2023 Outlook
Based on the Company’s performance in the first quarter and the beginning of the second quarter, Xponential is increasing its full-year 2023 guidance for system-wide sales, revenue and Adjusted EBITDA, and re-affirming guidance for net new studio openings as follows:
- Net new studio openings in the range of 540 to 560, or an increase of 8% at the midpoint as compared to full year 2022;
- North America system-wide sales in the range of $1.37 billion to $1.38 billion, or an increase of 33% at the midpoint as compared to full year 2022; this compares to previous guidance of $1.34 billion to $1.35 billion;
- Revenue in the range of $290.0 million to $300.0 million, or an increase of 20% at the midpoint as compared to full year 2022; this compares to previous guidance of $285.0 million to $295.0 million; and
- Adjusted EBITDA in the range of $102.0 million to $106.0 million, or an increase of 40% at the midpoint as compared to full year 2022; this compares to previous guidance of $101.0 million to $105.0 million.
Additional key assumptions for full year 2023 include:
- Tax rate in the mid-to-high single digits;
- Share count of 32.6 million shares of Class A Common Stock for the GAAP EPS and Adjusted EPS calculations. A full explanation of the Company’s share count calculation and associated EPS and Adjusted EPS calculations can be found in the tables at the end of this press release; and
- $1.9 million in quarterly dividends paid related to the Company’s Convertible Preferred Stock.
