Planet Fitness Inc
For the period ended Sep 30, 2024. Filed Nov 7, 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.
Sep 30, 2024 · Filed Nov 7, 2024
PLNT$61.34+0.4%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Condensed Consolidated Statements of Cash Flows (Unaudited) for the
Condensed Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| (in thousands) | 2024 | 2023 |
| Cash flows from operating activities: | ||
| Net income | $126,680 | $110,272 |
| Adjustments to reconcile net income to net cash provided by operating activities: | ||
| Depreciation and amortization | 120,230 | 110,254 |
| Amortization of deferred financing costs | 3,984 | 4,114 |
| Loss on extinguishment of debt | 2,285 | — |
| Accretion of marketable securities discount | (2,658) | (2,224) |
| Losses from equity-method investments, net of tax | 3,198 | 580 |
| Dividends accrued on held-to-maturity investment | (1,618) | (1,490) |
| Credit loss (gain) on held-to-maturity investment | 849 | (6) |
| Deferred tax expense | 40,077 | 34,884 |
| Gain on re-measurement of tax benefit arrangement liability | (774) | — |
| Loss on disposal of property and equipment | 400 | 158 |
| Loss on reacquired franchise rights | — | 110 |
| Equity-based compensation expense | 5,965 | 6,326 |
| Other | 138 | (25) |
| Changes in operating assets and liabilities, net of acquisitions: | ||
| Accounts receivable | (7,443) | 10,086 |
| Inventory | (201) | (2,270) |
| Other assets and other current assets | 1,735 | (1,722) |
| Restricted assets - national advertising fund | (368) | 805 |
| Accounts payable and accrued expenses | 8,818 | (7,488) |
| Other liabilities and other current liabilities | (741) | 6,855 |
| Income taxes | (1,553) | (104) |
| Payments pursuant to tax benefit arrangements | (28,786) | (21,780) |
| Equipment deposits | 5,835 | 5,495 |
| Deferred revenue | 9,552 | 9,428 |
| Leases | 9,138 | 4,662 |
| Net cash provided by operating activities | 294,742 | 266,920 |
| Cash flows from investing activities: | ||
| Additions to property and equipment | (112,968) | (84,636) |
| Acquisition of franchisees, net of cash acquired | — | (26,264) |
| Proceeds from sale of property and equipment | 568 | 2 |
| Purchases of marketable securities | (116,833) | (155,007) |
| Maturities of marketable securities | 80,922 | 37,990 |
| Other investments | — | (20,000) |
| Net cash used in investing activities | (148,311) | (247,915) |
| Cash flows from financing activities: | ||
| Proceeds from issuance of long-term debt | 800,000 | — |
| Proceeds from issuance of Class A common stock | 17,221 | 8,575 |
| Principal payments on capital lease obligations | (100) | (152) |
| Repayment of long-term debt | (603,063) | (15,563) |
| Payment of deferred financing and other debt-related costs | (12,055) | — |
| Repurchase and retirement of Class A common stock | (300,205) | (125,030) |
| Distributions paid to members of Pla-Fit Holdings | (3,345) | (4,216) |
| Net cash used in financing activities | (101,547) | (136,386) |
| Effects of exchange rate changes on cash and cash equivalents | (456) | 233 |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 44,428 | (117,148) |
| Cash, cash equivalents and restricted cash, beginning of period | 322,121 | 472,499 |
| Cash, cash equivalents and restricted cash, end of period | $366,549 | $355,351 |
| Supplemental cash flow information: | ||
| Cash paid for interest | $53,718 | $60,964 |
| Net cash paid for income taxes | $11,248 | $4,394 |
| Non-cash investing activities: | ||
| Non-cash additions to property and equipment included in accounts payable and accrued expenses | $18,446 | $20,590 |
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