SPENGA

Data Based On: Financial performance data is presented for 44 franchised studios and 1 affiliate-owned studio for the 2025 calendar year. Data for specific revenue streams for franchised studios are based on subsets of 44, 38, and 17 studios respectively. Comprehensive NCI and expense data is provided only for the single affiliate studio.

* The document provides financial performance representations for 44 franchised studios and 1 affiliate studio for the 2025 calendar year. For franchised studios, the document provides average figures for specific revenue streams, including: - Part V: Package Sessions & Challenge Revenue: $27,098 (based on 44 franchised studios) - Part VI: No Show & Late Cancel Revenue: $21,424 (based on 38 franchised studios) - Part VII: Retail Revenue: $18,515 (based on 17 franchised studios) However, these averages are for different types of revenue and are based on varying subsets of the total franchised studios. The document does not provide a consolidated 'Total NCI' or 'Average Gross Revenue' figure that sums all revenue streams for a consistent group of franchised units. Summing the averages from these different populations and varying sample sizes would not accurately represent the 'average_gross_revenue' for a typical franchised unit. Therefore, average_gross_revenue, median_gross_revenue, revenue_top_quartile, and revenue_bottom_quartile for franchised studios cannot be determined from the provided data without making unsupported assumptions. Part I of the document, which details 'TOTAL NCI GENERATED BY, AS WELL AS CERTAIN COSTS AND OPERATING EXPENSES INCURRED BY,' explicitly states: 'We excluded the Franchised Studios from Part I because we did not receive operating costs and expense data from the Franchised Studios for the 2025 calendar year in the required form and format.' As no other expense data or profit/EBITDA figures are provided for franchised studios, profit metrics (average_gross_profit, average_net_income, average_net_profit, average_ebitda, ebitda_margin_pct, best_guess_profit_low, and best_guess_profit_high) cannot be calculated for franchised studios.