Planet Fitness, Inc. (PLNT)
Planet Fitness, Inc., encompassing its various holdings, develops and oversees fitness facilities operating under the Planet Fitness brand. The company's business model is organized into three distinct divisions: Franchising, Corporate-Owned Locations, and Equipment Sales. Its Franchising division manages the licensing of Planet Fitness centers throughout the United States, Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-Owned Locations segment is responsible for the direct operation of company-owned fitness clubs within the United States and Canada. Furthermore, the Equipment Sales division supplies fitness machinery to its franchised establishments located in the U.S. and Canada. As of December 31, 2021, the firm maintained a total of 2,254 centers spanning 50 U.S. states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico, and Australia. Planet Fitness, Inc. was founded in 1992 and maintains its principal headquarters in Hampton, New Hampshire.
Sector: Services-Membership Sports & Recreation Clubs
Industry: Leisure
Planet Fitness, Inc.
NYSE:PLNTConsumer Cyclical · Leisure
-1.41%$52.52
AH Close$52.52+0.00%vs close
AH Close$52.52+0.00%vs close
Mkt Cap$3.95B
Float74.65M
O/S75.22M
Inst Own-
SI12.8%
Dilution
Delisting Issues Timeline
Financials Summary
Revenue$1.32B
Net Income$219.1M
Total Assets$3.1B
Free Cash Flow$254.75M
Debt & Equity
Debt 120%
Total Debt$2.9B
Total Equity-$483.38M
Shares Outstanding
Short Interest
Split History
No splits on record
Nothing in PLNT's public trading history: no forward or reverse split has affected the share count.
Balance Sheet Details
Assets$3.1B
Liabilities$3.59B
Accounts Receivable$107.48M
Accounts Payable$39.68M
Inventory$7.58M
PP&E (Net)$876.07M
Goodwill$712.45M
Intangible Assets$286.41M
Income Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Revenue | $1.32B | $1.18B | $1.07B | $936.77M | $587.02M | $406.62M | $688.8M | $572.9M | $429.94M | $378.24M | $330.54M | $279.78M | $211.01M | $159.69M |
| YoY Growth | 12.1% | 10.3% | 14.4% | 59.6% | 44.4% | -41.0% | 20.2% | 33.3% | 13.7% | 14.4% | 18.1% | 32.6% | 32.1% | - |
| Cost of Revenue | $636.43M | $566.64M | $513.74M | $462.74M | $271.15M | $220.01M | $330.71M | $280.27M | $189.92M | $182.44M | $170.98M | $149.78M | $123.05M | $87.12M |
| Gross Profit | $687.71M | $615.02M | $557.59M | $474.03M | $315.87M | $186.61M | $358.09M | $292.63M | $240.02M | $195.8M | $159.56M | $130M | $87.96M | $72.56M |
| Gross Margin | 51.9% | 52.0% | 52.0% | 50.6% | 53.8% | 45.9% | 52.0% | 51.1% | 55.8% | 51.8% | 48.3% | 46.5% | 41.7% | 45.4% |
| Research and Development | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Selling, General, and Administrative | $137.63M | $129.15M | $124.93M | $114.85M | $94.54M | $68.58M | $78.82M | $72.45M | $60.37M | $50.01M | $55.57M | $35.12M | $23.12M | $25.22M |
| Other | $155.4M | $161.67M | $159.79M | $129.1M | $77.94M | $58.27M | $46.19M | $36.14M | $32.11M | $30.13M | $31.89M | $33.34M | $28.81M | $0 |
| Total Operating Expenses | $293.03M | $290.82M | $284.72M | $243.96M | $172.48M | $126.85M | $125.01M | $108.58M | $92.48M | $80.14M | $87.46M | $68.46M | $51.93M | $42.67M |
| Operating Income (EBIT) | $394.68M | $324.2M | $272.86M | $230.08M | $143.4M | $59.76M | $233.08M | $184.04M | $147.54M | $115.66M | $72.1M | $61.54M | $36.04M | $34.71M |
| Operating Margin | 29.8% | 27.4% | 25.5% | 24.6% | 24.4% | 14.7% | 33.8% | 32.1% | 34.3% | 30.6% | 21.8% | 22.0% | 17.1% | 21.7% |
| Interest Expense | $108.24M | $100.04M | $86.58M | $88.63M | $81.21M | $82.12M | $60.85M | $50.75M | $35.28M | $27.13M | $24.55M | $22.18M | $8.91M | $0 |
| Interest Income | $23M | $23.11M | $17.74M | $5M | $878K | $2.94M | $7.05M | $4.68M | $0 | $0 | $0 | $377K | $0 | $3.78M |
| Other Income (Expense) | -$88.54M | -$81.51M | -$67.32M | -$69.11M | -$91.44M | -$74.28M | -$59.91M | -$52.24M | $281.64M | -$25.75M | -$24.82M | -$23.06M | -$9.61M | -$8.6M |
| Income Before Tax (EBT) | $306.14M | $242.69M | $205.55M | $160.97M | $51.78M | -$14.52M | $173.18M | $131.8M | $429.18M | $89.91M | $47.28M | $38.48M | $26.43M | $26.11M |
| Income Tax Expense | $85.87M | $68.44M | $58.51M | $50.52M | $5.66M | $687K | $37.76M | $28.64M | $373.58M | $18.66M | $9.15M | $1.18M | $633K | $712K |
| Net Income | $219.1M | $172.04M | $138.31M | $99.4M | $42.77M | -$14.99M | $117.69M | $88.02M | $33.15M | $21.5M | $18.52M | $36.81M | $25.44M | $2.12M |
| Net Income Margin | 16.5% | 14.6% | 12.9% | 10.6% | 7.3% | -3.7% | 17.1% | 15.4% | 7.7% | 5.7% | 5.6% | 13.2% | 12.1% | 1.3% |
| Supplementary Data | ||||||||||||||
| EPS | 2.62 | 2.01 | 1.63 | 1.18 | 0.51 | -0.19 | 1.42 | 1.01 | 0.42 | 0.50 | 0.51 | 1.04 | 0.72 | 0.06 |
| Diluted EPS | 2.62 | 2.00 | 1.62 | 1.18 | 0.51 | -0.19 | 1.41 | 1.00 | 0.42 | 0.50 | 0.51 | 1.04 | 0.72 | 0.06 |
| Weighted Average OS | 83.52M | 85.62M | 84.90M | 84.14M | 83.30M | 80.30M | 82.98M | 87.24M | 78.91M | 43.30M | 36.24M | 35.23M | 35.23M | 35.23M |
| EBITDA | $570.17M | $507.11M | $443.53M | $374.09M | $195.97M | $121.43M | $278.61M | $218.19M | $496.61M | $148.95M | $104.46M | $93.12M | $64.4M | $43.53M |
| EBITDA Margin | 43.1% | 42.9% | 41.4% | 39.9% | 33.4% | 29.9% | 40.4% | 38.1% | 115.5% | 39.4% | 31.6% | 33.3% | 30.5% | 27.3% |
Balance Sheet
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 |
| Assets | |||||||||||||
| Current Assets | |||||||||||||
| Cash and Cash Equivalents | $345.65M | $293.15M | $275.84M | $409.84M | $545.91M | $439.48M | $436.26M | $289.43M | $113.08M | $40.39M | $31.43M | $43.29M | $31.27M |
| Short-Term Investments | $106.76M | $114.16M | $74.9M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Cash and Short-Term Investments | $452.41M | $407.31M | $350.74M | $409.84M | $545.91M | $439.48M | $436.26M | $289.43M | $113.08M | $40.39M | $31.43M | $43.29M | $31.27M |
| Accounts Receivable | $107.48M | $96.54M | $56.28M | $66.69M | $44.45M | $38.66M | $52.44M | $58.33M | $56.8M | $42.37M | $29.84M | $21.71M | $17.63M |
| Inventory | $7.58M | $6.15M | $4.68M | $5.27M | $1.16M | $473K | $877K | $5.12M | $2.69M | $1.8M | $4.56M | $3.01M | $2.24M |
| Other Current Assets | $66.3M | $56.52M | $46.28M | $62.66M | $58.03M | $76.32M | $42.54M | $30.71M | $499K | $3.07M | $7.79M | $2.95M | $2.84M |
| Total Current Assets | $658.39M | $588.02M | $471.82M | $555.53M | $662.41M | $566.82M | $540.14M | $388.54M | $177M | $91.22M | $72.94M | $75.32M | $57.55M |
| Long-Term Assets | |||||||||||||
| Property, Plant & Equipment Net | $876.07M | $819.16M | $771.41M | $695.76M | $364.02M | $324.93M | $301.11M | $114.37M | $83.33M | $61.24M | $56.14M | $49.58M | $33.77M |
| Goodwill | $712.45M | $720.63M | $717.5M | $702.69M | $228.57M | $227.82M | $227.82M | $199.51M | $176.98M | $176.98M | $176.98M | $176.98M | $157.21M |
| Intangible Assets | $286.41M | $323.32M | $372.51M | $417.07M | $200.94M | $217.07M | $233.92M | $234.33M | $235.66M | $253.86M | $273.62M | $295.16M | $303.33M |
| Long-Term Investments | $69.7M | $141.32M | $128.39M | $25.12M | $18.76M | $0 | $0 | $0 | $340K | $306K | $1.15M | $1.71M | $0 |
| Deferred Tax Assets | $406.72M | $470.2M | $504.19M | $454.56M | $539.26M | $511.2M | $412.29M | $414.84M | $407.78M | $410.41M | $117.36M | -$1.71M | $0 |
| Other Long-Term Assets | $93.66M | $7.06M | $3.87M | $3.86M | $2.02M | $1.9M | $1.9M | $1.82M | $11.38M | $7.42M | $988K | $12.24M | $10.24M |
| Total Long-Term Assets | $2.45B | $2.48B | $2.5B | $2.3B | $1.35B | $1.28B | $1.18B | $964.88M | $915.46M | $910.22M | $626.23M | $533.96M | $504.55M |
| Other Assets | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Assets | $3.1B | $3.07B | $2.97B | $2.85B | $2.02B | $1.85B | $1.72B | $1.35B | $1.09B | $1B | $699.18M | $609.28M | $562.1M |
| Liabilities | |||||||||||||
| Current Liabilities | |||||||||||||
| Accounts Payable | $39.68M | $32.89M | $23.79M | $20.58M | $27.89M | $19.39M | $21.27M | $30.43M | $28.65M | $28.51M | $23.95M | $26.74M | $25.52M |
| Short-Term Debt | $23.88M | $22.5M | $20.75M | $20.75M | $17.5M | $17.5M | $17.5M | $12M | $7.18M | $7.18M | $5.1M | $3.9M | $9.5M |
| Current Income Tax Payable | $55.52M | $55.56M | $41.29M | $31.94M | $20.3M | $488.2M | $26.47M | $24.77M | $31.06M | $8.07M | $3.02M | $0 | $0 |
| Current Unearned Revenue | $58.59M | $62.11M | $59.59M | $53.76M | $28.35M | $26.69M | $27.6M | $23.49M | $19.08M | $17.78M | $14.72M | $14.55M | $11.44M |
| Other Current Liabilities | $59.45M | $41.55M | $39.61M | $50.51M | $30.85M | $26.27M | $21.02M | $8.34M | $7.46M | $2.54M | $5.8M | $6.83M | $4.26M |
| Total Current Liabilities | $312.49M | $282.5M | $251.33M | $244.53M | $176.61M | $111.89M | $145.48M | $131.4M | $112.03M | $83.27M | $66.25M | $60.88M | $56.75M |
| Long-Term Liabilities | |||||||||||||
| Long-Term Debt | $2.46B | $2.15B | $1.96B | $1.98B | $1.74B | $1.75B | $1.69B | $1.16B | $696.58M | $702M | $479.78M | $375.88M | $173.38M |
| Long-Term Unearned Revenue | $29.66M | $31.99M | $32.05M | $33.15M | $33.43M | $32.59M | $34.46M | $26.37M | $8.44M | $8.35M | $12.02M | $9.33M | $7.19M |
| Long-Term Deferred Tax Liabilities | $1.18M | $1.39M | $1.64M | $1.47M | $0 | $881K | $1.12M | $2.3M | $1.63M | $1.24M | $141.73M | $606K | $593K |
| Other Long-Term Liabilities | $365.95M | $415.86M | $459.2M | $467.02M | $510.83M | $490.71M | $403.47M | $416M | $410.73M | $421.33M | $142.21M | $3.49M | $1.85M |
| Total Long-Term Liabilities | $3.27B | $3B | $2.84B | $2.82B | $2.48B | $2.44B | $2.28B | $1.6B | $1.12B | $1.13B | $634M | $396.64M | $183.43M |
| Other Liabilities | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Total Liabilities | $3.59B | $3.29B | $3.09B | $3.07B | $2.66B | $2.56B | $2.42B | $1.74B | $1.23B | $1.22B | $700.26M | $457.53M | $240.18M |
| Stockholders' Equity | |||||||||||||
| Preferred Stock | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Common Stock | $8K | $9K | $9K | $9K | $9K | $9K | $9K | $10K | $10K | $10K | $10K | $146.16M | $315.62M |
| Retained Earnings | -$1.11B | -$822.16M | -$691.46M | -$703.72M | -$708.8M | -$751.58M | -$736.59M | -$394.41M | -$130.97M | -$164.06M | -$14.03M | $0 | $0 |
| Comprehensive Income & Other | $1.31M | -$2.35M | $172K | -$448K | $12K | $27K | $303K | $94K | -$648K | -$1.17M | -$1.71M | -$636K | $92K |
| Other Stockholders' Equity | $624.04M | $606.77M | $575.8M | $504.7M | $63.44M | $45.7M | $30.12M | $19.83M | $11.47M | $33.29M | -$1.36M | -$636K | $92K |
| Total Equity | -$483.38M | -$215.38M | -$115.65M | -$199.01M | -$645.36M | -$705.87M | -$706.46M | -$374.57M | -$119.49M | -$130.76M | -$15.38M | $145.52M | $315.71M |
| Minority Interest | -$601K | $7K | -$3.34M | -$12.55M | $2.51M | $196K | -$1.3M | -$8.21M | -$17.45M | -$84M | $14.3M | $6.23M | $6.2M |
| Total Liabilities and Equity | $3.1B | $3.07B | $2.97B | $2.87B | $2.01B | $1.85B | $1.72B | $1.36B | $1.11B | $1.09B | $684.88M | $603.05M | $555.9M |
| Supplementary Data | |||||||||||||
| Total Debt | $2.9B | $2.58B | $2.37B | $2.34B | $1.96B | $1.94B | $1.86B | $1.17B | $703.76M | $709.19M | $484.88M | $380.2M | $184.46M |
| Net Debt | $2.56B | $2.28B | $2.09B | $1.93B | $1.41B | $1.5B | $1.42B | $882.7M | $590.68M | $668.79M | $453.45M | $336.91M | $153.19M |
Cash Flow Statement
| Period | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 | FY 2019 | FY 2018 | FY 2017 | FY 2016 | FY 2015 | FY 2014 | FY 2013 | FY 2012 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Currency | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD | USD |
| Period Ending | 2025-12-31 | 2024-12-31 | 2023-12-31 | 2022-12-31 | 2021-12-31 | 2020-12-31 | 2019-12-31 | 2018-12-31 | 2017-12-31 | 2016-12-31 | 2015-12-31 | 2014-12-31 | 2013-12-31 | 2012-12-31 |
| Operating Activities | ||||||||||||||
| Net Income | $219.1M | $174.24M | $147.03M | $110.46M | $46.12M | -$15.2M | $135.41M | $103.16M | $55.6M | $71.25M | $38.13M | $37.3M | $25.8M | $24.35M |
| Depreciation & Amortization | $155.78M | $160.35M | $149.41M | $124.02M | $62.8M | $53.83M | $44.58M | $35.63M | $32.09M | $31.89M | $32.64M | $32.84M | $29.05M | $12.67M |
| Deferred Income Tax | $63.88M | $56.99M | $49.23M | $34.79M | $13.27M | $1.26M | $27.59M | $28.7M | $55.07M | $15.68M | $3.59M | -$63K | -$1.43M | $0 |
| Stock-Based Compensation | $12.33M | $8.91M | $7.91M | $8.07M | $8.8M | $4.78M | $4.83M | $5.48M | $2.53M | $1.73M | $4.88M | $0 | $0 | $0 |
| Changes in Working Capital: | ||||||||||||||
| Accounts Receivable | $7.23M | -$36.46M | $4.76M | -$19.18M | -$10.8M | $23.61M | -$895K | -$1.92M | -$10.48M | -$7.75M | -$414K | -$3.63M | -$3.1M | -$941K |
| Inventory | -$1.38M | -$1.48M | $599K | -$4.11M | -$681K | $404K | $4.24M | -$2.43M | -$890K | $2.75M | -$1.54M | -$769K | -$1.75M | -$305K |
| Accounts Payable | $6.93M | $0 | $0 | $0 | $30.93M | -$10.94M | -$6.27M | $14.51M | $4.21M | $7.43M | $263K | $5.04M | $13.46M | $0 |
| Other Working Capital | -$53.15M | $18.32M | $1.52M | $2.13M | $16.7M | -$5.78M | -$11.9M | -$12.31M | -$11.12M | -$19.65M | $2.11M | $2.91M | $2.05M | $0 |
| Total Working Capital Change | -$40.37M | -$19.63M | $6.88M | -$21.15M | $36.14M | $7.3M | -$14.82M | $866K | -$18.89M | -$17.22M | $416K | $3.73M | $11.93M | -$1.25M |
| Other Non-Cash Items | $7.69M | -$36.99M | -$30.2M | -$15.97M | $22.15M | -$20.83M | $6.72M | $10.56M | $4.61M | $5.49M | $2.02M | $5.61M | $1.59M | $6.04M |
| Net Cash from Operating | $418.42M | $343.87M | $330.25M | $240.21M | $189.29M | $31.14M | $204.31M | $184.4M | $131.02M | $108.82M | $81.66M | $79.41M | $66.94M | $43.06M |
| Investing Activities | ||||||||||||||
| Capital Expenditures | -$163.67M | -$155.06M | -$135.99M | -$100.06M | -$54.07M | -$52.56M | -$110.8M | -$86.61M | -$37.72M | -$15.38M | -$19.49M | -$55.29M | -$7.29M | -$5.16M |
| Acquisitions | $0 | $0 | -$43.26M | -$404.12M | -$1.89M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Purchases of Investments | -$156.14M | -$156.57M | -$241.33M | -$2.45M | -$35M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Sales of Investments | $141.58M | $103.67M | $80.49M | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 |
| Other Investing Activities | $18.07M | -$749K | $99K | $60K | $46K | $282K | -$52.8M | -$45.56M | $680K | $683K | $327K | -$37.71M | $150K | -$227.74M |
| Net Cash from Investing | -$160.16M | -$208.71M | -$339.99M | -$506.57M | -$90.92M | -$52.28M | -$110.69M | -$86.42M | -$37.04M | -$14.69M | -$19.16M | -$54.36M | -$7.14M | -$232.9M |
| Financing Activities | ||||||||||||||
| Debt Repaid | -$304.48M | -$191.21M | $20.94M | -$249.92M | $17.68M | -$57.34M | -$537.91M | -$487.48M | $7.21M | -$224.33M | -$104.82M | -$203.04M | $17.36M | - |
| Common Stock Issuance | $1.85M | $21.88M | $9.16M | $925K | $8.19M | $2.57M | $2.86M | $1.21M | $480K | $136K | $156.95M | $0 | $0 | $0 |
| Common Stock Repurchases | -$500.37M | -$300.2M | -$125.03M | -$94.31M | $0 | $0 | -$458.17M | -$342.38M | $0 | -$1.58M | -$156.95M | $0 | $0 | $0 |
| Dividends Paid | -$1.51M | -$4.79M | -$4.61M | -$4.63M | -$750K | -$2.06M | -$7.68M | -$9.26M | -$13.33M | -$302.85M | -$176.49M | -$205.83M | -$24.02M | -$28.52M |
| Other Financing Activities | -$2.55M | -$13.09M | $0 | -$16.18M | $0 | $0 | -$10.58M | -$27.13M | -$1.64M | -$5.22M | -$159.52M | -$10.16M | $3.38M | $50.26M |
| Net Cash from Financing | -$198.09M | -$105M | -$141.42M | $135.72M | -$10.25M | $57.85M | $64.35M | $109.92M | -$21.7M | -$85.18M | -$74.24M | -$12.95M | -$37.99M | $186.64M |
| Forex Effect | $2.12M | -$2.61M | $776K | -$808K | $14K | $295K | $691K | -$844K | $411K | $23K | -$123K | -$67K | $0 | $0 |
| Net Change in Cash | $62.28M | $27.55M | -$150.38M | -$131.44M | $88.14M | $37.01M | $158.66M | $207.06M | $72.69M | $8.96M | -$11.86M | $12.02M | $21.81M | -$3.2M |
| Supplementary Data | ||||||||||||||
| Operating Cash Flow | $418.42M | $343.87M | $330.25M | $240.21M | $189.29M | $31.14M | $204.31M | $184.4M | $131.02M | $108.82M | $81.66M | $79.41M | $66.94M | $43.06M |
| Capital Expenditure | -$163.67M | -$155.06M | -$135.99M | -$100.06M | -$54.07M | -$52.56M | -$110.8M | -$86.61M | -$37.72M | -$15.38M | -$19.49M | -$55.29M | -$7.29M | -$5.16M |
| Free Cash Flow | $254.75M | $188.81M | $194.27M | $140.15M | $135.22M | -$21.42M | $93.51M | $97.79M | $93.3M | $93.44M | $62.17M | $24.12M | $59.66M | $37.89M |
| Cash at Beginning | $349.67M | $322.12M | $472.5M | $603.94M | $515.8M | $478.8M | $320.14M | $113.08M | $40.39M | $31.43M | $43.29M | $31.27M | $9.46M | $33.67M |
| Cash at End | $411.96M | $349.67M | $322.12M | $472.5M | $603.94M | $515.8M | $478.8M | $320.14M | $113.08M | $40.39M | $31.43M | $43.29M | $31.27M | $30.48M |