Planet Fitness, Inc. · NYSE:PLNT
Planet Fitness — Investor Presentation (May 2025)
29 slides from Planet Fitness's investor presentation, May 9, 2025
Slide 1: Investor Presentation May 2025
INVESTOR PRESENTATION MAY 2025
Slide 2: Presentation of Financial Measures & Forward-Looking Statements
2 PRESENTATION OF FINANCIAL MEASURES & FORWARD-LOOKING STATEMENTS The financial information presented in this presentation includes non-GAAP financial measures such as Adjusted EBITDA, Segment Adjusted EBITDA and Adjusted net income per share,diluted to provide measures that we believe are useful to
Slide 3: Planet Fitness at a Glance
3 PLANET FITNESS AT A GLANCE ENHANCING PEOPLE’S LIVES BY PROVIDING A HIGH-QUALITY FITNESS EXPERIENCE IN A WELCOMING, NON-INTIMIDATING ENVIRONMENT, WHICH WE CALL THE JUDGEMENT FREE ZONE ® 2,7412 Clubs Worldwide Corporate HQ Hampton, NH NYSE: PLNT 2015 IPO $7.9 Billion1 Market Cap 1. As of 4/22/2025 2
Slide 4: Why Invest in Planet Fitness
4 WHY INVEST IN PLANET FITNESS • Industry Leader Largest fitness franchise by number of members and locations • Growing & Successful Business Model Supporting increased consumer prioritization of health wellness, especially among Gen-Z • Historical Financial Performance Strong track record of consis
Slide 5: Fitness Market Overview
5 FITNESS MARKET OVERVIEW 20M 40M 60M 80M U.S. Fitness Facility Members5• 83% of the U.S. population and 58% of the global population live in urban areas, which is expected to increase to 89% and 69% by 2050, respectively.1 • Between 2010 and 2019, the average apartment size in the U.S. shrank by 90
Slide 6: Differentiated Model
6 Judgement Free DIFFERENTIATED MODEL Streamlined Operating Model Re-equip Schedules Great Value ~80% Who Don't Belong to a Gym Unique Royalty Stream 30+ years of consistent growth Asset-light 90% franchise, 10% corporate-owned model DISRUPTIVE BRAND DISCIPLINED FRANCHISE MODEL
Slide 7: Significant Size & Scale Advantage
7 2,741 Clubs1 483 198 7433 PLNT 2nd Largest 3rd Largest All Others HVLP Landscape SIGNIFICANT SIZE & SCALE ADVANTAGE Clubs & Membership Marketing 6.6x the number of members of closest competitor • More than $1B2 spend on marketing systemwide since 2015 IPO • Spent over $330M in systemwide marketing
Slide 8: Differentiated Fitness Concept with Broad Demographic Appeal
8 DIFFERENTIATED FITNESS CONCEPT WITH BROAD DEMOGRAPHIC APPEAL Proven success of increasing penetration of each successive generation Balanced Member Mix Nearly 50/50 of split of female vs male members1 26% of members have incomes under $50K2 35% of members have incomes over $100K2 COMPELLING VALUE
Slide 9: Long Track Record of Strong SCS Growth
9 LONG TRACK RECORD OF STRONG SCS GROWTH 8% 9% 10% 10% 9% NM NM 11% 9% 6% 4% 4% 5% 6% 2015 2016 2017 2018 2019 2020 2021 2022 2023 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 15 straight quarters of positive SCS SCS during fiscal years 2020 and 2021 were adversely affected by the COVID-19 pandemic, and the Compan
Slide 10: Streamlined, Easy-to-Operate & Profitable Store Model
10 STREAMLINED, EASY-TO-OPERATE & PROFITABLE STORE MODEL Illustrative Franchise Unit Economics Unit build out cost $2.4mm - $4.0mm1 Average Unit Volume (Annual) $1.9mm2 Mature Four-Wall Adj. EBITDA 35.1%2 Membership increases have little to no impact on operating costs3 1. Based on sample set of 68
Slide 11: Propelling Our Brand Forward
11 PROPELLING OUR BRAND FORWARD
Slide 12: Our Strategic Imperatives
12 OUR STRATEGIC IMPERATIVES 1. Redefining our Brand Strategy 2. Enhancing our Member Experience 3. Refining our Product & Optimizing our Format 4. Accelerating New Club Growth
Slide 13: Redefining Our Brand Strategy
13 REDEFINING OUR BRAND STRATEGY BROADENING OUR AUDIENCE • Expand target audience to include current, former, non-members, and competitive gym users • Strengthen positioning as a welcoming club for all fitness levels • Support and encourage members’ progress throughout all stages of their fitness jo
Slide 14: Enhancing Our Member Experience
14 ENHANCING OUR MEMBER EXPERIENCE The value we offer to our members goes well beyond the walls of a Planet Fitness • Members can bring the Judgement Free Zone® anywhere with more than 500 digital workouts in the PF app • Members receive exclusive discounts through our Perks program, with a total of
Slide 15: Refining Our Product & Optimizing Our Format
15 REFINING OUR PRODUCT & OPTIMIZING OUR FORMAT • Moving clubs to a more balanced footprint of cardio and strength equipment • More than 60% of franchisees opted-in to adding additional strength equipment in 2024 • Option to remove 30-minute workout area to create space for more functional training
Slide 16: Accelerating New Club Growth
16 ACCELERATING NEW CLUB GROWTH • Implemented two key initiatives in 2024 to enhance growth: • New Growth Model to help lower the cost of opening and operating a club • Increased monthly Classic Card price from $10 to $15 • On a path to accelerate growth to expand to 5,000 locations domestically
Slide 17: New Growth Model
17 New Model Previous Model Franchise Agreements • 12- year Franchise Agreement • $0 Initial Fee3 • Remodel at Renewal – Year 12 • $20K Renewal Fee • 10-year Franchise Agreement • $20K Initial Fee • Remodel at Renewal – Year 10 • $20K Renewal Fee • Cardio Re-Equip Years 5, 6, 7 • Strength Re-Equip Y
Slide 18: Global Growth
18 USA Canada Mexico Australia Panama Spain Club Count 2,585 83 35 24 7 7 % of Pop. with Gym Membership 24% 11% 6% 15% 2% 12% GLOBAL GROWTH Gaining scale and density in key growth markets PF data as of Q1’25 Gym penetration – IHRSA 2023
Slide 19: Financial Overview
19 FINANCIAL OVERVIEW
Slide 20: Consistent Track Record of Growth
20 CONSISTENT TRACK RECORD OF GROWTH 1,066 1,255 1,456 1,666 1,903 2,021 2,142 2,176 2,319 2,445 58 58 62 76 98 103 112 234 256 277 1,124 1,313 1,518 1,742 2,001 2,124 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 Total Clubs Corporate-owned Franchised 8% 9% 10% 10% 9% NM NM 11% 9% 5% 2015 2016
Slide 21: Strong Balance Sheet Management
21 4.7x 4.6x 4.4x 4.7x* 4.6x 4.5x 4.3x Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 STRONG BALANCE SHEET MANAGEMENT $280M Accelerated Share Repurchase Total Debt/AEBITA $20M Open Market Repurchase Share Repurchase *Refinanced and upsized a tranche of securitized debt and executed ASR Leverage calculate
Slide 22: Prioritizing High-Return Investments and Asset-Light Model
22 Capital Investments Share Repurchases • New clubs • Remodels • Re-equip existing clubs • Technology • Inorganic growth • Annual repurchase of ~1M shares • Option to increase where appropriate PRIORITIZING HIGH-RETURN INVESTMENTS AND COMMITTED TO ASSET-LIGHT MODEL
Slide 23: 2025 Outlook
23 2025 OUTLOOK • New club openings of between 160 and 170 • New equipment placements of between 130 and 140 in franchisee-owned locations • System-wide same club sales growth of between 5% - 6% REVENUE ADJ. EBITDA ADJ. NET INCOME ADJ. NET INCOME PER DILUTED SHARE1 NET INTEREST EXPENSE CAPITAL EXPEN
Slide 24: Appendix
24 APPENDIX
Slide 25: Management Team
25 • Joined November 2024 • Over 25 years of financial leadership experience • Previously CFO at Savers Value Village and Ollie’s Bargain Outlet JAY STASZ Chief Financial Officer • Joined in February 2013 • Nearly 20 years of communications and franchise experience • Named a Top Woman in PR by PR Ne
Slide 26: Income Statement
INCOME STATEMENT (Gx thousands, except per share amounts) Revenue: Franchise ‘National advertising fand expense ‘Depreciation and amortization (Other (gains) losses, net Total operating costs and expenses Tncome from operations Other income (expense), net: Interest income ‘Interest expense Other inc
Slide 27: Balance Sheet
BALANCE SHEET (ie ttowants exept per sareameb) ‘Sorter mate crn ‘Acco ear ef sbwancs scala ous of $00 Mac I, 2038 teeter ‘Reticence ivi Sd Prop eens Ofer rca Te tenable Toca et ‘eager kabler ‘eet af alorace r empced rut nue of 519,16 ad SIS S84 a of Mah TH tnd Deeb 3, ae apc sce dpi of 8397,785 ad S
Slide 28: Cash Flow Statement
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Slide 29: Non-GAAP Financial Measures
29 NON-GAAP FINANCIAL MEASURES