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Jun 30, 2024
Planet Fitness Q2 2024 Earnings Report
Planet Fitness reported an increase in total revenue and system-wide same store sales. Net income and Adjusted EBITDA also increased compared to the prior year period.
Key Takeaways
Planet Fitness reported a 5.1% increase in total revenue to $300.9 million and a 4.2% increase in system-wide same store sales. Net income attributable to Planet Fitness, Inc. was $48.6 million, or $0.56 per diluted share, while Adjusted EBITDA increased to $127.5 million.
Total revenue increased by 5.1% to $300.9 million.
System-wide same store sales increased by 4.2%.
Net income attributable to Planet Fitness, Inc. was $48.6 million, or $0.56 per diluted share.
Adjusted EBITDA increased to $127.5 million.
Planet Fitness
Planet Fitness
Planet Fitness Revenue by Segment
Revenue by Segment
Franchise Segment Revenue
CapyFin.comCorporate-owned Clubs Segment Revenue
CapyFin.comEquipment Segment Revenue
CapyFin.com Forward Guidance
The Company is reiterating the following growth expectations over its 2023 results: System-wide same store sales in the 3% to 5% percentage range,Revenue to increase in the 4% to 6% range, Adjusted EBITDA to increase in the 7% to 9% range, Adjusted net income to increase in the 4% to 6% range, Adjusted net income per share, diluted to increase in the 7% to 9% range, based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million, inclusive of the shares expected to be repurchased as part of the ASR Agreement.
Positive Outlook
- New equipment placements of approximately 120 to 130 in franchisee-owned locations
- System-wide new store openings of approximately 140 to 150 locations
- System-wide same store sales in the 3% to 5% percentage range
- Revenue to increase in the 4% to 6% range
- Adjusted EBITDA to increase in the 7% to 9% range
Challenges Ahead
- Net interest expense to be approximately $75.0 million
- Capital expenditures to increase approximately 25%
- Depreciation and amortization to increase in the 11% to 12% range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income