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Sep 30, 2022
Xponential Fitness Q3 2022 Earnings Report
Xponential Fitness reported a strong Q3 2022 with significant revenue growth and increased North America system-wide sales.
Key Takeaways
Xponential Fitness, Inc. announced its Q3 2022 financial results, highlighting a 56% increase in revenue to $63.8 million and a 37% increase in North America system-wide sales to $264.8 million compared to Q3 2021. The company reported a net loss of $13.1 million, or a loss of $1.53 per basic share, but also posted adjusted net income of $8.0 million, or $0.10 per basic share. Adjusted EBITDA increased to $20.0 million, up from $6.8 million in the prior-year period. The company raised its full-year 2022 guidance for revenue and Adjusted EBITDA.
Revenue grew by 56% to $63.8 million compared to Q3 2021.
North America system-wide sales increased by 37% to $264.8 million compared to Q3 2021.
North America same store sales grew by 17%.
Adjusted EBITDA increased to $20.0 million, up from $6.8 million in the prior-year period.
Revenue by Segment
Forward Guidance
Xponential Fitness increased its full-year 2022 guidance for revenue and Adjusted EBITDA and re-affirming guidance for studio openings and system-wide sales in North America.
Positive Outlook
- New studio openings to remain in the range of 500 to 520, or an increase of 53% at the midpoint as compared to full year 2021
- North America system-wide sales to remain in the range of $995.0 million to $1.005 billion, or an increase of 41% at the midpoint as compared to full year 2021
- Revenue is now anticipated to be $235.0 million to $240.0 million, or an increase of 53% at the midpoint as compared to full year 2021
- Adjusted EBITDA is now anticipated to be $70.0 million to $74.0 million, or an increase of 164% at the midpoint compared to full year 2021
- Tax rate in mid-to-high single digits
Challenges Ahead
- Share count of approximately 25.3 million shares of Class A Common Stock for the GAAP EPS and Adjusted EPS calculations
- $3.25 million in quarterly cash dividends paid related to the $200 million Convertible Preferred Stock
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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