$XPOF
Xponential Fitness, Inc.

2022 Q2 Form 10-Q Financial Statement

#000095017022017146 Filed on August 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q2 2021 Q4 2021 Q2
Revenue $2.576M $49.37M $223.0K
YoY Change 1055.16% -53.68% -98.96%
Cost Of Revenue $18.06M $13.39M $17.06M
YoY Change 5.85% -60.75% 93.27%
Gross Profit $41.50M $35.98M $47.78M
YoY Change -13.14% -50.35% 278.18%
Gross Profit Margin 1610.91% 72.88% 21424.22%
Selling, General & Admin $29.32M $36.47M $21.20M
YoY Change 38.3% -46.38% 37.35%
% of Gross Profit 70.66% 101.37% 44.38%
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $821.0K $3.334M $738.0K
YoY Change 11.25% -15.68% 18.27%
% of Gross Profit 1.98% 9.27% 1.54%
Operating Expenses $29.32M $39.81M $21.20M
YoY Change 38.3% -47.39% 37.35%
Operating Profit $36.14M -$3.826M -$392.0K
YoY Change -9319.9% 19.71% -17.12%
Interest Expense $2.866M -$2.472M $11.59M
YoY Change -75.27% -88.26% 165.48%
% of Operating Profit 7.93%
Other Income/Expense, Net -$2.448M -$7.526M
YoY Change -67.47% 75.88%
Pretax Income $33.69M -$29.39M -$7.918M
YoY Change -525.54% 121.45% 66.62%
Income Tax $2.217M $396.0K $83.00K
% Of Pretax Income 6.58%
Net Earnings $16.83M $26.43M -$8.001M
YoY Change -310.4% -293.76% 68.37%
Net Earnings / Revenue 653.49% 53.53% -3587.89%
Basic Earnings Per Share $3.28
Diluted Earnings Per Share $0.50 $563.9K $0.00
COMMON SHARES
Basic Shares Outstanding 25.41M
Diluted Shares Outstanding 63.18M

Balance Sheet

Concept 2022 Q2 2021 Q4 2021 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $29.27M $21.32M $20.20M
YoY Change 44.86%
Cash & Equivalents $29.27M $21.32M $20.20M
Short-Term Investments
Other Short-Term Assets $9.670M $8.983M $12.09M
YoY Change -20.0%
Inventory $14.29M $6.928M $5.284M
Prepaid Expenses
Receivables $19.68M $11.70M $7.890M
Other Receivables $3.381M $2.293M $1.444M
Total Short-Term Assets $76.29M $51.23M $46.91M
YoY Change 62.63% 56.63%
LONG-TERM ASSETS
Property, Plant & Equipment $15.25M $12.77M $12.59M
YoY Change 21.19% -6.73%
Goodwill $169.1M $169.1M $147.9M
YoY Change 14.34% 21.04%
Intangibles $142.7M $136.9M $107.9M
YoY Change 32.23% 39.48%
Long-Term Investments
YoY Change
Other Assets $632.0K $553.0K $588.0K
YoY Change 7.48% -9.93%
Total Long-Term Assets $386.9M $364.3M $308.0M
YoY Change 25.63% 25.57%
TOTAL ASSETS
Total Short-Term Assets $76.29M $51.23M $46.91M
Total Long-Term Assets $386.9M $364.3M $308.0M
Total Assets $463.2M $415.5M $354.9M
YoY Change 30.52% 28.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $31.01M $14.91M $14.28M
YoY Change 117.13% -18.73%
Accrued Expenses $16.72M $21.05M $13.96M
YoY Change 19.79% 52.9%
Deferred Revenue $29.93M $22.75M $18.59M
YoY Change 60.98% 59.66%
Short-Term Debt $0.00 $983.0K $932.0K
YoY Change -100.0%
Long-Term Debt Due $2.960M $2.960M $2.120M
YoY Change 39.62% -48.92%
Total Short-Term Liabilities $85.93M $65.89M $51.82M
YoY Change 65.85% 19.98%
LONG-TERM LIABILITIES
Long-Term Debt $126.8M $128.0M $204.7M
YoY Change -38.05% -27.28%
Other Long-Term Liabilities $2.376M $4.675M $4.431M
YoY Change -46.38% 6.06%
Total Long-Term Liabilities $129.2M $132.7M $209.2M
YoY Change -38.23% -26.47%
TOTAL LIABILITIES
Total Short-Term Liabilities $85.93M $65.89M $51.82M
Total Long-Term Liabilities $129.2M $132.7M $209.2M
Total Liabilities $368.6M $349.1M $352.4M
YoY Change 4.61% 9.76%
SHAREHOLDERS EQUITY
Retained Earnings -$634.5M -$643.8M -$120.2M
YoY Change 427.7% 498.96%
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $0.00
YoY Change
Treasury Stock Shares
Shareholders Equity -$58.54M -$654.4M $2.554M
YoY Change
Total Liabilities & Shareholders Equity $463.2M $415.5M $354.9M
YoY Change 30.52% 28.72%

Cashflow Statement

Concept 2022 Q2 2021 Q4 2021 Q2
OPERATING ACTIVITIES
Net Income $16.83M $26.43M -$8.001M
YoY Change -310.4% -293.76% 68.37%
Depreciation, Depletion And Amortization $821.0K $3.334M $738.0K
YoY Change 11.25% -15.68% 18.27%
Cash From Operating Activities $23.31M $10.53M $710.0K
YoY Change 3182.54% 127.05% -111.21%
INVESTING ACTIVITIES
Capital Expenditures -$3.192M -$1.446M -$1.323M
YoY Change 141.27% -30.98% -3.5%
Acquisitions
YoY Change
Other Investing Activities -$235.0K -$45.21M $859.0K
YoY Change -127.36% 15762.46% 592.74%
Cash From Investing Activities -$3.427M -$46.65M -$464.0K
YoY Change 638.58% 1860.25% -62.79%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -6.362M 31.90M 12.61M
YoY Change -150.46% -929.11% 5.92%
NET CHANGE
Cash From Operating Activities 23.31M 10.53M 710.0K
Cash From Investing Activities -3.427M -46.65M -464.0K
Cash From Financing Activities -6.362M 31.90M 12.61M
Net Change In Cash 13.52M -4.224M 12.85M
YoY Change 5.17% 165.33% 197.45%
FREE CASH FLOW
Cash From Operating Activities $23.31M $10.53M $710.0K
Capital Expenditures -$3.192M -$1.446M -$1.323M
Free Cash Flow $26.50M $11.97M $2.033M
YoY Change 1203.39% 77.86% -140.96%

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us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
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10672000
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us-gaap Income Taxes Paid Net
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1745000
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us-gaap Capital Expenditures Incurred But Not Yet Paid
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us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
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xpof Parent Contribution Of Rumble Assets
ParentContributionOfRumbleAssets
20483000
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xpof Adjustment Of Preferred Stock To Redemption Value
AdjustmentOfPreferredStockToRedemptionValue
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xpof Intangible Asset Acquired In Exchange For Deferred Revenue
IntangibleAssetAcquiredInExchangeForDeferredRevenue
0
xpof Acquisition Of Intangible Assets Accrued
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xpof Acquisition Of Intangible Assets Accrued
AcquisitionOfIntangibleAssetsAccrued
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us-gaap Nature Of Operations
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<p id="notes_to_consolidated_fs" style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Note 1 – Nature of Business and Operations</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Xponential Fitness, Inc. (the “Company” or “XPO Inc.”), was formed as a Delaware corporation on January 14, 2020. On July 23, 2021, the Company completed an initial public offering (“IPO”) of </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">10,000,000</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> shares of Class A common stock and entered into a series of transactions to implement an internal reorganization. Pursuant to a reorganization into a holding company structure, the Company is a holding company with its principal asset being an ownership interest in Xponential Fitness LLC (“XPO LLC”) through its ownership interest in Xponential Intermediate Holdings, LLC (“XPO Holdings”). Information for any period prior to July 23, 2021 relates to XPO LLC.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">XPO LLC was formed on August 11, 2017 as a Delaware limited liability company for the sole purpose of franchising fitness brands in several verticals within the boutique fitness industry. XPO LLC is a wholly owned subsidiary of XPO Holdings, which was formed on February 24, 2020, and prior to the IPO, ultimately, H&amp;W Franchise Holdings, LLC (the “Parent”). Prior to the formation of XPO Holdings, the Company was a wholly owned subsidiary of H&amp;W Franchise Intermediate Holdings, LLC (the “Member”).</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">As of June 30, 2022</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">, the Company’s portfolio of </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">ten</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> brands consists of: “Club Pilates,” a Pilates facility franchisor; “CycleBar,” a premier indoor cycling franchise; “StretchLab,” a fitness concept offering one-on-one assisted stretching services; “Row House,” a rowing concept that provides an effective and efficient workout centered around the sport of rowing; “YogaSix,” a yoga concept that concentrates on connecting to one’s body in a way that is energizing; “AKT,” a dance-based cardio workout concept that combines toning, interval and circuit training; “Pure Barre,” a total body workout concept that uses the ballet barre to perform small isometric movements; “Stride,” a running concept that offers treadmill-based high-intensity interval training and strength-training; “Rumble,” a boxing concept that offers boxing-inspired group fitness classes, which was acquired on March 24, 2021; and “BFT,” a high-intensity interval training concept that combines functional, high-energy strength, cardio and conditioning-based classes, designed to achieve the unique health goals of its members, which was acquired on October 13, 2021. The Company, through its brands, licenses its proprietary systems to franchisees who in turn operate studios to promote training and instruction programs to their club members within each vertical. In addition to franchised studios, the Company operated </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">14</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> and </span><span style="font-size:10.0pt;font-family:Times New Roman;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">52</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> company-owned transition studios as of </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">June 30, 2022 and 2021, respectively.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">In connection with the IPO, XPO Inc. entered into a series of transactions to implement an internal reorganization, (the “Reorganization Transactions”). The pre-IPO members of XPO Holdings (the “Pre-IPO LLC Members”) who retained their equity ownership in the form of limited liability company units (the “LLC Units”), immediately following the consummation of the Reorganization Transactions are referred to as “Continuing Pre-IPO LLC Members.” Because XPO Inc. manages and operates the business and controls the strategic decisions and day-to-day operations of XPO LLC through its ownership of XPO Holdings and because it also has a substantial financial interest in XPO LLC through its ownership of XPO Holdings, it consolidates the financial results of XPO LLC and XPO Holdings, and a portion of its net income/(loss) is allocated to the noncontrolling interest to reflect the entitlement of the Continuing Pre-IPO LLC Members to a portion of XPO Holdings’ net income or loss.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Immediately following the closing of the IPO, XPO LLC is the predecessor of the Company for financial reporting purposes. As the sole managing member of XPO LLC, the Company operates and controls all of the business and affairs of XPO LLC. The Reorganization Transactions are accounted for as a reorganization of entities under common control. As a result, the condensed consolidated financial statements of the Company recognize the assets and liabilities received in the Reorganization Transactions at their historical carrying amounts, as reflected in the historical consolidated financial statements of XPO LLC. The Company consolidates XPO LLC on its condensed consolidated financial statements and records a noncontrolling interest related to the Class B units held by the Class B stockholders on its condensed consolidated balance sheet and statement of operations.</span></p><div style="font-size:12.0pt;font-family:Times New Roman;"><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Basis of presentation</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> – The Company’s condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“GAAP”). In the opinion of management, the Company has made all adjustments necessary to present fairly the condensed consolidated statements of operations, balance sheets, changes in stockholders'/member’s equity (deficit), and cash flows for the periods presented. Such adjustments are of a normal, recurring nature. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and related notes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2021 filed with the Securities and Exchange Commission (the “SEC”). Interim results of operations are not necessarily indicative of results of operations to be expected for a full year.</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">On October 13, 2021 and March 24, 2021, the Company acquired the rights to franchise the BFT and Rumble concepts, respectively, and has included the results of operations of BFT and Rumble in its condensed consolidated statement of operations from the acquisition dates forward. See Note 3 for additional information.</span></p></div><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Principles of consolidation </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">–</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">The Company’s consolidated financial statements include the accounts of its wholly owned subsidiaries. All intercompany transactions have been eliminated in consolidation.</span></span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><div style="font-size:10.0pt;font-family:Times New Roman;"><p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could differ from these estimates under different assumptions or conditions.</span></p></div>
xpof Number Of Brands
NumberOfBrands
10
xpof Number Of Company Owned Studios
NumberOfCompanyOwnedStudios
14
xpof Number Of Company Owned Studios
NumberOfCompanyOwnedStudios
52
CY2022Q2 us-gaap Accrued Professional Fees Current
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264000
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us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:4.533%;font-size:10.0pt;margin-top:12.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;">Use of estimates</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:Times New Roman;min-width:fit-content;"> – The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities as of the date of the consolidated financial statements. Actual results could differ from these estimates under different assumptions or conditions.</span></p>
us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1
us-gaap Number Of Reporting Units
NumberOfReportingUnits
1
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2576000
us-gaap Revenues
Revenues
5956000
CY2021Q2 us-gaap Revenues
Revenues
223000
us-gaap Revenues
Revenues
539000
CY2021Q4 us-gaap Accrued Professional Fees Current
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2932000
CY2022Q2 xpof Accrued Deemed Dividend Current
AccruedDeemedDividendCurrent
0
CY2022Q2 us-gaap Restricted Cash Current
RestrictedCashCurrent
2221000
CY2021Q4 us-gaap Restricted Cash Current
RestrictedCashCurrent
1427000
CY2022Q2 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
2327000
CY2021Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
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1336000

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