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Dec 31, 2023
Planet Fitness Q4 2023 Earnings Report
Planet Fitness reported a slight revenue increase and a significant rise in adjusted net income for Q4 2023.
Key Takeaways
Planet Fitness announced its Q4 and year-end 2023 results, highlighting a 1.4% increase in total revenue to $285.1 million for the quarter and a 7.7% increase in system-wide same store sales. The company's adjusted EBITDA increased by 7.8% to $114.3 million. They also provided guidance for 2024, projecting revenue growth and adjusted EBITDA increase.
Total revenue increased by 1.4% to $285.1 million.
System-wide same store sales increased by 7.7%.
Adjusted EBITDA increased by 7.8% to $114.3 million.
Opened 77 new Planet Fitness stores, bringing the total to 2,575.
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, 2024, the company expects new equipment placements of approximately 120 to 130 in franchisee-owned locations, system-wide same store sales in the high single-digit percentage range, revenue to increase in the 6% to 7% range and adjusted EBITDA to increase in the 10% to 11% range.
Positive Outlook
- New equipment placements of approximately 120 to 130 in franchisee-owned locations
- System-wide same store sales in the high single-digit percentage range.
- Revenue to increase in the 6% to 7% range
- Adjusted EBITDA to increase in the 10% to 11% range
- Adjusted net income to increase in the 9% to 10% range
Challenges Ahead
- Net interest expense to be approximately $70 million.
- Capital expenditures to increase approximately 25%
- Depreciation and amortization to increase in the 11% to 12% range.
- Transition year as franchisees incorporate changes
- Material impacts from COVID-19 or other public health emergencies, or any significant new supply chain disruptions
Revenue & Expenses
Visualization of income flow from segment revenue to net income