NYSE$PLNT
Planet Fitness Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Planet Fitness reported mixed Q1 2024 results, with revenue growth offset by lowered full-year outlook due to several headwinds.
Planet Fitness announced its Q1 2024 results, revealing a revenue increase of 11.6% to $248.0 million. System-wide same store sales grew by 6.2%. The company is lowering its outlook for the full year due to headwinds including a shift in consumer focus to savings, concerns over increased COVID infections, and a national advertising campaign that did not resonate as anticipated.
- Total revenue increased by 11.6% year-over-year to $248.0 million.
- System-wide same store sales increased by 6.2%.
- Net income attributable to Planet Fitness, Inc. was $34.3 million, or $0.39 per diluted share.
- The company opened 25 new Planet Fitness stores system-wide, including 23 franchisee-owned and 2 corporate-owned stores.
Headline financials
Revenue & EPS history
Planet Fitness · Revenue · Quarterly
$248M
Revenue by segment
Planet Fitness · $278M total across 3 segments · Q3 2023
- Corporate-Owned Clubs$113M+11.7%40.8%
- Franchise Segment$98.2M+21.7%35.4%
- Equipment Segment$66.1M+6.1%23.8%
Forward guidance
For the year ending December 31, 2024, the Company is updating or reiterating the following expectations: •It continues to expect new equipment placements of approximately 120 to 130 in franchisee-owned locations •It continues to expect system-wide new store openings of approximately 140 to 150 locations •It now expects system-wide same store sales in the 3% to 5% percentage range (previously it expected 5% to 6%) The following are 2024 growth expectations over the Company’s 2023 results: •It now expects revenue to increase in the 4% to 6% range (previously it expected 6% to 7%) •It now expects adjusted EBITDA to increase in the 7% to 9% range (previously it expected 10% to 11%) •It now expects adjusted net income to increase in the 6% to 8% range (previously it expected 9% to 10%) •It now expects adjusted net income per share, diluted to increase in the 7% to 9% range (previously it expected 10% to 11%), based on adjusted diluted weighted-average shares outstanding of approximately 88.0 million, inclusive of one million shares repurchased in 2024. The Company continues to expect 2024 net interest expense to be approximately $70.0 million. It also expects capital expenditures to increase approximately 25% driven by additional stores in our corporate-owned portfolio and depreciation and amortization to increase in the 11% to 12% range.
Tailwinds
- Expects new equipment placements of approximately 120 to 130 in franchisee-owned locations.
- Expects system-wide new store openings of approximately 140 to 150 locations.
- Revenue to increase in the 4% to 6% range.
- Adjusted EBITDA to increase in the 7% to 9% range.
- Adjusted net income per share, diluted to increase in the 7% to 9% range.
Headwinds
- Expects system-wide same store sales in the 3% to 5% percentage range (previously it expected 5% to 6%).
- Revenue to increase in the 4% to 6% range (previously it expected 6% to 7%).
- Adjusted EBITDA to increase in the 7% to 9% range (previously it expected 10% to 11%).
- Adjusted net income to increase in the 6% to 8% range (previously it expected 9% to 10%).
- Capital expenditures to increase approximately 25% driven by additional stores in our corporate-owned portfolio and depreciation and amortization to increase in the 11% to 12% range.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q1 2024
+1.6%
Avg return
Earnings day
+2.5%
Avg return
5 days after
+3.4%
Avg return
30 days after
56%
24 / 43 earnings
Positive
+18.0%
Q3 2018
Best reaction
-32.5%
Q1 2026
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -32.5% | -22.7% | -20.8% | |
| Q4 2025 | -7.6% | -9.5% | -16.9% | |
| Q3 2025 | +12.6% | +15.4% | +21.1% | |
| Q1 2025 | -4.7% | -7.8% | +3.8% | |
| Q4 2024 | -9.2% | -6.7% | -0.1% | |
| Q3 2024 | +12.6% | +11.9% | +18.0% | |
| Q2 2024 | +5.2% | +9.8% | +13.5% | |
| Q1 2024 | +5.0% | +6.4% | +10.1% | |
| Q4 2023 | -3.3% | -3.6% | -9.0% | |
| Q3 2023 | +11.6% | +16.3% | +23.3% | |
| Q2 2023 | -7.2% | -7.2% | -6.9% | |
| Q1 2023 | -14.7% | -13.8% | -21.9% | |
| Q4 2022 | +1.9% | +2.5% | -5.9% | |
| Q3 2022 | +11.3% | +15.5% | +24.4% | |
| Q2 2022 | -4.9% | -5.4% | -13.9% | |
| Q1 2022 | +1.5% | +5.2% | +2.1% | |
| Q4 2021 | -4.0% | -4.8% | -4.6% | |
| Q3 2021 | +15.9% | +14.4% | -2.4% | |
| Q2 2021 | -0.7% | -0.7% | +1.9% | |
| Q1 2021 | -5.2% | -5.2% | -7.4% | |
| Q4 2020 | -0.3% | +6.7% | -0.5% | |
| Q3 2020 | +1.1% | +9.9% | +13.0% | |
| Q2 2020 | -1.5% | +0.4% | +20.7% | |
| Q1 2020 | +5.2% | +4.8% | +28.0% | |
| Q4 2019 | -10.1% | -19.9% | -37.8% | |
| Q3 2019 | +11.2% | +13.8% | +21.0% | |
| Q2 2019 | -3.3% | -1.3% | -12.8% | |
| Q1 2019 | -3.6% | -1.6% | +1.4% | |
| Q4 2018 | +3.1% | +7.8% | +19.9% | |
| Q3 2018 | +18.0% | +16.8% | +19.4% | |
| Q2 2018 | +7.6% | +9.1% | +4.3% | |
| Q1 2018 | -6.7% | -2.3% | +3.3% | |
| Q4 2017 | +9.2% | +9.7% | +12.0% | |
| Q3 2017 | +12.1% | +12.4% | +20.5% | |
| Q2 2017 | +8.3% | +4.6% | +7.3% | |
| Q1 2017 | -1.3% | +0.6% | +6.1% | |
| Q4 2016 | -1.6% | -1.6% | -10.4% | |
| Q3 2016 | +9.6% | +8.3% | +10.4% | |
| Q2 2016 | +10.9% | +9.7% | -0.3% | |
| Q1 2016 | +3.6% | — | — | |
| Q4 2015 | +6.1% | — | — | |
| Q3 2015 | +6.2% | — | — | |
| Q2 2015 | +2.0% | — | — | |
| Q4 2014 | — | — | — | |
| Q3 2014 | — | — | — | |
| Q2 2014 | — | — | — | |
| Q1 2014 | — | — | — |
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