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Financial report summary
?Competition
YogaWorksRisks
- We have suffered a major interruption in the operation of our business as a result of emergency shutdowns of our clubs mandated by state and local governments across the United States in response to the outbreak of COVID-19. Mandatory closures and other related effects of the COVID-19 pandemic may cause a material adverse effect to our business.
- We are dependent on our Chief Executive Officer. In addition, the loss of key personnel and/or failure to attract and retain highly qualified personnel could make it more difficult for us to develop our business and enhance our financial performance.
- Our future profitability is not assured.
- We may be unable to attract and retain members, which could have a negative effect on our business.
- The level of competition in the fitness club industry could negatively impact our revenue growth and profitability.
- The success of our business depends on our ability to retain the value of our brands.
- We continue to experience revenue pressure, which may adversely affect our results or operations and cash flow from operations and we may be compelled to take additional actions which may not be successful in mitigating such effects.
- Low consumer confidence levels, increased competition and decreased spending could negatively impact our financial position and result in club closures and fixed asset and goodwill impairments.
- Any condition that causes people to refrain, or prevents people, from visiting our clubs, such as severe weather, outbreaks of pandemic or contagious diseases, or threats of terrorist attacks may adversely affect our business, operating results and financial condition.
- Our dependence on a limited number of suppliers for equipment and certain products and services could result in disruptions to our business and could adversely affect our revenues and gross profit.
- Our trademarks and trade names may be infringed, misappropriated or challenged by others.
- Use of social media may adversely impact our reputation or subject us to fines or other penalties.
- If we fail to comply with applicable privacy, security, and data laws, regulations and standards, our business could be materially and adversely affected.
- If we are unable to anticipate and satisfy consumer preferences and shifting views of health and fitness, our business may be adversely affected.
- If we are unable to identify and acquire suitable sites for new clubs, our revenue growth rate and profits may be negatively impacted.
- Acquisitions could result in operating difficulties, dilution, and other consequences that may adversely impact our business and results of operations.
- We have significant lease obligations. We are subject to risks associated with leasing substantial amounts of space, including future increases in occupancy costs and the need to generate significant cash flow to meet our lease obligations.
- We may experience prolonged periods of losses in our recently opened clubs and when we open new clubs in existing regions our comparable club revenue growth and our operating margins may be negatively impacted.
- We are subject to government regulation, and changes in these regulations could have a negative effect on our financial condition and results of operations.
- We could be subject to claims related to health or safety risks at our clubs.
- We may be exposed to other litigation from time to time that can have significant adverse effects upon us.
- Security and privacy breaches may expose us to liability and cause us to lose customers.
- Changes in legislation or requirements related to electronic fund transfer, or our failure to comply with existing or future regulations, may adversely impact our business.
- We are subject to a number of risks related to ACH, credit card and debit card payments we accept.
- Regulatory changes in the terms of credit and debit card usage, including any existing or future regulatory requirements, could have an adverse effect on our business.
- Disruptions and failures involving our information systems could cause customer dissatisfaction and adversely affect our billing and other administrative functions.
- Our growth or changes in the industry could place strains on our management, employees, information systems and internal controls, which may adversely impact our business.
- Outsourcing certain aspects of our business could result in disruption and increased costs.
- Our cash and cash equivalents are concentrated in a small number of banks.
- We may incur rising costs related to construction of new clubs and maintaining our existing clubs. If we are not able to pass these cost increases through to our members, our returns may be adversely affected.
- We may be required to remit unclaimed property to states for unused, expired personal training sessions.
- We may have exposure to additional tax liabilities.
- Substantial doubt exists as to our ability to continue as a going concern.
- We may be negatively affected by economic conditions in the U.S. and key international markets.
- Our leverage may impair our financial condition, and we may incur significant additional debt.
- The current debt under the 2013 Senior Credit Facility has a floating interest rate and an increase in interest rates may negatively impact our financial results.
- Credit market volatility may affect our ability to refinance our existing debt, borrow funds under our existing lines of credit or incur additional debt.
- Our outstanding indebtedness and the inability to renew or refinance our 2013 Senior Credit Facility could materially adversely affect our financial condition and our ability to operate our business.
- Covenant restrictions under our indebtedness may limit our ability to operate our business and, in such an event, we may not have sufficient assets to settle our indebtedness.
- Because of the capital-intensive nature of our business, we may have to incur additional indebtedness or issue new equity securities and, if we are not able to obtain additional capital, our ability to operate or expand our business may be impaired and our results of operations could be adversely affected.
- The stock ownership of certain large stockholders will likely limit your ability to influence corporate matters.
- Our stock price could be extremely volatile, and, as a result, you may not be able to resell your shares at or above the price you paid for them.
- Investor percentage ownership in us may be diluted by future issuances of capital stock, which could reduce investor influence over matters on which stockholders vote.
- Because we have no current plans to pay cash dividends on our common stock for the foreseeable future, you may not receive any return on investment unless you sell your common stock for a price greater than that which you paid for it.
Management Discussion
- (1) Other ancillary club revenue primarily consisted of Sports Clubs for Kids, Small Group Training, racquet sports and spa.
- (2) Fees and other revenue primarily consisted of rental income, marketing revenue, management fees and laundry service fees.
- Revenue increased $23.7 million, or 5.3%, for the year ended December 31, 2019 compared to the year ended December 31, 2018. Revenue at clubs opened or acquired in the last 24 months (“new clubs”) increased approximately $39.4 million. These increases were partially offset by a $7.0 million decrease in revenue at clubs closed in the last 24 months and an $8.7 million decrease at clubs operating longer than 24 months.