Planet Fitness Inc
For the period ended Mar 31, 2024. Filed May 9, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2024 · Filed May 9, 2024
PLNT$61.34+0.4%Stored close · as of Nov 10, 2026
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Condensed Consolidated Statements of Cash Flows (Unaudited)for the
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Three Months Ended March 31, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $34,973 | $24,769 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 39,380 | 36,010 |
| Amortization of deferred financing costs | 1,346 | 1,360 |
| Accretion of marketable securities discount | (871) | — |
| Losses from equity-method investments, net of tax | 1,200 | 265 |
| Dividends accrued on held-to-maturity investment | (528) | (483) |
| Credit loss on held-to-maturity investment | 475 | 255 |
| Deferred tax expense | 11,367 | 8,082 |
| Gain on re-measurement of tax benefit arrangement liability | (362) | — |
| Loss on disposal of property and equipment | 867 | — |
| Equity-based compensation expense | 975 | 2,049 |
| Other | (41) | (44) |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | 18,084 | 25,619 |
| Inventory | (287) | 266 |
| Other assets and other current assets | (6,444) | 2,010 |
| Restricted assets - national advertising fund | (17,945) | (13,387) |
| Accounts payable and accrued expenses | (18,530) | (19,928) |
| Other liabilities and other current liabilities | (548) | 4,907 |
| Income taxes | 1,943 | 2,736 |
| Equipment deposits | 3,088 | 4,408 |
| Deferred revenue | 19,519 | 19,395 |
| Leases | 2,071 | (379) |
| Net cash provided by operating activities | 89,732 | 97,910 |
| Cash flows from investing activities: | ||
| Additions to property and equipment | (26,311) | (22,997) |
| Purchases of marketable securities | (34,922) | — |
| Maturities of marketable securities | 22,589 | — |
| Net cash used in investing activities | (38,644) | (22,997) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of Class A common stock | 450 | 6,748 |
| Principal payments on capital lease obligations | (36) | (56) |
| Repayment of long-term debt and variable funding notes | (5,188) | (5,188) |
| Repurchase and retirement of Class A common stock | (20,005) | (25,005) |
| Distributions paid to members of Pla-Fit Holdings | (218) | (1,106) |
| Net cash used in financing activities | (24,997) | (24,607) |
| Effects of exchange rate changes on cash and cash equivalents | (315) | 198 |
| Net increase in cash, cash equivalents and restricted cash | 25,776 | 50,504 |
| Cash, cash equivalents and restricted cash, beginning of period | 322,121 | 472,499 |
| Cash, cash equivalents and restricted cash, end of period | $347,897 | $523,003 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $20,165 | $20,373 |
| Net cash paid for (refund received) income taxes | $1,013 | $(1,016) |
| Non-cash investing activities: | ||
| Non-cash additions to property and equipment included in accounts payable and accrued expenses | $11,400 | $11,682 |
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