Planet Fitness, Inc. reported a strong financial performance for the fiscal year ending December 31, 2024, with total revenues reaching $1.18 billion, a 10.3% increase from $1.07 billion in 2023. The company's net income attributable to Planet Fitness, Inc. was $172.0 million, up from $138.3 million in the previous year, reflecting a growth of 24.3%. The increase in revenue was driven by higher franchise segment revenue, which rose to $423.2 million, and corporate-owned clubs revenue, which increased to $502.3 million. The equipment segment also contributed with revenue of $256.1 million, marking a 9.4% increase from the prior year.
In terms of operational metrics, Planet Fitness ended 2024 with approximately 19.7 million members and a total of 2,722 clubs, an increase from 2,575 clubs in 2023. The company opened 150 new clubs during the year, with 129 of these being franchisee-owned. The average unit volume for clubs operating for more than 12 months was approximately $1.9 million, with a four-wall Adjusted EBITDA margin of 42.2%. The company also reported a 5.0% increase in system-wide same club sales, indicating strong member engagement and retention.
Strategically, Planet Fitness made significant moves in 2024, including the acquisition of four clubs in Florida for approximately $26.3 million and a 33.2% ownership interest in Planet Fitmex, LLC, a franchisee in Mexico, for a total investment of $52.6 million. The company also completed a refinancing transaction in June 2024, issuing $800 million in senior secured notes, which allowed it to repay previous debt and fund share repurchases. The share repurchase program saw the company repurchase 4.1 million shares for $300 million during the year.
Looking ahead, Planet Fitness has a positive outlook, with plans to open approximately 900 additional clubs under signed area development agreements and franchise agreements. The company aims to continue driving revenue growth through increased membership penetration, particularly in its PF Black Card membership, which has seen a rise in penetration from 61% in 2020 to 64% in 2024. The company also plans to enhance its marketing efforts and invest in technology to improve member engagement and operational efficiency. Overall, Planet Fitness remains focused on expanding its footprint and enhancing its value proposition to attract a broader demographic of fitness enthusiasts.
About Planet Fitness, Inc.
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