Cover Page
Cover Page - shares | 6 Months Ended | |
Jun. 30, 2021 | Aug. 02, 2021 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2021 | |
Document Transition Report | false | |
Entity File Number | 001-37534 | |
Entity Registrant Name | PLANET FITNESS, INC. | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 38-3942097 | |
Entity Address, Address Line One | 4 Liberty Lane West | |
Entity Address, City or Town | Hampton | |
Entity Address, State or Province | NH | |
Entity Address, Postal Zip Code | 03842 | |
City Area Code | 603 | |
Local Phone Number | 750-0001 | |
Title of 12(b) Security | Class A common stock, $0.0001 Par Value | |
Trading Symbol | PLNT | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0001637207 | |
Current Fiscal Year End Date | --12-31 | |
Class A Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 83,233,376 | |
Class B Common Stock | ||
Document Information [Line Items] | ||
Entity Common Stock, Shares Outstanding | 3,363,075 |
Condensed consolidated balance
Condensed consolidated balance sheets - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 469,137 | $ 439,478 |
Restricted cash | 58,234 | 76,322 |
Accounts receivable, net of allowance for bad debts of $1 and $7 at June 30, 2021 and December 31, 2020, respectively | 15,480 | 16,447 |
Inventory | 1,197 | 473 |
Deferred expenses – national advertising fund | 8,362 | 0 |
Prepaid expenses | 12,019 | 11,881 |
Other receivables | 11,836 | 16,754 |
Income tax receivables | 4,990 | 5,461 |
Total current assets | 581,255 | 566,816 |
Property and equipment, net of accumulated depreciation of $128,684 and $107,720 at June 30, 2021 and December 31, 2020, respectively | 160,071 | 160,677 |
Investments | 35,000 | 0 |
Right-of-use assets, net | 171,485 | 164,252 |
Intangible assets, net | 208,757 | 217,075 |
Goodwill | 227,821 | 227,821 |
Deferred income taxes | 513,354 | 511,200 |
Other assets, net | 1,856 | 1,896 |
Total assets | 1,899,599 | 1,849,737 |
Current liabilities: | ||
Current maturities of long-term debt | 17,500 | 17,500 |
Accounts payable | 18,124 | 19,388 |
Accrued expenses | 25,367 | 22,042 |
Equipment deposits | 7,483 | 795 |
Deferred revenue, current | 34,773 | 26,691 |
Payable pursuant to tax benefit arrangements, current | 9,190 | 0 |
Other current liabilities | 22,642 | 25,479 |
Total current liabilities | 135,079 | 111,895 |
Long-term debt, net of current maturities | 1,670,831 | 1,676,426 |
Borrowings under Variable Funding Notes | 75,000 | 75,000 |
Lease liabilities, net of current portion | 175,934 | 167,910 |
Deferred revenue, net of current portion | 31,900 | 32,587 |
Deferred tax liabilities | 767 | 881 |
Payable pursuant to tax benefit arrangements, net of current portion | 486,953 | 488,200 |
Other liabilities | 2,505 | 2,511 |
Total noncurrent liabilities | 2,443,890 | 2,443,515 |
Commitments and contingencies | ||
Stockholders’ equity (deficit): | ||
Accumulated other comprehensive income | 56 | 27 |
Additional paid in capital | 50,917 | 45,673 |
Accumulated deficit | (731,987) | (751,578) |
Total stockholders’ deficit attributable to Planet Fitness Inc. | (681,005) | (705,869) |
Non-controlling interests | 1,635 | 196 |
Total stockholders’ deficit | (679,370) | (705,673) |
Total liabilities and stockholders’ deficit | 1,899,599 | 1,849,737 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock | 8 | 8 |
Class B Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock | $ 1 | $ 1 |
Condensed consolidated balanc_2
Condensed consolidated balance sheets (Parenthetical) - USD ($) shares in Thousands, $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Accounts receivable, allowance for bad debts | $ 1 | $ 7 |
Accumulated depreciation | $ 128,684 | $ 107,720 |
Class A Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 300,000 | 300,000 |
Common stock, shares issued (in shares) | 83,225 | 82,821 |
Common stock, shares outstanding (in shares) | 83,225 | 82,821 |
Class B Common Stock | ||
Stockholders’ equity (deficit): | ||
Common stock, par value (in usd per share) | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized (in shares) | 100,000 | 100,000 |
Common stock, shares issued (in shares) | 3,363 | 3,722 |
Common stock, shares outstanding (in shares) | 3,363 | 3,722 |
Condensed consolidated statemen
Condensed consolidated statements of operations - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Revenue: | ||||
Revenue | $ 137,251 | $ 40,234 | $ 249,128 | $ 167,464 |
Operating costs and expenses: | ||||
Cost of revenue | 18,497 | 8,478 | 26,482 | 30,323 |
Store operations | 28,430 | 14,681 | 54,337 | 40,838 |
Selling, general and administrative | 21,789 | 15,896 | 44,279 | 32,848 |
National advertising fund expense | 13,529 | 10,878 | 26,282 | 26,083 |
Depreciation and amortization | 15,036 | 13,008 | 30,510 | 25,800 |
Other (gain) loss | (282) | 15 | (2,420) | 26 |
Total operating costs and expenses | 96,999 | 62,956 | 179,470 | 155,918 |
Income (loss) from operations | 40,252 | (22,722) | 69,658 | 11,546 |
Other expense, net: | ||||
Interest income | 195 | 359 | 412 | 2,286 |
Interest expense | (20,125) | (20,467) | (40,369) | (40,708) |
Other income (expense) | (147) | (73) | 18 | (760) |
Total other expense, net | (20,077) | (20,181) | (39,939) | (39,182) |
Income (loss) before income taxes | 20,175 | (42,903) | 29,719 | (27,636) |
Provision (benefit) for income taxes | 5,159 | (10,918) | 8,513 | (6,034) |
Net income (loss) | 15,016 | (31,985) | 21,206 | (21,602) |
Less net income (loss) attributable to non-controlling interests | 1,006 | (2,808) | 1,615 | (1,032) |
Net income (loss) attributable to Planet Fitness, Inc. | $ 14,010 | $ (29,177) | $ 19,591 | $ (20,570) |
Class A Common Stock | ||||
Net income (loss) per share of Class A common stock: | ||||
Basic (in dollars per share) | $ 0.17 | $ (0.36) | $ 0.24 | $ (0.26) |
Diluted (in dollars per share) | $ 0.17 | $ (0.36) | $ 0.23 | $ (0.26) |
Weighted-average shares of Class A common stock outstanding: | ||||
Basic (in shares) | 83,222,601 | 79,965,842 | 83,153,731 | 79,532,155 |
Diluted (in shares) | 83,837,096 | 79,965,842 | 83,771,291 | 79,532,155 |
Franchise | ||||
Revenue: | ||||
Revenue | $ 59,758 | $ 16,214 | $ 111,938 | $ 65,125 |
Commission income | ||||
Revenue: | ||||
Revenue | 70 | 45 | 342 | 435 |
National advertising fund revenue | ||||
Revenue: | ||||
Revenue | 13,021 | 4,743 | 24,630 | 13,971 |
Corporate-owned stores | ||||
Revenue: | ||||
Revenue | 40,579 | 9,419 | 78,456 | 49,935 |
Equipment | ||||
Revenue: | ||||
Revenue | $ 23,823 | $ 9,813 | $ 33,762 | $ 37,998 |
Condensed consolidated statem_2
Condensed consolidated statements of comprehensive income (loss) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) including non-controlling interests | $ 15,016 | $ (31,985) | $ 21,206 | $ (21,602) |
Other comprehensive income (loss), net: | ||||
Foreign currency translation adjustments | 18 | 249 | 29 | (360) |
Total other comprehensive income (loss), net | 18 | 249 | 29 | (360) |
Total comprehensive income (loss) including non-controlling interests | 15,034 | (31,736) | 21,235 | (21,962) |
Less: total comprehensive income (loss) attributable to non-controlling interests | 1,006 | (2,808) | 1,615 | (1,032) |
Total comprehensive income (loss) attributable to Planet Fitness, Inc. | $ 14,028 | $ (28,928) | $ 19,620 | $ (20,930) |
Condensed consolidated statem_3
Condensed consolidated statements of cash flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Cash flows from operating activities: | ||
Net income (loss) | $ 21,206 | $ (21,602) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 30,510 | 25,800 |
Amortization of deferred financing costs | 3,155 | 3,187 |
Amortization of asset retirement obligations | 38 | 33 |
Deferred tax expense (benefit) | 7,210 | (3,713) |
Gain on re-measurement of tax benefit arrangement | (348) | (502) |
Provision for bad debts | 0 | (28) |
(Gain) loss on disposal of property and equipment | (27) | 0 |
Equity-based compensation | 4,049 | 2,493 |
Other | (82) | 434 |
Changes in operating assets and liabilities, excluding effects of acquisitions: | ||
Accounts receivable | 1,006 | 26,917 |
Inventory | (724) | (1,900) |
Other assets and other current assets | 6,059 | (16,323) |
National advertising fund | (8,362) | (7,941) |
Accounts payable and accrued expenses | (102) | (22,354) |
Other liabilities and other current liabilities | (3,725) | 1,472 |
Income taxes | 413 | (4,485) |
Equipment deposits | 6,688 | 824 |
Deferred revenue | 7,319 | 3,820 |
Leases and deferred rent | (17) | 884 |
Net cash provided by (used in) operating activities | 74,266 | (12,984) |
Cash flows from investing activities: | ||
Additions to property and equipment | (19,395) | (21,161) |
Proceeds from sale of property and equipment | 1 | 169 |
Investments | (35,000) | 0 |
Net cash used in investing activities | (54,394) | (20,992) |
Cash flows from financing activities: | ||
Principal payments on capital lease obligations | (104) | (84) |
Proceeds from borrowings under Variable Funding Notes | 0 | 75,000 |
Repayment of long-term debt | (8,750) | (8,750) |
Proceeds from issuance of Class A common stock | 578 | 1,583 |
Dividend equivalent payments | 0 | (174) |
Distributions to Continuing LLC Members | (145) | (1,600) |
Net cash (used in) provided by financing activities | (8,421) | 65,975 |
Effects of exchange rate changes on cash and cash equivalents | 120 | (834) |
Net increase in cash, cash equivalents and restricted cash | 11,571 | 31,165 |
Cash, cash equivalents and restricted cash, beginning of period | 515,800 | 478,795 |
Cash, cash equivalents and restricted cash, end of period | 527,371 | 509,960 |
Supplemental cash flow information: | ||
Net cash paid for income taxes | 889 | 2,155 |
Cash paid for interest | 37,536 | 37,724 |
Non-cash investing activities: | ||
Non-cash additions to property and equipment | $ 3,500 | $ 2,099 |
Condensed consolidated statem_4
Condensed consolidated statement of changes in equity (deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Accumulated other comprehensive (loss) income | Additional paid- in capital | Accumulated deficit | Non-controlling interests | Class A common stock | Class A common stockCommon stock | Class B common stock | Class B common stockCommon stock |
Beginning balance (in shares) at Dec. 31, 2019 | 78,525 | 8,562 | |||||||
Beginning balance at Dec. 31, 2019 | $ (707,754) | $ 303 | $ 29,820 | $ (736,587) | $ (1,299) | $ 8 | $ 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (21,602) | (20,570) | (1,032) | ||||||
Equity-based compensation expense | 2,493 | 2,493 | |||||||
Exchanges of Class B common stock (in shares) | 2,062 | (2,062) | |||||||
Exchanges of Class B common stock | 0 | (956) | 956 | ||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares) | 74 | ||||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase | 1,353 | 1,353 | |||||||
Repurchase and retirement of Class A common stock (in shares) | (667) | ||||||||
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock | 6,190 | 6,190 | |||||||
Non-cash adjustments to VIEs | (438) | (438) | |||||||
Distributions paid to members of Pla-Fit Holdings | (1,600) | (1,600) | |||||||
Forfeiture of dividend equivalents | 18 | 18 | |||||||
Other comprehensive income (loss) | (360) | (360) | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 79,994 | 6,500 | |||||||
Ending balance at Jun. 30, 2020 | (721,700) | (57) | 38,900 | (757,139) | (3,413) | $ 8 | $ 1 | ||
Beginning balance (in shares) at Mar. 31, 2020 | 79,928 | 6,501 | |||||||
Beginning balance at Mar. 31, 2020 | (692,169) | (306) | 36,460 | (727,946) | (386) | $ 8 | $ 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | (31,985) | (29,177) | (2,808) | ||||||
Equity-based compensation expense | 1,546 | 1,546 | |||||||
Exchanges of Class B common stock (in shares) | 1 | (1) | |||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares) | 65 | ||||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase | 894 | 894 | |||||||
Non-cash adjustments to VIEs | (219) | (219) | |||||||
Forfeiture of dividend equivalents | (16) | (16) | |||||||
Other comprehensive income (loss) | 249 | 249 | |||||||
Ending balance (in shares) at Jun. 30, 2020 | 79,994 | 6,500 | |||||||
Ending balance at Jun. 30, 2020 | (721,700) | (57) | 38,900 | (757,139) | (3,413) | $ 8 | $ 1 | ||
Beginning balance (in shares) at Dec. 31, 2020 | 82,821 | 82,821 | 3,722 | 3,722 | |||||
Beginning balance at Dec. 31, 2020 | (705,673) | 27 | 45,673 | (751,578) | 196 | $ 8 | $ 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 21,206 | 19,591 | 1,615 | ||||||
Equity-based compensation expense | 4,049 | 4,049 | |||||||
Exchanges of Class B common stock (in shares) | 359 | (359) | |||||||
Exchanges of Class B common stock | 0 | (415) | 415 | ||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares) | 45 | ||||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase | 446 | 446 | |||||||
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock | 1,164 | 1,164 | |||||||
Non-cash adjustments to VIEs | (446) | (446) | |||||||
Distributions paid to members of Pla-Fit Holdings | (145) | (145) | |||||||
Other comprehensive income (loss) | 29 | 29 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 83,225 | 83,225 | 3,363 | 3,363 | |||||
Ending balance at Jun. 30, 2021 | (679,370) | 56 | 50,917 | (731,987) | 1,635 | $ 8 | $ 1 | ||
Beginning balance (in shares) at Mar. 31, 2021 | 83,202 | 3,363 | |||||||
Beginning balance at Mar. 31, 2021 | (696,678) | 38 | 48,275 | (745,997) | 997 | $ 8 | $ 1 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||
Net income (loss) | 15,016 | 14,010 | 1,006 | ||||||
Equity-based compensation expense | 2,610 | 2,610 | |||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares) | 23 | ||||||||
Exercise of stock options, vesting of restricted share units and ESPP share purchase | 32 | 32 | |||||||
Non-cash adjustments to VIEs | (223) | (223) | |||||||
Distributions paid to members of Pla-Fit Holdings | (145) | (145) | |||||||
Other comprehensive income (loss) | 18 | 18 | |||||||
Ending balance (in shares) at Jun. 30, 2021 | 83,225 | 83,225 | 3,363 | 3,363 | |||||
Ending balance at Jun. 30, 2021 | $ (679,370) | $ 56 | $ 50,917 | $ (731,987) | $ 1,635 | $ 8 | $ 1 |
Business Organization
Business Organization | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Organization | Business Organization Planet Fitness, Inc. (the “Company”), through its subsidiaries, is a franchisor and operator of fitness centers, with more than 14.8 million members and 2,170 owned and franchised locations (referred to as stores) in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia as of June 30, 2021. In March 2020, the Company proactively closed all of its stores system wide in response to the novel coronavirus disease (“COVID-19”) pandemic in order to promote the health and safety of its members, team members and their communities. As of June 30, 2021, 2,130 stores had reopened, of which 2,026 were franchisee-owned stores and 104 were corporate-owned stores. The Company serves as the reporting entity for its various subsidiaries that operate three distinct lines of business: • Licensing and selling franchises under the Planet Fitness trade name. • Owning and operating fitness centers under the Planet Fitness trade name. • Selling fitness-related equipment to franchisee-owned stores. The Company was formed as a Delaware corporation on March 16, 2015 for the purpose of facilitating an initial public offering (the “IPO”), which was completed on August 11, 2015 and related transactions in order to carry on the business of Pla-Fit Holdings, LLC and its subsidiaries (“Pla-Fit Holdings”). As of August 5, 2015, in connection with the recapitalization transactions that occurred prior to the IPO, the Company became the sole managing member and holder of 100% of the voting power of Pla-Fit Holdings. Pla-Fit Holdings owns 100% of Planet Intermediate, LLC, which has no operations but is the 100% owner of Planet Fitness Holdings, LLC, a franchisor and operator of fitness centers through its subsidiaries. With respect to the Company, Pla-Fit Holdings and Planet Intermediate, LLC, each entity owns nothing other than the respective entity below it in the corporate structure and each entity has no other material operations. The Company is a holding company whose principal asset is a controlling equity interest in Pla-Fit Holdings. As the sole managing member of Pla-Fit Holdings, the Company operates and controls all of the business and affairs of Pla-Fit Holdings, and through Pla-Fit Holdings, conducts its business. As a result, the Company consolidates Pla-Fit Holdings’ financial results and reports a non-controlling interest related to the portion of limited liability company units of Pla-Fit Holdings (“Holdings Units”) not owned by the Company. Unless otherwise specified, “the Company” refers to both Planet Fitness, Inc. and Pla-Fit Holdings throughout the remainder of these notes. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies (a) Basis of presentation and consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 and 2020 are unaudited. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”) filed with the SEC on March 1, 2021 . Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. As discussed in Note 1, Planet Fitness, Inc. consolidates Pla-Fit Holdings. The Company also consolidates entities in which it has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. The Company also considers for consolidation certain interests where the controlling financial interest may be achieved through arrangements that do not involve voting interests. Such an entity, known as a variable interest entity (“VIE”), is required to be consolidated by its primary beneficiary. The primary beneficiary of a VIE is considered to possess the power to direct the activities of the VIE that most significantly impact its economic performance and has the obligation to absorb losses or the rights to receive benefits from the VIE that are significant to it. The principal entities in which the Company possesses a variable interest include franchise entities and certain other entities. The Company is not deemed to be the primary beneficiary for Planet Fitness franchise entities. Therefore, these entities are not consolidated. The results of the Company have been consolidated with Matthew Michael Realty LLC (“MMR”), PF Melville LLC (“PF Melville”), and Planet Fitness NAF, LLC (the “NAF”) based on the determination that the Company is the primary beneficiary with respect to these VIEs. MMR and PF Melville are real estate holding companies that derive a majority of their financial support from the Company through lease agreements for corporate stores. See Note 3 for further information related to the Company’s VIEs. The NAF is an advertising fund on behalf of which the Company typically collects 2% of gross monthly membership dues annually from franchisees, in accordance with the provisions of the franchise agreements, and uses the amounts received to support our national marketing campaigns, its social media platforms and the development of local advertising materials. (b) Use of estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, income taxes, including deferred tax assets and liabilities and reserves for unrecognized tax benefits, the liability for the Company’s tax benefit arrangements, and the value of the lease liability and related right-of-use asset recorded in accordance with ASC 842 (see Note 7). (c) Fair Value ASC 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement. The carrying value and estimated fair value of certain assets and liabilities as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Carrying value Estimated fair value (1) Carrying value Estimated fair value (1) Assets Investments - held-to-maturity (1) $ 25,000 $ 25,000 $ — $ — Liabilities Long-term debt (2) $ 1,708,750 $ 1,730,486 $ 1,717,500 $ 1,699,749 Variable Funding Notes (2) $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) The estimated fair value of the security is determined using unobservable inputs including assumptions by the investee's management including quantitative information such as valuations in recently completed or proposed financings. These inputs are classified as Level 3. (2) The Company’s Variable Funding Notes are a variable rate loan and the fair value of this loan approximates book value based on the borrowing rates currently available for variable rate loans obtained from third party lending institutions. The estimated fair value of our fixed rate long-term debt is estimated primarily based on current bid prices for our long-term debt. Judgment is required to develop these estimates. As such, the fair value of our long-term debt is classified within Level 2, as defined under U.S. GAAP. (d) Recent accounting pronouncements The FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, in December 2019. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years beginning after December 15, 2020. The Company adopted the standard beginning January 1, 2021 with no material impact to its financial statements. |
Variable Interest Entities
Variable Interest Entities | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Variable Interest Entities | Variable Interest Entities The carrying values of VIEs included in the consolidated financial statements as of June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities PF Melville $ 2,443 $ — $ 2,523 $ — MMR 2,045 — 2,099 — Total $ 4,488 $ — $ 4,622 $ — The Company also has variable interests in certain franchisees mainly through the guarantee of lease agreements up to a maximum period of ten years with earlier expiration dates possible if certain conditions are met. The Company’s maximum obligation, as a result of its guarantees of leases, is approximately $7,101 and $7,842 as of June 30, 2021 and December 31, 2020, respectively. The amount of the Company’s maximum obligation represents a loss that the Company could incur from the variability in credit exposure without consideration of possible recoveries through insurance or other means. In addition, the amount bears no relation to the estimated fair value of the guarantees, which is not material. |
Investments
Investments | 6 Months Ended |
Jun. 30, 2021 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments Investments - Debt securities At June 30, 2021, we held preferred shares in certain privately held entities, accounted for under ASC Topic 320, Investments—Debt Securities , which are included in Investments in our condensed consolidated balance sheets. As of June 30, 2021, our investments consist of held-to-maturity preferred shares that we have the positive intent and ability to hold to maturity, and which are measured at amortized cost. We review our held-to-maturity securities for estimated credit losses under ASC Topic 326, Credit Impairment , noting we did not recognize significant credit losses and the ending allowance for credit losses was immaterial. The amortized cost of our held-to-maturity debt security investments was $25,000 and $0 at June 30, 2021 and December 31, 2020, respectively. There were no unrealized gains or losses for our held-to-maturity debt security investments as of June 30, 2021. As of June 30, 2021, all of the Company’s held-to-maturity debt security investments had a contractual maturity in 2026. Equity method investments On April 9, 2021, the Company acquired a 20% ownership in Planet Fitness Australia Holdings, the Company’s franchisee and store operator in Australia, for $10,000. For the three months ended June 30, 2021, the Company’s proportionate share of the equity method investee’s earnings were immaterial. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible assets | Goodwill and Intangible Assets A summary of goodwill and intangible assets at June 30, 2021 and December 31, 2020 is as follows: June 30, 2021 Weighted Gross Accumulated Net carrying Customer relationships 11.0 $ 174,033 $ (131,303) $ 42,730 Reacquired franchise rights 8.0 37,660 (18,233) 19,427 211,693 (149,536) 62,157 Indefinite-lived intangible: Trade and brand names N/A 146,600 — 146,600 Total intangible assets $ 358,293 $ (149,536) $ 208,757 Goodwill $ 227,821 $ — $ 227,821 December 31, 2020 Weighted Gross Accumulated Net carrying Customer relationships 11.0 $ 174,033 $ (124,907) $ 49,126 Reacquired franchise rights 8.0 37,660 (16,311) 21,349 211,693 (141,218) 70,475 Indefinite-lived intangible: Trade and brand names N/A 146,600 — 146,600 Total intangible assets $ 358,293 $ (141,218) $ 217,075 Goodwill $ 227,821 $ — $ 227,821 The Company determined that no impairment charges were required during any periods presented. Amortization expense related to the intangible assets totaled $4,159 and $4,222 for the three months ended June 30, 2021 and 2020 , respectively, and $8,339 and $8,445 for the six months ended June 30, 2021 and 2020 , respectively. The anticipated annual amortization expense related to intangible assets to be recognized in future years as of June 30, 2021 is as follows: Amount Remainder of 2021 $ 8,318 2022 16,728 2023 16,558 2024 14,067 2025 3,066 Thereafter 3,420 Total $ 62,157 |
Long-Term Debt
Long-Term Debt | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | Long-Term Debt Long-term debt as of June 30, 2021 and December 31, 2020 consists of the following: June 30, 2021 December 31, 2020 2018-1 Class A-2-I notes $ 559,188 $ 562,063 2018-1 Class A-2-II notes 607,812 610,938 2019-1 Class A-2 notes 541,750 544,500 Borrowings under Variable Funding Notes 75,000 75,000 Total debt, excluding deferred financing costs 1,783,750 1,792,501 Deferred financing costs, net of accumulated amortization (20,419) (23,575) Total debt 1,763,331 1,768,926 Current portion of long-term debt 17,500 17,500 Long-term debt and borrowings under Variable Funding Notes, net of current portion $ 1,745,831 $ 1,751,426 Future annual principal payments of long-term debt as of June 30, 2021 are as follows: Amount Remainder of 2021 $ 8,750 2022 568,062 2023 86,750 2024 11,750 2025 591,438 Thereafter 517,000 Total $ 1,783,750 On August 1, 2018, Planet Fitness Master Issuer LLC (the “Master Issuer”), a limited-purpose, bankruptcy remote, wholly-owned indirect subsidiary of Pla-Fit Holdings, LLC, entered into a base indenture and a related supplemental indenture (collectively, the “2018 Indenture”) under which the Master Issuer may issue multiple series of notes. On the same date, the Master Issuer issued Series 2018-1 4.262% Fixed Rate Senior Secured Notes, Class A-2-I (the “2018 Class A-2-I Notes”) with an initial principal amount of $575,000 and Series 2018-1 4.666% Fixed Rate Senior Secured Notes, Class A-2-II (the “2018 Class A-2-II Notes” and, together with the 2018 Class A-2-I Notes, the “2018 Notes”) with an initial principal amount of $625,000. In connection with the issuance of the 2018 Notes, the Master Issuer also entered into a revolving financing facility that allows for the incurrence of up to $75,000 in revolving loans and/or letters of credit under the Master Issuer’s Series 2018-1 Variable Funding Senior Notes, Class A-1 (the “Variable Funding Notes”). The Company fully drew down on the Variable Funding Notes on March 20, 2020. Outstanding amounts under the Variable Funding Notes bear interest at a variable rate, which is 2.20% as of June 30, 2021. On December 3, 2019 the Master Issuer issued Series 2019-1 3.858% Fixed Rate Senior Secured Notes, Class A-2 (the “2019 Notes” and, together with the 2018 Notes, the “Notes”) with an initial principal amount of $550,000. The 2019 Notes were issued under the 2018 Indenture and a related supplemental indenture dated December 3, 2019 (together, the “Indenture”). Together the Notes and Variable Funding Notes will be referred to as the “Securitized Senior Notes”. The Notes were issued in a securitization transaction pursuant to which most of the Company’s domestic revenue-generating assets, consisting principally of franchise-related agreements, certain corporate-owned store assets, equipment supply agreements and intellectual property and license agreements for the use of intellectual property, were assigned to the Master Issuer and certain other limited-purpose, bankruptcy remote, wholly-owned indirect subsidiaries of the Company that act as guarantors of the Securitized Senior Notes and that have pledged substantially all of their assets to secure the Securitized Senior Notes. Interest and principal payments on the Notes are payable on a quarterly basis. The requirement to make such quarterly principal payments on the Notes is subject to certain financial conditions set forth in the Indenture. The legal final maturity date of the 2018 Notes is in September 2048, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2018 Class A-2-I Notes will be repaid in or prior to September 2022 and the 2018 Class A-2-II Notes will be repaid in or prior to September 2025. The legal final maturity date of the 2019 Notes is in December 2049, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2019 Notes will be repaid in December 2029 (together, the “Anticipated Repayment Dates”). If the Master Issuer has not repaid or refinanced the Notes prior to the respective Anticipated Repayment Dates, additional interest will accrue pursuant to the Indenture. As noted above, the Company borrowed the full $75,000 in Variable Funding Notes on March 20, 2020. The Variable Funding Notes accrue interest at a variable interest rate based on (i) the prime rate, (ii) overnight federal funds rates, (iii) the London interbank offered rate (or “LIBOR”) for U.S. Dollars, or (iv) with respect to advances made by conduit investors, the weighted average cost of, or related to, the issuance of commercial paper allocated to fund or maintain such advances, in each case plus any applicable margin and as specified in the Variable Funding Notes. As of June 30, 2021, the applicable borrowing rate is 2.20%. There is a commitment fee on the unused portion of the Variable Funding Notes of 0.5% based on utilization. It is anticipated that the principal and interest on the Variable Funding Notes will be repaid in full in or prior to September 2023, subject to two additional one-year extension options. Following the anticipated repayment date (and any extensions thereof) additional interest will accrue on the Variable Funding Notes equal to 5.0% per year. The Company does not anticipate the expected discontinuation of LIBOR to have a material impact on its financial statements. In connection with the issuance of the 2018 Notes and 2019 Notes, the Company incurred debt issuance costs of $27,133 and $10,577, respectively. The debt issuance costs are being amortized to “Interest expense” through the Anticipated Repayment Dates of the Notes utilizing the effective interest rate method. The Securitized Senior Notes are subject to covenants and restrictions customary for transactions of this type, including (i) that the Master Issuer maintains specified reserve accounts to be used to make required payments in respect of the Securitized Senior Notes, (ii) provisions relating to optional and mandatory prepayments and the related payment of specified amounts, including specified make-whole payments in the case of the Notes under certain circumstances, (iii) certain indemnification payments in the event, among other things, the assets pledged as collateral for the Securitized Senior Notes are in stated ways defective or ineffective, (iv) a cap on non-securitized indebtedness of $50,000 (provided that the Company may incur non-securitized indebtedness in excess of such amount, subject to the leverage ratio cap described below, under certain conditions, including if the relevant lenders execute a non-disturbance agreement that acknowledges the bankruptcy-remote status of the Master Issuer and its subsidiaries and of their respective assets), (v) a leverage ratio cap incurrence test on the Company of 7.0x (calculated without regard for any indebtedness subject to the $50,000 cap) and (vi) covenants relating to recordkeeping, access to information and similar matters. Pursuant to a parent company support agreement, the Company has agreed to cause its subsidiary to perform each of its obligations (including any indemnity obligations) and duties under the Management Agreement and under the contribution agreements entered into in connection with the securitized financing facility, in each case as and when due. To the extent that such subsidiary has not performed any such obligation or duty within the prescribed time frame after such obligation or duty was required to be performed, the Company has agreed to either (i) perform such obligation or duty or (ii) cause such obligations or duties to be performed on the Company’s behalf. The Securitized Senior Notes are also subject to customary rapid amortization events provided for in the Indenture, including events tied to failure to maintain stated debt service coverage ratios, certain manager termination events, an event of default, and the failure to repay or refinance the Notes on the applicable scheduled Anticipated Repayment Dates. The Securitized Senior Notes are also subject to certain customary events of default, including events relating to non-payment of required interest, principal, or other amounts due on or with respect to the Securitized Senior Notes, failure to comply with covenants within certain time frames, certain bankruptcy events, breaches of specified representations and warranties, failure of security interests to be effective, and certain judgments. In accordance with the Indenture, certain cash accounts have been established with the Indenture trustee (the “Trustee”) for the benefit of the trustee and the noteholders, and are restricted in their use. The Company holds restricted cash which primarily represents cash collections held by the Trustee, interest, principal, and commitment fee reserves held by the Trustee related to the Securitized Senior Notes. As of June 30, 2021, the Company had restricted cash held by the Trustee of $42,226. Restricted cash has been combined with cash and cash equivalents when reconciling the beginning and end of period balances in the consolidated statements of cash flows. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Leases | LeasesThe Company leases space to operate corporate-owned stores, equipment, office, and warehouse space. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases beginning in 2019 and later, we account for fixed lease and non-lease components together as a single, combined lease component. Variable lease costs, which may include common area maintenance, insurance, and taxes are not included in the lease liability and are expensed in the period incurred. Our corporate-owned store leases generally have remaining terms of one three Operating lease ROU assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs and lease incentives. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases based upon interpolated rates using our Class A-2 Notes. The Company has certain non-real estate leases that are accounted for as finance leases under ASC 842. These leases are immaterial, and therefore the Company has not included them in them in the tables below, except for their location on the consolidated balance sheet. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our ROU asset related to the lease. These tenant incentives are amortized as reduction of rent expense over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right of use asset, net $ 171,485 $ 164,252 Finance lease assets Property and equipment, net of accumulated depreciation 292 306 Total lease assets $ 171,777 $ 164,558 Liabilities Current: Operating Other current liabilities $ 20,432 $ 19,544 Noncurrent: Operating Lease liabilities, net of current portion 175,934 167,910 Financing Other liabilities 300 327 Total lease liabilities $ 196,666 $ 187,781 Weighted-average remaining lease term (years) - operating leases 8.5 8.7 Weighted-average discount rate - operating leases 5.0 % 5.1 % During the three and six months ended June 30, 2021 and 2020, the components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 7,283 $ 5,957 $ 13,976 $ 12,348 Variable lease cost 2,836 2,459 5,210 4,830 Total lease cost $ 10,119 $ 8,416 $ 19,186 $ 17,178 The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial. Supplemental disclosures of cash flow information related to leases were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Cash paid for lease liabilities $ 7,062 $ 5,599 $ 13,639 $ 11,397 Operating lease ROU assets obtained in exchange for operating lease liabilities $ 8,013 $ 6,102 $ 12,640 $ 6,102 As of June 30, 2021, maturities of lease liabilities were as follows: Amount Remainder of 2021 $ 14,700 2022 29,955 2023 29,638 2024 29,614 2025 29,211 Thereafter 110,468 Total lease payments $ 243,586 Less: imputed interest 46,920 Present value of lease liabilities $ 196,666 As of June 30, 2021, operating lease payments exclude approximately $41,664 of legally binding minimum lease payments for leases signed but not yet commenced. |
Leases | LeasesThe Company leases space to operate corporate-owned stores, equipment, office, and warehouse space. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases beginning in 2019 and later, we account for fixed lease and non-lease components together as a single, combined lease component. Variable lease costs, which may include common area maintenance, insurance, and taxes are not included in the lease liability and are expensed in the period incurred. Our corporate-owned store leases generally have remaining terms of one three Operating lease ROU assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs and lease incentives. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases based upon interpolated rates using our Class A-2 Notes. The Company has certain non-real estate leases that are accounted for as finance leases under ASC 842. These leases are immaterial, and therefore the Company has not included them in them in the tables below, except for their location on the consolidated balance sheet. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our ROU asset related to the lease. These tenant incentives are amortized as reduction of rent expense over the lease term. Our lease agreements do not contain any material residual value guarantees or material restrictive covenants. Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right of use asset, net $ 171,485 $ 164,252 Finance lease assets Property and equipment, net of accumulated depreciation 292 306 Total lease assets $ 171,777 $ 164,558 Liabilities Current: Operating Other current liabilities $ 20,432 $ 19,544 Noncurrent: Operating Lease liabilities, net of current portion 175,934 167,910 Financing Other liabilities 300 327 Total lease liabilities $ 196,666 $ 187,781 Weighted-average remaining lease term (years) - operating leases 8.5 8.7 Weighted-average discount rate - operating leases 5.0 % 5.1 % During the three and six months ended June 30, 2021 and 2020, the components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 7,283 $ 5,957 $ 13,976 $ 12,348 Variable lease cost 2,836 2,459 5,210 4,830 Total lease cost $ 10,119 $ 8,416 $ 19,186 $ 17,178 The Company’s costs related to short-term leases, those with a duration between one and twelve months, were immaterial. Supplemental disclosures of cash flow information related to leases were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Cash paid for lease liabilities $ 7,062 $ 5,599 $ 13,639 $ 11,397 Operating lease ROU assets obtained in exchange for operating lease liabilities $ 8,013 $ 6,102 $ 12,640 $ 6,102 As of June 30, 2021, maturities of lease liabilities were as follows: Amount Remainder of 2021 $ 14,700 2022 29,955 2023 29,638 2024 29,614 2025 29,211 Thereafter 110,468 Total lease payments $ 243,586 Less: imputed interest 46,920 Present value of lease liabilities $ 196,666 As of June 30, 2021, operating lease payments exclude approximately $41,664 of legally binding minimum lease payments for leases signed but not yet commenced. |
Revenue recognition
Revenue recognition | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue recognition | Revenue recognition Contract Liabilities Contract liabilities consist primarily of deferred revenue resulting from initial and renewal franchise fees and area development agreement (“ADA”) fees paid by franchisees, as well as transfer fees, which are generally recognized on a straight-line basis over the term of the underlying franchise agreement, and NAF revenue billed in advance of satisfaction of the Company’s performance obligation. Also included are corporate-owned store enrollment fees, annual fees and monthly fees as well as deferred equipment rebates relating to our equipment business. We classify these contract liabilities as deferred revenue in our condensed consolidated balance sheets. The following table reflects the change in contract liabilities between December 31, 2020 and June 30, 2021: Contract liabilities Balance at December 31, 2020 $ 59,278 Revenue recognized that was included in the contract liability at the beginning of the year (18,707) Increase, excluding amounts recognized as revenue during the period 26,102 Balance at June 30, 2021 $ 66,673 The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2021. The Company has elected to exclude short-term contracts, sales and usage based royalties and any other variable consideration recognized on an “as invoiced” basis. Contract liabilities to be recognized in: Amount Remainder of 2021 $ 28,816 2022 8,024 2023 3,805 2024 3,459 2025 3,108 Thereafter 19,461 Total $ 66,673 |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | Related Party Transactions Activity with entities considered to be related parties is summarized below: For the three months ended For the six months ended 2021 2020 2021 2020 Franchise revenue $ 587 $ — $ 1,140 $ 500 Equipment revenue — — — 93 Total revenue from related parties $ 587 $ — $ 1,140 $ 593 Additionally, the Company had deferred franchise agreement and area development agreement revenue from related parties of $176 and $182 as of June 30, 2021 and December 31, 2020, respectively. The Company had payables to related parties pursuant to tax benefit arrangements of $74,347 and $71,416, as of June 30, 2021 and December 31, 2020, respectively (see Note 12). The Company provides administrative services to the NAF and typically charges NAF a fee for providing these services. The services provided include accounting services, information technology, data processing, product development, legal and administrative support, and other operating expenses, which amounted to $500 and $224 for the three months ended June 30, 2021 and 2020, respectively, and $999 and $793 for the six months ended June 30, 2021 and 2020, respectively. For the three months ended June 30, 2021 and 2020, the Company incurred approximately $0 and $11, respectively, and $0 and $60 for the six months ended June 30, 2021 and 2020, respectively, which is included within selling, general and administrative expense on the consolidated statements of operations, for corporate travel to a third-party company which is affiliated with our Chief Executive Officer. In May 2020, the Company provided a short-term loan of approximately $8,950 to its third party payment processor related to amounts drafted by franchisee-owned stores in March 2020 that were not collected as part of the typical monthly process as a result of the impact of COVID-19. The third party payment processor has begun its repayment of this loan and the Company anticipates repayment in full by the end of 2021. As of June 30, 2021, approximately $747 of the loan balance is outstanding and is included within other receivables on the balance sheet. In April 2021, the Company made an equity method investment in a franchisee. See Note 4. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2021 | |
Equity [Abstract] | |
Stockholders' Equity | Stockholders’ Equity Pursuant to the exchange agreement between the Company and the Continuing LLC Owners, the Continuing LLC Owners (or certain permitted transferees thereof) have the right, from time to time and subject to the terms of the exchange agreement, to exchange their Holdings Units, along with a corresponding number of shares of Class B common stock, for shares of Class A common stock (or cash at the option of the Company) on a one-for-one basis, subject to customary conversion rate adjustments for stock splits, stock dividends, reclassifications and similar transactions. In connection with any exchange of Holdings Units for shares of Class A common stock by a Continuing LLC Owner, the number of Holdings Units held by the Company is correspondingly increased as it acquires the exchanged Holdings Units, and a corresponding number of shares of Class B common stock are canceled. During the six months ended June 30, 2021, certain existing holders of Holdings Units exercised their exchange rights and exchanged 358,979 Holdings Units for 358,979 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 358,979 shares of Class B common stock were surrendered by the holders of Holdings Units that exercised their exchange rights and canceled. Additionally, in connection with these exchanges, Planet Fitness, Inc. received 358,979 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings. As a result of the above transactions, as of June 30, 2021: • Holders of our Class A common stock owned 83,224,679 shares of our Class A common stock, representing 96.1% of the voting power in the Company and, through the Company, 83,224,679 Holdings Units representing 96.1% of the economic interest in Pla-Fit Holdings; and • the Continuing LLC Owners collectively owned 3,363,075 Holdings Units, representing 3.9% of the economic interest in Pla-Fit Holdings, and 3,363,075 shares of our Class B common stock, representing 3.9% of the voting power in the Company. Share repurchase program 2019 share repurchase program On November 5, 2019, our board of directors approved a share repurchase program of up to $500,000. On December 4, 2019, the Company entered into a $300,000 accelerated share repurchase agreement (the “2019 ASR Agreement”) with JPMorgan Chase Bank, N.A. (“JPMC”). Pursuant to the terms of the 2019 ASR Agreement, on December 5, 2019, the Company paid JPMC $300,000 upfront in cash and received 3,289,924 shares of the Company’s Class A common stock, which were retired, and the Company elected to record as a reduction to retained earnings of $240,000. Final settlement of the ASR Agreement occurred on March 2, 2020. At final settlement, JPMC delivered 666,961 additional shares of the Company’s Class A common stock, based on a weighted average cost per share of $75.82 over the term of the 2019 ASR Agreement, which were retired. This had been evaluated as an unsettled forward contract indexed to our own stock, with $60,000 classified as a reduction to retained earnings at the original date of payment. On March 18, 2020, the Company announced the suspension of its 2019 share repurchase program. If the 2019 share repurchase program is reinstated, the timing of purchases and amount of stock repurchased will be subject to the Company’s discretion and will depend on market and business conditions, the Company’s general working capital needs, stock price, applicable legal requirements and other factors. Our ability to repurchase shares at any particular time is also subject to the terms of the Indenture governing the Securitized Senior Notes. Purchases may be effected through one or more open market transactions, privately negotiated transactions, transactions structured through investment banking institutions, or a combination of the foregoing. The Company may reinstate or terminate the program at any time. Preferred stock The Company had 50,000,000 shares of preferred stock authorized and none issued or outstanding as of June 30, 2021 and December 31, 2020. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding during the same period. Diluted earnings per share of Class A common stock is computed by dividing net income attributable to Planet Fitness, Inc. by the weighted-average number of shares of Class A common stock outstanding adjusted to give effect to potentially dilutive securities. Shares of the Company’s Class B common stock do not share in the earnings or losses attributable to Planet Fitness, Inc. and are therefore not participating securities. As such, separate presentation of basic and diluted earnings per share of Class B common stock under the two-class method has not been presented. Shares of the Company’s Class B common stock are, however, considered potentially dilutive shares of Class A common stock because shares of Class B common stock, together with the related Holdings Units, are exchangeable into shares of Class A common stock on a one-for-one basis. The following table sets forth reconciliations used to compute basic and diluted earnings per share of Class A common stock: Three months ended Six months ended 2021 2020 2021 2020 Numerator Net income (loss) $ 15,016 $ (31,985) $ 21,206 $ (21,602) Less: net income (loss) attributable to non-controlling interests 1,006 (2,808) 1,615 (1,032) Net income (loss) attributable to Planet Fitness, Inc. $ 14,010 $ (29,177) $ 19,591 $ (20,570) Denominator Weighted-average shares of Class A common stock outstanding - basic 83,222,601 79,965,842 83,153,731 79,532,155 Effect of dilutive securities: Stock options 566,500 — 564,618 — Restricted stock units 47,995 — 52,942 — Weighted-average shares of Class A common stock outstanding - diluted 83,837,096 79,965,842 83,771,291 79,532,155 Earnings (loss) per share of Class A common stock - basic $ 0.17 $ (0.36) $ 0.24 $ (0.26) Earnings (loss) per share of Class A common stock - diluted $ 0.17 $ (0.36) $ 0.23 $ (0.26) Potentially dilutive stock options of 516,927 and 546,303 for the three and six months ended June 30, 2020 and restricted stock units of 31,811 and 41,189 for the three and six months ended June 30, 2020 were not included in the computation of diluted loss per share because the inclusion thereof would be antidilutive. Weighted average shares of Class B common stock of 3,363,075 and 6,500,908 for the three months ended June 30, 2021 and 2020, respectively, and 3,417,158 and 7,139,172 for the six months ended June 30, 2021 and 2020, respectively, were evaluated under the if-converted method for potential dilutive effects and were determined to be anti-dilutive. Weighted average stock options outstanding of 207,382 and 179,893 for the three months ended June 30, 2021 and 2020, respectively, and 126,270 and 147,118 for the six months ended June 30, 2021 and 2020, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Weighted average restricted stock units outstanding of 866 and 2,331 for the three months ended June 30, 2021 and 2020, respectively, and 435 and 3,069 for the six months ended June 30, 2021 and 2020, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The Company is the sole managing member of Pla-Fit Holdings, which is treated as a partnership for U.S. federal and certain state and local income taxes. As a partnership, Pla-Fit Holdings is not subject to U.S. federal and certain state and local income taxes. Any taxable income or loss generated by Pla-Fit Holdings is passed through to and included in the taxable income or loss of its members, including the Company, on a pro-rata basis. Planet Fitness, Inc. is subject to U.S. federal income taxes, in addition to state and local income taxes with respect to our allocable share of any taxable income of Pla-Fit Holdings. The Company’s effective tax rate was 25.6% and 25.4% for the three months ended June 30, 2021 and 2020, respectively. The effective tax rate for the three months ended June 30, 2021 differed from the U.S. federal statutory rate of 21% primarily due to state and local taxes, partially offset by income attributable to non-controlling interests. The Company’s effective tax rate was 28.6% and 21.8% for the six months ended June 30, 2021 and 2020, respectively. The effective tax rate for the six months ended June 30, 2021 differed from the U.S. federal statutory rate of 21% primarily due to state and local taxes, the recognition of a tax expense from the remeasurement of the Company's net deferred tax assets, partially offset by income attributable to non-controlling interests. The Company was also subject to taxes in foreign jurisdictions. Net deferred tax assets of $512,587 and $510,319 as of June 30, 2021 and December 31, 2020, respectively, relate primarily to the tax effects of temporary differences in the book basis as compared to the tax basis of our investment in Pla-Fit Holdings as a result of the secondary offerings, other exchanges, recapitalization transactions and the IPO. As of June 30, 2021 and December 31, 2020, the total liability related to uncertain tax positions was $420. The Company recognizes interest accrued and penalties, if applicable, related to unrecognized tax benefits in income tax expense. Interest and penalties for the three and six months ended June 30, 2021 and 2020 were not material. Tax benefit arrangements The Company’s acquisition of Holdings Units in connection with the IPO and future and certain past exchanges of Holdings Units for shares of the Company’s Class A common stock (or cash at the option of the Company) are expected to produce and have produced favorable tax attributes. In connection with the IPO, the Company entered into two tax receivable agreements. Under the first of those agreements, the Company generally is required to pay to certain existing and previous equity owners of Pla-Fit Holdings (the “TRA Holders”) 85% of the applicable tax savings, if any, in U.S. federal and state income tax that the Company is deemed to realize as a result of certain tax attributes of their Holdings Units sold to the Company (or exchanged in a taxable sale) and that are created as a result of (i) the exchanges of their Holdings Units for shares of Class A common stock and (ii) tax benefits attributable to payments made under the tax receivable agreement (including imputed interest). Under the second tax receivable agreement, the Company generally is required to pay to TSG AIV II-A L.P and TSG PF Co-Investors A L.P. (the “Direct TSG Investors”) 85% of the amount of tax savings, if any, that the Company is deemed to realize as a result of the tax attributes of the Holdings Units held in respect of the Direct TSG Investors’ interest in the Company, which resulted from the Direct TSG Investors’ purchase of interests in Pla-Fit Holdings in 2012, and certain other tax benefits. Under both agreements, the Company generally retains the benefit of the remaining 15% of the applicable tax savings. During the six months ended June 30, 2021, 358,979 Holdings Units were exchanged by the TRA Holders for newly issued shares of Class A common stock, resulting in an increase in the tax basis of the net assets of Pla-Fit Holdings subject to the provisions of the tax receivable agreements. As a result of the change in Planet Fitness, Inc.’s ownership percentage of Pla-Fit Holdings, we recorded a decrease to our net deferred tax assets of $258 during the six months ended June 30, 2021. As a result of these exchanges, during the six months ended June 30, 2021, we also recognized deferred tax assets in the amount of $9,714, and corresponding tax benefit arrangement liabilities of $8,292, representing approximately 85% of the tax benefits due to the TRA Holders. The offset to the entries recorded in connection with exchanges was to equity. As of June 30, 2021 and December 31, 2020, the Company had a liability of $496,143 and $488,200, respectively, related to its projected obligations under the tax benefit arrangements. Projected future payments under the tax benefit arrangements are as follows: Amount Remainder of 2021 $ — 2022 13,415 2023 35,917 2024 42,376 2025 51,931 Thereafter 352,504 Total $ 496,143 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies From time to time, and in the ordinary course of business, the Company is subject to various claims, charges, and litigation, such as employment-related claims and slip and fall cases. On September 3, 2020, the Company and other defendants, including an officer of the Company who is a related party, received a final amendment to the joint and several judgment against them in a civil action brought by a former employee. As of June 30, 2021, the Company has estimated its obligation related to this matter to be approximately $2,117, which is included in other current liabilities on the condensed consolidated balance sheet. In connection with 2012 acquisition of Pla-Fit Holdings on November 8, 2012, the sellers are obligated to indemnify the Company related to this specific matter. The Company has therefore recorded an offsetting indemnification receivable of $2,117 in other receivables on the Company’s condensed consolidated balance sheet, for which it has determined to record a full reserve as a result of potential uncertainty around collectability. Due to the joint and several nature of the judgment, the Company has determined that the amount of estimated obligation recorded constitutes a related party transaction. The Company has incurred, and may incur in the future, legal costs on behalf of the defendants in the case, which include a related party. These costs have not been and are not expected to be material in the future. Mexico Acquisition On March 19, 2020, a franchisee in Mexico exercised a put option that requires the Company to acquire their franchisee-owned stores in Mexico. The transaction has not closed as of June 30, 2021 as the parties are in dispute over the final terms of the transaction and related matters. The Company analyzed the contract and estimates that the purchase price will approximate fair value of the acquired assets. The Company is not currently aware of any other legal proceedings or claims that the Company believes will have, individually or in the aggregate, a material adverse effect on the Company’s financial position or result of operations. |
Segments
Segments | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Segments | Segments The Company has three reportable segments: (i) Franchise; (ii) Corporate-owned stores; and (iii) Equipment. The Company’s operations are organized and managed by type of products and services and segment information is reported accordingly. The Company’s chief operating decision maker (the “CODM”) is its Chief Executive Officer. The CODM reviews financial performance and allocates resources by reportable segment. There have been no operating segments aggregated to arrive at the Company’s reportable segments. The Franchise segment includes operations related to the Company’s franchising business in the United States, Puerto Rico, Canada, Panama, Mexico and Australia, including revenues and expenses from the NAF. The Corporate-owned stores segment includes operations with respect to all corporate-owned stores throughout the United States and Canada. The Equipment segment primarily includes the sale of equipment to our United States franchisee-owned stores. The accounting policies of the reportable segments are the same as those described in Note 2. The Company evaluates the performance of its segments and allocates resources to them based on revenue and earnings before interest, taxes, depreciation, and amortization, referred to as Segment EBITDA. Revenues for all operating segments include only transactions with unaffiliated customers and include no intersegment revenues. The tables below summarize the financial information for the Company’s reportable segments for the three and six months ended June 30, 2021 and 2020. The “Corporate and other” category, as it relates to Segment EBITDA, primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment. Three months ended Six months ended 2021 2020 2021 2020 Revenue Franchise segment revenue - U.S. $ 72,402 $ 20,819 $ 135,746 $ 78,161 Franchise segment revenue - International 447 183 1,164 1,370 Franchise segment total 72,849 21,002 136,910 79,531 Corporate-owned stores - U.S. 40,507 9,244 78,307 48,810 Corporate-owned stores - International 72 175 149 1,125 Corporate-owned stores total 40,579 9,419 78,456 49,935 Equipment segment - U.S. 23,336 9,813 33,275 37,507 Equipment segment - International 487 — 487 491 Equipment segment total 23,823 9,813 33,762 37,998 Total revenue $ 137,251 $ 40,234 $ 249,128 $ 167,464 Franchise segment revenue includes franchise revenue, NAF revenue, and commission income. Franchise revenue includes revenue generated from placement services of $1,712 and $868 for the three months ended June 30, 2021 and 2020, respectively, and $2,491 and $2,880 for the six months June 30, 2021 and 2020, respectively. Three months ended Six months ended 2021 2020 2021 2020 Segment EBITDA Franchise $ 51,756 $ 3,529 $ 92,936 $ 40,275 Corporate-owned stores 10,372 (6,342) 21,062 5,665 Equipment 5,608 1,311 7,438 7,677 Corporate and other (12,595) (8,285) (21,250) (17,031) Total Segment EBITDA $ 55,141 $ (9,787) $ 100,186 $ 36,586 The following table reconciles total Segment EBITDA to income (loss) before taxes: Three months ended Six months ended 2021 2020 2021 2020 Total Segment EBITDA $ 55,141 $ (9,787) $ 100,186 $ 36,586 Less: Depreciation and amortization 15,036 13,008 30,510 25,800 Other income (expense) (147) (73) 18 (760) Income (loss) from operations 40,252 (22,722) 69,658 11,546 Interest income 195 359 412 2,286 Interest expense (20,125) (20,467) (40,369) (40,708) Other income (expense) (147) (73) 18 (760) Income (loss) before income taxes $ 20,175 $ (42,903) $ 29,719 $ (27,636) The following table summarizes the Company’s assets by reportable segment: June 30, 2021 December 31, 2020 Franchise $ 178,023 $ 174,812 Corporate-owned stores 472,889 468,628 Equipment 183,801 171,201 Unallocated 1,064,886 1,035,096 Total consolidated assets $ 1,899,599 $ 1,849,737 The table above includes $720 and $828 of long-lived assets located in the Company’s international corporate-owned stores as of June 30, 2021 and December 31, 2020, respectively. All other assets are located in the U.S. The following table summarizes the Company’s goodwill by reportable segment: June 30, 2021 December 31, 2020 Franchise $ 16,938 $ 16,938 Corporate-owned stores 118,217 118,217 Equipment 92,666 92,666 Consolidated goodwill $ 227,821 $ 227,821 |
Corporate-Owned and Franchisee-
Corporate-Owned and Franchisee-Owned Stores | 6 Months Ended |
Jun. 30, 2021 | |
Franchisors [Abstract] | |
Corporate-Owned and Franchisee-Owned Stores | Corporate-Owned and Franchisee-Owned Stores The following table shows changes in our corporate-owned and franchisee-owned stores for the three and six months ended June 30, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 Franchisee-owned stores: Stores operated at beginning of period 2,043 1,940 2,021 1,903 New stores opened 21 21 43 59 Stores debranded, sold or consolidated (1) — (1) — (2) Stores operated at end of period (2) 2,064 1,960 2,064 1,960 Corporate-owned stores: Stores operated at beginning of period 103 99 103 98 New stores opened 3 — 3 1 Stores acquired from franchisees — — — — Stores operated at end of period (2) 106 99 106 99 Total stores: Stores operated at beginning of period 2,146 2,039 2,124 2,001 New stores opened 24 21 46 60 Stores acquired, debranded, sold or consolidated (1) — (1) — (2) Stores operated at end of period (2) 2,170 2,059 2,170 2,059 (1) The term “debrand” refers to a franchisee-owned store whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. The Company retains the right to prevent debranded stores from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s store with another store located in close proximity with our prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining store. (2) The “stores operated” include stores that have closed temporarily related to the COVID-19 pandemic. All stores were closed in March 2020 in response to COVID-19, and as of June 30, 2021 2,130 were re-opened and operating, of which 2,026 were franchisee-owned stores and 104 were corporate-owned stores. |
Summary of significant accoun_2
Summary of significant accounting policies (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Basis of presentation and consolidation | Basis of presentation and consolidation The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, these interim financial statements do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) necessary for a fair presentation of the results of operations, financial position and cash flows for the periods presented have been reflected. All significant intercompany balances and transactions have been eliminated in consolidation. The condensed consolidated financial statements as of and for the three and six months ended June 30, 2021 and 2020 are unaudited. The condensed consolidated balance sheet as of December 31, 2020 has been derived from the audited financial statements at that date but does not include all of the disclosures required by U.S. GAAP. These interim condensed consolidated financial statements should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2020 (the “Annual Report”) filed with the SEC on March 1, 2021 . Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year. As discussed in Note 1, Planet Fitness, Inc. consolidates Pla-Fit Holdings. The Company also consolidates entities in which it has a controlling financial interest, the usual condition of which is ownership of a majority voting interest. The Company also |
Use of estimates | Use of estimatesThe preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Although these estimates are based on management’s knowledge of current events and actions it may undertake in the future, they may ultimately differ from actual results. Significant areas where estimates and judgments are relied upon by management in the preparation of the consolidated financial statements include revenue recognition, valuation of equity-based compensation awards, the evaluation of the recoverability of goodwill and long-lived assets, including intangible assets, income taxes, including deferred tax assets and liabilities and reserves for unrecognized tax benefits, the liability for the Company’s tax benefit arrangements, and the value of the lease liability and related right-of-use asset recorded in accordance with ASC 842 (see Note 7). |
Fair Value | Fair Value ASC 820, Fair Value Measurements and Disclosures , establishes a three-level valuation hierarchy for disclosure of fair value measurements. The valuation hierarchy is based upon the transparency of inputs to the valuation of an asset or liability as of the measurement date. Categorization within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement. The three levels are defined as follows: Level 1—Inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets. Level 2—Inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, and inputs that are observable for the asset or liability, either directly or indirectly, for substantially the full term of the financial instrument. Level 3—Inputs to the valuation methodology are unobservable and significant to the fair value measurement. |
Recent accounting pronouncements | Recent accounting pronouncements The FASB issued ASU No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes, in December 2019. The amendments in this Update simplify the accounting for income taxes by removing certain exceptions to the general principles in Topic 740. The amendments also improve consistent application of and simplify GAAP for other areas of Topic 740 by clarifying and amending existing guidance. This guidance is effective for fiscal years beginning after December 15, 2020. The Company adopted the standard beginning January 1, 2021 with no material impact to its financial statements. |
Investments | Investments - Debt securities At June 30, 2021, we held preferred shares in certain privately held entities, accounted for under ASC Topic 320, Investments—Debt Securities , which are included in Investments in our condensed consolidated balance sheets. As of June 30, 2021, our investments consist of held-to-maturity preferred shares that we have the positive intent and ability to hold to maturity, and which are measured at amortized cost. We review our held-to-maturity securities for estimated credit losses under ASC Topic 326, Credit Impairment , noting we did not recognize significant credit losses and the ending allowance for credit losses was immaterial. |
Leases | LeasesThe Company leases space to operate corporate-owned stores, equipment, office, and warehouse space. Leases with an initial term of 12 months or less are not recorded on the balance sheet; we recognize lease expense for these leases on a straight-line basis over the lease term. For leases beginning in 2019 and later, we account for fixed lease and non-lease components together as a single, combined lease component. Variable lease costs, which may include common area maintenance, insurance, and taxes are not included in the lease liability and are expensed in the period incurred. Our corporate-owned store leases generally have remaining terms of one three Operating lease ROU assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not yet paid. Operating lease ROU assets represent our right to use an underlying asset and are based upon the operating lease liabilities adjusted for prepayments or accrued lease payments, initial direct costs and lease incentives. To determine the present value of lease payments not yet paid, we estimate incremental secured borrowing rates corresponding to the maturities of the leases based upon interpolated rates using our Class A-2 Notes. The Company has certain non-real estate leases that are accounted for as finance leases under ASC 842. These leases are immaterial, and therefore the Company has not included them in them in the tables below, except for their location on the consolidated balance sheet. Our leases typically contain rent escalations over the lease term. We recognize expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our ROU asset related to the lease. These tenant incentives are amortized as reduction of rent expense over the lease term. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Accounting Policies [Abstract] | |
Schedule of the Carrying Value and Estimated Fair Value of Certain Assets and Liabilities | The carrying value and estimated fair value of certain assets and liabilities as of June 30, 2021 and December 31, 2020 were as follows: June 30, 2021 December 31, 2020 Carrying value Estimated fair value (1) Carrying value Estimated fair value (1) Assets Investments - held-to-maturity (1) $ 25,000 $ 25,000 $ — $ — Liabilities Long-term debt (2) $ 1,708,750 $ 1,730,486 $ 1,717,500 $ 1,699,749 Variable Funding Notes (2) $ 75,000 $ 75,000 $ 75,000 $ 75,000 (1) The estimated fair value of the security is determined using unobservable inputs including assumptions by the investee's management including quantitative information such as valuations in recently completed or proposed financings. These inputs are classified as Level 3. |
Variable Interest Entities (Tab
Variable Interest Entities (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Carrying Value of Variable Interest Entities of Consolidated Financial Statements | The carrying values of VIEs included in the consolidated financial statements as of June 30, 2021 and December 31, 2020 are as follows: June 30, 2021 December 31, 2020 Assets Liabilities Assets Liabilities PF Melville $ 2,443 $ — $ 2,523 $ — MMR 2,045 — 2,099 — Total $ 4,488 $ — $ 4,622 $ — |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of Goodwill and Intangible Assets | A summary of goodwill and intangible assets at June 30, 2021 and December 31, 2020 is as follows: June 30, 2021 Weighted Gross Accumulated Net carrying Customer relationships 11.0 $ 174,033 $ (131,303) $ 42,730 Reacquired franchise rights 8.0 37,660 (18,233) 19,427 211,693 (149,536) 62,157 Indefinite-lived intangible: Trade and brand names N/A 146,600 — 146,600 Total intangible assets $ 358,293 $ (149,536) $ 208,757 Goodwill $ 227,821 $ — $ 227,821 December 31, 2020 Weighted Gross Accumulated Net carrying Customer relationships 11.0 $ 174,033 $ (124,907) $ 49,126 Reacquired franchise rights 8.0 37,660 (16,311) 21,349 211,693 (141,218) 70,475 Indefinite-lived intangible: Trade and brand names N/A 146,600 — 146,600 Total intangible assets $ 358,293 $ (141,218) $ 217,075 Goodwill $ 227,821 $ — $ 227,821 |
Summary of Amortization expenses | The anticipated annual amortization expense related to intangible assets to be recognized in future years as of June 30, 2021 is as follows: Amount Remainder of 2021 $ 8,318 2022 16,728 2023 16,558 2024 14,067 2025 3,066 Thereafter 3,420 Total $ 62,157 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-Term Debt | Long-term debt as of June 30, 2021 and December 31, 2020 consists of the following: June 30, 2021 December 31, 2020 2018-1 Class A-2-I notes $ 559,188 $ 562,063 2018-1 Class A-2-II notes 607,812 610,938 2019-1 Class A-2 notes 541,750 544,500 Borrowings under Variable Funding Notes 75,000 75,000 Total debt, excluding deferred financing costs 1,783,750 1,792,501 Deferred financing costs, net of accumulated amortization (20,419) (23,575) Total debt 1,763,331 1,768,926 Current portion of long-term debt 17,500 17,500 Long-term debt and borrowings under Variable Funding Notes, net of current portion $ 1,745,831 $ 1,751,426 |
Schedule of Future Annual Payments of Long-term Debt | Future annual principal payments of long-term debt as of June 30, 2021 are as follows: Amount Remainder of 2021 $ 8,750 2022 568,062 2023 86,750 2024 11,750 2025 591,438 Thereafter 517,000 Total $ 1,783,750 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Leases [Abstract] | |
Balance Sheet Classification of Lease Assets and Liabilities | Leases Classification June 30, 2021 December 31, 2020 Assets Operating lease ROU assets Right of use asset, net $ 171,485 $ 164,252 Finance lease assets Property and equipment, net of accumulated depreciation 292 306 Total lease assets $ 171,777 $ 164,558 Liabilities Current: Operating Other current liabilities $ 20,432 $ 19,544 Noncurrent: Operating Lease liabilities, net of current portion 175,934 167,910 Financing Other liabilities 300 327 Total lease liabilities $ 196,666 $ 187,781 Weighted-average remaining lease term (years) - operating leases 8.5 8.7 Weighted-average discount rate - operating leases 5.0 % 5.1 % |
Components of Lease Cost | During the three and six months ended June 30, 2021 and 2020, the components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 7,283 $ 5,957 $ 13,976 $ 12,348 Variable lease cost 2,836 2,459 5,210 4,830 Total lease cost $ 10,119 $ 8,416 $ 19,186 $ 17,178 Supplemental disclosures of cash flow information related to leases were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Cash paid for lease liabilities $ 7,062 $ 5,599 $ 13,639 $ 11,397 Operating lease ROU assets obtained in exchange for operating lease liabilities $ 8,013 $ 6,102 $ 12,640 $ 6,102 |
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases | During the three and six months ended June 30, 2021 and 2020, the components of lease cost were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Operating lease cost $ 7,283 $ 5,957 $ 13,976 $ 12,348 Variable lease cost 2,836 2,459 5,210 4,830 Total lease cost $ 10,119 $ 8,416 $ 19,186 $ 17,178 Supplemental disclosures of cash flow information related to leases were as follows: Three months ended June 30, Six months ended June 30, 2021 2020 2021 2020 Cash paid for lease liabilities $ 7,062 $ 5,599 $ 13,639 $ 11,397 Operating lease ROU assets obtained in exchange for operating lease liabilities $ 8,013 $ 6,102 $ 12,640 $ 6,102 |
Maturities of Operating Lease Liabilities | As of June 30, 2021, maturities of lease liabilities were as follows: Amount Remainder of 2021 $ 14,700 2022 29,955 2023 29,638 2024 29,614 2025 29,211 Thereafter 110,468 Total lease payments $ 243,586 Less: imputed interest 46,920 Present value of lease liabilities $ 196,666 |
Revenue recognition (Tables)
Revenue recognition (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Contract Liabilities | The following table reflects the change in contract liabilities between December 31, 2020 and June 30, 2021: Contract liabilities Balance at December 31, 2020 $ 59,278 Revenue recognized that was included in the contract liability at the beginning of the year (18,707) Increase, excluding amounts recognized as revenue during the period 26,102 Balance at June 30, 2021 $ 66,673 |
Remaining Performance Obligation | The following table illustrates estimated revenues expected to be recognized in the future related to performance obligations that are unsatisfied (or partially unsatisfied) as of June 30, 2021. The Company has elected to exclude short-term contracts, sales and usage based royalties and any other variable consideration recognized on an “as invoiced” basis. Contract liabilities to be recognized in: Amount Remainder of 2021 $ 28,816 2022 8,024 2023 3,805 2024 3,459 2025 3,108 Thereafter 19,461 Total $ 66,673 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Related Party Transactions [Abstract] | |
Schedule of Related Party Transactions | Activity with entities considered to be related parties is summarized below: For the three months ended For the six months ended 2021 2020 2021 2020 Franchise revenue $ 587 $ — $ 1,140 $ 500 Equipment revenue — — — 93 Total revenue from related parties $ 587 $ — $ 1,140 $ 593 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Earnings Per Share [Abstract] | |
Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share | The following table sets forth reconciliations used to compute basic and diluted earnings per share of Class A common stock: Three months ended Six months ended 2021 2020 2021 2020 Numerator Net income (loss) $ 15,016 $ (31,985) $ 21,206 $ (21,602) Less: net income (loss) attributable to non-controlling interests 1,006 (2,808) 1,615 (1,032) Net income (loss) attributable to Planet Fitness, Inc. $ 14,010 $ (29,177) $ 19,591 $ (20,570) Denominator Weighted-average shares of Class A common stock outstanding - basic 83,222,601 79,965,842 83,153,731 79,532,155 Effect of dilutive securities: Stock options 566,500 — 564,618 — Restricted stock units 47,995 — 52,942 — Weighted-average shares of Class A common stock outstanding - diluted 83,837,096 79,965,842 83,771,291 79,532,155 Earnings (loss) per share of Class A common stock - basic $ 0.17 $ (0.36) $ 0.24 $ (0.26) Earnings (loss) per share of Class A common stock - diluted $ 0.17 $ (0.36) $ 0.23 $ (0.26) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Future Payments Under Tax Benefit Arrangements | Projected future payments under the tax benefit arrangements are as follows: Amount Remainder of 2021 $ — 2022 13,415 2023 35,917 2024 42,376 2025 51,931 Thereafter 352,504 Total $ 496,143 |
Segments (Tables)
Segments (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for the Company's Reportable Segments | The tables below summarize the financial information for the Company’s reportable segments for the three and six months ended June 30, 2021 and 2020. The “Corporate and other” category, as it relates to Segment EBITDA, primarily includes corporate overhead costs, such as payroll and related benefit costs and professional services which are not directly attributable to any individual segment. Three months ended Six months ended 2021 2020 2021 2020 Revenue Franchise segment revenue - U.S. $ 72,402 $ 20,819 $ 135,746 $ 78,161 Franchise segment revenue - International 447 183 1,164 1,370 Franchise segment total 72,849 21,002 136,910 79,531 Corporate-owned stores - U.S. 40,507 9,244 78,307 48,810 Corporate-owned stores - International 72 175 149 1,125 Corporate-owned stores total 40,579 9,419 78,456 49,935 Equipment segment - U.S. 23,336 9,813 33,275 37,507 Equipment segment - International 487 — 487 491 Equipment segment total 23,823 9,813 33,762 37,998 Total revenue $ 137,251 $ 40,234 $ 249,128 $ 167,464 Three months ended Six months ended 2021 2020 2021 2020 Segment EBITDA Franchise $ 51,756 $ 3,529 $ 92,936 $ 40,275 Corporate-owned stores 10,372 (6,342) 21,062 5,665 Equipment 5,608 1,311 7,438 7,677 Corporate and other (12,595) (8,285) (21,250) (17,031) Total Segment EBITDA $ 55,141 $ (9,787) $ 100,186 $ 36,586 |
Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes | The following table reconciles total Segment EBITDA to income (loss) before taxes: Three months ended Six months ended 2021 2020 2021 2020 Total Segment EBITDA $ 55,141 $ (9,787) $ 100,186 $ 36,586 Less: Depreciation and amortization 15,036 13,008 30,510 25,800 Other income (expense) (147) (73) 18 (760) Income (loss) from operations 40,252 (22,722) 69,658 11,546 Interest income 195 359 412 2,286 Interest expense (20,125) (20,467) (40,369) (40,708) Other income (expense) (147) (73) 18 (760) Income (loss) before income taxes $ 20,175 $ (42,903) $ 29,719 $ (27,636) |
Summary of Company's Assets by Reportable Segment | The following table summarizes the Company’s assets by reportable segment: June 30, 2021 December 31, 2020 Franchise $ 178,023 $ 174,812 Corporate-owned stores 472,889 468,628 Equipment 183,801 171,201 Unallocated 1,064,886 1,035,096 Total consolidated assets $ 1,899,599 $ 1,849,737 |
Summary of Company's Goodwill by Reportable Segment | The following table summarizes the Company’s goodwill by reportable segment: June 30, 2021 December 31, 2020 Franchise $ 16,938 $ 16,938 Corporate-owned stores 118,217 118,217 Equipment 92,666 92,666 Consolidated goodwill $ 227,821 $ 227,821 |
Corporate-Owned and Franchise_2
Corporate-Owned and Franchisee-Owned Stores (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Franchisors [Abstract] | |
Schedule of Changes in Corporate-Owned and Franchisee-Owned Stores | The following table shows changes in our corporate-owned and franchisee-owned stores for the three and six months ended June 30, 2021 and 2020: For the three months ended For the six months ended 2021 2020 2021 2020 Franchisee-owned stores: Stores operated at beginning of period 2,043 1,940 2,021 1,903 New stores opened 21 21 43 59 Stores debranded, sold or consolidated (1) — (1) — (2) Stores operated at end of period (2) 2,064 1,960 2,064 1,960 Corporate-owned stores: Stores operated at beginning of period 103 99 103 98 New stores opened 3 — 3 1 Stores acquired from franchisees — — — — Stores operated at end of period (2) 106 99 106 99 Total stores: Stores operated at beginning of period 2,146 2,039 2,124 2,001 New stores opened 24 21 46 60 Stores acquired, debranded, sold or consolidated (1) — (1) — (2) Stores operated at end of period (2) 2,170 2,059 2,170 2,059 (1) The term “debrand” refers to a franchisee-owned store whose right to use the Planet Fitness brand and marks has been terminated in accordance with the franchise agreement. The Company retains the right to prevent debranded stores from continuing to operate as fitness centers. The term “consolidated” refers to the combination of a franchisee’s store with another store located in close proximity with our prior approval. This often coincides with an enlargement, re-equipment and/or refurbishment of the remaining store. (2) The “stores operated” include stores that have closed temporarily related to the COVID-19 pandemic. All stores were closed in March 2020 in response to COVID-19, and as of June 30, 2021 2,130 were re-opened and operating, of which 2,026 were franchisee-owned stores and 104 were corporate-owned stores. |
Business Organization - Additio
Business Organization - Additional Information (Detail) member in Millions | 6 Months Ended | ||||||
Jun. 30, 2021storestatemembersegment | Mar. 31, 2021store | Dec. 31, 2020store | Jun. 30, 2020store | Mar. 31, 2020store | Dec. 31, 2019store | Aug. 05, 2015 | |
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Number of owned and franchised locations | 2,170 | 2,146 | 2,124 | 2,059 | 2,039 | 2,001 | |
Number of states in which entity operates | state | 50 | ||||||
Number of stores reopened | 2,130 | ||||||
Number of reportable segments | segment | 3 | ||||||
Pla-Fit Holdings, LLC | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Percentage of ownership (in percentage) | 100.00% | 100.00% | |||||
Percentage of economic interest (in percentage) | 96.10% | ||||||
Pla-Fit Holdings, LLC | Holdings Units | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Percentage of economic interest (in percentage) | 3.90% | ||||||
Planet Intermediate, LLC | Pla-Fit Holdings, LLC | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Percentage of ownership (in percentage) | 100.00% | ||||||
Planet Fitness Holdings, LLC | Planet Intermediate, LLC | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Percentage of ownership (in percentage) | 100.00% | ||||||
Franchisee-Owned Stores | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Number of owned and franchised locations | 2,064 | 2,043 | 2,021 | 1,960 | 1,940 | 1,903 | |
Number of stores reopened | 2,026 | ||||||
Corporate-Owned Stores | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Number of owned and franchised locations | 106 | 103 | 103 | 99 | 99 | 98 | |
Number of stores reopened | 104 | ||||||
Minimum | |||||||
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items] | |||||||
Number of members (more than) | member | 14.8 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Details) | 6 Months Ended |
Jun. 30, 2021 | |
Planet Fitness NAF, LLC | |
Significant Accounting Policies [Line Items] | |
Percentage of franchise membership billing revenue | 2.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of the Carrying Value and Estimated Fair Value of Certain Assets and Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Carrying value | ||
Assets | ||
Investments - held-to-maturity | $ 25,000 | $ 0 |
Liabilities | ||
Long-term debt | 1,708,750 | 1,717,500 |
Variable Funding Notes | 75,000 | 75,000 |
Estimated fair value | ||
Assets | ||
Investments - held-to-maturity | 25,000 | 0 |
Liabilities | ||
Long-term debt | 1,730,486 | 1,699,749 |
Variable Funding Notes | $ 75,000 | $ 75,000 |
Variable Interest Entities - Ca
Variable Interest Entities - Carrying Value of Variable Interest Entities of Consolidated Financial Statements (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Assets | $ 1,899,599 | $ 1,849,737 |
Variable Interest Entity, Primary Beneficiary | ||
Variable Interest Entity [Line Items] | ||
Assets | 4,488 | 4,622 |
Liabilities | 0 | 0 |
Variable Interest Entity, Primary Beneficiary | PF Melville | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,443 | 2,523 |
Liabilities | 0 | 0 |
Variable Interest Entity, Primary Beneficiary | MMR | ||
Variable Interest Entity [Line Items] | ||
Assets | 2,045 | 2,099 |
Liabilities | $ 0 | $ 0 |
Variable Interest Entities - Ad
Variable Interest Entities - Additional Information (Detail) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Franchisee lease term, maximum (in years) | 10 years | |
Maximum obligation of guarantees of leases and debt | $ 7,101 | $ 7,842 |
Investments (Details)
Investments (Details) - USD ($) | Apr. 09, 2021 | Jun. 30, 2021 | Dec. 31, 2020 |
Investments, Debt and Equity Securities [Abstract] | |||
Amortized cost of held-to-maturity debt security investments | $ 25,000,000 | $ 0 | |
Unrealized gains for held-to-maturity debt security investments | 0 | ||
Unrealized losses for held-to-maturity debt security investments | $ 0 | ||
Planet Fitness Australia Holdings | |||
Schedule of Equity Method Investments [Line Items] | |||
Ownership percentage | 20.00% | ||
Payment to acquire equity method investment | $ 10,000,000 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021 | Dec. 31, 2020 | |
Goodwill And Intangible Assets [Line Items] | ||
Gross carrying amount | $ 211,693 | $ 211,693 |
Accumulated amortization | (149,536) | (141,218) |
Net carrying Amount | 62,157 | 70,475 |
Total intangible assets, Gross carrying amount | 358,293 | 358,293 |
Total intangible assets, Net carrying Amount | 208,757 | 217,075 |
Goodwill, gross carrying amount | 227,821 | 227,821 |
Goodwill, Accumulated amortization | 0 | 0 |
Goodwill, net carrying amount | 227,821 | 227,821 |
Trade and brand names | ||
Goodwill And Intangible Assets [Line Items] | ||
Indefinite-lived intangible assets | $ 146,600 | $ 146,600 |
Customer relationships | ||
Goodwill And Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 11 years | 11 years |
Gross carrying amount | $ 174,033 | $ 174,033 |
Accumulated amortization | (131,303) | (124,907) |
Net carrying Amount | $ 42,730 | $ 49,126 |
Reacquired franchise rights | ||
Goodwill And Intangible Assets [Line Items] | ||
Weighted average amortization period (years) | 8 years | 8 years |
Gross carrying amount | $ 37,660 | $ 37,660 |
Accumulated amortization | (18,233) | (16,311) |
Net carrying Amount | $ 19,427 | $ 21,349 |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||||
Impairment charges | $ 0 | $ 0 | |||
Amortization of intangible assets | $ 4,159,000 | $ 4,222,000 | $ 8,339,000 | $ 8,445,000 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Amortization expenses (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Remainder of 2021 | $ 8,318 | |
2022 | 16,728 | |
2023 | 16,558 | |
2024 | 14,067 | |
2025 | 3,066 | |
Thereafter | 3,420 | |
Net carrying Amount | $ 62,157 | $ 70,475 |
Long-Term Debt - Schedule of Lo
Long-Term Debt - Schedule of Long-Term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Total debt, excluding deferred financing costs | $ 1,783,750 | $ 1,792,501 |
Deferred financing costs, net of accumulated amortization | (20,419) | (23,575) |
Total debt | 1,763,331 | 1,768,926 |
Current portion of long-term debt | 17,500 | 17,500 |
Long-term debt and borrowings under Variable Funding Notes, net of current portion | 1,745,831 | 1,751,426 |
2018-1 Class A-2-I notes | Senior fixed-rate term notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding deferred financing costs | 559,188 | 562,063 |
2018-1 Class A-2-II notes | Senior fixed-rate term notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding deferred financing costs | 607,812 | 610,938 |
2019-1 Class A-2 notes | Senior fixed-rate term notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding deferred financing costs | 541,750 | 544,500 |
Revolving Financing Facility | Borrowings under Variable Funding Notes | ||
Debt Instrument [Line Items] | ||
Total debt, excluding deferred financing costs | $ 75,000 | $ 75,000 |
Long-Term Debt - Schedule of Fu
Long-Term Debt - Schedule of Future Annual Payments of Long-term Debt (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Debt Disclosure [Abstract] | ||
Remainder of 2021 | $ 8,750 | |
2022 | 568,062 | |
2023 | 86,750 | |
2024 | 11,750 | |
2025 | 591,438 | |
Thereafter | 517,000 | |
Total | $ 1,783,750 | $ 1,792,501 |
Long-Term Debt - Narrative (Det
Long-Term Debt - Narrative (Details) | Dec. 03, 2019USD ($) | Aug. 01, 2018USD ($)extension | Sep. 30, 2023 | Jun. 30, 2021USD ($) | Mar. 20, 2020USD ($) |
Debt Instrument [Line Items] | |||||
Debt issuance costs incurred | $ 10,577,000 | $ 27,133,000 | |||
Restricted cash | $ 42,226,000 | ||||
2018-1 Class A-2-I notes | Senior fixed-rate term notes | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 4.262% | ||||
Debt face amount | $ 575,000,000 | ||||
2018-1 Class A-2-II notes | Senior fixed-rate term notes | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 4.666% | ||||
Debt face amount | $ 625,000,000 | ||||
Variable funding notes | Revolving Financing Facility | |||||
Debt Instrument [Line Items] | |||||
Maximum borrowing capacity | $ 75,000,000 | ||||
Variable rate percentage | 220.00% | ||||
Borrowings on line of credit | $ 75,000,000 | ||||
Commitment fee percentage | 0.50% | ||||
Number of additional extensions | extension | 2 | ||||
Term of extension (in years) | 1 year | ||||
Variable funding notes | Revolving Financing Facility | Scenario, Forecast | |||||
Debt Instrument [Line Items] | |||||
Line of credit interest rate | 5.00% | ||||
2019-1 Class A-2 notes | Senior fixed-rate term notes | |||||
Debt Instrument [Line Items] | |||||
Fixed interest rate | 3.858% | ||||
Debt face amount | $ 550,000,000 | ||||
Securitized Senior Notes | Securitized Senior Notes | |||||
Debt Instrument [Line Items] | |||||
Cap on non-securitized indebtedness | $ 50,000,000 | ||||
Leverage ratio cap | 7 |
Leases - Additional Information
Leases - Additional Information (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Lessee, Lease, Description [Line Items] | |
Lease payments for leases signed but not yet commenced | $ 41,664 |
Minimum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 1 year |
Renewal term (in years) | 3 years |
Maximum | |
Lessee, Lease, Description [Line Items] | |
Remaining lease term (in years) | 10 years |
Renewal term (in years) | 10 years |
Leases - Balance Sheet Classifi
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Assets | ||
Operating lease ROU assets | $ 171,485 | $ 164,252 |
Finance lease assets | $ 292 | $ 306 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | Property and equipment, net of accumulated depreciation of $128,684 and $107,720 at June 30, 2021 and December 31, 2020, respectively | us-gaap:PropertyPlantAndEquipmentNet |
Total lease assets | $ 171,777 | $ 164,558 |
Liabilities | ||
Current operating lease liabilities | $ 20,432 | $ 19,544 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | Other current liabilities | Other current liabilities |
Noncurrent operating lease liabilities | $ 175,934 | $ 167,910 |
Noncurrent finance lease liabilities | $ 300 | $ 327 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | Other liabilities | Other liabilities |
Total lease liabilities | $ 196,666 | $ 187,781 |
Weighted-average remaining lease term (years) - operating leases | 8 years 6 months | 8 years 8 months 12 days |
Weighted-average discount rate - operating leases | 5.00% | 5.10% |
Leases Leases - Components of L
Leases Leases - Components of Lease Cost (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Operating lease cost | $ 7,283 | $ 5,957 | $ 13,976 | $ 12,348 |
Variable lease cost | 2,836 | 2,459 | 5,210 | 4,830 |
Total lease cost | $ 10,119 | $ 8,416 | $ 19,186 | $ 17,178 |
Leases Leases - Supplemental Di
Leases Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Leases [Abstract] | ||||
Cash paid for lease liabilities | $ 7,062 | $ 5,599 | $ 13,639 | $ 11,397 |
Operating lease ROU assets obtained in exchange for operating lease liabilities | $ 8,013 | $ 6,102 | $ 12,640 | $ 6,102 |
Leases Leases - Maturities of L
Leases Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Leases [Abstract] | |
Remainder of 2021 | $ 14,700 |
2022 | 29,955 |
2023 | 29,638 |
2024 | 29,614 |
2025 | 29,211 |
Thereafter | 110,468 |
Total lease payments | 243,586 |
Less: imputed interest | 46,920 |
Present value of lease liabilities | $ 196,666 |
Revenue recognition - Schedule
Revenue recognition - Schedule of Contract Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021USD ($) | |
Contract liabilities | |
Beginning Balance | $ 59,278 |
Revenue recognized that was included in the contract liability at the beginning of the year | (18,707) |
Increase, excluding amounts recognized as revenue during the period | 26,102 |
Ending Balance | $ 66,673 |
Revenue recognition - Remaining
Revenue recognition - Remaining Performance Obligation (Details) $ in Thousands | Jun. 30, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 66,673 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2021-07-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 28,816 |
Remaining performance obligation, expected timing of satisfaction | 6 months |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8,024 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,805 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,459 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 3,108 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 19,461 |
Remaining performance obligation, expected timing of satisfaction |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Related Party Transactions (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Related Party Transaction [Line Items] | ||||
Total revenue from related parties | $ 587 | $ 0 | $ 1,140 | $ 593 |
Franchise revenue | ||||
Related Party Transaction [Line Items] | ||||
Total revenue from related parties | 587 | 0 | 1,140 | 500 |
Equipment revenue | ||||
Related Party Transaction [Line Items] | ||||
Total revenue from related parties | $ 0 | $ 0 | $ 0 | $ 93 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | May 31, 2020 | |
Related Party Transaction [Line Items] | ||||||
Liability payable under tax benefit obligations | $ 74,347 | $ 74,347 | $ 71,416 | |||
Administrative fees charged | 587 | $ 0 | 1,140 | $ 593 | ||
COVID-19 | ||||||
Related Party Transaction [Line Items] | ||||||
Short-term loan to third party payment processor | 747 | 747 | $ 8,950 | |||
Area Development Agreements | ||||||
Related Party Transaction [Line Items] | ||||||
Deferred area development revenue from related parties | 176 | 176 | $ 182 | |||
Corporate Travel | Affiliated Entity | ||||||
Related Party Transaction [Line Items] | ||||||
Expense incurred for corporate travel to a third-party company | 0 | 11 | 0 | 60 | ||
Administrative Service | Planet Fitness NAF, LLC | ||||||
Related Party Transaction [Line Items] | ||||||
Administrative fees charged | $ 500 | $ 224 | $ 999 | $ 793 |
Stockholders' Equity (Detail)
Stockholders' Equity (Detail) - USD ($) | Mar. 02, 2020 | Dec. 05, 2019 | Jun. 30, 2021 | Dec. 31, 2020 | Dec. 04, 2019 | Nov. 05, 2019 |
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 500,000,000 | |||||
Preferred stock, shares authorized (in shares) | 50,000,000 | 50,000,000 | ||||
Preferred stock, shares issued (in shares) | 0 | 0 | ||||
Preferred stock, shares outstanding (in shares) | 0 | 0 | ||||
Pla-Fit Holdings, LLC | ||||||
Class of Stock [Line Items] | ||||||
Number of shares exchanged (in shares) | 358,979 | |||||
2019 ASR Agreement | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchase program, authorized amount | $ 300,000,000 | $ 300,000,000 | ||||
Repurchase and retirement of common stock | $ 60,000,000 | $ 240,000,000 | ||||
Holdings Units | ||||||
Class of Stock [Line Items] | ||||||
Number of shares exchanged (in shares) | 358,979 | |||||
Investor | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Number of units held by owners (in shares) | 83,224,679 | |||||
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Percentage of economic interest | 96.10% | |||||
Continuing LLC Owners | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Number of units held by owners (in shares) | 3,363,075 | |||||
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Percentage of economic interest | 3.90% | |||||
Holdings Units | ||||||
Class of Stock [Line Items] | ||||||
Shares exchanged for Class A common stock (in shares) | 1 | |||||
Class A Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Number of shares exchanged (in shares) | 358,979 | |||||
Class A Common Stock | 2019 ASR Agreement | ||||||
Class of Stock [Line Items] | ||||||
Stock repurchased (in shares) | 666,961 | 3,289,924 | ||||
Weighted average cost per share (in dollars per share) | $ 75.82 | |||||
Class A Common Stock | Investor | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Number of units held by owners (in shares) | 83,224,679 | |||||
Class A Common Stock | Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Common Stockholders | ||||||
Class of Stock [Line Items] | ||||||
Percentage of voting power | 96.10% | |||||
Class B Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Shares exchanged for Class A common stock (in shares) | 1 | |||||
Number of shares exchanged (in shares) | 358,979 | |||||
Class B Common Stock | Continuing LLC Owners | Secondary Offering and Exchange | ||||||
Class of Stock [Line Items] | ||||||
Number of units held by owners (in shares) | 3,363,075 | |||||
Class B Common Stock | Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Continuing LLC Owners | ||||||
Class of Stock [Line Items] | ||||||
Percentage of voting power | 3.90% |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Holdings Units | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares exchanged for Class A common stock (in shares) | 1 | |||
Class B Common Stock | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Shares exchanged for Class A common stock (in shares) | 1 | |||
Class B Common Stock | Stock Options | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 207,382 | 179,893 | 126,270 | 147,118 |
Class B Common Stock | Restricted Stock Units | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 866 | 2,331 | 435 | 3,069 |
Class B Common Stock | Equity Unit Purchase Agreements | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 3,363,075 | 6,500,908 | 3,417,158 | 7,139,172 |
Class A Common Stock | Stock Options | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 516,927 | 546,303 | ||
Class A Common Stock | Restricted Stock Units | ||||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||||
Anti-dilutive securities excluded from computation of earnings per share (in shares) | 31,811 | 41,189 |
Earnings Per Share - Reconcilia
Earnings Per Share - Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Numerator | ||||
Net income (loss) | $ 15,016 | $ (31,985) | $ 21,206 | $ (21,602) |
Less: net income (loss) attributable to non-controlling interests | 1,006 | (2,808) | 1,615 | (1,032) |
Net income (loss) attributable to Planet Fitness, Inc. | $ 14,010 | $ (29,177) | $ 19,591 | $ (20,570) |
Stock Options | ||||
Effect of dilutive securities: | ||||
Weighted-average shares outstanding adjustment (in shares) | 566,500 | 0 | 564,618 | 0 |
Restricted Stock Units | ||||
Effect of dilutive securities: | ||||
Weighted-average shares outstanding adjustment (in shares) | 47,995 | 0 | 52,942 | 0 |
Class A Common Stock | ||||
Denominator | ||||
Weighted-average shares of Class A common stock outstanding - basic (in shares) | 83,222,601 | 79,965,842 | 83,153,731 | 79,532,155 |
Effect of dilutive securities: | ||||
Weighted-average shares of Class A common stock outstanding - diluted (in shares) | 83,837,096 | 79,965,842 | 83,771,291 | 79,532,155 |
Earnings (loss) per share of Class A common stock - basic (in dollars per share) | $ 0.17 | $ (0.36) | $ 0.24 | $ (0.26) |
Earnings (loss) per share of Class A common stock - diluted (in dollars per share) | $ 0.17 | $ (0.36) | $ 0.23 | $ (0.26) |
Income Taxes - Additional infor
Income Taxes - Additional information (Detail) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020 | Jun. 30, 2021USD ($)agreementshares | Jun. 30, 2020 | Dec. 31, 2020USD ($) | |
Tax Credit Carryforward [Line Items] | |||||
Effective income tax rate | 25.60% | 25.40% | 28.60% | 21.80% | |
Net deferred tax assets | $ 512,587 | $ 512,587 | $ 510,319 | ||
Total liability related to uncertain tax positions | 420 | $ 420 | 420 | ||
Number of tax receivable agreements | agreement | 2 | ||||
Percentage of remaining tax savings | 15.00% | ||||
Tax benefit obligation | $ 496,143 | $ 496,143 | $ 488,200 | ||
Class A Common Stock | |||||
Tax Credit Carryforward [Line Items] | |||||
Number of shares exchanged (in shares) | shares | 358,979 | ||||
TRA Holders | |||||
Tax Credit Carryforward [Line Items] | |||||
Applicable tax savings (in percentage) | 85.00% | 85.00% | |||
Decrease in deferred tax assets | $ 258 | ||||
Deferred tax asset | $ 9,714 | 9,714 | |||
Deferred tax liability | $ 8,292 | $ 8,292 | |||
TRA Holders | Class A Common Stock | |||||
Tax Credit Carryforward [Line Items] | |||||
Number of shares exchanged (in shares) | shares | 358,979 |
Income Taxes - Schedule of Futu
Income Taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Income Tax Disclosure [Abstract] | ||
Remainder of 2021 | $ 0 | |
2022 | 13,415 | |
2023 | 35,917 | |
2024 | 42,376 | |
2025 | 51,931 | |
Thereafter | 352,504 | |
Total | $ 496,143 | $ 488,200 |
Commitments and contingencies -
Commitments and contingencies - Additional Information (Details) - Pending Litigation - Civil Action Brought By Former Employee $ in Thousands | Jun. 30, 2021USD ($) |
Loss Contingencies [Line Items] | |
Estimate of possible loss | $ 2,117 |
Loss contingency, receivable | $ 2,117 |
Segments - Additional Informati
Segments - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2021USD ($) | Jun. 30, 2020USD ($) | Jun. 30, 2021USD ($)segment | Jun. 30, 2020USD ($) | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | |||||
Number of reportable segments | segment | 3 | ||||
Revenue | $ 137,251,000 | $ 40,234,000 | $ 249,128,000 | $ 167,464,000 | |
Franchise revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 72,849,000 | 21,002,000 | 136,910,000 | 79,531,000 | |
Franchise revenue | Placement Services | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 1,712,000 | 868,000 | 2,491,000 | 2,880,000 | |
Corporate-owned stores | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | 40,579,000 | $ 9,419,000 | 78,456,000 | $ 49,935,000 | |
Corporate-owned stores | Canada | |||||
Segment Reporting Information [Line Items] | |||||
Long-lived assets | $ 720,000 | 720,000 | $ 828,000 | ||
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenue | $ 0 |
Segments - Summary of Financial
Segments - Summary of Financial Information for the Company's Reportable Segments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting Information [Line Items] | ||||
Revenue | $ 137,251 | $ 40,234 | $ 249,128 | $ 167,464 |
Total Segment EBITDA | 55,141 | (9,787) | 100,186 | 36,586 |
Corporate and other | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBITDA | (12,595) | (8,285) | (21,250) | (17,031) |
Franchise revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 72,849 | 21,002 | 136,910 | 79,531 |
Franchise revenue | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBITDA | 51,756 | 3,529 | 92,936 | 40,275 |
Franchise revenue | US | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 72,402 | 20,819 | 135,746 | 78,161 |
Franchise revenue | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 447 | 183 | 1,164 | 1,370 |
Corporate-owned stores | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 40,579 | 9,419 | 78,456 | 49,935 |
Corporate-owned stores | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBITDA | 10,372 | (6,342) | 21,062 | 5,665 |
Corporate-owned stores | US | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 40,507 | 9,244 | 78,307 | 48,810 |
Corporate-owned stores | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 72 | 175 | 149 | 1,125 |
Equipment revenue | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 23,823 | 9,813 | 33,762 | 37,998 |
Equipment revenue | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total Segment EBITDA | 5,608 | 1,311 | 7,438 | 7,677 |
Equipment revenue | US | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | 23,336 | 9,813 | 33,275 | 37,507 |
Equipment revenue | International | ||||
Segment Reporting Information [Line Items] | ||||
Revenue | $ 487 | $ 0 | $ 487 | $ 491 |
Segments - Reconciliation of To
Segments - Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Segment Reporting [Abstract] | ||||
Total Segment EBITDA | $ 55,141 | $ (9,787) | $ 100,186 | $ 36,586 |
Depreciation and amortization | 15,036 | 13,008 | 30,510 | 25,800 |
Other income (expense) | (147) | (73) | 18 | (760) |
Income (loss) from operations | 40,252 | (22,722) | 69,658 | 11,546 |
Interest income | 195 | 359 | 412 | 2,286 |
Interest expense | (20,125) | (20,467) | (40,369) | (40,708) |
Income (loss) before income taxes | $ 20,175 | $ (42,903) | $ 29,719 | $ (27,636) |
Segments - Summary of Company's
Segments - Summary of Company's Assets by Reportable Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total consolidated assets | $ 1,899,599 | $ 1,849,737 |
Operating Segments | Franchise revenue | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total consolidated assets | 178,023 | 174,812 |
Operating Segments | Corporate-owned stores | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total consolidated assets | 472,889 | 468,628 |
Operating Segments | Equipment revenue | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total consolidated assets | 183,801 | 171,201 |
Unallocated | ||
Segment Reporting, Asset Reconciling Item [Line Items] | ||
Total consolidated assets | $ 1,064,886 | $ 1,035,096 |
Segments - Summary of Company_2
Segments - Summary of Company's Goodwill by Reportable Segment (Detail) - USD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Consolidated goodwill | $ 227,821 | $ 227,821 |
Franchise revenue | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Consolidated goodwill | 16,938 | 16,938 |
Corporate-owned stores | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Consolidated goodwill | 118,217 | 118,217 |
Equipment revenue | ||
Segment Reporting, Other Significant Reconciling Item [Line Items] | ||
Consolidated goodwill | $ 92,666 | $ 92,666 |
Corporate-Owned and Franchise_3
Corporate-Owned and Franchisee-Owned Stores - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Detail) - store | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
Number Of Stores [Roll Forward] | ||||
Stores operated at beginning of period | 2,146 | 2,039 | 2,124 | 2,001 |
New stores opened | 24 | 21 | 46 | 60 |
Stores acquired, debranded, sold or consolidated | 0 | (1) | 0 | (2) |
Stores operated at end of period | 2,170 | 2,059 | 2,170 | 2,059 |
Number of stores reopened | 2,130 | 2,130 | ||
Franchisee-Owned Stores | ||||
Number Of Stores [Roll Forward] | ||||
Stores operated at beginning of period | 2,043 | 1,940 | 2,021 | 1,903 |
New stores opened | 21 | 21 | 43 | 59 |
Stores acquired, debranded, sold or consolidated | 0 | (1) | 0 | (2) |
Stores operated at end of period | 2,064 | 1,960 | 2,064 | 1,960 |
Number of stores reopened | 2,026 | 2,026 | ||
Corporate-Owned Stores | ||||
Number Of Stores [Roll Forward] | ||||
Stores operated at beginning of period | 103 | 99 | 103 | 98 |
New stores opened | 3 | 0 | 3 | 1 |
Stores acquired from franchisees | 0 | 0 | 0 | 0 |
Stores operated at end of period | 106 | 99 | 106 | 99 |
Number of stores reopened | 104 | 104 |