Planet Fitness (PLNT) FY2021 results: revenue $587 million, up 44.4% on the year

Planet Fitness, Inc. (PLNT) reported revenue of $587 million for fiscal 2021, the year ended 31 December 2021, up 44.4% on the year before. Net income was $43 million, and diluted earnings per share $0.51. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2022.

Revenue

$587 million

+44.4% on the year

FY2014FY2021

Operating margin

24.4%

14.7% a year earlier

FY2014FY2021

Net income

$43 million

FY2014FY2021

Diluted EPS

$0.51

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	587	407	689	+44.4%
Cost of revenue	101	71.0	194	+42.3%
Gross profit	486	336	494	+44.8%
Gross margin	82.8%	82.5%	71.8%
Selling, general and administrative	94.5	68.6	78.8	+37.8%
Operating income	143	59.8	233	+140.0%
Operating margin	24.4%	14.7%	33.8%
Interest expense	81.2	82.1	60.9	-1.1%
Pre-tax income	52.0	-14.5	173
Income tax	5.7	0.7	37.8	+723.7%
Effective tax rate	10.9%	n/a	21.8%
Net income	42.8	-15.0	118
Net margin	7.3%	-3.7%	17.1%
Diluted EPS	$0.51	-$0.19	$1.41

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	189	31.1	204	+507.9%
Capital expenditure	54.1	52.6	57.9	+2.9%
Free cash flow	135	-21.4	146
Free cash flow margin	23.0%	-5.3%	21.3%
Cash from investing	-90.9	-52.3	-111
Cash from financing	-10.2	57.9	64.3
Depreciation and amortisation	62.8	53.8	44.3	+16.7%
Share-based compensation	8.8	4.8	4.8	+84.3%
Buybacks	0.0	0.0	458
Diluted shares, weighted	84m	80m	84m	+4.5%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	-645	-706	-706
Non-controlling interest	2.5	0.2	-1.3	+1,180.6%
Debt	1,758	1,769	1,705	-0.6%
Operating lease liabilities	198	168	153	+17.7%
Finance lease liabilities	0.2	0.3	0.3	-29.7%
Other liabilities	703	618	567	+13.7%
Total liabilities and equity	2,016	1,850	1,717	+9.0%
Fixed assets	n/a	161	145
Goodwill	229	228	228	+0.3%
Intangible assets	201	217	234	-7.4%
Securities held for sale or to maturity	26.4	0.0	n/a
Cash and equivalents	546	439	436	+24.2%
Receivables	27.3	16.4	42.3	+65.7%
Inventory	1.2	0.5	0.9	+144.2%
Other assets	986	788	631	+25.1%
Total assets	2,016	1,850	1,717	+9.0%

10-K for the year ended 31 December 2021, filed 1 March 2022: the filing.