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Xpresspa Group, Inc. (XSPA) SEC Filing 10-Q Quarterly Report for the period ending Thursday, March 31, 2022

Xpresspa Group, Inc.

CIK: 1410428 Ticker: XSPA

Exhibit 99.1

 

 

XpresSpa Group Reports Record Full Year 2021 Results

 

Strongest Financial Results in Company History Marks End to Banner Year

 

Record Quarterly Revenue of $29.4 Million, Record Net Income of $3.3 Million

 

Liquidity Position with Unrestricted Cash Balance Increases to $105.5 Million

 

Company to Actively Repurchase Shares under Current Authorization

 

Webcast and Conference Call Scheduled for 4:30 PM ET Today

 

NEW YORK, March 15, 2022 - XpresSpa Group, Inc. (Nasdaq: XSPA), a travel health and wellness company, today reported record financial results for the fourth quarter and full year ending December 31, 2021.

 

Scott Milford, XpresSpa Group CEO, stated, “We ended 2021 on a high note with our strongest financial results in company history. Quarterly revenue was $29.4 million, while net income and adjusted EBITDA reached $3.3 million and $4.5 million, respectively[1], reflecting our second consecutive quarter of profitability. We also generated significant operating cash flow of $9.7 million for the quarter, of which $7.3 million was used to repurchase shares under our buyback authorization. We further believe our stock price is currently undervalued and our intention is to actively repurchase additional shares, subject to blackout restrictions.”

 

Mr. Milford continued, “While we believe testing at major U.S. airports for Covid-19 variants will remain an important part of travel for the foreseeable future, especially international travel, we have already begun to position our bio-surveillance efforts (such as Covid-19 testing) as a component part of our future revenue strategy. Our go-forward plan will include the expansion and integration of products and services across our three brands; the execution of an ‘off-airport’ strategy to deliver more products and services; the implementation of an international expansion plan; and ensuring we can scale our growth in a responsible way that drives shareholder value. “

 

Mr. Milford concluded, “We are reiterating our expectations of over $100 million in revenue this year and $500 million in revenue by 2025. These targets are predicated upon what we believe are significant opportunities for our businesses based upon healthy unit level economics while leveraging an efficient corporate structure. In realizing these projections, we will elevate all of our brands while further expanding our services and products to meet consumer needs.”

  

 

1        A full reconciliation of Adjusted EBITDA is shown in the tables of this release.

 


The following information was filed by Xpresspa Group, Inc. (XSPA) on Tuesday, March 15, 2022 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Xpresspa Group, Inc.'s Definitive Proxy Statement (Form DEF 14A) filed after their 2022 10-K Annual Report includes:

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Inside Xpresspa Group, Inc.'s 10-Q Quarterly Report:

Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Condensed Consolidated Balance Sheets
Condensed Consolidated Balance Sheets (Parenthetical)
Condensed Consolidated Statements Of Cash Flows
Condensed Consolidated Statements Of Changes In Stockholders' Equity
Condensed Consolidated Statements Of Operations And Comprehensive Loss
Acquisition Of Hyperpointe
Acquisition Of Hyperpointe (Details)
Acquisition Of Hyperpointe (Tables)
Acquisition Of Hyperpointe - Stock Options (Details)
Cash, Cash Equivalents, And Restricted Cash
Cash, Cash Equivalents, And Restricted Cash (Details)
Cash, Cash Equivalents, And Restricted Cash (Tables)
Cash, Cash Equivalents, And Restricted Cash - Summary Of Cash And Cash Equivalents (Details)
Commitments And Contingencies
Commitments And Contingencies (Details)
Debt
Debt (Tables)
Debt - Paycheck Protection Program (Details)
Debt - Summary Of Debt (Details)
Fair Value Measurements
Fair Value Measurements (Tables)
Fair Value Measurements - (Details)
Fair Value Measurements - Fair Value On A Recurring Basis (Details)
General
General (Details)
Income Taxes
Intangible Assets
Intangible Assets (Details)
Intangible Assets (Tables)
Intangible Assets - Schedule Of Finite-Lived Intangible Assets (Details)
Intangible Assets - Schedule Of Finite-Lived Intangible Assets, Amortization Expense (Details)
Leases
Leases (Details)
Leases (Tables)
Leases - Future Minimum Commitments (Details)
Leases - Other Assumptions And Pertinent Information (Details)
Leases - Supplemental Cash Flow Information Related To Leases (Details)
Potentially Dilutive Securities
Potentially Dilutive Securities (Details)
Potentially Dilutive Securities (Tables)
Segment Information
Segment Information (Tables)
Segment Information - Geographical Revenue, Segment Operating Loss And Total Asset Information (Details)
Significant Accounting And Reporting Policies
Significant Accounting And Reporting Policies (Policies)
Significant Accounting And Reporting Policies - Additional Information (Details)
Stockholders' Equity
Stockholders' Equity (Tables)
Stockholders' Equity - Schedule Of Changes In Warrants Activity (Details)
Stockholders' Equity - Stock Options And Rsu Activity (Details)
Stockholders' Equity - Stock-Based Compensation (Details)
Stockholders' Equity - Variables Used In Estimating Fair Value Of Stock Options (Details)
Variable Interest Entities
Variable Interest Entities (Details)

Material Contracts, Statements, Certifications & more

Xpresspa Group, Inc. provided additional information to their SEC Filing as exhibits

Ticker: XSPA
CIK: 1410428
Form Type: 10-Q Quarterly Report
Accession Number: 0001558370-22-008969
Submitted to the SEC: Mon May 16 2022 4:23:17 PM EST
Accepted by the SEC: Mon May 16 2022
Period: Thursday, March 31, 2022
Industry: Personal Services

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