Sanmeet Deo

With the fitness business, something I'm intimately familiar with is churn is key.

If you have high churn, it's very hard to have a sustainable fitness business.

That's one of the things I like about Planet Fitness is $10-$15 a month.

Now, their regular membership is $15.

$15 a month or $30 if you're doing the black card is relatively low.

given that the thought process is, well, that's really cheap.

I don't want to cancel and then feel like I'm never going to go.

I feel like I'll go

So let me keep it as an option.

I know that I have the membership.

I can go at any time.

So it's not enough of a burn in their pocket to say, all right, I'm going to cancel.

So if the churn creeps up, then I'd definitely be concerned.

That black card to regular membership mix is always very important to see how people are playing the Planet Fitness membership.

And also what the churn and membership rates are at other gyms, LA Fitness and...

lifetime, all those, the customer demographic is different at a lot of these other gyms.

I feel like Planet Fitness has a broader range of demographic.

Quick question.

With 21,000 locations, is there room left for store expansion?

Or is this primarily like a same-store sales growth story where they just need to have more efficiency in their current store base?