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Summary: Planet Fitness Fourth Quarter and Year-End 2021 Results

Planet Fitness

On February 24, 2022, Planet Fitness, Inc. (NYSE:PLNT) reported the financial results from its fourth quarter ending December 31, 2021.

The national franchise saw several gains in its fourth quarter, including total revenue increasing from the prior year by 37.3% to $183.6 million. System-wide, same-store sales also increased by 12.3%, and the fitness chain opened 62 locations.

Planet Fitness also had a number of highlights in fiscal year 2021 as a whole, with total revenue increasing by 44.4% to $587 million compared to 2020. Overall, 132 new Planet Fitness locations were opened in 2021, bringing system-wide total stores to 2,254 as of December 31, 2021.

In addition, Planet Fitness ended January 2022 with 15.6 million members.

“We exceeded our expectations for both members and new store growth in 2021, which we believe demonstrates that our message of fitness being essential to both physical and mental health is resonating with consumers,” said Chris Rondeau, the CEO of Planet Fitness, in a statement. “To date in the first quarter of 2022, we ended January with 15.6 million members surpassing our pre-pandemic first quarter 2020 membership peak. We also recently acquired Sunshine Fitness, a high-performing operator of more than 100 Planet Fitness locations, and we completed a successful debt refinancing. We believe there is long-term untapped opportunity for growth as the pandemic underscored the importance of overall fitness, and we offer a welcoming and safe environment for people looking to get off the couch to begin their fitness journey.”

Planet Fitness has also shared its 2022 outlook, with expectations for revenue to increase in the mid-50% range, adjusted EBITDA to increase in the high-50% range, and adjusted net income to increase in the low-90% range.

According to the company, it also expects 2022 net interest expense to be approximately $89 million as a result of its recent debt refinancing and upsizing.

The full Q4, year-end 2021 results and 2022 outlook can be found here.

Rachel Zabonick-Chonko

Rachel Zabonick-Chonko is the editor-in-chief of Club Solutions Magazine. She can be reached at rachel@peakemedia.com.

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