Exhibit 99.1

YOGAWORKS, INC. REPORTS SECOND QUARTER 2017 FINANCIAL RESULTS

LOS ANGELES, September 21, 2017 –

YogaWorks, Inc. (the “Company”), one of the largest providers of high quality yoga instruction in the U.S., today announced financial results for the second quarter ended June 30, 2017.

Rosanna McCollough, President and Chief Executive Officer of YogaWorks, stated, “Our second quarter results were in line with our expectations and we remain pleased with the progress in our business. Following our IPO, we have the capital in place and are well positioned, as the acquirer of choice within the large and highly fragmented yoga industry, to execute our growth plan of acquiring premier studios. In August, we completed the acquisition of two studios: our first in Virginia, in the city of Arlington, and one in the Dupont Circle neighborhood of Washington, D.C., extending our footprint in the D.C. area while leveraging our regional infrastructure.”

Ms. McCollough continued, “As we look ahead, we plan to drive growth primarily through acquisitions and have letters of intent signed to add 15 studios to our family. In addition, we remain focused on driving solid performance across our studio base through national and local marketing, localized programming, best-in-class teacher trainings and workshops as well as our online offering. We look forward to growing our business while helping people reach their personal goals of physical and mental well-being.”  

Results for the Second Quarter Ended June 30, 2017

 

 

June 30, 2017

June 30, 2016

GAAP Results

 

 

  Net revenue

$12.5 million

$13.3 million

  Net loss

$4.4 million

$2.8 million

 

 

 

Non-GAAP Results(1)

 

 

  Adjusted EBITDA

$(551,000)

$(46,000)

  Studio-Level EBITDA

$2.2 million

$2.6 million

  Adjusted net loss

$3.1 million

$2.7 million

 

 

(1)

Adjusted EBITDA, Studio-Level EBITDA and Adjusted net loss are non-U.S. generally accepted accounting principles (“GAAP”) measures. For reconciliations to GAAP net loss, see "Reconciliations of Non-GAAP Financial Measures" accompanying this press release.

Net revenue was $12.5 million for the second quarter of 2017, a 6.3% decrease compared to $13.3 million for the second quarter of 2016. The decrease was primarily due to a larger portion of sales being classified as deferred revenue which will be recognized as net revenue in future periods.  The increase in deferred revenue in the second quarter as compared to the same period last year was principally the result of a sales mix shift from monthly memberships toward class packages which were offered at all of our studios as of July 2016.  The Company believes that offering class packages allows it to broaden the student base over time and better serve students overall.

The Company ended the quarter with 50 studios in six regional markets with one closure and one opening since the quarter ended 2016.

Total cost of revenue and operating expenses for the quarter increased 5.6% to $16.7 million compared to $15.8 million for the second quarter of last year. This increase was primarily due to a $0.9 million accrual for a legal settlement.

Adjusted EBITDA was $(551,000) for the second quarter of 2017 compared to Adjusted EBITDA of $(46,000) for the same quarter last year. Adjusted net loss for the second quarter of 2017 was $3.1 million compared to Adjusted net loss of $2.7 million for the same period last year.  For a reconciliation of GAAP net loss to Adjusted EBITDA and GAAP net loss to Adjusted net loss, please see “Reconciliations of Non-GAAP Financial Measures” accompanying this press release.


The following information was filed by Yogaworks, Inc. (YOGA) on Thursday, September 21, 2017 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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