Planet Fitness Q2 2021 Earnings Report
Key Takeaways
Planet Fitness, Inc. reported a strong second quarter in 2021, with a 241.1% increase in total revenue to $137.3 million. The company achieved a net income of $14.0 million, a significant turnaround from the previous year's net loss of $29.2 million. The adjusted EBITDA also saw a substantial increase, reaching $55.6 million. The company opened 24 new stores, bringing the total to 2,170, and ended the quarter with over 14.8 million members.
Total revenue increased by 241.1% to $137.3 million compared to the prior year period.
Net income attributable to Planet Fitness, Inc. was $14.0 million, or $0.17 per diluted share, compared to a loss of $29.2 million in the prior year period.
Adjusted EBITDA increased by $64.8 million to $55.6 million from a loss of $9.3 million in the prior year period.
Opened 24 new Planet Fitness stores, bringing the system-wide total to 2,170 as of June 30, 2021.
Planet Fitness
Planet Fitness
Planet Fitness Revenue by Segment
Forward Guidance
For the year ending December 31, 2021, the Company expects to be at the high-end of its 75 to 100 new store opening range, full-year revenue will be between $530 million and $540 million, Adjusted EBITDA will be between $200 million and $210 million and Adjusted net income per share, diluted, will be between $0.65 and $0.70, assuming there is no significant worsening of the COVID-19 pandemic that seriously impacts performance, including prolonged store closures or other mandated operational restrictions.
Positive Outlook
- To be at the high-end of its 75 to 100 new store opening range
- Full-year revenue will be between $530 million and $540 million
- Selling, General & Administrative expenses will be in the low $90 million dollar range
- Adjusted EBITDA will be between $200 million and $210 million
- Adjusted net income per share, diluted, will be between $0.65 and $0.70
Challenges Ahead
- Guidance assumes there is no significant worsening of the COVID-19 pandemic
- Prolonged store closures could impact performance
- Mandated operational restrictions could impact performance
- Unspecified items that will be included in our net income and net income per share for the year ending December 31, 2021 could have a material impact
- These items are uncertain and depend on many factors