Planet Fitness (PLNT) FY2022 results: revenue $937 million, up 59.6% on the year

Planet Fitness, Inc. (PLNT) reported revenue of $937 million for fiscal 2022, the year ended 31 December 2022, up 59.6% on the year before. Net income was $99 million, up 132.4%, and diluted earnings per share $1.18. The figures are the company's own, from the 10-K it filed with the SEC on 1 March 2023.

Revenue

$937 million

+59.6% on the year

FY2015FY2022

Operating margin

24.6%

24.4% a year earlier

FY2015FY2022

Net income

$99 million

+132.4% on the year

FY2015FY2022

Diluted EPS

$1.18

+131.4% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	937	587	407	+59.6%
Cost of revenue	177	101	71.0	+75.5%
Gross profit	760	486	336	+56.3%
Gross margin	81.1%	82.8%	82.5%
Selling, general and administrative	115	94.5	68.6	+21.5%
Operating income	230	143	59.8	+60.5%
Operating margin	24.6%	24.4%	14.7%
Interest expense	88.6	81.2	82.1	+9.1%
Pre-tax income	161	52.0	-14.5	+210.7%
Income tax	50.5	5.7	0.7	+792.6%
Effective tax rate	31.3%	10.9%	n/a
Net income	99.4	42.8	-15.0	+132.4%
Net margin	10.6%	7.3%	-3.7%
Diluted EPS	$1.18	$0.51	-$0.19	+131.4%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	240	189	31.1	+26.9%
Capital expenditure	100	54.1	52.6	+85.0%
Free cash flow	140	135	-21.4	+3.6%
Free cash flow margin	15.0%	23.0%	-5.3%
Cash from investing	-507	-90.9	-52.3
Cash from financing	136	-10.2	57.9
Depreciation and amortisation	124	62.8	53.8	+97.5%
Share-based compensation	8.1	8.8	4.8	-8.4%
Buybacks	94.3	0.0	0.0
Diluted shares, weighted	85m	84m	80m	+0.8%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	-199	-645	-706
Non-controlling interest	-12.5	2.5	0.2
Debt	1,999	1,758	1,769	+13.7%
Operating lease liabilities	342	198	168	+72.9%
Finance lease liabilities	0.4	0.2	0.3	+65.2%
Other liabilities	725	703	618	+3.1%
Total liabilities and equity	2,855	2,016	1,850	+41.6%
Fixed assets	n/a	n/a	161
Goodwill	703	229	228	+207.4%
Intangible assets	417	201	217	+107.6%
Investments	0.0	n/a	n/a
Securities held for sale or to maturity	n/a	26.4	0.0
Cash and equivalents	410	546	439	-24.9%
Receivables	46.2	27.3	16.4	+69.7%
Inventory	5.3	1.2	0.5	+355.9%
Other assets	1,273	986	788	+29.2%
Total assets	2,855	2,016	1,850	+41.6%

10-K for the year ended 31 December 2022, filed 1 March 2023: the filing.