NYSE$XPOF
Xponential Fitness Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Xponential Fitness reported a 44% increase in Q4 2022 revenue and a 38% increase in North America system-wide sales compared to Q4 2021. The company exceeded its full-year guidance, sold 1,026 franchise licenses, and opened 511 new studios in 2022.
Xponential Fitness announced strong Q4 2022 results, with a 44% increase in revenue and a 38% increase in North America system-wide sales compared to Q4 2021. The company's momentum continued into the new year, with its membership base reaching 600,000 in January. Xponential Fitness provided full-year 2023 guidance, expecting continued growth in net new studio openings, system-wide sales, revenue, and Adjusted EBITDA.
- Revenue grew by 44% to $71.3 million compared to Q4 2021.
- North America system-wide sales increased by 38% to $294.1 million compared to Q4 2021.
- North America same-store sales grew by 17% compared to 53% in the prior year.
- North America quarterly run-rate average unit volume (AUV) was $522,000 compared to $446,000 in the prior year.
Headline financials
Revenue & EPS history
Xponential Fitness · Revenue · Quarterly
$71.3M
Revenue by segment
Xponential Fitness · $80.4M total across 5 segments · Q3 2023
- Franchise Revenue$36.4M+21.4%45.3%
- Other Service Revenue$16M+52.0%19.9%
- Equipment Revenue$12.6M+6.7%15.6%
- Merchandise Revenue$8.46M+35.0%10.5%
- Franchise Marketing Fund Revenue$6.95M+34.3%8.6%
Forward guidance
The Company is initiating full-year 2023 outlook, which compares to 2022 results as follows:
Tailwinds
- Net new studio openings in the range of 540 to 560, or an increase of 8% at the midpoint.
- North America system-wide sales in the range of $1.34 billion to $1.35 billion, or an increase of 30% at the midpoint.
- Revenue in the range of $285.0 million to $295.0 million, or an increase of 18% at the midpoint.
- Adjusted EBITDA in the range of $101.0 million to $105.0 million, or an increase of 39% at the midpoint.
- Tax rate in the mid-to-high single digits.
Headwinds
- $1.9 million in quarterly dividends paid related to the Company’s Convertible Preferred Stock.
- Share count of 32.3 million shares of Class A Common Stock for the GAAP EPS and Adjusted EPS calculations.
- High variability, complexity and low visibility with respect to certain items such as taxes, TRA remeasurements, and income and expense from changes in fair value of contingent consideration from acquisitions.
- Potential unpredictable and potentially significant impact on future GAAP financial results.
- Any reconciliations provided would imply a degree of precision that would be confusing or misleading to investors.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q4 2022
-2.5%
Avg return
Earnings day
-0.5%
Avg return
5 days after
+2.8%
Avg return
30 days after
37%
7 / 19 earnings
Positive
+44.3%
Q4 2023
Best reaction
-47.2%
Q4 2025
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -14.4% | -22.0% | — | |
| Q4 2025 | -47.2% | -31.3% | -28.6% | |
| Q3 2025 | +1.4% | +1.1% | +12.4% | |
| Q1 2025 | -7.5% | +13.0% | +9.1% | |
| Q4 2024 | -38.4% | -29.4% | -39.4% | |
| Q3 2024 | -3.5% | +0.7% | -2.4% | |
| Q2 2024 | -23.5% | -19.3% | -24.8% | |
| Q1 2024 | +3.8% | -20.8% | -7.0% | |
| Q4 2023 | +44.3% | +38.9% | +69.8% | |
| Q3 2023 | -3.2% | -8.0% | -15.7% | |
| Q2 2023 | -7.3% | -6.0% | +5.3% | |
| Q1 2023 | -8.8% | -11.7% | -20.2% | |
| Q4 2022 | +15.5% | +16.1% | +19.7% | |
| Q3 2022 | +15.2% | +21.9% | +22.1% | |
| Q2 2022 | +19.4% | +26.7% | +23.0% | |
| Q1 2022 | -9.9% | +1.9% | -2.1% | |
| Q4 2021 | -7.1% | -7.8% | +12.5% | |
| Q3 2021 | +24.5% | +22.2% | +16.2% | |
| Q2 2021 | -1.2% | +3.6% | +0.1% | |
| Q4 2020 | — | — | — | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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