Planet Fitness, Inc. (NYSE:PLNT) Q1 2024 Earnings Call Transcript

Craig Benson: Yes. So we are aggressively going after the Spanish market as we speak. And as you know, made our own investment in Spain to help speed that up. We would like to get a partner to come in and help us, but we’re learning a lot by being a part of this whole process. And we’re learning where we can be successful and tweaks and so on and so forth, we need to make in order to make the club more suitable for the marketplace in the Spanish marketplace. And then from there, that will allow us to look at other European potentials to be able to leverage what we’ve done in Spain and the investment that we’ve made. So we’re pretty pleased with how it’s going and look forward to some short-term learning and benefits to the betterment of the entire system.

Thomas Fitzgerald: Yes. And it’s — we’re looking — we’re targeting our first store to open Q3, hopefully, the early part of Q3. And to Craig’s point, we’ll learn a lot and will affect the subsequent openings, but we’ve been reviewing a lot of sites. We have some in the pipeline in various stages of negotiations. So we feel good about the progress there.

Korinne Wolfmeyer: Great. And then now with a new CEO hiring, I know she is still yet to start, but is there any update on progress with the CFO search? I know you had wanted to get the CEO before the CFO, but any update you can provide on the CFO search? And what kind of criteria the team is looking for?

Craig Benson: Yes. The team started already interviewing. We look forward to coming in and helping. We’ve identified some internal candidates as well as external candidates. And we’ve already started interviewing. So it is moving. Colleen will be and is hopefully slated to June 10 once she starts, start with that process as well.

Thomas Fitzgerald: Yes, maybe just one more. I think we’re probably in the third inning or so. And hopefully, we’re by the time Colleen arrives She’s got a short list of candidates to interview and make a selection from. We feel good about the progress we’ve made, and that will still give some time for transition based on that timing.

Operator: And that concludes our Q&A session for today. I would like to turn the call back over to Craig Benson for closing remarks.

Craig Benson: We very much appreciate your time and patience with us today. Again, this company is, I think, well positioned based on the changes that have been made and changing leadership that’s forthcoming. So I want to thank you again and look forward to talking to you soon.

Operator: This concludes today’s conference call. Enjoy the rest of your day. You may now disconnect.