Planet Fitness, Inc. Announces $350 Million Accelerated Share Repurchase Program

Core Viewpoint - Planet Fitness has announced a $350 million accelerated share repurchase agreement with Citibank as part of its broader $500 million share repurchase program initiated in June 2024 [1][2]. Share Repurchase Agreement - The company will pay Citibank $350 million in cash and will initially receive approximately 2.5 million shares of its Class A common stock, representing about 80% of the expected repurchase under the agreement [2]. - The final number of shares repurchased will depend on the average daily volume-weighted prices during the transaction period, subject to discounts and adjustments [2]. - The final settlement of the ASR Agreement is anticipated to occur by the first quarter of 2026 [2]. New Share Repurchase Program - The Board of Directors has authorized a new share repurchase program of up to $500 million, which will take effect upon completion of the ASR Agreement, replacing the existing 2024 program [3]. - The timing and amount of stock repurchased will be at the company's discretion, influenced by market conditions, working capital needs, stock price, and legal requirements [3]. - The company is not obligated to repurchase any specific amount of stock and can suspend or terminate the program at any time [3]. Company Overview - Planet Fitness, founded in 1992, is a leading franchisor and operator of fitness centers, with approximately 20.7 million members and 2,795 clubs across various regions including the U.S., Canada, and several other countries as of September 30, 2025 [4]. - The company's mission is to provide a high-quality fitness experience in a welcoming environment, known as the Judgement Free Zone, with over 90% of clubs operated by independent franchisees [4].