Planet Fitness, Inc. Announces Second Quarter 2015 Results

Second Quarter Total Revenue Increased 26% to $79.0 Million

NEWINGTON, N.H., Sept. 2, 2015 // PRNewswire // -- Planet Fitness, Inc. (NYSE: PLNT) today reported financial results for its second quarter ended June 30, 2015.

Second Quarter Fiscal 2015 Highlights

  • Total revenue increased from the prior year period by 25.9% to $79.0 million.
  • System-wide same store sales increased 7.3%.
  • Net income was $11.5 million compared to $8.8 million in the prior year period.
  • Pro forma adjusted net income(1) increased 28.9% to $12.9 million, or $0.13 per diluted share, compared to $10.0 million, or $0.10 per diluted share in the prior year period.
  • Adjusted EBITDA(1) increased 27.5% to $31.0 million from $24.3 million in the prior year period.
  • 38 new Planet Fitness stores added system-wide during the period.

1) Pro forma adjusted net income and adjusted EBITDA are non-GAAP measures. For reconciliations of adjusted EBITDA and pro forma adjusted net income to GAAP net income see "Non-GAAP Financial Measures" accompanying this release.

Christopher Rondeau, Chief Executive Officer, commented, "We are very pleased with our second quarter performance, which was highlighted by solid sales growth, strong margins and the opening of our 1,000th store. Our recent results demonstrate the strength of our unique business model and we are confident that our focus on providing a high-quality fitness experience at an exceptional price point will continue to resonate with a broader consumer audience. With our strong group of well-capitalized and experienced franchisees, we believe we have a sound plan in place to expand our store footprint and drive significant growth and shareholder value over the long-term."

Rondeau continued, "Having been with Planet Fitness for over 20 years, it was incredibly rewarding to reach another major milestone with the recent completion of our initial public offering. I'm very excited to begin the next chapter in the company's history."

Operating Results for the Second Quarter Ended June 30, 2015

For the second quarter 2015, total revenue increased 25.9% to $79.0 million from $62.7 million in the prior year period. By segment:

  • Franchise segment revenue, which includes commission income, increased 18.7% to $21.9 million from $18.4 million in the prior year period;
  • Corporate-owned stores segment revenue increased 11.4% to $25.0 million from $22.4 million in the prior year period; and,
  • Equipment segment revenue increased 47.0% to $32.1 million from $21.8 million.

System-wide same store sales increased 7.3%. By segment, franchisee-owned same store sales increased 7.8% and corporate-owned same store sales increased 0.9%.

Adjusted EBITDA, which is defined as net income before interest, taxes, depreciation and amortization, adjusted for the impact of certain non-cash and other items that we do not consider in the evaluation of ongoing operational performance (see "Non-GAAP Financial Measures"), increased 27.5% to $31.0 million from $24.3 million in the prior year period. By segment:

  • Franchise segment EBITDA increased 21.4% to $17.7 million, including the negative impact of $0.4 million of non-recurring expenses related to a recent transition of the company's point-of-sale billing and processing (POS) system;
  • Corporate-owned stores segment EBITDA increased 11.3% to $9.3 million; and,
  • Equipment segment EBITDA increased 62.3% to $7.2 million.

Net income for the second quarter of fiscal 2015 increased by 30.1% to $11.5 million from $8.8 million in the prior year period. Pro forma adjusted net income (see "Non-GAAP Financial Measures") increased 28.9% to $12.9 million, or $0.13 per diluted share, from $10.0 million, or $0.10 per diluted share, in the prior year period.

During the second quarter of 2015, we added 38 new Planet Fitness stores, bringing the system-wide total stores to 1,014 at June 30, 2015.

Operating Results for the Six Months Ended June 30, 2015

For the six months ended June 30, 2015, total revenue increased 29.6% to $155.9 million from $120.3 million in the prior year period. By segment:

  • Franchise segment revenue, which includes commission income, increased 24.9% to $43.6 million from $34.9 million in the prior year period;
  • Corporate-owned stores segment revenue increased 20.9% to $48.5 million from $40.1 million in the prior year period; and,
  • Equipment segment revenue increased 40.9% to $63.7 million from $45.2 million.

System-wide same store sales increased 9.0%. By segment, franchisee-owned same store sales increased 9.6% and corporate-owned same store sales increased 2.5%.

Adjusted EBITDA (see "Non-GAAP Financial Measures") increased 27.8% to $59.5 million in the six month period from $46.5 million in the prior year period. By segment:

  • Franchise segment EBITDA increased 14.0% to $31.3 million, including the negative impact of $4.0 million of non-recurring expenses related to a recent transition of the company's point-of-sale billing and processing (POS) system;
  • Corporate-owned stores segment EBITDA increased 15.6% to $17.1 million; and,
  • Equipment segment EBITDA increased 47.7% to $14.0 million.

Net income increased by 33.8% to $19.9 million from $14.9 million in the prior year period. Pro forma adjusted net income (see "Non-GAAP Financial Measures") increased 37.6% to $25.3 million, or $0.26 per diluted share, from $18.4 million, or $0.19 per diluted share, in the prior year period.

Initial Public Offering

On August 11, 2015, Planet Fitness successfully completed its initial public offering ("IPO") at $16.00 per share. A total of 15,525,000 shares of common stock were sold to the underwriters, including 2,025,000 shares sold pursuant to the full exercise of the underwriters' option to purchase additional shares.

Outlook

For the year ending December 31, 2015, the Company currently expects:

  • Total revenue between $314 million and $316 million;
  • System-wide same store sales growth between 7.0% and 7.5%;
  • Between 187 and 191 new franchised stores and 3 new corporate stores; and,
  • Pro forma adjusted net income of $46.5 million to $47.5 million, or $0.47 to $0.48 per diluted share.

Presentation of Financial Measures

This press release presents historical results, for the periods presented, of Pla-Fit Holdings, LLC, the predecessor to Planet Fitness, Inc. for financial reporting purposes (together with Planet Fitness, Inc., referred to as "Planet Fitness" or the "Company"). The financial results of Planet Fitness, Inc. have not been included in this press release as it is a recently incorporated entity and had no material assets or liabilities and no material business transactions or activities during the periods presented. Accordingly, these historical results do not purport to reflect what the results of operations of Planet Fitness, Inc. or Pla-Fit Holdings, LLC would have been had the IPO and related recapitalization transactions occurred prior to such periods.

The financial information presented in this release includes non-GAAP financial measures such as EBITDA, adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share. The Company's presentation of adjusted EBITDA, pro forma adjusted net income, and pro forma net income per diluted share should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items. See the tables at the end of this press release for a reconciliation of adjusted EBITDA and pro forma adjusted net income to their nearest GAAP financial measure.

The non-GAAP financial measures used in our full-year outlook will differ from U.S. GAAP net income and net income per share in ways similar to those described in the reconciliations at the end of this press release.

Investor Conference Call

The Company will hold a conference call at 4:30 pm (ET) on September 2, 2015 to discuss the news announced in this press release. A live webcast of the conference call will be accessible at www.planetfitness.com via the "Investor Relations" link. The webcast will be archived on the website for one year.

About Planet Fitness

Founded in 1992 in Dover, N.H., Planet Fitness (NYSE: PLNT) is one of the largest and fastest-growing franchisors and operators of fitness centers in the United States by number of members and locations. With more than 1,000 locations in 47 states, Puerto Rico, and Canada, Planet Fitness' mission is to enhance people's lives by providing a high-quality fitness experience in a welcoming, non-intimidating environment, which we call the Judgement Free Zone®. More than 90% of Planet Fitness stores are owned and operated by independent business men and women.

Forward-Looking Statements

This news release contains certain statements, approximations, estimates and projections with respect to our anticipated future performance ("forward-looking statements"), especially those under the heading "Outlook." Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, risks and uncertainties associated with competition in the fitness industry, the Company's and franchisees' ability to attract and retain new members, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial indebtedness, our corporate structure and tax receivable agreements, general economic conditions and the other factors described in the Company's final prospectus relating to its initial public offering, which was filed with the Securities and Exchange Commission on August 6, 2015. Neither the Company nor any of its affiliates or representatives undertake any obligation to provide additional information or to correct or update any information set forth in this release, whether as a result of new information, future developments or otherwise.

Pla-Fit Holdings, LLC

Consolidated Statements of Operations

(Unaudited)

(Amounts in thousands)

       
 

Three months ended

 

Six months ended

 

June 30,

 

June 30,

 

2015

    

2014

    

2015

    

2014

Revenue:

             

Franchise

$  18,691

 

$  15,364

 

$  35,658

 

$  27,825

Commission income

3,188

 

3,063

 

7,978

 

7,102

Corporate-owned stores

24,975

 

22,428

 

48,521

 

40,131

Equipment

32,099

 

21,842

 

63,718

 

45,233

Total revenue

78,953

 

62,697

 

155,875

 

120,291

Operating costs and expenses:

             

Cost of revenue

25,300

 

18,449

 

51,246

 

37,674

Store operations

14,708

 

12,942

 

29,049

 

23,324

Selling, general and administrative

12,354

 

8,094

 

26,492

 

14,714

Depreciation and amortization

7,983

 

8,507

 

16,184

 

15,043

Other (gain) loss

(61)

 

-

 

(67)

 

1,293

Total operating costs and expenses

60,284

 

47,992

 

122,904

 

92,048

Income from operations

18,669

 

14,705

 

32,971

 

28,243

Other expense, net:

             

Interest expense, net

(6,560)

 

(5,046)

 

(11,316)

 

(11,608)

Other expense

(76)

 

(263)

 

(812)

 

(642)

Total other expense, net

(6,636)

 

(5,309)

 

(12,128)

 

(12,250)

Income before income taxes

12,033

 

9,396

 

20,843

 

15,993

Provision for income taxes

419

 

446

 

691

 

784

Net income

11,614

 

8,950

 

20,152

 

15,209

Less net income attributable to noncontrolling interests

113

 

109

 

226

 

318

Net income attributable to Pla-Fit Holdings, LLC

$  11,501

 

$    8,841

 

$  19,926

 

$ 14,891

               

 

Pla-Fit Holdings, LLC

Consolidated Balance Sheets

(Unaudited)

(Amounts in thousands)

       
 

June 30,

    

December 31,

Assets

2015

 

2014

Current assets:

     

Cash and cash equivalents

$     32,148

 

$     43,291

Accounts receivable, net of allowance for bad debts of $945 

     

and $399 at June 30, 2015 and December 31, 2014, respectively

11,374

 

19,275

Due from related parties

644

 

1,141

Inventory

767

 

3,012

Restricted assets – NAF

1,696

 

-

Other current assets

7,398

 

8,599

Total current assets

54,027

 

75,318

Property and equipment, net

51,901

 

49,579

Intangible assets, net

284,390

 

295,162

Goodwill

176,981

 

176,981

Other assets, net

12,391

 

12,236

Total assets

$   579,690

 

$   609,276

Liabilities and Equity

     

Current liabilities:

     

Current maturities of long-term debt

$       5,100

 

$       3,900

Accounts payable 

11,754

 

26,738

Accrued expenses

9,804

 

8,494

Current maturities of obligations under capital leases

143

 

376

Equipment deposits

2,805

 

6,675

Restricted liabilities – NAF

1,696

 

-

Deferred revenue, current

17,797

 

14,549

Other current liabilities

148

 

153

Total current liabilities

49,247

 

60,885

Long-term debt, net of current maturities

499,725

 

383,175

Obligations under capital leases, net of current portion

21

 

45

Deferred rent, net of current portion

4,291

 

3,012

Deferred revenue, net of current portion

9,308

 

9,330

Deferred tax liabilities – non current

696

 

606

Other liabilities

482

 

474

Total noncurrent liabilities

514,523

 

396,642

Commitments and contingencies

     

Equity:

     

Members' equity

10,994

 

146,156

Accumulated other comprehensive income (loss)

(1,529)

 

(636)

Total equity attributable to Pla-Fit Holdings, LLC

9,465

 

145,520

Noncontrolling interests in variable interest entities

6,455

 

6,229

Total equity

15,920

 

151,749

Total liabilities and equity

$   579,690

 

$   609,276

       

 

Pla-Fit Holdings, LLC

Consolidated Statements of Cash Flows

(Unaudited)

(Amounts in thousands)

   
 

Six months ended June 30,

 

2015

     

2014

Cash flows from operating activities:

     

Net income

$   20,152

 

$   15,209

Adjustments to reconcile net income to net cash provided by operating activities:

     

Depreciation and amortization

16,184

 

15,043

Amortization of deferred financing costs

686

 

690

Amortization of favorable leases and asset retirement obligations

235

 

163

Deferred tax benefit

21

 

2

Provision for bad debts

546

 

37

Gain on disposal of property and equipment

(67)

 

-

Unrealized gain on interest rate swaps

-

 

(139)

Loss on extinguishment of debt

-

 

4,697

Changes in operating assets and liabilities, excluding effects of

     

acquisitions and dispositions:

     

State income taxes

431

 

(1,530)

Accounts receivable

7,352

 

8,280

Notes receivable and due from related parties

1,958

 

1,293

Inventory

2,245

 

671

Other assets and other current assets

(587)

 

(181)

Accounts payable and accrued expenses

(13,164)

 

(16,587)

Other liabilities and other current liabilities

42

 

(101)

Equipment deposits

(3,870)

 

2,164

Deferred revenue

3,230

 

1,864

Deferred rent

1,242

 

662

Net cash provided by operating activities

36,636

 

32,237

Cash flows from investing activities:

     

Additions to property and equipment

(8,538)

 

(3,808)

Acquisition of franchises

-

 

(38,638)

Proceeds from sale of property and equipment

67

 

-

Net cash used in investing activities

(8,471)

 

(42,446)

Cash flows from financing activities:

     

Proceeds from issuance of long-term debt

120,000

 

390,000

Principal payments on capital lease obligations

(258)

 

(800)

Repayment of long-term debt

(2,250)

 

(183,850)

Payment of deferred financing and other debt-related costs

(1,698)

 

(7,785)

Distributions to variable interest entities

-

 

(358)

Distributions to members

(155,088)

 

(186,970)

Net cash (used in) provided by financing activities

(39,294)

 

10,237

Effects of exchange rate changes on cash and cash equivalents

(14)

 

3

Net (decrease) increase in cash and cash equivalents

(11,143)

 

31

Cash and cash equivalents, beginning of period

43,291

 

31,267

Cash and cash equivalents, end of period

$   32,148

 

$   31,298

       

Pla-Fit Holdings, LLC
Non-GAAP Financial Measures
(Unaudited)
(Amounts in thousands)

To supplement its consolidated financial statements, which are prepared and presented in accordance with U.S generally accepted accounting principles ("GAAP"), the Company uses the following non-GAAP financial measures: EBITDA, Adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share (collectively, the "non-GAAP" financial measures).   The Company believes that these non-GAAP financial measures, when used in conjunction with GAAP financial measures, are useful to investors in evaluating our operating performance. These non-GAAP financial measures presented in this release are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate adjusted EBITDA, pro forma adjusted net income and pro forma adjusted net income per diluted share. The Company's presentation of adjusted EBITDA, pro forma adjusted net income, and pro forma adjusted net income per diluted share should not be construed as an inference that the Company's future results will be unaffected by unusual or nonrecurring items. 

EBITDA and Adjusted EBITDA

EBITDA and Adjusted EBITDA are supplemental measures of performance that do not represent and should not be considered as substitutes for net income or any other performance measures derived in accordance with GAAP.  EBITDA and Adjusted EBITDA are used by management to measure the operating performance of their business adjusted for certain non-recurring items that management believe do not directly reflect the Company's core operations.   A reconciliation of EBITDA and Adjusted EBITDA to net income, the more directly comparable GAAP measure, is set forth below.

(Amounts in thousands)

Three months ended
June 30,

 

Six months ended
June 30,

   

2015

    

2014

    

2015

    

2014

Net income attributable to Pla-Fit Holdings, LLC

$   11,501

 

$     8,841

 

$   19,926

 

$   14,891

Net income attributable to noncontrolling interests

113

 

109

 

226

 

318

Net income

$   11,614

 

$     8,950

 

$   20,152

 

$   15,209

Interest expense, net(1)

6,560

 

5,046

 

11,316

 

11,608

Provision for income taxes

419

 

446

 

691

 

784

Depreciation and amortization

7,983

 

8,507

 

16,184

 

15,043

EBITDA

$   26,576

 

$   22,949

 

$   48,343

 

$   42,644

Purchase accounting adjustments(2)

288

 

110

 

714

 

1,884

Management fees(3)

269

 

263

 

553

 

606

IT system upgrade costs(4)

384

 

33

 

4,017

 

228

Transaction fees(5)

-

 

437

 

-

 

478

IPO-related costs(6)

3,316

 

117

 

5,073

 

176

Pre-openings costs(7)

189

 

420

 

793

 

526

Adjusted EBITDA

$   31,022

 

$   24,329

 

$   59,493

 

$   46,542

               

 

(1)

Includes $4.7 million of loss on extinguishment of debt in the six months ended June 30, 2014.

(2)

Represents the impact of certain purchase accounting adjustments associated with the 2012 Acquisition of Pla-Fit Holdings, LLC on November 8, 2012 and the acquisition of eight franchisee-owned stores during the six months ended June 30, 2014.   These are primarily related to fair value adjustments to deferred revenue and deferred rent.

(3)

Represents management fees and expenses paid to a management company affiliated with TSG pursuant to a management services agreement that terminated in connection with the IPO. 

(4)

Represents costs associated with certain IT system upgrades, primarily related to our point-of-sale systems.

(5)

Represents transaction fees and expenses primarily related to business acquisitions and dispositions.

(6)

Represents legal, accounting and other costs incurred in preparation for the IPO.

(7)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

Pro Forma Adjusted Net Income and Pro Forma Adjusted Net Income per Diluted Share

As a result of the recapitalization transactions that occurred prior to our initial public offering, the operating agreement of Pla-Fit Holdings, LLC was amended and restated to, among other things, designate Planet Fitness, Inc. as the sole managing member of Pla-Fit Holdings, LLC. As sole managing member, Planet Fitness, Inc. exclusively operates and controls the business and affairs of Pla-Fit Holdings, LLC. As a result of the recapitalization transactions and the amended and restated Pla-Fit Holdings LLC Agreement, Planet Fitness, Inc. will consolidate Pla-Fit Holdings, LLC, and Pla-Fit Holdings, LLC will be considered the predecessor to Planet Fitness, Inc. for accounting purposes.  Our presentation of pro forma adjusted net income and pro forma adjusted net income per diluted share gives effect to the consolidation of Pla-Fit Holdings, LLC with Planet Fitness, Inc. resulting from the recapitalization transactions and the amended and restated Pla-Fit Holdings LLC Agreement as of January 1, 2014.  In addition, pro forma adjusted net income assumes net income is all attributable to Planet Fitness, Inc., which assumes the full exchange of all outstanding Holdings Units for shares of Class A common stock of the Planet Fitness, Inc., adjusted for certain non-recurring items that management believe do not directly reflect the Company's core operations. Pro forma adjusted net income per diluted share is calculated by dividing pro forma adjusted net income by the total shares of Class A common stock outstanding as though the IPO had occurred and those shares were outstanding for all of each period presented and, assuming the full exchange of all outstanding Holdings Units and corresponding Class B common shares as of the beginning of each period presented.

Pro forma adjusted net income and pro forma adjusted net income per diluted share are supplemental measures of operating performance that do not represent and should not be considered alternatives to net income and net income per share, as determined by GAAP. We believe pro forma adjusted net income and pro forma adjusted net income per diluted share supplement GAAP measures and enables us to more effectively evaluate our performance period-over-period and relative to our competitors. A reconciliation of pro forma adjusted net income to net income attributable to Pla-Fit Holdings, LLC, the most directly comparable GAAP measure, and the computation of pro forma adjusted net income per diluted share are set forth below.

(Amounts in thousands, except per share amounts)

Three months ended
June 30,

 

Six months ended
June 30,

   

2015

    

2014

    

2015

    

2014

Net income attributable to Pla-Fit Holdings, LLC

$ 11,501

 

$   8,841

 

$ 19,926

 

$ 14,891

Net income attributable to noncontrolling interests

113

 

109

 

226

 

318

Net income

$ 11,614

 

$   8,950

 

$ 20,152

 

$ 15,209

Provision for income taxes, as reported

419

 

446

 

691

 

784

Purchase accounting adjustments(1)

288

 

110

 

714

 

1,884

Management fees(2)

269

 

263

 

553

 

606

IT system upgrade costs(3)

384

 

33

 

4,017

 

228

Transaction fees(4)

-

 

437

 

-

 

478

IPO-related costs(5)

3,316

 

117

 

5,073

 

176

Pre-openings costs(6)

189

 

420

 

793

 

526

Purchase accounting amortization(7)

5,270

 

6,092

 

10,540

 

11,010

Adjusted income before income taxes

$ 21,749

 

$ 16,868

 

$ 42,533

 

$ 30,901

Pro forma income taxes(8)

8,808

 

6,832

 

17,226

 

12,515

Pro forma adjusted net income

$ 12,941

 

$ 10,036

 

$ 25,307

 

$ 18,386

                 

Pro forma adjusted net income per share, diluted

$     0.13

 

$     0.10

 

$     0.26

 

$     0.19

                 

Pro forma shares outstanding(9)

98,710

 

98,710

 

98,710

 

98,710

               

 

(1)

Represents the impact of certain purchase accounting adjustments associated with the 2012 Acquisition of Pla-Fit Holdings, LLC on November 8, 2012 and the acquisition of eight franchisee-owned stores during the six months ended June 30, 2014.   These are primarily related to fair value adjustments to deferred revenue and deferred rent.

(2)

Represents management fees and expenses paid to a management company affiliated with TSG pursuant to a management services agreement that terminated in connection with the IPO. 

(3)

Represents costs associated with certain IT system upgrades, primarily related to our point-of-sale systems.

(4)

Represents transaction fees and expenses primarily related to business acquisitions and dispositions.

(5)

Represents legal, accounting and other costs incurred in preparation for the IPO.

(6)

Represents costs associated with new corporate-owned stores incurred prior to the store opening, including payroll-related costs, rent and occupancy expenses, marketing and other store operating supply expenses.

(7)

Represents the impact of the amortization of certain purchase accounting adjustments associated with the 2012 Acquisition of Pla-Fit Holdings, LLC on November 8, 2012 and the acquisition of eight franchisee-owned stores during the six months ended June 30, 2014.

(8)

Represents corporate income taxes at assumed effective tax rate of 40.5% for the three months and six months ended June 30, 2015 and June 30, 2014 applied to adjusted income before income taxes. 

(9)

Assumes the full exchange of all outstanding Holdings Units and corresponding Class B common shares for shares of Class A common stock of Planet Fitness, Inc. for all periods presented.

SOURCE Planet Fitness, Inc.

###

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In Loving Memory Of Timothy Gardner (1987-2014)