BRITISH SWIM SCHOOL

Data Based On: 119 U.S. outlets open and operating for at least nine months in 2024, for which income statement information was provided.

* All primary financial metrics (average gross revenue, median gross revenue, average gross profit, average net profit, average EBITDA, and best guess profit ranges) are extracted from 'Table 4. January 1, 2024 – December 31, 2024 Income Statement Performance' on page 4. This table is based on 119 U.S. outlets operating for at least nine months in 2024. - `average_gross_revenue`: Taken directly from 'Gross Revenue' Average in Table 4. - `median_gross_revenue`: Taken directly from 'Gross Revenue' Median in Table 4. - `average_gross_profit`: Taken directly from 'Gross Profit' Average in Table 4. (Gross Revenue - Total Cost of Sales = $461,195 - $240,909 = $220,286, which matches). - `average_net_profit`: Taken from 'Net Operating Income' Average in Table 4. Note 9 on page 5 clarifies 'Net Operating Income is calculated before owner's compensation.' - `average_ebitda`: Taken from 'Net Operating Income' Average in Table 4. Note 10 on page 5 states that aggregated franchise owner financial expenses (such as interest, amortization, and depreciation) are 'not included in the line items presented above'. This indicates that Net Operating Income is effectively EBITDA. - `ebitda_margin_pct`: Calculated as `average_ebitda` / `average_gross_revenue` = $120,005 / $461,195 = 0.2602. - `best_guess_profit_low`: Taken from 'Net Operating Income' Low in Table 4, which is $8,809. - `best_guess_profit_high`: Taken from 'Net Operating Income' High in Table 4, which is $732,455. `revenue_top_quartile` and `revenue_bottom_quartile` are not provided for the 119-outlet sample.