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Jun 30, 2023
Planet Fitness Q2 2023 Earnings Report
Planet Fitness reported strong Q2 2023 results, with revenue increasing by 27.6% and system-wide same store sales growing by 8.7%.
Key Takeaways
Planet Fitness, Inc. reported a strong second quarter in 2023, marked by a 27.6% increase in total revenue to $286.5 million. System-wide same store sales increased by 8.7%. The company opened 26 new Planet Fitness stores and repurchased $100 million in shares during the quarter.
Total revenue increased by 27.6% to $286.5 million.
System-wide same store sales increased by 8.7%.
Net income attributable to Planet Fitness, Inc. was $41.1 million, or $0.48 per diluted share.
Adjusted EBITDA increased to $118.9 million.
Planet Fitness
Planet Fitness
Planet Fitness Revenue by Segment
Forward Guidance
Planet Fitness updated its 2023 outlook, expecting revenue to increase approximately 12%, Adjusted EBITDA to increase approximately 17%, and Adjusted net income to increase approximately 30%.
Positive Outlook
- Revenue to increase approximately 12%.
- Adjusted EBITDA to increase approximately 17%.
- Adjusted net income to increase approximately 30%.
- Adjusted earnings per share to increase approximately 34%.
- Net interest expense to be in the low $70 million range.
Challenges Ahead
- New equipment placements of approximately 140 in franchisee-owned locations.
- System-wide new store openings of approximately 160 locations.
- Capital expenditures to increase approximately 40%.
- Depreciation and amortization to increase in the high-teens percentage range.
- System-wide same store sales in the high single-digit percentage range