, 2024

$

505,753

$

(15,775

)

$

(636,659

)

$

(71,996

)

$

(220,369

)

Condensed Consolidated Statement of Cash Flows

Three Months Ended March 31, 2024

As Previously Reported

Adjustments

Reclassification

As Corrected

Cash flows from operating activities:

Net loss

$

(4,356

)

$

606

$

—

$

(3,750

)

Adjustments to reconcile net loss to net cash provided by operating activities:

Non-cash lease expense

2,205

19

—

2,224

Change in tax receivable agreement liability

—

—

609

609

Gain from disposal of assets

(2,905

)

(15

)

—

(2,920

)

Changes in assets and liabilities, net of effect of acquisitions:

Accounts receivable

524

(57

)

—

467

Inventories

(546

)

1,764

—

1,218

Prepaid expenses and other current assets

195

(528

)

—

(333

)

Operating lease liabilities

(1,657

)

(84

)

—

(1,741

)

Deferred costs

283

272

—

555

Accounts payable

4,782

750

—

5,532

Accrued expenses

(2,320

)

(2,742

)

—

(5,062

)

Other current liabilities

2,389

(4,185

)

—

(1,796

)

Other liabilities

(3,525

)

4,186

(609

)

52

Net cash provided by operating activities

2,695

(14

)

—

2,681

Cash flows from financing activities:

Payment received from shareholder

—

14

—

14

Net cash used in financing activities

(3,367

)

14

—

(3,353

)