PLNT - Planet Fitness beats Q4 top and bottom line estimates; initiates FY23 outlook

• Planet Fitness press release ( NYSE: PLNT ): Q4 Non-GAAP EPS of $0.53 beats by $0.06 .
• Revenue of $281.3M (+53.2% Y/Y) beats by $9.82M .
• System-wide same store sales increased 9.0%.
• Adjusted EBITDA increased 70.7% to $106.1 million from $62.2 million in the prior year period.
• The following are 2023 growth expectations over the Company's 2022 results: Revenue to increase in the 13% to 14% range vs $1.06B consensus; Adjusted EBITDA to increase in the 17% to 18% range; Adjusted net income to increase in the 30% to 33% range; Adjusted earnings per share to increase in the 33% to 36% range vs $2.06 consensus, based on Adjusted diluted shares outstanding of approximately 89.5 million, inclusive of one million shares repurchased.
• The Company also expects 2023 net interest expense to be approximately $75 million. It also expects capital expenditures to increase to the mid-30% range driven by additional stores in our corporate-owned portfolio and depreciation and amortization to increase to the mid-10% range driven by the increase in capital expenditures and a full-year of Sunshine in our results over 2022.
• New equipment placements of approximately 160 in franchisee-owned locations

• System-wide same store sales in the high single-digit percentage range

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