Welcome to our dedicated page for Planet Fitness news (Ticker: PLNT), a resource for investors and traders seeking the latest updates and insights on Planet Fitness stock.
Planet Fitness, Inc. (NYSE: PLNT) is a leading franchisor and operator of fitness centers, offering a unique, affordable, and inclusive fitness experience. With over 19.6 million members and more than 2,599 locations across the United States, Puerto Rico, Canada, Panama, Mexico, and Australia as of March 31, 2024, Planet Fitness stands out as one of the fastest-growing health club franchises globally. The company operates under the brand ethos of the Judgement Free Zone®, which aims to provide a non-intimidating, welcoming environment for fitness enthusiasts of all levels.
Founded in 1992 in Dover, NH, Planet Fitness is divided into three primary segments: Franchise, Corporate-owned stores, and Equipment. The Franchise segment is robust, including operations not only in the United States but also in Puerto Rico, Canada, Panama, Mexico, and Australia. The Corporate-owned stores segment encompasses operations across the U.S. and Canada. The Equipment segment involves the sale of fitness equipment to franchisee-owned stores in the U.S., which is a significant revenue stream for the company.
Planet Fitness's business model is centered around providing high-quality fitness experiences at an affordable price, with memberships starting as low as $10 per month. The company's core offerings include state-of-the-art cardio and strength equipment, free weights, clean locker rooms, and unlimited fitness training, making fitness accessible to a broader demographic.
The company has recently reported strong financial performance. For example, the second quarter of 2023 saw total revenue increase by 27.6% to $286.5 million, with net income attributable to Planet Fitness, Inc. rising to $41.1 million. Despite facing external headwinds such as higher new store construction costs and increased interest rates, the company has managed to maintain a strong balance sheet, repurchasing $100 million in shares during the quarter.
As of the third quarter ended September 30, 2023, Planet Fitness reported 8.4% system-wide same-store sales growth, an increase in membership to over 18.5 million, and nearly 2,500 locations globally. The company is focused on enhancing returns on stores and supporting franchisees through a new growth model that reduces capital requirements and extends the timing for equipment replacement and remodels.
In recent corporate developments, Planet Fitness announced the appointment of Colleen Keating as CEO, effective June 10, 2024. Ms. Keating brings over three decades of experience in operations, franchise management, and brand development, promising to drive the next phase of growth for the company.
Planet Fitness's mission remains clear: to enhance people’s lives through high-quality fitness experiences in a welcoming, non-intimidating environment. This mission, coupled with a strong operational strategy and financial discipline, positions Planet Fitness as a resilient and growing brand in the fitness industry.
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.
Planet Fitness (NYSE: PLNT) has announced the pricing of $800 million in Series 2024-1 Class A-2 Fixed Rate Senior Secured Notes. These notes are split into two tranches: $425 million with a 5.765% interest rate over five years, and $375 million with a 6.237% interest rate over ten years. The notes, issued by Planet Fitness Master Issuer , will repay $591 million in 2018-1 Class A-2-II Notes, cover transaction costs, and fund general corporate purposes, including potential share repurchases. Closing is expected around June 12, 2024, subject to conditions.
Planet Fitness announced a proposed refinancing transaction involving the issuance of new debt to repay existing obligations. The company plans to issue $600 million in Series 2024-1 Fixed Rate Senior Secured Notes, potentially upsizing to $800 million. These funds will be used to repay $591 million of Series 2018-1 Class A-2-II Notes, cover transaction costs, and support general corporate purposes, potentially including share repurchases. As of March 31, 2024, Planet Fitness had $2.0 billion in outstanding debt. The transaction is expected to close in June 2024, subject to market conditions.
Planet Fitness, Inc. reported a 6.2% increase in system-wide same store sales for the first quarter of 2024, ending with approximately 19.6 million members. The company repurchased $20.0 million in shares and updated its 2024 outlook. Despite facing headwinds like consumer savings focus and COVID concerns, Planet Fitness remains focused on growth and shareholder value. The company's total revenue increased by 11.6% to $248.0 million, with net income growing to $34.3 million. Adjusted net income and EBITDA also saw positive growth, supporting the company's strategic priorities and franchisee support. The future outlook remains optimistic with expected revenue growth and new store openings.
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