Down 60% on the year. 2026 guidance only fell from 9% rev to 7%
91% of gyms owned by franchises
Management claims miss came from a failed marketing campaign
Bear case
\- Growth was flat from q1-q2
\- debt 2.1 billion. 3.6x earning
\- open shareholder lawsuit
TLDR: I think it’s oversold. This biz is high-quality!
Bought a few shares at opening today. Planning on buying more…