Planet Fitness, Inc. Announces Fourth Quarter and Year-End 2024 Results

Core Insights - Planet Fitness reported a strong performance in 2024, achieving a net membership growth of 1 million, totaling 19.7 million members by year-end [4][18] - The company opened 150 new clubs in 2024, contributing to a total of 2,722 clubs as of December 31, 2024 [4][8] - Revenue growth exceeded 10%, with total revenue reaching $1.2 billion, a 10.3% increase from the previous year [8][10] Fourth Quarter Highlights - Total revenue for Q4 2024 increased by $55.4 million, or 19.4%, to $340.5 million compared to $285.1 million in Q4 2023 [5][8] - System-wide same club sales grew by 5.5% in Q4 2024 [5][8] - Net income attributable to Planet Fitness, Inc. was $47.1 million, or $0.56 per diluted share, compared to $35.3 million, or $0.41 per diluted share, in the prior year [8][21] Fiscal Year Highlights - For the fiscal year 2024, net income attributable to Planet Fitness, Inc. was $172.0 million, or $2.00 per diluted share, up from $138.3 million, or $1.62 per diluted share, in 2023 [10][21] - Adjusted net income increased by 12.4% to $223.8 million, or $2.59 per diluted share, compared to $199.0 million, or $2.24 per diluted share, in the prior year [10][21] - Adjusted EBITDA rose by $52.3 million to $487.7 million from $435.4 million in the previous year [10][21] Segment Performance - Franchise segment revenue increased by $10.8 million, or 11.0%, to $109.0 million in Q4 2024 [9][20] - Corporate-owned clubs segment revenue grew by $9.9 million, or 8.5%, to $126.3 million in Q4 2024 [9][20] - Equipment segment revenue surged by $34.7 million, or 49.2%, to $105.1 million in Q4 2024, driven by higher sales to existing franchisee-owned clubs [9][20] 2025 Outlook - The company anticipates continued growth in 2025, expecting revenue to increase by approximately 10% and adjusted EBITDA to rise by about 10% [11][14] - Projected same club sales growth is expected to be in the range of 5% to 6% [14] - The company plans to open approximately 160 to 170 new clubs in 2025 [14]