YogaWorks, Inc. (NASDAQ:YOGA) (the “Company”), one of the largest
providers of high quality yoga instruction in the U.S., today
announced financial results for the third quarter ended September
30, 2018.
Rosanna McCollough, President and Chief
Executive Officer of YogaWorks, stated, “We are pleased to have
delivered third quarter results that were in line with our
expectations and to be maintaining our outlook for the year.
Our first priority remains to stabilize our base business and we
are making progress across multiple initiatives that we believe
will drive healthier revenue growth at improved EBITDA margin
rates. These actions include: (1) refinement of our overall
promotional strategy, (2) enhancements to our product offering, (3)
an updated marketing strategy, and (4) the optimization of our
studio base. Once we believe we have achieved our objectives, we
plan to resume our acquisition strategy and remain confident in our
position as the acquirer of choice.”
Results for the third quarter
ended September 30, 2018
|
September 30, 2018 |
September 30, 2017 |
GAAP Results(1) |
|
|
Net revenue |
$15.2 million |
$13.5 million |
Net income / (loss) |
$(13.9) million |
$(4.6) million |
|
|
|
Non-GAAP Results(2) |
|
|
Studio Count at quarter end |
70 |
53 |
Adjusted EBITDA |
$(1.8) million |
$(432) thousand |
Adjusted free cash flow |
$(2.9) million |
$(443) thousand |
Studio-Level free cash flow |
$733 thousand |
$2.6 million |
Studio-Level EBITDA |
$1.8 million |
$2.6 million |
Adjusted net income/(loss) |
$(3.6) million |
$(3.1) million |
(1) U.S. Generally Accepted Accounting Principles (“GAAP”).
(2) Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash
flows, Studio-Level free cash flows and adjusted net loss are
non-GAAP measures. For reconciliations to GAAP net loss, see
“Reconciliations of Non-GAAP Financial Measures” accompanying this
press release.
For the third quarter ended September 30,
2018:
- Net revenue was $15.2 million, a 12% increase compared to $13.5
million in the third quarter of 2017.
- The Company ended the quarter with 70 studios in nine regional
markets.
- Adjusted EBITDA was $(1.8) million compared to adjusted EBITDA
of $(432) thousand for the same quarter last year.
- Adjusted net loss was $3.6 million compared to adjusted net
loss of $3.1 million for the same period last year.
For a reconciliation of GAAP net loss to
Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash flows,
Studio-Level free cash flows and Adjusted net loss, please see
“Reconciliations of Non-GAAP Financial Measures” accompanying this
press release.
Balance Sheet and Cash Flow Highlights
- Cash and cash equivalents were $13.2 million as of September
30, 2018.
- Cash used in operating activities was $1.8 million for the
third quarter ended September 30, 2018, as compared to cash
provided by operating activities of $2.5 million for the third
quarter ended September 30, 2017.
Guidance
For fiscal year 2018, the Company continues to
expect net revenue between $59 million and $60 million and adjusted
EBITDA between $(6.95) million and $(5.95) million. This compares
to net revenue of $54.5 million and adjusted EBITDA of $(1.2)
million for 2017.
Conference Call to Discuss Third Quarter
Results
The Company will host a conference call and
webcast to discuss its financial results for the third quarter
ended September 30, 2018, today, November 14,
2018, beginning at 4:30 p.m. Eastern Time. Those
interested in participating in the call are invited to dial
1-877-407-4018 (U.S.) or 1-201-689-8471 (international). A live
webcast of the conference call will also be available online at
www.yogaworks.com under the Investor Relations section and
will remain available for 30 days following the live call. A replay
will also be available two hours following the call through
November 28, 2018, via telephone at 1-844-512-2921 (U.S.) and
1-412-317-6671 (international) by entering the replay pin
13682136.
About YogaWorks, Inc.
YogaWorks, Inc. is one of the largest providers
of high quality yoga instruction in the U.S., with 70 studios in
nine markets including Los Angeles, Orange County, Northern
California, New York City, Boston, Baltimore, the Washington, D.C.
area, Houston and Atlanta. YogaWorks strives to make yoga
accessible to everybody and offers a wide range of class styles for
people of all ages and abilities. Through its studios, the Company
offers yoga classes, integrated fitness classes, workshops, teacher
training programs and yoga-related retail merchandise. In addition
to its studio locations, YogaWorks offers online instruction
through its MyYogaWorks web platform, which provides subscribers
with a highly curated catalog of over 1,100 yoga and meditation
classes.
Forward-Looking Statements
This press release may include forward-looking
statements that reflect the Company’s current views about future
events and financial performance. All statements other than
statements of historical facts included in this press release that
address activities, events or developments that the Company
expects, believes or anticipates will or may occur in the future
are forward-looking statements, as that term is defined in the
Private Securities Litigation Reform Act of 1995. Words such as
“estimates,” “expects,” “anticipates,” “projects,” “plans,”
“intends,” “believes,” “forecasts” and other words and terms of
similar meaning in connection with any discussion of the timing or
nature of future operating or financial performance or other events
are forward-looking statements.
These forward-looking statements are expressed
in good faith and the Company believes there is a reasonable basis
for them. However, there can be no assurance that the events,
results or trends identified in these forward-looking statements
will occur or be achieved. Investors should not place undue
reliance on any of the Company’s forward-looking statements because
they are subject to a variety of risks and uncertainties. Factors
that could cause results to differ from those reflected in the
forward-looking statements are set forth in the Company’s prior
press releases and public filings with the Securities and Exchange
Commission, which are available via the Company’s website at
www.yogaworks.com. The forward-looking statements in this press
release speak only as of the date of this release and, except as
required by law, the Company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which it is made or to reflect the occurrence of
anticipated or unanticipated events or circumstances.
Contacts: Investor Relations: Jean Fontana, ICR,
Inc.646-277-1200IR@yogaworks.com
YogaWorks, Inc. |
|
|
|
Condensed Consolidated Balance Sheets
(Unaudited) |
|
|
|
|
|
As ofSeptember 30,
2018 |
|
|
As ofDecember 31,
2017 |
|
Assets |
|
|
|
|
|
|
|
|
Current assets |
|
|
|
|
|
|
|
|
Cash and
cash equivalents |
|
$ |
13,179,294 |
|
|
$ |
22,095,216 |
|
Inventories |
|
|
1,212,104 |
|
|
|
1,212,608 |
|
Prepaid
expenses and other current assets |
|
|
947,460 |
|
|
|
1,145,067 |
|
Total current
assets |
|
|
15,338,858 |
|
|
|
24,452,891 |
|
Property and equipment,
net |
|
|
9,150,733 |
|
|
|
10,418,203 |
|
Intangible assets,
net |
|
|
14,408,349 |
|
|
|
22,142,275 |
|
Goodwill |
|
|
5,429,063 |
|
|
|
12,768,773 |
|
Other non-current
assets |
|
|
1,262,530 |
|
|
|
1,224,179 |
|
Total assets |
|
$ |
45,589,533 |
|
|
$ |
71,006,321 |
|
|
|
|
|
|
|
|
|
|
Liabilities and
Stockholders’ Equity |
|
|
|
|
|
|
|
|
Current
liabilities |
|
|
|
|
|
|
|
|
Accounts
payable and accrued expenses |
|
$ |
3,123,797 |
|
|
$ |
3,794,569 |
|
Accrued
compensation |
|
|
1,203,241 |
|
|
|
1,947,134 |
|
Deferred
revenue |
|
|
6,387,875 |
|
|
|
7,187,948 |
|
Current
portion of deferred rent |
|
|
120,010 |
|
|
|
122,607 |
|
Total current
liabilities |
|
|
10,834,923 |
|
|
|
13,052,258 |
|
Deferred rent, net of
current portion |
|
|
3,540,956 |
|
|
|
3,418,886 |
|
Deferred tax
liability |
|
|
2,402 |
|
|
|
— |
|
Total liabilities |
|
|
14,378,281 |
|
|
|
16,471,144 |
|
|
|
|
|
|
|
|
|
|
Commitments and
Contingencies (Note 14) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Stockholders’
equity |
|
|
|
|
|
|
|
|
Common
stock $0.001 par value; 50,000,000 shares authorized,16,620,284
issued and 16,477,675 outstanding at September 30, 2018and
50,000,000 shares authorized, 16,435,505 issued and16,332,510
outstanding at December 31, 2017 |
|
|
16,478 |
|
|
|
16,333 |
|
Additional paid in capital |
|
|
112,837,218 |
|
|
|
111,650,415 |
|
Accumulated deficit |
|
|
(81,642,444 |
) |
|
|
(57,131,571 |
) |
Total stockholders’
equity |
|
|
31,211,252 |
|
|
|
54,535,177 |
|
Total liabilities and
stockholders’ equity |
|
$ |
45,589,533 |
|
|
$ |
71,006,321 |
|
|
|
|
|
|
|
|
|
|
YogaWorks, Inc. |
|
Condensed Consolidated Statements of
Operations (Unaudited) |
|
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
Net
revenues |
|
$ |
15,150,692 |
|
|
$ |
13,518,513 |
|
|
$ |
45,550,867 |
|
|
$ |
40,002,033 |
|
Cost of
revenues and operating expenses |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of
revenues |
|
|
6,212,640 |
|
|
|
5,153,324 |
|
|
|
17,892,463 |
|
|
|
15,087,713 |
|
Center
operations |
|
|
7,179,487 |
|
|
|
5,732,994 |
|
|
|
21,012,976 |
|
|
|
17,002,858 |
|
General
and administrative expenses |
|
|
4,158,868 |
|
|
|
4,556,887 |
|
|
|
12,617,813 |
|
|
|
11,661,716 |
|
Depreciation and amortization |
|
|
1,874,008 |
|
|
|
2,161,126 |
|
|
|
6,471,036 |
|
|
|
6,530,589 |
|
Goodwill
impairment |
|
|
5,550,000 |
|
|
|
— |
|
|
|
8,024,819 |
|
|
|
— |
|
Asset
impairment |
|
|
4,118,939 |
|
|
|
— |
|
|
|
4,118,939 |
|
|
|
— |
|
Total cost of
revenues and operating
expenses |
|
|
29,093,942 |
|
|
|
17,604,331 |
|
|
|
70,138,046 |
|
|
|
50,282,876 |
|
Loss from
operations |
|
|
(13,943,250 |
) |
|
|
(4,085,818 |
) |
|
|
(24,587,179 |
) |
|
|
(10,280,843 |
) |
Interest (income)
expense, net |
|
|
(46,613 |
) |
|
|
532,939 |
|
|
|
(96,886 |
) |
|
|
1,343,445 |
|
Net loss before
provision for income taxes |
|
|
(13,896,637 |
) |
|
|
(4,618,757 |
) |
|
|
(24,490,293 |
) |
|
|
(11,624,288 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Provision for
(benefit from) income taxes |
|
|
2,667 |
|
|
|
(27,933 |
) |
|
|
20,580 |
|
|
|
31,074 |
|
Net
loss |
|
|
(13,899,304 |
) |
|
|
(4,590,824 |
) |
|
|
(24,510,873 |
) |
|
|
(11,655,362 |
) |
Less preferred rights
dividend on redeemable preferred stock |
|
|
— |
|
|
— |
|
|
|
— |
|
|
|
(995,743 |
) |
Net loss
attributable to common
stockholders |
|
$ |
(13,899,304 |
) |
|
$ |
(4,590,824 |
) |
|
$ |
(24,510,873 |
) |
|
$ |
(12,651,105 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
YogaWorks, Inc. |
|
|
|
Condensed Consolidated Statements of
Cash Flows (Unaudited) |
|
|
|
|
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
Cash flows from
operating activities |
|
|
|
|
|
|
|
|
Net
loss |
|
$ |
(24,510,873 |
) |
|
$ |
(11,655,362 |
) |
Adjustments to reconcile net loss to net cash used in
operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
6,471,036 |
|
|
|
6,530,589 |
|
Goodwill
impairment |
|
|
8,024,819 |
|
|
|
— |
|
Asset
impairment |
|
|
4,118,939 |
|
|
|
— |
|
Deferred
tax |
|
|
2,402 |
|
|
|
13,906 |
|
Paid-in-kind interest expense capitalized to convertible note |
|
|
— |
|
|
|
291,585 |
|
Beneficial conversion feature |
|
|
— |
|
|
|
147,877 |
|
Amortization of debt issuance cost |
|
|
— |
|
|
|
69,164 |
|
Debt
issuance cost written-off |
|
|
— |
|
|
|
318,016 |
|
Stock-based compensation expense |
|
|
1,284,099 |
|
|
|
2,119,252 |
|
Changes
to operating assets and liabilities, net of effects from
acquisitions: |
|
|
|
|
|
|
|
|
Tenant
improvement allowances received |
|
|
47,530 |
|
|
|
— |
|
Inventories |
|
|
4,470 |
|
|
|
47,575 |
|
Prepaid
expenses and other current assets |
|
|
197,607 |
|
|
|
656,902 |
|
Other
non-current assets |
|
|
(919 |
) |
|
|
(76,689 |
) |
Accounts
payable and accrued expenses |
|
|
(186,078 |
) |
|
|
2,707,751 |
|
Accrued
compensation |
|
|
(743,893 |
) |
|
|
(640 |
) |
Deferred
revenue |
|
|
(1,154,686 |
) |
|
|
391,885 |
|
Deferred
rent and other non-current liabilities |
|
|
71,943 |
|
|
|
94,085 |
|
Net cash (used in)
provided by operating activities |
|
|
(6,373,604 |
) |
|
|
1,655,896 |
|
Cash flows from
investing activities |
|
|
|
|
|
|
|
|
Purchases
of property, equipment, and intangible assets |
|
|
(1,079,543 |
) |
|
|
(958,602 |
) |
Acquisition earnout and holdback payments |
|
|
(643,694 |
) |
|
|
(445,400 |
) |
Cash paid
for acquisitions, net of earnouts |
|
|
(721,930 |
) |
|
|
— |
|
Net cash used in
investing activities |
|
|
(2,445,167 |
) |
|
|
(1,404,002 |
) |
Cash flows from
financing activities |
|
|
|
|
|
|
|
|
Repurchase of shares to satisfy tax withholding |
|
|
(97,151 |
) |
|
|
— |
|
Principal
payment on term loans |
|
|
— |
|
|
|
(6,956,250 |
) |
Principal
payment on convertible note |
|
|
— |
|
|
|
(3,300,403 |
) |
Principal
payment on subordinated notes |
|
|
— |
|
|
|
(200,000 |
) |
Proceeds
from issuance of convertible note |
|
|
— |
|
|
|
35,083,288 |
|
Proceeds
from issuance of common stock |
|
|
— |
|
|
|
3,200,000 |
|
Net cash (used in)
provided by financing activities |
|
|
(97,151 |
) |
|
|
27,826,635 |
|
Increase
(decrease) in cash and cash equivalents |
|
|
(8,915,922 |
) |
|
|
28,078,529 |
|
Cash and cash
equivalents, beginning of period |
|
|
22,095,216 |
|
|
|
1,912,421 |
|
Cash and cash
equivalents, end of period |
|
$ |
13,179,294 |
|
|
$ |
29,990,950 |
|
Supplemental
disclosure of cash flow information |
|
|
|
|
|
|
|
|
Cash paid
during the period for: |
|
|
|
|
|
|
|
|
Interest
paid |
|
$ |
— |
|
|
$ |
516,694 |
|
Supplemental
disclosure of non-cash activities |
|
|
|
|
|
|
|
|
Investing activities |
|
|
|
|
|
|
|
|
Purchase
consideration liabilities related to acquisitions |
|
$ |
159,000 |
|
|
$ |
— |
|
Financing activities |
|
|
|
|
|
|
|
|
Dividends
on preferred redeemable stock accrued |
|
|
— |
|
|
|
995,743 |
|
Paid-in-kind interest expense capitalized convertible note |
|
|
— |
|
|
|
291,585 |
|
Purchase
consideration liabilities related to acquisitions |
|
|
— |
|
|
|
120,031 |
|
Conversion of convertible notes to equity |
|
|
— |
|
|
|
11,825,774 |
|
Conversion of preferred redeemable stock to equity |
|
|
— |
|
|
|
62,388,567 |
|
|
|
|
|
|
|
|
|
|
YogaWorks, Inc.
Reconciliations of Non-GAAP Financial
Measures
This press release contains financial measures called Adjusted
EBITDA, Studio-Level EBITDA, Adjusted free cash flow, Studio-Level
free cash flow and Adjusted net loss which are not calculated in
accordance with GAAP. The Company uses these financial measures to
understand and evaluate its business. Adjusted EBITDA is a
supplemental measure of the operating performance of the core
business operations. Studio-Level EBITDA is a supplemental measure
of the operating performance of the studios. Adjusted free cash
flow is a supplemental measure of the operating performance of the
core business operations excluding deferred revenue. Studio-Level
free cash flow is a supplemental measure of the operating
performance of the studios excluding deferred revenue. Adjusted net
loss is a supplemental measure of operating performance that is
adjusted for certain non-recurring items that we do not believe
directly reflect the core business operations. Accordingly, the
Company believes Adjusted EBITDA, Studio-Level EBITDA, Adjusted
free cash flow, Studio-Level free cash flow and Adjusted net loss
provide useful information to investors and others in understanding
and evaluating the Company’s operating results in the same manner
as management and the Board. Non-GAAP financial measures should not
be considered in isolation from, or as a substitute for, financial
information prepared in accordance with GAAP.
Adjusted EBITDA, Studio-Level EBITDA, Adjusted free cash
flow and Studio-Level free cash flow
The following table presents a reconciliation of Adjusted EBITDA
and Studio-Level EBITDA to Net loss. In addition, Adjusted free
cash flow and Studio-Level free cash flow are presented for each of
the periods indicated:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
(in
thousands) |
|
(Unaudited) |
|
Net loss |
|
$ |
(13,899 |
) |
|
$ |
(4,591 |
) |
|
$ |
(24,511 |
) |
|
$ |
(11,655 |
) |
Interest
(income) expense, net |
|
|
(47 |
) |
|
|
533 |
|
|
|
(97 |
) |
|
|
1,343 |
|
Provision
for (benefit from) income taxes |
|
|
3 |
|
|
|
(28 |
) |
|
|
21 |
|
|
|
31 |
|
Depreciation and amortization |
|
|
1,874 |
|
|
|
2,161 |
|
|
|
6,471 |
|
|
|
6,531 |
|
Goodwill
impairment |
|
|
5,550 |
|
|
|
— |
|
|
|
8,025 |
|
|
|
— |
|
Asset
impairment |
|
|
4,119 |
|
|
|
— |
|
|
|
4,119 |
|
|
|
— |
|
Deferred
rent(a) |
|
|
36 |
|
|
|
(6 |
) |
|
|
72 |
|
|
|
94 |
|
Stock
based compensation(b) |
|
|
334 |
|
|
|
1,294 |
|
|
|
1,284 |
|
|
|
2,119 |
|
Legal
settlement(c) |
|
|
75 |
|
|
|
37 |
|
|
|
75 |
|
|
|
902 |
|
Severance(d) |
|
|
108 |
|
|
|
2 |
|
|
|
176 |
|
|
|
87 |
|
Executive
recruiting(e) |
|
|
45 |
|
|
|
49 |
|
|
|
45 |
|
|
|
79 |
|
Professional fees(f) |
|
|
— |
|
|
|
92 |
|
|
|
71 |
|
|
|
253 |
|
Great
Hill Partners expense reimbursement fees(g) |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
75 |
|
Studio
closure expenses (h) |
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Other |
|
|
32 |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
Adjusted EBITDA |
|
|
(1,753 |
) |
|
|
(432 |
) |
|
|
(4,200 |
) |
|
|
(141 |
) |
Change in
deferred revenue(i) |
|
|
(1,111 |
) |
|
|
(11 |
) |
|
|
(1,036 |
) |
|
|
531 |
|
Adjusted free cash
flow |
|
|
(2,864 |
) |
|
|
(443 |
) |
|
|
(5,236 |
) |
|
|
390 |
|
Other
general and administrative expenses(j) |
|
|
3,597 |
|
|
|
3,059 |
|
|
|
10,967 |
|
|
|
8,147 |
|
Studio-Level free cash
flow |
|
|
733 |
|
|
|
2,616 |
|
|
|
5,731 |
|
|
|
8,537 |
|
Change in
deferred revenue(i) |
|
|
1,111 |
|
|
|
11 |
|
|
|
1,036 |
|
|
|
(531 |
) |
Studio-Level
EBITDA |
|
$ |
1,844 |
|
|
$ |
2,627 |
|
|
$ |
6,767 |
|
|
$ |
8,006 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Reflects the extent to which our rent expense for the period
has been above or below our cash rent payments.(b) Non-cash charges
related to equity-based compensation programs, which vary from
period to period depending on timing of awards and forfeitures.(c)
Legal settlement expenses incurred in the period to settle
claims.(d) Severance expenses incurred in the period related to the
termination of studio and non-studio employees.(e) Executive
recruiting expenses incurred in connection with the recruitment and
hiring of members of our executive management team.(f)
Professional fees related to certain accounting, tax and consulting
services that were expensed in connection with our acquisitions.(g)
Represents expense reimbursement fees incurred in connection with
our Expense Reimbursement Agreement with affiliates of Great Hill
Partners, which was terminated upon completion of our IPO.(h)
Represents closure expenses of one Boston area studio that closed
in the third quarter of 2018.(i) Represents change in
deferred revenue that is reflected in the consolidated statements
of operations, excluding the change in gift card liabilities and
deferred revenue from acquisitions.(j) Represents general and
administrative expenses that are corporate and regional expenses
and not incurred by our studios, and which are primarily comprised
of expenses related to (i) wages and benefits of corporate and
regional employees, (ii) non-studio rent, utilities and
maintenance, (iii) corporate and regional marketing and
advertising, and (iv) corporate professional fees. Other general
and administrative expenses exclude any general and administrative
expenses related to deferred rent, stock-based compensation, legal
settlement, severance, executive recruiting, professional fees, the
Great Hill Partners expense reimbursement fees or any other general
and administrative expenses that are included in the reconciliation
of net loss to Adjusted EBITDA.
Adjusted net loss
The following table presents a reconciliation of Adjusted net
loss to Net loss for each of the periods indicated:
|
|
Three Months Ended September 30, |
|
|
Nine Months Ended September 30, |
|
|
|
2018 |
|
|
2017 |
|
|
2018 |
|
|
2017 |
|
|
|
|
|
(in
thousands) |
|
(Unaudited) |
|
Net loss |
|
$ |
(13,899 |
) |
|
$ |
(4,591 |
) |
|
$ |
(24,511 |
) |
|
$ |
(11,655 |
) |
Goodwill
impairment |
|
|
5,550 |
|
|
|
— |
|
|
|
8,025 |
|
|
|
— |
|
Asset
impairment |
|
|
4,119 |
|
|
|
— |
|
|
|
4,119 |
|
|
|
— |
|
Stock
based compensation(a) |
|
|
334 |
|
|
|
1,294 |
|
|
|
1,284 |
|
|
|
2,119 |
|
Legal
settlement(b) |
|
|
75 |
|
|
|
37 |
|
|
|
75 |
|
|
|
902 |
|
Severance(c) |
|
|
108 |
|
|
|
2 |
|
|
|
176 |
|
|
|
87 |
|
Executive
recruiting(d) |
|
|
45 |
|
|
|
49 |
|
|
|
45 |
|
|
|
79 |
|
Professional fees(e) |
|
|
— |
|
|
|
92 |
|
|
|
71 |
|
|
|
253 |
|
Great
Hill Partners expense reimbursement fees(f) |
|
|
— |
|
|
|
25 |
|
|
|
— |
|
|
|
75 |
|
Studio
closure expenses (g) |
|
|
17 |
|
|
|
— |
|
|
|
17 |
|
|
|
— |
|
Other |
|
|
32 |
|
|
|
— |
|
|
|
32 |
|
|
|
— |
|
Adjusted net loss |
|
$ |
(3,619 |
) |
|
$ |
(3,092 |
) |
|
$ |
(10,667 |
) |
|
$ |
(8,140 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(a) Non-cash charges related to equity-based compensation
programs, which vary from period to period depending on timing of
awards and forfeitures.(b) Legal settlement expenses incurred in
the period to settle claims.(c) Severance expenses incurred in the
period related to the termination of studio and non-studio
employees.(d) Executive recruiting expenses incurred in connection
with the recruitment and hiring of members of our executive
management team.(e) Professional fees related to certain
accounting, tax and consulting services that were expensed in
connection with our acquisitions.(f) Represents expense
reimbursement fees incurred in connection with our Expense
Reimbursement Agreement with Great Hill Partners, which was
terminated upon completion of our IPO.(g) Represents closure
expenses of one Boston area studio that closed in the third quarter
of 2018.
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