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Sep 30, 2022
Planet Fitness Q3 2022 Earnings Report
Planet Fitness reported strong Q3 2022 results, marked by revenue growth, increased membership, and same-store sales growth.
Key Takeaways
Planet Fitness, Inc. reported a 58.4% increase in total revenue to $244.4 million, driven by system-wide same store sales growth of 8.2%. The company ended the quarter with over 16.6 million members. They also updated their 2022 revenue, Adjusted EBITDA, and Adjusted net income growth expectations.
Total revenue increased by 58.4% to $244.4 million.
System-wide same store sales increased by 8.2%.
Net income attributable to Planet Fitness, Inc. was $26.9 million, or $0.32 per diluted share.
Adjusted EBITDA increased to $93.9 million from $61.7 million in the prior year period.
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
For the year ending December 31, 2022, the Company is reiterating and updating the following expectations, which includes the impact from the Sunshine Acquisition and assumes 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
- Revenue to increase in the high-50 percent range
- Adjusted EBITDA to increase approximately 60 percent
- Adjusted net income to increase in the low-100 percent range
- Adjusted earnings per share to increase in the mid-90 percent range, based on Adjusted diluted shares outstanding of approximately 90.5 million, inclusive of the issuance of equity as part of the Sunshine Acquisition and share repurchases through the third quarter.
- Continue to expect system-wide same store sales growth in the low double-digit percentage range.
Challenges Ahead
- New equipment placements of approximately 150 to 160 in franchisee-owned locations reflecting a worsening of the HVAC supply chain issue
- Assumes there is no significant worsening of the COVID-19 pandemic that seriously impacts performance
- Assumes no prolonged store closures
- Assumes no other mandated operational restrictions
- Net interest expense to be approximately $86 million