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Mar 31, 2023
Planet Fitness Q1 2023 Earnings Report
Planet Fitness reported strong Q1 2023 results, driven by membership growth and same-store sales increases.
Key Takeaways
Planet Fitness announced strong first-quarter results, with total revenue increasing by 19.0% to $222.2 million. System-wide same-store sales grew by 9.9%, and the company ended the quarter with over 18.1 million members. The company repurchased $25 million in shares in the first quarter and an additional $25 million in the second quarter.
Total revenue increased by 19.0% to $222.2 million.
System-wide same store sales increased by 9.9%.
Net income attributable to Planet Fitness, Inc. was $22.7 million, or $0.27 per diluted share.
Ended first quarter with total membership of more than 18.1 million.
Revenue by Segment
Forward Guidance
The Company is reiterating the following expectations as compared to the Company’s 2022 results, which assumes there is no material resurgence of COVID-19 that causes member disruptions, whether via shutdowns or more stringent mandates that result in a significant change in membership behaviors, or any significant new supply chain disruptions:
Positive Outlook
- New equipment placements of approximately 160 in franchisee-owned locations
- System-wide same store sales in the high single-digit percentage range
- Revenue to increase in the 13% to 14% range
- Adjusted EBITDA to increase in the 17% to 18% range
- Adjusted net income to increase in the 30% to 33% range
Challenges Ahead
- Assumes there is no material resurgence of COVID-19 that causes member disruptions
- Assumes there is no shutdowns or more stringent mandates that result in a significant change in membership behaviors
- Assumes there is no any significant new supply chain disruptions
Historical Earnings Impact
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Avg. Return Before/After Earnings
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