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    Planet Fitness Inc (PLNT)

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    Planet Fitness, Inc. (PLNT) is a leading franchisor and operator of fitness centers worldwide, known for its accessible and non-intimidating environment. The company provides affordable gym memberships and operates through a combination of franchise and corporate-owned fitness centers. Planet Fitness sells gym memberships and fitness equipment, catering to a broad demographic, including those who may find traditional gyms intimidating or costly.

    1. Corporate-owned Clubs - Operates fitness centers throughout the U.S., Canada, and Spain, offering memberships, fitness instruction, and retail sales.
    2. Franchise - Manages franchising operations in the U.S., Puerto Rico, Canada, Panama, Mexico, Australia, and Spain, generating revenue through royalties and franchise fees.
    3. Equipment - Sells fitness equipment to franchisee-owned clubs in the U.S., Canada, and Mexico, with franchisees required to replace equipment every five to nine years.
    NamePositionStart DateShort Bio
    Craig BensonInterim Chief Executive Officer & DirectorSeptember 15, 2023Co-founder of Cabletron Systems, Inc., former Governor of New Hampshire, and CEO of Soft Draw Investments, LLC. Joined PLNT's Board in July 2017.
    Colleen KeatingChief Executive OfficerJune 10, 2024 (expected)Over 30 years of experience in operations, franchise management, and brand strategy. Former CEO of FirstKey Homes LLC and held leadership roles at IHG and Starwood Hotels.
    Thomas FitzgeraldOutgoing Chief Financial OfficerJanuary 2020Over 30 years of financial leadership experience in retail and consumer products. Previously held roles at Potbelly Sandwich Works, Charming Charlie Inc., and Sears Canada.
    Jay StaszChief Financial OfficerNovember 15, 2024 (expected)Over 25 years of finance leadership experience. Former CFO at Savers Value Village and Ollie’s Bargain Outlet. Holds a degree in Accounting from USC.
    Bill BodeDivision President, U.S. FranchiseSeptember 2022Leads U.S. Franchise Division. Joined PLNT in 2016 as SVP of Franchise Operations. Former Regional VP at Dunkin’ Brands overseeing 2,600 restaurants.
    Jennifer SimmonsDivision President, Corporate ClubsNovember 2022Leads Corporate Club portfolio. Joined PLNT in 2013 as a business analyst. Previously held finance roles at Timberland, PepsiCo, and Fisher Scientific.
    1. With the recent increase of the classic card price from $10 to $15 for new members, have you considered adjusting prices for existing members, and how might this impact member retention and the overall volume-driven growth strategy?
    2. Can you provide more details on the specific SG&A investments planned for Q4, including the magnitude and areas of focus, and how these investments will set the company up for a successful 2025?
    3. Given the slight decline in membership in Q3 following the price increase, what strategies are in place to sustain net member growth and mitigate potential churn, especially among price-sensitive segments?
    4. How are you addressing franchisee concerns regarding build-out costs and the economic model, and what additional steps are being taken to enhance franchisee returns and stimulate new club development?
    5. Could you elaborate on your international expansion plans, particularly in markets like Mexico, Spain, and Australia, and what challenges do you anticipate in achieving scale and density in these regions?
    Program DetailsProgram 1Program 2
    Approval DateNovember 4, 2022 June 13, 2024
    End Date/DurationReplaced on June 13, 2024 Effective September 16, 2024
    Total Additional Amount$500 million $500 million
    Remaining AuthorizationN/A$500 million (as of September 30, 2024)
    DetailsIncludes ASR Agreement approved on June 12, 2024, with $280 million N/A