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PRO-FORMA REASONABLENESS TEST
• Proposed RedZone studios are larger than aggregate of single studios, but pro-
forma revenue is 84% of aggregate. RedZone also includes boxing workouts and
has operating efficiencies of running three studios with single staff.
Orange Fitness Comp. to
Theory Cycle Bar Together Total RedZone Combined
Avg. Square Footage 3,100 2,500 1,300 6,900 7,500 109%
- Low 2,600 2,000 1,200 5,800
- High 3,600 4,000 1,400 9,000
Avg. Revenue $ 1,095,825 $ 620,705 $ 276,133 $ 1,992,663 $ 1,668,200 84%
- Low $ 138,334
- High $ 438,119
Avg. Revenue Per Square Foot $ 353 $ 248 $ 212 $ 289 $ 222 77%
- Low $ 106
- High $ 337
• TruFusion’s 10,000 sf location generates $2.3 million of revenue and $.7 of EBITDA
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