# EDGAR Filing Document

**Accession Number:** 0001788717
**File Stem:** 0001788717-23-000002
**Filing Date:** 2023-1
**Character Count:** 4900
**Document Hash:** b49b1401a27255390d5c0ae6a90c31f0
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001788717-23-000002.hdr.sgml**: 20230217

**ACCESSION NUMBER**: 0001788717-23-000002

**CONFORMED SUBMISSION TYPE**: CORRESP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20230110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** F45 Training Holdings Inc.
- **CENTRAL INDEX KEY:** 0001788717
- **STANDARD INDUSTRIAL CLASSIFICATION:** WHOLESALE-PROFESSIONAL & COMMERCIAL EQUIPMENT & SUPPLIES [5040]
- **IRS NUMBER:** 383978689
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** CORRESP

**BUSINESS ADDRESS:**
- **STREET 1:** 236 CALIFORNIA STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245
- **BUSINESS PHONE:** 8189628791

**MAIL ADDRESS:**
- **STREET 1:** 236 CALIFORNIA STREET
- **CITY:** EL SEGUNDO
- **STATE:** CA
- **ZIP:** 90245

January 10, 2023

**<u>VIA EDGAR</u>**

Ta Tanisha Meadows and Angela Lumley

Division of Corporation Finance

Office of Trade & Services

U.S. Securities and Exchange Commission

100 F Street, N.E.

Washington, D.C. 20549

**Re: Comment Letter dated December 27, 2022 regarding**

**F45 Training Holdings Inc.** 

**Form 10-K for the Fiscal Year Ended December 31, 2021** 

**Filed March 23, 2022** 

**File No. 1-40590**

Ladies and Gentlemen –

F45 Training Holdings Inc. (the "Company", "we" or "our") is in receipt of the above-captioned comment letter received from the staff of the Division of Corporation Finance (the "Staff") of the U.S. Securities and Exchange Commission (the "Commission"), with respect to the Company's Form 10-K for the fiscal year ended December 31, 2021, filed with the Commission on March 23, 2022. We have endeavored to respond fully to your comment. For your convenience, this letter is formatted to reproduce your comment in italicized text.

**<u>Form 10-K for the Fiscal Year Ended December 31, 2021</u>**

**<u>Item 1. Business</u>**

**<u>Our Competitive Strength</u>**

**<u>Predictable, Asset-Light Model Driving Rapid Growth, page 6</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.*We note you disclose the margin for Adjusted EBITDA. Please present with greater or equal prominence the comparable margin, net income/ (loss) margin, computed on a GAAP basis wherever this non-GAAP margin is presented. Refer to Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10(a) of the staff's Compliance and Disclosure Interpretations "Non-GAAP Financial Measures."*

**<u>Response</u>:** The Company acknowledges the Staff's comment and confirms that in future filings the Company will present any non-GAAP financial margin, including Adjusted EBITDA margin, along with the most directly comparable GAAP margin with equal or greater prominence, consistent with Item 10(e)(1)(i)(A) of Regulation S-K and Question 102.10(a) of the Staff's Compliance and Disclosure Interpretations "Non-GAAP Financial Measures." Specifically, the Company will present the comparable GAAP measure of Net income (loss) margin with equal or greater prominence than the non-GAAP measure of Adjusted EBITDA margin.

We appreciate the opportunity to respond to your comment. If you have further comments or questions, we stand ready to respond as quickly as possible. If you wish to contact us, you can reach Patrick Grosso, the Company's Chief Legal Officer, at (949) 322-3379 or Peter Wardle of Gibson, Dunn & Crutcher LLP at (213) 229-7242.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Very truly yours,

*<u>/s/ Ben Coates</u>*

Interim Chief Executive Officer

cc:

Patrick Grosso

Chief Legal Officer

F45 Training Holdings, Inc.

------

Peter Wardle

Gibson, Dunn & Crutcher LLP

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