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“We are taking the necessary steps to right-size our business in light of shifting macroeconomic and business conditions,” said Chris Payne, CFO of F45. Following these reductions, the Company expects SG&A expenses to be approximately $15 million to $20 million per quarter, which is approximately 40% to 50% less than SG&A expenses during the first quarter of 2022. This includes reducing operational expenses and strategically streamlining corporate functions, including reducing global workforce by approximately 110 employees. As a result of this review, the Company is realigning its corporate operations around an updated growth outlook that prioritizes profitability and cash flow generation. Overall, our momentum remains strong across our performance metrics.īut after Tuesday's market close, the company dropped the bomb:Īmid ongoing macroeconomic uncertainty, F45 initiated a comprehensive review of its strategic and financial priorities in order to best position the Company to succeed and grow sustainably over the long term. Our key performance metrics are trending at or above pre-pandemic levels and we are encouraged by the unprecedented demand from our franchise partners and members around the world. I am pleased to report that our business is firing on all cylinders. On the Q1 call, founder, President, CEO, Chairman and largest shareholder Adam Gilchrist couldn't be more enthusiastic about the company's prospects: The stock never gained much traction with investors and after a less-than-stellar fourth quarter conference call in March, shares have experienced persistent selling pressure.įollowing the company's first quarter results and conference call in May, analysts reduced price targets across the board after management announced a number of significant business model changes, including third-party franchise financing agreements. Just twelve months ago, Mark Wahlberg-backed fitness franchisor F45 Training Holdings ( NYSE: FXLV) or "F45" went public on the NYSE at $16 per common share, thus raising almost $280 million in net proceeds.
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