Planet Fitness launches $280M ASR, updates 2024 guidance: adj. net income growth now 4-6% (previously 6-8%)

Planet Fitness, Inc.

Entered $280M ASR with Citibank; will initially receive ~3.1M shares (~80% of expected total).
Board authorized new $500M repurchase program effective after ASR completion, replacing prior authorization.
Adjusted net income growth guidance lowered to 4-6% from 6-8%; adjusted EPS growth unchanged at 7-9% due to buyback.
2024 net interest expense expected ~$75M (up from $70M) due to debt refinancing.
Final settlement of ASR expected no later than Q3 2024.

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