Xponential Fitness Q3 2024 10-Q Filed

TL;DR

XPOF Q3 10-Q is in. Financials and franchise details updated.

AI Summary

Xponential Fitness, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures related to franchise agreements and revenue streams are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Xponential Fitness, crucial for understanding its market position and future prospects.

Risk Assessment

Risk Level: medium — The company operates in a competitive franchise-based fitness market, which can be subject to economic downturns and changing consumer preferences.

Key Numbers

• 3 Months — Reporting Period (Refers to the three months ending September 30, 2024.)
• One Year — Comparative Period (Indicates data presented for a one-year duration, likely for comparison.)

Key Players & Entities

• Xponential Fitness, Inc. (company) — Filer of the 10-Q
• 2024-09-30 (date) — End of reporting period
• 2024-11-12 (date) — Filing date
• 17877 VON KARMAN AVE, SUITE 100, IRVINE, CA 92614 (address) — Company business and mailing address

FAQ

Key Financial Figures

• $0.0001 — tered Class A common stock, par value $0.0001 per share XPOF New York Stock Excha

Filing Documents

• xpof-20240930.htm (10-Q) — 3937KB
• xpof-ex10_1.htm (EX-10.1) — 1551KB
• xpof-ex31_1.htm (EX-31.1) — 17KB
• xpof-ex31_2.htm (EX-31.2) — 17KB
• xpof-ex32_1.htm (EX-32.1) — 10KB
• xpof-ex32_2.htm (EX-32.2) — 10KB
• 0000950170-24-124333.txt ( ) — 15736KB
• xpof-20240930.xsd (EX-101.SCH) — 1928KB
• xpof-20240930_htm.xml (XML) — 2350KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations 2 Condensed Consolidated Statements of Changes to Stockholder's Equity (Deficit) 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 33 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 50 Item 4.

Controls and Procedures

Controls and Procedures 50 PART II. OTHER INFORMATION 51 Item 1.

Legal Proceedings

Legal Proceedings 51 Item 1A.

Risk Factors

Risk Factors 51 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 51 Item 3. Defaults Upon Senior Securities 51 Item 4. Mine Safety Disclosures 51 Item 5. Other Information 51 Item 6. Exhibits 52

Signatures

Signatures 53

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements. Xponential Fitness, Inc. Condensed Consolidated Balance Sheets (Unaudited) (amounts in thousands, except per share amounts) September 30, December 31, 2024 2023 Assets Current assets: Cash, cash equivalents and restricted cash $ 37,774 $ 37,094 Accounts receivable, net (Note 10) 29,552 32,751 Inventories 10,608 14,724 Prepaid expenses and other current assets 8,341 5,856 Deferred costs, current portion 9,022 6,620 Notes receivable from franchisees, net 279 203 Total current assets 95,576 97,248 Property and equipment, net 18,840 19,502 Right-of-use assets 34,160 71,413 Goodwill 163,036 171,601 Intangible assets, net 117,753 120,149 Deferred costs, net of current portion 41,616 46,541 Notes receivable from franchisees, net of current portion 103 802 Other assets 1,093 1,442 Total assets $ 472,177 $ 528,698 Liabilities, redeemable convertible preferred stock and stockholders' equity (deficit) Current liabilities: Accounts payable $ 21,297 $ 19,119 Accrued expenses 21,467 14,088 Deferred revenue, current portion 28,560 34,674 Current portion of long-term debt 5,397 4,760 Other current liabilities 17,423 19,666 Total current liabilities 94,144 92,307 Deferred revenue, net of current portion 108,799 117,305 Contingent consideration from acquisitions (Note 16) 15,494 8,666 Long-term debt, net of current portion, discount and issuance costs 342,038 319,261 Lease liability 33,501 70,141 Other liabilities 1,537 9,152 Total liabilities 595,513 616,832 Commitments and contingencies (Note 16) Redeemable convertible preferred stock, $ 0.0001 par value, 400 shares authorized, 115 shares issued and outstanding as of September 30, 2024 and December 31, 2023 116,810 114,660 Stockholders' equity (deficit): Undesignated preferred stock, $ 0.0001 pa