Planet Fitness, Inc. Announces $280 Million Accelerated Share Repurchase Program

Core Viewpoint - Planet Fitness has entered into a $280 million accelerated share repurchase agreement with Citibank as part of its $500 million share repurchase authorization, indicating a strong commitment to returning capital to shareholders [1][4]. Share Repurchase Program - The company will pay Citibank $280 million in cash and will initially receive approximately 3.1 million shares of its Class A common stock, representing about 80% of the expected repurchases under the agreement [4]. - A new share repurchase program of up to $500 million has been authorized, which will replace the existing 2022 program upon completion of the ASR Agreement [5]. Financial Outlook for 2024 - Adjusted net income is now expected to increase in the range of 4% to 6%, down from a previous expectation of 6% to 8% [7]. - Adjusted net income per share, diluted, is anticipated to rise by 7% to 9%, based on approximately 86.5 million diluted weighted-average shares outstanding [7]. - The company now expects net interest expense for 2024 to be around $75 million, an increase from the previous estimate of $70 million [8]. Company Overview - Planet Fitness, founded in 1992, is one of the largest and fastest-growing fitness center operators globally, with approximately 19.6 million members and 2,599 locations as of March 31, 2024 [9]. - The company's mission is to provide a high-quality fitness experience in a welcoming environment, known as the Judgement Free Zone [9].