Planet Fitness(PLNT)

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Planet Fitness(PLNT) - 2021 Q4 - Earnings Call Transcript
2022-02-24 19:07
Planet Fitness, Inc. (NYSE:PLNT) Q4 2021 Earnings Conference Call February 22, 2022 8:00 AM ET Company Participants Chris Rondeau - CEO Tom Fitzgerald - CFO Dorvin Lively - President Stacey Caravella - VP, IR Conference Call Participants Simeon Siegel - BMO Capital Markets John Heinbockel - Guggenheim Alex Perry - Bank of America John Ivankoe - JPMorgan Brian Harbour - Morgan Stanley Sharon Zackfia - William Blair Jonathan Komp - Robert W. Baird Patrick Johnson - Stifel Financial Corp. Operator Hello, and w ...
Planet Fitness(PLNT) - 2021 Q3 - Earnings Call Transcript
2021-11-04 18:10
Planet Fitness, Inc. (NYSE:PLNT) Q3 2021 Earnings Conference Call November 4, 2021 8:00 AM ET Company Participants Stacey Caravella - Investor Relations Chris Rondeau - Chief Executive Officer Tom Fitzgerald - Chief Financial Officer Dorvin Lively - President Conference Call Participants Randy Konik - Jefferies Oliver Chen - Cowen John Ivankoe - JPMorgan Jonathan Komp - Baird John Heinbockel - Guggenheim James Hardiman - Wedbush Chris O’Cull - Stifel Brian Harbour - Morgan Stanley Alex Perry - Bank of Ameri ...
Planet Fitness(PLNT) - 2021 Q3 - Quarterly Report
2021-11-04 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to ______________ Commission file number: 001-37534 PLANET FITNESS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdicti ...
Planet Fitness(PLNT) - 2021 Q2 - Earnings Call Transcript
2021-08-10 03:10
Planet Fitness, Inc. (NYSE:PLNT) Q2 2021 Earnings Conference Call August 9, 2021 4:30 PM ET Company Participants Stacey Caravella - VP of IR Christopher Rondeau - CEO & Director Thomas Fitzgerald - CFO Dorvin Lively - President Conference Call Participants John Ivankoe - JPMorgan Chase & Co. Randal Konik - Jefferies Oliver Chen - Cowen and Company Adam Kozek - Raymond James & Associates Jonathan Komp - Robert W. Baird & Co. John Heinbockel - Guggenheim Securities Simeon Siegel - BMO Capital Markets Peter Ke ...
Planet Fitness(PLNT) - 2021 Q2 - Quarterly Report
2021-08-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction of Incorporation or Organization) (I.R.S. Employer Identification No.) FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to _ ...
Planet Fitness (PLNT) Investor Presentation - Slideshow
2021-06-18 22:25
0 as INVESTOR PRESENTATION June 2020 Disclaimers Forward-looking statements This presentation contains certain forward-looking statements within the meaning of the federal securities laws, which involve risks and uncertainties. Forward-looking statements include the Company's expected store openings, growth potential, future earnings, revenue growth related to future equipment sales, and other statements, approximations, estimates and projections that do not relate solely to historical facts. Forward-lookin ...
Planet Fitness(PLNT) - 2021 Q1 - Earnings Call Transcript
2021-05-07 03:28
Financial Data and Key Metrics Changes - Total revenue for Q1 2021 was $111.9 million, down from $127.2 million in the prior year, primarily due to lower equipment revenue and deferred revenue from store closures [33] - Adjusted EBITDA decreased to $43.7 million from $46.5 million year-over-year, with adjusted net income at $9.1 million, down $0.06 per diluted share [42] - Same-store sales in Q1 were down 14.9%, with franchise down 14.7% and corporate-owned down 18.2%, largely driven by a decline in membership levels [30] Business Line Data and Key Metrics Changes - Franchise segment revenue increased to $64.1 million from $58.5 million, a 9.5% increase, driven by higher royalty revenue [34] - Corporate-owned store segment revenue decreased to $37.9 million from $40.5 million, attributed to lower membership fees and some store closures [38] - Equipment segment revenue decreased by 64.7% to $9.9 million, driven by lower new store equipment and replacement equipment sales [39] Market Data and Key Metrics Changes - Membership grew to 14.1 million by the end of March 2021, up from 13.5 million at the end of 2020, with 14.3 million members by the end of April [10][11] - Usage in the Midwest and South regions is nearly 90% of 2019 levels, while overall usage is trending upward, particularly among Gen Z [14] - The company has nearly all stores open, with approximately 30 clubs still closed in Canada [13] Company Strategy and Development Direction - The company is focusing on a digital strategy, with nearly 50% of members using the Planet Fitness app, and testing a digital-only subscription model [15][16] - Plans to pilot bundled offerings for both Classic and Black Card memberships, aiming to enhance member engagement and retention [17] - The company believes it can capture a larger market share as approximately 17% of U.S. gyms have closed due to COVID-19, with a projected increase to 25% [20] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about long-term growth, citing a shift in consumer focus towards health and wellness post-pandemic [21] - The company anticipates a fitness boom as more Americans prioritize wellness, with a strong belief in their value proposition [20] - Management noted that franchisees are eager to reinvest in their store portfolios and capitalize on industry consolidation opportunities [26] Other Important Information - The company has deepened its partnership with iFIT Health & Fitness by taking a minority stake, enhancing digital content offerings [18] - Franchisees are expected to open 75 to 100 new stores in 2021, with 22 new stores opened in Q1 [26][31] - The company has a strong balance sheet with total cash and cash equivalents of $503.9 million as of March 31, 2021 [43] Q&A Session Summary Question: Impact of California churn on net member growth - Management indicated that the impact from California was minimal due to the small number of stores in that market, and cancellations have normalized [51] Question: Trends among different age cohorts - Management noted that Gen Z is leading in new joins, while older cohorts are starting to return as vaccination rates increase [53] Question: Long-term vision for the business and omni-channel strategy - Management emphasized the importance of providing services outside the gym to enhance member retention and experience [55] Question: Marketing cadence and Teen Summer Challenge - The Teen Summer Challenge has been postponed until next year due to occupancy limitations, while marketing efforts will be adjusted based on seasonality [60] Question: Membership trends in reopened markets - Usage in reopened markets is over 90%, and management expects similar trends as more locations reopen [68] Question: Store openings and franchisee marketing strategies - Franchisees are actively marketing to members of closed gyms, often acquiring member lists to facilitate seamless transitions [81]
Planet Fitness(PLNT) - 2021 Q1 - Quarterly Report
2021-05-06 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ___________to ______________ Commission file number: 001-37534 PLANET FITNESS, INC. (Exact Name of Registrant as Specified in Its Charter) (State or Other Jurisdiction o ...
Planet Fitness(PLNT) - 2020 Q4 - Annual Report
2021-02-28 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-37534 PLANET FITNESS, INC. (Exact name of Registrant as specified in its Charter) (State or Other Jurisdiction of Incorporation or Organ ...
Planet Fitness(PLNT) - 2020 Q4 - Earnings Call Transcript
2021-02-19 03:49
Financial Data and Key Metrics Changes - For Q4 2020, total revenue was $133.8 million, down $57.7 million or 30.1% compared to $191.5 million in Q4 2019 [30] - Adjusted EBITDA was $51.1 million, compared to $76.6 million in the prior year period [51] - Adjusted net income was $15.1 million, with adjusted net income per diluted share at $0.17, down from $0.44 per diluted share in the year-ago period [52] Business Line Data and Key Metrics Changes - Franchise segment revenue was $66.9 million, down $6.4 million or 8.8% compared to the prior year [41] - Corporate-owned store segment revenue was $38.9 million, down from $41.2 million in the prior year [45] - Equipment segment revenue decreased $49.0 million or 63.7% to $28.0 million from $77.0 million [46] Market Data and Key Metrics Changes - Membership levels ended at approximately 13.5 million, down from 14.4 million at the end of 2019 [31] - System-wide same store sales were down 10.6%, with franchise down 10.6% and corporate-owned down 11.7% [35] - Black Card penetration declined 40 basis points year-over-year to 60.5% [36] Company Strategy and Development Direction - The company plans to capitalize on industry consolidation and favorable real estate conditions to grow membership and expand its physical footprint [25] - The strategy includes enhancing technological capabilities for digital engagement and utilizing marketing to increase demand for accessible fitness offerings [25] - The company is optimistic about resuming growth trajectories post-pandemic, believing that COVID-19 has widened the moat around its bricks-and-mortar business [26] Management's Comments on Operating Environment and Future Outlook - Management noted that 90% of stores are open, with the majority of closed stores located in California and parts of Canada and Panama [9] - The company has provided franchisees with relief measures to help rebuild their balance sheets while focusing on membership growth [12] - Management expressed optimism about long-term growth prospects, expecting to return to over 200 new store openings per year once conditions normalize [60] Other Important Information - The company ended the quarter with $515.8 million in total cash, indicating a strong liquidity position [53] - Total long-term debt was $1.8 billion, with sufficient headroom for maintenance covenants [55] - The company is refraining from providing guidance due to pandemic uncertainties but anticipates modest new store openings in 2021 [59] Q&A Session Summary Question: Membership trends and marketing investments - Management noted a decrease in member cancellations and an increase in net members in January, indicating a positive trend [65] - Marketing budgets are set for the year, with potential adjustments depending on vaccine distribution and demand [66] Question: Member usage trends - Usage was reported at 75% of last year's workouts in December, with January seeing about 70% [70] - Longer-open stores are performing closer to normal usage levels [71] Question: Member trends in November and December - Cancellations were attributed to involuntary cancellations due to billing issues rather than significant market changes [76] Question: Unit development and franchisee morale - Development is cautious, with expectations of 75 to 100 new stores in 2021, depending on market conditions [80] Question: PF Plus subscription and revenue sharing - PF Plus is showing promising trends, with a significant portion of subscribers being non-members who later join bricks-and-mortar locations [85] - Revenue sharing with franchisees is still being determined, focusing on mutual benefits [89] Question: Equipment sales and future outlook - The 15% discount on equipment sales has expired, and the company expects a potential decline in sales before improvement [94] Question: Industry closures and competitive landscape - Management anticipates more gym closures in 2021 due to financial pressures from the pandemic [99]