PLNT anticipates adjusted shares outstanding to be approximately 89.5 million (inclusive of 1 million shares repurchase over the course of the year). Adjusted EPS is projected to increase in the 33-36% band. Adjusted EBITDA is estimated to increase in the 17-18% range, while adjusted net income is anticipated to be between 30% and 33%. Management continues to expect revenues to increase in the 13-14% band. Long-term debt (net of current maturities) amounted to $1,974.3 million compared with $1,978.1 million as of Dec 31, 2022. Other Financial DetailsĪs of Mar 31, cash and cash equivalents totaled $460.4 million compared with $409.8 million as of Dec 31, 2022. EBITDA was $5.6 million compared with $2.5 million reported in the year-ago quarter. In the Equipment segment, revenues totaled $23.7 million, down 22.6% year over year. EBITDA totaled $33.5 million compared with $23.3 million reported in the prior-year quarter. The acquisition of 114 stores through the Sunshine Fitness buyout contributed $23.5 million to the segment’s revenues. The increase can primarily be attributed to a rise in same-store sales and new store openings.
Revenues from Corporate-owned Stores amounted to $105.9 million compared with $76.2 million in the year-ago quarter. However, the uptick was partially negated by a $0.7 million reduction in equipment placement revenues.ĮBITDA in the Franchise segment was $64.7 million compared with $60.1 million reported in the prior-year quarter. The upside was driven by rises of $8.0 million, $2.8 million and $2.6 million in franchise royalty revenues, National Advertising Fund revenues, and franchise and other fees, respectively. Quote Segmental Performanceĭuring first-quarter 2023, Franchise revenues were $92.7 million, up 15.7% year over year. price-consensus-eps-surprise-chart | Planet Fitness, Inc. Total adjusted EBITDA was $90.2 million compared with $76.7 million reported in the year-ago quarter. During the quarter under review, system-wide same-store sales increased 9.9% year over year compared with 9% reported in the previous quarter. However, the top line improved 19% from the year-ago quarter’s levels, driven by solid performances in the Franchise and Corporate-owned Stores. Quarterly revenues of $222.2 million lagged the consensus mark of $242 million. In the prior-year quarter, the company reported an adjusted EPS of 32 cents. Earnings & Revenue Discussionĭuring the first quarter, Planet Fitness reported adjusted earnings per share (EPS) of 41 cents, missing the Zacks Consensus Estimate of 46 cents.
Following the announcement, shares of PLNT declined 16.3% during trading hours on May 4. However, the metrics increased on a year-over-year basis. ( PLNT Quick Quote PLNT - Free Report) reported first-quarter 2023 results, with earnings and revenues missing the Zacks Consensus Estimate.
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