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my17cents - “Bricks and Clicks” Planet Fitness Fourth Quarter 2020 Earnings

  1. Membership was up in Jan 2021 over Dec 2020.
  2. PfplusappJan 2021 usage was 70% of Jan 2020 usage.
  3. 4% of new joins come from gyms that have closed.  
  4. 41 new Planet Fitness stores were opened system-wide during the period, bringing system-wide total stores to 2,124 as of December 31, 2020.
  5. 130 new Planet Fitness stores were opened system-wide during the year, bringing system-wide total stores to 2,124 as of December 31, 2020.
  6. 18 month extension for Franchises on re-equipment investment obligation.
  7. Current view 75 - 100 new stores guided for opening in 2021 but fluid due to Covid.  New development will be modest.  Back up to 200 per year hopefully in future, a question of when and not what if?
  8. System-wide same store sales decreased 10.6%. By segment, franchisee-owned same store sales decreased 10.6% and corporate-owned same store sales decreased 11.7%.
  9. Mobile App is in the Top 3 for Health and Fitness App Stores.
  10. 41% of Membership has downloaded the app. Driving usage due to membership.
  11. Service the Members at home in a full circle wellness journey.  Trying to be a one stop shop for app usage adding yoga, meditation and nutrition.  Geared content for the people who are first time gym goers.  
  12.  App Usage for those using the QR Codes on Machines, workout time length, visit usage providing data to help track journey of Members and will be able to guide future signups in their journey by using this data.
  13. PF+ app 20% subscribers are non-PF brick and mortar members.  25% of those joined a brick and mortar member.
  14. PF+ taking this time to see what content/trainers are being consumed the most.  It’s real time learning for them as they add more content over time.
  15. Acquisition through app with conversion rates and upgrades to Black Card via app.
  16. Revenue share for the app is still being worked out with the franchisees so it’s a win-win.  All or portion of app revenue.
  17.  The opportunity for merchandise sales through the app i.e. bands for exercise, nutrition items and other merchandise is being looked at.

*These are quick takeaways from listening in on the Earnings Call and Press Statements.  Forward-looking statements are not 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.   

https://prnmedia.prnewswire.com/news-releases/planet-fitness-inc-announces-fourth-quarter-and-year-end-2020-results-301231290.html

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