Exercise/Fitness

5/2/2024 |  Life Time Group Sees Strong Q1 Results, Raises EBITDA Guidance (SGB UPDATE) Life Time Group Holdings, Inc. reported its financial results for the fiscal first quarter ended March 31, 2024.
Bahram Akradi, company founder, chairman and CEO, stated: “We are extremely pleased with our first quarter financial performance. The desirability of our brand combined with historic levels of member retention and engagement continues to drive strong financial results. As a result, we are raising our full-year revenue and Adjusted EBITDA guidance. We also remain on track to achieve our other 2024 financial goals, namely being free cash flow positive beginning in the second quarter, further improving our balance sheet, and reducing our net debt leverage ratio.”

5/2/2024 |  Peloton Timeline: CEO Changes, Layoffs, Recalls, and Falling Stocks (Front Office Sports)

Peloton, the once-booming leader in the at-home fitness space, announced Thursday that CEO Barry McCarthy is stepping down and about 400 jobs, or 15% of its workforce, would be cut. It’s just the latest bad news in what has been a roller coaster for Peloton since going public in 2019. Here’s a snapshot of major events in recent years.

• Dec. 5, 2019: The release of a holiday ad deemed controversial by some coincides with Peloton’s stock dropping more than 10% in a matter of a few days.
  ⬇️ Stock value: $31.31
• Dec. 23, 2020: Peloton stock hits an all-time high on the back of skyrocketing business during the COVID-19 pandemic that closes gyms and keeps hundreds of millions of customers in their homes.
  ⬆️ Stock value: $162.76
• Feb. 4, 2021: The company reports its first billion-dollar fiscal quarter and pledges to spend $100 million to speed up shipping times to meet increasing demand. Later that month, a Saturday Night Live skit pokes fun at the brand’s popularity.
  ⬇️ Stock value: $146.79
• Dec. 31, 2021: Peloton stock finishes the year down 76% as the at-home fitness craze slows.
  ⬇️ Stock value: $35.76
• Feb. 8, 2022: Cofounder John Foley steps downas CEO and becomes executive chairman just weeks after major shareholder Blackwells Capital called for his removal. McCarthy, a former CFO at Spotify and Netflix, takes over as CEO as the company announces it will cut 2,800 jobs.
  ⬇️ Stock value: $37.27
• Sept. 12, 2022: Foley and fellow cofounder Hisao Kushi exit the company altogether after another 800 jobs were eliminated the month before.
  ⬇️ Stock value: $11.07
• Jan. 5, 2023: Peloton agrees to pay a $19 million civil penalty for failing to immediately report treadmill defects—which caused a child’s death—to the U.S. Consumer Product Safety Commission.
  ⬇️ Stock value: $8.58
• May 11, 2023: A recall of 2.2 million Peloton bikes is announced due to a seat defect on original models sold as far back as ’18.
  ⬇️ Stock value: $6.86
• Oct. 18, 2023: Peloton strikes a deal to offer NBA and WNBA games from compatible devices via its new entertainment hub. The live sports play came two months after Peloton’s first name, image, and likeness deal with Michigan athletics.
  ⬇️ Stock value: $4.80

On Thursday, Peloton stock closed at $3.14 after dipping below $3 for part of the day. Two interim CEOs were announced as the company said it would begin a comprehensive search for its next long-term leader.

 

4/29/2024 |  Life Time Continues Commitment to Health and Fitness in Dallas-Fort Worth (SGB UPDATE) Life Time continues its expansion in Texas with two new athletic country clubs, bringing the total number to 12 fitness facilities. 
Life Time Las Colinas in Irving is nearly 110,000 square feet and opens on April 26; later this summer, Life Time will open a gym in Westlake, TX.

4/22/2024 |  Life Time Opens Second Athletic Country Club in Brooklyn, NY (SGB UPDATE) Life Time continues its expansion across New York, opening Life Time Atlantic Avenue in Brooklyn, NY.
The new 37,000-square-foot club in the 51-story Brooklyn Crossing development and residences in Prospect Heights follows the April 15 debut of Life Time PENN 1, which offers the largest number of playable pickleball courts in New York City.

4/22/2024 |  Pvolve Fitness Signs Largest Franchise Deal (SGB UPDATE) Pvolve reported signed its largest franchise agreement on April 18 for five studios across Houston, TX. The company plans the first for River Oaks towards the end of 2024. Pvolve said in a release that it sees demand in the Houston market and expects to grow to 15-plus studio locations in the coming years.