And OK. That's super helpful. Is that roughly the right amount? The flip side of that is you do have franchisees that are they're in good financial shape, they got a territory where they're seeing this as an aggressive opportunity to kind of double down against the competition, and they're out there looking for sites. Yes, John, this is Dorvin. I'll now turn the call back to the operator for questions. And then sorry if I missed it, did you give any differentiation in Black Card versus classic for the reopened gyms or cancellations? I mean, what are you seeing in terms of any uptick in planned replacements or new club openings in the back half? To your point, on the real estate availability side, I don't think we've seen the full fallout yet as to what real estate availability is going to look like. Third, the real estate market will be even more attractive in terms of availability of prime locations and lower rent costs and enhanced landlord incentives for our system. And you're not seeing any pushback or change to the next year or the outer years of that commitment? The call will be chaired by Bob Groesbeck, Co-CEO, Larry Scheffler, Co-CEO, and Dennis Logan, CFO. So people are excited to get back in and see what they've put see. ET on Seeking Alpha Planet 13 initiates C$15M bought deal
During the month of June, we saw more in-app joins and during January 2020, which is pretty remarkable given January is our busiest new member sign up period and was prior to COVID, 100% of our stores were opened. Now turning to the balance sheet. Moving on to a review of our segment revenue results. Explanation of these metrics can be found in the earnings release filed earlier today. In the quarter, we also accelerated our digital offerings on Planet Fitness' mobile app, with our recent partnership with I-Fit, a leader in streaming world more in a pioneer in interactive connected fitness. So that will just get recognized whenever those stores reopen. To receive updates for this company you can register by emailing [email protected] or by clicking get investment info from the company’s profile. Planet 13 Holdings will host a conference call on June 1st, 2020 at 5:00 p.m. EST to discuss its first quarter financial results and provide investors with key business highlights. I don't think I can make it." Sure. See you at the top! Can you say how many units are actually in some form of either signed lease or groundbreaking for the second half of 2020, from a company and a franchise perspective? The way our recurring revenue model works is that if the net membership growth rate per store in the current period falls below the growth rate for net membership per store in the same period last year, then our same-store sales will grow at a slower rate and could even decline. Some of that is, to my last comment, is literally in timing and that their site setting out there that franchisees are waiting until they know that their clubs are going to be able to be open, and they'll be able to continue the construction side and get it closed. So they're geographically diversified so that if they do have some stores in one state that are closed, they may have stores in other states that are open to help sort of with the economic pressure. Market data powered by FactSet and Web Financial Group. As we outlined in our Q1 call in May, and as Chris just discussed, COVID-19 has significantly disrupted our business. I guess, COVID. There's a hesitancy for workouts, so workouts been down, as Chris talked about earlier, but we don't see that as a detriment to our overall fourwall store model. I know you certainly mentioned the potential to see consolidation across the industry. As Chris discussed, across the 1,490 stores that were opened by the end of the second quarter, membership levels remained relatively flat at the end of the second quarter versus the membership levels when the store is reopened. But I think driving demand is definitely going to be a big piece of what we need to do.
Our corporate-owned store segment revenue was $9.4 million compared to $39.7 million in the prior year period.
The number of visits per store continued to climb consistently across stores, the longer they were open, with visits in some stores reaching levels comparable to prior year period. I mean, moms and pops, as I mentioned earlier, definitely, we're getting the franchisees of the Kong that the one E2s and even corporately, we've had a couple of heralding that the competitive dentistry, they call it direct, they're not going to open. My name is Ian, and I will be your conference operator today. So I think more or less is going to be just how can we drive the messaging and the marketing because not only is it reassuring potential members. So now when you reopen your doors, and you're paying 1.5 times rent and 1.5 times lease on your equipment, and now your expenses are 25% or 30% higher per store, it's going to be it will be tough for a lot of these guys, they don't have as big a margins as we do. And so they're dealing more with the immediacy of that than they are out there trying to release space. And I think, unfortunately, the longer that they've probably closed we'll be interested to see what happens with that. Adoption of our mobile app was at an all-time high in Q2, with nearly 60% of our new joins following the app in the quarter. We see ourselves as an integral part of the healthcare delivery system, in part of the solution to COVID-19. In some cases, franchisees, we'll see where as we've been talking about kind of the normalcy what it's going to look like, many of our franchisees have been ahead of schedule. Yes. Your line is open. A reconciliation of adjusted EBITDA to GAAP net income or loss can also be found in the earnings release. We do not undertake any obligation to update or alter any forward-looking statements, whether as a result of new information, future events or otherwise. Your line is open. So it's I think it's a good spot.
More recently, as a leader in the industry, we took additional steps and implemented a standard universal mass policy, requiring everyone to wear a mask inside of our stores, except while actively working out and in accordance with the local and state restrictions. So we had the June 17 the July one annual fee, then July 17 billing, which is a big chunk of clubs of that 1,400, which we believe is driving most of those cancellations that we saw that come through.
By segment, franchise adjusted EBITDA was $3.6 million, corporate store adjusted EBITDA was negative $5.9 million and equipment adjusted EBITDA was $1.3 million. They've said wait for each other. Usage has remained strong, particularly in stores opened the longest. But yes, I mean, competition, besides the besides the ones that everybody probably on the phone has heard between the Gold's Gym and the 24-hour Fitness. I mean the reason be cancellations, generally, people are using the workouts or facilities.
Cumulative Growth of a $10,000 Investment in Stock Advisor, Planet Fitness Inc (PLNT) Q2 2020 Earnings Call Transcript @themotleyfool #stocks $PLNT, Here's Why Over 1 Million People Have Quit Planet Fitness Since July, Why Planet Fitness Stock Just Spiked and Is Approaching All-Time Highs, Planet Fitness Inc (PLNT) Q3 2020 Earnings Call Transcript, 3 Stocks That Will Only Get Stronger After the COVID-19 Vaccine, Copyright, Trademark and Patent Information. Planet 13's shares trade on the Canadian Stock Exchange (CSE) under the symbol PLTH and OTCQB under the symbol PLNHF. Planet Fitness Inc (PLNT) Q2 2020 Earnings Call Transcript ... Why Planet Fitness and Floor & Decor Holdings … Please go ahead, sir. So I think it still comes back to a lot of the comments that we've been talking about, and that is that there's still demand out there. In fact, 24% of Planet Fitness digital content users were not existing members. Follow us on Twitter @investornetwork. And then the second question was just in terms of was there any additional revenue deferrals in the second quarter that will be recognized in 3Q or later on in the year? Revenue decreased $60.3 million to $9.8 million from $70.2 million. So we want to make sure that people begin to work out and take get some benefit there for sure. And like the one thing that I always like to reiterate. The only question is, how long does it take to get there? Upon reopening our stores in early May, we had approximately 15.4 million members. They're in multiple states, so 75% of our multiple states. So the April monthly annual fee, the May and the June, those fees did not get built to the member fee did not get billed until basically, in July, we did a catch up, in other words. So there's still another 35,000 mom-and-pops out there. So of the PPs in the store they're using the same amount, which is great to see. These forward-looking statements reflect Planet Fitness' judgment and analysis only as of today, and actual results may differ materially from current expectations based on a number of factors affecting Planet Fitness' business. Have a good day. LAS VEGAS, May 26, 2020 /PRNewswire/ - Planet 13 Holdings Inc. (CSE: PLTH) (OTCQB: PLNHF) ("Planet 13" or the "Company"), a leading vertically-integrated Nevada cannabis company announces today that it plans to release its financial results for the first quarter ended March 31st, 2020 on June 1st, 2020 aftermarket.
Your next question comes from the line of Randy Konik of Jefferies. Yes. So they want to sell the membership to us or if we're interested in the location. I mean, if you go through a period of three, four months or longer for close to 600 stores are closed, they're going to take a time period to try to build back some of their cash reserves before they start really plowing back into it in a big way.
But based on what we see, we definitely think that there's more to do with billing cycles and the kicking in and restarting of the billing of the members. These are fees received from online new member sign-ups and the recognition of fees paid to us for franchise agreements, area development agreement and the transfer of existing stores and fees received from processing dues. So there's a lot more smaller book smaller one-off scenarios, but there's a lot more of those than there are national chains, right? Franchise segment revenue was $21.0 million compared to $71.8 million in the prior year period. Or how do you facilitated any transactions between franchisees on that front? So pushing those dates out just alleviates the pressure from the lenders. Joins over-index compared to prior year due to overall demand early on after reopening and cancels also indexed higher than the prior year. Additionally, in our recurring revenue model, our same-store sales performance at any point in time is a function of what happened to our membership levels over the trailing 12 months. I'll now turn the call over to Tom. The difference between NAF expenses and revenue this quarter primarily reflects lower NAF contribution revenue due to COVID-19. Thank you for joining us today to discuss Planet Fitness' second quarter 2020 earnings results.
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