Planet Fitness Q4 2023 Earnings Report
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
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