Exhibit 99.1

 

YogaWorks, Inc. Reports Fourth Quarter and Full Year 2017 Financial Results and Initiates Fiscal 2018 Guidance

LOS ANGELES, April 02, 2018 (GLOBE NEWSWIRE) -- 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 fourth quarter and full year ended December 31, 2017.

Rosanna McCollough, President and Chief Executive Officer of YogaWorks, stated, “We are pleased with our tremendous accomplishments in 2017, and to have once again delivered financial results that were in line with our expectation in the fourth quarter. We acquired and made great progress on integrating 13 studios during the quarter, and ended the year with 66 locations in nine regions.  During 2017, we brought our brand to the exciting new markets of Atlanta and Houston and increased our leadership position in our existing markets.  As we look ahead, we will continue to build on our momentum.  We remain committed to leveraging our robust pipeline of potential acquisitions and our unique position as the acquirer of choice within the fragmented industry, while also focusing on driving solid performance across our existing studios.”

Results for the Fourth Quarter Ended December 31, 2017

 

 

December 31, 2017

December 31, 2016

GAAP Results(1)

 

 

  Net revenue

$14.5 million

$13.2 million

  Net loss

$11.8 million

$2.7 million

 

 

 

Non-GAAP Results(2)

 

 

  Studio Count at quarter end

66

49

  Adjusted EBITDA

$(1.1) million

$71 thousand

  Adjusted free cash flows

$(227) thousand

$371 thousand

  Studio-Level free cash flows

$3.6 million

$2.8 million

  Studio-Level EBITDA

$2.7 million

$2.5 million

  Adjusted net loss

$3.5 million

$2.6 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 fourth quarter ended December 31, 2017:

 

Net revenue was $14.5 million, a 10.2% increase compared to $13.2 million in the fourth quarter of 2016. 

 

The Company acquired 13 studios during the fourth quarter for $5.6 million and ended the quarter with 66 studios in nine regional markets.

 

Adjusted EBITDA was $(1.1) million compared to adjusted EBITDA of $71,000 for the same quarter last year.

 

Adjusted net loss was $3.5 million compared to adjusted net loss of $2.6 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.

 


 

Results for the Full Year Ended December 31, 2017

 

 

December 31, 2017

December 31, 2016

GAAP Results

 

 

  Net revenue

$54.5 million

$55.1 million

  Net income loss

$23.4 million

$9.5 million

 

 

 

Non-GAAP Results(1)

 

 

  Studio Count at quarter end

66

49

  Adjusted EBITDA

$(1.2) million

$1.7 million

  Adjusted free cash flows

$60 thousand

$950 thousand

  Studio-Level free cash flows

$12.0 million

$11.6 million

  Studio-Level EBITDA

$10.7 million

$12.4 million

  Adjusted net loss

$11.7 million

$9.1 million

(1)

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 full year ended December 31, 2017:

 

Net revenue was $54.5 million, a 1.0% decrease compared to $55.1 million in 2016. 

 

The Company acquired 16 studios and opened one during fiscal 2017.

 

Adjusted EBITDA was $(1.2) million compared to adjusted EBITDA of $1.7 million last year.

 

Adjusted net loss was $11.7 million compared to adjusted net loss of $9.1 million for last year.

Balance Sheet and Cash Flow Highlights

 

Cash and cash equivalents were $22.1 million as of December 31, 2017, primarily as a result of the capital raised from the Company’s initial public offering.

 

Cash provided by operating activities was $0.6 million for the year as compared to $0.8 million in fiscal 2016.

Guidance

Guidance for the first quarter and full year fiscal 2018 excludes potential acquisitions. 

For the first quarter of 2018, the Company expects net revenue between $14.8 million and $15.3 million and adjusted EBITDA between $(1.5) million and $(1.0) million. This compares to net revenue of $14.0 million and adjusted EBITDA of $841,000 for the first quarter of 2017.     

For fiscal 2018, the Company expects net revenue between $57.0 million and $59.0 million and adjusted EBITDA between $(4.0) million and $(3.0) million. This compares to net revenue of $54.5 million and adjusted EBITDA of $(1.2) million for 2017.    

Conference Call to Discuss Fourth Quarter Results

The Company will host a conference call and webcast to discuss its financial results for the fourth quarter ended December 31, 2017, today, April 2, 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 April 16, 2018, via telephone at 1-844-512-2921 (U.S.) and 1-412-317-6671 (international) by entering the replay pin 13677308.

 


 

About YogaWorks, Inc. 

YogaWorks, Inc. is one of the largest providers of high quality yoga instruction in the U.S, with 66 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 1,000 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.
646-277-1200
IR@yogaworks.com

 


 

YogaWorks, Inc.

Condensed Consolidated Balance Sheets (Unaudited)

 

 

 

As of December 31,

 

 

 

2017

 

 

 

2016

 

Assets

 

 

 

 

Current assets

 

 

 

 

Cash and cash equivalents

 

$

  22,095,216

 

 

$

  1,912,421

 

Inventories

 

 

  1,212,608

 

 

 

  948,194

 

Prepaid expenses and other current assets

 

 

  1,145,067

 

 

 

  1,318,137

 

Total current assets

 

 

  24,452,891

 

 

 

  4,178,752

 

Property and equipment, net

 

 

  10,418,203

 

 

 

  8,552,674

 

Intangible assets, net

 

 

  22,142,275

 

 

 

  25,654,823

 

Goodwill

 

 

  12,768,773

 

 

 

  17,746,570

 

Other non-current assets

 

 

  1,224,179

 

 

 

  1,015,079

 

Total assets

 

$

  71,006,321

 

 

$

  57,147,898

 

 

 

 

 

 

Liabilities, Redeemable Preferred Stock and Stockholders’ Equity (Deficit)

 

 

 

 

Current liabilities

 

 

 

 

Accounts payable and accrued expenses

 

$

  3,794,569

 

 

$

  1,162,675

 

Accrued compensation

 

 

  1,947,134

 

 

 

  1,504,034

 

Current portion of long-term debt, net of debt issuance costs

 

 

  —

 

 

 

  418,750

 

Deferred revenue

 

 

  7,187,948

 

 

 

  4,593,076

 

Current portion of deferred rent

 

 

  122,607

 

 

 

  192,569

 

Total current liabilities

 

 

  13,052,258

 

 

 

  7,871,104

 

Deferred rent, net of current portion

 

 

  3,418,886

 

 

 

  2,471,734

 

Deferred tax liability

 

 

  —

 

 

 

  59,536

 

Convertible note due to related party

 

 

  —

 

 

 

  11,634,592

 

Long-term debt, net of current portion and debt issuance costs

 

 

  —

 

 

 

  6,350,320

 

Total liabilities

 

 

  16,471,144

 

 

 

  28,387,286

 

Redeemable preferred stock, nil as of December 31, 2017;
  $0.001 par value; 10,000 shares authorized, issued and outstanding at
  December 31, 2016; Liquidation Preference of $61,392,824 at
  December 31, 2016 

 

 

  —

 

 

 

  61,392,824

 

 

 

 

 

 

Stockholders’ equity (deficit)

 

 

 

 

Common stock $0.001 par value; 50,000,000 shares authorized
  and 16,435,505 issued and 16,332,510 outstanding at December 31, 2017
  and 100,000 shares authorized and 74,559 shares issued and
  outstanding at December 31, 2016 

 

 

  16,333

 

 

 

  75

 

Additional paid-in capital

 

 

  111,650,415

 

 

 

  67,187

 

Accumulated deficit

 

 

  (57,131,571

)

 

 

  (32,699,474

)

Total stockholders’ equity (deficit)

 

 

  54,535,177

 

 

 

  (32,632,212

)

Total liabilities, redeemable preferred stock, and stockholders’ equity (deficit)

 

$

  71,006,321

 

 

$

  57,147,898

 

 


 

YogaWorks, Inc.

Condensed Consolidated Statements of Operations (Unaudited)

 

 

 

Year Ended December 31,

 

Quarter Ended December 31,

 

 

 

2017

 

 

 

2016

 

 

 

2017

 

 

 

2016

 

Net revenues

 

$

  54,513,945

 

 

$

  55,090,208

 

 

$

  14,511,912

 

 

$

  13,173,783

 

Cost of revenues and operating expenses

 

 

 

 

 

 

 

 

Cost of revenues

 

 

  20,558,001

 

 

 

  20,535,177

 

 

 

  5,470,288

 

 

 

  4,989,566

 

Center operations

 

 

  23,476,691

 

 

 

  22,469,539

 

 

 

  6,473,833

 

 

 

  5,639,404

 

General and administrative expenses

 

 

  16,026,758

 

 

 

  11,066,545

 

 

 

  4,365,042

 

 

 

  2,591,097

 

Depreciation and amortization

 

 

  8,896,002

 

 

 

  8,893,093

 

 

 

  2,365,413

 

 

 

  2,235,532

 

Goodwill impairment

 

 

  7,488,399

 

 

 

  —

 

 

 

  7,488,399

 

 

 

  —

 

Asset impairment

 

 

  206,543

 

 

 

  —

 

 

 

  206,543

 

 

 

  —

 

Total cost of revenues and operating expenses

 

 

  76,652,394

 

 

 

  62,964,354

 

 

 

  26,369,518

 

 

 

  15,455,599

 

Loss from operations

 

 

  (22,138,449

)

 

 

  (7,874,146

)

 

 

  (11,857,606

)

 

 

  (2,281,816

)

Interest expense, net

 

 

  1,343,445

 

 

 

  1,587,084

 

 

 

  —

 

 

 

  407,137

 

Net loss before (benefit from) provision for income taxes

 

 

  (23,481,894

)

 

 

  (9,461,230

)

 

 

  (11,857,606

)

 

 

  (2,688,953

)

(Benefit from) provision for income taxes

 

 

  (45,540

)

 

 

  43,292

 

 

 

  (76,614

)

 

 

  14,903

 

Net loss

 

 

  (23,436,354

)

 

 

  (9,504,522

)

 

 

  (11,780,992

)

 

 

  (2,703,856

)

 


 

YogaWorks, Inc.

Condensed Consolidated Statements of Cash Flows (Unaudited)

 

 

 

Year Ended December 31,

 

 

 

2017

 

 

 

2016

 

Cash flows from operating activities

 

 

 

 

Net loss

 

$

  (23,436,354

)

 

$

  (9,504,522

)

Adjustments to reconcile net loss to net cash provided by
  operating activities:

 

 

 

 

Depreciation and amortization

 

 

  8,896,002

 

 

 

  8,893,093

 

Goodwill impairment

 

 

  7,488,399

 

 

 

  —

 

Asset impairment

 

 

  206,543

 

 

 

  —

 

Deferred tax

 

 

  (59,536

)

 

 

  36,508

 

Paid-in-kind interest expense capitalized to convertible note

 

 

  291,585

 

 

 

  906,825

 

Change in value of beneficial conversion feature

 

 

  147,877

 

 

 

  —

 

Amortization of debt issuance cost

 

 

  69,164

 

 

 

  111,922

 

Debt issuance cost written-off

 

 

  318,016

 

 

 

  —

 

Stock-based compensation expense

 

 

  2,582,783

 

 

 

  23,443

 

Changes in operating assets and liabilities, net of effects from acquisitions:

 

 

 

 

Tenant improvement allowances received

 

 

  625,000

 

 

 

  1,558,576

 

Inventories

 

 

  (221,414

)

 

 

  167,508

 

Prepaid expenses and other current assets

 

 

173,070

 

 

 

  (923,305

)

Other non-current assets

 

 

  (76,100

)

 

 

  (49,293

)

Accounts payable and accrued expenses

 

 

1,508,382

 

 

 

  (376,810

)

Accrued compensation

 

 

  443,100

 

 

 

  291,889

 

Deferred revenue

 

 

1,405,872

 

 

 

  (649,881

)

Deferred rent and other non-current liabilities

 

 

  252,190

 

 

 

  276,217

 

Net cash provided by operating activities

 

 

  614,579

 

 

 

  762,170

 

Cash flows from investing activities

 

 

 

 

Purchase of property, equipment, and intangible assets

 

 

  (1,834,526

)

 

 

  (2,096,481

)

Cash paid for acquisitions, net of earnouts

 

 

  (5,995,090

)

 

 

  —

 

Net cash used in investing activities

 

 

  (7,829,616

)

 

 

  (2,096,481

)

Cash flows from financing activities

 

 

 

 

Principal payment on term loans

 

 

  (6,956,250

)

 

 

  (543,750

)

Principal payment on convertible note

 

 

  (3,300,403

)

 

 

  —

 

Principal payment on subordinated notes

 

 

  (200,000

)

 

 

  —

 

Repurchase of shares to satisfy tax withholding

 

 

  (428,803

)

 

 

  —

 

Proceeds from issuance of common stock, net of underwriting discounts and
  offering costs

 

 

  35,083,288

 

 

 

  17,877

 

Proceeds from issuance of convertible note

 

 

  3,200,000

 

 

 

  —

 

Net cash provided by (used in) financing activities

 

 

  27,397,832

 

 

 

  (525,873

)

Increase (decrease) in cash and cash equivalents

 

 

  20,182,795

 

 

 

  (1,860,184

)

Cash and cash equivalents, beginning of period

 

 

  1,912,421

 

 

 

  3,772,605

 

Cash and cash equivalents, end of period

 

$

  22,095,216

 

 

$

  1,912,421

 

 


 

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:

 

 

 

Year Ended December 31,

 

 

Quarter Ended, December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss 

 

$

  (23,436

)

 

$

  (9,504

)

 

$

  (11,781

)

 

$

  (2,704

)

Interest expense, net

 

 

  1,343

 

 

 

  1,587

 

 

 

  —

 

 

 

  407

 

(Benefit from) provision for income taxes 

 

 

  (46

)

 

 

  43

 

 

 

  (77

)

 

 

  14

 

Depreciation and amortization

 

 

  8,896

 

 

 

  8,893

 

 

 

  2,365

 

 

 

  2,235

 

Goodwill impairment

 

 

  7,488

 

 

 

  —

 

 

 

  7,488

 

 

 

  —

 

Asset impairment

 

 

  207

 

 

 

  —

 

 

 

  207

 

 

 

  —

 

Deferred rent(a)

 

 

  252

 

 

 

  276

 

 

 

  158

 

 

 

  (32

)

Stock-based compensation(b)

 

 

  2,583

 

 

 

  23

 

 

 

  464

 

 

 

  2

 

Legal settlement(c)

 

 

  902

 

 

 

  —

 

 

 

  —

 

 

 

  —

 

Severance(d) 

 

 

  87

 

 

 

  225

 

 

 

  —

 

 

 

  124

 

Executive recruiting(e) 

 

 

  131

 

 

 

  56

 

 

 

  52

 

 

 

  —

 

Professional fees(f) 

 

 

  308

 

 

 

  —

 

 

 

  55

 

 

 

  —

 

Great Hill Partners expense reimbursement fees(g)

 

 

  75

 

 

 

  100

 

 

 

  —

 

 

 

  25

 

Adjusted EBITDA 

 

 

  (1,210

)

 

 

  1,699

 

 

 

  (1,069

)

 

 

  71

 

Change in deferred revenue(h)

 

 

  1,270

 

 

 

  (749

)

 

 

  842

 

 

 

  300

 

Adjusted free cash flow

 

 

  60

 

 

 

  950

 

 

 

  (227

)

 

 

  371

 

Other general and administrative expenses(i) 

 

 

  11,941

 

 

 

  10,674

 

 

 

  3,795

 

 

 

  2,446

 

Studio-Level free cash flow 

 

 

  12,001

 

 

 

  11,624

 

 

 

  3,568

 

 

 

  2,817

 

Change in deferred revenue(h)

 

 

  (1,270

)

 

 

  749

 

 

 

  (842

)

 

 

  (300

)

Studio-Level EBITDA 

 

$

  10,731

 

 

$

  12,373

 

 

$

  2,726

 

 

$

  2,517

 

 

(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 expense primarily related to the Wage Statement Claim with the state of California.

(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 management team.

(f)

Professional fees related to accounting, tax and consulting services that were expensed in connection with our IPO and acquisitions.

(g)

Represents expense reimbursement fees incurred in connection with our Expense Reimbursement Agreement with affiliates of Great Hill Equity Partners V, L.P. and Great Hill Investors, LLC (collectively, “Great Hill Partners”), which was terminated upon completion of our IPO.

(h)

Represents change in deferred revenue that is reflected in the consolidated statements of operations, excluding the change in gift card liabilities.(i) 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:

 

 

 

Year Ended December 31,

 

 

Quarter Ended, December 31,

 

 

 

2017

 

 

2016

 

 

2017

 

 

2016

 

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss 

 

$

(23,436

)

 

$

  (9,504

)

 

$

  (11,781

)

 

$

  (2,704

)

Goodwill impairment

 

 

7,488

 

 

 

  —

 

 

 

  7,488

 

 

 

  —

 

Asset impairment

 

 

  207

 

 

 

  —

 

 

 

  207

 

 

 

  —

 

Stock-based compensation(a)

 

 

  2,583

 

 

 

  23

 

 

 

  464

 

 

 

  2

 

Legal settlement(b)

 

 

  902

 

 

 

  —

 

 

 

  —

 

 

 

  —

 

Severance(c) 

 

 

  87

 

 

 

  225

 

 

 

  —

 

 

 

  124

 

Executive recruiting(d) 

 

 

  131

 

 

 

  56

 

 

 

  52

 

 

 

  —

 

Professional fees(e) 

 

 

  308

 

 

 

  —

 

 

 

  55

 

 

 

  —

 

Great Hill Partners expense reimbursement fees(f)

 

 

  75

 

 

 

  100

 

 

 

  —

 

 

 

  25

 

Adjusted net loss

 

$

  (11,655

)

 

$

  (9,100

)

 

$

  (3,515

)

 

$

  (2,553

)

 

(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 expense primarily related to the Wage Statement Claim with the state of California.

(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 management team.

(e)

Professional fees related to accounting, tax and consulting services that were expensed in connection with our IPO and 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.

 

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