Planet Fitness (PLNT) Q4 FY2023 earnings: revenue $285 million, up 1.4% on the year

Planet Fitness, Inc. (PLNT) reported revenue of $285 million for Q4 FY2023, the quarter ended 31 December 2023, up 1.4% on the same quarter a year earlier. Net income was $35 million, up 4.9% on the year, and diluted earnings per share $0.41. The figures are the company's own, from the 10-K it filed with the SEC on 29 February 2024.

Revenue$285 millionup 1.4%

Net income$35 millionup 4.9%

Diluted EPS$0.41

QuarterQ4 FY2023ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Revenue	285	278	n/a	n/a
Cost of revenue	57.5	53.8	n/a	n/a
Gross profit	228	224	n/a	n/a
Gross margin	79.8%	80.6%	n/a
Selling, general and administrative	31.2	33.3	n/a	n/a
Operating income	71.4	72.4	n/a	n/a
Operating margin	25.0%	26.1%	n/a
Interest expense	21.8	21.7	n/a	n/a
Pre-tax income	57.8	55.0	n/a	n/a
Income tax	19.7	13.5	n/a	n/a
Effective tax rate	34.0%	24.5%	n/a
Net income	35.3	39.1	n/a	n/a
Net margin	12.4%	14.1%	n/a
Diluted EPS	$0.41	$0.46	n/a	n/a

$ million except per share.

Fourth quarters are the year less the first three quarters. 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 and capital returned

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Operating cash flow	63.3	110	n/a	n/a
Capital expenditure	51.4	39.5	n/a	n/a
Free cash flow	12.0	70.1	n/a	n/a
Free cash flow margin	4.2%	25.3%	n/a
Cash from investing	-92.1	-46.9	n/a	n/a
Cash from financing	-5.0	-5.5	n/a	n/a
Depreciation and amortisation	39.2	37.5	n/a	n/a
Share-based compensation	1.6	1.5	n/a	n/a
Buybacks	0.0	0.0	n/a	n/a
Diluted shares, weighted	86m	85m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q4 FY2023	Q3 FY2023	A year earlier	Change on the year
Shareholders' equity	-116	-157	n/a	n/a
Non-controlling interest	-3.3	-7.9	n/a	n/a
Debt	1,984	1,987	n/a	n/a
Operating lease liabilities	382	380	n/a	n/a
Finance lease liabilities	0.1	0.1	n/a	n/a
Other liabilities	723	742	n/a	n/a
Total liabilities and equity	2,970	2,945	n/a	n/a
Goodwill	718	718	n/a	n/a
Intangible assets	373	385	n/a	n/a
Investments	126	119	n/a	n/a
Cash and equivalents	276	309	n/a	n/a
Receivables	41.9	36.4	n/a	n/a
Inventory	4.7	7.5	n/a	n/a
Other assets	1,431	1,370	n/a	n/a
Total assets	2,970	2,945	n/a	n/a

Quarterly results, the last 12 quarters

	Q3 FY2023	Q4 FY2023 *	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024 *	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025 *	Q1 FY2026	Q2 FY2026
Revenue	278	285	248	301	292	340	277	341	330	376	337	365
Cost of revenue	53.8	57.5	19.0	51.9	45.7	80.5	22.5	59.4	58.2	90.2	45.3	64.5
Gross profit	224	228	229	249	247	260	254	281	272	286	292	301
Gross margin	81%	80%	92%	83%	84%	76%	92%	83%	82%	76%	87%	82%
SG&A	33.3	31.2	29.2	31.6	32.6	35.7	34.3	35.5	30.5	37.3	34.1	34.4
Operating income	72.4	71.4	65.8	87.4	81.3	89.7	79.2	102	107	106	98.7	124
Operating margin	26%	25%	27%	29%	28%	26%	29%	30%	32%	28%	29%	34%
Interest expense	21.7	21.8	21.4	24.5	26.6	27.5	26.2	26.2	26.3	29.5	33.0	33.4
Pre-tax income	55.0	57.8	50.5	69.5	59.7	67.0	59.1	83.9	87.7	78.3	72.0	96.1
Tax rate	24%	34%	28%	27%	28%	28%	27%	30%	32%	21%	27%	30%
Net income	39.1	35.3	34.3	48.6	42.0	47.1	41.9	58.0	58.8	60.4	51.6	67.1
Net margin	14%	12%	14%	16%	14%	14%	15%	17%	18%	16%	15%	18%
Diluted EPS	$0.46	$0.41	$0.39	$0.56	$0.50	$0.56	$0.50	$0.69	$0.70	$0.73	$0.65	$0.87
Operating cash flow	110	63.3	89.7	78.2	127	49.1	134	44.0	131	109	148	45.9
Capital expenditure	39.5	51.4	26.3	38.0	48.6	42.1	23.1	35.7	54.8	50.1	25.5	41.9
Free cash flow	70.1	12.0	63.4	40.2	78.2	7.0	111	8.2	76.7	59.0	122	4.0
Buybacks	0.0	0.0	20.0	280	0.0	0.0	50.0	2.1	97.9	350	51.1	200
Filing	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q

Each quarter as filed, linked to its filing.

* The fourth quarter is the full year less the first three quarters, because the company files the year and not the quarter on its own. A fourth quarter's EPS and diluted share count are from the company's results press release for that quarter, used where the release gives the same revenue and net income as the table. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. 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. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-K for the period ended 31 December 2023, filed 29 February 2024, accession 0001637207-24-000020: the filing on EDGAR. All of Planet Fitness, Inc.'s filings: EDGAR company page.

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