Planet Fitness (PLNT) 46th Annual William Blair Growth Stock Conference summary

Strategic imperatives and brand evolution

• Focus on redefining the brand promise to ensure accessibility and approachability for all fitness levels.

• Emphasis on a judgment-free, No Gymtimidation environment to attract new and diverse members.

• Optimizing club floor plans to balance strength and cardio equipment, reflecting evolving member preferences.

• Accelerating new club growth domestically and internationally, with recent expansion into Spain.

• Targeting the 70% of the U.S. population without gym memberships, prioritizing net member growth.

Membership growth, pricing, and marketing adjustments

• Recent Classic Card price increase from $10 to $15 impacted join volumes but contributed to IRR improvement.

• Marketing pivots underway to reduce intimidation and broaden appeal, including new creative agency engagement.

• Black Card price increase deferred due to softer net member growth and changing consumer environment.

• Franchisees generally support prioritizing member growth over immediate price hikes for long-term sustainability.

• Testing broader pricing architectures and potential new membership tiers to optimize value and competitiveness.

Operational enhancements and franchisee economics

• Member retention initiatives include a first 100-day engagement program and AI-driven churn prediction.

• Enhancing Black Card value with new wellness modalities under test in select clubs.

• Reducing club build costs by shrinking lobby and locker room footprints, reallocating space to gym floor.

• Over 80% of new memberships now join digitally, reducing need for large in-club sign-up areas.

• Focus on sustainable, recurring revenue through subscription model and durable cash flows.