Planet Fitness Inc Stock Price, News & Analysis

Planet Fitness (NYSE: PLNT) announced participation in the ICR Conference 2023, with a management fireside chat scheduled for January 11, 2023, at 10:30 am Eastern Time. A live webcast will be available on their investor website. As of September 30, 2022, Planet Fitness had over 16.6 million members and 2,353 locations across the U.S. and internationally. The company aims to enhance lives through a welcoming fitness environment, known as the Judgement Free Zone®.

Planet Fitness has appointed Edward Hymes as President and Chief Operating Officer, effective January. Reporting directly to CEO Chris Rondeau, Hymes will oversee U.S. and international franchise operations, equipment sales, corporate stores, and the technology and legal functions. Hymes brings over 30 years of experience, notably at Jiffy Lube, where he managed operations for over 2,000 franchises. His leadership aims to accelerate growth for Planet Fitness, which currently boasts over 16.6 million members and 2,353 locations across several countries.

Planet Fitness has announced its return as the presenting sponsor of Times Square's New Year's Eve celebration for the eighth consecutive year, partnering with Times Square Alliance and Countdown Entertainment. The event will feature Planet Fitness-themed party hats and appearances on ABC's 'Dick Clark's New Year's Rockin' Eve with Ryan Seacrest.' With over 16.6 million members and 2,353 locations, the company emphasizes its commitment to fitness accessibility. Planet Fitness invites the public to submit their New Year's wishes, which will be featured on confetti during the midnight celebration.

Planet Fitness, Inc. (NYSE: PLNT) has launched a redesigned version of its mobile app, aimed at enhancing the user experience for both members and non-members. The app features a new home screen design, a 'Member Perks' section for exclusive discounts, and an upgraded 'Workouts' section offering hundreds of on-demand digital workouts. Additionally, the app introduces the 'My Journey' feature to help users track fitness activities. The updated app continues Planet Fitness's mission to make fitness accessible and convenient for everyone, fostering engagement both inside and outside gym facilities.

Planet Fitness announced it and its community have collectively raised over $8 million since 2016 for the Boys & Girls Clubs of America through The Judgement Free Generation® initiative. In October, $500,000 was raised during a fundraising effort for National Bullying Prevention Month. The funds support youth programming and scholarships, promoting kindness and inclusion. CEO Chris Rondeau emphasized the company's commitment to mental and physical wellness, while BGCA President Jim Clark expressed gratitude for the partnership.

Planet Fitness (NYSE: PLNT) held its inaugural Investor Day on November 15, 2022, in New York City, showcasing its robust asset-light franchise model. The company aims to double its member base, grow store count, and enhance digital engagement through its app. Financial targets include annual revenue growth in the low-to-mid teens, adjusted EBITDA growth in the high teens, and adjusted EPS growth of low-to-mid 20%, supported by a $500 million share repurchase authorization. CEO Chris Rondeau emphasized the company’s strong position post-pandemic.

Planet Fitness reported strong third quarter 2022 results, with total revenue up 58.4% to $244.4 million. The company ended the quarter with a record membership of over 16.6 million. System-wide same store sales increased by 8.2%. Adjusted net income rose to $38.2 million, or $0.42 per diluted share, while Adjusted EBITDA also increased to $93.9 million. The board authorized a $500 million share repurchase program, replacing the previous one. The outlook for 2022 includes revenue growth in the high-50% range and adjusted EBITDA growth of approximately 60%.

Planet Fitness (NYSE: PLNT) announced key leadership changes on November 3, 2022. Jennifer Simmons has been promoted to Division President of Corporate Clubs, overseeing performance and growth of over 200 corporate locations across 14 states and Canada. Paul Barber joins as Chief Information Officer, tasked with enhancing technology to optimize member experience and operations. Both leaders bring extensive experience, with Simmons having been at Planet Fitness since 2013, and Barber having a strong background in technology roles across various industries.