of details the reviewing by XXXX discuss and begin I'll everyone. second afternoon, good full and our results Chris, year Thanks, quarter outlook. our then
quarter X, in increase on basis prior year second the total XXXX, growth of perspective, in the increased Black Card balance rate a with that pricing $X of year, XX% XXXX. last to member X.X%. point in $XXX.X net period. Card driven growth QX same-store XX.X%. increased system-wide penetration revenue place XX% Stores XX.X% rate sales Black increased new with our XX.X%, was increase Approximately sales for in franchisee Total million and combined For segment put From to being $XXX.X a same-store with growth. Corporate our same-store compared a joins driven increased by sales million was was system-wide the October from XX increase The by our comp
the XXX this increase sales. pricing Card the increased in of points Black same-store During basis quarter, approximately drove
revenue, million, the an period. which, beginning fund XX.X% year segment franchise million revenue, XXXX, Our $XX.X $XX.X now national increase was prior includes advertising of in in from
of royalties of last of by fees. third, was opened break annual overall sales which new had X mentioned, $XX.X the stores drivers: increase our a compares second our same revenue same-store higher of revenue XX.X%; me quarter Let to XX.X%. then million the average on This year-over-year the an a and and XXX quarter million, since increase Royalty revenue monthly drivers second, membership royalty increased growing membership franchisee-owned of consist fastest segment. we last year; I as $XX.X of in down year, rate. franchise first, royalty dues This
quarter, driven higher rate second period including royalty agreements. royalty was at last by stores average in from the the more rates, that the stores year, franchise up their For X.X%, same amended X.X%
to for franchise The online compared period. fees year paid higher our agreements development instead fees operational $X.X million of amended new fees agreements the fees stores increased processing dues $X million expenses. franchise have system, fees stores. were other member is related to prior from us our to decrease point-of-sale rate that and area paying transfer the existing of and due existing of as their to well agreements the as These number royalty franchise and the are through new in received sign-ups, Next, from
recognize $XXX,XXX In we the fee headwind revenue QX of prior the in quarter. change this addition, was in to how about and ADA year compared FA year
compared over to As we need within versus fees was time quarter stores. These we for franchisee-owned same last previously, agreement franchise placement is fees the our second million recognize outlined placement to and Also and a revenue sales at period assignment. to XX-year the lease now the revenue, segment $X.X assembly $X.X our million received which in related we franchise year. equipment are these
Our are international of and The with and that was commissions effect existing higher was year the X, stores paying compared for the to for account of as XXXX. the a openings vendor new have compared then agreements advertising equipment as from third-party was amended income, national year, above. to franchise finally, commission ago. arrangements $X $XX.X how instead increased their number million the $X.X which we X rate million attributable revenue commissions expenses, on decrease million preferred GAAP contributions related last rules NAF to And operational fund discussed into January royalty went store new
only reminder, the marketing As as these as Due our associated and we National had NAF this the contributions prior on Fund with impact must to balance accounting the to year, now record managing Ad recognize revenue recent sheet. really changes, contributions a expenses. expenses an the
year prior XX.X% million the store eastern XXXX Long segment corporate-owned from six due Island million was the acquired driven revenue by of the driven $X four Of $X.X period. in million by in late $XX.X stores corporate-owned X.X%. $XX.X to increased $X million million sales Corporate Our we was increase increase, Stores opened same-store in in was $X.X million and the to January, we franchise
million. ago. equipment a Turning increased driven year U.S. or to stores from by $XX.X The million store to additional $XX.X equipment in $X.X replacement by and existing Revenue to segment. franchise-owned four sales versus our equipment XX.X% was increase sales million new the higher
equipment total sales were For equipment to quarter, XX% compared the XX% ago. sales year replacement of a
of to amounted $XX.X primarily relates payroll incremental well Our the and was company XXXX, of million $XX QX primarily million incremental $XX.X franchise-owned many a first franchise higher in cost acquired growing in offsetting the $XX.X compared increase costs which to we opened sales which payroll begin lap is quarter, quarter. the by SG&A XXXX. was in year same second the in ago. generated segment. stores existing six the advertising Store therefore, $XX.X XXXX, during associated stores, was of million made mainly, cost new and million, was grow the attributable open in the operations The of to planned associated year NAF increase by basis four half to a our with to expect compensation. increase stores our driven The additional compared National stores, these SG&A costs expenses, as quarter. of to infrastructure increased hires year-over-year fund XX.X%, we year. expense million in mainly of new compared rate with operation to dollars an which with increases support of to associated to the $XX.X during revenue, X, sales related ago, a and to million direct equity revenue to at for driven our cost increase the January a quarter was on don't last the ago. on half the third experienced to year, to this stores are we equipment year as aforementioned million corporate-owned equipment We'll and and This the $XX.X primarily starting
increased million for to year $XX.X the income the operating prior operating million XX.X% of Our compared quarter in $XX.X to period. income
basis decrease basis the earlier gross XX impacted year the and XXX margins XX.X% points this basis adjusted adjusted the quarter approximately income compared a revenue excluding impact margins ago. operating of approximately XXX and on was decreased the second and from by mentioned expense NAF driven operating to to by increased margins basis to XX.X%. the statement Although approximately in XXXX, negatively the an up NAF, points points income of operating NAF On
Our tax GAAP effective to year the XX.X% XX.X% period. second quarter in compared for was rate the prior
to Planet interest, level, not all rate the stated the which tax of the were before, XX.X% was Planet because adjusted company at Inc. taxed have income As we level. attributable for appropriate XXXX income corporate an the the is approximately at noncontrolling and Fitness taxed Fitness the if earnings of
basis, second period. in diluted respectively. year second Fitness adjusted following Adjusted prior For GAAP net On attributable XXXX, share $X.XX XXXX, XX.X% increase share expenses prior the million Planet rate income income $XX.X $XX.X Inc. of was a XXXX a tax diluted the million net period. rate quarter Inc. $X.XX million income exclude $XX.X was per compared tax income $X.XX to an share, over year XX.X% attributable was or million million would for Planet an per share has diluted tax late per of the reflect compared or year $XX.X adjusted to to reform $XX per to diluted income Fitness Net in passage adjusted of $XX.X or or nonrecurring and with the an net appropriate income net compared approximately On the a to be of quarter normalized ago. million XX.X% basis, $X.XX XXXX, and XX.X%. for of and year, of been last
our operating reconciliation depreciation defined amortization, income considered million and period. of EBITDA, and net a in which million, found to is that by the an release. and the impact $XX.X EBITDA adjusted the basis, noncash included from EBITDA before year adjusted net in million earnings increased excluding not as from segment the increased GAAP XX.X% evaluation in adjusted $XX.X in of overall items rate. $XX average impact the other of certain higher are ongoing increased A prior EBITDA franchise royalties to and sales, adjusted taxes, of base GAAP of a stores net up approximately net be franchise-owned additional same-store provided have interest, adjusted for By higher franchisee-owned On points release. XX income segment, We XX.X% performance, driven also an can Adjusted XX.X%. same-store NAF, basis to earnings income to sales income reconciliation to in as well the XX.X% royalty received in not as increase margins today's
to by due compared prior Excluding NAF year. our to expense a adjusted to SG&A points revenue XX.X%, XXX and basis EBITDA expense, decrease higher decreased segment margins franchise with the approximately
As I payroll related increase of to in added the SG&A was segment. support primarily to XXXX our the half in growing we second earlier, fastest mentioned incremental the
half and we leverage in we move million, in increased in Corporate-owned the back to start of we stores annual XX.X% drive by XXXX, corporate higher store fees franchise segment through expansion primarily driven franchise the our X same-store increase As to January. and to $XX.X EBITDA expect structure the segment the cost X.X% acquired fourth quarter. sales, margin
of Our run This yet are Corporate at a adjusted EBITDA Corporate primarily adjusted points Stores not XX.X%. the approximately that basis result decrease rate. margins margin was mature the to Stores segment EBITDA X XXX by decreased new in
by higher ago. new year versus higher EBITDA Our stores equipment store replacement to million, franchisee-owned increased segment to a sales XX.X% equipment existing equipment $XX.X driven sales and
Our last year. equipment flat margins adjusted with EBITDA segment were XX.X%,
the turning sheet. balance Now to
end million loan. cash As term $XX senior deferred stood of solely QX, of our and under cost, Total debt, facility bank and we cash of revolving the $XXX.X $XXX.X June million. financing excluding at had million of equivalents credit XXXX, our capacity XX, at was consisting borrowing
with existing securitized we financing of a refinancing completed our a facilities facility. secured credit announced new we August senior As X, on
business. deal the that and interest the the to the reflects confidence we'll We be investment rate report well are received was our lending pleased community's paying by in community
Now whole We includes business that of average year in securitization, blended which notes $XXX September XXXX, is four interest with with at of The to the and million year X.XXX% closed X.XX%. our a of notes due rate seven weighted million X.X transaction. of rate fixed life of blended of XXXX weighted interest details due in X.XXX%. of $XXX years a average an of rate interest September
and After undrawn $XXX was as of million transaction Additionally, facility transaction note previous million. funding as $XX approximately the $XXX of this $XX to related debt expenses includes million, the revolver. the of closing securitization approximately prepayment of million variable a transaction similarly that proceeds the at to from $XX the the are net well function approximately the million existing
X debt-to-adjusted of X.Xx. transaction and trailing the Based the pro the ratio runway long targeted outlook EBITDA asset approximately on believe our cash leverage this range range Xx Our an current model company. ratio and using generation, free We to leverage for given is runway capital adjusted debt-to-adjusted EBITDA the flow adjusted growth business basis. now for long policy in QX growth, EBITDA, that for a is the this light for appropriate EBITDA that XX-month our for forma on our targeting we're
to to $XXX up approved plan million. repurchase from that a proceeds To net combined the from million announce time share level this position approximately the end, time. million, company's $XXX.X capital to from shareholders we previous the $XXX recently with cash million our pleased of $XXX to current board of am that of I authorization, return With securitization,
outlook. year our year new as of our confidence a updating full full on the to our guidance. we business the are in Based Now financing, result and
neighborhood financing XX% by expect Net the approximately approximately in expect now now We to adjusted XX%, to we increase First, with up XX%. $XX of revenue range, D&A million. the EBITDA an and in grow write-off which to not be million $XX adjusted and expense down million year, a XX%, the impacting income adjusted cost We million expected therefore, now interest and cost, the previously from financing, financing adjusted for of approximately is cost capitalized guidance, $X expected considered EPS net capitalized deferred to includes nonrecurring from our approximately new the revenue now XX%, by associated approximately expect cost. $X is with guidance the to new adjusted previous approximately the EPS above-mentioned adjusted which incremental and income reflecting $X.XX. of and approximately grow net related reduce to EPS deferred growth of expense
XX.X Our repurchases. adjusted million shares adjusted is on an outstanding EPS and share weighted shares of average guidance no assumes based
our in to XX% I'll equipment we're back We new forecasted increase now used now full anticipate tightening still XX.X%. rate We for sales turn are guidance. XX% range, to equipment to are tax X% effective approximately approximately are an same-store call also the finally, sales equipment stores. of System-wide to assumptions in year and sell assuming the XXX developing sales. the total to expecting and in we of And replacement the operator questions. be place
