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Planet Fitness
🇺🇸 NYSE:PLNT
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Sep 30, 2024

Planet Fitness Q3 2024 Earnings Report

Planet Fitness reported solid results with revenue growth, net income increase, and Adjusted EBITDA growth, raising the outlook for certain key financial targets.

Key Takeaways

Planet Fitness announced its Q3 2024 results, showcasing a 5.3% increase in total revenue to $292.2 million and a 10% increase in Adjusted EBITDA to $123.1 million. Net income attributable to Planet Fitness, Inc. was $42.0 million, or $0.50 per diluted share. The company also raised its outlook for 2024 revenue and Adjusted EBITDA and initiated a new $500 million share repurchase program.

Total revenue increased by 5.3% to $292.2 million.

System-wide same club sales increased by 4.3%.

Net income attributable to Planet Fitness, Inc. was $42.0 million, or $0.50 per diluted share.

Adjusted EBITDA increased by 10.0% to $123.1 million.

Total Revenue
$292M
Previous year: $278M
+5.3%
EPS
$0.64
Previous year: $0.59
+8.5%
System-Wide Same Store Sales
4.3%
Previous year: 8.4%
-48.8%
New Clubs Opened
21
Previous year: 26
-19.2%
Adjusted EBITDA
$123M
Previous year: $112M
+10.0%
Gross Profit
$247M
Previous year: $143M
+72.3%
Cash and Equivalents
$299M
Previous year: $309M
-3.3%
Free Cash Flow
$78.2M
Previous year: $70.1M
+11.5%
Total Assets
$3.05B
Previous year: $2.94B
+3.5%

Planet Fitness

Planet Fitness

Planet Fitness Revenue by Segment

Forward Guidance

For the year ending December 31, 2024, the Company is reiterating the following expectations: •New equipment placements of approximately 120 to 130 in franchisee-owned locations •System-wide new club openings of approximately 140 to 150 locations The following are the Company’s growth expectations over its 2023 results: •System-wide same club sales in the 4% to 5% percentage range (previously 3% to 5%) •Revenue to increase in the 8% to 9% range (previously 4% to 6%) •Adjusted EBITDA to increase in the 8% to 9% range (previously 7% to 9%) •Adjusted net income to increase in the 8% to 9% range (previously 4% to 6%) •Adjusted net income per share, diluted to increase in the 11% to 12% range (previously 7% to 9%), based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million, inclusive of the shares repurchased as part of the ASR Agreement.

Positive Outlook

  • System-wide same club sales in the 4% to 5% percentage range (previously 3% to 5%)
  • Revenue to increase in the 8% to 9% range (previously 4% to 6%)
  • Adjusted EBITDA to increase in the 8% to 9% range (previously 7% to 9%)
  • Adjusted net income to increase in the 8% to 9% range (previously 4% to 6%)
  • Adjusted net income per share, diluted to increase in the 11% to 12% range (previously 7% to 9%), based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million, inclusive of the shares repurchased as part of the ASR Agreement.

Revenue & Expenses

Visualization of income flow from segment revenue to net income

Company Overview

Full financial data and analysis

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