YogaWorks, Inc. Reports Un-Audited Consolidated Earnings Results for the Third Quarter and Nine Months Ended September 30, 2018; Reports Goodwill and Asset Impairment for the Third Quarter Ended September 30, 2018; Provides Earnings Guidance for the Fiscal Year 2018
For the period, the company reported net revenue of $45,550,867 compared to $40,002,033 for the same period last year. Loss from operations was $24,587,179 compared to $10,280,843 for the same period last year. Net loss before provision for income taxes was $24,490,293 compared to $11,624,288 for the same period last year. Net loss attributable to common stockholders was $24,510,873 compared to $12,651,105 for the same period last year. Net cash used in operating activities was $6,373,604 compared net cash provided by operating activities of $1,655,896 for the same period last year. Purchases of property, equipment, and intangible assets was $1,079,543 compared to $958,602 for the same period last year. Adjusted LBITDA was $4,200,000 compared to $141,000 for the same period last year. Adjusted net loss was $10,667,000 compared to $8,140,000 for the same period last year. Adjusted free cash outflow was $5,236,000 against adjusted free cash flow of $443,000 a year ago.
For the third quarter, the company reported goodwill impairment of $5,550,000 and asset impairment of $4,118,939.
For fiscal year 2018, the company continues to expect net revenue between $59 million and $60 million and adjusted LBITDA between $6.95 million and $5.95 million.