Planet Fitness, Inc. Announces $280 Million Accelerated Share Repurchase Program
Pursuant to the terms of the ASR Agreement, the Company will pay the Bank
Share Repurchase Authorization
The Company today also announced that its Board of Directors has authorized a new share repurchase program of up to
2024 Outlook
For the year ending
The following are 2024 growth expectations over the Company's 2023 results:
- It now expects adjusted net income to increase in the 4% to 6% range (previously it expected 6% to 8%)
- It continues to expect adjusted net income per share, diluted to increase in the 7% to 9% range, based on adjusted diluted weighted-average shares outstanding of approximately 86.5 million (previously it expected 88.0 million), inclusive of the shares expected to be repurchased as part of the ASR Agreement.
The Company now expects 2024 net interest expense to be approximately
About
Founded in 1992 in
Forward-Looking Statements
This press release 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 statements with respect to expected future performance presented under the heading "2024 Outlook," the Company's share repurchase authorizations, certain terms and anticipated timing of the accelerated share repurchase program and other statements, estimates and projections that do not relate solely to historical facts. Forward-looking statements can be identified by words such as "expect," "anticipate," "may," "will" and similar references to future periods, although not all forward-looking statements include these identifying words. Forward-looking statements are not assurances of future performance. Instead, they are based only on the Company's current beliefs, expectations and assumptions regarding the future of the business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict and many of which are outside of the Company's control. Actual results and financial condition may differ materially from those indicated in the forward-looking statements. Important factors that could cause our actual results to differ materially include risks and uncertainties associated with capital markets conditions, the Company's future financial performance and the Company's ability to pay principal and interest on its indebtedness, competition in the fitness industry, the Company's and franchisees' ability to attract and retain members, the Company's and franchisees' ability to identify and secure suitable sites for new franchise stores, changes in consumer demand, changes in equipment costs, the Company's ability to expand into new markets domestically and internationally, operating costs for the Company and franchisees generally, availability and cost of capital for franchisees, acquisition activity, developments and changes in laws and regulations, our substantial increased indebtedness as a result of our refinancing and securitization transactions and our ability to incur additional indebtedness or refinance that indebtedness in the future, our future financial performance and our ability to pay principal and interest on our indebtedness, our corporate structure and tax receivable agreements, failures, interruptions or security breaches of the Company's information systems or technology, adverse developments in the
Non-GAAP Financial Measures
The financial information presented in this press release includes non-GAAP financial measures such as Adjusted net income, Adjusted net income per share, diluted, and Adjusted net interest expense to provide measures that we believe are useful to investors in evaluating the Company's performance. These non-GAAP financial measures are supplemental measures of the Company's performance that are neither required by, nor presented in accordance with GAAP. These financial measures should not be considered in isolation or as substitutes for GAAP financial measures such as net income or any other performance measures derived in accordance with GAAP. In addition, in the future, the Company may incur expenses or charges such as those added back to calculate Adjusted net income, Adjusted net income per share, diluted, and Adjusted net interest expense. The Company's presentation of Adjusted net income, Adjusted net income per share, diluted, and Adjusted net interest expense should not be construed as an inference that the Company's future results will be unaffected by similar amounts or other unusual or nonrecurring items.
The non-GAAP financial measures presented in this press release are used in our full-year outlook and will differ from net income, net income per share, diluted, and net interest expense determined in accordance with GAAP. We do not provide guidance for net income, net income per share, diluted, or net interest expense determined in accordance with GAAP or a reconciliation of guidance for Adjusted net income, Adjusted net income per share, diluted, or Adjusted interest expense to the most directly comparable GAAP measure because we are not able to predict with reasonable certainty the amount or nature of all items that will be included in our net income, net income per share, diluted, and net interest expense for the year ending
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