Planet Fitness (PLNT) Q4 2024 earnings summary

Executive summary

• 2024 marked a year of transition with new leadership, 150 new clubs opened, and membership rising by 1 million to 19.7 million.

• System-wide same club sales grew 5.5% in Q4 and 5.0% for the year; total revenue for 2024 rose 10.3% to $1.2 billion.

• Adjusted EBITDA for 2024 increased 12% to $487.7 million; Q4 adjusted EBITDA rose 14.4%.

• Net income for 2024 was $172.0 million, or $2.00 per diluted share; adjusted net income was $223.8 million, or $2.59 per share.

• Strategic imperatives include brand redefinition, member experience, product optimization, and accelerating club openings.

Financial highlights

• Q4 2024 revenue was $340.5M, up 19.4% year-over-year; full-year revenue reached $1.2B.

• Q4 adjusted EBITDA was $130.8M (38.4% margin); full-year adjusted EBITDA margin was 41.3%.

• Q4 net income was $47.6M; adjusted net income was $59.7M, or $0.70 per diluted share.

• Ended 2024 with $529.5M in cash and marketable securities; net debt at year-end was $1.88B.

• Cash flows from operating activities for 2024 totaled $343.9M.

Outlook and guidance

• 2025 guidance: 160-170 new club openings, 130-140 new franchise club equipment placements.

• System-wide same club sales growth expected at 5%-6%, revenue and adjusted EBITDA to grow ~10%, adjusted net income up 8%-9%, and adjusted EPS up 11%-12%.

• CapEx expected to rise ~25% in 2025, mainly for additional corporate-owned clubs.

• Margin rate for equipment segment expected at 28%-29%.