PLANET FITNESS, INC., 10-Q filed on 11/9/2022
Quarterly Report
v3.22.2.2
Cover Page - shares
 9 Months Ended
Sep. 30, 2022
Nov. 02, 2022
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2022  
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, $0.0001 Par Value  
Trading Symbol PLNT  
Security Exchange Name NYSE  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Amendment Flag false  
Document Fiscal Year Focus 2022  
Document Fiscal Period Focus Q3  
Entity Central Index Key 0001637207  
Current Fiscal Year End Date --12-31  
Class A Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   83,415,699
Class B Common Stock    
Document Information [Line Items]    
Entity Common Stock, Shares Outstanding   6,145,722
v3.22.2.2
Condensed consolidated balance sheets - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Cash and cash equivalents $ 404,463 $ 545,909
Restricted cash 62,714 58,032
Accounts receivable, net of allowance for bad debts of $0 and $0 as of September 30, 2022 and December 31, 2021, respectively 34,475 27,257
Inventory 4,224 1,155
Restricted assets – national advertising fund 1,773 0
Prepaid expenses 13,922 12,869
Other receivables 14,015 13,519
Income tax receivables 4,885 3,673
Total current assets 540,471 662,414
Property and equipment, net of accumulated depreciation of $204,581 and $152,296 as of September 30, 2022 and December 31, 2021, respectively 332,840 173,687
Investments, net of allowance for expected credit losses of $15,890 and $17,462 as of September 30, 2022 and December 31, 2021, respectively 21,389 18,760
Right-of-use assets, net 348,246 190,330
Intangible assets, net 427,675 200,937
Goodwill 700,207 228,569
Deferred income taxes 471,495 539,264
Other assets, net 3,933 2,022
Total assets 2,846,256 2,015,983
Current liabilities:    
Current maturities of long-term debt 20,750 17,500
Accounts payable 22,218 27,892
Accrued expenses 54,302 51,714
Equipment deposits 32,020 6,036
Deferred revenue, current 56,159 28,351
Payable pursuant to tax benefit arrangements, current 31,482 20,302
Other current liabilities 41,208 24,815
Total current liabilities 258,139 176,610
Long-term debt, net of current maturities 1,982,158 1,665,273
Borrowings under Variable Funding Notes 0 75,000
Lease liabilities, net of current portion 341,961 197,682
Deferred revenue, net of current portion 32,793 33,428
Deferred tax liabilities 965 0
Payable pursuant to tax benefit arrangements, net of current portion 474,032 507,805
Other liabilities 4,314 3,030
Total noncurrent liabilities 2,836,223 2,482,218
Commitments and contingencies (Note 14)
Stockholders’ equity (deficit):    
Accumulated other comprehensive income (626) 12
Additional paid in capital 534,365 63,428
Accumulated deficit (737,399) (708,804)
Total stockholders’ deficit attributable to Planet Fitness Inc. (203,651) (645,355)
Non-controlling interests (44,455) 2,510
Total stockholders’ deficit (248,106) (642,845)
Total liabilities and stockholders’ deficit 2,846,256 2,015,983
Class A Common Stock    
Stockholders’ equity (deficit):    
Common stock 8 8
Class B Common Stock    
Stockholders’ equity (deficit):    
Common stock $ 1 $ 1
v3.22.2.2
Condensed consolidated balance sheets (Parenthetical) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Current assets:    
Accounts receivable, allowance for bad debts $ 0 $ 0
Accumulated depreciation 204,581 152,296
Allowance for expected credit loss $ 15,890 $ 17,462
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) 300,000,000 300,000,000
Common stock, shares issued (in shares) 83,414,000 83,804,000
Common stock, shares outstanding (in shares) 83,414,000 83,804,000
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) 100,000,000 100,000,000
Common stock, shares issued (in shares) 6,146,000 3,056,000
Common stock, shares outstanding (in shares) 6,146,000 3,056,000
v3.22.2.2
Condensed consolidated statements of operations - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Revenue:        
Revenue $ 244,386 $ 154,255 $ 655,504 $ 403,383
Operating costs and expenses:        
Cost of revenue 48,531 27,097 103,436 53,579
Store operations 57,892 27,751 161,789 82,088
Selling, general and administrative 27,148 22,969 86,176 67,248
National advertising fund expense 17,009 15,586 50,445 41,868
Depreciation and amortization 32,572 16,248 90,427 46,758
Other (gains) losses, net (700) 57 (2,452) (2,363)
Total operating costs and expenses 182,452 109,708 489,821 289,178
Income from operations 61,934 44,547 165,683 114,205
Other expense, net:        
Interest income 1,561 233 2,244 645
Interest expense (21,917) (20,350) (66,527) (60,719)
Other income 4,762 677 9,000 695
Total other expense, net (15,594) (19,440) (55,283) (59,379)
Income before income taxes 46,340 25,107 110,400 54,826
Equity losses of unconsolidated entities, net of tax (2) 0 (334) 0
Provision for income taxes 15,661 6,475 35,942 14,988
Net income 30,677 18,632 74,124 39,838
Less net income attributable to non-controlling interests 3,764 1,189 8,405 2,804
Net income attributable to Planet Fitness, Inc. $ 26,913 $ 17,443 $ 65,719 $ 37,034
Class A Common Stock        
Net income per share of Class A common stock:        
Basic (in usd per share) $ 0.32 $ 0.21 $ 0.78 $ 0.45
Diluted (in usd per share) $ 0.32 $ 0.21 $ 0.78 $ 0.44
Weighted-average shares of Class A common stock outstanding:        
Basic (in shares) 84,156,488 83,274,091 84,377,324 83,194,292
Diluted (in shares) 84,546,613 83,879,442 84,797,924 83,807,865
Franchise        
Revenue:        
Revenue $ 65,975 $ 61,481 $ 199,506 $ 173,419
Commission income        
Revenue:        
Revenue 193 39 737 381
National advertising fund revenue        
Revenue:        
Revenue 14,578 13,863 43,130 38,493
Corporate-owned stores        
Revenue:        
Revenue 101,330 43,899 278,940 122,355
Equipment        
Revenue:        
Revenue $ 62,310 $ 34,973 $ 133,191 $ 68,735
v3.22.2.2
Condensed consolidated statements of comprehensive income - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Statement of Comprehensive Income [Abstract]        
Net income including non-controlling interests $ 30,677 $ 18,632 $ 74,124 $ 39,838
Other comprehensive income, net:        
Foreign currency translation adjustments (516) (44) (638) (15)
Total other comprehensive loss, net (516) (44) (638) (15)
Total comprehensive income including non-controlling interests 30,161 18,588 73,486 39,823
Less: total comprehensive income attributable to non-controlling interests 3,764 1,189 8,405 2,804
Total comprehensive income attributable to Planet Fitness, Inc. $ 26,397 $ 17,399 $ 65,081 $ 37,019
v3.22.2.2
Condensed consolidated statements of cash flows - USD ($)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Cash flows from operating activities:    
Net income $ 74,124 $ 39,838
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 90,427 46,758
Amortization of deferred financing costs 4,129 4,753
Write-off of deferred financing costs 1,583 0
Amortization of asset retirement obligations 201 55
Dividends accrued on investment (1,391) (949)
Deferred tax expense 35,026 12,774
Equity losses of unconsolidated entities, net of tax 334 0
Gain on adjustment of allowance for credit losses on held-to-maturity investment (1,572) 0
Gain on re-measurement of tax benefit arrangement (8,381) (348)
Loss on reacquired franchise rights 1,160 0
Gain on sale of corporate-owned stores (1,324) 0
Equity-based compensation 6,942 6,267
Other 66 (37)
Changes in operating assets and liabilities, excluding effects of acquisitions:    
Accounts receivable (7,477) 5,321
Inventory (3,071) (3,625)
Other assets and other current assets (567) 9,618
Restricted assets - national advertising fund (1,773) (1,162)
Accounts payable and accrued expenses (22,521) 9,413
Other liabilities and other current liabilities 1,728 (3,540)
Income taxes (2,111) 452
Payable pursuant to tax benefit arrangements (14,211) 0
Equipment deposits 26,049 20,099
Deferred revenue 11,506 3,483
Leases 1,550 320
Net cash provided by operating activities 190,426 149,490
Cash flows from investing activities:    
Additions to property and equipment (65,138) (31,791)
Acquisition of franchises, net of cash acquired (424,940) 0
Proceeds from sale of property and equipment 60 19
Proceeds from sale of corporate-owned stores 20,820 0
Investments 0 (35,000)
Net cash used in investing activities (469,198) (66,772)
Cash flows from financing activities:    
Principal payments on capital lease obligations (207) (146)
Proceeds from issuance of long-term debt 900,000 0
Proceeds from issuance of Variable Funding Notes 75,000 0
Repayment of long-term debt and Variable Funding Notes (719,625) (13,125)
Payment of deferred financing and other debt-related costs (15,951) 0
Proceeds from issuance of Class A common stock 779 916
Repurchase and retirement of Class A common stock (94,314) 0
Distributions paid to members of Pla-Fit Holdings (2,945) (670)
Net cash provided by (used in) financing activities 142,737 (13,025)
Effects of exchange rate changes on cash and cash equivalents (729) (19)
Net (decrease) increase in cash, cash equivalents and restricted cash (136,764) 69,674
Cash, cash equivalents and restricted cash, beginning of period 603,941 515,800
Cash, cash equivalents and restricted cash, end of period 467,177 585,474
Supplemental cash flow information:    
Net cash paid for income taxes 3,072 1,683
Cash paid for interest 60,535 56,231
Non-cash investing activities:    
Non-cash additions to property and equipment 11,566 5,507
Fair value of common stock issued as consideration for acquisition $ 393,730 $ 0
v3.22.2.2
Condensed consolidated statement of changes in equity (deficit) - USD ($)
shares in Thousands, $ in Thousands
Total
Class A common stock
Class B common stock
Common stock
Class A common stock
Common stock
Class B common stock
Accumulated other comprehensive income
Additional paid- in capital
Accumulated deficit
Non-controlling interests
Beginning balance (in shares) at Dec. 31, 2020       82,821 3,722        
Beginning balance at Dec. 31, 2020 $ (705,673)     $ 8 $ 1 $ 27 $ 45,673 $ (751,578) $ 196
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 39,838             37,034 2,804
Equity-based compensation expense 6,267           6,267    
Exchanges of Class B common stock (in shares)       459 (459)        
Exchanges of Class B common stock and other adjustments 0           (487)   487
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       62          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 1,025           1,025    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 1,492           1,492    
Non-cash adjustments to VIEs (669)               (669)
Distributions paid to members of Pla-Fit Holdings (670)               (670)
Other comprehensive income (15)         (15)      
Ending balance (in shares) at Sep. 30, 2021       83,342 3,263        
Ending balance at Sep. 30, 2021 (658,405)     $ 8 $ 1 12 53,970 (714,544) 2,148
Beginning balance (in shares) at Jun. 30, 2021       83,225 3,363        
Beginning balance at Jun. 30, 2021 (679,370)     $ 8 $ 1 56 50,917 (731,987) 1,635
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 18,632             17,443 1,189
Equity-based compensation expense 2,218           2,218    
Exchanges of Class B common stock (in shares)       100 (100)        
Exchanges of Class B common stock and other adjustments 0           (72)   72
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       17          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 579           579    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 328           328    
Non-cash adjustments to VIEs (223)               (223)
Distributions paid to members of Pla-Fit Holdings (525)               (525)
Other comprehensive income (44)         (44)      
Ending balance (in shares) at Sep. 30, 2021       83,342 3,263        
Ending balance at Sep. 30, 2021 (658,405)     $ 8 $ 1 12 53,970 (714,544) 2,148
Beginning balance (in shares) at Dec. 31, 2021   83,804 3,056 83,804 3,056        
Beginning balance at Dec. 31, 2021 (642,845)     $ 8 $ 1 12 63,428 (708,804) 2,510
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 74,124             65,719 8,405
Equity-based compensation expense 6,942           6,942    
Exchanges of Class B common stock (in shares)       548 (548)        
Exchanges of Class B common stock and other adjustments 0           22,534   (22,534)
Repurchase and retirement of common stock (in shares)       (1,528)          
Repurchase and retirement of Class A common stock (94,314)           6,426 (94,314) (6,426)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       73          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 998           998    
Issuance of common stock for acquisition (in shares)       517 3,638        
Issuance of common stock for acquisition 393,730           416,509   (22,779)
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments 17,528           17,528    
Non-cash adjustments to VIEs (686)               (686)
Distributions paid to members of Pla-Fit Holdings (2,945)               (2,945)
Other comprehensive income (638)         (638)      
Ending balance (in shares) at Sep. 30, 2022   83,414 6,146 83,414 6,146        
Ending balance at Sep. 30, 2022 (248,106)     $ 8 $ 1 (626) 534,365 (737,399) (44,455)
Beginning balance (in shares) at Jun. 30, 2022       84,230 6,146        
Beginning balance at Jun. 30, 2022 (229,008)     $ 8 $ 1 (110) 529,026 (714,297) (43,636)
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Net income 30,677             26,913 3,764
Equity-based compensation expense 1,341           1,341    
Repurchase and retirement of common stock (in shares)       (831)          
Repurchase and retirement of Class A common stock (50,015)           3,432 (50,015) (3,432)
Exercise of stock options, vesting of restricted share units and ESPP share purchase (in shares)       15          
Exercise of stock options, vesting of restricted share units and ESPP share purchase 624           624    
Tax benefit arrangement liability and deferred taxes arising from exchanges of Class B common stock and other adjustments (58)           (58)    
Non-cash adjustments to VIEs (229)               (229)
Distributions paid to members of Pla-Fit Holdings (922)               (922)
Other comprehensive income (516)         (516)      
Ending balance (in shares) at Sep. 30, 2022   83,414 6,146 83,414 6,146        
Ending balance at Sep. 30, 2022 $ (248,106)     $ 8 $ 1 $ (626) $ 534,365 $ (737,399) $ (44,455)
v3.22.2.2
Business Organization
 9 Months Ended
Sep. 30, 2022
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 16.6 million members and 2,353 owned and franchised locations (referred to as stores) in 50 states, the District of Columbia, Puerto Rico, Canada, Panama, Mexico and Australia as of September 30, 2022.
In March 2020, the Company proactively closed all of its stores system wide in response to COVID-19 in order to promote the health and safety of its members, team members and their communities. As of September 30, 2022, there were no store closures related to COVID-19.
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.
As of September 30, 2022, Planet Fitness, Inc. held 100.0% of the voting interest and 93.1% of the economic interest of Pla-Fit Holdings and the holders of Holdings Units of Pla-Fit Holdings (the “Continuing LLC Owners”) held the remaining 6.9% economic interest in Pla-Fit Holdings. During the three months ended September 30, 2022 the Company reallocated amounts between non-controlling interest and additional paid in capital to appropriately reflect its economic interest in Pla-Fit Holdings.
v3.22.2.2
Summary of Significant Accounting Policies
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated balance sheet as of December 31, 2021 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, 2021 (the “Annual Report”) filed with the SEC on March 1, 2021. The Company’s significant interim accounting policies include the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year.
(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, valuation of long-lived and intangible assets acquired in a business combination, 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, the value of the lease liability and related right-of-use asset recorded in accordance with ASC 842 (see Note 8) and the estimate of current expected credit losses.
(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 liabilities as of September 30, 2022 and December 31, 2021 were as follows:
September 30, 2022December 31, 2021
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Liabilities
Long-term debt(1)
$2,030,375 $1,769,648 $1,700,000 $1,725,021 
Variable Funding Notes(1)
$— $— $75,000 $75,000 
(1) 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. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in October 2021. The guidance improves the accounting for acquired revenue contracts with customers in a business combination by requiring contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This guidance will be effective for fiscal years beginning after December 15, 2022, including interim periods within that year, with early adoption permitted. The Company early adopted this guidance as of January 1, 2022, for all acquisitions subsequent to the adoption date.
v3.22.2.2
Investments
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Investments Investments
Investments - Debt securities
As of September 30, 2022, the Company’s debt security investments consist of redeemable preferred shares that are accounted for as held-to-maturity debt securities. The Company’s investments are measured at amortized cost within Investments in the condensed consolidated balance sheets. The Company reviews its held-to-maturity securities for expected credit losses under ASC Topic 326, Credit Impairment, on an ongoing basis.
During the three and nine months ended September 30, 2022, the Company’s review of the investee’s operations and financial position indicated that an adjustment to its allowance for expected credit losses was necessary. The Company utilized a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses. The Company derived its estimate using historical lifetime loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations were based on the investee’s recent financial results, current financial position, and forward-looking financial forecasts. Based upon its analysis, the Company recorded a loss for the three months ended September 30, 2022 of $273 and a gain on the adjustment of its allowance for credit losses for the nine months ended September 30, 2022 of $1,572 within other (gains) losses, net on the consolidated statements of operations.
The amortized cost, including accrued dividends, of the Company’s held-to-maturity debt security investments was $27,792 and $26,401 and the allowance for expected credit losses was $15,890 and $17,462, as of September 30, 2022 and December 31, 2021, respectively. During the three and nine months ended September 30, 2022, the Company recognized dividend income of $477 and $1,391, respectively, within other income on the consolidated statements of operations.
As of September 30, 2022, all of the Company’s held-to-maturity investments had a contractual maturity in 2026.
A roll forward of the Company’s allowance for expected credit losses on held-to-maturity investments is as follows:
Nine months ended September 30, 2022
Beginning allowance for expected credit losses$17,462 
Gain on adjustment of allowance for expected credit losses(1,572)
Write-offs, net of recoveries— 
Ending allowance for expected credit losses$15,890 
Equity method investments
On April 9, 2021, the Company acquired a 21% ownership in Bravo Fit Holdings Pty Ltd, the Company’s franchisee and store operator in Australia, which is deemed to be a related party, for $10,000, which is accounted for under the equity method. For the three and nine months ended September 30, 2022, the Company’s proportionate share of the earnings in accordance with the equity method was a loss of $2 and $334, respectively, recorded within equity earnings of unconsolidated entities on the condensed consolidated statement of operations. The adjusted carrying value of the equity method investment was $9,486 and $9,820 as of September 30, 2022 and December 31, 2021, respectively. Subsequent to the end of the third quarter, on October 14, 2022, the Company invested an additional $2,449 in Bravo Fit Holdings Pty Ltd. Following such additional investment, its ownership will remain at 21%.
v3.22.2.2
Acquisitions
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Acquisitions Acquisition
Sunshine Fitness Acquisition
On February 10, 2022, the Company and Pla-Fit Holdings (together with the Company, the “Buyers”), acquired 100% of the equity interests (“Sunshine Acquisition”) of Sunshine Fitness Growth Holdings, LLC, a Delaware limited liability company and Planet Fitness franchisee (“Sunshine Fitness”). The Company acquired 114 stores in Alabama, Florida, Georgia, North Carolina, and South Carolina from Sunshine Fitness. The preliminary purchase price of the acquisition was $824,587 consisting of $430,857 in cash consideration, and $393,730 of equity consideration, including 517,348 shares of Class A Common Stock, par value $0.0001, of the Company and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock, par value $0.0001, of the Company, valued based on the closing trading price of the Company’s Class A common stock on the acquisition date. As a result of the transaction, the Company incurred a loss on unfavorable reacquired franchise rights of $1,160, which has been reflected in other (gains) losses, net in the condensed consolidated statement of operations. The loss reduced the net purchase price to $823,427. In connection with the acquisition, the Company recorded a gain of $2,059 related to the settlement of preexisting contracts with Sunshine Fitness within other (gains) losses, net on the condensed consolidated statement of operations. The acquired stores are included in the corporate-owned stores segment.
The preliminary allocation of the estimated purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets4,166 
Property and equipment153,092 
Right of use assets162,827 
Other long term assets1,830 
Intangible assets259,430 
Goodwill486,061 
Deferred income taxes, net(51,188)
Deferred revenue(16,973)
Other current liabilities(14,786)
Lease liabilities(165,736)
Other long term liabilities(1,213)
$823,427 
The fair values assigned to tangible and intangible assets acquired and liabilities assumed are preliminary based on management’s estimates and assumptions, which include Level 3 unobservable inputs, and are determined using generally accepted valuation techniques. Certain adjustments were made during the three months ended September 30, 2022 to the preliminary fair values, resulting in a net increase to goodwill of $477, related to the valuations of property and equipment and intangible assets. During the nine months ended September 30, 2022, preliminary fair value adjustments resulted in a net increase to goodwill of $18,331, primarily related to the valuation of the reacquired franchise rights intangible asset and the corresponding deferred income taxes. Additionally, the Company reallocated amounts between non-controlling interest and additional paid in capital to appropriately reflect the change in its economic interest in Pla-Fit Holdings as a result of the share issuance in connection with the Sunshine Acquisition. Estimates may be subject to change as additional information is received and certain tax matters are finalized. The excess of purchase consideration over the fair value of other assets acquired and liabilities assumed was recorded as goodwill. The resulting goodwill is primarily attributable to increased expansion for market opportunities, the expansion of store membership and synergies from the integration of the stores into the broader corporate-owned store portfolio. Approximately $168,800 of the preliminary goodwill recorded is expected to be amortizable and deductible for tax purposes, the majority of which is deductible over 15 years.
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their preliminary estimated useful lives as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
233,070 11.9
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization259,430 
(1) Reacquired franchise rights represent the fair value of the reacquired franchise agreements using the income approach, specifically, the multi-period excess earnings method.
(2) Customer relationships represent the fair value of the existing contractual customer relationships using the income approach, specifically, the multi-period excess earnings method.
(3) Reacquired area development rights represent the fair value of the undeveloped area development agreement rights using the cost approach.
The fair value of the identified intangible assets subject to amortization will be amortized over the assets’ preliminary estimated useful lives based on the pattern in which the economic benefits are expected to be received.
The primary areas that remain preliminary relate to income taxes and goodwill. The Company expects to finalize the valuation as soon as practicable, but not later than one year from the acquisition date.
Revenues and income before taxes of Sunshine Fitness included in the Company’s consolidated statement of operations from the acquisition date of February 10, 2022 to September 30, 2022 are as follows:
Three months ended September 30, 2022Nine months ended September 30, 2022
Total revenues$51,137 $129,635 
Income before taxes$6,039 $13,103 

The following pro forma financial information summarizes the combined results of operations for the Company and Sunshine Fitness, as though the companies were combined as of the beginning of 2021. The pro forma financial information was as follows:
Three months ended September 30,Nine months ended September 30,
202120222021
Total revenues186,737 675,954 515,048 
Income before taxes15,235 110,246 45,070 
Net income11,209 74,008 32,502 
v3.22.2.2
Sale of corporate-owned stores
 9 Months Ended
Sep. 30, 2022
Discontinued Operations and Disposal Groups [Abstract]  
Sale of corporate-owned stores Sale of corporate-owned storesOn August 31, 2022, the Company sold 6 corporate-owned stores located in Colorado to a franchisee for $20,820. The net value of assets derecognized in connection with the sale amounted to 19,496, which included goodwill of $14,423, intangible assets of $2,629, and net tangible assets of $2,444, which resulted in a gain on sale of corporate-owned stores of $1,324.
v3.22.2.2
Goodwill and Intangible Assets
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Goodwill and Intangible assets Goodwill and Intangible Assets
A summary of goodwill and intangible assets at September 30, 2022 and December 31, 2021 is as follows: 
September 30, 2022Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(149,272)$49,541 
Reacquired franchise and area development rights268,058 (36,524)231,534 
 466,871 (185,796)281,075 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(185,796)$427,675 
Goodwill$700,207 $— $700,207 
 
December 31, 2021Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$174,033 $(137,699)$36,334 
Reacquired franchise and area development rights38,158 (20,155)18,003 
 212,191 (157,854)54,337 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$358,791 $(157,854)$200,937 
Goodwill$228,569 $— $228,569 
A roll forward of goodwill between December 31, 2021 and September 30, 2022 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2021
$16,938 $118,965 $92,666 $228,569 
Acquisition of franchisee-owned stores— 486,061 — 486,061 
Sale of corporate-owned stores— (14,423)— (14,423)
As of September 30, 2022
$16,938 $590,603 $92,666 $700,207 
The Company determined that no impairment charges were required during any periods presented.
During the three months ended September 30, 2022, the Company disposed of $2,629 of net finite-lived intangible assets in connection with the sale of corporate-owned stores.
Amortization expense related to the intangible assets totaled $10,611 and $4,159 for the three months ended September 30, 2022 and 2021, respectively, and $29,644 and $12,508 for the nine months ended September 30, 2022 and 2021, respectively. The anticipated annual amortization expense related to intangible assets to be recognized in future years as of September 30, 2022 is as follows:
 Amount
Remainder of 2022$10,608 
202350,307 
202447,601 
202535,476 
202631,024 
Thereafter106,059 
Total$281,075 
v3.22.2.2
Long-Term Debt
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Long-Term Debt Long-Term Debt
Long-term debt as of September 30, 2022 and December 31, 2021 consists of the following: 
 September 30, 2022December 31, 2021
2018-1 Class A-2-I notes$— $556,312 
2018-1 Class A-2-II notes600,000 604,688 
2019-1 Class A-2 notes534,875 539,000 
2022-1 Class A-2-I notes422,875 — 
2022-1 Class A-2-II notes472,625 — 
Borrowings under Variable Funding Notes— 75,000 
Total debt, excluding deferred financing costs2,030,375 1,775,000 
Deferred financing costs, net of accumulated amortization(27,467)(17,227)
Total debt2,002,908 1,757,773 
Current portion of long-term debt20,750 17,500 
Long-term debt and borrowings under Variable Funding Notes, net of current portion$1,982,158 $1,740,273 
Future annual principal payments of long-term debt as of September 30, 2022 are as follows: 
 Amount
Remainder of 2022$5,188 
202320,750 
202420,750 
2025600,438 
2026419,313 
Thereafter963,936 
Total$2,030,375 
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 “2018 Variable Funding Notes”). The Company fully drew down on the
Variable Funding Notes on March 20, 2020. On December 3, 2019, the Master Issuer issued Series 2019-1 3.858% Fixed Rate Senior Secured Notes, Class A-2 (the “2019 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 “2019 Indenture”). On February 10, 2022, the Company completed a prepayment in full of its 2018-1 Class A-2-I Notes and an issuance of Series 2022-1 3.251% Fixed Rate Senior Secured Notes, Class A-2-I with an initial principal amount of $425,000 and Series 2022-1 4.008% Fixed Rate Senior Secured Notes, Class A-2-II with an initial principal amount of $475,000 (the “2022 Notes” and, together with the 2018 Notes and 2019 Notes, the “Notes”), and also entered into a new revolving financing facility that allows for the issuance of up to $75,000 in Variable Funding Notes (“2022 Variable Funding Notes”) and certain letters of credit (the issuance of such notes, the “Series 2022-I Issuance”). The 2022 Notes were issued under the 2018 Indenture and a related supplemental indenture dated February 10, 2022 (together, with the 2019 Indenture, the “Indenture”). Together, the Notes, 2018 Variable Funding Notes and 2022 Variable Funding Notes will be referred to as the “Securitized Senior Notes”. On February 10, 2022, the Company borrowed the full amount of the $75,000 2022 Variable Funding Notes and used such proceeds to repay the outstanding principal amount (together with all accrued and unpaid interest thereon) of the 2018 Variable Funding Notes in full. On May 9, 2022, the Company repaid in full its $75,000 of borrowings under the 2022 Variable Funding Notes using cash on hand.
The Notes were issued in securitization transactions 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 Class A-2-II 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-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 or prior to December 2029. The legal final maturity date of the 2022 Notes is in February 2052, but it is anticipated that, unless earlier prepaid to the extent permitted under the Indenture, the 2022 Class A-2-I Notes will be repaid in or prior to December 2026 and the 2022 Class A-2-II Notes will be repaid in or prior to December 2031 (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 2022 Variable Funding Notes on February 10, 2022, which was repaid in full using cash on hand on May 9, 2022. If outstanding, the 2022 Variable Funding Notes will accrue interest at a variable interest rate based on (i) the prime rate, (ii) overnight federal funds rates, (iii) the secured overnight financing rate (or “SOFR”) 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 2022 Variable Funding Notes. There is a commitment fee on the unused portion of the 2022 Variable Funding Notes of 0.5% based on utilization. It is anticipated that the principal and interest on the 2022 Variable Funding Notes will be repaid in full on or prior to December 2026, subject to two additional one-year extension options. Following the anticipated repayment date (and any extensions thereof), additional interest will accrue on the 2022 Variable Funding Notes equal to 5.0% per year.

In connection with the issuance of the 2018 Notes, 2019 Notes, and 2022 Notes the Company incurred debt issuance costs of $27,133, $10,577, and $16,193 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. As a result of the repayment of the 2018 Class A-2-I Notes prior to the Anticipated Repayment Date, the Company recorded a loss on early extinguishment of debt of $1,583 within interest expense on the Consolidated statements of operations, consisting of the write-off of remaining unamortized deferred financing costs related to the issuance of the 2018 Class A-2-I Notes.
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 September 30, 2022, the Company had restricted cash held by the Trustee of $46,706. 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.
v3.22.2.2
Leases
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
LeasesClassificationSeptember 30, 2022December 31, 2021
Assets
Operating lease ROU assetsRight of use asset, net$348,246 $190,330 
Finance lease assetsProperty and equipment, net418 222 
Total lease assets$348,664 $190,552 
Liabilities
Current:
OperatingOther current liabilities$37,470 $22,523 
Noncurrent:
OperatingLease liabilities, net of current portion341,961 197,682 
FinancingOther liabilities441 230 
Total lease liabilities$379,872 $220,435 
Weighted-average remaining lease term (years) - operating leases8.38.7
Weighted-average discount rate - operating leases4.6 %5.0 %
During the three and nine months ended September 30, 2022 and 2021, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Operating lease cost$14,677 $7,492 $41,411 $21,468 
Variable lease cost5,691 3,061 15,415 8,271 
Total lease cost$20,368 $10,553 $56,826 $29,739 

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 September 30,Nine months ended September 30,
2022202120222021
Cash paid for lease liabilities$14,172 $7,137 $40,405 $20,776 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$6,073 $18,181 $29,234 $30,821 
Preliminary Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $— $162,827 $— 

As of September 30, 2022, maturities of lease liabilities were as follows:
Amount
Remainder of 2022$14,444 
202359,293 
202459,949 
202560,351 
202657,306 
Thereafter214,002 
Total lease payments$465,345 
Less: imputed interest85,473 
Present value of lease liabilities$379,872 

As of September 30, 2022, future operating lease payments exclude approximately $23,979 of legally binding minimum lease payments for leases signed but not yet commenced.
Leases Leases
LeasesClassificationSeptember 30, 2022December 31, 2021
Assets
Operating lease ROU assetsRight of use asset, net$348,246 $190,330 
Finance lease assetsProperty and equipment, net418 222 
Total lease assets$348,664 $190,552 
Liabilities
Current:
OperatingOther current liabilities$37,470 $22,523 
Noncurrent:
OperatingLease liabilities, net of current portion341,961 197,682 
FinancingOther liabilities441 230 
Total lease liabilities$379,872 $220,435 
Weighted-average remaining lease term (years) - operating leases8.38.7
Weighted-average discount rate - operating leases4.6 %5.0 %
During the three and nine months ended September 30, 2022 and 2021, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Operating lease cost$14,677 $7,492 $41,411 $21,468 
Variable lease cost5,691 3,061 15,415 8,271 
Total lease cost$20,368 $10,553 $56,826 $29,739 

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 September 30,Nine months ended September 30,
2022202120222021
Cash paid for lease liabilities$14,172 $7,137 $40,405 $20,776 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$6,073 $18,181 $29,234 $30,821 
Preliminary Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $— $162,827 $— 

As of September 30, 2022, maturities of lease liabilities were as follows:
Amount
Remainder of 2022$14,444 
202359,293 
202459,949 
202560,351 
202657,306 
Thereafter214,002 
Total lease payments$465,345 
Less: imputed interest85,473 
Present value of lease liabilities$379,872 

As of September 30, 2022, future operating lease payments exclude approximately $23,979 of legally binding minimum lease payments for leases signed but not yet commenced.
v3.22.2.2
Revenue recognition
 9 Months Ended
Sep. 30, 2022
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 national advertising fund (“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, 2021 and September 30, 2022:
Contract liabilities
Balance at December 31, 2021$61,779 
Revenue recognized that was included in the contract liability at the beginning of the year(25,996)
Other gain on settlement of preexisting contracts in connection with the Sunshine Acquisition(2,059)
Deferred revenue acquired in the Sunshine Acquisition16,973 
Increase, excluding amounts acquired in the Sunshine Acquisition during the period38,255 
Balance at September 30, 2022$88,952 
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 September 30, 2022. 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 2022$35,991 
202321,683 
20244,718 
20253,781 
20263,349 
Thereafter19,430 
Total$88,952 
Equipment deposits received in advance of delivery as of September 30, 2022 and December 31, 2021 were $32,020 and $6,036, respectively, and are expected to be recognized as revenue in the next twelve months.
v3.22.2.2
Related Party Transactions
 9 Months Ended
Sep. 30, 2022
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
September 30,		For the nine months ended
September 30,
 2022202120222021
Franchise revenue$749 $594 $2,374 $1,740 
Equipment revenue572 956 586 956 
Total revenue from related parties$1,321 $1,550 $2,960 $2,696 
Additionally, the Company had deferred franchise agreement and area development agreement revenue from related parties of $134 and $164 as of September 30, 2022 and December 31, 2021, respectively.
The Company had payables to related parties pursuant to tax benefit arrangements of $82,075 and $84,595, as of September 30, 2022 and December 31, 2021, respectively (see Note 13).
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 $651 and $500 for the three months ended September 30, 2022 and 2021, respectively, and $1,955 and $1,498 for the nine months ended September 30, 2022 and 2021, respectively.
For the three months ended September 30, 2022 and 2021, the Company incurred approximately $71 and $29, respectively, and $246 and $29 for the nine months ended September 30, 2022 and 2021, respectively, for corporate travel to a third-party company which is affiliated with our Chief Executive Officer and included within selling, general and administrative expense on the consolidated statements of operations.
In April 2021, the Company made an equity method investment in a franchisee. See Note 3.
v3.22.2.2
Stockholders' Equity
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022, in connection with the Sunshine Acquisition, the Company issued 517,348 shares of Class A Common Stock and 3,637,678 membership units of Pla-Fit Holdings, LLC, together with shares of Class B Common Stock. See Note 4.
During the nine months ended September 30, 2022, certain existing holders of Holdings Units exercised their exchange rights and exchanged 548,175 Holdings Units for 548,175 newly-issued shares of Class A common stock. Simultaneously, and in connection with these exchanges, 548,175 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 548,175 Holdings Units, increasing its total ownership interest in Pla-Fit Holdings.
As a result of the above transactions, as of September 30, 2022:
•Holders of our Class A common stock owned 83,414,606 shares of our Class A common stock, representing 93.1% of the voting power in the Company and, through the Company, 83,414,606 Holdings Units representing 93.1% of the economic interest in Pla-Fit Holdings; and
•the Continuing LLC Owners collectively owned 6,145,722 Holdings Units, representing 6.9% of the economic interest in Pla-Fit Holdings, and 6,145,722 shares of our Class B common stock, representing 6.9% of the voting power in the Company.
During the three and nine months ended September 30, 2022 the Company reallocated amounts between non-controlling interest and additional paid in capital to appropriately reflect its economic interest in Pla-Fit Holdings.
Share repurchase program
2019 share repurchase program

On November 5, 2019, the Company’s board of directors approved a share repurchase program of up to $500,000. During the three and nine months ended September 30, 2022, the Company purchased 831,029 and 1,528,720 shares of Class A common stock for a total cost of $50,015 and $94,314, respectively. All purchased shares were retired. Subsequent to these repurchases, there is $105,686 remaining under the 2019 share repurchase program. The timing of purchases and amount of stock repurchased are subject to the Company’s discretion and dependent upon 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.
2022 share repurchase program
On November 4, 2022, the Company’s board of directors approved a share repurchase program of up to $500,000, which replaces the 2019 share repurchase program.
Preferred stock
The Company had 50,000,000 shares of preferred stock authorized and none issued or outstanding as of September 30, 2022 and December 31, 2021.
v3.22.2.2
Earnings Per Share
 9 Months Ended
Sep. 30, 2022
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
September 30,		Nine months ended
September 30,
 2022202120222021
Numerator  
Net income$30,677 $18,632 $74,124 $39,838 
Less: net income attributable to non-controlling interests3,764 1,189 8,405 2,804 
Net income attributable to Planet Fitness, Inc.$26,913 $17,443 $65,719 $37,034 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,156,488 83,274,091 84,377,324 83,194,292 
Effect of dilutive securities:
Stock options338,981 550,778 357,315 559,634 
Restricted stock units50,854 54,573 62,050 53,939 
Performance stock units290 — 1,235 — 
Weighted-average shares of Class A common stock outstanding - diluted84,546,613 83,879,442 84,797,924 83,807,865 
Earnings per share of Class A common stock - basic$0.32 $0.21 $0.78 $0.45 
Earnings per share of Class A common stock - diluted$0.32 $0.21 $0.78 $0.44 
Weighted average shares of Class B common stock of 6,145,722 and 3,324,505 for the three months ended September 30, 2022 and 2021, respectively, and 5,773,562 and 3,385,934 for the nine months ended September 30, 2022 and 2021, 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 258,093 and 207,360 for the three months ended September 30, 2022 and 2021, respectively, and 243,507 and 154,221 for the nine months ended September 30, 2022 and 2021, 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 705 and 116 for the three months ended September 30, 2022 and 2021, respectively, and 323 and 2 for the nine months ended September 30, 2022 and 2021, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive. Weighted average performance stock units outstanding of 1,058 and 0 for the three months ended September 30, 2022 and 2021, respectively, and 281 and 0 for the nine months ended September 30, 2022 and 2021, respectively, were evaluated under the treasury stock method for potential dilutive effects and were determined to be anti-dilutive.
v3.22.2.2
Income Taxes
 9 Months Ended
Sep. 30, 2022
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesThe 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 33.8% and 25.8% for the three months ended September 30, 2022 and 2021, respectively. The effective tax rate for the three months ended September 30, 2022 differed from the U.S. federal statutory rate of 21% primarily due to remeasurement of deferred taxes, the impact of the sale of corporate-owned stores, state and local taxes, partially offset by income attributable to non-controlling interests. The Company’s effective tax rate was 32.6% and 27.3% for the nine months ended September 30, 2022 and 2021, respectively. The effective tax rate for the nine months ended September 30, 2022 differed from the U.S. federal statutory rate of 21% primarily due to remeasurement of deferred taxes, state and local taxes, the recognition of 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 $470,530 and $539,264 as of September 30, 2022 and December 31, 2021, 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 September 30, 2022 and December 31, 2021, the total liability related to uncertain tax positions was $328 and $420, respectively. The Company recognizes accrued interest and penalties, if applicable, related to unrecognized tax benefits in income tax expense. Interest and penalties for the three and nine months ended September 30, 2022 and 2021 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.
As of September 30, 2022 and December 31, 2021, the Company had a liability of $505,514 and $528,107, respectively, related to its projected obligations under the tax benefit arrangements. During the three and nine months ended September 30, 2022, the Company reduced its tax benefit arrangement liability and recognized a gain of $4,510 and $8,381, respectively, on the remeasurement of our tax benefit arrangements due to changes in our deferred state rate. Projected future payments under the tax benefit arrangements are as follows:
 Amount
Remainder of 2022$6,090 
202336,275 
202445,939 
202555,878 
202656,210 
Thereafter305,122 
Total$505,514 
During the nine months ended September 30, 2022, 548,175 Holdings Units were exchanged 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. As a result of the change in Planet Fitness, Inc.’s ownership percentage of Pla-Fit Holdings, we recorded an increase to our net deferred tax assets of $1,355 during the nine months ended September 30, 2022. As a result of these exchanges, during the nine months ended September 30, 2022, we also recognized deferred tax assets in the amount of $16,170 as a result of the increase in tax basis. These exchanges were not made by TRA holders and did not result in an increase in the tax benefit arrangement liability. The offset to the entries recorded in connection with exchanges was to additional paid in capital within stockholders’ deficit.
v3.22.2.2
Commitments and contingencies
 9 Months Ended
Sep. 30, 2022
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 May 27, 2022, the Company and other defendants, including an officer of the Company who is a related party, received a final judgment after appeal to the joint and several judgment against them in a civil action brought by a former employee. As of September 30, 2022, the Company has estimated its obligation related to this matter to be approximately $3,414, 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 $3,414 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 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. Subsequent to September 30, 2022, the Company and other defendants, as applicable, paid the final judgment in full, of which the Company paid $3,414.
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 Company analyzed the put option contract and estimates that the purchase price will approximate fair value of the acquired business. The transaction has not closed as of September 30, 2022 as the parties are in dispute over the final terms of the transaction and related matters, and an estimate cannot be made at this time regarding potential additional costs related to this matter.
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.
v3.22.2.2
Segments
 9 Months Ended
Sep. 30, 2022
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 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 nine months ended September 30, 2022 and 2021. 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
September 30,		Nine months ended
September 30,
 2022202120222021
Revenue  
Franchise segment revenue - U.S.$78,873 $74,105 $237,612 $209,851 
Franchise segment revenue - International1,873 1,278 5,761 2,442 
Franchise segment total80,746 75,383 243,373 212,293 
Corporate-owned stores - U.S.100,247 43,180 275,962 121,487 
Corporate-owned stores - International1,083 719 2,978 868 
Corporate-owned stores total101,330 43,899 278,940 122,355 
Equipment segment - U.S.60,952 34,973 124,781 68,248 
Equipment segment - International1,358 — 8,410 487 
Equipment segment total62,310 34,973 133,191 68,735 
Total revenue$244,386 $154,255 $655,504 $403,383 
Franchise segment revenue includes franchise revenue, NAF revenue, and commission income.
Franchise revenue includes revenue generated from placement services of $4,376 and $2,639 for the three months ended September 30, 2022 and 2021, respectively, and $10,102 and $5,130 for the nine months ended September 30, 2022 and 2021, respectively.
 Three months ended
September 30,		Nine months ended
September 30,
 2022202120222021
Segment EBITDA  
Franchise$53,475 $52,047 $167,910 $144,983 
Corporate-owned stores40,446 14,102 103,287 35,164 
Equipment15,803 7,917 34,638 15,355 
Corporate and other(10,458)(12,594)(41,059)(33,844)
Total Segment EBITDA$99,266 $61,472 $264,776 $161,658 
 
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
September 30,		Nine months ended
September 30,
 2022202120222021
Total Segment EBITDA$99,266 $61,472 $264,776 $161,658 
Less:
Depreciation and amortization32,572 16,248 90,427 46,758 
Other income4,762 677 9,000 695 
Equity losses of unconsolidated entities, net of tax(2)— (334)— 
Income from operations61,934 44,547 165,683 114,205 
Interest income1,561 233 2,244 645 
Interest expense(21,917)(20,350)(66,527)(60,719)
Other income4,762 677 9,000 695 
Income before income taxes$46,340 $25,107 $110,400 $54,826 
The following table summarizes the Company’s assets by reportable segment: 
 September 30, 2022December 31, 2021
Franchise$167,068 $172,822 
Corporate-owned stores1,560,970 516,714 
Equipment216,245 193,983 
Unallocated901,973 1,132,464 
Total consolidated assets$2,846,256 $2,015,983 
The table above includes $985 and $1,203 of long-lived assets located in the Company’s international corporate-owned stores as of September 30, 2022 and December 31, 2021, respectively. All other assets are located in the U.S.
The following table summarizes the Company’s goodwill by reportable segment: 
 September 30, 2022December 31, 2021
Franchise$16,938 $16,938 
Corporate-owned stores590,603 118,965 
Equipment92,666 92,666 
Consolidated goodwill$700,207 $228,569 
v3.22.2.2
Corporate-Owned and Franchisee-Owned Stores
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021:
 For the three months ended
September 30,		For the nine months ended
September 30,
 2022202120222021
Franchisee-owned stores:    
Stores operated at beginning of period2,091 2,064 2,142 2,021 
New stores opened25 24 89 67 
Stores acquired from the Company6 — 6 — 
Stores debranded, sold, closed or consolidated(1)
— (1)(115)(1)
Stores operated at end of period2,122 2,087 2,122 2,087 
Corporate-owned stores:
Stores operated at beginning of period233 106 112 103 
New stores opened4 — 11 3 
Stores sold to franchisees(6)— (6)— 
Stores acquired from franchisees— — 114 — 
Stores operated at end of period231 106 231 106 
Total stores:
Stores operated at beginning of period2,324 2,170 2,254 2,124 
New stores opened29 24 100 70 
Stores acquired, debranded, sold or consolidated(1)
— (1)(1)(1)
Stores operated at end of period2,353 2,193 2,353 2,193 
 (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.
v3.22.2.2
Summary of significant accounting policies (Policies)
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021 are unaudited. The condensed consolidated balance sheet as of December 31, 2021 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, 2021 (the “Annual Report”) filed with the SEC on March 1, 2021. The Company’s significant interim accounting policies include the proportional recognition of national advertising fund expenses within interim periods. Operating results for the interim periods are not necessarily indicative of the results that may be expected for the full year.
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, valuation of long-lived and intangible assets acquired in a business combination, 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, the value of the lease liability and related right-of-use asset recorded in accordance with ASC 842 (see Note 8) and the estimate of current expected credit losses.
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 pronouncementsThe FASB issued ASU No. 2021-08, Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, in October 2021. The guidance improves the accounting for acquired revenue contracts with customers in a business combination by requiring contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC Topic 606, Revenue from Contracts with Customers, as if the acquirer had originated the contracts. This guidance will be effective for fiscal years beginning after December 15, 2022, including interim periods within that year, with early adoption permitted. The Company early adopted this guidance as of January 1, 2022, for all acquisitions subsequent to the adoption date.
Investments
Investments - Debt securities
As of September 30, 2022, the Company’s debt security investments consist of redeemable preferred shares that are accounted for as held-to-maturity debt securities. The Company’s investments are measured at amortized cost within Investments in the condensed consolidated balance sheets. The Company reviews its held-to-maturity securities for expected credit losses under ASC Topic 326, Credit Impairment, on an ongoing basis.
During the three and nine months ended September 30, 2022, the Company’s review of the investee’s operations and financial position indicated that an adjustment to its allowance for expected credit losses was necessary. The Company utilized a probability-of-default (“PD”) and loss-given-default (“LGD”) methodology to calculate the allowance for expected credit losses. The Company derived its estimate using historical lifetime loss information for assets with similar risk characteristics, adjusted for management’s expectations. Adjustments for management’s expectations were based on the investee’s recent financial results, current financial position, and forward-looking financial forecasts. Based upon its analysis, the Company recorded a loss for the three months ended September 30, 2022 of $273 and a gain on the adjustment of its allowance for credit losses for the nine months ended September 30, 2022 of $1,572 within other (gains) losses, net on the consolidated statements of operations.
v3.22.2.2
Summary of Significant Accounting Policies (Tables)
 9 Months Ended
Sep. 30, 2022
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 liabilities as of September 30, 2022 and December 31, 2021 were as follows:
September 30, 2022December 31, 2021
Carrying value
Estimated fair value(1)
Carrying value
Estimated fair value(1)
Liabilities
Long-term debt(1)
$2,030,375 $1,769,648 $1,700,000 $1,725,021 
Variable Funding Notes(1)
$— $— $75,000 $75,000 
(1) 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.
v3.22.2.2
Investments (Tables)
 9 Months Ended
Sep. 30, 2022
Investments, Debt and Equity Securities [Abstract]  
Schedule of Allowance for Expected Credit Losses on Held-to-maturity Investments
A roll forward of the Company’s allowance for expected credit losses on held-to-maturity investments is as follows:
Nine months ended September 30, 2022
Beginning allowance for expected credit losses$17,462 
Gain on adjustment of allowance for expected credit losses(1,572)
Write-offs, net of recoveries— 
Ending allowance for expected credit losses$15,890 
v3.22.2.2
Acquisitions (Tables)
 9 Months Ended
Sep. 30, 2022
Business Combination and Asset Acquisition [Abstract]  
Schedule of Purchase Consideration
The preliminary allocation of the estimated purchase consideration was as follows:
Amount
Cash and cash equivalents$5,917 
Other current assets4,166 
Property and equipment153,092 
Right of use assets162,827 
Other long term assets1,830 
Intangible assets259,430 
Goodwill486,061 
Deferred income taxes, net(51,188)
Deferred revenue(16,973)
Other current liabilities(14,786)
Lease liabilities(165,736)
Other long term liabilities(1,213)
$823,427 
Components of Identifiable Intangible Assets Acquired
The following table sets forth the components of identifiable intangible assets acquired in the Sunshine Acquisition and their preliminary estimated useful lives as of the date of the acquisition:
Fair valueUseful life
Reacquired franchise rights (1)
233,070 11.9
Customer relationships (2)
24,920 8.0
Reacquired area development rights (3)
1,440 5.0
Total intangible assets subject to amortization259,430 
Schedule of Revenues and Income Before Taxes
Revenues and income before taxes of Sunshine Fitness included in the Company’s consolidated statement of operations from the acquisition date of February 10, 2022 to September 30, 2022 are as follows:
Three months ended September 30, 2022Nine months ended September 30, 2022
Total revenues$51,137 $129,635 
Income before taxes$6,039 $13,103 
Schedule of Pro Forma Financial Information
The following pro forma financial information summarizes the combined results of operations for the Company and Sunshine Fitness, as though the companies were combined as of the beginning of 2021. The pro forma financial information was as follows:
Three months ended September 30,Nine months ended September 30,
202120222021
Total revenues186,737 675,954 515,048 
Income before taxes15,235 110,246 45,070 
Net income11,209 74,008 32,502 
v3.22.2.2
Goodwill and Intangible Assets (Tables)
 9 Months Ended
Sep. 30, 2022
Goodwill and Intangible Assets Disclosure [Abstract]  
Summary of Goodwill and Intangible Assets
A summary of goodwill and intangible assets at September 30, 2022 and December 31, 2021 is as follows: 
September 30, 2022Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$198,813 $(149,272)$49,541 
Reacquired franchise and area development rights268,058 (36,524)231,534 
 466,871 (185,796)281,075 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$613,471 $(185,796)$427,675 
Goodwill$700,207 $— $700,207 
 
December 31, 2021Gross
carrying
amount		Accumulated
amortization		Net carrying
Amount
Customer relationships$174,033 $(137,699)$36,334 
Reacquired franchise and area development rights38,158 (20,155)18,003 
 212,191 (157,854)54,337 
Indefinite-lived intangible:
Trade and brand names146,600 — 146,600 
Total intangible assets$358,791 $(157,854)$200,937 
Goodwill$228,569 $— $228,569 
Schedule of Rollforward of Goodwill
A roll forward of goodwill between December 31, 2021 and September 30, 2022 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2021
$16,938 $118,965 $92,666 $228,569 
Acquisition of franchisee-owned stores— 486,061 — 486,061 
Sale of corporate-owned stores— (14,423)— (14,423)
As of September 30, 2022
$16,938 $590,603 $92,666 $700,207 
The following table summarizes the Company’s goodwill by reportable segment: 
 September 30, 2022December 31, 2021
Franchise$16,938 $16,938 
Corporate-owned stores590,603 118,965 
Equipment92,666 92,666 
Consolidated goodwill$700,207 $228,569 
Summary of Amortization expenses The anticipated annual amortization expense related to intangible assets to be recognized in future years as of September 30, 2022 is as follows:
 Amount
Remainder of 2022$10,608 
202350,307 
202447,601 
202535,476 
202631,024 
Thereafter106,059 
Total$281,075 
v3.22.2.2
Long-Term Debt (Tables)
 9 Months Ended
Sep. 30, 2022
Debt Disclosure [Abstract]  
Schedule of Long-Term Debt
Long-term debt as of September 30, 2022 and December 31, 2021 consists of the following: 
 September 30, 2022December 31, 2021
2018-1 Class A-2-I notes$— $556,312 
2018-1 Class A-2-II notes600,000 604,688 
2019-1 Class A-2 notes534,875 539,000 
2022-1 Class A-2-I notes422,875 — 
2022-1 Class A-2-II notes472,625 — 
Borrowings under Variable Funding Notes— 75,000 
Total debt, excluding deferred financing costs2,030,375 1,775,000 
Deferred financing costs, net of accumulated amortization(27,467)(17,227)
Total debt2,002,908 1,757,773 
Current portion of long-term debt20,750 17,500 
Long-term debt and borrowings under Variable Funding Notes, net of current portion$1,982,158 $1,740,273 
Schedule of Future Annual Payments of Long-term Debt
Future annual principal payments of long-term debt as of September 30, 2022 are as follows: 
 Amount
Remainder of 2022$5,188 
202320,750 
202420,750 
2025600,438 
2026419,313 
Thereafter963,936 
Total$2,030,375 
v3.22.2.2
Leases (Tables)
 9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Balance Sheet Classification of Lease Assets and Liabilities
LeasesClassificationSeptember 30, 2022December 31, 2021
Assets
Operating lease ROU assetsRight of use asset, net$348,246 $190,330 
Finance lease assetsProperty and equipment, net418 222 
Total lease assets$348,664 $190,552 
Liabilities
Current:
OperatingOther current liabilities$37,470 $22,523 
Noncurrent:
OperatingLease liabilities, net of current portion341,961 197,682 
FinancingOther liabilities441 230 
Total lease liabilities$379,872 $220,435 
Weighted-average remaining lease term (years) - operating leases8.38.7
Weighted-average discount rate - operating leases4.6 %5.0 %
Components of Lease Cost
During the three and nine months ended September 30, 2022 and 2021, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Operating lease cost$14,677 $7,492 $41,411 $21,468 
Variable lease cost5,691 3,061 15,415 8,271 
Total lease cost$20,368 $10,553 $56,826 $29,739 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Cash paid for lease liabilities$14,172 $7,137 $40,405 $20,776 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$6,073 $18,181 $29,234 $30,821 
Preliminary Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $— $162,827 $— 
Schedule of Supplemental Disclosures of Cash Flow Information Related to Leases
During the three and nine months ended September 30, 2022 and 2021, the components of lease cost were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Operating lease cost$14,677 $7,492 $41,411 $21,468 
Variable lease cost5,691 3,061 15,415 8,271 
Total lease cost$20,368 $10,553 $56,826 $29,739 
Supplemental disclosures of cash flow information related to leases were as follows:
Three months ended September 30,Nine months ended September 30,
2022202120222021
Cash paid for lease liabilities$14,172 $7,137 $40,405 $20,776 
Operating lease ROU assets obtained in exchange for operating
   lease liabilities, excluding the Sunshine Acquisition		$6,073 $18,181 $29,234 $30,821 
Preliminary Sunshine Acquisition operating lease ROU assets
   obtained in exchange for operating lease liabilities		$— $— $162,827 $— 
Maturities of Lease Liabilities
As of September 30, 2022, maturities of lease liabilities were as follows:
Amount
Remainder of 2022$14,444 
202359,293 
202459,949 
202560,351 
202657,306 
Thereafter214,002 
Total lease payments$465,345 
Less: imputed interest85,473 
Present value of lease liabilities$379,872 
Maturities of Lease Liabilities
As of September 30, 2022, maturities of lease liabilities were as follows:
Amount
Remainder of 2022$14,444 
202359,293 
202459,949 
202560,351 
202657,306 
Thereafter214,002 
Total lease payments$465,345 
Less: imputed interest85,473 
Present value of lease liabilities$379,872 
v3.22.2.2
Revenue recognition (Tables)
 9 Months Ended
Sep. 30, 2022
Revenue from Contract with Customer [Abstract]  
Schedule of Contract Liabilities The following table reflects the change in contract liabilities between December 31, 2021 and September 30, 2022:
Contract liabilities
Balance at December 31, 2021$61,779 
Revenue recognized that was included in the contract liability at the beginning of the year(25,996)
Other gain on settlement of preexisting contracts in connection with the Sunshine Acquisition(2,059)
Deferred revenue acquired in the Sunshine Acquisition16,973 
Increase, excluding amounts acquired in the Sunshine Acquisition during the period38,255 
Balance at September 30, 2022$88,952 
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 September 30, 2022. 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 2022$35,991 
202321,683 
20244,718 
20253,781 
20263,349 
Thereafter19,430 
Total$88,952 
v3.22.2.2
Related Party Transactions (Tables)
 9 Months Ended
Sep. 30, 2022
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
September 30,		For the nine months ended
September 30,
 2022202120222021
Franchise revenue$749 $594 $2,374 $1,740 
Equipment revenue572 956 586 956 
Total revenue from related parties$1,321 $1,550 $2,960 $2,696 
v3.22.2.2
Earnings Per Share (Tables)
 9 Months Ended
Sep. 30, 2022
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
September 30,		Nine months ended
September 30,
 2022202120222021
Numerator  
Net income$30,677 $18,632 $74,124 $39,838 
Less: net income attributable to non-controlling interests3,764 1,189 8,405 2,804 
Net income attributable to Planet Fitness, Inc.$26,913 $17,443 $65,719 $37,034 
Denominator
Weighted-average shares of Class A common stock outstanding - basic84,156,488 83,274,091 84,377,324 83,194,292 
Effect of dilutive securities:
Stock options338,981 550,778 357,315 559,634 
Restricted stock units50,854 54,573 62,050 53,939 
Performance stock units290 — 1,235 — 
Weighted-average shares of Class A common stock outstanding - diluted84,546,613 83,879,442 84,797,924 83,807,865 
Earnings per share of Class A common stock - basic$0.32 $0.21 $0.78 $0.45 
Earnings per share of Class A common stock - diluted$0.32 $0.21 $0.78 $0.44 
v3.22.2.2
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2022
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 2022$6,090 
202336,275 
202445,939 
202555,878 
202656,210 
Thereafter305,122 
Total$505,514 
v3.22.2.2
Segments (Tables)
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021. 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
September 30,		Nine months ended
September 30,
 2022202120222021
Revenue  
Franchise segment revenue - U.S.$78,873 $74,105 $237,612 $209,851 
Franchise segment revenue - International1,873 1,278 5,761 2,442 
Franchise segment total80,746 75,383 243,373 212,293 
Corporate-owned stores - U.S.100,247 43,180 275,962 121,487 
Corporate-owned stores - International1,083 719 2,978 868 
Corporate-owned stores total101,330 43,899 278,940 122,355 
Equipment segment - U.S.60,952 34,973 124,781 68,248 
Equipment segment - International1,358 — 8,410 487 
Equipment segment total62,310 34,973 133,191 68,735 
Total revenue$244,386 $154,255 $655,504 $403,383 
 Three months ended
September 30,		Nine months ended
September 30,
 2022202120222021
Segment EBITDA  
Franchise$53,475 $52,047 $167,910 $144,983 
Corporate-owned stores40,446 14,102 103,287 35,164 
Equipment15,803 7,917 34,638 15,355 
Corporate and other(10,458)(12,594)(41,059)(33,844)
Total Segment EBITDA$99,266 $61,472 $264,776 $161,658 
Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes
The following table reconciles total Segment EBITDA to income before taxes:
 Three months ended
September 30,		Nine months ended
September 30,
 2022202120222021
Total Segment EBITDA$99,266 $61,472 $264,776 $161,658 
Less:
Depreciation and amortization32,572 16,248 90,427 46,758 
Other income4,762 677 9,000 695 
Equity losses of unconsolidated entities, net of tax(2)— (334)— 
Income from operations61,934 44,547 165,683 114,205 
Interest income1,561 233 2,244 645 
Interest expense(21,917)(20,350)(66,527)(60,719)
Other income4,762 677 9,000 695 
Income before income taxes$46,340 $25,107 $110,400 $54,826 
Summary of Company's Assets by Reportable Segment
The following table summarizes the Company’s assets by reportable segment: 
 September 30, 2022December 31, 2021
Franchise$167,068 $172,822 
Corporate-owned stores1,560,970 516,714 
Equipment216,245 193,983 
Unallocated901,973 1,132,464 
Total consolidated assets$2,846,256 $2,015,983 
Summary of Company's Goodwill by Reportable Segment
A roll forward of goodwill between December 31, 2021 and September 30, 2022 is as follows:
FranchiseCorporate-owned storesEquipmentTotal
As of December 31, 2021
$16,938 $118,965 $92,666 $228,569 
Acquisition of franchisee-owned stores— 486,061 — 486,061 
Sale of corporate-owned stores— (14,423)— (14,423)
As of September 30, 2022
$16,938 $590,603 $92,666 $700,207 
The following table summarizes the Company’s goodwill by reportable segment: 
 September 30, 2022December 31, 2021
Franchise$16,938 $16,938 
Corporate-owned stores590,603 118,965 
Equipment92,666 92,666 
Consolidated goodwill$700,207 $228,569 
v3.22.2.2
Corporate-Owned and Franchisee-Owned Stores (Tables)
 9 Months Ended
Sep. 30, 2022
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 nine months ended September 30, 2022 and 2021:
 For the three months ended
September 30,		For the nine months ended
September 30,
 2022202120222021
Franchisee-owned stores:    
Stores operated at beginning of period2,091 2,064 2,142 2,021 
New stores opened25 24 89 67 
Stores acquired from the Company6 — 6 — 
Stores debranded, sold, closed or consolidated(1)
— (1)(115)(1)
Stores operated at end of period2,122 2,087 2,122 2,087 
Corporate-owned stores:
Stores operated at beginning of period233 106 112 103 
New stores opened4 — 11 3 
Stores sold to franchisees(6)— (6)— 
Stores acquired from franchisees— — 114 — 
Stores operated at end of period231 106 231 106 
Total stores:
Stores operated at beginning of period2,324 2,170 2,254 2,124 
New stores opened29 24 100 70 
Stores acquired, debranded, sold or consolidated(1)
— (1)(1)(1)
Stores operated at end of period2,353 2,193 2,353 2,193 
 (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.
v3.22.2.2
Business Organization - Additional Information (Details)
member in Millions
 9 Months Ended
Sep. 30, 2022
segment
member
state
store
Jun. 30, 2022
store
Dec. 31, 2021
store
Sep. 30, 2021
store
Jun. 30, 2021
store
Dec. 31, 2020
store
Aug. 05, 2015
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Number of owned and franchised locations 2,353 2,324 2,254 2,193 2,170 2,124  
Number of states in which entity operates | state 50            
Number of stores closed 0            
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) 93.10%            
Pla-Fit Holdings, LLC | Holdings Units              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Percentage of economic interest (in percentage) 6.90%            
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%
Minimum              
Organization Consolidation And Presentation Of Financial Statements Disclosure [Line Items]              
Number of members (more than) | member 16.6            
v3.22.2.2
Summary of Significant Accounting Policies - Schedule of the Carrying Value and Estimated Fair Value of Certain Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Carrying value    
Liabilities    
Long-term debt $ 2,030,375 $ 1,700,000
Variable Funding Notes 0 75,000
Estimated fair value    
Liabilities    
Long-term debt 1,769,648 1,725,021
Variable Funding Notes $ 0 $ 75,000
v3.22.2.2
Investments - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Oct. 14, 2022
Apr. 09, 2021
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Schedule of Equity Method Investments [Line Items]              
Gain (loss) on adjustment of allowance for expected credit losses     $ 273   $ (1,572) $ 0  
Amortized cost of held-to-maturity debt security investments     27,792   27,792   $ 26,401
Allowance for expected credit loss     15,890   15,890   17,462
Dividends accrued on investment     477   1,391    
Equity losses of unconsolidated entities, net of tax     (2) $ 0 (334) $ 0  
Planet Fitness Australia Holdings              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage   21.00%          
Payment to acquire equity method investment   $ 10,000          
Equity losses of unconsolidated entities, net of tax     (2)   (334)    
Underlying equity in net assets     $ 9,486   $ 9,486   $ 9,820
Planet Fitness Australia Holdings | Subsequent Event              
Schedule of Equity Method Investments [Line Items]              
Ownership percentage 21.00%            
Payment to acquire equity method investment $ 2,449            
v3.22.2.2
Investments - Schedule of Allowance for Expected Credit Losses on Held-to-maturity Investments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2022
Sep. 30, 2021
Debt Securities, Held-to-maturity, Allowance for Credit Loss [Roll Forward]      
Beginning allowance for expected credit losses   $ 17,462  
Gain on adjustment of allowance for credit losses on held-to-maturity investment $ 273 (1,572) $ 0
Write-offs, net of recoveries   0  
Ending allowance for expected credit losses $ 15,890 $ 15,890  
v3.22.2.2
Acquisitions - Narrative (Details)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Feb. 10, 2022
USD ($)
store
$ / shares
shares
Sep. 30, 2022
USD ($)
store
$ / shares
Sep. 30, 2022
USD ($)
store
$ / shares
Jun. 30, 2022
store
Dec. 31, 2021
store
$ / shares
Sep. 30, 2021
store
Jun. 30, 2021
store
Dec. 31, 2020
store
Business Acquisition [Line Items]                
Number of owned and franchised locations | store   2,353 2,353 2,324 2,254 2,193 2,170 2,124
Settlement of preexisting contracts     $ 2,059          
Class A Common Stock                
Business Acquisition [Line Items]                
Common stock, par value (in usd per share) | $ / shares   $ 0.0001 $ 0.0001   $ 0.0001      
Class B Common Stock                
Business Acquisition [Line Items]                
Common stock, par value (in usd per share) | $ / shares $ 0.0001 $ 0.0001 $ 0.0001   $ 0.0001      
Sunshine Fitness                
Business Acquisition [Line Items]                
Percentage of voting interests acquired 100.00%              
Number of owned and franchised locations | store 114              
Purchase price of the acquisition $ 824,587              
Cash consideration 430,857              
Loss on unfavorable reacquired franchise rights 1,160              
Adjusted net assets acquired 823,427              
Settlement of preexisting contracts 2,059              
Net increase to goodwill   $ 477 $ 18,331          
Goodwill and expected tax deductible amount $ 168,800              
Expected tax deductible period 15 years              
Sunshine Fitness | Class A Common Stock                
Business Acquisition [Line Items]                
Equity consideration $ 393,730              
Equity consideration (in shares) | shares 517,348              
Common stock, par value (in usd per share) | $ / shares $ 0.0001              
Sunshine Fitness | Holdings Units                
Business Acquisition [Line Items]                
Equity consideration (in shares) | shares 3,637,678              
v3.22.2.2
Acquisitions - Schedule of Purchase Consideration (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Feb. 10, 2022
Dec. 31, 2021
Business Acquisition [Line Items]      
Goodwill $ 700,207   $ 228,569
Sunshine Fitness      
Business Acquisition [Line Items]      
Cash and cash equivalents   $ 5,917  
Other current assets   4,166  
Property and equipment   153,092  
Right of use assets   162,827  
Other long term assets   1,830  
Intangible assets   259,430  
Goodwill   486,061  
Deferred income taxes, net   (51,188)  
Deferred revenue   (16,973)  
Other current liabilities   (14,786)  
Lease liabilities   (165,736)  
Other long term liabilities   (1,213)  
Net assets acquired   $ 823,427  
v3.22.2.2
Acquisitions - Components of Identifiable Intangible Assets Acquired (Details) - Sunshine Fitness
$ in Thousands
Feb. 10, 2022
USD ($)
Business Acquisition [Line Items]  
Fair value $ 259,430
Reacquired franchise and area development rights  
Business Acquisition [Line Items]  
Fair value $ 233,070
Useful life 11 years 10 months 24 days
Customer relationships  
Business Acquisition [Line Items]  
Fair value $ 24,920
Useful life 8 years
Reacquired area development rights  
Business Acquisition [Line Items]  
Fair value $ 1,440
Useful life 5 years
v3.22.2.2
Acquisitions - Schedule of Revenues and Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Business Acquisition [Line Items]        
Total revenues $ 244,386 $ 154,255 $ 655,504 $ 403,383
Income before taxes 46,340 $ 25,107 110,400 $ 54,826
Sunshine Fitness        
Business Acquisition [Line Items]        
Total revenues 51,137   129,635  
Income before taxes $ 6,039   $ 13,103  
v3.22.2.2
Acquisitions - Schedule of Pro Forma Financial Information (Details) - Sunshine Fitness - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Business Acquisition [Line Items]      
Total revenues $ 186,737 $ 675,954 $ 515,048
Income before taxes 15,235 110,246 45,070
Net income $ 11,209 $ 74,008 $ 32,502
v3.22.2.2
Sale of corporate-owned stores (Details)
$ in Thousands
 9 Months Ended
Aug. 31, 2022
USD ($)
store
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Proceeds from sale of corporate-owned stores   $ 20,820 $ 0
Gain on sale of corporate-owned stores   $ 1,324 $ 0
Sale      
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]      
Number of stores sold | store 6    
Proceeds from sale of corporate-owned stores $ 20,820    
Net value of assets sold 19,496    
Goodwill 14,423    
Intangible assets 2,629    
Net tangible assets 2,444    
Gain on sale of corporate-owned stores $ 1,324    
v3.22.2.2
Goodwill and Intangible Assets - Summary of Goodwill and Intangible Assets (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount $ 466,871 $ 212,191
Accumulated amortization (185,796) (157,854)
Net carrying Amount 281,075 54,337
Total intangible assets, Gross carrying amount 613,471 358,791
Total intangible assets, Net carrying Amount 427,675 200,937
Goodwill, gross carrying amount 700,207 228,569
Goodwill, Accumulated amortization 0 0
Goodwill, net carrying amount 700,207 228,569
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]    
Gross carrying amount 198,813 174,033
Accumulated amortization (149,272) (137,699)
Net carrying Amount 49,541 36,334
Reacquired franchise and area development rights    
Goodwill And Intangible Assets [Line Items]    
Gross carrying amount 268,058 38,158
Accumulated amortization (36,524) (20,155)
Net carrying Amount $ 231,534 $ 18,003
v3.22.2.2
Goodwill and Intangible Assets - Schedule of Rollforward of Goodwill (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Goodwill [Roll Forward]  
As of December 31, 2021 $ 228,569
Acquisition of franchisee-owned stores 486,061
Sale of corporate-owned stores (14,423)
As of September 30, 2022 700,207
Franchise  
Goodwill [Roll Forward]  
As of December 31, 2021 16,938
Acquisition of franchisee-owned stores 0
Sale of corporate-owned stores 0
As of September 30, 2022 16,938
Corporate-owned stores  
Goodwill [Roll Forward]  
As of December 31, 2021 118,965
Acquisition of franchisee-owned stores 486,061
Sale of corporate-owned stores (14,423)
As of September 30, 2022 590,603
Equipment  
Goodwill [Roll Forward]  
As of December 31, 2021 92,666
Acquisition of franchisee-owned stores 0
Sale of corporate-owned stores 0
As of September 30, 2022 $ 92,666
v3.22.2.2
Goodwill and Intangible Assets - Additional Information (Details) - USD ($)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Aug. 31, 2022
Goodwill [Line Items]          
Impairment charges     $ 0    
Amortization of intangible assets $ 10,611,000 $ 4,159,000 29,644,000 $ 12,508,000  
Sale          
Goodwill [Line Items]          
Intangible assets         $ 2,629,000
Sale | Corporate-owned stores          
Goodwill [Line Items]          
Intangible assets $ 2,629,000   $ 2,629,000    
v3.22.2.2
Goodwill and Intangible Assets - Summary of Amortization expenses (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Goodwill and Intangible Assets Disclosure [Abstract]    
Remainder of 2022 $ 10,608  
2023 50,307  
2024 47,601  
2025 35,476  
2026 31,024  
Thereafter 106,059  
Net carrying Amount $ 281,075 $ 54,337
v3.22.2.2
Long-Term Debt - Schedule of Long-Term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 2,030,375 $ 1,775,000
Deferred financing costs, net of accumulated amortization (27,467) (17,227)
Total debt 2,002,908 1,757,773
Current portion of long-term debt 20,750 17,500
Long-term debt and borrowings under Variable Funding Notes, net of current portion 1,982,158 1,740,273
2018-1 Class A-2-I notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 0 556,312
2018-1 Class A-2-II notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 600,000 604,688
2019-1 Class A-2 notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 534,875 539,000
2022-1 Class A-2-I notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 422,875 0
2022-1 Class A-2-II notes | Senior fixed-rate term notes    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs 472,625 0
Borrowings under Variable Funding Notes | Revolving Financing Facility    
Debt Instrument [Line Items]    
Total debt, excluding deferred financing costs $ 0 $ 75,000
v3.22.2.2
Long-Term Debt - Schedule of Future Annual Payments of Long-term Debt (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Debt Disclosure [Abstract]    
Remainder of 2022 $ 5,188  
2023 20,750  
2024 20,750  
2025 600,438  
2026 419,313  
Thereafter 963,936  
Total $ 2,030,375 $ 1,775,000
v3.22.2.2
Long-Term Debt - Narrative (Details)
 9 Months Ended
May 09, 2022
USD ($)
Feb. 10, 2022
USD ($)
store
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Dec. 31, 2019
USD ($)
Dec. 03, 2019
USD ($)
Dec. 31, 2018
USD ($)
Aug. 01, 2018
USD ($)
Debt Instrument [Line Items]                
Proceeds from issuance of Variable Funding Notes     $ 75,000,000 $ 0        
Repayment of long-term debt and Variable Funding Notes     719,625,000 13,125,000        
Payment of deferred financing and other debt-related costs     15,951,000 $ 0        
Restricted cash     46,706,000          
Debt Issuance Costs, Gross     16,193,000   $ 10,577,000   $ 27,133,000  
2018-1 Class A-2-I notes                
Debt Instrument [Line Items]                
Loss on extinguishment of debt     $ 1,583,000          
2018-1 Class A-2-I notes | Senior fixed-rate term notes                
Debt Instrument [Line Items]                
Fixed interest rate               4.262%
Principal 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%
Principal amount               $ 625,000,000
Variable funding notes | Revolving Financing Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity               75,000,000
2019-1 Class A-2 notes | Senior fixed-rate term notes                
Debt Instrument [Line Items]                
Fixed interest rate           3.858%    
Principal amount           $ 550,000,000    
3.251% Fixed Rate Class A-2-I Senior Secured Notes | Senior fixed-rate term notes                
Debt Instrument [Line Items]                
Fixed interest rate   3.251%            
Principal amount   $ 425,000            
4.008% Fixed Rate Class A-2-II Senior Secured Notes | Senior fixed-rate term notes                
Debt Instrument [Line Items]                
Fixed interest rate   4.008%            
Principal amount   $ 475,000            
2022 Variable Funding Notes | Revolving Financing Facility                
Debt Instrument [Line Items]                
Maximum borrowing capacity   75,000            
Proceeds from issuance of Variable Funding Notes   $ 75,000,000            
Repayment of long-term debt and Variable Funding Notes $ 75,000,000              
Commitment fee percentage   0.50%            
Number of additional extensions | store   2            
Term of extension (in years)   1 year            
Line of credit interest rate   5.00%            
Securitized Senior Notes | Securitized Senior Notes                
Debt Instrument [Line Items]                
Cap on non-securitized indebtedness               $ 50,000,000
Leverage ratio cap               7.0
v3.22.2.2
Leases - Balance Sheet Classification of Lease Assets and Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Assets    
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] Property and equipment, net of accumulated depreciation of $204,581 and $152,296 as of September 30, 2022 and December 31, 2021, respectively Property and equipment, net of accumulated depreciation of $204,581 and $152,296 as of September 30, 2022 and December 31, 2021, respectively
Operating lease ROU assets $ 348,246 $ 190,330
Finance lease assets 418 222
Total lease assets $ 348,664 $ 190,552
Liabilities    
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] Other current liabilities Other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] Other liabilities Other liabilities
Current operating lease liabilities $ 37,470 $ 22,523
Noncurrent operating lease liabilities 341,961 197,682
Noncurrent finance lease liabilities 441 230
Total lease liabilities $ 379,872 $ 220,435
Weighted-average remaining lease term (years) - operating leases 8 years 3 months 18 days 8 years 8 months 12 days
Weighted-average discount rate - operating leases 4.60% 5.00%
v3.22.2.2
Leases - Components of Lease Cost (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Leases [Abstract]        
Operating lease cost $ 14,677 $ 7,492 $ 41,411 $ 21,468
Variable lease cost 5,691 3,061 15,415 8,271
Total lease cost $ 20,368 $ 10,553 $ 56,826 $ 29,739
v3.22.2.2
Leases - Supplemental Disclosures of Cash Flow Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Leases [Abstract]        
Cash paid for lease liabilities $ 14,172 $ 7,137 $ 40,405 $ 20,776
Operating lease ROU assets obtained in exchange for operating lease liabilities, excluding the Sunshine Acquisition 6,073 18,181 29,234 30,821
Preliminary Sunshine Acquisition operating lease ROU assets obtained in exchange for operating lease liabilities $ 0 $ 0 $ 162,827 $ 0
v3.22.2.2
Leases - Maturities of Lease Liabilities (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Leases [Abstract]    
Remainder of 2022 $ 14,444  
2023 59,293  
2024 59,949  
2025 60,351  
2026 57,306  
Thereafter 214,002  
Total lease payments 465,345  
Less: imputed interest 85,473  
Present value of lease liabilities $ 379,872 $ 220,435
v3.22.2.2
Leases - Additional Information (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Leases [Abstract]  
Lease payments for leases signed but not yet commenced $ 23,979
v3.22.2.2
Revenue recognition - Schedule of Contract Liabilities (Details)
$ in Thousands
 9 Months Ended
Sep. 30, 2022
USD ($)
Contract liabilities  
Beginning Balance $ 61,779
Revenue recognized that was included in the contract liability at the beginning of the year (25,996)
Other gain on settlement of preexisting contracts in connection with the Sunshine Acquisition (2,059)
Deferred revenue acquired in the Sunshine Acquisition 16,973
Increase, excluding amounts acquired in the Sunshine Acquisition during the period 38,255
Ending Balance $ 88,952
v3.22.2.2
Revenue recognition - Remaining Performance Obligation (Details)
$ in Thousands
Sep. 30, 2022
USD ($)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 88,952
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-10-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 35,991
Remaining performance obligation, expected timing of satisfaction 3 months
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 $ 21,683
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 $ 4,718
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 $ 3,781
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 $ 3,349
Remaining performance obligation, expected timing of satisfaction 1 year
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01  
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items]  
Remaining performance obligation $ 19,430
Remaining performance obligation, expected timing of satisfaction
v3.22.2.2
Revenue recognition - Narrative (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Revenue from Contract with Customer [Abstract]    
Equipment deposits $ 32,020 $ 6,036
v3.22.2.2
Related Party Transactions - Schedule of Related Party Transactions (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Related Party Transaction [Line Items]        
Total revenue from related parties $ 1,321 $ 1,550 $ 2,960 $ 2,696
Franchise revenue        
Related Party Transaction [Line Items]        
Total revenue from related parties 749 594 2,374 1,740
Equipment revenue        
Related Party Transaction [Line Items]        
Total revenue from related parties $ 572 $ 956 $ 586 $ 956
v3.22.2.2
Related Party Transactions - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Dec. 31, 2021
Related Party Transaction [Line Items]          
Liability payable under tax benefit obligations $ 82,075   $ 82,075   $ 84,595
Administrative fees charged 1,321 $ 1,550 2,960 $ 2,696  
Expense incurred for corporate travel to a third-party company     246 29  
Planet Fitness NAF, LLC | Administrative Service          
Related Party Transaction [Line Items]          
Administrative fees charged 651 500 1,955 $ 1,498  
Reacquired area development rights          
Related Party Transaction [Line Items]          
Deferred area development revenue from related parties 134   $ 134   $ 164
Corporate Travel | Affiliated Entity          
Related Party Transaction [Line Items]          
Expense incurred for corporate travel to a third-party company $ 71 $ 29      
v3.22.2.2
Stockholders' Equity (Details) - USD ($)
 3 Months Ended 9 Months Ended
Feb. 10, 2022
Sep. 30, 2022
Sep. 30, 2022
Nov. 04, 2022
Dec. 31, 2021
Nov. 05, 2019
Class of Stock [Line Items]            
Repurchase and retirement of common stock   $ 50,015,000 $ 94,314,000      
Preferred stock, shares authorized (in shares)   50,000,000 50,000,000   50,000,000  
Preferred stock, shares issued (in shares)   0 0   0  
Preferred stock, shares outstanding (in shares)   0 0   0  
2019 share repurchase program            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount           $ 500,000,000
Remaining authorized amount   $ 105,686,000 $ 105,686,000      
2022 share repurchase program | Subsequent Event            
Class of Stock [Line Items]            
Stock repurchase program, authorized amount       $ 500,000,000    
Pla-Fit Holdings, LLC            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)     548,175      
Holdings Units            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)     548,175      
Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   83,414,606 83,414,606      
Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest     93.10%      
Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   6,145,722 6,145,722      
Continuing LLC Owners | Pla-Fit Holdings, LLC | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Percentage of economic interest     6.90%      
Holdings Units            
Class of Stock [Line Items]            
Shares exchanged for Class A common stock (in shares)     1      
Holdings Units | Sunshine Fitness            
Class of Stock [Line Items]            
Equity consideration (in shares) 3,637,678          
Class A Common Stock            
Class of Stock [Line Items]            
Number of shares exchanged (in shares)     548,175      
Class A Common Stock | 2019 share repurchase program            
Class of Stock [Line Items]            
Repurchase and retirement of common stock (in shares)   831,029 1,528,720      
Repurchase and retirement of common stock   $ 50,015,000 $ 94,314,000      
Class A Common Stock | Investor | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   83,414,606 83,414,606      
Class A Common Stock | Investor | Pla-Fit Holdings, LLC | Secondary Offering and Exchange | Common Stockholders            
Class of Stock [Line Items]            
Percentage of voting power   93.10% 93.10%      
Class A Common Stock | Sunshine Fitness            
Class of Stock [Line Items]            
Equity consideration (in shares) 517,348          
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)     548,175      
Class B Common Stock | Continuing LLC Owners | Secondary Offering and Exchange            
Class of Stock [Line Items]            
Number of units held by owners (in shares)   6,145,722 6,145,722      
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   6.90% 6.90%      
v3.22.2.2
Earnings Per Share - Additional Information (Details) - shares
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Performance 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) 1,058 0 281 0
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 | 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) 6,145,722 3,324,505 5,773,562 3,385,934
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) 258,093 207,360 243,507 154,221
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) 705 116 323 2
v3.22.2.2
Earnings Per Share - Reconciliation of Numerators and Denominators Used to Compute Basic and Diluted Earnings per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Numerator        
Net income $ 30,677 $ 18,632 $ 74,124 $ 39,838
Less: net income attributable to non-controlling interests 3,764 1,189 8,405 2,804
Net income attributable to Planet Fitness, Inc. $ 26,913 $ 17,443 $ 65,719 $ 37,034
Stock options        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 338,981 550,778 357,315 559,634
Restricted stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 50,854 54,573 62,050 53,939
Performance stock units        
Effect of dilutive securities:        
Weighted-average shares outstanding adjustment (in shares) 290 0 1,235 0
Class A Common Stock        
Denominator        
Weighted-average shares of Class A common stock outstanding - basic (in shares) 84,156,488 83,274,091 84,377,324 83,194,292
Effect of dilutive securities:        
Weighted-average shares of Class A common stock outstanding - diluted (in shares) 84,546,613 83,879,442 84,797,924 83,807,865
Earnings per share of Class A common stock - basic (in usd per share) $ 0.32 $ 0.21 $ 0.78 $ 0.45
Earnings per share of Class A common stock - diluted (in usd per share) $ 0.32 $ 0.21 $ 0.78 $ 0.44
v3.22.2.2
Income Taxes - Additional information (Details)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
Sep. 30, 2022
USD ($)
agreement
shares
Sep. 30, 2021
Dec. 31, 2021
USD ($)
Tax Credit Carryforward [Line Items]          
Effective income tax rate 33.80% 25.80% 32.60% 27.30%  
Net deferred tax assets $ 470,530   $ 470,530   $ 539,264
Total liability related to uncertain tax positions 328   $ 328   420
Number of tax receivable agreements | agreement     2    
Percentage of remaining tax savings     15.00%    
Tax benefit obligation 505,514   $ 505,514   $ 528,107
Gain recognized on tax benefit obligation $ 4,510   $ 8,381    
Class A Common Stock          
Tax Credit Carryforward [Line Items]          
Number of shares exchanged (in shares) | shares     548,175    
TRA Holders          
Tax Credit Carryforward [Line Items]          
Applicable tax savings (in percentage) 85.00%   85.00%    
Increase in deferred tax assets     $ 1,355    
Deferred tax asset $ 16,170   $ 16,170    
TRA Holders | Class A Common Stock          
Tax Credit Carryforward [Line Items]          
Number of shares exchanged (in shares) | shares     548,175    
v3.22.2.2
Income Taxes - Schedule of Future Payments Under Tax Benefit Arrangements (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Income Tax Disclosure [Abstract]    
Remainder of 2022 $ 6,090  
2023 36,275  
2024 45,939  
2025 55,878  
2026 56,210  
Thereafter 305,122  
Total $ 505,514 $ 528,107
v3.22.2.2
Commitments and contingencies - Additional Information (Details) - Pending Litigation - Civil Action Brought By Former Employee - USD ($)
$ in Thousands
 1 Months Ended
Nov. 08, 2022
Sep. 30, 2022
Loss Contingencies [Line Items]    
Estimate of possible loss   $ 3,414
Loss contingency, receivable   $ 3,414
Subsequent Event    
Loss Contingencies [Line Items]    
Loss Contingency, paid liability $ 3,414  
v3.22.2.2
Segments - Additional Information (Details)
 3 Months Ended 9 Months Ended
Sep. 30, 2022
USD ($)
Sep. 30, 2021
USD ($)
Sep. 30, 2022
USD ($)
segment
Sep. 30, 2021
USD ($)
Dec. 31, 2021
USD ($)
Segment Reporting Information [Line Items]          
Number of reportable segments | segment     3    
Number of operating segments | segment     0    
Revenue $ 244,386,000 $ 154,255,000 $ 655,504,000 $ 403,383,000  
Franchise revenue          
Segment Reporting Information [Line Items]          
Revenue 80,746,000 75,383,000 243,373,000 212,293,000  
Franchise revenue | Placement Services          
Segment Reporting Information [Line Items]          
Revenue 4,376,000 2,639,000 10,102,000 5,130,000  
Corporate-owned stores          
Segment Reporting Information [Line Items]          
Revenue 101,330,000 $ 43,899,000 278,940,000 $ 122,355,000  
Corporate-owned stores | International corporate-owned stores          
Segment Reporting Information [Line Items]          
Long-lived assets $ 985,000   985,000   $ 1,203,000
Intersegment Eliminations          
Segment Reporting Information [Line Items]          
Revenue     $ 0    
v3.22.2.2
Segments - Summary of Financial Information for the Company's Reportable Segments (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting Information [Line Items]        
Revenue $ 244,386 $ 154,255 $ 655,504 $ 403,383
Total Segment EBITDA 99,266 61,472 264,776 161,658
Corporate and other        
Segment Reporting Information [Line Items]        
Total Segment EBITDA (10,458) (12,594) (41,059) (33,844)
Franchise revenue        
Segment Reporting Information [Line Items]        
Revenue 80,746 75,383 243,373 212,293
Franchise revenue | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 53,475 52,047 167,910 144,983
Franchise revenue | US        
Segment Reporting Information [Line Items]        
Revenue 78,873 74,105 237,612 209,851
Franchise revenue | International        
Segment Reporting Information [Line Items]        
Revenue 1,873 1,278 5,761 2,442
Corporate-owned stores        
Segment Reporting Information [Line Items]        
Revenue 101,330 43,899 278,940 122,355
Corporate-owned stores | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 40,446 14,102 103,287 35,164
Corporate-owned stores | US        
Segment Reporting Information [Line Items]        
Revenue 100,247 43,180 275,962 121,487
Corporate-owned stores | International        
Segment Reporting Information [Line Items]        
Revenue 1,083 719 2,978 868
Equipment revenue        
Segment Reporting Information [Line Items]        
Revenue 62,310 34,973 133,191 68,735
Equipment revenue | Operating Segments        
Segment Reporting Information [Line Items]        
Total Segment EBITDA 15,803 7,917 34,638 15,355
Equipment revenue | US        
Segment Reporting Information [Line Items]        
Revenue 60,952 34,973 124,781 68,248
Equipment revenue | International        
Segment Reporting Information [Line Items]        
Revenue $ 1,358 $ 0 $ 8,410 $ 487
v3.22.2.2
Segments - Reconciliation of Total Segment EBITDA to (Loss) Income Before Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Segment Reporting [Abstract]        
Total Segment EBITDA $ 99,266 $ 61,472 $ 264,776 $ 161,658
Depreciation and amortization 32,572 16,248 90,427 46,758
Other income 4,762 677 9,000 695
Equity losses of unconsolidated entities, net of tax (2) 0 (334) 0
Income from operations 61,934 44,547 165,683 114,205
Interest income 1,561 233 2,244 645
Interest expense (21,917) (20,350) (66,527) (60,719)
Income before income taxes $ 46,340 $ 25,107 $ 110,400 $ 54,826
v3.22.2.2
Segments - Summary of Company's Assets by Reportable Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 2,846,256 $ 2,015,983
Operating Segments | Franchise    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 167,068 172,822
Operating Segments | Corporate-owned stores    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 1,560,970 516,714
Operating Segments | Equipment    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets 216,245 193,983
Unallocated    
Segment Reporting, Asset Reconciling Item [Line Items]    
Total consolidated assets $ 901,973 $ 1,132,464
v3.22.2.2
Segments - Summary of Company's Goodwill by Reportable Segment (Details) - USD ($)
$ in Thousands
Sep. 30, 2022
Dec. 31, 2021
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 700,207 $ 228,569
Franchise    
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 590,603 118,965
Equipment    
Segment Reporting, Other Significant Reconciling Item [Line Items]    
Consolidated goodwill $ 92,666 $ 92,666
v3.22.2.2
Corporate-Owned and Franchisee-Owned Stores - Schedule of Changes in Corporate-owned and Franchisee-owned Stores (Details) - store
 3 Months Ended 9 Months Ended
Sep. 30, 2022
Sep. 30, 2021
Sep. 30, 2022
Sep. 30, 2021
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 2,324 2,170 2,254 2,124
New stores opened 29 24 100 70
Stores debranded, sold, closed or consolidated 0 (1) (1) (1)
Stores operated at end of period 2,353 2,193 2,353 2,193
Franchisee-Owned Stores        
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 2,091 2,064 2,142 2,021
New stores opened 25 24 89 67
Stores acquired 6 0 6 0
Stores debranded, sold, closed or consolidated 0 (1) (115) (1)
Stores operated at end of period 2,122 2,087 2,122 2,087
Corporate-Owned Stores        
Number Of Stores [Roll Forward]        
Stores operated at beginning of period 233 106 112 103
New stores opened 4 0 11 3
Stores acquired 0 0 114 0
Stores sold to franchisees (6) 0 (6) 0
Stores operated at end of period 231 106 231 106