Planet Fitness Q3 2023 Earnings Report
Key Takeaways
Planet Fitness reported a 13.6% increase in total revenue to $277.6 million, driven by an 8.4% increase in system-wide same-store sales and the opening of 26 new stores. The company ended the quarter with over 18.5 million members. Net income attributable to Planet Fitness, Inc. was $39.1 million, or $0.46 per diluted share.
Total revenue increased by 13.6% to $277.6 million.
System-wide same store sales increased by 8.4%.
Net income attributable to Planet Fitness, Inc. was $39.1 million, or $0.46 per diluted share.
Opened 26 new Planet Fitness stores, bringing the total to 2,498.
Planet Fitness
Planet Fitness
Planet Fitness Revenue by Segment
Forward Guidance
For the year ending December 31, 2023, the Company is updating or reiterating the following expectations as compared to the Company’s 2022 results, which assumes there are no material new supply chain disruptions
Positive Outlook
- New equipment placements of between approximately 130 and 140 in franchisee-owned locations
- System-wide new store openings of between approximately 150 and 160 locations
- System-wide same store sales in the high single-digit percentage range
- Revenue to increase approximately 14%
- Adjusted EBITDA to increase approximately 18%
Challenges Ahead
- Net interest expense to be in the low $70 million range
- Capital expenditures to increase approximately 40%
- Depreciation and amortization to increase in the high-teens percentage range
Revenue & Expenses
Visualization of income flow from segment revenue to net income