Planet Fitness Inc Stock Price, News & Analysis

Planet Fitness (NYSE: PLNT) has announced two key leadership appointments. Chip Ohlsson will join as Chief Development Officer effective January 20, 2025, and Brian Povinelli as Chief Marketing Officer effective February 10, 2025. Both executives will report to CEO Colleen Keating.

Ohlsson brings 30 years of hospitality industry experience, most recently serving as Executive VP and Chief Development Officer at Wyndham Hotels & Resorts. His background includes experience as a franchisee of a fast-casual restaurant brand. Povinelli joins from Marriott International, where he was Global Head of Marketing & Brand, overseeing strategy for over 25 brands.

These appointments aim to support Planet Fitness's strategic goals, including accelerating club openings, redefining brand strategy, and leveraging the company's industry leadership position.

Planet Fitness (NYSE: PLNT) has announced its participation in the upcoming ICR Conference 2025. The company's management will conduct a fireside chat presentation on January 13, 2025, at 3:00 p.m. Eastern Time. A live webcast will be accessible on their investor relations website.

Founded in 1992 in Dover, NH, Planet Fitness has grown to become one of the largest fitness club franchisors globally. As of September 30, 2024, the company boasts 19.6 million members and 2,637 clubs across multiple countries, including all 50 US states, Puerto Rico, Canada, Panama, Mexico, Australia, and Spain. Operating under their signature Judgement Free Zone® philosophy, over 90% of their clubs are independently owned and operated.

Planet Fitness (NYSE: PLNT) reported strong Q3 2024 results with total revenue increasing 5.3% to $292.2 million. The company achieved system-wide same club sales growth of 4.3% and expanded to 2,637 total clubs. Net income rose to $42.4 million, with adjusted EBITDA growing 10% to $123.1 million. Notable developments include raising the Classic Card membership price to $15 for new members, completing a $280 million share repurchase program, and initiating a new $500 million repurchase program. The company increased its 2024 outlook, now expecting revenue and adjusted EBITDA growth of 8-9%, with system-wide same club sales projected at 4-5%.

Planet Fitness (NYSE: PLNT) has appointed Jay Stasz as its new Chief Financial Officer, effective November 15, 2024. Stasz brings over 25 years of finance experience and will succeed current CFO Tom Fitzgerald, who will remain with the company through December 2024 and serve as a consultant until March 2025. Stasz previously served as CFO at Savers Value Village, where he led their successful IPO in June 2023, and at Ollie's Bargain Outlet. The transition period will begin November 4, 2024, when Stasz joins the company to work alongside Fitzgerald before assuming the CFO role.

Planet Fitness (NYSE: PLNT) announced it will release its third quarter 2024 financial results on November 7, 2024, before market opening. The company will host a conference call at 8:00 a.m. Eastern Time to discuss the results. As of June 30, 2024, Planet Fitness operated 2,617 stores across multiple countries with 19.7 million members. Over 90% of stores are independently owned and operated by franchisees. The company maintains presence in all 50 US states, DC, Puerto Rico, Canada, Panama, Mexico and Australia.

Planet Fitness, Inc. (NYSE: PLNT) reported Q2 2024 financial results, showing solid growth. Key highlights include:

- Total revenue increased 5.1% to $300.9 million
- System-wide same store sales grew 4.2%
- Net income rose to $49.3 million, up from $44.2 million in Q2 2023
- Adjusted EBITDA increased 7.2% to $127.5 million

The company executed a $280 million Accelerated Share Repurchase and completed an $800 million debt refinancing. Planet Fitness reiterated its 2024 outlook, expecting 140-150 new store openings and 3-5% system-wide same store sales growth. CEO Colleen Keating expressed confidence in the company's growth potential and commitment to enhancing shareholder value.

Planet Fitness, Inc. (NYSE: PLNT) has announced it will report its second quarter 2024 financial results on August 6, 2024, before the market opens. The company will host a conference call at 8:00 a.m. Eastern Time on the same day to discuss the results. A live webcast will be available on the investor relations website, and a dial-in option is provided through pre-registration.

For those unable to attend live, a digital recording will be accessible until August 13, 2024. As of March 31, 2024, Planet Fitness had approximately 19.6 million members and 2,599 stores across multiple countries, with over 90% of stores independently owned and operated.

Planet Fitness (NYSE: PLNT) has announced a $280 million Accelerated Share Repurchase (ASR) agreement with Citibank, part of its $500 million share repurchase authorization from November 2022. As of June 13, 2024, $355 million remained in this authorization. The ASR will initially provide about 3.1 million shares, 80% of the expected repurchase. Final settlement is due by Q3 2024. A new $500 million share repurchase program will replace the existing one upon ASR completion. For 2024, adjusted net income is now forecasted to grow by 4-6% (previously 6-8%), and adjusted net income per share, diluted to rise by 7-9% (previously 8-10%). Net interest expense is expected at $75 million, up from $70 million.

Planet Fitness (PLNT) has completed its refinancing transaction, issuing $800 million in Class A-2 Senior Secured Notes. These notes are divided into two tranches: $425 million at a 5.765% fixed interest rate for five years, and $375 million at a 6.237% fixed interest rate for ten years.

The proceeds will repay $591 million of 2018-1 Class A-2-II Notes, cover transaction costs, fund reserve accounts, and support general corporate purposes, including potential share repurchases. As of March 31, 2024, Planet Fitness had 19.6 million members and 2,599 stores worldwide.