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24 Mar 2023
Xponential Fitness' US franchisees break the billion dollar barrier with $1.03bn system-wide sales
BY
Tom Walker
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BFT, the most recent brand to join the Xponential portfolio, is pushing for growth in the UK
photo: Exponential Fitness/Body Fit Training/BFT
Xponential Fitness reported a 58 per cent increase in revenue for 2022 to US$245m, in a year during which it saw 511 new studio openings across its franchised estate globally and sold 1,026 franchise licenses. The company currently has around 2,600 locations – 2,000 in the US and the remaining 600 elsewhere.
System-wide sales in its main North American market increased by 46 per cent (to $1.03bn) when compared with 2021 figures.
These are gross sales by all North America studios and are reported as an operating metric relating to Xponential's revenues, as the company receives approximately 7 per cent and 2 per cent of sales by franchisees as royalty revenue and marketing fund revenue, respectively.
Adjusted EBITDA4 for 2022 was $74.3 million, compared to $27.3 million in 2021.
The Company currently has US$37.4m of cash, cash equivalents and restricted cash, while total long-term debt stands at US$137.7m.
In Q4, Xponential posted an adjusted EBITDA4 of US$22.2 million, compared to US$8.6 million in the previous year.
Anthony Geisler, CEO of Xponential Fitness, said: “During 2022, we opened a new studio approximately every 17 hours, and system-wide sales surpassed US$1bn for the first time.
“I could not be prouder of all of our franchisees and employees for making this success possible.
"The momentum we experienced in the fourth quarter, including double-digit growth across same store sales, membership and AUVs, has continued into the new year," he said.
"In fact, our membership base reached a new milestone of 600,000 in January. As evident by our 2023 guidance, we’re looking forward to delivering more growth and value for our stakeholders.”
Looking ahead to 2023, Geisler said that the group expects net new studio openings to be in the range of 540 to 560.
Other targets for 2023 year-end include North America system-wide sales by franchisees in the range of US$1.34bn – US$1.35bn, or an increase of 30 per cent, revenue in the range of US$285.0m to US$295.0m and adjusted EBITDA in the range of US$101.0m to US$105.0m.
Xponential Fitness' portfolio of brands includes Club Pilates, CycleBar, StretchLab, Row House, AKT, YogaSix, Pure Barre, STRIDE, Rumble and BFT. The company is also building a global community with its own aggregator called the XPass and a digital platform called X+.
In its investor presentation earlier this month, the company highlighted longer term growth targets of 500 plus annual net new studio openings, revenue growth in the 'low- to mid-teens', EBITDA growth of 20-25 per cent and adjusted EBITDA of 40-45 per cent.
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