Planet Fitness(PLNT) - 2024 Q1 - Quarterly Report

Cautionary Note Regarding Forward-Looking Statements The report contains forward-looking statements based on current beliefs and expectations, which are subject to risks and uncertainties that could cause actual results to differ materially - The report contains forward-looking statements based on current beliefs and expectations, which are subject to risks and uncertainties that could cause actual results to differ materially[8][9] - Key risk factors include reliance on brand value and competition, ability to attract and retain members, intellectual property rights, reliance on information systems and cybersecurity, successful implementation of growth strategy, retention of key employees, economic/political risks in international operations, franchisee performance, health and safety claims, compliance with laws and regulations, ESG issues, long-term leases, site identification for new stores, and dependence on limited suppliers[10][12] PART I – FINANCIAL INFORMATION ITEM 1. Condensed Consolidated Financial Statements Presents Planet Fitness, Inc.'s unaudited interim consolidated financial statements and notes, detailing financial position, performance, and key accounting policies Condensed Consolidated Balance Sheets (Unaudited) Condensed Consolidated Balance Sheets (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :-------------------- | :------------- | :---------------- | | Cash and cash equivalents | $301,707 | $275,842 | | Total current assets | $520,782 | $471,817 | | Total assets | $2,992,778 | $2,969,693 | | Total current liabilities | $246,501 | $251,329 | | Long-term debt, net of current maturities | $1,959,032 | $1,962,874 | | Total liabilities and stockholders' deficit | $2,992,778 | $2,969,693 | | Total stockholders' deficit | $(99,231) | $(118,991) | Condensed Consolidated Statements of Operations (Unaudited) Condensed Consolidated Statements of Operations (in thousands, except EPS) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Total revenue | $248,017 | $222,225 | | Income from operations | $65,822 | $52,156 | | Net income | $34,973 | $24,769 | | Net income attributable to Planet Fitness, Inc. | $34,309 | $22,705 | | Basic EPS | $0.39 | $0.27 | | Diluted EPS | $0.39 | $0.27 | - Total revenue increased by $25.8 million (11.6%) year-over-year[152] - Net income attributable to Planet Fitness, Inc. increased by $11.6 million (51.1%) year-over-year[17] Condensed Consolidated Statements of Comprehensive Income (Unaudited) Condensed Consolidated Statements of Comprehensive Income (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net income including non-controlling interests | $34,973 | $24,769 | | Total other comprehensive (loss) income, net | $(607) | $81 | | Total comprehensive income attributable to Planet Fitness, Inc. | $33,702 | $22,786 | Condensed Consolidated Statements of Cash Flows (Unaudited) Condensed Consolidated Statements of Cash Flows (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------- | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $89,732 | $97,910 | | Net cash used in investing activities | $(38,644) | $(22,997) | | Net cash used in financing activities | $(24,997) | $(24,607) | | Net increase in cash, cash equivalents and restricted cash | $25,776 | $50,504 | - Net cash provided by operating activities decreased by $8.2 million (8.4%) primarily due to unfavorable changes in working capital[174] - Net cash used in investing activities increased by $15.6 million, driven by higher purchases of marketable securities and capital expenditures[175] Condensed Consolidated Statements of Changes in Equity (Unaudited) Condensed Consolidated Statements of Changes in Equity (in thousands) | Metric | Balance at Dec 31, 2023 | Net Income | Repurchase & Retirement of Class A Stock | Balance at Mar 31, 2024 | | :-------------------- | :---------------------- | :--------- | :--------------------------------------- | :---------------------- | | Total stockholders' deficit | $(118,991) | $34,309 | $(20,169) | $(99,231) | - The company repurchased and retired 313,834 shares of Class A common stock for $20.005 million during the three months ended March 31, 2024[97] Notes to Condensed Consolidated Financial Statements (Unaudited) Business Organization (Note 1) Planet Fitness, Inc. is a global franchisor and operator of 2,599 fitness centers with 19.6 million members, structured into three business lines - As of March 31, 2024, Planet Fitness had approximately 19.6 million members and 2,599 owned and franchised locations across multiple countries[27] - The company's three distinct lines of business are: licensing and selling franchises, owning and operating fitness centers, and selling fitness-related equipment to franchisee-owned stores[32] - As of March 31, 2024, Planet Fitness, Inc. held approximately 98.8% of the economic interest in Pla-Fit Holdings[30] Summary of Significant Accounting Policies (Note 2) This note outlines the basis of presentation for the unaudited interim condensed consolidated financial statements, detailing significant estimates and recent accounting pronouncements - The interim financial statements are prepared in accordance with GAAP and SEC rules, with all necessary adjustments for fair presentation[31] - Significant estimates include revenue recognition, equity-based compensation, valuation of assets/liabilities, goodwill/long-lived asset recoverability, credit losses, lease liabilities, income taxes, and tax benefit arrangements[34] - Recent accounting pronouncements include ASU No. 2023-05 (Joint Venture Formations), ASU No. 2023-07 (Reportable Segment Disclosures), and ASU No. 2023-09 (Income Tax Disclosures), with the company evaluating their impact[38][39][41] Investments (Note 3) The company's investments include marketable securities classified as available-for-sale, a held-to-maturity debt security, and equity method investments, with a fair value of $160.8 million for marketable securities as of March 31, 2024 Marketable Securities (in thousands) | Metric | March 31, 2024 Fair Value | | :----------------------------------- | :------------------------ | | Total cash equivalents | $22,237 | | Total short-term marketable securities | $93,362 | | Total long-term marketable securities | $45,165 | | Total marketable securities | $160,764 | Credit Loss Expense (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Loss on adjustment of allowance for expected credit losses | $475 | $255 | - The company holds a 21.8% ownership interest in Bravo Fit Holdings Pty Ltd (Australia) and a 33.2% ownership interest in Planet Fitmex, LLC (Mexico) as equity method investments[53][54] Acquisition (Note 4) In April 2023, Planet Fitness acquired a majority of assets from four franchisee stores in Florida for $26.264 million, resulting in $14.812 million in goodwill - On April 16, 2023, the company acquired assets from four franchisee stores in Florida for $26.264 million[55] Allocation of Purchase Consideration (in thousands) | Metric | Amount | | :------------------------------------------------ | :----- | | Goodwill | $14,812 | | Total | $26,154 | Goodwill and Intangible Assets (Note 5) Goodwill increased to $719.074 million as of March 31, 2024, primarily due to an immaterial acquisition, with amortization expense for finite-lived intangible assets at $12.768 million for Q1 2024 Goodwill (in thousands) | Metric | Amount | | :---------------------- | :----- | | Goodwill at Dec 31, 2023 | $717,502 | | Acquisition | $1,572 | | Goodwill at Mar 31, 2024 | $719,074 | Intangible Assets (in thousands) | Metric | March 31, 2024 Net Carrying Amount | | :------------------------------- | :--------------------------------- | | Customer relationships | $25,956 | | Reacquired franchise rights | $187,194 | | Trade and brand names | $146,600 | | Total intangible assets | $359,750 | Amortization Expense (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Amortization expense | $12,768 | $12,587 | Long-term Debt (Note 6) The company's long-term debt, primarily securitized senior notes, totaled $1,979.782 million net of deferred financing costs as of March 31, 2024, with significant future principal payments and compliance with covenants Long-term Debt (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :---------------------------- | :------------- | :---------------- | | Total debt, excluding deferred financing costs | $1,999,250 | $2,004,438 | | Deferred financing costs, net | $(19,468) | $(20,814) | | Total debt, net | $1,979,782 | $1,983,624 | Future Principal Payments (in thousands) | Metric | Amount | | :--------------------------------------- | :----- | | Remainder of 2024 | $15,562 | | 2025 | $600,438 | | 2026 | $419,313 | | Thereafter | $943,437 | | Total | $1,999,250 | - The company was in compliance with its debt covenants as of March 31, 2024[179] Leases (Note 7) The company's lease assets totaled $385.940 million and lease liabilities totaled $422.445 million as of March 31, 2024, with a total lease cost of $23.678 million for Q1 2024 Lease Metrics (in thousands, except for term and rate) | Metric | March 31, 2024 | December 31, 2023 | | :--------------------------- | :------------- | :---------------- | | Total lease assets | $385,940 | $381,189 | | Total lease liabilities | $422,445 | $415,626 | | Weighted-average remaining lease term - operating leases | 8.0 years | 8.0 years | | Weighted-average discount rate - operating leases | 5.5% | 5.4% | Lease Cost (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Operating lease cost | $17,475 | $14,904 | | Variable lease cost | $6,203 | $5,751 | | Total lease cost | $23,678 | $20,655 | - As of March 31, 2024, future operating lease payments exclude approximately $32.239 million of legally binding minimum lease payments for leases signed but not yet commenced[82] Revenue from Contracts with Customers (Note 8) Contract liabilities, primarily deferred revenue from initial/renewal franchise fees, area development agreement fees, transfer fees, and national advertising fund revenue, totaled $111.083 million as of March 31, 2024, with $72.982 million expected to be recognized in the remainder of 2024 Contract Liabilities (in thousands) | Metric | Amount | | :---------------------------------- | :----- | | Balance at December 31, 2023 | $91,638 | | Balance at March 31, 2024 | $111,083 | Estimated Future Revenue Recognition (in thousands) | Metric | Amount | | :-------------------------------------------------- | :----- | | Remainder of 2024 | $72,982 | | 2025 | $7,970 | | Thereafter | $20,105 | | Total | $111,083 | Related Party Transactions (Note 9) Revenue from related parties, including the interim CEO, significantly increased to $6.166 million for Q1 2024, with accounts receivable from related parties at $5.247 million Revenue from Related Parties (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------ | :-------------------------------- | :-------------------------------- | | Franchise revenue - interim CEO | $1,280 | $1,006 | | Equipment revenue - interim CEO | $1,012 | $5 | | Total revenue from related parties | $6,166 | $1,252 | - Accounts receivable attributable to a related party were $5.247 million as of March 31, 2024, up from $2.916 million as of December 31, 2023[87] - Administrative services provided to the National Advertising Fund amounted to $1.461 million for the three months ended March 31, 2024[89] Stockholders' Equity (Note 10) During Q1 2024, Planet Fitness, Inc.'s economic interest in Pla-Fit Holdings increased to 98.8%, and the company repurchased and retired 313,834 shares of Class A common stock for $20.005 million - During Q1 2024, 326,073 Holdings Units were exchanged for Class A common stock, increasing Planet Fitness, Inc.'s economic interest in Pla-Fit Holdings to 98.8%[93][94] Share Repurchase Program (in thousands, except shares) | Metric | Amount | | :-------------------------------------- | :----- | | Class A common stock repurchased (shares) | 313,834 | | Total cost of repurchase | $20,005 | | Remaining under 2022 program | $354,965 | Earnings per Share (Note 11) Basic and diluted earnings per share for Class A common stock were $0.39 for the three months ended March 31, 2024, up from $0.27 in the prior year, with diluted weighted-average shares outstanding at 87.222 million Earnings Per Share (in dollars) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------- | :-------------------------------- | :-------------------------------- | | Basic EPS | $0.39 | $0.27 | | Diluted EPS | $0.39 | $0.27 | Weighted-Average Shares Outstanding (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------------------------------- | :-------------------------------- | :-------------------------------- | | Basic | 86,909 | 84,444 | | Diluted | 87,222 | 84,787 | Income Taxes (Note 12) Planet Fitness, Inc.'s effective tax rate was 28.4% for Q1 2024, primarily due to state and local taxes and deferred tax asset remeasurement, with net deferred tax assets of $498.173 million - The effective tax rate was 28.4% for Q1 2024, compared to 27.6% for Q1 2023, primarily due to state and local taxes and remeasurement of deferred tax assets[106][167] Deferred Tax Assets/Liabilities (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :--------------------------------------------- | :------------- | :---------------- | | Net deferred tax assets | $498,173 | $502,544 | Tax Benefit Arrangement Liability (in thousands) | Metric | Amount | | :----------------------------------------------- | :----- | | Total liability as of March 31, 2024 | $497,994 | | Projected payments (Remainder of 2024) | $41,135 | | Projected payments (2025) | $50,385 | | Projected payments (Thereafter) | $263,063 | Commitments and Contingencies (Note 13) The company is subject to various ordinary course claims and litigation, mostly covered by insurance, and finalized a $31.619 million settlement for a Mexico acquisition in October 2023 - The company is involved in various ordinary course claims and litigation, mostly covered by insurance, and does not expect a material adverse effect[114][116] - A settlement agreement for a Mexico acquisition was finalized in October 2023 for $31.619 million, which included the acquisition of five stores[115] Segments (Note 14) Planet Fitness operates in three reportable segments: Franchise, Corporate-owned stores, and Equipment, with total Segment EBITDA increasing to $104.649 million from $88.014 million year-over-year for Q1 2024 Segment Revenue (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :----------------------------- | :-------------------------------- | :-------------------------------- | | Franchise segment total | $104,020 | $92,682 | | Corporate-owned stores segment total | $122,378 | $105,882 | | Equipment segment total | $21,619 | $23,661 | | Total revenue | $248,017 | $222,225 | Segment EBITDA (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------- | :-------------------------------- | :-------------------------------- | | Franchise | $76,311 | $64,735 | | Corporate-owned stores | $42,104 | $33,530 | | Equipment | $4,760 | $5,571 | | Total Segment EBITDA | $104,649 | $88,014 | Segment Assets (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :---------------------------- | :------------- | :---------------- | | Franchise | $185,046 | $169,836 | | Corporate-owned stores | $1,638,909 | $1,637,146 | | Equipment | $164,917 | $176,249 | | Total consolidated assets | $2,992,778 | $2,969,693 | Corporate-owned and Franchisee-owned Stores (Note 15) As of March 31, 2024, Planet Fitness operated a total of 2,599 stores, including 2,341 franchisee-owned and 258 corporate-owned locations, with 25 new stores opened in Q1 2024 Store Count | Metric | March 31, 2024 | March 31, 2023 | | :---------- | :------------- | :------------- | | Franchisee-owned stores at end of period | 2,341 | 2,211 | | Corporate-owned stores at end of period | 258 | 235 | | Total stores at end of period | 2,599 | 2,446 | | New stores opened (Q1 2024) | 25 | 36 | ITEM 2. Management's Discussion and Analysis of Financial Condition and Results of Operations Management discusses Planet Fitness's Q1 2024 financial performance and condition, covering business overview, segment performance, key metrics, non-GAAP measures, and liquidity Overview and Segments Planet Fitness is a rapidly growing franchisor and operator of fitness centers, with 19.6 million members and 2,599 stores as of March 31, 2024, operating through three segments - As of March 31, 2024, Planet Fitness had approximately 19.6 million members and 2,599 stores, with 2,341 franchised and 258 corporate-owned[133] - The company's mission is to enhance lives and democratize fitness by providing a high-quality, non-intimidating fitness experience at a low monthly cost (as low as $10)[132] Segment Financials (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :-------------------------------- | :-------------------------------- | :-------------------------------- | | Franchise segment revenue | $104,020 | $92,682 | | Corporate-owned stores segment revenue | $122,378 | $105,882 | | Equipment segment revenue | $21,619 | $23,661 | | Total revenue | $248,017 | $222,225 | | Franchise segment EBITDA | $76,311 | $64,735 | | Corporate-owned stores segment EBITDA | $42,104 | $33,530 | | Equipment segment EBITDA | $4,760 | $5,571 | | Total Segment EBITDA | $104,649 | $88,014 | How We Assess the Performance of Our Business Planet Fitness assesses its business performance using key measures such as total monthly dues and annual fees (system-wide sales), new store openings, same store sales, and non-GAAP metrics like EBITDA and Adjusted EBITDA - Key performance measures include system-wide sales, new store openings, same store sales (corporate-owned and franchisee-owned), EBITDA, Adjusted EBITDA, Segment EBITDA, Adjusted net income, and Adjusted net income per share, diluted[136] Store Openings | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------- | :-------------------------------- | :-------------------------------- | | New franchisee-owned stores opened | 23 | 35 | | New corporate-owned stores opened | 2 | 1 | | Total new stores opened | 25 | 36 | Same Store Sales Growth | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------- | :-------------------------------- | :-------------------------------- | | Franchisee-owned stores | 6.3% | 9.7% | | Corporate-owned stores | 6.2% | 12.1% | | System-wide stores | 6.2% | 9.9% | - System-wide sales (total monthly dues and annual fees from members) were $1.2 billion for Q1 2024, up from $1.1 billion in Q1 2023[142] Non-GAAP Financial Measures This section defines and reconciles non-GAAP financial measures, including EBITDA, Adjusted EBITDA, Adjusted net income, and Adjusted net income per share, diluted, used to evaluate operating performance by excluding certain non-cash and other items - EBITDA is defined as net income before interest, taxes, depreciation, and amortization[145] - Adjusted EBITDA further adjusts EBITDA for non-cash and other items that reduce comparability of core business performance[145] Non-GAAP Financials (in thousands, except EPS) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :--------------------------------- | :-------------------------------- | :-------------------------------- | | Net income | $34,973 | $24,769 | | EBITDA | $104,649 | $88,014 | | Adjusted EBITDA | $106,311 | $90,211 | | Adjusted net income | $47,277 | $36,391 | | Adjusted net income per share, diluted | $0.53 | $0.41 | Results of Operations Total revenue for Q1 2024 increased by 11.6% to $248.0 million, driven by growth in Franchise (12.2%) and Corporate-owned stores (15.6%) segments, with income from operations rising by 26.4% and net income by 41.2% Revenue (in thousands, except percentages) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change ($) | Change (%) | | :--------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Franchise | $84,234 | $75,878 | $8,356 | 11.0% | | National advertising fund revenue | $19,786 | $16,804 | $2,982 | 17.7% | | Corporate-owned stores | $122,378 | $105,882 | $16,496 | 15.6% | | Equipment | $21,619 | $23,661 | $(2,042) | (8.6)% | | Total revenue | $248,017 | $222,225 | $25,792| 11.6% | Operating Costs & Expenses (in thousands, except percentages) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change ($) | Change (%) | | :---------------------------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Cost of revenue | $18,993 | $19,354 | $(361) | (1.9)% | | Store operations | $74,353 | $66,015 | $8,338 | 12.6% | | Selling, general and administrative | $29,193 | $27,767 | $1,426 | 5.1% | | National advertising fund expense | $19,792 | $16,987 | $2,805 | 16.5% | | Depreciation and amortization | $39,380 | $36,010 | $3,370 | 9.4% | | Other losses, net | $484 | $3,936 | $(3,452) | (87.7)% | | Total operating costs and expenses | $182,195 | $170,069 | $12,126| 7.1% | Profitability (in thousands, except percentages) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | Change ($) | Change (%) | | :--------------------------- | :-------------------------------- | :-------------------------------- | :--------- | :--------- | | Income from operations | $65,822 | $52,156 | $13,666 | 26.2% | | Net income | $34,973 | $24,769 | $10,204 | 41.2% | | Effective tax rate | 28.4% | 27.6% | 0.8% | | Liquidity and Capital Resources As of March 31, 2024, Planet Fitness had $301.7 million in cash and cash equivalents, with net cash provided by operating activities decreasing by $8.2 million and net cash used in investing activities increasing by $15.6 million Liquidity (in thousands) | Metric | March 31, 2024 | December 31, 2023 | | :----------------------- | :------------- | :---------------- | | Cash and cash equivalents | $301,707 | $275,842 | | Short-term marketable securities | $93,362 | $74,901 | | Long-term marketable securities | $45,165 | $50,886 | | Restricted cash | $46,190 | $46,279 | Cash Flows (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :------------------------ | :-------------------------------- | :-------------------------------- | | Net cash provided by operating activities | $89,732 | $97,910 | | Net cash used in investing activities | $(38,644) | $(22,997) | | Net cash used in financing activities | $(24,997) | $(24,607) | | Net increase in cash, cash equivalents and restricted cash | $25,776 | $50,504 | Capital Expenditures (in thousands) | Metric | Three Months Ended March 31, 2024 | Three Months Ended March 31, 2023 | | :---------------------------------- | :-------------------------------- | :-------------------------------- | | Total capital expenditures | $26,311 | $22,997 | Off-balance Sheet Arrangements The company's off-balance sheet arrangements primarily consist of guarantees of lease agreements for certain franchisees, with a maximum total obligation of approximately $5.0 million - Off-balance sheet arrangements include guarantees of lease agreements for certain franchisees, with a maximum total obligation of approximately $5.0 million[180] Critical Accounting Policies and Use of Estimates There have been no material changes to the company's critical accounting policies and use of estimates from those described in its Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to critical accounting policies and use of estimates since the Annual Report on Form 10-K for December 31, 2023[181] ITEM 3. Quantitative and Qualitative Disclosures About Market Risk There have been no significant changes to the company's market risk during the three months ended March 31, 2024, with further details available in the Annual Report on Form 10-K - No significant changes to the company's market risk during the three months ended March 31, 2024[182] ITEM 4. Controls and Procedures Management concluded that the company's disclosure controls and procedures were effective as of March 31, 2024, with no material changes in internal control over financial reporting during the quarter - Disclosure controls and procedures were effective as of March 31, 2024, providing reasonable assurance for timely and accurate information disclosure[185] - No material changes in internal control over financial reporting occurred during the most recent fiscal quarter[186] PART II – OTHER INFORMATION ITEM 1. Legal Proceedings The company is involved in various ordinary course legal claims and actions, most of which are covered by insurance, and management does not anticipate a material adverse effect - The company is involved in various ordinary course legal claims, mostly covered by insurance[188] - Management does not believe these actions will have a material adverse effect on the company's financial position or results of operations[188] ITEM 1A. Risk Factors There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K for the year ended December 31, 2023 - No material changes to the risk factors disclosed in the Annual Report on Form 10-K for the year ended December 31, 2023[189] ITEM 2. Unregistered Sales of Equity Securities and Use of Proceeds During Q1 2024, the company repurchased and retired 313,834 shares of Class A common stock for $20.005 million, with $354.965 million remaining under the $500 million share repurchase program Share Repurchase Activity (Q1 2024) | Metric | Amount | | :---------------------------------- | :----- | | Total shares purchased | 313,834 | | Average price paid per share | $63.85 | | Remaining value under program | $354,964,974 | - The share repurchase program of up to $500 million was approved on November 4, 2022, replacing a prior program[191] ITEM 3. Defaults Upon Senior Securities The company reported no defaults upon senior securities during the period - No defaults upon senior securities[192] ITEM 4. Mine Safety Disclosures This item is not applicable to the company - Not applicable[193] ITEM 5. Other Information No other information is reported under this item - None[194] ITEM 6. Exhibits This section lists all exhibits filed with the Form 10-Q, including employment offer letters, executive severance policies, certifications from principal executive and financial officers (Sarbanes-Oxley Act Sections 302 and 906), and iXBRL formatted financial statements - Exhibits include employment offer letter for Colleen Keating, Executive Severance & Change in Control Policy, certifications (302 and 906) from CEO and CFO, and iXBRL financial statements[196] Signatures The report is duly signed on behalf of Planet Fitness, Inc. by Thomas Fitzgerald, Chief Financial Officer, on May 9, 2024 - The report is duly signed on behalf of Planet Fitness, Inc. by Thomas Fitzgerald, Chief Financial Officer, on May 9, 2024[199][200]