Planet Fitness(US:PLNT)2025-05-09 20:16Membership and Club Operations - As of March 31, 2025, Planet Fitness had approximately 20.6 million members and operated 2,741 clubs, with 2,461 being franchised and 280 corporate-owned[108]. - Planet Fitness had contractual commitments to open approximately 900 new clubs as of March 31, 2025[108]. - The number of new franchisee-owned clubs opened in the first quarter of 2025 was 16, while corporate-owned clubs added 3 new locations[114]. Financial Performance - Total revenue for the three months ended March 31, 2025, was $276.7 million, a 11.6% increase from $248.0 million in the same period of 2024[112]. - Adjusted EBITDA for the same period was $117.0 million, up 10.6% from $106.3 million in 2024[112]. - Adjusted net income for the three months ended March 31, 2025, was $42.1 million, compared to $35.0 million in 2024, indicating a growth of 20.5%[125]. - Total revenue for the three months ended March 31, 2025, was $276.7 million, an increase of $28.6 million, or 11.5%, compared to $248.0 million for the same period in 2024[131]. - Adjusted net income for the three months ended March 31, 2025, was $50.0 million, compared to $47.3 million in 2024, representing an increase of 5.0%[127]. - Adjusted net income per share, diluted, was $0.59 for the three months ended March 31, 2025, compared to $0.53 in 2024, reflecting a 11.3% increase[127]. Revenue Segments - Franchise segment revenue increased to $115.2 million, a 10.5% rise from $104.0 million in 2024[112]. - Corporate-owned clubs segment revenue rose to $133.7 million, compared to $122.4 million in the previous year, marking an 9.5% increase[112]. - Equipment segment revenue rose to $27.8 million for the three months ended March 31, 2025, an increase of $6.2 million, or 28.7%, compared to $21.6 million in 2024[135]. - National advertising fund revenue was $21.9 million for the three months ended March 31, 2025, an increase of $2.2 million, or 10.9%, compared to $19.8 million in 2024[133]. Expenses and Costs - Cost of revenue increased to $22.5 million for the three months ended March 31, 2025, up $3.5 million, or 18.4%, from $19.0 million in 2024[136]. - Club operations expense was $81.7 million for the three months ended March 31, 2025, an increase of $7.3 million, or 9.9%, compared to $74.4 million in 2024[137]. - Selling, general and administrative expenses increased to $34.3 million for the three months ended March 31, 2025, up $5.1 million, or 17.5%, from $29.2 million in 2024[138]. - Depreciation and amortization expense decreased by $1.1 million, or 2.8%, to $38.3 million for the three months ended March 31, 2025, compared to $39.4 million in the same period of 2024[140]. Cash Flow and Financing - Net cash provided by operating activities was $133.9 million for the three months ended March 31, 2025, compared to $89.7 million in the prior year, an increase of $44.2 million[153]. - Net cash used in investing activities decreased by $10.5 million to $28.1 million for the three months ended March 31, 2025, compared to $38.6 million in the same period of 2024[155]. - Net cash used in financing activities increased by $30.4 million to $55.4 million for the three months ended March 31, 2025, compared to $25.0 million in the prior year, primarily due to increased cash used for share repurchases[156]. Other Financial Metrics - System-wide sales reached $1.3 billion for the three months ended March 31, 2025, compared to $1.2 billion in 2024, reflecting a growth of approximately 8.3%[121]. - Same club sales growth for franchisee-owned clubs was 6.2%, while corporate-owned clubs saw a growth of 5.1%[118]. - Franchise Segment Adjusted EBITDA increased by $8.7 million, or 11.5%, to $84.9 million for the three months ended March 31, 2025, compared to $76.1 million in the same period of 2024[147]. - Corporate-owned clubs Segment Adjusted EBITDA rose by $3.5 million, or 8.1%, to $45.8 million for the three months ended March 31, 2025, compared to $42.4 million in the prior year[148]. - Equipment Segment Adjusted EBITDA surged by $2.6 million, or 55.1%, to $7.4 million for the three months ended March 31, 2025, compared to $4.8 million in the same period of 2024[149]. - Other (gains) losses, net improved to a gain of $1.2 million for the three months ended March 31, 2025, compared to a loss of $0.5 million in the prior year, representing a change of $1.7 million, or 355.6%[141]. - Interest income increased by $0.4 million, or 6.4%, to $5.8 million for the three months ended March 31, 2025, compared to $5.5 million in the same period of 2024[142]. - Interest expense rose by $4.8 million, or 22.2%, to $26.2 million for the three months ended March 31, 2025, compared to $21.4 million in the prior year, primarily due to a higher principal balance[143].