PLNT - Earnings call transcript Q3 2019

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Operator

Good evening. My name is Tunish, and I’ll be your conference operator today. At this time, I would like to welcome everyone to the Planet Fitness Third Quarter 2019 Earnings Call. All lines have been placed on mute to prevent any background noise. After the speakers’ remarks, there’ll be a question-and-answer session. you. Thank Instructions] [Operator

like go the ahead. now Brendon over Frey. Please to would call hand to I

Brendon Frey

today’s Rondeau, Thank Relations the discuss Lively, of quarter website On today’s Planet Fitness’ for President section Fitness’ are you joining Officer. planetfitness.com. is at third of XXXX us and Chief press earnings Planet A and release Executive Investor Officer; Chief today Financial to call Dorvin Chris copy results. on available

will remind Planet materially you and this that business. analysis I make would a we These reflect in may from are statements statements only like on Fitness’ based Fitness’ number statements. forward-looking differ to expectations actual results today, presentation factors certain of Planet and current as forward-looking of judgment affecting

undue these on should Accordingly, forward-looking place you not statements. reliance

thorough included our For X-K, this made be the that to you to as regarding of statements SEC was on which uncertainties our with referenced the webcast, refer well the risks the XXXX in forward-looking the disclaimer. furnished SEC associated in filings Form we in discussion today disclaimer a third statements more quarter with earnings to release, conference as and call and forward-looking

undertake statements otherwise. of any update We do a any new forward-looking to not alter whether information, or future obligation or result as events

to In in the found be adjusted addition, filed call. non-GAAP today. company these may metrics can certain Explanation earnings the refer metrics of on this earlier release

to turn Chris Chris? Officer over Chief the Planet I’ll call With that, Fitness. Rondeau, of Executive

Chris Rondeau

sales X.X%, top gain ago share us solid versus earnings highlighted another and of of X.X% Brendon, XX%. Thank results of a last today. for an you on same-store We system-wide adjusted and year, you, increase delivered a $X.XX year per joining of thank everyone $X.XX of by quarter growth

non-intimidating users QX to welcoming in driven brand our The and gym and net first-time as XX% growth was of our system-wide fitness to by continue be member sales growth approximately concept. casual majority attracted

X,XXX growth is million the in remarkable. & added U.S. our Health, Racquet the Association, to compared locations Sportsclub XXXX. International roughly IHRSA, X.X According industry, When new to and opened industry members fitness

XXX growth the In the same unit than for X.X year, and in XXX% industry add roughly Fitness members. growth. accounted of more XX% Planet the of million We volume new stores open

the Taking grew U.S. Planet the sharing but a Fitness of with out the stores, fitness about same the concepts pie. over they declined opening XXX themselves new are XXX,XXX, amongst industry of piece by trading industry, other by membership store reinforcing and small are

continue new well-capitalized bullish, efforts Our franchisees and both to our fuel existing markets. in expansion

to remains over domestic opportunity our driver. the comp double store time growth U.S. the With our primarily

That are said, very development first and Fitness brand we opportunity finalized we on international front. excited business in Australia. to stores open attractive markets and this Planet Recently, our for plan to share a our representing

entry Our South by Planet with local market into two and New in operated operator partnership between locations the groups in Australia Australian of Australian existing a led is U.S. joint several franchise who forces a being the the Wales. name trademark own his Fitness fitness who

Fitness Planet minimum portion of the locations new XX in agreement our of trademark, brands to existing The initial a and Fitness several Australia. of a to built the convert development Planet secures of and in ownership rights remodel grants locations

select have marketing we to In the measure creative and to and third markets quarter, opportunity alter test effectiveness. our mix to overall

learnings initial be incorporating results the forward. the we with going pleased and are We will

period the New XXXX media to reach digital of forms in implemented marketing of for into important are other TV, marketing improve plans and the during right messaging consumer our especially our our order advertising. will Year's of and this committed. our spend and with year throughout tweaks plan These While largely strengthen post our be sign-up balance remainder core

committee marketing agency advertising and our our and franchisee data and plan. further local marketing to marketing team internal our on and enhance addition XX synergies worked with collaborate share In national insights, have closely

excited Jeremy strength that Communications our marketing, Team. served President Officer later Leadership Most Vice to our he Media new of adding Fitness America, and I'm month U.S. Head Executive Tucker Chief to recently Nissan by of will Further marketing Marketing this Jeremy as announce North where the a of served as as be Planet Marketing, at joined on

and XX consumer global large-scale experience automotive, packaged years and Jeremy goods across marketing brings nearly and entertainment robust including of budgets retail, marketing teams. industry managing broad

deep national various an our Prior and his marketing elevate and Disney welcome I'm to to efforts. our our am will local Fitness and pleased will optimize confident franchisees team. role to I at held Company to officially be asset marketing and management Walt Nissan, him and able experience Jeremy that PepsiCo. Planet brands to

of fitness, gearing with the and As a global plans for at and QX wellness for Once in the on stage sponsor Planet and top being is music of we're a presenting time Square part up and future Time the year front row. Fitness of will our for be center celebration health mind fifth iconic consumers. again

Planet On show the announce to excited when are Fitness adults among XX in January the returns the on number the sponsorship exclusive Biggest front, fitness the in be marketing Loser partner one network XX will to cable USA we rated XXXX. network, of the

experienced QX. a part uses We our look in others. journey experience show trainers of Fitness comeback to is the incredible her member and of in own the with weight show's loss one fact, who forward In Planet the being

XX% new a previous app. our on enhanced We the increase downloads mobile growth launch Now both strong August. of per to see in app in to evidenced and downloads compared had update early uses in day for brief as by

to overall were at rollout, the in members club new with member system the app the assist on and increased app team our implemented level members we orientation. new functionality trained promote across towards And club to the features transition. to all have and the Prior engagement

upgrade a experience, the launch Fitness Planet a new the feedback login enhancing features existing improving two user and functionality on as have referring there Since card. such black been releases join to as to incremental based such friend

evaluating feedback future our continue are will user We to with offering and enhance releases.

program Shifting results briefly want ended We Summer Xst. gears were Teen that December Challenge incredible. the a Final bit. to recap

taking Although fitness over them build develop over sets Z on and not workouts, part path XXX,XXX million healthy X.X up habits conducting the in self-esteem. to and program a introducing teams Gen

also see long-term a great as We it Z Planet opportunity introduce Gen families. to their and to Fitness

the September and the than members, we focused mission. all theme In more entire for annual was overall staff. the their experience member franchisees, us. meeting The journey held brand To conference channels in with their attendees team our franchise elevate XXXX of Fitness vendors on Planet including sport with

to passion more building to can people's event brand continuing to the so and and more commitment backyards. grow energy, the from away walked franchisees Our stores, we fitness with bring

do, Our the services going and team widen members the in customer everything above member remember are we beyond to support. inspired to

Our entire of for in is be system, for brand the result the customer continued success both I'm growth. excellent recognized growth and our extremely that proud continues passion and our a our of remarkable and commitment collective to service in

consecutive list last up has America's service. year's Were been year, list ranking best XXX of XXXX XX Fitness XX in Times number Planet The named also top spots overall companies Franchise the ranking from Newsweek's second named XX. to customer

both units performance. track record grower and deliver XX Franchise in pleased and ranked our continuing strong I'm extremely Top third quarter sales. fasted for to growers by our Times, Top also by number Company XX sixth fastest by results

well than That's third years store positive straight the pretty quarter XXst fact marked remarkable. In more XX of quarter our sales.

runway For me, more what and substantial future Planet ahead. is has Fitness our was exciting a the bright growth

franchisees, experienced, increasing to From and well-capitalized of our our group budget. advertising prospects domestic growth store growing international extension and local opportunities national

multiyear our concept. our experience and also new initiative We strengthen exploring focus will of in brand believe further on the through sponsorships attractiveness technology the Planet enhancing brand the and members its

the to for conclude year the achieving and another increasing fourth I believe is quarter our shareholders. objectives with a that the company outstanding strong right generates we're our value path and path on on towards right

over I'll the to now Dorvin. call turn

Dorvin Lively

good everyone. And third begin I'll year by XXXX afternoon reviewing of quarter Chris. outlook. then our our the and details full discuss results Thanks

third total quarter increased prior the revenue $XXX.X period. $XXX.X from million XXXX, in XX.X% of the to For million

growth. sales comp segment was with sales Total by franchise Approximately perspective increased same-store our X.X%. The same-store Card X.X% increase increased member penetration system-wide and growth point combined for X.X%. XX.X% a the new the sales and to compared prior Black Card with basis the XX% by joints. of corporate XXX our our was QX period rate increase same-store growth increased being store balance driven pricing with driven rate From higher Black

of The points as XXXX that in of in in rate dollar Card pricing sales. XXXX. drove of October price one approximately White increased the $X same-store basis in increase impact growth the price the by system-wide place was mostly increase XXX from put place in was was September The the increase driven put

from $XX.X XX.X% an Our revenue was million, in franchise $XX.X increase prior. of segment the million

of to royalty order. royalties compares break million $XX me revenue dues was driver This $XX consist on Let membership monthly annual and Royalty down the the membership which in fees. million last the same time same This three year. increase more we of with year, quarter year-over-year ended increase to quarter the an first, stores had franchise last drivers; compared XX.X%. XXX revenue

franchise our sales increased by royalty mentioned And a third, I then higher average same-store as Second, rate. X.X%. overall

same was For year. X.X% compared from in to royalty at stores last X.X%, year royalty driven average up the quarter period the high the more same the by time rate third rates last

recognition received of of million in new our pay these of transfer point from and $X.X to to development are for Next, franchise received from dues fees the $X.X franchise other stores These processing and new were our agreements, existing million system. the sign-ups, and compared fees agreements prior. sale area fees online to us member the

$X.X are quarter sales franchise-owned assembly with of our placement replacement, within we a Also within and receive for which $X.X million million is was These third ago. year segment our revenue to in stores franchise equipment the U.S. fees the compared

of higher was XX group. with compared your combined due to in placement with replacement new increase XX in equipment placements equipment stores The

to commissions preferred new equipment equipment which Our $X.X was $X.X commissions for and commissioning are income, ago. store compared vendor a international from sales million year arrangements million third-party

then to last $XX.X revenue our national million $XX.X fund was And finally compared million year. advertising

revenue a million segment $XX.X fee in was $X.X owned, increase higher the $X.X. acquired yea, annual sales the revenue due from XX.X% of since of $X.X of revenue increased the an store to to of corporate million increased opened corporate-owned of increase from same-store last million or contributing million million corporate-owned in Our and XX.X X.X% prior, quarter second stores $X.X end

Turning where million equipment by by equipment compared sales replacement owned year. the segment; last were stores revenue $XX.X sales to quarter increase was equipment increased from $XX.X million XX.X% of time in franchise to or total same The $XX.X equipment the existing during to sales million. XX% replacement our higher driven to XX%

of increase relates to franchise owned XX.X to sales which compared existing driven to and increase cost during a cost are year ago, amounted direct revenue an to to primarily stores new million the equipment Our XX.X% which sales in equipment of $XX.X is the quarter. by million

store Our ago. corporate-owned with acquired associated million cost operating $XX.X of year. expenses to quarter since was driven open are to stores The second increase last increased year associated by our or the end the which stores with the XX compared of million $XX.X

million year marketing the in franchise SG&A related related E operations compared expenses was to increase quarter. in payroll held growing our quarter This and our Conference to million information-technology expense, for not fees prior $XX.X held support which and was franchise the September, was ago. $XX.X and a professional to higher to incremental higher infrastructure,

was aforementioned revenue $XX.X generated Fund expense Advertising quarter. in offsetting the the NAF National million

prior of $XX.X ago million XX.X%. income increased the were to period while million to our with at period, Our for operating a flat $XX.X XX.X% year income quarter operating the margins operating in essentially compared

Our GAAP prior in the rate third quarter the XX% was compared to in effective period. tax XX.X%

not because XX.X%. taxed attributable the Planet before income appropriate income stated interest Fitness rate and at of adjusted and to be the approximately we tax corporate As the would level non-controlling

per On quarter $.XX million the million income million $XX.X to of attributable million was Inc to net Planet a share in income net $XX.X Planet the GAAP or income prior. to $XX.X compared XXXX year the Net diluted $XX.X share Inc to was Fitness a basis $X.XX ago. per Fitness for compared third attributable or diluted

the exclude $XX.X was XXXX and quarter respectively. $.XX or diluted million and share, or non-recurring of period. with income a net expenses for $X.XX $XX.X an per been has an diluted XX.X% Adjusting income rate compared million XX.X% reflect and XX.X% of in the On normalized net adjusted to of XXXX basis increase adjusted tax third prior share per

million Adjusted increased have evaluation EBITDA adjusted of net net in operating performance in amortization to XX.X% considered defined We as interest to from taxes release. the for certain today's GAAP income of items adjusted the non-cash depreciation impact $XX.X are million a is other and prior reconciliation that $XX.X and in income not before of ongoing the earnings provided period. income which net

earnings to from found as sales million EBITDA EBITDA in adjusted the royalties franchise-owned in segment, driven franchisee-owned of XX.X% well be base sales stores and release. additional increased rate. can same-store income in a by higher included also not overall reconciliation our increase $XX.X average as the segment By royalty net franchise GAAP to A received X.X%, same-store of an

approximately margins SG&A due margin expenses The quarter. held was Our XXX which including basis to the franchise prior in the decrease segment held EBITDA in in high XX.X%. September decreased discussed franchisee expenses related to conference adjusted to was not earlier points

last the the the of in of same-store store primarily segment six driven Corporate-owned to higher eight acquired second stores X.X% and since increased the X.X% increase by new opened year. quarter to EBITDA $XX.X fees, annual million end corporate sales, stores

approximately store due segment exchange to XX.X% of the about to basis was EBITDA corporate XXX by rates. foreign decreased points Our decrease margins half adjusted

Our equipment to by to a stores million segment replacement $XX.X year equipment increased higher versus franchise existing EBITDA XX.X% owned primarily ago. driven sales

Our margins equipment segment adjusted by points increased to XX.X%. XXX basis approximately EBITDA

The of in margin the transition a in XXXX. prior of new the due as vendors margin the of result one effective was to equipment in to July increase time reduction the primarily year

Now, sheet. turning to the balance

of As million to on compared XXXX and had cash million equivalents we XXXX. of XX, XX, $XXX.X December cash $XXX.X September

million repurchase deferred securitization. over year, share $XXX for completed excluding business board cash of million at during of including program billion cash XXXX solely this which additional in decrease months long quarter primarily authorized of The past repurchase September and third repurchase the million reflects of Total nine term financing of equivalents an XXXX. cost the in our X.X was debt $X.X activity our the August $XXX the consisting whole the XX shares

full our year to Now outlook.

system-wide store XXXX, we XXXX the to sales from at of increase over range our year For previous approximately and total assumes stores end approximately higher XX%. our guidance XX, approximately sales of same-store previous revenue system-wide of of XX includes new to guidance This equipment X%. X%. ended XXX fourth sales December expect our now approximately This sales expected approximately same-store including guidance from quarter up to of up XXX prior international equipment the now X.X% XX% of total be

XX%, adjusted share, increase increase profitability to up adjusted previous In XX%. and our and to EBITDA raising now adjusted terms XX% of XX% increase income are we net from expect to approximately our projections adjusted per expectation our to approximately EPS approximately approximately $X.XX EPS for to increase

quarter shares year. $XX.X assumes guidance share for a four count year. million XX.X in order This in of the full up expense XX.X full million net million fourth interest million the and weighted $XX.X and And average shares diluted the for

turn we'll the to Now, questions. operator back the call for

Operator

Jefferies. question first comes Randal [Operator Konik Instructions] with Your from

line Your open. is

Randal Konik

Yes. Thanks and hi, a lot. Hi, Dorvin. you? How Chris are

Chris Rondeau

you. Thank Randal. Hi,

Randal Konik

here. you through far question, away could upon -- first market gave expand and Just us I guess thinking just Australia good you some a insight on Chris,

of of perspective terms not? et might is over intended. kind is in or of what guess if taking thinking term I you the that longer kind will. what you region that the you how have thinking pun of And a the Australia be rest attack about about future? cetera. might So, Australia why Why us Give going some Planet you into

some us there? Just give perspective

Chris Rondeau

Sure. Good question.

think the and potential halfway But we're some so statement. of that do is with that and we Also registered same to was was sure definitely As obtain that a top I'll say they on still with international speaking there there, recommended. other Five individual the make we that by than take cherry first you being studies it know barely focus was I've a the trademark main time. Top a of lot it XXXX on I'm U.S. said, did makes our the always that English another I could able bit a one places. easier I'd at

be great know U.S. also country and individual it had that in franchises Australia two a with operator that are – trusted will. next we we have good see you So frontier partnership partnering if that operators that be very to with fitness veteran a also where the did good to from -- who's was

a Development Officer two a think GAP. years So mentioned averagely I from past, came and year little over He's we've as here Miolla, now. who Chief been a Ray now, half

he their think gave led and whole him I he franchising. international

international give attention his So here this will together as And the some you'll you've him I divert seen think with development of the U.S. come in here think I quite really year and that you bit a way. the plan well here be year focus our another stronger.

Randal Konik

about States back with guess, talk the have Got of we the and sizable me as think Amazon, your of grows way forth. the live. it to us it. investors, where work and which United the then footprint about, are related Target continue to closeness with pretty share of kind to like and your amenities are company because you point do price Amazon. to the and people more competitors you --- stores Amazon more has the the up reminding it How and I where Wal-Mart so conversations gobble And seems business versus I just But

at size. back towards get terms XXX of of competitive your there XXX you more kind when So, rear Are you're someone there's XXX up of as built the of day. you're in of kind these units coming you in you lot do a not that set -- more units you the and you kind look versus know see going

you do just You just commentary more -- continue I said? what members competition that? react more around do out How some some us to those take away. give -- you how and give Can us the kind of and to crowd you

Chris Rondeau

scale a and you minute good in do look at advantage and question it every for at facet and No. we about have. think a look a of everything you Yes. size and -- It's

find Randy, We a to in we've competitor best XXth, years the national they XXth ways, in sophisticated, their franchise well are plus industry, groups in right, out today, are that else franchising the store industry. or best so our E taken their lot that seasoned XXX time to compared their who own building in of anybody or a of and are XX right, are operators much that there

each. So a a there opening one XX or five, and ago they now were year they're XX only years year XX

reckoned so very themselves they be so Officers a Chief So on, the sophisticated. and to force Development are old CMOs, their with own

operator our scale with you LA they just and at about equipment with and grown. and in there be haven't XXX few costs year. would we're size this Fitness down Low and real really, put XXXX years a negotiating You list size landlords in crunch almost manufacturers about advantage full largest the We here and that recent at the retailers we're closing quite would go really this and been on country be XXX. for really that opening quickly

with I our acceleration would've franchisees So the them stores stores proximity of the their into we more is from of Black very reassured quarter seem and to is end more dollars, never competition the building way. to eyes a brand we're it can the economics seems or stores XXXX the years of and five store, this flywheel more market we that like Card excitement our constantly just faster. And convenient, the is that because with building At open. ago like unit more we every back in more, that we seems model more we the approving more more the for dollars their parlaying the open reciprocity see growth the it we attainable in And for the dreamed from to every really have and day just XX spinning does put in just guess what open is we we're that there, close. another it continue

Randal Konik

ask one around churn. here want just to I last thing

and his know churn the is that people ask in So much always the yours industry thing about lower. one you

members to more there? lower As companies you're those of your or members. that's some of seeing access to And and you're I that get kind want to perspective your Just of doing types all other Card you're members, giving partnerships us you other Reebok Thanks. and Are getting have. more give as more more Black X-XXX-Flowers satisfaction customer with churn?

Chris Rondeau

-- of I mean, I the it couple quarters. in last mentioned Yes.

last we Your or has very nail can very really know help to product over we've more I of retention right done add more to to the as a it experience. and continue them it we But that but the for value I is last think getting customer the Planet it. of the get to to that years that one value of we not and back member just you JD better in time. I And things I to as better, customer continue Power is with although rankings slightly. overall the more do slightly upper the and down being necessarily year two think drives don't that think of thing if the be you service charge value and couple continue long

win. always at you think interests I heart. customers the best Keep

Randal Konik

guys. Thanks Thanks my questions. for answering

Chris Rondeau

Thanks Randy.

Operator

Your next with Baird. Jonathan Komp comes from question

line Your open. is

Jonathan Komp

Yes. from you Hi. the new conjunction any to just pretty quarter bit I commentary a maybe and a kind trends ask being look comps full then outlook. same-store reflection solid your XXXX in little last about the wanted on to year with the light of as sales throughout maybe broader joins about question you. the update and Thank

any how you're curious viewing and trends within the Just looking the color forward? in system

Chris Rondeau

front same-store on will spoke marketing last speak the sales probably I more Dorvin that piece. Sure. comment earnings in had to the and I'll to

national clip at as able some as ad years it with As I over of the we do in remarks traditional I've my advertising allocation growing the digital tweaks unit NAF were looked the and we to of growth. a of money and or been growth little where to tuning taking year time small more pretty quarter third you around changes is we again changes and is is small do but that we'll today we're thought some do real the this wasn't over us. even data mentioned TV, me and that of know was a and did And we recall cable fund lot the going baked, fine of or same what that I'd kind at data leads results of you telling changed believe it to around down what know had digital allocated seeing the you some I lot a and money the we're was right to much here more the more more cable out throwing what network this had promising that road

to being independent come, console XXXX that but that more the we have how I lap local plan a we market So and really really IFC we is forward XXXX. from electing and but based you local that heavily advertising and spend recommend off on involve marketing franchise data things them level, look that so how the at also their spend to that fund franchise the streamline we

Dorvin Lively

out stated Yes. call of what that We that on QX keep couple the in the nationwide in things it of the Thanks. did $X mind. What, increase. I'd not a rolling Jon, is add to anticipate price

we commented similar results So the that previously rolled embedded the guidance what And we of not when $X we similar that into increase the would seen on be $X impact and the think price increase. at call to our And cadence I very with time. that a the that impact the in we'd it out. to were expect to was very price terms

basis very full going QX. impact ago it's a had in as points. few it I year basis my that On minimal to in a be remarks minutes We about said expect XX

mid increase So be expect that to sales not QX. XXs QX basis huge. the for In in it's same-store it in of of in range an kind we points

at in the back comments at adjusted back the the when we of So we August we some X%. business year, our guidance looking set then approximately to of our and back were when balance looking and and made

in based earlier what was saw as favorability we and knew now. Chris we're seeing commented some that and additional his then favorability time at QX remarks that we in Now that some on

about how to. the of trends front. on we and to for now we about is that full got feel we the the changes marketing get now talked that business But the of baked we to how the of all to the that some are where good So year. guide guided in we that's But Chris gave where

Jonathan Komp

a I'm Yes. hear. or follow-up franchisees on That's accelerated the have hear curious really from feedback encouraging as unit Maybe have you about development, you you either the what unit to of what pace that the the And openings? the new development, of is pace the in accelerated kind this think unique pace given going terms openings. of there performance annual year of we of or pace then should this of forward anything about pace the openings about data

Chris Rondeau

Yes.

much that to going before last Chris I think we've store our it even that stores continue from into sometimes We're guys some know larger the we system really are that up or smaller still different way has the in out --this to build really frankly open you has less been we down got the what can more come the is markets some some across year very their that year more as similar not territories of well. seems all open than penetrated great cetera.. than about the perform penetration we et has results more as even the even newer franchisees highly guys others, to and then earlier but new some performance seem in that in markets it is

So the made sense. and to we target why that's that long-term feel still good comment about we make about think seems Chris that

to there they returns invest, want that we at and want franchisees get they willingness to are into time the as same they fast be of obviously, terms the In Main as can. Main. these markets to and But the at

not available there have ground than makes sense or some two doing doing ground three either or something historically, more to we let's ups is And ago. it cases and so wait in this year yet quite we're years ups had and

to get longer there's there's right lot anybody done. much and year. this at of you in get last bit that open terms well say gave clubs the happens to time and say here year we here December all those then of a November and takes But as we that as a get know So in now because that for as the equipment Jon guidance weeks activity three in of the so still in the left that of

-- we've their so And to getting But had upper the real estate so storms and on we'd in our these site. from have to certainly get that year I didn't folks weather that XXX they a it It to franchisees confidence shortly the opened the on be to or that major us end talked open parallel we've teams is, of higher side at in the guess make stores years, snow and us by and closes. kept get that our end of the the of about with early. speak last here kind gym few we say, the we so that range. generally of we end construction gives range to sure the can governor that any after on we confidence equipment favor the the been year trucks are that kind gave of XXX working think that

Jonathan Komp

Thank helpful And color. that's all you. really

Chris Rondeau

Thanks Jon.

Operator

Oliver from comes & Chen Company. with question next Your Cowen

open. is line Your

Unidentified Analyst

This question. our taking is for Oliver. for Thanks Jonna Hi. on

won't franchisee you to the side. you compared new stores are that of same the obviously on looking anything seeing terms Just growth at stores, from the and member trends in stores corporate different see benefit

Thank trend So over how much. time? very you you think about the do comp

Chris Rondeau

store pretty store similar in markets. similar corporate A to franchisee Jonna. Thanks a really performs

if to franchise store in you rates corporate same suburban And opened their wouldn't to stores outskirts have metropolitan a cities to cities store smaller So know between have almost area, or five-year the corporate their say quite of urban the say are old and in old the it's same the are if in a the franchisee in be stores on we major you they or you're market. or more areas that the let's we identical. going difference went virtually one more very three-year and maybe just similar. they And perform markets frankly, fact, stores if more store store growth in where let's year

a Mac. Big he like is Chris -- says Big one He feel our So mean is same We franchisees And the team exactly our in portfolio run collectively store the look know and beauty together I market Mac to and Jim theirs store. experience that be and the the it that's another from you and members expects co-op. and our great place runs it's to of taste that his that want brand that always corporate then the likes same.

we've are group franchisees the along in how on making participating money to co-ops all have stores decisions where side So and cetera. by with got spend et co-op corporate side their they're we marketing

identical. virtually from So that's perspective a I think performance why it's why

Unidentified Analyst

one Got up. it. follow more And just

still the You're be for XX%? replacement expecting to under slightly year next

Chris Rondeau

Yes.

be in I probably think XX% it's mid XXs. to around XX%, slightly upper going kind to that of

Unidentified Analyst

much. All right. Thank you very

Chris Rondeau

Thank you Jonna.

Operator

Blair. with Zackfia question next Sharon from comes William Your

Your line open. is

Sharon Zackfia

guess Good afternoon. I is helpful. Hi. store it then really

Chris Rondeau

Sharon. Hi,

Sharon Zackfia

we the talk benefit really Hi. be price to helpful would enter about impact It as XXXX.

of kind similar So all leave then you've residual to that's kind And $X the benefit mean in off. kind that that started. of continuing benefit that $X roll aggregate got got you've does price XXXXs I just of XXXX? price to

Chris Rondeau

a yet year. I'd know next nail guide for kind We're say of of things, You prepared obviously Sharon. down not to comp couple

to X about on expect XXXX. I dollar. way right October ago everything the I the dollar I of the it now know we rolled think comment on again based that and though is think would impact, that that the on -- we minute a made the out

quarter's a got full worth. we So

in rolled September it here we early So XXXX. of out September

the and as So $X pretty price to at XX% year I four QX increase. would year expect quarters this of rate then next comparable be the

see We decrease a to will continue impact. the $X on

continue past nine still be quarters year. some guess will all not we at in XXXX as overtime once going price residual members XXXX and or There'll it Now and they increase. I turn the $X we as nine away to and the add the it's [ph], still point price this at impact but QX lessening impact that it we because end to we'll have a have were more quarters on be XXXX

Sharon Zackfia

development, tweaks make any Okay. of the like that on could talk about there what's a in of on corporate am Could are want plan the might you sure you talk going about if it that you the was you Australia on market. to That's model have kind helpful. then then on I I clubs company just And handful if accurate. of to kind making correct in inferred side? quarter, And opened I looks

Chris Rondeau

work, have have enough, what the your kind we of can so that in so innocently work. nights there doesn't The we the muffins, Bagel pizza Is Australia still Mornings role [ph]. Mentos

So they buy the wise is those for thing is a pricing Card, in is And White model. far is which wise a as the dollars in allowed that in month $XX which bit are as it really not over little three Australia changes part there it. where a different model of build tanning the only The weekly. is is Australia -- U.S. changes

in So $XX it's turns out weekly, little U.S. to month, $XX a total be which $XX over so a bi

Dorvin Lively

Sharon, QX. opened four QX new stores; of to we we question and more stores anticipate corporate stores in your in opening corporate corporate

Sharon Zackfia

you. Thank

Chris Rondeau

Thank Sharon. you

Operator

from next Your Guggenheim Securities. Heinbockel John with question comes

open. Your line is

John Heinbockel

start XXX,XXX think in Teen saw you or curious nice what a membership driver that actually time? And that quarter then over so with happen I impact is from like or looks it the me likely a let membership Was So that went Summer -- fair? more this up Is to Challenge. quarter. I'm

Chris Rondeau

which say total would to-date think joins about Teen challenges Summer the about XX,XXX I we're XX,XXX time parents. over of are I

a So standpoint. learn I longer is but we I think have did from nationwide that honestly of a kind what little of play, and of practice best just term bit think after traffic John, a join more

driving roll a So of as incremental how we over out year look going have to do hopefully forward. joins year best year from performance we next practices it

John Heinbockel

to right between something because and more drive marketing little Is national, And When the national that? and what did differently you do ton this. you then you you of a around do term you as don't differently do last I then to do up? XXXK try that longer And think about What year think the like And local think that national. move? five mix four the want a about mix to to start did move mix? local, think what's do I mix right the you

Chris Rondeau

the plans, quarter marketing national far As now. have about yes, we one as

John Heinbockel

Yes.

Chris Rondeau

new I about the on So with and board, some national there. more based mix digital, four credibility, now we on Jeremy coming think some IC we year to I marketing mixed in a more have sales on here or I plus the talked committee gets from of board performance switching that also CMO new the with flash coming with Yes, now have more think about data, so more are cable programs advertising.

is think that that especially and consolidate I cost of synergies some six, three and it some and and big effectiveness purposes that the two buying the think is yet. there point a of to a But very we of and it five spend four, blending nationwide. I is that is seven good know makes there. guess don't savings about question, We some from

So that hope and I happen in time will does. I think it

we is incredible. As of far which as Teen it did actually Summer and all free Challenge, is PR

You did push have summer. we and Hampshire almost teens we to this here second it, so In impressions, more double used year here first X New to New the it we it billion New doing summer year. Hampshire last in the our in Hampshire was TV local piloted compared than some Hampshire

get maybe Teen I So a TV sure the TV year can next free doing we sale on nationwide up efforts it advertising be I people Challenge. sponsors, that for think replicate backup not push Summer could aware to the the of but on some guess that we're the for

John Heinbockel

more quarter. historically still a think we've little about maybe elbow the that's seasonality business maybe the you talked Do first in less you grease in in with about little a going to lastly you true just then broadcast We've or past talked seasonal. have becoming And the the first the applies? back seen still can marketing quarter

Chris Rondeau

ground so third ago bit savings seeing you'd it's you'd know sure. essentially a for almost was getting for an still are here already black always as backwards that we hour definitely be now Yes. us. a and I driver But forces Seasonality right the January, you pitch be backwards the and actually end backwards. in there's you always get -- big quarter of of an a been go been issues is daylight XX cold but hour high before little changes, you'd mean the years go between where

world I the changed So some there has think sure. for

Dorvin Lively

Yes.

to the about thing stores some in stores think and John five Just the the number have say that near many clearly Texas add like we've We added years. of Florida and the I didn't in last of other is. states I'd mean California. how Southern

can and outside. the in be don't of might different and to where obviously of out join of to kind want some really the also when know You dictate the areas frankly climate is walking you you Florida want summertime

as So there's QX Chris period. says, early some that. But of QX important and still pieces still

Chris Rondeau

Yes.

you it's winter in to resolutions you the the northern think Northeast but right. I states that because think have the in plus I news part resolutions it's the southern weather hot point of their where summertime have new kind or of the states too

January. there as of in So isn't a spike quite big

John Heinbockel

Okay. Thank you.

Chris Rondeau

John. you, Thank

Operator

Keith with question Jaffray. Piper next from comes Your Peter

is line open. Your

Peter Keith

key you Hi. you secondly, nice that on And model. our any event just bit for was quarter little give from could us. past know for I or maybe for run your to have I of Chris franchisees dig franchisee the you color event? guys. and sophistication us afternoon the executive kind there then maybe about talked adding event? franchisees? two key even for a just just more learnings sort some during you've Thanks. talent. Could the interesting increased Good results more questions learnings the you the deeper regarding overall broadly Curious give that of the us cost what in Were on of if

Chris Rondeau

Chris. learning I'll go is over part. the This Sure.

lot XXXX the point we some We management practices of most include not hands this senior or always of technology of of country there of the that XX and So is lot customer how XX a regional the on. really this whole to at and and know so integrate stores and people. how and throughout only And to are app and even running but managers franchisees a the onboard teach-ins. service actually teachings it's people best it's you the director it's themselves, some about

do them equipment and get have. the equipment join utilize hanging and to different from technology the the they or the member how piece acclimated think we the day They to think it's What's app its to technology of a it them way onboard in with a teach and I low fruit app lot the we right whether there. the how of club

get the they So club. a experience better in

So to it was club team more our and we and for example. how the time jobs and stores so to day streamline do can members, that things day the spend about desk people this the the just always all their one front member not about run and tedious we attention how they was members the that operating do

So great what stuff. a

driven table. of And have the here some XX, it XX enthusiasm it's franchisees XX stores. open say the of with or XX mean to that rolled that day or years dollars as They happiest most culture second so been building still equity tens and where millions of off system the still have more and they XX store have me now private the the work within past single one ago taken but and every in stores I that the the the entered in system. I the given I even I none. every people equity system some is year said groups mean

really to do direction a of the and brand. we're out they in So what company as believe the

to serve So than there's a more the dollars. wrote just They it really there to purpose.

Dorvin Lively

the in expense. costs Yes, conference Peter, quarter us $XXX,XXX franchisee about the net

Peter Keith

guess Dorvin. thanks coming the perhaps the I the on comp again the extra raise up on comp a so the back there One little of is just off year guide for scrutiny question QX. Okay follow half

So in to previously X%. were you I X.X% guess about math for a our guiding

Now you're QX. an you're for X% saying about that implying

anything a I front in Did it's really attributed the or that's perhaps up. little coming all you is price step $X Black member that on nice a increase correctly it's So stronger? there hear that bit Card

Chris Rondeau

the mentioned the I dollar bps of be would impact XX No QX. that in it's about -- impact

the into that's math you that. of you impact of So you know whatever know kind back

it current trends saw seeing we're of only then the the as QX what we've over seen QX of balance project member back is and in the terms what balance we from we what membership of So not and half of in growth, trends year. kind

the growth member that's it majority of is driving really comp. So

Peter Keith

Okay. Thanks for that color and clarification and guys. luck good

Chris Rondeau

you. Thank

Operator

JPMorgan. comes question Ivankoe next from with Your John

Your line is open.

John Ivankoe

one a think. pretty Hi. Thank I missed this. I basic you. apologize It's if I

comfortable up fiscal at and still putting how of the as XXXX? guys what placement you step As up between for expecting levels. mean a the it is be mean kind think ramped development there's obviously you be lot is follow a the nominal How models I well. at to giving in that now Obviously XXXX be done this fiscal we the year. But couple ups you we side have Do visibility of another should And up? XXXX. are in you end here on setting should we our I for of point? I have

Dorvin Lively

John. Sure

and groups afford four, that real estate that everything on franchisee was open own And couple I the probably five last, more to to clearly doing ops over think of got us people development. years and have now. just focused things kind that of about real whereas One guess big, construction you'll at so else. three, ago certainly kind sophisticated we is last recall we're of departments where particular point quarters the that that larger can talked I've too get right and I estate and stores marketing have their to

So it's one.

field. and get brokers The market folks our in et commercial second we've to et own estate both that And point own is technology more we've et field added sophisticated location planning directors then siding hiring our some internal with real cetera, SG&A as estate in to the added our cetera well real cetera. as the

it roles got just your you and is that of I all on the another what all one going is don't call us kind allowed is think all on it I'd it store – work open is you that I -- point of then they of pipeline I to were because work keep think in and in concert guess working one of get to to. I and kind think So filling the is which

do that think middle QX setting here didn't maybe of So it and now ago and know today kind you a what know that out do for in how of you about year. the next year kind you of play

we still know we'll I'd when very that you end given and continues do results. we the in add We have report over it pipeline are we've XX year last haven't in thousand be And for is back same of last year stores strong. next But and a to pipeline bunch a that year opened committed. that say the as months. We guidance the time

-- about of estate that sites a to lot that of agreements and but incremental from real and kind So we franchisees those their private the when that's those amend franchise franchisee their the and at continue either the place we amend an wanting takes comes franchisees ADAs we brokers do our of can equity that not one resize then some sells transaction can opportunity by that time. our a ADAs that voluntarily to another to or team, Or markets we efforts the area resizing only or franchisee development to of add rather.

of Chris our favorability mentioned scale. that the kind size of with terms in and

dibs, So think available. yes, of get times that are we first I coming lots properties on

are to and in there'll more willing versus have you than come them get the major to into lot developers us as that be know today see their to opposed our past said You trying REITs way offices three with us a years the will or ago at. of meeting wherever four these

stores community is and many now. and have so now So better we in that's great. bigger every known virtually The brand because

of this of the pace a where of all with XXX, like see of at. as XXX don't XXX, being So that we're front. kind I I said, kind XXX,

all talk one some and that's flywheel a up think mean marketing there's and your the four or that virtually bell open when side your one you next why first. the I think and the and put a and three of you market one reasons marketing that underperforming had we've curve. from sudden you've heard always the the building start the third But no I on us the one benefit of second you momentum your I and about first key dollars on stores.

have say six, and stores to of because doesn't And the But is yet members and in go to of opening try and talk of we to able area greater there eight where LA double California and just heard sudden all the have past. wouldn't still some. you and stores don't the what next a of the new we go have a the LA, amount to know, so a to prove support marketing ton great us can in market into sense, a that been we curve dollars of months you in you've drive then a make amount do through enough maturity that store that about we've to example the

comment you where our well say think the feel franchisees and frankly where it. and We ago. they've to game that why we their at I'd versus I is assets devoting And do pipeline place we But as see. the we'll we were the got So to think this see twelve year about months we're stepped that's and this say up right I good attention right in is guess strong. the

John Ivankoe

kind It's Dorvin. comprehensive answer that a of great to such hear view. for you Thank

I from think a couple which more your little a boring may more short bit perspective. be and

you think it. know unit average new volumes about to unit of As you we think about kind however relative volumes

the of know new I be thinking kind have your point. trying unit of is as update the As you the on is just capture what kind about quarter to volatile terms how mean but a It we give math they're with that of XXXX, you volumes quarter, new first kind should do comp secondly after the XXth that XXth then a a that not could of waterfall math trend of the of these to on of volumes of percent quarter volume percent terms is their average month, month is? current it's unit going what imperfect. in in we're in kind as good a fourth forward. And just in we you us we're stores still unit an

Dorvin Lively

your on performing seeing an stores basis. are unit when about first So you're talking on AUV our question new you're volume, how

John Ivankoe

Yes.

relative one don't for I'd [Indiscernible]? could average one line volume to some vernacular But the XXX% what unit use, average exactly in of XX% to we like wouldn't for you of or that volume of in mean, gym know I like I it's the I it's something be whatever the unit your case mean a it's volume XX% year store? restaurants in you if store XX% an or kind of the say say example, So the cases want average average yours, communicate

Chris Rondeau

Yes.

gets single because back the or this. cash six, after high don't on starts single then if done typical that reach year So, point of the it's yes, way it run a either. as the curve have of store if frankly and store X.X run mid year in of AUV the to don't three flow second by a of to kind of et because have let members But a cop may five-year kind even area club about Is will then about month average reaches that AUV. in breakeven me some and consider on want kind that a the that I've front XX XX kind you versus old a – rent, big me more a of more occupancy And do is in seven call going But have cost, to good it's it's start kind and what month that's two cetera. high and that averages here new beyond would that an then. typical about always by we range is in still of where it's I What month urban that's store. say in on I that And an X.X. digits a example end digits say of month et and know cetera the I mid to it to of pretty rate year something the rate it and data it have pretty kind more that more tight bell kind ramping

be with ought the it. we on we'll X.X on way set stores get to get think in of where that's million out plus to talk XX. month they thousand targets out X.X, going normal with to open say, We month about we curve and to day so to need And like one. what or do in gate We about that But you members a all franchisees And here's of gate. it the for on the XX. they're call stores

So similar that's how its years. very, four for performed and it's been very nice

John Ivankoe

Okay. Go ahead.

Chris Rondeau

ahead. go the so waterfall to going was I go

John Ivankoe

Thank you. Yes. Thanks a Perfect. lot.

Chris Rondeau

Okay.

at you it at one because on store on that's we performs we look do about this store store this and a way an you've at territory -- the individual or, the from got think at franchisee So open corporate, frankly a location. we're looking

we're looking of Those perform. And at individual going back store to to And that those kind are comment. the that so expectations. is how my

So as put XX. you and in month know stores we comp

and back X year you be know that first it's thereabouts. I that my XX and second And the ramping, digits it's and its single is used but that percent So of X X store month month kind be month comp to kind you're plus is store to comp. of still mid comment point it previous XX a going kind XX in X, to or in then in of XX year of that call zone. That going

And about it's it because older year about comp, then or four-year store second not comp, old year now it's first think or the first talked John a is in second now, I comp. and year third

They're the very because see they're other of because franchisees situations we that a six, number -- into when a going times or the of of into What year in may know one and another do just their replacing a that's do of changing sometimes we store they a comp They they to in things be the market there. doing XX, is is that's They or have where and some they the a months complete old get things. renovation franchise at when that's comp, going doing club you years eight the in bit in to nine get stores similar don't some cohorts a ahead five, four, modest sometimes we'll see they're store do seven, period, equipment. may a already XX or even to think to but are know we club, may eight stores comp is So six time end lot of year be have like though to agreement their go and it's something. in it XX, they tenure renovations. until increase of

or in So oftentimes the in to mid for now call and then it older a low doing single-digits this maybe might been kind it's or But four stores stores those or five we'll comp store eight already better in consider. a I've said something. in years see Year that six years are several generally stores general of seven of bit be that's

John Ivankoe

I a live just we're wanted especially clarify to on to something, call transcript. since just -- to

going then of to XX% is that be single one mentioned thinking to in you year digits. kind is Did how go a skip and mid year the XX from middle it? after should we single about So mid that to you digits or

Dorvin Lively

we've talked So, that's always about. why

John Ivankoe

right. All Okay.

Okay. perfect. That's

of the of then then month XX single mid XX% kind and for a and kind you to that you low after XXth hit month that. mid digits after So

Perfect. Okay All you I've got Thank it. much. right. so

Dorvin Lively

Yep. Thanks John.

Operator

Roth Capital with question Dave Partners. next comes Your from King

line open. is Your

Unidentified Analyst

for Andrew is Hi my taking Thanks for on Dave. there. questions. This stepping

have members members what So guess one become your and of back at canceled again? come point to current memberships sort of have percentage first I since then their just

Chris Rondeau

at past. million, in members their have but Yes. Really one time XX least XX% been

Unidentified Analyst

I And second but That's the Card just was guess quick Great. helpful. that between similar, Black differential about up. big card fairly I and White you then follow Thank guys just know you. have said it's how churn?

Chris Rondeau

same. virtually No It's difference. the

Unidentified Analyst

my That's Great. you. Thank That's helpful. it question.

Chris Rondeau

Thank you.

Operator

Rafe Your Jadrosich next Lynch. from Bank America of question from comes Merrill

open. Your line is

Rafe Jadrosich

more improvement member made on tweak your on to taking continue for to you And marketing quarter? the third the marketing just adjustments on to to side Thanks questions. quarter. growth my model? do the in comments follow then much how have Hi. I the Did that up Chris want see the opportunity you new during you

Chris Rondeau

digital was you We cable. on that I Yes. was growth on push a spent of It member definitely mix. less believe the more it know tweak that was

studies work. the we that and with on past we they they study, -- as as customer We were channels network use which tuning channels well with from cable market as the learned also to fine from learned networks too performance the use of past might used segmentation we we a on in in on segmentation lot talk also advertising a and want

we to of the networks of the side go of So one to and have kind on. other this pick side right best

But play do less of performance. So but the we're and already And committed because I can when have already it next we of with so the digital completely had much here in think for the year. for franchisees spend how spend; that overhauled most but year. tuning much and our better more this the XXXX pretty fine also is we remainder a we'll spend this only future year

Rafe Jadrosich

follow wanted And earlier. question just up to but then again I up follow Jon's -- on to – sorry

digits. to the those that the have think I second mid in digit? waterfall single before past went wrong? of Has XX mid this to spoken I or your changed gone the about like XX past single XX year you've in you do And to

Chris Rondeau

No. of teen, its its to in mid kind mid and comp. said I'd year high of it's second teens

second on comps on mid third teens mid and of are to digits to low then in First and single that in plus the average. year kind high percent, XX year

Rafe Jadrosich

the one me. more Thank from just clarification. then you for And

the clubs. you you As there are clubs? your some of clubs at -- positive change or you in older Thanks. any content look some of seeing in retention mature the Are most the seeing mature your clubs more terms still and

Chris Rondeau

year strength, stores would clubs seven them in cohorts are trends that seems positive. more that see Using that it the mid around year re-equip what you all range. seven is seeing All clubs plus is seeing pay the think we're five to through know actually more in year of that the Yes. ones than and the old cardio I that

us to old and and dedicated industry and as re the XX So XX year or them fresh of people brand look in years and new. this XX just go stores five, old. still positive if to stores commitment like which remodeling keeping year you in a go And six, seen and committed if really never testament you the and to the this to [Indiscernible] the equipping industry is XX franchisees which at a you is

do spend industries years seeing other in that's and with grow new Hampshire even XX people brands is the New most would It's that market still state stores perform million in do a to think we've been cohorts in even member I and remodel continue So X.X oldest here forever. not keep stores CapEx to and we're growth. their what does our old

Rafe Jadrosich

It's Thank helpful. really you.

Operator

Altobello from with comes James. question last Joe Raymond Your

open. Your is line

Joe Altobello

I'm you. was squeeze in. years Since trying ago about should this year Thank me afternoon Black forward? it. how with two a just we couple on lever Good everybody Card $X, to understand dollar. pricing to quick it a A think and going membership. thanks questions of that the Appreciate increase

So has and gone the delta card classic between $XX that $XX. now to from the a month

Black you're how the Is guess and rate guys wide XX.X% call go is secondly out of I runway Card terms I'll that for number a membership Classic penetration XX% today. Black gap that at example? at that So about there maybe you the tops Card what can XX%, Card. thinking between in it And think

Chris Rondeau

Sure.

us changes do testing So XX.XX What to that we the price XXXX were in the increase price decide essentially XX.XX reciprocity made was and yes originally function. first were to some forever. before we

Black to country any Card for perk way And It be member. So you're the Black the metaphor used if store only the is can do world the black happens that charge or that's if most in you can use you for our a of a you're no member. Card.

that did pushback it. stores that which do by in we had back question it it. no then and has to if to So moved there's it on Moved we XXXX and acquisition $X, a of time

this the are another already test we since added again. again we once it question stores so Here begs XXX should plus year then, it we're

something we So services is Card. in I think outside have offer the of we other them our always pocket. price back Reciprocity Black

a been years sense XXX three another increase last frankly. This we really little that than XXX, we test I received it every better two XXX, So a quite it buck has well probably one of that have the think makes again. store and price

right, we a so now up You're Black XX.X% Card, year we're points. were XXX basis we're at ago XX.X%

you unlock it's it or services looking We content have the that other make the out at app. which if is look we're so the reciprocity Is So constantly Black data always Black one on club we'll work Card member or home think and drivers. a And are in technology nutrition diet ways content that whether it are whether there can things features at what it's those other and always certain Card you loss you're of we receive that at the today. I at use. certain capturing weight So the that you from can't cardio, their benefit? app of and members top on that

the the in for think receiving if I see you that can raise there's do that value I'll but only Back So know question Card to look it pricing your if ways change we it, I'd cause. always are just never members raise.

the see push lever of we if content question would stores service we'll years. begs in pull. a nutrition other couple to or there's or a XXX, more So look offer XXX to or for That there more

Joe Altobello

And in that's band penetration an go? of you there like is feel is can where upper size terms you the

Chris Rondeau

there in Joe, there. we some penetration have XXs stores the

slowly more than I example that So there's some think continue up. are regions others. in to features, I room move certain mean, tannings used are

with and that built are is areas that some is a parts another area. out or club others of certain certain reciprocity So big than are amenities network much usable well one so higher reciprocity in

think So continue room I edge is some there's to slowly do time. over get higher, so which up that

acquisition as So price perfect to more well get be as that's guys. value to offer is storm able the to

Joe Altobello

it. Got

Okay. Thank you, guys.

Chris Rondeau

Thank you.

Operator

to I'd over Rondeau now closing back like Chris remarks. turn for the to call

Chris Rondeau

our to and the here for you and Really thank here call XXXX. close momentum this everybody. Well momentum year excited today. QX in continues Thanks to for joining up carry

look next forward to So our you. call. Thank

Operator

This concludes call. conference today's

disconnect. now may You

Planet Fitness (PLNT) 7 Nov 192019 Q3 Earnings call transcript