Planet Fitness Inc · Q3 2024 earnings

Briefing

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

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.

Headline financials

Revenue & EPS history

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.