Mission Statement, Vision, & Core Values (2024) of Planet Fitness, Inc. (PLNT).

An Overview of Planet Fitness, Inc. (PLNT)

General Summary of Planet Fitness, Inc.

Planet Fitness, Inc. (NYSE: PLNT), founded in 1992, is a leading fitness franchise based in Hampton, New Hampshire. The company operates a network of over 2,400 fitness centers across the United States, Canada, and other international markets. Known for its affordable membership pricing and a non-intimidating environment, Planet Fitness targets a wide demographic, promoting fitness as accessible to all. The company offers a range of services, including cardio and strength training equipment, group fitness classes, and personal training.

As of 2024, Planet Fitness reported total sales of approximately $841.2 million for the nine months ended September 30, 2024, reflecting an increase from $786.2 million in the same period of 2023, showcasing a growth rate of 7.0%.

Company's Financial Performance in the Latest Financial Reports

In the latest financial reporting period, Planet Fitness demonstrated robust financial performance. The total revenue for the nine months ended September 30, 2024, was $841.2 million, compared to $786.2 million for the corresponding period in 2023. This represented a record-breaking increase of $55.0 million or 7.0% year-over-year. The revenue breakdown includes:

Key highlights include:

• Franchise segment revenue reached $314.2 million, with a notable increase in royalty revenue of $215.3 million.
• Corporate-owned clubs generated $376.0 million, reflecting a same club sales increase of 4.5% and an addition of new clubs.
• Equipment segment revenue saw a decline to $151.0 million, primarily due to lower equipment sales to new franchisee-owned clubs.

Introduction to Company as a Leader in the Industry

Planet Fitness stands out as a leader in the fitness industry, known for its unique business model that emphasizes affordability and inclusivity. The company has effectively capitalized on the growing demand for fitness services, evidenced by its expansion into new markets and the opening of additional locations. With over 2,400 locations and a commitment to creating a welcoming environment, Planet Fitness has positioned itself as a go-to option for fitness seekers. The company's focus on low-cost memberships has attracted a diverse membership base, further solidifying its market presence. For more insights into Planet Fitness's success and strategies, additional details can be found below.

Mission Statement of Planet Fitness, Inc. (PLNT)

Mission Statement of Planet Fitness, Inc. (PLNT)

The mission statement of Planet Fitness, Inc. emphasizes its commitment to providing a welcoming and non-intimidating environment for all individuals seeking to improve their fitness and health. This mission guides the company’s long-term goals and operational strategies, ensuring that all initiatives align with its core objective of promoting fitness accessibility.

Core Component 1: Accessibility

Accessibility is a fundamental element of Planet Fitness's mission statement. The company aims to create an environment where fitness is available to everyone, regardless of their fitness level. As of 2024, Planet Fitness operates over 2,600 locations across the United States and internationally, making it one of the largest gym franchises in the world. The company offers memberships at a low cost, with the standard membership priced at approximately $10 per month. This pricing strategy is crucial in attracting a diverse membership base, ensuring that fitness is not a privilege but a right for all.

Core Component 2: Non-Intimidating Environment

Another key aspect of the mission statement is the commitment to providing a non-intimidating environment. Planet Fitness markets itself as the "Judgment Free Zone," where members can work out without fear of being judged. This philosophy is supported by staff training programs focused on customer service and member engagement. The company reported a member satisfaction rate of over 90% in its latest survey, indicating that the non-intimidating atmosphere is effectively resonating with its clientele.

Core Component 3: Community Engagement

Community engagement is also integral to Planet Fitness's mission. The company actively participates in local community events and initiatives, promoting health and wellness beyond the gym walls. In 2024, Planet Fitness launched a charitable initiative that aims to donate $1 million to local fitness programs and youth sports organizations. This commitment not only enhances the brand's image but also fosters a sense of belonging among its members.

These components of the mission statement reflect Planet Fitness's strategic focus on inclusivity, community support, and a friendly atmosphere, ensuring that the company remains a leader in the fitness industry.

Vision Statement of Planet Fitness, Inc. (PLNT)

Vision Statement Overview

As of 2024, Planet Fitness, Inc. (NYSE: PLNT) aims to be the leading fitness brand in the United States, focusing on providing accessible and affordable fitness experiences for all. The vision emphasizes inclusivity, community, and the promotion of a healthier lifestyle.

Accessibility and Affordability

Planet Fitness is committed to making fitness accessible and affordable to a broad audience. As of the third quarter of 2024, the company's total revenue reached $841.2 million, reflecting a 7.0% increase from $786.2 million in the same period in 2023 . The franchise segment generated $254.8 million, with a significant portion derived from membership dues, which are priced competitively to attract a diverse member base.

Community and Inclusivity

Planet Fitness prides itself on fostering a welcoming environment for all individuals, regardless of fitness levels. As of September 30, 2024, the company operated 2,369 franchisee-owned clubs and 268 corporate-owned clubs, marking a total of 2,637 locations . This extensive network supports the vision of building a community centered around health and fitness.

Health and Wellness Promotion

The company is not just about fitness; it aims to promote overall health and wellness. For the nine months ended September 30, 2024, Planet Fitness reported a net income attributable to the company of $124.96 million, with an effective tax rate of 27.7% . This profitability allows for reinvestment into community wellness programs and initiatives aimed at educating members about health and fitness.

Future Growth and Expansion

Planet Fitness plans to expand its footprint further, with a focus on franchise growth. In the nine months ending September 30, 2024, the company opened 52 new franchise locations . This expansion is a crucial part of their vision, aiming to increase accessibility and cater to a growing demand for fitness services across various demographics.

Conclusion on Vision Statement

Planet Fitness, Inc.'s vision for 2024 reflects its commitment to accessibility, community, and health promotion. The company's strategic growth and focus on inclusivity position it as a leader in the fitness industry.

Core Values of Planet Fitness, Inc. (PLNT)

Core Value: Judgment Free Zone

The "Judgment Free Zone" is a fundamental core value at Planet Fitness, promoting an inclusive environment where all individuals can feel comfortable and accepted, regardless of their fitness level.

In 2024, Planet Fitness expanded its outreach through community initiatives such as “Fitness for All,” which offers free memberships to underserved populations. This initiative has helped increase membership by 7% among previously non-active individuals, reflecting a commitment to inclusivity.

Additionally, Planet Fitness’s marketing campaigns have focused on the message of acceptance, leading to a 15% increase in brand recognition over the past year, as reported in market surveys.

Core Value: High-Quality Fitness Experience

Planet Fitness is dedicated to providing a high-quality fitness experience to its members. This commitment is evident in the maintenance and upgrade of its facilities and equipment.

As of September 30, 2024, the company reported an investment of $112.9 million in capital expenditures aimed at enhancing existing corporate-owned clubs and upgrading fitness equipment. This investment has resulted in a 10% increase in member satisfaction ratings based on feedback collected post-upgrades.

Moreover, the PE@PF program, which offers free fitness training, saw participation grow by 20% in 2024, indicating a successful effort to enhance member engagement and satisfaction.

Core Value: Community Engagement

Community engagement is integral to Planet Fitness's operations, fostering connections between clubs and local neighborhoods.

In 2024, Planet Fitness launched the “Planet Fitness Community Challenge,” encouraging clubs to participate in local charity events. This initiative resulted in over $1 million raised for various local charities nationwide. Furthermore, 85% of franchisees reported increased community involvement, which has positively impacted local membership growth by an average of 5% per participating club.

Core Value: Commitment to Affordability

Affordability remains a cornerstone of Planet Fitness’s mission, ensuring that fitness is accessible to everyone.

The company maintains its competitive pricing strategy, offering memberships starting as low as $15 per month. This pricing model has contributed to a 7% increase in overall membership, reaching approximately 19.6 million members as of September 30, 2024. Additionally, the company reported a revenue increase of 7% year-over-year, totaling $841.2 million for the nine months ended September 30, 2024.

Core Value: Integrity and Respect

Planet Fitness emphasizes integrity and respect in all interactions, both within the company and with its members.

In 2024, Planet Fitness implemented new training programs for staff to enhance customer service skills, resulting in a 12% decrease in member complaints. The company also adopted a zero-tolerance policy towards harassment, which has been praised in member feedback surveys, showing a 90% approval rating for club atmosphere.

Updated on 16 Nov 2024

Resources:

1. Planet Fitness, Inc. (PLNT) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Planet Fitness, Inc. (PLNT)' financial performance, including balance sheets, income statements, and cash flow statements.
2. SEC Filings – View Planet Fitness, Inc. (PLNT)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.